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Real Estate Acquisitions And Dispositions (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Property Acquisitions | The following table summarizes our property acquisitions for the three months ended March 31, 2024:
Location | Property Type (1) | Number of Properties | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage
|  |  |  | (000's) | (000's) | (000's) | (000's) |
New Bedford, MA | LTACH | 1 | 1/31/24 | $ | 6,500 |  | $ | 6,540 |  | $ | 6,547 |  | $ | (7) |  | 70,657 |
Elkton, MD | MOB | 1 | 3/25/24 | 4,500 |  | 4,578 |  | 4,757 |  | (179) |  | 19,656 |
Bemidji, MN | MOB | 2 | 3/29/24 | 23,200 |  | 23,179 |  | 23,375 |  | (196) |  | 74,700 |
|  |  |  | $ | 34,200 |  | $ | 34,297 |  | $ | 34,679 |  | $ | (382) |  | 165,013 |
(1) LTACH - Long-term Acute Care Hospital; MOB - Medical Office Building
(2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the three months ended March 31, 2024:
|  |  | Relative Fair Value | Estimated Useful Life
|  |  | (in thousands) | (in years)
Land and land improvements | $ | 4,597 |  | 5.1
Building and building improvements | 27,538 |  | 26.7
Intangibles: |  |
| At-market lease intangibles | 2,544 |  | 3.6
| Above-market lease intangibles | 121 |  | 5.0
| Below-market lease intangibles | (275) |  | 2.0
|  | Total intangibles | 2,390 |  |
Accounts payable, accrued liabilities and other liabilities assumed | (194) |  |
Accounts receivable and other assets acquired | 48 |  |
Prorated rent, interest and operating expense reimbursement amounts collected | (82) |  |
| Total cash consideration | $ | 34,297 |  |
Schedule of Assets and Liabilities Classified as Held for Sale | The table below reflects the assets and liabilities classified as held for sale as of March 31, 2024 and December 31, 2023.
(Dollars in thousands) | March 31, 2024 |  | December 31, 2023
Balance Sheet data: |  |  |
Land | $ | 1,576 |  |  | $ | 1,576 |
Building, improvements, and lease intangibles | 10,056 |  |  | 10,056 |
| 11,632 |  |  | 11,632 |
Accumulated depreciation | (4,166) |  |  | (4,166) |
Real estate assets held for sale, net | $ | 7,466 |  |  | $ | 7,466 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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