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Copies to:
|
| ||||||
|
Michael J. Choate, Esq.
Proskauer Rose LLP 70 West Madison, Suite 3800 Chicago, Illinois 60602-4342 Tel: (312) 962-3567 |
| |
Daniel L. Forman, Esq.
Proskauer Rose LLP Eleven Times Square New York, NY 10036 Tel: (212) 969-3000 |
| |
Dean M. Colucci, Esq.
Kelly A. Dabek, Esq. Duane Morris LLP 1540 Broadway New York, NY 10036 (212) 692-1000 |
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| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller reporting company ☐
Emerging growth company ☐ |
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Title of Securities
Being Registered |
| | |
Proposed Maximum
Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee |
| ||||||
Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
| | | | $ | 15,000,000 | | | | | | $ | 1,947 | | |
| | |
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| | | | F-1 | | |
| | |
June 30,
|
| |||||||||
State
|
| |
2020
|
| |
2019
|
| ||||||
Florida(1) | | | | | 22.2% | | | | | | 26.2% | | |
Michigan(2) | | | | | 10.5% | | | | | | 10.6% | | |
| | |
Number of Shares Beneficially
Owned |
| |
Percent
of Common Stock |
| ||||||||||||
Beneficial Owner(1)
|
| |
Common
Stock |
| |
Series A
Preferred Stock |
| ||||||||||||
Edward M. Weil, Jr.(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Katie P. Kurtz
|
| | | | — | | | | | | — | | | | | | — | | |
Leslie D. Michelson(3)
|
| | | | 302,695 | | | | | | — | | | | | | * | | |
Lee M. Elman(4)
|
| | | | 26,347 | | | | | | — | | | | | | * | | |
B.J. Penn(5)
|
| | | | 15,000 | | | | | | — | | | | | | * | | |
Edward G. Rendell(6)
|
| | | | 26,780 | | | | | | — | | | | | | * | | |
Elizabeth K. Tuppeny(7)
|
| | | | 30,427 | | | | | | — | | | | | | * | | |
All directors and executive officers as a group (seven persons)
|
| | | | 401,249 | | | | | | — | | | | | | * | | |
Second Quarter 2020 Cash Rent Status
|
| |
Medical Office
Buildings |
| |
Triple-Net
Leased Healthcare Facilities |
| ||||||
Cash rent paid(1)
|
| | | | 99% | | | | | | 92% | | |
Approved agreements(2)
|
| | | | 1% | | | | | | 8% | | |
| | | | | 100% | | | | | | 100% | | |
Portfolio
|
| |
Number
of Properties |
| |
Rentable
Square Feet |
| |
Percentage
Leased(1) |
| |
Weighted
Average Remaining Lease Term in Years(2) |
| |
Gross Asset
Value(3) |
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands)
|
| |||
Medical Office Buildings
|
| | | | 116 | | | | | | 3,894,053 | | | | | | 92.3% | | | | | | 4.9 | | | | | $ | 1,079,537 | | |
Triple-Net Leased Healthcare Facilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Seniors Housing – Triple-Net Leased
|
| | | | 4 | | | | | | 102,753 | | | | | | 100.0% | | | | | | 10.5 | | | | | | 55,058 | | |
Hospitals
|
| | | | 6 | | | | | | 514,962 | | | | | | 90.7% | | | | | | 6.7 | | | | | | 133,575 | | |
Post-Acute / Skilled Nursing(4)
|
| | | | 8 | | | | | | 354,016 | | | | | | 100.0% | | | | | | 7.3 | | | | | | 86,566 | | |
Total Triple-Net Leased Healthcare Facilities
|
| | | | 18 | | | | | | 971,731 | | | | | | 95.1%(6) | | | | | | 7.3 | | | | | | 275,199 | | |
Seniors Housing – Operating Properties(4)
|
| | | | 63 | | | | | | 4,559,412 | | | | | | 79.5%(5) | | | | | | N/A | | | | | | 1,196,873 | | |
Jupiter Property – Recently Developed
|
| | | | 1 | | | | | | 235,445 | | | | | | 10.0%(6) | | | | | | 0 | | | | | | 59,775 | | |
Land
|
| | | | 2 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 3,665 | | |
Total Portfolio
|
| | | | 200 | | | | | | 9,660,641 | | | | | | | | | | | | | | | | | $ | 2,615,049 | | |
| | |
Number of
Properties |
| |||
Number of properties, January 1, 2019
|
| | | | 191 | | |
Acquisition activity during the year ended December 31, 2019
|
| | | | 9 | | |
Disposition activity during the year ended December 31, 2019
|
| | | | (7) | | |
Number of properties, December 31, 2019
|
| | | | 193 | | |
Acquisition activity during the six months ended June 30, 2020
|
| | | | 8 | | |
Disposition activity during the six months ended June 30, 2020
|
| | | | (1) | | |
Number of properties, June 30, 2020
|
| | | | 200 | | |
Number of Same Store Properties(1)
|
| | | | 183 | | |
| | |
Three Months Ended
June 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |||||||||
Revenue from tenants
|
| | | $ | 94,664 | | | | | $ | 96,287 | | | | | $ | (1,623) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 59,788 | | | | | | 58,804 | | | | | | 984 | | |
Impairment charges
|
| | | | 13,793 | | | | | | 19 | | | | | | 13,774 | | |
Operating fees to related parties
|
| | | | 5,936 | | | | | | 5,826 | | | | | | 110 | | |
Acquisition and transaction related
|
| | | | 178 | | | | | | 31 | | | | | | 147 | | |
General and administrative
|
| | | | 4,730 | | | | | | 4,314 | | | | | | 416 | | |
Depreciation and amortization
|
| | | | 20,183 | | | | | | 20,299 | | | | | | (116) | | |
Total expenses
|
| | | | 104,608 | | | | | | 89,293 | | | | | | 15,315 | | |
Operating (loss) income before gain on sale of real estate investments
|
| | | | (9,944) | | | | | | 6,994 | | | | | | (16,938) | | |
Gain on sale of real estate investment
|
| | | | — | | | | | | — | | | | | | — | | |
|
| | |
Three Months Ended
June 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |||||||||
Operating (loss) income
|
| | | | (9,944) | | | | | | 6,994 | | | | | | (16,938) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (12,580) | | | | | | (12,806) | | | | | | 226 | | |
Interest and other income (expense)
|
| | | | 36 | | | | | | — | | | | | | 36 | | |
Gain (loss) on non-designated derivatives
|
| | | | 8 | | | | | | (5) | | | | | | 13 | | |
Total other expenses
|
| | | | (12,536) | | | | | | (12,811) | | | | | | 275 | | |
Loss before income taxes
|
| | | | (22,480) | | | | | | (5,817) | | | | | | (16,663) | | |
Income tax benefit (expense)
|
| | | | 332 | | | | | | (297) | | | | | | 629 | | |
Net loss
|
| | | | (22,148) | | | | | | (6,114) | | | | | | (16,034) | | |
Net loss attributable to non-controlling interests
|
| | | | 87 | | | | | | 60 | | | | | | 27 | | |
Preferred stock dividends
|
| | | | (750) | | | | | | — | | | | | | (750) | | |
Net loss attributable to common stockholders
|
| | | $ | (22,811) | | | | | $ | (6,054) | | | | | $ | (16,757) | | |
|
| | |
Three Months Ended
June 30, 2020 |
| |
Three Months Ended
June 30, 2019 |
| |
Increase (Decrease)
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Properties |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Properties |
| |
Segment
Same Store |
| |||||||||||||||||||||||||||
NNN Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 8,086 | | | | | $ | (2,868) | | | | | $ | 5,218 | | | | | $ | 10,562 | | | | | $ | (7,100) | | | | | $ | 3,462 | | | | | $ | (2,476) | | | | | $ | 4,232 | | | | | $ | 1,756 | | |
Less: Property operating and maintenance
|
| | | | 4,615 | | | | | | (2,027) | | | | | | 2,588 | | | | | | 5,574 | | | | | | (5,186) | | | | | | 388 | | | | | | (959) | | | | | | 3,159 | | | | | | 2,200 | | |
NOI
|
| | | $ | 3,471 | | | | | $ | (841) | | | | | $ | 2,630 | | | | | $ | 4,988 | | | | | $ | (1,914) | | | | | $ | 3,074 | | | | | $ | (1,517) | | | | | $ | 1,073 | | | | | $ | (444) | | |
SHOP Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 55,712 | | | | | $ | 2,868 | | | | | $ | 58,580 | | | | | $ | 60,187 | | | | | $ | 7,100 | | | | | $ | 67,287 | | | | | $ | (4,475) | | | | | $ | (4,232) | | | | | $ | (8,707) | | |
Less: Property operating and maintenance
|
| | | | 43,503 | | | | | | 2,027 | | | | | | 45,530 | | | | | | 44,752 | | | | | | 5,186 | | | | | | 49,938 | | | | | | (1,249) | | | | | | (3,159) | | | | | | (4,408) | | |
NOI
|
| | | $ | 12,209 | | | | | $ | 841 | | | | | $ | 13,050 | | | | | $ | 15,435 | | | | | $ | 1,914 | | | | | $ | 17,349 | | | | | $ | (3,226) | | | | | $ | (1,073) | | | | | $ | (4,299) | | |
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(4)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 23,633 | | | | | $ | 23,904 | | | | | $ | (271) | | | | | $ | 2,161 | | | | | $ | 1,116 | | | | | $ | 1,045 | | | | | $ | (6) | | | | | $ | 46 | | | | | $ | (52) | | | | | $ | 25,788 | | | | | $ | 25,066 | | | | | $ | 722 | | |
Less: Property operating and maintenance
|
| | | | 6,847 | | | | | | 6,966 | | | | | | (119) | | | | | | 580 | | | | | | 439 | | | | | | 141 | | | | | | 3 | | | | | | 616 | | | | | | (613) | | | | | | 7,430 | | | | | | 8,021 | | | | | | (591) | | |
NOI
|
| | | $ | 16,786 | | | | | $ | 16,938 | | | | | $ | (152) | | | | | $ | 1,581 | | | | | $ | 677 | | | | | $ | 904 | | | | | $ | (9) | | | | | $ | (570) | | | | | $ | 561 | | | | | $ | 18,358 | | | | | $ | 17,045 | | | | | $ | 1,313 | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(4)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 5,218 | | | | | $ | 3,462 | | | | | $ | 1,756 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,218 | | | | | $ | 3,462 | | | | | $ | 1,756 | | |
Less: Property operating and
maintenance |
| | | | 2,588 | | | | | | 388 | | | | | | 2,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,588 | | | | | | 388 | | | | | | 2,200 | | |
NOI
|
| | | $ | 2,630 | | | | | $ | 3,074 | | | | | $ | (444) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,630 | | | | | $ | 3,074 | | | | | $ | (444) | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(4)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Three Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 58,580 | | | | | $ | 67,287 | | | | | $ | (8,707) | | | | | $ | 5,078 | | | | | $ | — | | | | | $ | 5,078 | | | | | $ | — | | | | | $ | 472 | | | | | $ | (472) | | | | | $ | 63,658 | | | | | $ | 67,759 | | | | | $ | (4,101) | | |
Less: Property operating and maintenance
|
| | | | 45,530 | | | | | | 49,938 | | | | | | (4,408) | | | | | | 4,240 | | | | | | — | | | | | | 4,240 | | | | | | — | | | | | | 457 | | | | | | (457) | | | | | | 49,770 | | | | | | 50,395 | | | | | | (625) | | |
NOI
|
| | | $ | 13,050 | | | | | $ | 17,349 | | | | | $ | (4,299) | | | | | $ | 838 | | | | | $ | — | | | | | $ | 838 | | | | | $ | — | | | | | $ | 15 | | | | | $ | (15) | | | | | $ | 13,888 | | | | | $ | 17,364 | | | | | $ | (3,476) | | |
|
| | |
Six Months Ended
June 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |||||||||
Revenue from tenants
|
| | | $ | 194,899 | | | | | $ | 185,005 | | | | | $ | 9,894 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 121,511 | | | | | | 111,603 | | | | | | 9,908 | | |
Impairment charges
|
| | | | 31,831 | | | | | | 19 | | | | | | 31,812 | | |
Operating fees to related parties
|
| | | | 11,985 | | | | | | 11,594 | | | | | | 391 | | |
Acquisition and transaction related
|
| | | | 505 | | | | | | 49 | | | | | | 456 | | |
General and administrative
|
| | | | 11,460 | | | | | | 10,612 | | | | | | 848 | | |
| | |
Six Months Ended
June 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |||||||||
Depreciation and amortization
|
| | | | 40,378 | | | | | | 40,984 | | | | | | (606) | | |
Total expenses
|
| | | | 217,670 | | | | | | 174,861 | | | | | | 42,809 | | |
Operating (loss) income before gain on sale of real estate investments
|
| | | | (22,771) | | | | | | 10,144 | | | | | | (32,915) | | |
Gain on sale of real estate investment
|
| | | | 2,306 | | | | | | 6,078 | | | | | | (3,772) | | |
Operating (loss) income
|
| | | | (20,465) | | | | | | 16,222 | | | | | | (36,687) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (25,837) | | | | | | (26,749) | | | | | | 912 | | |
Interest and other income
|
| | | | 41 | | | | | | 4 | | | | | | 37 | | |
Gain (loss) on non-designated derivatives
|
| | | | 24 | | | | | | (48) | | | | | | 72 | | |
Total other expenses
|
| | | | (25,772) | | | | | | (26,793) | | | | | | 1,021 | | |
Loss before income taxes
|
| | | | (46,237) | | | | | | (10,571) | | | | | | (35,666) | | |
Income tax benefit (expense)
|
| | | | — | | | | | | (635) | | | | | | 635 | | |
Net loss
|
| | | | (46,237) | | | | | | (11,206) | | | | | | (35,031) | | |
Net loss attributable to non-controlling interests
|
| | | | 174 | | | | | | 41 | | | | | | 133 | | |
Preferred stock dividends
|
| | | | (1,492) | | | | | | — | | | | | | (1,492) | | |
Net loss attributable to common stockholders
|
| | | $ | (47,555) | | | | | $ | (11,165) | | | | | $ | (36,390) | | |
|
| | |
Six Months Ended
Jun 30, 2020 |
| |
Six Months Ended
Jun 30, 2019 |
| |
Increase (Decrease)
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |||||||||||||||||||||||||||
NNN Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 18,297 | | | | | $ | (8,368) | | | | | $ | 9,929 | | | | | $ | 14,097 | | | | | $ | (7,100) | | | | | $ | 6,997 | | | | | $ | 4,200 | | | | | $ | (1,268) | | | | | $ | 2,932 | | |
Less: Property operating and maintenance
|
| | | | 10,634 | | | | | | (6,572) | | | | | | 4,062 | | | | | | 6,577 | | | | | | (5,778) | | | | | | 799 | | | | | | 4,057 | | | | | | (794) | | | | | | 3,263 | | |
|
| | |
Six Months Ended
Jun 30, 2020 |
| |
Six Months Ended
Jun 30, 2019 |
| |
Increase (Decrease)
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same
Store Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |||||||||||||||||||||||||||
NOI
|
| | | $ | 7,663 | | | | | $ | (1,796) | | | | | $ | 5,867 | | | | | $ | 7,520 | | | | | $ | (1,322) | | | | | $ | 6,198 | | | | | $ | 143 | | | | | $ | (474) | | | | | $ | (331) | | |
SHOP Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 116,142 | | | | | $ | 8,368 | | | | | $ | 124,510 | | | | | $ | 119,676 | | | | | $ | 7,100 | | | | | $ | 126,776 | | | | | $ | (3,534) | | | | | $ | 1,268 | | | | | $ | (2,266) | | |
Less: Property operating and maintenance
|
| | | | 89,150 | | | | | | 6,572 | | | | | | 95,722 | | | | | | 89,188 | | | | | | 5,778 | | | | | | 94,966 | | | | | | (38) | | | | | | 794 | | | | | | 756 | | |
NOI
|
| | | $ | 26,992 | | | | | $ | 1,796 | | | | | $ | 28,788 | | | | | $ | 30,488 | | | | | $ | 1,322 | | | | | $ | 31,810 | | | | | $ | (3,496) | | | | | $ | 474 | | | | | $ | (3,022) | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 47,920 | | | | | $ | 47,617 | | | | | $ | 303 | | | | | $ | 4,013 | | | | | $ | 1,875 | | | | | $ | 2,138 | | | | | $ | 227 | | | | | $ | 832 | | | | | $ | (605) | | | | | $ | 52,160 | | | | | $ | 50,324 | | | | | $ | 1,836 | | |
Less: Property operating and maintenance
|
| | | | 13,774 | | | | | | 13,668 | | | | | | 106 | | | | | | 1,230 | | | | | | 783 | | | | | | 447 | | | | | | 36 | | | | | | 517 | | | | | | (481) | | | | | | 15,040 | | | | | | 14,968 | | | | | | 72 | | |
NOI
|
| | | $ | 34,146 | | | | | $ | 33,949 | | | | | $ | 197 | | | | | $ | 2,783 | | | | | $ | 1,092 | | | | | $ | 1,691 | | | | | $ | 191 | | | | | $ | 315 | | | | | $ | (124) | | | | | $ | 37,120 | | | | | $ | 35,356 | | | | | $ | 1,764 | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 9,929 | | | | | $ | 6,997 | | | | | $ | 2,932 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 9,929 | | | | | $ | 6,997 | | | | | $ | 2,932 | | |
Less: Property operating and maintenance
|
| | | | 4,062 | | | | | | 799 | | | | | | 3,263 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,062 | | | | | | 799 | | | | | | 3,263 | | |
NOI
|
| | | $ | 5,867 | | | | | $ | 6,198 | | | | | $ | (331) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,867 | | | | | $ | 6,198 | | | | | $ | (331) | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| |
Six Months
Ended June 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| |
2020
|
| |
2019
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 124,510 | | | | | $ | 126,776 | | | | | $ | (2,266) | | | | | $ | 8,300 | | | | | $ | — | | | | | $ | 8,300 | | | | | $ | — | | | | | $ | 908 | | | | | $ | (908) | | | | | $ | 132,810 | | | | | $ | 127,684 | | | | | $ | 5,126 | | |
Less: Property operating and maintenance
|
| | | | 95,722 | | | | | | 94,966 | | | | | | 756 | | | | | | 6,684 | | | | | | — | | | | | | 6,684 | | | | | | 3 | | | | | | 870 | | | | | | (867) | | | | | | 102,409 | | | | | | 95,836 | | | | | | 6,573 | | |
NOI
|
| | | $ | 28,788 | | | | | $ | 31,810 | | | | | $ | (3,022) | | | | | $ | 1,616 | | | | | $ | — | | | | | $ | 1,616 | | | | | $ | (3) | | | | | $ | 38 | | | | | $ | (41) | | | | | $ | 30,401 | | | | | $ | 31,848 | | | | | $ | (1,447) | | |
|
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net loss attributable to common stockholders (in accordance with GAAP)
|
| | | $ | (22,811) | | | | | $ | (6,054) | | | | | $ | (47,555) | | | | | $ | (11,165) | | |
Depreciation and amortization(1)
|
| | | | 19,815 | | | | | | 20,059 | | | | | | 39,677 | | | | | | 40,522 | | |
Impairment charges
|
| | | | 13,793 | | | | | | 19 | | | | | | 31,831 | | | | | | 19 | | |
Gain on sale of real estate investment
|
| | | | — | | | | | | — | | | | | | (2,306) | | | | | | (6,078) | | |
Adjustments for non-controlling interests(2)
|
| | | | (157) | | | | | | (97) | | | | | | (323) | | | | | | (170) | | |
FFO (as defined by NAREIT) attributable to stockholders
|
| | | | 10,640 | | | | | | 13,927 | | | | | | 21,324 | | | | | | 23,128 | | |
Acquisition and transaction related
|
| | | | 178 | | | | | | 31 | | | | | | 505 | | | | | | 49 | | |
(Accretion) amortization of market lease and other intangibles, net
|
| | | | (138) | | | | | | 15 | | | | | | (120) | | | | | | (35) | | |
Straight-line rent adjustments
|
| | | | (567) | | | | | | (1,062) | | | | | | (1,742) | | | | | | (2,004) | | |
Straight-line rent (rent deferral agreements)(2)
|
| | | | 368 | | | | | | — | | | | | | 368 | | | | | | | | |
Amortization of mortgage premiums and discounts, net
|
| | | | 14 | | | | | | (37) | | | | | | 29 | | | | | | (103) | | |
(Gain) loss on non-designated derivatives
|
| | | | (8) | | | | | | 5 | | | | | | (24) | | | | | | 48 | | |
Capitalized construction interest costs
|
| | | | — | | | | | | (768) | | | | | | — | | | | | | (1,733) | | |
Adjustments for non-controlling interests(3)
|
| | | | 2 | | | | | | 6 | | | | | | 6 | | | | | | 18 | | |
MFFO attributable to stockholders
|
| | | $ | 10,489 | | | | | $ | 12,117 | | | | | $ | 20,346 | | | | | $ | 19,368 | | |
(In thousands)
|
| |
Same
Store |
| |
Acquisitions
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to common stockholders (in accordance with GAAP)
|
| | | $ | (439) | | | | | $ | 697 | | | | | $ | (9) | | | | | $ | (23,060) | | | | | $ | (22,811) | | |
Impairment charges
|
| | | | 13,793 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,793 | | |
Operating fees to related parties
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 5,935 | | | | | | 5,936 | | |
Acquisition and transaction related
|
| | | | — | | | | | | (3) | | | | | | — | | | | | | 181 | | | | | | 178 | | |
General and administrative
|
| | | | 21 | | | | | | (14) | | | | | | — | | | | | | 4,723 | | | | | | 4,730 | | |
Depreciation and amortization
|
| | | | 18,444 | | | | | | 1,739 | | | | | | — | | | | | | — | | | | | | 20,183 | | |
Interest expense
|
| | | | 651 | | | | | | — | | | | | | — | | | | | | 11,929 | | | | | | 12,580 | | |
Interest and other income
|
| | | | (5) | | | | | | — | | | | | | — | | | | | | (31) | | | | | | (36) | | |
Gain on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | | | (8) | | |
Income tax (benefit) expense
|
| | | | — | | | | | | — | | | | | | | | | | | | (332) | | | | | | (332) | | |
Preferred Stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | 750 | | | | | | 750 | | |
Net loss (income) attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | (87) | | |
NOI
|
| | | $ | 32,466 | | | | | $ | 2,419 | | | | | $ | (9) | | | | | $ | — | | | | | $ | 34,876 | | |
(In thousands)
|
| |
Same
Store |
| |
Acquisitions
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to common stockholders (in accordance with GAAP)
|
| | | $ | 17,519 | | | | | $ | 258 | | | | | $ | (626) | | | | | $ | (23,205) | | | | | $ | (6,054) | | |
Impairment charges
|
| | | | — | | | | | | — | | | | | | 19 | | | | | | — | | | | | | 19 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,826 | | | | | | 5,826 | | |
Acquisition and transaction related
|
| | | | — | | | | | | — | | | | | | — | | | | | | 31 | | | | | | 31 | | |
General and administrative
|
| | | | 24 | | | | | | 1 | | | | | | (6) | | | | | | 4,295 | | | | | | 4,314 | | |
Depreciation and amortization
|
| | | | 19,825 | | | | | | 418 | | | | | | 56 | | | | | | — | | | | | | 20,299 | | |
Interest expense
|
| | | | (8) | | | | | | — | | | | | | 1 | | | | | | 12,813 | | | | | | 12,806 | | |
Gain on sale of real estate investments
|
| | | | (1) | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5 | | | | | | 5 | | |
Income tax (benefit) expense
|
| | | | — | | | | | | | | | | | | | | | | | | 297 | | | | | | 297 | | |
Net loss (income) attributable to non-controlling interests
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | (62) | | | | | | (60) | | |
NOI
|
| | | $ | 37,361 | | | | | $ | 677 | | | | | $ | (555) | | | | | $ | — | | | | | $ | 37,483 | | |
|
(In thousands)
|
| |
Same Store
|
| |
Acquisitions
|
| |
Dispositions
|
| |
Non-
Property Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to common stockholders (in accordance with GAAP)
|
| | | $ | (1,589) | | | | | $ | 1,379 | | | | | $ | 2,462 | | | | | $ | (49,807) | | | | | $ | (47,555) | | |
Impairment charges
|
| | | | 31,831 | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,831 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,985 | | | | | | 11,985 | | |
Acquisition and transaction related
|
| | | | — | | | | | | — | | | | | | — | | | | | | 505 | | | | | | 505 | | |
General and administrative
|
| | | | 63 | | | | | | (10) | | | | | | — | | | | | | 11,407 | | | | | | 11,460 | | |
Depreciation and amortization
|
| | | | 37,316 | | | | | | 3,030 | | | | | | 32 | | | | | | — | | | | | | 40,378 | | |
Interest expense
|
| | | | 1,183 | | | | | | — | | | | | | — | | | | | | 24,654 | | | | | | 25,837 | | |
Interest and other income
|
| | | | (3) | | | | | | — | | | | | | — | | | | | | (38) | | | | | | (41) | | |
Gain on sale of real estate investments
|
| | | | — | | | | | | — | | | | | | (2,306) | | | | | | — | | | | | | (2,306) | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | (24) | | |
Income tax (benefit) expense
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Net income (loss) attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (174) | | | | | | (174) | | |
Preferred Stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,492 | | | | | | 1,492 | | |
NOI
|
| | | $ | 68,801 | | | | | $ | 4,399 | | | | | $ | 188 | | | | | $ | — | | | | | $ | 73,388 | | |
(In thousands)
|
| |
Same Store
|
| |
Acquisition
|
| |
Dispositions
|
| |
Non-
Property Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to common stockholders (in accordance with GAAP)
|
| | | $ | 31,909 | | | | | $ | 376 | | | | | $ | 6,120 | | | | | $ | (49,570) | | | | | $ | (11,165) | | |
Impairment charges
|
| | | | 19 | | | | | | — | | | | | | — | | | | | | — | | | | | | 19 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,594 | | | | | | 11,594 | | |
Acquisition and transaction related
|
| | | | — | | | | | | 18 | | | | | | — | | | | | | 31 | | | | | | 49 | | |
General and administrative
|
| | | | 45 | | | | | | 2 | | | | | | 9 | | | | | | 10,556 | | | | | | 10,612 | | |
Depreciation and amortization
|
| | | | 39,969 | | | | | | 696 | | | | | | 319 | | | | | | — | | | | | | 40,984 | | |
Gain on sale of real estate investment
|
| | | | (22) | | | | | | — | | | | | | — | | | | | | 26,771 | | | | | | 26,749 | | |
Interest expense
|
| | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | |
Interest and other income
|
| | | | 17 | | | | | | — | | | | | | (6,095) | | | | | | — | | | | | | (6,078) | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 48 | | | | | | 48 | | |
Income tax (benefit) expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | 635 | | | | | | 635 | | |
Net income (loss) attributable to non-controlling interests
|
| | | | 24 | | | | | | — | | | | | | — | | | | | | (65) | | | | | | (41) | | |
NOI
|
| | | $ | 71,957 | | | | | $ | 1,092 | | | | | $ | 353 | | | | | $ | — | | | | | $ | 73,402 | | |
| | |
Three Months Ended
|
| |
Year-To-Date
|
| ||||||||||||||||||||||||||||||
| | |
March 31, 2020
|
| |
June 30, 2020
|
| |
June 30, 2020
|
| |||||||||||||||||||||||||||
(In thousands)
|
| | | | | | | |
Percentage of
Distributions |
| | | | | | | |
Percentage of
Distributions |
| | | | | | | |
Percentage of
Distributions |
| |||||||||
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions to common stockholders not reinvested in common stock issued under the DRIP
|
| | | $ | 13,225 | | | | | | | | | | | $ | 13,729 | | | | | | | | | | | $ | 26,954 | | | | | | | | |
Distributions reinvested in common stock issued under the DRIP
|
| | | | 6,322 | | | | | | | | | | | | 6,267 | | | | | | | | | | | | 12,589 | | | | | | | | |
Dividends to preferred stockholders
|
| | | | 173 | | | | | | | | | | | | 742 | | | | | | | | | | | | 915 | | | | | | | | |
Distributions on OP Units
|
| | | | 86 | | | | | | | | | | | | 87 | | | | | | | | | | | | 173 | | | | | | | | |
Total distributions(1)
|
| | | $ | 19,806 | | | | | | | | | | | $ | 20,825 | | | | | | | | | | | $ | 40,631 | | | | | | | | |
Source of distribution coverage: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided by operations(2)
|
| | | $ | 18,952 | | | | | | 95.7% | | | | | $ | 12,294 | | | | | | 59.0% | | | | | $ | 31,246 | | | | | | 76.9% | | |
Proceeds received from common stock issued under the DRIP(2)
|
| | | | 854 | | | | | | 4.3% | | | | | | 6,267 | | | | | | 30.1% | | | | | | 9,385(3) | | | | | | 23.1% | | |
Available cash on hand
|
| | | | — | | | | | | —% | | | | | | 2,264 | | | | | | 10.9% | | | | | | — | | | | | | —% | | |
Total source of distribution coverage
|
| | | $ | 19,806 | | | | | | 100% | | | | | $ | 20,825 | | | | | | 100% | | | | | $ | 40,631 | | | | | | 100% | | |
Cash flows provided by operations (in accordance with GAAP)
|
| | | $ | 18,952 | | | | | | | | | | | $ | 12,294 | | | | | | | | | | | $ | 31,246 | | | | | | | | |
Net loss attributable to stockholders (in
accordance with GAAP) |
| | | $ | (24,744) | | | | | | | | | | | $ | (22,811) | | | | | | | | | | | $ | (47,555) | | | | | | | | |
| | |
Shares beneficially
owned as of the date of this prospectus |
| | | | | | | |
Number of shares to be beneficially
owned and percentage of beneficial ownership after the offering(1)(2) |
| ||||||||||||
Beneficial Owner
|
| |
Estimated
number of shares being offered |
| |
Number of
shares |
| |
Percentage of
class |
| |||||||||||||||
B. Riley Principal Capital LLC(3)
|
| | | | 0 | | | | | | 600,000(4) | | | | | | 0 | | | | | | 0% | | |
| Unaudited Consolidated Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | ||||||||||
Real estate investments, at cost: | | | | | | | | | | | | | |
Land
|
| | | $ | 212,575 | | | | | $ | 207,335 | | |
Buildings, fixtures and improvements
|
| | | | 2,134,620 | | | | | | 2,004,116 | | |
Acquired intangible assets
|
| | | | 279,175 | | | | | | 269,616 | | |
Total real estate investments, at cost
|
| | | | 2,626,370 | | | | | | 2,481,067 | | |
Less: accumulated depreciation and amortization
|
| | | | (473,572) | | | | | | (427,476) | | |
Total real estate investments, net
|
| | | | 2,152,798 | | | | | | 2,053,591 | | |
Assets held for sale
|
| | | | 10,788 | | | | | | 70,839 | | |
Cash and cash equivalents
|
| | | | 83,525 | | | | | | 95,691 | | |
Restricted cash
|
| | | | 16,248 | | | | | | 15,908 | | |
Derivative assets, at fair value
|
| | | | 74 | | | | | | 392 | | |
Straight-line rent receivable, net
|
| | | | 22,867 | | | | | | 21,182 | | |
Operating lease right-of-use assets
|
| | | | 14,319 | | | | | | 14,351 | | |
Prepaid expenses and other assets (including $429 and $394 due from related parties as of
June 30, 2020 and December 31, 2019, respectively) |
| | | | 35,893 | | | | | | 39,707 | | |
Deferred costs, net
|
| | | | 13,937 | | | | | | 13,642 | | |
Total assets
|
| | | $ | 2,350,449 | | | | | $ | 2,325,303 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | |
Mortgage notes payable, net
|
| | | $ | 541,950 | | | | | $ | 528,284 | | |
Credit facilities, net
|
| | | | 700,824 | | | | | | 605,269 | | |
Market lease intangible liabilities, net
|
| | | | 11,493 | | | | | | 12,052 | | |
Derivative liabilities, at fair value
|
| | | | 44,971 | | | | | | 5,305 | | |
Accounts payable and accrued expenses
|
| | | | 44,746 | | | | | | 43,094 | | |
Operating lease liabilities
|
| | | | 9,145 | | | | | | 9,133 | | |
Deferred rent
|
| | | | 7,484 | | | | | | 8,521 | | |
Distributions payable
|
| | | | 7,530 | | | | | | 6,901 | | |
Total liabilities
|
| | | | 1,368,143 | | | | | | 1,218,559 | | |
7.375% Series A cumulative redeemable perpetual preferred stock, $0.01 par value, 1,610,000 authorized, 1,610,000 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
|
| | | | 16 | | | | | | 16 | | |
Common stock, $0.01 par value, 300,000,000 shares authorized as of June 30, 2020 and
December 31, 2019, and 92,398,190 shares of common stock issued and outstanding as of June 30, 2020 and 92,356,664 outstanding as of December 31, 2019, respectively |
| | | | 924 | | | | | | 923 | | |
Additional paid-in capital
|
| | | | 2,081,074 | | | | | | 2,078,628 | | |
Accumulated other comprehensive loss
|
| | | | (46,489) | | | | | | (7,043) | | |
Distributions in excess of accumulated earnings
|
| | | | (1,058,014) | | | | | | (971,190) | | |
Total stockholders’ equity
|
| | | | 977,511 | | | | | | 1,101,334 | | |
Non-controlling interests
|
| | | | 4,795 | | | | | | 5,410 | | |
Total equity
|
| | | | 982,306 | | | | | | 1,106,744 | | |
Total liabilities and equity
|
| | | $ | 2,350,449 | | | | | $ | 2,325,303 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Revenue from tenants
|
| | | $ | 94,664 | | | | | $ | 96,287 | | | | | $ | 194,899 | | | | | $ | 185,005 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 59,788 | | | | | | 58,804 | | | | | | 121,511 | | | | | | 111,603 | | |
Impairment charges
|
| | | | 13,793 | | | | | | 19 | | | | | | 31,831 | | | | | | 19 | | |
Operating fees to related parties
|
| | | | 5,936 | | | | | | 5,826 | | | | | | 11,985 | | | | | | 11,594 | | |
Acquisition and transaction related
|
| | | | 178 | | | | | | 31 | | | | | | 505 | | | | | | 49 | | |
General and administrative
|
| | | | 4,730 | | | | | | 4,314 | | | | | | 11,460 | | | | | | 10,612 | | |
Depreciation and amortization
|
| | | | 20,183 | | | | | | 20,299 | | | | | | 40,378 | | | | | | 40,984 | | |
Total expenses
|
| | | | 104,608 | | | | | | 89,293 | | | | | | 217,670 | | | | | | 174,861 | | |
Operating (loss) income before gain on sale of real estate investments
|
| | | | (9,944) | | | | | | 6,994 | | | | | | (22,771) | | | | | | 10,144 | | |
Gain on sale of real estate investments
|
| | | | — | | | | | | — | | | | | | 2,306 | | | | | | 6,078 | | |
Operating (loss) income
|
| | | | (9,944) | | | | | | 6,994 | | | | | | (20,465) | | | | | | 16,222 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (12,580) | | | | | | (12,806) | | | | | | (25,837) | | | | | | (26,749) | | |
Interest and other income
|
| | | | 36 | | | | | | — | | | | | | 41 | | | | | | 4 | | |
Gain (loss) on non-designated derivatives
|
| | | | 8 | | | | | | (5) | | | | | | 24 | | | | | | (48) | | |
Total other expenses
|
| | | | (12,536) | | | | | | (12,811) | | | | | | (25,772) | | | | | | (26,793) | | |
Loss before income taxes
|
| | | | (22,480) | | | | | | (5,817) | | | | | | (46,237) | | | | | | (10,571) | | |
Income tax benefit (expense)
|
| | | | 332 | | | | | | (297) | | | | | | — | | | | | | (635) | | |
Net loss
|
| | | | (22,148) | | | | | | (6,114) | | | | | | (46,237) | | | | | | (11,206) | | |
Net loss attributable to non-controlling interests
|
| | | | 87 | | | | | | 60 | | | | | | 174 | | | | | | 41 | | |
Preferred stock dividends
|
| | | | (750) | | | | | | — | | | | | | (1,492) | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | | (22,811) | | | | | | (6,054) | | | | | | (47,555) | | | | | | (11,165) | | |
Other comprehensive loss:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized loss on designated derivatives
|
| | | | (2,355) | | | | | | (8,416) | | | | | | (39,620) | | | | | | (10,835) | | |
Comprehensive loss attributable to common stockholders
|
| | | $ | (25,166) | | | | | $ | (14,470) | | | | | $ | (87,175) | | | | | $ | (22,000) | | |
Basic and diluted weighted-average shares outstanding
|
| | | | 91,980,953 | | | | | | 91,783,557 | | | | | | 91,970,957 | | | | | | 92,335,665 | | |
Basic and diluted net loss per share
|
| | | $ | (0.25) | | | | | $ | (0.07) | | | | | $ | (0.52) | | | | | $ | (0.12) | | |
| | |
Six Months Ended June 30, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in excess of accumulated earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Par
Value |
| |
Number of
Shares |
| |
Par
Value |
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 1,610,000 | | | | | $ | 16 | | | | | | 92,356,664 | | | | | $ | 923 | | | | | $ | 2,078,628 | | | | | $ | (7,043) | | | | | $ | (971,190) | | | | | $ | 1,101,334 | | | | | $ | 5,410 | | | | | $ | 1,106,744 | | |
Issuance of Preferred Stock, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (366) | | | | | | — | | | | | | — | | | | | | (366) | | | | | | — | | | | | | (366) | | |
Common stock issued through distribution reinvestment plan
|
| | | | — | | | | | | — | | | | | | 746,627 | | | | | | 8 | | | | | | 12,581 | | | | | | — | | | | | | — | | | | | | 12,589 | | | | | | — | | | | | | 12,589 | | |
Common stock repurchases
|
| | | | — | | | | | | — | | | | | | (705,101) | | | | | | (7) | | | | | | (10,539) | | | | | | — | | | | | | — | | | | | | (10,546) | | | | | | — | | | | | | (10,546) | | |
Share-based compensation, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 676 | | | | | | — | | | | | | — | | | | | | 676 | | | | | | — | | | | | | 676 | | |
Distributions declared on common stock, $0.85 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,269) | | | | | | (39,269) | | | | | | — | | | | | | (39,269) | | |
Preferred stock dividends declared, $1.84 per
share |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,492) | | | | | | (1,492) | | | | | | — | | | | | | (1,492) | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173) | | | | | | (173) | | |
Unrealized loss on designated derivative
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,620) | | | | | | — | | | | | | (39,620) | | | | | | — | | | | | | (39,620) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (46,063) | | | | | | (46,063) | | | | | | (174) | | | | | | (46,237) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 94 | | | | | | 174 | | | | | | — | | | | | | 268 | | | | | | (268) | | | | | | — | | |
Balance, June 30, 2020
|
| | | | 1,610,000 | | | | | $ | 16 | | | | | | 92,398,190 | | | | | $ | 924 | | | | | $ | 2,081,074 | | | | | $ | (46,489) | | | | | $ | (1,058,014) | | | | | $ | 977,511 | | | | | $ | 4,795 | | | | | $ | 982,306 | | |
|
| | |
Three Months Ended June 30, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in excess of accumulated earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Par
Value |
| |
Number of
Shares |
| |
Par
Value |
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020
|
| | | | 1,610,000 | | | | | | 16 | | | | | | 92,012,616 | | | | | $ | 920 | | | | | $ | 2,074,745 | | | | | $ | (44,308) | | | | | $ | (1,015,438) | | | | | $ | 1,015,935 | | | | | $ | 5,237 | | | | | $ | 1,021,172 | | |
Issuance of Preferred Stock, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (366) | | | | | | — | | | | | | — | | | | | | (366) | | | | | | — | | | | | | (366) | | |
Common stock issued through distribution reinvestment plan
|
| | | | — | | | | | | — | | | | | | 385,574 | | | | | | 4 | | | | | | 6,263 | | | | | | — | | | | | | — | | | | | | 6,267 | | | | | | — | | | | | | 6,267 | | |
Share-based compensation, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 338 | | | | | | — | | | | | | — | | | | | | 338 | | | | | | — | | | | | | 338 | | |
Distributions declared on common stock, $0.85 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,765) | | | | | | (19,765) | | | | | | — | | | | | | (19,765) | | |
Preferred stock dividends declared, $1.84 per
share |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (750) | | | | | | (750) | | | | | | — | | | | | | (750) | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | (87) | | |
Unrealized loss on designated derivative
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2.355) | | | | | | — | | | | | | (2,355) | | | | | | — | | | | | | (2,355) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,061) | | | | | | (22,061) | | | | | | (87) | | | | | | (22,148) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 94 | | | | | | 174 | | | | | | — | | | | | | 268 | | | | | | (268) | | | | | | — | | |
Balance, June 30, 2020
|
| | | | 1,610,000 | | | | | $ | 16 | | | | | | 92,398,190 | | | | | $ | 924 | | | | | $ | 2,081,074 | | | | | $ | (46,489) | | | | | $ | (1,058,014) | | | | | $ | 977,511 | | | | | $ | 4,795 | | | | | $ | 982,306 | | |
| | |
Six Months Ended June 30, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in Excess of Accumulated Earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Par
Value |
| ||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 91,963.532 | | | | | $ | 919 | | | | | $ | 2,031,967 | | | | | $ | 4,582 | | | | | $ | (804,331) | | | | | $ | 1,233,137 | | | | | $ | 7,797 | | | | | $ | 1,240,934 | | |
Impact of adoption of ASC 842
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | (87) | | | | | | — | | | | | | (87) | | |
Common stock repurchases
|
| | | | (656.433) | | | | | | (7) | | | | | | (13,286) | | | | | | — | | | | | | — | | | | | | (13,293) | | | | | | — | | | | | | (13,293) | | |
Share-based compensation, net
|
| | | | — | | | | | | — | | | | | | 645 | | | | | | — | | | | | | — | | | | | | 645 | | | | | | — | | | | | | 645 | | |
Distributions declared on common stock, $0.42 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,077) | | | | | | (39,077) | | | | | | — | | | | | | (39,077) | | |
Common stock issued through distribution reinvestment
plan |
| | | | 723.245 | | | | | | 7 | | | | | | 13,944 | | | | | | — | | | | | | — | | | | | | 13,951 | | | | | | — | | | | | | 13,951 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (173) | | | | | | (173) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (10,835) | | | | | | — | | | | | | (10,835) | | | | | | — | | | | | | (10,835) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,165) | | | | | | (11,165) | | | | | | (41) | | | | | | (11,206) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | 1,648 | | | | | | — | | | | | | — | | | | | | 1,648 | | | | | | (1,648) | | | | | | — | | |
Balance, June 30, 2019
|
| | | | 92,030.344 | | | | | $ | 919 | | | | | $ | 2,034,918 | | | | | $ | (6,253) | | | | | $ | (854,660) | | | | | $ | 1,174,924 | | | | | $ | 5,935 | | | | | $ | 1,180,859 | | |
|
| | |
Three Months Ended June 30, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in Excess of Accumulated Earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| |||||||||||||||||||||||||||
| | |
Number of
Shares |
| |
Par
Value |
| ||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019
|
| | | | 92,308.777 | | | | | $ | 922 | | | | | $ | 2,039,269 | | | | | $ | 2,163 | | | | | $ | (828,852) | | | | | $ | 1,213,502 | | | | | $ | 7,731 | | | | | $ | 1,221,233 | | |
Common stock repurchases
|
| | | | (656.433) | | | | | | (7) | | | | | | (13,286) | | | | | | | | | | | | | | | | | | (13,293) | | | | | | — | | | | | | (13,293) | | |
Share-based compensation, net
|
| | | | — | | | | | | — | | | | | | 323 | | | | | | — | | | | | | — | | | | | | 323 | | | | | | — | | | | | | 323 | | |
Distributions declared on common stock, $0.21 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,754) | | | | | | (19,754) | | | | | | — | | | | | | (19,754) | | |
Common stock issued through distribution reinvestment
plan |
| | | | 378 | | | | | | 4 | | | | | | 6,964 | | | | | | — | | | | | | — | | | | | | 6,968 | | | | | | — | | | | | | 6,968 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (88) | | | | | | (88) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (8,416) | | | | | | — | | | | | | (8,416) | | | | | | — | | | | | | (8,416) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,054) | | | | | | (6,054) | | | | | | (60) | | | | | | (6,114) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | 1,648 | | | | | | — | | | | | | — | | | | | | 1,648 | | | | | | (1,648) | | | | | | — | | |
Balance, June 30, 2019
|
| | | | 92,030.344 | | | | | $ | 919 | | | | | $ | 2,034,918 | | | | | $ | (6,253) | | | | | $ | (854,660) | | | | | $ | 1,174,924 | | | | | $ | 5,935 | | | | | $ | 1,180,859 | | |
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (46,237) | | | | | $ | (11,206) | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 40,378 | | | | | | 40,984 | | |
Amortization of deferred financing costs
|
| | | | 2,519 | | | | | | 3,591 | | |
Amortization of terminated swap payment
|
| | | | 422 | | | | | | — | | |
Amortization of mortgage premiums and discounts, net
|
| | | | 29 | | | | | | (103) | | |
Amortization (accretion) amortization of market lease and other intangibles, net
|
| | | | (120) | | | | | | (35) | | |
Bad debt expense
|
| | | | 1,384 | | | | | | 3,613 | | |
Equity-based compensation
|
| | | | 676 | | | | | | 645 | | |
Gain on sale of real estate investments, net
|
| | | | (2,306) | | | | | | (6,078) | | |
(Gain) loss on non-designated derivatives
|
| | | | (24) | | | | | | 48 | | |
Impairment charges
|
| | | | 31,831 | | | | | | 19 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Straight-line rent receivable
|
| | | | (1,742) | | | | | | (1,937) | | |
Prepaid expenses and other assets
|
| | | | 3,810 | | | | | | (5,699) | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 1,663 | | | | | | 1,829 | | |
Deferred rent
|
| | | | (1,037) | | | | | | (539) | | |
Net cash provided by operating activities
|
| | | | 31,246 | | | | | | 25,132 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Property acquisitions and development costs
|
| | | | (90,985) | | | | | | (44,371) | | |
Capital expenditures
|
| | | | (13,767) | | | | | | (6,167) | | |
Leasing commission
|
| | | | (996) | | | | | | | | |
Proceeds from sales of real estate investments
|
| | | | 8,294 | | | | | | 45,624 | | |
Net cash used in investing activities
|
| | | | (97,454) | | | | | | (4,914) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payments on credit facilities
|
| | | | — | | | | | | (243,300) | | |
Proceeds from credit facilities
|
| | | | 95,000 | | | | | | 120,618 | | |
Proceeds from term loan
|
| | | | — | | | | | | 150,000 | | |
Payments on mortgage notes payable
|
| | | | (477) | | | | | | (25,432) | | |
Payments for derivative instruments
|
| | | | (34) | | | | | | — | | |
Payments of deferred financing costs
|
| | | | (1,160) | | | | | | (9,697) | | |
Preferred stock issuance costs
|
| | | | (366) | | | | | | — | | |
Common stock repurchases
|
| | | | (10,539) | | | | | | (13,286) | | |
Distributions paid on common stock
|
| | | | (26,954) | | | | | | (25,129) | | |
Dividends paid on preferred stock
|
| | | | (915) | | | | | | — | | |
Distributions to non-controlling interest holders
|
| | | | (173) | | | | | | (173) | | |
Net cash, provided by (used in) financing activities
|
| | | | 54,382 | | | | | | (46,399) | | |
Net change in cash, cash equivalents and restricted cash
|
| | | | (11,826) | | | | | | (26,181) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 111,599 | | | | | | 91,358 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 99,773 | | | | | | 65,177 | | |
Cash, cash equivalents, end of period
|
| | | $ | 83,525 | | | | | $ | 47,498 | | |
Restricted cash, end of period
|
| | | | 16,248 | | | | | | 17,679 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 99,773 | | | | | $ | 65,177 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 22,701 | | | | | $ | 23,115 | | |
Cash paid for income taxes
|
| | | | 315 | | | | | | 447 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Common stock issued through distribution reinvestment plan
|
| | | $ | 12,589 | | | | | $ | 13,951 | | |
Mortgage assumed in acquisition
|
| | | $ | 13,883 | | | | | $ | — | | |
(In thousands)
|
| |
Future
Base Rent Payments |
| |||
2020 (remainder)
|
| | | $ | 46,133 | | |
2021
|
| | | | 88,749 | | |
2022
|
| | | | 81,200 | | |
2023
|
| | | | 68,796 | | |
2024
|
| | | | 61,953 | | |
Thereafter
|
| | | | 206,211 | | |
Total
|
| | | $ | 553,042 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Real estate investments, at cost: | | | | | | | | | | | | | |
Land
|
| | | $ | 6,900 | | | | | $ | 3,537 | | |
Buildings, fixtures and improvements
|
| | | | 86,687 | | | | | | 35,227 | | |
Development costs
|
| | | | — | | | | | | 3,434 | | |
Total tangible assets
|
| | | | 93,587 | | | | | | 42,198 | | |
Acquired intangibles: | | | | | | | | | | | | | |
In-place leases and other intangible assets(1)
|
| | | | 9,385 | | | | | | 3,625 | | |
Market lease and other intangible assets(1)
|
| | | | 472 | | | | | | 31 | | |
Market lease liabilities(1)
|
| | | | (362) | | | | | | (1,483) | | |
Total intangible assets and liabilities
|
| | | | 9,495 | | | | | | 2,173 | | |
Mortgage notes payable, net
|
| | | | (13,883) | | | | | | — | | |
Other assets acquired and liabilities assumed in the Asset Acquisition,
net |
| | | | 1,786 | | | | | | — | | |
Cash paid for real estate investments, including acquisitions
|
| | | $ | 90,985 | | | | | $ | 44,371 | | |
Number of properties purchased
|
| | | | 8 | | | | | | 5 | | |
| | |
June 30,
|
| |||||||||
State
|
| |
2020
|
| |
2019
|
| ||||||
Florida(1) | | | | | 22.2% | | | | | | 26.2% | | |
Michigan(2) | | | | | 10.5% | | | | | | 10.6% | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Amortization of in-place leases and other intangible assets(1)
|
| | | $ | 3,898 | | | | | $ | 4,062 | | | | | $ | 7,907 | | | | | $ | 7,959 | | |
(Accretion) and Amortization of above-and below-market leases,
net(2) |
| | | $ | (181) | | | | | $ | (110) | | | | | $ | (218) | | | | | $ | (156) | | |
Amortization of above-and below-market ground leases, net(3)
|
| | | $ | 40 | | | | | $ | 21 | | | | | $ | 79 | | | | | $ | 43 | | |
(In thousands)
|
| |
2020
(remainder) |
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |||||||||||||||
In-place lease assets
|
| | | $ | 5,942 | | | | | $ | 10,710 | | | | | $ | 8,704 | | | | | $ | 6,830 | | | | | $ | 6,070 | | |
Other intangible assets
|
| | | | 306 | | | | | | 613 | | | | | | 613 | | | | | | 613 | | | | | | 588 | | |
Total to be added to amortization expense
|
| | | $ | 6,248 | | | | | $ | 11,323 | | | | | $ | 9,317 | | | | | $ | 7,443 | | | | | $ | 6,658 | | |
Above-market lease assets
|
| | | $ | (866) | | | | | $ | (993) | | | | | $ | (645) | | | | | $ | (307) | | | | | $ | (260) | | |
Below-market lease liabilities
|
| | | | 904 | | | | | | 1,269 | | | | | | 1,208 | | | | | | 1,095 | | | | | | 955 | | |
Total to be added to revenue from tenants
|
| | | $ | 38 | | | | | $ | 276 | | | | | $ | 563 | | | | | $ | 788 | | | | | $ | 695 | | |
| | |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Assets held for sale
|
| | | $ | — | | | | | $ | — | | | | | $ | 18,038 | | | | | $ | — | | |
Assets held for use
|
| | | | 13,793 | | | | | | 19 | | | | | | 13,793 | | | | | | 19 | | |
Total
|
| | | $ | 13,793 | | | | | $ | 19 | | | | | $ | 31,831 | | | | | $ | 19 | | |
|
(In thousands)
|
| |
June 30, 2020
|
| |
December 31, 2019
|
| ||||||
Land
|
| | | $ | 797 | | | | | $ | 4,051 | | |
Buildings, fixtures and improvements
|
| | | | 9,991 | | | | | | 66,788 | | |
Assets held for sale
|
| | | $ | 10,788 | | | | | $ | 70,839 | | |
|
| | | | | | | | |
Outstanding Loan Amount as of
|
| |
Effective Interest Rate as of
|
| | | | | | | | | | ||||||||||||||||||
Portfolio
|
| |
Encumbered
Properties(1) |
| |
June 30,
2020 |
| |
December 31,
2019 |
| |
June 30,
2020 |
| |
December 31,
2019 |
| |
Interest
Rate |
| |
Maturity
|
| ||||||||||||||||||
| | | | | | | | |
(In thousands)
|
| |
(In thousands)
|
| | | | | | | | | | | | | | | | | | | | | | ||||||
Palm Valley Medical Plaza – Goodyear, AZ
|
| | | | 1 | | | | | $ | 3,056 | | | | | $ | 3,112 | | | | | | 4.15% | | | | | | 4.15% | | | | | | Fixed | | | |
Jun. 2023
|
|
Medical Center V – Peoria, AZ
|
| | | | 1 | | | | | | 2,835 | | | | | | 2,884 | | | | | | 4.75% | | | | | | 4.75% | | | | | | Fixed | | | |
Sep. 2023
|
|
Fox Ridge Bryant – Bryant, AR
|
| | | | 1 | | | | | | 7,209 | | | | | | 7,283 | | | | | | 3.98% | | | | | | 3.98% | | | | | | Fixed | | | |
May 2047
|
|
Fox Ridge Chenal – Little Rock, AR
|
| | | | 1 | | | | | | 16,544 | | | | | | 16,695 | | | | | | 3.98% | | | | | | 3.98% | | | | | | Fixed | | | |
May 2049
|
|
Fox Ridge North Little Rock – North Little Rock, AR
|
| | | | 1 | | | | | | 10,265 | | | | | | 10,359 | | | | | | 3.98% | | | | | | 3.98% | | | | | | Fixed | | | |
May 2049
|
|
Capital One MOB Loan
|
| | | | 35 | | | | | | 378,500 | | | | | | 378,500 | | | | | | 3.71% | | | | | | 3.66% | | | | | | Fixed(3) | | | |
Dec. 2026
|
|
Multi-Property CMBS Loan
|
| | | | 21 | | | | | | 118,700 | | | | | | 118,700 | | | | | | 4.60% | | | | | | 4.60% | | | | | | Fixed | | | |
May 2028
|
|
Shiloh – Illinois(4) | | | | | 1 | | | | | | 13,828 | | | | | | — | | | | | | 4.34% | | | | | | —% | | | | | | Fixed | | | |
March 2026
|
|
Gross mortgage notes
payable |
| | | | 62 | | | | | | 550,937 | | | | | | 537,533 | | | | | | 3.94% | | | | | | 3.90%(2) | | | | | | | | | | | |
Deferred financing costs, net of accumulated amortization(5)
|
| | | | | | | | | | (7,486) | | | | | | (7,718) | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage premiums and discounts, net
|
| | | | | | | | | | (1,501) | | | | | | (1,531) | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage notes payable,
net |
| | | | | | | | | $ | 541,950 | | | | | $ | 528,284 | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Outstanding Facility
Amount as of |
| |
Effective Interest Rate
|
| | | | | | | ||||||||||||||||||
Credit Facility
|
| |
Encumbered
Properties(1) |
| |
June 30,
2020 |
| |
December 31,
2019 |
| |
June 30,
2020 |
| |
December 31,
2019 |
| |
Interest
Rate |
| |
Maturity
|
| |||||||||||||||
| | | | | | | | |
(In thousands)
|
| |
(In thousands)
|
| | | | | | | | | | | | | | | | | | | ||||||
Credit Facility: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revolving Credit Facility
|
| | | | | | | | | $ | 195,618 | | | | | $ | 100,618 | | | | | | 2.26% | | | | | | 4.08% | | | |
Variable
|
| |
Mar. 2023
|
|
Term Loan
|
| | | | | | | | | | 150,000 | | | | | | 150,000 | | | | | | 4.30% | | | | | | 4.05% | | | |
Fixed(6)
|
| |
Mar. 2024
|
|
Deferred financing costs
|
| | | | | | | | | | (4,116) | | | | | | (4,671) | | | | | | | | | | | | | | | | | | | | |
Term Loan, net
|
| | | | | | | | | | 145,884 | | | | | | 145,329 | | | | | | | | | | | | | | | | | | | | |
Total Credit Facility
|
| | | | 81(2) | | | | | $ | 341,502 | | | | | $ | 245,947 | | | | | | | | | | | | | | | | | | | | |
Fannie Mae Master Credit Facilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital One Facility
|
| | | | 12(3) | | | | | $ | 216,614 | | | | | $ | 216,614 | | | | | | 2.78% | | | | | | 4.17% | | | |
Variable(7)
|
| |
Nov. 2026
|
|
KeyBank Facility
|
| | | | 10(4) | | | | | | 142,708 | | | | | | 142,708 | | | | | | 2.83% | | | | | | 4.22% | | | |
Variable(7)
|
| |
Nov. 2026
|
|
Total Fannie Mae Master Credit
Facilities |
| | | | 22 | | | | | $ | 359,322 | | | | | $ | 359,322 | | | | | | | | | | | | | | | | | | | | |
Total Credit Facilities
|
| | | | 103 | | | | | $ | 700,824 | | | | | $ | 605,269 | | | | | | 2.96% | | | | | | 4.14%(5) | | | | | | | | |
Fiscal Quarter
|
| |
Percentage
|
| |||
April 1, 2020 to June 30, 2020
|
| | | | 115% | | |
July 1, 2020 to September 30, 2020
|
| | | | 110% | | |
October 1, 2020 to December 31, 2020
|
| | | | 110% | | |
January 1, 2021 to March 31, 2021
|
| | | | 105% | | |
April 1, 2021 to June 30, 2021
|
| | | | 105% | | |
July 1, 2021 to September 30, 2021
|
| | | | 100% | | |
October 1, 2021 to December 31, 2021
|
| | | | 100% | | |
| | |
Future Principal Payments
|
| |||||||||||||||
(In thousands)
|
| |
Mortgage
Notes Payable |
| |
Credit
Facilities |
| |
Total
|
| |||||||||
2020 (remainder)
|
| | | $ | 577 | | | | | $ | — | | | | | $ | 577 | | |
2021
|
| | | | 1,191 | | | | | | 130 | | | | | | 1,321 | | |
2022
|
| | | | 1,242 | | | | | | 2,820 | | | | | | 4,062 | | |
2023
|
| | | | 6,383 | | | | | | 200,115 | | | | | | 206,498 | | |
2024
|
| | | | 1,095 | | | | | | 154,497 | | | | | | 155,592 | | |
Thereafter
|
| | | | 540,449 | | | | | | 347,378 | | | | | | 887,827 | | |
Total
|
| | | $ | 550,937 | | | | | $ | 704,940 | | | | | $ | 1,255,877 | | |
(In thousands)
|
| |
Quoted
Prices in Active Markets Level 1 |
| |
Significant
Other Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| |
Total
|
| ||||||||||||
June 30, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets, at fair value
|
| | | $ | — | | | | | $ | 74 | | | | | $ | — | | | | | $ | 74 | | |
Derivative liabilities, at fair value
|
| | | | — | | | | | | 44,971 | | | | | | — | | | | | | 44,971 | | |
December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets, at fair value
|
| | | $ | — | | | | | $ | 392 | | | | | $ | — | | | | | $ | 392 | | |
Derivative liabilities, at fair value
|
| | | | — | | | | | | 5,305 | | | | | | — | | | | | | 5,305 | | |
| | | | | | | | |
June 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
(In thousands)
|
| |
Level
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| |||||||||||||||
Gross mortgage notes payable and mortgage premium and discounts, net
|
| | | | 3 | | | | | $ | 550,937 | | | | | $ | 538,077 | | | | | $ | 537,533 | | | | | $ | 545,414 | | |
Credit Facility
|
| | | | 3 | | | | | $ | 345,618 | | | | | $ | 341,617 | | | | | $ | 250,618 | | | | | $ | 250,618 | | |
Fannie Mae Master Credit Facilities
|
| | | | 3 | | | | | $ | 359,322 | | | | | $ | 349,885 | | | | | $ | 359,322 | | | | | $ | 370,122 | | |
(In thousands)
|
| |
Balance Sheet Location
|
| |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Derivatives designated as hedging instruments: | | | | | | | | | | | | | | | | |
Interest rate “pay-fixed” swaps
|
| | Derivative assets, at fair value | | | | $ | — | | | | | $ | 377 | | |
Interest rate “pay-fixed” swaps
|
| |
Derivative liabilities, at fair value
|
| | | $ | 44,971 | | | | | $ | 5,305 | | |
Derivatives not designated as hedging instruments:
|
| | | | | | | | | | | | | | | |
Interest rate caps
|
| | Derivative assets, at fair value | | | | $ | 74 | | | | | $ | 15 | | |
| | |
June 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Interest Rate Derivatives
|
| |
Number of
Instruments |
| |
Notional
Amount |
| |
Number of
Instruments |
| |
Notional
Amount |
| ||||||||||||
| | | | | | | | |
(In thousands)
|
| | | | | | | |
(In thousands)
|
| ||||||
Interest rate “pay-fixed” swaps
|
| | | | 9 | | | | | $ | 578,500 | | | | | | 9 | | | | | $ | 578,500 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Amount of loss recognized in accumulated other comprehensive loss on interest rate derivatives
|
| | | $ | (4,511) | | | | | $ | (7,999) | | | | | $ | (42,226) | | | | | $ | (10,027) | | |
Amount of (loss) gain reclassified from accumulated other comprehensive income into income as interest expense (effective portion)
|
| | | $ | (2,155) | | | | | $ | 417 | | | | | $ | (2,606) | | | | | $ | 808 | | |
Total amount of interest expense presented in the consolidated statements of operations and comprehensive loss
|
| | | $ | (12,580) | | | | | $ | (12,806) | | | | | $ | (25,837) | | | | | $ | (26,749) | | |
| | |
June 30, 2020
|
| |
December 31, 2019
|
| ||||||||||||||||||
Interest Rate Derivatives
|
| |
Number of
Instruments |
| |
Notional
Amount |
| |
Number of
Instruments |
| |
Notional
Amount |
| ||||||||||||
| | | | | | | | |
(In thousands)
|
| | | | | | | |
(In thousands)
|
| ||||||
Interest rate caps
|
| | | | 6 | | | | | $ | 359,322 | | | | | | 6 | | | | | $ | 359,322 | | |
| | |
Gross
Amounts of Recognized Assets |
| |
Gross
Amounts of Recognized (Liabilities) |
| |
Gross
Amounts Offset in the Consolidated Balance Sheet |
| |
Net Amounts of
Assets presented in the Consolidated Balance Sheet |
| |
Gross Amounts Not Offset
in the Consolidated Balance Sheet |
| | | | | | | |||||||||||||||||||||
(In thousands)
|
| |
Financial
Instruments |
| |
Cash
Collateral Received |
| |
Net
Amount |
| |||||||||||||||||||||||||||||||||
June 30, 2020
|
| | | $ | 74 | | | | | $ | (44,971) | | | | | $ | — | | | | | $ | (44,897) | | | | | $ | — | | | | | $ | — | | | | | $ | (44,897) | | |
December 31, 2019
|
| | | $ | 392 | | | | | $ | (5,305) | | | | | $ | — | | | | | $ | (4,913) | | | | | $ | — | | | | | $ | — | | | | | $ | (4,913) | | |
|
| | |
Number of Shares
Repurchased |
| |
Average Price
per Share |
| ||||||
Cumulative repurchases as of December 31, 2019(1)
|
| | | | 4,391,519 | | | | | $ | 20.95 | | |
Six months ended June 30, 2020(2)
|
| | | | 505,101 | | | | | | 17.50 | | |
Cumulative repurchases as of June 30, 2020
|
| | | | 4,896,620 | | | | | | 20.59 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| |
Payable (Receivable) as of
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||||||||||||||
(In thousands)
|
| |
Incurred
|
| |
Incurred)
|
| |
Incurred
|
| |
Incurred
|
| ||||||||||||||||||||||||
Non-recurring fees and reimbursements:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition cost reimbursements
|
| | | $ | — | | | | | $ | 14 | | | | | $ | 70 | | | | | $ | 32 | | | | | $ | — | | | | | $ | — | | |
Ongoing fees and reimbursements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset management fees
|
| | | | 4,997 | | | | | | 4,875 | | | | | | 9,994 | | | | | | 9,750 | | | | | | — | | | | | | 27 | | |
Property management fees
|
| | | | 940 | | | | | | 950 | | | | | | 1,992 | | | | | | 1,844 | | | | | | (102) | | | | | | (44) | | |
Professional fees and other reimbursements(1)
|
| | | | 2,652 | | | | | | 2,431 | | | | | | 5,145 | | | | | | 5,306 | | | | | | (327)(3) | | | | | | (377)(3) | | |
Distributions on Class B Units(2)
|
| | | | 76 | | | | | | 76 | | | | | | 152 | | | | | | 151 | | | | | | — | | | | | | — | | |
Total related party operation fees and
reimbursements |
| | | $ | 8,665 | | | | | $ | 8,346 | | | | | $ | 17,353 | | | | | $ | 17,083 | | | | | $ | (429) | | | | | $ | (394) | | |
| | |
Number of Shares of
Common Stock |
| |
Weighted Average
Issue Price |
| ||||||
Unvested, December 31, 2019
|
| | | | 277,241 | | | | | $ | 21.18 | | |
Vested
|
| | | | (267) | | | | | | 22.47 | | |
Granted
|
| | | | — | | | | | | — | | |
Forfeitures
|
| | | | — | | | | | | — | | |
Unvested, June 30, 2020
|
| | | | 276,974 | | | | | | 21.18 | | |
(In thousands)
|
| |
Unrealized Gain on
Designated Derivative |
| |||
Balance, December 31, 2019
|
| | | $ | (7,043) | | |
Other comprehensive loss, before reclassifications
|
| | | | (42,226) | | |
Amount of gain reclassified from accumulated other comprehensive loss
|
| | | | 2,606 | | |
Rebalancing of ownership percentage
|
| | | | 174 | | |
Balance, June 30, 2020
|
| | | $ | (46,489) | | |
| | | | | |
Third Party
Net Investment Amount |
| |
Non-
Controlling Ownership Percentage |
| | | | | | | | | | | | | |
Distributions(2)
|
| |
Distributions(2)
|
| ||||||||||||||||||||||||
| | | | | |
Net Real Estate Assets Subject to
Investment Arrangement(1) |
| |
Three Months Ended
June 30, |
| |
Six Months Ended
June 30, |
| |||||||||||||||||||||||||||||||||||||||
Property Name
(Dollar amounts in thousands) |
| |
Investment
Date |
| |
June 30,
2020 |
| |
June 30,
2020 |
| |
June 30,
2020 |
| |
As of
December 31, 2019 |
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
Plaza Del Rio Medical Office Campus Portfolio
|
| |
May 2015
|
| | | $ | 343 | | | | | | 1.9% | | | | | $ | 13,913 | | | | | $ | 14,220 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
UnityPoint Clinic Portfolio
|
| |
December 2017
|
| | | $ | 488 | | | | | | 5.0% | | | | | $ | 8,645 | | | | | $ | 8,842 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Net loss attributable to common stockholders (in thousands)
|
| | | $ | (22,811) | | | | | $ | (6,054) | | | | | $ | (47,555) | | | | | $ | (11,165) | | |
Basic and diluted weighted-average shares outstanding
|
| | | | 91,980,953 | | | | | | 91,783,557 | | | | | | 91,970,957 | | | | | | 92,335,665 | | |
Basic and diluted net loss per share
|
| | | $ | (0.25) | | | | | $ | (0.07) | | | | | $ | (0.52) | | | | | $ | (0.12) | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Unvested restricted shares(1)
|
| | | | 277,200 | | | | | | 322,131 | | | | | | 277,220 | | | | | | 322,186 | | |
OP Units(2)
|
| | | | 405,998 | | | | | | 405,998 | | | | | | 405,998 | | | | | | 405,998 | | |
Class B Units(3)
|
| | | | 359,250 | | | | | | 359,250 | | | | | | 359,250 | | | | | | 359,250 | | |
Total weighted average antidilutive common stock equivalents
|
| | | | 1,042,448 | | | | | | 1,087,379 | | | | | | 1,042,468 | | | | | | 1,087,434 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| ||||||||||||||||||||||||||||||||||||||||||
(In thousands)
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| ||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 25,788 | | | | | $ | 5,218 | | | | | $ | 63,658 | | | | | $ | 94,664 | | | | | $ | 52,160 | | | | | $ | 9,929 | | | | | $ | 132,810 | | | | | $ | 194,899 | | |
Property operating and maintenance
|
| | | | 7,430 | | | | | | 2,588 | | | | | | 49,770 | | | | | | 59,788 | | | | | | 15,040 | | | | | | 4,062 | | | | | | 102,409 | | | | | | 121,511 | | |
NOI
|
| | | $ | 18,358 | | | | | $ | 2,630 | | | | | $ | 13,888 | | | | | | 34,876 | | | | | $ | 37,120 | | | | | $ | 5,867 | | | | | $ | 30,401 | | | | | | 73,388 | | |
Impairment charges
|
| | | | | | | | | | | | | | | | | | | | | | (13,793) | | | | | | | | | | | | | | | | | | | | | | | | (31,831) | | |
Operating fees to related parties
|
| | | | | | | | | | | | | | | | | | | | | | (5,936) | | | | | | | | | | | | | | | | | | | | | | | | (11,985) | | |
Acquisition and transaction related
|
| | | | | | | | | | | | | | | | | | | | | | (178) | | | | | | | | | | | | | | | | | | | | | | | | (505) | | |
General and administrative
|
| | | | | | | | | | | | | | | | | | | | | | (4,730) | | | | | | | | | | | | | | | | | | | | | | | | (11,460) | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | (20,183) | | | | | | | | | | | | | | | | | | | | | | | | (40,378) | | |
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (12,580) | | | | | | | | | | | | | | | | | | | | | | | | (25,837) | | |
Interest and other income
|
| | | | | | | | | | | | | | | | | | | | | | 36 | | | | | | | | | | | | | | | | | | | | | | | | 41 | | |
Gain on sale of real estate investments
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 2,306 | | |
Gain on non-designated derivatives
|
| | | | | | | | | | | | | | | | | | | | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | 24 | | |
Income tax benefit (expense)
|
| | | | | | | | | | | | | | | | | | | | | | 332 | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net loss attributable to non-controlling
interests |
| | | | | | | | | | | | | | | | | | | | | | 87 | | | | | | | | | | | | | | | | | | | | | | | | 174 | | |
Preferred stock dividends
|
| | | | | | | | | | | | | | | | | | | | | | (750) | | | | | | | | | | | | | | | | | | | | | | | | (1,492) | | |
Net loss attributable to stockholders
|
| | | | | | | | | | | | | | | | | | | | | $ | (22,811) | | | | | | | | | | | | | | | | | | | | | | | $ | (47,555) | | |
|
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2019
|
| ||||||||||||||||||||||||||||||||||||||||||
(In thousands)
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| ||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 25,066 | | | | | $ | 3,462 | | | | | $ | 67,759 | | | | | $ | 96,287 | | | | | $ | 50,324 | | | | | $ | 6,997 | | | | | $ | 127,684 | | | | | $ | 185,005 | | |
Property operating and maintenance
|
| | | | 8,021 | | | | | | 388 | | | | | | 50,395 | | | | | | 58,804 | | | | | | 14,968 | | | | | | 799 | | | | | | 95,836 | | | | | | 111,603 | | |
NOI
|
| | | $ | 17,045 | | | | | $ | 3,074 | | | | | $ | 17,364 | | | | | | 37,483 | | | | | $ | 35,356 | | | | | $ | 6,198 | | | | | $ | 31,848 | | | | | | 73,402 | | |
Impairment charges
|
| | | | | | | | | | | | | | | | | | | | | | (19) | | | | | | | | | | | | | | | | | | | | | | | | (19) | | |
Operating fees to related parties
|
| | | | | | | | | | | | | | | | | | | | | | (5,826) | | | | | | | | | | | | | | | | | | | | | | | | (11,594) | | |
Acquisition and transaction related
|
| | | | | | | | | | | | | | | | | | | | | | (31) | | | | | | | | | | | | | | | | | | | | | | | | (49) | | |
General and administrative
|
| | | | | | | | | | | | | | | | | | | | | | (4,314) | | | | | | | | | | | | | | | | | | | | | | | | (10,612) | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | (20,299) | | | | | | | | | | | | | | | | | | | | | | | | (40,984) | | |
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (12,806) | | | | | | | | | | | | | | | | | | | | | | | | (26,749) | | |
Interest and other income
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 4 | | |
Gain on sale of real estate investment
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 6,078 | | |
Loss on non-designated derivative instruments
|
| | | | | | | | | | | | | | | | | | | | | | (5) | | | | | | | | | | | | | | | | | | | | | | | | (48) | | |
Income tax benefit (expense)
|
| | | | | | | | | | | | | | | | | | | | | | (297) | | | | | | | | | | | | | | | | | | | | | | | | (635) | | |
Net income attributable to non-controlling
interests |
| | | | | | | | | | | | | | | | | | | | | | 60 | | | | | | | | | | | | | | | | | | | | | | | | 41 | | |
Net loss attributable to stockholders
|
| | | | | | | | | | | | | | | | | | | | | $ | (6,054) | | | | | | | | | | | | | | | | | | | | | | | $ | (11,165) | | |
|
(In thousands)
|
| |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Investments in real estate, net: | | | | | | | | | | | | | |
Medical office buildings
|
| | | $ | 895,253 | | | | | $ | 891,477 | | |
Triple-net leased healthcare facilities(1)
|
| | | | 291,184 | | | | | | 305,250 | | |
Seniors housing – operating properties(1)
|
| | | | 966,361 | | | | | | 856,864 | | |
Total investments in real estate, net
|
| | | | 2,152,798 | | | | | | 2,053,591 | | |
Assets held for sale
|
| | | | 10,788 | | | | | | 70,839 | | |
Cash and cash equivalents
|
| | | | 83,525 | | | | | | 95,691 | | |
Restricted cash
|
| | | | 16,248 | | | | | | 15,908 | | |
Derivative assets, at fair value
|
| | | | 74 | | | | | | 392 | | |
Straight-line rent receivable, net
|
| | | | 22,867 | | | | | | 21,182 | | |
Operating lease right-of-use assets
|
| | | | 14,319 | | | | | | 14,351 | | |
Prepaid expenses and other assets
|
| | | | 35,893 | | | | | | 39,707 | | |
Deferred costs, net
|
| | | | 13,937 | | | | | | 13,642 | | |
Total assets
|
| | | $ | 2,350,449 | | | | | $ | 2,325,303 | | |
| | |
Three Months Ended June 30,
|
| |
Six Months Ended June 30,
|
| ||||||||||||||||||
(In thousands)
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Medical office buildings
|
| | | $ | 511 | | | | | $ | 1,537 | | | | | $ | 2,812 | | | | | $ | 1,734 | | |
Triple-net leased healthcare facilities
|
| | | | 7 | | | | | | — | | | | | | 3,692 | | | | | | 17 | | |
Seniors housing – operating properties(1)
|
| | | | 2,148 | | | | | | 2,865 | | | | | | 7,260 | | | | | | 4,416 | | |
Total capital expenditures
|
| | | $ | 2,666 | | | | | $ | 4,402 | | | | | $ | 13,764 | | | | | $ | 6,167 | | |
| | |
Future Base Rent Payments
|
| |||||||||
(In thousands)
|
| |
Operating
Leases |
| |
Direct
Financing Leases(1) |
| ||||||
2020 (remainder)
|
| | | $ | 327 | | | | | $ | 41 | | |
2021
|
| | | | 663 | | | | | | 84 | | |
2022
|
| | | | 682 | | | | | | 86 | | |
2023
|
| | | | 684 | | | | | | 88 | | |
2024
|
| | | | 686 | | | | | | 90 | | |
Thereafter
|
| | | | 29,381 | | | | | | 7,500 | | |
Total minimum lease payments
|
| | | | 32,423 | | | | | | 7,889 | | |
Less: amounts representing interest
|
| | | | (23,278) | | | | | | (3,053) | | |
Total present value of minimum lease payments
|
| | | $ | 9,145 | | | | | $ | 4,836 | | |
|
Securities and Exchange Commission Registration Fee
|
| | | $ | 1,947 | | |
|
Legal Fees and Expenses
|
| | | $ | * | | |
|
Accounting Fees and Expenses
|
| | | $ | * | | |
|
Printing Fees and Expenses
|
| | | $ | * | | |
|
Transfer Agent Fees and Expenses
|
| | | $ | * | | |
|
Miscellaneous Expenses
|
| | | $ | * | | |
|
Total
|
| | | $ | * | | |
Exhibit No.
|
| |
Description
|
|
101*
|
| | XBRL (eXtensible Business Reporting Language). The following materials from Healthcare Trust, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in XBRL: (i) the Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019, (ii) the Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited), (iii) the Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2020 (Unaudited), (iv) Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 (Unaudited), (v) the Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019 (Unaudited) and (vi) the Notes to Consolidated Financial Statements (Unaudited). As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purpose of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, as amended. | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Edward M. Weil, Jr.
Edward M. Weil, Jr.
|
| | Chief Executive Officer, President and Director (Principal Executive Officer) | | |
September 15, 2020
|
|
|
/s/ Lee M. Elman
Lee M. Elman
|
| | Independent Director | | |
September 15, 2020
|
|
|
/s/ Leslie D. Michelson
Leslie D. Michelson
|
| | Independent Director | | |
September 15, 2020
|
|
|
/s/ B.J. Penn
B.J. Penn
|
| | Independent Director | | |
September 15, 2020
|
|
|
/s/ Edward G. Rendell
Edward G. Rendell
|
| | Independent Director | | |
September 15, 2020
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Elizabeth K. Tuppeny
Elizabeth K. Tuppeny
|
| | Independent Director | | |
September 15, 2020
|
|
|
/s/ Katie P. Kurtz
Katie P. Kurtz
|
| | Chief Financial Officer, Secretary and Treasurer (Principal Financial Officer and Principal Accounting Officer) | | |
September 15, 2020
|
|
Exhibit 5.1
September 15, 2020
Healthcare Trust, Inc.
650 Fifth Avenue, 30th Floor
New York, New York 10019
Re: Registration Statement on Form S-11
Ladies and Gentlemen:
We have served as Maryland counsel to Healthcare Trust, Inc., a Maryland corporation (the “Company”), in connection with certain matters of Maryland law arising out of the registration of up to $15,000,000 additional aggregate offering price of shares (the “Shares”) of 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), of the Company, covered by the above-referenced Registration Statement, and all amendments thereto (the “Registration Statement”), filed by the Company with the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “1933 Act”). The Shares may be offered for sale in one or more transactions by the selling stockholder identified in the Registration Statement, B. Riley Principal Capital, LLC (the “Selling Stockholder”), on the terms and conditions set forth in the Registration Statement.
In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the “Documents”):
1. The Registration Statement and the related form of prospectus included therein, in the form in which it was transmitted to the Commission under the 1933 Act;
2. The charter of the Company (the “Charter”), certified by the State Department of Assessments and Taxation of Maryland (the “SDAT”);
3. The form of Articles Supplementary of the Company relating to the classification of additional shares of preferred stock, $0.01 par value per share, of the Company as shares of Series A Preferred Stock (the “Articles Supplementary”), certified as of the date hereof by an officer of the Company;
4. The Amended and Restated Bylaws of the Company, as amended by Amendment No. 1, certified as of the date hereof by an officer of the Company;
5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;
Healthcare Trust, Inc.
September 15, 2020
Page 2
6. Resolutions (the “Resolutions”) adopted by the Board of Directors of the Company (the “Board”) and a duly authorized committee thereof relating to, among other matters, (a) the authorization of the sale, issuance and registration of the Shares and (b) the delegation to designated officers of the Company (the “Authorized Officers”) of the power to determine the number and price of the Shares and certain other matters in connection with the issuance of the Shares, subject to the Resolutions, certified as of the date hereof by an officer of the Company;
7. The Preferred Stock Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), by and among the Company, Healthcare Trust Operating Partnership, L.P., a Delaware limited partnership, and the Selling Stockholder;
8. A certificate executed by an officer of the Company, dated as of the date hereof; and
9. Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.
In expressing the opinion set forth below, we have assumed the following:
1. Each individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.
2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.
3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party’s obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms.
4. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.
Healthcare Trust, Inc.
September 15, 2020
Page 3
5. The Shares will not be issued in violation of any restriction or limitation contained in the Charter or the Articles Supplementary.
6. Upon the issuance of any of the Shares, the total number of shares of Series A Preferred Stock issued and outstanding will not exceed the total number of shares of Series A Preferred Stock that the Company is then authorized to issue under the Charter.
7. The number of Shares, and the offering price of each Share, to be issued by the Company from time to time pursuant to the Purchase Agreement will be authorized and approved by the Board, a duly authorized committee thereof, or by the Authorized Officers, in accordance with the Maryland General Corporation Law, the Charter, the Bylaws and the Resolutions prior to the issuance thereof, and the Articles Supplementary will be filed with and accepted for record by the SDAT (the “Corporate Proceedings”).
Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:
1. The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with the SDAT.
2. The issuance of the Shares has been duly authorized by the Company and, when issued and delivered against payment therefor in accordance with the Purchase Agreement, the Resolutions (and any other resolutions adopted by the Board with respect thereto) and the Corporate Proceedings, the Shares will be validly issued, fully paid and nonassessable.
The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.
Healthcare Trust, Inc.
September 15, 2020
Page 4
The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.
This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.
Very truly yours, | |
/s/ Venable LLP |
Exhibit 8.1
Proskauer Rose LLP Eleven Times Square New York, NY 10036-8299 |
September 15, 2020
Healthcare Trust, Inc.
650 Fifth Avenue, 30th Floor
New York, New York 10019
Re: Opinion of Proskauer Rose LLP as to Tax Matters
Ladies and Gentlemen:
We have acted as counsel to Healthcare Trust, Inc., a Maryland corporation (the “Company”), with respect to certain tax matters in connection with the filing of its registration statement on Form S-11 (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) on the date hereof and the registration thereby of $15,000,000 of shares of the Company’s 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). In connection with the filing of the Registration Statement, we have been asked to provide an opinion regarding (i) the classification of the Company as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”); (ii) the accuracy and fairness of the discussion in the section of the prospectus forming part of the Registration Statement (the “Prospectus”) under the caption “Material U.S. Federal Income Tax Considerations”; and (iii) the treatment of Healthcare Trust Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) as a partnership or a disregarded entity for U.S. federal income tax purposes.
The opinions set forth in this letter are based on relevant provisions of the Code, Treasury Regulations issued thereunder (including Proposed and Temporary Regulations), and interpretations of the foregoing as expressed in court decisions, administrative determinations, and the legislative history as of the date hereof. These provisions and interpretations are subject to differing interpretations or change at any time, which may or may not be retroactive in effect, and which might result in modifications of our opinions. In this regard, an opinion of counsel with respect to an issue represents counsel’s best judgment as to the outcome on the merits with respect to such issue, is not binding on the Internal Revenue Service (“IRS”) or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to an issue, or that a court will not sustain such a position if so asserted by the IRS.
In rendering our opinions, we have made such factual and legal examinations, including an examination of such statutes, regulations, records, certificates and other documents as we have considered necessary or appropriate, including, but not limited to, the following: (1) the Registration Statement (including the exhibits thereto) and the Prospectus; (2) the Articles of the Company, as amended and/or amended and restated through the date hereof; (3) the Agreement of Limited Partnership of the Operating Partnership, as amended and/or amended and restated through the date hereof; (4) the Advisory Agreement, by and among the Company, the Operating Partnership and Healthcare Trust Advisors, LLC; (5) other public filings of the Company with the Commission such as Forms 10-Q and 10-K; and (6) such other documents and corporate records as we have deemed necessary or appropriate for purposes of our opinion. The opinions set forth in this letter also are based on certain written factual representations and covenants made by an officer of the Company, in the Company’s own capacity and in its capacity as the general partner of the Operating Partnership, in a letter to us of even date herewith (the “Officer’s Certificate”) relating to, among other things, those factual matters as are germane to the determination that the Company and the Operating Partnership, and the entities in which they hold direct or indirect interests, have been and will be formed, owned, and operated in such a manner that the Company has satisfied and will continue to satisfy the requirements for qualification as a REIT under the Code (collectively, the Officer’s Certificate and the documents described in the immediately preceding sentence are referred to herein as the “Transaction Documents”).
In our review, we have assumed, with the consent of the Company, that all of the factual representations, covenants and statements set forth in the Transaction Documents are true and correct, and all of the obligations imposed by any such documents on the parties thereto have been and will be performed or satisfied in accordance with their terms. Moreover, we have assumed that the Company and the Operating Partnership each will be operated in the manner described in the relevant Transaction Documents. We have, consequently, assumed and relied on the Company’s representations that the information presented in the Transaction Documents (including, without limitation, the Officer’s Certificate and the exhibits thereto) accurately and completely describe all material facts relevant to our opinion. We have not undertaken any independent inquiry into, or verification of, these facts for the purpose of rendering this opinion. Although we have reviewed all representations made to us to determine their reasonableness, we have no assurance that they are or will ultimately prove to be accurate. No facts have come to our attention, however, that would cause us to question the accuracy or completeness of such facts or Transaction Documents in a material way. Our opinion is conditioned on the continuing accuracy and completeness of such representations, covenants and statements. Any material change or inaccuracy in the facts referred to, set forth, or assumed herein or in the Transaction Documents may affect our conclusions set forth herein.
Healthcare Trust, Inc.
September 15, 2020
Page 2
We also have assumed the legal capacity of all natural persons, the genuineness of all signatures, the proper execution of all documents, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the authenticity of the originals from which any copies were made. Where documents have been provided to us in draft form, we have assumed that the final executed versions of such documents will not differ materially from such drafts.
With respect to matters of Maryland law, we have relied upon the opinion of Venable LLP, counsel for the Company, dated as of the date hereof, that the Company is a validly organized and duly incorporated corporation under the laws of the State of Maryland.
Based upon, and subject to the foregoing and the discussion below, we are of the opinion that:
(i) | commencing with the Company’s taxable year ended on December 31, 2013, the Company has been organized in conformity with the requirements for qualification as a REIT under the Code, and the Company’s actual method of operation through the date hereof has enabled it to meet and, assuming the Company’s election to be treated as a REIT is neither revoked nor intentionally terminated, the Company’s proposed method of operation will enable it to continue to meet, the requirements for qualification and taxation as a REIT under the Code; |
(ii) | the discussion in the Prospectus under the caption “Material U.S. Federal Income Tax Considerations,” to the extent it constitutes matters of law, summaries of legal matters or legal conclusions, is a fair and accurate summary of the U.S. federal income tax considerations that are likely to be material to a holder of the Company’s Stock; and |
(iii) | the Operating Partnership has been and will be taxed as a partnership or a disregarded entity, and not an association or publicly traded partnership (within the meaning of section 7704 of the Code) subject to tax as a corporation, for U.S. federal income tax purposes beginning with its first taxable year. |
We express no opinion on any issue relating to the Company, the Operating Partnership or the discussion in the Prospectus under the caption “Material U.S. Federal Income Tax Considerations,” other than as expressly stated above.
The Company’s qualification and taxation as a REIT will depend upon the Company’s ability to meet on a continuing basis, through actual annual operating and other results, the various requirements under the Code as described in the Registration Statement with regard to, among other things, the sources of its gross income, the composition of its assets, the level of its distributions to stockholders, and the diversity of its stock ownership. We will not review the Company’s compliance with these requirements on a continuing basis. Accordingly, no assurance can be given that the actual results of the operations of the Company and the Operating Partnership, the sources of their income, the nature of their assets, the level of the Company’s distributions to stockholders and the diversity of its stock ownership for any given taxable year will satisfy the requirements under the Code for the Company’s qualification and taxation as a REIT.
This opinion letter is rendered to you solely for your benefit in connection with the Registration Statement. Except as provided in the next paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, filed with any governmental agency, or relied upon by any other person for any other purpose (other than as required by law) without our express written consent.
Healthcare Trust, Inc.
September 15, 2020
Page 3
We consent to the use of our name under the captions “Material U.S. Federal Income Tax Considerations” and “Legal Matters” in the Prospectus and to the use of these opinions for filing as Exhibit 8.1 to the Registration Statement. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under section 7 of the Securities Act of 1933, or the rules and regulations of the Commission thereunder.
Sincerely yours,
/s/ Proskauer Rose LLP
Exhibit 21.1
Entity | Jurisdiction of Formation | ||
Advantage Senior Care, LLC | Delaware | ||
ARHC AAEKHWI01, LLC | Delaware | ||
ARHC ACRICKY01 TRS, LLC | Delaware | ||
ARHC ACRICKY01, LLC | Delaware | ||
ARHC AHGBYWI01, LLC | Delaware | ||
ARHC AHGVLWI01, LLC | Delaware | ||
ARHC AHHFDCA01, LLC | Delaware | ||
ARHC AHJACOH01, LLC | Delaware | ||
ARHC AHKIEWI01, LLC | Delaware | ||
ARHC AHMLWWI01, LLC | Delaware | ||
ARHC AHPLYWI01, LLC | Delaware | ||
ARHC AHWTFWI01, LLC | Delaware | ||
ARHC AHWTMWI01, LLC | Delaware | ||
ARHC ALALPGA01 TRS, LLC | Delaware | ||
ARHC ALALPGA01, LLC | Delaware | ||
ARHC ALCFBTX01, LLC | Delaware | ||
ARHC ALCLKTX01, LLC | Delaware | ||
ARHC ALELIKY01 TRS, LLC | Delaware | ||
ARHC ALELIKY01, LLC | Delaware | ||
ARHC ALJUPFL01 TRS, LLC | Delaware | ||
ARHC ALJUPFL01, LLC | Delaware | ||
ARHC ALMEYTX01, LLC | Delaware | ||
ARHC ALSPGFL01 TRS, LLC | Delaware | ||
ARHC ALSPGFL01, LLC | Delaware | ||
ARHC ALSTUFL01 TRS, LLC | Delaware | ||
ARHC ALSTUFL01, LLC | Delaware | ||
ARHC ALTSPFL01 TRS, LLC | Delaware | ||
ARHC ALTSPFL01, LLC | Delaware | ||
ARHC ALWOOTX01, LLC | Delaware | ||
ARHC AMGLNAZ01, LLC | Delaware | ||
ARHC AMGLNAZ02, LLC | Delaware | ||
ARHC AORMDVA01, LLC | Delaware | ||
ARHC APNVLMI01 TRS, LLC | Delaware | ||
ARHC APNVLMI01, LLC | Delaware | ||
ARHC ARCLRMI01 TRS, LLC | Delaware | ||
ARHC ARCLRMI01, LLC | Delaware | ||
ARHC ATROCIL01 TRS, LLC | Delaware | ||
ARHC ATROCIL01, LLC | Delaware | ||
ARHC AVBURWI01 TRS, LLC | Delaware | ||
ARHC AVBURWI01, LLC | Delaware | ||
ARHC BCKNGNY01, LLC | Delaware | ||
ARHC BGBOWMD01, LLC | Delaware | ||
ARHC BLHBGPA01, LLC | Delaware | ||
ARHC BMBUCMI01, LLC (f/k/a ARHC CO Borrower 5, LLC) | Delaware | ||
ARHC BMBWNIL01, LLC | Delaware | ||
ARHC BMLKWCO01, LLC | Delaware | ||
ARHC BMWRNMI01, LLC | Delaware | ||
ARHC BPBUFMO01, LLC | Delaware | ||
ARHC BRHBGPA01, LLC | Delaware | ||
ARHC BSHUMMO01, LLC | Delaware |
ARHC BSNPLFL01 TRS, LLC | Delaware | ||
ARHC BSNPLFL01, LLC | Delaware | ||
ARHC BWBRUGA01 TRS, LLC | Delaware | ||
ARHC BWBRUGA01, LLC | Delaware | ||
ARHC CALEWMO01, LLC | Delaware | ||
ARHC CAROCMI01, LLC | Delaware | ||
ARHC CAROCMI02, LLC | Delaware | ||
ARHC CCCGRMO01, LLC | Delaware | ||
ARHC CCGBGIL01, LLC | Delaware | ||
ARHC CCSCNNY01, LLC | Delaware | ||
ARHC CFGREOR01 TRS, LLC | Delaware | ||
ARHC CFGREOR01, LLC | Delaware | ||
ARHC CHCASMO01, LLC | Delaware | ||
ARHC CHCOLIL01 TRS, LLC | Delaware | ||
ARHC CHCOLIL01, LLC | Delaware | ||
ARHC CHEVLIL01 TRS, LLC | Delaware | ||
ARHC CHEVLIL01, LLC | Delaware | ||
ARHC CHHBGPA01, LLC | Delaware | ||
ARHC CHPTNIL01, LLC | Delaware | ||
ARHC CHSGDIL01, LLC | Delaware | ||
ARHC CHSLOIL01 TRS, LLC | Delaware | ||
ARHC CHSLOIL01, LLC | Delaware | ||
ARHC CHSLOIL02, LLC | Delaware | ||
ARHC CHSPTIL01 TRS, LLC | Delaware | ||
ARHC CHSPTIL01, LLC | Delaware | ||
ARHC CMCNRTX01, LLC | Delaware | ||
ARHC CMLITCO01, LLC | Delaware | ||
ARHC CMSHTMI001, LLC | Delaware | ||
ARHC CMWTSMI001, LLC | Delaware | ||
ARHC CO BORROWER 11, LLC | Delaware | ||
ARHC CO BORROWER 12, LLC | Delaware | ||
ARHC CO BORROWER 13, LLC | Delaware | ||
ARHC CO BORROWER 14, LLC | Delaware | ||
ARHC CO BORROWER 15, LLC | Delaware | ||
ARHC CO SPE Member, LLC | Delaware | ||
ARHC CPHAMVA01, LLC | Delaware | ||
ARHC CSCLWFL01, LLC | Delaware | ||
ARHC CSDOUGA01, LLC | Delaware | ||
ARHC CSKENMI01, LLC | Delaware | ||
ARHC CWEVAGA01 TRS, LLC | Delaware | ||
ARHC CWEVAGA01, LLC (f/k/a ARHC CO Borrower 6, LLC) | Delaware | ||
ARHC DBDUBGA01 TRS, LLC | Delaware | ||
ARHC DBDUBGA01, LLC | Delaware | ||
ARHC DDHUDFL01, LLC | Delaware | ||
ARHC DDLARFL01, LLC | Delaware | ||
ARHC DELVSNV01, LLC | Delaware | ||
ARHC DELVSNV02, LLC | Delaware | ||
ARHC DFDYRIN01, LLC | Delaware | ||
ARHC DMDCRGA01, LLC | Delaware | ||
ARHC DVMERID01 TRS, LLC | Delaware | ||
ARHC DVMERID01, LLC | Delaware |
ARHC ECCPTNC01, LLC | Delaware | ||
ARHC ECGVLSC01, LLC | Delaware | ||
ARHC ECMCYNC01, LLC | Delaware | ||
ARHC EMRAYMO01, LLC | Delaware | ||
ARHC ESMEMTN01, LLC | Delaware | ||
ARHC FMMUNIN01, LLC | Delaware | ||
ARHC FMMUNIN02, LLC | Delaware | ||
ARHC FMMUNIN03, LLC | Delaware | ||
ARHC FMWEDAL01, LLC | Delaware | ||
ARHC FOMBGPA01, LLC | Delaware | ||
ARHC FOMBGPA01, LLC | Delaware | ||
ARHC Fox Ridge MT, LLC | Delaware | ||
ARHC FRBRYAR01 TRS, LLC | Delaware | ||
ARHC FRBRYAR01, LLC | Delaware | ||
ARHC FRLTRAR01 TRS, LLC | Delaware | ||
ARHC FRLTRAR01, LLC | Delaware | ||
ARHC FRNLRAR01 TRS, LLC | Delaware | ||
ARHC FRNLRAR01, LLC | Delaware | ||
ARHC FVECOCA01 Trs, LLC | Delaware | ||
ARHC FVECOCA01, LLC | Delaware | ||
ARHC GDFMHMI01, LLC | Delaware | ||
ARHC GFGBTAZ01, LLC | Delaware | ||
ARHC GGPOTMO01, LLC | Delaware | ||
ARHC GHGVLSC01, LLC | Delaware | ||
ARHC GMCLKTN01, LLC | Delaware | ||
ARHC GOFENMI01, LLC | Delaware | ||
ARHC GYHSVMO01, LLC | Delaware | ||
ARHC HBTPAFL01 TRS, LLC | Delaware | ||
ARHC HBTPAFL01, LLC | Delaware | ||
ARHC HCTMPFL01, LLC | Delaware | ||
ARHC HDLANCA01, LLC | Delaware | ||
ARHC HHPEOIL01, LLC | Delaware | ||
ARHC HRHAMVA01, LLC | Delaware | ||
ARHC JCCRKGA01 TRS, LLC | Delaware | ||
ARHC JCCRKGA01, LLC | Delaware | ||
ARHC KB BORROWER 1, LLC | Delaware | ||
ARHC KB BORROWER 10, LLC | Delaware | ||
ARHC KB BORROWER 11, LLC | Delaware | ||
ARHC KB BORROWER 12, LLC | Delaware | ||
ARHC KB BORROWER 13, LLC | Delaware | ||
ARHC KB BORROWER 14, LLC | Delaware | ||
ARHC KB BORROWER 15, LLC | Delaware | ||
ARHC KB BORROWER 2, LLC | Delaware | ||
ARHC KB BORROWER 3, LLC | Delaware | ||
ARHC KB BORROWER 4, LLC | Delaware | ||
ARHC KB BORROWER 5, LLC | Delaware | ||
ARHC KB BORROWER 6, LLC | Delaware | ||
ARHC KB BORROWER 7, LLC | Delaware | ||
ARHC KB BORROWER 8, LLC | Delaware | ||
ARHC KB BORROWER 9, LLC | Delaware | ||
ARHC KB SPE Member, LLC | Delaware |
ARHC LCDIXIL01 TRS, LLC | Delaware | ||
ARHC LCDIXIL01, LLC | Delaware | ||
ARHC LDSPGFL01, LLC | Delaware | ||
ARHC LHPTVPA01, LLC | Delaware | ||
ARHC LMFMYFL01, LLC | Delaware | ||
ARHC LMHBGPA01, LLC | Delaware | ||
ARHC LMLANPA01, LLC | Delaware | ||
ARHC LMPLNTX01, LLC | Delaware | ||
ARHC LPELKCA01, LLC | Delaware | ||
ARHC LSSMTMO01 TRS, LLC | Delaware | ||
ARHC LSSMTMO01, LLC | Delaware | ||
ARHC LVHLDMI01, LLC (f/k/a ARHC CO Borrower 7, LLC) | Delaware | ||
ARHC MBAGHCA01 TRS, LLC | Delaware | ||
ARHC MBAGHCA01, LLC | Delaware | ||
ARHC MCMSHMO01, LLC | Delaware | ||
ARHC MCNWDNY01, LLC | Delaware | ||
ARHC MHCLVOH01, LLC | Delaware | ||
ARHC MMJLTIL01, LLC | Delaware | ||
ARHC MMTCTTX01, LLC | Delaware | ||
ARHC MRMRWGA01, LLC | Delaware | ||
ARHC MSHBGPA01, LLC | Delaware | ||
ARHC MTMTNIL01, LLC | Delaware | ||
ARHC MVMTNIL01, LLC | Delaware | ||
ARHC MVMVNWA01, LLC | Delaware | ||
ARHC NHCANGA01, LLC | Delaware | ||
ARHC NVJUPFL01 TRS, LLC | Delaware | ||
ARHC NVJUPFL01, LLC | Delaware | ||
ARHC NVLTZFL01 TRS, LLC | Delaware | ||
ARHC NVLTZFL01, LLC | Delaware | ||
ARHC NVWELFL01 TRS, LLC | Delaware | ||
ARHC NVWELFL01, LLC | Delaware | ||
ARHC OCWMNLA01, LLC | Delaware | ||
ARHC OLOLNIL01, LLC | Delaware | ||
ARHC OPBROOR01 TRS, LLC | Delaware | ||
ARHC OPBROOR01, LLC | Delaware | ||
ARHC PCCHEMI01, LLC | Delaware | ||
ARHC PCLMYPA01, LLC | Delaware | ||
ARHC PCPLSMI01, LLC | Delaware | ||
ARHC PCSHVMS01, LLC | Delaware | ||
ARHC PHCRPIA01 TRS, LLC | Delaware | ||
ARHC PHCRPIA01, LLC | Delaware | ||
ARHC PHCTNIA01 TRS, LLC | Delaware | ||
ARHC PHCTNIA01, LLC (f/k/a ARHC CO Borrower 8, LLC) | Delaware | ||
ARHC PHDESIA01 TRS, LLC | Delaware | ||
ARHC PHDESIA01, LLC (f/k/a ARHC CO BORROWER 2, LLC) | Delaware | ||
ARHC PHNLXIL01, LLC | Delaware | ||
ARHC PHOTTIA01 TRS, LLC | Delaware | ||
ARHC PHOTTIA01, LLC | Delaware | ||
ARHC PHTIPIA01 TRS, LLC | Delaware | ||
ARHC PHTIPIA01, LLC | Delaware | ||
ARHC Plaza Del Rio Medical Office Campus Member 1, LLC | Delaware |
ARHC Plaza Del Rio Medical Office Campus Member 2, LLC | Delaware | ||
ARHC PMCPKNY01, LLC | Delaware | ||
ARHC PMPEOAZ01, LLC | Delaware | ||
ARHC PPCLRMI01, LLC | Delaware | ||
ARHC PPDWTMI01 TRS, LLC | Delaware | ||
ARHC PPDWTMI01, LLC | Delaware | ||
ARHC PPDWTMI01, LLC | Delaware | ||
ARHC PPGBLMI01, LLC | Delaware | ||
ARHC PPHRNTN01, LLC | Delaware | ||
ARHC PPLVLGA01, LLC | Delaware | ||
ARHC PRPEOAZ01, LLC | Delaware | ||
ARHC PRPEOAZ02, LLC | Delaware | ||
ARHC PRPEOAZ03, LLC | Delaware | ||
ARHC PRPEOAZ04, LLC | Delaware | ||
ARHC PRPEOAZ05 TRS, LLC | Delaware | ||
ARHC PSINDIA01 TRS, LLC | Delaware | ||
ARHC PSINDIA01, LLC | Delaware | ||
ARHC PSNHTMA01, LLC | Delaware | ||
ARHC PSSGDMA01, LLC | Delaware | ||
ARHC PSWSGMA01, LLC | Delaware | ||
ARHC PVGYRAZ01, LLC | Delaware | ||
ARHC PVPHXAZ01, LLC | Delaware | ||
ARHC PVVLGKS01 TRS, LLC | Delaware | ||
ARHC PVVLGKS01, LLC | Delaware | ||
ARHC PWHLTMI01, LLC | Delaware | ||
ARHC Quad Cities Portfolio Member, LLC | Delaware | ||
ARHC RACLWFL01, LLC | Delaware | ||
ARHC RHMARIL01, LLC | Delaware | ||
ARHC RHMESAZ01, LLC | Delaware | ||
ARHC RHSUNAZ01, LLC | Delaware | ||
ARHC RMRWLTX01, LLC | Delaware | ||
ARHC RPATLGA01 TRS, LLC | Delaware | ||
ARHC RPATLGA01, LLC (f/k/a ARHC CO BORROWER 3, LLC) | Delaware | ||
ARHC RWCUDWI01 TRS, LLC | Delaware | ||
ARHC RWCUDWI01, LLC | Delaware | ||
ARHC RWROSGA01 TRS, LLC | Delaware | ||
ARHC RWROSGA01, LLC | Delaware | ||
ARHC SARCOIL01, LLC | Delaware | ||
ARHC SAVENFL01, LLC | Delaware | ||
ARHC SBBURIA01 TRS, LLC | Delaware | ||
ARHC SBBURIA01, LLC (f/k/a ARHC CO BORROWER 1, LLC) | Delaware | ||
ARHC SCBTHNY01, LLC | Delaware | ||
ARHC SCBTHNY02, LLC | Delaware | ||
ARHC SCCRLIA01 TRS, LLC | Delaware | ||
ARHC SCCRLIA01, LLC (f/k/a ARHC CO Borrower 9, LLC) | Delaware | ||
ARHC SCKCYMO01 TRS, LLC | Delaware | ||
ARHC SCKCYMO01, LLC | Delaware | ||
ARHC SCTEMTX01, LLC | Delaware | ||
ARHC SCVSTCA01, LLC | Delaware | ||
ARHC SFFLDIA01 TRS, LLC | Delaware | ||
ARHC SFFLDIA01, LLC | Delaware |
ARHC SFSCHIN01, LLC | Delaware | ||
ARHC SFSTOGA01, LLC | Delaware | ||
ARHC SLKLAOR01, LLC | Delaware | ||
ARHC SMERIPA01, LLC | Delaware | ||
ARHC SMMDSIA01 TRS, LLC | Delaware | ||
ARHC SMMDSIA01, LLC | Delaware | ||
ARHC SMMTEIA01 TRS, LLC | Delaware | ||
ARHC SMMTEIA01, LLC (f/k/a ARHC CO Borrower 10, LLC) | Delaware | ||
ARHC SPPLSIA01 TRS, LLC | Delaware | ||
ARHC SPPLSIA01, LLC | Delaware | ||
ARHC SSTMPFL01, LLC | Delaware | ||
ARHC TCHOUTX01, LLC | Delaware | ||
ARHC TPTMPFL01, LLC | Delaware | ||
ARHC TRS HOLDCO II, LLC | Delaware | ||
ARHC TVTITFL01 TRS, LLC | Delaware | ||
ARHC TVTITFL01, LLC (f/k/a ARHC CO BORROWER 4, LLC) | Delaware | ||
ARHC UCELKCA01, LLC | Delaware | ||
ARHC UPHBGPA01, LLC | Delaware | ||
ARHC UPHBGPA02, LLC | Delaware | ||
ARHC UPMOLIL01, LLC | Delaware | ||
ARHC UPMUSIA01, LLC | Delaware | ||
ARHC VAGBGIL01, LLC | Delaware | ||
ARHC VCSTOGA01, LLC | Delaware | ||
ARHC VSMCKTX01, LLC | Delaware | ||
ARHC VSTALFL01, LLC | Delaware | ||
ARHC WCWCHFL01, LLC | Delaware | ||
ARHC WGWCHIL01, LLC | Delaware | ||
ARHC WHWCHPA01 TRS, LLC | Delaware | ||
ARHC WHWCHPA01, LLC | Delaware | ||
ARHC WHYRKPA01, LLC | Delaware | ||
ARHC WIGNFWI01, LLC | Delaware | ||
ARHC WISMLWI01, LLC | Delaware | ||
ARHC WISTFWI01, LLC | Delaware | ||
ARHC WLWBYMN01, LLC | Delaware | ||
ARHC WMBRPMI01, LLC | Delaware | ||
ARHC WWGDRMI01, LLC | Delaware | ||
ARHC WWWYGMI01, LLC | Delaware | ||
Healthcare Trust Operating Partnership, L.P. | Delaware | ||
LEISURE LIVING MANAGEMENT OF BUCHANAN, LLC | Michigan | ||
LEISURE LIVING MANAGEMENT OF GRAND RAPIDS, INC. | Michigan | ||
LEISURE LIVING MANAGEMENT OF HOLLAND, INC. | Michigan | ||
LEISURE LIVING MANAGEMENT OF LANSING, INC. | Michigan | ||
LIFEHOUSE - CRYSTAL MANOR OPERATIONS, LLC | Michigan | ||
LIFEHOUSE - GOLDEN ACRES OPERATIONS, LLC | Michigan | ||
LIFEHOUSE - WALDON WOODS OPERATIONS, LLC | Michigan | ||
LIFEHOUSE CLARE OPERATIONS, LLC | Michigan | ||
LIFEHOUSE GRAND BLANC OPERATIONS, LLC | Michigan | ||
LIFEHOUSE MT. PLEASANT OPERATIONS, LLC | Michigan | ||
LIFEHOUSE PRESTIGE COMMONS OPERATIONS, LLC | Michigan | ||
LIFEHOUSE PRESTIGE WAY OPERATIONS, LLC | Michigan | ||
NuVista Living at Jupiter, LLC | Florida |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form S-11 of Healthcare Trust, Inc. of our report dated March 24, 2020 relating to the financial statements and financial statement schedule, which appears in Healthcare Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
New York, New York
September 15, 2020
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Healthcare Trust, Inc.:
We consent to the use of our report dated March 13, 2019, with respect to the consolidated balance sheet of Healthcare Trust, Inc. as of December 31, 2018, the related consolidated statements of operations and comprehensive loss, changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2018, and the related notes and financial statement schedule III, (collectively, the “consolidated financial statements”), incorporated herein by reference and to the reference to our firm under the heading “Experts” in the prospectus.
/s/ KPMG LLP
Chicago, Illinois
September 15, 2020
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