(Mark One) | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED | ||||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | Emerging-growth company | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||
Page | ||||||||
(Unaudited) | |||||||||||
| March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Real estate properties | |||||||||||
Land and land improvements | $ | $ | |||||||||
Buildings, improvements, and lease intangibles | |||||||||||
Personal property | |||||||||||
Total real estate properties | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Total real estate properties, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
| Real estate properties held for sale | |||||||||||
Other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Debt, net | $ | $ | |||||||||
Accounts payable and accrued liabilities | |||||||||||
Other liabilities, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Cumulative net income | |||||||||||
Accumulated other comprehensive income | |||||||||||
Cumulative dividends | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
REVENUES | |||||||||||
Rental income | $ | $ | |||||||||
Other operating interest | |||||||||||
EXPENSES | |||||||||||
Property operating | |||||||||||
General and administrative (1) | |||||||||||
Depreciation and amortization | |||||||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest expense | ( | ( | |||||||||
Deferred income tax expense | ( | ||||||||||
Interest and other income | |||||||||||
| ( | ( | ||||||||||
| NET INCOME (LOSS) | $ | $ | ( | ||||||||
| NET INCOME (LOSS) PER COMMON SHARE | |||||||||||
| Net income (loss) per common share - Basic | $ | $ | ( | ||||||||
| Net income (loss) per common share - Diluted | $ | $ | ( | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC | |||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED | |||||||||||
| ___________ | |||||||||||
(1) General and administrative expenses for the three months ended March 31, 2024 included stock-based compensation expense totaling approximately $ | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| 2024 | 2023 | ||||||||||||||||
| NET INCOME (LOSS) | $ | $ | ( | ||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Increase (decrease) in fair value of cash flow hedges | ( | ||||||||||||||||
Reclassification for amounts recognized as interest expense | ( | ( | |||||||||||||||
| Total other comprehensive income (loss) | ( | ||||||||||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | $ | ( | ||||||||||||||
Preferred Stock | Common Stock | Additional Paid in Capital | Cumulative Net Income | Accumulated Other Comprehensive Income | Cumulative Dividends | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock, net of issuance costs | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation, net of forfeitures | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Shares withheld on vesting of stock-based compensation | — | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
| Increase in fair value of cash flow hedges | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Reclassification for amounts recognized as interest expense | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid in Capital | Cumulative Net Income | Accumulated Other Comprehensive Income | Cumulative Dividends | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Issuance of common stock, net of issuance costs | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation, net of forfeitures | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Decrease in fair value of cash flow hedges | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
| Reclassification for amounts recognized as interest expense | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($ | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Balance at March 31, 2023 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
| Net income (loss) | $ | $ | ( | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Other amortization | |||||||||||
Stock-based compensation | |||||||||||
| Accelerated amortization of stock-based compensation | |||||||||||
Straight-line rent receivable | ( | ( | |||||||||
| Deferred income tax expense | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | ( | ( | |||||||||
Accounts payable and accrued liabilities | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
| Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisitions of real estate | ( | ( | |||||||||
Funding of notes receivable | ( | ||||||||||
Proceeds from the repayment of notes receivable | |||||||||||
Capital expenditures on existing real estate properties | ( | ( | |||||||||
| Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
| Net borrowings on revolving credit facility | |||||||||||
Mortgage note repayments | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
| Taxes paid on behalf of employees and shares withheld upon shares vesting | ( | ||||||||||
Equity issuance costs | ( | ( | |||||||||
| Net cash provided by financing activities | |||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Supplemental Cash Flow Information: | |||||||||||
Interest paid (net of capitalized interest) | $ | $ | |||||||||
Invoices accrued for construction, tenant improvement and other capitalized costs | $ | $ | |||||||||
Reclassification of registration statement costs incurred in prior years to equity issuance costs | $ | $ | |||||||||
| Increase (decrease) in fair value of cash flow hedges | $ | $ | ( | ||||||||
Income taxes paid | $ | $ | |||||||||
| Capitalized interest | $ | $ | |||||||||
| Net proceeds accrued for common stock issued in March with cash settlement in April | $ | $ | |||||||||
Balance as of March 31, | |||||||||||
| (Dollars in thousands) | 2024 | 2023 | |||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
| Cash, cash equivalents and restricted cash | $ | $ | |||||||||
| Property Type | # of Properties | Gross Investment (in thousands) | ||||||
| Medical Office Building | $ | |||||||
| Inpatient Rehabilitation Hospitals | ||||||||
| Acute Inpatient Behavioral | ||||||||
| Specialty Centers | ||||||||
| Physician Clinics | ||||||||
| Surgical Centers and Hospitals | ||||||||
| Behavioral Specialty Facilities | ||||||||
| Long-term Acute Care Hospitals | ||||||||
| Total | $ | |||||||
| State | # of Properties | Gross Investment (in thousands) | ||||||
| Texas | $ | |||||||
| Illinois | ||||||||
| Ohio | ||||||||
| Florida | ||||||||
| Pennsylvania | ||||||||
| All Others | ||||||||
| Total | $ | |||||||
| Primary Tenant | # of Properties | Gross Investment (in thousands) | ||||||
Lifepoint Health | $ | |||||||
| US HealthVest | ||||||||
| All Others (less than 4%) | ||||||||
| Total | $ | |||||||
| 2024 (nine months ended December 31) | $ | ||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 and thereafter | |||||
| $ | |||||
| 2024 (nine months ended December 31) | $ | ||||
| 2025 | |||||
| 2026 | |||||
| 2027 | |||||
| 2028 | |||||
| 2029 and thereafter | |||||
| Total undiscounted lease receivable | |||||
| Discount | ( | ||||
| Lease receivable | $ | ||||
| Operating | Financing | |||||||
| 2024 (nine months ended December 31) | $ | $ | ||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028 | ||||||||
| 2029 and thereafter | $ | $ | ||||||
| Total undiscounted lease payments | ||||||||
| Discount | ( | ( | ||||||
| Lease liabilities | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Operating leases: | ||||||||
| Weighted-average remaining lease term in years (including renewal options) | ||||||||
| Weighted-average discount rate | % | % | ||||||
| Financing leases: | ||||||||
| Weighted-average remaining lease term in years (including renewal options) | ||||||||
| Weighted-average discount rate | % | % | ||||||
| Location | Property Type (1) | Number of Properties | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage | ||||||||||||||||||
| (000's) | (000's) | (000's) | (000's) | |||||||||||||||||||||||
| New Bedford, MA | LTACH | 1 | 1/31/24 | $ | $ | $ | $ | ( | ||||||||||||||||||
| Elkton, MD | MOB | 1 | 3/25/24 | ( | ||||||||||||||||||||||
| Bemidji, MN | MOB | 2 | 3/29/24 | ( | ||||||||||||||||||||||
| $ | $ | $ | $ | ( | ||||||||||||||||||||||
(1) LTACH - Long-term Acute Care Hospital; MOB - Medical Office Building | ||||||||||||||||||||||||||
(2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition | ||||||||||||||||||||||||||
| Relative Fair Value | Estimated Useful Life | |||||||||||||
| (in thousands) | (in years) | |||||||||||||
| Land and land improvements | $ | |||||||||||||
| Building and building improvements | ||||||||||||||
| Intangibles: | ||||||||||||||
| At-market lease intangibles | ||||||||||||||
| Above-market lease intangibles | ||||||||||||||
| Below-market lease intangibles | ( | |||||||||||||
| Total intangibles | ||||||||||||||
| Accounts payable, accrued liabilities and other liabilities assumed | ( | |||||||||||||
| Accounts receivable and other assets acquired | ||||||||||||||
| Prorated rent, interest and operating expense reimbursement amounts collected | ( | |||||||||||||
| Total cash consideration | $ | |||||||||||||
| (Dollars in thousands) | March 31, 2024 | December 31, 2023 | |||||||||
| Balance Sheet data: | |||||||||||
| Land | $ | $ | |||||||||
| Building, improvements, and lease intangibles | |||||||||||
| Accumulated depreciation | ( | ( | |||||||||
| Real estate assets held for sale, net | $ | $ | |||||||||
| Balance as of | |||||||||||
| (Dollars in thousands) | March 31, 2024 | December 31, 2023 | Maturity Dates | ||||||||
| Credit Facility: | |||||||||||
| Revolving Credit Facility | $ | $ | 3/26 | ||||||||
| A-3 Term Loan, net | 3/26 | ||||||||||
| A-4 Term Loan, net | 3/28 | ||||||||||
| A-5 Term Loan, net | 3/30 | ||||||||||
| Mortgage Note Payable, net | 5/24 | ||||||||||
| $ | $ | ||||||||||
| Asset Derivatives Fair Value at | Liability Derivatives Fair Value at | ||||||||||||||||||||||
| (Dollars in thousands) | March 31, 2024 | December 31, 2023 | Balance Sheet Classification | March 31, 2024 | December 31, 2023 | Balance Sheet Classification | |||||||||||||||||
| Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
| Three Months Ended March 31, | ||||||||
| (Dollars in thousands) | 2024 | 2023 | ||||||
| Amount of unrealized gain (loss) recognized in OCI on derivative | $ | $ | ( | |||||
| Amount of gain reclassified from AOCI into interest expense | $ | ( | $ | ( | ||||
| $ | $ | |||||||
Offsetting of Derivative Assets (as of March 31, 2024) | ||||||||||||||||||||
| Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||
| (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||
| Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Offsetting of Derivative Liabilities (as of March 31, 2024) | ||||||||||||||||||||
| Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||
| (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||
| Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Offsetting of Derivative Assets (as of December 31, 2023) | ||||||||||||||||||||
| Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||
| (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||
| Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
Offsetting of Derivative Liabilities (as of December 31, 2023) | ||||||||||||||||||||
| Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||
| (In thousands) | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities in the Condensed Consolidated Balance Sheets | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||
| Derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||
| (In thousands) | Three Months Ended March 31, 2024 | Year Ended December 31, 2023 | ||||||
| Balance, beginning of period | ||||||||
Issuance of common stock | ||||||||
| Restricted stock issued | ||||||||
| Restricted stock withheld and forfeited | ( | ( | ||||||
| Balance, end of period | ||||||||
| Three Months Ended March 31, 2024 | |||||
Shares issued (in thousands) | |||||
Net proceeds received (in millions) | $ | ||||
| Average gross sales price per share | $ | ||||
| Three Months Ended March 31, | |||||||||||
| (In thousands, except per share data) | 2024 | 2023 | |||||||||
| Net income (loss) | $ | $ | ( | ||||||||
| Participating securities' share in earnings | ( | ( | |||||||||
| Net income (loss), less participating securities' share in earnings | $ | $ | ( | ||||||||
| Weighted average Common Shares outstanding | |||||||||||
Weighted average Common Shares outstanding | |||||||||||
Unvested restricted shares | ( | ( | |||||||||
| Weighted average Common Shares outstanding–Basic | |||||||||||
| Dilutive potential common shares | |||||||||||
Weighted average Common Shares outstanding –Diluted | |||||||||||
| Basic Net Income (Loss) per Common Share | $ | $ | ( | ||||||||
| Diluted Net Income (Loss) per Common Share | $ | $ | ( | ||||||||
| Three Months Ended March 31, | |||||||||||
| (Dollars and shares in thousands) | 2024 | 2023 | |||||||||
| Stock-based awards, beginning of period | |||||||||||
| Stock in lieu of compensation | |||||||||||
| Stock awards | |||||||||||
| Total stock granted | |||||||||||
Vested shares (1) | ( | ||||||||||
| Forfeited shares | ( | ||||||||||
| Stock-based awards, end of period | |||||||||||
Amortization expense (1) | $ | $ | |||||||||
| ___________ | |||||||||||
1) Amortization expense for the three months ended March 31, 2023 included accelerated amortization totaling approximately $ | |||||||||||
| Volatility | % | |||||||||||||
| Dividend assumption | % | |||||||||||||
| Expected term | ||||||||||||||
| Risk-free rate | % | |||||||||||||
| Stock price (per share) | $ | |||||||||||||
| Three Months Ended March 31, | |||||||||||
| (Dollars and RSUs in thousands) | 2024 | 2023 | |||||||||
| Restricted Stock Units, beginning of period | |||||||||||
| Absolute TSR Performance-based RSUs granted | |||||||||||
| Relative TSR Performance-based RSUs granted | |||||||||||
| Time-based RSUs granted | |||||||||||
| Total RSUs granted | |||||||||||
| Vested RSUs | |||||||||||
| Forfeited RSUs | |||||||||||
| Restricted Stock Units, end of period | |||||||||||
| Amortization expense | $ | $ | |||||||||
| Grant Date Value Remaining at period end to be Amortized During the Performance Period | $ | $ | |||||||||
| ______________ | |||||||||||
| (1) The number of Performance-based RSUs granted were based on target levels. Actual number of shares granted will be based on performance at the end of the performance period which is June 30, 2026. The Performance-based RSUs, if earned, will vest at the end of the performance period. | |||||||||||
| (2) The number of Time-based RSUs granted were based on target levels. One-third of these RSUs will vest on each of June 30, 2024, 2025, 2026. | |||||||||||
| Balance as of | ||||||||
| (Dollars in thousands) | March 31, 2024 | December 31, 2023 | ||||||
| Notes receivable | $ | $ | ||||||
| Fair value of interest rate swaps | ||||||||
| Straight-line rent receivables | ||||||||
| Accounts receivable | ||||||||
| Sales-type lessor receivable | ||||||||
| Above-market intangible assets, net | ||||||||
| Leasing commissions, net | ||||||||
| Prepaid assets | ||||||||
| Operating lease right of use assets | ||||||||
| Other | ||||||||
| Deferred financing costs, net | ||||||||
| $ | $ | |||||||
| Classification | Carrying Amount (in thousands) | Maximum Exposure to Loss (in thousands) | ||||||
| Note receivable (term loan) | $ | $ | ||||||
| Note receivable (revolving credit facility) | $ | $ | ||||||
| Note receivable (term loan) | $ | $ | ||||||
| Note receivable (revolving credit facility) | $ | $ | ||||||
| Balance as of | ||||||||
| (Dollars in thousands) | March 31, 2024 | December 31, 2023 | ||||||
| Prepaid rent | $ | $ | ||||||
| Security deposits | ||||||||
| Below-market lease intangibles, net | ||||||||
| Other | ||||||||
| $ | $ | |||||||
| March 31, 2024 | December 31, 2023 | ||||||||||||||||
| (Dollars in thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
| Notes receivable | $ | $ | $ | $ | |||||||||||||
| Interest rate swap asset | $ | $ | $ | $ | |||||||||||||
| Mortgage note payable (principal amount) | $ | $ | $ | $ | |||||||||||||
| Three Months Ended March 31, | Increase (Decrease) to Net income | |||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | $ | % | ||||||||||||||||
| REVENUES | ||||||||||||||||||||
| Rental income | $ | 28,342 | $ | 26,128 | $ | 2,214 | 8.5 | % | ||||||||||||
| Other operating interest | 991 | 1,048 | (57) | (5.4) | % | |||||||||||||||
| 29,333 | 27,176 | 2,157 | 7.9 | % | ||||||||||||||||
| EXPENSES | ||||||||||||||||||||
| Property operating | 5,791 | 4,873 | (918) | (18.8) | % | |||||||||||||||
| General and administrative | 4,554 | 16,205 | 11,651 | 71.9 | % | |||||||||||||||
| Depreciation and amortization | 10,262 | 9,018 | (1,244) | (13.8) | % | |||||||||||||||
| 20,607 | 30,096 | 9,489 | 31.5 | % | ||||||||||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||||||
| Interest expense | (5,062) | (3,992) | (1,070) | (26.8) | % | |||||||||||||||
| Deferred income tax expense | — | (35) | 35 | 100.0 | % | |||||||||||||||
| Interest and other income, net | 1 | 25 | (24) | 96.0 | % | |||||||||||||||
| (5,061) | (4,002) | (1,059) | 26.5 | % | ||||||||||||||||
NET INCOME (LOSS) | $ | 3,665 | $ | (6,922) | $ | 10,587 | n/m | |||||||||||||
| Three Months Ended March 31, | |||||||||||
| (In thousands, except per share amounts) | 2024 | 2023 | |||||||||
| Net income (loss) | $ | 3,665 | $ | (6,922) | |||||||
Real estate depreciation and amortization | 10,378 | 9,088 | |||||||||
| FFO | 14,043 | 2,166 | |||||||||
Straight-line rent | (755) | (917) | |||||||||
Stock-based compensation | 2,424 | 2,547 | |||||||||
Accelerated amortization of stock-based compensation (1) | — | 11,799 | |||||||||
| AFFO | $ | 15,712 | $ | 15,595 | |||||||
FFO per diluted common share (1) | $ | 0.53 | $ | 0.09 | |||||||
| AFFO per diluted common share | $ | 0.59 | $ | 0.62 | |||||||
Weighted average common shares outstanding - diluted (2) | 26,707 | 25,298 | |||||||||
| Three Months Ended March 31, | ||||||||||||||
| (In thousands) | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 3,665 | $ | (6,922) | ||||||||||
General and administrative (1) | 4,554 | 4,406 | ||||||||||||
| Accelerated amortization of stock-based compensation | — | 11,799 | ||||||||||||
| Depreciation and amortization | 10,262 | 9,018 | ||||||||||||
| Interest expense | 5,062 | 3,992 | ||||||||||||
| Deferred income tax expense | — | 35 | ||||||||||||
| Interest and other income | (1) | (25) | ||||||||||||
| NOI | $ | 23,542 | $ | 22,303 | ||||||||||
| ____________ | ||||||||||||||
(1) Excludes accelerated amortization of stock-based compensation shown separately in the reconciliation. | ||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| (In thousands) | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 3,665 | $ | (6,922) | ||||||||||
| Interest expense | 5,062 | 3,992 | ||||||||||||
| Depreciation and amortization | 10,262 | 9,018 | ||||||||||||
| Deferred income tax expense | — | 35 | ||||||||||||
EBITDAre | $ | 18,989 | $ | 6,123 | ||||||||||
Non-cash stock-based compensation expense (1) | 2,424 | 2,547 | ||||||||||||
| Accelerated amortization of stock-based compensation | — | 11,799 | ||||||||||||
Adjusted EBITDAre | $ | 21,413 | $ | 20,469 | ||||||||||
| _____________ | ||||||||||||||
(1) Excludes accelerated amortization of stock-based compensation shown separately in the reconciliation. | ||||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum Number of Shares that may yet be purchased under the plans or programs | ||||||||||
| January 1 - January 31 | 21,261 | $ | 25.94 | — | — | |||||||||
| February 1 - February 29 | — | $ | — | — | — | |||||||||
| March 1 - March 31 | — | $ | — | — | — | |||||||||
| Total | 21,261 | |||||||||||||
Exhibit No. | Description | ||||||||||
| 3.1 | |||||||||||
| 3.2 | |||||||||||
| 10.1 † | |||||||||||
| 10.2 † | |||||||||||
| 10.3 † | |||||||||||
| 10.4 † | |||||||||||
| 10.5 † | |||||||||||
| 10.6 † | |||||||||||
| 10.7 † | |||||||||||
| 10.8 † | |||||||||||
| 10.9 † | |||||||||||
| 31.1 * | |||||||||||
| 31.2 * | |||||||||||
| 32.1 ** | |||||||||||
| 101.INS | Inline XBRL Instance Document | ||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||||
| COMMUNITY HEALTHCARE TRUST INCORPORATED | ||||||||
| By: | /s/ David H. Dupuy | |||||||
| David H. Dupuy | ||||||||
| Chief Executive Officer and President | ||||||||
| By: | /s/ William G. Monroe IV | |||||||
| William G. Monroe IV | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| /s/ David H. Dupuy | |||||
| David H. Dupuy | |||||
| Chief Executive Officer and President | |||||
| /s/ William G. Monroe IV | |||||
| William G. Monroe IV | |||||
| Executive Vice President and Chief Financial Officer | |||||
| /s/ David H. Dupuy | |||||
| David H. Dupuy | |||||
| Chief Executive Officer and President | |||||
| /s/ William G. Monroe IV | |||||
| William G. Monroe IV | |||||
| Executive Vice President and Chief Financial Officer | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
| Common stock, shares issued (in shares) | 27,701,000 | 27,613,000 |
| Common stock, shares outstanding (in shares) | 27,701,000 | 27,613,000 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
| REVENUES | ||||
| Rental income | $ 28,342 | $ 26,128 | ||
| Other operating interest | 991 | 1,048 | ||
| Total revenue | 29,333 | 27,176 | ||
| EXPENSES | ||||
| Property operating | 5,791 | 4,873 | ||
| General and administrative | [1] | 4,554 | 16,205 | |
| Depreciation and amortization | 10,262 | 9,018 | ||
| Total expenses | 20,607 | 30,096 | ||
| OTHER INCOME (EXPENSE) | ||||
| Interest expense | (5,062) | (3,992) | ||
| Deferred income tax expense | 0 | (35) | ||
| Interest and other income | 1 | 25 | ||
| OTHER INCOME (EXPENSE) | (5,061) | (4,002) | ||
| NET INCOME (LOSS) | $ 3,665 | $ (6,922) | ||
| NET INCOME (LOSS) PER COMMON SHARE | ||||
| Net income per common share – basic (in dollars per share) | $ 0.11 | $ (0.32) | ||
| Net income per common share – diluted (in dollars per share) | $ 0.11 | $ (0.32) | ||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-BASIC (in shares) | 26,297 | 24,227 | ||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING-DILUTED (in shares) | 26,297 | 24,227 | ||
| ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Income Statement [Abstract] | ||
| Stock-based compensation expense | $ 2,400 | $ 14,300 |
| Accelerated amortization of stock-based compensation | $ 0 | $ 11,799 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | ||
| NET INCOME (LOSS) | $ 3,665 | $ (6,922) |
| Other comprehensive income (loss): | ||
| Increase (decrease) in fair value of cash flow hedges | 7,870 | (4,973) |
| Reclassification for amounts recognized as interest expense | (2,797) | (2,010) |
| Total other comprehensive income (loss) | 5,073 | (6,983) |
| COMPREHENSIVE INCOME (LOSS) | $ 8,738 | $ (13,905) |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Statement of Stockholders' Equity [Abstract] | ||
| Dividends to common stockholders, per share (in dollars per share) | $ 0.4575 | $ 0.4475 |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Overview Community Healthcare Trust Incorporated (the ‘‘Company’’, ‘‘we’’, ‘‘our’’) was organized in the State of Maryland on March 28, 2014. The Company is a fully-integrated healthcare real estate company that owns and acquires real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. As of March 31, 2024, the Company had investments of approximately $1.1 billion in 197 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and two properties classified as an asset held for sale with an aggregate amount totaling approximately $7.5 million. See Note 10 – Other Assets, net and Note 4 – Real Estate Acquisitions and Dispositions, respectively). The properties are located in 35 states, totaling approximately 4.4 million square feet in the aggregate and were approximately 92.3% leased, excluding real estate assets held for sale, at March 31, 2024 with a weighted average remaining lease term of approximately 6.9 years. Any references to square footage, property count, or occupancy percentages, and any amounts derived from these values in these notes to the Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm's review. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2024. All intercompany accounts and transactions have been eliminated. Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes, including among others, estimates related to impairment assessments, purchase price allocations, valuation of properties held for sale, and valuation of financial instruments. Actual results may materially differ from those estimates. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amounts approximate fair value due to the short term maturity of these investments. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows:
Revenue Recognition The primary source of revenue for the Company is generated through its leasing arrangements with its tenants which is accounted for under ASC Topic 842, or through notes with its borrowers which is covered under ASC 310. The Company's rental income and interest income are recognized based on contractual arrangements with its tenants and borrowers. From the inception of a lease, if collection of substantially all of the lease payments is probable for a tenant, then rental income is recognized as earned over the life of the lease agreement on a straight-line basis. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue in amounts more or less than amounts currently due from tenants. If management determines that collection of substantially all of a lease’s payments is not probable, it will revert to recognizing such lease payments at the lesser of cash collected, lease income reflected on a straight-line basis, or another systematic basis plus variable rent when it becomes accruable and will reverse any recorded receivables related to that lease. In the event that management subsequently determines collection of substantially all of that lease’s receivable is probable, management will reinstate and record all such receivables for the lease in accordance with the lease terms. The Company maintains a general allowance for its lease receivables that the Company has determined are probable of collection. The Company recognizes interest income on an accrual basis unless the Company determines that collectability of contractual amounts is not reasonably assured, at which point the note is placed on non-accrual status and interest income is recognized on a cash basis. Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRSs to the extent applicable. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
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Real Estate Investments |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Investments | REAL ESTATE INVESTMENTS As of March 31, 2024, we had investments of approximately $1.1 billion in 197 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and two properties classified as held for sale with an aggregate amount totaling approximately $7.5 million). The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables:
GenesisCare Bankruptcy Effective February 16, 2024, one of the Company's tenants, GenesisCare and certain of its affiliates ("GenesisCare"), emerged from Chapter 11 bankruptcy protection, and GenesisCare U.S. is now an independent business delivering oncology and specialty care services in Florida and North Carolina. Of the Company's seven leases with GenesisCare, five were assumed or assigned to buyers as part of the bankruptcy process and two remain with the GenesisCare U.S. entity.
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Real Estate Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Leases | REAL ESTATE LEASES Lessor Accounting The Company’s properties are generally leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2039. The Company’s leases generally require the lessee to pay minimum rent, with fixed rent renewal terms or increases based on a Consumer Price Index and may also include additional rent, which may include the reimbursement of taxes (including property taxes), insurance, maintenance and other operating costs associated with the leased property. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. Some leases also allow the lessee to renew or extend their lease term or in some cases terminate their lease, based on conditions provided in the lease. Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of March 31, 2024, are as follows (in thousands):
Rental income is recognized as earned over the life of the lease agreement on a straight-line basis when collection of rental payments over the term of the lease is probable. Straight-line rent included in rental income was approximately $0.8 million and $0.9 million, respectively, for the three months ended March 31, 2024 and 2023. Purchase Option Provisions Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the purchase. At March 31, 2024, the Company had an aggregate gross investment of approximately $37.2 million in 10 real estate properties with purchase options exercisable at March 31, 2024 that had not been exercised. Sales-type Lease The Company has a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million included in other assets, net on the Company's Condensed Consolidated Balance Sheets. Future lease payments due to the Company under this lease for the years ending December 31, as of March 31, 2024, are as follows (in thousands):
The Company recognized interest income of approximately $0.1 million during each of the three months ended March 31, 2024 and 2023 related to this lease which is included in other operating interest on the Company's Condensed Consolidated Statements of Income. Lessee Accounting At March 31, 2024, the Company was obligated, as the lessee, under four non-prepaid ground leases accounted for as operating leases with expiration dates, including renewal options, through 2076, and two non-prepaid ground leases accounted for as financing leases with expiration dates through 2109, including renewal options. Any rental increases related to the Company's ground leases are generally either stated or based on the Consumer Price Index. The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands):
The following table discloses other information regarding the ground leases.
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Real Estate Acquisitions And Dispositions |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Acquisitions and Dispositions | REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions During the first quarter of 2024, the Company acquired four real estate properties in three transactions. Upon acquisition, the properties were 98.6% leased in the aggregate with lease expirations through 2039. Amounts reflected in revenues and net income for these properties for the three months ended March 31, 2024 were approximately $0.2 million and $0.1 million, respectively, and transaction costs totaling approximately $0.3 million were capitalized relating to these property acquisitions. The following table summarizes our property acquisitions for the three months ended March 31, 2024:
The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the three months ended March 31, 2024:
Assets Held for Sale The Company had two properties classified as held for sale as of March 31, 2024. The table below reflects the assets and liabilities classified as held for sale as of March 31, 2024 and December 31, 2023.
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Debt, net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt, net | DEBT, NET The table below details the Company's debt as of March 31, 2024 and December 31, 2023.
Credit Facility The Company's third amended and restated credit agreement, as amended (the "Credit Facility") is by and among Community Healthcare Trust Incorporated, as borrower, the several banks and financial institutions party thereto as lenders, and Truist Bank, as administrative agent. The Credit Facility provides for a $150.0 million revolving credit facility (the "Revolving Credit Facility") and $350.0 million in term loans (the "Term Loans"). The Revolving Credit Facility matures on March 19, 2026 and includes one 12-month option to extend the maturity date, subject to the satisfaction of certain conditions. The Term Loans include a seven-year term loan facility in the aggregate principal amount of $75.0 million (the "A-3 Term Loan"), which matures on March 29, 2026, a seven-year term loan facility in the aggregate principal amount of $125.0 million (the "A-4 Term Loan"), which matures on March 19, 2028, and a seven-year and three-month term loan facility in the aggregate principal amount of $150.0 million (the "A-5 Term Loan") which matures on March 14, 2030. Loans under the Credit Facility are interest only with principal amounts due as of each facility's applicable maturity date. The Credit Facility allows the Company to borrow, through the accordion feature, up to $700.0 million, including the ability to add and fund incremental term loans. The Company's material subsidiaries are guarantors of the obligations under the Credit Facility. Amounts outstanding under the Revolving Credit Facility will bear interest at a floating rate based on the Company's option, on either: (i) adjusted term SOFR or adjusted daily simple SOFR plus 1.25% to 1.90% or (ii) a base rate plus 0.25% to 0.90% in each case, depending upon the Company’s leverage ratio. In addition, the Company is obligated to pay an annual fee equal to 0.20% of the amount of the unused portion of the Revolving Credit Facility if amounts borrowed are greater than 33.3% of the borrowing capacity under the Revolving Credit Facility and 0.25% of the unused portion of the Revolving Credit Facility if amounts borrowed are less than or equal to 33.3% of the borrowing capacity under the Revolving Credit Facility. The Company had $89.0 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 7.06% and a borrowing capacity remaining of $61.0 million at March 31, 2024. Amounts outstanding under the Term Loans will bear interest at a floating rate that is based, at the Company's option, on either (i) adjusted term SOFR or adjusted daily SOFR plus 1.65% to 2.30%, plus a simple SOFR adjustment equal to 0.10% per annum, or (ii) a base rate plus 0.65% to 1.30%, in each case, depending upon the Company’s leverage ratio. The Company has entered into interest rate swaps to fix the interest rates on the Term Loans. See Note 6 – Derivative Financial Instruments for more details on the interest rate swaps. At March 31, 2024, the Company had $350.0 million outstanding under the Term Loans which had a fixed weighted average interest rate under the swaps of approximately 4.4%. The Company’s ability to borrow under the Credit Facility is subject to its ongoing compliance with a number of customary affirmative and negative covenants, including limitations with respect to liens, indebtedness, distributions, mergers, consolidations, investments, restricted payments and asset sales, as well as financial maintenance covenants. The Company was in compliance with its financial covenants under its Credit Facility as of March 31, 2024. Mortgage Note Payable The Company's mortgage note payable is secured by a building which had a $7.1 million carrying balance at March 31, 2024. The mortgage note amortizes monthly at a fixed interest rate of 4.98% with a balloon payment of approximately $4.8 million due upon maturity on May 1, 2024.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On March 29, 2024, two interest rate swaps matured and were replaced with two forward-starting interest rate swaps for notional amounts totaling $50.0 million. As of March 31, 2024, the Company had fifteen outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk for notional amounts totaling $350.0 million, which mature between 2026 and 2030, at the maturity dates of the associated term loans (see Note 5 – Debt, net). Tabular Disclosure of Fair Value of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income ("AOCI") and are subsequently reclassified to interest expense in the period that the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s Term Loans. During the next twelve months, the Company estimates that an additional $9.2 million will be reclassified from AOCI as a decrease to interest expense. Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023.
Tabular Disclosures of Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of March 31, 2024 and December 31, 2023. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Condensed Consolidated Balance Sheets.
Credit-risk-related Contingent Features As of March 31, 2024, the Company did not have any derivatives in a net liability position. As of March 31, 2024, the Company had not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company terminated these interest rate swaps or breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value.
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Stockholders' Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | STOCKHOLDERS' EQUITY Common Stock The following table provides a reconciliation of the beginning and ending common stock balances for the three months ended March 31, 2024 and for the year ended December 31, 2023:
ATM Program The Company has an at-the-market offering program ("ATM Program"), with Piper Sandler & Co., Evercore Group L.L.C., Truist Securities, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated, Fifth Third Securities, Inc. and Janney Montgomery Scott LLC, as sales agents (collectively, the “Agents”). Under the ATM Program, the Company may issue and sell shares of its common stock, having an aggregate gross sales price of up to $500.0 million. The shares of common stock may be sold from time to time through or to one or more of the Agents, as may be determined by the Company in its sole discretion, subject to the terms and conditions of the agreement and applicable law. The Company's activity under the ATM Program during the three months ended March 31, 2024 is detailed in the table below. As of March 31, 2024, the Company had approximately $433.3 million remaining that may be issued under the ATM Program.
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Net Income (Loss) Per Common Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Per Common Share | NET INCOME (LOSS) PER COMMON SHARE The following table sets forth the computation of basic and diluted net income (loss) per common share for the three months ended March 31, 2024 and 2023, respectively.
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Stock Incentive Plan |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Incentive Plan | STOCK INCENTIVE PLAN A summary of the restricted stock activity under the Company's 2014 Incentive Plan, as amended, for the three months ended March 31, 2024 and 2023 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods.
Accelerated Amortization of Restricted Stock The Company's former CEO and President, Timothy Wallace, passed away in March 2023. At the time of his passing, Mr. Wallace had 624,725 shares of restricted stock that had not been fully amortized. In accordance with the terms of his employment agreement, the Company accelerated the unamortized remaining balance of deferred compensation related to his unvested shares and recognized an additional $11.8 million of amortization expense in the first quarter of 2023. Amendment to the 2014 Incentive Plan, Updates to Compensation Programs, and Issuance of RSUs On January 2, 2024, the Company's Board approved and adopted a fourth amendment to the 2014 Incentive Plan that provided for the award of restricted stock units ("RSUs"). The Board also approved and adopted the Third Amended and Restated Alignment of Interest Program (the "Third Alignment of Interest Program"), which superseded the Second Amended and Restated Alignment of Interest Program. The Third Alignment of Interest Program implemented (i) a maximum elective deferral percentage amount of salary and bonus to 50% to the acquisition of restricted stock for certain participants in the program (previously 100%), and (ii) limited the duration of the restriction period election depending on the retirement eligibility date per their employment agreements. These changes were effective beginning January 1, 2024 for salary and other compensation deferrals and will be effective for performance periods commencing on and after July 1, 2024 for cash bonus deferrals. Further, the Board approved and adopted the Third Amended and Restated Executive Officer Incentive Program (the "Third Executive Officer Incentive Program"), which superseded the Second Amended and Restated Executive Officer Program, other than with respect to the individual and company performance awards for the performance period running from July 1, 2023 to June 30, 2024. The Third Executive Officer Incentive Program allows for the grant of RSUs. The Company historically granted long-term incentive awards to its executive officers which was comprised of restricted stock that vested in 8 years, based on backward-looking performance metrics. On January 2, 2024, the Board approved and adopted a new incentive compensation structure for its executive officers, including the issuance of time-based and performance-based RSUs with three-year forward-looking performance targets beginning with an initial performance period beginning July 1, 2023. On January 2, 2024, the Company granted performance-based and time-based RSUs to its executive officers under the 2014 Incentive Plan and the Third Executive Officer Incentive Program. These RSUs with a grant date value totaling $2.6 million are forward-looking with a three-year performance period beginning July 1, 2023. The performance-based RSUs were valued by independent specialists utilizing a Monte Carlo simulation to calculate the weighted average grant date fair values of $13.67 per share for the Absolute TSR units and $20.77 per share for the Relative TSR units. The grant date fair value of the Time-based TSR units was based on the Company's stock price on the grant date of $26.62. The combined weighted average grant date fair value of the RSUs granted was $19.24 per share. The following assumptions were used in valuing the performance-based RSUs:
A summary of the Company's RSU activity during the three months ended March 31, 2024 and 2023, respectively, is included in the table below, as well as compensation expense recognized from the amortization of the value of RSUs over the applicable vesting periods.
Restricted Stock Issuances On January 12, 2024, pursuant to the 2014 Incentive Plan and the Third Alignment of Interest Program, the Company granted 79,533 shares of restricted stock to its employees, in lieu of salary, that will cliff vest between and eight years. Of the shares granted, 43,292 shares of restricted stock were granted in lieu of compensation from the program pool and 36,241 shares of restricted stock were awarded based on the restriction period elected from the plan pool. Also, on January 12, 2024, pursuant to the 2014 Incentive Plan and the Non-Executive Officer Incentive Program, the Company granted 10,159 shares of restricted stock to certain employees that will cliff vest in five years. Adoption of the 2024 Incentive Plan On March 4, 2024, the Company's Compensation Committee and Board of Directors adopted and approved the 2024 Incentive Plan (the "Plan"). On April 17, 2024, the Company's Board of Directors adopted and approved an amendment to the Plan to remove a sentence related to reload options. The Plan, as amended, is subject to approval by our stockholders at the annual meeting. The 2024 Incentive Plan, if approved, will replace our 2014 Incentive Plan which expired on March 31, 2024. The Plan, which will expire on March 4, 2034, implements several changes including, among others, the following: •Freezes all awards under the 2014 Incentive Plan as of its expiration date; •Removes the "evergreen provision" which allowed for the incremental automatic increase in the number of shares of common stock reserved for issuance under the Plan; •Increases the number of shares of common stock authorize for issuance under the Plan to 1,150,000; and •Expands the types of awards that may be awarded under the Plan.
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Other Assets, net |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets, net | OTHER ASSETS, NET Other assets, net on the Company's Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below.
The Company's notes receivable mainly included: •At March 31, 2024 and December 31, 2023, notes receivable included a $5.3 million and $6.0 million, respectively, term loan, secured by all assets and ownership interests in seven long-term acute care hospitals and one inpatient rehabilitation hospital owned by the borrower. The term loan will be repaid in equal monthly installments of $250,000 through the maturity date of December 31, 2025 and bears interest at 9% per annum. •At March 31, 2024 and December 31, 2023, notes receivable included a fully-funded term loan totaling $17.0 million and a revolving credit facility with $5.4 million drawn, secured by assets and ownership interests of six geriatric behavioral hospitals and affiliated companies all of which are co-borrowers on the loans. At March 31, 2024, the Company had an unfunded commitment of $3.1 million on the revolving credit facility and an unfunded commitment of up to $2.0 million on an advancing term loan facility. The term loan bears interest at 9% per annum, with interest only payments due initially and then equal monthly installments of principal payments due beginning March 31, 2025. The term loan facility matures on December 31, 2032. The revolving credit facility bears interest at 9% per annum and matures on December 31, 2025. The advancing term loan may be funded at the Company's discretion, and bears interest at 9% per annum on any amount funded, that may be used by the borrower to pay existing liabilities of co-borrowers. The term loan, the revolving credit facility and the additional commitment all include a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of each note. •At March 31, 2024 and December 31, 2023, notes receivable also included a $2.2 million and $2.3 million, respectively, revolving credit facility. Commencing on October 1, 2023, the revolving credit facility will be repaid in equal monthly installments of $40,000 through the maturity date of April 1, 2027. The revolving credit facility bears interest at 9% per annum, as well as a 3% per annum non-cash interest charge that is due and payable upon the earlier of the repayment or maturity of the note. The Company identified the borrowers of these notes as variable interest entities ("VIEs"), but management determined that the Company was not the primary beneficiary of the VIEs because we lack either directly or through related parties any material decision-making rights or control of the entities that impact the borrowers' economic performance. We are not obligated to provide support beyond our stated commitment to the borrowers, and accordingly our maximum exposure to loss as a result of this relationship is limited to the amount of our outstanding notes receivable. The VIEs that we have identified at March 31, 2024 are summarized in the table below.
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Other Liabilities, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities, net | OTHER LIABILITIES, NET Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below.
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Fair Value of Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practical to estimate the fair value. Cash and cash equivalents and restricted cash - The carrying amount approximates the fair value. The fair value estimates were determined using level 1 inputs. Notes receivable - The fair value is estimated using cash flow analyses, based on an assumed market rate of interest or at a rate consistent with the rates on notes carried by the Company and are classified as level 2 inputs in the hierarchy. Borrowings under our Credit Facility - The carrying amount approximates the fair value because the borrowings are based on variable market interest rates. The fair value estimates were determined using level 2 inputs. Derivative financial instruments (Interest rate swaps) - The fair value is estimated using discounted cash flow techniques. These techniques incorporate primarily level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument’s term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as level 2 inputs in the hierarchy. Mortgage note payable - The fair value is estimated using cash flow analyses which are based on an assumed market rate of interest or at a rate consistent with the rates on mortgage notes assumed by the Company and are classified as level 2 inputs in the hierarchy. The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at March 31, 2024 and December 31, 2023, using level 2 inputs.
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Commitments and Contingencies |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Tenant Improvements The Company may provide tenant improvement allowances in new or renewal leases for the purpose of refurbishing or renovating tenant space. The Company may also assume tenant improvement obligations included in leases acquired in its real estate acquisitions. As of March 31, 2024, the Company had approximately $22.5 million in commitments for tenant improvements. Seven of these projects totaling $15.8 million, represent redevelopment projects of the buildings into different healthcare uses backed by long term leases. Capital Improvements The Company has entered into contracts with various vendors for various capital improvement projects related to its portfolio. As of March 31, 2024, the Company had commitments of approximately $5.6 million in commitments for capital improvement projects. Legal Proceedings The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company's Consolidated Financial Statements.
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Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS Dividend Declared On April 25, 2024, the Company’s Board of Directors declared a quarterly common stock dividend in the amount of $0.46 per share. The dividend is payable on May 24, 2024 to stockholders of record on May 10, 2024. Subsequent Acquisitions Subsequent to March 31, 2024, the Company acquired one inpatient rehabilitation facility for a purchase price and cash consideration of approximately $23.5 million. Upon acquisition, the property was 100.0% leased with a lease expiration in 2039.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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| Pay vs Performance Disclosure | ||
| Net income (loss) | $ 3,665 | $ (6,922) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. This interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2024. All intercompany accounts and transactions have been eliminated.
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| Use of Estimates in the Condensed Consolidated Financial Statements | Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes, including among others, estimates related to impairment assessments, purchase price allocations, valuation of properties held for sale, and valuation of financial instruments. Actual results may materially differ from those estimates.
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| Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased.
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| Restricted Cash | Restricted cash consists of amounts held by the lender of our mortgage note payable to provide for future real estate tax, insurance expenditures and tenant improvements related to one property. The carrying amounts approximate fair value due to the short term maturity of these investments. |
| Revenue Recognition | Revenue Recognition The primary source of revenue for the Company is generated through its leasing arrangements with its tenants which is accounted for under ASC Topic 842, or through notes with its borrowers which is covered under ASC 310. The Company's rental income and interest income are recognized based on contractual arrangements with its tenants and borrowers. From the inception of a lease, if collection of substantially all of the lease payments is probable for a tenant, then rental income is recognized as earned over the life of the lease agreement on a straight-line basis. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue in amounts more or less than amounts currently due from tenants. If management determines that collection of substantially all of a lease’s payments is not probable, it will revert to recognizing such lease payments at the lesser of cash collected, lease income reflected on a straight-line basis, or another systematic basis plus variable rent when it becomes accruable and will reverse any recorded receivables related to that lease. In the event that management subsequently determines collection of substantially all of that lease’s receivable is probable, management will reinstate and record all such receivables for the lease in accordance with the lease terms. The Company maintains a general allowance for its lease receivables that the Company has determined are probable of collection. The Company recognizes interest income on an accrual basis unless the Company determines that collectability of contractual amounts is not reasonably assured, at which point the note is placed on non-accrual status and interest income is recognized on a cash basis.
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| Income Taxes | Income Taxes The Company has elected to be taxed as a real estate investment trust ("REIT"), as defined under the Internal Revenue Code of 1986, as amended (the "Code"). The Company and two subsidiaries have also elected for those subsidiaries to be treated as taxable REIT subsidiaries ("TRSs"), which are subject to federal and state income taxes. No provision has been made for federal income taxes for the REIT; however, the Company has recorded income tax expense or benefit for the TRSs to the extent applicable. The Company intends at all times to qualify as a REIT under the Code. The Company must distribute at least 90% per annum of its REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP) and meet other requirements to continue to qualify as a REIT.
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Summary of Significant Accounting Policies (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows:
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| Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Company's Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows:
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Real Estate Investments (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Real Estate Property Investments | The Company's investments are diversified by property type, geographic location, and tenant as shown in the following tables:
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Real Estate Leases (Tables) |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under the non-cancelable operating leases due to the Company for the years ending December 31, as of March 31, 2024, are as follows (in thousands):
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| Schedule of Lease Receivables | Future lease payments due to the Company under this lease for the years ending December 31, as of March 31, 2024, are as follows (in thousands):
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| Schedule of Operating Lease Payments | The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands):
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| Schedule of Finance Lease Payments | The Company's future lease payments under these non-prepaid ground leases were as follows (in thousands):
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| Schedule of Ground Leases | The following table discloses other information regarding the ground leases.
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Real Estate Acquisitions And Dispositions (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property Acquisitions | The following table summarizes our property acquisitions for the three months ended March 31, 2024:
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| Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the three months ended March 31, 2024:
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| Schedule of Assets and Liabilities Classified as Held for Sale | The table below reflects the assets and liabilities classified as held for sale as of March 31, 2024 and December 31, 2023.
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Debt, net (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The table below details the Company's debt as of March 31, 2024 and December 31, 2023.
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Derivative Instruments on Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow Hedging | The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023.
|
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Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Common Stock | The following table provides a reconciliation of the beginning and ending common stock balances for the three months ended March 31, 2024 and for the year ended December 31, 2023:
|
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| Schedule of ATM Program | As of March 31, 2024, the Company had approximately $433.3 million remaining that may be issued under the ATM Program.
|
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Net Income (Loss) Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Income Per Share | The following table sets forth the computation of basic and diluted net income (loss) per common share for the three months ended March 31, 2024 and 2023, respectively.
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Stock Incentive Plan (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Assumptions | The following assumptions were used in valuing the performance-based RSUs:
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| Schedule of Nonvested Restricted Stock Activity | A summary of the restricted stock activity under the Company's 2014 Incentive Plan, as amended, for the three months ended March 31, 2024 and 2023 is included in the table below, as well as compensation expense recognized from the amortization of the value of shares over the applicable vesting periods.
A summary of the Company's RSU activity during the three months ended March 31, 2024 and 2023, respectively, is included in the table below, as well as compensation expense recognized from the amortization of the value of RSUs over the applicable vesting periods.
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Other Assets, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets | Other assets, net on the Company's Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below.
|
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| Schedule of VIEs | The VIEs that we have identified at March 31, 2024 are summarized in the table below.
|
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Other Liabilities, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Liabilities | Other liabilities, net on the Company's Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 are detailed in the table below.
|
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, by Balance Sheet Grouping | The table below details the fair values and carrying values for our notes receivable, interest rate swaps, and mortgage note payable at March 31, 2024 and December 31, 2023, using level 2 inputs.
|
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Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands, ft² in Millions |
Mar. 31, 2024
USD ($)
ft²
real_estate_property
state
|
Dec. 31, 2023
USD ($)
|
|---|---|---|
| Accounting Policies [Abstract] | ||
| Total real estate properties | $ | $ 1,101,171 | |
| Number of real estate properties | real_estate_property | 197 | |
| Number of properties held for investment in financing lease | real_estate_property | 1 | |
| Lease receivable | $ | $ 3,025 | $ 3,028 |
| Number of properties held for sale | real_estate_property | 2 | |
| Disposal property | $ | $ 7,500 | |
| Number of states | state | 35 | |
| Area of real estate property (in square feet) | ft² | 4.4 | |
| Percentage leased | 92.30% | |
| Remaining lease term | 6 years 10 months 24 days |
Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Accounting Policies [Abstract] | ||||
| Cash and cash equivalents | $ 3,805 | $ 3,491 | $ 3,666 | |
| Restricted cash | 1,141 | 1,142 | 959 | |
| Cash, cash equivalents and restricted cash | $ 4,946 | $ 4,633 | $ 4,625 | $ 12,068 |
Real Estate Investments - Additional Information (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
real_estate_property
|
Feb. 16, 2024
lease
|
Dec. 31, 2023
USD ($)
|
|---|---|---|---|
| Real Estate Properties [Line Items] | |||
| Total real estate properties | $ 1,101,171 | ||
| Number of real estate properties | real_estate_property | 197 | ||
| Number of properties held for investment in financing lease | real_estate_property | 1 | ||
| Lease receivable | $ 3,025 | $ 3,028 | |
| Number of properties held for sale | real_estate_property | 2 | ||
| Disposal property | $ 7,500 | ||
| Genesis Care | |||
| Real Estate Properties [Line Items] | |||
| Number of leases | lease | 7 | ||
| Number of leases assigned | lease | 5 | ||
| Number of leases remaining | lease | 2 | ||
| Held for sale | |||
| Real Estate Properties [Line Items] | |||
| Disposal property | $ 7,500 |
Real Estate Leases - Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2024 (nine months ended December 31) | $ 74,362 |
| 2025 | 93,815 |
| 2026 | 84,865 |
| 2027 | 77,227 |
| 2028 | 71,052 |
| 2029 and thereafter | 381,758 |
| Total | $ 783,079 |
Real Estate Leases - Additional Information (Details) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2024
USD ($)
lease
real_estate_property
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Concentration Risk [Line Items] | |||
| Straight line rent | $ 755 | $ 917 | |
| Real estate investment property, net | $ 879,632 | $ 849,437 | |
| Number of real estate properties | real_estate_property | 197 | ||
| Number of properties held for investment in financing lease | real_estate_property | 1 | ||
| Lease receivable | $ 3,025 | $ 3,028 | |
| Interest income | $ 100 | $ 100 | |
| Number of operating leases | lease | 4 | ||
| Number of finance leases | lease | 2 | ||
| Four Real Estate Property | |||
| Concentration Risk [Line Items] | |||
| Real estate investment property, net | $ 37,200 | ||
| Number of real estate properties | real_estate_property | 10 | ||
Real Estate Leases - Lease Receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| 2024 (nine months ended December 31) | $ 261 | |
| 2025 | 356 | |
| 2026 | 367 | |
| 2027 | 378 | |
| 2028 | 389 | |
| 2029 and thereafter | 4,821 | |
| Total undiscounted lease receivable | 6,572 | |
| Discount | (3,547) | |
| Lease receivable | $ 3,025 | $ 3,028 |
Real Estate Leases - Future Lease Payments Under Non-prepaid Ground Leases (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating | ||
| 2024 (nine months ended December 31) | $ 32 | |
| 2025 | 44 | |
| 2026 | 44 | |
| 2027 | 45 | |
| 2028 | 46 | |
| 2029 and thereafter | 1,102 | |
| Total undiscounted lease payments | 1,313 | |
| Discount | (541) | |
| Lease liabilities | 772 | $ 775 |
| Financing | ||
| 2024 (nine months ended December 31) | 115 | |
| 2025 | 154 | |
| 2026 | 154 | |
| 2027 | 154 | |
| 2028 | 154 | |
| 2029 and thereafter | 6,802 | |
| Total undiscounted lease payments | 7,533 | |
| Discount | (4,260) | |
| Lease liabilities | $ 3,273 | $ 3,277 |
Real Estate Leases - Ground Leases (Details) |
Mar. 31, 2024 |
Mar. 31, 2023 |
|---|---|---|
| Operating leases: | ||
| Weighted-average remaining lease term in years (including renewal options) | 34 years 9 months 18 days | 36 years |
| Weighted-average discount rate | 4.00% | 4.00% |
| Financing leases: | ||
| Weighted-average remaining lease term in years (including renewal options) | 39 years 7 months 6 days | 40 years 7 months 6 days |
| Weighted-average discount rate | 4.20% | 4.20% |
Real Estate Acquisitions And Dispositions - Additional Information (Details) - Acquisitions Of Properties During Q1 2024 $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
real_estate_property
| |
| Business Acquisition [Line Items] | |
| Number of real estate properties acquired | real_estate_property | 4 |
| Percentage of properties that were leased at acquisition (in percent) | 98.60% |
| Pro forma information, revenue of acquiree since acquisition date, actual | $ 0.2 |
| Pro forma information, income of acquiree since acquisition date, actual | 0.1 |
| Transaction costs | $ 0.3 |
Real Estate Acquisitions And Dispositions - Schedule of Assets and Liabilities Classified as Held for Sale (Details) - Held for sale - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Real estate assets held for sale, net | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Real estate assets held for sale, gross | $ 11,632 | $ 11,632 |
| Accumulated depreciation | (4,166) | (4,166) |
| Real estate assets held for sale, net | 7,466 | 7,466 |
| Land | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Real estate assets held for sale, gross | 1,576 | 1,576 |
| Building, improvements, and lease intangibles | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Real estate assets held for sale, gross | $ 10,056 | $ 10,056 |
Debt, net - Schedule of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt, net | $ 442,320 | $ 403,256 |
| Term Loan | Third Amended And Restated Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt, net | 350,000 | |
| Mortgage Note Payable, net | ||
| Debt Instrument [Line Items] | ||
| Debt, net | 4,787 | 4,815 |
| Revolving Credit Facility | Line of Credit | Third Amended And Restated Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt, net | 89,000 | 50,000 |
| A-3 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt, net | 74,761 | 74,730 |
| A-4 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt, net | 124,550 | 124,522 |
| A-5 Term Loan, net | Term Loan | Third Amended And Restated Credit Facility | ||
| Debt Instrument [Line Items] | ||
| Debt, net | $ 149,222 | $ 149,189 |
Derivative Financial Instruments - Additional Information (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2024
USD ($)
derivative_instrument
|
Mar. 29, 2024
derivative_instrument
|
|
| Derivative [Line Items] | ||
| Cash flow hedges reclassified to interest expense | $ 9.2 | |
| Cash Flow Hedging | Interest Rate Contract | ||
| Derivative [Line Items] | ||
| Number outstanding interest rate derivatives | derivative_instrument | 15 | |
| Notional amount | $ 350.0 | |
| Cash Flow Hedging | Interest Rate Swap | ||
| Derivative [Line Items] | ||
| Number outstanding interest rate derivatives | derivative_instrument | 2 | |
| Notional amount | $ 50.0 |
Derivative Financial Instruments - Schedule of Fair Value Balance Sheet (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Interest rate swap asset | $ 21,490 | $ 16,417 |
| Interest rate swap liability | $ 0 | $ 0 |
| Derivative asset, statement of financial position [Extensible Enumeration] | Other assets, net | Other assets, net |
| Derivative liability, statement of financial position [Extensible Enumeration] | Other liabilities, net | Other liabilities, net |
| Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | ||
| Derivatives, Fair Value [Line Items] | ||
| Interest rate swap asset | $ 21,490 | $ 16,417 |
| Interest rate swap liability | $ 0 | $ 0 |
Derivative Financial Instruments - Schedule of Cash Flow Hedging (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Interest Expense | Interest Expense |
| Interest Rate Contract | Cash Flow Hedging | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Amount of unrealized gain (loss) recognized in OCI on derivative | $ 7,870 | $ (4,973) |
| Total interest expense presented in the Condensed Consolidated Statements of Income in which the effects of the cash flow hedges are recorded | 5,062 | 3,992 |
| Interest Rate Contract | Cash Flow Hedging | Interest Expense | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Amount of gain reclassified from AOCI into interest expense | $ (2,797) | $ (2,010) |
Stockholders' Equity - Schedule of Reconciliation of Common Stock (Details) - shares shares in Thousands |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
| Balance, beginning of period (in shares) | 27,613 | 25,897 |
| Issuance of common stock (in shares) | 19 | 1,385 |
| Restricted stock issued (in shares) | 90 | 361 |
| Restricted stock withheld and forfeited (in shares) | (21) | (30) |
| Balance, end of period (in shares) | 27,701 | 27,613 |
Stockholders' Equity - Additional Information (Details) - At The Market Offering Program - Common Stock $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
| |
| Subsidiary, Sale of Stock [Line Items] | |
| Value of shares authorized | $ 500.0 |
| Shares available for issuance | $ 433.3 |
Stockholders' Equity - Schedule of ATM Program (Details) - Common Stock - At The Market Offering Program $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
$ / shares
shares
| |
| Class of Stock [Line Items] | |
| Shares issued (in shares) | shares | 19 |
| Net proceeds received | $ | $ 0.5 |
| Average gross sales price per share (in dollars per share) | $ / shares | $ 27.51 |
Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Earnings Per Share [Abstract] | ||
| Net income (loss) | $ 3,665 | $ (6,922) |
| Participating securities' share in earnings | (647) | (822) |
| Net income (loss), less participating securities' share in earnings | $ 3,018 | $ (7,744) |
| Weighted average Common Shares outstanding | ||
| Weighted average common shares outstanding (in shares) | 27,680 | 26,043 |
| Unvested restricted shares (in shares) | (1,383) | (1,816) |
| Weighted average common shares outstanding – basic (in shares) | 26,297 | 24,227 |
| Weighted average common shares–Basic (in shares) | 26,297 | 24,227 |
| Dilutive potential common share (in shares) | 0 | 0 |
| Weighted average common shares outstanding –diluted (in shares) | 26,297 | 24,227 |
| Basic net income per common share (in dollars per share) | $ 0.11 | $ (0.32) |
| Diluted net income per common share (in dollars per share) | $ 0.11 | $ (0.32) |
Stock Incentive Plan - Schedule of Nonvested Restricted Stock Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
| Stock-based awards: | ||
| Stock-based compensation expense | $ 2,400 | $ 14,300 |
| 2014 Incentive Plan | Restricted Common Stock | ||
| Stock-based awards: | ||
| Stock-based awards, beginning of period (in shares) | 1,374,000 | 1,708,000 |
| Granted (in shares) | 90,000 | 129,000 |
| Vested (in shares) | (84,000) | 0 |
| Forfeited (in shares) | 0 | (1,000) |
| Stock-based awards, end of period (in shares) | 1,380,000 | 1,836,000 |
| Stock-based compensation expense | $ 2,107 | $ 14,346 |
| 2014 Incentive Plan | Stock in lieu of compensation | ||
| Stock-based awards: | ||
| Granted (in shares) | 43,292 | 62,000 |
| 2014 Incentive Plan | Stock awards | ||
| Stock-based awards: | ||
| Granted (in shares) | 47,000 | 67,000 |
Stock Incentive Plan - Schedule of Valuation Assumptions (Details) - Performance Based Restricted Stock Units - 2014 Incentive Plan |
Jan. 02, 2024
$ / shares
|
|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Volatility | 25.00% |
| Dividend assumption | 5.40% |
| Expected term | 3 years |
| Risk-free rate | 4.30% |
| Stock price (in dollars per share) | $ 26.62 |
Other Assets, net - Schedule of Other Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Notes receivable | $ 29,905 | $ 30,775 |
| Financing lease right-of-use assets | 21,490 | 16,417 |
| Straight-line rent receivables | 19,236 | 18,481 |
| Accounts receivable | 6,255 | 4,645 |
| Lease receivable | 3,025 | 3,028 |
| Prepaid assets | 2,560 | 2,645 |
| Above-market intangible assets, net | 2,498 | 2,312 |
| Other | 2,471 | 2,486 |
| Accounts receivable | 1,429 | 1,203 |
| Deferred financing costs, net | 721 | 729 |
| Deferred tax asset | 649 | 684 |
| Sales-type lessor receivable | 418 | 471 |
| Other assets, net | $ 90,657 | $ 83,876 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Other Assets, net - Schedule of VIEs (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Notes receivable | $ 29,905 | $ 30,775 |
| Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan) | ||
| Variable Interest Entity [Line Items] | ||
| Notes receivable | 5,250 | |
| Maximum exposure to loss | 5,250 | |
| Variable Interest Entity, Not Primary Beneficiary | Note receivable (revolving credit facility) | ||
| Variable Interest Entity [Line Items] | ||
| Notes receivable | 5,435 | 5,400 |
| Maximum exposure to loss | 5,435 | |
| Variable Interest Entity, Not Primary Beneficiary | Note receivable (term loan) | ||
| Variable Interest Entity [Line Items] | ||
| Notes receivable | 17,000 | 17,000 |
| Maximum exposure to loss | 17,000 | |
| Variable Interest Entity, Not Primary Beneficiary | Note receivable (revolving credit facility) | ||
| Variable Interest Entity [Line Items] | ||
| Notes receivable | 2,220 | $ 2,300 |
| Maximum exposure to loss | $ 2,220 |
Other Liabilities, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Prepaid rent | $ 5,442 | $ 5,378 |
| Security deposits | 3,789 | 3,765 |
| Below-market lease intangibles, net | 3,185 | 3,188 |
| Financing lease liability | 3,273 | 3,277 |
| Operating lease liability | 772 | 775 |
| Other | 499 | 485 |
| Other liabilities, net | $ 16,960 | $ 16,868 |
| Finance lease, liability, statement of financial position [Extensible Enumeration] | Other liabilities, net | Other liabilities, net |
| Operating lease, liability, statement of financial position | Other liabilities, net | Other liabilities, net |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes receivable | $ 29,905 | $ 30,775 |
| Interest rate swap asset | 21,490 | 16,417 |
| Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes receivable | 29,905 | 30,775 |
| Mortgage note payable (principal amount) | 4,788 | 4,821 |
| Carrying Value | Interest rate swaps | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Interest rate swap asset | 21,490 | 16,417 |
| Fair Value | Fair Value, Inputs, Level 2 | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes receivable | 30,738 | 31,199 |
| Mortgage note payable (principal amount) | 4,787 | 4,791 |
| Fair Value | Interest rate swaps | Fair Value, Inputs, Level 2 | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Interest rate swap asset | $ 21,490 | $ 16,417 |
Commitments and Contingencies (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
project
| |
| Tenant Improvements Allowances | |
| Other Commitments [Line Items] | |
| Commitment | $ 22.5 |
| Redevelopment Projects | |
| Other Commitments [Line Items] | |
| Commitment | $ 15.8 |
| Number of projects | project | 7 |
| Capital Improvements | |
| Other Commitments [Line Items] | |
| Commitment | $ 5.6 |
Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions |
1 Months Ended | |
|---|---|---|
|
Apr. 25, 2024
$ / shares
|
Apr. 30, 2024
USD ($)
real_estate_property
|
|
| Subsequent Event [Line Items] | ||
| Dividend declared (in dollars per share) | $ / shares | $ 0.46 | |
| Aggregate purchase price | $ | $ 23.5 | |
| Percentage of properties that were leased at acquisition (in percent) | 100.00% | |
| Inpatient Rehabilitation Facility | ||
| Subsequent Event [Line Items] | ||
| Number of real estate properties acquired | real_estate_property | 1 |