Debt and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024			December 31, 2023
Tangible net worth	> =$125,000	$	187,805		$	191,824
Total leverage	< 60%		44.4	%		44.5	%
Secured leverage	< 30%		4.0	%		4.1	%
Unencumbered leverage	< 60%		45.2	%		44.2	%
Fixed charge coverage	> 1.50x	3.1x			3.1x

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, 2024 (amounts in thousands):

Facility Name	Outstanding Balance (in thousands) (a.)			Interest Rate			Maturity Date
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan (b.)		12,235			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		890			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		7,860			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		11,705			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		32,690
Less net financing fees		(184	)
Total mortgages notes payable, non-recourse to us, net	$	32,506

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

(b.)Upon the April 10, 2024 maturity date, this loan was fully repaid utilizing borrowings under our Credit Agreement.