Debt and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022			December 31, 2021
Tangible net worth	> =$125,000	$	225,799		$	225,355
Total leverage	< 60%		42.4	%		43.1	%
Secured leverage	< 30%		7.2	%		7.4	%
Unencumbered leverage	< 60%		41.3	%		41.9	%
Fixed charge coverage	> 1.50x	4.8x			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, included on our condensed consolidated balance sheet as of March 31, 2022 (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.)	$	5,152			4.54	%	June, 2022
BRB Medical Office Building fixed rate mortgage loan (c.)		5,222			4.27	%	December, 2022
Desert Valley Medical Center fixed rate mortgage loan (c.)		4,316			3.62	%	January, 2023
2704 North Tenaya Way fixed rate mortgage loan		6,377			4.95	%	November, 2023
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan		12,745			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		2,190			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		8,401			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		12,213			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		56,616
Less net financing fees		(348	)
Plus net debt premium		78
Total mortgages notes payable, non-recourse to us, net	$	56,346

(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 in the second quarter of 2022, at which time we intend on paying off the remaining principal balance utilizing borrowings under our Credit Agreement.

(c.) 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.