Debt and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

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	September 30, 2020			December 31, 2019
Tangible net worth	> =$125,000	$	150,247		$	167,181
Total leverage	< 60%		44.0	%		42.3	%
Secured leverage	< 30%		8.8	%		9.1	%
Unencumbered leverage	< 60%		40.6	%		38.5	%
Fixed charge coverage	> 1.50x	4.5x			4.0x

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 September 30, 2020 (amounts in thousands):

Facility Name	Outstanding Balance (in thousands) (a.)			Interest Rate			Maturity Date
700 Shadow Lane and Goldring MOBs fixed rate    mortgage loan	$	5,492			4.54	%	June, 2022
BRB Medical Office Building fixed rate mortgage loan		5,560			4.27	%	December, 2022
Desert Valley Medical Center fixed rate mortgage loan		4,549			3.62	%	January, 2023
2704 North Tenaya Way fixed rate mortgage loan		6,615			4.95	%	November, 2023
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan		13,101			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		3,076			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		8,780			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		12,565			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		59,738
Less net financing fees		(505	)
Plus net debt premium		154
Total mortgages notes payable, non-recourse to us, net	$	59,387

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