XML 44 R31.htm IDEA: XBRL DOCUMENT v3.23.1
Debt - Additional Information (Detail)
1 Months Ended 12 Months Ended 17 Months Ended
Oct. 28, 2022
Jan. 06, 2022
USD ($)
Nov. 09, 2021
Nov. 13, 2020
USD ($)
May 14, 2020
USD ($)
May 12, 2020
Feb. 27, 2020
Mar. 29, 2019
Aug. 31, 2018
USD ($)
Feb. 23, 2018
USD ($)
Property
Loan
Sep. 28, 2017
USD ($)
Jun. 28, 2017
USD ($)
May 31, 2021
Dec. 31, 2022
USD ($)
Property
Loan
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]                                  
Secured debt                           $ 162,815,965 $ 181,125,866   $ 181,125,866
Repayment of loan                           $ 17,650,000 50,000 $ 3,099,934  
Freddie Mac Utah Loans [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                   $ 46,900,000              
Debt term                   10 years              
Loan maturity date [1]                           Feb. 23, 2028      
Debt instrument, initial interest rate                   5.06%       5.06% [1]      
Description of guarantees                           We serve as non-recourse guarantors pursuant to the terms and conditions of the Freddie Mac Utah Loans. During the term of the Freddie Mac Utah Loans, we are required to maintain a net worth equal to or greater than $15 million and an initial liquidity requirement equal to or greater than $4.8 million.      
Number of property-owning special purpose entities | Property                   3              
Number of mortgage loans | Loan                   3       3      
Debt instrument, interest payment period                   2 years       2 years      
Amortization period                   30 years       30 years      
Freddie Mac Utah Loans [Member] | Minimum [Member]                                  
Debt Instrument [Line Items]                                  
Non-recourse guaranty expiry threshold net worth                           $ 15      
Non-recourse guaranty expiry threshold liquidity.                           $ 4,800,000      
Utah Bridge Loan [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                   $ 24,500,000              
Loan maturity date               Apr. 30, 2020   Feb. 23, 2019              
Loan maturity conditional maturity date                           Aug. 23, 2019      
Commitment fee percentage on loan principal outstanding                           0.50%      
Repayment of loan   $ 5,000,000.0                              
Debt instrument, repayment description                           We were required to pay $1.0 million of the balance of the loan at signing of the Fifth Amendment, along with a fee equal to 0.50% of the then-outstanding principal balance of the loan. Beginning in May 2021, since the balance of the KeyBank Bridge Loans had not been reduced to $20 million, we were required to start paying a monthly fee of 0.05% of the loan balance above $20 million until such reduction is reached.      
Freddie Mac Cottonwood Loan [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                   $ 9,300,000              
Zero prepayment penalty period           12 months                      
Monthly installment commencement date           Aug. 01, 2020                      
Freddie Mac Courtyard Loan [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                 $ 63,200,000                
Debt term                 10 years                
Loan maturity date [2]                           Sep. 01, 2028      
Debt instrument, initial interest rate                 4.86%         4.86% [2]      
Description of guarantees                           We serve as non-recourse guarantors pursuant to the terms and conditions of the Freddie Mac Courtyard Loan. During the term of the Freddie Mac Courtyard Loan, we are required to maintain a net worth equal to or greater than $18.96 million and an initial liquidity requirement equal to or greater than $6.32 million. Once the Courtyard Bridge Loans are paid in full and the Memory Care Expansion (each defined further below) is complete, the liquidity requirement will be reduced to $4.8 million. We are able to reduce each of the foregoing liquidity requirements by an additional amount equal to the amount of the 12-month trailing cash flows of all our properties, up to a maximum reduction of $1.5 million.      
Debt instrument, interest payment period                 4 years         4 years      
Amortization period                 30 years         30 years      
Freddie Mac Courtyard Loan [Member] | Minimum [Member]                                  
Debt Instrument [Line Items]                                  
Non-recourse guaranty expiry threshold net worth                 $ 18,960,000                
Non-recourse guaranty expiry threshold liquidity.                 6,320,000                
Reduction in liquidity requirement                                 $ 3,000,000.0
Freddie Mac Courtyard Loan [Member] | Maximum [Member]                                  
Debt Instrument [Line Items]                                  
Non-recourse guaranty expiry threshold liquidity.                 1,500,000                
Courtyard Bridge Loans [Member]                                  
Debt Instrument [Line Items]                                  
Loan maturity date             Apr. 30, 2021             Apr. 30, 2020      
Debt instrument, initial interest rate                           8.42%      
Non-recourse guaranty expiry threshold liquidity.                 $ 4,800,000                
Commitment fee percentage on loan principal outstanding                           0.50%      
Debt instrument, repayment description                           We were required to pay $1.0 million of the balance of the loan at signing of the Fifth Amendment, along with a fee equal to 0.50% of the then-outstanding principal balance of the loan. Beginning in May 2021, since the balance of the KeyBank Bridge Loans had not been reduced to $20 million, we were required to start paying a monthly fee of 0.05% of the loan balance above $20 million until such reduction is reached. Additionally, since the balance of the KeyBank Bridge Loans had not been reduced to $20 million by October 31, 2021, we were required to start making principal payments of $50,000 per month until such reduction is reached. Pursuant to the Fifth Amendment, we were also required to fund a reserve comprised of six months of interest payments, which may be utilized but must generally be replenished.      
Debt instrument, description of variable rate                           1-month SOFR plus 400 basis      
Percentage of net proceeds from certain capital events required to be applied                           100.00%      
Number of memory care units expected to be completed in property acquisition | Property                           23      
KeyBank Bridge Loans Amendment [Member]                                  
Debt Instrument [Line Items]                                  
Loan maturity date Apr. 30, 2024     Apr. 30, 2022                          
Commitment fee percentage on loan principal outstanding       0.50%                          
Repayment of loan       $ 1,000,000.0                          
KeyBank Bridge Loans Amendment [Member] | If Balance of Loans not Reduced to $20 Million within Six Months of Closing Fifth Amendment [Member]                                  
Debt Instrument [Line Items]                                  
Monthly fee                         0.05%        
KeyBank Bridge Loans Amendment [Member] | Principal Amount Monthly Payment, If Balance of Loans not Reduced to $20 Million by October 1, 2021 [Member]                                  
Debt Instrument [Line Items]                                  
Repayment of loan       $ 50,000                          
KeyBank Bridge Loans Amendment [Member] | Minimum [Member]                                  
Debt Instrument [Line Items]                                  
EXR collateral ratio 1.20                                
Total collateral ratio 1.00                                
Courtyard Initial Bridge Loan [Member]                                  
Debt Instrument [Line Items]                                  
Loan maturity date [3]                           Apr. 30, 2024      
Debt instrument, initial interest rate [3]                           8.42%      
Debt instrument, initial loan amount                           $ 27,000,000      
Courtyard Delayed Draw Commitment [Member]                                  
Debt Instrument [Line Items]                                  
Repayment of loan   12,000,000.0                              
Courtyard Delayed Draw Commitment [Member] | Maximum [Member]                                  
Debt Instrument [Line Items]                                  
Delayed draw commitment, amount                           $ 14,000,000      
PPP Loans [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt         $ 1,950,000                        
Debt term         2 years                        
Debt instrument, initial interest rate         1.00%                        
Debt forgiveness and the related accrued interest                             $ 2,000,000.0    
KeyBank Bridge Loans [Member]                                  
Debt Instrument [Line Items]                                  
Loan maturity date     Apr. 30, 2023                            
Repayment of loan   17,000,000                              
Extension fee 0.35%                                
KeyBank Utah Bridge Loan [Member]                                  
Debt Instrument [Line Items]                                  
Debt instrument, description of variable rate                           1-month LIBOR plus 400 basis points      
Fayetteville Property [Member] | JPM Mortgage Loan [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                       $ 29,500,000          
Debt term                       7 years          
Loan maturity date                       Jul. 01, 2024   Jul. 01, 2024 [4]      
Debt instrument, initial interest rate                       4.20%   4.20% [4]      
Loan prepayment period after written notice                       30 days          
Zero prepayment penalty period                       90 days          
Description of guarantees                           We and H. Michael Schwartz, our Chairman of the board and a director (our “Chairman”), serve as non-recourse guarantors pursuant to the terms and conditions of the JPM Mortgage Loan. The non-recourse guaranty of our Chairman will expire, upon request, and be of no further force and effect at such time as we have: (1) a net worth (as defined in the agreement) equal to or greater than $40 million; and (2) liquidity (as defined in the agreement) equal to or greater than $3 million.      
Fayetteville Property [Member] | JPM Mortgage Loan [Member] | Minimum [Member]                                  
Debt Instrument [Line Items]                                  
Non-recourse guaranty expiry threshold net worth                       $ 40,000,000          
Non-recourse guaranty expiry threshold liquidity.                       $ 3,000,000          
Tallahassee Property [Member] | Nationwide Mortgage Loan [Member]                                  
Debt Instrument [Line Items]                                  
Secured debt                     $ 23,500,000            
Loan maturity date                     Oct. 01, 2024            
Debt instrument, initial interest rate                     3.84%            
Description of guarantees                           We served as non-recourse guarantor pursuant to the terms and conditions of the Nationwide Loan.      
Repayment of loan   23,500,000                              
Tallahassee Property [Member] | Freddie Mac Utah Loans [Member]                                  
Debt Instrument [Line Items]                                  
Reduction in liquidity requirement   $ 3,000,000                              
[1] Represents the aggregate of three separate mortgage loans for the three senior housing properties acquired in Utah. Fixed rate debt with interest only payments due monthly for the first two years, then principal and interest on a 30-year amortization schedule thereafter.
[2] Fixed rate debt with interest only payments due monthly for the first four years, then principal and interest on a 30-year amortization schedule thereafter.
[3] The variable rate reflected in the table was the rate in effect as of December 31, 2022. On October 28, 2022, we amended the Courtyard Initial Bridge Loan such that the loan maturity date was extended to April 30, 2024.
[4] Fixed rate debt with interest only payments due monthly and the principal balance due upon maturity.