Debt and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

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 Prior Credit Agreement (dollar amounts in thousands):

	Covenant	June 30, 2021			December 31, 2020
Tangible net worth	> =$125,000	$	144,293		$	147,263
Total leverage	< 60%		46.0	%		44.8	%
Secured leverage	< 30%		8.2	%		8.6	%
Unencumbered leverage	< 60%		43.2	%		41.4	%
Fixed charge coverage	> 1.50x	4.8x			4.7x

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 June 30, 2021 (amounts in thousands):

Facility Name	Outstanding Balance (in thousands) (a.)			Interest Rate			Maturity Date
700 Shadow Lane and Goldring MOBs fixed rate    mortgage loan (b.)	$	5,325			4.54	%	June, 2022
BRB Medical Office Building fixed rate mortgage loan		5,394			4.27	%	December, 2022
Desert Valley Medical Center fixed rate mortgage loan		4,434			3.62	%	January, 2023
2704 North Tenaya Way fixed rate mortgage loan		6,498			4.95	%	November, 2023
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan		12,925			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		2,642			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		8,593			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		12,392			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		58,203
Less net financing fees		(417	)
Plus net debt premium		116
Total mortgages notes payable, non-recourse to us, net	$	57,902

(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 decide whether to refinance pursuant to a new mortgage loan or by utilizing borrowings under our Credit Agreement.