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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 | | |
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