Debt and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2022			December 31, 2021
Tangible net worth	> =$125,000	$	223,691		$	225,355
Total leverage	< 60%		42.8	%		43.1	%
Secured leverage	< 30%		6.3	%		7.4	%
Unencumbered leverage	< 60%		41.6	%		41.9	%
Fixed charge coverage	> 1.50x	4.6x			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 September 30, 2022 (amounts in thousands):

Facility Name	Outstanding Balance (in thousands) (a.)			Interest Rate			Maturity Date
BRB Medical Office Building fixed rate mortgage loan (b.)	$	5,104			4.27	%	December, 2022
Desert Valley Medical Center fixed rate mortgage loan (c.)		4,235			3.62	%	January, 2023
2704 North Tenaya Way fixed rate mortgage loan		6,294			4.95	%	November, 2023
Summerlin Hospital Medical Office Building III fixed    rate mortgage loan		12,621			4.03	%	April, 2024
Tuscan Professional Building fixed rate mortgage loan		1,879			5.56	%	June, 2025
Phoenix Children’s East Valley Care Center fixed rate    mortgage loan		8,269			3.95	%	January, 2030
Rosenberg Children's Medical Plaza fixed rate mortgage loan		12,090			4.42	%	September, 2033
Total, excluding net debt premium and net financing fees		50,492
Less net financing fees		(293	)
Plus net debt premium		52
Total mortgages notes payable, non-recourse to us, net	$	50,251

(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.  We intend to repay this loan in full utilizing borrowings under our Credit Agreement.

(c.) This loan is scheduled to mature within the next twelve months.  We intend to refinance this loan prior to the maturity date.