Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MPW | ||
Entity Registrant Name | MEDICAL PROPERTIES TRUST INC | ||
Entity Central Index Key | 1,287,865 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 237,846,536 | ||
Entity Public Float | $ 2,741,148,898 | ||
MPT Operating Partnership, L.P. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MPT OPERATING PARTNERSHIP, L.P. | ||
Entity Central Index Key | 1,524,607 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate assets | ||
Land | $ 315,787 | $ 192,551 |
Buildings and improvements | 2,675,803 | 1,848,176 |
Construction in progress and other | 49,165 | 23,163 |
Intangible lease assets | 256,950 | 108,885 |
Net investment in direct financing leases | 626,996 | 439,516 |
Mortgage loans | 757,581 | 397,594 |
Gross investment in real estate assets | 4,682,282 | 3,009,885 |
Accumulated depreciation | (232,675) | (181,441) |
Accumulated amortization | (25,253) | (21,186) |
Net investment in real estate assets | 4,424,354 | 2,807,258 |
Cash and cash equivalents | 195,541 | 144,541 |
Interest and rent receivables | 46,939 | 41,137 |
Straight-line rent receivables | 82,155 | 59,128 |
Other loans | 664,822 | 573,167 |
Other assets | 195,540 | 95,099 |
Total Assets | 5,609,351 | 3,720,330 |
Liabilities | ||
Debt, net | 3,322,541 | 2,174,648 |
Accounts payable and accrued expenses | 137,356 | 112,623 |
Deferred revenue | 29,358 | 27,207 |
Lease deposits and other obligations to tenants | 12,831 | 23,805 |
Total liabilities | $ 3,502,086 | $ 2,338,283 |
Commitments and Contingencies | ||
Equity / Capital | ||
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding | ||
Common stock, $0.001 par value. Authorized 500,000 shares; issued and outstanding - 236,744 shares at December 31, 2015 and 172,743 shares at December 31, 2014 | $ 237 | $ 172 |
Limited Partners: | ||
Additional paid-in capital | 2,593,827 | 1,765,381 |
Distributions in excess of net income | (418,650) | (361,330) |
Accumulated other comprehensive loss | (72,884) | (21,914) |
Treasury shares, at cost | (262) | (262) |
Total Medical Properties Trust Equity / Capital | 2,102,268 | 1,382,047 |
Non-controlling interests | 4,997 | |
Total Equity / Capital | 2,107,265 | 1,382,047 |
Total Liabilities and Equity / Capital | 5,609,351 | 3,720,330 |
Common Units [Member] | ||
Limited Partners: | ||
Total Equity / Capital | 237 | 172 |
MPT Operating Partnership, L.P. [Member] | ||
Real estate assets | ||
Land | 315,787 | 192,551 |
Buildings and improvements | 2,675,803 | 1,848,176 |
Construction in progress and other | 49,165 | 23,163 |
Intangible lease assets | 256,950 | 108,885 |
Net investment in direct financing leases | 626,996 | 439,516 |
Mortgage loans | 757,581 | 397,594 |
Gross investment in real estate assets | 4,682,282 | 3,009,885 |
Accumulated depreciation | (232,675) | (181,441) |
Accumulated amortization | (25,253) | (21,186) |
Net investment in real estate assets | 4,424,354 | 2,807,258 |
Cash and cash equivalents | 195,541 | 144,541 |
Interest and rent receivables | 46,939 | 41,137 |
Straight-line rent receivables | 82,155 | 59,128 |
Other loans | 664,822 | 573,167 |
Other assets | 195,540 | 95,099 |
Total Assets | 5,609,351 | 3,720,330 |
Liabilities | ||
Debt, net | 3,322,541 | 2,174,648 |
Accounts payable and accrued expenses | 84,628 | 74,195 |
Deferred revenue | 29,358 | 27,207 |
Lease deposits and other obligations to tenants | 12,831 | 23,805 |
Payable due to Medical Properties Trust, Inc. | 52,338 | 38,038 |
Total liabilities | $ 3,501,696 | $ 2,337,893 |
Commitments and Contingencies | ||
Limited Partners: | ||
Accumulated other comprehensive loss | $ (72,884) | $ (21,914) |
Total Medical Properties Trust Equity / Capital | 2,102,658 | 1,382,437 |
Non-controlling interests | 4,997 | |
Total Equity / Capital | 2,107,655 | 1,382,437 |
Total Liabilities and Equity / Capital | 5,609,351 | 3,720,330 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ||
Limited Partners: | ||
Limited Partners Capital | 2,153,769 | 1,390,296 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ||
Equity / Capital | ||
General partner - issued and outstanding - 2,363 units at December 31, 2015 and 1,722 units at December 31, 2014 | 21,773 | 14,055 |
Limited Partners: | ||
Total Equity / Capital | $ 21,773 | $ 14,055 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 236,744,000 | 172,743,000 |
Common stock, shares outstanding | 236,744,000 | 172,743,000 |
Common Units [Member] | MPT Operating Partnership, L.P. [Member] | ||
Limited Partners, units issued | 234,381,000 | 171,021,000 |
Limited Partners, units outstanding | 234,381,000 | 171,021,000 |
General Partner [Member] | MPT Operating Partnership, L.P. [Member] | ||
General partner, units issued | 2,363,000 | 1,722,000 |
General partner, units outstanding | 2,363,000 | 1,722,000 |
LTIP Units [Member] | MPT Operating Partnership, L.P. [Member] | ||
LTIP Units, shares issued | 292,000 | 292,000 |
LTIP Units, shares outstanding | 292,000 | 292,000 |
Consolidated Statements of Net
Consolidated Statements of Net Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Rent billed | $ 247,604 | $ 187,018 | $ 132,578 |
Straight-line rent | 23,375 | 13,507 | 10,706 |
Income from direct financing leases | 58,715 | 49,155 | 40,830 |
Interest and fee income | 112,184 | 62,852 | 58,409 |
Total revenues | 441,878 | 312,532 | 242,523 |
Expenses | |||
Real estate depreciation and amortization | 69,867 | 53,938 | 36,978 |
Impairment charges | 50,128 | ||
Property-related | 3,792 | 1,851 | 2,450 |
Acquisition expenses | 61,342 | 26,389 | 19,494 |
General and administrative | 43,639 | 37,274 | 30,063 |
Total operating expenses | 178,640 | 169,580 | 88,985 |
Operating income | 263,238 | 142,952 | 153,538 |
Other income (expense) | |||
Interest and other income (expense) | 595 | 5,481 | (319) |
Earnings from equity and other interests | 2,849 | 2,559 | 3,554 |
Debt refinancing and unutilized financings expense | (4,368) | (1,698) | |
Interest expense | (120,884) | (98,156) | (66,746) |
Income tax expense | (1,503) | (340) | (726) |
Net other expenses | (123,311) | (92,154) | (64,237) |
Income from continuing operations | 139,927 | 50,798 | 89,301 |
Income (loss) from discontinued operations | (2) | 7,914 | |
Net income | 139,927 | 50,796 | 97,215 |
Net income attributable to non-controlling interests | (329) | (274) | (224) |
Net income attributable to MPT common stockholders | $ 139,598 | $ 50,522 | $ 96,991 |
Earnings per share / unit - basic | |||
Income from continuing operations attributable to MPT common stockholders | $ 0.64 | $ 0.29 | $ 0.59 |
Income from discontinued operations attributable to MPT common stockholders | 0.05 | ||
Net income attributable to MPT common stockholders | $ 0.64 | $ 0.29 | $ 0.64 |
Weighted average shares (units) outstanding - basic | 217,997 | 169,999 | 151,439 |
Earnings per share / unit - diluted | |||
Income from continuing operations attributable to MPT common stockholders | $ 0.63 | $ 0.29 | $ 0.58 |
Income from discontinued operations attributable to MPT common stockholders | 0.05 | ||
Net income attributable to MPT common stockholders | $ 0.63 | $ 0.29 | $ 0.63 |
Weighted average shares (units) outstanding - diluted | 218,304 | 170,540 | 152,598 |
MPT Operating Partnership, L.P. [Member] | |||
Revenues | |||
Rent billed | $ 247,604 | $ 187,018 | $ 132,578 |
Straight-line rent | 23,375 | 13,507 | 10,706 |
Income from direct financing leases | 58,715 | 49,155 | 40,830 |
Interest and fee income | 112,184 | 62,852 | 58,409 |
Total revenues | 441,878 | 312,532 | 242,523 |
Expenses | |||
Real estate depreciation and amortization | 69,867 | 53,938 | 36,978 |
Impairment charges | 50,128 | ||
Property-related | 3,792 | 1,851 | 2,450 |
Acquisition expenses | 61,342 | 26,389 | 19,494 |
General and administrative | 43,639 | 37,274 | 30,063 |
Total operating expenses | 178,640 | 169,580 | 88,985 |
Operating income | 263,238 | 142,952 | 153,538 |
Other income (expense) | |||
Interest and other income (expense) | 595 | 5,481 | (319) |
Earnings from equity and other interests | 2,849 | 2,559 | 3,554 |
Debt refinancing and unutilized financings expense | (4,368) | (1,698) | |
Interest expense | (120,884) | (98,156) | (66,746) |
Income tax expense | (1,503) | (340) | (726) |
Net other expenses | (123,311) | (92,154) | (64,237) |
Income from continuing operations | 139,927 | 50,798 | 89,301 |
Income (loss) from discontinued operations | (2) | 7,914 | |
Net income | 139,927 | 50,796 | 97,215 |
Net income attributable to non-controlling interests | (329) | (274) | (224) |
Net income attributable to MPT common stockholders | $ 139,598 | $ 50,522 | $ 96,991 |
Earnings per share / unit - basic | |||
Income from continuing operations attributable to MPT common stockholders | $ 0.64 | $ 0.29 | $ 0.59 |
Income from discontinued operations attributable to MPT common stockholders | 0.05 | ||
Net income attributable to MPT common stockholders | $ 0.64 | $ 0.29 | $ 0.64 |
Weighted average shares (units) outstanding - basic | 217,997 | 169,999 | 151,439 |
Earnings per share / unit - diluted | |||
Income from continuing operations attributable to MPT common stockholders | $ 0.63 | $ 0.29 | $ 0.58 |
Income from discontinued operations attributable to MPT common stockholders | 0.05 | ||
Net income attributable to MPT common stockholders | $ 0.63 | $ 0.29 | $ 0.63 |
Weighted average shares (units) outstanding - diluted | 218,304 | 170,540 | 152,598 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 139,927 | $ 50,796 | $ 97,215 |
Other comprehensive income (loss): | |||
Unrealized gain on interest rate swap | 3,139 | 2,964 | 3,474 |
Foreign currency translation (loss) gain | (54,109) | (15,937) | 67 |
Total comprehensive income | 88,957 | 37,823 | 100,756 |
Comprehensive income attributable to non-controlling interests | (329) | (274) | (224) |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | 88,628 | 37,549 | 100,532 |
MPT Operating Partnership, L.P. [Member] | |||
Net income | 139,927 | 50,796 | 97,215 |
Other comprehensive income (loss): | |||
Unrealized gain on interest rate swap | 3,139 | 2,964 | 3,474 |
Foreign currency translation (loss) gain | (54,109) | (15,937) | 67 |
Total comprehensive income | 88,957 | 37,823 | 100,756 |
Comprehensive income attributable to non-controlling interests | (329) | (274) | (224) |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | $ 88,628 | $ 37,549 | $ 100,532 |
Consolidated Statements of Equi
Consolidated Statements of Equity / Capital - USD ($) shares in Thousands, $ in Thousands | Total | Additional Paid-in Capital [Member] | Distributions in Excess of Net Income [Member] | Treasury Stock [Member] | Common Par Value [Member] | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interests [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member]Accumulated Other Comprehensive Loss [Member] | MPT Operating Partnership, L.P. [Member]Non- Controlling Interests [Member] | MPT Operating Partnership, L.P. [Member]General Partner [Member] | MPT Operating Partnership, L.P. [Member]Limited Partner [Member]Common Par Value [Member] | MPT Operating Partnership, L.P. [Member]Limited Partner [Member]Long Term Incentive Plan [Member] |
Beginning balance at Dec. 31, 2012 | $ 1,049,814 | $ 1,295,916 | $ (233,494) | $ (262) | $ 136 | $ (12,482) | $ 1,050,204 | $ (12,482) | $ 10,630 | $ 1,052,056 | |||
Beginning balance (in shares) at Dec. 31, 2012 | 136,335 | 1,357 | 134,978 | 221 | |||||||||
Net income | 97,215 | 96,991 | $ 224 | 97,215 | $ 224 | $ 972 | $ 95,748 | $ 271 | |||||
Unrealized gain on interest rate swaps | 3,474 | 3,474 | 3,474 | 3,474 | |||||||||
Foreign currency translation gain (loss) | 67 | 67 | 67 | 67 | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 8,833 | 8,832 | $ 1 | 8,833 | $ 88 | $ 8,745 | |||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 811 | 9 | 802 | 71 | |||||||||
Distributions to non-controlling interests | (224) | (224) | (224) | (224) | |||||||||
Proceeds from offering (net of offering costs) | 313,330 | 313,306 | $ 24 | 313,330 | $ 3,133 | $ 310,197 | |||||||
Proceeds from offering (net of offering costs) (shares) | 24,164 | 242 | 23,922 | ||||||||||
Dividends (Distributions) declared ($0.81 in 2013, 0.84 in 2014 and 0.88 in 2015 per common share/ unit) | (128,301) | (128,301) | (128,301) | $ (1,282) | $ (126,748) | $ (271) | |||||||
Ending balance at Dec. 31, 2013 | 1,344,208 | 1,618,054 | (264,804) | (262) | $ 161 | (8,941) | 1,344,598 | (8,941) | $ 13,541 | $ 1,339,998 | |||
Ending balance (in shares) at Dec. 31, 2013 | 161,310 | 1,608 | 159,702 | 292 | |||||||||
Net income | 50,796 | 50,522 | 274 | 50,796 | 274 | $ 508 | $ 49,769 | $ 245 | |||||
Unrealized gain on interest rate swaps | 2,964 | 2,964 | 2,964 | 2,964 | |||||||||
Foreign currency translation gain (loss) | (15,937) | (15,937) | (15,937) | (15,937) | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 9,165 | 9,165 | 9,165 | $ 92 | $ 9,073 | ||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 777 | 8 | 769 | ||||||||||
Distributions to non-controlling interests | (274) | (274) | (274) | (274) | |||||||||
Proceeds from offering (net of offering costs) | 138,173 | 138,162 | $ 11 | 138,173 | $ 1,382 | $ 136,791 | |||||||
Proceeds from offering (net of offering costs) (shares) | 10,656 | 106 | 10,550 | ||||||||||
Dividends (Distributions) declared ($0.81 in 2013, 0.84 in 2014 and 0.88 in 2015 per common share/ unit) | (147,048) | (147,048) | (147,048) | $ (1,468) | $ (145,335) | $ (245) | |||||||
Ending balance at Dec. 31, 2014 | 1,382,047 | 1,765,381 | (361,330) | (262) | $ 172 | (21,914) | 1,382,437 | (21,914) | $ 14,055 | $ 1,390,296 | |||
Ending balance (in shares) at Dec. 31, 2014 | 172,743 | 1,722 | 171,021 | 292 | |||||||||
Net income | 139,927 | 139,598 | 329 | 139,927 | 329 | $ 1,399 | $ 138,199 | ||||||
Sale of non-controlling interests | 5,000 | 5,000 | |||||||||||
Sale of non-controlling interests | 5,000 | 5,000 | |||||||||||
Unrealized gain on interest rate swaps | 3,139 | 3,139 | 3,139 | 3,139 | |||||||||
Foreign currency translation gain (loss) | (54,109) | (54,109) | (54,109) | (54,109) | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 11,122 | 11,120 | $ 2 | 11,122 | $ 111 | $ 11,011 | |||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 751 | 8 | 743 | ||||||||||
Distributions to non-controlling interests | (332) | (332) | (332) | (332) | |||||||||
Proceeds from offering (net of offering costs) | 817,389 | 817,326 | $ 63 | 817,389 | $ 8,175 | $ 809,214 | |||||||
Proceeds from offering (net of offering costs) (shares) | 63,250 | 633 | 62,617 | ||||||||||
Dividends (Distributions) declared ($0.81 in 2013, 0.84 in 2014 and 0.88 in 2015 per common share/ unit) | (196,918) | (196,918) | (196,918) | $ (1,967) | $ (194,951) | ||||||||
Ending balance at Dec. 31, 2015 | $ 2,107,265 | $ 2,593,827 | $ (418,650) | $ (262) | $ 237 | $ (72,884) | $ 4,997 | $ 2,107,655 | $ (72,884) | $ 4,997 | $ 21,773 | $ 2,153,769 | |
Ending balance (in shares) at Dec. 31, 2015 | 236,744 | 2,363 | 234,381 | 292 |
Consolidated Statements of Equ7
Consolidated Statements of Equity / Capital (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends (Distributions) declared per common share / unit | $ 0.88 | $ 0.84 | $ 0.81 |
MPT Operating Partnership, L.P. [Member] | |||
Dividends (Distributions) declared per common share / unit | $ 0.88 | $ 0.84 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating activities | |||
Net income | $ 139,927 | $ 50,796 | $ 97,215 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 71,827 | 55,162 | 38,818 |
Amortization and write-off of deferred financing costs and debt discount | 6,085 | 5,105 | 3,559 |
Direct financing lease interest accretion | (8,032) | (6,701) | (5,774) |
Straight-line rent revenue | (26,187) | (16,325) | (11,265) |
Share / (Unit)-based compensation expense | 11,122 | 9,165 | 8,833 |
Gain from sale of real estate | (3,268) | (2,857) | (7,659) |
Impairment charges | 50,128 | ||
Straight-line rent write-off | 2,812 | 2,818 | 1,457 |
Other adjustments | (1,967) | 520 | (70) |
Decrease (increase) in: | |||
Interest and rent receivable | (5,599) | (3,856) | (13,211) |
Other assets | (8,297) | 764 | 1,855 |
Accounts payable and accrued expenses | 26,540 | 6,209 | 23,867 |
Deferred revenue | 2,033 | (485) | 3,177 |
Net cash provided by operating activities | 206,996 | 150,443 | 140,802 |
Investing activities | |||
Cash paid for acquisitions and other related investments | (2,218,869) | (767,696) | (654,922) |
Net proceeds from sale of real estate | 19,175 | 34,649 | 32,409 |
Principal received on loans receivable | 771,785 | 11,265 | 7,249 |
Investment in loans receivable | (354,001) | (12,782) | (3,746) |
Construction in progress | (146,372) | (102,333) | (41,452) |
Other investments, net | (17,339) | (13,126) | (52,115) |
Net cash used for investing activities | (1,945,621) | (850,023) | (712,577) |
Financing activities | |||
Additions to term debt | 681,000 | 425,000 | 424,580 |
Payments of term debt | (283) | (100,266) | (11,249) |
Payment of deferred financing costs | (7,686) | (14,496) | (9,760) |
Revolving credit facilities, net | 509,415 | 490,625 | (20,000) |
Distributions paid | (182,980) | (144,365) | (120,309) |
Lease deposits and other obligations to tenants | (10,839) | 7,892 | 3,231 |
Proceeds from sale of common shares / units, net of offering costs | 817,389 | 138,173 | 313,330 |
Other financing activities | (5,326) | ||
Net cash provided by financing activities | 1,800,690 | 802,563 | 579,823 |
Increase in cash and cash equivalents for the year | 62,065 | 102,983 | 8,048 |
Effect of exchange rate changes | (11,065) | (4,421) | 620 |
Cash and cash equivalents at beginning of year | 144,541 | 45,979 | 37,311 |
Cash and cash equivalents at end of year | 195,541 | 144,541 | 45,979 |
Interest paid, including capitalized interest of $1,425 in 2015, $1,860 in 2014, and $1,729 in 2013 | 107,228 | 91,890 | 58,110 |
Supplemental schedule of non-cash investing activities: | |||
Mortgage loan issued from sale of real estate | 12,500 | ||
Supplemental schedule of non-cash financing activities: | |||
Dividends declared, not paid | 52,402 | 38,461 | 35,778 |
MPT Operating Partnership, L.P. [Member] | |||
Operating activities | |||
Net income | 139,927 | 50,796 | 97,215 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 71,827 | 55,162 | 38,818 |
Amortization and write-off of deferred financing costs and debt discount | 6,085 | 5,105 | 3,559 |
Direct financing lease interest accretion | (8,032) | (6,701) | (5,774) |
Straight-line rent revenue | (26,187) | (16,325) | (11,265) |
Share / (Unit)-based compensation expense | 11,122 | 9,165 | 8,833 |
Gain from sale of real estate | (3,268) | (2,857) | (7,659) |
Impairment charges | 50,128 | ||
Straight-line rent write-off | 2,812 | 2,818 | 1,457 |
Other adjustments | (1,967) | 520 | (70) |
Decrease (increase) in: | |||
Interest and rent receivable | (5,599) | (3,856) | (13,211) |
Other assets | (8,297) | 764 | 1,855 |
Accounts payable and accrued expenses | 26,540 | 6,209 | 23,867 |
Deferred revenue | 2,033 | (485) | 3,177 |
Net cash provided by operating activities | 206,996 | 150,443 | 140,802 |
Investing activities | |||
Cash paid for acquisitions and other related investments | (2,218,869) | (767,696) | (654,922) |
Net proceeds from sale of real estate | 19,175 | 34,649 | 32,409 |
Principal received on loans receivable | 771,785 | 11,265 | 7,249 |
Investment in loans receivable | (354,001) | (12,782) | (3,746) |
Construction in progress | (146,372) | (102,333) | (41,452) |
Other investments, net | (17,339) | (13,126) | (52,115) |
Net cash used for investing activities | (1,945,621) | (850,023) | (712,577) |
Financing activities | |||
Additions to term debt | 681,100 | 425,000 | 424,580 |
Payments of term debt | (283) | (100,266) | (11,249) |
Payment of deferred financing costs | (7,686) | (14,496) | (9,760) |
Revolving credit facilities, net | 509,415 | 490,625 | (20,000) |
Distributions paid | (182,980) | (144,365) | (120,309) |
Lease deposits and other obligations to tenants | (10,839) | 7,892 | 3,231 |
Proceeds from sale of common shares / units, net of offering costs | 817,389 | 138,173 | 313,330 |
Other financing activities | (5,326) | ||
Net cash provided by financing activities | 1,800,690 | 802,563 | 579,823 |
Increase in cash and cash equivalents for the year | 62,065 | 102,983 | 8,048 |
Effect of exchange rate changes | (11,065) | (4,421) | 620 |
Cash and cash equivalents at beginning of year | 144,541 | 45,979 | 37,311 |
Cash and cash equivalents at end of year | 195,541 | 144,541 | 45,979 |
Interest paid, including capitalized interest of $1,425 in 2015, $1,860 in 2014, and $1,729 in 2013 | 107,228 | 91,890 | 58,110 |
Supplemental schedule of non-cash investing activities: | |||
Mortgage loan issued from sale of real estate | 12,500 | ||
Supplemental schedule of non-cash financing activities: | |||
Dividends declared, not paid | $ 52,402 | $ 38,461 | $ 35,778 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest paid, capitalized | $ 1,425 | $ 1,860 | $ 1,729 |
MPT Operating Partnership, L.P. [Member] | |||
Interest paid, capitalized | $ 1,425 | $ 1,860 | $ 1,729 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization | 1. Organization Medical Properties Trust, Inc., a Maryland corporation, was formed on August 27, 2003, under the General Corporation Law of Maryland for the purpose of engaging in the business of investing in, owning, and leasing healthcare real estate. Our operating partnership subsidiary, MPT Operating Partnership, L.P., (the “Operating Partnership”) through which we conduct all of our operations, was formed in September 2003. Through another wholly-owned subsidiary, Medical Properties Trust, LLC, we are the sole general partner of the Operating Partnership. At present, we directly own substantially all of the limited partnership interests in the Operating Partnership and have elected to report our required disclosures and that of the Operating Partnership on a combined basis except where material differences exist. We have operated as a real estate investment trust (“REIT”) since April 6, 2004, and accordingly, elected REIT status upon the filing in September 2005 of the calendar year 2004 federal income tax return. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT and our distributions to our stockholders equal or exceed our taxable income. Our primary business strategy is to acquire and develop real estate and improvements, primarily for long-term lease to providers of healthcare services such as operators of general acute care hospitals, inpatient physical rehabilitation hospitals, long-term acute care hospitals, surgery centers, centers for treatment of specific conditions such as cardiac, pulmonary, cancer, and neurological hospitals, and other healthcare-oriented facilities. We also make mortgage and other loans to operators of similar facilities. In addition, we may obtain profits or equity interests in our tenants, from time to time, in order to enhance our overall return. We manage our business as a single business segment. All of our properties are located in the United States and Europe. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates: Principles of Consolidation: We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. At December 31, 2015, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest, Capella and Vibra). We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2015 (in thousands): VIE Type Maximum Loss Asset Type Carrying Amount(2) Loans, net $ 984,512 Mortgage and other loans $ 921,930 Equity investments $ 54,033 Other assets $ 6,232 (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 2015, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. Investments in Unconsolidated Entities: Cash and Cash Equivalents: Revenue Recognition: Certain leases may provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as rent billed revenue in the period earned. We use DFL accounting to record rent on certain leases deemed to be financing leases, per accounting rules, rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. The difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. In instances where we have a profits or equity interest in our tenant’s operations, we record income equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable with a corresponding offset to deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the deferred construction period revenue on the straight-line method over the remaining term of the lease. We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue initially and recognized as income over the life of the loan using the interest method. Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or appropriate third party vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. Acquired Real Estate Purchase Price Allocation: We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. We measure the aggregate value of lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. Other intangible assets acquired may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. We amortize the value of these intangible assets to expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the lease intangibles are charged to expense. Goodwill: Real Estate and Depreciation: Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2015 are as follows: Buildings and improvements 38.9 years Tenant lease intangibles 25.6 years Leasehold improvements 22.1 years Furniture, equipment and other 9.3 years Losses from Rent Receivables: Losses from Operating Lease Receivables: Losses on DFL Receivables: Loans: Earnings Per Share/Units: Our unvested restricted stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. Income Taxes: Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with many other entities, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. With the property acquisitions and investments in Europe, we are subject to income taxes internationally. However, we do not expect to incur any additional income taxes in the United States as such income from our international properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in our deferred tax receivables/liabilities that results from a change in circumstances and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. Stock-Based Compensation: Deferred Costs: Deferred Financing Costs: Foreign Currency Translation and Transactions: Certain of our U.S. subsidiaries will enter into short-term and long-term transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses on our short-term transactions are included in other income in the consolidated statements of income, while the translation effects on our long-term investments are recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets. Derivative Financial Investments and Hedging Activities: To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. Fair Value Measurement: • Level 1 identical • Level 2 similar • Level 3 unobservable We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. Fair Value Option Election: Recent Accounting Developments: Presentation of Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. Also in August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements” which clarifies the SEC staff’s position not objecting to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing such costs, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted these standards for the quarter ended December 31, 2015. There were deferred financing costs of $28.4 million and $27.0 million as of December 31, 2015 and 2014, respectively that are now classified within Debt, net on our consolidated balance sheets. Measurement-Period Adjustments for Business Combinations In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” to simplify the accounting for business combinations, specifically as it relates to measurement-period adjustments. Acquiring entities in a business combination must recognize measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Also, ASU 2015-16 requires entities to present separately on the face of the income statement (or disclose in the notes to the financial statements) the portion of the amount recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for us beginning in the 2015 fourth quarter and is to be applied prospectively to measurement-period adjustments that occur after the effective date. We do not expect the adoption of this ASU to have a significant impact on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date of this standard by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We do not expect this standard to have a significant impact on our financial results, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02 that modifies the evaluation of whether limited partnerships and similar legal entities are VIEs, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. We do not believe this proposed standard will have a significant impact on us. This ASU is effective for fiscal years beginning after December 15, 2015. Leases In February 2016, the FASB issued ASU 2016-02 - Leases |
Real Estate and Loans Receivabl
Real Estate and Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Real Estate and Loans Receivable | 3. Real Estate and Loans Receivable Acquisitions We acquired the following assets: 2015 2014 2013 Assets Acquired (in thousands) Land $ 126,336 $ 22,569 $ 41,473 Building 758,009 241,242 439,030 Intangible lease assets — subject to amortization (weighted average useful life of 30.4 years in 2015, 18.2 years in 2014 and 21.0 years in 2013) 154,719 22,513 38,589 Net investments in direct financing leases 174,801 — 110,580 Mortgage loans 380,000 — 20,000 Other loans 523,605 447,664 5,250 Equity investments and other assets 101,716 33,708 — Liabilities (317 ) — — Total assets acquired $ 2,218,869 $ 767,696 $ 654,922 Loans repaid(1) (385,851 ) — — Total net assets acquired $ 1,833,018 $ 767,696 $ 654,922 (1) Loans advanced to MEDIAN in 2014 and repaid in 2015 as part of step 2 of the MEDIAN transaction. See below for details. 2015 Activity Acquisition of Capella Healthcare Hospital Portfolio In July 2015, we entered into definitive agreements to acquire a portfolio of seven acute care hospitals owned and operated by Capella for a combined purchase price and investment of approximately $900 million, adjusted for any cash on hand. The transaction includes our investments in seven acute care hospitals (two of which are in the form of mortgage loans) for an aggregate investment of approximately $600 million, an acquisition loan for approximately $290 million and a 49% equity interest in the ongoing operator of the facilities. In conjunction with the acquisition, MPT Camaro Opco, LLC, a wholly-owned subsidiary of MDS, formed a joint venture limited liability company, Capella Health Holdings, LLC (“Capella Holdings”), with an entity affiliated with the current senior management of Capella (“ManageCo”). MPT Camaro Opco, LLC holds 49% of the equity interests in Capella Holdings and the ManageCo holds the remaining 51%. Capella and its operating subsidiaries are managed and operated by ManageCo pursuant to the terms of one or more management agreements, the terms of which include base management fees payable to ManageCo and incentive payments tied to agreed benchmarks. Pursuant to the limited liability company agreement of Capella Holdings, ManageCo and MPT Camaro Opco, LLC will share profits and distributions from Capella Holdings according to a distribution waterfall under which, if certain benchmarks are met, after taking into account interest paid on the acquisition loan, ManageCo and MPT Camaro Opco, LLC will share in cash generated by Capella Holdings in a ratio of 35% to ManageCo and 65% to MPT Camaro Opco, LLC. The limited liability company agreement provides that ManageCo will manage Capella Holdings and MPT Camaro Opco, LLC will have no management authority or control except for certain protective rights consistent with a passive ownership interest, such as a limited right to approve certain components of the annual budgets and the right to approve extraordinary transactions. On August 31, 2015, we closed on six of the seven Capella properties, two of which were in the form of mortgage loans, and expect to close on the seventh property in 2016. We entered into a master lease and mortgage loans for the acquired properties providing for 15-year terms with four 5-year extension options, plus consumer price-indexed increases, limited to a 2% floor and a 4% ceiling annually. The acquisition loan has a 15-year term and carries a fixed interest rate of 8%. On October 30, 2015, we acquired an additional acute hospital in Camden, South Carolina for an aggregate purchase price of $25.8 million. We leased this hospital to Capella pursuant to the 2015 master lease. In connection with the transaction, we funded an additional acquisition loan to Capella of $9.2 million. As of December 31, 2015, our acquisition loan is $487.7 million, of which $100 million is related to the funding of the eighth property that is expected to close in 2016. MEDIAN Transaction Update During early 2015, we made additional loans of approximately €240 million on behalf of MEDIAN, a German provider of post-acute and acute rehabilitation services, to complete step one of a two step process to acquire the healthcare real estate of MEDIAN. On April 29, 2015, we entered into a series of definitive agreements with MEDIAN to complete the acquisition of the real estate assets of 32 hospitals owned by MEDIAN for an aggregate purchase price of approximately €688 million. Upon acquisition, each property became subject to a master lease between us and MEDIAN providing for the leaseback of the property to MEDIAN. The master lease has an initial term of 27 years and provides for annual escalations of rent at the greater of one percent or 70% of the German consumer price index. MEDIAN is owned by an affiliate of Waterland Private Equity Fund V C.V. (“Waterland”), which acquired 94.9% of the outstanding equity interests in MEDIAN, and by a subsidiary of our Operating Partnership, which acquired the remaining 5.1% of the outstanding equity interests in MEDIAN, each in December 2014. See “2014 Activity” for further details of our 2014 activity with MEDIAN. At each closing, the purchase price for each facility has been reduced and offset against the interim loans made to affiliates of Waterland and MEDIAN and against the amount of any debt assumed or repaid by us in connection with the closing. As part of this transaction, we incurred approximately $37 million of real estate transfer tax in 2015. As of December 31, 2015, we have closed on 31 of the 32 properties for an aggregate amount of €646 million. As of December 31, 2015, we have no loans outstanding to MEDIAN. An affiliate of Waterland controls RHM Klinik-und Altenheimbetriebe GmbH & Co. KG (“RHM”), the operator and lessee of the other German facilities that we own. MEDIAN and RHM merged in December 2015. For concentration disclosures that follow in this Note 3, we will show MEDIAN and RHM on a combined basis as MEDIAN. Other Acquisitions On December 3, 2015, we acquired a 266-bed outpatient rehabilitation clinic located in Hannover, Germany from RHM for €18.7 million. Upon acquisition, the facility was leased back under our existing master lease with RHM, providing for a remaining term of 25 years and annual rent increases of 2.0% in 2017 and 0.5% thereafter. On December 31, 2020 and every three years thereafter, rent will also be increased to reflect 70% of cumulative increases in the German consumer price index. On November 18, 2015, we acquired seven acute care hospitals and a freestanding clinic in northern Italy for an aggregate purchase price to us of approximately €90 million. The acquisition was effected through a newly-formed joint venture between us and affiliates of AXA Real Estate, in which we own a 50% interest. The facilities are leased to an Italian acute care hospital operator, pursuant to a long-term master lease. We are accounting for our 50% interest in this joint venture under the equity method. On September 30, 2015, we provided a $100 million mortgage financing to Prime for three general acute care hospitals and one free-standing emergency department and health center in New Jersey. The loan has a five-year term and provides for consumer-priced indexed interest increases, subject to a floor. On September 9, 2015, we acquired the real estate of a general acute care hospital under development located in Valencia, Spain The acquisition was effected through a newly-formed joint venture between us and clients of AXA Real Estate, in which we will own a 50% interest. Our expected share of the aggregate purchase and development price is €21.4 million. Upon completion, the facility will be leased to a Spanish operator of acute care hospitals, pursuant to a long-term lease. We are accounting for our 50% interest in this joint venture under the equity method. On August 31, 2015, we closed on a $30 million mortgage loan transaction with Prime for the acquisition of Lake Huron Medical Center, a 144-bed general acute care hospital located in Port Huron, Michigan. The loan provides for consumer-priced indexed interest increases, subject to a floor. On December 31, 2015, we acquired the real estate of Lake Huron Medical Center for $20 million, which reduced the mortgage loan accordingly. The facility is being leased to Prime under our master lease agreement. On June 16, 2015, we acquired the real estate of two facilities in Lubbock, Texas, a 60-bed inpatient rehabilitation hospital and a 37-bed long-term acute care hospital, for an aggregate purchase price of $31.5 million. We entered into a 20-year lease with Ernest for the rehabilitation hospital, which provides for three five-year extension options, and separately entered into a lease with Ernest for the long-term acute care hospital that has a final term ending December 31, 2034. In connection with the transaction, we funded an acquisition loan to Ernest of approximately $12.0 million. Ernest will operate the rehabilitation hospital in a joint venture with Covenant Health System, while the long-term acute care hospital will continue to be operated by Fundamental Health under a new sublease with Ernest. On February 27, 2015, we acquired an inpatient rehabilitation hospital in Weslaco, Texas for $10.7 million. We have leased this hospital to Ernest pursuant to the 2012 master lease, which has a remaining 17-year fixed term and three extension options of five years each. This lease provides for consumer-priced-indexed annual rent increases, subject to a floor and a cap. In addition, we funded an acquisition loan in the amount of $5 million. On February 13, 2015, we acquired two general acute care hospitals in the Kansas City area for $110 million. Prime is the tenant and operator pursuant to a new master lease that has similar terms and security enhancements as the other master lease agreements entered into in 2013. This master lease has a 10-year initial fixed term with two extension options of five years each. The lease provides for consumer-price-indexed annual rent increases, subject to a specified floor. In addition, we funded a mortgage loan in the amount of $40 million, which has a 10-year term. From the respective acquisition dates, the properties and mortgage loans acquired in 2015 contributed $102.4 million and $69.3 million of revenue and income (excluding related acquisition expenses), respectively, for the year ended December 31, 2015. In addition, we incurred $58 million of acquisition related costs on the 2015 acquisitions for the year ended December 31, 2015. The majority of the purchase price allocations attributable to the 2015 acquisitions are preliminary. When all relevant information is obtained, resulting changes, if any, to our provisional purchase price allocation will be adjusted to reflect new information obtained about the facts and circumstances that existed as of the respective acquisition dates that, if known, would have affected the measurement of the amounts recognized as of those dates. 2014 Activity MEDIAN Transaction On October 15, 2014, we entered into definitive agreements pursuant to which we would acquire substantially all the real estate assets of MEDIAN. The transaction was structured using a two step process in partnership with affiliates of Waterland. In the first step, an affiliate of Waterland acquired 94.9% of the outstanding equity interest in MEDIAN pursuant to a stock purchase agreement with MEDIAN’s current owners. We indirectly acquired the remaining 5.1% of the outstanding equity interest and provided or committed to provide interim acquisition loans to Waterland and MEDIAN in aggregate amounts of approximately €425 million, of which €349 million had been advanced at December 31, 2014. These interim loans bore interest at a rate similar to the initial lease rate under the planned sale and leaseback transactions. See “2015 Activity” for an update on the second step of this transaction — the sale-leaseback of the real estate. Other Acquisitions In the fourth quarter of 2014, we acquired three RHM rehabilitation facilities in Germany for an aggregate purchase price of €63.6 million (approximately $81 million) including approximately €3.0 million (or approximately $3.6 million) of transfer and other taxes that have been expensed as acquisition costs. These facilities include: Bad Mergentheim (211 beds), Bad Tolz (248 beds), and Bad Liebenstein (271 beds). All three properties are included under our 2013 master lease agreement with RHM as described below. On October 31, 2014, we acquired a 237-bed acute care hospital, associated medical office buildings, and a behavioral health facility in Sherman, Texas for $32.5 million. Alecto is the tenant and operator pursuant to a 15-year lease agreement with three five-year extension options. In addition, we funded a working capital loan of $7.5 million, and we obtained a 20% interest in the operator of the facility. On September 19, 2014, we acquired an acute care hospital in Fairmont, West Virginia for an aggregate purchase price of $15 million from Alecto. The facility was simultaneously leased back to the seller under a 15-year On July 1, 2014, we acquired an acute care hospital in Peasedown St. John, United Kingdom from Circle Health Ltd., through its subsidiary Circle Hospital (Bath) Ltd. The sale/leaseback transaction, excluding any transfer taxes, is valued at approximately £28.3 million (or approximately $48.0 million based on exchange rates at that time). The lease has an initial term of 15-years with a tenant option to extend the lease for an additional 15 years. The lease includes annual rent increases, which will equal the year-over-year change in the retail price index with a floor of 2% and a cap of 5%. With the transaction, we incurred approximately £1.1 million (approximately $1.9 million) of transfer and other taxes that have been expensed as acquisition costs. On March 31, 2014, we acquired a general acute care hospital and an adjacent parcel of land for an aggregate purchase price of $115 million from a joint venture of LHP Hospital Group, Inc. and Hackensack University Medical Center Mountainside. The facility was simultaneously leased back to the seller under a lease with a 15-year initial term with a 3-year extension option, followed by a further 12-year extension option at fair market value. The lease provides for consumer price-indexed annual rent increases, subject to a specified floor and ceiling. The lease includes a customary right of first refusal with respect to a subsequent proposed sale of the facility. From the respective acquisition dates in 2014 through that year end, the 2014 acquisitions contributed $12.4 million and $8.7 million of revenue and income (excluding related acquisition and financing expenses) for the period ended December 31, 2014. In addition, we incurred $26.4 million of acquisition related expenses in 2014, of which $25.2 million (including $5.8 million in transfer taxes as part of our RHM, Circle, and MEDIAN transactions) related to acquisitions consummated as of December 31, 2014. 2013 Activity RHM Portfolio Acquisition On November 29, 2013, we acquired 11 rehabilitation facilities in the Federal Republic of Germany from RHM for an aggregate purchase price, excluding €9 million applicable transfer taxes, of €175 million (or $237.8 million based on exchange rates at that time). Each of the facilities are leased to RHM under a master lease providing for a term of 27 years and for annual rent increases of 2.0% from 2015 through 2017, and of 0.5% thereafter. On December 31, 2020 and every three years thereafter, rent will be increased to reflect 70% of cumulative increases in the German consumer price index. Other Acquisitions On December 12, 2013, we acquired the real estate of Dallas Medical Center in Dallas, Texas from affiliates of Prime for a purchase price of $25 million and leased the facility to Prime with an initial 10-year lease term under the master lease agreement, plus two renewal options of five years each. This lease is accounted for as a direct financing lease. On September 26, 2013, we acquired three general acute care hospitals from affiliates of IASIS for a combined purchase price of $281.3 million. Each of the facilities were leased back to IASIS under leases with initial 15-year terms plus two renewal options of five years each, and consumer price-indexed rent increases limited to a 2.5% ceiling annually. The lessees have a right of first refusal option with respect to subsequent proposed sales of the facilities. All of our leases with affiliates of IASIS are cross-defaulted with each other. In addition to the IASIS acquisitions transactions, we amended our lease with IASIS for the Pioneer Valley Hospital in West Valley City, Utah, which extended the lease to 2028 from 2019 and adjusted the rent. On July 18, 2013, we acquired the real estate of Esplanade Rehab Hospital in Corpus Christi, Texas (now operating as Corpus Christi Rehabilitation Hospital). The total purchase price was $10.5 million including $0.5 million for adjacent land. The facility is leased to an affiliate of Ernest under the master lease agreement entered into in 2012 that initially provided for a 20-year term with three five-year extension options, plus consumer price-indexed rent increases, limited to a 2% floor and 5% ceiling annually. This lease is accounted for as a DFL. In addition, we made a $5.3 million loan on this property with terms similar to the lease terms. On June 11, 2013, we acquired the real estate of two acute care hospitals in Kansas from affiliates of Prime for a combined purchase price of $75 million and leased the facilities to the operator under a master lease agreement. The master lease is for 10 years and contains two renewal options of five years each, and the rent increases annually based on the greater of the consumer price-index or 2%. This lease is accounted for as a DFL. On December 31, 2013, we provided a $20 million mortgage financing to Alecto for the 204-bed Olympia Medical Center. From the respective acquisition dates, in 2013 through that year-end, the 2013 acquisitions contributed $13.6 million and $10.6 million of revenue and income (excluding related acquisition and financing expenses) for the period ended December 31, 2013. In addition, we incurred $19.5 million of acquisition related expenses in 2013, of which $18.0 million (including $12 million in transfer taxes as a part of the RHM acquisition) related to acquisitions consummated as of December 31, 2013. Pro Forma Information The following unaudited supplemental pro forma operating data is presented below as if each acquisition was completed on January 1, 2014 and January 1, 2013 for the year ended December 31, 2015 and 2014, respectively. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods (in thousands, except per share/unit amounts). For the Year Ended December 31, 2015 2014 Total revenues $ 542,763 $ 531,549 Net income 240,783 220,181 Net income per share/unit $ 1.02 $ 0.93 Development Activities 2015 Activity During 2015, we completed construction and began recording rental income on the following facilities: • First Choice ER (a subsidiary of Adeptus Health) – We completed 17 acute care facilities for this tenant during 2015 totaling $102.6 million. Fourteen of these facilities are leased pursuant to the master lease entered into in 2014 and are cross-defaulted with the original master lease executed with First Choice ER in 2013. Three properties are leased pursuant to the master lease entered into in 2015 and are cross-defaulted with the master leases entered into in 2014 and 2013. • UAB Medical West — This $8.6 million acute care facility and medical office building located in Birmingham, Alabama is leased to Medical West, an affiliate of The University of Alabama at Birmingham, for 15 years and contains four renewal options of five years each. The rent increases 2% annually. On May 5, 2015, we entered into an agreement to finance the development of and lease an inpatient rehabilitation facility in Toledo, Ohio for $19.2 million, which will be leased to Ernest under the 2012 master lease. The facility is expected to be completed in the second quarter of 2016. In April 2015, we executed an agreement with Adeptus Health that provides for the acquisition and development of general acute care hospitals and free standing emergency facilities with an aggregate commitment of $250 million. These facilities will be leased to Adeptus Health pursuant to the terms of the 2014 master lease agreement that has a 15-year initial term with three extension options of five years each that provides for annual rent increases based on changes in the consumer price index with a 2% minimum. With this commitment, along with similar agreements entered into in 2014 and 2013, we have committed to fund up to $500 million in acute care facilities with Adeptus Health. At December 31, 2015, we have funded $217.5 million that includes 35 completed and open facilities and 8 still under construction. 2014 Activity During 2014, we completed construction and began recording rental income on the following facilities: • Northern Utah Rehabilitation Hospital — This $19 million inpatient rehabilitation facility located in South Ogden, Utah is leased to Ernest pursuant to the 2012 master lease. • Oakleaf Surgical Hospital — This approximately $30 million acute care facility located in Altoona, Wisconsin. This facility is leased to National Surgical Hospitals for 15 years and contains two renewal options of five years each plus an additional option for nearly another five years, and the rent increases annually based on changes in the consumer price-index. • First Choice ER (a subsidiary of Adeptus Health) — We completed 17 acute care facilities for this tenant during 2014 totaling approximately $83.0 million. These facilities are leased pursuant to the master lease entered into in 2013. See table below for a status update on our current development projects (in thousands): Property Location Property Type Operator Commitment Costs Incurred Estimated First Choice ER — Houston(2) Houston, TX Acute Care Hospital Adeptus Health $ 5,257 $ 2,535 1Q 2016 First Choice ER- Denver(2) Denver, CO Acute Care Hospital Adeptus Health 5,300 2,435 2Q 2016 First Choice ER- Phoenix(2) Phoenix, AZ Acute Care Hospital Adeptus Health 6,728 3,275 2Q 2016 First Choice ER- San Antonio(2) San Antonio, TX Acute Care Hospital Adeptus Health 7,530 3,690 2Q 2016 First Choice ER- Texas Acute Care Hospital Adeptus Health 16,422 3,924 2Q 2016 Rehabilitation Hospital of Northwestern Ohio Toledo, OH Inpatient Rehabilitation Hospital Ernest Health 19,212 13,693 2Q 2016 First Choice ER- Houston Houston, TX Acute Care Hospital Adeptus Health 45,961 19,613 3Q 2016 First Choice Emergency Rooms Various Acute Care Hospital Adeptus Health 200,090 — Various $ 306,500 $ 49,165 (1) Includes three acute care facilities. (2) Freestanding emergency room. Disposals 2015 Activity On July 30, 2015, we sold a long-term acute care facility in Luling, Texas for approximately $9.7 million, resulting in a gain of $1.5 million. Due to this sale, we wrote off $0.9 million of straight-line receivables. On August 5, 2015, we sold six wellness centers in the United States for total proceeds of approximately $9.5 million (of which $1.5 million is in the form of a promissory note), resulting in a gain of $1.7 million. Due to this sale, we wrote off $0.9 million of billed rent receivables. With these disposals, we accelerated the amortization of the related lease intangible assets resulting in approximately $0.7 million of additional expense. The sale of the Luling facility and the six wellness centers were not strategic shifts in our operations, and therefore the results of operations related to these facilities have not been reclassified as discontinued operations. 2014 Activity On December 31, 2014, we sold our La Palma facility for $12.5 million, resulting in a gain of $2.9 million. Due to this sale, we wrote-off $1.3 million of straight-line rent receivables. On May 20, 2014, the tenant of our Bucks facility gave notice of their intent to exercise the lease’s purchase option. Pursuant to this purchase option, the tenant acquired the facility on August 6, 2014 for $35 million. We wrote down this facility to fair market value less cost to sell, resulting in a $3.1 million real estate impairment charge in the 2014 second quarter. The sale of the Bucks and La Palma facilities was not a strategic shift in our operations, and therefore the results of the Bucks and La Palma operations have not been reclassified as discontinued operations. 2013 Activity On November 27, 2013, we sold the real estate of an inpatient rehabilitation facility, Warm Springs Rehabilitation Hospital of San Antonio, for $14 million, resulting in a gain on sale of $5.6 million. On April 17, 2013, we sold two long-term acute care hospitals, Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas, for total proceeds of $18.5 million, resulting in a gain of $2.1 million. Intangible Assets At December 31, 2015 and 2014, our intangible lease assets were $257.0 million ($231.7 million, net of accumulated amortization) and $108.9 million ($87.7 million, net of accumulated amortization), respectively. We recorded amortization expense related to intangible lease assets of $9.1 million, $7.0 million, and $4.0 million in 2015, 2014, and 2013, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands) For the Year Ended December 31: 2016 $ 10,204 2017 10,194 2018 10,133 2019 10,085 2020 9,882 As of December 31, 2015, capitalized lease intangibles have a weighted average remaining life of 24.0 years. Leasing Operations All of our leases are accounted for as operating leases except we are accounting for 15 Ernest facilities, five Prime facilities, and four Capella facilities as DFLs. The components of our net investment in DFLs consisted of the following (dollars in thousands): As of December 31, As of December 31, Minimum lease payments receivable $ 2,587,912 $ 1,607,024 Estimated residual values 393,097 211,888 Less unearned income (2,354,013 ) (1,379,396 ) Net investment in direct financing leases $ 626,996 $ 439,516 Minimum rental payments due to us in future periods under operating leases and DFLs, which have non-cancelable terms extending beyond one year at December 31, 2015, are as follows: (amounts in thousands) Total Under Total Under Total 2016 $ 295,839 $ 65,097 $ 360,936 2017 297,671 66,399 364,070 2018 299,662 67,727 367,389 2019 301,040 69,081 370,121 2020 301,460 70,463 371,923 Thereafter 4,847,165 2,039,146 6,886,311 $ 6,342,837 $ 2,377,913 $ 8,720,750 Hoboken Facility In the 2015 third quarter, a subsidiary of the operator of our Hoboken facility acquired 10% of our subsidiary that owns the real estate for $5 million, which is reflected in the non-controlling interest line of our consolidated balance sheet at December 31, 2015. Twelve Oaks Facility In the third quarter of 2015, we sent notice of termination of the lease to the tenant at our Twelve Oaks facility. As a result of the lease terminating, we recorded a charge of $1.9 million to reserve against the straight-line rent receivables. In addition, we accelerated the amortization of the related lease intangible asset resulting in $0.5 million of additional expense during 2015. At December 31, 2015, we have approximately $1 million of exposure outstanding with this tenant, but we received $0.8 million in payments subsequent to year-end. In addition, we have a letter of credit for approximately $0.5 million to cover any rent and other monetary payments not paid. Although no assurances can be made that we will not have any impairment charges or write-offs of receivables in the future, we believe our investment in Twelve Oaks at December 31, 2015 is fully recoverable. Monroe Facility During 2014, the previous operator of our Monroe facility continued to underperform and became further behind on payments to us as required by the real estate lease agreement and working capital loan agreement. In August 2014, this operator filed for bankruptcy. Based on these developments and the fair value of our real estate and the underlying collateral of our loan (using Level 2 inputs), we recorded a $47.0 million impairment charge in 2014. Effective December 31, 2014, the bankruptcy court approved the purchase by Prime of the assets of the prior operator. Prime leases the facility from us pursuant to terms under an existing master lease. The initial annual lease payment was approximately $2.5 million, and Prime has been current on its rent since lease inception. At December 31, 2015, our investment in Monroe is approximately $36 million, which we believe is fully recoverable. Florence Facility On March 6, 2013, the tenant of our facility in Phoenix, Arizona filed for Chapter 11 bankruptcy. At December 31, 2015, we have approximately $0.9 million of receivables outstanding, but the tenant continues to pay us in accordance with bankruptcy orders. In addition, we have a letter of credit for approximately $1.2 million to cover any rent and other monetary payments not paid. Although no assurances can be made that we will not have any impairment charges in the future, we believe our investment in Florence of $26.7 million at December 31, 2015, is fully recoverable. Loans The following is a summary of our loans ($ amounts in thousands): As of December 31, 2015 As of December 31, 2014 Balance Weighted Average Balance Weighted Average Mortgage loans $ 757,581 9.5 % $ 397,594 10.5 % Acquisition loans 610,469 9.1 % 525,136 9.3 % Working capital and other loans 54,353 10.2 % 48,031 10.4 % $ 1,422,403 $ 970,761 Our mortgage loans cover 14 of our properties with four operators. The increase in mortgage loans relates to the two loans for $210 million made to Capella with the remainder to Prime — See “2015 Activity” under the Acquisition section for more details. Other loans typically consist of loans to our tenants for acquisitions and working capital purposes. At December 31, 2015, acquisition loans include our $114.4 million of loans to Ernest plus $487.7 million related to the Capella transaction. The new Capella acquisition loans more than offset the MEDIAN loans that were converted to real estate in 2015 — See “2015 Activity” under the Acquisition section for more details. On March 1, 2012, pursuant to our convertible note agreement, we converted $1.7 million of our $5.0 million convertible note into a 9.9% equity interest in the operator of our Hoboken University Medical Center facility. At December 31, 2015, $3.3 million remains outstanding on the convertible note, and we retain the option to convert this remainder into an additional 15.1% equity interest in the operator. Concentration of Credit Risks Investments and Revenue by Operator As of December 31, 2015: (Dollar amounts in thousands) Operators Total Assets Percentage of Total Total Percentage of Prime $ 1,032,353 18.4 % $ 104,325 23.6 % Capella 1,015,914 18.1 % 28,567 6.4 % MEDIAN 978,529 17.4 % 78,540 17.8 % Ernest 569,375 10.2 % 61,988 14.0 % As of December 31, 2014: (Dollar amounts in thousands) Operators Total Assets Percentage of Total Total Percentage of Prime $ 749,553 20.1 % $ 84,038 26.9 % MEDIAN 707,437 19.0 % 23,663 7.6 % Ernest 486,758 13.1 % 57,315 18.3 % Investments and Revenue by U.S. State and Country As of December 31, 2015: (Dollar amounts in thousands) U.S. States and Other Countries Total Assets Percentage of Total Total Percentage of Texas $ 917,314 16.4 % $ 87,541 19.8 % California 547,085 9.8 % 66,120 15.0 % Germany 978,529 17.4 % 78,540 17.8 % Italy, Spain, and the U.K. 152,661 2.7 % 4,476 1.0 % As of December 31, 2014: (Dollar amounts in thousands) U.S. States and Other Countries Total Assets Percentage of Total Total Percentage of Total Texas $ 776,017 20.9 % $ 74,044 23.7 % California 547,098 14.7 % 64,268 20.5 % Germany 707,437 19.0 % 23,663 7.6 % U.K. 44,005 1.2 % 2,322 0.7 % On an individual property basis, we had no investment of any single property greater than 2% of our total assets as of December 31, 2015. From a global geographic perspective, approximately 80% of our total assets are in the United States while 20% reside in Europe as of December 31, 2015 and 2014. Revenue from our European investments was $83.0 million and $26.0 million in 2015 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt The following is a summary of debt ($ amounts in thousands): As of December 31, 2015 As of December 31, 2014 Balance Interest Rate Balance Interest Rate Revolving credit facility $ 1,100,000 Variable $ 593,490 Variable 2006 Senior Unsecured Notes 125,000 Various 125,000 Various 2011 Senior Unsecured Notes 450,000 6.875 % 450,000 6.875 % 2012 Senior Unsecured Notes: Principal amount 350,000 6.375 % 350,000 6.375 % Unamortized premium 2,168 2,522 352,168 352,522 2013 Senior Unsecured Notes(A) 217,240 5.75 % 241,960 5.75 % 2014 Senior Unsecured Notes 300,000 5.50 % 300,000 5.50 % 2015 Senior Unsecured Notes(A) 543,100 4.00 % — — Term loans 263,400 Various 138,682 Various $ 3,350,908 $ 2,201,654 Debt issue costs, net (28,367 ) (27,006 ) $ 3,322,541 $ 2,174,648 As of December 31, 2015, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows: 2016 $ 125,299 2017 320 2018 1,112,781 2019 250,000 2020 217,240 Thereafter 1,643,100 Total $ 3,348,740 (A) These notes are Euro-denominated and reflect the exchange rates at December 31, 2015 and 2014, respectively. Revolving Credit Facility On June 19, 2014, we closed on a $900 million senior unsecured credit facility (the “Credit Facility”). The Credit Facility was comprised of a $775 million senior unsecured revolving credit facility (the “Revolving credit facility”) and a $125 million senior unsecured term loan facility (the “Term Loan”). The Credit Facility had an accordion feature that allowed us to expand the size of the facility by up to $250 million through increases to the Revolving credit facility, Term Loan, both or as a separate term loan tranche. The Credit Facility replaced our previous $400 million unsecured revolving credit facility and $100 million unsecured term loan. This transaction resulted in a refinancing charge of approximately $0.3 million in the 2014 second quarter. On October 17, 2014, we entered into an amendment to our Credit Facility to exercise the $250 million accordion on the Revolving credit facility. This amendment increased the Credit Facility to $1.15 billion and added a new accordion feature that allowed us to expand our credit facility by another $400 million. On August 4, 2015, we entered into an amendment to our Revolving credit facility and Term Loan agreement to increase the current aggregate committed size to $1.25 billion and amend certain covenants in order to permit us to consummate and finance the acquisition of Capella. On September 30, 2015, we further amended our Credit Facility to, among other things, increase the aggregate commitment under our Revolving credit facility to $1.3 billion and increase the Term Loan portion to $250 million. In addition, this amendment includes a new accordion feature that allows us to expand our credit facility by another $400 million for a total commitment of $1.95 billion. This amendment resulted in a $0.1 million expense in the 2015 third quarter. The Revolving credit facility matures in June 2018 and can be extended for an additional 12 months at our option. The Revolving credit facility’s interest rate was originally set as (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread that was adjustable from 0.70% to 1.25% based on current total leverage, or (2) LIBOR plus a spread that was adjustable from 1.70% to 2.25% based on current total leverage. In addition to interest expense, we were required to pay a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.25% to 0.35% per year. In November 2014, we received an upgrade to our credit rating resulting in an improvement in our interest rate spreads and commitment fee rates. Effective December 10, 2014, the Revolving credit facility’s interest rate is (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00% plus a fixed spread of 0.40% or (2) LIBOR plus a fixed spread of 1.40%. In regards to commitment fees, we now pay based on the total facility at a rate of 0.30% per year. At December 31, 2015 and 2014, we had $1.1 billion and $593.5 million, respectively, outstanding on the Revolving credit facility. At December 31, 2015, our availability under our Revolving credit facility was $200 million. The weighted average interest rate on this facility was 1.7% and 2.2% for 2015 and 2014, respectively. 2015 Senior Unsecured Notes On August 19, 2015, we completed a €500 million senior unsecured notes offering (“2015 Senior Unsecured Notes”), proceeds of which were used to repay Euro-denominated borrowings under our Revolving credit facility and to fund our European investments. Interest on the notes will be payable annually on August 19 of each year, commencing on August 19, 2016. The 2015 Senior Unsecured Notes will pay interest in cash at a rate of 4.00% per year. The notes mature on August 19, 2022. We may redeem some or all of the 2015 Senior Unsecured Notes at any time. If the notes are redeemed prior to 90 days before maturity, the redemption price will be 100% of their principal amount, plus a make-whole premium, plus accrued and unpaid interest to, but excluding, the applicable redemption date. Within the period beginning on or after 90 days before maturity, the notes may be redeemed, in whole or in part, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The 2015 Senior Unsecured Notes are fully and unconditionally guaranteed on an unsecured basis by the Company. In the event of a change of control, each holder of the notes may require us to repurchase some or all of our notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and unpaid interest to the date of the purchase. 2014 Senior Unsecured Notes On April 17, 2014, we completed a $300 million senior unsecured notes offering (“2014 Senior Unsecured Notes”). Interest on the notes is payable semi-annually on May 1 and November 1 of each year. The 2014 Senior Unsecured Notes pay interest in cash at a rate of 5.50% per year. The notes mature on May 1, 2024. We may redeem some or all of the 2014 Senior Unsecured Notes at any time prior to May 1, 2019 at a “make-whole” redemption price. On or after May 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to May 1, 2017, we may redeem up to 35% of the aggregate principal amount of the 2014 Senior Unsecured Notes using the proceeds of one or more equity offerings. In the event of a change of control, each holder of the 2014 Senior Unsecured Notes may require us to repurchase some or all of our 2014 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2014 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. 2013 Senior Unsecured Notes On October 10, 2013, we completed the 2013 Senior Unsecured Notes offering for €200 million. Interest on the notes is payable semi-annually on April 1 and October 1 of each year. The 2013 Senior Unsecured Notes pay interest in cash at a rate of 5.750% per year. The notes mature on October 1, 2020. We may redeem some or all of the 2013 Senior Unsecured Notes at any time prior to October 1, 2016 at a “make-whole” redemption price. On or after October 1, 2016, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to October 1, 2016, we may redeem up to 35% of the aggregate principal amount of the 2013 Senior Unsecured Notes using the proceeds of one or more equity offerings. In the event of a change of control, each holder of the 2013 Senior Unsecured Notes may require us to repurchase some or all of our 2013 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2013 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. 2012 Senior Unsecured Notes On February 17, 2012, we completed a $200 million offering of senior unsecured notes (“2012 Senior Unsecured Notes”) (resulting in net proceeds of $196.5 million, after underwriting discount). On August 20, 2013, we completed a $150 million tack on to the notes (resulting in net proceeds of $150.4 million, after underwriting discount). These 2012 Senior Unsecured Notes accrue interest at a fixed rate of 6.375% per year and mature on February 15, 2022. The 2013 tack on offering, was issued at a premium (price of 102%), resulting in an effective rate of 5.998%. Interest on these notes is payable semi-annually on February 15 and August 15 of each year. We may redeem some or all of the 2012 Senior Unsecured Notes at any time prior to February 15, 2017 at a “make-whole” redemption price. On or after February 15, 2017, we may redeem some or all of the 2012 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. In the event of a change of control, each holder of the 2012 Senior Unsecured Notes may require us to repurchase some or all of its 2012 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. 2011 Senior Unsecured Notes On April 26, 2011, we closed on a private placement of $450 million senior notes (the “2011 Senior Unsecured Notes”) to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The 2011 Senior Unsecured Notes were subsequently registered under the Securities Act pursuant to an exchange offer. Interest on the 2011 Senior Unsecured Notes is payable semi-annually on May 1 and November 1 of each year. The 2011 Senior Unsecured Notes pay interest in cash at a rate of 6.875% per year and mature on May 1, 2021. We may redeem some or all of the 2011 Senior Unsecured Notes at any time prior to May 1, 2016 at a “make-whole” redemption price. On or after May 1, 2016, we may redeem some or all of the 2011 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. In the event of a change of control, each holder of the 2011 Senior Unsecured Notes may require us to repurchase some or all of its 2011 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. 2006 Senior Unsecured Notes During 2006, we issued $125.0 million of Senior Unsecured Notes (the “2006 Senior Unsecured Notes”). The 2006 Senior Unsecured Notes were placed in private transactions exempt from registration under the Securities Act. One of the issuances of the 2006 Senior Unsecured Notes totaling $65.0 million pays interest quarterly at a floating annual rate of three-month LIBOR plus 2.30% and can be called at par value by us at any time. This portion of the 2006 Senior Unsecured Notes matures in July 2016. The remaining issuances of 2006 Senior Unsecured Notes pays interest quarterly at a floating annual rate of three-month LIBOR plus 2.30% and can also be called at par value by us at any time. These remaining notes mature in October 2016. During the second quarter 2010, we entered into an interest rate swap to manage our exposure to variable interest rates by fixing $65 million of our $125 million 2006 Senior Unsecured Notes, which started July 31, 2011 (date on which the interest rate turned variable) through maturity date (or July 2016), at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of our 2006 Senior Unsecured Notes which started October 31, 2011 (date on which the related interest rate turned variable) through the maturity date (or October 2016) at a rate of 5.675%. At December 31, 2015 and 2014, the fair value of the interest rate swaps was $2.9 million and $6.0 million, respectively, which is reflected in accounts payable and accrued expenses on the consolidated balance sheets. We account for our interest rate swaps as cash flow hedges. Accordingly, the effective portion of changes in the fair value of our swaps is recorded as a component of accumulated other comprehensive income/loss on the balance sheet and reclassified into earnings in the same period, or periods, during which the hedged transactions effects earnings, while any ineffective portion is recorded through earnings immediately. We did not have any hedge ineffectiveness from inception of our interest rate swaps through December 31, 2015 and therefore, there was no income statement effect recorded during the years ended December 31, 2015, 2014, and 2013. We do expect the current losses included in accumulated other comprehensive loss to be reclassified into earnings between now and the maturity of the related debt in July and October 2016. At December 31, 2015 and 2014, we have posted $1.7 million and $3.3 million of collateral related to our interest rate swaps, respectively, which is reflected in other assets on our consolidated balance sheets. Term Loans As noted previously under the Revolving Credit Facility section, we closed on the Term Loan for $125 million in the second quarter of 2014. Furthermore, as noted above, we amended the credit facility to increase the Term Loan portion to $250 million in the third quarter of 2015. The Term Loan matures in June 2019. The Term Loan’s initial interest rate was (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread that was adjustable from 0.60% to 1.20% based on current total leverage, or (2) LIBOR plus a spread that was adjustable from 1.60% to 2.20% based on current total leverage. With the upgrade to our credit rating as discussed above, the Term Loan’s interest rate, effective December 10, 2014, improved to (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Euro dollar rate plus 1.00% plus a fixed spread of 0.65%, or (2) LIBOR plus a fixed spread of 1.65%. At December 31, 2015 and 2014, the interest rate in effect on the Term Loan was 2.05% and 1.82%, respectively. In connection with our acquisition of the Northland LTACH Hospital on February 14, 2011, we assumed a $14.6 million mortgage. The Northland mortgage loan requires monthly principal and interest payments based on a 30-year amortization period. The Northland mortgage loan has a fixed interest rate of 6.2%, matures on January 1, 2018 and can be prepaid, subject to a certain prepayment premium. At December 31, 2015, the remaining balance on this term loan was $13.4 million. The loan is collateralized by the real estate of the Northland LTACH Hospital, which had a net book value of $16.9 million and $17.5 million at December 31, 2015 and 2014, respectively. Other Financing On July 27, 2015, we received a commitment to provide a senior unsecured bridge loan facility in the original principal amount of $1.0 billion to fund the acquisition of Capella pursuant to a commitment letter from JPMorgan Chase Bank, N.A. and Goldman, Sachs & Co. Funding under the bridge facility was not necessary as we funded the acquisition through a combination of an equity issuance and other borrowings. We incurred and expensed certain customary structuring and underwriting fees of $3.9 million in the 2015 third quarter related to the bridge commitment. Covenants Our debt facilities impose certain restrictions on us, including restrictions on our ability to: incur debts; create or incur liens; provide guarantees in respect of obligations of any other entity; make redemptions and repurchases of our capital stock; prepay, redeem or repurchase debt; engage in mergers or consolidations; enter into affiliated transactions; dispose of real estate or other assets; and change our business. In addition, the credit agreements governing our Credit Facility limit the amount of dividends we can pay as a percentage of normalized adjusted funds from operations, as defined in the agreements, on a rolling four quarter basis. At December 31, 2015, the dividend restriction was 95% of normalized adjusted FFO. The indentures governing our senior unsecured notes also limit the amount of dividends we can pay based on the sum of 95% of funds from operations, proceeds of equity issuances and certain other net cash proceeds. Finally, our senior unsecured notes require us to maintain total unencumbered assets (as defined in the related indenture) of not less than 150% of our unsecured indebtedness. In addition to these restrictions, the Credit Facility contains customary financial and operating covenants, including covenants relating to our total leverage ratio, fixed charge coverage ratio, secured leverage ratio, consolidated adjusted net worth, unsecured leverage ratio, and unsecured interest coverage ratio. This Credit Facility also contains customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with our covenants. If an event of default occurs and is continuing under the Credit Facility, the entire outstanding balance may become immediately due and payable. At December 31, 2015, we were in compliance with all such financial and operating covenants. At December 31, 2015, the total leverage ratio covenant in our Credit Facility was 70% and the unsecured leverage ratio covenant was 77.5%. In June 2016, the total leverage ratio will reset to 60%, and in September 2016, the unsecured leverage ratio will reset to 65%. We expect to comply with these reset leverage requirements by reducing debt through asset sales, retention of cash generated from our monthly rent and interest receipts, and other access to capital through joint ventures, our at-the-market equity offering program and equity offerings. We may also seek to extend the covenant reset dates; however, no assurances can be made that such extensions will be approved by our lenders. If an event of default occurs and is continuing under the Credit Facility, the entire outstanding balance may become immediately due and payable which could have a material adverse impact to the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Medical Properties Trust, Inc. We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax if we distribute 100% of our taxable income to our stockholders and satisfy certain other requirements. Income tax is paid directly by our stockholders on the dividends distributed to them. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax. Taxable income from non-REIT activities managed through our taxable REIT subsidiaries is subject to applicable United States federal, state and local income taxes. Our international subsidiaries are also subject to income taxes in the jurisdictions in which they operate. From our taxable REIT subsidiaries and our foreign operations, we incurred income tax expenses as follows (in thousands): For the years ended December 31, 2015 2014 2013 Current income tax expense: Domestic $ 147 $ 114 $ 358 Foreign 1,614 225 158 1,761 339 516 Deferred income tax (benefit) expense: Domestic (360 ) (23 ) 210 Foreign 102 24 — (258 ) 1 210 Income tax expense $ 1,503 $ 340 $ 726 The foreign provision (benefit) for income taxes is based on foreign loss before income taxes of $29.4 million in 2015 as compared with foreign loss before income taxes of $7.5 million in 2014, and foreign loss before income taxes of $12.9 million in 2013. The domestic provision (benefit) for income taxes is based on income before income taxes of $7.1 million in 2015 from our taxable REIT subsidiaries as compared with loss before income taxes of $20.9 million in 2014 from our taxable REIT subsidiaries, and income before income taxes of $7.6 million in 2013 from our taxable REIT subsidiaries. At December 31, 2015 and 2014, components of our deferred tax assets and liabilities were as follows (in thousands): 2015 2014 Deferred tax liabilities: Property and equipment $ (1,636 ) $ — Unbilled rent (4,495 ) (2,070 ) Partnership investments (3,362 ) (3,468 ) Other (6,141 ) (3,759 ) Total deferred tax liabilities $ (15,634 ) $ (9,297 ) Deferred tax assets: Operating loss and interest deduction carry forwards $ 19,016 $ 19,546 Property and equipment — 2,373 Other 10,314 3,971 Total deferred tax assets 29,330 25,890 Valuation allowance (23,005 ) (16,831 ) Total net deferred tax assets $ 6,325 $ 9,059 Net deferred tax (liability) $ (9,309 ) $ (238 ) At December 31, 2015, we had U.S. federal and state NOLs of $41.4 million and $107.7 million, respectively, that expire in 2021 through 2034. At December 31, 2015, we had foreign NOLs of $10.8 million that may be carried forward indefinitely. At December 31, 2015, we had U.S. federal alternative minimum tax credits of $0.3 million that may be carried forward indefinitely. At December 31, 2015, we had U.S. federal foreign tax credits of $0.6 million that expire in 2025. In 2015, our valuation allowance increased by $6.2 million as a result of book losses sustained by our foreign subsidiaries as the result of significant acquisition expenses incurred. We believe (based on cumulative losses and potential of future taxable income) that we should reserve for our net deferred tax assets. We will continue to monitor this valuation allowance and, if circumstances change (such as entering into new transactions including working capital loans, equity investments, etc.), we will adjust this valuation allowance accordingly. A reconciliation of the income tax expense at the statutory income tax rate and the effective tax rate for income from continuing operations before income taxes for the years ended December 31, 2015, 2014, and 2013 is as follows (in thousands): 2015 2014 2013 Income from continuing operations (before-tax) $ 141,430 $ 51,138 $ 90,027 Income tax at the US statutory federal rate (35%) 49,501 17,898 31,509 Increase (decrease) resulting from: Rate differential 5,047 1,145 2,380 State income taxes, net of federal benefit (601 ) (337 ) 271 Dividends paid deduction (57,109 ) (27,873 ) (33,345 ) Change in valuation allowance 6,174 8,988 (697 ) Other items, net (1,509 ) 519 608 Total income tax expense $ 1,503 $ 340 $ 726 We have met the annual REIT distribution requirements by payment of at least 90% of our estimated taxable income in 2015, 2014, and 2013. Earnings and profits, which determine the taxability of such distributions, will differ from net income reported for financial reporting purposes due primarily to differences in cost basis, differences in the estimated useful lives used to compute depreciation, and differences between the allocation of our net income and loss for financial reporting purposes and for tax reporting purposes. A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: For the Years Ended December 31, 2015 2014 2013 Common share distribution $ 0.870000 $ 0.840000 $ 0.800000 Ordinary income 0.769535 0.520692 0.599384 Capital gains(1) — 0.000276 0.046380 Unrecaptured Sec. 1250 gain — 0.000276 0.026512 Return of capital 0.100465 0.319032 0.154236 Allocable to next year — — — (1) Capital gains include unrecaptured Sec. 1250 gains. MPT Operating Partnership, L.P. As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is generally required for such income of the Operating Partnership. However, the Operating Partnership has formed taxable REIT subsidiaries on behalf of Medical Properties Trust, Inc., which are subject to federal, state and local income taxes at regular corporate rates, and its international subsidiaries are subject to income taxes in the jurisdictions in which they operate. See discussion above under Medical Properties Trust, Inc. for more details of income taxes associated with our taxable REIT subsidiaries and international operations. |
Earnings Per Share_Unit
Earnings Per Share/Unit | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share/Unit | 6. Earnings Per Share/Unit Medical Properties Trust, Inc. Our earnings per share were calculated based on the following (amounts in thousands): For the Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 139,927 $ 50,798 $ 89,301 Non-controlling interests’ share in continuing operations (329 ) (274 ) (224 ) Participating securities’ share in earnings (1,029 ) (894 ) (729 ) Income from continuing operations, less participating securities’ share in earnings 138,569 49,630 88,348 Income (loss) from discontinued operations attributable to MPT common stockholders — (2 ) 7,914 Net income, less participating securities’ share in earnings $ 138,569 $ 49,628 $ 96,262 Denominator: Basic weighted-average common shares 217,997 169,999 151,439 Dilutive potential common shares 307 541 1,159 Diluted weighted-average common shares 218,304 170,540 152,598 MPT Operating Partnership, L.P. Our earnings per unit were calculated based on the following (amounts in thousands): For the Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 139,927 $ 50,798 $ 89,301 Non-controlling interests’ share in continuing operations (329 ) (274 ) (224 ) Participating securities’ share in earnings (1,029 ) (894 ) (729 ) Income from continuing operations, less participating securities’ share in earnings 138,569 49,630 88,348 Income (loss) from discontinued operations attributable to MPT Operating Partnership partners — (2 ) 7,914 Net income, less participating securities’ share in earnings $ 138,569 $ 49,628 $ 96,262 Denominator: Basic weighted-average units 217,997 169,999 151,439 Dilutive potential units 307 541 1,159 Diluted weighted-average units 218,304 170,540 152,598 |
Stock Awards
Stock Awards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Awards | 7. Stock Awards Stock Awards Our Equity Incentive Plan authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units and awards of interests in our Operating Partnership. Our Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. We have reserved 8,196,770 shares of common stock for awards under the Equity Incentive Plan and 5,605,272 shares remain available for future stock awards as of December 31, 2015. The Equity Incentive Plan contains a limit of 5,000,000 shares as the maximum number of shares of common stock that may be awarded to an individual in any fiscal year. Awards under the Equity Incentive Plan are subject to forfeiture due to termination of employment prior to vesting. In the event of a change in control, outstanding and unvested options will immediately vest, unless otherwise provided in the participant’s award or employment agreement, and restricted stock, restricted stock units, deferred stock units and other stock-based awards will vest if so provided in the participant’s award agreement. The term of the awards is set by the Compensation Committee, though Incentive Stock Options may not have terms of more than ten years. Forfeited awards are returned to the Equity Incentive Plan and are then available to be re-issued as future awards. For each share of common stock issued by Medical Properties Trust, Inc. pursuant to its Equity Incentive Plan, the Operating Partnership issues a corresponding number of Operating Partnership units. The following awards have been granted pursuant to our Equity Incentive Plan (and its predecessor plan): Restricted Equity Awards These stock-based awards are in the form of service-based awards and performance-based awards. The service-based awards vest as the employee provides the required service (typically three to five years). Service based awards are valued at the average price per share of common stock on the date of grant. In 2015, 2014, and 2013, the Compensation Committee granted performance – based awards to employees which vest based on us achieving certain total shareholder returns or comparisons of our total shareholder returns to peer total return indices. Generally, dividends are not paid on these performance awards until the award is earned. See below for details of such grants: 2015 performance awards — The 2015 performance awards were granted in three parts: 1) Approximately 40% of the 2015 performance awards were based on us achieving a simple 9.0% annual total shareholder return. For the three-year period from January 1, 2015 through December 31, 2017, one-third of the awards will be earned annually if a 9.0% total shareholder return is achieved. If total shareholder return does not reach 9.0% in a particular year, shares for that year can be earned in a future period (during the three-year period) if the cumulative total shareholder return is equal to or greater than a 9.0% annual return for such cumulative period. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.1%; expected volatility of 20%; expected dividend yield of 7.2%; and expected service period of 3 years. 2) Approximately 30% of the 2015 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2015 to December 31, 2017. The minimum total shareholder return needed to earn a portion of this award is 27.0% with 100% of the award earned if our total shareholder return reaches 35.0%. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2017, 2018 and 2019. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.1%; expected volatility of 20%; expected dividend yield of 7.2%; and expected service period of 5 years. 3) The remainder of the 2015 performance awards will be earned if our total shareholder return outpaces that of the MSCI U.S. REIT Index (“Index”) over the cumulative period from January 1, 2015 to December 31, 2017. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2017, 2018 and 2019. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.1%; expected volatility of 20%; expected dividend yield of 7.2%; and expected service period of 5 years. No 2015 performance awards were earned and vested in 2015; 4,500 performance awards were forfeited in 2015. At December 31, 2015, we have 867,388 of 2015 performance awards remaining to be earned. 2014 performance awards — The 2014 performance awards were granted in three parts: 1) Approximately 40% of the 2014 performance awards were based on us achieving a simple 9.0% annual total shareholder return. For the five-year period from January 1, 2014 through December 31, 2018, one-third of the awards will be earned annually (until the award is fully earned) if a 9.0% total shareholder return is achieved. If total shareholder return does not reach 9.0% in a particular year, shares for that year can be earned in a future period (during the five-year period) if the cumulative total shareholder return is equal to or greater than a 9.0% annual return for such cumulative period. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.7%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 3 years. 2) Approximately 30% of the 2014 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2014 to December 31, 2016. The minimum total shareholder return needed to earn a portion of this award is 27.0% with 100% of the award earned if our total shareholder return reaches 35.0%. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2016, 2017 and 2018. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.8%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 5 years. 3) The remainder of the 2014 performance awards will be earned if our total shareholder return outpaces that of the Index over the cumulative period from January 1, 2014 to December 31, 2016. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2016, 2017 and 2018. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.8%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 5 years. There were 108,261 of the 2014 performance awards earned and vested in 2014, but none in 2015. At December 31, 2015, we have 771,897 of the 2014 performance awards remaining to be earned. 2013 performance awards — The 2013 performance awards were granted in three parts: 1) Approximately 27% of the 2013 performance awards were based on us achieving a simple 8.5% annual total shareholder return. For the five-year period from January 1, 2013 through December 31, 2017, one-third of the awards will be earned annually (until the award is fully earned) if an 8.5% total shareholder return is achieved. If total shareholder return does not reach 8.5% in a particular year, shares for that year can be earned in a future period (during the five-year period) if the cumulative total shareholder return is equal to or greater than an 8.5% annual return for such cumulative period. None of these shares may be sold for two years after they have vested. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.72%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 3 years. 2) Approximately 36% of the 2013 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2013 to December 31, 2015. The minimum total shareholder return needed to earn a portion of this award is 25.5% with 100% of the award earned if our total shareholder return reaches 33.5%. If any shares were earned from this award, the shares were to vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. 3) The remainder of the 2013 performance awards were to be earned if our total shareholder return outpaced that of the Index over the cumulative period from January 1, 2013 to December 31, 2015. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares were earned from this award, the shares would vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. In 2014 and 2013, 80,293 and 68,086 shares respectively, under the 2013 performance awards were earned and vested. No performance awards were earned in 2015, and 550,000 shares were forfeited as the three-year cumulative hurdle from January 1, 2013 to December 31, 2015 was not met. At December 31, 2015, we have 74,187 of 2013 performance awards remaining to be earned. The following summarizes restricted equity award activity in 2015 and 2014 (which includes awards granted in 2015, 2014, 2013, and any applicable prior years), respectively: For the Year Ended December 31, 2015: Vesting Based on Service Vesting Based on Shares Weighted Average Shares Weighted Average Nonvested awards at beginning of the year 452,263 $ 12.11 2,428,518 $ 5.81 Awarded 407,969 $ 13.94 871,888 $ 6.62 Vested (343,904 ) $ 12.56 (406,970 ) $ 4.94 Forfeited (6,694 ) $ 13.08 (562,284 ) $ 5.33 Nonvested awards at end of year 509,634 $ 13.25 2,331,152 $ 6.38 For the Year Ended December 31, 2014: Vesting Based Vesting Based on Shares Weighted Average Shares Weighted Average Nonvested awards at beginning of the year 325,999 $ 11.36 1,999,179 $ 5.44 Awarded 424,366 $ 12.21 903,134 $ 7.57 Vested (298,102 ) $ 11.43 (473,795 ) $ 7.60 Forfeited — $ — — $ — Nonvested awards at end of year 452,263 $ 12.11 2,428,518 $ 5.81 The value of stock-based awards is charged to compensation expense over the vesting periods. In the years ended December 31, 2015, 2014 and 2013, we recorded $11.1 million, $9.2 million, and $8.8 million, respectively, of non-cash compensation expense. The remaining unrecognized cost from restricted equity awards at December 31, 2015, is $12.8 million and will be recognized over a weighted average period of 2.3 years. Restricted equity awards which vested in 2015, 2014 and 2013 had a value of $10.2 million, $10.2 million, and $9.2 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Commitments Operating leases, in which we are the lessee, primarily consist of ground leases on which certain of our facilities or other related property reside along with corporate office and equipment leases. The ground leases are long-term leases (almost all having terms for approximately 30 years or more), some of which contain escalation provisions and one contains a purchase option. Properties subject to these ground leases are subleased to our tenants. Lease and rental expense (which is recorded on the straight-line method) for 2015, 2014 and 2013, respectively, were $4.6 million, $2.3 million, and $2.3 million, which was offset by sublease rental income of $2.3 million, $0.2 million, and $0.5 million for 2015, 2014, and 2013, respectively. Fixed minimum payments due under operating leases with non-cancelable terms of more than one year and amounts to be received in the future from non-cancelable subleases at December 31, 2015 are as follows: (amounts in thousands) Fixed Amounts to Net 2016 $ 5,119 $ (2,477 ) $ 2,642 2017 5,157 (2,502 ) 2,655 2018 5,125 (2,504 ) 2,621 2019 4,803 (2,522 ) 2,281 2020 4,896 (2,621 ) 2,275 Thereafter 140,049 (130,819 ) 9,230 $ 165,149 ($143,445 ) $ 21,704 Contingencies We are a party to various legal proceedings incidental to our business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect our financial position, results of operations or cash flows. |
Common Stock_Partner's Capital
Common Stock/Partner's Capital | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock/Partner's Capital | 9. Common Stock/Partner’s Capital Medical Properties Trust, Inc. 2015 Activity On August 11, 2015, we completed an underwritten public offering of 28.75 million shares (including the exercise of the underwriters’ 30-day option to purchase an additional 3.8 million shares) of our common stock, resulting in net proceeds of approximately $337 million, after deducting estimated offering expenses. On August 4, 2015, we filed Articles of Amendment to our charter with the Maryland State Department of Assessments and Taxation increasing the number of authorized shares of common stock, par value $0.001 per share available for issuance from 250,000,000 to 500,000,000. On January 14, 2015, we completed an underwritten public offering of 34.5 million shares (including the exercise of the underwriters’ 30-day option to purchase an additional 4.5 million shares) of our common stock, resulting in net proceeds of approximately $480 million, after deducting estimated offering expenses. 2014 Activity On March 11, 2014, we completed an underwritten public offering of 7.7 million shares of our common stock, resulting in net proceeds of $100.2 million, after deducting estimated offering expenses. We also granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock. The option, which was exercised in full, closed on April 8, 2014 and resulted in additional net proceeds of approximately $16 million. In January 2014, we put an at-the-market equity offering program in place, giving us the ability to sell up to $250 million of stock with a commission of 1.25%. During 2014, we sold 1.7 million shares of our common stock under our at-the-market equity offering program, at an average price of $13.56 per share resulting in total proceeds, net of commission, of $22.6 million. MPT Operating Partnership, L.P. The Operating Partnership is made up of a general partner, Medical Properties Trust, LLC (“General Partner”) and limited partners, including the Company (which owns 100% of the General Partner) and three other partners. By virtue of its ownership of the General Partner, the Company has a 99.8% ownership interest in Operating Partnership via its ownership of all the common units. The remaining ownership interest is held by the two employees and one director via their ownership of LTIP units. These LTIP units were issued pursuant to the 2007 Multi-Year Incentive Plan, which is now part of the Equity Incentive Plan discussed in Note 7 and once vested in accordance with their award agreement, may be converted to common units per the Second Amended and Restated Agreement of Limited Partnership of MPT Operating Partnership, L.P. (“Operating Partnership Agreement”). In regards to distributions, the Operating Partnership shall distribute cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to common unit holders who are common unit holders on the record date. However, per the Operating Partnership Agreement, the General Partner shall use its reasonable efforts to cause the Operating Partnership to distribute amounts sufficient to enable the Company to pay stockholder dividends that will allow the Company to (i) meet its distribution requirement for qualification as a REIT and (ii) avoid any federal income or excise tax liability imposed by the Internal Revenue Code, other than to the extent the Company elects to retain and pay income tax on its net capital gain. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for distribution purposes. The Operating Partnership’s net income will generally be allocated first to the General Partner to the extent of any cumulative losses and then to the limited partners in accordance with their respective percentage interests in the common units issued by the Operating Partnership. Any losses of the Operating Partnership will generally be allocated first to the limited partners until their capital account is zero and then to the General Partner. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for purposes of income and loss allocations. Limited partners have the right to require the Operating Partnership to redeem part or all of their common units. It is at the Operating Partnership’s discretion to redeem such common units for cash based on the fair market value of an equivalent number of shares of the Company’s common stock at the time of redemption or, alternatively, redeem the common units for shares of the Company’s common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, or similar events. In order for LTIP units to be redeemed, they must first be converted to common units and then must wait two years from the issuance of the LTIP units to be redeemed. For each share of common stock issued by Medical Properties Trust, Inc., the Operating Partnership issues a corresponding number of operating partnership units. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 10. Fair Value of Financial Instruments We have various assets and liabilities that are considered financial instruments. We estimate that the carrying value of cash and cash equivalents, and accounts payable and accrued expenses approximate their fair values. Included in our accounts payable and accrued expenses are our interest rate swaps, which are recorded at fair value based on Level 2 observable market assumptions using standardized derivative pricing models. We estimate the fair value of our interest and rent receivables using Level 2 inputs such as discounting the estimated future cash flows using the current rates at which similar receivables would be made to others with similar credit ratings and for the same remaining maturities. The fair value of our mortgage loans and working capital loans are estimated by using Level 2 inputs such as discounting the estimated future cash flows using the current rates which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. We determine the fair value of our senior unsecured notes (excluding the 2006 Senior Unsecured Notes), using Level 2 inputs such as quotes from securities dealers and market makers. We estimate the fair value of our 2006 Senior Unsecured Notes, revolving credit facility, and term loans using Level 2 inputs based on the present value of future payments, discounted at a rate which we consider appropriate for such debt. Fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision. The following table summarizes fair value estimates for our financial instruments (in thousands): December 31, December 31, Asset (Liability) Book Fair Book Fair Interest and rent receivables $ 46,939 $ 46,858 $ 41,137 $ 41,005 Loans(1) 508,851 543,859 773,311 803,824 Debt, net(2) (3,322,541 ) (3,372,773 ) (2,174,648 ) (2,258,721 ) (1) Excludes loans related to Ernest and Capella since they are recorded at fair value as discussed below. (2) Includes debt issue costs. Items Measured at Fair Value on a Recurring Basis Our equity interest in Ernest, Capella and related loans, as discussed in Note 2, are being measured at fair value on a recurring basis as we elected to account for these investments using the fair value option method. We have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other equity interests or loans in or prior to 2015. At December 31, 2015, the amounts recorded under the fair value option method were as follows (in thousands): Asset (Liability) Fair Cost Asset Type Mortgage loan $ 310,000 $ 310,000 Mortgage loans Acquisition loans 603,552 603,552 Other loans Equity investment 7,349 7,349 Other assets $ 920,901 $ 920,901 At December 31, 2014, the amounts recorded under the fair value option method were as follows (in thousands): Asset (Liability) Fair Cost Asset Type Mortgage loan $ 100,000 $ 100,000 Mortgage loans Acquisition loans 97,450 97,450 Other loans Equity investment 3,300 3,300 Other assets $ 200,750 $ 200,750 Our mortgage loans with Ernest and Capella are recorded at fair value based on Level 2 inputs by discounting the estimated cash flows using the market rates which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities. Our acquisition loans and equity investments in Ernest and Capella are recorded at fair value based on Level 3 inputs, by using a discounted cash flow model, which requires significant estimates of our investee such as projected revenue and expenses and appropriate consideration of the underlying risk profile of the forecast assumptions associated with the investee. We classify these loans and equity investments as Level 3, as we use certain unobservable inputs to the valuation methodology that are significant to the fair value measurement, and the valuation requires management judgment due to the absence of quoted market prices. For these cash flow models, our observable inputs include use of a capitalization rate, discount rate (which is based on a weighted-average cost of capital), and market interest rates, and our unobservable input includes an adjustment for a marketability discount (“DLOM”) on our equity investment of 40% at December 31, 2015. In regards to the underlying projection of revenues and expenses used in the discounted cash flow model, such projections are provided by Ernest and Capella, respectively. However, we will modify such projections (including underlying assumptions used) as needed based on our review and analysis of their historical results, meetings with key members of management, and our understanding of trends and developments within the healthcare industry. In arriving at the DLOM, we started with a DLOM range based on the results of studies supporting valuation discounts for other transactions or structures without a public market. To select the appropriate DLOM within the range, we then considered many qualitative factors including the percent of control, the nature of the underlying investee’s business along with our rights as an investor pursuant to the operating agreement, the size of investment, expected holding period, number of shareholders, access to capital marketplace, etc. To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): Basis Point Change in Marketability Discount Estimated Increase (Decrease) +100 basis points $(122) - 100 basis points 122 Because the fair value of Ernest and Capella investments noted above approximate their original cost, we did not recognize any unrealized gains/losses during 2015, 2014, or 2013. To date, we have not received any distribution payments from our equity investment in Ernest or Capella. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 11. Discontinued Operations The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of prior to 2014 for the year ended December 31, 2015, 2014, and 2013 (amounts in thousands except per share/unit data): For the Years Ended 2015 2014 2013 Revenues $ — $ — $ 988 Gain on sale — — 7,659 Income (loss) from discontinued operations — (2 ) 7,914 Income from discontinued operations — diluted per share/unit $ — $ — $ 0.05 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 12. Other Assets The following is a summary of our other assets (in thousands): At December 31, 2015 2014 Debt issue costs, net(1) $ 7,628 $ 8,318 Equity investments 129,337 47,451 Other corporate assets 31,547 28,197 Prepaids and other assets 27,028 11,133 Total other assets $ 195,540 $ 95,099 (1) Relates to revolving credit facility Equity investments have decreased over the prior year primarily due to our new investments in the Italy and Spain joint ventures — see Note 3 for further details. Other corporate assets include leasehold improvements associated with our corporate office space, furniture and fixtures, equipment, software, deposits, etc. Included in prepaids and other assets is prepaid insurance, prepaid taxes, goodwill, and lease inducements made to tenants, among other items. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 13. Quarterly Financial Data (unaudited) Medical Properties Trust, Inc. The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (amounts in thousands, except for per share data) For the Three Month Periods in 2015 Ended March 31 June 30 September 30 December 31 Revenues $ 95,961 $ 99,801 $ 114,570 $ 131,546 Income from continuing operations 35,976 22,489 23,123 58,339 Net income 35,976 22,489 23,123 58,339 Net income attributable to MPT common stockholders 35,897 22,407 23,057 58,237 Net income attributable to MPT common stockholders per share — basic $ 0.18 $ 0.11 $ 0.10 $ 0.24 Weighted average shares outstanding — basic 202,958 208,071 223,948 237,011 Net income attributable to MPT common stockholders per share — diluted $ 0.17 $ 0.11 $ 0.10 $ 0.24 Weighted average shares outstanding — diluted 203,615 208,640 223,948 237,011 For the Three Month Periods in 2014 Ended March 31 June 30 September 30 December 31 Revenues $ 73,089 $ 76,560 $ 80,777 $ 82,106 Income (loss) from continuing operations 7,309 (203 ) 28,663 15,029 Income (loss) from discontinued operations (2 ) — — — Net income 7,307 (203 ) 28,663 15,029 Net income attributable to MPT common stockholders 7,241 (203 ) 28,537 14,947 Net income attributable to MPT common stockholders per share — basic $ 0.04 $ — $ 0.16 $ 0.08 Weighted average shares outstanding — basic 163,973 171,718 171,893 172,411 Net income attributable to MPT common stockholders per share — diluted $ 0.04 $ — $ 0.16 $ 0.08 Weighted average shares outstanding — diluted 164,549 171,718 172,639 172,604 MPT Operating Partnership, L.P. The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (amounts in thousands, except for per unit data) For the Three Month Periods in 2015 Ended March 31 June 30 September 30 December 31 Revenues $ 95,961 $ 99,801 $ 114,570 $ 131,546 Income from continuing operations 35,976 22,489 23,123 58,339 Net income (loss) 35,976 22,489 23,123 58,339 Net income attributable to MPT Operating Partnership partners 35,897 22,407 23,057 58,237 Net income attributable to MPT Operating Partnership partners per unit — basic $ 0.18 $ 0.11 $ 0.10 $ 0.24 Weighted average units outstanding — basic 202,958 208,071 223,948 237,011 Net income attributable to MPT Operating Partnership partners per unit — diluted $ 0.17 $ 0.11 $ 0.10 $ 0.24 Weighted average units outstanding — diluted 203,615 208,640 223,948 237,011 For the Three Month Periods in 2014 Ended March 31 June 30 September 30 December 31 Revenues $ 73,089 $ 76,560 $ 80,777 $ 82,106 Income (loss) from continuing operations 7,309 (203 ) 28,663 15,029 Income (loss) from discontinued operations (2 ) — — — Net income (loss) 7,307 (203 ) 28,663 15,029 Net income attributable to MPT Operating Partnership partners 7,241 (203 ) 28,537 14,948 Net income attributable to MPT Operating Partnership partners per unit — basic $ 0.04 $ — $ 0.16 $ 0.08 Weighted average units outstanding — basic 163,973 171,718 171,893 172,411 Net income attributable to MPT Operating Partnership partners per unit — diluted $ 0.04 $ — $ 0.16 $ 0.08 Weighted average units outstanding — diluted 164,549 171,718 172,639 172,604 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On February 22, 2016, we completed a $500 million senior unsecured notes offering, proceeds of which were used to repay borrowings under our Revolving credit facility. Interest on the notes will be payable on March 1 and September 1 of each year, commencing on September 1, 2016. Interest on the notes will be paid in cash at a rate of 6.375% per year. The notes mature on March 1, 2024. We may redeem some or all of the notes at any time prior to March 1, 2019 at a “make whole” redemption price. On or after March 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to March 1, 2019, we may redeem up to 35% of the notes at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, using proceeds from one or more equity offerings. In the event of a change in control, each holder of the notes may require us to repurchase some or all of the notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and upaid interest to the date of purchase. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. Schedule II: Valuation and Qualifying Accounts December 31, 2015 Additions Deductions Year Ended December 31, Balance at Charged Net Balance at (In thousands) 2015 $ 20,129 $ 8,205 (6) $ (950 )(4) $ 27,384 2014 $ 41,573 $ 65,512 (2) $ (86,956 )(5) $ 20,129 2013 $ 34,769 $ 9,397 (3) $ (2,593 ) $ 41,573 (1) Includes allowance for doubtful accounts, straight-line rent reserves, allowance for loan losses, tax valuation allowances and other reserves. (2) Includes the $47 million of impairment charges related to the Monroe property, $9.5 million of rent and interest reserves primarily related to the Monroe property (prior to change in operators — see note 3 to Item 8 of the Form 10-K for further details), and approximately $9 million increase in the valuation allowance to fully reserve our net deferred tax assets. (3) Includes $4.8 million and $2.7 million in rent and interest reserves, respectively, related to our Monroe properties along with $1.9 million to fully reserve for the net deferred tax asset of certain German subsidiaries. (4) Writeoffs of rent and interest reserves related to sale of Healthtrax properties. (5) Writeoffs of loans and other receivables related to the Monroe facility due to change in operators. (6) Includes $1.3 million and $0.2 million of rent and late fee reserves, respectively, related to our Twelve Oaks facility; $0.5 million of rent reserves related to our Healthtrax properties, $0.1 million of interest reserves related to M/C Healthcare loan; and $6.1 million to fully reserve our net deferred tax assets. |
SCHEDULE III - REAL ESTATE INVE
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | December 31, 2015 Initial Costs Additions Subsequent to Acquisition Cost at December 31, 2015 Accumulated Date of Date Life on Location Type of Property Land Buildings Improvements Carrying Costs Land Buildings Total Encumbrances (Amounts in thousands) Baden-Wurttemburg, Germany Rehabilitation hospital — 9,459 — — — 9,459 9,459 493 — 1994 November 30, 2013 40 Saxony, Germany Rehabilitation hospital 372 20,515 — — 372 20,515 20,887 1,068 — 1996 November 30, 2013 40 Rhineland-Pflaz, Germany Rehabilitation hospital 3,175 15,008 — — 3,175 15,008 18,183 782 — 1960 November 30, 2013 40 Brandenburg, Germany Rehabilitation hospital 346 17,874 — — 346 17,874 18,220 931 — 1994 November 30, 2013 40 Hesse, Germany Rehabilitation hospital 92 5,236 — — 92 5,236 5,328 273 — 1981 November 30, 2013 40 Hesse, Germany Rehabilitation hospital 3,078 14,804 — — 3,078 14,804 17,882 771 — 1977 November 30, 2013 40 Rhineland-Pflaz, Germany Rehabilitation hospital — 29,701 — — — 29,701 29,701 1,547 — 1992 November 30, 2013 40 Saxony, Germany Rehabilitation hospital 539 14,943 — — 539 14,943 15,482 778 — 1904, 1995 November 30, 2013 40 Rhineland-Pflaz, Germany Rehabilitation hospital 728 6,545 — — 728 6,545 7,273 341 — 1980 November 30, 2013 40 Rhineland-Pflaz, Germany Rehabilitation hospital 5,834 16,109 — — 5,834 16,109 21,943 839 — 1930 November 30, 2013 40 Baden-Wurttemburg, Germany Rehabilitation hospital 3,420 5,827 — — 3,420 5,827 9,247 303 — 1986 November 30, 2013 40 Bavaria, Germany Rehabilitation hospital 2,204 9,294 194 — 2,204 9,488 11,692 257 — 1974 November 19, 2014 40 Thuringia, Germany Rehabilitation hospital 1,605 33,913 — — 1,605 33,913 35,518 989 — 1954, 1992 November 5, 2014 40 Baden-Wurttemburg, Germany Rehabilitation hospital — 11,249 — — — 11,249 11,249 305 — 1988, 1995 December 11, 2014 40 Bath, UK Acute care general hospital 1,747 36,203 — — 1,747 36,203 37,950 1,358 — 2008, 2009 July 1, 2014 40 Ottenhöfen, Germany Rehabilitation hospital 2,254 12,681 108 — 2,362 12,681 15,043 162 — 1956/1957 July 3, 2015 40 Bad Berka, Germany Rehabilitation hospital 3,226 15,046 168 — 3,394 15,046 18,440 161 — 1997 July 22, 2015 40 Wiesbaden, Germany Rehabilitation hospital 1,608 7,457 38 — 1,646 7,457 9,103 94 — 1974 June 30, 2015 40 Bad Lausick, Germany Rehabilitation hospital 1,733 15,674 152 — 1,885 15,674 17,559 201 — 1993 June 30, 2015 40 Bad Sülze, Germany Rehabilitation hospital 2,297 19,814 196 — 2,493 19,814 22,307 254 — 1993 June 30, 2015 40 Kurort Berggießhübel, Germany Rehabilitation hospital 3,199 15,452 — — 3,199 15,452 18,651 165 — 1993 July 21, 2015 40 Braunfels, Germany Acute care general hospital 2,086 13,331 54 — 2,140 13,331 15,471 168 — 1977 June 30, 2015 40 Bernkastel-Kues, Germany Rehabilitation hospital 3,498 15,191 43 — 3,541 15,191 18,732 159 — 1982 July 15, 2015 40 Flechtingen, Germany Rehabilitation hospital 2,781 14,036 146 — 2,927 14,036 16,963 180 — 1993 June 30, 2015 40 Flechtingen, Germany Rehabilitation hospital 2,781 21,989 217 — 2,998 21,989 24,987 282 — 1993-1995 June 30, 2015 40 Nordrach, Germany Rehabilitation hospital 304 2,910 82 — 386 2,910 3,296 39 — 1960 July 7, 2015 40 Bad Gottleuba, Germany Rehabilitation hospital 3,259 14,937 863 — 4,122 14,937 19,059 — — 1913 December 16, 2015 40 Grünheide, Germany Rehabilitation hospital 8,369 40,596 331 — 8,700 40,596 49,296 432 — 1994/2014 July 31, 2015 40 Baden-Baden, Germany Rehabilitation hospital 1,271 8,936 125 — 1,396 8,936 10,332 116 — 1900/2002-2003 June 30, 2015 40 Gyhum, Germany Rehabilitation hospital 3,878 22,165 341 — 4,219 22,165 26,384 288 — 1994 June 30, 2015 40 Hannover, Germany Rehabilitation hospital 4,073 16,293 — — 4,073 16,293 20,366 34 — 1900 December 1, 2015 40 Heiligendamm, Germany Rehabilitation hospital 4,182 26,063 206 — 4,388 26,063 30,451 333 — 1995 June 30, 2015 40 Bad Camberg, Germany Rehabilitation hospital 2,026 15,447 260 — 2,286 15,447 17,733 202 — 1973 June 30, 2015 40 Hoppegarten, Germany Rehabilitation hospital 3,894 24,117 239 — 4,133 24,117 28,250 258 — 1994 July 27, 2015 40 Ban Nauheim, Germany Rehabilitation hospital 3,074 15,529 141 — 3,215 15,529 18,744 199 — 1977 June 30, 2015 40 Kalbe, Germany Rehabilitation hospital 3,400 22,716 163 — 3,563 22,716 26,279 289 — 1995 July 6, 2015 40 Bad Soden-Salmunster, Germany Rehabilitation hospital 934 6,482 120 — 1,054 6,482 7,536 85 — 1974 June 30, 2015 40 Berlin, Germany Rehabilitation hospital 1,157 20,767 184 — 1,341 20,767 22,108 221 — 1998 July 16, 2015 40 Bad Lobenstein, Germany Rehabilitation hospital 3,541 20,079 179 — 3,720 20,079 23,799 257 — 1994 June 30, 2015 40 Bernkastel-Kues, Germany Rehabilitation hospital 782 11,284 130 — 912 11,284 12,196 145 — 1993 July 14, 2015 40 Magdeburg, Germany Rehabilitation hospital 14,387 53,369 250 — 14,637 53,369 68,006 563 — 1999/2014 July 22, 2015 40 Schlangenbad, Germany Rehabilitation hospital 1,048 3,411 266 — 1,314 3,411 4,725 52 — 1973 June 30, 2015 40 Bad Dürrheim, Germany Rehabilitation hospital 1,390 11,400 228 — 1,618 11,400 13,018 125 — 1960-1970 July 24, 2015 40 Bad Krozingen, Germany Rehabilitation hospital 1,472 10,733 114 — 1,586 10,733 12,319 115 — 2008 July 24, 2015 40 Bad Nauheim, Germany Rehabilitation hospital 1,760 9,198 54 — 1,814 9,198 11,012 117 — 1972-1973 June 30, 2015 40 Bad Tennstedt, Germany Rehabilitation hospital 3,677 27,261 201 — 3,878 27,261 31,139 347 — 1993 June 30, 2015 40 Wismar, Germany Rehabilitation hospital 3,465 20,645 195 — 3,660 20,645 24,305 265 — 1996 June 30, 2015 40 Houston, TX Acute care general hospital 3,501 34,530 8,477 15,993 3,274 59,227 62,501 8,018 — 1960 August 10, 2007 40 Allen, TX Freestanding ER 1,550 3,921 — — 1,550 3,921 5,471 147 — 2014 July 14, 2014 40 San Diego, CA Acute care general hospital 12,663 52,432 — — 12,663 52,432 65,095 6,445 — 1973 February 9, 2011 40 Alvin, TX Freestanding ER 105 4,087 — — 105 4,087 4,192 156 — 2014 March 19, 2014 40 Aurora, CO Freestanding ER — 4,860 — — — 4,860 4,860 26 — 2015 September 17, 2015 40 Ft. Worth, TX Freestanding ER — 3,984 — — — 3,984 3,984 75 — 2015 March 27, 2015 40 Bayonne, NJ Acute care general hospital 2,003 51,495 — — 2,003 51,495 53,498 12,658 — 1918 February 4, 2011 20 Bennettsville, SC Acute care general hospital 794 15,772 — — 794 15,772 16,566 3,050 — 1984 April 1, 2008 40 Blue Springs, MO Acute care general hospital 4,347 23,494 — — 4,347 23,494 27,841 566 — 1980 February 13, 2015 40 Bossier City, LA Long term acute care hospital 900 17,818 — — 900 17,818 18,718 3,450 — 1982 April 1, 2008 40 Austin, TX Freestanding ER 1,140 3,853 — — 1,140 3,853 4,993 161 — 2014 May 29, 2014 40 Broomfield, CO Freestanding ER 825 3,895 — — 825 3,895 4,720 146 — 2014 July 3, 2014 40 Carrollton, TX Acute care general hospital 729 34,289 — — 729 34,289 35,018 354 — 2015 July 17, 2015 40 Cedar Hill. TX Freestanding ER 1,122 3,644 — — 1,122 3,644 4,766 137 — 2014 June 23, 2014 40 Spring, TX Freestanding ER 1,310 3,543 — — 1,310 3,543 4,853 133 — 2014 July 15, 2014 40 Chandler, AZ Freestanding ER — 4,244 — — — 4,244 4,244 71 — 2015 April 24, 2015 40 Chandler, AZ Freestanding ER 750 3,214 — — 750 3,214 3,964 19 — 2015 October 7, 2015 40 Cheraw, SC Acute care general hospital 657 19,576 — — 657 19,576 20,233 3,785 — 1982 April 1, 2008 40 Katy, TX Freestanding ER — 3,248 — — — 3,248 3,248 14 — 2015 October 21, 2015 40 Webster, TX Long term acute care hospital 663 33,751 — — 663 33,751 34,414 4,219 — 2004 December 21, 2010 40 Commerce City, TX Freestanding ER 707 4,236 — — 707 4,236 4,943 115 — 2014 December 11, 2014 40 Conroe, TX Freestanding ER 1,338 3,436 — — 1,338 3,436 4,774 35 — 2015 July 29, 2015 40 Converse, TX Freestanding ER 750 4,405 — — 750 4,405 5,155 83 — 2015 April 10, 2015 40 Corinth, TX Long term acute care hospital 1,288 21,175 313 — 1,601 21,175 22,776 2,671 — 2008 January 31, 2011 40 Covington, LA Long term acute care hospital 821 10,238 — 14 821 10,252 11,073 2,712 — 1984 June 9, 2005 40 Dallas, TX Long term acute care hospital 1,000 13,589 — 368 1,421 13,536 14,957 3,158 — 2006 September 5, 2006 40 Denver, CO Freestanding ER — 4,275 — — — 4,275 4,275 56 — 2015 June 8, 2015 40 DeSoto, TX Long term acute care hospital 1,067 10,701 86 8 1,161 10,701 11,862 1,202 — 2008 July 18, 2011 40 Detroit, MI Long term acute care hospital 1,220 8,687 — (365 ) 1,220 8,322 9,542 1,656 — 1956 May 22, 2008 40 Dulles, TX Freestanding ER 1,076 3,784 — — 1,076 3,784 4,860 125 — 2014 September 12, 2014 40 Houston, TX Freestanding ER 1,345 3,678 — — 1,345 3,678 5,023 138 — 2014 June 20, 2014 40 Fairmont, CA Acute care general hospital 1,000 12,301 1,386 — 1,277 13,410 14,687 443 — 1939, 1972, 1985 September 19, 2014 40 Firestone, TX Freestanding ER 495 3,963 — — 495 3,963 4,458 157 — 2014 June 6, 2014 40 Florence, AZ Acute care general hospital 900 28,462 — — 900 28,462 29,362 2,659 — 2012 November 4, 2010 40 Fort Lauderdale, FL Rehabilitation hospital 3,499 21,939 — 1 3,499 21,940 25,439 4,214 — 1985 April 22, 2008 40 Fountain, CO Freestanding ER 1,508 4,131 — — 1,508 4,131 5,639 146 — 2014 July 31, 2014 40 Frisco, TX Freestanding ER — 3,769 — — — 3,769 3,769 15 — 2015 November 13, 2015 40 Frisco, TX Freestanding ER 1,500 3,863 27 — 1,500 3,890 5,390 154 — 2014 June 13, 2014 40 Garden Grove, CA Acute care general hospital 5,502 10,748 — 51 5,502 10,799 16,301 1,925 — 1982 November 25, 2008 40 Garden Grove, CA Medical Office Building 862 7,888 — 28 862 7,916 8,778 1,404 — 1982 November 25, 2008 40 Gilbert, AZ Acute care general hospital 150 15,553 — — 150 15,553 15,703 1,944 — 2005 January 4, 2011 40 Gilbert, AZ Freestanding ER 1,518 4,112 — — 1,518 4,112 5,630 39 — 2015 July 22, 2015 40 Glendale, AZ Freestanding ER — 3,886 — — — 3,886 3,886 50 — 2015 June 5, 2015 40 Hammond, LA Long term acute care hospital 519 8,941 — — 519 8,941 9,460 689 — 2003 December 14, 2012 40 Hausman, TX Acute care general hospital 1,500 8,958 — — 1,500 8,958 10,458 611 — 2013 March 1, 2013 40 Highland Village, TX Freestanding ER — 3,673 — — — 3,673 3,673 21 — 2015 September 22, 2015 40 Hill County, TX Acute care general hospital 1,120 17,882 — — 1,120 17,882 19,002 6,294 — 1980 September 17, 2010 40 Hoboken, NJ Acute care general hospital 1,387 44,351 — — 1,387 44,351 45,738 9,173 — 1863 November 4, 2011 20 Hoover, AL Freestanding ER — 7,581 — — — 7,581 7,581 126 — 2015 May 1, 2015 34 Hoover, AL Medical Office Building — 1,034 — — — 1,034 1,034 17 — 2015 May 1, 2015 34 Hot Springs, AR Acute care general hospital 4,300 66,922 — — 4,300 66,922 71,222 548 — 1985 August 31, 2015 40 Idaho Falls, ID Acute care general hospital 1,822 37,467 — 4,665 1,822 42,132 43,954 8,028 — 2002 April 1, 2008 40 Kansas City, MO Acute care general hospital 10,497 64,419 — — 10,497 64,419 74,916 1,505 — 1978 February 13, 2015 40 Lafayette, IN Rehabilitation hospital 800 14,968 (25 ) — 800 14,943 15,743 1,076 — 2013 February 1, 2013 40 Little Elm, TX Freestanding ER 1,241 3,491 — — 1,241 3,491 4,732 179 — 2013 December 1, 2013 40 Lubbock, TX Rehabilitation hospital — 21,241 — — — 21,241 21,241 260 — 2008 June 16, 2015 40 Lubbock, TX Long term acute care hospital — 10,725 — — — 10,725 10,725 134 — 2008 June 16, 2015 40 McKinney, TX Freestanding ER — 3,991 — — — 3,991 3,991 40 — 2015 July 31, 2015 30 Mesa, AZ Acute care general hospital 4,900 97,980 2,242 — 7,142 97,980 105,122 5,977 — 2007 September 26, 2013 40 Bloomington, IN Acute care general hospital 2,392 28,212 5,000 408 2,392 33,620 36,012 7,544 — 2006 August 8, 2006 40 Montclair, NJ Acute care general hospital 7,900 99,632 585 — 8,477 99,640 108,117 4,623 — 1920-2000 April 1, 2014 40 San Antonio, TX Freestanding ER 351 3,952 — — 351 3,952 4,303 172 — 2014 January 1, 2014 40 Houston, TX Acute care general hospital 4,757 56,238 (37 ) 1,259 5,427 56,790 62,217 12,848 — 2006 December 1, 2006 40 New Braunfels, TX Long term acute care hospital 1,100 7,883 — — 1,100 7,883 8,983 838 — 2007 September 30, 2011 40 Shenandoah, TX Rehabilitation hospital 2,033 21,943 — — 2,033 21,943 23,976 3,017 — 2008 June 17, 2010 40 Colorado Springs, CO Freestanding ER 600 4,231 — — 600 4,231 4,831 168 — 2014 June 5, 2014 40 Northland, MO Long term acute care hospital 834 17,182 — — 834 17,182 18,016 2,112 13,400 2007 February 14, 2011 40 Altoona, WI Acute care general hospital — 29,048 — — — 29,048 29,048 945 — 2014 August 31, 2014 40 Ogden, UT Rehabilitation hospital 1,759 16,414 — — 1,759 16,414 18,173 739 — 2014 March 1, 2014 40 Overlook, TX Acute care general hospital 2,452 9,666 7 — 2,452 9,673 12,125 683 — 2012 February 1, 2013 40 San Diego, CA Acute care general hospital 6,550 15,653 — 77 6,550 15,730 22,280 3,406 — 1964 May 9, 2007 40 Parker, CO Freestanding ER 1,301 4,024 — — 1,301 4,024 5,325 17 — 2015 November 6, 2015 40 Pearland, TX Freestanding ER 1,075 3,577 — — 1,075 3,577 4,652 119 — 2014 September 8, 2014 40 Petersburg, VA Rehabilitation hospital 1,302 9,121 — — 1,302 9,121 10,423 1,710 — 2006 July 1, 2008 40 Poplar Bluff, MO Acute care general hospital 2,659 38,694 — 1 2,660 38,694 41,354 7,431 — 1980 April 22, 2008 40 Port Arthur, TX Acute care general hospital 3,000 72,341 1,062 — 4,062 72,341 76,403 4,246 — 2005 September 26, 2013 40 Port Huron, MI Acute care general hospital 2,000 18,000 — — 2,000 18,000 20,000 — — 1953, 1973-1983 December 31, 2015 40 Portland, OR Long term acute care hospital 3,085 17,859 — 2,559 3,071 20,432 23,503 4,383 — 1964 April 18, 2007 40 Post Falls, ID Rehabilitation hospital 417 12,175 1,905 — 767 13,730 14,497 696 — 2013 December 31, 2013 40 Redding, CA Acute care general hospital 1,555 53,863 — 13 1,555 53,876 55,431 11,346 — 1974 August 10, 2007 40 Redding, CA Long term acute care hospital — 19,952 — 4,360 1,629 22,683 24,312 5,757 — 1991 June 30, 2005 40 Richardson, TX Rehabilitation hospital 2,219 17,419 — — 2,219 17,419 19,638 2,395 — 2008 June 17, 2010 40 Addison, TX Rehabilitation hospital 2,013 22,531 — — 2,013 22,531 24,544 3,098 — 2008 June 17, 2010 40 San Dimas, CA Acute care general hospital 6,160 6,839 — 34 6,160 6,873 13,033 1,218 — 1972 November 25, 2008 40 San Dimas, CA Medical Office Building 1,915 5,085 — 18 1,915 5,103 7,018 905 — 1979 November 25, 2008 40 Sherman, TX Acute care general hospital 4,491 24,802 — — 4,491 24,802 29,293 775 — 1913, 1960-2010 October 31, 2014 40 Sienna, TX Freestanding ER 999 3,591 — — 999 3,591 4,590 120 — 2014 August 20, 2014 40 Spartanburg, SC Rehabilitation hospital 1,135 15,717 — — 1,135 15,717 16,852 931 — 2013 August 1, 2013 40 Houston, TX Freestanding ER 1,423 3,770 — — 1,423 3,770 5,193 79 — 2015 February 18, 2015 40 Thornton, CO Freestanding ER 1,350 4,227 — — 1,350 4,227 5,577 141 — 2014 August 29, 2014 40 Tomball, TX Long term acute care hospital 1,299 23,982 — — 1,299 23,982 25,281 2,998 — 2005 December 21, 2010 40 Victoria, TX Long term acute care hospital 625 7,197 — — 625 7,197 7,822 1,634 — 1998 December 1, 2006 40 Victoria, TX Rehabilitation hospital — 10,412 — — — 10,412 10,412 515 — 2013 December 31, 2013 40 League City, TX Freestanding ER — 3,645 — — — 3,645 3,645 46 — 2015 June 19, 2015 40 Anaheim, CA Acute care general hospital 1,875 21,814 — 10 1,875 21,824 23,699 5,001 — 1964 November 8, 2006 40 West Monroe, LA Acute care general hospital 12,000 69,433 552 — 12,552 69,433 81,985 4,048 — 1962 September 26, 2013 40 San Antonio, TX Acute care general hospital 2,248 5,880 — — 2,248 5,880 8,128 462 — 2012 October 14, 2011 40 West Valley City, UT Acute care general hospital 5,516 58,314 — — 5,516 58,314 63,830 11,198 — 1980 April 22, 2008 40 Wichita, KS Rehabilitation hospital 1,019 18,373 — 1 1,019 18,374 19,393 3,559 — 1992 April 4, 2008 40 $ 302,046 $ 2,632,473 $ 27,568 $ 29,503 $ 315,787 $ 2,675,803 $ 2,991,590 $ 232,675 $ 13,400 The changes in total real estate assets including real estate held for sale but excluding construction in progress, intangible lease asset, investment in direct financing leases, and mortgage loans for the years ended: December 31, 2015 December 31, 2014 December 31, 2013 COST Balance at beginning of period $ 2,040,727 $ 1,733,194 $ 1,189,552 Acquisitions 975,239 263,811 480,503 Transfers from construction in progress 23,163 41,772 81,347 Additions 7,376 84,831 7,749 Dispositions (24,701 ) (56,590 ) (28,616 ) Other (30,214 ) (26,291 ) 2,659 Balance at end of period $ 2,991,590 $ 2,040,727 $ 1,733,194 The changes in accumulated depreciation including real estate assets held for sale for the years ended: December 31, 2015 December 31, 2014 December 31, 2013 ACCUMULATED DEPRECIATION Balance at beginning of period $ 181,441 $ 144,235 $ 114,399 Depreciation 60,796 46,935 33,349 Depreciation on disposed property (8,887 ) (9,213 ) (3,513 ) Other (675 ) (516 ) — Balance at end of period $ 232,675 $ 181,441 $ 144,235 |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P. Column A Column B Column C Column D Column E Column F Column G(3) Column H Description Interest Final Periodic Payment Prior Face Carrying Principal (Dollar amounts in thousands) Long-term first mortgage loan: Payable in monthly Desert Valley Hospital 11.0 % 2022 (1 ) $ 70,000 $ 70,000 (2 ) Desert Valley Hospital 11.6 % 2022 (1 ) 20,000 20,000 (2 ) Desert Valley Hospital 11.0 % 2017 (1 ) 12,500 12,500 (2 ) Chino Valley Medical Center 11.0 % 2022 (1 ) 50,000 50,000 (2 ) Paradise Valley Hospital 10.6 % 2022 (1 ) 25,000 25,000 (2 ) Ernest Mortgage Loan(4) 9.6 % 2032 (1 ) 100,000 100,000 (2 ) Centinela Hospital Medical Center 11.0 % 2022 (1 ) 100,000 100,000 (2 ) Olympia Medical Center 11.2 % 2024 (1 ) 20,000 20,000 (2 ) St. Joseph Medical Center 8.5 % 2025 (1 ) 30,000 30,000 (2 ) St. Mary’s Medical Center 8.5 % 2025 (1 ) 10,000 10,000 (2 ) Lake Huron Medical Center 8.5 % 2020 (1 ) 10,000 10,000 (2 ) St. Clare’s Hospital(4) 8.5 % 2020 (1 ) 100,000 100,000 (2 ) Capella Mortgage Loan(6) 8.0 % 2030 (1 ) 210,000 210,000 (2 ) $ 757,500 $ 757,500 (5 ) (1) There were no prior liens on loans as of December 31, 2015. (2) The mortgage loan was not delinquent with respect to principal or interest. (3) The aggregate cost for federal income tax purposes is $757,500. (4) Mortgage loans covering four properties. (5) Excludes unamortized loan issue costs of $0.1 million at December 31, 2015. (6) Mortgage loans covering two properties. Changes in mortgage loans (excluding unamortized loan issue costs) for the years ended December 31, 2015, 2014, and 2013 are summarized as follows: Year Ended December 31, 2015 2014 2013 (Dollar amounts in thousands) Balance at beginning of year $ 397,500 $ 388,650 $ 368,650 Additions during year: New mortgage loans and additional advances on existing loans 380,000 12,500 20,000 777,500 401,150 388,650 Deductions during year: Collection of principal (20,000 ) (3,650 ) — (20,000 ) (3,650 ) — Balance at end of year $ 757,500 $ 397,500 $ 388,650 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates: |
Principles of Consolidation | Principles of Consolidation: We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. At December 31, 2015, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest, Capella and Vibra). We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2015 (in thousands): VIE Type Maximum Loss Asset Type Carrying Amount(2) Loans, net $ 984,512 Mortgage and other loans $ 921,930 Equity investments $ 54,033 Other assets $ 6,232 (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 2015, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Revenue Recognition | Revenue Recognition: Certain leases may provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as rent billed revenue in the period earned. We use DFL accounting to record rent on certain leases deemed to be financing leases, per accounting rules, rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. The difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. In instances where we have a profits or equity interest in our tenant’s operations, we record income equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable with a corresponding offset to deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the deferred construction period revenue on the straight-line method over the remaining term of the lease. We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue initially and recognized as income over the life of the loan using the interest method. Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or appropriate third party vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. |
Acquired Real Estate Purchase Price Allocation | Acquired Real Estate Purchase Price Allocation: We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. We measure the aggregate value of lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. Other intangible assets acquired may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. We amortize the value of these intangible assets to expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the lease intangibles are charged to expense. |
Goodwill | Goodwill: |
Real Estate and Depreciation | Real Estate and Depreciation: Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2015 are as follows: Buildings and improvements 38.9 years Tenant lease intangibles 25.6 years Leasehold improvements 22.1 years Furniture, equipment and other 9.3 years |
Losses from Rent Receivables | Losses from Rent Receivables: Losses from Operating Lease Receivables: Losses on DFL Receivables: |
Loans | Loans: |
Earnings Per Share/Units | Earnings Per Share/Units: Our unvested restricted stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. |
Income Taxes | Income Taxes: Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with many other entities, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. With the property acquisitions and investments in Europe, we are subject to income taxes internationally. However, we do not expect to incur any additional income taxes in the United States as such income from our international properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in our deferred tax receivables/liabilities that results from a change in circumstances and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. |
Stock-Based Compensation | Stock-Based Compensation: |
Deferred Costs | Deferred Costs: |
Deferred Financing Costs | Deferred Financing Costs: |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions: Certain of our U.S. subsidiaries will enter into short-term and long-term transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses on our short-term transactions are included in other income in the consolidated statements of income, while the translation effects on our long-term investments are recorded in accumulated other comprehensive income (loss) on our consolidated balance sheets. |
Derivative Financial Investments and Hedging Activities | Derivative Financial Investments and Hedging Activities: To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. |
Fair Value Measurement | Fair Value Measurement: • Level 1 identical • Level 2 similar • Level 3 unobservable We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. Fair Value Option Election: |
Recent Accounting Developments | Recent Accounting Developments: Presentation of Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. Also in August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements” which clarifies the SEC staff’s position not objecting to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing such costs, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted these standards for the quarter ended December 31, 2015. There were deferred financing costs of $28.4 million and $27.0 million as of December 31, 2015 and 2014, respectively that are now classified within Debt, net on our consolidated balance sheets. Measurement-Period Adjustments for Business Combinations In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” to simplify the accounting for business combinations, specifically as it relates to measurement-period adjustments. Acquiring entities in a business combination must recognize measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Also, ASU 2015-16 requires entities to present separately on the face of the income statement (or disclose in the notes to the financial statements) the portion of the amount recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for us beginning in the 2015 fourth quarter and is to be applied prospectively to measurement-period adjustments that occur after the effective date. We do not expect the adoption of this ASU to have a significant impact on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015, the FASB proposed deferring the effective date of this standard by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We do not expect this standard to have a significant impact on our financial results, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU No. 2014-09. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU 2015-02 that modifies the evaluation of whether limited partnerships and similar legal entities are VIEs, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. We do not believe this proposed standard will have a significant impact on us. This ASU is effective for fiscal years beginning after December 15, 2015. |
Leases | Leases In February 2016, the FASB issued ASU 2016-02 - Leases |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Carrying Value and Classification of Related Assets and Maximum Exposure to Loss | The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2015 (in thousands): VIE Type Maximum Loss Asset Type Carrying Amount(2) Loans, net $ 984,512 Mortgage and other loans $ 921,930 Equity investments $ 54,033 Other assets $ 6,232 (1) Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. (2) Carrying amount reflects the net book value of our loan or equity interest only in the VIE. |
Weighted Average Useful Lives of Related Real Estate and Other Assets | Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2015 are as follows: Buildings and improvements 38.9 years Tenant lease intangibles 25.6 years Leasehold improvements 22.1 years Furniture, equipment and other 9.3 years |
Real Estate and Loans Receiva29
Real Estate and Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Assets Acquired | Acquisitions We acquired the following assets: 2015 2014 2013 Assets Acquired (in thousands) Land $ 126,336 $ 22,569 $ 41,473 Building 758,009 241,242 439,030 Intangible lease assets — subject to amortization (weighted average useful life of 30.4 years in 2015, 18.2 years in 2014 and 21.0 years in 2013) 154,719 22,513 38,589 Net investments in direct financing leases 174,801 — 110,580 Mortgage loans 380,000 — 20,000 Other loans 523,605 447,664 5,250 Equity investments and other assets 101,716 33,708 — Liabilities (317 ) — — Total assets acquired $ 2,218,869 $ 767,696 $ 654,922 Loans repaid(1) (385,851 ) — — Total net assets acquired $ 1,833,018 $ 767,696 $ 654,922 (1) Loans advanced to MEDIAN in 2014 and repaid in 2015 as part of step 2 of the MEDIAN transaction. See below for details. |
Schedule of Unaudited Supplemental Pro Forma Operating Data | The following unaudited supplemental pro forma operating data is presented below as if each acquisition was completed on January 1, 2014 and January 1, 2014 for the year ended December 31, 2015 and 2014, respectively. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods (in thousands, except per share/unit amounts). For the Year Ended December 31, 2015 2014 Total revenues $ 542,763 $ 531,549 Net income 240,783 220,181 Net income per share/unit $ 1.02 $ 0.93 |
Summary of Status Update on Current Development Projects | See table below for a status update on our current development projects (in thousands): Property Location Property Type Operator Commitment Costs Incurred Estimated First Choice ER — Houston Houston, TX Acute Care Hospital Adeptus Health $ 5,257 $ 2,535 1Q 2016 First Choice ER- Denver Denver, CO Acute Care Hospital Adeptus Health 5,300 2,435 2Q 2016 First Choice ER- Phoenix Phoenix, AZ Acute Care Hospital Adeptus Health 6,728 3,275 2Q 2016 First Choice ER- San Antonio San Antonio, TX Acute Care Hospital Adeptus Health 7,530 3,690 2Q 2016 First Choice ER- Texas Acute Care Hospital Adeptus Health 16,422 3,924 2Q 2016 Rehabilitation Hospital of Northwestern Ohio Toledo, OH Inpatient Rehabilitation Hospital Ernest Health 19,212 13,693 2Q 2016 First Choice ER- Houston Houston, TX Acute Care Hospital Adeptus Health 45,961 19,613 3Q 2016 First Choice Emergency Rooms Various Acute Care Hospital Adeptus Health 200,090 — Various $ 306,500 $ 49,165 (1) Includes three acute care facilities. |
Amortization Expense from Existing Lease Intangible Assets | We recorded amortization expense related to intangible lease assets of $9.1 million, $7.0 million, and $4.0 million in 2015, 2014, and 2013, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands) For the Year Ended December 31: 2016 $ 10,204 2017 10,194 2018 10,133 2019 10,085 2020 9,882 |
Components of Net Investment in Direct Financing Leases | The components of our net investment in DFLs consisted of the following (dollars in thousands): As of December 31, As of December 31, Minimum lease payments receivable $ 2,587,912 $ 1,607,024 Estimated residual values 393,097 211,888 Less unearned income (2,354,013 ) (1,379,396 ) Net investment in direct financing leases $ 626,996 $ 439,516 |
Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms | Minimum rental payments due to us in future periods under operating leases and DFLs, which have non-cancelable terms extending beyond one year at December 31, 2015, are as follows: (amounts in thousands) Total Under Total Under Total 2016 $ 295,839 $ 65,097 $ 360,936 2017 297,671 66,399 364,070 2018 299,662 67,727 367,389 2019 301,040 69,081 370,121 2020 301,460 70,463 371,923 Thereafter 4,847,165 2,039,146 6,886,311 $ 6,342,837 $ 2,377,913 $ 8,720,750 |
Summary of Loans | The following is a summary of our loans ($ amounts in thousands): As of December 31, 2015 As of December 31, 2014 Balance Weighted Average Balance Weighted Average Mortgage loans $ 757,581 9.5 % $ 397,594 10.5 % Acquisition loans 610,469 9.1 % 525,136 9.3 % Working capital and other loans 54,353 10.2 % 48,031 10.4 % $ 1,422,403 $ 970,761 |
Schedule of Investment and Revenue by Operator | Investments and Revenue by Operator As of December 31, 2015: (Dollar amounts in thousands) Operators Total Assets Percentage of Total Total Percentage of Prime $ 1,032,353 18.4 % $ 104,325 23.6 % Capella 1,015,914 18.1 % 28,567 6.4 % MEDIAN 978,529 17.4 % 78,540 17.8 % Ernest 569,375 10.2 % 61,988 14.0 % As of December 31, 2014: (Dollar amounts in thousands) Operators Total Assets Percentage of Total Total Percentage of Prime $ 749,553 20.1 % $ 84,038 26.9 % MEDIAN 707,437 19.0 % 23,663 7.6 % Ernest 486,758 13.1 % 57,315 18.3 % |
Schedule of Investments and Revenue from External Customers by Geographic Areas | Investments and Revenue by U.S. State and Country As of December 31, 2015: (Dollar amounts in thousands) U.S. States and Other Countries Total Assets Percentage of Total Total Percentage of Texas $ 917,314 16.4 % $ 87,541 19.8 % California 547,085 9.8 % 66,120 15.0 % Germany 978,529 17.4 % 78,540 17.8 % Italy, Spain, and the U.K. 152,661 2.7 % 4,476 1.0 % As of December 31, 2014: (Dollar amounts in thousands) U.S. States and Other Countries Total Assets Percentage of Total Total Percentage of Total Texas $ 776,017 20.9 % $ 74,044 23.7 % California 547,098 14.7 % 64,268 20.5 % Germany 707,437 19.0 % 23,663 7.6 % U.K. 44,005 1.2 % 2,322 0.7 % |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following is a summary of debt ($ amounts in thousands): As of December 31, 2015 As of December 31, 2014 Balance Interest Rate Balance Interest Rate Revolving credit facility $ 1,100,000 Variable $ 593,490 Variable 2006 Senior Unsecured Notes 125,000 Various 125,000 Various 2011 Senior Unsecured Notes 450,000 6.875 % 450,000 6.875 % 2012 Senior Unsecured Notes: Principal amount 350,000 6.375 % 350,000 6.375 % Unamortized premium 2,168 2,522 352,168 352,522 2013 Senior Unsecured Notes(A) 217,240 5.75 % 241,960 5.75 % 2014 Senior Unsecured Notes 300,000 5.50 % 300,000 5.50 % 2015 Senior Unsecured Notes(A) 543,100 4.00 % — — Term loans 263,400 Various 138,682 Various $ 3,350,908 $ 2,201,654 Debt issue costs, net (28,367 ) (27,006 ) $ 3,322,541 $ 2,174,648 (A) These notes are Euro-denominated and reflect the exchange rates at December 31, 2015 and 2014, respectively. |
Principal Payments Due on Debt | As of December 31, 2015, principal payments due on our debt (which exclude the effects of any discounts, premiums, or debt issue costs recorded) are as follows: 2016 $ 125,299 2017 320 2018 1,112,781 2019 250,000 2020 217,240 Thereafter 1,643,100 Total $ 3,348,740 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | From our taxable REIT subsidiaries and our foreign operations, we incurred income tax expenses as follows (in thousands): For the years ended December 31, 2015 2014 2013 Current income tax expense: Domestic $ 147 $ 114 $ 358 Foreign 1,614 225 158 1,761 339 516 Deferred income tax (benefit) expense: Domestic (360 ) (23 ) 210 Foreign 102 24 — (258 ) 1 210 Income tax expense $ 1,503 $ 340 $ 726 |
Schedule of Deferred Tax Assets and Liabilities | At December 31, 2015 and 2014, components of our deferred tax assets and liabilities were as follows (in thousands): 2015 2014 Deferred tax liabilities: Property and equipment $ (1,636 ) $ — Unbilled rent (4,495 ) (2,070 ) Partnership investments (3,362 ) (3,468 ) Other (6,141 ) (3,759 ) Total deferred tax liabilities $ (15,634 ) $ (9,297 ) Deferred tax assets: Operating loss and interest deduction carry forwards $ 19,016 $ 19,546 Property and equipment — 2,373 Other 10,314 3,971 Total deferred tax assets 29,330 25,890 Valuation allowance (23,005 ) (16,831 ) Total net deferred tax assets $ 6,325 $ 9,059 Net deferred tax (liability) $ (9,309 ) $ (238 ) |
Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes | A reconciliation of the income tax expense at the statutory income tax rate and the effective tax rate for income from continuing operations before income taxes for the years ended December 31, 2015, 2014, and 2013 is as follows (in thousands): 2015 2014 2013 Income from continuing operations (before-tax) $ 141,430 $ 51,138 $ 90,027 Income tax at the US statutory federal rate (35%) 49,501 17,898 31,509 Increase (decrease) resulting from: Rate differential 5,047 1,145 2,380 State income taxes, net of federal benefit (601 ) (337 ) 271 Dividends paid deduction (57,109 ) (27,873 ) (33,345 ) Change in valuation allowance 6,174 8,988 (697 ) Other items, net (1,509 ) 519 608 Total income tax expense $ 1,503 $ 340 $ 726 |
Schedule of Per Share Distributions to Stockholders | A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: For the Years Ended December 31, 2015 2014 2013 Common share distribution $ 0.870000 $ 0.840000 $ 0.800000 Ordinary income 0.769535 0.520692 0.599384 Capital gains(1) — 0.000276 0.046380 Unrecaptured Sec. 1250 gain — 0.000276 0.026512 Return of capital 0.100465 0.319032 0.154236 Allocable to next year — — — (1) Capital gains include unrecaptured Sec. 1250 gains. |
Earnings Per Share_Unit (Tables
Earnings Per Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Medical Properties Trust, Inc. Our earnings per share were calculated based on the following (amounts in thousands): For the Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 139,927 $ 50,798 $ 89,301 Non-controlling interests’ share in continuing operations (329 ) (274 ) (224 ) Participating securities’ share in earnings (1,029 ) (894 ) (729 ) Income from continuing operations, less participating securities’ share in earnings 138,569 49,630 88,348 Income (loss) from discontinued operations attributable to MPT common stockholders — (2 ) 7,914 Net income, less participating securities’ share in earnings $ 138,569 $ 49,628 $ 96,262 Denominator: Basic weighted-average common shares 217,997 169,999 151,439 Dilutive potential common shares 307 541 1,159 Diluted weighted-average common shares 218,304 170,540 152,598 MPT Operating Partnership, L.P. Our earnings per unit were calculated based on the following (amounts in thousands): For the Years Ended December 31, 2015 2014 2013 Numerator: Income from continuing operations $ 139,927 $ 50,798 $ 89,301 Non-controlling interests’ share in continuing operations (329 ) (274 ) (224 ) Participating securities’ share in earnings (1,029 ) (894 ) (729 ) Income from continuing operations, less participating securities’ share in earnings 138,569 49,630 88,348 Income (loss) from discontinued operations attributable to MPT Operating Partnership partners — (2 ) 7,914 Net income, less participating securities’ share in earnings $ 138,569 $ 49,628 $ 96,262 Denominator: Basic weighted-average units 217,997 169,999 151,439 Dilutive potential units 307 541 1,159 Diluted weighted-average units 218,304 170,540 152,598 |
Stock Awards (Tables)
Stock Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Equity Awards Activity | The following summarizes restricted equity award activity in 2015 and 2014 (which includes awards granted in 2015, 2014, 2013, and any applicable prior years), respectively: For the Year Ended December 31, 2015: Vesting Based on Service Vesting Based on Shares Weighted Average Shares Weighted Average Nonvested awards at beginning of the year 452,263 $ 12.11 2,428,518 $ 5.81 Awarded 407,969 $ 13.94 871,888 $ 6.62 Vested (343,904 ) $ 12.56 (406,970 ) $ 4.94 Forfeited (6,694 ) $ 13.08 (562,284 ) $ 5.33 Nonvested awards at end of year 509,634 $ 13.25 2,331,152 $ 6.38 For the Year Ended December 31, 2014: Vesting Based Vesting Based on Shares Weighted Average Shares Weighted Average Nonvested awards at beginning of the year 325,999 $ 11.36 1,999,179 $ 5.44 Awarded 424,366 $ 12.21 903,134 $ 7.57 Vested (298,102 ) $ 11.43 (473,795 ) $ 7.60 Forfeited — $ — — $ — Nonvested awards at end of year 452,263 $ 12.11 2,428,518 $ 5.81 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Fixed Minimum Rental Payable under Operating Leases Sublease Receivable And Net Payments Due with Non-cancelable Terms | Fixed minimum payments due under operating leases with non-cancelable terms of more than one year and amounts to be received in the future from non-cancelable subleases at December 31, 2015 are as follows: (amounts in thousands) Fixed Amounts to Net 2016 $ 5,119 $ (2,477 ) $ 2,642 2017 5,157 (2,502 ) 2,655 2018 5,125 (2,504 ) 2,621 2019 4,803 (2,522 ) 2,281 2020 4,896 (2,621 ) 2,275 Thereafter 140,049 (130,819 ) 9,230 $ 165,149 ($143,445 ) $ 21,704 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Information of Financial Instruments | The following table summarizes fair value estimates for our financial instruments (in thousands): December 31, December 31, Asset (Liability) Book Fair Book Fair Interest and rent receivables $ 46,939 $ 46,858 $ 41,137 $ 41,005 Loans(1) 508,851 543,859 773,311 803,824 Debt, net(2) (3,322,541 ) (3,372,773 ) (2,174,648 ) (2,258,721 ) (1) Excludes loans related to Ernest and Capella since they are recorded at fair value as discussed below. (2) Includes debt issue costs. |
Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis | At December 31, 2015, the amounts recorded under the fair value option method were as follows (in thousands): Asset (Liability) Fair Cost Asset Type Mortgage loan $ 310,000 $ 310,000 Mortgage loans Acquisition loans 603,552 603,552 Other loans Equity investment 7,349 7,349 Other assets $ 920,901 $ 920,901 At December 31, 2014, the amounts recorded under the fair value option method were as follows (in thousands): Asset (Liability) Fair Cost Asset Type Mortgage loan $ 100,000 $ 100,000 Mortgage loans Acquisition loans 97,450 97,450 Other loans Equity investment 3,300 3,300 Other assets $ 200,750 $ 200,750 |
Summary Showing Sensitivity Analysis by Using Basis Point Variations | To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): Basis Point Change in Marketability Discount Estimated Increase (Decrease) +100 basis points $(122) - 100 basis points 122 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of prior to 2014 for the year ended December 31, 2015, 2014, and 2013 (amounts in thousands except per share/unit data): For the Years Ended 2015 2014 2013 Revenues $ — $ — $ 988 Gain on sale — — 7,659 Income (loss) from discontinued operations — (2 ) 7,914 Income from discontinued operations — diluted per share/unit $ — $ — $ 0.05 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | The following is a summary of our other assets (in thousands): At December 31, 2015 2014 Debt issue costs, net(1) $ 7,628 $ 8,318 Equity investments 129,337 47,451 Other corporate assets 31,547 28,197 Prepaids and other assets 27,028 11,133 Total other assets $ 195,540 $ 95,099 (1) Relates to revolving credit facility |
Quarterly Financial Data (una38
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Medical Properties Trust, Inc. [Member] | |
Unaudited Quarterly Financial Information | The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (amounts in thousands, except for per share data) For the Three Month Periods in 2015 Ended March 31 June 30 September 30 December 31 Revenues $ 95,961 $ 99,801 $ 114,570 $ 131,546 Income from continuing operations 35,976 22,489 23,123 58,339 Net income 35,976 22,489 23,123 58,339 Net income attributable to MPT common stockholders 35,897 22,407 23,057 58,237 Net income attributable to MPT common stockholders per share — basic $ 0.18 $ 0.11 $ 0.10 $ 0.24 Weighted average shares outstanding — basic 202,958 208,071 223,948 237,011 Net income attributable to MPT common stockholders per share — diluted $ 0.17 $ 0.11 $ 0.10 $ 0.24 Weighted average shares outstanding — diluted 203,615 208,640 223,948 237,011 For the Three Month Periods in 2014 Ended March 31 June 30 September 30 December 31 Revenues $ 73,089 $ 76,560 $ 80,777 $ 82,106 Income (loss) from continuing operations 7,309 (203 ) 28,663 15,029 Income (loss) from discontinued operations (2 ) — — — Net income 7,307 (203 ) 28,663 15,029 Net income attributable to MPT common stockholders 7,241 (203 ) 28,537 14,947 Net income attributable to MPT common stockholders per share — basic $ 0.04 $ — $ 0.16 $ 0.08 Weighted average shares outstanding — basic 163,973 171,718 171,893 172,411 Net income attributable to MPT common stockholders per share — diluted $ 0.04 $ — $ 0.16 $ 0.08 Weighted average shares outstanding — diluted 164,549 171,718 172,639 172,604 |
MPT Operating Partnership, L.P. [Member] | |
Unaudited Quarterly Financial Information | The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014: (amounts in thousands, except for per unit data) For the Three Month Periods in 2015 Ended March 31 June 30 September 30 December 31 Revenues $ 95,961 $ 99,801 $ 114,570 $ 131,546 Income from continuing operations 35,976 22,489 23,123 58,339 Net income (loss) 35,976 22,489 23,123 58,339 Net income attributable to MPT Operating Partnership partners 35,897 22,407 23,057 58,237 Net income attributable to MPT Operating Partnership partners per unit — basic $ 0.18 $ 0.11 $ 0.10 $ 0.24 Weighted average units outstanding — basic 202,958 208,071 223,948 237,011 Net income attributable to MPT Operating Partnership partners per unit — diluted $ 0.17 $ 0.11 $ 0.10 $ 0.24 Weighted average units outstanding — diluted 203,615 208,640 223,948 237,011 For the Three Month Periods in 2014 Ended March 31 June 30 September 30 December 31 Revenues $ 73,089 $ 76,560 $ 80,777 $ 82,106 Income (loss) from continuing operations 7,309 (203 ) 28,663 15,029 Income (loss) from discontinued operations (2 ) — — — Net income (loss) 7,307 (203 ) 28,663 15,029 Net income attributable to MPT Operating Partnership partners 7,241 (203 ) 28,537 14,948 Net income attributable to MPT Operating Partnership partners per unit — basic $ 0.04 $ — $ 0.16 $ 0.08 Weighted average units outstanding — basic 163,973 171,718 171,893 172,411 Net income attributable to MPT Operating Partnership partners per unit — diluted $ 0.04 $ — $ 0.16 $ 0.08 Weighted average units outstanding — diluted 164,549 171,718 172,639 172,604 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)mo | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Expected lease-up periods for estimating lost rentals, in months | mo | 6 | ||
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Number of years of federal income tax at corporate rates on failure to qualify as REIT | 4 years | ||
Deferred financing costs | $ | $ 28.4 | $ 27 | |
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years | 10 years | ||
Consolidated Entities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 100.00% | ||
Time-Based Awards [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years | 3 years | ||
Market Conditions Based Awards [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years | 3 years | ||
Market Conditions Based Awards [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years | 5 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Carrying Value and Classification of Related Assets and Maximum Exposure to Loss (Detail) | Dec. 31, 2015USD ($) |
Mortgage and other loans [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Amount | $ 921,930,000 |
Loans, net [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | 984,512,000 |
Other Assets [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Amount | 6,232,000 |
Equity investments [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | $ 54,033,000 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Weighted Average Useful Lives of Related Real Estate and Other Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 38 years 10 months 24 days |
Tenant lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 25 years 7 months 6 days |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 22 years 1 month 6 days |
Furniture, equipment and other [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 9 years 3 months 18 days |
Real Estate and Loans Receiva42
Real Estate and Loans Receivable - Assets Acquired (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Equity investments and other assets | $ 101,716 | $ 33,708 | |
Liabilities | (317) | ||
Total assets acquired | 2,218,869 | 767,696 | $ 654,922 |
Loans repaid | (385,851) | ||
Total net assets acquired | 1,833,018 | 767,696 | 654,922 |
Land [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 126,336 | 22,569 | 41,473 |
Building [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 758,009 | 241,242 | 439,030 |
Intangible Lease Assets - Subject to Amortization [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 154,719 | 22,513 | 38,589 |
Net Investments in Direct Financing Leases [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 174,801 | 110,580 | |
Other Loans [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 523,605 | $ 447,664 | 5,250 |
Mortgage Loans [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | $ 380,000 | $ 20,000 |
Real Estate and Loans Receiva43
Real Estate and Loans Receivable - Assets Acquired (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Lease Assets - Subject to Amortization [Member] | |||
Business Acquisition [Line Items] | |||
Weighted average useful life of acquired intangible lease assets (in years) | 30 years 4 months 24 days | 18 years 2 months 12 days | 21 years |
Real Estate and Loans Receiva44
Real Estate and Loans Receivable - 2015 Activity - Additional Information (Detail) | Dec. 31, 2015USD ($)PropertyHospital | Dec. 03, 2015EUR (€)Bed | Nov. 18, 2015EUR (€)Facility | Oct. 30, 2015USD ($) | Sep. 30, 2015USD ($)HospitalHealth_Center | Sep. 09, 2015EUR (€) | Aug. 31, 2015USD ($)BedInvestment | Jun. 16, 2015USD ($)BedProperty | Apr. 29, 2015EUR (€)Hospital | Feb. 27, 2015USD ($)Leases | Feb. 13, 2015USD ($)RenewalOptionsFacility | Aug. 31, 2015InvestmentPropertyLeases | Jul. 31, 2015USD ($)Investment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) |
Business Acquisition [Line Items] | |||||||||||||||||
Mortgage financing | $ 380,000,000 | $ 12,500,000 | $ 20,000,000 | ||||||||||||||
Income contributed by the acquired entity | 240,783,000 | 220,181,000 | |||||||||||||||
Acquisition related costs | 61,342,000 | $ 26,389,000 | $ 19,494,000 | ||||||||||||||
2015 [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Loans provided for acquisition | $ 487,700,000 | 487,700,000 | |||||||||||||||
2015 [Member] | Lake Huron Medical Center [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition costs | 20,000,000 | ||||||||||||||||
Mortgage financing | $ 30,000,000 | ||||||||||||||||
2015 [Member] | Ernest [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition costs | $ 31,500,000 | ||||||||||||||||
Loans provided for acquisition | $ 12,000,000 | ||||||||||||||||
Term of lease, years | 20 years | ||||||||||||||||
Number of properties acquired | Property | 2 | ||||||||||||||||
2015 [Member] | Ernest [Member] | Minimum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Term of lease extension, years | 3 years | ||||||||||||||||
2015 [Member] | Ernest [Member] | Maximum [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Term of lease extension, years | 5 years | ||||||||||||||||
2015 [Member] | Axa Real Estate [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interest in joint venture under the equity method | 50.00% | ||||||||||||||||
2015 [Member] | Acute Care Hospital [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Number of facilities acquired | Facility | 7 | ||||||||||||||||
Purchase price of acquisition | € | € 90,000,000 | ||||||||||||||||
2015 [Member] | Acute Care Hospital [Member] | Kansas [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Term of lease, years | 10 years | ||||||||||||||||
Term of lease extension, years | 5 years | ||||||||||||||||
Number of facilities acquired | Facility | 2 | ||||||||||||||||
Purchase price of acquisition | $ 110,000,000 | ||||||||||||||||
Mortgage financing | $ 40,000,000 | ||||||||||||||||
Mortgage financing term | 10 years | ||||||||||||||||
Number of lease extension options in current lease contract | RenewalOptions | 2 | ||||||||||||||||
2015 [Member] | Acute Care Hospital [Member] | Ernest [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Number of beds acquired | Bed | 37 | ||||||||||||||||
2015 [Member] | Acute Care Hospital [Member] | Axa Real Estate [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interest in joint venture under the equity method | 50.00% | ||||||||||||||||
Estimated total development cost | € | € 21,400,000 | ||||||||||||||||
2015 [Member] | RHM Rehabilitation Clinic [Member] | Germany [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition costs | € | € 18,700,000 | ||||||||||||||||
Term of lease, years | 25 years | ||||||||||||||||
Number of beds acquired | Bed | 266 | ||||||||||||||||
Cumulative increases in the German consumer price index | 70.00% | ||||||||||||||||
2015 [Member] | RHM Rehabilitation Clinic [Member] | Germany [Member] | From 2015 through 2017 [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rent escalations percentage | 2.00% | ||||||||||||||||
2015 [Member] | RHM Rehabilitation Clinic [Member] | Germany [Member] | After 2017 [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rent escalations percentage | 0.50% | ||||||||||||||||
2015 [Member] | General Acute Care Hospital and Healthcare System [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Mortgage financing | $ 100,000,000 | ||||||||||||||||
Number of licensed hospitals | Hospital | 3 | ||||||||||||||||
Number of free-standing emergency department and health center | Health_Center | 1 | ||||||||||||||||
Mortgage financing term | 5 years | ||||||||||||||||
2015 [Member] | General Acute Care Hospital [Member] | Lake Huron Medical Center [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Number of beds acquired | Bed | 144 | ||||||||||||||||
2015 [Member] | Rehabilitation Hospital with Covenant Health System [Member] | Ernest [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Number of beds acquired | Bed | 60 | ||||||||||||||||
2015 [Member] | Inpatient Rehabilitation Hospital [Member] | Ernest [Member] | Weslaco Texas [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Acquisition costs | $ 10,700,000 | ||||||||||||||||
Number of lease extension options | Leases | 3 | ||||||||||||||||
Term of lease extension, years | 5 years | ||||||||||||||||
Payments to fund long-term loans to related parties | $ 5,000,000 | ||||||||||||||||
Lease remaining term | 17 years | ||||||||||||||||
2015 [Member] | Median [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interests acquired | 5.10% | ||||||||||||||||
Acquisition costs | € | € 688,000,000 | ||||||||||||||||
Loans provided for acquisition | € | € 240,000,000 | ||||||||||||||||
Term of lease, years | 27 years | ||||||||||||||||
Number of properties closed | Property | 31 | ||||||||||||||||
Number of hospitals acquired | Hospital | 32 | 32 | |||||||||||||||
Lease rent increase percentage | 70.00% | ||||||||||||||||
Value of properties closed | € | € 646,000,000 | ||||||||||||||||
Loan amount outstanding | € | € 0 | ||||||||||||||||
Real estate transfer tax | $ 37,000,000 | 37,000,000 | |||||||||||||||
2015 [Member] | Capella [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Combined purchase price and investment amount | $ 900,000,000 | ||||||||||||||||
Ownership interests acquired | 49.00% | ||||||||||||||||
Acquisition costs | $ 25.8 | $ 600,000,000 | |||||||||||||||
Loans provided for acquisition | $ 9,200,000 | $ 290,000,000 | |||||||||||||||
Term of lease, years | 15 years | ||||||||||||||||
Number of lease extension options | Leases | 4 | ||||||||||||||||
Term of lease extension, years | 5 years | ||||||||||||||||
Number of properties closed | Property | 6 | ||||||||||||||||
Increase in consumer price-index, floor rate | 2.00% | ||||||||||||||||
Increase in consumer price-index, ceiling rate | 4.00% | ||||||||||||||||
2015 [Member] | Capella [Member] | MPT Camaro Opco [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interests acquired | 49.00% | ||||||||||||||||
2015 [Member] | Capella [Member] | Acute Care Hospital [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Number of portfolio investments | Investment | 7 | 7 | 7 | ||||||||||||||
Number of investment in form of mortgage loan | Investment | 2 | 2 | 2 | ||||||||||||||
2015 [Member] | Capella [Member] | Joint Venture Partner [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Fixed interest rate | 8.00% | 8.00% | |||||||||||||||
2015 [Member] | Capella [Member] | Joint Venture Partner [Member] | ManageCo [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interests acquired | 51.00% | ||||||||||||||||
2015 [Member] | Eight Acute Care Hospitals [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Loans provided for acquisition | $ 100,000,000 | 100,000,000 | |||||||||||||||
2015 [Member] | Waterland Private Equity Fund [Member] | Median [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Ownership interests acquired | 94.90% | ||||||||||||||||
2015 [Member] | Business Acquisitions [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Revenue contributed by the acquired entity | 102,400,000 | ||||||||||||||||
Income contributed by the acquired entity | 69,300,000 | ||||||||||||||||
Acquisition related costs | $ 58,000,000 |
Real Estate and Loans Receiva45
Real Estate and Loans Receivable - 2014 Activity - Additional Information (Detail) $ in Thousands, € in Millions, £ in Millions | Dec. 15, 2014EUR (€) | Oct. 31, 2014USD ($)Bed | Sep. 19, 2014USD ($)RenewalOptions | Jul. 01, 2014USD ($) | Jul. 01, 2014GBP (£) | Mar. 31, 2014USD ($) | Dec. 31, 2014USD ($)BedFacility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Bed | Dec. 31, 2013USD ($) | Dec. 31, 2014EUR (€)Bed | Jul. 01, 2014GBP (£) |
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | $ 61,342 | $ 26,389 | $ 19,494 | |||||||||
Income contributed by the acquired entity | $ 240,783 | 220,181 | ||||||||||
2014 [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired percentage of the outstanding equity interest | 5.10% | |||||||||||
2014 [Member] | Circle Health Ltd. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired facility, carrying value of sale/leaseback transaction | $ 48,000 | £ 28.3 | ||||||||||
Sale/leaseback transaction, initial term period | 15 years | 15 years | ||||||||||
Sale/leaseback transaction, additional term period | 15 years | 15 years | ||||||||||
Percentage change in annual retail price index, floor rate | 2.00% | 2.00% | ||||||||||
Percentage change in annual retail price index, cap rate | 5.00% | 5.00% | ||||||||||
Acquisition related costs | $ 1,900 | £ 1.1 | ||||||||||
2014 [Member] | Acute Care Hospital [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition costs | $ 115,000 | |||||||||||
Term of lease, years | 15 years | |||||||||||
Term of lease extension, years | 3 years | |||||||||||
2014 [Member] | Acute Care Hospital [Member] | Fair value market [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Term of lease extension, years | 12 years | |||||||||||
2014 [Member] | Acute Care Hospital [Member] | Alecto Healthcare Services [Member] | Fairmont West Virginia [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership interest, percentage | 20.00% | |||||||||||
Acquisition costs | $ 15,000 | |||||||||||
Term of lease, years | 15 years | |||||||||||
Term of lease extension, years | 5 years | |||||||||||
Number of lease extension options in current lease contract | RenewalOptions | 3 | |||||||||||
Working capital loan to the tenant | $ 5,000 | |||||||||||
Additional lease period | 5 years | |||||||||||
Additional fund committed to the tenant for capital improvements | $ 5,000 | |||||||||||
2014 [Member] | Median and Waterland [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Interim acquisition loans aggregate amount | € | € 425 | |||||||||||
Interim acquisition loans advanced | € | € 349 | |||||||||||
2014 [Member] | Median [Member] | Waterland [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquired percentage of the outstanding equity interest | 94.90% | |||||||||||
2014 [Member] | Business Acquisitions [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition related costs | 26,400 | |||||||||||
Revenue contributed by the acquired entity | 12,400 | |||||||||||
Income contributed by the acquired entity | 8,700 | |||||||||||
Acquisition-related costs on consummated deals | 25,200 | |||||||||||
Acquisition related costs - transfer taxes on consummated deals | 5,800 | |||||||||||
2014 [Member] | Germany [Member] | RHM Rehabilitation Facilities [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price of acquisition | $ 81,000 | 81,000 | 63.6 | |||||||||
Applicable transfer and other taxes on purchase price | $ 3,600 | $ 3,600 | € 3 | |||||||||
Number of facilities acquired | Facility | 3 | |||||||||||
2014 [Member] | Germany [Member] | Bad Mergentheim [Member] | RHM Rehabilitation Facilities [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of beds | Bed | 211 | 211 | 211 | |||||||||
2014 [Member] | Germany [Member] | Bad Tolz [Member] | RHM Rehabilitation Facilities [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of beds | Bed | 248 | 248 | 248 | |||||||||
2014 [Member] | Germany [Member] | Bad Liebenstein [Member] | RHM Rehabilitation Facilities [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of beds | Bed | 271 | 271 | 271 | |||||||||
2014 [Member] | Sherman TX [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price of acquisition | $ 32,500 | |||||||||||
2014 [Member] | Sherman TX [Member] | Alecto Healthcare Services [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Working capital loan | $ 7,500 | |||||||||||
Initial leaseback term | 15 years | |||||||||||
Ownership interest, percentage | 20.00% | |||||||||||
2014 [Member] | Sherman TX [Member] | Acute Care Hospital [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of beds | Bed | 237 |
Real Estate and Loans Receiva46
Real Estate and Loans Receivable - 2013 Activity - Additional Information (Detail) $ in Thousands, € in Millions | Nov. 29, 2013USD ($)Facility | Sep. 26, 2013USD ($)ContractFacility | Jun. 11, 2013USD ($)RenewalOptionsFacility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Bed | Dec. 12, 2013USD ($)RenewalOptions | Nov. 29, 2013EUR (€) | Jul. 18, 2013USD ($) |
Business Acquisition [Line Items] | |||||||||
Mortgage financing | $ 380,000 | $ 12,500 | $ 20,000 | ||||||
Income contributed by the acquired entity | 240,783 | 220,181 | |||||||
Acquisition related costs | $ 61,342 | $ 26,389 | 19,494 | ||||||
2013 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Mortgage financing | 20,000 | ||||||||
2013 [Member] | RHM Portfolio Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 237,800 | € 175 | |||||||
Number of facilities acquired | Facility | 11 | ||||||||
Applicable transfer and other taxes on purchase price | € | € 9 | ||||||||
Term of lease, years | 27 years | ||||||||
Cumulative increases in the German consumer price index | 70.00% | ||||||||
2013 [Member] | Dallas Medical Center [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 25,000 | ||||||||
Term of lease, years | 10 years | ||||||||
Number of lease extension options in current lease contract | RenewalOptions | 2 | ||||||||
Term of lease extension, years | 5 years | ||||||||
2013 [Member] | Ernest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Term of lease, years | 20 years | ||||||||
2013 [Member] | Term Loans [Member] | Ernest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Loan on property | $ 5,300 | ||||||||
2013 [Member] | Corpus Christi Rehabilitation Hospital [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 10,500 | ||||||||
2013 [Member] | Corpus Christi Rehabilitation Hospital [Member] | Commitment [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 500 | ||||||||
2013 [Member] | Business Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue contributed by the acquired entity | 13,600 | ||||||||
Income contributed by the acquired entity | 10,600 | ||||||||
Acquisition related costs | 19,500 | ||||||||
Acquisition-related costs on consummated deals | 18,000 | ||||||||
Acquisition related costs - transfer taxes on consummated deals | $ 12,000 | ||||||||
2013 [Member] | From 2015 through 2017 [Member] | RHM Portfolio Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Rent escalations percentage | 2.00% | ||||||||
2013 [Member] | After 2017 [Member] | RHM Portfolio Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Rent escalations percentage | 0.50% | ||||||||
2013 [Member] | Maximum [Member] | Ernest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Term of lease extension, years | 5 years | ||||||||
Maximum rent increase percent | 5.00% | ||||||||
2013 [Member] | Minimum [Member] | Ernest [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Term of lease extension, years | 3 years | ||||||||
Maximum rent increase percent | 2.00% | ||||||||
2013 [Member] | Acute Care Hospital [Member] | Kansas [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of facilities acquired | Facility | 2 | ||||||||
Term of lease, years | 10 years | ||||||||
Number of lease extension options in current lease contract | RenewalOptions | 2 | ||||||||
Term of lease extension, years | 5 years | ||||||||
Maximum rent increase percent | 2.00% | ||||||||
Acquisition costs | $ 75,000 | ||||||||
2013 [Member] | Acute Care Hospital [Member] | Iasis Healthcare LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 281,300 | ||||||||
Number of facilities acquired | Facility | 3 | ||||||||
Number of lease extension options in current lease contract | Contract | 2 | ||||||||
Initial leaseback term | 15 years | ||||||||
Lease renewal option | 5 years | ||||||||
Lease maturity year | 2,019 | ||||||||
Extended lease maturity year | 2,028 | ||||||||
2013 [Member] | Acute Care Hospital [Member] | Maximum [Member] | Iasis Healthcare LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Maximum rent increase percent | 2.50% | ||||||||
2013 [Member] | Olympia Medical Center [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of beds | Bed | 204 |
Real Estate and Loans Receiva47
Real Estate and Loans Receivable - Schedule of Unaudited Supplemental Pro Forma Operating Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Total revenues | $ 542,763 | $ 531,549 |
Net income | $ 240,783 | $ 220,181 |
Net income per share/unit | $ 1.02 | $ 0.93 |
Real Estate and Loans Receiva48
Real Estate and Loans Receivable - Development Activities - Additional Information (Detail) $ in Thousands | Apr. 30, 2015USD ($)Leases | Dec. 31, 2015USD ($)RenewalOptionsFacilityProperty | Dec. 31, 2014USD ($)Facility | May. 05, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Current development project | $ 306,500 | |||
Ernest [Member] | Rehabilitation Hospital of Northwestern Ohio [Member] | Inpatient Rehabilitation Hospital [Member] | Toledo, OH [Member] | ||||
Business Acquisition [Line Items] | ||||
Current development project | $ 19,212 | |||
Development Activities [Member] | Oakleaf Surgical Hospital [Member] | Acute Care Hospital [Member] | Altoona, WI [Member] | National Surgical Hospitals [Member] | ||||
Business Acquisition [Line Items] | ||||
Term of lease, years | 15 years | |||
Number of lease extension options in current lease contract | RenewalOptions | 2 | |||
Term of lease extension, years | 5 years | |||
Current development project | $ 30,000 | |||
Development Activities [Member] | First Choice [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of facilities leased | Facility | 17 | |||
Number of property leased | Property | 3 | |||
Estimated total development cost | $ 83,000 | |||
Development Activities [Member] | First Choice [Member] | 2015 Master Lease [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of facilities leased | Facility | 17 | |||
Estimated total development cost | $ 102,600 | |||
Development Activities [Member] | First Choice [Member] | 2014 Master Lease [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of facilities leased | Facility | 14 | |||
Development Activities [Member] | UAB Medical West [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated total development cost | $ 8,600 | |||
Term of lease, years | 15 years | |||
Number of lease extension options in current lease contract | RenewalOptions | 4 | |||
Term of lease extension, years | 5 years | |||
Lease rent increase percentage | 2.00% | |||
Development Activities [Member] | Ernest [Member] | Rehabilitation Hospital of Northwestern Ohio [Member] | Inpatient Rehabilitation Hospital [Member] | Toledo, OH [Member] | ||||
Business Acquisition [Line Items] | ||||
Current development project | $ 19,200 | |||
Development Activities [Member] | Adeptus Health [Member] | ||||
Business Acquisition [Line Items] | ||||
Term of lease extension, years | 5 years | |||
Aggregate commitment amount | $ 250,000 | $ 500,000 | ||
Lease agreement term | 15 years | |||
Number of lease extension options | Leases | 3 | |||
Percentage of increase in annual rent | 2.00% | |||
Commitment amount, funded | $ 217,500 | |||
Number of facilities completed | Facility | 35 | |||
Number of facilities under construction | Facility | 8 | |||
Development Activities [Member] | Northern Utah Rehabilitation Hospital [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated total development cost | $ 19,000 |
Real Estate and Loans Receiva49
Real Estate and Loans Receivable - Summary of Status Update on Current Development Projects (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |
Commitment | $ 306,500 |
Costs Incurred as 12/31/15 | 49,165 |
First Choice ER- Houston [Member] | Houston, TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 5,257 |
Costs Incurred as 12/31/15 | $ 2,535 |
Estimated Completion Date | 1Q 2016 |
First Choice ER- Denver [Member] | Denver, CO [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 5,300 |
Costs Incurred as 12/31/15 | $ 2,435 |
Estimated Completion Date | 2Q 2016 |
First Choice ER- Phoenix [Member] | Phoenix, AZ [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 6,728 |
Costs Incurred as 12/31/15 | $ 3,275 |
Estimated Completion Date | 2Q 2016 |
First Choice ER- San Antonio [Member] | San Antonio, TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 7,530 |
Costs Incurred as 12/31/15 | $ 3,690 |
Estimated Completion Date | 2Q 2016 |
First Choice ER - Texas [Member] | Texas [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 16,422 |
Costs Incurred as 12/31/15 | $ 3,924 |
Estimated Completion Date | 2Q 2016 |
Rehabilitation Hospital of Northwestern Ohio [Member] | Toledo, OH [Member] | Inpatient Rehabilitation Hospital [Member] | Ernest [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 19,212 |
Costs Incurred as 12/31/15 | $ 13,693 |
Estimated Completion Date | 2Q 2016 |
First Choice ER- Houston [Member] | Houston, TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 45,961 |
Costs Incurred as 12/31/15 | $ 19,613 |
Estimated Completion Date | 3Q 2016 |
First Choice Emergency Rooms [Member] | Various [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $ 200,090 |
Estimated Completion Date | Various |
Real Estate and Loans Receiva50
Real Estate and Loans Receivable - Disposals - Additional Information (Detail) $ in Thousands | Aug. 05, 2015USD ($)Hospital | Jul. 30, 2015USD ($) | May. 20, 2014USD ($) | Nov. 27, 2013USD ($) | Apr. 17, 2013USD ($)Hospital | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | $ 19,175 | $ 34,649 | $ 32,409 | ||||||
Texas [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | $ 9,700 | ||||||||
Gain (loss) on sale of real estate | 1,500 | ||||||||
Straight line rent receivables write-off | $ 900 | ||||||||
United States [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | $ 9,500 | ||||||||
Number of hospitals sold | Hospital | 6 | ||||||||
Gain (loss) on sale of real estate | $ 1,700 | ||||||||
Consideration received as note receivable | 1,500 | ||||||||
Billed rent receivables write-off | $ 900 | ||||||||
Amortization of the related lease intangible asset | $ 700 | ||||||||
Disposals [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Acquisition costs | $ 35,000 | ||||||||
Real estate impairment charge | $ 3,100 | ||||||||
Disposals [Member] | La Palma Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | 12,500 | ||||||||
Gain (loss) on sale of real estate | 2,900 | ||||||||
Straight line rent receivables write-off | $ 1,300 | ||||||||
Disposals [Member] | San Antonio, TX [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | $ 14,000 | ||||||||
Gain (loss) on sale of real estate | $ 5,600 | ||||||||
Disposals [Member] | Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from sale of real estate | $ 18,500 | ||||||||
Number of hospitals sold | Hospital | 2 | ||||||||
Gain (loss) on sale of real estate | $ 2,100 |
Real Estate and Loans Receiva51
Real Estate and Loans Receivable - Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Intangible lease assets | $ 256,950 | $ 108,885 | |
Intangible Assets [Member] | |||
Debt Instrument [Line Items] | |||
Intangible lease assets | 257,000 | 108,900 | |
Accumulated amortization, net | 231,700 | 87,700 | |
Amortization expense related to intangible lease assets | $ 9,100 | $ 7,000 | $ 4,000 |
Capitalized lease intangibles, weighted average life (in years) | 24 years |
Real Estate and Loans Receiva52
Real Estate and Loans Receivable - Amortization Expense from Existing Lease Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Business Combinations [Abstract] | |
2,016 | $ 10,204 |
2,017 | 10,194 |
2,018 | 10,133 |
2,019 | 10,085 |
2,020 | $ 9,882 |
Real Estate and Loans Receiva53
Real Estate and Loans Receivable - Leasing Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Leases | |
Capella [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 4 |
Ernest [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 15 |
Prime Facilities [Member] | |
Business Acquisition [Line Items] | |
Number of direct financing leases | 5 |
Real Estate and Loans Receiva54
Real Estate and Loans Receivable - Components of Net Investment in Direct Financing Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combinations [Abstract] | ||
Minimum lease payments receivable | $ 2,587,912 | $ 1,607,024 |
Estimated residual values | 393,097 | 211,888 |
Less unearned income | (2,354,013) | (1,379,396) |
Net investment in direct financing leases | $ 626,996 | $ 439,516 |
Real Estate and Loans Receiva55
Real Estate and Loans Receivable - Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases User Charges And Commitments [Line Items] | |
2,016 | $ 5,119 |
2,017 | 5,157 |
2,018 | 5,125 |
2,019 | 4,803 |
2,020 | 4,896 |
Thereafter | 140,049 |
Minimum rental payments, total | 165,149 |
Minimum Rental Payments [Member] | |
Leases User Charges And Commitments [Line Items] | |
2,016 | 360,936 |
2,017 | 364,070 |
2,018 | 367,389 |
2,019 | 370,121 |
2,020 | 371,923 |
Thereafter | 6,886,311 |
Minimum rental payments, total | 8,720,750 |
Minimum Rental Payments [Member] | Operating Leases [Member] | |
Leases User Charges And Commitments [Line Items] | |
2,016 | 295,839 |
2,017 | 297,671 |
2,018 | 299,662 |
2,019 | 301,040 |
2,020 | 301,460 |
Thereafter | 4,847,165 |
Minimum rental payments, total | 6,342,837 |
Minimum Rental Payments [Member] | Direct Financing Leases [Member] | |
Leases User Charges And Commitments [Line Items] | |
2,016 | 65,097 |
2,017 | 66,399 |
2,018 | 67,727 |
2,019 | 69,081 |
2,020 | 70,463 |
Thereafter | 2,039,146 |
Minimum rental payments, total | $ 2,377,913 |
Real Estate and Loans Receiva56
Real Estate and Loans Receivable - Hoboken Facility - Additional Information (Detail) - Hoboken Facility [Member] $ in Millions | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Percentage of ownership in subsidiary | 10.00% |
Real estate investment | $ 5 |
Real Estate and Loans Receiva57
Real Estate and Loans Receivable - Twelve Oaks facility - Additional Information (Detail) - Twelve Oaks Facility [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Amortization of the related lease intangible asset | $ 1.9 | |
Straight line rent receivables write-off | $ 0.5 | |
Outstanding amount receivable from tenant | 1 | |
Letter of credit outstanding | 0.5 | |
Amount received from tenants | $ 0.8 |
Real Estate and Loans Receiva58
Real Estate and Loans Receivable - Monroe Facility - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Impairment charges | $ 50,128 | |
Monroe Properties [Member] | ||
Business Acquisition [Line Items] | ||
Impairment charges | 47,000 | |
Amount paid in settlement of bankruptcy claims | $ 2,500 | |
Net investment | $ 36,000 |
Real Estate and Loans Receiva59
Real Estate and Loans Receivable - Florence Facility - Additional Information (Detail) - Florence Acute Care Facility [Member] $ in Millions | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Real estate investment | $ 26.7 |
Outstanding rent receivables | 0.9 |
Letter of credit outstanding | $ 1.2 |
Real Estate and Loans Receiva60
Real Estate and Loans Receivable - Summary of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans [Line Items] | ||
Loans, Balance | $ 1,422,403 | $ 970,761 |
Mortgage Loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | $ 757,581 | $ 397,594 |
Loans, Weighted Average Interest Rate | 9.50% | 10.50% |
Acquisition loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | $ 610,469 | $ 525,136 |
Loans, Weighted Average Interest Rate | 9.10% | 9.30% |
Working capital and other loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | $ 54,353 | $ 48,031 |
Loans, Weighted Average Interest Rate | 10.20% | 10.40% |
Real Estate and Loans Receiva61
Real Estate and Loans Receivable - Loans - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 01, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||
Existing mortgage loans | $ 757,500 | $ 397,500 | $ 388,650 | $ 368,650 | |
Amount of convertible note converted into equity interest | $ 1,700 | ||||
Convertible note | $ 5,000 | ||||
Percentage of equity shares from convertible debt | 9.90% | 15.10% | |||
Remaining convertible debt after conversion of part of debt | $ 3,300 | ||||
Ernest Transaction and Other Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Existing mortgage loans | 114,400 | ||||
Capella [Member] | |||||
Business Acquisition [Line Items] | |||||
Increase in mortgage loans | 210,000 | ||||
Existing mortgage loans | $ 487,700 |
Real Estate and Loans Receiva62
Real Estate and Loans Receivable - Schedule of Investment and Revenue by Operator (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment And Revenue From External Customers [Line Items] | |||||||||||
Total Assets | $ 5,609,351 | $ 3,720,330 | $ 5,609,351 | $ 3,720,330 | |||||||
Revenue | 131,546 | $ 114,570 | $ 99,801 | $ 95,961 | 82,106 | $ 80,777 | $ 76,560 | $ 73,089 | 441,878 | 312,532 | $ 242,523 |
Assets, Total [Member] | Credit Concentration Risk [Member] | Prime [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Total Assets | 1,032,353 | 749,553 | $ 1,032,353 | $ 749,553 | |||||||
Assets | 18.40% | 20.10% | |||||||||
Assets, Total [Member] | Credit Concentration Risk [Member] | Capella [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Total Assets | 1,015,914 | $ 1,015,914 | |||||||||
Assets | 18.10% | ||||||||||
Assets, Total [Member] | Credit Concentration Risk [Member] | Median [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Total Assets | 978,529 | 707,437 | $ 978,529 | $ 707,437 | |||||||
Assets | 17.40% | 19.00% | |||||||||
Assets, Total [Member] | Credit Concentration Risk [Member] | Ernest [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Total Assets | $ 569,375 | $ 486,758 | $ 569,375 | $ 486,758 | |||||||
Assets | 10.20% | 13.10% | |||||||||
Revenue [Member] | Credit Concentration Risk [Member] | Prime [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Revenue | $ 104,325 | $ 84,038 | |||||||||
Assets | 23.60% | 26.90% | |||||||||
Revenue [Member] | Credit Concentration Risk [Member] | Capella [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Revenue | $ 28,567 | ||||||||||
Assets | 6.40% | ||||||||||
Revenue [Member] | Credit Concentration Risk [Member] | Median [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Revenue | $ 78,540 | $ 23,663 | |||||||||
Assets | 17.80% | 7.60% | |||||||||
Revenue [Member] | Credit Concentration Risk [Member] | Ernest [Member] | |||||||||||
Investment And Revenue From External Customers [Line Items] | |||||||||||
Revenue | $ 61,988 | $ 57,315 | |||||||||
Assets | 14.00% | 18.30% |
Real Estate and Loans Receiva63
Real Estate and Loans Receivable - Schedule of Investments and Revenue from External Customers by Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | $ 5,609,351 | $ 3,720,330 | $ 5,609,351 | $ 3,720,330 | |||||||
Revenue | 131,546 | $ 114,570 | $ 99,801 | $ 95,961 | 82,106 | $ 80,777 | $ 76,560 | $ 73,089 | 441,878 | 312,532 | $ 242,523 |
Assets, Total [Member] | Texas [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | 917,314 | 776,017 | $ 917,314 | $ 776,017 | |||||||
Assets | 16.40% | 20.90% | |||||||||
Assets, Total [Member] | California [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | 547,085 | 547,098 | $ 547,085 | $ 547,098 | |||||||
Assets | 9.80% | 14.70% | |||||||||
Assets, Total [Member] | Germany [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | 978,529 | 707,437 | $ 978,529 | $ 707,437 | |||||||
Assets | 17.40% | 19.00% | |||||||||
Assets, Total [Member] | Italy Spain and United Kingdom [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | $ 152,661 | $ 152,661 | |||||||||
Assets | 2.70% | ||||||||||
Assets, Total [Member] | United Kingdom [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Total Assets | $ 44,005 | $ 44,005 | |||||||||
Assets | 1.20% | ||||||||||
Revenue [Member] | Texas [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Revenue | $ 87,541 | $ 74,044 | |||||||||
Assets | 19.80% | 23.70% | |||||||||
Revenue [Member] | California [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Revenue | $ 66,120 | $ 64,268 | |||||||||
Assets | 15.00% | 20.50% | |||||||||
Revenue [Member] | Germany [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Revenue | $ 78,540 | $ 23,663 | |||||||||
Assets | 17.80% | 7.60% | |||||||||
Revenue [Member] | Italy Spain and United Kingdom [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Revenue | $ 4,476 | ||||||||||
Assets | 1.00% | ||||||||||
Revenue [Member] | United Kingdom [Member] | Credit Concentration Risk [Member] | |||||||||||
Investment And Revenue From External Customers By Geographic Area [Line Items] | |||||||||||
Revenue | $ 2,322 | ||||||||||
Assets | 0.70% |
Real Estate and Loans Receiva64
Real Estate and Loans Receivable - Concentration of Credit Risks and Related Party Transactions - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Investment | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Investment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 131,546 | $ 114,570 | $ 99,801 | $ 95,961 | $ 82,106 | $ 80,777 | $ 76,560 | $ 73,089 | $ 441,878 | $ 312,532 | $ 242,523 |
European [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 83,000 | 26,000 | |||||||||
Related Party Transactions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Lease and interest revenue earned from tenants | $ 215,400 | $ 101,800 | $ 70,000 | ||||||||
Assets, Total [Member] | Customer Concentration Risk [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of investment in property | Investment | 0 | 0 | |||||||||
Maximum percentage of entity's total assets invested on single property | 2.00% | 2.00% | |||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | United States [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage of total assets accounted | 80.00% | ||||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | European [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage of total assets accounted | 20.00% |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 19, 2015 | Oct. 10, 2013 | |
Debt Instrument [Line Items] | ||||
Principal amount | $ 3,348,740 | |||
Debt issue costs, net | (28,367) | $ (27,006) | ||
Debt | $ 3,322,541 | $ 2,174,648 | ||
2011 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 6.875% | 6.875% | ||
Debt | $ 450,000 | $ 450,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | Variable | Variable | ||
Debt | $ 1,100,000 | $ 593,490 | ||
2006 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | Various | Various | ||
Debt | $ 125,000 | $ 125,000 | ||
2012 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 350,000 | $ 350,000 | ||
Senior unsecured notes, interest rate | 6.375% | 6.375% | ||
Unamortized premium | $ 2,168 | $ 2,522 | ||
Debt | $ 352,168 | $ 352,522 | ||
2013 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 5.75% | 5.75% | 5.75% | |
Debt | $ 217,240 | $ 241,960 | ||
2014 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 5.50% | 5.50% | ||
Debt | $ 300,000 | $ 300,000 | ||
2015 Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes, interest rate | 4.00% | 4.00% | ||
Debt | $ 543,100 | |||
Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | Various | Various | ||
Debt | $ 263,400 | $ 138,682 | ||
Senior Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 3,350,908 | $ 2,201,654 |
Debt - Principal Payments Due f
Debt - Principal Payments Due for Debt (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 125,299 |
2,017 | 320 |
2,018 | 1,112,781 |
2,019 | 250,000 |
2,020 | 217,240 |
Thereafter | 1,643,100 |
Total | $ 3,348,740 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility - Additional Information (Detail) - USD ($) | Jun. 19, 2014 | Sep. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2015 | Aug. 04, 2015 | Dec. 31, 2014 | Oct. 17, 2014 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||||||||
Aggregate committed amount of credit facility | $ 1,950,000,000 | |||||||
Credit facility, amendment fees incurred | 100,000 | |||||||
Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate committed amount of credit facility | 250,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured credit facility paid off | $ 900,000,000 | |||||||
Accordion to credit facility | 400,000,000 | $ 250,000,000 | ||||||
Aggregate committed amount of credit facility | $ 1,300,000,000 | $ 1,250,000,000 | 1,150,000,000 | |||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Accordion to credit facility | $ 400,000,000 | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured debt | 775,000,000 | |||||||
Credit facilities, amount outstanding | $ 1,100,000,000 | $ 593,500,000 | ||||||
Refinancing charge | $ 300,000 | |||||||
Aggregate committed amount of credit facility | $ 200,000,000 | |||||||
Debt instrument, basis spread of interest rate | 0.40% | |||||||
Credit facilities, percentage of commitment fee on unused capacity | 0.30% | |||||||
Credit facilities, weighted average interest rate | 1.70% | 2.20% | ||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 0.50% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Euro Dollar Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 1.00% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 1.40% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, amount outstanding | 400,000,000 | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities, amount outstanding | 100,000,000 | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 0.50% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Euro Dollar Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 1.00% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 0.70% | |||||||
Credit facilities, percentage of commitment fee on unused capacity | 0.25% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Minimum [Member] | London Interbank Offered Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 1.70% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 1.25% | |||||||
Credit facilities, percentage of commitment fee on unused capacity | 0.35% | |||||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Maximum [Member] | London Interbank Offered Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread of interest rate | 2.25% | |||||||
Revolving Credit Facility [Member] | Term Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of senior unsecured credit facility paid off | 250,000,000 | |||||||
Amount of senior unsecured debt | $ 125,000,000 |
Debt - 2015 Senior Unsecured No
Debt - 2015 Senior Unsecured Notes - Additional Information (Detail) - EUR (€) € in Millions | Aug. 19, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Senior unsecured notes, payable term | Interest on the notes will be payable on March 1 and September 1 of each year | |
Senior unsecured notes, redemption description | We may redeem some or all of the notes at any time prior to March 1, 2019 at a “make whole” redemption price. On or after March 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to March 1, 2019, we may redeem up to 35% of the notes at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, using proceeds from one or more equity offerings. In the event of a change in control, each holder of the notes may require us to repurchase some or all of the notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and upaid interest to the date of purchase. | |
2015 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes face amount | € 500 | |
Senior unsecured notes, payable term | Interest on the notes will be payable annually on August 19 of each year | |
Senior unsecured notes commencing date of payment | Aug. 19, 2016 | |
Senior unsecured notes, interest rate | 4.00% | 4.00% |
Senior unsecured notes, maturity date | Aug. 19, 2022 | |
Senior unsecured notes, redemption period | 90 days | |
Senior unsecured notes, redemption price percentage | 101.00% | |
Senior unsecured notes, redemption description | Notes are redeemed prior to 90 days before maturity, the redemption price will be 100% of their principal amount, plus a make-whole premium, plus accrued and unpaid interest to, but excluding, the applicable redemption date. Within the period beginning on or after 90 days before maturity, the Notes may be redeemed, in whole or in part, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the applicable redemption date. The 2015 Senior Unsecured Notes are fully and unconditionally guaranteed on an unsecured basis by the Company. In the event of a change of control, each holder of the Notes may require us to repurchase some or all of our Notes at a repurchase price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest to the date of the purchase. | |
2015 Senior Unsecured Notes [Member] | Redeemed Prior to 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, redemption price percentage | 100.00% | |
2015 Senior Unsecured Notes [Member] | Redeemed Beginning on or After 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, redemption price percentage | 100.00% |
Debt - 2014 Senior Unsecured No
Debt - 2014 Senior Unsecured Notes - Additional Information (Detail) - USD ($) $ in Millions | Apr. 17, 2014 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Senior notes frequency of periodic payment | Interest on the notes will be payable on March 1 and September 1 of each year | |
2014 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, value of offering | $ 300 | |
Senior notes frequency of periodic payment | Semi-annually | |
Senior unsecured notes, interest rate | 5.50% | |
Debt instrument, maturity date | May 1, 2014 | |
Senior notes, earliest redemption date | May 1, 2019 | |
Senior unsecured notes, redemption percentage on principal amount | 35.00% | |
Senior unsecured notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt - 2013 Senior Unsecured No
Debt - 2013 Senior Unsecured Notes - Additional Information (Detail) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Oct. 10, 2013 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Senior notes frequency of periodic payment | Interest on the notes will be payable on March 1 and September 1 of each year | ||
2013 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, value of offering | € 200 | ||
Senior unsecured notes, interest rate | 5.75% | 5.75% | 5.75% |
Senior notes frequency of periodic payment | Semi-annually | ||
Debt instrument, maturity date | Oct. 1, 2020 | ||
Senior notes, earliest redemption date | Oct. 1, 2016 | ||
Senior unsecured notes, redemption percentage on principal amount | 35.00% | ||
Senior unsecured notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt - 2012 Senior Unsecured No
Debt - 2012 Senior Unsecured Notes - Additional Information (Detail) - USD ($) $ in Millions | Aug. 20, 2013 | Feb. 17, 2012 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Senior notes frequency of periodic payment | Interest on the notes will be payable on March 1 and September 1 of each year | ||
2012 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, value of offering | $ 150 | $ 200 | |
Senior unsecured notes, interest rate | 6.375% | ||
Debt instrument, maturity date | Feb. 15, 2022 | ||
Senior notes frequency of periodic payment | Semi-annually | ||
Net proceeds, after underwriting discount | $ 150.4 | $ 196.5 | |
Senior notes, earliest redemption date | Feb. 15, 2017 | ||
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | ||
Debt instrument redemption price | 102.00% | ||
Debt instrument effective rate | 5.998% |
Debt - 2011 Senior Unsecured No
Debt - 2011 Senior Unsecured Notes - Additional Information (Detail) - USD ($) $ in Millions | Apr. 26, 2011 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Senior notes frequency of periodic payment | Interest on the notes will be payable on March 1 and September 1 of each year | |
2011 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument face amount | $ 450 | |
Senior notes frequency of periodic payment | Semi-annually | |
Senior notes, earliest redemption date | May 1, 2016 | |
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt - 2006 Senior Unsecured No
Debt - 2006 Senior Unsecured Notes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2006 | |
Debt Instrument [Line Items] | ||
Senior notes frequency of periodic payment | Interest on the notes will be payable on March 1 and September 1 of each year | |
2006 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes, value of offering | $ 125 | |
Credit facilities, periodic payments of interest | $ 65 | |
Senior notes frequency of periodic payment | Quarterly | |
Unsecured senior notes, year of maturity | 2016-07 | |
2006 Senior Unsecured Notes [Member] | London Interbank Offered Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread of interest rate | 2.30% |
Debt - Interest Rate Swap - Add
Debt - Interest Rate Swap - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Hedge ineffectiveness and income statement effect in period | $ 0 | $ 0 | $ 0 | ||
Other assets, collateral | 1,700,000 | 3,300,000 | |||
2006 Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Portion of debt instrument face amount | $ 65,000,000 | ||||
2006 Senior Unsecured Notes [Member] | Interest Rate Contract [Member] | |||||
Debt Instrument [Line Items] | |||||
Fair value of the interest rate swaps | $ 2,900,000 | $ 6,000,000 | |||
2006 Senior Unsecured Notes [Member] | Interest Rate Contract One [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate of interest rate derivative instrument | 5.507% | ||||
Maturity date of interest rate swap | 2016-07 | ||||
2006 Senior Unsecured Notes [Member] | Interest Rate Contract Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date of interest rate swap | 2016-07 | ||||
Interest rate swap, amount fixed | $ 60,000,000 | ||||
Interest rate of derivative instrument | 5.675% |
Debt - Term Loans - Additional
Debt - Term Loans - Additional Information (Detail) - USD ($) | Feb. 14, 2011 | Jun. 30, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Aggregate committed amount of credit facility | $ 1,950,000,000 | ||||
2014 Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Paid off term loan | $ 125,000,000 | ||||
Aggregate committed amount of credit facility | $ 250,000,000 | ||||
Debt instrument, maturity date | Jun. 30, 2019 | ||||
Interest rate at end of period | 2.05% | 1.82% | |||
2014 Term Loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.60% | ||||
2014 Term Loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.20% | ||||
2014 Term Loan [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.50% | 0.50% | |||
2014 Term Loan [Member] | Eurodollar Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.00% | 1.00% | |||
2014 Term Loan [Member] | Initial Spread [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.65% | ||||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.65% | ||||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.60% | ||||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 2.20% | ||||
Mortgage Loans [Member] | Northland LTACH Hospital [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Jan. 1, 2018 | ||||
Liabilities acquired | $ 14,600,000 | ||||
Amortization period | 30 years | ||||
Interest rate | 6.20% | ||||
Debt instrument earliest prepayment date | Jan. 1, 2013 | ||||
Collateralized real estate property | $ 16,900,000 | $ 17,500,000 | |||
Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 13,400,000 |
Debt - Other Financing - Additi
Debt - Other Financing - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Jul. 27, 2015 | |
Debt Instrument [Line Items] | |||
Aggregate committed amount of credit facility | $ 1,950,000,000 | ||
Capella [Member] | |||
Debt Instrument [Line Items] | |||
Underwriting fees | $ 3,900,000 | ||
Capella [Member] | Bridge Loan [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate committed amount of credit facility | $ 1,000,000,000 |
Debt - Covenants - Additional I
Debt - Covenants - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Percentage of dividends which could be paid from adjusted operating funds | 95.00% |
Percentage of dividends which could be paid from operation funds | 95.00% |
Maximum percentage of total unencumbered assets | 150.00% |
Leverage ratio | 70.00% |
Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 77.50% |
Two Thousand Sixteen June Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 60.00% |
Two Thousand Sixteen September Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 65.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Percentage of taxable income to be distributed for federal income tax assumption | 100.00% | ||
Amount of foreign loss before income taxes | $ 29,400,000 | $ 7,500,000 | $ 12,900,000 |
Amount of domestic income (loss) before income taxes | 7,100,000 | $ 20,900,000 | $ 7,600,000 |
U.S federal NOLs | 41,400,000 | ||
U.S. state NOLs | 107,700,000 | ||
Foreign NOLs | $ 10,800,000 | ||
U.S. federal and state NOLs, expiration period | 2021 through 2034 | ||
U.S federal alternative minimum tax credits carry forward | $ 300,000 | ||
Foreign tax credit | $ 600,000 | ||
Foreign tax credit, expiration date | 2,025 | ||
Increase in valuation allowance | $ 6,200,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax expense: | |||
Domestic | $ 147 | $ 114 | $ 358 |
Foreign | 1,614 | 225 | 158 |
Total income tax expense | 1,761 | 339 | 516 |
Deferred income tax (benefit) expense: | |||
Domestic | (360) | (23) | 210 |
Foreign | 102 | 24 | |
Total income tax expense | (258) | 1 | 210 |
Income tax expense | $ 1,503 | $ 340 | $ 726 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | ||
Property and equipment | $ (1,636) | |
Unbilled rent | (4,495) | $ (2,070) |
Partnership investments | (3,362) | (3,468) |
Other | (6,141) | (3,759) |
Total deferred tax liabilities | (15,634) | (9,297) |
Deferred tax assets: | ||
Operating loss and interest deduction carry forwards | 19,016 | 19,546 |
Property and equipment | 2,373 | |
Other | 10,314 | 3,971 |
Total deferred tax assets | 29,330 | 25,890 |
Valuation allowance | (23,005) | (16,831) |
Total net deferred tax assets | 6,325 | 9,059 |
Net deferred tax (liability) | $ (9,309) | $ (238) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income from continuing operations (before-tax) | $ 141,430 | $ 51,138 | $ 90,027 |
Income tax at the US statutory federal rate (35%) | 49,501 | 17,898 | 31,509 |
Increase (decrease) resulting from: | |||
Rate differential | 5,047 | 1,145 | 2,380 |
State income taxes, net of federal benefit | (601) | (337) | 271 |
Dividends paid deduction | (57,109) | (27,873) | (33,345) |
Change in valuation allowance | 6,174 | 8,988 | (697) |
Other items, net | (1,509) | 519 | 608 |
Income tax expense | $ 1,503 | $ 340 | $ 726 |
Income Taxes - Summary of Rec82
Income Taxes - Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax at the US statutory federal rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Schedule of Per
Income Taxes - Schedule of Per Share Distributions to Stockholders (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Common share distribution | $ 0.870000 | $ 0.840000 | $ 0.800000 |
Ordinary income | 0.769535 | 0.520692 | 0.599384 |
Capital gains | 0.000276 | 0.046380 | |
Unrecaptured Sec. 1250 gain | 0.000276 | 0.026512 | |
Return of capital | 0.100465 | $ 0.319032 | $ 0.154236 |
Allocable to next year | $ 0 |
Earnings Per Share_Unit - Calcu
Earnings Per Share/Unit - Calculation of Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $ 58,339 | $ 23,123 | $ 22,489 | $ 35,976 | $ 15,029 | $ 28,663 | $ (203) | $ 7,309 | $ 139,927 | $ 50,798 | $ 89,301 |
Non-controlling interests' share in continuing operations | (329) | (274) | (224) | ||||||||
Participating securities' share in earnings | (1,029) | (894) | (729) | ||||||||
Income from continuing operations, less participating securities' share in earnings | 138,569 | 49,630 | 88,348 | ||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2) | 7,914 | |||||||||
Net income, less participating securities' share in earnings | $ 138,569 | $ 49,628 | $ 96,262 | ||||||||
Basic weighted-average common shares | 237,011 | 223,948 | 208,071 | 202,958 | 172,411 | 171,893 | 171,718 | 163,973 | 217,997 | 169,999 | 151,439 |
Dilutive potential common shares | 307 | 541 | 1,159 | ||||||||
Diluted weighted-average common shares | 237,011 | 223,948 | 208,640 | 203,615 | 172,604 | 172,639 | 171,718 | 164,549 | 218,304 | 170,540 | 152,598 |
MPT Operating Partnership, L.P. [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $ 58,339 | $ 23,123 | $ 22,489 | $ 35,976 | $ 15,029 | $ 28,663 | $ (203) | $ 7,309 | $ 139,927 | $ 50,798 | $ 89,301 |
Non-controlling interests' share in continuing operations | (329) | (274) | (224) | ||||||||
Participating securities' share in earnings | (1,029) | (894) | (729) | ||||||||
Income from continuing operations, less participating securities' share in earnings | 138,569 | 49,630 | 88,348 | ||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2) | 7,914 | |||||||||
Net income, less participating securities' share in earnings | $ 138,569 | $ 49,628 | $ 96,262 | ||||||||
Basic weighted-average common shares | 237,011 | 223,948 | 208,071 | 202,958 | 172,411 | 171,893 | 171,718 | 163,973 | 217,997 | 169,999 | 151,439 |
Dilutive potential common shares | 307 | 541 | 1,159 | ||||||||
Diluted weighted-average common shares | 237,011 | 223,948 | 208,640 | 203,615 | 172,604 | 172,639 | 171,718 | 164,549 | 218,304 | 170,540 | 152,598 |
Stock Awards - Additional Infor
Stock Awards - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 11.1 | $ 9.2 | $ 8.8 |
Stock-based compensation expense, unrecognized cost | $ 12.8 | ||
Stock-based compensation expense, unrecognized cost, reorganization period (in years) | 2 years 3 months 18 days | ||
Restricted equity awards, fair value | $ 10.2 | $ 10.2 | $ 9.2 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance award vesting period in years | 10 years | ||
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved shares of common stock for awards under the Equity Incentive Plan | 8,196,770 | ||
Common stock remaining for future stock awards transferred to the equity incentive plan | 5,605,272 | ||
Maximum number of shares of common stock that may be awarded | 5,000,000 | ||
Service-Based Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Service-Based Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 3 years | ||
40% Of 2015 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 3 years | ||
Share based payment award, expected volatility rate | 40.00% | ||
Stock-based awards expiration date | Dec. 31, 2017 | ||
Share based payment award, weighted average risk-free rate of return | 1.10% | ||
Common stock options awarded, dividend yield | 7.20% | ||
Percentage of performance award grant in period | 20.00% | ||
Percentage of shareholder return annually | 9.00% | ||
Annual total shareholder return (in years) | 3 years | ||
30% of 2015 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 27.00% | ||
Share based payment award, weighted average risk-free rate of return | 1.10% | ||
Common stock options awarded, dividend yield | 7.20% | ||
Percentage of performance award grant in period | 30.00% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
30% of 2015 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2017, 2018 and 2019. | ||
30% of 2015 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 35.00% | ||
30% of 2015 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 20.00% | ||
Remaining % of 2015 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 20.00% | ||
Share based payment award, weighted average risk-free rate of return | 1.10% | ||
Common stock options awarded, dividend yield | 7.20% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2015 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2017, 2018 and 2019. | ||
2015 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance awards forfeited | 4,500 | ||
Number of performance awards earned and vested | 0 | ||
Number of performance awards to be earned | 867,388 | ||
40% of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 3 years | ||
Share based payment award, expected volatility rate | 40.00% | ||
Stock-based awards expiration date | Dec. 31, 2018 | ||
Share based payment award, weighted average risk-free rate of return | 1.70% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 27.00% | ||
Percentage of shareholder return annually | 9.00% | ||
Annual total shareholder return (in years) | 5 years | ||
30% of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 27.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.80% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 30.00% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
30% of 2014 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2016, 2017 and 2018. | ||
30% of 2014 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 35.00% | ||
30% of 2014 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 27.00% | ||
Remaining % of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 27.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.80% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2014 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2016, 2017 and 2018 | ||
2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance awards earned and vested | 108,261 | ||
Number of performance awards to be earned | 771,897 | ||
27% of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance award vesting period in years | 2 years | ||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 3 years | ||
Share based payment award, expected volatility rate | 27.00% | ||
Stock-based awards expiration date | Dec. 31, 2017 | ||
Share based payment award, weighted average risk-free rate of return | 0.72% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 27.00% | ||
Percentage of shareholder return annually | 8.50% | ||
Annual total shareholder return (in years) | 5 years | ||
Number of shares sold under performance awards | 0 | ||
36% of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 28.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.38% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 36.00% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
36% of 2013 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ||
36% of 2013 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 33.50% | ||
36% of 2013 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 25.50% | ||
Remaining % of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share based payment award, expected service period (in years) | 5 years | ||
Share based payment award, expected volatility rate | 28.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.38% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2013 Performance Awards [Member] | If Any Shares Are Earned From This Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ||
2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance awards earned and vested | 80,293 | 68,086 | |
Number of performance awards to be earned | 74,187 | ||
Number of performance awards forfeited | 550,000 | ||
Number of performance awards earned and vested | 0 |
Stock Awards - Restricted Equit
Stock Awards - Restricted Equity Awards Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Vesting Based on Service [Member] | ||
Employee Restricted Equity Awards Vesting Activity [Line Items] | ||
Nonvested awards at beginning of the year, Shares | 452,263 | 325,999 |
Awarded, Shares | 407,969 | 424,366 |
Vested, Shares | (343,904) | (298,102) |
Forfeited, Shares | (6,694) | |
Nonvested awards at end of year, Shares | 509,634 | 452,263 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $ 12.11 | $ 11.36 |
Awarded, Weighted Average Value at Award Date | 13.94 | 12.21 |
Vested, Weighted Average Value at Award Date | 12.56 | 11.43 |
Forfeited, Weighted Average Value at Award Date | 13.08 | |
Nonvested awards at end of year, Weighted Average Value at Award Date | $ 13.25 | $ 12.11 |
Vesting Based on Market/Performance Conditions [Member] | ||
Employee Restricted Equity Awards Vesting Activity [Line Items] | ||
Nonvested awards at beginning of the year, Shares | 2,428,518 | 1,999,179 |
Awarded, Shares | 871,888 | 903,134 |
Vested, Shares | (406,970) | (473,795) |
Forfeited, Shares | (562,284) | |
Nonvested awards at end of year, Shares | 2,331,152 | 2,428,518 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $ 5.81 | $ 5.44 |
Awarded, Weighted Average Value at Award Date | 6.62 | 7.57 |
Vested, Weighted Average Value at Award Date | 4.94 | 7.60 |
Forfeited, Weighted Average Value at Award Date | 5.33 | |
Nonvested awards at end of year, Weighted Average Value at Award Date | $ 6.38 | $ 5.81 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Term of lease period | 30 years or more | ||
Lease and Rental Expenses | $ 4.6 | $ 2.3 | $ 2.3 |
Sublease rental income | $ 23 | $ 0.2 | $ 0.5 |
Commitments and Contingencies88
Commitments and Contingencies - Fixed Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 5,119 |
2,017 | 5,157 |
2,018 | 5,125 |
2,019 | 4,803 |
2,020 | 4,896 |
Thereafter | 140,049 |
Minimum rental payments, total | 165,149 |
2,016 | (2,477) |
2,017 | (2,502) |
2,018 | (2,504) |
2,019 | (2,522) |
2,020 | (2,621) |
Thereafter | (130,819) |
Sub lease minimum rental payments receivable, total | (143,445) |
2,016 | 2,642 |
2,017 | 2,655 |
2,018 | 2,621 |
2,019 | 2,281 |
2,020 | 2,275 |
Thereafter | 9,230 |
Minimum rental payments, total | $ 21,704 |
Common Stock_Partner's Capital
Common Stock/Partner's Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 11, 2015USD ($)shares | Jan. 14, 2015USD ($)shares | Mar. 11, 2014USD ($)shares | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($)DirectorEmployeePartner$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Aug. 04, 2015$ / sharesshares | Jun. 30, 2015$ / sharesshares |
Class of Stock [Line Items] | |||||||||
Common stock, shares issued | shares | 236,744,000 | 172,743,000 | |||||||
Proceeds from sale of common shares / units, net of offering costs | $ 817,389 | $ 138,173 | $ 313,330 | ||||||
Common stock, shares authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | 250,000,000 | |||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||
MPT Operating Partnership, L.P. [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from sale of common shares / units, net of offering costs | $ 817,389 | $ 138,173 | $ 313,330 | ||||||
Percentage of ownership of general partner | 100.00% | ||||||||
Ownership interest in equity | 99.80% | ||||||||
Number of other partners | Partner | 3 | ||||||||
Market Equity Offering Program [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares issued | shares | 1,700,000 | ||||||||
Proceeds from sale of common shares / units, net of offering costs | $ 22,600 | ||||||||
Sales commission percentage | 1.25% | ||||||||
Market Equity Offering Program [Member] | IPO [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Public offering price for common stock per share | $ / shares | $ 13.56 | ||||||||
Market Equity Offering Program [Member] | Maximum [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares can be sold out | $ 250,000 | ||||||||
Employee [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of partners shared remaining ownership percentage | Employee | 2 | ||||||||
Director [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of partners shared remaining ownership percentage | Director | 1 | ||||||||
Public Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares issued | shares | 28,750,000 | 34,500,000 | 7,700,000 | ||||||
Additional shares purchased by underwriters | shares | 3,800,000 | 4,500,000 | 1,200,000 | ||||||
Proceeds from sale of common shares / units, net of offering costs | $ 337,000 | $ 480,000 | $ 100,200 | ||||||
Time granted to underwriters to purchase shares | 30 days | ||||||||
Net proceeds from additional issuance of shares | $ 16,000 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Interest and rent receivables, Book value | $ 46,939 | $ 41,137 |
Loans, Book value | 508,851 | 773,311 |
Debt, net Book value | (3,322,541) | (2,174,648) |
Interest and rent receivables, Fair value | 46,858 | 41,005 |
Loans, Fair value | 543,859 | 803,824 |
Debt, net Fair value | $ (3,372,773) | $ (2,258,721) |
Fair Value of Financial Instr91
Fair Value of Financial Instruments - Equity Interest in Related Party and Related Loans Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||
Fair Value | $ 920,901 | $ 200,750 |
Cost | 920,901 | 200,750 |
Fair Value Measurements, Recurring [Member] | Equity investments [Member] | Other Assets [Member] | ||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||
Fair Value | 7,349 | 3,300 |
Cost | 7,349 | 3,300 |
Fair Value Measurements, Recurring [Member] | Acquisition loans [Member] | Other Loans [Member] | ||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||
Fair Value | 603,552 | 97,450 |
Cost | 603,552 | 97,450 |
Fair Value Measurements, Recurring [Member] | Mortgage Loans [Member] | Mortgage loans [Member] | ||
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ||
Fair Value | 310,000 | 100,000 |
Cost | $ 310,000 | $ 100,000 |
Fair Value of Financial Instr92
Fair Value of Financial Instruments - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Adjustment for marketability discount | 40.00% |
Fair Value of Financial Instr93
Fair Value of Financial Instruments - Summary Showing Sensitivity Analysis by Using Basis Point Variations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
+100 basis points [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $ (122) |
- 100 basis points [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $ 122 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues | $ 988 | ||
Gain on sale | 7,659 | ||
Income (loss) from discontinued operations | $ (2) | $ (2) | $ 7,914 |
Income from discontinued operations - diluted per share/unit | $ 0.05 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Debt issue costs, net | $ 7,628 | $ 8,318 |
Equity investments | 129,337 | 47,451 |
Other corporate assets | 31,547 | 28,197 |
Prepaids and other assets | 27,028 | 11,133 |
Total other assets | $ 195,540 | $ 95,099 |
Quarterly Financial Data (Una96
Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 131,546 | $ 114,570 | $ 99,801 | $ 95,961 | $ 82,106 | $ 80,777 | $ 76,560 | $ 73,089 | $ 441,878 | $ 312,532 | $ 242,523 |
Income (loss) from continuing operations | 58,339 | 23,123 | 22,489 | 35,976 | 15,029 | 28,663 | (203) | 7,309 | 139,927 | 50,798 | 89,301 |
Income (loss) from discontinued operations | (2) | (2) | 7,914 | ||||||||
Net income | 58,339 | 23,123 | 22,489 | 35,976 | 15,029 | 28,663 | (203) | 7,307 | 139,927 | 50,796 | 97,215 |
Net income attributable to MPT common stockholders | $ 58,237 | $ 23,057 | $ 22,407 | $ 35,897 | $ 14,947 | $ 28,537 | $ (203) | $ 7,241 | $ 139,598 | $ 50,522 | $ 96,991 |
Net income attributable to MPT common stockholders per share - basic | $ 0.24 | $ 0.10 | $ 0.11 | $ 0.18 | $ 0.08 | $ 0.16 | $ 0.04 | $ 0.64 | $ 0.29 | $ 0.64 | |
Weighted average shares outstanding - basic | 237,011 | 223,948 | 208,071 | 202,958 | 172,411 | 171,893 | 171,718 | 163,973 | 217,997 | 169,999 | 151,439 |
Net income attributable to MPT common stockholders per share - diluted | $ 0.24 | $ 0.10 | $ 0.11 | $ 0.17 | $ 0.08 | $ 0.16 | $ 0.04 | $ 0.63 | $ 0.29 | $ 0.63 | |
Weighted average shares outstanding - diluted | 237,011 | 223,948 | 208,640 | 203,615 | 172,604 | 172,639 | 171,718 | 164,549 | 218,304 | 170,540 | 152,598 |
MPT Operating Partnership, L.P. [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 131,546 | $ 114,570 | $ 99,801 | $ 95,961 | $ 82,106 | $ 80,777 | $ 76,560 | $ 73,089 | $ 441,878 | $ 312,532 | $ 242,523 |
Income (loss) from continuing operations | 58,339 | 23,123 | 22,489 | 35,976 | 15,029 | 28,663 | (203) | 7,309 | 139,927 | 50,798 | 89,301 |
Income (loss) from discontinued operations | (2) | (2) | 7,914 | ||||||||
Net income | 58,339 | 23,123 | 22,489 | 35,976 | 15,029 | 28,663 | (203) | 7,307 | 139,927 | 50,796 | 97,215 |
Net income attributable to MPT common stockholders | $ 58,237 | $ 23,057 | $ 22,407 | $ 35,897 | $ 14,948 | $ 28,537 | $ (203) | $ 7,241 | $ 139,598 | $ 50,522 | $ 96,991 |
Net income attributable to MPT common stockholders per share - basic | $ 0.24 | $ 0.10 | $ 0.11 | $ 0.18 | $ 0.08 | $ 0.16 | $ 0.04 | $ 0.64 | $ 0.29 | $ 0.64 | |
Weighted average shares outstanding - basic | 237,011 | 223,948 | 208,071 | 202,958 | 172,411 | 171,893 | 171,718 | 163,973 | 217,997 | 169,999 | 151,439 |
Net income attributable to MPT common stockholders per share - diluted | $ 0.24 | $ 0.10 | $ 0.11 | $ 0.17 | $ 0.08 | $ 0.16 | $ 0.04 | $ 0.63 | $ 0.29 | $ 0.63 | |
Weighted average shares outstanding - diluted | 237,011 | 223,948 | 208,640 | 203,615 | 172,604 | 172,639 | 171,718 | 164,549 | 218,304 | 170,540 | 152,598 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | Feb. 22, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Senior unsecured notes, payable term | Interest on the notes will be payable on March 1 and September 1 of each year | |
Senior unsecured notes, redemption description | We may redeem some or all of the notes at any time prior to March 1, 2019 at a “make whole” redemption price. On or after March 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to March 1, 2019, we may redeem up to 35% of the notes at a redemption price equal to 106.375% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, using proceeds from one or more equity offerings. In the event of a change in control, each holder of the notes may require us to repurchase some or all of the notes at a repurchase price equal to 101% of the aggregate principal amount of the notes plus accrued and upaid interest to the date of purchase. | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Senior unsecured notes face amount | $ 500 | |
Senior unsecured notes commencing date of payment | Sep. 1, 2016 | |
Senior unsecured notes, interest rate | 6.375% | |
Debt instrument, maturity date | Mar. 1, 2024 | |
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | |
Senior notes, earliest redemption date | Mar. 1, 2019 | |
Debt instrument, redemption price percentage | 106.375% | |
Subsequent Event [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Senior unsecured notes, redemption price percentage | 35.00% |
Schedule II - Schedule of Valua
Schedule II - Schedule of Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at Beginning of Year | $ 20,129 | $ 41,573 | $ 34,769 |
Additions charged against operations | 8,205 | 65,512 | 9,397 |
Deductions,Net recoveries/write offs | (950) | (86,956) | (2,593) |
Balance at end of year | $ 27,384 | $ 20,129 | $ 41,573 |
Schedule II - Schedule of Val99
Schedule II - Schedule of Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Impairment charges | $ 50,128 | ||
Net deferred tax assets reserve | $ 6,100 | ||
Monroe Properties [Member] | |||
Impairment charges | 47,000 | ||
Rent & interest reserves | 9,500 | ||
Increase in valuation allowance | $ 9,000 | ||
Monroe Properties [Member] | |||
Rent & interest reserves | $ 4,800 | ||
Interest reserves | 2,700 | ||
Twelve Oaks Facility [Member] | |||
Rent & interest reserves | 1,300 | ||
Late fee reserves | 200 | ||
Healthtrax Properties [Member] | |||
Rent & interest reserves | 500 | ||
M/C Healthcare Loan [Member] | |||
Interest reserves | $ 100 | ||
Germany [Member] | |||
Full reserve for net deferred tax asset | $ 1,900 |
Schedule III - Real Estate I100
Schedule III - Real Estate Investments and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,400 | |||
Initial costs, land | 302,046 | |||
Initial costs, buildings | 2,632,473 | |||
Additions subsequent to acquisition, Improvements | 27,568 | |||
Additions subsequent to acquisition, carrying costs | 29,503 | |||
Land at cost | 315,787 | |||
Buildings at cost | 2,675,803 | |||
Total at cost | 2,991,590 | $ 2,040,727 | $ 1,733,194 | $ 1,189,552 |
Accumulated Depreciation | $ 232,675 | $ 181,441 | $ 144,235 | $ 114,399 |
Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 11,249 | |||
Buildings at cost | 11,249 | |||
Total at cost | 11,249 | |||
Accumulated Depreciation | $ 305 | |||
Date of Construction | 1,995 | |||
Date Acquired | Dec. 11, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 539 | |||
Initial costs, buildings | 14,943 | |||
Land at cost | 539 | |||
Buildings at cost | 14,943 | |||
Total at cost | 15,482 | |||
Accumulated Depreciation | $ 778 | |||
Date of Construction | 1,995 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 5,834 | |||
Initial costs, buildings | 16,109 | |||
Land at cost | 5,834 | |||
Buildings at cost | 16,109 | |||
Total at cost | 21,943 | |||
Accumulated Depreciation | $ 839 | |||
Date of Construction | 1,930 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Brandenburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 346 | |||
Initial costs, buildings | 17,874 | |||
Land at cost | 346 | |||
Buildings at cost | 17,874 | |||
Total at cost | 18,220 | |||
Accumulated Depreciation | $ 931 | |||
Date of Construction | 1,994 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hesse, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,078 | |||
Initial costs, buildings | 14,804 | |||
Land at cost | 3,078 | |||
Buildings at cost | 14,804 | |||
Total at cost | 17,882 | |||
Accumulated Depreciation | $ 771 | |||
Date of Construction | 1,977 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bavaria Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,204 | |||
Initial costs, buildings | 9,294 | |||
Additions subsequent to acquisition, Improvements | 194 | |||
Land at cost | 2,204 | |||
Buildings at cost | 9,488 | |||
Total at cost | 11,692 | |||
Accumulated Depreciation | $ 257 | |||
Date of Construction | 1,974 | |||
Date Acquired | Nov. 19, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Thuringia Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,605 | |||
Initial costs, buildings | 33,913 | |||
Land at cost | 1,605 | |||
Buildings at cost | 33,913 | |||
Total at cost | 35,518 | |||
Accumulated Depreciation | $ 989 | |||
Date of Construction | 1,992 | |||
Date Acquired | Nov. 5, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bath, UK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,747 | |||
Initial costs, buildings | 36,203 | |||
Land at cost | 1,747 | |||
Buildings at cost | 36,203 | |||
Total at cost | 37,950 | |||
Accumulated Depreciation | $ 1,358 | |||
Date of Construction | 2,009 | |||
Date Acquired | Jul. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Ottenhofen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,254 | |||
Initial costs, buildings | 12,681 | |||
Additions subsequent to acquisition, Improvements | 108 | |||
Land at cost | 2,362 | |||
Buildings at cost | 12,681 | |||
Total at cost | 15,043 | |||
Accumulated Depreciation | $ 162 | |||
Date of Construction | 1,957 | |||
Date Acquired | Jul. 3, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Berka Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,226 | |||
Initial costs, buildings | 15,046 | |||
Additions subsequent to acquisition, Improvements | 168 | |||
Land at cost | 3,394 | |||
Buildings at cost | 15,046 | |||
Total at cost | 18,440 | |||
Accumulated Depreciation | $ 161 | |||
Date of Construction | 1,997 | |||
Date Acquired | Jul. 22, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Wiesbaden Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,608 | |||
Initial costs, buildings | 7,457 | |||
Additions subsequent to acquisition, Improvements | 38 | |||
Land at cost | 1,646 | |||
Buildings at cost | 7,457 | |||
Total at cost | 9,103 | |||
Accumulated Depreciation | $ 94 | |||
Date of Construction | 1,974 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Lausick Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,733 | |||
Initial costs, buildings | 15,674 | |||
Additions subsequent to acquisition, Improvements | 152 | |||
Land at cost | 1,885 | |||
Buildings at cost | 15,674 | |||
Total at cost | 17,559 | |||
Accumulated Depreciation | $ 201 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Sulze Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,297 | |||
Initial costs, buildings | 19,814 | |||
Additions subsequent to acquisition, Improvements | 196 | |||
Land at cost | 2,493 | |||
Buildings at cost | 19,814 | |||
Total at cost | 22,307 | |||
Accumulated Depreciation | $ 254 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Kurort Berggiebhubel Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,199 | |||
Initial costs, buildings | 15,452 | |||
Land at cost | 3,199 | |||
Buildings at cost | 15,452 | |||
Total at cost | 18,651 | |||
Accumulated Depreciation | $ 165 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jul. 21, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Braunfels Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,086 | |||
Initial costs, buildings | 13,331 | |||
Additions subsequent to acquisition, Improvements | 54 | |||
Land at cost | 2,140 | |||
Buildings at cost | 13,331 | |||
Total at cost | 15,471 | |||
Accumulated Depreciation | $ 168 | |||
Date of Construction | 1,977 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bernkastel-Kues Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,498 | |||
Initial costs, buildings | 15,191 | |||
Additions subsequent to acquisition, Improvements | 43 | |||
Land at cost | 3,541 | |||
Buildings at cost | 15,191 | |||
Total at cost | 18,732 | |||
Accumulated Depreciation | $ 159 | |||
Date of Construction | 1,982 | |||
Date Acquired | Jul. 15, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Flechtingen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,781 | |||
Initial costs, buildings | 21,989 | |||
Additions subsequent to acquisition, Improvements | 217 | |||
Land at cost | 2,998 | |||
Buildings at cost | 21,989 | |||
Total at cost | 24,987 | |||
Accumulated Depreciation | $ 282 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Nordrach Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 304 | |||
Initial costs, buildings | 2,910 | |||
Additions subsequent to acquisition, Improvements | 82 | |||
Land at cost | 386 | |||
Buildings at cost | 2,910 | |||
Total at cost | 3,296 | |||
Accumulated Depreciation | $ 39 | |||
Date of Construction | 1,960 | |||
Date Acquired | Jul. 7, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Gottleuba Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,259 | |||
Initial costs, buildings | 14,937 | |||
Additions subsequent to acquisition, Improvements | 863 | |||
Land at cost | 4,122 | |||
Buildings at cost | 14,937 | |||
Total at cost | $ 19,059 | |||
Date of Construction | 1,913 | |||
Date Acquired | Dec. 16, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Grunheide, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 8,369 | |||
Initial costs, buildings | 40,596 | |||
Additions subsequent to acquisition, Improvements | 331 | |||
Land at cost | 8,700 | |||
Buildings at cost | 40,596 | |||
Total at cost | 49,296 | |||
Accumulated Depreciation | $ 432 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Baden-Baden Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,271 | |||
Initial costs, buildings | 8,936 | |||
Additions subsequent to acquisition, Improvements | 125 | |||
Land at cost | 1,396 | |||
Buildings at cost | 8,936 | |||
Total at cost | 10,332 | |||
Accumulated Depreciation | $ 116 | |||
Date of Construction | 2,003 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Gyhum Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,878 | |||
Initial costs, buildings | 22,165 | |||
Additions subsequent to acquisition, Improvements | 341 | |||
Land at cost | 4,219 | |||
Buildings at cost | 22,165 | |||
Total at cost | 26,384 | |||
Accumulated Depreciation | $ 288 | |||
Date of Construction | 1,994 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hannover Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 4,073 | |||
Initial costs, buildings | 16,293 | |||
Land at cost | 4,073 | |||
Buildings at cost | 16,293 | |||
Total at cost | 20,366 | |||
Accumulated Depreciation | $ 34 | |||
Date of Construction | 1,900 | |||
Date Acquired | Dec. 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Heiligendamm Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 4,182 | |||
Initial costs, buildings | 26,063 | |||
Additions subsequent to acquisition, Improvements | 206 | |||
Land at cost | 4,388 | |||
Buildings at cost | 26,063 | |||
Total at cost | 30,451 | |||
Accumulated Depreciation | $ 333 | |||
Date of Construction | 1,995 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Camberg Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,026 | |||
Initial costs, buildings | 15,447 | |||
Additions subsequent to acquisition, Improvements | 260 | |||
Land at cost | 2,286 | |||
Buildings at cost | 15,447 | |||
Total at cost | 17,733 | |||
Accumulated Depreciation | $ 202 | |||
Date of Construction | 1,973 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hoppegarten Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,894 | |||
Initial costs, buildings | 24,117 | |||
Additions subsequent to acquisition, Improvements | 239 | |||
Land at cost | 4,133 | |||
Buildings at cost | 24,117 | |||
Total at cost | 28,250 | |||
Accumulated Depreciation | $ 258 | |||
Date of Construction | 1,994 | |||
Date Acquired | Jul. 27, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Ban Nauheim Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,074 | |||
Initial costs, buildings | 15,529 | |||
Additions subsequent to acquisition, Improvements | 141 | |||
Land at cost | 3,215 | |||
Buildings at cost | 15,529 | |||
Total at cost | 18,744 | |||
Accumulated Depreciation | $ 199 | |||
Date of Construction | 1,977 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Kalbe Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,400 | |||
Initial costs, buildings | 22,716 | |||
Additions subsequent to acquisition, Improvements | 163 | |||
Land at cost | 3,563 | |||
Buildings at cost | 22,716 | |||
Total at cost | 26,279 | |||
Accumulated Depreciation | $ 289 | |||
Date of Construction | 1,995 | |||
Date Acquired | Jul. 6, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Soden-Salmunster, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 934 | |||
Initial costs, buildings | 6,482 | |||
Additions subsequent to acquisition, Improvements | 120 | |||
Land at cost | 1,054 | |||
Buildings at cost | 6,482 | |||
Total at cost | 7,536 | |||
Accumulated Depreciation | $ 85 | |||
Date of Construction | 1,974 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Berlin Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,157 | |||
Initial costs, buildings | 20,767 | |||
Additions subsequent to acquisition, Improvements | 184 | |||
Land at cost | 1,341 | |||
Buildings at cost | 20,767 | |||
Total at cost | 22,108 | |||
Accumulated Depreciation | $ 221 | |||
Date of Construction | 1,998 | |||
Date Acquired | Jul. 16, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Lobenstein Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,541 | |||
Initial costs, buildings | 20,079 | |||
Additions subsequent to acquisition, Improvements | 179 | |||
Land at cost | 3,720 | |||
Buildings at cost | 20,079 | |||
Total at cost | 23,799 | |||
Accumulated Depreciation | $ 257 | |||
Date of Construction | 1,994 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Magdeburg Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 14,387 | |||
Initial costs, buildings | 53,369 | |||
Additions subsequent to acquisition, Improvements | 250 | |||
Land at cost | 14,637 | |||
Buildings at cost | 53,369 | |||
Total at cost | 68,006 | |||
Accumulated Depreciation | $ 563 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 22, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Schlangenbad Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,048 | |||
Initial costs, buildings | 3,411 | |||
Additions subsequent to acquisition, Improvements | 266 | |||
Land at cost | 1,314 | |||
Buildings at cost | 3,411 | |||
Total at cost | 4,725 | |||
Accumulated Depreciation | $ 52 | |||
Date of Construction | 1,973 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Durrheim Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,390 | |||
Initial costs, buildings | 11,400 | |||
Additions subsequent to acquisition, Improvements | 228 | |||
Land at cost | 1,618 | |||
Buildings at cost | 11,400 | |||
Total at cost | 13,018 | |||
Accumulated Depreciation | $ 125 | |||
Date of Construction | 1,970 | |||
Date Acquired | Jul. 24, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Krozingen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,472 | |||
Initial costs, buildings | 10,733 | |||
Additions subsequent to acquisition, Improvements | 114 | |||
Land at cost | 1,586 | |||
Buildings at cost | 10,733 | |||
Total at cost | 12,319 | |||
Accumulated Depreciation | $ 115 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jul. 24, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Nauheim Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,760 | |||
Initial costs, buildings | 9,198 | |||
Additions subsequent to acquisition, Improvements | 54 | |||
Land at cost | 1,814 | |||
Buildings at cost | 9,198 | |||
Total at cost | 11,012 | |||
Accumulated Depreciation | $ 117 | |||
Date of Construction | 1,973 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bad Tennstedt Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,677 | |||
Initial costs, buildings | 27,261 | |||
Additions subsequent to acquisition, Improvements | 201 | |||
Land at cost | 3,878 | |||
Buildings at cost | 27,261 | |||
Total at cost | 31,139 | |||
Accumulated Depreciation | $ 347 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Wismar Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,465 | |||
Initial costs, buildings | 20,645 | |||
Additions subsequent to acquisition, Improvements | 195 | |||
Land at cost | 3,660 | |||
Buildings at cost | 20,645 | |||
Total at cost | 24,305 | |||
Accumulated Depreciation | $ 265 | |||
Date of Construction | 1,996 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,423 | |||
Initial costs, buildings | 3,770 | |||
Land at cost | 1,423 | |||
Buildings at cost | 3,770 | |||
Total at cost | 5,193 | |||
Accumulated Depreciation | $ 79 | |||
Date of Construction | 2,015 | |||
Date Acquired | Feb. 18, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Allen TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,550 | |||
Initial costs, buildings | 3,921 | |||
Land at cost | 1,550 | |||
Buildings at cost | 3,921 | |||
Total at cost | 5,471 | |||
Accumulated Depreciation | $ 147 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 14, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Diego, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 6,550 | |||
Initial costs, buildings | 15,653 | |||
Additions subsequent to acquisition, carrying costs | 77 | |||
Land at cost | 6,550 | |||
Buildings at cost | 15,730 | |||
Total at cost | 22,280 | |||
Accumulated Depreciation | $ 3,406 | |||
Date of Construction | 1,964 | |||
Date Acquired | May 9, 2007 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Alvin TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 105 | |||
Initial costs, buildings | 4,087 | |||
Land at cost | 105 | |||
Buildings at cost | 4,087 | |||
Total at cost | 4,192 | |||
Accumulated Depreciation | $ 156 | |||
Date of Construction | 2,014 | |||
Date Acquired | Mar. 19, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Aurora, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 4,860 | |||
Buildings at cost | 4,860 | |||
Total at cost | 4,860 | |||
Accumulated Depreciation | $ 26 | |||
Date of Construction | 2,015 | |||
Date Acquired | Sep. 17, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Ft Worth, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,984 | |||
Buildings at cost | 3,984 | |||
Total at cost | 3,984 | |||
Accumulated Depreciation | $ 75 | |||
Date of Construction | 2,015 | |||
Date Acquired | Mar. 27, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bayonne, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,003 | |||
Initial costs, buildings | 51,495 | |||
Land at cost | 2,003 | |||
Buildings at cost | 51,495 | |||
Total at cost | 53,498 | |||
Accumulated Depreciation | $ 12,658 | |||
Date of Construction | 1,918 | |||
Date Acquired | Feb. 4, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 20 years | |||
Bennettsville, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 794 | |||
Initial costs, buildings | 15,772 | |||
Land at cost | 794 | |||
Buildings at cost | 15,772 | |||
Total at cost | 16,566 | |||
Accumulated Depreciation | $ 3,050 | |||
Date of Construction | 1,984 | |||
Date Acquired | Apr. 1, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Blue Springs Mo [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,347 | |||
Initial costs, buildings | 23,494 | |||
Land at cost | 4,347 | |||
Buildings at cost | 23,494 | |||
Total at cost | 27,841 | |||
Accumulated Depreciation | $ 566 | |||
Date of Construction | 1,980 | |||
Date Acquired | Feb. 13, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bossier City, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 900 | |||
Initial costs, buildings | 17,818 | |||
Land at cost | 900 | |||
Buildings at cost | 17,818 | |||
Total at cost | 18,718 | |||
Accumulated Depreciation | $ 3,450 | |||
Date of Construction | 1,982 | |||
Date Acquired | Apr. 1, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Austin TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,140 | |||
Initial costs, buildings | 3,853 | |||
Land at cost | 1,140 | |||
Buildings at cost | 3,853 | |||
Total at cost | 4,993 | |||
Accumulated Depreciation | $ 161 | |||
Date of Construction | 2,014 | |||
Date Acquired | May 29, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Broomfield, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 825 | |||
Initial costs, buildings | 3,895 | |||
Land at cost | 825 | |||
Buildings at cost | 3,895 | |||
Total at cost | 4,720 | |||
Accumulated Depreciation | $ 146 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 3, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Carrollton, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 729 | |||
Initial costs, buildings | 34,289 | |||
Land at cost | 729 | |||
Buildings at cost | 34,289 | |||
Total at cost | 35,018 | |||
Accumulated Depreciation | $ 354 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jul. 17, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Cedar Hill TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,122 | |||
Initial costs, buildings | 3,644 | |||
Land at cost | 1,122 | |||
Buildings at cost | 3,644 | |||
Total at cost | 4,766 | |||
Accumulated Depreciation | $ 137 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jun. 23, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Spring, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,310 | |||
Initial costs, buildings | 3,543 | |||
Land at cost | 1,310 | |||
Buildings at cost | 3,543 | |||
Total at cost | 4,853 | |||
Accumulated Depreciation | $ 133 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 15, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Chandler, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 4,244 | |||
Buildings at cost | 4,244 | |||
Total at cost | 4,244 | |||
Accumulated Depreciation | $ 71 | |||
Date of Construction | 2,015 | |||
Date Acquired | Apr. 24, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Chandler Az Two [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 750 | |||
Initial costs, buildings | 3,214 | |||
Land at cost | 750 | |||
Buildings at cost | 3,214 | |||
Total at cost | 3,964 | |||
Accumulated Depreciation | $ 19 | |||
Date of Construction | 2,015 | |||
Date Acquired | Oct. 7, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Cheraw, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 657 | |||
Initial costs, buildings | 19,576 | |||
Land at cost | 657 | |||
Buildings at cost | 19,576 | |||
Total at cost | 20,233 | |||
Accumulated Depreciation | $ 3,785 | |||
Date of Construction | 1,982 | |||
Date Acquired | Apr. 1, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Katy, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,248 | |||
Buildings at cost | 3,248 | |||
Total at cost | 3,248 | |||
Accumulated Depreciation | $ 14 | |||
Date of Construction | 2,015 | |||
Date Acquired | Oct. 21, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Webster, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 663 | |||
Initial costs, buildings | 33,751 | |||
Land at cost | 663 | |||
Buildings at cost | 33,751 | |||
Total at cost | 34,414 | |||
Accumulated Depreciation | $ 4,219 | |||
Date of Construction | 2,004 | |||
Date Acquired | Dec. 21, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Commerce City TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 707 | |||
Initial costs, buildings | 4,236 | |||
Land at cost | 707 | |||
Buildings at cost | 4,236 | |||
Total at cost | 4,943 | |||
Accumulated Depreciation | $ 115 | |||
Date of Construction | 2,014 | |||
Date Acquired | Dec. 11, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Conroe Tx [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,338 | |||
Initial costs, buildings | 3,436 | |||
Land at cost | 1,338 | |||
Buildings at cost | 3,436 | |||
Total at cost | 4,774 | |||
Accumulated Depreciation | $ 35 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jul. 29, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Converse TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 750 | |||
Initial costs, buildings | 4,405 | |||
Land at cost | 750 | |||
Buildings at cost | 4,405 | |||
Total at cost | 5,155 | |||
Accumulated Depreciation | $ 83 | |||
Date of Construction | 2,015 | |||
Date Acquired | Apr. 10, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Corinth, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,288 | |||
Initial costs, buildings | 21,175 | |||
Additions subsequent to acquisition, Improvements | 313 | |||
Land at cost | 1,601 | |||
Buildings at cost | 21,175 | |||
Total at cost | 22,776 | |||
Accumulated Depreciation | $ 2,671 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jan. 31, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Covington, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 821 | |||
Initial costs, buildings | 10,238 | |||
Additions subsequent to acquisition, carrying costs | 14 | |||
Land at cost | 821 | |||
Buildings at cost | 10,252 | |||
Total at cost | 11,073 | |||
Accumulated Depreciation | $ 2,712 | |||
Date of Construction | 1,984 | |||
Date Acquired | Jun. 9, 2005 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Dallas, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,000 | |||
Initial costs, buildings | 13,589 | |||
Additions subsequent to acquisition, carrying costs | 368 | |||
Land at cost | 1,421 | |||
Buildings at cost | 13,536 | |||
Total at cost | 14,957 | |||
Accumulated Depreciation | $ 3,158 | |||
Date of Construction | 2,006 | |||
Date Acquired | Sep. 5, 2006 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Denver, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 4,275 | |||
Buildings at cost | 4,275 | |||
Total at cost | 4,275 | |||
Accumulated Depreciation | $ 56 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jun. 8, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
DeSoto, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,067 | |||
Initial costs, buildings | 10,701 | |||
Additions subsequent to acquisition, Improvements | 86 | |||
Additions subsequent to acquisition, carrying costs | 8 | |||
Land at cost | 1,161 | |||
Buildings at cost | 10,701 | |||
Total at cost | 11,862 | |||
Accumulated Depreciation | $ 1,202 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jul. 18, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Detroit, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,220 | |||
Initial costs, buildings | 8,687 | |||
Additions subsequent to acquisition, carrying costs | (365) | |||
Land at cost | 1,220 | |||
Buildings at cost | 8,322 | |||
Total at cost | 9,542 | |||
Accumulated Depreciation | $ 1,656 | |||
Date of Construction | 1,956 | |||
Date Acquired | May 22, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Dulles TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,076 | |||
Initial costs, buildings | 3,784 | |||
Land at cost | 1,076 | |||
Buildings at cost | 3,784 | |||
Total at cost | 4,860 | |||
Accumulated Depreciation | $ 125 | |||
Date of Construction | 2,014 | |||
Date Acquired | Sep. 12, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 1,386 | |||
Land at cost | 1,277 | |||
Buildings at cost | 13,410 | |||
Total at cost | 14,687 | |||
Accumulated Depreciation | $ 443 | |||
Date of Construction | 1,985 | |||
Date Acquired | Sep. 19, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Firestone TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 495 | |||
Initial costs, buildings | 3,963 | |||
Land at cost | 495 | |||
Buildings at cost | 3,963 | |||
Total at cost | 4,458 | |||
Accumulated Depreciation | $ 157 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jun. 6, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Florence, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 900 | |||
Initial costs, buildings | 28,462 | |||
Land at cost | 900 | |||
Buildings at cost | 28,462 | |||
Total at cost | 29,362 | |||
Accumulated Depreciation | $ 2,659 | |||
Date of Construction | 2,012 | |||
Date Acquired | Nov. 4, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Fort Lauderdale, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,499 | |||
Initial costs, buildings | 21,939 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 3,499 | |||
Buildings at cost | 21,940 | |||
Total at cost | 25,439 | |||
Accumulated Depreciation | $ 4,214 | |||
Date of Construction | 1,985 | |||
Date Acquired | Apr. 22, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Fountain, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,508 | |||
Initial costs, buildings | 4,131 | |||
Land at cost | 1,508 | |||
Buildings at cost | 4,131 | |||
Total at cost | 5,639 | |||
Accumulated Depreciation | $ 146 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jul. 31, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Frisco TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,769 | |||
Buildings at cost | 3,769 | |||
Total at cost | 3,769 | |||
Accumulated Depreciation | $ 15 | |||
Date of Construction | 2,015 | |||
Date Acquired | Nov. 13, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Garden Grove, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 5,502 | |||
Initial costs, buildings | 10,748 | |||
Additions subsequent to acquisition, carrying costs | 51 | |||
Land at cost | 5,502 | |||
Buildings at cost | 10,799 | |||
Total at cost | 16,301 | |||
Accumulated Depreciation | $ 1,925 | |||
Date of Construction | 1,982 | |||
Date Acquired | Nov. 25, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Garden Grove, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Medical Office Building | |||
Initial costs, land | $ 862 | |||
Initial costs, buildings | 7,888 | |||
Additions subsequent to acquisition, carrying costs | 28 | |||
Land at cost | 862 | |||
Buildings at cost | 7,916 | |||
Total at cost | 8,778 | |||
Accumulated Depreciation | $ 1,404 | |||
Date of Construction | 1,982 | |||
Date Acquired | Nov. 25, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Gilbert, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 150 | |||
Initial costs, buildings | 15,553 | |||
Land at cost | 150 | |||
Buildings at cost | 15,553 | |||
Total at cost | 15,703 | |||
Accumulated Depreciation | $ 1,944 | |||
Date of Construction | 2,005 | |||
Date Acquired | Jan. 4, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Gilbert Arizona Two [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,518 | |||
Initial costs, buildings | 4,112 | |||
Land at cost | 1,518 | |||
Buildings at cost | 4,112 | |||
Total at cost | 5,630 | |||
Accumulated Depreciation | $ 39 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jul. 22, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Glendale Az [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,886 | |||
Buildings at cost | 3,886 | |||
Total at cost | 3,886 | |||
Accumulated Depreciation | $ 50 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jun. 5, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hammond LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 519 | |||
Initial costs, buildings | 8,941 | |||
Land at cost | 519 | |||
Buildings at cost | 8,941 | |||
Total at cost | 9,460 | |||
Accumulated Depreciation | $ 689 | |||
Date of Construction | 2,003 | |||
Date Acquired | Dec. 14, 2012 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hausman, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,500 | |||
Initial costs, buildings | 8,958 | |||
Land at cost | 1,500 | |||
Buildings at cost | 8,958 | |||
Total at cost | 10,458 | |||
Accumulated Depreciation | $ 611 | |||
Date of Construction | 2,013 | |||
Date Acquired | Mar. 1, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Highland Village, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,673 | |||
Buildings at cost | 3,673 | |||
Total at cost | 3,673 | |||
Accumulated Depreciation | $ 21 | |||
Date of Construction | 2,015 | |||
Date Acquired | Sep. 22, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hill County, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,120 | |||
Initial costs, buildings | 17,882 | |||
Land at cost | 1,120 | |||
Buildings at cost | 17,882 | |||
Total at cost | 19,002 | |||
Accumulated Depreciation | $ 6,294 | |||
Date of Construction | 1,980 | |||
Date Acquired | Sep. 17, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hoboken, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,387 | |||
Initial costs, buildings | 44,351 | |||
Land at cost | 1,387 | |||
Buildings at cost | 44,351 | |||
Total at cost | 45,738 | |||
Accumulated Depreciation | $ 9,173 | |||
Date of Construction | 1,863 | |||
Date Acquired | Nov. 4, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 20 years | |||
Hoover AL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 7,581 | |||
Buildings at cost | 7,581 | |||
Total at cost | 7,581 | |||
Accumulated Depreciation | $ 126 | |||
Date of Construction | 2,015 | |||
Date Acquired | May 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hoover Al Two [Member ] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Medical Office Building | |||
Initial costs, buildings | $ 1,034 | |||
Buildings at cost | 1,034 | |||
Total at cost | 1,034 | |||
Accumulated Depreciation | $ 17 | |||
Date of Construction | 2,015 | |||
Date Acquired | May 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hot Springs, AR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,300 | |||
Initial costs, buildings | 66,922 | |||
Land at cost | 4,300 | |||
Buildings at cost | 66,922 | |||
Total at cost | 71,222 | |||
Accumulated Depreciation | $ 548 | |||
Date of Construction | 1,985 | |||
Date Acquired | Aug. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Idaho Falls Id [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,822 | |||
Initial costs, buildings | 37,467 | |||
Additions subsequent to acquisition, carrying costs | 4,665 | |||
Land at cost | 1,822 | |||
Buildings at cost | 42,132 | |||
Total at cost | 43,954 | |||
Accumulated Depreciation | $ 8,028 | |||
Date of Construction | 2,002 | |||
Date Acquired | Apr. 1, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Kansas City Mo [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 10,497 | |||
Initial costs, buildings | 64,419 | |||
Land at cost | 10,497 | |||
Buildings at cost | 64,419 | |||
Total at cost | 74,916 | |||
Accumulated Depreciation | $ 1,505 | |||
Date of Construction | 1,978 | |||
Date Acquired | Feb. 13, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Lafayette, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 800 | |||
Initial costs, buildings | 14,968 | |||
Additions subsequent to acquisition, Improvements | (25) | |||
Land at cost | 800 | |||
Buildings at cost | 14,943 | |||
Total at cost | 15,743 | |||
Accumulated Depreciation | $ 1,076 | |||
Date of Construction | 2,013 | |||
Date Acquired | Feb. 1, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Little Elm, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,241 | |||
Initial costs, buildings | 3,491 | |||
Land at cost | 1,241 | |||
Buildings at cost | 3,491 | |||
Total at cost | 4,732 | |||
Accumulated Depreciation | $ 179 | |||
Date of Construction | 2,013 | |||
Date Acquired | Dec. 1, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Lubbock Tx [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 21,241 | |||
Buildings at cost | 21,241 | |||
Total at cost | 21,241 | |||
Accumulated Depreciation | $ 260 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jun. 16, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Lubbock Tx Two [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, buildings | $ 10,725 | |||
Buildings at cost | 10,725 | |||
Total at cost | 10,725 | |||
Accumulated Depreciation | $ 134 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jun. 16, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
McKinney, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,991 | |||
Buildings at cost | 3,991 | |||
Total at cost | 3,991 | |||
Accumulated Depreciation | $ 40 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jul. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Mesa - AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,900 | |||
Initial costs, buildings | 97,980 | |||
Additions subsequent to acquisition, Improvements | 2,242 | |||
Land at cost | 7,142 | |||
Buildings at cost | 97,980 | |||
Total at cost | 105,122 | |||
Accumulated Depreciation | $ 5,977 | |||
Date of Construction | 2,007 | |||
Date Acquired | Sep. 26, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bloomington, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,392 | |||
Initial costs, buildings | 28,212 | |||
Additions subsequent to acquisition, Improvements | 5,000 | |||
Additions subsequent to acquisition, carrying costs | 408 | |||
Land at cost | 2,392 | |||
Buildings at cost | 33,620 | |||
Total at cost | 36,012 | |||
Accumulated Depreciation | $ 7,544 | |||
Date of Construction | 2,006 | |||
Date Acquired | Aug. 8, 2006 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Montclair NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 7,900 | |||
Initial costs, buildings | 99,632 | |||
Additions subsequent to acquisition, Improvements | 585 | |||
Land at cost | 8,477 | |||
Buildings at cost | 99,640 | |||
Total at cost | 108,117 | |||
Accumulated Depreciation | $ 4,623 | |||
Date of Construction | 2,000 | |||
Date Acquired | Apr. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Antonio, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 351 | |||
Initial costs, buildings | 3,952 | |||
Land at cost | 351 | |||
Buildings at cost | 3,952 | |||
Total at cost | 4,303 | |||
Accumulated Depreciation | $ 172 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jan. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
New Braunfels, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,100 | |||
Initial costs, buildings | 7,883 | |||
Land at cost | 1,100 | |||
Buildings at cost | 7,883 | |||
Total at cost | 8,983 | |||
Accumulated Depreciation | $ 838 | |||
Date of Construction | 2,007 | |||
Date Acquired | Sep. 30, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Shenandoah, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,033 | |||
Initial costs, buildings | 21,943 | |||
Land at cost | 2,033 | |||
Buildings at cost | 21,943 | |||
Total at cost | 23,976 | |||
Accumulated Depreciation | $ 3,017 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jun. 17, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Colorado Springs CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 600 | |||
Initial costs, buildings | 4,231 | |||
Land at cost | 600 | |||
Buildings at cost | 4,231 | |||
Total at cost | 4,831 | |||
Accumulated Depreciation | $ 168 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jun. 5, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Northland, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,400 | |||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 834 | |||
Initial costs, buildings | 17,182 | |||
Land at cost | 834 | |||
Buildings at cost | 17,182 | |||
Total at cost | 18,016 | |||
Accumulated Depreciation | $ 2,112 | |||
Date of Construction | 2,007 | |||
Date Acquired | Feb. 14, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Altoona, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, buildings | $ 29,048 | |||
Buildings at cost | 29,048 | |||
Total at cost | 29,048 | |||
Accumulated Depreciation | $ 945 | |||
Date of Construction | 2,014 | |||
Date Acquired | Aug. 31, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Ogden UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,759 | |||
Initial costs, buildings | 16,414 | |||
Land at cost | 1,759 | |||
Buildings at cost | 16,414 | |||
Total at cost | 18,173 | |||
Accumulated Depreciation | $ 739 | |||
Date of Construction | 2,014 | |||
Date Acquired | Mar. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Overlook, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,452 | |||
Initial costs, buildings | 9,666 | |||
Additions subsequent to acquisition, Improvements | 7 | |||
Land at cost | 2,452 | |||
Buildings at cost | 9,673 | |||
Total at cost | 12,125 | |||
Accumulated Depreciation | $ 683 | |||
Date of Construction | 2,012 | |||
Date Acquired | Feb. 1, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Parker, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,301 | |||
Initial costs, buildings | 4,024 | |||
Land at cost | 1,301 | |||
Buildings at cost | 4,024 | |||
Total at cost | 5,325 | |||
Accumulated Depreciation | $ 17 | |||
Date of Construction | 2,015 | |||
Date Acquired | Nov. 6, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Pearland, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,075 | |||
Initial costs, buildings | 3,577 | |||
Land at cost | 1,075 | |||
Buildings at cost | 3,577 | |||
Total at cost | 4,652 | |||
Accumulated Depreciation | $ 119 | |||
Date of Construction | 2,014 | |||
Date Acquired | Sep. 8, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Petersburg, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,302 | |||
Initial costs, buildings | 9,121 | |||
Land at cost | 1,302 | |||
Buildings at cost | 9,121 | |||
Total at cost | 10,423 | |||
Accumulated Depreciation | $ 1,710 | |||
Date of Construction | 2,006 | |||
Date Acquired | Jul. 1, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Poplar Bluff, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,659 | |||
Initial costs, buildings | 38,694 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 2,660 | |||
Buildings at cost | 38,694 | |||
Total at cost | 41,354 | |||
Accumulated Depreciation | $ 7,431 | |||
Date of Construction | 1,980 | |||
Date Acquired | Apr. 22, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Port Arthur, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 3,000 | |||
Initial costs, buildings | 72,341 | |||
Additions subsequent to acquisition, Improvements | 1,062 | |||
Land at cost | 4,062 | |||
Buildings at cost | 72,341 | |||
Total at cost | 76,403 | |||
Accumulated Depreciation | $ 4,246 | |||
Date of Construction | 2,005 | |||
Date Acquired | Sep. 26, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Port Huron Mi [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,000 | |||
Initial costs, buildings | 18,000 | |||
Land at cost | 2,000 | |||
Buildings at cost | 18,000 | |||
Total at cost | $ 20,000 | |||
Date of Construction | 1,983 | |||
Date Acquired | Dec. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Portland, OR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 3,085 | |||
Initial costs, buildings | 17,859 | |||
Additions subsequent to acquisition, carrying costs | 2,559 | |||
Land at cost | 3,071 | |||
Buildings at cost | 20,432 | |||
Total at cost | 23,503 | |||
Accumulated Depreciation | $ 4,383 | |||
Date of Construction | 1,964 | |||
Date Acquired | Apr. 18, 2007 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Post Falls, ID [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 417 | |||
Initial costs, buildings | 12,175 | |||
Additions subsequent to acquisition, Improvements | 1,905 | |||
Land at cost | 767 | |||
Buildings at cost | 13,730 | |||
Total at cost | 14,497 | |||
Accumulated Depreciation | $ 696 | |||
Date of Construction | 2,013 | |||
Date Acquired | Dec. 31, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Redding, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, buildings | $ 19,952 | |||
Additions subsequent to acquisition, carrying costs | 4,360 | |||
Land at cost | 1,629 | |||
Buildings at cost | 22,683 | |||
Total at cost | 24,312 | |||
Accumulated Depreciation | $ 5,757 | |||
Date of Construction | 1,991 | |||
Date Acquired | Jun. 30, 2005 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Richardson, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,219 | |||
Initial costs, buildings | 17,419 | |||
Land at cost | 2,219 | |||
Buildings at cost | 17,419 | |||
Total at cost | 19,638 | |||
Accumulated Depreciation | $ 2,395 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jun. 17, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Addison, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,013 | |||
Initial costs, buildings | 22,531 | |||
Land at cost | 2,013 | |||
Buildings at cost | 22,531 | |||
Total at cost | 24,544 | |||
Accumulated Depreciation | $ 3,098 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jun. 17, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Dimas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Medical Office Building | |||
Initial costs, land | $ 1,915 | |||
Initial costs, buildings | 5,085 | |||
Additions subsequent to acquisition, carrying costs | 18 | |||
Land at cost | 1,915 | |||
Buildings at cost | 5,103 | |||
Total at cost | 7,018 | |||
Accumulated Depreciation | $ 905 | |||
Date of Construction | 1,979 | |||
Date Acquired | Nov. 25, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | $ 775 | |||
Date of Construction | 2,010 | |||
Date Acquired | Oct. 31, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Sienna, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 999 | |||
Initial costs, buildings | 3,591 | |||
Land at cost | 999 | |||
Buildings at cost | 3,591 | |||
Total at cost | 4,590 | |||
Accumulated Depreciation | $ 120 | |||
Date of Construction | 2,014 | |||
Date Acquired | Aug. 20, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Spartanburg, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,135 | |||
Initial costs, buildings | 15,717 | |||
Land at cost | 1,135 | |||
Buildings at cost | 15,717 | |||
Total at cost | 16,852 | |||
Accumulated Depreciation | $ 931 | |||
Date of Construction | 2,013 | |||
Date Acquired | Aug. 1, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Thornton CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,350 | |||
Initial costs, buildings | 4,227 | |||
Land at cost | 1,350 | |||
Buildings at cost | 4,227 | |||
Total at cost | 5,577 | |||
Accumulated Depreciation | $ 141 | |||
Date of Construction | 2,014 | |||
Date Acquired | Aug. 29, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Tomball, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 1,299 | |||
Initial costs, buildings | 23,982 | |||
Land at cost | 1,299 | |||
Buildings at cost | 23,982 | |||
Total at cost | 25,281 | |||
Accumulated Depreciation | $ 2,998 | |||
Date of Construction | 2,005 | |||
Date Acquired | Dec. 21, 2010 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Victoria, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | $ 625 | |||
Initial costs, buildings | 7,197 | |||
Land at cost | 625 | |||
Buildings at cost | 7,197 | |||
Total at cost | 7,822 | |||
Accumulated Depreciation | $ 1,634 | |||
Date of Construction | 1,998 | |||
Date Acquired | Dec. 1, 2006 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
League City TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, buildings | $ 3,645 | |||
Buildings at cost | 3,645 | |||
Total at cost | 3,645 | |||
Accumulated Depreciation | $ 46 | |||
Date of Construction | 2,015 | |||
Date Acquired | Jun. 19, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Anaheim, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,875 | |||
Initial costs, buildings | 21,814 | |||
Additions subsequent to acquisition, carrying costs | 10 | |||
Land at cost | 1,875 | |||
Buildings at cost | 21,824 | |||
Total at cost | 23,699 | |||
Accumulated Depreciation | $ 5,001 | |||
Date of Construction | 1,964 | |||
Date Acquired | Nov. 8, 2006 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
West Monroe, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 12,000 | |||
Initial costs, buildings | 69,433 | |||
Additions subsequent to acquisition, Improvements | 552 | |||
Land at cost | 12,552 | |||
Buildings at cost | 69,433 | |||
Total at cost | 81,985 | |||
Accumulated Depreciation | $ 4,048 | |||
Date of Construction | 1,962 | |||
Date Acquired | Sep. 26, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
West Valley City, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 5,516 | |||
Initial costs, buildings | 58,314 | |||
Land at cost | 5,516 | |||
Buildings at cost | 58,314 | |||
Total at cost | 63,830 | |||
Accumulated Depreciation | $ 11,198 | |||
Date of Construction | 1,980 | |||
Date Acquired | Apr. 22, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Wichita, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,019 | |||
Initial costs, buildings | 18,373 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 1,019 | |||
Buildings at cost | 18,374 | |||
Total at cost | 19,393 | |||
Accumulated Depreciation | $ 3,559 | |||
Date of Construction | 1,992 | |||
Date Acquired | Apr. 4, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1994 [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 9,459 | |||
Buildings at cost | 9,459 | |||
Total at cost | 9,459 | |||
Accumulated Depreciation | $ 493 | |||
Date of Construction | 1,994 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1994 [Member] | Grunheide, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 8,369 | |||
Initial costs, buildings | 40,596 | |||
Additions subsequent to acquisition, Improvements | 331 | |||
Land at cost | 8,700 | |||
Buildings at cost | 40,596 | |||
Total at cost | 49,296 | |||
Accumulated Depreciation | $ 432 | |||
Date of Construction | 1,994 | |||
Date Acquired | Jul. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1996 [Member] | Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 372 | |||
Initial costs, buildings | 20,515 | |||
Land at cost | 372 | |||
Buildings at cost | 20,515 | |||
Total at cost | 20,887 | |||
Accumulated Depreciation | $ 1,068 | |||
Date of Construction | 1,996 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,175 | |||
Initial costs, buildings | 15,008 | |||
Land at cost | 3,175 | |||
Buildings at cost | 15,008 | |||
Total at cost | 18,183 | |||
Accumulated Depreciation | $ 782 | |||
Date of Construction | 1,960 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Bad Durrheim Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,390 | |||
Initial costs, buildings | 11,400 | |||
Additions subsequent to acquisition, Improvements | 228 | |||
Land at cost | 1,618 | |||
Buildings at cost | 11,400 | |||
Total at cost | 13,018 | |||
Accumulated Depreciation | $ 125 | |||
Date of Construction | 1,960 | |||
Date Acquired | Jul. 24, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 3,501 | |||
Initial costs, buildings | 34,530 | |||
Additions subsequent to acquisition, Improvements | 8,477 | |||
Additions subsequent to acquisition, carrying costs | 15,993 | |||
Land at cost | 3,274 | |||
Buildings at cost | 59,227 | |||
Total at cost | 62,501 | |||
Accumulated Depreciation | $ 8,018 | |||
Date of Construction | 1,960 | |||
Date Acquired | Aug. 10, 2007 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | $ 775 | |||
Date of Construction | 1,960 | |||
Date Acquired | Oct. 31, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1981 [Member] | Hesse, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 92 | |||
Initial costs, buildings | 5,236 | |||
Land at cost | 92 | |||
Buildings at cost | 5,236 | |||
Total at cost | 5,328 | |||
Accumulated Depreciation | $ 273 | |||
Date of Construction | 1,981 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1992 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 29,701 | |||
Buildings at cost | 29,701 | |||
Total at cost | 29,701 | |||
Accumulated Depreciation | $ 1,547 | |||
Date of Construction | 1,992 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1904 [Member] | Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 539 | |||
Initial costs, buildings | 14,943 | |||
Land at cost | 539 | |||
Buildings at cost | 14,943 | |||
Total at cost | 15,482 | |||
Accumulated Depreciation | $ 778 | |||
Date of Construction | 1,904 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1980 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 728 | |||
Initial costs, buildings | 6,545 | |||
Land at cost | 728 | |||
Buildings at cost | 6,545 | |||
Total at cost | 7,273 | |||
Accumulated Depreciation | $ 341 | |||
Date of Construction | 1,980 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1986 [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 3,420 | |||
Initial costs, buildings | 5,827 | |||
Land at cost | 3,420 | |||
Buildings at cost | 5,827 | |||
Total at cost | 9,247 | |||
Accumulated Depreciation | $ 303 | |||
Date of Construction | 1,986 | |||
Date Acquired | Nov. 30, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1954 [Member] | Thuringia Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,605 | |||
Initial costs, buildings | 33,913 | |||
Land at cost | 1,605 | |||
Buildings at cost | 33,913 | |||
Total at cost | 35,518 | |||
Accumulated Depreciation | $ 989 | |||
Date of Construction | 1,954 | |||
Date Acquired | Nov. 5, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1988 [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 11,249 | |||
Buildings at cost | 11,249 | |||
Total at cost | 11,249 | |||
Accumulated Depreciation | $ 305 | |||
Date of Construction | 1,988 | |||
Date Acquired | Dec. 11, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2008 [Member] | Bath, UK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,747 | |||
Initial costs, buildings | 36,203 | |||
Land at cost | 1,747 | |||
Buildings at cost | 36,203 | |||
Total at cost | 37,950 | |||
Accumulated Depreciation | $ 1,358 | |||
Date of Construction | 2,008 | |||
Date Acquired | Jul. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1956 [Member] | Ottenhofen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,254 | |||
Initial costs, buildings | 12,681 | |||
Additions subsequent to acquisition, Improvements | 108 | |||
Land at cost | 2,362 | |||
Buildings at cost | 12,681 | |||
Total at cost | 15,043 | |||
Accumulated Depreciation | $ 162 | |||
Date of Construction | 1,956 | |||
Date Acquired | Jul. 3, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1993 [Member] | Bernkastel-Kues Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 782 | |||
Initial costs, buildings | 11,284 | |||
Additions subsequent to acquisition, Improvements | 130 | |||
Land at cost | 912 | |||
Buildings at cost | 11,284 | |||
Total at cost | 12,196 | |||
Accumulated Depreciation | $ 145 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jul. 14, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1993 [Member] | Flechtingen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,781 | |||
Initial costs, buildings | 14,036 | |||
Additions subsequent to acquisition, Improvements | 146 | |||
Land at cost | 2,927 | |||
Buildings at cost | 14,036 | |||
Total at cost | 16,963 | |||
Accumulated Depreciation | $ 180 | |||
Date of Construction | 1,993 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1995 [Member] | Flechtingen Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 2,781 | |||
Initial costs, buildings | 21,989 | |||
Additions subsequent to acquisition, Improvements | 217 | |||
Land at cost | 2,998 | |||
Buildings at cost | 21,989 | |||
Total at cost | 24,987 | |||
Accumulated Depreciation | $ 282 | |||
Date of Construction | 1,995 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1900 [Member] | Baden-Baden Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,271 | |||
Initial costs, buildings | 8,936 | |||
Additions subsequent to acquisition, Improvements | 125 | |||
Land at cost | 1,396 | |||
Buildings at cost | 8,936 | |||
Total at cost | 10,332 | |||
Accumulated Depreciation | $ 116 | |||
Date of Construction | 1,900 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2002 [Member] | Baden-Baden Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,271 | |||
Initial costs, buildings | 8,936 | |||
Additions subsequent to acquisition, Improvements | 125 | |||
Land at cost | 1,396 | |||
Buildings at cost | 8,936 | |||
Total at cost | 10,332 | |||
Accumulated Depreciation | $ 116 | |||
Date of Construction | 2,002 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Renovations in 1997 [Member] | Hannover Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 4,073 | |||
Initial costs, buildings | 16,293 | |||
Land at cost | 4,073 | |||
Buildings at cost | 16,293 | |||
Total at cost | 20,366 | |||
Accumulated Depreciation | $ 34 | |||
Date of Construction | 1,997 | |||
Date Acquired | Dec. 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Renovations in 2000 [Member] | Hannover Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 4,073 | |||
Initial costs, buildings | 16,293 | |||
Land at cost | 4,073 | |||
Buildings at cost | 16,293 | |||
Total at cost | 20,366 | |||
Accumulated Depreciation | $ 34 | |||
Date of Construction | 2,000 | |||
Date Acquired | Dec. 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Renovations in 2009 [Member] | Hannover Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 4,073 | |||
Initial costs, buildings | 16,293 | |||
Land at cost | 4,073 | |||
Buildings at cost | 16,293 | |||
Total at cost | 20,366 | |||
Accumulated Depreciation | $ 34 | |||
Date of Construction | 2,009 | |||
Date Acquired | Dec. 1, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1999 [Member] | Magdeburg Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 14,387 | |||
Initial costs, buildings | 53,369 | |||
Additions subsequent to acquisition, Improvements | 250 | |||
Land at cost | 14,637 | |||
Buildings at cost | 53,369 | |||
Total at cost | 68,006 | |||
Accumulated Depreciation | $ 563 | |||
Date of Construction | 1,999 | |||
Date Acquired | Jul. 22, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1972 [Member] | Bad Nauheim Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | $ 1,760 | |||
Initial costs, buildings | 9,198 | |||
Additions subsequent to acquisition, Improvements | 54 | |||
Land at cost | 1,814 | |||
Buildings at cost | 9,198 | |||
Total at cost | 11,012 | |||
Accumulated Depreciation | $ 117 | |||
Date of Construction | 1,972 | |||
Date Acquired | Jun. 30, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1972 [Member] | Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 1,386 | |||
Land at cost | 1,277 | |||
Buildings at cost | 13,410 | |||
Total at cost | 14,687 | |||
Accumulated Depreciation | $ 443 | |||
Date of Construction | 1,972 | |||
Date Acquired | Sep. 19, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1972 [Member] | San Dimas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 6,160 | |||
Initial costs, buildings | 6,839 | |||
Additions subsequent to acquisition, carrying costs | 34 | |||
Land at cost | 6,160 | |||
Buildings at cost | 6,873 | |||
Total at cost | 13,033 | |||
Accumulated Depreciation | $ 1,218 | |||
Date of Construction | 1,972 | |||
Date Acquired | Nov. 25, 2008 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1973 [Member] | San Diego, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 12,663 | |||
Initial costs, buildings | 52,432 | |||
Land at cost | 12,663 | |||
Buildings at cost | 52,432 | |||
Total at cost | 65,095 | |||
Accumulated Depreciation | $ 6,445 | |||
Date of Construction | 1,973 | |||
Date Acquired | Feb. 9, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1973 [Member] | Port Huron Mi [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,000 | |||
Initial costs, buildings | 18,000 | |||
Land at cost | 2,000 | |||
Buildings at cost | 18,000 | |||
Total at cost | $ 20,000 | |||
Date of Construction | 1,973 | |||
Date Acquired | Dec. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2014 [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,345 | |||
Initial costs, buildings | 3,678 | |||
Land at cost | 1,345 | |||
Buildings at cost | 3,678 | |||
Total at cost | 5,023 | |||
Accumulated Depreciation | $ 138 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jun. 20, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2014 [Member] | Frisco TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | $ 1,500 | |||
Initial costs, buildings | 3,863 | |||
Additions subsequent to acquisition, Improvements | 27 | |||
Land at cost | 1,500 | |||
Buildings at cost | 3,890 | |||
Total at cost | 5,390 | |||
Accumulated Depreciation | $ 154 | |||
Date of Construction | 2,014 | |||
Date Acquired | Jun. 13, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1939 [Member] | Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 1,386 | |||
Land at cost | 1,277 | |||
Buildings at cost | 13,410 | |||
Total at cost | 14,687 | |||
Accumulated Depreciation | $ 443 | |||
Date of Construction | 1,939 | |||
Date Acquired | Sep. 19, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1920 [Member] | Montclair NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 7,900 | |||
Initial costs, buildings | 99,632 | |||
Additions subsequent to acquisition, Improvements | 585 | |||
Land at cost | 8,477 | |||
Buildings at cost | 99,640 | |||
Total at cost | 108,117 | |||
Accumulated Depreciation | $ 4,623 | |||
Date of Construction | 1,920 | |||
Date Acquired | Apr. 1, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2006 [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,757 | |||
Initial costs, buildings | 56,238 | |||
Additions subsequent to acquisition, Improvements | (37) | |||
Additions subsequent to acquisition, carrying costs | 1,259 | |||
Land at cost | 5,427 | |||
Buildings at cost | 56,790 | |||
Total at cost | 62,217 | |||
Accumulated Depreciation | $ 12,848 | |||
Date of Construction | 2,006 | |||
Date Acquired | Dec. 1, 2006 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1953 [Member] | Port Huron Mi [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,000 | |||
Initial costs, buildings | 18,000 | |||
Land at cost | 2,000 | |||
Buildings at cost | 18,000 | |||
Total at cost | $ 20,000 | |||
Date of Construction | 1,953 | |||
Date Acquired | Dec. 31, 2015 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1974 [Member] | Redding, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 1,555 | |||
Initial costs, buildings | 53,863 | |||
Additions subsequent to acquisition, carrying costs | 13 | |||
Land at cost | 1,555 | |||
Buildings at cost | 53,876 | |||
Total at cost | 55,431 | |||
Accumulated Depreciation | $ 11,346 | |||
Date of Construction | 1,974 | |||
Date Acquired | Aug. 10, 2007 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1913 [Member] | Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | $ 775 | |||
Date of Construction | 1,913 | |||
Date Acquired | Oct. 31, 2014 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2013 [Member] | Victoria, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | $ 10,412 | |||
Buildings at cost | 10,412 | |||
Total at cost | 10,412 | |||
Accumulated Depreciation | $ 515 | |||
Date of Construction | 2,013 | |||
Date Acquired | Dec. 31, 2013 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2012 [Member] | San Antonio, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | $ 2,248 | |||
Initial costs, buildings | 5,880 | |||
Land at cost | 2,248 | |||
Buildings at cost | 5,880 | |||
Total at cost | 8,128 | |||
Accumulated Depreciation | $ 462 | |||
Date of Construction | 2,012 | |||
Date Acquired | Oct. 14, 2011 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years |
Schedule III - Changes in Total
Schedule III - Changes in Total Real Estate Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $ 2,040,727 | $ 1,733,194 | $ 1,189,552 |
Acquisitions | 975,239 | 263,811 | 480,503 |
Transfers from construction in progress | 23,163 | 41,772 | 81,347 |
Additions | 7,376 | 84,831 | 7,749 |
Dispositions | (24,701) | (56,590) | (28,616) |
Other | (30,214) | (26,291) | 2,659 |
Balance at end of period | $ 2,991,590 | $ 2,040,727 | $ 1,733,194 |
Schedule III - Changes in Accum
Schedule III - Changes in Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $ 181,441 | $ 144,235 | $ 114,399 |
Depreciation | 60,796 | 46,935 | 33,349 |
Depreciation on disposed property | (8,887) | (9,213) | (3,513) |
Other | (675) | (516) | |
Balance at end of period | $ 232,675 | $ 181,441 | $ 144,235 |
Schedule IV - Schedule of Mortg
Schedule IV - Schedule of Mortgage Loans on Real Estate (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | $ 0 |
Face Amount of Mortgages | 757,500,000 |
Carrying Amount of Mortgages | 757,500,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Periodic Payment Terms | Payable in monthly installments of interest plus principal payable in full at maturity |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.00% |
Final Maturity Date | 2,022 |
Face Amount of Mortgages | $ 70,000,000 |
Carrying Amount of Mortgages | 70,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.60% |
Final Maturity Date | 2,022 |
Face Amount of Mortgages | $ 20,000,000 |
Carrying Amount of Mortgages | 20,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.00% |
Final Maturity Date | 2,017 |
Face Amount of Mortgages | $ 12,500,000 |
Carrying Amount of Mortgages | 12,500,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Chino Valley Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.00% |
Final Maturity Date | 2,022 |
Face Amount of Mortgages | $ 50,000,000 |
Carrying Amount of Mortgages | 50,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Paradise Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 10.60% |
Final Maturity Date | 2,022 |
Face Amount of Mortgages | $ 25,000,000 |
Carrying Amount of Mortgages | 25,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Ernest Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 9.60% |
Final Maturity Date | 2,032 |
Face Amount of Mortgages | $ 100,000,000 |
Carrying Amount of Mortgages | 100,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Centinela Hospital Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.00% |
Final Maturity Date | 2,022 |
Face Amount of Mortgages | $ 100,000,000 |
Carrying Amount of Mortgages | 100,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Olympia Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.20% |
Final Maturity Date | 2,024 |
Face Amount of Mortgages | $ 20,000,000 |
Carrying Amount of Mortgages | 20,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | St. Joseph Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.50% |
Final Maturity Date | 2,025 |
Face Amount of Mortgages | $ 30,000,000 |
Carrying Amount of Mortgages | 30,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | St Marys Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.50% |
Final Maturity Date | 2,025 |
Face Amount of Mortgages | $ 10,000,000 |
Carrying Amount of Mortgages | 10,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Lake Huron Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.50% |
Final Maturity Date | 2,020 |
Face Amount of Mortgages | $ 10,000,000 |
Carrying Amount of Mortgages | 10,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | St. Clare's Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.50% |
Final Maturity Date | 2,020 |
Face Amount of Mortgages | $ 100,000,000 |
Carrying Amount of Mortgages | 100,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Long-Term First Mortgage Loan [Member] | Capella Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 8.00% |
Final Maturity Date | 2,030 |
Face Amount of Mortgages | $ 210,000,000 |
Carrying Amount of Mortgages | 210,000,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Schedule IV - Schedule of Mo104
Schedule IV - Schedule of Mortgage Loans on Real Estate (Parenthetical) (Detail) | Dec. 31, 2015USD ($)Property |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | $ 0 |
Carrying amount of mortgages, federal income tax purposes | 757,500,000 |
Unamortized loan issue costs | $ 100,000 |
Long-Term First Mortgage Loan [Member] | Ernest Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Number of properties | Property | 4 |
Long-Term First Mortgage Loan [Member] | Capella Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Number of properties | Property | 2 |
Schedule IV - Changes in Mortga
Schedule IV - Changes in Mortgage Loans Excluding Unamortized Loan Issue Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Abstract] | |||
Balance at beginning of year | $ 397,500 | $ 388,650 | $ 368,650 |
New mortgage loans and additional advances on existing loans | 380,000 | 12,500 | 20,000 |
Mortgage loans on real estate including additions during year | 777,500 | 401,150 | 388,650 |
Collection of principal | (20,000) | (3,650) | |
Deductions during year | (20,000) | (3,650) | |
Balance at end of year | $ 757,500 | $ 397,500 | $ 388,650 |