Real Estate Investments, Net (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate Investments, Net [Abstract]

Schedule of Business Acquisition

The following table presents the allocation of real estate assets acquired and liabilities assumed during the three months ended March 31, 2021:

	Three Months Ended March 31,
(In thousands)		2021
Real estate investments, at cost:
Land		$	1,522
Buildings, fixtures and improvements		4,120
Total tangible assets		5,642
Acquired intangibles:
In-place leases and other intangible assets		1,152
Market lease and other intangible assets		12
Market lease liabilities		(112)
Total intangible assets and liabilities		1,052
Cash paid for real estate investments, including acquisitions		$	6,694
Number of properties purchased		1

Schedule of Revenue

The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2022 and 2021:

	March 31,
State	2022	2021
Florida (1)	18.2%	20.5%
Iowa	*	10.2%
Pennsylvania	*	10.6%

_________

* State’s annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income for all portfolio properties as of the date specified.

(1) In May 2021, the Company’s skilled nursing facility in Wellington, Florida, and the Company’s development property in Jupiter, Florida were sold.

Schedule of Finite-Lived Intangible Assets

The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above-and below-market lease assets and liabilities, net and the amortization and accretion of above-and below-market ground leases, for the periods presented:

	Three Months Ended March 31,
(In thousands)	2022		2021
Amortization of in-place leases and other intangible assets (1)	$	3,866	$	3,766
Accretion of above-and below-market leases, net (2)	$	(164)	$	(88)
Amortization of above-and below-market ground leases, net (3)	$	40	$	55

________

(1)     Reflected within depreciation and amortization expense.

(2)     Reflected within rental income.

(3)     Reflected within property operating and maintenance expense

Schedule of Projected Amortization Expense

The following table provides the projected amortization expense and adjustments to revenues for the next five years:

(In thousands)	2022 (remainder)		2023		2024		2025		2026
In-place lease assets	$	10,993	$	12,762	$	10,842	$	9,254	$	8,009
Other intangible assets	8		10		10		10		10
Total to be added to amortization expense	$	11,001	$	12,772	$	10,852	$	9,264	$	8,019
Above-market lease assets	$	(570)	$	(468)	$	(389)	$	(336)	$	(302)
Below-market lease liabilities	1,218		1,512		1,294		1,103		941
Total to be added to revenue from tenants	$	648	$	1,044	$	905	$	767	$	639

Real Estate Sales

The following table presents impairments recorded during the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
(In thousands)	2022		2021
Assets held for use	10,644		878
Total	$	10,644	$	878