10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

	OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to __________

Commission file number: 000-55201

Healthcare Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland	38-3888962
(State or other  jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
405 Park Ave., 14th Floor, New York, NY	10022
(Address of principal executive offices)	(Zip Code)
(212) 415-6500
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant submitted electronically and posted on its corporate Web Site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer o
Non-accelerated filer o	(Do not check if a smaller reporting company)	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:

As of October 31, 2015, the registrant had 86,091,285 shares of common stock outstanding.

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

INDEX TO FINANCIAL STATEMENTS

	Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of September 30, 2015 (Unaudited) and December 31, 2014	3
Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2015 and 2014 (Unaudited)	4
Consolidated Statement of Changes in Stockholders' Equity for the Nine Months Ended September 30, 2015 (Unaudited)	5
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2015 and 2014 (Unaudited)	6
Notes to Consolidated Financial Statements (Unaudited)	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3. Quantitative and Qualitative Disclosures About Market Risk	46
Item 4. Controls and Procedures	46
PART II - OTHER INFORMATION	47
Item 1. Legal Proceedings	47
Item 1A. Risk Factors	47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities	48
Item 3. Defaults Upon Senior Securities	49
Item 4. Mine Safety Disclosures	49
Item 5. Other Information	49
Item 6. Exhibits	49
Signatures	50

2

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements.

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

	September 30, 2015			December 31, 2014
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	163,382		$	113,461
Buildings, fixtures and improvements	1,622,718			1,362,387
Construction in progress	17,977			—
Acquired intangible assets	216,537			186,849
Total real estate investments, at cost	2,020,614			1,662,697
Less: accumulated depreciation and amortization	(122,834		)	(30,947		)
Total real estate investments, net	1,897,780			1,631,750
Cash and cash equivalents	47,751			182,617
Restricted cash	2,947			1,778
Investment securities, at fair value	1,040			20,286
Receivable for sale of common stock	—			6
Prepaid expenses and other assets	30,201			17,036
Deferred costs, net	14,548			4,237
Total assets	$	1,994,267		$	1,857,710
LIABILITIES AND EQUITY
Mortgage notes payable	$	98,150		$	65,786
Mortgage premiums, net	4,276			2,844
Credit facility	185,000			—
Market lease intangible liabilities, net	21,762			19,535
Accounts payable and accrued expenses (including $1,152 and $970 due to related parties as of September 30, 2015 and December 31, 2014, respectively)	32,433			22,248
Deferred rent	2,287			3,023
Distributions payable	12,021			12,097
Total liabilities	355,929			125,533
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014	—			—
Common stock, $0.01 par value, 300,000,000 shares authorized, 85,818,405 and 83,718,853 shares of common stock issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	858			837
Additional paid-in capital	1,899,908			1,850,169
Accumulated other comprehensive income (loss)	(44		)	463
Accumulated deficit	(272,285		)	(129,406		)
Total stockholders' equity	1,628,437			1,722,063
Non-controlling interests	9,901			10,114
Total equity	1,638,338			1,732,177
Total liabilities and equity	$	1,994,267		$	1,857,710

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except for share and per share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Revenues:
Rental income	$	56,722		$	10,620		$	160,555		$	14,061
Operating expense reimbursements	3,487			1,034			9,344			1,849
Resident services and fee income	3,784			164			10,731			164
Contingent purchase price consideration	37			—			487			—
Total revenues	64,030			11,818			181,117			16,074
Expenses:
Property operating and maintenance	33,506			4,202			89,612			5,231
Operating fees to related parties	4,312			—			7,722			—
Acquisition and transaction related	3,315			17,884			8,502			20,887
General and administrative	2,442			1,221			7,574			2,212
Depreciation and amortization	34,162			7,391			97,193			10,629
Total expenses	77,737			30,698			210,603			38,959
Operating loss	(13,707		)	(18,880		)	(29,486		)	(22,885		)
Other income (expense):
Interest expense	(3,081		)	(1,418		)	(6,838		)	(2,163		)
Interest and other income	66			275			555			296
Gain on sale of investment securities	160			—			446			—
Total other expense	(2,855		)	(1,143		)	(5,837		)	(1,867		)
Loss before income tax and non-controlling interests	(16,562		)	(20,023		)	(35,323		)	(24,752		)
Income tax benefit	369			—			387			—
Net loss	(16,193		)	(20,023		)	(34,936		)	(24,752		)
Net loss attributable to non-controlling interests	85			—			187			—
Net loss attributable to stockholders	$	(16,108	)	$	(20,023	)	$	(34,749	)	$	(24,752	)
Other comprehensive loss:
Unrealized loss on investment securities, net	(177		)	(36		)	(507		)	(36		)
Comprehensive loss	$	(16,285	)	$	(20,059	)	$	(35,256	)	$	(24,788	)
Basic and diluted weighted-average shares outstanding	85,705,595			71,813,126			84,988,240			40,401,362
Basic and diluted net loss per share	$	(0.19	)	$	(0.28	)	$	(0.41	)	$	(0.61	)
Distributions declared per share	$	0.43		$	0.43		$	1.27		$	1.27

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the Nine Months Ended September 30, 2015

(In thousands, except for share data)

(Unaudited)

	Common Stock								Accumulated Other Comprehensive Income
	Number of Shares		Par Value			Additional Paid-in Capital						Accumulated Deficit			Total Stockholders' Equity			Non-controlling Interests			Total Equity
Balance, December 31, 2014	83,718,853		$	837		$	1,850,169		$	463		$	(129,406	)	$	1,722,063		$	10,114		$	1,732,177
Common stock offering costs, commissions and dealer manager fees	—		—			2			—			—			2			—			2
Common stock issued through distribution reinvestment plan	2,477,732		25			58,823			—			—			58,848			—			58,848
Common stock repurchases	(381,113	)	(4		)	(9,122		)	—			—			(9,126		)	—			(9,126		)
Equity-based compensation, net	2,933		—			36			—			—			36			—			36
Distributions declared	—		—			—			—			(108,130		)	(108,130		)	—			(108,130		)
Contributions from non-controlling interest holders	—		—			—			—			—			—			500			500
Distributions to non-controlling interest holders	—		—			—			—			—			—			(526		)	(526		)
Unrealized loss on investments	—		—			—			(507		)	—			(507		)	—			(507		)
Net loss	—		—			—			—			(34,749		)	(34,749		)	(187		)	(34,936		)
Balance, September 30, 2015	85,818,405		$	858		$	1,899,908		$	(44	)	$	(272,285	)	$	1,628,437		$	9,901		$	1,638,338

The accompanying notes are an integral part of this unaudited consolidated financial statement.

5

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities:
Net loss	$	(34,936	)	$	(24,752	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	97,193			10,629
Amortization of deferred financing costs	2,676			841
Amortization of mortgage premiums	(1,402		)	(387		)
Amortization of market lease and other intangibles, net	(119		)	51
Bad debt expense	3,766			—
Equity-based compensation	36			64
Gain on sale of investment securities	(446		)	—
Changes in assets and liabilities:
Prepaid expenses and other assets	(15,437		)	(6,222		)
Accounts payable, accrued expenses and other liabilities	7,007			8,548
Deferred rent	(736		)	1,184
Restricted cash	(1,169		)	(1,902		)
Net cash provided by (used in) operating activities	56,433			(11,946		)
Cash flows from investing activities:
Investment in real estate and other assets	(312,992		)	(886,068		)
Deposits paid for real estate acquisitions	(3,150		)	(10,451		)
Capital expenditures	(4,984		)	(139		)
Purchases of investment securities	(93		)	(18,580		)
Proceeds from sales of investment securities	19,278			—
Net cash used in investing activities	(301,941		)	(915,238		)
Cash flows from financing activities:
Proceeds from credit facility	185,000			—
Payments of mortgage notes payable	(6,023		)	(293		)
Payments of deferred financing costs	(12,407		)	(5,408		)
Proceeds from issuance of common stock	6			1,810,934
Common stock repurchases	(5,921		)	(294		)
Payments of offering costs and fees related to common stock issuances	(629		)	(203,567		)
Distributions paid	(49,358		)	(19,476		)
Contributions from non-controlling interest holders	500			—
Distributions to non-controlling interest holders	(526		)	—
Payments to related parties	—			(484		)
Net cash provided by financing activities	110,642			1,581,412
Net change in cash and cash equivalents	(134,866		)	654,228
Cash and cash equivalents, beginning of period	182,617			111,833
Cash and cash equivalents, end of period	$	47,751		$	766,061

6

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2015		2014
Supplemental disclosures of cash flow information:
Cash paid for interest	$	5,170	$	1,137
Cash paid for taxes	312		79
Non-cash investing and financing activities:
Payable and accrued offering costs	$	—	$	1,272
Unfulfilled repurchase requests included in accounts payable, accrued expenses and other liabilities	4,472		221
Assumption of mortgage notes payable used to acquire investments in real estate	38,387		66,321
Premiums on assumed mortgage notes payable	2,834		3,533
Liabilities assumed in real estate acquisitions	604		3,802
Common stock issued through distribution reinvestment plan	58,848		22,500

The accompanying notes are an integral part of these unaudited consolidated financial statements.

7

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Note 1 — Organization

Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, LP and its subsidiaries, the "Company"), formerly known as American Realty Capital Healthcare Trust II, Inc., invests in seniors housing and health care real estate in the United States for investment purposes. As of September 30, 2015, the Company owned 149 properties located in 27 states and comprised of 7.3 million rentable square feet.

In February 2013, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to $1.7 billion of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts. The Company closed its IPO in November 2014. As of September 30, 2015, the Company had 85.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the distribution reinvestment plan ("DRIP"), and had received total gross proceeds from the IPO and the DRIP of $2.1 billion.

On March 18, 2015, the Company announced its intention to list its common stock on a national stock exchange under the symbol “HTI” (the "Listing") during the third quarter of 2015. On September 24, 2015, the Company announced that its board of directors had determined that it was in the best interest of the Company to not pursue the Listing during the third quarter of 2015 and that the board of directors will continue to monitor market conditions and other factors with a view toward reevaluating the Listing decision when market conditions are more favorable. There can be no assurance that the Company's shares of common stock will be listed. The Company anticipates publishing an estimate of share value to comply with the new Financial Industry Regulatory Authority rules, which become effective in April 2016, unless the Company lists its common stock prior to such time. In the interim, the Company will continue to offer shares pursuant to its DRIP at $23.75 per share, and to repurchase shares pursuant to the share repurchase plan ("SRP").

The Company, which was incorporated on October 15, 2012, is a Maryland corporation that elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its taxable year ended December 31, 2013. Substantially all of the Company's business is conducted through Healthcare Trust Operating Partnership, LP (the "OP"), formerly known as American Realty Capital Healthcare Trust II Operating Partnership, LP, a Delaware limited partnership. The Company has no direct employees. Healthcare Advisors, LLC (the "Advisor"), formerly known as American Realty Capital Healthcare II Advisors, LLC, has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained Healthcare Properties, LLC (the "Property Manager"), formerly known as American Realty Capital Healthcare II Properties, LLC, to serve as the Company's property manager. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the IPO and, together with its affiliates, continues to provide the Company with various services. The Advisor, the Property Manager and the Dealer Manager are under common control with AR Capital, LLC ("ARC"), the parent of the Company's sponsor, American Realty Capital VII, LLC (the "Sponsor"), as a result of which, they are related parties, and each have received or will receive compensation, fees and expense reimbursements from the Company for services related to the IPO and the investment and management of our assets. The Advisor, Property Manager and Dealer Manager also have received or will receive compensation, fees and expense reimbursements related to the investment and management of the Company's assets.

Note 2 — Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period.

These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2014, which are included in the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2015. There have been no significant changes to the Company's significant accounting policies during the nine months ended September 30, 2015 other than the updates described below.

8

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Reclassifications

Certain prior year amounts within cash flows from operating activities and cash flows from financing activities have been reclassified to conform with the current year presentation.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of this new guidance.

In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has elected to adopt the new guidance as of September 30, 2015. The Company has assessed the impact from the adoption of this revised guidance and has determined that there is no impact to its financial position, results of operations and cash flows.

In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. The Company is currently evaluating the impact of this new guidance.

In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company has elected to adopt the new guidance as of September 30, 2015. The adoption of this guidance had no impact on the Company’s consolidated financial position, results of operations or cash flows.

9

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Note 3 — Real Estate Investments

The Company owned 149 properties as of September 30, 2015. The Company invests in medical office buildings ("MOB"), seniors housing communities and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The following table presents the allocation of the assets acquired during the nine months ended September 30, 2015 and 2014:

	Nine Months Ended September 30,
(Dollar amounts in thousands)	2015			2014
Real estate investments, at cost:
Land	$	49,921		$	66,819
Buildings, fixtures and improvements	257,516			802,773
Construction in progress	17,977			—
Total tangible assets	325,414			869,592
Acquired intangibles:
In-place leases(1)	38,885			88,536
Market lease and other intangible assets(1)	1,653			11,219
Market lease liabilities (1)	(8,135		)	(9,623		)
Total assets and liabilities acquired, net	357,817			959,724
Mortgage notes payable assumed to acquire real estate investments	(38,387		)	(66,321		)
Premiums on mortgages assumed	(2,834		)	(3,533		)
Other assets and liabilities, net	(604		)	(3,802		)
Deposits for real estate acquisitions	(3,000		)	—
Cash paid for acquired real estate investments	$	312,992		$	886,068
Number of properties purchased	31			81

_______________

(1) Weighted-average remaining amortization periods for in-place leases, market lease assets and market lease liabilities acquired during the nine months ended September 30, 2015 were 6.0, 5.6 and 9.3 years, respectively, as of each property's respective acquisition date.

The following table presents unaudited pro forma information as if the acquisitions that were completed during the nine months ended September 30, 2015 had been consummated on January 1, 2014. Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $8.4 million from the nine months ended September 30, 2015 to the nine months ended September 30, 2014.

	Nine Months Ended September 30,
(In thousands)	2015			2014
Pro forma revenues (1) (2)	$	194,793		$	44,334
Pro forma net loss (1) (2)	$	(25,944	)	$	(36,172	)
Basic and diluted pro forma net loss per share	$	(0.31	)	$	(0.90	)

___________________

(1) For the nine months ended September 30, 2015, aggregate revenues and net loss derived from the operations of the Company's 2015 acquisitions (for the Company's period of ownership) were $14.6 million and $3.4 million, respectively.

(2) During the period from October 1, 2015 to November 6, 2015, the Company completed its acquisition of six properties. As of the date that these consolidated financial statements were available to be issued, the Company was still reviewing the financial information of these properties and, as such, it was impractical to include in these consolidated financial statements the pro-forma effect of these acquisitions (see Note 17 — Subsequent Events).

10

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of September 30, 2015.  These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands)	Future Minimum Base Rent Payments
October 1, 2015 — December 31, 2015	$	21,389
2016	86,160
2017	85,006
2018	80,379
2019	74,299
Thereafter	514,333
	$	861,566

As of September 30, 2015 and 2014, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis.

The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2015 and 2014:

	September 30,
State	2015	2014
Florida	22.0%	32.0%
Iowa	11.9%	20.9%
Michigan	*	10.0%
Pennsylvania	13.3%	*

_______________________________

* State's annualized rental income on a straight-line basis was not 10% or more of total annualized rental income on a straight-line basis for all portfolio properties as of the period specified.

Note 4 — Investment Securities

As of September 30, 2015 and December 31, 2014, the Company had investments with an aggregate fair value of $1.0 million and $20.3 million, respectively. Investments as of December 31, 2014 include real estate income funds managed by an affiliate of the Sponsor (see Note 9 —Related Party Transactions and Arrangements), which were sold during the three months ended September 30, 2015. These investments are considered available-for-sale securities and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income as a component of equity on the consolidated balance sheets unless the securities are considered to be other than temporarily impaired, at which time the losses would be reclassified to expense.

11

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

The following table details the unrealized gains and losses on investment securities as of September 30, 2015 and December 31, 2014.

(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2015
Equity securities	$	1,084	$	—	$	(44	)	$	1,040
December 31, 2014
Equity securities	$	19,397	$	477	$	(33	)	$	19,841
Debt security	426		19		—			445
Total	$	19,823	$	496	$	(33	)	$	20,286

The Company's investments in preferred stock have not been in a continuous unrealized loss position during the last twelve months. The Company believes that the decline in fair value is a factor of current market conditions and, as such, considers the unrealized losses as of September 30, 2015 to be temporary. Therefore no impairment was recorded during the three and nine months ended September 30, 2015.

During the three months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock and real estate income funds with a cost of $14.9 million for $15.1 million which resulted in a realized gain on sale of investment of $0.2 million. During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note with a cost of $18.8 million for $19.3 million which resulted in a realized gain on sale of investment of $0.4 million. The Company did not sell any investments during the three and nine months ended September 30, 2014 and therefore had no gains or losses from the sale of investments during these periods.

The Company's preferred stock investments, with an aggregate fair value of $1.0 million as of September 30, 2015, are redeemable at the respective issuer's option five years after issuance.

Note 5 — Revolving Credit Facility

On March 21, 2014, the Company entered into a senior secured credit facility in the amount of $50.0 million (the "Credit Facility"). On April 15, 2014 the amount available under the Credit Facility was increased to $200.0 million.

On June 26, 2015, the Company entered into an amendment to the Credit Facility which, among other things, allowed for borrowings of up to $500.0 million. On July 31, 2015, the available borrowings were increased to $565.0 million. The Credit Facility also contains a subfacility for letters of credit of up to $25.0 million. The Credit Facility contains an "accordion" feature to allow the Company, under certain circumstances, to increase the aggregate borrowings under the Credit Facility to a maximum of $750.0 million. The amendment to the Credit Facility included changes to amounts committed by each of the banks in the syndicate, which resulted in a write off of deferred financing costs of $0.5 million during the nine months ended September 30, 2015. There were no such write offs of deferred financing costs during the three months ended September 30, 2015.

The Company has the option, based upon its leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.60% to 2.20%; or (b) the Base Rate, plus an applicable margin that ranges from 0.35% to 0.95%. Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.5% above the federal funds effective rate or (iii) the applicable one-month LIBOR plus 1.0%.

The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date on March 21, 2019. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty (subject to standard breakage costs). In the event of a default, the lender has the right to terminate its obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans.

12

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

As of September 30, 2015, the balance outstanding under the Credit Facility was $185.0 million, with an effective interest rate of 1.8%. The Company's unused borrowing capacity was $324.7 million, based on assets assigned to the Credit Facility as of September 30, 2015. Availability of borrowings is based on a pool of eligible unencumbered real estate assets. There were no advances outstanding as of December 31, 2014.

The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of September 30, 2015, the Company was in compliance with the financial covenants under the Credit Facility.

Note 6 — Mortgage Notes Payable

The following table reflects the Company's mortgage notes payable as of September 30, 2015 and December 31, 2014.

		Outstanding Loan Amount as of				Effective Interest Rate
Portfolio	Encumbered Properties	September 30, 2015		December 31, 2014					Interest Rate		Maturity
		(In thousands)		(In thousands)
Creekside Medical Office Building - Douglasville, GA	—	$	—	$	5,154	5.32	%		Fixed		Sep. 2015
Bowie Gateway Medical Center - Bowie, MD	1	5,991		6,055		6.18	%		Fixed		Sep. 2016
Medical Center of New Windsor - New Windsor, NY	1	8,749		8,832		6.39	%		Fixed		Sep. 2017
Plank Medical Center - Clifton Park, NY	1	3,473		3,506		6.39	%		Fixed		Sep. 2017
Cushing Center - Schenectady, NY	1	4,210		4,287		5.71	%		Fixed		Feb. 2016
Countryside Medical Arts - Safety Harbor, FL	1	6,014		6,076		6.07	%		Fixed	(1)	Apr. 2019
St. Andrews Medical Park - Venice, FL	3	6,647		6,716		6.07	%		Fixed	(1)	Apr. 2019
Campus at Crooks & Auburn Building C - Rochester Hills, MI	1	3,573		3,626		5.91	%		Fixed		Apr. 2016
Slingerlands Crossing Phase I - Bethlehem, NY	1	6,702		6,759		6.39	%		Fixed		Sep. 2017
Slingerlands Crossing Phase II - Bethlehem, NY	1	7,803		7,877		6.39	%		Fixed		Sep. 2017
Benedictine Cancer Center - Kingston, NY	1	6,833		6,898		6.39	%		Fixed		Sep. 2017
Aurora Healthcare Center Portfolio - WI	6	31,355		—		6.55	%		Fixed		Jan. 2018
Palm Valley Medical Plaza - Goodyear, AZ	1	3,548		—		4.21	%		Fixed		Jun. 2023
Medical Center V - Peoria, AZ	1	3,252		—		4.75	%		Fixed		Sep. 2023
Total	20	$	98,150	$	65,786	6.21	%	(2)

_______________________________

(1) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017.

(2) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2015.

Real estate investments, at cost, related to the mortgage notes payable of $177.9 million and $122.4 million at September 30, 2015 and December 31, 2014, respectively, have been pledged as collateral and are not available to satisfy our debts and obligations unless first satisfying the mortgage notes payable on the properties. The Company makes payments of principal and interest on all of its mortgage notes payable on a monthly basis.

The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to September 30, 2015:

(In thousands)	Future Principal Payments
October 1, 2015 — December 31, 2015	$	366
2016	14,922
2017	33,813
2018	30,833
2019	12,221
Thereafter	5,995
	$	98,150

13

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Some of the Company's mortgage note agreements require the compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2015, the Company was in compliance with the financial covenants under its mortgage note agreements.

Note 7 — Fair Value of Financial Instruments

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.

The Company has or had investments in common stock, redeemable preferred stock, real estate income funds and a senior note that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company has classified these investments as Level 1 in the fair value hierarchy.

The following table presents information about the Company's assets measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall.

(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
September 30, 2015
Investment securities	$	1,040	$	—	$	—	$	1,040
December 31, 2014
Investment securities	$	20,286	$	—	$	—	$	20,286

14

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, receivable for sale of common stock, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below:

		Carrying Amount(1) at		Fair Value at		Carrying Amount(1) at		Fair Value at
(In thousands)	Level	September 30, 2015		September 30, 2015		December 31, 2014		December 31, 2014
Mortgage notes payable and premiums, net	3	$	102,426	$	104,355	$	68,630	$	69,117
Credit Facility	3	$	185,000	$	185,000	$	—	$	—

_______________________________

(1) Carrying value includes mortgage notes payable of $98.2 million and $65.8 million and mortgage premiums, net of $4.3 million and $2.8 million as of September 30, 2015 and December 31, 2014, respectively.

The fair value of the mortgage notes payable are estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of borrowing arrangements. Advances under the Credit Facility are considered to be reported at fair value, because the Credit Facility's interest rate varies with changes in LIBOR.

Note 8 — Common Stock

As of September 30, 2015 and December 31, 2014, the Company had 85.8 million and 83.7 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, respectively, and had received total proceeds of $2.1 billion, including proceeds from shares issued pursuant to the DRIP.

On April 9, 2013, the Company's board of directors authorized, and the Company declared, distributions payable to stockholders of record each day during the applicable period equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock beginning May 24, 2013. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

Share Repurchase Program

The Company's board of directors has adopted the SRP, which enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.

The repurchase price per share depends on the length of time investors have held such shares, as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 or 100.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).

The Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption at any time. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding on December 31 of the previous calendar year.

15

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine months ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares for $4.5 million and an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015. The accrual for unfulfilled repurchase requests is reflected in the accounts payable and accrued expenses line item in the accompanying consolidated balance sheets.

Distribution Reinvestment Plan

Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the nine months ended September 30, 2015, the Company issued 2.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $58.8 million.

Note 9 —Related Party Transactions and Arrangements

As of September 30, 2015 and December 31, 2014, Healthcare Trust Special Limited Partnership, LLC (the "Special Limited Partner"), formerly known as American Realty Capital Healthcare II Special Limited Partnership, LLC, owned 8,888 shares of the Company's outstanding common stock. The Advisor and its affiliates may incur and pay costs and fees on behalf of the Company.

The Company owned shares in real estate income funds managed by an affiliate of the Sponsor during the nine months ended September 30, 2015 (see Note 4 — Investment Securities). The Company sold these shares during the three months ended September 30, 2015.

On January 14, 2015, the Company purchased the Specialty Hospital portfolio from American Realty Capital Healthcare Trust, Inc. ("HCT") for a contract purchase price of $39.4 million. At the time of such purchase, the Sponsor and Advisor and the sponsor and advisor of HCT were under common control. On January 15, 2015, HCT merged into Stripe Sub, LLC, a Delaware limited liability company, which is a wholly-owned subsidiary of Ventas, Inc. and therefore, the Sponsor and Advisor and the sponsor and advisor of HCT were no longer under common control as of such date.

The limited partnership agreement of the OP provides for a special allocation, solely for tax purposes, of excess depreciation deductions of up to $10.0 million to the Company's Advisor, a limited partner of the OP.  In connection with this special allocation, the Company's Advisor has agreed to restore a deficit balance in its capital account in the event of a liquidation of the OP and has agreed to provide a guaranty or indemnity of indebtedness of the OP.

16

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Fees Paid in Connection with the IPO

The Dealer Manager was paid fees in connection with the sale of the Company's common stock in the IPO. The Company paid the Dealer Manager a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Company paid the Dealer Manager up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer manager fee. The Dealer Manager was permitted to reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer could elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option had been elected, the dealer manager fee would have been reduced to 2.5% of gross proceeds. The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended					Payable as of
	September 30,				September 30,					September 30,		December 31,
(In thousands)	2015		2014		2015			2014		2015		2014
Total commissions and fees incurred from (reimbursed by) and due to the Dealer Manager	$	—	$	67,004	$	(2	)	$	172,201	$	—	$	1

The Advisor and its affiliates received compensation and reimbursement for services relating to the IPO, including transfer agent services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company or its affiliated entities on behalf of the Company were charged to additional paid-in capital on the accompanying balance sheet during the IPO. The following table details reimbursable offering costs incurred from and due to the Advisor and Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended				Payable as of
	September 30,				September 30,				September 30,		December 31,
(In thousands)	2015		2014		2015		2014		2015		2014
Fees and expense reimbursements incurred from and due to the Advisor	$	—	$	13,511	$	—	$	27,266	$	—	$	—
Fees and expense reimbursements incurred from and due to the Dealer Manager	—		1,189		—		2,757		—		605
Total fees and expense reimbursements incurred from and due to the Advisor and Dealer Manager	$	—	$	14,700	$	—	$	30,023	$	—	$	605

The Company was responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding selling commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO were to be the Advisor's responsibility. As of the end of the IPO, offering and related costs, excluding selling commissions and dealer manager fees, did not exceed 2.0% of gross proceeds received from the IPO. In aggregate, offering costs including selling commissions and dealer manager fees were the Company's responsibility up to a maximum of 12.0% of the gross proceeds received from the IPO as determined at the end of the IPO. As of the end of the IPO in November 2014, offering costs were less than the 12.0% of the gross proceeds received in the IPO.

17

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Fees and Participations Paid in Connection With the Operations of the Company

The Advisor is paid an acquisition fee equal to 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. The Advisor is also reimbursed for services provided for which it incurs investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses may not exceed 0.5% of the contract purchase price of each acquired property and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimburses the Advisor for third party acquisition expenses. The aggregate amount of acquisition fees and financing coordination fees (as described below) may not exceed 1.5% of the contract purchase price and the amount advanced for a loan or other investment for all the assets acquired. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees payable with respect to the Company's portfolio of investments or reinvestments exceed 4.5% of the contract purchase price of the Company's portfolio to be measured at the close of the acquisition phase or 4.5% of the amount advanced for all loans or other investments.

If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations.

Until March 31, 2015, for its asset management services, the Company issued the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based restricted, forfeitable partnership units of the OP designated as "Class B Units." The Class B Units were intended to be profits interests and vest, and are no longer subject to forfeiture, at such time as: (x) the value of the OP's assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the "economic hurdle"); (y) any one of the following occurs: (1) a listing; (2) an other liquidity event or (3) the termination of the advisory agreement by an affirmative vote of a majority of the Company's independent directors without cause; and (z) the Advisor is still providing advisory services to the Company (the "performance condition"). Unvested Class B Units will be forfeited immediately if: (a) the advisory agreement is terminated for any reason other than a termination without cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of the Company's independent directors without cause before the economic hurdle has been met.

When approved by the board of directors, the Class B Units were issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter was equal to: (i) the excess of (A) the product of (y) the cost of assets multiplied by (z) 0.1875% over (B) any amounts payable as an oversight fee (as described below) for such calendar quarter; divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the IPO price minus the selling commissions and dealer manager fees). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of September 30, 2015, the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on vested and unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement.

On May 12, 2015, the Company, the OP and the Advisor entered into an amendment (the “Amendment”) to the advisory agreement, which, among other things, provides that the Company will cease causing the OP to issue Class B Units in the OP to the Advisor or its assignees related to any period ending after March 31, 2015. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets. The asset management fee is payable on the first business day of each month in the amount of 0.0625% multiplied by the cost of assets for the preceding monthly period.  The asset management fee is payable to the Advisor or its assignees in cash, in shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor.

18

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee of 1.5% of gross revenues from the Company's stand-alone single-tenant net leased properties and 2.5% of gross revenues from all other types of properties, respectively. The Company also reimburses the Property Manager for property level expenses. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and will pay the Property Manager an oversight fee of up to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate of the Property Manager both a property management fee and an oversight fee with respect to any particular property.

Effective June 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were amortized over the estimated remaining term of the IPO and, as such, have been fully amortized as of December 31, 2014. The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. These fees were included in general and administrative expenses in the accompanying consolidated statement of operations and comprehensive loss.

The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented.

	Three Months Ended September 30,								Nine Months Ended September 30,								Payable as of
	2015				2014				2015				2014				September 30,		December 31,
(In thousands)	Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		2015		2014
One-time fees and reimbursements:
Acquisition fees	$	1,719	$	—	$	8,187	$	—	$	3,707	$	—	$	9,555	$	—	$	—	$	—
Acquisition cost reimbursements	859		—		4,093		—		1,853		—		4,778		—		—		—
Financing coordination fees	512		—		52		—		3,400		—		1,997		—		—		—
Ongoing fees:
Asset management fees (1)	3,656		—		—		—		7,066		—		—		—		—		—
Property management fees	656		—		—		124		656		1,220		—		171		656		—
Transfer agent and other professional services	1,085		—		—		—		3,156		—		—		—		496		364
Strategic advisory fees	—		—		335		—		—		—		605		—		—		—
Distributions on Class B Units	154		—		9		—		336		—		16		—		—		—
Total related party operation fees and reimbursements	$	8,641	$	—	$	12,676	$	124	$	20,174	$	1,220	$	16,951	$	171	$	1,152	$	364

_______________

(1) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the board of directors) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company will pay an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and will no longer issue any Class B Units.

The Company reimburses the Advisor's costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company's operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash expenses and excluding any gain from the sale of assets for that period (the "2%/25% Limitation"), unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services during the operational stage; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions or for persons serving as executive officers of the Company. The 2%/25% Limitation was removed from the advisory agreement in connection with the amendments to the advisory agreement in June 2015.

19

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to forgive and absorb certain fees. Because the Advisor may forgive or absorb certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor in the future. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's property operating and general and administrative costs, which the Company will not repay. No such fees were absorbed during the three and nine months ended September 30, 2015 or 2014.

Fees and Participations Paid in Connection with a Listing or the Liquidation of the Company's Real Estate Assets

Fees Incurred in Connection with the Listing

On March 17, 2015, the Company formally engaged KeyBanc Capital Markets Inc. ("KeyBanc") and RCS Capital ("RCS Capital"), the investment banking and capital markets division of the Dealer Manager, and on May 20, 2015, the Company formally engaged BMO Capital Markets Corp. ("BMO"), as financial advisors. Previously, the Company's board of directors determined, in consultation with KeyBanc and RCS Capital, that it was in the Company's best interests to proceed with a public listing application on a national securities exchange. On September 24, 2015, the Company announced that its board of directors had determined that it was in the best interest of the Company to not pursue the Listing during the third quarter of 2015 and that the board of directors will continue to monitor market conditions and other factors with a view toward reevaluating the Listing decision when market conditions are more favorable. Pursuant to the agreements with KeyBanc, BMO and RCS Capital, they will each receive a listing advisory fee equal to $1.5 million if the Company's shares are listed on a national securities exchange. In the event of a sale or acquisition transaction, KeyBanc, BMO and RCS Capital will each receive a proposed transaction fee equal to 0.25% of the value of the transaction. No fees have been incurred in connection with this agreement during the three and nine months ended September 30, 2015 or 2014.

Other Liquidation Related Fees and Participations

The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of the Company's total return to stockholders, payable annually in arrears, such that for any year in which the Company's total return on stockholders' capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return but not to exceed 10.0% of the aggregate total return for such year. This fee will be paid only upon the sale of assets, distributions or other event which results in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the three and nine months ended September 30, 2015 or 2014.

The Company will pay the Advisor a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the three and nine months ended September 30, 2015 or 2014.

The Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company's investors have received a 6.0% cumulative non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the three and nine months ended September 30, 2015 or 2014.

If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the adjusted market value of real estate assets plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distribution was incurred during the three and nine months ended September 30, 2015 or 2014. Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution.

20

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company's market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.

Note 10 — Economic Dependency

Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations.

As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Note 11 — Equity-Based Compensation

Restricted Share Plan

The Company has an employee and director incentive restricted share plan (the "RSP"), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further approval by the Company's board of directors or the stockholders, after initial election to the board of directors and after each annual stockholder meeting, with such shares vesting annually beginning with the one year anniversary of initial election to the board of directors and the date of the next annual meeting, respectively. Restricted stock issued to independent directors will vest over a five-year period in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of common shares granted under the RSP may not exceed 5.0% of the Company's outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events).

Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. For restricted share awards granted prior to July 1, 2015, such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. For restricted share awards granted on or after July 1, 2015, such awards provide for accelerated vesting of the portion of the unvested shares scheduled to vest in the year of the recipient's voluntary termination or the failure to be re-elected to the board. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The following table reflects restricted share award activity for the period presented:

	Number of Common Shares		Weighted-Average Issue Price
Unvested, December 31, 2014	7,198		$	22.50
Granted	5,332		22.50
Vested	(1,066	)	22.50
Forfeitures	(2,399	)	22.50
Unvested, September 30, 2015	9,065		$	22.50

21

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

As of September 30, 2015, the Company had $0.2 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 3.6 years. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted stock was approximately $30,000 and $8,000 during the three months ended September 30, 2015 and 2014, respectively. Compensation expense related to restricted stock was approximately $36,000 and $18,000 during the nine months ended September 30, 2015 and 2014, respectively. Compensation expense related to restricted stock is recorded as general and administrative expense in the accompanying consolidated statement of operations and comprehensive loss.

Other Share-Based Compensation

The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. During the three and nine months ended September 30, 2014, the Company issued 1,433 and 2,036 shares in lieu of approximately $32,000 and $46,000 in cash. No such shares were issued during the three and nine months ended September 30, 2015.

Note 12 — Accumulated Other Comprehensive Income

The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented:

(In thousands)	Unrealized Gains on Available-for-Sale Securities
Balance, December 31, 2014	$	463
Other comprehensive loss, before reclassifications	(61		)
Amounts reclassified from accumulated other comprehensive income (1)	(446		)
Balance, September 30, 2015	$	(44	)

__________________

(1) During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note which resulted in a realized gain of $0.4 million, which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

Note 13 — Non-controlling Interests

The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP ("OP Units"). As of September 30, 2015 and 2014, the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate OP ownership.

In November 2014, the Company partially funded the purchase of an MOB with the issuance of 405,908 OP Units, with a value of $10.1 million or $25.00 per unit, from an unaffiliated third party.

A holder of OP Units has the right to distributions and has the right to convert OP Units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP Units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. During the three and nine months ended September 30, 2015, non-controlling interest holders were paid distributions of $0.2 million and $0.5 million, respectively. No such distributions were paid during the three and nine months ended September 30, 2014.

22

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

The Company has an investment arrangement with an unaffiliated third party whereby such investor contributed $0.5 million in exchange for a 4.1% ownership interest in Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ and is entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries' property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company's involvement with the arrangement and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in this arrangement and therefore the entities related to this arrangement are consolidated within the Company's financial statements. A non-controlling interest is recorded for the investor's ownership interest in the properties.

Note 14 — Net Loss Per Share

The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net loss attributable to stockholders (in thousands)	$	(16,108	)	$	(20,023	)	$	(34,749	)	$	(24,752	)
Basic and diluted weighted-average shares outstanding	85,705,595			71,813,126			84,988,240			40,401,362
Basic and diluted net loss per share	$	(0.19	)	$	(0.28	)	$	(0.41	)	$	(0.61	)

The Company had the following potentially dilutive securities as of September 30, 2015 and 2014, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive.

	September 30,
	2015	2014
Unvested restricted stock	9,065	7,198
OP Units	405,998	90
Class B Units	359,250	27,418
Total common share equivalents	774,313	34,706

Note 15 — Segment Reporting

During the three and nine months ended September 30, 2015 and 2014, the Company operated in three reportable business segments for management and internal financial reporting purposes: medical office buildings, triple-net leased healthcare facilities, and seniors housing — operating properties ("SHOP").

23

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

These operating segments are the segments of the Company for which separate financial information is available and for which segment results are evaluated by the Company's executive officers in deciding how to allocate resources and in assessing performance. The medical office building segment primarily consists of MOBs leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses. The triple-net leased healthcare facilities segment primarily consists of investments in seniors housing communities, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing communities, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party managers. The Company evaluates performance of the combined properties in each segment based on net operating income. Net operating income is defined as total revenues less property operating and maintenance expenses. There are no intersegment sales or transfers. The Company uses net operating income to evaluate the operating performance of real estate investments and to make decisions concerning the operation of the properties. The Company believes that net operating income is useful to investors in understanding the value of income-producing real estate. Net income (loss) is the GAAP measure that is most directly comparable to net operating income; however, net operating income should not be considered as an alternative to net income as the primary indicator of operating performance as it excludes certain items such as operating fees to the Advisor, acquisition and transaction related expenses, general and administrative expenses, depreciation and amortization expense, interest expense, interest and other income, gain on sale of investment securities, and income tax expense. Additionally, net operating income as defined by the Company may not be comparable to net operating income as defined by other REITs or companies.

The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2015 and 2014.

	Three Months Ended September 30, 2015									Nine Months Ended September 30, 2015
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	15,258	$	9,237	$	32,227	$	56,722		$	39,976	$	28,306	$	92,273	$	160,555
Operating expense reimbursements	3,452		35		—		3,487			9,221		123		—		9,344
Resident services and fee income	—		—		3,784		3,784			—		—		10,731		10,731
Contingent purchase price consideration	37		—		—		37			487		—		—		487
Total revenues	18,747		9,272		36,011		64,030			49,684		28,429		103,004		181,117
Property operating and maintenance	5,728		2,400		25,378		33,506			14,855		3,097		71,660		89,612
Net operating income	$	13,019	$	6,872	$	10,633	30,524			$	34,829	$	25,332	$	31,344	91,505
Operating fees to related parties							(4,312		)							(7,722		)
Acquisition and transaction related							(3,315		)							(8,502		)
General and administrative							(2,442		)							(7,574		)
Depreciation and amortization							(34,162		)							(97,193		)
Interest expense							(3,081		)							(6,838		)
Interest and other income							66									555
Gain on sale of investment securities							160									446
Income tax benefit							369									387
Net loss attributable to non-controlling interests							85									187
Net loss attributable to stockholders							$	(16,108	)							$	(34,749	)

24

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

	Three Months Ended September 30, 2014									Nine Months Ended September 30, 2014
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	4,044	$	2,000	$	4,576	$	10,620		$	6,684	$	2,801	$	4,576	$	14,061
Operating expense reimbursements	1,022		12		—		1,034			1,808		41		—		1,849
Resident services and fee income	—		—		164		164			—		—		164		164
Total revenues	5,066		2,012		4,740		11,818			8,492		2,842		4,740		16,074
Property operating and maintenance	1,389		15		2,798		4,202			2,390		43		2,798		5,231
Net operating income	$	3,677	$	1,997	$	1,942	7,616			$	6,102	$	2,799	$	1,942	10,843
Acquisition and transaction related							(17,884		)							(20,887		)
General and administrative							(1,221		)							(2,212		)
Depreciation and amortization							(7,391		)							(10,629		)
Interest expense							(1,418		)							(2,163		)
Interest and other income							275									296
Net loss attributable to stockholders							$	(20,023	)							$	(24,752	)

The following table reconciles the segment activity to consolidated total assets as of the periods presented:

	September 30,		December 31,
(In thousands)	2015		2014
ASSETS
Investments in real estate, net:
Medical office buildings	$	795,951	$	593,648
Triple-net leased healthcare facilities	390,579		355,962
Construction in progress	27,977		—
Seniors housing — operating properties	683,273		682,140
Total investments in real estate, net	1,897,780		1,631,750
Cash and cash equivalents	47,751		182,617
Restricted cash	2,947		1,778
Investment securities, at fair value	1,040		20,286
Receivable for sale of common stock	—		6
Prepaid expenses and other assets	30,201		17,036
Deferred costs, net	14,548		4,237
Total assets	$	1,994,267	$	1,857,710

The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented:

	Nine Months Ended September 30,
(In thousand)	2015	2014
Medical office buildings	1,343	139
Triple-net leased healthcare facilities	523	—
Seniors housing — operating properties	1,670	—
Total capital expenditures	3,536	139

25

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Note 16 — Commitments and Contingencies

The Company has entered into operating and capital lease agreements related to certain acquisitions under leasehold interests arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payment due under capital leases.  These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items.

	Future Minimum Base Rent Payments
(In thousands)	Operating Leases		Capital Leases
October 1, 2015 — December 31, 2015	$	84	$	18
2016	340		74
2017	344		76
2018	349		78
2019	354		80
Thereafter	16,619		7,930
Total minimum lease payments	$	18,090	8,256
Less: amounts representing interest			(3,456		)
Total present value of minimum lease payments			$	4,800

Total rental expense from operating leases was $0.1 million and $0.3 million during the three and nine months ended September 30, 2015, respectively. Total rental expense from operating leases was approximately $45,000 and $0.1 million during the three and nine months ended September 30, 2014, respectively. During the three and nine months ended September 30, 2015, interest expense related to capital leases was approximately $21,000 and $0.1 million, respectively. There was $0.2 million of such interest expense during the three and nine months ended September 30, 2014.

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of September 30, 2015, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Development Project Funding

In August 2015, the Company entered into an asset purchase agreement and development agreement to acquire land and construction in progress, and subsequently fund the remaining construction, of a skilled nursing facility in Jupiter, Florida for $82.0 million. As of September 30, 2015, the Company had funded $10.0 million and $18.0 million for the land and construction in progress, respectively. Concurrent with the acquisition, the Company entered into a loan agreement and lease agreement with an affiliate of the project developer. The loan agreement is intended to provide working capital to the tenant during initial operating period of the skilled nursing facility and allows for borrowings of up to $2.7 million from the Company on a non-revolving basis. Any outstanding principal balances under the loan will bear interest at 7.0% per year, payable on the first day of each fiscal quarter. As of September 30, 2015, there were no amounts outstanding due to the Company pursuant to the loan agreement.

Note 17 — Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions:

26

HEALTHCARE TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2015

(Unaudited)

Acquisitions

The following table presents certain information about the properties that the Company acquired from October 1, 2015 to November 6, 2015:

	Number of Properties	Rentable Square Feet
Portfolio, September 30, 2015	149	7,330,583
Acquisitions	6	155,298
Portfolio, November 6, 2015	155	7,485,881

Sponsor Transaction

On November 9, 2015, ARC advised the Company that ARC and Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) have mutually agreed to terminate an agreement, dated as of August 6, 2015, pursuant to which Apollo would have purchased a controlling interest in a newly formed company that would have owned a majority of the ongoing asset management business of ARC, including the Advisor and the Property Manager.  The termination has no effect on the Company’s current management team.

Dealer Manager Complaint

On November 12, 2015, the Enforcement Section of the Massachusetts Securities Division filed an administrative complaint against the Dealer Manager, an entity under common control with ARC. Neither the Company nor the Company's Advisor is a named party in the administrative complaint. The Dealer Manager served as the dealer manager of the Company’s IPO, which was completed in November 2014, and, together with its affiliates, has continued to provide certain services to the Company and the Company’s Advisor. The administrative complaint alleges fraudulent behavior in connection with proxy services provided by the Dealer Manager to another program sponsored by ARC. The Dealer Manager has previously solicited proxies on behalf of the Company, although the Company’s Advisor has determined at this time that the Dealer Manager will no longer provide such services to the Company. The administrative complaint alleges that employees of the Dealer Manager fabricated numerous shareholder proxy votes across multiple entities sponsored by ARC but does not specifically refer to any actions taken in connection with any of the Company’s proxy solicitations.

27

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Healthcare Trust, Inc., formerly known as American Realty Capital Healthcare Trust II, Inc., and the notes thereto. As used herein, the terms the "Company," "we," "our" and "us" refer to Healthcare Trust, Inc., a Maryland corporation, including, as required by context, Healthcare Trust Operating Partnership, LP, formerly known as American Realty Capital Healthcare Trust II Operating Partnership, LP, a Delaware limited partnership (our "OP"), and its subsidiaries. The Company is externally managed by Healthcare Trust Advisors, LLC (our "Advisor"), formerly known as American Realty Capital Healthcare II Advisors, LLC, a Delaware limited liability company. Capitalized terms used herein, but not otherwise defined, have the meaning ascribed to those terms in "Part I — Financial Information" included in the notes to the consolidated financial statements and contained herein.

Forward-Looking Statements

Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:

• Certain of our executive officers and directors are also officers, managers and/or holders of a direct or indirect controlling interest in our Advisor, our dealer manager, Realty Capital Securities, LLC (the "Dealer Manager") and other entities affiliated with the parent of our sponsor, AR Capital, LLC ("ARC"). As a result, certain of our executive officers and directors, our Advisor and its affiliates face conflicts of interest, including significant conflicts created by our Advisor's compensation arrangements with us and other investment programs advised by affiliates of ARC and conflicts in allocating time among these investment programs and us. These conflicts could result in unanticipated actions.

• Because investment opportunities that are suitable for us may also be suitable for other investment programs advised by affiliates of ARC, our Advisor and its affiliates face conflicts of interest relating to the purchase of properties and other investments and such conflicts may not be resolved in our favor, meaning that we could invest in less attractive assets, which could reduce the investment return to our stockholders.

• Although we intend to list our shares of common stock on a national stock exchange when we believe market conditions are favorable to do so, there is no assurance that our shares of common stock will be listed. No public market currently exists, or may ever exist, for shares of our common stock and our shares are, and may continue to be, illiquid.

• We focus on acquiring a diversified portfolio of healthcare-related assets located in the United States and are subject to risks inherent in concentrating investments in the healthcare industry.

• If we lose or are unable to obtain qualified personnel, our ability to implement our investment strategies could be delayed or hindered, which could adversely affect our results of operations.

• The healthcare industry is heavily regulated, and new laws or regulations, changes to existing laws or regulations, loss of licensure or failure to obtain licensure could result in the inability of tenants to make lease payments to us.

• We are depending on our Advisor to select investments and conduct our operations. Adverse changes in the financial condition of our Advisor or our relationship with our Advisor could adversely affect us.

• We may be unable to pay distributions with cash flows from operations, or maintain cash distributions or increase distributions over time.

• We are obligated to pay fees, which may be substantial, to our Advisor and its affiliates.

• We depend on tenants for our revenue and, accordingly, our revenue is dependent upon the success and economic viability of our tenants.

• We may not be able to achieve our rental rate objectives on new and renewal leases and our expenses could be greater, which may impact our results of operations.

28

• Increases in interest rates could increase the amount of our debt payments and limit our ability to pay distributions.

• We are permitted to pay distributions of unlimited amounts from any source. There are no established limits on the amount of borrowings that we may use to fund distribution payments, except in accordance with our organizational documents and Maryland law.

• Any distributions, especially those not covered by our cash flows from operations, may reduce the amount of capital we ultimately invest in properties and other permitted investments and negatively impact the value of our stockholders' investment.

• We have not and may not in the future generate cash flows sufficient to pay our distributions to stockholders and, as such, we may be forced to source distributions from borrowings, which may be at unfavorable rates, or depend on our Advisor or our property manager, Healthcare Trust Properties, LLC (the "Property Manager"), formerly known as American Realty Capital Healthcare II Properties, LLC, to waive fees or reimbursement of certain expenses and fees to fund our operations. There is no assurance these entities will waive such amounts.

• We are subject to risks associated with any dislocations or liquidity disruptions that may exist or occur in the credit markets of the United States from time to time.

• We are subject to risks associated with changes in general economic, business and political conditions including the possibility of intensified international hostilities, acts of terrorism, and changes in conditions of United States or international lending, capital and financing markets.

• We may fail to continue to qualify to be treated as a real estate investment trust for U.S. federal income tax purposes ("REIT"), which would result in higher taxes, may adversely affect our operations and would reduce the value of an investment in our common stock and the cash available for distributions.

• We may be deemed to be an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and thus subject to regulation under the Investment Company Act.

Overview

We invest in seniors housing and health care real estate in the United States for investment purposes. As of September 30, 2015, we owned 149 properties located in 27 states and comprised of 7.3 million rentable square feet.

In February 2013, we commenced our IPO on a "reasonable best efforts" basis of up to $1.7 billion of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts. We closed our IPO in November 2014. As of September 30, 2015, we have 85.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and have received total gross proceeds from the IPO and the DRIP of $2.1 billion.

On March 18, 2015, we announced our intention to list our common stock on a national stock exchange under the symbol “HTI” (the "Listing") during the third quarter of 2015. On September 24, 2015, we announced that our board of directors had determined that it was in our best interest to not pursue the Listing during the third quarter of 2015 and that our board of directors will continue to monitor market conditions and other factors with a view toward reevaluating the Listing decision when market conditions are more favorable. There can be no assurance that our shares of common stock will be listed. We anticipate publishing an estimate of share value to comply with the new Financial Industry Regulatory Authority rules, which become effective in April 2016, unless we list our common stock prior to such time. In the interim, we will continue to offer shares pursuant to the DRIP at $23.75 per share, and to repurchase shares pursuant to the share repurchase plan ("SRP").

We were incorporated on October 15, 2012 as a Maryland corporation that elected and qualified to be taxed as a REIT beginning with our taxable year ended December 31, 2013. Substantially all of our business is conducted through the OP. We have no direct employees. Our Advisor has been retained by us to manage our affairs on a day-to-day basis. We have retained the Property Manager to serve as our property manager. The Dealer Manager served as the dealer manager of the IPO and continues to provide us with various services. The Advisor, the Property Manager and the Dealer Manager are under common control with ARC, the parent of our sponsor, American Realty Capital VII, LLC (the "Sponsor"), as a result of which they are related parties, and each have received or will receive compensation, fees and expense reimbursements for services related to the IPO and the investment and management of our assets. The Advisor, Property Manager and Dealer Manager also have received or will receive compensation, fees and expense reimbursements from us related to the investment and management of our assets.

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Significant Accounting Estimates and Critical Accounting Policies

Set forth below is a summary of the significant accounting estimates and critical accounting policies that management believes are important to the preparation of our financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by our management. As a result, these estimates are subject to a degree of uncertainty. These significant accounting estimates and critical accounting policies include:

Revenue Recognition

Our rental income is primarily related to rent received from tenants in our medical office buildings ("MOBs") and triple-net leased healthcare facilities and from residents in our seniors housing — operating properties ("SHOPs") held using a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA"). Rent from tenants in our MOB and triple-net leased healthcare facilities operating segments is recorded in accordance with the terms of each lease on a straight-line basis over the initial term of the lease. Because many of the leases provide for rental increases at specified intervals, accounting principles generally accepted in the United States ("GAAP") require us to record a receivable, and include in revenues on a straight-line basis, unbilled rent receivables that we will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When we acquire a property, the terms of existing leases are considered to commence as of the acquisition date for the purposes of this calculation. Rental income from residents of our SHOP operating segment is recognized as earned. Residents pay monthly rent that covers occupancy of their unit and basic services, including utilities, meals and some housekeeping services. The terms of the rent are short term in nature, primarily month-to-month. We defer the revenue related to lease payments received from tenants and residents in advance of their due dates.

We continually review receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, we record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive loss.

Cost recoveries from tenants are included in operating expense reimbursement in the period the related costs are incurred, as applicable.

Resident services and fee income relates to ancillary services performed for residents in our SHOPs. Fees for ancillary services are recorded in the period in which the services are performed.

Real Estate Investments

Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred.

We evaluate the inputs, processes and outputs of each asset acquired to determine if the transaction is a business combination or asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations and comprehensive loss. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets.

In business combinations, we allocate the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements. Intangible assets may include the value of in-place leases and above- and below-market leases. In addition, any assumed mortgages receivable or payable and any assumed or issued non-controlling interests are recorded at their estimated fair values.

We generally determine the value of construction in progress based upon the replacement cost. During the construction period, we capitalize interest, insurance and real estate taxes until the development has reached substantial completion.

The fair value of the tangible assets of an acquired property with an in-place operating lease is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to the tangible assets based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. The fair value of above- or below-market leases is recorded based on the present value of the difference between the contractual amount to be paid pursuant to the in-place lease and our estimate of the fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease including any below-market fixed rate renewal options for below-market leases.

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In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above- or below-market interest rates.

In allocating the fair value to non-controlling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.

In making estimates of fair values for purposes of allocating purchase price, we utilize a number of sources, including real estate valuations prepared by independent valuation firms. We also consider information and other factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, i.e. location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the location of the real estate to the operations of the tenant’s business.

We are required to present the operations related to properties that have been sold or properties that are intended to be sold as discontinued operations in the consolidated statements of operations and comprehensive loss for all periods presented to the extent the disposal of a component represents a strategic shift that has or will have a major effect on our operations and financial results. Properties that are intended to be sold are to be designated as "held for sale" on the consolidated balance sheet at the lesser of the carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale. Properties are no longer depreciated when they are classified as held for sale.

Depreciation and Amortization

We are required to make subjective assessments as to the useful lives of the components of our real estate investments for purposes of determining the amount of depreciation to record on an annual basis. These assessments have a direct impact on our net income because if we were to shorten the expected useful lives of our real estate investments, we would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis.

Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and improvements, and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.

Construction in progress, including capitalized interest, insurance and real estate taxes, is not depreciated until the development has reached substantial completion.

Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases and expected below-market renewal option periods.

Capitalized above-market ground lease values are amortized as a reduction of property operating expense over the remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an increase to property operating expense over the remaining terms of the respective leases and expected below-market renewal option periods.

The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.

The assumed mortgage premiums or discounts are amortized as an increase or reduction to interest expense over the remaining term of the respective mortgages.

Impairment of Long Lived Assets

When circumstances indicate that the carrying value of a property may not be recoverable, we review the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.

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Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. We have not yet selected a transition method and are currently evaluating this impact of this new guidance.

In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We have elected to adopt this new guidance as of September 30, 2015. We have assessed the impact from the adoption of this revised guidance and have determined that there will be no impact to our financial position, results of operations and cash flows.

In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. We are currently evaluating the impact of this new guidance.

In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. We have elected to adopt this new guidance as of September 30, 2015. The adoption of this guidance had no impact on our consolidated financial position, results of operations or cash flows.

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Properties

The following table presents certain additional information about the properties we own as of September 30, 2015:

Portfolio	Number of Properties	Rentable Square Feet	Occupancy	Gross Asset Value
				(In thousands)
Medical Office Buildings	74	2,950,635	91.7%	$	831,690
Triple-Net Leased Healthcare Facilities(1):
Seniors Housing — Triple Net Leased	15	527,722	89.3%	98,685
Hospitals	4	428,620	57.0%	87,604
Post Acute / Skilled Nursing	20	853,865	80.9%	218,893
Seniors Housing — Operating Properties	33	2,569,741	89.3%	752,100
Land	2	N/A	N/A	3,665
Construction in Progress	1	N/A	N/A	27,977
Portfolio, September 30, 2015	149	7,330,583		$	2,020,614

_______________

(1) Revenues for our triple-net leased healthcare facilities generally consist of fixed rental amounts (subject to annual contractual escalations) received from our tenants in accordance with the applicable lease terms and do not vary based on the underlying operating performance of the properties. Therefore, while occupancy rates may affect the profitability of our tenants’ operations, they do not have a direct impact on our revenues or financial results. Occupancy statistics for our triple-net leased healthcare facilities are compiled through reports from tenants and have not been independently validated by us.

N/A Not applicable or not available.

Results of Operations

Comparison of the Three Months Ended September 30, 2015 to the Three Months Ended September 30, 2014

On July 1, 2014, we owned 24 properties (our "Same Store" properties). We acquired 125 properties during the period from July 1, 2014 through September 30, 2015 (our "Acquisitions"). Accordingly, our results of operations for the three months ended September 30, 2015 as compared to the three months ended September 30, 2014 reflect significant increases in most categories primarily due to our Acquisitions. Net loss attributable to stockholders was $16.1 million and $20.0 million for the three months ended September 30, 2015 and 2014, respectively.

Rental Income

Rental income increased $46.1 million to $56.7 million for the three months ended September 30, 2015 from $10.6 million for the three months ended September 30, 2014. This increase in rental income was primarily related to our Acquisitions.

Operating Expense Reimbursements

Operating expense reimbursements increased $2.5 million to $3.5 million for the three months ended September 30, 2015 from $1.0 million for the three months ended September 30, 2014. Operating expense reimbursements increase in relation to the increase in property operating expenses. Pursuant to many of our lease agreements, tenants are required to pay their pro rata share of property operating expenses, in addition to base rent, whereas under certain other lease agreements, the tenants are generally directly responsible for all operating costs of the respective properties. The increase in operating expense reimbursements was primarily related to our Acquisitions.

Resident Services and Fee Income

Resident services and fee income increased $3.6 million to $3.8 million for the three months ended September 30, 2015 from $0.2 million for the three months ended September 30, 2014. Resident services and fee income relates to services offered to residents in our SHOPs depending on the level of care required, as well as fees associated with other ancillary services. The increase in resident services and fee income was directly related to our Acquisitions.

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Contingent Purchase Price Consideration

During the three months ended September 30, 2015, we recognized approximately $37,000 related to contingent purchase price consideration in connection with vacancy escrow arrangements associated with two acquisitions. Based on facts and circumstances that existed at the time of acquisition, we determined that it was not probable that we would recover certain amounts placed into escrow under vacancy escrow agreements. However, the vacant leasable space under the vacancy escrow agreements was still not occupied as of the agreed upon dates, which resulted in the return of escrowed funds to us and the recognition of contingent purchase price consideration. No vacancy escrow agreements resulted in the recognition of income during the three months ended September 30, 2014.

Property Operating and Maintenance Expenses

Property operating expenses increased $29.3 million to $33.5 million for the three months ended September 30, 2015 from $4.2 million for the three months ended September 30, 2014. These costs primarily relate to the costs associated with our properties, including real estate taxes, utilities, repairs, maintenance, bad debt expense and unaffiliated third party property management fees, as well as costs relating to caring for the residents of our SHOPs. The increase in property operating expenses was directly related to our Acquisitions.

Operating Fees to Related Parties

Our Advisor and Property Manager are paid for asset management and property management services for managing our properties on a day-to-day basis. We incurred $3.7 million in fees for asset management services from our Advisor for the three months ended September 30, 2015. Prior to April 1, 2015 we caused the OP to issue to the Advisor performance-based restrictedforfeitable partnership units of the OP designated as "Class B Units" for asset management services. On May 12, 2015, we entered into an amendment to our advisory agreement which, among other things, provided that we cease causing the OP to issue Class B Units in the OP to the Advisor or its assignees related to any periods ending after March 31, 2015. Effective April 1, 2015, an asset management fee is payable to the Advisor or its assignees in cash, in shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and is expensed as incurred.

We incurred $0.7 million in fees for property management services from our Property Manager for the three months ended September 30, 2015. Property management fees increase in direct correlation with gross revenues. The Property Manager elected to waive all property management fees for the three months ended September 30, 2014. For the three months ended September 30, 2014, we would have incurred property management fees of $0.1 million had these fees not been waived.

Acquisition and Transaction Related Expenses

Acquisition and transaction related expenses of $3.3 million and $17.9 million for the three months ended September 30, 2015 and 2014, respectively, related to our acquisition of six and 64 properties, respectively. Acquisition and transaction related expenses generally increase in direct correlation with the number and contract purchase price of properties acquired during the period.

General and Administrative Expenses

General and administrative expenses increased $1.2 million to $2.4 million for the three months ended September 30, 2015 from $1.2 million for the three months ended September 30, 2014. The increase was primarily driven by professional fees incurred to support a larger real estate portfolio and number of stockholders. Prior to the end of the IPO, costs related to stockholder services were charged to additional paid-in capital in the accompanying consolidated balance sheet. At the time the IPO ended in November 2014, we began to expense, as incurred, professional fees related to stockholder services, because these costs no longer related to fulfilling subscriptions and offering costs.

Depreciation and Amortization Expenses

Depreciation and amortization expense increased $26.8 million to $34.2 million for the three months ended September 30, 2015 from $7.4 million for the three months ended September 30, 2014. The increase in depreciation and amortization expense was primarily related to our Acquisitions, which resulted in an increase of $28.3 million. This increase was partially offset by Same Store depreciation and amortization, which decreased $1.6 million due to our reallocation during the fourth quarter of 2014 of amounts that were provisionally allocated to land, buildings, fixtures and improvements and acquired lease intangible assets. The purchase price of acquired properties is allocated to tangible and identifiable intangible assets and depreciated or amortized over the estimated useful lives of the properties.

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Interest Expense

Interest expense increased $1.7 million to $3.1 million for the three months ended September 30, 2015 from $1.4 million for the three months ended September 30, 2014. Interest expense related to our mortgage notes payable increased $0.3 million as a result of a higher average outstanding mortgage balance of $101.3 million during the three months ended September 30, 2015, compared to the $62.7 million average balance during the three months ended September 30, 2014, as well as the associated increases in amortization of deferred financing costs, partially offset by increased amortization of mortgage premiums.

We entered into a $50.0 million credit facility (the "Credit Facility") in March 2014. In April 2014, June 2015 and July 2015, we entered into amendments which increased available borrowings to $200.0 million, $500.0 million and $565.0 million, respectively. Interest expense related to the Credit Facility increased $1.4 million primarily as a result of higher amortization of deferred financing costs and non-usage fees as a result of the amendments and increases to the Credit Facility as well as a higher average outstanding balance on the Credit Facility of $160.0 million during the three months ended September 30, 2015. There was no amount outstanding under the Credit Facility during the three months ended September 30, 2014.

We view a mix of secured and unsecured financing sources as an efficient and accretive means to acquire properties and manage working capital. Our interest expense in future periods will vary based on our level of future borrowings, the cost of borrowings and the opportunity to acquire real estate assets which meet our investment objectives.

Interest and Other Income

Interest and other income decreased $0.2 million to $0.1 million for the three months ended September 30, 2015 from $0.3 million for the three months ended September 30, 2014. Interest and other income includes income from our investment securities and interest income earned on cash and cash equivalents held during the period. During the nine months ended September 30, 2015, we sold investment securities which were initially purchased during the three months ended September 30, 2014 at a cost of $18.8 million. This, as well as the decrease in cash and cash equivalents, resulted in a decrease in dividend and interest income from our investments in preferred stock, common stock, real estate income funds and an investment in a senior note.

Gain on Sale of Investments

Gain on sale of investments for the three months ended September 30, 2015 of $0.2 million related to selling certain investments in preferred stock, common stock, real estate income funds and an investment in a senior note. We did not sell any investment securities and therefore had no such gains or losses on the sale of investment securities during the three months ended September 30, 2014.

Income Tax Benefit

Income tax benefit of $0.4 million for the three months ended September 30, 2015 related to deferred tax assets generated by current period net operating losses associated with our taxable REIT subsidiary ("TRS"). These deferred tax assets became realizable during the three months ended September 30, 2015 and are partially offset by other income tax expenses incurred during the same period. Income taxes generally relate to our SHOPs, which are leased by our TRS. We purchased our first SHOP assets during the three months ended September 30, 2014, but had not incurred any income tax expense or benefit during such period.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests was $0.1 million for the three months ended September 30, 2015, which represents net loss that is related to OP Unit and non-controlling interest holders. We had 90 OP Units outstanding as of September 30, 2014, compared to 0.4 million at September 30, 2015.

Comparison of the Nine Months EndedSeptember 30, 2015 to the Nine Months EndedSeptember 30, 2014

On January 1, 2014, we owned seven properties (our "Same Store" properties). We acquired 142 properties during the period from January 1, 2014 through September 30, 2015 (our "Acquisitions"). Accordingly, our results of operations for the nine months ended September 30, 2015 as compared to the nine months ended September 30, 2014 reflect significant increases in most categories primarily due to our Acquisitions. Net loss attributable to stockholders was $34.7 million and $24.8 million for the nine months ended September 30, 2015 and 2014, respectively.

Rental Income

Rental income increased $146.5 million to $160.6 million for the nine months ended September 30, 2015 from $14.1 million for the nine months ended September 30, 2014. The increase was primarily due to our Acquisitions.

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Operating Expense Reimbursements

Operating expense reimbursements increased $7.5 million to $9.3 million for the nine months ended September 30, 2015 from $1.8 million for the nine months ended September 30, 2014. Operating expense reimbursements increased in proportion with the increase in property operating expenses. Pursuant to many of our lease agreements, tenants are required to pay their pro rata share of property operating expenses, in addition to base rent, whereas under certain other lease agreements, the tenants are generally directly responsible for all operating costs of the respective properties. The increase in operating expense reimbursements was primarily related to our Acquisitions.

Resident Services and Fee Income

Resident services and fee income of increased $10.5 million to $10.7 million for the nine months ended September 30, 2015 from $0.2 million for the nine months ended September 30, 2014. Resident services and fee income relates to services offered to residents in our SHOPs depending on the level of care required, as well as fees associated with other ancillary services. This increase in resident services and fee income was directly related to our Acquisitions.

Contingent Purchase Price Consideration

During the nine months ended September 30, 2015, we recognized $0.5 million related to contingent purchase price consideration in connection with vacancy escrow arrangements associated with two acquisitions. Based on facts and circumstances that existed at the time of acquisition, we determined that it was not probable that we would recover certain amounts placed into escrow under vacancy escrow agreements. However, the vacant leasable space under the vacancy escrow agreements was still not occupied as of the agreed upon dates, which resulted in the return of escrowed funds to us and the recognition of contingent purchase price consideration. No vacancy escrow agreements resulted in the recognition of income during the nine months ended September 30, 2014.

Property Operating and Maintenance Expenses

Property operating expenses increased $84.4 million to $89.6 million for the nine months ended September 30, 2015, from $5.2 million for the nine months ended September 30, 2014. These costs primarily relate to the costs associated with our properties, including real estate taxes, utilities, repairs, maintenance, bad debt expense and unaffiliated third party property management fees, as well as costs relating to caring for the residents in our SHOPs. The increase was primarily due to our Acquisitions.

Operating Fees to Related Party

Our Advisor and Property Manager are paid for asset management and property management services for managing our properties on a day-to-day basis. We incurred $7.1 million in fees for asset management services from our Advisor for the nine months ended September 30, 2015. Prior to April 1, 2015 we caused the OP to issue to the Advisor restricted performance based Class B Units for asset management services. On May 12, 2015, we entered into an amendment to our advisory agreement which, among other things, provided that we cease causing the OP to issue Class B Units in the OP to the Advisor or its assignees related to any periods ending after March 31, 2015. Effective April 1, 2015, an asset management fee is payable to the Advisor or its assignees in cash, in shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor and is expensed as incurred.

We incurred $0.7 million in fees for property management services from our Property Manager for the nine months ended September 30, 2015. Property management fees increase in direct correlation with gross revenues. The Property Manager elected to waive a portion of property management fees for the nine months ended September 30, 2015 and all property management fees for the nine months ended September 30, 2014. For the nine months ended September 30, 2015 and 2014, we would have incurred additional property management fees of $1.2 million and $0.2 million, respectively, had these fees not been waived.

Acquisition and Transaction Related Expenses

Acquisition and transaction related expenses of $8.5 million and $20.9 million for the nine months ended September 30, 2015 and 2014, respectively, related to our acquisition of 31 and 81 properties. Acquisition and transaction related expenses generally increase in direct correlation with the number and contract purchase price of properties acquired during the period.

General and Administrative Expenses

General and administrative expenses increased $5.4 million to $7.6 million for the nine months ended September 30, 2015 from $2.2 million for the nine months ended September 30, 2014. The increase was primarily driven by professional fees incurred to support a larger real estate portfolio and number of stockholders. Prior to the end of the IPO, costs related to stockholder services were charged to additional paid-in capital in the accompanying consolidated balance sheet. At the time the IPO ended in November 2014, we began to expense, as incurred, professional fees related to stockholder services, because these costs no longer related to fulfilling subscriptions and offering costs.

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Depreciation and Amortization Expenses

Depreciation and amortization expense increased $86.6 million to $97.2 million for the nine months ended September 30, 2015 from $10.6 million for the nine months ended September 30, 2014. The increase in depreciation and amortization expense was primarily related to our Acquisitions, which resulted in an increase of $87.1 million. This increase was partially offset by Same Store depreciation and amortization, which decreased $0.7 million due to our reallocation during the fourth quarter of 2014 of amounts that were provisionally allocated to land, buildings, fixtures and improvements and acquired lease intangible assets. The purchase price of acquired properties is allocated to tangible and identifiable intangible assets and depreciated or amortized over the estimated useful lives of the properties.

Interest Expense

Interest expense increased $4.6 million to $6.8 million for the nine months ended September 30, 2015 from $2.2 million for the nine months ended September 30, 2014. Interest expense related to our mortgage notes payable increased $2.1 million related to our higher average mortgage notes payable balance of $90.0 million during the nine months ended of September 30, 2015, compared to the $29.7 million average balance during the nine months ended September 30, 2014, as well as the associated increases in amortization of deferred financing costs, partially offset by increased amortization of mortgage premiums.

We entered into a $50.0 million Credit Facility in March 2014. In April 2014, June 2015 and July 2015 we entered into amendments which increased available borrowings to $200.0 million, $500.0 million and $565.0 million respectively. Interest expense related to the Credit Facility increased $2.7 million primarily as a result of higher amortization of deferred financing costs and non-usage fees as a result of the amendments and increases to the Credit Facility, as well as a higher average outstanding balance on the Credit Facility of $64.0 million during the nine months ended September 30, 2015. There was no amount outstanding under the Credit Facility during the nine months ended September 30, 2014.

We view a mix of secured and unsecured financing sources as an efficient and accretive means to acquire properties and manage working capital. Our interest expense in future periods will vary based on our level of future borrowings, the cost of borrowings and the opportunity to acquire real estate assets which meet our investment objectives.

Interest and Other Income

Interest and other income increased $0.3 million to $0.6 million for the nine months ended September 30, 2015 from $0.3 million for the nine months ended September 30, 2014. Interest and other income includes income from our investment securities and interest income earned on cash and cash equivalents held during the period. We purchased a majority of our investment securities during the three months ended September 30, 2014, many of which were held during the nine months ended September 30, 2015, resulting in an increase in dividend and interest income from our investments in preferred stock, common stock, real estate income funds and an investment in a senior note.

Gain on Sale of Investments

Gain on sale of investments for the nine months ended September 30, 2015 of $0.4 million related to selling certain investments in preferred stock, common stock, real estate income funds and an investment in a senior note. We did not sell any investment securities and therefore had no such gains or losses on the sale of investment securities during the nine months ended September 30, 2014.

Income Tax Benefit

Income tax benefit of $0.4 million for the nine months ended September 30, 2015 related to deferred tax assets generated by current period net operating losses associated with our TRS. These deferred tax assets became realizable during the nine months ended September 30, 2015 and are partially offset by other income tax expenses incurred during the same period. Income taxes generally relate to our SHOPs, which are leased by our TRS. We purchased our first SHOP asset during the three months ended September 30, 2014, but had not incurred any income tax expense or benefit during such period.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests was $0.2 million for the nine months ended September 30, 2015, which represents net loss that is related to OP Unit and non-controlling interest holders. We had 90 OP Units outstanding as of September 30, 2014, compared to 0.4 million at September 30, 2015.

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Cash Flows for the Nine Months EndedSeptember 30, 2015

During the nine months ended September 30, 2015, net cash provided by operating activities was $56.4 million. The level of cash flows used in or provided by operating activities is affected by the volume of acquisition activity, the timing of interest payments and the amount of borrowings outstanding during the period, as well as the receipt of scheduled rent payments and the level of operating expenses. Cash flows provided by operating activities during the nine months ended September 30, 2015 included $8.5 million of acquisition and transaction costs. Cash inflows related to a net loss adjusted for non-cash items of $66.8 million (net loss of $34.9 million adjusted for non-cash items including depreciation and amortization of tangible and identifiable intangible real estate assets, deferred financing costs and mortgage premiums, equity based compensation, bad debt expense and gain on sale of investments of $101.7 million) and an increase in accounts payable and accrued expenses of $7.0 million primarily related to accrued professional fees, real estate taxes and property operating expenses for our MOBs and SHOPs, as well as accrued related party property management fees and reimbursements and interest expense. These cash inflows were partially offset by a net increase in prepaid and other assets of $15.4 million due to rent, other receivables, unbilled receivables recorded in accordance with straight-line basis accounting, prepaid real estate taxes and insurance and utility deposits, as well as a $1.2 million increase in restricted cash related to tenant deposits, real estate tax and insurance escrows on mortgaged properties and $0.7 million in deferred rent.

Net cash used in investing activities during the nine months ended September 30, 2015 was $301.9 million. The cash used in investing activities primarily included $313.0 million to acquire 31 properties. Net cash used in investing activities also included $3.2 million in deposits for future potential real estate acquisitions, $5.0 million of capital expenditures and $0.1 million for the purchase of investment securities, partially offset by $19.3 million in proceeds from the sale of investment securities.

Net cash provided by financing activities of $110.6 million during the nine months ended September 30, 2015 related to proceeds from the Credit Facility of $185.0 million to fund acquisitions and contributions from non-controlling interest holders of $0.5 million. These cash inflows were partially offset by distributions to stockholders, net of proceeds received pursuant to the DRIP of $49.4 million, common stock repurchases of $5.9 million, payments of deferred financing costs of $12.4 million, mortgage payments of $6.0 million, offering costs paid of $0.6 million and distributions to non-controlling interest holders of $0.5 million.

Cash Flows for the Nine Months EndedSeptember 30, 2014

During the nine months ended September 30, 2014, net cash used in operating activities was $11.9 million. The level of cash flows used in or provided by operating activities is affected by the volume of acquisition activity, the timing of interest payments and the amount of borrowings outstanding during the period, as well as the receipt of scheduled rent payments and the level of operating expenses. Cash flows used in operating activities during the nine months ended September 30, 2014 included $20.9 million of acquisition and transaction costs. Cash outflows related to a net loss adjusted for non-cash items of $13.6 million (net loss of $24.8 million adjusted for non-cash items including depreciation and amortization of tangible and identifiable intangible real estate assets, deferred financing costs and mortgage premiums and equity based compensation of $11.2 million) and an increase in prepaid and other assets of $6.2 million due to rent and other receivables, unbilled receivables recorded in accordance with straight-line basis accounting and prepaid real estate taxes and insurance, as well as an increase in restricted cash of $1.9 million related to real estate tax and insurance escrows on mortgaged properties. These cash outflows were partially offset by an increase in accounts payable and accrued expenses of $8.5 million primarily related to accrued real estate taxes and property operating expenses for our medical office buildings and SHOPs and $1.2 million in deferred rent.

Net cash used in investing activities during the nine months ended September 30, 2014 was $915.2 million. The cash used in investing activities included $886.1 million to acquire 81 properties. Net cash used in investing activities also included $18.6 million for the purchase of investment securities, $10.5 million for deposits on pending real estate acquisitions and $0.1 million of capital expenditures.

Net cash provided by financing activities of $1.6 billion during the nine months ended September 30, 2014 related to proceeds, net of receivables, from the issuance of common stock of $1.8 billion, partially offset by payments made on mortgage notes payable of $0.3 million, payments of deferred financing costs of $5.4 million, payments for common stock repurchases of $0.3 million, payments related to offering costs of $203.6 million, distributions paid to stockholders of $19.5 million and payments to related parties for advances to fund offering costs of $0.5 million. 

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Liquidity and Capital Resources

As of September 30, 2015, we had $47.8 million of cash and cash equivalents and investment securities, at fair value, of $1.0 million. On November 17, 2014, we closed our IPO following the successful achievement of our target equity raise, including shares reallocated from the DRIP. As of September 30, 2015, we had 85.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from our IPO and the DRIP of $2.1 billion.

We acquired our first property and commenced real estate operations in May 2013. As of September 30, 2015, we owned 149 properties with real estate investments, at cost, of $2.0 billion. Our principal demands for cash will be for acquisition costs, including the purchase price of any properties, loans and securities we acquire, improvement costs, the payment of our operating and administrative expenses, debt service obligations and distributions to our stockholders. We generally intend to acquire our assets with cash and mortgage or other debt proceeds, such as proceeds from our Credit Facility.

We expect to fund our future short-term operating liquidity requirements through a combination of cash on hand, net cash provided by our current property operations and the operations of properties to be acquired in the future, proceeds from our Credit Facility and secured mortgage financings. 

We expect to utilize proceeds from secured financings and our Credit Facility to complete future property acquisitions. Specifically, we may incur mortgage debt and pledge all or some of our properties as security for that debt to obtain funds to acquire additional properties. Once we have used all the proceeds from our IPO and availability under our Credit Facility to acquire properties, we expect that cash flow from our properties will be sufficient to fund operating expenses and the payment of our monthly distributions. Other potential future sources of capital include proceeds from secured and unsecured financings from banks or other lenders, proceeds from public and private offerings, proceeds from the sale of properties and undistributed funds from operations. We may borrow if we need funds to satisfy the REIT tax qualifications requirement that we generally distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP, determined without regard to the deduction for dividends paid and excluding net capital gain). We also may borrow if we otherwise deem it necessary or advisable to assure that we maintain our qualification as a REIT.

As of September 30, 2015, we had the ability to borrow up to $565.0 million on a revolving basis under the Credit Facility. The Credit Facility also contains a subfacility for letters of credit of up to $25.0 million. Additionally, the Credit Facility contains an "accordion" feature to allow the Company, under certain circumstances, to increase the aggregate borrowings under the Credit Facility to a maximum of $750.0 million. The Credit Facility matures on March 21, 2019.

As of September 30, 2015, the balance outstanding under the Credit Facility was $185.0 million. Our unused borrowing capacity was $324.7 million, based on assets assigned to the Credit Facility as of September 30, 2015. Availability of borrowings is based on a pool of eligible unencumbered real estate assets.

We use debt financing as a source of capital. Under our charter, the maximum amount of our total indebtedness may not exceed 300% of our total "net assets" (as defined in our charter) as of the date of any borrowing, which is generally expected to be approximately 75% of the cost of our investments. We may exceed that limit if approved by a majority of our independent directors and disclosed to stockholders in our next quarterly report on Form 10-Q or annual report on Form 10-K, as applicable, following such borrowing along with justification for exceeding such limit. This charter limitation, however, does not apply to individual real estate assets or investments. In addition, it is currently our intention to limit our aggregate borrowings to 45% of the aggregate fair market value of our assets, unless borrowing a greater amount is approved by a majority of our independent directors and disclosed to stockholders in our next quarterly report following such borrowing along with justification for borrowing such a greater amount. This limitation will not apply to individual real estate assets or investments. At the date of acquisition of each asset, we anticipate that the cost of investment for such asset will be substantially similar to its fair market value, which will enable us to satisfy our requirements under our charter. However, subsequent events, including changes in the fair market value of our assets, could result in our exceeding these limits.

We currently maintain 5% of the overall value of our portfolio in liquid assets. However, our stockholders should not expect that we will continue to maintain liquid assets at or above this level. To the extent that we maintain borrowing capacity under our Credit Facility, such available amount will be included in calculating our liquid assets. Our Advisor will consider various factors in determining the amount of liquid assets we should maintain, including, but not limited to, our receipt of proceeds from sales of additional shares, our cash flow from operations, available borrowing capacity under our Credit Facility, if any, our receipt of proceeds from any asset sale, and the use of cash to fund repurchases. The board of directors will review the amount and sources of liquid assets on a quarterly basis.

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Our board of directors has adopted the SRP which enables our stockholders to sell their shares to us under limited circumstances. At the time a stockholder requests a repurchase, we may, subject to certain conditions, repurchase the shares presented for repurchase for cash to the extent we have sufficient funds available to fund such purchase. There are limits on the number of shares we may repurchase under this program during any 12-month period. Further, we are only authorized to repurchase shares using the proceeds secured from the DRIP in any given quarter. The following table reflects the number of shares repurchased under the SRP cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine months ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares at an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015.

Acquisitions

As of November 6, 2015, we owned 155 properties. We had $334.1 million of assets under contract and executed letters of intent as of November 6, 2015. Pursuant to the terms of the purchase and sale agreements and letters of intent, our obligation to close upon these acquisitions is subject to certain conditions customary to closing, including the successful completion of due diligence and fully negotiated binding agreements. There can be no assurance that we will complete these acquisitions. We intend to use advances from our Credit Facility to fund acquisitions.

Funds from Operations and Modified Funds from Operations

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings, improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including, but not limited to, inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using the historical accounting convention for depreciation and certain other items may be less informative.

Because of these factors, the National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has published a standardized measure of performance known as funds from operations ("FFO"), which is used in the REIT industry as a supplemental performance measure. We believe FFO, which excludes certain items such as real estate-related depreciation and amortization, is an appropriate supplemental measure of a REIT's operating performance. FFO is not equivalent to our net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards set forth in the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, but excluding gains or losses from sales of property and real estate related impairments, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

We believe that the use of FFO provides a more complete understanding of our performance to investors and to management, and, when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Changes in the accounting and reporting promulgations under GAAP that were put into effect in 2009 subsequent to the establishment of NAREIT's definition of FFO, such as the change to expense as incurred rather than capitalize and depreciate acquisition fees and expenses incurred for business combinations, have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses, as items that are expensed under GAAP across all industries. These changes had a particularly significant impact on publicly registered, non-listed REITs, which typically have a significant amount of acquisition activity in the early part of their existence, particularly during the period when they are raising capital through ongoing initial public offerings.

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Because of these factors, the Investment Program Association ("IPA"), an industry trade group, has published a standardized measure of performance known as modified funds from operations ("MFFO"), which the IPA has recommended as a supplemental measure for publicly registered, non-listed REITs. MFFO is designed to be reflective of the ongoing operating performance of publicly registered, non-listed REITs by adjusting for those costs that are more reflective of acquisitions and investment activity, along with other items the IPA believes are not indicative of the ongoing operating performance of a publicly registered, non-listed REIT, such as straight-lining of rents as required by GAAP. We believe it is appropriate to use MFFO as a supplemental measure of operating performance because we believe that, when compared year over year, both before and after we have deployed all of our offering proceeds and are no longer incurring a significant amount of acquisition fees or other related costs, it reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. MFFO is not equivalent to our net income or loss as determined under GAAP.

We define MFFO, a non-GAAP measure, consistent with the IPA's Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the "Practice Guideline") issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for acquisition and transaction-related fees and expenses and other items. In calculating MFFO, we follow the Practice Guideline and exclude acquisition and transaction-related fees and expenses, amortization of above and below market intangible lease assets and liabilities and amounts relating to straight-line rents (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the lease and rental payments), contingent purchase price consideration, accretion of discounts and amortization of premiums on debt investments, capitalized interest, mark-to-market adjustments included in net income, gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis.

We believe that, because MFFO excludes costs that we consider more reflective of acquisition activities and other non-operating items, MFFO can provide, on a going-forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring properties and once our portfolio is stabilized. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry and allows for an evaluation of our performance against other publicly registered, non-listed REITs.

Not all REITs, including publicly registered, non-listed REITs, calculate FFO and MFFO the same way. Accordingly, comparisons with other REITs, including publicly registered, non-listed REITs, may not be meaningful. Furthermore, FFO and MFFO are not indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as determined under GAAP as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with GAAP measurements as an indication of our performance. FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The methods utilized to evaluate the performance of a publicly registered, non-listed REIT under GAAP should be construed as more relevant measures of operational performance and considered more prominently than the non-GAAP measures, FFO and MFFO, and the adjustments to GAAP in calculating FFO and MFFO.

Neither the SEC, NAREIT, the IPA nor any other regulatory body or industry trade group has passed judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, NAREIT, the IPA or another industry trade group may publish updates to the White Paper or the Practice Guideline or the SEC or another regulatory body could standardize the allowable adjustments across the publicly registered, non-listed REIT industry and we would have to adjust our calculation and characterization of FFO or MFFO accordingly.

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The table below reflects the items deducted or added to net loss in our calculation of FFO and MFFO for the period indicated:

	Three Months Ended									Nine Months Ended
(In thousands)	March 31, 2015			June 30, 2015			September 30, 2015			September 30, 2015
Net loss (in accordance with GAAP)	$	(5,245	)	$	(13,498	)	$	(16,193	)	$	(34,936	)
Depreciation and amortization	29,445			33,532			33,991			96,968
FFO attributable to common stockholders	24,200			20,034			17,798			62,032
Acquisition and transaction-related fees and expenses	1,999			3,174			3,317			8,490
Amortization of market lease and other lease intangibles, net	17			(80		)	(56		)	(119		)
Straight-line rent	(2,396		)	(2,130		)	(2,729		)	(7,255		)
Amortization of mortgage premiums	(332		)	(534		)	(536		)	(1,402		)
Gain on sale of investment	(286		)	—			(160		)	(446		)
Loss on debt extinguishment	—			548			—			548
Contingent purchase price consideration	—			(450		)	(37		)	(487		)
Capitalized construction interest costs	—			—			(73		)	(73		)
MFFO attributable to common stockholders	$	23,202		$	20,562		$	17,524		$	61,288

Distributions

On April 9, 2013, our board of directors authorized, and we declared, distributions payable to stockholders of record each day during the applicable period equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock beginning May 24, 2013. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month.

The amount of distributions payable to our stockholders is determined by our board of directors and is dependent on a number of factors, including funds available for distribution, our financial condition, capital expenditure requirements, as applicable, requirements of Maryland law and annual distribution requirements needed to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). Distribution payments are dependent on the availability of funds. Our board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

During the nine months ended September 30, 2015, distributions paid to common stockholders and OP Unit holders totaled $108.7 million, including $58.8 million which was reinvested through our DRIP. During the nine months ended September 2015, cash used to pay distributions was generated from net cash flow from operations, proceeds received from common stock issued under the DRIP, the sale of investment securities and financings.

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The following table shows the sources for the payment of distributions to common stockholders, including distributions on unvested restricted stock and OP Units, excluding distributions related to Class B Units as these distributions are recorded as expenses in the consolidated statement of operations and comprehensive loss, for the periods indicated:

	Three Months Ended															Nine Months Ended
	March 31, 2015					June 30, 2015					September 30, 2015					September 30, 2015
(In thousands)				Percentage of Distributions					Percentage of Distributions					Percentage of Distributions					Percentage of Distributions
Distributions:
Distributions to stockholders	$	35,244				$	36,319				$	36,643				$	108,206
Distributions on OP Units	178					175					173					526
Total distributions	$	35,422				$	36,494				$	36,816				$	108,732
Source of distribution coverage:
Cash flows provided by operations (1)	$	17,479		49.3	%	$	17,018		46.6	%	$	14,707		39.9	%	$	49,204		45.3	%
Offering proceeds from issuance of common stock	—			—	%	—			—	%	—			—	%	—			—	%
Proceeds received from common stock issued under the DRIP	17,943			50.7	%	17,687			48.5	%	17,296			47.0	%	52,926			48.7	%
Proceeds from the sale of investment securities	—			—	%	—			—	%	4,813			13.1	%	4,813			4.4	%
Proceeds from financings	—			—	%	1,789			4.9	%	—			—	%	1,789			1.6	%
Total source of distribution coverage	$	35,422		100.0	%	$	36,494		100.0	%	$	36,816		100.0	%	$	108,732		100.0	%
Cash flows provided by operations (GAAP basis) (1)	$	24,531				$	17,195				$	14,707				$	56,433
Net loss attributed to stockholders (in accordance with GAAP)	$	(5,220	)			$	(13,421	)			$	(16,108	)			$	(34,749	)

______________________________

(1) Cash flows provided by operations for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015 and the nine months ended September 30, 2015 reflect acquisition and transaction related expenses of $2.0 million, $3.2 million, $3.3 million and $8.5 million, respectively.

For the nine months ended September 30, 2015, cash flows provided by operations were $56.4 million. As shown in the table above, we funded distributions with cash flows provided by operations as well as proceeds received from common stock issued under our DRIP, the sale of investment securities and financings. To the extent we pay distributions in excess of cash flows provided by operations, our stockholders' investment may be adversely impacted. Since inception, our cumulative distributions have exceeded our cumulative FFO. Distributions paid from sources other than our cash flows from operations, particularly from proceeds of our IPO, will result in us having fewer funds available for the acquisition of properties and other real estate-related investments and may dilute our stockholders' interests in us, which may adversely affect our ability to fund future distributions with cash flows from operations and may adversely affect our stockholders' overall return.

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The following table compares cumulative distributions paid to cumulative net loss and cumulative cash flows provided by operations (in accordance with GAAP) for the period from October 15, 2012 (date of inception) through September 30, 2015:

	For the Period from October 15, 2012 (date of inception) to
(In thousands)	September 30, 2015
Distributions paid:
Common stockholders (1)	$	187,601
OP Units	526
Total distributions paid	$	188,127
Reconciliation of net loss:
Revenues	$	241,373
Acquisition and transaction related	(42,855		)
Depreciation and amortization	(127,159		)
Other operating expenses	(135,407		)
Other non-operating expenses	(8,653		)
Income tax expense	(183		)
Net income attributable to non-controlling interests	221
Net loss attributable to stockholders (in accordance with GAAP) (2)	$	(72,663	)
Cash flow provided by operations	$	49,204
FFO attributable to common stockholders	$	54,048

_____________________

(1) For the period from October 15, 2012 (date of inception) to September 30, 2015, we received $101.8 million of proceeds from common stock issued under the DRIP.

(2) Net loss as defined by GAAP includes the non-cash impact of depreciation and amortization expense as well as costs incurred relating to acquisitions and related transactions.

Loan Obligations

The payment terms of our mortgage notes payable require principal and interest amounts payable monthly with all unpaid principal and interest due at maturity. The payment terms of our Credit Facility require interest only amounts payable monthly with all unpaid principal and interest due at maturity. Our loan agreements stipulate that we comply with specific reporting covenants. As of September 30, 2015, we were in compliance with the debt covenants under our loan agreements.

Our Advisor may, with approval from our independent directors, seek to borrow short-term capital that, combined with secured mortgage financing, exceeds our targeted leverage ratio. Such short-term borrowings may be obtained from third-parties on a case-by-case basis as acquisition opportunities present themselves. We view the use of short-term borrowings, including advances under our Credit Facility, as an efficient and accretive means of acquiring real estate.

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Contractual Obligations

The following table reflects contractual debt obligations under our mortgage notes payable and Credit Facility and minimum base rental cash payments due for leasehold interests over the next five years and thereafter as of September 30, 2015. The minimum base rental cash payments due for leasehold interests amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes, among other items. As of September 30, 2015, the outstanding mortgage notes payable and loans under the Credit Facility had weighted-average effective interest rates of 6.2% and 1.8%, respectively.

					Years Ended December 31,
(In thousands)	Total		October 1, 2015 — December 31, 2015		2016 — 2017		2018 — 2019		Thereafter
Principal on mortgage notes payable	$	98,150	$	366	$	48,735	$	43,054	$	5,995
Interest on mortgage notes payable	14,373		1,517		10,237		1,715		904
Credit Facility	185,000		—		—		185,000		—
Interest on Credit Facility	11,762		854		6,777		4,131		—
Lease rental payments due (1)	26,346		102		834		861		24,549
Development project funding commitment(2)	54,104		7,679		46,425		—		—
	$	389,735	$	10,518	$	113,008	$	234,761	$	31,448

_______________________________

(1) Lease rental payments due includes $3.5 million of imputed interest related to our capital lease obligations.

(2) In August 2015, the Company entered into an asset purchase agreement and development agreement to acquire and subsequently fund the remaining construction of a skilled nursing facility in Jupiter, Florida for $82.0 million.

Election as a REIT

We elected and qualified to be taxed as a REIT under Sections 856 through 860 of the Code, effective for our taxable year ended December 31, 2013. We believe that, commencing with such taxable year, we have been organized and operate in such a manner as to qualify for taxation as a REIT under the Code. We intend to continue to operate in such a manner to qualify for taxation as a REIT, but no assurance can be given that we will operate in a manner so as to qualify or remain qualified for taxation as a REIT. In order to continue to qualify for taxation as a REIT we must, among other things, distribute annually at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP) determined without regard to the deduction for dividends paid and excluding net capital gains, and must comply with a number of other organization and operational requirements. If we continue to qualify for taxation as a REIT, we generally will not be subject to federal corporate income tax on that portion of our REIT taxable income that we distribute to our stockholders. Even if we continue to qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and properties as well as federal income and excise taxes on our undistributed income.

Inflation

We may be adversely impacted by inflation on any leases that do not contain indexed escalation provisions. In addition, we may be required to pay costs for maintenance and operation of properties, which may adversely impact our results of operations due to potential increases in costs and operating expenses resulting from inflation.

Related-Party Transactions and Agreements

We have entered into agreements with affiliates of our Sponsor, under which we have paid and/or may in the future pay certain fees or reimbursements to our Advisor, its affiliates and entities under common control with our Advisor in connection with acquisition and financing activities, sales and maintenance of common stock, transfer agency services, asset and property management services and reimbursement of operating and offering related costs.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The market risk associated with financial instruments and derivative financial instruments is the risk of loss from adverse changes in market prices or interest rates. Our long-term debt, which consists of secured financings and our Credit Facility, bears interest at fixed rates and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as swaps, collars, and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We will not hold or issue these derivative contracts for trading or speculative purposes. As of September 30, 2015, we did not have any derivative financial instruments. We do not have any foreign operations and thus we are not exposed to foreign currency fluctuations.

As of September 30, 2015, our debt consisted of both fixed and variable-rate debt. We had fixed-rate secured mortgage financings with an aggregate carrying value of $102.4 million and a fair value of $104.4 million. Changes in market interest rates on our fixed-rate debt impact the fair value of the mortgage notes, but it has no impact on interest due on the mortgage notes. For instance, if interest rates rise 100 basis points and our fixed rate debt balance remains constant, we expect the fair value of our obligation to decrease, the same way the price of a bond declines as interest rates rise. The sensitivity analysis related to our fixed–rate debt assumes an immediate 100 basis point move in interest rates from their September 30, 2015 levels, with all other variables held constant. A 100 basis point increase in market interest rates would result in a decrease in the fair value of our fixed-rate debt by $1.9 million. A 100 basis point decrease in market interest rates would result in an increase in the fair value of our fixed-rate debt by $1.5 million.

At September 30, 2015, our variable-rate Credit Facility had a carrying and fair value of $185.0 million. Interest rate volatility associated with this variable-rate Credit Facility affects interest expense incurred and cash flow. The sensitivity analysis related to all other variable-rate debt assumes an immediate 100 basis point move in interest rates from their September 30, 2015 levels, with all other variables held constant. A 100 basis point increase or decrease in variable interest rates on our variable-rate Credit Facility would increase or decrease our interest expense by $1.9 million.

These amounts were determined by considering the impact of hypothetical interest rates changes on our borrowing costs, and assuming no other changes in our capital structure. The information presented above includes only those exposures that existed as of September 30, 2015 and does not consider exposures or positions arising after that date. The information represented herein has limited predictive value. Future actual realized gains or losses with respect to interest rate fluctuations will depend on cumulative exposures, hedging strategies employed and the magnitude of the fluctuations.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

We executed our remediation plan with respect to previously identified material weaknesses during the quarter ended June 30, 2015. No change occurred in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended September 30, 2015 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a party to, and none of our properties are subject to, any material pending legal proceedings.

Item 1A. Risk Factors.

Our potential risks and uncertainties are presented in the section entitled "Item 1A. Risk Factors," disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014. The following additional risk factors should be considered regarding our potential risks and uncertainties:

Distributions paid from sources other than our cash flows from operations result in us having fewer funds available for the acquisition of properties and other real estate-related investments and may dilute our stockholders' interests in us, which may adversely affect our ability to fund future distributions with cash flows from operations and may adversely affect our stockholders' overall return.

Our cash flows provided by operations were $56.4 million for the nine months ended September 30, 2015. During the nine months ended September 30, 2015, we paid distributions of $108.7 million, of which $49.2 million, or 45.3%, was funded from cash flows from operations, $52.9 million, or 48.7%, was funded from proceeds received from our DRIP, $1.8 million, or 1.6%, was funded from financings and $4.8 million, or 4.4% was funded from the sale of investment securities. During the nine months ended September 30, 2015, cash flow from operations included an increase in accounts payable and accrued expenses of $7.0 million, as reflected on the statement of cash flows. Accordingly, if these accounts payable and accrued expenses had been paid during the nine months ended September 30, 2015, there would have been $7.0 million less in cash flow from operations available to pay distributions.

We may not generate sufficient cash flows from operations to pay future distributions. Moreover, our board of directors may change our distribution policy, in its sole discretion, at any time. In accordance with our organizational documents and Maryland law, we may not make distributions that would: (1) cause us to be unable to pay our debts as they become due in the usual course of business; (2) cause our total assets to be less than the sum of our total liabilities plus senior liquidation preferences, if any; or (3) jeopardize our ability to continue to qualify as a REIT.

Funding distributions from borrowings could restrict the amount we can borrow for investments, which may affect our profitability. Funding distributions with the sale of assets may affect our ability to generate additional operating cash flows. Funding distributions from the sale of additional securities could dilute each stockholder's interest in us if we sell shares of our common stock or securities that are convertible or exercisable into shares of our common stock to third-party investors. Payment of distributions from the mentioned sources could restrict our ability to generate sufficient cash flows from operations, affect our profitability or affect the distributions payable to stockholders upon a liquidity event, any or all of which may have an adverse effect on an investment in our shares.

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Our property portfolio has a high concentration of properties located in seven states. Our properties may be adversely affected by economic cycles and risks inherent to those states.

As of September 30, 2015, the following seven states represented 5% or more of our consolidated annualized rental income on a straight-line basis:

State	Percentage of Straight-Line Rental Income
California	5.5%
Florida	22.0%
Georgia	6.7%
Iowa	11.9%
Michigan	7.7%
Missouri	6.1%
Pennsylvania	13.3%

Any adverse situation that disproportionately affects the states listed above may have a magnified adverse effect on our portfolio. Real estate markets are subject to economic downturns, as they have been in the past, and we cannot predict how economic conditions will impact this market in both the short and long term. Declines in the economy or a decline in the real estate market in these states could hurt our financial performance and the value of our properties. Factors that may negatively affect economic conditions in these states include:

• business layoffs or downsizing;

• industry slowdowns;

• relocations of businesses;

• changing demographics;

• increased telecommuting and use of alternative work places;

• infrastructure quality;

• any oversupply of, or reduced demand for, real estate;

• concessions or reduced rental rates under new leases for properties where tenants defaulted; and

• increased insurance premiums.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities.

Unregistered Sales of Equity Securities

On February 11, 2015 and July 13, 2015, we issued 1,333 shares and 3,999 shares of restricted stock, respectively, that vest over a period of five years to our independent directors, pursuant to our employee and director incentive restricted share plan. No selling commissions or other consideration were paid in connection with such issuances, which were made without registration under the Securities Act in reliance upon the exemption from registration in Section 4(a)(2) of the Securities Act as transactions not involving any public offering.

Use of Proceeds of Registered Securities

On February 14, 2013 we commenced our IPO on a "reasonable best efforts" basis of up to a maximum of $1.7 billion of common stock, consisting of up to 68.0 million shares, pursuant to a Registration Statement on Form S-11 (File No. 333-184677) (the "Registration Statement") initially filed on October 31, 2012 with the SEC under the Securities Act of 1933, as amended. The Registration Statement, which was declared effective by the SEC on February 14, 2013, also covers 14.7 million shares of common stock pursuant the DRIP under which common stockholders may elect to have their distributions reinvested in additional shares of common stock.

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On August 1, 2014, we registered an additional 25.0 million shares to be issued under the DRIP pursuant to a registration statement on Form S-3 (File No. 333-197802). In August 2014, we completed our issuance of the $1.7 billion of common stock registered in connection with our IPO, and as permitted, reallocated the remaining 13.9 million DRIP shares available under the Registration Statement to our IPO. On November 17, 2014, we closed our IPO following the successful achievement of our target equity raise, including shares reallocated from the DRIP. As of September 30, 2015, we have issued 85.8 million shares of our common stock, including unvested restricted shares and shares issued pursuant to the DRIP, and received $2.1 billion of offering proceeds, including proceeds from shares issued pursuant to the DRIP.

We have used the net proceeds from our IPO and outstanding secured and unsecured financings as of September 30, 2015 to primarily acquire a diversified portfolio of income producing real estate properties, focusing predominantly on MOBs and other healthcare-related facilities. We may also originate or acquire first mortgage loans secured by real estate. As of September 30, 2015, we have used the net proceeds from our IPO and debt financings to purchase 149 properties. We have used net proceeds from our IPO to fund a portion of our distributions. Once we have reached our desired leverage, we expect that cash flow from our properties will be sufficient to fund operating expenses and the payment of our monthly distributions.

Issuer Purchases of Equity Securities

The following table reflects the number of shares repurchased under the SRP cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine Months Ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares at an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item5. Other Information.

On November 9, 2015, ARC advised us that ARC and Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) have mutually agreed to terminate an agreement, dated as of August 6, 2015, pursuant to which Apollo would have purchased a controlling interest in a newly formed company that would have owned a majority of the ongoing asset management business of ARC, including the Advisor and the Property Manager.  The termination has no effect on our current management team.

On November 12, 2015, the Enforcement Section of the Massachusetts Securities Division filed an administrative complaint against the Dealer Manager, an entity under common control with ARC. Neither we nor our Advisor are a named party in the administrative complaint. The Dealer Manager served as the dealer manager of our IPO, which was completed in November 2014, and, together with its affiliates, has continued to provide certain services to us and our Advisor. The administrative complaint alleges fraudulent behavior in connection with proxy services provided by the Dealer Manager to another program sponsored by ARC. The Dealer Manager has previously solicited proxies on our behalf, although our Advisor has determined at this time that the Dealer Manager will no longer provide such services to us. The administrative complaint alleges that employees of the Dealer Manager fabricated numerous shareholder proxy votes across multiple entities sponsored by ARC but does not specifically refer to any actions taken in connection with any of our proxy solicitations.

Item6. Exhibits.

The exhibits listed on the Exhibit Index (following the signatures section of this report) are included, or incorporated by reference, in this Quarterly Report on Form 10-Q.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HEALTHCARE TRUST, INC.
By:	/s/ Thomas P. D'Arcy
	Thomas P. D'Arcy
	Chief Executive Officer, President and Secretary (Principal Executive Officer)
By:	/s/ Edward F. Lange, Jr.
	Edward F. Lange, Jr.
	Chief Financial Officer, Chief Operating Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

Dated: November 16, 2015

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EXHIBITS INDEX

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (and are numbered in accordance with Item 601 of Regulation S-K):

Exhibit No.	Description
3.1 *	Articles of Amendment and Restatement for Healthcare Trust, Inc.
31.1 *	Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 *	Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 *	Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 *	XBRL (eXtensible Business Reporting Language). The following materials from Healthcare Trust, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015, formatted in XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Loss, (iii) the Consolidated Statement of Changes in Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to the Consolidated Financial Statements.

____________________

*     Filed herewith

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EX-3.1

Exhibit 3.1

ARTICLES OF
AMENDMENT AND RESTATEMENT
FOR
HEALTHCARE TRUST, INC.
a Maryland Corporation

HEALTHCARE TRUST, INC.
ARTICLES OF AMENDMENT AND RESTATEMENT

FIRST:  Healthcare Trust, Inc., a Maryland corporation (the “Company”), desires to amend and restate its charter as currently in effect and as hereinafter amended.

SECOND:  The following provisions are all the provisions of the charter currently in effect and as hereinafter amended:

ARTICLE I.
NAME

The name of the Company is Healthcare Trust, Inc. So far as may be practicable, the business of the Company shall be conducted and transacted under that name. Under circumstances in which the Board determines that the use of the name “Healthcare Trust, Inc.” is not practicable, it may use any other designation or name for the Company.

ARTICLE II.
PURPOSES AND POWERS

The purposes for which the Company is formed are to engage in any lawful act or activity (including, without limitation or obligation, qualifying and engaging in business as a real estate investment trust under Sections 856 through 860, or any successor sections, of the Internal Revenue Code of 1986, as amended (the “Code”)), for which corporations may be organized under the MGCL and the general laws of the State of Maryland as now or hereafter in force.

ARTICLE III.
RESIDENT AGENT AND PRINCIPAL OFFICE

The name and address of the resident agent for service of process of the Company in the State of Maryland are The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, Maryland 21202. The address of the Company’s principal office in the State of Maryland is c/o The Corporation Trust Incorporated, 351 West Camden Street, Baltimore, Maryland 21202. The Company may have such other offices and places of business within or outside the State of Maryland as the Board may from time to time determine.

ARTICLE IV.
DEFINITIONS

As used in the Charter, the following terms shall have the following meanings unless the context otherwise requires:

“BOARD” means the Board of Directors of the Company.

“BYLAWS” means the Bylaws of the Company, as amended from time to time.

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“CHARTER” means the charter of the Company, as amended from time to time.

“CODE” shall have the meaning as provided in Article II herein.

“COMMON SHARES” shall have the meaning as provided in Section 5.1 herein.

“COMPANY” shall have the meaning as provided in Article I herein.

“DIRECTOR” means a member of the Board of Directors of the Company that manages the Company.

“DISTRIBUTIONS” means any distributions (as such term is defined in Section 2-301 of the MGCL) pursuant to Section 5.2(iii) hereof, by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.

“MGCL” means the Maryland General Corporation Law, as in effect from time to time.

“PERSON” means an individual, corporation, partnership, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and a group to which an Excepted Holder Limit (as defined in Section 5.9(i) hereof) applies.

“PREFERRED SHARES” shall have the meaning as provided in Section 5.1 herein.

“REIT” means a corporation, trust, association or other legal entity (other than a real estate syndication) that is engaged primarily in investing in equity interests in Real Estate (including fee ownership and leasehold interests) or in loans secured by Real Estate or both, as defined pursuant to the REIT Provisions of the Code.

“REIT PROVISIONS OF THE CODE” means Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

“SECURITIES” means any of the following issued by the Company, as the context requires: Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

“SHARES” means shares of stock of the Company of any class or series, including Common Shares or Preferred Shares.

“STOCKHOLDERS” means the holders of record of the Shares as maintained in the books and records of the Company or its transfer agent.

ARTICLE V.
STOCK

SECTION 5.1 AUTHORIZED SHARES.  The total number of Shares that the Company shall have authority to issue is 350,000,000 Shares, of which (i) 300,000,000 shall be designated as common stock, $0.01 par value per share (the “Common Shares”); and (ii) 50,000,000 shall be designated as preferred stock, $0.01 par value per share (the “Preferred Shares”). The aggregate par value of all authorized Shares having par value is

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$3,500,000. If Shares of one class are classified or reclassified into Shares of another class pursuant to Section 5.2(ii) or Section 5.3 of this Article V, the number of authorized Shares of the former class shall be automatically decreased and the number of authorized Shares of the latter class shall be automatically increased, in each case by the number of Shares so classified or reclassified, as the case may be, so that the aggregate number of Shares of all classes that the Company has authority to issue shall not be more than the total number of Shares set forth in the first sentence of this Section 5.1. The Board, with the approval of a majority of the entire Board and without any action by the Stockholders, may amend the Charter from time to time to increase or decrease the aggregate number of Shares or the number of any class or series that the Company has authority to issue.

SECTION 5.2 COMMON SHARES.

(i) COMMON SHARES SUBJECT TO TERMS OF PREFERRED SHARES.  The Common Shares shall be subject to the express terms of any series of Preferred Shares.

(ii) DESCRIPTION.  Subject to Section 5.7 hereof and except as may otherwise be specified in the Charter, each Common Share shall entitle the holder thereof to one vote. The Board may classify or reclassify any unissued Common Shares from time to time into one or more classes or series of Shares.

(iii) DISTRIBUTION RIGHTS.  The Board from time to time may authorize the Company to declare and pay to Stockholders such dividends or other Distributions in cash or other assets of the Company or in Securities, including Shares of one class payable to holders of Shares of another class, or from any other source as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and other Distributions as shall be necessary for the Company to qualify as a REIT under the REIT Provisions of the Code unless the Board has determined, in its sole discretion, that qualification as a REIT is not in the best interests of the Company; provided, however, Stockholders shall have no right to any dividend or other Distribution unless and until authorized by the Board and declared by the Company. The exercise of the powers and rights of the Board pursuant to this section shall be subject to the provisions of any class or series of Shares at the time outstanding. The receipt by any Person in whose name any Shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or other Distributions payable or deliverable in respect of such Shares and from all liability to see to the application thereof.

(iv) RIGHTS UPON LIQUIDATION.  In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any distribution of the assets of the Company, the aggregate assets available for distribution to holders of the Common Shares shall be determined in accordance with applicable law. Each holder of Common Shares of a particular class shall be entitled to receive, ratably with each other holder of Common Shares of such class, that portion of such aggregate assets available for distribution as the number of outstanding Common Shares of such class held by such holder bears to the total number of outstanding Common Shares of such class then outstanding.

(v) VOTING RIGHTS.  Except as may be provided otherwise in the Charter, and subject to the express terms of any class or series of Preferred Shares, the holders of the Common Shares shall have the exclusive right to vote on all matters (as to which a common Stockholder shall be entitled to vote pursuant to applicable law) at all meetings of the Stockholders.

SECTION 5.3 PREFERRED SHARES.  The Board may classify any unissued Preferred Shares and reclassify any previously classified but unissued Preferred Shares of any series from time to time, into one or more classes or series of Shares.

SECTION 5.4 CLASSIFIED OR RECLASSIFIED SHARES.  Prior to issuance of classified or reclassified Shares of any class or series, the Board by resolution shall: (i) designate that class or series to distinguish it from all other classes and series of Shares; (ii) specify the number of Shares to be included in the class or series; (iii) set or change, subject to the provisions of Section 5.7 and subject to the express terms of any class or series of shares outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations

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as to dividends or other Distributions, qualifications and terms and conditions of redemption for each class or series; and (iv) cause the Company to file articles supplementary with the State Department of Assessments and Taxation of Maryland. Any of the terms of any class or series of Shares set or changed pursuant to clause (iii) of this Section 5.4 may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board or other facts or events within the control of the Company) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of Shares is clearly and expressly set forth in the articles supplementary or other Charter document.

SECTION 5.5 STOCKHOLDERS’ CONSENT IN LIEU OF MEETING.  Any action required or permitted to be taken at any meeting of the Stockholders may be taken without a meeting by consent, in writing or by electronic transmission, in any manner and by the vote permitted by the MGCL and set forth in the Bylaws.

SECTION 5.6 CHARTER AND BYLAWS.  The rights of all Stockholders and the terms of all Shares are subject to the provisions of the Charter and the Bylaws. The Board shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.

SECTION 5.7 RESTRICTIONS ON OWNERSHIP AND TRANSFER.

(i) DEFINITIONS.  For purposes of this Section 5.7, the following terms shall have the following meanings:

“AGGREGATE SHARE OWNERSHIP LIMIT” means 9.8% in value of the aggregate of the outstanding shares of Capital Stock and 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of shares of Capital Stock, or such other percentage determined by the Board in accordance with Section 5.7(ii)(h) hereof.

“BENEFICIAL OWNERSHIP” means ownership of Capital Stock by a Person, whether the interest in the Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms “Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative meanings.

“BUSINESS DAY” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

“CAPITAL STOCK” means all classes or series of stock of the Company, including, without limitation, Common Shares and Preferred Shares.

“CHARITABLE BENEFICIARY” means one or more beneficiaries of the Trust as determined pursuant to Section 5.7(iii)(f), provided that each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

“CONSTRUCTIVE OWNERSHIP” means ownership of Capital Stock by a Person, whether the interest in the Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms “Constructive Owner,” “Constructively Owns,” “Constructively Owning” and “Constructively Owned” shall have the correlative meanings.

“EXCEPTED HOLDER” means a Stockholder for whom an Excepted Holder Limit is created by the Board pursuant to Section 5.7(ii)(g).

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“EXCEPTED HOLDER LIMIT” means, provided that the affected Excepted Holder agrees to comply with the requirements established by the Board pursuant to Section 5.7(ii)(g), and subject to adjustment pursuant to Section 5.7(ii)(h), the percentage limit established by the Board pursuant to Section 5.7(ii)(g).

“MARKET PRICE” on any date means, with respect to any class or series of outstanding shares of Capital Stock, the Closing Price for such Capital Stock on such date. The “Closing Price” on any date shall mean the last sale price for such Capital Stock, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Capital Stock, in either case as reported on the principal national securities exchange on which such Capital Stock is listed or admitted to trading or, if such Capital Stock is not listed or admitted to trading on any national securities exchange, the last quoted price or, if such Capital Stock is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Capital Stock selected by the Board or, in the event that no trading price is available for such Capital Stock, the fair market value of the Capital Stock, as determined by the Board.

“PROHIBITED OWNER” means, with respect to any purported Transfer, any Person who, but for the provisions of Section 5.7(ii)(a), would Beneficially Own or Constructively Own shares of Capital Stock in violation of Section 5.7(ii)(a), and if appropriate in the context, shall also mean any Person who would have been the record owner of the shares that the Prohibited Owner would have so owned.

“RESTRICTION TERMINATION DATE” means the first day on which the Board determines pursuant to Section 7.4 hereof that it is no longer in the best interests of the Company to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of Capital Stock set forth herein is no longer required in order for the Company to qualify as a REIT.

“TRANSFER” means any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire Beneficial Ownership or Constructive Ownership of Capital Stock or the right to vote or receive dividends on Capital Stock, or any agreement to take any such actions or cause any such events, including (a) the granting or exercise of any option (or any disposition of any option), (b) any disposition of any securities or rights convertible into or exchangeable for Capital Stock or any interest in Capital Stock or any exercise of any such conversion or exchange right and (c) Transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Capital Stock; in each case, whether voluntary or involuntary, whether owned of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms “Transferring” and “Transferred” shall have the correlative meanings.

“TRUST” means any trust provided for in Section 5.7(iii)(a).

“TRUSTEE” means the Person unaffiliated with the Company and a Prohibited Owner, that is appointed by the Company to serve as trustee of the Trust.

(ii) SHARES.

(a) OWNERSHIP LIMITATIONS.  Prior to the Restriction Termination Date, but subject to Section 5.8:

(I) BASIC RESTRICTIONS.

(A) (1) Except as set forth in any articles supplementary creating any class or series of shares of Capital Stock, no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Aggregate Share Ownership Limit and (2) no Excepted Holder shall Beneficially Own or Constructively Own shares of Capital Stock in excess of the Excepted Holder Limit for such Excepted Holder.

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(B) No Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial or Constructive Ownership of Shares would result in the Company being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT (including, but not limited to, Beneficial Ownership or Constructive Ownership that would result in the Company owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Company from such tenant would cause the Company to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

(C) Any Transfer of shares of Capital Stock that, if effective, would result in the Capital Stock being beneficially owned by fewer than 100 Persons (as determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee shall acquire no rights in such shares of Capital Stock.

(II) TRANSFER IN TRUST.  If any Transfer of shares of Capital Stock occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning shares of Capital Stock in violation of Section 5.7(ii)(a)(I)(A) or (B),

(A) then that number of shares of Capital Stock the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 5.7(ii)(a)(I)(A) or (B) (rounded up to the nearest whole share) shall be automatically transferred to a Trust for the benefit of a Charitable Beneficiary, as described in Section 5.7(iii), effective as of the close of business on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such shares; or

(B) if the transfer to the Trust described in clause (A) of this sentence would not be effective for any reason to prevent the violation of Section 5.7(ii)(a)(I)(A) or (B) then the Transfer of that number of shares of Capital Stock that otherwise would cause any Person to violate Section 5.7(ii)(a)(I)(A) or (B) shall be void ab initio, and the intended transferee shall acquire no rights in such shares.

(III) To the extent that, upon a transfer of shares of Capital Stock pursuant to Section 5.7(ii)(a)(II), a violation of any provision of this Section 5.7 would nonetheless be continuing (for example, where the ownership of shares of Capital Stock by a single Trust would violate the 100 stockholder requirement applicable to REITs), then shares of Capital Stock shall be transferred to the number of Trusts, each having a distinct Trustee and one or more Charitable Beneficiaries that are distinct from those of each other Trust, such that there is not violation of any provisions of this Section 5.7.

(b) REMEDIES FOR BREACH.  If the Board shall at any time determine that a Transfer or other event has taken place that results in a violation of Section 5.7(ii)(a) or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any shares of Capital Stock in violation of Section 5.7(ii)(a) (whether or not such violation is intended), the Board shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer or other event; provided, however, that any Transfer or attempted Transfer or other event in violation of Section 5.7(ii)(a) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or other event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Board.

(c) NOTICE OF RESTRICTED TRANSFER.  Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital Stock that will or may violate Section 5.7(ii)(a)(I)(A) or (B) or any Person who would have owned shares of Capital Stock that resulted

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in a transfer to the Trust pursuant to the provisions of Section 5.7(ii)(a)(II), in either case, shall immediately give written notice to the Company of such event, or in the case of such a proposed or attempted transaction, give at least 15 days prior written notice to the Company, and shall provide to the Company such other information as the Company may request in order to determine the effect, if any, of such Transfer on the Company’s status as a REIT.

(d) OWNERS REQUIRED TO PROVIDE INFORMATION.  Prior to the Restriction Termination Date:

(I) every owner of more than five percent (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder) of the outstanding shares of Capital Stock, within 30 days after the end of each taxable year, shall give written notice to the Company stating the name and address of such owner, the number of shares of Capital Stock Beneficially Owned and a description of the manner in which such shares are held. Each such owner shall provide to the Company such additional information as the Company may request in order to determine the effect, if any, of such Beneficial Ownership on the Company’s status as a REIT and to ensure compliance with the Aggregate Share Ownership Limit; and

(II) each Person who is a Beneficial Owner or Constructive Owner of Capital Stock and each Person (including the stockholder of record) who is holding Capital Stock for a Beneficial Owner or a Constructive Owner shall provide to the Company such information as the Company may request in order to determine the Company’s status as a REIT and to comply with requirements of any taxing authority or governmental authority or to determine such compliance.

(e) REMEDIES NOT LIMITED.  Subject to Section 7.4 hereof, nothing contained in this Section 5.7(ii)(e) shall limit the authority of the Board to take such other action as it deems necessary or advisable to protect the Company and the interests of the Stockholders in preserving the Company’s status as a REIT.

(f) AMBIGUITY.  In the case of an ambiguity in the application of any of the provisions of this Section 5.7(ii), Section 5.7(iii), or any definition contained in Section 5.7(i), the Board shall have the power to determine the application of the provisions of this Section 5.7(ii) or Section 5.7(iii) or any such definition with respect to any situation based on the facts known to it. In the event Section 5.7(ii) or (iii) requires an action by the Board and the Charter fails to provide specific guidance with respect to such action, the Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of Section 5.7. Absent a decision to the contrary by the Board (which the Board may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Section 5.7(ii)(b)) acquired Beneficial Ownership or Constructive Ownership of shares of Capital Stock in violation of Section 5.7(ii)(a), such remedies (as applicable) shall apply first to the shares of Capital Stock which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such shares of Capital Stock based upon the relative number of the shares held by each such Person.

(g) EXCEPTIONS.

(I) Subject to Section 5.7(ii)(a)(I)(B), the Board, in its sole discretion, may (prospectively or retroactively) exempt a Person from the Aggregate Share Ownership Limit and may establish or increase an Excepted Holder Limit for such Person if:

(A) the Board obtains such representations and undertakings from such Person as are reasonably necessary to ascertain that no individual’s Beneficial Ownership or Constructive Ownership of such shares of Capital Stock will violate Section 5.7(ii)(a)(I)(B); such Person does not and represents that it will not, actually own or Constructively Own an interest in a tenant of the Company (or a tenant of any entity owned or controlled by the Company) that would cause the Company to actually own or Constructively Own more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant and the Board obtains such representations and

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undertakings from such Person as are reasonably necessary to ascertain this fact (for this purpose, a tenant from whom the Company (or an entity owned or controlled by the Company) derives (and is expected to continue to derive) a sufficiently small amount of revenue such that, in the opinion of the Board, rent from such tenant would not adversely affect the Company’s ability to qualify as a REIT, shall not be treated as a tenant of the Company); and

(B) such Person agrees that any violation or attempted violation of such representations or undertakings (or other action which is contrary to the restrictions contained in Section 5.7(ii)(a) through Section 5.7(ii)(f)) will result in such shares of Capital Stock being automatically Transferred to a Trust in accordance with Section 5.7(ii)(A)(II) and Section 5.7(iii).

(II) Prior to granting any exception pursuant to Section 5.7(ii)(g)(I), the Board may require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the Company’s status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board may impose such conditions or restrictions as it deems appropriate in connection with granting such exception.

(III) Subject to Section 5.7(ii)(a)(I)(B), an underwriter which participates in an Offering or a private placement of shares of Capital Stock (or Securities convertible into or exchangeable for shares of Capital Stock) may Beneficially Own or Constructively Own shares of Capital Stock (or Securities convertible into or exchangeable for shares of Capital Stock) in excess of the Aggregate Share Ownership Limit but only to the extent necessary to facilitate such Offering or private placement.

(IV) The Board may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Aggregate Share Ownership Limit.

(h) INCREASE OR DECREASE IN AGGREGATE SHARE OWNERSHIP LIMIT.  Subject to Section 5.7(ii)(a)(I)(B), the Board may from time to time increase the Aggregate Share Ownership Limit for one or more Persons and decrease the Aggregate Share Ownership Limit for all other Persons; provided, however, that the decreased Aggregate Share Ownership Limit will not be effective for any Person whose percentage ownership of Capital Stock is in excess of such decreased Aggregate Share Ownership Limit until such time as such Person’s percentage of Capital Stock equals or falls below the decreased Aggregate Share Ownership Limit, but any further acquisition of Capital Stock in excess of such percentage ownership of Capital Stock will be in violation of the Aggregate Share Ownership Limit and, provided further, that the new Aggregate Share Ownership Limit would not allow five or fewer Persons to Beneficially Own or Constructively Own more than 49.9% in value of the outstanding shares of Capital Stock.

(i) NOTICE TO STOCKHOLDERS UPON ISSUANCE OR TRANSFER.  Upon issuance or Transfer of shares of Capital Stock prior to the Restriction Termination Date, the Company shall provide the recipient with a notice containing information about the shares of Capital Stock purchased or otherwise Transferred, in lieu of issuance of a share certificate, in a form substantially similar to the following:

The securities of Healthcare Trust, Inc.  (the “Company”) are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Company’s maintenance of its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Charter, (i) no Person may Beneficially Own or Constructively Own shares of Capital Stock in excess of 9.8% in value of the aggregate of the outstanding shares of Capital Stock or 9.8% (in value or in number of shares of Capital Stock, whichever is more restrictive) of any class or series of shares of Capital Stock unless such Person is an Excepted

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Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own shares of Capital Stock that would result in the Company being “closely held” under Section 856(h) of the Code or otherwise cause the Company to fail to qualify as a REIT; and (iii) any Transfer of shares of Capital Stock that, if effective, would result in the Capital Stock being beneficially owned by fewer than 100 Persons (as determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio and the intended transferee shall acquire no rights in such shares. Any Person who Beneficially Owns or Constructively Owns or attempts to Beneficially Own or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately give written notice (or, in the case of an attempted transaction, give at least 15 days prior written notice) to the Company. If any of the restrictions on Transfer or ownership as set forth in (i) and (ii) above are violated, the shares of Capital Stock in excess or in violation of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Company may redeem shares of Capital Stock upon the terms and conditions specified by the Board in its sole discretion if the Board determines that ownership or a Transfer or other event may violate the restrictions described in (i) and (ii) above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this notice have the meanings defined in the Charter, as the same may be amended from time to time, a copy of which, including the restrictions on Transfer and ownership, will be furnished to each holder of Capital Stock on request and without charge. Requests for such a copy may be directed to the Secretary of the Company at its principal office.

(iii) TRANSFER OF SHARES IN TRUST.

(a) OWNERSHIP IN TRUST.  Upon any purported Transfer or other event described in Section 5.7(ii)(a)(II) that would result in a transfer of shares of Capital Stock to a Trust, such shares shall be transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 5.7(ii)(a)(II). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in Section 5.7(iii)(f).

(b) STATUS OF SHARES HELD BY THE TRUSTEE.  Shares of Capital Stock held by the Trustee shall be issued and outstanding shares of Capital Stock. The Prohibited Owner shall have no rights in the shares held by the Trustee. The Prohibited Owner shall not benefit economically from ownership of any shares held in trust by the Trustee, shall have no rights to dividends or other Distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Trust.

(c) DIVIDEND AND VOTING RIGHTS.  The Trustee shall have all voting rights and rights to dividends or other Distributions with respect to shares of Capital Stock held in the Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other Distribution paid prior to the discovery by the Company that the shares have been transferred to the Trustee shall be paid by the recipient of such dividend or other Distribution to the Trustee upon demand and any dividend or other Distribution authorized but unpaid shall be paid when due to the Trustee. Any dividend or other Distribution so paid to the Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to shares held in the Trust and, subject to Maryland law, effective as of the date that the shares have been transferred to the Trustee, the Trustee shall have the authority (at the Trustee’s sole discretion) (i) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Company that the shares have been transferred to the Trustee and (ii) to recast such vote in accordance with the desires of the Trustee acting for the benefit of the Charitable Beneficiary; provided, however, that if the Company has already taken irreversible corporate action, then the Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Section 5.7, until the Company has received notification that shares have been transferred into a Trust, the Company shall be entitled to rely on its stock transfer and other stockholder records for

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purposes of preparing lists of Stockholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of Stockholders.

(d) SALE OF SHARES BY TRUSTEE.  Within 20 days of receiving notice from the Company that shares of Capital Stock have been transferred to the Trust, the Trustee shall sell the shares held in the Trust to a person, designated by the Trustee, whose ownership of the shares will not violate the ownership limitations set forth in Section 5.7(ii)(a)(I) or (II). Upon such sale, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 5.7(iii)(d). The Prohibited Owner shall receive the lesser of (1) the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection with the event causing the shares to be held in the Trust (e.g., in the case of a gift, devise or other such transaction), the Market Price of the shares on the day of the event causing the shares to be held in the Trust and (2) the price per share received by the Trustee from the sale or other disposition of the shares held in the Trust. The Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and other Distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 5.7(iii)(c). Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary. If, prior to the discovery by the Company that shares of Capital Stock have been transferred to the Trustee, such shares are sold by a Prohibited Owner, then (i) such shares shall be deemed to have been sold on behalf of the Trust and (ii) to the extent that the Prohibited Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 5.7, such excess shall be paid to the Trustee upon demand.

(e) PURCHASE RIGHT IN STOCK TRANSFERRED TO THE TRUSTEE.  Shares of Capital Stock transferred to the Trustee shall be deemed to have been offered for sale to the Company, or its designee, at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in such transfer to the Trust (or, in the case of a devise or gift, the Market Price at the time of such devise or gift) and (ii) the Market Price on the date the Company, or its designee, accepts such offer. The Company may reduce the amount payable to the Prohibited Owner by the amount of dividends and other Distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 5.7(iii)(c). The Company may pay the amount of such reduction to the Trustee for the benefit of the Charitable Beneficiary. The Company shall have the right to accept such offer until the Trustee has sold the shares held in the Trust pursuant to Section 5.7(iii)(d). Upon such a sale to the Company, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net proceeds of the sale to the Prohibited Owner.

(f) DESIGNATION OF CHARITABLE BENEFICIARIES.  By written notice to the Trustee, the Company shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Trust such that (i) the shares of Capital Stock held in the Trust would not violate the restrictions set forth in Section 5.7(ii)(a)(I) or (II) in the hands of such Charitable Beneficiary and (ii) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

SECTION 5.8 SETTLEMENTS.  Nothing in Section 5.7 shall preclude the settlement of any transaction entered into through the facilities of any national securities exchange or automated inter-dealer quotation system. The fact that the settlement of any transaction occurs shall not negate the effect of any provision of Sections 5.7, and any transfer in such a transaction shall be subject to all of the provisions and limitations set forth in Section 5.7.

SECTION 5.9 SEVERABILITY.  If any provision of Section 5.7 or any application of any such provision is determined to be void, invalid or unenforceable by any court having jurisdiction over the issue, the validity and

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enforceability of the remaining provisions of Section 5.7 shall not be affected and other applications of such provision shall be affected only to the extent necessary to comply with the determination of such court.

SECTION 5.10 ENFORCEMENT.  The Company is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of Section 5.7.

SECTION 5.11 NON-WAIVER.  No delay or failure on the part of the Company or the Board in exercising any right hereunder shall operate as a waiver of any right of the Company or the Board, as the case may be, except to the extent specifically waived in writing.

SECTION 5.12 PREEMPTIVE AND APPRAISAL RIGHTS.  Except as may be provided by the Board in setting the terms of classified or reclassified Shares pursuant to Section 5.4 or as may otherwise be provided by contract approved by the Board, no holder of Shares shall, as such holder, have any preemptive right to purchase or subscribe for any additional Shares or any other Security of the Company which it may issue or sell. Holders of Shares shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board, upon the affirmative vote of a majority of the Board, shall determine that such rights apply, with respect to all or any classes or series of Shares, to one or more transactions occurring after the date of such determination in connection with which holders of such Shares would otherwise be entitled to exercise such rights.

ARTICLE VI.
BOARD OF DIRECTORS

SECTION 6.1 NUMBER OF DIRECTORS.  The number of Directors shall be four, which number may be increased or decreased from time to time pursuant to the Bylaws; but shall never be less than the minimum required by the MGCL. The Company elects, except as may be provided by the Board in setting the terms of any class or series of Preferred Shares, that any and all vacancies on the Board, other than those resulting from the unexpired term of another Director, may be filled only by the affirmative vote of a majority of the remaining Directors in office, even if the remaining Directors do not constitute a quorum, and any Director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred. No reduction in the number of Directors shall cause the removal of any Director from office prior to the expiration of his term. For the purposes of voting for Directors, each Share may be voted for as many individuals as there are Directors to be elected and for whose election the Share is entitled to be voted. Cumulative voting for Directors is prohibited.

The names of the Directors who shall serve on the Board until the next annual meeting of the Stockholders and until their successors are duly elected and qualify, are:

William M. Kahane
Randolph C. Read
Elizabeth K. Tuppeny
Dr. Robert J. Froehlich

or such other Directors as appointed in accordance with the Charter.

SECTION 6.2 RESIGNATION, REMOVAL OR DEATH.  Any Director may resign by delivering notice to the Board, effective upon receipt by the Board of such notice or upon any future date specified in the notice. Subject to the rights of holders of one or more classes or series of Preferred Shares, any Director or the entire Board may be removed from office at any time, but only for cause, and then only by the affirmative vote of Stockholders entitled to cast at least two-thirds of the votes entitled to be cast generally in the election of Directors. For the purpose of this paragraph, “cause” shall mean, with respect to any particular Director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Company through bad faith or active and deliberate dishonesty.

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ARTICLE VII.
POWERS OF THE BOARD OF DIRECTORS

SECTION 7.1 GENERAL.  The business and affairs of the Company shall be managed under the direction of the Board. In accordance with the policies on investments and borrowing set forth in this Article VII and Article IX hereof, the Board shall monitor the administrative procedures, investment operations and performance of the Company and the Advisor to assure that such policies are carried out. The Board may take any action that, in its sole judgment and discretion, is necessary or desirable to conduct the business of the Company. The Charter shall be construed with a presumption in favor of the grant of power and authority to the Board. Any construction of the Charter or determination made by the Board concerning its powers and authority hereunder shall be conclusive. The enumeration and definition of particular powers of the Board included in this Article VII shall in no way be limited or restricted by reference to or inference from the terms of this or any other provision of the Charter or construed or deemed by inference or otherwise in any manner to exclude or limit the powers conferred upon the Board under the general laws of the State of Maryland as now or hereafter in force.

SECTION 7.2 AUTHORIZATION BY BOARD OF STOCK ISSUANCE.  The Board may authorize the issuance from time to time of Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (including as compensation for the Independent Directors or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws.

SECTION 7.3 FINANCINGS.  The Board shall have the power and authority to cause the Company to borrow or, in any other manner, raise money for the purposes and on the terms it determines, which terms may (i) include evidencing the same by issuance of Securities of the Company and (ii) have such provisions as the Board may determine (a) to reacquire such Securities; (b) to enter into other contracts or obligations on behalf of the Company; (c) to guarantee, indemnify or act as surety with respect to payment or performance of obligations of any Person; (d) to mortgage, pledge, assign, grant security interests in or otherwise encumber the Company’s assets to secure any such Securities of the Company, contracts or obligations (including guarantees, indemnifications and suretyships); and (e) to renew, modify, release, compromise, extend, consolidate or cancel, in whole or in part, any obligation to or of the Company or participate in any reorganization of obligors to the Company.

SECTION 7.4 REIT QUALIFICATION.  The Board shall use its reasonable best efforts to take such actions as are necessary or appropriate to preserve the status of the Company as a REIT; provided, however, if the Board determines that it is no longer in the best interests of the Company to continue to be qualified as a REIT, the Board may revoke or otherwise terminate the Company’s REIT election pursuant to Section 856(g) of the Code. The Board also may determine that compliance with any restriction or limitation on stock ownership and transfers set forth in Section 5.7 hereof is no longer required for REIT qualification.

SECTION 7.5 DETERMINATIONS BY BOARD.  The determination as to any of the following matters, made by or pursuant to the direction of the Board, shall be final and conclusive and shall be binding upon the Company and every Stockholder: the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption of Shares or the payment of other Distributions on Shares; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, adjusted or modified funds from operations (and any variation thereof), net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Charter (including the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other Distributions, qualifications or terms or conditions of redemption of any class or series of Shares) or the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares; the number of Shares of

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any class of the Company; any matter relating to the acquisition, holding and disposition of any assets by the Company; any interpretation of the terms and conditions of one or more of the agreements with any Person; or any other matter relating to the business and affairs of the Company or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board; provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Director shall be liable for making or failing to make such a determination.

ARTICLE VIII.
EXTRAORDINARY ACTIONS

Except as specifically provided in Section 6.2 hereof (relating to removal of Directors) and in the last sentence of Article X, notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of the holders of Shares entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable by the Board and taken or approved by the affirmative vote of holders of Shares entitled to cast a majority of all the votes entitled to be cast on the matter.

ARTICLE IX.
LIABILITY OF STOCKHOLDERS, DIRECTORS AND OFFICERS

SECTION 9.1 LIMITATION OF STOCKHOLDER LIABILITY.  No Stockholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Stockholder, nor shall any Stockholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company’s assets or the affairs of the Company by reason of being a Stockholder.

SECTION 9.2 LIMITATION OF DIRECTOR AND OFFICER LIABILITY; INDEMNIFICATION.

(a) To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no present or former Director or officer of the Company shall be liable to the Company or the Stockholders for money damages. Neither the amendment nor repeal of this Section 9.2(a), nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Section 9.2(a), shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

(b) The Company shall have the power, to the maximum extent permitted by Maryland law in effect from time to time, to obligate itself to indemnify, and to pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Director or officer of the Company or (ii) any individual who, while a Director or officer of the Company and at the request of the Company, serves or has served as a director, officer, partner, member, manager or trustee of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust or employee benefit plan or any other enterprise from and against any claim or liability to which such person may become subject or which such person may incur by reason of his or her service in that capacity. The Company shall have the power, with the approval of the Board, to provide such indemnification and advancement of expenses to a person who served a predecessor of the Company in any of the capacities described in (i) or (ii) above and to any employee or agent of the Company or a predecessor of the Company.

SECTION 9.3 EXPRESS EXCULPATORY CLAUSES IN INSTRUMENTS.  Neither the Stockholders nor the Directors, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Stockholders, Directors, officers, employees or agents of the Company, and all Persons shall look solely to the Company’s assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Stockholder, Director,

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officer, employee or agent of the Company liable thereunder to any third party, nor shall the Directors or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

ARTICLE X.
AMENDMENTS

The Company reserves the right from time to time to make any amendment to the Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any outstanding Shares. All rights and powers conferred by the Charter on Stockholders, Directors and officers are granted subject to this reservation. Except as otherwise provided in the next sentence and except for those amendments permitted to be made without Stockholder approval under Maryland law or by specific provision in the Charter, any amendment to the Charter shall be valid only if declared advisable by the Board and approved by the affirmative vote of Stockholders entitled to cast a majority of all the votes entitled to be cast on the matter. However, any amendment to the second sentence of Section 6.2 hereof or to this sentence of the Charter shall be valid only if declared advisable by the Board and approved by the affirmative vote of Stockholders entitled to cast at least two-thirds of all votes entitled to be cast on the matter.

THIRD:  The amendment and restatement of the charter as hereinabove set forth have been duly advised by the Board of Directors of the Company and approved by the stockholders of the Company as required by law.

FOURTH:  The current address of the principal office of the Company is as set forth in Article III of the foregoing amendment and restatement of the charter.

FIFTH:  The name and address of the Company’s current resident agent are as set forth in Article III of the foregoing amendment and restatement of the charter.

SIXTH:  The number of directors of the Company and the names of the directors currently in office are as set forth in Section 6.1 of Article VI of the foregoing amendment and restatement of the charter.

SEVENTH:  The undersigned acknowledges these Articles of Amendment and Restatement to be the corporate act of the Company and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his or her knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURES ON FOLLOWING PAGE]

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IN WITNESS WHEREOF, Healthcare Trust, Inc. has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its Chief Executive Officer, and attested by its Chief Financial Officer, on this 12^th day of November, 2015.

ATTEST:	COMPANY
/s/ Edward F. Lange, Jr. Name: Edward F. Lange, Jr.  Title: Chief Financial Officer	/s/ Thomas P. D’Arcy Name: Thomas P. D’Arcy Title: Chief Executive Officer

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EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER

THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Thomas P. D'Arcy, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Healthcare Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated this 16th day of November, 2015	/s/ Thomas P. D'Arcy
	Thomas P. D'Arcy
	Chief Executive Officer, President and Secretary
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) AND 15d-14(a) UNDER

THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Edward F. Lange, Jr., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Healthcare Trust, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated this 16th day of November, 2015	/s/ Edward F. Lange, Jr.
	Edward F. Lange, Jr.
	Chief Financial Officer, Chief Operating Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

EX-32

Exhibit 32

SECTION 1350 CERTIFICATIONS

This Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

The undersigned, who are the Chief Executive Officer and Chief Financial Officer of Healthcare Trust, Inc. (the “Company”), each hereby certify as follows:

The quarterly report on Form 10-Q of the Company, which accompanies this Certificate, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in this quarterly report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated this 16th day of November, 2015

/s/ Thomas P. D'Arcy

Thomas P. D'Arcy

Chief Executive Officer, President and Secretary

(Principal Executive Officer)

/s/ Edward F. Lange, Jr.

Edward F. Lange, Jr.

Chief Financial Officer, Chief Operating Officer and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

XML

Real Estate Investments (Acquired Assets) (Details) $ in Thousands		9 Months Ended
		Sep. 30, 2015 USD ($) property	Sep. 30, 2014 USD ($) property
Real estate investments
Deposits for real estate acquisitions		$ (3,150)	$ (10,451)
Cash paid for acquired real estate investments		$ 312,992	886,068
In-place leases
Real estate investments
Intangible assets, remaining amortization period		5 years 11 months 19 days
Above-market lease assets
Real estate investments
Intangible assets, remaining amortization period		5 years 7 months 23 days
Market lease liabilities
Real estate investments
Intangible assets, remaining amortization period		9 years 3 months 4 days
Properties Acquired During Current Year
Real estate investments
Land		$ 49,921
Buildings, fixtures and improvements		257,516
Construction in progress		17,977
Total tangible assets		325,414
Total assets and liabilities acquired, net		357,817
Mortgage notes payable assumed to acquire real estate investments		(38,387)
Premiums on mortgages assumed		(2,834)
Other assets and liabilities, net		(604)
Deposits for real estate acquisitions		(3,000)
Cash paid for acquired real estate investments		$ 312,992
Number of properties purchased | property		31
Properties Acquired During Current Year | In-place leases
Real estate investments
Acquired intangibles	[1]	$ 38,885
Properties Acquired During Current Year | Above-market lease assets
Real estate investments
Acquired intangibles	[1]	1,653
Properties Acquired During Current Year | Market lease liabilities
Real estate investments
Market lease liabilities	[1]	$ (8,135)
Properties Acquired During Prior Year
Real estate investments
Land			66,819
Buildings, fixtures and improvements			802,773
Construction in progress			0
Total tangible assets			869,592
Total assets and liabilities acquired, net			959,724
Mortgage notes payable assumed to acquire real estate investments			(66,321)
Premiums on mortgages assumed			(3,533)
Other assets and liabilities, net			(3,802)
Deposits for real estate acquisitions			0
Cash paid for acquired real estate investments			$ 886,068
Number of properties purchased | property			81
Properties Acquired During Prior Year | In-place leases
Real estate investments
Acquired intangibles	[1]		$ 88,536
Properties Acquired During Prior Year | Above-market lease assets
Real estate investments
Acquired intangibles	[1]		11,219
Properties Acquired During Prior Year | Market lease liabilities
Real estate investments
Market lease liabilities	[1]		$ (9,623)

[1] Weighted-average remaining amortization periods for in-place leases, market lease assets and market lease liabilities acquired during the nine months ended September 30, 2015 were 6.0, 5.6 and 9.3 years, respectively, as of each property's respective acquisition date.

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Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO, Selling Commissions and Dealer Manager Fees) (Details) - Total commissions and fees incurred from (reimbursed by) and due to the Dealer Manager - Realty Capital Securities, LLC - Dealer Manager - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Total commissions and fees incurred from the Dealer Manager	$ 0	$ 67,004	$ (2)	$ 172,201
Due to affiliate	$ 0		$ 0		$ 1

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Fair Value of Financial Instruments (Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$ 1,040	$ 20,286
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	1,040	20,286
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	1,040	20,286
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	0	0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities, at fair value	$ 0	$ 0

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Mortgage Notes Payable (Mortgage Notes) (Details) $ in Thousands		Sep. 30, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Outstanding Loan Amount as of		$ 98,150	$ 65,786
Real estate investments relating to notes payable		$ 177,900	122,400
Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		20
Outstanding Loan Amount as of		$ 98,150	65,786
Effective Interest Rate	[1]	6.21%
Creekside Medical Office Building - Douglasville, GA | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		0
Outstanding Loan Amount as of		$ 0	5,154
Effective Interest Rate		5.32%
Bowie Gateway Medical Center - Bowie, MD | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 5,991	6,055
Effective Interest Rate		6.18%
Medical Center of New Windsor - New Windsor, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 8,749	8,832
Effective Interest Rate		6.39%
Plank Medical Center - Clifton Park, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 3,473	3,506
Effective Interest Rate		6.39%
Cushing Center - Schenectady, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 4,210	4,287
Effective Interest Rate		5.71%
Countryside Medical Arts - Safety Harbor, FL | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 6,014	6,076
Effective Interest Rate		6.07%
St. Andrews Medical Park - Venice, FL | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		3
Outstanding Loan Amount as of		$ 6,647	6,716
Effective Interest Rate		6.07%
Campus at Crooks & Auburn Building C - Rochester Hills, MI | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 3,573	3,626
Effective Interest Rate		5.91%
Slingerlands Crossing Phase I - Bethlehem, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 6,702	6,759
Effective Interest Rate		6.39%
Slingerlands Crossing Phase II - Bethlehem, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 7,803	7,877
Effective Interest Rate		6.39%
Benedictine Cancer Center - Kingston, NY | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 6,833	6,898
Effective Interest Rate		6.39%
Aurora Healthcare Center Portfolio - WI | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		6
Outstanding Loan Amount as of		$ 31,355	0
Effective Interest Rate		6.55%
Palm Valley Medical Plaza - Goodyear, AZ | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 3,548	0
Effective Interest Rate		4.21%
Medical Center V - Peoria, AZ | Mortgages
Debt Instrument [Line Items]
Encumbered Properties | property		1
Outstanding Loan Amount as of		$ 3,252	$ 0
Effective Interest Rate		4.75%

[1] Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2015.

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Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net loss attributable to stockholders (in thousands)	$	(16,108	)	$	(20,023	)	$	(34,749	)	$	(24,752	)
Basic and diluted weighted-average shares outstanding	85,705,595			71,813,126			84,988,240			40,401,362
Basic and diluted net loss per share	$	(0.19	)	$	(0.28	)	$	(0.41	)	$	(0.61	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company had the following potentially dilutive securities as of September 30, 2015 and 2014, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive.

	September 30,
	2015	2014
Unvested restricted stock	9,065	7,198
OP Units	405,998	90
Class B Units	359,250	27,418
Total common share equivalents	774,313	34,706

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Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company, Incurred, Forgiven and Payable) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Incurred
Related Party Transaction [Line Items]
One-time fees and reimbursements:		$ 8,641	$ 12,676	$ 20,174	$ 16,951
Forgiven
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	124	1,220	171
Payable
Related Party Transaction [Line Items]
Due to affiliate		1,152		1,152		$ 364
Nonrecurring Fees | Incurred | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
One-time fees and reimbursements:		1,719	8,187	3,707	9,555
Nonrecurring Fees | Incurred | Acquisition cost reimbursements
Related Party Transaction [Line Items]
One-time fees and reimbursements:		859	4,093	1,853	4,778
Nonrecurring Fees | Incurred | Financing coordination fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		512	52	3,400	1,997
Nonrecurring Fees | Forgiven | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	0	0	0
Nonrecurring Fees | Forgiven | Acquisition cost reimbursements
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	0	0	0
Nonrecurring Fees | Forgiven | Financing coordination fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	0	0	0
Nonrecurring Fees | Payable | Acquisition fees and related cost reimbursements
Related Party Transaction [Line Items]
Due to affiliate		0		0		0
Nonrecurring Fees | Payable | Acquisition cost reimbursements
Related Party Transaction [Line Items]
Due to affiliate		0		0		0
Nonrecurring Fees | Payable | Financing coordination fees
Related Party Transaction [Line Items]
Due to affiliate		0		0		0
Recurring Fees | Incurred | Asset management Fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:	[1]	3,656	0	7,066	0
Recurring Fees | Incurred | Property management and leasing fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		656	0	656	0
Recurring Fees | Incurred | Transfer agent and other professional services
Related Party Transaction [Line Items]
One-time fees and reimbursements:		1,085	0	3,156	0
Recurring Fees | Incurred | Strategic advisory fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	335	0	605
Recurring Fees | Incurred | Distributions on Class B Units
Related Party Transaction [Line Items]
One-time fees and reimbursements:		154	9	336	16
Recurring Fees | Forgiven | Asset management Fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:	[1]	0	0	0	0
Recurring Fees | Forgiven | Property management and leasing fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	124	1,220	171
Recurring Fees | Forgiven | Transfer agent and other professional services
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	0	0	0
Recurring Fees | Forgiven | Strategic advisory fees
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	0	0	0
Recurring Fees | Forgiven | Distributions on Class B Units
Related Party Transaction [Line Items]
One-time fees and reimbursements:		0	$ 0	0	$ 0
Recurring Fees | Payable | Asset management Fees
Related Party Transaction [Line Items]
Due to affiliate	[1]	0		0		0
Recurring Fees | Payable | Property management and leasing fees
Related Party Transaction [Line Items]
Due to affiliate		656		656		0
Recurring Fees | Payable | Transfer agent and other professional services
Related Party Transaction [Line Items]
Due to affiliate		496		496		364
Recurring Fees | Payable | Strategic advisory fees
Related Party Transaction [Line Items]
Due to affiliate		0		0		0
Recurring Fees | Payable | Distributions on Class B Units
Related Party Transaction [Line Items]
Due to affiliate		$ 0		$ 0		$ 0

[1] Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the board of directors) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company will pay an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and will no longer issue any Class B Units.

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Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2015

Real Estate Investments, Net [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table presents the allocation of the assets acquired during the nine months ended September 30, 2015 and 2014:

	Nine Months Ended September 30,
(Dollar amounts in thousands)	2015			2014
Real estate investments, at cost:
Land	$	49,921		$	66,819
Buildings, fixtures and improvements	257,516			802,773
Construction in progress	17,977			—
Total tangible assets	325,414			869,592
Acquired intangibles:
In-place leases(1)	38,885			88,536
Market lease and other intangible assets(1)	1,653			11,219
Market lease liabilities (1)	(8,135		)	(9,623		)
Total assets and liabilities acquired, net	357,817			959,724
Mortgage notes payable assumed to acquire real estate investments	(38,387		)	(66,321		)
Premiums on mortgages assumed	(2,834		)	(3,533		)
Other assets and liabilities, net	(604		)	(3,802		)
Deposits for real estate acquisitions	(3,000		)	—
Cash paid for acquired real estate investments	$	312,992		$	886,068
Number of properties purchased	31			81

_______________

(1) Weighted-average remaining amortization periods for in-place leases, market lease assets and market lease liabilities acquired during the nine months ended September 30, 2015 were 6.0, 5.6 and 9.3 years, respectively, as of each property's respective acquisition date.

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma information as if the acquisitions that were completed during the nine months ended September 30, 2015 had been consummated on January 1, 2014. Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $8.4 million from the nine months ended September 30, 2015 to the nine months ended September 30, 2014.

	Nine Months Ended September 30,
(In thousands)	2015			2014
Pro forma revenues (1) (2)	$	194,793		$	44,334
Pro forma net loss (1) (2)	$	(25,944	)	$	(36,172	)
Basic and diluted pro forma net loss per share	$	(0.31	)	$	(0.90	)

___________________

(1) For the nine months ended September 30, 2015, aggregate revenues and net loss derived from the operations of the Company's 2015 acquisitions (for the Company's period of ownership) were $14.6 million and $3.4 million, respectively.

(2) During the period from October 1, 2015 to November 6, 2015, the Company completed its acquisition of six properties. As of the date that these consolidated financial statements were available to be issued, the Company was still reviewing the financial information of these properties and, as such, it was impractical to include in these consolidated financial statements the pro-forma effect of these acquisitions (see Note 17 — Subsequent Events).

Schedule of Future Minimum Rental Payments for Operating Leases

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of September 30, 2015.  These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands)	Future Minimum Base Rent Payments
October 1, 2015 — December 31, 2015	$	21,389
2016	86,160
2017	85,006
2018	80,379
2019	74,299
Thereafter	514,333
	$	861,566

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2015 and 2014:

	September 30,
State	2015	2014
Florida	22.0%	32.0%
Iowa	11.9%	20.9%
Michigan	*	10.0%
Pennsylvania	13.3%	*

_______________________________

* State's annualized rental income on a straight-line basis was not 10% or more of total annualized rental income on a straight-line basis for all portfolio properties as of the period specified.

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Common Stock (Schedule of Stock by Class) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		36 Months Ended
	Apr. 09, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)		85,818,405		85,818,405		85,818,405	83,718,853
Proceeds from issuance of common stock				$ 6	$ 1,810,934	$ 2,100,000
Dividends declared per day (in usd per share)	$ 0.0046575343
Common stock dividends (in usd per share)	$ 1.70	$ 0.43	$ 0.43	$ 1.27	$ 1.27
Annual authorized amount as a percentage		5.00%		5.00%		5.00%
Common stock issued through distribution reinvestment plan (in shares)				2,500,000
Common stock issued through distribution reinvestment plan				$ 58,848	$ 22,500
One Year | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)		$ 23.13		$ 23.13		$ 23.13
Share repurchase price percent		92.50%		92.50%		92.50%
Two Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)		$ 23.75		$ 23.75		$ 23.75
Share repurchase price percent		95.00%		95.00%		95.00%
Three Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)		$ 24.38		$ 24.38		$ 24.38
Share repurchase price percent		97.50%		97.50%		97.50%
Four Years | Maximum
Class of Stock [Line Items]
Share repurchase price (in usd per share)		$ 25		$ 25		$ 25
Share repurchase price percent		100.00%		100.00%		100.00%

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Real Estate Investments (Geographic Concentrations) (Details) - Sales Revenue, Net - Geographic Concentration Risk	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Florida
Concentration Risk [Line Items]
Concentration risk, percentage	22.00%	32.00%
Iowa
Concentration Risk [Line Items]
Concentration risk, percentage	11.90%	20.90%
Michigan
Concentration Risk [Line Items]
Concentration risk, percentage		10.00%
Pennsylvania
Concentration Risk [Line Items]
Concentration risk, percentage	13.30%

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Organization (Narrative) (Details)	9 Months Ended		36 Months Ended
	Sep. 30, 2015 USD ($) ft² property state $ / shares shares	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) ft² property state $ / shares shares	Dec. 31, 2014 $ / shares shares	Feb. 28, 2013 USD ($) $ / shares
Class of Stock [Line Items]
Number of Properties | property	149		149
Number of states properties are located in | state	27		27
Rentable square feet | ft²	7,330,583		7,330,583
Common stock, par value (in usd per share)	$ 0.01		$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares) | shares	85,818,405		85,818,405	83,718,853
Proceeds from issuance of common stock | $	$ 6,000	$ 1,810,934,000	$ 2,100,000,000
Common Stock
Class of Stock [Line Items]
Share Price (in usd per share)					$ 25.0
Share price, dividend reinvestment plan (in usd per share)	$ 23.75		$ 23.75
IPO
Class of Stock [Line Items]
Stock available for issuance, IPO (in shares) | $					$ 1,700,000,000.0

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Related Party Transactions and Arrangements (Details) - USD ($) $ in Millions	Jan. 14, 2015	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		85,818,405	83,718,853
Tax Depreciation Deduction | Advisor
Related Party Transaction [Line Items]
Excess depreciation deductions maximum		$ 10.0
Acuity Specialty Hospital | Sponsor and Advisor Under Common Control of Purchasing Entity | Affiliated Entity
Related Party Transaction [Line Items]
Purchase price	$ 39.4
American Realty Capital Healthcare II Special Limited Partnership, LLC | Special Limited Partner
Related Party Transaction [Line Items]
Common stock, shares outstanding (in shares)		8,888	8,888

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Commitments and Contingencies (Schedule of Future Minimum Rental Payments) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Operating Leases
October 1, 2015 - December 31, 2015, Operating Leases	$ 84
2016, Operating Leases	340
2017, Operating Leases	344
2018, Operating Leases	349
2019, Operating Leases	354
Thereafter, Operating Leases	16,619
Total, Operating Leases	18,090
Capital Leases
October 1, 2015 - December 31, 2015, Capital Leases	18
2016, Capital Leases	74
2017, Capital Leases	76
2018, Capital Leases	78
2019, Capital Leases	80
Thereafter, Capital Leases	7,930
Total, Capital Leases	8,256
Interest, Capital Leases	(3,456)
Total present value of minimum lease payments	$ 4,800

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Non-controlling Interests (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Nov. 30, 2014
Noncontrolling Interest [Line Items]
Limited partner units (in units)	90	90	90	90
Distributions to non-controlling interest holders	$ 200,000	$ 0	$ 526,000	$ 0
Non-controlling interests	9,901,000		9,901,000		$ 10,114,000
Non-controlling Interests
Noncontrolling Interest [Line Items]
Limited partner units (in units)						405,908
Units issued to purchase building						$ 10,100,000
Units issued to fund purchase of A Building (in usd per share)						$ 25
Plaza Del Rio Medical Office Campus - Portfolio, AZ
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 500,000		$ 500,000
Non-controlling ownership percentage	4.10%		4.10%

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Mortgage Notes Payable (Mortgage Principal Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Secured Debt	$ 98,150	$ 65,786
Mortgages
Debt Instrument [Line Items]
October 1, 2015 — December 31, 2015	366
2016	14,922
2017	33,813
2018	30,833
2019	12,221
Thereafter	5,995
Secured Debt	$ 98,150	$ 65,786

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Real Estate Investments

9 Months Ended

Sep. 30, 2015

Real Estate Investments, Net [Abstract]

Real Estate Investments

Real Estate Investments

The Company owned 149 properties as of September 30, 2015. The Company invests in medical office buildings ("MOB"), seniors housing communities and other healthcare-related facilities primarily to expand and diversify its portfolio and revenue base. The following table presents the allocation of the assets acquired during the nine months ended September 30, 2015 and 2014:

	Nine Months Ended September 30,
(Dollar amounts in thousands)	2015			2014
Real estate investments, at cost:
Land	$	49,921		$	66,819
Buildings, fixtures and improvements	257,516			802,773
Construction in progress	17,977			—
Total tangible assets	325,414			869,592
Acquired intangibles:
In-place leases(1)	38,885			88,536
Market lease and other intangible assets(1)	1,653			11,219
Market lease liabilities (1)	(8,135		)	(9,623		)
Total assets and liabilities acquired, net	357,817			959,724
Mortgage notes payable assumed to acquire real estate investments	(38,387		)	(66,321		)
Premiums on mortgages assumed	(2,834		)	(3,533		)
Other assets and liabilities, net	(604		)	(3,802		)
Deposits for real estate acquisitions	(3,000		)	—
Cash paid for acquired real estate investments	$	312,992		$	886,068
Number of properties purchased	31			81

_______________

(1) Weighted-average remaining amortization periods for in-place leases, market lease assets and market lease liabilities acquired during the nine months ended September 30, 2015 were 6.0, 5.6 and 9.3 years, respectively, as of each property's respective acquisition date.

The following table presents unaudited pro forma information as if the acquisitions that were completed during the nine months ended September 30, 2015 had been consummated on January 1, 2014. Additionally, the unaudited pro forma net loss was adjusted to reclassify acquisition and transaction related expense of $8.4 million from the nine months ended September 30, 2015 to the nine months ended September 30, 2014.

	Nine Months Ended September 30,
(In thousands)	2015			2014
Pro forma revenues (1) (2)	$	194,793		$	44,334
Pro forma net loss (1) (2)	$	(25,944	)	$	(36,172	)
Basic and diluted pro forma net loss per share	$	(0.31	)	$	(0.90	)

___________________

(1) For the nine months ended September 30, 2015, aggregate revenues and net loss derived from the operations of the Company's 2015 acquisitions (for the Company's period of ownership) were $14.6 million and $3.4 million, respectively.

(2) During the period from October 1, 2015 to November 6, 2015, the Company completed its acquisition of six properties. As of the date that these consolidated financial statements were available to be issued, the Company was still reviewing the financial information of these properties and, as such, it was impractical to include in these consolidated financial statements the pro-forma effect of these acquisitions (see Note 17 — Subsequent Events).

The following table presents future minimum base rental cash payments due to the Company over the next five years and thereafter as of September 30, 2015.  These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands)	Future Minimum Base Rent Payments
October 1, 2015 — December 31, 2015	$	21,389
2016	86,160
2017	85,006
2018	80,379
2019	74,299
Thereafter	514,333
	$	861,566

As of September 30, 2015 and 2014, the Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or greater of total annualized rental income for the portfolio on a straight-line basis.

The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2015 and 2014:

	September 30,
State	2015	2014
Florida	22.0%	32.0%
Iowa	11.9%	20.9%
Michigan	*	10.0%
Pennsylvania	13.3%	*

_______________________________

* State's annualized rental income on a straight-line basis was not 10% or more of total annualized rental income on a straight-line basis for all portfolio properties as of the period specified.

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Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss attributable to stockholders (in thousands)	$ (16,108)	$ (20,023)	$ (34,749)	$ (24,752)
Basic and diluted weighted-average shares outstanding (in shares)	85,705,595	71,813,126	84,988,240	40,401,362
Basic and diluted net loss per share (in usd per share)	$ (0.19)	$ (0.28)	$ (0.41)	$ (0.61)
Antidilutive securities excluded from computation of earnings per share (in shares)			774,313	34,706
Restricted Stock
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			9,065	7,198
OP Units
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			405,998	90
Class B Units
Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			359,250	27,418

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Investment Securities (Schedule of Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost		$ 19,823
Gross Unrealized Gains		496
Gross Unrealized Losses		(33)
Investment securities, at fair value	$ 1,040	20,286
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Cost	1,084	19,397
Gross Unrealized Gains	0	477
Gross Unrealized Losses	(44)	(33)
Investment securities, at fair value	$ 1,040	19,841
Debt security
Schedule of Available-for-sale Securities [Line Items]
Cost		426
Gross Unrealized Gains		19
Gross Unrealized Losses		0
Investment securities, at fair value		$ 445

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Common Stock (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Class of Treasury Stock

The following table reflects the number of shares repurchased cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine months ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares for $4.5 million and an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015. The accrual for unfulfilled repurchase requests is reflected in the accounts payable and accrued expenses line item in the accompanying consolidated balance sheets.

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents information about the Company's assets measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall.

(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
September 30, 2015
Investment securities	$	1,040	$	—	$	—	$	1,040
December 31, 2014
Investment securities	$	20,286	$	—	$	—	$	20,286

Fair Value, by Balance Sheet Grouping

The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below:

		Carrying Amount(1) at		Fair Value at		Carrying Amount(1) at		Fair Value at
(In thousands)	Level	September 30, 2015		September 30, 2015		December 31, 2014		December 31, 2014
Mortgage notes payable and premiums, net	3	$	102,426	$	104,355	$	68,630	$	69,117
Credit Facility	3	$	185,000	$	185,000	$	—	$	—

_______________________________

(1) Carrying value includes mortgage notes payable of $98.2 million and $65.8 million and mortgage premiums, net of $4.3 million and $2.8 million as of September 30, 2015 and December 31, 2014, respectively.

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Related Party Transactions and Arrangements (Fees Paid in Connection With the Operations of the Company) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Apr. 01, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Equity instruments, net of selling commissions (in usd per share)			$ 22.50
Advisor
Related Party Transaction [Line Items]
Shares approved for issuance (in shares)	359,250
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.00%
Reimbursed fees to related party, percentage of benchmark	0.50%
Related Party Transaction, Total One-time Operating Fees Earned by Related Party, Percentage of Benchmark, Fee Cap	4.50%
Quarterly asset management earned by related party, percentage of benchmark			0.1875%
American Realty Capital Healthcare Advisors, LLC | Advance on Loan or Other Investment | Advisor
Related Party Transaction [Line Items]
Acquisition fees as a percentage of benchmark	1.00%
Reimbursed fees to related party, percentage of benchmark	0.50%
Related Party Transaction, Total One-time Operating Fees Earned by Related Party, Percentage of Benchmark, Fee Cap	4.50%
American Realty Capital Healthcare Advisors, LLC | Contract Purchase Price, All Assets Acquired | Advisor
Related Party Transaction [Line Items]
Acquisition fees and financing coordination fees, fee cap earned by related party, percentage of benchmark	1.50%
American Realty Capital Healthcare Advisors, LLC | Amount Available or Outstanding Under Financing Arrangement | Advisor
Related Party Transaction [Line Items]
Financing coordination fees	0.75%
American Realty Capital Healthcare Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark	6.00%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees	1.50%
American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Excluding Stand-alone Single-tenant Net Leased Properties | Advisor
Related Party Transaction [Line Items]
Property management fees	2.50%
Maximum | American Realty Capital Healthcare Advisors, LLC | Average Invested Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	2.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets | Advisor
Related Party Transaction [Line Items]
Operating expenses as a percentage of benchmark	25.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Gross Revenue, Managed Properties | Advisor
Related Party Transaction [Line Items]
Oversight fees earned by related party	1.00%
American Realty Capital Healthcare Advisors, LLC | Cost of Assets | Advisor
Related Party Transaction [Line Items]
Asset management fees earned, percentage of benchmark		0.0625%

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Investment Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 1,040		$ 1,040		$ 20,286
Amortized cost					$ 19,823
Proceeds from sales of investment securities			19,278	$ 0
Gain on sale of investment securities	160	$ 0	446	$ 0
Preferred Stock, Common Stock, and Real Estate Income Funds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	14,900		14,900
Proceeds from sales of investment securities	15,100
Gain on sale of investment securities	200
Preferred Stock, Common Stock, Real Estate Income Funds, and Senior Notes
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	18,800		18,800
Proceeds from sales of investment securities			19,300
Gain on sale of investment securities			400
Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Investment securities, at fair value	$ 1,000		$ 1,000
Period from issuance when investments become redeemable			5 years

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Related Party Transactions and Arrangements (Tables)

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate

The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended					Payable as of
	September 30,				September 30,					September 30,		December 31,
(In thousands)	2015		2014		2015			2014		2015		2014
Total commissions and fees incurred from (reimbursed by) and due to the Dealer Manager	$	—	$	67,004	$	(2	)	$	172,201	$	—	$	1

Schedule Of Offering Costs Reimbursements to Related Party

The following table details reimbursable offering costs incurred from and due to the Advisor and Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended				Payable as of
	September 30,				September 30,				September 30,		December 31,
(In thousands)	2015		2014		2015		2014		2015		2014
Fees and expense reimbursements incurred from and due to the Advisor	$	—	$	13,511	$	—	$	27,266	$	—	$	—
Fees and expense reimbursements incurred from and due to the Dealer Manager	—		1,189		—		2,757		—		605
Total fees and expense reimbursements incurred from and due to the Advisor and Dealer Manager	$	—	$	14,700	$	—	$	30,023	$	—	$	605

Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services

The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented.

	Three Months Ended September 30,								Nine Months Ended September 30,								Payable as of
	2015				2014				2015				2014				September 30,		December 31,
(In thousands)	Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		2015		2014
One-time fees and reimbursements:
Acquisition fees	$	1,719	$	—	$	8,187	$	—	$	3,707	$	—	$	9,555	$	—	$	—	$	—
Acquisition cost reimbursements	859		—		4,093		—		1,853		—		4,778		—		—		—
Financing coordination fees	512		—		52		—		3,400		—		1,997		—		—		—
Ongoing fees:
Asset management fees (1)	3,656		—		—		—		7,066		—		—		—		—		—
Property management fees	656		—		—		124		656		1,220		—		171		656		—
Transfer agent and other professional services	1,085		—		—		—		3,156		—		—		—		496		364
Strategic advisory fees	—		—		335		—		—		—		605		—		—		—
Distributions on Class B Units	154		—		9		—		336		—		16		—		—		—
Total related party operation fees and reimbursements	$	8,641	$	—	$	12,676	$	124	$	20,174	$	1,220	$	16,951	$	171	$	1,152	$	364

_______________

(1) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the board of directors) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company will pay an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and will no longer issue any Class B Units.

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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table reflects restricted share award activity for the period presented:

	Number of Common Shares		Weighted-Average Issue Price
Unvested, December 31, 2014	7,198		$	22.50
Granted	5,332		22.50
Vested	(1,066	)	22.50
Forfeitures	(2,399	)	22.50
Unvested, September 30, 2015	9,065		$	22.50

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the entire year or any subsequent interim period.

These unaudited financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2014, which are included in the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2015. There have been no significant changes to the Company's significant accounting policies during the nine months ended September 30, 2015 other than the updates described below.

Reclassifications

Certain prior year amounts within cash flows from operating activities and cash flows from financing activities have been reclassified to conform with the current year presentation.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of this new guidance.

In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has elected to adopt the new guidance as of September 30, 2015. The Company has assessed the impact from the adoption of this revised guidance and has determined that there is no impact to its financial position, results of operations and cash flows.

In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. The Company is currently evaluating the impact of this new guidance.

In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company has elected to adopt the new guidance as of September 30, 2015. The adoption of this guidance had no impact on the Company’s consolidated financial position, results of operations or cash flows.

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Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented:

(In thousands)	Unrealized Gains on Available-for-Sale Securities
Balance, December 31, 2014	$	463
Other comprehensive loss, before reclassifications	(61		)
Amounts reclassified from accumulated other comprehensive income (1)	(446		)
Balance, September 30, 2015	$	(44	)

__________________

(1) During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note which resulted in a realized gain of $0.4 million, which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

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Real Estate Investments (Pro Forma Information) (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
		Nov. 06, 2015 property	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) $ / shares	Sep. 30, 2014 USD ($) $ / shares
Business Acquisition [Line Items]
Pro forma revenues	[1],[2]				$ 194,793	$ 44,334
Pro forma net income (loss)	[1],[2]				(25,944)	(36,172)
Revenues			$ 64,030	$ 11,818	181,117	16,074
Net loss			$ (16,193)	$ (20,023)	$ (34,936)	$ (24,752)
Basic and diluted pro forma net loss per share (in usd per share) | $ / shares					$ (0.31)	$ (0.90)
Subsequent Event
Business Acquisition [Line Items]
Number of properties purchased | property		6
2015 Acquisitions
Business Acquisition [Line Items]
Revenues					$ 14,600
Net loss					$ (3,400)

[1] During the period from October 1, 2015 to November 6, 2015, the Company completed its acquisition of six properties. As of the date that these consolidated financial statements were available to be issued, the Company was still reviewing the financial information of these properties and, as such, it was impractical to include in these consolidated financial statements the pro-forma effect of these acquisitions (see Note 17 — Subsequent Events).

[2] For the nine months ended September 30, 2015, aggregate revenues and net loss derived from the operations of the Company's 2015 acquisitions (for the Company's period of ownership) were $14.6 million and $3.4 million, respectively.

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Related Party Transactions and Arrangements (Fees Paid in Connection with the IPO) (Details)	Sep. 30, 2015
Maximum
Related Party Transaction [Line Items]
Offering costs excluding selling commissions and dealer manager fees	2.00%
REIT liability, as a percentage of gross common stock proceeds	12.00%
Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	7.00%
Option One | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Maximum | Dealer Manager
Related Party Transaction [Line Items]
Dealer manager fee earned by related party	3.00%
Gross Proceeds, Common Stock | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	7.50%
Sales Commissions | Selling Commission Fee Paid Upfront | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	2.50%
Sales Commissions | Fee Paid at Anniversary of Sale | Option Two | Gross Proceeds, Common Stock | Maximum | Participating Broker-Dealer
Related Party Transaction [Line Items]
Brokerage fee as a percentage of benchmark	1.00%
Dealer Manager Fees | Option Two | Realty Capital Securities, LLC | Gross Proceeds, Common Stock | Dealer Manager
Related Party Transaction [Line Items]
Sales commissions as a percentage of benchmark	2.50%

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate investments, at cost:
Land	$ 163,382	$ 113,461
Buildings, fixtures and improvements	1,622,718	1,362,387
Construction in progress	17,977	0
Acquired intangible assets	216,537	186,849
Total real estate investments, at cost	2,020,614	1,662,697
Less: accumulated depreciation and amortization	(122,834)	(30,947)
Total real estate investments, net	1,897,780	1,631,750
Cash and cash equivalents	47,751	182,617
Restricted cash	2,947	1,778
Investment securities, at fair value	1,040	20,286
Receivable for sale of common stock	0	6
Prepaid expenses and other assets	30,201	17,036
Deferred costs, net	14,548	4,237
Total assets	1,994,267	1,857,710
LIABILITIES AND EQUITY
Mortgage notes payable	98,150	65,786
Mortgage premiums, net	4,276	2,844
Credit facility	185,000	0
Market lease intangible liabilities, net	21,762	19,535
Accounts payable and accrued expenses (including $1,152 and $970 due to related parties as of September 30, 2015 and December 31, 2014, respectively)	32,433	22,248
Deferred rent	2,287	3,023
Distributions payable	12,021	12,097
Total liabilities	355,929	125,533
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014	0	0
Common stock, $0.01 par value, 300,000,000 shares authorized, 85,818,405 and 83,718,853 shares of common stock issued and outstanding as of September 30, 2015 and December 31, 2014, respectively	858	837
Additional paid-in capital	1,899,908	1,850,169
Accumulated other comprehensive income (loss)	(44)	463
Accumulated deficit	(272,285)	(129,406)
Total stockholders' equity	1,628,437	1,722,063
Non-controlling interests	9,901	10,114
Total equity	1,638,338	1,732,177
Total liabilities and equity	$ 1,994,267	$ 1,857,710

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Revolving Credit Facility (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Jul. 31, 2015	Jun. 26, 2015	Dec. 31, 2014	Apr. 15, 2014	Mar. 21, 2014
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 565,000,000.0
Write off of deferred debt issuance cost	$ 0	$ 500,000
Outstanding balance	185,000,000	185,000,000			$ 0
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 25,000,000.0
Secured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity				500,000,000			$ 50,000,000.0
Maximum borrowing capacity under accordion feature				$ 750,000,000.0		$ 200,000,000.0
Outstanding balance	$ 185,000,000	$ 185,000,000			$ 0
Effective Interest Rate	1.80%	1.80%
Unused borrowing capacity	$ 324,700,000	$ 324,700,000
Federal Funds Effective Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		0.50%
One-Month LIBOR | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		1.00%
Minimum | London Interbank Offered Rate (LIBOR) | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		1.60%
Minimum | Base Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		0.35%
Maximum | London Interbank Offered Rate (LIBOR) | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		2.20%
Maximum | Base Rate | Secured Debt
Line of Credit Facility [Line Items]
Interest rate		0.95%

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (34,936,000)	$ (24,752,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	97,193,000	10,629,000
Amortization of deferred financing costs	2,676,000	841,000
Amortization of mortgage premiums	(1,402,000)	(387,000)
Accretion of below-market lease liability and amortization of above-market lease assets, net	(119,000)	51,000
Bad debt expense	3,766,000	0
Equity-based compensation	36,000	64,000
Gain on sale of investment securities	(446,000)	0
Changes in assets and liabilities:
Prepaid expenses and other assets	(15,437,000)	(6,222,000)
Accounts payable and accrued expenses	7,007,000	8,548,000
Deferred rent and other liabilities	(736,000)	1,184,000
Restricted cash	(1,169,000)	(1,902,000)
Net cash used in operating activities	56,433,000	(11,946,000)
Cash flows from investing activities:
Investment in real estate and other assets	(312,992,000)	(886,068,000)
Deposits paid for real estate acquisitions	(3,150,000)	(10,451,000)
Capital expenditures	(4,984,000)	(139,000)
Purchase of investment securities	(93,000)	(18,580,000)
Proceeds from sales of investment securities	19,278,000	0
Net cash used in investing activities	(301,941,000)	(915,238,000)
Cash flows from financing activities:
Proceeds from credit facility	185,000,000	0
Payments of mortgage notes payable	(6,023,000)	(293,000)
Payments of deferred financing costs	(12,407,000)	(5,408,000)
Proceeds from issuance of common stock	6,000	1,810,934,000
Common stock repurchases	(5,921,000)	(294,000)
Payments of offering costs and fees related to common stock issuances	(629,000)	(203,567,000)
Distributions paid	(49,358,000)	(19,476,000)
Contributions from non-controlling interest holders	500,000	0
Distributions to non-controlling interest holders	(526,000)	0
Payments to related parties	0	(484,000)
Net cash provided by financing activities	110,642,000	1,581,412,000
Net change in cash	(134,866,000)	654,228,000
Cash and cash equivalents, beginning of period	182,617,000	111,833,000
Cash and cash equivalents, end of period	47,751,000	766,061,000
Supplemental Disclosures:
Cash paid for interest	5,170,000	1,137,000
Cash paid for taxes	312,000	79,000
Non-Cash Financing Activities:
Payable and accrued offering costs	0	1,272,000
Unfulfilled repurchase requests included in accounts payable, accrued expenses and other liabilities	4,472,000	221,000
Assumption of mortgage notes payable used to acquire investments in real estate	38,387,000	66,321,000
Premiums on assumed mortgage notes payable	2,834,000	3,533,000
Liabilities assumed in real estate acquisitions	604,000	3,802,000
Common stock issued through distribution reinvestment plan	$ 58,848,000	$ 22,500,000

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Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Equity-based compensation			$ 36	$ 64
Director
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Stock issued during period, issued for services		$ 32	$ 0	$ 46
Stock issued during period, issued for services (in shares)	0	1,433	0	2,036
Restricted Share Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted automatically upon election to board of directors, in shares	1,333		1,333
Restricted share vesting period			5 years
Periodic vesting percentage	20.00%		20.00%
Maximum authorized amount as a percentage of shares authorized			5.00%
Number of shares authorized, in shares	3,400,000.0		3,400,000.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Unvested (in shares)			7,198
Granted (in shares)			5,332
Vested (in shares)			(1,066)
Forfeitures (in shares)			(2,399)
Ending Balance, Unvested (in shares)	9,065		9,065
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Unvested, Weighted-Average Issue Price (in usd per share)			$ 22.50
Granted, Weighted-Average Issue Price (in usd per share)			22.50
Vested, Weighted-Average Issue Price (in usd per share)			22.50
Forfeitures, Weighted-Average Issued (in usd per share)			22.50
Ending Balance, Unvested, Weighted-Average Issue Price (in usd per share)	$ 22.50		$ 22.50
Nonvested awards, compensation cost not yet recognized	$ 200		$ 200
Nonvested awards, compensation cost not yet recognized, period for recognition			3 years 7 months 6 days
Equity-based compensation	$ 30	$ 8	$ 36	$ 18

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule

These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items.

	Future Minimum Base Rent Payments
(In thousands)	Operating Leases		Capital Leases
October 1, 2015 — December 31, 2015	$	84	$	18
2016	340		74
2017	344		76
2018	349		78
2019	354		80
Thereafter	16,619		7,930
Total minimum lease payments	$	18,090	8,256
Less: amounts representing interest			(3,456		)
Total present value of minimum lease payments			$	4,800

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Segment Reporting (Reconciliation of Capital Expenditures by Segment) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total capital expenditures	$ 4,984	$ 139
Operating Segments
Segment Reporting Information [Line Items]
Total capital expenditures	3,536	139
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Total capital expenditures	1,343	139
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Total capital expenditures	523	0
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Total capital expenditures	$ 1,670	$ 0

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

The Company has entered into operating and capital lease agreements related to certain acquisitions under leasehold interests arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter under these arrangements, including the present value of the net minimum payment due under capital leases.  These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items.

	Future Minimum Base Rent Payments
(In thousands)	Operating Leases		Capital Leases
October 1, 2015 — December 31, 2015	$	84	$	18
2016	340		74
2017	344		76
2018	349		78
2019	354		80
Thereafter	16,619		7,930
Total minimum lease payments	$	18,090	8,256
Less: amounts representing interest			(3,456		)
Total present value of minimum lease payments			$	4,800

Total rental expense from operating leases was $0.1 million and $0.3 million during the three and nine months ended September 30, 2015, respectively. Total rental expense from operating leases was approximately $45,000 and $0.1 million during the three and nine months ended September 30, 2014, respectively. During the three and nine months ended September 30, 2015, interest expense related to capital leases was approximately $21,000 and $0.1 million, respectively. There was $0.2 million of such interest expense during the three and nine months ended September 30, 2014.

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no material legal or regulatory proceedings pending or known to be contemplated against the Company or its properties.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. As of September 30, 2015, the Company had not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on the results of operations.

Development Project Funding

In August 2015, the Company entered into an asset purchase agreement and development agreement to acquire land and construction in progress, and subsequently fund the remaining construction, of a skilled nursing facility in Jupiter, Florida for $82.0 million. As of September 30, 2015, the Company had funded $10.0 million and $18.0 million for the land and construction in progress, respectively. Concurrent with the acquisition, the Company entered into a loan agreement and lease agreement with an affiliate of the project developer. The loan agreement is intended to provide working capital to the tenant during initial operating period of the skilled nursing facility and allows for borrowings of up to $2.7 million from the Company on a non-revolving basis. Any outstanding principal balances under the loan will bear interest at 7.0% per year, payable on the first day of each fiscal quarter. As of September 30, 2015, there were no amounts outstanding due to the Company pursuant to the loan agreement.

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Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Schedule of Subsequent Events

The following table presents certain information about the properties that the Company acquired from October 1, 2015 to November 6, 2015:

	Number of Properties	Rentable Square Feet
Portfolio, September 30, 2015	149	7,330,583
Acquisitions	6	155,298
Portfolio, November 6, 2015	155	7,485,881

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Reclassifications

Reclassifications

Certain prior year amounts within cash flows from operating activities and cash flows from financing activities have been reclassified to conform with the current year presentation.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance relating to revenue recognition. Under the revised guidance, an entity is required to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The revised guidance was to become effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption was not permitted under GAAP. The revised guidance allows entities to apply the full retrospective or modified retrospective transition method upon adoption. In July 2015, the FASB deferred the effective date of the revised guidance by one year to annual reporting periods beginning after December 15, 2017, although entities will be allowed to early adopt the guidance as of the original effective date. The Company has not yet selected a transition method and is currently evaluating the impact of this new guidance.

In January 2015, the FASB issued updated guidance that eliminates from GAAP the concept of an event or transaction that is unusual in nature and occurs infrequently being treated as an extraordinary item. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Any amendments may be applied either prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has elected to adopt the new guidance as of September 30, 2015. The Company has assessed the impact from the adoption of this revised guidance and has determined that there is no impact to its financial position, results of operations and cash flows.

In April 2015, the FASB amended the presentation of debt issuance costs on the balance sheet. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB added that, for line of credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line, regardless of whether or not there are any outstanding borrowings. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not previously been issued. The Company is currently evaluating the impact of this new guidance.

In September 2015, the FASB issued an update that eliminates the requirement to adjust provisional amounts from a business combination and the related impact on earnings by restating prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of measurement period adjustments on current and prior periods, including the prior period impact on depreciation, amortization and other income statement items and their related tax effects, shall be recognized in the period the adjustment amount is determined. The cumulative adjustment would be reflected within the respective financial statement line items affected. The revised guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company has elected to adopt the new guidance as of September 30, 2015. The adoption of this guidance had no impact on the Company’s consolidated financial position, results of operations or cash flows.

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Commitments and Contingencies (Development Project Funding) (Details) - USD ($)	Sep. 30, 2015	Aug. 31, 2015	Jul. 31, 2015	Dec. 31, 2014
Long-term Purchase Commitment [Line Items]
Asset purchase and development agreement		$ 82,000,000
Construction in progress	$ 17,977,000			$ 0
Maximum borrowing capacity			$ 565,000,000.0
Land
Long-term Purchase Commitment [Line Items]
Construction in progress	10,000,000
Construction in Progress
Long-term Purchase Commitment [Line Items]
Construction in progress	$ 18,000,000
Credit Facility
Long-term Purchase Commitment [Line Items]
Maximum borrowing capacity		$ 2,700,000
Stated rate		7.00%

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Organization

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Healthcare Trust, Inc. (including, as required by context, Healthcare Trust Operating Partnership, LP and its subsidiaries, the "Company"), formerly known as American Realty Capital Healthcare Trust II, Inc., invests in seniors housing and health care real estate in the United States for investment purposes. As of September 30, 2015, the Company owned 149 properties located in 27 states and comprised of 7.3 million rentable square feet.

In February 2013, the Company commenced its initial public offering (the "IPO") on a "reasonable best efforts" basis of up to $1.7 billion of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts. The Company closed its IPO in November 2014. As of September 30, 2015, the Company had 85.8 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the distribution reinvestment plan ("DRIP"), and had received total gross proceeds from the IPO and the DRIP of $2.1 billion.

On March 18, 2015, the Company announced its intention to list its common stock on a national stock exchange under the symbol “HTI” (the "Listing") during the third quarter of 2015. On September 24, 2015, the Company announced that its board of directors had determined that it was in the best interest of the Company to not pursue the Listing during the third quarter of 2015 and that the board of directors will continue to monitor market conditions and other factors with a view toward reevaluating the Listing decision when market conditions are more favorable. There can be no assurance that the Company's shares of common stock will be listed. The Company anticipates publishing an estimate of share value to comply with the new Financial Industry Regulatory Authority rules, which become effective in April 2016, unless the Company lists its common stock prior to such time. In the interim, the Company will continue to offer shares pursuant to its DRIP at $23.75 per share, and to repurchase shares pursuant to the share repurchase plan ("SRP").

The Company, which was incorporated on October 15, 2012, is a Maryland corporation that elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") beginning with its taxable year ended December 31, 2013. Substantially all of the Company's business is conducted through Healthcare Trust Operating Partnership, LP (the "OP"), formerly known as American Realty Capital Healthcare Trust II Operating Partnership, LP, a Delaware limited partnership. The Company has no direct employees. Healthcare Advisors, LLC (the "Advisor"), formerly known as American Realty Capital Healthcare II Advisors, LLC, has been retained by the Company to manage the Company's affairs on a day-to-day basis. The Company has retained Healthcare Properties, LLC (the "Property Manager"), formerly known as American Realty Capital Healthcare II Properties, LLC, to serve as the Company's property manager. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the IPO and, together with its affiliates, continues to provide the Company with various services. The Advisor, the Property Manager and the Dealer Manager are under common control with AR Capital, LLC ("ARC"), the parent of the Company's sponsor, American Realty Capital VII, LLC (the "Sponsor"), as a result of which, they are related parties, and each have received or will receive compensation, fees and expense reimbursements from the Company for services related to the IPO and the investment and management of our assets. The Advisor, Property Manager and Dealer Manager also have received or will receive compensation, fees and expense reimbursements related to the investment and management of the Company's assets.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Due to affiliates	$ 1,152	$ 970
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	85,818,405	83,718,853
Common stock, shares outstanding (in shares)	85,818,405	83,718,853

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Equity-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity-Based Compensation

Equity-Based Compensation

Restricted Share Plan

The Company has an employee and director incentive restricted share plan (the "RSP"), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further approval by the Company's board of directors or the stockholders, after initial election to the board of directors and after each annual stockholder meeting, with such shares vesting annually beginning with the one year anniversary of initial election to the board of directors and the date of the next annual meeting, respectively. Restricted stock issued to independent directors will vest over a five-year period in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of common shares granted under the RSP may not exceed 5.0% of the Company's outstanding shares of common stock on a fully diluted basis at any time and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events).

Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. For restricted share awards granted prior to July 1, 2015, such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. For restricted share awards granted on or after July 1, 2015, such awards provide for accelerated vesting of the portion of the unvested shares scheduled to vest in the year of the recipient's voluntary termination or the failure to be re-elected to the board. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. The following table reflects restricted share award activity for the period presented:

	Number of Common Shares		Weighted-Average Issue Price
Unvested, December 31, 2014	7,198		$	22.50
Granted	5,332		22.50
Vested	(1,066	)	22.50
Forfeitures	(2,399	)	22.50
Unvested, September 30, 2015	9,065		$	22.50

As of September 30, 2015, the Company had $0.2 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 3.6 years. Restricted share awards are expensed in accordance with the service period required. Compensation expense related to restricted stock was approximately $30,000 and $8,000 during the three months ended September 30, 2015 and 2014, respectively. Compensation expense related to restricted stock was approximately $36,000 and $18,000 during the nine months ended September 30, 2015 and 2014, respectively. Compensation expense related to restricted stock is recorded as general and administrative expense in the accompanying consolidated statement of operations and comprehensive loss.

Other Share-Based Compensation

The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at the respective director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. During the three and nine months ended September 30, 2014, the Company issued 1,433 and 2,036 shares in lieu of approximately $32,000 and $46,000 in cash. No such shares were issued during the three and nine months ended September 30, 2015.

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	HEALTHCARE TRUST, INC.
Entity Central Index Key	0001561032
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		86,091,285

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Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income

Common Stock

As of September 30, 2015 and December 31, 2014, the Company had 85.8 million and 83.7 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, respectively, and had received total proceeds of $2.1 billion, including proceeds from shares issued pursuant to the DRIP.

On April 9, 2013, the Company's board of directors authorized, and the Company declared, distributions payable to stockholders of record each day during the applicable period equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock beginning May 24, 2013. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

Share Repurchase Program

The Company's board of directors has adopted the SRP, which enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.

The repurchase price per share depends on the length of time investors have held such shares, as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 or 100.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).

The Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption at any time. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding on December 31 of the previous calendar year.

When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine months ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares for $4.5 million and an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015. The accrual for unfulfilled repurchase requests is reflected in the accounts payable and accrued expenses line item in the accompanying consolidated balance sheets.

Distribution Reinvestment Plan

Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the nine months ended September 30, 2015, the Company issued 2.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $58.8 million.

Accumulated Other Comprehensive Income

The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented:

(In thousands)	Unrealized Gains on Available-for-Sale Securities
Balance, December 31, 2014	$	463
Other comprehensive loss, before reclassifications	(61		)
Amounts reclassified from accumulated other comprehensive income (1)	(446		)
Balance, September 30, 2015	$	(44	)

__________________

(1) During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note which resulted in a realized gain of $0.4 million, which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental income	$ 56,722	$ 10,620	$ 160,555	$ 14,061
Operating expense reimbursement	3,487	1,034	9,344	1,849
Resident services and fee income	3,784	164	10,731	164
Contingent purchase price consideration	37	0	487	0
Total revenues	64,030	11,818	181,117	16,074
Expenses:
Property operating	33,506	4,202	89,612	5,231
Operating fees to related parties	4,312	0	7,722	0
Acquisition and transaction related	3,315	17,884	8,502	20,887
General and administrative	2,442	1,221	7,574	2,212
Depreciation and amortization	34,162	7,391	97,193	10,629
Total expenses	77,737	30,698	210,603	38,959
Operating loss	(13,707)	(18,880)	(29,486)	(22,885)
Other income (expense):
Interest expense	(3,081)	(1,418)	(6,838)	(2,163)
Income from investment securities and interest income	66	275	555	296
Gain on sale of investment securities	160	0	446	0
Total other expense	(2,855)	(1,143)	(5,837)	(1,867)
Loss before income tax and non-controlling interests	(16,562)	(20,023)	(35,323)	(24,752)
Income tax benefit	369	0	387	0
Net loss	(16,193)	(20,023)	(34,936)	(24,752)
Net loss attributable to non-controlling interests	85	0	187	0
Net loss attributable to stockholders	(16,108)	(20,023)	(34,749)	(24,752)
Other comprehensive loss:
Unrealized loss on investment securities, net	(177)	(36)	(507)	(36)
Comprehensive loss	$ (16,285)	$ (20,059)	$ (35,256)	$ (24,788)
Basic and diluted weighted-average shares outstanding (in shares)	85,705,595	71,813,126	84,988,240	40,401,362
Basic and diluted net loss per share (in usd per share)	$ (0.19)	$ (0.28)	$ (0.41)	$ (0.61)
Distributions declared per share (in usd per share)	$ 0.43	$ 0.43	$ 1.27	$ 1.27

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Mortgage Notes Payable

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Mortgage Notes Payable

Mortgage Notes Payable

The following table reflects the Company's mortgage notes payable as of September 30, 2015 and December 31, 2014.

		Outstanding Loan Amount as of				Effective Interest Rate
Portfolio	Encumbered Properties	September 30, 2015		December 31, 2014					Interest Rate		Maturity
		(In thousands)		(In thousands)
Creekside Medical Office Building - Douglasville, GA	—	$	—	$	5,154	5.32	%		Fixed		Sep. 2015
Bowie Gateway Medical Center - Bowie, MD	1	5,991		6,055		6.18	%		Fixed		Sep. 2016
Medical Center of New Windsor - New Windsor, NY	1	8,749		8,832		6.39	%		Fixed		Sep. 2017
Plank Medical Center - Clifton Park, NY	1	3,473		3,506		6.39	%		Fixed		Sep. 2017
Cushing Center - Schenectady, NY	1	4,210		4,287		5.71	%		Fixed		Feb. 2016
Countryside Medical Arts - Safety Harbor, FL	1	6,014		6,076		6.07	%		Fixed	(1)	Apr. 2019
St. Andrews Medical Park - Venice, FL	3	6,647		6,716		6.07	%		Fixed	(1)	Apr. 2019
Campus at Crooks & Auburn Building C - Rochester Hills, MI	1	3,573		3,626		5.91	%		Fixed		Apr. 2016
Slingerlands Crossing Phase I - Bethlehem, NY	1	6,702		6,759		6.39	%		Fixed		Sep. 2017
Slingerlands Crossing Phase II - Bethlehem, NY	1	7,803		7,877		6.39	%		Fixed		Sep. 2017
Benedictine Cancer Center - Kingston, NY	1	6,833		6,898		6.39	%		Fixed		Sep. 2017
Aurora Healthcare Center Portfolio - WI	6	31,355		—		6.55	%		Fixed		Jan. 2018
Palm Valley Medical Plaza - Goodyear, AZ	1	3,548		—		4.21	%		Fixed		Jun. 2023
Medical Center V - Peoria, AZ	1	3,252		—		4.75	%		Fixed		Sep. 2023
Total	20	$	98,150	$	65,786	6.21	%	(2)

_______________________________

(1) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017.

(2) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2015.

Real estate investments, at cost, related to the mortgage notes payable of $177.9 million and $122.4 million at September 30, 2015 and December 31, 2014, respectively, have been pledged as collateral and are not available to satisfy our debts and obligations unless first satisfying the mortgage notes payable on the properties. The Company makes payments of principal and interest on all of its mortgage notes payable on a monthly basis.

The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to September 30, 2015:

(In thousands)	Future Principal Payments
October 1, 2015 — December 31, 2015	$	366
2016	14,922
2017	33,813
2018	30,833
2019	12,221
Thereafter	5,995
	$	98,150

Some of the Company's mortgage note agreements require the compliance with certain property-level financial covenants including debt service coverage ratios. As of September 30, 2015, the Company was in compliance with the financial covenants under its mortgage note agreements.

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Revolving Credit Facility

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Revolving Credit Facility

Revolving Credit Facility

On March 21, 2014, the Company entered into a senior secured credit facility in the amount of $50.0 million (the "Credit Facility"). On April 15, 2014 the amount available under the Credit Facility was increased to $200.0 million.

On June 26, 2015, the Company entered into an amendment to the Credit Facility which, among other things, allowed for borrowings of up to $500.0 million. On July 31, 2015, the available borrowings were increased to $565.0 million. The Credit Facility also contains a subfacility for letters of credit of up to $25.0 million. The Credit Facility contains an "accordion" feature to allow the Company, under certain circumstances, to increase the aggregate borrowings under the Credit Facility to a maximum of $750.0 million. The amendment to the Credit Facility included changes to amounts committed by each of the banks in the syndicate, which resulted in a write off of deferred financing costs of $0.5 million during the nine months ended September 30, 2015. There were no such write offs of deferred financing costs during the three months ended September 30, 2015.

The Company has the option, based upon its leverage, to have the Credit Facility priced at either: (a) LIBOR, plus an applicable margin that ranges from 1.60% to 2.20%; or (b) the Base Rate, plus an applicable margin that ranges from 0.35% to 0.95%. Base Rate is defined in the Credit Facility as the greater of (i) the fluctuating annual rate of interest announced from time to time by the lender as its “prime rate,” (ii) 0.5% above the federal funds effective rate or (iii) the applicable one-month LIBOR plus 1.0%.

The Credit Facility provides for monthly interest payments for each Base Rate loan and periodic payments for each LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date on March 21, 2019. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty (subject to standard breakage costs). In the event of a default, the lender has the right to terminate its obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans.

As of September 30, 2015, the balance outstanding under the Credit Facility was $185.0 million, with an effective interest rate of 1.8%. The Company's unused borrowing capacity was $324.7 million, based on assets assigned to the Credit Facility as of September 30, 2015. Availability of borrowings is based on a pool of eligible unencumbered real estate assets. There were no advances outstanding as of December 31, 2014.

The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of September 30, 2015, the Company was in compliance with the financial covenants under the Credit Facility.

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Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements except for the following transactions:

Acquisitions

The following table presents certain information about the properties that the Company acquired from October 1, 2015 to November 6, 2015:

	Number of Properties	Rentable Square Feet
Portfolio, September 30, 2015	149	7,330,583
Acquisitions	6	155,298
Portfolio, November 6, 2015	155	7,485,881

Sponsor Transaction

On November 9, 2015, ARC advised the Company that ARC and Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) have mutually agreed to terminate an agreement, dated as of August 6, 2015, pursuant to which Apollo would have purchased a controlling interest in a newly formed company that would have owned a majority of the ongoing asset management business of ARC, including the Advisor and the Property Manager.  The termination has no effect on the Company’s current management team.

Dealer Manager Complaint

On November 12, 2015, the Enforcement Section of the Massachusetts Securities Division filed an administrative complaint against the Dealer Manager, an entity under common control with ARC. Neither the Company nor the Company's Advisor is a named party in the administrative complaint. The Dealer Manager served as the dealer manager of the Company’s IPO, which was completed in November 2014, and, together with its affiliates, has continued to provide certain services to the Company and the Company’s Advisor. The administrative complaint alleges fraudulent behavior in connection with proxy services provided by the Dealer Manager to another program sponsored by ARC. The Dealer Manager has previously solicited proxies on behalf of the Company, although the Company’s Advisor has determined at this time that the Dealer Manager will no longer provide such services to the Company. The administrative complaint alleges that employees of the Dealer Manager fabricated numerous shareholder proxy votes across multiple entities sponsored by ARC but does not specifically refer to any actions taken in connection with any of the Company’s proxy solicitations.

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Non-controlling Interests

9 Months Ended

Sep. 30, 2015

Noncontrolling Interest [Abstract]

Non-controlling Interest

Non-controlling Interests

The Company is the sole general partner and holds substantially all of the units of limited partner interests in the OP ("OP Units"). As of September 30, 2015 and 2014, the Advisor held 90 OP Units, which represents a nominal percentage of the aggregate OP ownership.

In November 2014, the Company partially funded the purchase of an MOB with the issuance of 405,908 OP Units, with a value of $10.1 million or $25.00 per unit, from an unaffiliated third party.

A holder of OP Units has the right to distributions and has the right to convert OP Units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP, provided, however, that such OP Units must have been outstanding for at least one year. The remaining rights of the limited partners in the OP are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. During the three and nine months ended September 30, 2015, non-controlling interest holders were paid distributions of $0.2 million and $0.5 million, respectively. No such distributions were paid during the three and nine months ended September 30, 2014.

The Company has an investment arrangement with an unaffiliated third party whereby such investor contributed $0.5 million in exchange for a 4.1% ownership interest in Plaza Del Rio Medical Office Campus Portfolio - Peoria, AZ and is entitled to receive a proportionate share of the net operating cash flow derived from the subsidiaries' property. Upon disposition of a property subject to non-controlling interest, the investor will receive a proportionate share of the net proceeds from the sale of the property. The investor has no recourse to any other assets of the Company. Due to the nature of the Company's involvement with the arrangement and the significance of its investment in relation to the investment of the third party, the Company has determined that it controls each entity in this arrangement and therefore the entities related to this arrangement are consolidated within the Company's financial statements. A non-controlling interest is recorded for the investor's ownership interest in the properties.

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Related Party Transactions and Arrangements

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions and Arrangements

Related Party Transactions and Arrangements

As of September 30, 2015 and December 31, 2014, Healthcare Trust Special Limited Partnership, LLC (the "Special Limited Partner"), formerly known as American Realty Capital Healthcare II Special Limited Partnership, LLC, owned 8,888 shares of the Company's outstanding common stock. The Advisor and its affiliates may incur and pay costs and fees on behalf of the Company.

The Company owned shares in real estate income funds managed by an affiliate of the Sponsor during the nine months ended September 30, 2015 (see Note 4 — Investment Securities). The Company sold these shares during the three months ended September 30, 2015.

On January 14, 2015, the Company purchased the Specialty Hospital portfolio from American Realty Capital Healthcare Trust, Inc. ("HCT") for a contract purchase price of $39.4 million. At the time of such purchase, the Sponsor and Advisor and the sponsor and advisor of HCT were under common control. On January 15, 2015, HCT merged into Stripe Sub, LLC, a Delaware limited liability company, which is a wholly-owned subsidiary of Ventas, Inc. and therefore, the Sponsor and Advisor and the sponsor and advisor of HCT were no longer under common control as of such date.

The limited partnership agreement of the OP provides for a special allocation, solely for tax purposes, of excess depreciation deductions of up to $10.0 million to the Company's Advisor, a limited partner of the OP.  In connection with this special allocation, the Company's Advisor has agreed to restore a deficit balance in its capital account in the event of a liquidation of the OP and has agreed to provide a guaranty or indemnity of indebtedness of the OP.

Fees Paid in Connection with the IPO

The Dealer Manager was paid fees in connection with the sale of the Company's common stock in the IPO. The Company paid the Dealer Manager a selling commission of up to 7.0% of the per share purchase price of offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Company paid the Dealer Manager up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer manager fee. The Dealer Manager was permitted to reallow its dealer manager fee to participating broker-dealers. A participating broker-dealer could elect to receive a fee equal to 7.5% of the gross proceeds from the sale of shares by such participating broker-dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option had been elected, the dealer manager fee would have been reduced to 2.5% of gross proceeds. The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended					Payable as of
	September 30,				September 30,					September 30,		December 31,
(In thousands)	2015		2014		2015			2014		2015		2014
Total commissions and fees incurred from (reimbursed by) and due to the Dealer Manager	$	—	$	67,004	$	(2	)	$	172,201	$	—	$	1

The Advisor and its affiliates received compensation and reimbursement for services relating to the IPO, including transfer agent services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company or its affiliated entities on behalf of the Company were charged to additional paid-in capital on the accompanying balance sheet during the IPO. The following table details reimbursable offering costs incurred from and due to the Advisor and Dealer Manager as of and for the periods presented:

	Three Months Ended				Nine Months Ended				Payable as of
	September 30,				September 30,				September 30,		December 31,
(In thousands)	2015		2014		2015		2014		2015		2014
Fees and expense reimbursements incurred from and due to the Advisor	$	—	$	13,511	$	—	$	27,266	$	—	$	—
Fees and expense reimbursements incurred from and due to the Dealer Manager	—		1,189		—		2,757		—		605
Total fees and expense reimbursements incurred from and due to the Advisor and Dealer Manager	$	—	$	14,700	$	—	$	30,023	$	—	$	605

The Company was responsible for paying offering and related costs from the IPO, excluding commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding selling commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO were to be the Advisor's responsibility. As of the end of the IPO, offering and related costs, excluding selling commissions and dealer manager fees, did not exceed 2.0% of gross proceeds received from the IPO. In aggregate, offering costs including selling commissions and dealer manager fees were the Company's responsibility up to a maximum of 12.0% of the gross proceeds received from the IPO as determined at the end of the IPO. As of the end of the IPO in November 2014, offering costs were less than the 12.0% of the gross proceeds received in the IPO.

Fees and Participations Paid in Connection With the Operations of the Company

The Advisor is paid an acquisition fee equal to 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. The Advisor is also reimbursed for services provided for which it incurs investment-related expenses, or insourced expenses. The amount reimbursed for insourced expenses may not exceed 0.5% of the contract purchase price of each acquired property and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company reimburses the Advisor for third party acquisition expenses. The aggregate amount of acquisition fees and financing coordination fees (as described below) may not exceed 1.5% of the contract purchase price and the amount advanced for a loan or other investment for all the assets acquired. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees payable with respect to the Company's portfolio of investments or reinvestments exceed 4.5% of the contract purchase price of the Company's portfolio to be measured at the close of the acquisition phase or 4.5% of the amount advanced for all loans or other investments.

If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations.

Until March 31, 2015, for its asset management services, the Company issued the Advisor an asset management subordinated participation by causing the OP to issue (subject to periodic approval by the board of directors) to the Advisor performance-based restricted, forfeitable partnership units of the OP designated as "Class B Units." The Class B Units were intended to be profits interests and vest, and are no longer subject to forfeiture, at such time as: (x) the value of the OP's assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pre-tax, non-compounded annual return thereon (the "economic hurdle"); (y) any one of the following occurs: (1) a listing; (2) an other liquidity event or (3) the termination of the advisory agreement by an affirmative vote of a majority of the Company's independent directors without cause; and (z) the Advisor is still providing advisory services to the Company (the "performance condition"). Unvested Class B Units will be forfeited immediately if: (a) the advisory agreement is terminated for any reason other than a termination without cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of the Company's independent directors without cause before the economic hurdle has been met.

When approved by the board of directors, the Class B Units were issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. The number of Class B Units issued in any quarter was equal to: (i) the excess of (A) the product of (y) the cost of assets multiplied by (z) 0.1875% over (B) any amounts payable as an oversight fee (as described below) for such calendar quarter; divided by (ii) the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the IPO price minus the selling commissions and dealer manager fees). The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. As of September 30, 2015, the Company cannot determine the probability of achieving the performance condition. The Advisor receives distributions on vested and unvested Class B Units equal to the distribution rate received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement.

On May 12, 2015, the Company, the OP and the Advisor entered into an amendment (the “Amendment”) to the advisory agreement, which, among other things, provides that the Company will cease causing the OP to issue Class B Units in the OP to the Advisor or its assignees related to any period ending after March 31, 2015. Effective April 1, 2015, the Company began paying an asset management fee to the Advisor or its assignees as compensation for services rendered in connection with the management of the Company’s assets. The asset management fee is payable on the first business day of each month in the amount of 0.0625% multiplied by the cost of assets for the preceding monthly period.  The asset management fee is payable to the Advisor or its assignees in cash, in shares, or a combination of both, the form of payment to be determined in the sole discretion of the Advisor.

Unless the Company contracts with a third party, the Company pays the Property Manager a property management fee of 1.5% of gross revenues from the Company's stand-alone single-tenant net leased properties and 2.5% of gross revenues from all other types of properties, respectively. The Company also reimburses the Property Manager for property level expenses. If the Company contracts directly with third parties for such services, the Company will pay them customary market fees and will pay the Property Manager an oversight fee of up to 1.0% of the gross revenues of the property managed. In no event will the Company pay the Property Manager or any affiliate of the Property Manager both a property management fee and an oversight fee with respect to any particular property.

Effective June 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were amortized over the estimated remaining term of the IPO and, as such, have been fully amortized as of December 31, 2014. The Dealer Manager and its affiliates also provide transfer agency services, as well as transaction management and other professional services. These fees were included in general and administrative expenses in the accompanying consolidated statement of operations and comprehensive loss.

The following table details amounts incurred, forgiven and payable in connection with the Company's operations-related services described above as of and for the periods presented.

	Three Months Ended September 30,								Nine Months Ended September 30,								Payable as of
	2015				2014				2015				2014				September 30,		December 31,
(In thousands)	Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		Incurred		Forgiven		2015		2014
One-time fees and reimbursements:
Acquisition fees	$	1,719	$	—	$	8,187	$	—	$	3,707	$	—	$	9,555	$	—	$	—	$	—
Acquisition cost reimbursements	859		—		4,093		—		1,853		—		4,778		—		—		—
Financing coordination fees	512		—		52		—		3,400		—		1,997		—		—		—
Ongoing fees:
Asset management fees (1)	3,656		—		—		—		7,066		—		—		—		—		—
Property management fees	656		—		—		124		656		1,220		—		171		656		—
Transfer agent and other professional services	1,085		—		—		—		3,156		—		—		—		496		364
Strategic advisory fees	—		—		335		—		—		—		605		—		—		—
Distributions on Class B Units	154		—		9		—		336		—		16		—		—		—
Total related party operation fees and reimbursements	$	8,641	$	—	$	12,676	$	124	$	20,174	$	1,220	$	16,951	$	171	$	1,152	$	364

_______________

(1) Prior to April 1, 2015, the Company caused the OP to issue (subject to periodic approval by the board of directors) to the Advisor restricted performance based Class B Units for asset management services. As of September 30, 2015, the Company's board of directors had approved the issuance of 359,250 Class B Units to the Advisor in connection with this arrangement. Effective April 1, 2015, in connection with the Amendment, the Company will pay an asset management fee to the Advisor or its assignees in cash, in shares, or a combination of both and will no longer issue any Class B Units.

The Company reimburses the Advisor's costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company's operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash expenses and excluding any gain from the sale of assets for that period (the "2%/25% Limitation"), unless the Company's independent directors determine that such excess was justified based on unusual and nonrecurring factors which they deem sufficient, in which case the excess amount may be reimbursed to the Advisor in subsequent periods. Additionally, the Company reimburses the Advisor for personnel costs in connection with other services during the operational stage; however, the Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees, acquisition expenses or real estate commissions or for persons serving as executive officers of the Company. The 2%/25% Limitation was removed from the advisory agreement in connection with the amendments to the advisory agreement in June 2015.

In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to forgive and absorb certain fees. Because the Advisor may forgive or absorb certain fees, cash flow from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor in the future. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's property operating and general and administrative costs, which the Company will not repay. No such fees were absorbed during the three and nine months ended September 30, 2015 or 2014.

Fees and Participations Paid in Connection with a Listing or the Liquidation of the Company's Real Estate Assets

Fees Incurred in Connection with the Listing

On March 17, 2015, the Company formally engaged KeyBanc Capital Markets Inc. ("KeyBanc") and RCS Capital ("RCS Capital"), the investment banking and capital markets division of the Dealer Manager, and on May 20, 2015, the Company formally engaged BMO Capital Markets Corp. ("BMO"), as financial advisors. Previously, the Company's board of directors determined, in consultation with KeyBanc and RCS Capital, that it was in the Company's best interests to proceed with a public listing application on a national securities exchange. On September 24, 2015, the Company announced that its board of directors had determined that it was in the best interest of the Company to not pursue the Listing during the third quarter of 2015 and that the board of directors will continue to monitor market conditions and other factors with a view toward reevaluating the Listing decision when market conditions are more favorable. Pursuant to the agreements with KeyBanc, BMO and RCS Capital, they will each receive a listing advisory fee equal to $1.5 million if the Company's shares are listed on a national securities exchange. In the event of a sale or acquisition transaction, KeyBanc, BMO and RCS Capital will each receive a proposed transaction fee equal to 0.25% of the value of the transaction. No fees have been incurred in connection with this agreement during the three and nine months ended September 30, 2015 or 2014.

Other Liquidation Related Fees and Participations

The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of the Company's total return to stockholders, payable annually in arrears, such that for any year in which the Company's total return on stockholders' capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return but not to exceed 10.0% of the aggregate total return for such year. This fee will be paid only upon the sale of assets, distributions or other event which results in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the three and nine months ended September 30, 2015 or 2014.

The Company will pay the Advisor a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and 50.0% of the total brokerage commission paid if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the three and nine months ended September 30, 2015 or 2014.

The Special Limited Partner will be entitled to receive a subordinated participation in the net sales proceeds of the sale of real estate assets from the OP equal to 15.0% of remaining net sale proceeds after return of capital contributions to investors plus payment to investors of a 6.0% cumulative, pre-tax non-compounded annual return on the capital contributed by investors. The Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company's investors have received a 6.0% cumulative non-compounded annual return on their capital contributions. No such participation in net sales proceeds became due and payable during the three and nine months ended September 30, 2015 or 2014.

If the common stock of the Company is listed on a national exchange, the Special Limited Partner will be entitled to receive a subordinated incentive listing distribution from the OP equal to 15.0% of the amount by which the adjusted market value of real estate assets plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to a 6.0% cumulative, pre-tax non-compounded annual return to investors. The Special Limited Partner will not be entitled to the subordinated incentive listing distribution unless investors have received a 6.0% cumulative, pre-tax non-compounded annual return on their capital contributions. No such distribution was incurred during the three and nine months ended September 30, 2015 or 2014. Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution.

Upon termination or non-renewal of the advisory agreement with the Advisor, with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company's market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs.

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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance				$ 463
Other comprehensive loss, before reclassifications				(61)
Amounts reclassified from accumulated other comprehensive income (1)	[1]			(446)
Ending Balance		$ (44)		(44)
Gain on sale of investment securities		$ 160	$ 0	446	$ 0
Preferred Stock, Common Stock, Real Estate Income Funds, and Senior Notes
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Gain on sale of investment securities				$ 400

[1] During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note which resulted in a realized gain of $0.4 million, which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

Level 3 — Unobservable inputs that reflect the entity's own assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.

The Company has or had investments in common stock, redeemable preferred stock, real estate income funds and a senior note that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, the Company has classified these investments as Level 1 in the fair value hierarchy.

The following table presents information about the Company's assets measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those instruments fall.

(In thousands)	Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
September 30, 2015
Investment securities	$	1,040	$	—	$	—	$	1,040
December 31, 2014
Investment securities	$	20,286	$	—	$	—	$	20,286

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, receivable for sale of common stock, prepaid expenses and other assets, deferred costs, net, accounts payable and accrued expenses, deferred rent and distributions payable approximates their carrying value on the consolidated balance sheets due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below:

		Carrying Amount(1) at		Fair Value at		Carrying Amount(1) at		Fair Value at
(In thousands)	Level	September 30, 2015		September 30, 2015		December 31, 2014		December 31, 2014
Mortgage notes payable and premiums, net	3	$	102,426	$	104,355	$	68,630	$	69,117
Credit Facility	3	$	185,000	$	185,000	$	—	$	—

_______________________________

(1) Carrying value includes mortgage notes payable of $98.2 million and $65.8 million and mortgage premiums, net of $4.3 million and $2.8 million as of September 30, 2015 and December 31, 2014, respectively.

The fair value of the mortgage notes payable are estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of borrowing arrangements. Advances under the Credit Facility are considered to be reported at fair value, because the Credit Facility's interest rate varies with changes in LIBOR.

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Common Stock

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Common Stock

Common Stock

As of September 30, 2015 and December 31, 2014, the Company had 85.8 million and 83.7 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, respectively, and had received total proceeds of $2.1 billion, including proceeds from shares issued pursuant to the DRIP.

On April 9, 2013, the Company's board of directors authorized, and the Company declared, distributions payable to stockholders of record each day during the applicable period equal to $0.0046575343 per day, which is equivalent to $1.70 per annum, per share of common stock beginning May 24, 2013. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

Share Repurchase Program

The Company's board of directors has adopted the SRP, which enables stockholders to sell their shares to the Company in limited circumstances. The SRP permits investors to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.

The repurchase price per share depends on the length of time investors have held such shares, as follows: after one year from the purchase date — the lower of $23.13 or 92.5% of the amount they actually paid for each share; after two years from the purchase date — the lower of $23.75 or 95.0% of the amount they actually paid for each share; after three years from the purchase date — the lower of $24.38 or 97.5% of the amount they actually paid for each share; and after four years from the purchase date — the lower of $25.00 or 100.0% of the amount they actually paid for each share (in each case, as adjusted for any stock distributions, combinations, splits and recapitalizations).

The Company is only authorized to repurchase shares pursuant to the SRP using the proceeds received from the DRIP and will limit the amount spent to repurchase shares in a given quarter to the amount of proceeds received from the DRIP in that same quarter. In addition, the board of directors may reject a request for redemption at any time. Due to these limitations, the Company cannot guarantee that it will be able to accommodate all repurchase requests. Purchases under the SRP by the Company will be limited in any calendar year to 5% of the weighted average number of shares outstanding on December 31 of the previous calendar year.

When a stockholder requests redemption and the redemption is approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table reflects the number of shares repurchased cumulatively through September 30, 2015:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Cumulative repurchases as of December 31, 2014	57	74,031	$	24.42
Nine months ended September 30, 2015 (1)	230	381,114	23.95
Cumulative repurchases as of September 30, 2015 (1)	287	455,145	$	24.03

_____________________________

(1) Includes 105 unfulfilled repurchase requests consisting of 189,086 shares for $4.5 million and an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015. The accrual for unfulfilled repurchase requests is reflected in the accounts payable and accrued expenses line item in the accompanying consolidated balance sheets.

Distribution Reinvestment Plan

Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased under the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from reinvestment pursuant to the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued under the DRIP are recorded as equity in the accompanying consolidated balance sheet in the period distributions are declared. During the nine months ended September 30, 2015, the Company issued 2.5 million shares of common stock pursuant to the DRIP, generating aggregate proceeds of $58.8 million.

Accumulated Other Comprehensive Income

The following table illustrates the changes in accumulated other comprehensive income as of and for the period presented:

(In thousands)	Unrealized Gains on Available-for-Sale Securities
Balance, December 31, 2014	$	463
Other comprehensive loss, before reclassifications	(61		)
Amounts reclassified from accumulated other comprehensive income (1)	(446		)
Balance, September 30, 2015	$	(44	)

__________________

(1) During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note which resulted in a realized gain of $0.4 million, which is included in gain on sale of investment securities on the consolidated statement of operations and comprehensive loss.

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Economic Dependency

9 Months Ended

Sep. 30, 2015

Economic Dependency [Abstract]

Economic Dependency

Economic Dependency

Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common control with the Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company's common stock available for issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations.

As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that the Advisor and its affiliates are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

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Segment Reporting (Reconciliation of Segment Activity to Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Investments in real estate:	$ 1,897,780	$ 1,631,750
Construction in progress	17,977	0
Cash and cash equivalents	47,751	182,617	$ 766,061	$ 111,833
Restricted cash	2,947	1,778
Investment securities, at fair value	1,040	20,286
Receivable for sale of common stock	0	6
Prepaid expenses and other assets	30,201	17,036
Deferred costs, net	14,548	4,237
Total assets	1,994,267	1,857,710
Operating Segments
Segment Reporting Information [Line Items]
Investments in real estate:	1,897,780	1,631,750
Construction in progress	27,977	0
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Investments in real estate:	795,951	593,648
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Investments in real estate:	390,579	355,962
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Investments in real estate:	$ 683,273	$ 682,140

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Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 100	$ 45	$ 300	$ 100
Interest expense	$ 21	$ 200	$ 63	$ 200

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Segment Reporting (Reconciliation of Segment Activity) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) segment	Sep. 30, 2014 USD ($) segment	Sep. 30, 2015 USD ($) segment	Sep. 30, 2014 USD ($) segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3	3	3	3
Rental income	$ 56,722	$ 10,620	$ 160,555	$ 14,061
Operating expense reimbursement	3,487	1,034	9,344	1,849
Resident services and fee income	3,784	164	10,731	164
Contingent purchase price consideration	37	0	487	0
Total revenues	64,030	11,818	181,117	16,074
Property operating	33,506	4,202	89,612	5,231
Net operating income	30,524	7,616	91,505	10,843
Operating fees to affiliate	(4,312)	0	(7,722)	0
Acquisition and transaction related	(3,315)	(17,884)	(8,502)	(20,887)
General and administrative	(2,442)	(1,221)	(7,574)	(2,212)
Depreciation and amortization	(34,162)	(7,391)	(97,193)	(10,629)
Interest expense	(3,081)	(1,418)	(6,838)	(2,163)
Income from investment securities and other income	66	275	555	296
Gain on sale of investment securities	160		446
Income tax benefit	369	0	387	0
Net loss attributable to non-controlling interests	85	0	187	0
Net loss attributable to stockholders	(16,108)	(20,023)	(34,749)	(24,752)
Seniors Housing Communities
Segment Reporting Information [Line Items]
Resident services and fee income				164
Operating Segments
Segment Reporting Information [Line Items]
Resident services and fee income		0
Operating Segments | Medical Office Buildings
Segment Reporting Information [Line Items]
Rental income	15,258	4,044	39,976	6,684
Operating expense reimbursement	3,452	1,022	9,221	1,808
Resident services and fee income	0		0	0
Contingent purchase price consideration	37		487
Total revenues	18,747	5,066	49,684	8,492
Property operating	5,728	1,389	14,855	2,390
Net operating income	13,019	3,677	34,829	6,102
Operating Segments | Triple-Net Leased Healthcare Facilities
Segment Reporting Information [Line Items]
Rental income	9,237	2,000	28,306	2,801
Operating expense reimbursement	35	12	123	41
Resident services and fee income	0	0	0	0
Contingent purchase price consideration	0		0
Total revenues	9,272	2,012	28,429	2,842
Property operating	2,400	15	3,097	43
Net operating income	6,872	1,997	25,332	2,799
Operating Segments | Seniors Housing Communities
Segment Reporting Information [Line Items]
Rental income	32,227	4,576	92,273	4,576
Operating expense reimbursement	0	0	0	0
Resident services and fee income	3,784	164	10,731
Contingent purchase price consideration	0		0
Total revenues	36,011	4,740	103,004	4,740
Property operating	25,378	2,798	71,660	2,798
Net operating income	$ 10,633	$ 1,942	$ 31,344	$ 1,942

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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table reconciles the segment activity to consolidated total assets as of the periods presented:

	September 30,		December 31,
(In thousands)	2015		2014
ASSETS
Investments in real estate, net:
Medical office buildings	$	795,951	$	593,648
Triple-net leased healthcare facilities	390,579		355,962
Construction in progress	27,977		—
Seniors housing — operating properties	683,273		682,140
Total investments in real estate, net	1,897,780		1,631,750
Cash and cash equivalents	47,751		182,617
Restricted cash	2,947		1,778
Investment securities, at fair value	1,040		20,286
Receivable for sale of common stock	—		6
Prepaid expenses and other assets	30,201		17,036
Deferred costs, net	14,548		4,237
Total assets	$	1,994,267	$	1,857,710

The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented:

	Nine Months Ended September 30,
(In thousand)	2015	2014
Medical office buildings	1,343	139
Triple-net leased healthcare facilities	523	—
Seniors housing — operating properties	1,670	—
Total capital expenditures	3,536	139

The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2015 and 2014.

	Three Months Ended September 30, 2015									Nine Months Ended September 30, 2015
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	15,258	$	9,237	$	32,227	$	56,722		$	39,976	$	28,306	$	92,273	$	160,555
Operating expense reimbursements	3,452		35		—		3,487			9,221		123		—		9,344
Resident services and fee income	—		—		3,784		3,784			—		—		10,731		10,731
Contingent purchase price consideration	37		—		—		37			487		—		—		487
Total revenues	18,747		9,272		36,011		64,030			49,684		28,429		103,004		181,117
Property operating and maintenance	5,728		2,400		25,378		33,506			14,855		3,097		71,660		89,612
Net operating income	$	13,019	$	6,872	$	10,633	30,524			$	34,829	$	25,332	$	31,344	91,505
Operating fees to related parties							(4,312		)							(7,722		)
Acquisition and transaction related							(3,315		)							(8,502		)
General and administrative							(2,442		)							(7,574		)
Depreciation and amortization							(34,162		)							(97,193		)
Interest expense							(3,081		)							(6,838		)
Interest and other income							66									555
Gain on sale of investment securities							160									446
Income tax benefit							369									387
Net loss attributable to non-controlling interests							85									187
Net loss attributable to stockholders							$	(16,108	)							$	(34,749	)

	Three Months Ended September 30, 2014									Nine Months Ended September 30, 2014
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	4,044	$	2,000	$	4,576	$	10,620		$	6,684	$	2,801	$	4,576	$	14,061
Operating expense reimbursements	1,022		12		—		1,034			1,808		41		—		1,849
Resident services and fee income	—		—		164		164			—		—		164		164
Total revenues	5,066		2,012		4,740		11,818			8,492		2,842		4,740		16,074
Property operating and maintenance	1,389		15		2,798		4,202			2,390		43		2,798		5,231
Net operating income	$	3,677	$	1,997	$	1,942	7,616			$	6,102	$	2,799	$	1,942	10,843
Acquisition and transaction related							(17,884		)							(20,887		)
General and administrative							(1,221		)							(2,212		)
Depreciation and amortization							(7,391		)							(10,629		)
Interest expense							(1,418		)							(2,163		)
Interest and other income							275									296
Net loss attributable to stockholders							$	(20,023	)							$	(24,752	)

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Common Stock (Cumulative Share Repurchases) (Details) $ / shares in Units, $ in Thousands	2 Months Ended	9 Months Ended		27 Months Ended	36 Months Ended
	Nov. 30, 2015 USD ($) request $ / shares shares	Sep. 30, 2015 USD ($) request $ / shares shares		Dec. 31, 2014 request $ / shares shares	Sep. 30, 2015 request $ / shares shares	[1]
Class of Stock [Line Items]
Number of Requests		230	[1]	57	287
Number of Shares Repurchased (in shares) | shares		381,114	[1]	74,031	455,145
Average Price per Share (in usd per share) | $ / shares		$ 23.95	[1]	$ 24.42	$ 24.03
Common stock repurchases | $		$ 9,126
Subsequent Event
Class of Stock [Line Items]
Number of unfulfilled repurchase requests	105
Remaining number of shares authorized (in shares) | shares	189,086
Common stock repurchases | $	$ 4,500
Unfulfilled treasury stock (in usd per share) | $ / shares	$ 23.65

[1] Includes 105 unfulfilled repurchase requests consisting of 189,086 shares for $4.5 million and an average repurchase price per share of $23.65, which were approved for repurchase as of September 30, 2015 and were completed in November 2015. The accrual for unfulfilled repurchase requests is reflected in the accounts payable and accrued expenses line item in the accompanying consolidated balance sheets.

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Segment Reporting

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

During the three and nine months ended September 30, 2015 and 2014, the Company operated in three reportable business segments for management and internal financial reporting purposes: medical office buildings, triple-net leased healthcare facilities, and seniors housing — operating properties ("SHOP").

These operating segments are the segments of the Company for which separate financial information is available and for which segment results are evaluated by the Company's executive officers in deciding how to allocate resources and in assessing performance. The medical office building segment primarily consists of MOBs leased to healthcare-related tenants under long-term leases, which may require such tenants to pay a pro rata share of property-related expenses. The triple-net leased healthcare facilities segment primarily consists of investments in seniors housing communities, hospitals, inpatient rehabilitation facilities and skilled nursing facilities under long-term leases, under which tenants are generally responsible to directly pay property-related expenses. The SHOP segment consists of direct investments in seniors housing communities, primarily providing assisted living, independent living and memory care services, which are operated through engaging independent third-party managers. The Company evaluates performance of the combined properties in each segment based on net operating income. Net operating income is defined as total revenues less property operating and maintenance expenses. There are no intersegment sales or transfers. The Company uses net operating income to evaluate the operating performance of real estate investments and to make decisions concerning the operation of the properties. The Company believes that net operating income is useful to investors in understanding the value of income-producing real estate. Net income (loss) is the GAAP measure that is most directly comparable to net operating income; however, net operating income should not be considered as an alternative to net income as the primary indicator of operating performance as it excludes certain items such as operating fees to the Advisor, acquisition and transaction related expenses, general and administrative expenses, depreciation and amortization expense, interest expense, interest and other income, gain on sale of investment securities, and income tax expense. Additionally, net operating income as defined by the Company may not be comparable to net operating income as defined by other REITs or companies.

The following tables reconcile the segment activity to consolidated net loss for the three and nine months ended September 30, 2015 and 2014.

	Three Months Ended September 30, 2015									Nine Months Ended September 30, 2015
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	15,258	$	9,237	$	32,227	$	56,722		$	39,976	$	28,306	$	92,273	$	160,555
Operating expense reimbursements	3,452		35		—		3,487			9,221		123		—		9,344
Resident services and fee income	—		—		3,784		3,784			—		—		10,731		10,731
Contingent purchase price consideration	37		—		—		37			487		—		—		487
Total revenues	18,747		9,272		36,011		64,030			49,684		28,429		103,004		181,117
Property operating and maintenance	5,728		2,400		25,378		33,506			14,855		3,097		71,660		89,612
Net operating income	$	13,019	$	6,872	$	10,633	30,524			$	34,829	$	25,332	$	31,344	91,505
Operating fees to related parties							(4,312		)							(7,722		)
Acquisition and transaction related							(3,315		)							(8,502		)
General and administrative							(2,442		)							(7,574		)
Depreciation and amortization							(34,162		)							(97,193		)
Interest expense							(3,081		)							(6,838		)
Interest and other income							66									555
Gain on sale of investment securities							160									446
Income tax benefit							369									387
Net loss attributable to non-controlling interests							85									187
Net loss attributable to stockholders							$	(16,108	)							$	(34,749	)

	Three Months Ended September 30, 2014									Nine Months Ended September 30, 2014
(In thousands)	Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated			Medical Office Buildings		Triple-Net Leased Healthcare Facilities		Seniors Housing — Operating Properties		Consolidated
Revenues:
Rental income	$	4,044	$	2,000	$	4,576	$	10,620		$	6,684	$	2,801	$	4,576	$	14,061
Operating expense reimbursements	1,022		12		—		1,034			1,808		41		—		1,849
Resident services and fee income	—		—		164		164			—		—		164		164
Total revenues	5,066		2,012		4,740		11,818			8,492		2,842		4,740		16,074
Property operating and maintenance	1,389		15		2,798		4,202			2,390		43		2,798		5,231
Net operating income	$	3,677	$	1,997	$	1,942	7,616			$	6,102	$	2,799	$	1,942	10,843
Acquisition and transaction related							(17,884		)							(20,887		)
General and administrative							(1,221		)							(2,212		)
Depreciation and amortization							(7,391		)							(10,629		)
Interest expense							(1,418		)							(2,163		)
Interest and other income							275									296
Net loss attributable to stockholders							$	(20,023	)							$	(24,752	)

The following table reconciles the segment activity to consolidated total assets as of the periods presented:

	September 30,		December 31,
(In thousands)	2015		2014
ASSETS
Investments in real estate, net:
Medical office buildings	$	795,951	$	593,648
Triple-net leased healthcare facilities	390,579		355,962
Construction in progress	27,977		—
Seniors housing — operating properties	683,273		682,140
Total investments in real estate, net	1,897,780		1,631,750
Cash and cash equivalents	47,751		182,617
Restricted cash	2,947		1,778
Investment securities, at fair value	1,040		20,286
Receivable for sale of common stock	—		6
Prepaid expenses and other assets	30,201		17,036
Deferred costs, net	14,548		4,237
Total assets	$	1,994,267	$	1,857,710

The following table reconciles capital expenditures by reportable business segment, excluding corporate non-real estate expenditures, for the periods presented:

	Nine Months Ended September 30,
(In thousand)	2015	2014
Medical office buildings	1,343	139
Triple-net leased healthcare facilities	523	—
Seniors housing — operating properties	1,670	—
Total capital expenditures	3,536	139

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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following table details the unrealized gains and losses on investment securities as of September 30, 2015 and December 31, 2014.

(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2015
Equity securities	$	1,084	$	—	$	(44	)	$	1,040
December 31, 2014
Equity securities	$	19,397	$	477	$	(33	)	$	19,841
Debt security	426		19		—			445
Total	$	19,823	$	496	$	(33	)	$	20,286

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Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable		$ 98,150	$ 65,786
Mortgage premiums, net		(4,276)	(2,844)
Mortgages
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable		98,150	65,786
Significant Unobservable Inputs Level 3 | Mortgages | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	[1]	102,426	68,630
Mortgage premiums, net		4,300	2,800
Significant Unobservable Inputs Level 3 | Mortgages | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value		104,355	69,117
Significant Unobservable Inputs Level 3 | Credit Facility | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	[1]	185,000	0
Significant Unobservable Inputs Level 3 | Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value		$ 185,000	$ 0

[1] Carrying value includes mortgage notes payable of $98.2 million and $65.8 million and mortgage premiums, net of $4.3 million and $2.8 million as of September 30, 2015 and December 31, 2014, respectively.

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Real Estate Investments (Future Minimum Payments) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Real Estate Investments, Net [Abstract]
October 1, 2015 — December 31, 2015	$ 21,389
2016	86,160
2017	85,006
2018	80,379
2019	74,299
Thereafter	514,333
Total	$ 861,566

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total Stockholders' Equity	Non-controlling Interests
Beginning Balance (in shares) at Dec. 31, 2014		83,718,853
Beginning balance at Dec. 31, 2014	$ 1,732,177	$ 837	$ 1,850,169	$ 463	$ (129,406)	$ 1,722,063	$ 10,114
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock offering costs, commissions and dealer manager fees	$ 2		2			2
Common stock issued through distribution reinvestment plan (in shares)	2,500,000	2,477,732
Common stock issued through distribution reinvestment plan	$ 58,848	$ 25	58,823			58,848
Common stock repurchases (in shares)		(381,113)
Common stock repurchases	(9,126)	$ (4)	(9,122)			(9,126)
Share-based compensation (in shares)		2,933
Equity-based compensation	36		36			36
Distributions declared	(108,130)				(108,130)	(108,130)
Contributions from non-controlling interest holders	500						500
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(526)						(526)
Unrealized loss on investments	(507)			(507)		(507)
Net loss	(34,936)				(34,749)	(34,749)	(187)
Ending Balance (in shares) at Sep. 30, 2015		85,818,405
Ending balance at Sep. 30, 2015	$ 1,638,338	$ 858	$ 1,899,908	$ (44)	$ (272,285)	$ 1,628,437	$ 9,901

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Investment Securities

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

As of September 30, 2015 and December 31, 2014, the Company had investments with an aggregate fair value of $1.0 million and $20.3 million, respectively. Investments as of December 31, 2014 include real estate income funds managed by an affiliate of the Sponsor (see Note 9 —Related Party Transactions and Arrangements), which were sold during the three months ended September 30, 2015. These investments are considered available-for-sale securities and, therefore, increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive income as a component of equity on the consolidated balance sheets unless the securities are considered to be other than temporarily impaired, at which time the losses would be reclassified to expense.

The following table details the unrealized gains and losses on investment securities as of September 30, 2015 and December 31, 2014.

(In thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2015
Equity securities	$	1,084	$	—	$	(44	)	$	1,040
December 31, 2014
Equity securities	$	19,397	$	477	$	(33	)	$	19,841
Debt security	426		19		—			445
Total	$	19,823	$	496	$	(33	)	$	20,286

The Company's investments in preferred stock have not been in a continuous unrealized loss position during the last twelve months. The Company believes that the decline in fair value is a factor of current market conditions and, as such, considers the unrealized losses as of September 30, 2015 to be temporary. Therefore no impairment was recorded during the three and nine months ended September 30, 2015.

During the three months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock and real estate income funds with a cost of $14.9 million for $15.1 million which resulted in a realized gain on sale of investment of $0.2 million. During the nine months ended September 30, 2015, the Company sold certain of its investments in preferred stock, common stock, real estate income funds and its investment in a senior note with a cost of $18.8 million for $19.3 million which resulted in a realized gain on sale of investment of $0.4 million. The Company did not sell any investments during the three and nine months ended September 30, 2014 and therefore had no gains or losses from the sale of investments during these periods.

The Company's preferred stock investments, with an aggregate fair value of $1.0 million as of September 30, 2015, are redeemable at the respective issuer's option five years after issuance.

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Related Party Transactions and Arrangements (Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets) (Details) - USD ($) $ in Millions	Mar. 17, 2015	Sep. 30, 2015
American Realty Capital Healthcare Advisors, LLC | Pre-tax Non-compounded Return on Capital Contribution | Advisor
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark		6.00%
Subordinated performance fee as a percentage of benchmark		15.00%
Healthcare Trust Special Limited Partnership, LLC | Net Sale Proceeds, after Return of Capital Contributions and Annual Targeted Investor Return | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated performance fee as a percentage of benchmark		15.00%
Healthcare Trust Special Limited Partnership, LLC | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital | Special Limited Partner
Related Party Transaction [Line Items]
Subordinated participation fees as a percentage of benchmark		15.00%
Distribution upon nonrenewal of advisory agreement		15.00%
Annual Targeted Investor Return | Healthcare Trust Special Limited Partnership, LLC | Pre-tax Non-compounded Return on Capital Contribution | Special Limited Partner
Related Party Transaction [Line Items]
Cumulative capital investment return to investors as a percentage of benchmark		6.00%
Maximum | American Realty Capital Healthcare Advisors, LLC | Aggregate Total Return of Year Fee is Incurred | Advisor
Related Party Transaction [Line Items]
Subordinated performance fee earned by related party, fee cap		10.00%
Maximum | Real Estate Commissions | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		6.00%
Option One | Maximum | Brokerage Commission Fees | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		2.00%
Option Two | Maximum | Brokerage Commission Fees | American Realty Capital Healthcare Advisors, LLC | Contract Sales Price | Advisor
Related Party Transaction [Line Items]
Real estate commissions as a percentage of benchmark		50.00%
RCS Capital, KeyBanc and Investment Banking and Capital Markets Division of Dealer Manager | Listing Fee
Related Party Transaction [Line Items]
Listing fee earned for listing on national securities exchange	$ 1.5
RCS Capital, KeyBanc and Investment Banking and Capital Markets Division of Dealer Manager | Transaction Advisory Fee
Related Party Transaction [Line Items]
Transaction fee as percent of sale transaction		0.25%

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Subsequent Events (Acquisitions) (Details)	1 Months Ended
	Nov. 06, 2015 ft² property
Property Acquisition [Roll Forward]
Beginning Balance, Number of Properties | property	149
Beginning Balance, Rentable Square Feet	7,330,583
Ending Balance, Number of Properties | property
Ending Balance, Rentable Square Feet
Subsequent Event
Property Acquisition [Roll Forward]
Number of properties purchased | property	6
Rentable Square Feet, Acquisitions	155,298
Ending Balance, Number of Properties | property	155
Ending Balance, Rentable Square Feet	7,485,881

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Mortgage Notes Payable (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table reflects the Company's mortgage notes payable as of September 30, 2015 and December 31, 2014.

		Outstanding Loan Amount as of				Effective Interest Rate
Portfolio	Encumbered Properties	September 30, 2015		December 31, 2014					Interest Rate		Maturity
		(In thousands)		(In thousands)
Creekside Medical Office Building - Douglasville, GA	—	$	—	$	5,154	5.32	%		Fixed		Sep. 2015
Bowie Gateway Medical Center - Bowie, MD	1	5,991		6,055		6.18	%		Fixed		Sep. 2016
Medical Center of New Windsor - New Windsor, NY	1	8,749		8,832		6.39	%		Fixed		Sep. 2017
Plank Medical Center - Clifton Park, NY	1	3,473		3,506		6.39	%		Fixed		Sep. 2017
Cushing Center - Schenectady, NY	1	4,210		4,287		5.71	%		Fixed		Feb. 2016
Countryside Medical Arts - Safety Harbor, FL	1	6,014		6,076		6.07	%		Fixed	(1)	Apr. 2019
St. Andrews Medical Park - Venice, FL	3	6,647		6,716		6.07	%		Fixed	(1)	Apr. 2019
Campus at Crooks & Auburn Building C - Rochester Hills, MI	1	3,573		3,626		5.91	%		Fixed		Apr. 2016
Slingerlands Crossing Phase I - Bethlehem, NY	1	6,702		6,759		6.39	%		Fixed		Sep. 2017
Slingerlands Crossing Phase II - Bethlehem, NY	1	7,803		7,877		6.39	%		Fixed		Sep. 2017
Benedictine Cancer Center - Kingston, NY	1	6,833		6,898		6.39	%		Fixed		Sep. 2017
Aurora Healthcare Center Portfolio - WI	6	31,355		—		6.55	%		Fixed		Jan. 2018
Palm Valley Medical Plaza - Goodyear, AZ	1	3,548		—		4.21	%		Fixed		Jun. 2023
Medical Center V - Peoria, AZ	1	3,252		—		4.75	%		Fixed		Sep. 2023
Total	20	$	98,150	$	65,786	6.21	%	(2)

_______________________________

(1) Fixed interest rate through May 10, 2017. Interest rate changes to variable rate starting in June 2017.

(2) Calculated on a weighted average basis for all mortgages outstanding as of September 30, 2015.

Schedule of Maturities of Long-term Debt

The following table summarizes the scheduled aggregate principal payments on mortgage notes payable for the five years subsequent to September 30, 2015:

(In thousands)	Future Principal Payments
October 1, 2015 — December 31, 2015	$	366
2016	14,922
2017	33,813
2018	30,833
2019	12,221
Thereafter	5,995
	$	98,150

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Real Estate Investments (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) property	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) property	Sep. 30, 2014 USD ($)
Business Acquisition [Line Items]
Number of Properties | property	149		149
Acquisition costs	$ 3,315	$ 17,884	$ 8,502	$ 20,887
Restatement Adjustment
Business Acquisition [Line Items]
Acquisition costs			$ 8,400

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Net Loss Per Share

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

The following is a summary of the basic and diluted net loss per share computation for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net loss attributable to stockholders (in thousands)	$	(16,108	)	$	(20,023	)	$	(34,749	)	$	(24,752	)
Basic and diluted weighted-average shares outstanding	85,705,595			71,813,126			84,988,240			40,401,362
Basic and diluted net loss per share	$	(0.19	)	$	(0.28	)	$	(0.41	)	$	(0.61	)

The Company had the following potentially dilutive securities as of September 30, 2015 and 2014, which were excluded from the calculation of diluted loss per share attributable to stockholders as the effect would have been antidilutive.

	September 30,
	2015	2014
Unvested restricted stock	9,065	7,198
OP Units	405,998	90
Class B Units	359,250	27,418
Total common share equivalents	774,313	34,706