2019 Q1 Form 10-Q Financial Statement

#000163297019000054 Filed on May 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $25.84M $17.84M
YoY Change 44.84% 340.33%
Cost Of Revenue $3.981M $2.351M
YoY Change 69.33%
Gross Profit $21.86M $15.49M
YoY Change 41.12%
Gross Profit Margin 84.59% 86.82%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.08M $7.195M
YoY Change 123.46% 320.51%
% of Gross Profit 73.55% 46.45%
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.585M $1.084M
YoY Change 230.72% 159.33%
% of Operating Profit
Other Income/Expense, Net $5.368M $1.084M
YoY Change 395.2% 159.33%
Pretax Income -$12.36M -$2.236M
YoY Change 452.68%
Income Tax $3.000K $0.00
% Of Pretax Income
Net Earnings -$12.34M -$2.169M
YoY Change 468.74% 2451.76%
Net Earnings / Revenue -47.74% -12.16%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $45.05M $9.158M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $61.12M $43.92M
YoY Change 39.17% 89.64%
Long-Term Investments $47.96M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $934.5M $503.6M
YoY Change 85.54% 131.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $312.9M $107.3M
YoY Change 191.7% 82.13%
SHAREHOLDERS EQUITY
Retained Earnings -$88.23M -$32.34M
YoY Change 172.85% 236.6%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $934.5M $503.6M
YoY Change 85.54% 131.05%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$12.34M -$2.169M
YoY Change 468.74% 2451.76%
Depreciation, Depletion And Amortization $16.08M $7.195M
YoY Change 123.46% 320.51%
Cash From Operating Activities $6.223M $4.692M
YoY Change 32.63% 237.55%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$21.02M -$25.49M
YoY Change -17.56% -66.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$89.21M -$51.70M
YoY Change 72.56% -32.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $45.47M $22.87M
YoY Change 98.8% -69.08%
NET CHANGE
Cash From Operating Activities $6.223M $4.692M
Cash From Investing Activities -$21.02M -$25.49M
Cash From Financing Activities $45.47M $22.87M
Net Change In Cash $30.68M $2.071M
YoY Change 1381.31% -1263.48%
FREE CASH FLOW
Cash From Operating Activities $6.223M $4.692M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2019Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
26437000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7286000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5314000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6303000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7286000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8148000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
60774000 USD
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
0 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
126000 USD
CY2018Q1 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
0 USD
CY2019Q1 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-1978000 USD
CY2019Q1 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-1978000 USD
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2120000 USD
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4190000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2236000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12358000 USD
CY2018Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
126000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3000 USD
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
1000 USD
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2018Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1807000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
1335000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1378000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1107000 USD
CY2018Q1 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
18000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
41000 USD
CY2018Q1 us-gaap Increase Decrease In Other Financial Instruments Used In Operating Activities
IncreaseDecreaseInOtherFinancialInstrumentsUsedInOperatingActivities
0 USD
CY2019Q1 us-gaap Increase Decrease In Other Financial Instruments Used In Operating Activities
IncreaseDecreaseInOtherFinancialInstrumentsUsedInOperatingActivities
-1978000 USD
CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
291000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-470000 USD
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
98000 USD
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
408000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
74723000 USD
CY2018Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
74723000 USD
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61122000 USD
CY2019Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61122000 USD
CY2018Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
0 USD
CY2019Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
69000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
1084000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
3585000 USD
CY2018Q1 us-gaap Interest Paid
InterestPaid
879000 USD
CY2019Q1 us-gaap Interest Paid
InterestPaid
2814000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24560000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
23077000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
307000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
307000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
307000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
307000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
255000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19201000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
538606000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
478463000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
44397000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
41401000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
48249000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
45359000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
52764000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
37453000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
290103000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
256969000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
50886000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
48032000 USD
CY2018Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
52207000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
49249000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
337329000 USD
CY2019Q1 us-gaap Liabilities
Liabilities
312912000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
896372000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
934451000 USD
CY2018 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.9999
CY2019Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.9999
CY2018 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.0001
CY2019Q1 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.0001
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
275000000 USD
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
275000000 USD
CY2019Q1 us-gaap Line Of Credit
LineOfCredit
250000000 USD
CY2019Q1 us-gaap Line Of Credit
LineOfCredit
250000000 USD
CY2018Q4 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
275124000 USD
CY2019Q1 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
250039000 USD
CY2018Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000 USD
CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
400000000 USD
CY2017Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000 USD
CY2018Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
350000000 USD
CY2018Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
16920000 USD
CY2019Q1 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
16911000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
7220000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
478000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
455000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
434000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8151000 USD
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
389000 USD
CY2018Q3 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.0001
CY2018Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.0001
CY2018Q4 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.9999
CY2019Q1 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.9999
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22873000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45471000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25494000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21016000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4692000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6223000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-2169000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-12336000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-67000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-25000 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
8000 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
0 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
0 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
254000 USD
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
112000 USD
CY2019Q1 us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
187000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2019Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
3 State
CY2018Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
1627000 USD
CY2019Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
1143000 USD
CY2019Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
1143000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
127000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
15147000 USD
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5359000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5359000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
51000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11215000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0568
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P79Y2M12D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
13513000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
307000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
307000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
307000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
307000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
307000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
11978000 USD
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
9433000 USD
CY2019Q1 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
15147000 USD
us-gaap Operations Commenced Date1
OperationsCommencedDate1
2015-02-06
CY2018Q4 us-gaap Other Assets
OtherAssets
60234000 USD
CY2019Q1 us-gaap Other Assets
OtherAssets
60571000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
2827000 USD
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
4829000 USD
CY2018Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4000 USD
CY2019Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
6000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
687000 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1615000 USD
CY2018Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
1575000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1270000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2799000 USD
CY2019Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
400000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
397000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4706000 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2000 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
24000 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4125000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
14038000 USD
CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2019Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
600000 USD
CY2018Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
23190000 USD
CY2019Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
18653000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4447000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3227000 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
0 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Interest In Joint Venture
ProceedsFromDivestitureOfInterestInJointVenture
346000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
52094000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
90477000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
27097000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
32966000 USD
CY2018Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22600000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
50000000 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2019Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
151000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-2236000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-12361000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
347000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
655000 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
25312000 USD
CY2019Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
30880000 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
756988000 USD
CY2019Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
772596000 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
731676000 USD
CY2019Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
741716000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
1002000 USD
CY2018Q1 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
1002000 USD
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
1371000 USD
CY2019Q1 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
1522000 USD
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2975000 USD
CY2019Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
4424000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
44400000 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
75000000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
96000 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
129000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
16000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
16000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
202000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
222000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
202000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
222000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64779000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-88232000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8409000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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10695000 USD
CY2018Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
Revenues
25842000 USD
CY2017Q4 us-gaap Secured Debt
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CY2018Q1 us-gaap Secured Debt
SecuredDebt
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CY2018Q4 us-gaap Secured Debt
SecuredDebt
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CY2018Q4 us-gaap Secured Debt
SecuredDebt
16892000 USD
CY2019Q1 us-gaap Secured Debt
SecuredDebt
16789000 USD
CY2019Q1 us-gaap Secured Debt
SecuredDebt
16789000 USD
CY2018Q1 us-gaap Share Based Compensation
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30000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
39000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
60000 shares
CY2018Q1 us-gaap Stock Issued1
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3606000 USD
CY2019Q1 us-gaap Stock Issued1
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5869000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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3455065 shares
CY2019Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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5869000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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557672000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2018Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
75105471 shares
CY2019Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
379000 USD
CY2018Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
893000 USD
CY2019Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
350000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3025000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
45136647 shares
CY2019Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Organization and Description of Business</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Griffin-American Healthcare REIT IV, Inc., a Maryland corporation, was incorporated on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January&#160;23, 2015</font><font style="font-family:inherit;font-size:10pt;"> and therefore we consider that our date of inception. We were initially capitalized on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;6, 2015</font><font style="font-family:inherit;font-size:10pt;">. We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a &#8220;RIDEA&#8221; structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). We may also originate and acquire secured loans and real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 16, 2016, we commenced our initial public offering, or our initial offering, in which we were initially offering to the public up to </font><font style="font-family:inherit;font-size:10pt;">$3,150,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock, consisting of up to </font><font style="font-family:inherit;font-size:10pt;">$3,000,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock in the primary portion of our initial offering and up to </font><font style="font-family:inherit;font-size:10pt;">$150,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock pursuant to our distribution reinvestment plan, as amended, or the DRIP. Effective June 17, 2016, we reallocated certain of the unsold shares of Class T common stock being offered and began offering shares of Class I common stock, such that we were offering up to approximately </font><font style="font-family:inherit;font-size:10pt;">$2,800,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of Class T common stock and </font><font style="font-family:inherit;font-size:10pt;">$200,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of Class I common stock in the primary portion of our initial offering, and up to an aggregate of </font><font style="font-family:inherit;font-size:10pt;">$150,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T and Class I common stock pursuant to the DRIP, aggregating up to </font><font style="font-family:inherit;font-size:10pt;">$3,150,000,000</font><font style="font-family:inherit;font-size:10pt;">. On February 15, 2019, we terminated our initial offering, and as of such date, we sold </font><font style="font-family:inherit;font-size:10pt;">75,643,562</font><font style="font-family:inherit;font-size:10pt;"> aggregate shares of our Class T and Class I common stock, or approximately </font><font style="font-family:inherit;font-size:10pt;">$754,157,000</font><font style="font-family:inherit;font-size:10pt;">, and a total of </font><font style="font-family:inherit;font-size:10pt;">$31,021,000</font><font style="font-family:inherit;font-size:10pt;"> in distributions were reinvested that resulted in </font><font style="font-family:inherit;font-size:10pt;">3,253,535</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock being issued pursuant to the DRIP portion of our initial offering. </font><font style="font-family:inherit;font-size:10pt;">See Note 12, Equity</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Common Stock, for a further discussion. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 18, 2019, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, to register a maximum of </font><font style="font-family:inherit;font-size:10pt;">$100,000,000</font><font style="font-family:inherit;font-size:10pt;"> of additional shares of our common stock to be issued pursuant to the DRIP, or the 2019 DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the United States Securities and Exchange Commission, or the SEC, upon its filing. We commenced offering shares pursuant to the 2019 DRIP Offering on March 1, 2019, following the termination of our initial offering on February 15, 2019. </font><font style="font-family:inherit;font-size:10pt;">See Note 12, Equity</font><font style="font-family:inherit;font-size:10pt;"> &#8212; Distribution Reinvestment Plan, for a further discussion. We&#160;collectively refer to the DRIP portion of our initial offering and the 2019 DRIP Offering as our DRIP Offerings.&#160;As of March 31, 2019, a total of </font><font style="font-family:inherit;font-size:10pt;">$1,945,000</font><font style="font-family:inherit;font-size:10pt;"> in distributions were reinvested that resulted in </font><font style="font-family:inherit;font-size:10pt;">201,530</font><font style="font-family:inherit;font-size:10pt;"> shares of our common stock being issued pursuant to the 2019 DRIP Offering. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We conduct substantially all of our operations through Griffin-American Healthcare REIT IV Holdings, LP, or our operating partnership. We are externally advised by Griffin-American Healthcare REIT IV Advisor, LLC, or our advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor. The Advisory Agreement was effective as of February 16, 2016 and had a&#160;</font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year term, subject to successive&#160;</font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year renewals upon the mutual consent of the parties. The Advisory Agreement was last renewed pursuant to the mutual consent of the parties on February 12, 2019 and expires on February 16, 2020. Our advisor uses its best efforts, subject to the oversight and review of our board of directors, or our board, to, among other things, research, identify, review and make investments in and dispositions of properties and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. Our advisor is </font><font style="font-family:inherit;font-size:10pt;">75.0%</font><font style="font-family:inherit;font-size:10pt;"> owned and managed by American Healthcare Investors, LLC, or American Healthcare Investors, and </font><font style="font-family:inherit;font-size:10pt;">25.0%</font><font style="font-family:inherit;font-size:10pt;"> owned by a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital, or collectively, our co-sponsors. American Healthcare Investors is </font><font style="font-family:inherit;font-size:10pt;">47.1%</font><font style="font-family:inherit;font-size:10pt;"> owned by AHI Group Holdings, LLC, or AHI Group Holdings, </font><font style="font-family:inherit;font-size:10pt;">45.1%</font><font style="font-family:inherit;font-size:10pt;"> indirectly owned by Colony Capital, Inc. (NYSE: CLNY), or Colony Capital, and </font><font style="font-family:inherit;font-size:10pt;">7.8%</font><font style="font-family:inherit;font-size:10pt;"> owned by James F. Flaherty III, a former partner of Colony Capital. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or our dealer manager, Colony Capital or Mr. Flaherty; however, we are affiliated with Griffin-American Healthcare REIT IV Advisor, LLC, American Healthcare Investors and AHI Group Holdings.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We currently operate through </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> reportable business segments: medical office buildings, senior housing, senior housing &#8212; RIDEA and skilled nursing facilities. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, we had completed </font><font style="font-family:inherit;font-size:10pt;">35</font><font style="font-family:inherit;font-size:10pt;"> property acquisitions whereby we owned </font><font style="font-family:inherit;font-size:10pt;">68</font><font style="font-family:inherit;font-size:10pt;"> properties, comprising </font><font style="font-family:inherit;font-size:10pt;">71</font><font style="font-family:inherit;font-size:10pt;"> buildings, or approximately </font><font style="font-family:inherit;font-size:10pt;">3,914,000</font><font style="font-family:inherit;font-size:10pt;"> square feet of gross leasable area, or GLA, for an aggregate contract purchase price of </font><font style="font-family:inherit;font-size:10pt;">$839,289,000</font><font style="font-family:inherit;font-size:10pt;">. As of March 31, 2019, we also own a </font><font style="font-family:inherit;font-size:10pt;">6.0%</font><font style="font-family:inherit;font-size:10pt;"> interest in a joint venture which owns and operates a portfolio of integrated senior health campuses and ancillary businesses.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, allowance for uncollectible accounts, impairment of long-lived assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.</font></div></div>

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