Debt and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

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

The following table includes a summary of the required compliance ratios, giving effect to the covenants contained in the Credit Agreement (dollar amounts in thousands):

	Covenant		March 31, 2023			December 31, 2022
Tangible net worth	$	125,000	$	213,293		$	219,654
Total leverage	< 60%			43.4	%		42.9	%
Secured leverage	< 30%			5.0	%		5.6	%
Unencumbered leverage	< 60%			42.7	%		41.8	%
Fixed charge coverage	> 1.50x		4.0x			4.3x

Outstanding Mortgages, Excluding Net Debt Premium

As indicated on the following table, we have various mortgages, all of which are non-recourse to us, included on our condensed consolidated balance sheet as of March 31, 2023 (amounts in thousands):

Facility Name	Outstanding Balance (in thousands) (a.)			Interest Rate			Maturity Date
2704 North Tenaya Way fixed rate mortgage loan (b.)	$	6,209			4.95	%	November, 2023
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan (b.)		12,474			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		1,558			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		8,136			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		11,964			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		40,341
Less net financing fees		(250	)
Plus net debt premium		28
Total mortgages notes payable, non-recourse to us, net	$	40,119

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

(b.)This loan is scheduled to mature within the next twelve months at which time we will either refinance pursuant to a new mortgage loan or repay the mortgage balance in full utilizing borrowings under our Credit Agreement.