Organization and Business The Trust was organized in the state of Maryland on April 9, 2013. As of December 31, 2019 , the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share. The Trust filed a Registration Statement on Form S-11 with the Securities and Exchange Commission (the Commission) with respect to a proposed underwritten initial public offering (the IPO) and completed the IPO of its common shares and commenced operations on July 24, 2013. The Trust contributed the net proceeds from the IPO to the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity, and the Trust has no significant assets other than its investment in the Operating Partnership. The Trusts operations are conducted through the Operating Partnership and wholly-owned and majority-owned subsidiaries of the Operating Partnership. The Trust, as the general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. Therefore, the assets and liabilities of the Trust and the Operating Partnership are the same. The Trust is a self-managed REIT formed primarily to acquire, selectively develop, own, and manage healthcare properties that are leased to physicians, hospitals, and healthcare delivery systems. ATM Program In August 2016, the Trust and the Operating Partnership entered into separate At The Market Issuance Sales Agreements (the 2016 Sales Agreements) with each of KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., JMP Securities LLC, Raymond James &amp; Associates, Inc., and Stifel Nicolaus &amp; Company, Incorporated (the 2016 Agents), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $300.0 million , through the Agents (the 2016 ATM Program). In accordance with the 2016 Sales Agreements, the Trust may offer and sell its common shares through any of the Agents, from time to time, by any method deemed to be an at the market offering as defined in Rule 415 under the Securities Act of 1933, as amended, which includes sales made directly on the New York Stock Exchange or other existing trading market, or sales made to or through a market maker. With the Trusts express written consent, sales may also be made in negotiated transactions or any other method permitted by law. During the fiscal year-ended December 31, 2019 , we issued and sold pursuant to the 2016 ATM Program 5,673,639 common shares at a weighted average price of $17.98 per share, resulting in net proceeds to us of approximately $101.0 million . In November 2019, the Trust and the Operating Partnership entered into separate At The Market Issuance Sales Agreements (the 2019 Sales Agreements) with each of KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., Raymond James &amp; Associates, Inc. and Stifel, Nicolaus &amp; Company, Incorporated, in their capacity as agents and as forward sellers (the 2019 Agents), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $500.0 million , through the 2019 Agents (the 2019 ATM Program). The 2019 Sales Agreements contemplate that, in addition to the issuance and sale of the Trusts common shares through the 2019 Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of KeyBanc Capital Markets, Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., Raymond James &amp; Associates, Inc. and Stifel, Nicolaus &amp; Company, Incorporated, or one of their respective affiliates. Upon entry into the 2019 Sales Agreements, we terminated the 2016 ATM Program. During the fiscal year ended December 31, 2019, we issued and sold pursuant to the 2019 ATM Program 1,617,500 common shares at a weighted average price of $18.84 per share, resulting in net proceeds to us of approximately $30.2 million . During 2019 and 2018 , the Trusts issuance and sale of common shares pursuant to the ATM Programs is as follows (in thousands, except common shares and price): 2019 2018 Common shares sold Weighted average price Net proceeds Common shares sold Weighted average price Net proceeds Quarterly period ended March 31 1,681,928 $ 18.61 $ 30,986 311,786 $ 17.85 $ 5,509 Quarterly period ended June 30 971,000 18.66 17,935    Quarterly period ended September 30 3,020,711 17.41 52,070 114,203 17.15 1,947 Quarterly period ended December 31 1,617,500 18.84 30,177 144,562 17.03 2,442 Year ended December 31 7,291,139 $ 18.17 $ 131,168 570,551 $ 17.50 $ 9,898 As of February 21, 2020 , the Trust has $332.2 million remaining available under the 2019 ATM Program.