Debt and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Required Compliance Ratios Giving Effect to New Covenants in Credit Agreements

The following table includes a summary of the required compliance ratios at December 31, 2022 and 2021, giving effect to the covenants contained in the Credit Agreements in effect on the respective dates (dollar amounts in thousands):

	Covenant				December 31, 2022				December 31, 2021
Tangible net worth	$		125,000		$		219,654		$		225,355
Total leverage		< 60		%			42.9	%			43.1	%
Secured leverage		< 30		%			5.6	%			7.4	%
Unencumbered leverage		< 60		%			41.8	%			41.9	%
Fixed charge coverage		> 1.50x				4.3x				4.8x

Outstanding Mortgages, Excluding Net Debt Premium

As indicated on the following table, we have various mortgages, all of which are non-recourse to us and are not cross-collateralized, included on our consolidated balance sheet as of December 31, 2022 and 2021 (amounts in thousands):

	As of 12/31/2022							As of 12/31/2021
Facility Name	Interest Rate			Maturity Date	Outstanding Balance (in thousands)(a.)			Outstanding Balance (in thousands)
700 Shadow Lane and Goldring MOBs fixed rate    mortgage loan (b.)		4.54	%	June, 2022	$	-		$	5,210
BRB Medical Office Building fixed rate mortgage loan (c.)		4.27	%	December, 2022		-			5,280
Desert Valley Medical Center fixed rate mortgage loan (d.)		3.62	%	January, 2023		4,194			4,356
2704 North Tenaya Way fixed rate mortgage loan (e.)		4.95	%	November, 2023		6,252			6,418
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan		4.03	%	April, 2024		12,558			12,806
Tuscan Professional Building fixed rate mortgage loan		5.56	%	June, 2025		1,719			2,343
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		3.95	%	January, 2030		8,203			8,466
Rosenberg Children's Medical Plaza fixed rate mortgage loan		4.42	%	September, 2033		12,027			12,273
Total, excluding net debt premium and net financing fees						44,953			57,152
Less net financing fees						(268	)		(376	)
Plus net debt premium						40			90
Total mortgage notes payable, non-recourse to us, net					$	44,725		$	56,866

(a.)All mortgage loans require monthly principal payments through maturity and either fully amortize or include a balloon principal payment upon maturity.

(b.)This $5.1 million fixed rate mortgage loan was fully repaid on June 1, 2022, utilizing borrowings under our Credit Agreement.

(c.)This $5.1 million fixed rate mortgage loan was fully repaid on December 1, 2022, utilizing borrowings under our Credit Agreement.

(d.)This $4.2 million fixed rate mortgage loan was fully repaid on January 3, 2023, utilizing borrowings under our Credit Agreement.

(e.)This loan is scheduled to mature within the next twelve months, at which time we will decide whether to refinance pursuant to a new mortgage loan or by utilizing borrowings under our Credit Agreement.

Aggregate Consolidated Scheduled Debt Repayments

As of December 31, 2022, our aggregate consolidated scheduled debt repayments (including mortgages) are as follows (amounts in thousands):

2023	$	11,892
2024		13,550
2025 (a.)		299,039
2026		601
2027		626
Later		17,345
Total	$	343,053

(a.)Includes assumed repayment of $298.1 million of outstanding borrowings under the terms of our $375 million revolving credit agreement scheduled to mature in July, 2025.