Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | PHYSICIANS REALTY TRUST | ||
Entity Central Index Key | 1,574,540 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 182,417,778 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,886,115,067 | ||
Operating Partnership | |||
Entity Information [Line Items] | |||
Entity Registrant Name | PHYSICIANS REALTY L.P. | ||
Entity Central Index Key | 1,583,994 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment properties: | ||
Land and improvements | $ 211,253 | $ 217,695 |
Building and improvements | 3,623,962 | 3,568,858 |
Tenant improvements | 36,497 | 23,056 |
Acquired lease intangibles | 452,384 | 458,713 |
Gross real estate property | 4,324,096 | 4,268,322 |
Accumulated depreciation | (411,052) | (300,458) |
Net real estate property | 3,913,044 | 3,967,864 |
Real estate loans receivable | 55,659 | 76,195 |
Investment in unconsolidated entities | 1,330 | 1,329 |
Net real estate investments | 3,970,033 | 4,045,388 |
Cash and cash equivalents | 19,161 | 2,727 |
Tenant receivables, net | 8,881 | 9,966 |
Other assets | 144,759 | 106,302 |
Total assets | 4,142,834 | 4,164,383 |
Liabilities: | ||
Credit facility | 457,388 | 324,394 |
Notes payable | 966,961 | 966,603 |
Mortgage debt | 108,504 | 186,471 |
Accounts payable | 3,886 | 11,023 |
Dividends and distributions payable | 43,821 | 43,804 |
Accrued expenses and other liabilities | 76,282 | 56,405 |
Acquired lease intangibles, net | 13,585 | 15,702 |
Total liabilities | 1,670,427 | 1,604,402 |
Redeemable noncontrolling interests - Series A Preferred Units (2018) and partially owned properties | 24,747 | 12,347 |
Equity: | ||
Common shares, $0.01 par value, 500,000,000 common shares authorized, 182,416,007 and 181,440,051 common shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively | 1,824 | 1,814 |
Additional paid-in capital | 2,791,555 | 2,772,823 |
Accumulated deficit | (428,307) | (315,417) |
Accumulated other comprehensive income | 14,433 | 13,952 |
Total shareholders’ equity | 2,379,505 | 2,473,172 |
Noncontrolling interests: | ||
Operating Partnership | 67,477 | 73,844 |
Partially owned properties | 678 | 618 |
Total noncontrolling interests | 68,155 | 74,462 |
Total equity | 2,447,660 | 2,547,634 |
Capital: | ||
Total liabilities and equity | 4,142,834 | 4,164,383 |
Operating Partnership | ||
Investment properties: | ||
Land and improvements | 211,253 | 217,695 |
Building and improvements | 3,623,962 | 3,568,858 |
Tenant improvements | 36,497 | 23,056 |
Acquired lease intangibles | 452,384 | 458,713 |
Gross real estate property | 4,324,096 | 4,268,322 |
Accumulated depreciation | (411,052) | (300,458) |
Net real estate property | 3,913,044 | 3,967,864 |
Real estate loans receivable | 55,659 | 76,195 |
Investment in unconsolidated entities | 1,330 | 1,329 |
Net real estate investments | 3,970,033 | 4,045,388 |
Cash and cash equivalents | 19,161 | 2,727 |
Tenant receivables, net | 8,881 | 9,966 |
Other assets | 144,759 | 106,302 |
Total assets | 4,142,834 | 4,164,383 |
Liabilities: | ||
Credit facility | 457,388 | 324,394 |
Notes payable | 966,961 | 966,603 |
Mortgage debt | 108,504 | 186,471 |
Accounts payable | 3,886 | 11,023 |
Dividends and distributions payable | 43,821 | 43,804 |
Accrued expenses and other liabilities | 76,282 | 56,405 |
Acquired lease intangibles, net | 13,585 | 15,702 |
Total liabilities | 1,670,427 | 1,604,402 |
Redeemable noncontrolling interests - Series A Preferred Units (2018) and partially owned properties | 24,747 | 12,347 |
Equity: | ||
Accumulated other comprehensive income | 14,433 | 13,952 |
Capital: | ||
General partner’s capital, 134,620,300 and 86,864,063 units issued and outstanding as of September 31, 2016 and December 31, 2015, respectively | 2,365,072 | 2,459,220 |
Limited partners’ capital, 3,618,988 and 3,879,115 units issued and outstanding as of September 31, 2016 and December 31, 2015, respectively | 67,477 | 73,844 |
Total partners’ capital | 2,446,982 | 2,547,016 |
Noncontrolling interests - partially owned properties | 678 | 618 |
Total capital | 2,447,660 | 2,547,634 |
Total liabilities and equity | $ 4,142,834 | $ 4,164,383 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 182,416,007 | 181,440,051 |
Common stock, shares outstanding (in shares) | 182,416,007 | 181,440,051 |
Operating Partnership | ||
Partners' Capital, Number of Units, Par Value and Other Disclosures [Abstract] | ||
General Partner units issued (in units) | 182,416,007 | 181,440,051 |
General Partner units outstanding (in units) | 182,416,007 | 181,440,051 |
Limited Partner units issued (in units) | 5,182,784 | 5,364,632 |
Limited Partner units outstanding (in units) | 5,182,784 | 5,364,632 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues: | ||||
Rental revenues | $ 313,006,000 | $ 259,673,000 | $ 186,301,000 | |
Expense recoveries | 97,989,000 | 75,425,000 | 45,875,000 | |
Interest income on real estate loans and other | 11,556,000 | 8,486,000 | 8,858,000 | |
Revenues | 422,551,000 | 343,584,000 | 241,034,000 | |
Expenses: | ||||
Interest expense | 66,183,000 | 47,008,000 | 23,864,000 | |
General and administrative | 28,816,000 | 22,957,000 | 18,397,000 | |
Operating expenses | 122,620,000 | 97,035,000 | 65,999,000 | |
Depreciation and amortization | 158,389,000 | 125,159,000 | 86,589,000 | |
Acquisition expenses | 0 | 16,744,000 | 14,778,000 | |
Impairment loss | 0 | 965,000 | 0 | |
Total expenses | 376,008,000 | 309,868,000 | 209,627,000 | |
Income before equity in income of unconsolidated entities and gain on sale of investment properties, net: | 46,543,000 | 33,716,000 | 31,407,000 | |
Equity in income of unconsolidated entities | 114,000 | 183,000 | 115,000 | |
Gain on sale of investment properties, net | 11,664,000 | 5,874,000 | 0 | |
Net income | 58,321,000 | 39,773,000 | 31,522,000 | |
Net income attributable to noncontrolling interests: | ||||
Operating Partnership | (1,576,000) | (1,136,000) | (825,000) | |
Partially owned properties | [1] | (515,000) | (491,000) | (716,000) |
Net income attributable to controlling interest | 56,230,000 | 38,146,000 | 29,981,000 | |
Preferred distributions | (1,340,000) | (731,000) | (1,857,000) | |
Net income attributable to common shareholders | $ 54,890,000 | $ 37,415,000 | $ 28,124,000 | |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.22 | |
Diluted (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.22 | |
Weighted average common shares: | ||||
Basic (in shares) | 182,064,064 | 163,123,109 | 126,143,114 | |
Diluted (in shares) | 187,526,762 | 168,231,299 | 130,466,893 | |
Dividends and distributions declared per common share and OP unit (in dollars per share) | $ 0.920 | $ 0.915 | $ 0.900 | |
Operating Partnership | ||||
Revenues: | ||||
Rental revenues | $ 313,006,000 | $ 259,673,000 | $ 186,301,000 | |
Expense recoveries | 97,989,000 | 75,425,000 | 45,875,000 | |
Interest income on real estate loans and other | 11,556,000 | 8,486,000 | 8,858,000 | |
Revenues | 422,551,000 | 343,584,000 | 241,034,000 | |
Expenses: | ||||
Interest expense | 66,183,000 | 47,008,000 | 23,864,000 | |
General and administrative | 28,816,000 | 22,957,000 | 18,397,000 | |
Operating expenses | 122,620,000 | 97,035,000 | 65,999,000 | |
Depreciation and amortization | 158,389,000 | 125,159,000 | 86,589,000 | |
Acquisition expenses | 0 | 16,744,000 | 14,778,000 | |
Impairment loss | 0 | 965,000 | 0 | |
Total expenses | 376,008,000 | 309,868,000 | 209,627,000 | |
Income before equity in income of unconsolidated entities and gain on sale of investment properties, net: | 46,543,000 | 33,716,000 | 31,407,000 | |
Equity in income of unconsolidated entities | 114,000 | 183,000 | 115,000 | |
Gain on sale of investment properties, net | 11,664,000 | 5,874,000 | 0 | |
Net income | 58,321,000 | 39,773,000 | 31,522,000 | |
Net income attributable to noncontrolling interests: | ||||
Partially owned properties | [1] | (515,000) | (491,000) | (716,000) |
Net income attributable to controlling interest | 57,806,000 | 39,282,000 | 30,806,000 | |
Preferred distributions | (1,340,000) | (731,000) | (1,857,000) | |
Net income attributable to common shareholders | $ 56,466,000 | $ 38,551,000 | $ 28,949,000 | |
Earnings per unit: | ||||
Earnings per unit - basic (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.22 | |
Earnings per unit - diluted (in dollars per share) | $ 0.30 | $ 0.23 | $ 0.22 | |
Weighted average common units - basic (in shares) | 187,393,334 | 167,963,076 | 129,835,209 | |
Weighted average common units - diluted (in shares) | 187,526,762 | 168,231,299 | 130,466,893 | |
Distributions declared per common OP Unit (in dollars per share) | $ 0.920 | $ 0.915 | $ 0.900 | |
[1] | Includes amounts attributable to redeemable noncontrolling interest. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ 58,321 | $ 39,773 | $ 31,522 |
Other comprehensive income: | |||
Change in fair value of interest rate swap agreements, net | 481 | 244 | 13,708 |
Total other comprehensive income | 481 | 244 | 13,708 |
Comprehensive income | 58,802 | 40,017 | 45,230 |
Comprehensive income attributable to noncontrolling interests | (1,589) | (1,143) | (1,162) |
Comprehensive income attributable to noncontrolling interests - partially owned properties | (515) | (491) | (716) |
Comprehensive income (loss) attributable to common shareholders/unitholders | 56,698 | 38,383 | 43,352 |
Operating Partnership | |||
Net income (loss) | 58,321 | 39,773 | 31,522 |
Other comprehensive income: | |||
Change in fair value of interest rate swap agreements, net | 481 | 244 | 13,708 |
Total other comprehensive income | 481 | 244 | 13,708 |
Comprehensive income | 58,802 | 40,017 | 45,230 |
Comprehensive income attributable to noncontrolling interests - partially owned properties | (515) | (491) | (716) |
Comprehensive income (loss) attributable to common shareholders/unitholders | $ 58,287 | $ 39,526 | $ 44,514 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Par Value | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | Operating Partnership Noncontrolling interest | Partially Owned Properties Noncontrolling Interest | Total Noncontrolling Interests |
Shareholders' equity, beginning balance at Dec. 31, 2015 | $ 1,076,461 | $ 870 | $ 1,129,286 | $ (109,024) | $ 1,021,132 | $ 45,451 | $ 9,878 | $ 55,329 | |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 766,841 | 473 | 766,368 | 766,841 | |||||
Restricted share award grants, net | 4,434 | 1 | 4,893 | (460) | 4,434 | ||||
Purchase of OP Units | (3,671) | (3,671) | (3,671) | ||||||
Conversion of OP Units | 0 | 6 | 11,613 | 11,619 | (11,619) | (11,619) | |||
Dividends/distributions declared | (119,007) | 0 | (115,901) | (115,901) | (3,106) | (3,106) | |||
Preferred distributions | (1,857) | (1,857) | (1,857) | 0 | 0 | ||||
Issuance of common shares and OP Units in connection with acquisitions | 23,848 | 10 | 17,069 | 0 | 17,079 | 6,869 | (100) | 6,769 | |
Contributions | 50 | 0 | 50 | 50 | |||||
Distributions | (543) | (543) | (543) | ||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | (245) | (245) | (245) | 0 | 0 | ||||
Reclassification of Noncontrolling Interest - partially owned properties | (8,514) | (8,514) | (8,514) | ||||||
Buyout of Noncontrolling Interests - partially owned properties | (611) | 53 | 53 | 0 | (664) | (664) | |||
Change in fair value of interest rate swap agreements and redeemable equity - property | 13,708 | 0 | $ 13,708 | 13,708 | |||||
Net (loss) income | 31,424 | 29,981 | 29,981 | 825 | 618 | 1,443 | |||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | (8,393) | (8,393) | 8,393 | 8,393 | ||||
Shareholders' equity, ending balance at Dec. 31, 2016 | 1,782,318 | 1,360 | 1,920,644 | (197,261) | 13,708 | 1,738,451 | 43,142 | 725 | 43,867 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 844,669 | 451 | 844,218 | 844,669 | |||||
Restricted share award grants, net | 3,821 | 2 | 4,103 | (284) | 3,821 | ||||
Purchase of OP Units | (3,886) | (3,886) | (3,886) | ||||||
Conversion of OP Units | 1 | 929 | 930 | (930) | (930) | ||||
Dividends/distributions declared | (158,837) | (153,970) | (153,970) | (4,867) | (4,867) | ||||
Preferred distributions | (731) | (731) | (731) | ||||||
Issuance of common shares and OP Units in connection with acquisitions | 44,259 | 0 | 0 | 0 | 44,259 | 0 | 44,259 | ||
Contributions | 47 | 47 | 47 | ||||||
Distributions | (321) | (321) | (321) | ||||||
Buyout of Noncontrolling Interests - partially owned properties | (2,105) | (2,800) | (2,800) | 719 | (24) | 695 | |||
Change in fair value of interest rate swap agreements and redeemable equity - property | (1,073) | (1,317) | 244 | (1,073) | |||||
Net (loss) income | 39,473 | 38,146 | 38,146 | 1,136 | 191 | 1,327 | |||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | 5,729 | 5,729 | (5,729) | (5,729) | ||||
Shareholders' equity, ending balance at Dec. 31, 2017 | 2,547,634 | 1,814 | 2,772,823 | (315,417) | 13,952 | 2,473,172 | 73,844 | 618 | 74,462 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 10,759 | 6 | 10,753 | 10,759 | |||||
Restricted share award grants, net | 6,513 | 2 | 6,837 | (326) | 6,513 | ||||
Purchase of OP Units | (2,203) | (2,203) | (2,203) | ||||||
Conversion of OP Units | 2 | 2,523 | 2,525 | (2,525) | (2,525) | ||||
Dividends/distributions declared | (172,559) | (167,817) | (167,817) | (4,742) | (4,742) | ||||
Preferred distributions | (1,340) | (1,340) | (1,340) | ||||||
Distributions | (173) | (173) | (173) | ||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | 509 | 146 | 363 | 509 | 0 | 0 | |||
Change in fair value of interest rate swap agreements and redeemable equity - property | 481 | 481 | 481 | ||||||
Net (loss) income | 58,039 | 56,230 | 56,230 | 1,576 | 233 | 1,809 | |||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | (1,527) | (1,527) | 1,527 | 1,527 | ||||
Shareholders' equity, ending balance at Dec. 31, 2018 | $ 2,447,660 | $ 1,824 | $ 2,791,555 | $ (428,307) | $ 14,433 | $ 2,379,505 | $ 67,477 | $ 678 | $ 68,155 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Capital - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Contributions | $ 47 | $ 50 | |
Distributions | $ (173) | (321) | (543) |
Reclassification of Noncontrolling Interest - partially owned properties | (8,514) | ||
Buyout of Noncontrolling Interest - partially owned properties | (2,105) | (611) | |
Change in fair value of interest rate swap agreements and redeemable equity - property | 481 | (1,073) | 13,708 |
Net (loss) income | 58,039 | 39,473 | 31,424 |
Operating Partnership | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 2,547,634 | 1,782,318 | 1,076,461 |
Net proceeds from sale of Trust common shares and issuance of common units | 10,759 | 844,669 | 766,841 |
Trust restricted share award grants, net | 6,513 | 3,821 | 4,434 |
Purchase of OP Units | (2,203) | (3,886) | (3,671) |
Conversion of OP Units | 0 | 0 | 0 |
OP Units - distributions | (172,559) | (158,837) | (119,007) |
Preferred distributions | (1,340) | (731) | (1,857) |
Issuance of OP Units in connection with acquisition | 44,259 | 23,848 | |
Contributions | 47 | 50 | |
Distributions | (173) | (321) | (543) |
Change in market value of Redeemable Limited Partnership interests | 146 | (245) | |
Reclassification of Noncontrolling Interest - partially owned properties | (8,514) | ||
Buyout of Noncontrolling Interest - partially owned properties | 363 | (2,105) | (611) |
Change in fair value of interest rate swap agreements and redeemable equity - property | 481 | (1,073) | 13,708 |
Net (loss) income | 58,039 | 39,473 | 31,424 |
Adjustments for Limited Partners ownership in Operating Partnership | 0 | 0 | 0 |
Partners' capital, ending balance | 2,447,660 | 2,547,634 | 1,782,318 |
Operating Partnership | Accumulated Other Comprehensive Income | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 13,952 | 13,708 | |
Change in fair value of interest rate swap agreements and redeemable equity - property | 481 | 244 | 13,708 |
Partners' capital, ending balance | 14,433 | 13,952 | 13,708 |
Operating Partnership | General Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 2,459,220 | 1,724,743 | 1,021,132 |
Net proceeds from sale of Trust common shares and issuance of common units | 10,759 | 844,669 | 766,841 |
Trust restricted share award grants, net | 6,513 | 3,821 | 4,434 |
Conversion of OP Units | 2,525 | 930 | 11,619 |
OP Units - distributions | (167,817) | (153,970) | (115,901) |
Preferred distributions | (1,340) | (731) | (1,857) |
Issuance of OP Units in connection with acquisition | 17,079 | ||
Change in market value of Redeemable Limited Partnership interests | 146 | (245) | |
Buyout of Noncontrolling Interest - partially owned properties | 363 | (2,800) | 53 |
Change in fair value of interest rate swap agreements and redeemable equity - property | (1,317) | ||
Net (loss) income | 56,230 | 38,146 | 29,981 |
Adjustments for Limited Partners ownership in Operating Partnership | (1,527) | 5,729 | (8,393) |
Partners' capital, ending balance | 2,365,072 | 2,459,220 | 1,724,743 |
Operating Partnership | Limited Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 73,844 | 43,142 | 45,451 |
Purchase of OP Units | (2,203) | (3,886) | (3,671) |
Conversion of OP Units | (2,525) | (930) | (11,619) |
OP Units - distributions | (4,742) | (4,867) | (3,106) |
Issuance of OP Units in connection with acquisition | 44,259 | 6,869 | |
Buyout of Noncontrolling Interest - partially owned properties | 719 | ||
Net (loss) income | 1,576 | 1,136 | 825 |
Adjustments for Limited Partners ownership in Operating Partnership | 1,527 | (5,729) | 8,393 |
Partners' capital, ending balance | 67,477 | 73,844 | 43,142 |
Operating Partnership | Total Partners’ Capital | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 2,547,016 | 1,781,593 | 1,066,583 |
Net proceeds from sale of Trust common shares and issuance of common units | 10,759 | 844,669 | 766,841 |
Trust restricted share award grants, net | 6,513 | 3,821 | 4,434 |
Purchase of OP Units | (2,203) | (3,886) | (3,671) |
OP Units - distributions | (172,559) | (158,837) | (119,007) |
Preferred distributions | (1,340) | (731) | (1,857) |
Issuance of OP Units in connection with acquisition | 44,259 | 23,948 | |
Change in market value of Redeemable Limited Partnership interests | 146 | (245) | |
Buyout of Noncontrolling Interest - partially owned properties | 363 | (2,081) | 53 |
Change in fair value of interest rate swap agreements and redeemable equity - property | 481 | (1,073) | 13,708 |
Net (loss) income | 57,806 | 39,282 | 30,806 |
Partners' capital, ending balance | 2,446,982 | 2,547,016 | 1,781,593 |
Partially Owned Properties Noncontrolling Interest | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Contributions | 47 | 50 | |
Distributions | (173) | (321) | (543) |
Reclassification of Noncontrolling Interest - partially owned properties | (8,514) | ||
Buyout of Noncontrolling Interest - partially owned properties | (24) | (664) | |
Net (loss) income | 233 | 191 | 618 |
Partially Owned Properties Noncontrolling Interest | Operating Partnership | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Partners' capital, beginning balance | 618 | 725 | 9,878 |
Issuance of OP Units in connection with acquisition | (100) | ||
Contributions | 47 | 50 | |
Distributions | (173) | (321) | (543) |
Reclassification of Noncontrolling Interest - partially owned properties | (8,514) | ||
Buyout of Noncontrolling Interest - partially owned properties | (24) | (664) | |
Net (loss) income | 233 | 191 | 618 |
Partners' capital, ending balance | $ 678 | $ 618 | $ 725 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net income (loss) | $ 58,321,000 | $ 39,773,000 | $ 31,522,000 |
Depreciation and amortization | 158,389,000 | 125,159,000 | 86,589,000 |
Amortization of deferred financing costs | 2,428,000 | 2,299,000 | 2,325,000 |
Amortization of lease inducements and above/below-market lease intangibles | 4,659,000 | 5,083,000 | 3,906,000 |
Straight-line rental revenue/expense | (21,860,000) | (16,202,000) | (16,226,000) |
Amortization of discount on unsecured senior notes | 577,000 | 277,000 | 0 |
Amortization of above market assumed debt | (62,000) | (178,000) | (236,000) |
Gain on sale of investment properties, net | (11,664,000) | (5,874,000) | 0 |
Equity in income of unconsolidated entities | (114,000) | (183,000) | (115,000) |
Distributions from unconsolidated entities | 112,000 | 210,000 | 82,000 |
Change in fair value of derivatives | (6,000) | 150,000 | (240,000) |
Provision for bad debts | 304,000 | 123,000 | 2,310,000 |
Non-cash share compensation | 8,681,000 | 6,695,000 | 5,672,000 |
Net change in fair value of contingent consideration | (50,000) | (472,000) | (840,000) |
Impairment on investment properties | 0 | 965,000 | 0 |
Change in operating assets and liabilities: | |||
Tenant receivables | 230,000 | (2,988,000) | (10,058,000) |
Other assets | (852,000) | (533,000) | (19,230,000) |
Accounts payable | (7,137,000) | 6,600,000 | 3,779,000 |
Accrued expenses and other liabilities | 16,738,000 | 19,567,000 | 37,957,000 |
Net cash provided by operating activities | 208,694,000 | 180,471,000 | 127,197,000 |
Cash Flows from Investing Activities: | |||
Proceeds on sale of investment properties | 217,222,000 | 20,397,000 | 0 |
Acquisition of investment properties, net | (243,001,000) | (1,268,442,000) | (1,240,438,000) |
Acquisition of noncontrolling interests | 0 | (8,469,000) | (4,690,000) |
Escrowed cash - acquisition deposits/earnest deposits | 2,780,000 | (1,280,000) | (1,157,000) |
Capital expenditures on existing investment properties | (34,638,000) | (23,243,000) | (11,304,000) |
Pay down of contingent consideration | 0 | (156,000) | (483,000) |
Issuances of real estate loans receivable | (11,750,000) | (39,063,000) | (10,207,000) |
Repayments of real estate loan receivable | 15,928,000 | 4,711,000 | 11,336,000 |
Issuances of note receivable | (20,385,000) | 0 | 0 |
Repayments of note receivable | 0 | 16,423,000 | 4,118,000 |
Leasing commissions | (3,167,000) | (1,449,000) | (1,034,000) |
Lease inducements | (172,000) | (2,067,000) | (8,957,000) |
Net cash used in investing activities | (77,183,000) | (1,302,638,000) | (1,262,816,000) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common shares | 10,759,000 | 844,669,000 | 766,841,000 |
Proceeds from credit facility borrowings | 422,000,000 | 927,000,000 | 1,181,000,000 |
Repayments on credit facility borrowings | (287,000,000) | (1,248,000,000) | (925,000,000) |
Proceeds from issuance of senior unsecured notes | 0 | 743,060,000 | 225,000,000 |
Proceeds from issuance of mortgage debt | 0 | 61,000,000 | 39,500,000 |
Principal payments on mortgage debt | (78,018,000) | (41,503,000) | (10,232,000) |
Debt issuance costs | (4,540,000) | (1,589,000) | (4,816,000) |
Dividends paid - shareholders | (168,060,000) | (143,108,000) | (104,908,000) |
Distributions to noncontrolling interest - Operating Partnership | (4,808,000) | (4,388,000) | (3,162,000) |
Preferred distributions paid - OP Unit holders | (911,000) | (600,000) | (1,508,000) |
Contributions to noncontrolling interests | 0 | 47,000 | 0 |
Distributions to noncontrolling interests - partially owned properties | (547,000) | (748,000) | (543,000) |
Payments of employee taxes for withheld stock-based compensation shares | (1,749,000) | (2,590,000) | (778,000) |
Purchases of Series A Preferred Units | 0 | (19,961,000) | (9,756,000) |
Purchases of OP Units | (2,203,000) | (3,886,000) | (3,671,000) |
Net cash (used in) provided by financing activities | (115,077,000) | 1,109,403,000 | 1,147,967,000 |
Net increase (decrease) in cash and cash equivalents | 16,434,000 | (12,764,000) | 12,348,000 |
Cash and cash equivalents, beginning of period | 2,727,000 | 15,491,000 | 3,143,000 |
Cash and cash equivalents, end of period | 19,161,000 | 2,727,000 | 15,491,000 |
Supplemental cash flow information: | |||
Supplemental disclosure of cash flow information - interest paid during the year | 58,705,000 | 38,781,000 | 17,151,000 |
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements and redeemable equity - property | 481,000 | 244,000 | 13,708,000 |
Supplemental disclosure of noncash activity - assumed debt | 0 | 43,989,000 | 0 |
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | 22,651,000 | 44,978,000 | 6,769,000 |
Supplemental disclosure of noncash activity - contingent consideration | 0 | 765,000 | 156,000 |
Operating Partnership | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net income (loss) | 58,321,000 | 39,773,000 | 31,522,000 |
Depreciation and amortization | 158,389,000 | 125,159,000 | 86,589,000 |
Amortization of deferred financing costs | 2,428,000 | 2,299,000 | 2,325,000 |
Amortization of lease inducements and above/below-market lease intangibles | 4,659,000 | 5,083,000 | 3,906,000 |
Straight-line rental revenue/expense | (21,860,000) | (16,202,000) | (16,226,000) |
Amortization of discount on unsecured senior notes | 577,000 | 277,000 | 0 |
Amortization of above market assumed debt | (62,000) | (178,000) | (236,000) |
Gain on sale of investment properties, net | (11,664,000) | (5,874,000) | 0 |
Equity in income of unconsolidated entities | (114,000) | (183,000) | (115,000) |
Distributions from unconsolidated entities | 112,000 | 210,000 | 82,000 |
Change in fair value of derivatives | (6,000) | 150,000 | (240,000) |
Provision for bad debts | 304,000 | 123,000 | 2,310,000 |
Non-cash share compensation | 8,681,000 | 6,695,000 | 5,672,000 |
Net change in fair value of contingent consideration | (50,000) | (472,000) | (840,000) |
Impairment on investment properties | 0 | 965,000 | 0 |
Change in operating assets and liabilities: | |||
Tenant receivables | 230,000 | (2,988,000) | (10,058,000) |
Other assets | (852,000) | (533,000) | (19,230,000) |
Accounts payable | (7,137,000) | 6,600,000 | 3,779,000 |
Accrued expenses and other liabilities | 16,738,000 | 19,567,000 | 37,957,000 |
Net cash provided by operating activities | 208,694,000 | 180,471,000 | 127,197,000 |
Cash Flows from Investing Activities: | |||
Proceeds on sale of investment properties | 217,222,000 | 20,397,000 | 0 |
Acquisition of investment properties, net | (243,001,000) | (1,268,442,000) | (1,240,438,000) |
Acquisition of noncontrolling interests | 0 | (8,469,000) | (4,690,000) |
Escrowed cash - acquisition deposits/earnest deposits | 2,780,000 | (1,280,000) | (1,157,000) |
Capital expenditures on existing investment properties | (34,638,000) | (23,243,000) | (11,304,000) |
Pay down of contingent consideration | 0 | (156,000) | (483,000) |
Issuances of real estate loans receivable | (11,750,000) | (39,063,000) | (10,207,000) |
Repayments of real estate loan receivable | 15,928,000 | 4,711,000 | 11,336,000 |
Issuances of note receivable | (20,385,000) | 0 | 0 |
Repayments of note receivable | 0 | 16,423,000 | 4,118,000 |
Leasing commissions | (3,167,000) | (1,449,000) | (1,034,000) |
Lease inducements | (172,000) | (2,067,000) | (8,957,000) |
Net cash used in investing activities | (77,183,000) | (1,302,638,000) | (1,262,816,000) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common shares | 10,759,000 | 844,669,000 | 766,841,000 |
Proceeds from credit facility borrowings | 422,000,000 | 927,000,000 | 1,181,000,000 |
Repayments on credit facility borrowings | (287,000,000) | (1,248,000,000) | (925,000,000) |
Proceeds from issuance of senior unsecured notes | 0 | 743,060,000 | 225,000,000 |
Proceeds from issuance of mortgage debt | 0 | 61,000,000 | 39,500,000 |
Principal payments on mortgage debt | (78,018,000) | (41,503,000) | (10,232,000) |
Debt issuance costs | (4,540,000) | (1,589,000) | (4,816,000) |
Dividends paid - shareholders | (168,060,000) | (143,108,000) | (104,908,000) |
Distributions to noncontrolling interest - Operating Partnership | (4,808,000) | (4,388,000) | (3,162,000) |
Preferred distributions paid - OP Unit holders | (911,000) | (600,000) | (1,508,000) |
Contributions to noncontrolling interests | 0 | 47,000 | 0 |
Distributions to noncontrolling interests - partially owned properties | (547,000) | (748,000) | (543,000) |
Payments of employee taxes for withheld stock-based compensation shares | (1,749,000) | (2,590,000) | (778,000) |
Purchases of Series A Preferred Units | 0 | (19,961,000) | (9,756,000) |
Purchases of OP Units | (2,203,000) | (3,886,000) | (3,671,000) |
Net cash (used in) provided by financing activities | (115,077,000) | 1,109,403,000 | 1,147,967,000 |
Net increase (decrease) in cash and cash equivalents | 16,434,000 | (12,764,000) | 12,348,000 |
Cash and cash equivalents, beginning of period | 2,727,000 | 15,491,000 | 3,143,000 |
Cash and cash equivalents, end of period | 19,161,000 | 2,727,000 | 15,491,000 |
Supplemental cash flow information: | |||
Supplemental disclosure of cash flow information - interest paid during the year | 58,705,000 | 38,781,000 | 17,151,000 |
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements and redeemable equity - property | 481,000 | 244,000 | 13,708,000 |
Supplemental disclosure of noncash activity - assumed debt | 0 | 43,989,000 | 0 |
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | 22,651,000 | 44,978,000 | 6,769,000 |
Supplemental disclosure of noncash activity - contingent consideration | $ 0 | $ 765,000 | $ 156,000 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business The Trust was organized in the state of Maryland on April 9, 2013. As of December 31, 2018 , the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share (“common shares”). The Trust filed a Registration Statement on Form S-11 with the Commission with respect to a proposed underwritten IPO and completed the IPO of its common shares and commenced operations on July 24, 2013. The Trust contributed the net proceeds from the IPO to the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity. The Trust has no significant assets other than its investment in the Operating Partnership. The Trust’s operations are conducted through the Operating Partnership and wholly-owned and majority-owned subsidiaries of the Operating Partnership. The Trust, as the general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities, and results of operations of the Operating Partnership. Therefore, the assets and liabilities of the Trust and the Operating Partnership are the same. The Trust is a self-managed REIT formed primarily to acquire, selectively develop, own, and manage healthcare properties that are leased to physicians, hospitals, and healthcare delivery systems. ATM Program On August 5, 2016, the Trust and the Operating Partnership entered into separate Sales Agreements with each of KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., JMP Securities LLC, Raymond James & Associates, Inc., and Stifel Nicolaus & Company, Incorporated (the “Agents”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $300.0 million , through the Agents (the “ATM Program”). In accordance with the Sales Agreements, the Trust may offer and sell its common shares through any of the Agents, from time to time, by any method deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended, which includes sales made directly on the New York Stock Exchange or other existing market, or sales made to or through a market maker. With the Trust’s express written consent, sales may also be made in negotiated transactions or any other method permitted by law. During 2017 and 2018 , the Trust’s issuance and sale of common shares pursuant to the ATM Program is as follows (in thousands, except common shares and price): 2018 2017 Common Weighted Net Common Weighted Net Quarterly period ended March 31 311,786 $ 17.85 $ 5,509 — $ — $ — Quarterly period ended June 30 — — — 4,150,000 20.07 82,440 Quarterly period ended September 30 114,203 17.15 1,947 — — — Quarterly period ended December 31 144,562 17.03 2,442 2,197,914 18.39 40,011 Year ended December 31 570,551 $ 17.50 $ 9,898 6,347,914 $ 19.48 $ 122,451 As of February 22, 2019 , the Trust has $163.7 million |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We identify the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. We consolidate our investment in a VIE when we determine that we are the VIE’s primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We perform this analysis on an ongoing basis. For property holding entities not determined to be VIEs, we consolidate such entities in which the Operating Partnership owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Operating Partnership owns less than 100% of the equity interest, the Operating Partnership consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Operating Partnership records a noncontrolling interest representing equity held by noncontrolling interests. Noncontrolling Interests The Company presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Net income or loss is allocated to noncontrolling interests (limited partners) based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional common shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions. During the year ended December 31, 2017 , the Operating Partnership partially funded one property acquisition by issuing an aggregate of 2,247,817 OP Units valued at approximately $44.3 million on the date of issuance. The acquisition had a total purchase price of approximately $78.6 million . In addition, during the year ended December 31, 2017 , the Operating Partnership funded the acquisition of the remaining non-controlling interest on a property by issuing an aggregate of 38,641 OP Units valued at approximately $0.7 million . Noncontrolling interests in the Company include OP Units held by other investors. As of December 31, 2018 and 2017 , the Trust held a 97.2% and 97.1% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations of the Operating Partnership. Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership. Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or for unregistered common shares on a one -for-one basis. Such selection to pay cash or issue common shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust. Accordingly, the Trust presents the OP Units of the Operating Partnership held by investors other than the Trust as noncontrolling interests within equity in the consolidated balance sheets. Partially Owned Properties: The Trust and Operating Partnership reflect noncontrolling interests in partially owned properties on the balance sheet for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income. Redeemable Noncontrolling Interests-Series A Preferred Units and Partially Owned Properties On February 5, 2015, the Trust entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the newly designated Series A Participating Redeemable Preferred Units of the Operating Partnership (“Series A Preferred Units”). Series A Preferred Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. Holders of Series A Preferred Units are entitled to a 5% cumulative return and upon redemption, the receipt of one common share and $200 . The holders of the Series A Preferred Units have agreed not to cause the Operating Partnership to redeem their Series A Preferred Units prior to one year from the issuance date. In addition, Series A Preferred Units are redeemable at the option of the holders which redemption obligation may be satisfied, at the Trust’s option, in cash or registered common shares. Instruments that require settlement in registered common shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered common shares. Due to the redemption rights associated with the Series A Preferred Units, the Company classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheets. The Series A Preferred Units were evaluated for embedded features that should be bifurcated and separately accounted for as a freestanding derivative. The Company determined that the Series A Preferred Units contained features that require bifurcation. The Company records the carrying amount of the redeemable noncontrolling interests, less the value of the embedded derivative, at the greater of the carrying value or redemption value in the consolidated balance sheets. On January 9, 2018, the acquisition of the HealthEast Clinic & Specialty Center (“Hazelwood Medical Commons”) was partially funded with the issuance of 104,172 Series A Preferred Units, with a value of $22.7 million . As of December 31, 2018 , the value of the embedded derivative is $3.7 million and is classified in accrued expenses and other liabilities on the consolidated balance sheets. As of December 31, 2018 , there were 104,172 Series A Preferred Units outstanding. No Series A Preferred Units were outstanding as of December 31, 2017 . In connection with the acquisition of a medical office portfolio in Minnesota (the “Minnesota portfolio”), the Trust received a $5 million equity investment from a third party, effective March 1, 2015. On March 1, 2018, the equity investment was redeemed for $6.4 million . At any point subsequent to the third anniversary of the investment, the holder could require the Trust to redeem the instrument. Due to the redemption provision, which was outside of the control of the Trust, the Trust classified the investment in the mezzanine section of its consolidated balance sheets. The Trust recorded the carrying amount of the redeemable noncontrolling interests at the greater of the carrying value or redemption value. In connection with the December 29, 2015 acquisition of a medical office building located on the campus of the Great Falls Clinic and Hospital in Great Falls, Montana, physicians affiliated with the seller retained a noncontrolling interest which may, at the holders’ option, be redeemed at any time. Due to the redemption provision, which is outside of the control of the Trust, the Trust classifies the investment in the mezzanine section of its consolidated balance sheets. The Trust records the carrying amount of the redeemable noncontrolling interests at the greater of the carrying value or redemption value. Dividends and Distributions Dividends and distributions for the years ended December 31, 2018 , 2017 , and 2016 are as follows: Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 21, 2018 January 4, 2019 January 18, 2019 $ 0.230 September 19, 2018 October 3, 2018 October 18, 2018 $ 0.230 June 21, 2018 July 3, 2018 July 18, 2018 $ 0.230 March 23, 2018 April 3, 2018 April 18, 2018 $ 0.230 December 21, 2017 January 3, 2018 January 18, 2018 $ 0.230 September 21, 2017 October 3, 2017 October 18, 2017 $ 0.230 June 12, 2017 July 3, 2017 July 18, 2017 $ 0.230 March 17, 2017 April 5, 2017 April 18, 2017 $ 0.225 December 22, 2016 January 5, 2017 January 18, 2017 $ 0.225 September 26, 2016 October 6, 2016 October 18, 2016 $ 0.225 June 23, 2016 July 5, 2016 July 18, 2016 $ 0.225 March 18, 2016 April 1, 2016 April 18, 2016 $ 0.225 Our shareholders are entitled to reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our Dividend Reinvestment and Share Purchase Plan (“DRIP”), subject to the terms of the plan. Tax Status of Dividends and Distributions Our distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. Any cash distributions received by an OP Unit holder in respect of its OP Units generally will not be taxable to such OP Unit holder for U.S. federal income tax purposes, to the extent that such distribution does not exceed the OP Unit holder’s basis in its OP Units. Any such distribution will instead reduce the OP Unit holder’s basis in its OP Units (and OP Unit holders will be subject to tax on the taxable income allocated to them by the Operating Partnership in respect of their OP Units when such income is earned by the Operating Partnership, with such income allocation increasing the OP Unit holders’ basis in their OP Units). The following table sets forth the federal income tax status of distributions per common share and OP Unit for the periods presented: Year Ended December 31, 2018 2017 2016 Per common share and OP Unit: Ordinary dividends $ — $ 0.4529 $ 0.5325 Section 199A Qualified REIT Dividend 0.2825 — — Qualified dividends — — — Capital gain distributions — — — Non-dividend distributions 0.6375 0.4571 0.3675 Total $ 0.9200 $ 0.9100 $ 0.9000 Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, our 2018 acquisitions of investment properties and the majority of our future investments will be accounted for as asset acquisitions, resulting in the purchase price inclusive of acquisition costs, for tangible and intangible assets and liabilities to be based on their relative fair values. Tangible assets primarily consist of land and buildings and improvements. Additionally, the purchase price includes acquisition related expenses, above- or below-market leases, in place leases, and above- or below-market debt assumed. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires us to make certain estimates and assumptions. The determination of fair value involves the use of significant judgment and estimation. The Company makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and generally includes the assistance of a third party appraiser. The Company estimates the fair value of an acquired asset on an “as-if-vacant” basis and its value is depreciated in equal amounts over the course of its estimated remaining useful life. The Company determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on an internal analysis of recently acquired and existing comparable properties within the Company’s portfolio. The value of above- or below-market leases is estimated based on the present value (using a discount rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease . The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases plus the term of any renewal options that the lessee would be economically compelled to exercise. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases are amortized to amortization expense over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off, net of any required lease termination payments. The Company calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Company approximates based on the rate it would expect to incur on a replacement instrument on the date of acquisition, and recognizes any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Based on these estimates, the Company recognizes the acquired assets and assumed liabilities at their estimated fair values, which are generally determined using Level 3 inputs, such as market rental rates, capitalization rates, discount rates, or other available market data. Impairment of Intangible and Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations. In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Company adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Company recognizes an impairment loss at the time it makes any such determination. If the Company determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates, or other available market data. The Company did not record impairment charges in the years ended December 31, 2018 and 2016 . During the year ended December 31, 2017 , the Company recorded an impairment charge of $1.0 million on a vacant medical office building in Port Charlotte, Florida. Assets Held for Sale and Discontinued Operations The Company may sell properties from time to time for various reasons, including favorable market conditions. The Company classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. The Company classifies a real estate property, or portfolio, as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. Following the classification of a property as “held for sale,” no further depreciation or amortization is recorded on the assets and the assets are written down to the lower of carrying value or fair market value, less cost to sell. No properties were classified as held for sale as of December 31, 2018 or 2017 , and dispositions during the years ended December 31, 2018 and 2017 did not qualify as discontinued operations. Investment in Unconsolidated Entities The Company reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Company’s share of the investee’s earnings or losses is included in its consolidated statements of income. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest. Real Estate Loans Receivable Real estate loans receivable consists of 10 mezzanine loans and 1 term loan. Generally, each mezzanine loan is collateralized by an ownership interest in the respective borrower, while the term loan is secured by a mortgage of a related medical office building. Interest income on the loans are recognized as earned based on the terms of the loans subject to evaluation of collectability risks, and is included in the Company’s consolidated statements of income. On a quarterly basis, the Company evaluates the collectability of its loan portfolio, including related interest income receivable, and establishes a reserve for loan losses, if necessary. No such losses have been recognized to date. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less from the date of purchase. The Company is subject to concentrations of credit risk as a result of its temporary cash investments. The Company places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk. Rental Revenue Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants, net of related allowances, are included in other assets and were approximately $64.2 million and $47.6 million as of December 31, 2018 and 2017 , respectively. If the Company determines that collectability of straight-line rents is not reasonably assured, the Company limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses. Allowances recognized against straight-line rent were approximately $0.4 million and $4.9 million as of December 31, 2018 and December 31, 2017 , respectively. Rental revenue is adjusted by amortization of lease inducements and above- or below-market rents on certain leases. Lease inducements and above- or below-market rents are amortized on a straight-line basis over the remaining life of the lease. Expense Recoveries Expense recoveries relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded gross, as the Company is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and bears the credit risk of tenant reimbursement. The Company has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses. For absolute net leases, we do not recognize operating expense or expense recoveries. Derivative Instruments When the Company has derivative instruments embedded in other contracts, it records them either as an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sale exception. When specific hedge accounting criteria are not met or if the Company does not elect to apply for hedge accounting, changes in the Company’s derivative instruments’ fair value are recognized currently in earnings. If hedge accounting is applied to a derivative instrument, such changes are reported in accumulated other comprehensive income within the consolidated statement of equity or capital, exclusive of ineffectiveness amounts, which are recognized as adjustments to net income. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018 , the Company had five outstanding interest rate swap contracts that are designated as cash flow hedges of interest rate risk. For presentational purposes, they are shown as one derivative due to the identical nature of their economic terms. Further detail is provided in Note 7 (Derivatives) . The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the year ended December 31, 2018 , 2017 , and 2016 hedge ineffectiveness was insignificant. Income Taxes The Trust elected to be taxed as a REIT for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to continue to operate in such a manner as to continue qualifying for treatment as a REIT. Although the Trust continues to qualify for taxation as a REIT, in various instances, the Trust is subject to state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. On December 22, 2017, the U.S. President signed a tax reform bill commonly referred to as the Tax Cuts and Jobs Act into law. The tax reform legislation is a far-reaching and complex revision to the U.S. federal income tax laws with disparate and, in some cases, countervailing effects on different categories of taxpayers and industries. The legislation is unclear in many respects and will require clarification and interpretation by the U.S. Treasury Department and the IRS in the form of amendments, technical corrections, regulations, or other forms of guidance, any of which could either lessen or increase the effect of the legislation on us or our stockholders. The outcome of this legislation on state and local tax authorities, and the response by such authorities, is also unclear. We continue to monitor changes made to, or as a result of, the federal tax law and its potential effect on us. As discussed in Note 1 (Organization and Business) , the Trust conducts substantially all of its operations through the Operating Partnership. As a partnership, the Operating Partnership generally is not liable for federal income taxes. The income and loss from the operations of the Operating Partnership is included in the tax returns of its partners, including the Trust, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income taxes has been made on the accompanying consolidated financial statements. Tenant Receivables, Net Tenant accounts receivable are stated net of the applicable allowance. Rental payments under these contracts are primarily due monthly. The Company assesses the collectability of tenant receivables, including straight-line rent receivables, and defers recognition of revenue if collectability is not reasonably assured. The Company bases its assessment of the collectability of rent receivables on several factors, including, among other things, payment history, the financial strength of the tenant, and current economic conditions. If management’s evaluation of these factors indicates it is probable that the Company will be unable to recover the full value of the receivable, the Company provides a reserve against the portion of the receivable that it estimates may not be recovered. At December 31, 2018 and 2017 , the allowance for doubtful accounts was $0.7 million and $1.6 million , respectively. Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the amounts of revenue and expenses reported in the period. Significant estimates are made for the fair value assessments with respect to purchase price allocations, impairment assessments, and the valuation of financial instruments. Actual results could differ from these estimates. Contingent Liabilities and Commitments Certain of our acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the contingent liabilities only if certain parameters or other substanti ve contingencies are met, at which time the consideration becomes payable. Resolved contingent liabilities increase our acquired assets and reduce our liabilities. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The Company adopted ASU 2017-01 on January 1, 2018. As such, the Company recorded all 2018 real estate investments and will record the majority of future real estate investments as asset acquisitions and any future contingent consideration will be recorded when the contingency is resolved. Prior to January 1, 2018, the Company recorded certain contingent liabilities which are included in accrued expenses and other liabilities on its consolidated balance sheets. These were recorded at fair value as of the acquisition date and until they expire, the Company reassesses the fair value at the end of each reporting period, with any changes being recognized in earnings. Based on existing leases as of December 31, 2018, committed but unspent tenant related obligations were $47.0 million . Related Parties In 2018 , the Company recognized rental revenues totaling $1.1 million and $8.0 million from Advocate Aurora Health and Baylor Scott and White Health, respectively. Both are healthcare systems affiliated with certain members of the Trust’s Board of Trustees. Segment Reporting Under the provision of Codification Topic 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to leasing and managing healthcare properties. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted ASU 2014-09 as of January 1, 2018 under the modified retrospective approach. Based on our assessment, we have identified all of our revenue streams and concluded rental income from leasing arrangements represents a substantial portion of our revenue. Income from leasing arrangements is specifically excluded from Topic 606 and will be evaluated with the anticipated adoption of ASU 2016-02, Leases . Therefore, the impact of adopting ASU 2014-09 was minimal on our current recognition and presentation of non-lease revenue. In February 2016, the FASB issued ASU 2016-02, Leases . The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard provides the option of a modified retrospective transition approach or a cumulative effect for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements ("ASU 2018-11"). ASU 2018-11 provides entities wi |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Effective January 1, 2018, with our adoption of ASU 2017-01, transaction costs incurred for asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in “General and Administrative Expenses” on our consolidated statements of income. Certain acquisitions that occurred prior to January 1, 2018 were accounted for as business combinations. During 2018 , the Company completed the acquisition of 4 operating healthcare properties and 1 land parcel located in 5 states, for an aggregate purchase price of approximately $252.8 million . In addition, the Company completed $11.8 million of loan investments, and a $6.4 million noncontrolling interest buyout, resulting in total investment activity of approximately $271.0 million . The Company also acquired 2 properties and an adjacent land parcel through the conversion and satisfaction of a previously outstanding construction loan, valued at an aggregate $18.8 million . Additionally, the Company acquired 2 parcels of land, which it had previously leased, as the result of a lease restructuring arrangement and equity recapitalization. Investment activity for the year ending December 31, 2018 is summarized below: Property Location Acquisition Date Purchase Price (in thousands) Hazelwood Medical Commons (1) Maplewood, MN January 9, 2018 $ 70,702 Lee's Hill Medical Plaza Fredericksburg, VA January 23, 2018 28,000 Scottsdale, Arizona Land (2) Scottsdale, AZ February 16, 2018 700 Noncontrolling Interest Buyout - Minnesota portfolio (3) March 1, 2018 6,406 HMG Medical Plaza Kingsport, TN April 3, 2018 71,295 Northside Medical Midtown MOB Atlanta, GA September 14, 2018 82,147 Loan Investments (4) Various Various 11,750 $ 271,000 (1) The Company partially funded the purchase price of this acquisition by issuing a total of 104,172 Series A Preferred Units valued at approximately $22.7 million on the date of issuance. (2) The Company acquired the land beneath a previously acquired facility. (3) The Company acquired an additional 4.2% interest in the Minnesota portfolio joint venture, increasing the Company’s total interest in the joint venture to 99.6% . (4) The Company’s loan investments include 4 separate transactions at a weighted average interest rate of 8.4% . During 2018 , the Company recorded revenues and net income of $14.7 million and $5.4 million , respectively, from its 2018 acquisitions. During 2017 , the Company completed acquisitions of 40 properties, 2 condominium units, and 1 parking deck located in 15 states, for an aggregate purchase price of approximately $1.37 billion . In addition, the Company completed $39.1 million of loan investments, $1.1 million of redeemable noncontrolling interest buyouts, and $2.8 million of noncontrolling interest buyouts, resulting in total investment activity of approximately $1.41 billion . Investment activity for the year ending December 31, 2017 is summarized below: Property (1) Location Acquisition Purchase Price (in thousands) Orthopedic Associates (2) Flower Mound, TX January 5, 2017 $ 18,750 Medical Arts Center at Hartford (2) Plainville, CT January 11, 2017 30,250 Noncontrolling Interest Buyout - New Albany (3) New Albany, OH January 31, 2017 2,824 CareMount - Lake Katrine MOB (2) (4) Lake Katrine, NY February 14, 2017 41,791 CareMount - Rhinebeck MOB (2) Rhinebeck, NY February 14, 2017 18,639 Syracuse Condos (2) Fayetteville & Liverpool, NY February 27, 2017 2,659 Monterey Medical Center - MOB (2) Stuart, FL March 7, 2017 18,979 Creighton University Medical Center (5) Omaha, NE March 28, 2017 33,420 Strictly Pediatrics Specialty Center (2) (6) Austin, TX March 31, 2017 78,628 MedStar Stephen's Crossing (2) Brandywine, MD June 16, 2017 20,900 2017 CHI Portfolio - Tranche 1 (8 MOBs) (5) AR, MN, ND, NE, TN, TX June 29, 2017 124,181 St. Vincent Portfolio (2 MOBs) (2) Carmel & Fishers, IN June 29, 2017 93,880 Baylor Charles A. Sammons Cancer Center (2) Dallas, TX June 30, 2017 290,000 Orthopedic & Sports Institute of the Fox Valley (7) Appleton, WI June 30, 2017 27,900 Peachtree Dunwoody Medical Center - Parking Deck (7) Atlanta, GA June 30, 2017 25,000 Clearview Cancer Institute (2) Huntsville, AL August 4, 2017 53,250 Northside Cherokee/Town Lake MOB (2) Atlanta, GA August 15, 2017 37,127 HonorHealth Mesa MOB (2) Mesa, AZ August 15, 2017 4,800 2017 CHI Portfolio - Tranche 2 (5 MOBs) (5) AR, MN, NE, TX August 24, 2017 & August 31, 2017 33,694 Noncontrolling Interest Buyout - Great Falls Clinic (8) Great Falls, MT September 21, 2017 1,061 Legends Park MOB & ASC (2) Midland, TX September 27, 2017 30,000 Franklin MOB & ASC (2) Franklin, TN October 12, 2017 9,950 Eagle Point MOB (2) Lake Elmo, MN October 31, 2017 10,949 Edina East MOB (2) Edina, MN October 31, 2017 7,800 Northside MOB - Center Pointe (2) Atlanta, GA November 10, 2017 155,986 Gwinnett 500 Building (2) Lawrenceville, GA November 17, 2017 25,297 Hudgens Professional Building (2) Duluth, GA November 17, 2017 23,696 St. Vincent Building (2) Indianapolis, IN November 17, 2017 60,124 Gwinnett Physicians Center (2) (9) Lawrenceville, GA December 1, 2017 51,721 Apple Valley Medical Center (2) Apple Valley, MN December 18, 2017 21,500 Desert Cove MOB (2) (10) Scottsdale, AZ December 18, 2017 4,560 Westgate MOB (2) Glendale, AZ December 21, 2017 15,800 Loan Investments (11) Various Various 39,063 $ 1,414,179 (1) “MOB” means medical office building. “ASC” means ambulatory surgical center. (2) The Company accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $16.6 million . (3) The Company acquired the previously outstanding interest in the New Albany MOB from the predecessor owner. As consideration, the Operating Partnership paid approximately $2.1 million in cash and issued 38,641 OP Units, representing approximately $2.8 million in aggregate. (4) The Company partially funded this acquisition through the assumption of an existing mortgage valued at approximately $26.4 million . (5) These acquisitions are part of the CHI portfolio. The Company accounted for nine of these facilities, consisting of an aggregate purchase price of $143.0 million , as asset acquisitions and capitalized total acquisition costs of $0.4 million . The remaining six facilities, consisting of an aggregate purchase price of $48.3 million , were accounted for as business combinations pursuant to the acquisition method, with acquisition expense totaling $0.1 million . (6) The Company partially funded the purchase price of this acquisition by issuing a total of 2,247,817 OP Units valued at approximately $44.3 million on the date of issuance. (7) The Company accounted for these acquisitions as asset acquisitions and capitalized total acquisition costs of $0.5 million . (8) The Company acquired an additional 3.2% interest in the Great Falls Clinic joint venture from the predecessor owner, increasing the Company’s total interest to 85.0% . (9) As part of this acquisition, the Company assumed a $17.6 million mortgage on the facility. (10) The Company acquired an additional 57.0% ownership interest in Desert Cove MOB, LLC increasing the Company’s total interest to 100.0% . (11) The Company’s loan investments include 8 separate transactions at a weighted average interest rate of 8.1% . For 2017 , the Company recorded revenues and net income of $49.6 million and $8.6 million , respectively, from its 2017 acquisitions. The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands): December 31, 2018 December 31, 2017 Land $ 17,316 $ 38,358 Building and improvements 217,916 1,168,741 In-place lease intangible 34,358 128,370 Above market in-place lease intangible 1,090 18,967 Below market in-place lease intangible (959 ) (4,270 ) Above market in-place ground lease — (4,620 ) Below market in-place ground lease 5,329 17,683 Contingent consideration — (765 ) Receivable — 434 Debt assumed — (43,989 ) Issuance of OP Units — (44,978 ) Investment in unconsolidated entity — (2,871 ) Mortgage escrow 3,790 — Prepaid expenses (2,628 ) — Issuance of Series A Preferred Units (22,651 ) — Net assets acquired $ 253,561 $ 1,271,060 Dispositions On February 16, 2018 , the Company sold 1 medical office building located in Florida for approximately $1.4 million and recognized a net loss on the sale of approximately $0.1 million . On March 30, 2018 , the Company sold 1 medical office building located in Michigan for approximately $1.1 million and recognized a net gain on the sale of approximately $0.1 million . On June 28, 2018 , the Company sold 15 medical office buildings located in 3 states for approximately $90.7 million and recognized a net loss on the sale of approximately $2.6 million . On July 27, 2018 , the Company sold 17 medical office buildings located in 7 states for approximately $127.2 million and recognized a net gain on the sale of approximately $14.2 million . The following table summarizes revenues and net income related to the 2018 disposition properties for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Revenue $ 12,287 $ 23,960 $ 24,090 Income before gain on sale of investment properties, net $ 5,027 $ 5,765 $ 7,142 Gain on sale of investment properties, net 11,664 — — Net income $ 16,691 $ 5,765 $ 7,142 The following table summarizes revenues and net income related to the 2017 disposition properties for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Revenue $ — $ 823 $ 1,967 Income before gain on sale of investment properties, net $ — $ 108 $ 433 Gain on sale of investment properties, net — 5,870 — Net income $ — $ 5,978 $ 433 |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | Intangibles The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Assets In-place leases $ 340,428 $ (111,500 ) $ 228,928 $ 343,429 $ (85,424 ) $ 258,005 Above-market leases 45,568 (13,621 ) 31,947 54,148 (11,968 ) 42,180 Leasehold interest 712 (242 ) 470 712 (183 ) 529 Below-market ground lease 65,676 (2,194 ) 63,482 60,424 (1,344 ) 59,080 Total $ 452,384 $ (127,557 ) $ 324,827 $ 458,713 $ (98,919 ) $ 359,794 Liabilities Below-market lease $ 14,654 $ (6,768 ) $ 7,886 $ 14,344 $ (4,479 ) $ 9,865 Above-market ground lease 5,965 (266 ) 5,699 5,965 (128 ) 5,837 Total $ 20,619 $ (7,034 ) $ 13,585 $ 20,309 $ (4,607 ) $ 15,702 The following is a summary of the Company’s acquired lease intangible amortization for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): December 31, 2018 2017 2016 Amortization expense related to in-place leases $ 50,082 $ 37,073 $ 28,902 Decrease of rental income related to above-market leases 5,194 5,357 4,403 Decrease of rental income related to leasehold interests 59 59 59 Increase of rental income related to below-market leases 2,718 2,309 1,835 Decrease of operating expense related to above-market ground leases 139 84 24 Increase in operating expense related to below-market ground leases 1,013 810 471 For the year ended December 31, 2018 , the Company wrote off in-place lease intangibles of $9.6 million , net of previously recognized accumulated amortization, which included $6.6 million related to a lease termination. In addition, the Company had amortization of $11.9 million related to assets sold during the twelve months ended December 31, 2018 . Future aggregate net amortization of the Company’s acquired lease intangibles as of December 31, 2018 , is as follows (in thousands): Net Decrease in Revenue Net Increase in Expenses 2019 $ (2,592 ) $ 35,405 2020 (2,695 ) 32,721 2021 (2,648 ) 30,475 2022 (2,203 ) 26,686 2023 (1,899 ) 23,998 Thereafter (12,494 ) 137,426 Total $ (24,531 ) $ 286,711 For the year ended December 31, 2018 , the weighted average amortization periods for asset lease intangibles and liability lease intangibles are 20 years and 21 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Unclassified [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Straight-line rent receivable, net $ 64,245 $ 47,599 Notes receivable 20,628 — Prepaid expenses 16,017 18,103 Interest rate swap 15,121 14,693 Lease inducements, net 13,233 14,232 Leasing commissions, net 6,221 4,128 Escrows 5,534 1,996 Earnest deposits — 2,780 Other 3,760 2,771 Total $ 144,759 $ 106,302 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of debt as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Fixed interest mortgage notes $ 101,832 (1) $ 158,171 (2) Variable interest mortgage notes 6,830 (3) 28,509 (4) Total mortgage debt 108,662 186,680 $850 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.10% at December 31, 2018 and LIBOR plus 1.20% at December 30, 2017, due September 2022 215,000 80,000 $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $250 million unsecured term borrowing bearing fixed interest of 2.32% at December 31, 2018 and 2.87% at December 31, 2017, due June 2023 250,000 (5) 250,000 (6) $150 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031 150,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 1,548,662 1,491,680 Unamortized deferred financing costs (9,920 ) (7,808 ) Unamortized discounts (6,086 ) (6,663 ) Unamortized fair value adjustments 197 259 Total debt $ 1,532,853 $ 1,477,468 (1) Fixed interest mortgage notes, bearing interest from 3.00% to 5.50% , with a weighted average interest rate of 4.26% , and due in 2020, 2021, 2022, and 2024 collateralized by five properties with a net book value of $174.2 million . (2) Fixed interest mortgage notes, bearing interest from 3.00% to 5.50% , with a weighted average interest rate of 4.45% , and due in 2018, 2019, 2020, 2021, 2022, and 2024 collateralized by nine properties with a net book value of $267.7 million . (3) Variable interest mortgage note, bearing variable interest of LIBOR plus 2.75% , with an average interest rate of 5.21% and due in 2028, collateralized by one property with a net book value of $8.6 million . (4) Variable interest mortgage notes bearing variable interest of LIBOR plus 2.25% to 3.25% , with a weighted average interest rate of 4.50% and due in 2018, collateralized by three properties with a net book value of $39.2 million . (5) The Trust’s borrowings under the term loan feature of the Credit Agreement bear interest at a rate which is determined by the Trust’s credit rating, currently equal to LIBOR + 1.25% . The Trust has entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07% . (6) The Trust’s borrowings under the term loan feature of the Credit Agreement bear interest at a rate which is determined by the Trust’s credit rating, equal to LIBOR + 1.80% . The Trust has entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07% . On August 7, 2018 , the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Second Amended and Restated Credit Agreement (the “Credit Agreement”) which extended the maturity date of the revolving credit facility under the Credit Agreement to September 18, 2022 and reduced the interest rate margin applicable to borrowings. The Credit Agreement includes unsecured revolving credit facility of $850 million and contains a term loan feature of $250 million , bringing total borrowing capacity to $1.1 billion . The Credit Agreement also includes a swingline loan commitment for up to 10% of the maximum principal amount and provides an accordion feature allowing the Trust to increase borrowing capacity by up to an additional $500 million , subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.6 billion . The revolving credit facility under the Credit Agreement also includes a one -year extension option. Borrowings under the Credit Agreement bear interest on the outstanding principal amount at an adjusted LIBOR rate, which is based on the Trust’s investment grade rating under the Credit Agreement. As of December 31, 2018 , the Trust had an investment grade rating of Baa3 from Moody’s and BBB- from S&P. As such, borrowings under the revolving credit facility of the Credit Agreement accrue interest on the outstanding principal at a rate of LIBOR + 1.10% . The Credit Agreement includes a facility fee equal to 0.25% per annum, which is also determined by the Trust’s investment grade rating. On July 7, 2016, the Operating Partnership borrowed $250.0 million under the 7 -year term loan feature of the Credit Agreement. Pursuant to the credit agreement, borrowings under the term loan feature of the Credit Agreement bear interest on the outstanding principal amount at a rate which is determined by the Trust’s credit rating, currently equal to LIBOR + 1.25% . The Trust simultaneously entered into a pay-fixed receive-variable rate swap for the full borrowing amount, fixing the LIBOR component of the borrowing rate to 1.07% , for a current all-in fixed rate of 2.32% . As of December 31, 2018 , both the borrowing and pay-fixed receive-variable swap have a maturity date of June 10, 2023 . Base Rate Loans, Adjusted LIBOR Rate Loans, and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the Trust’s investment grade rating as follows: Credit Rating Margin for Revolving Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee Margin for Revolving Loans: Base Rate Loans Margin for Term Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.775% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.825% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.90% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.10% 0.10 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.45% 0.45 % LIBOR + 1.65% 0.65 % The Credit Agreement contains financial covenants that, among other things, require compliance with leverage and coverage ratios and maintenance of minimum tangible net worth, as well as covenants that may limit the Trust’s and the Operating Partnership’s ability to incur additional debt, grant liens, or make distributions. The Company may, at any time, voluntarily prepay any revolving or term loan under the Credit Agreement in whole or in part without premium or penalty. As of December 31, 2018 , the Company was in compliance with all financial covenants related to the Credit Agreement. The Credit Agreement includes customary representations and warranties by the Trust and the Operating Partnership and imposes customary covenants on the Operating Partnership and the Trust. The Credit Agreement also contains customary events of default, and if an event of default occurs and continues, the Operating Partnership is subject to certain actions by the administrative agent, including without limitation, the acceleration of repayment of all amounts outstanding under the Credit Agreement. As of December 31, 2018 , the Company had $215.0 million of borrowings outstanding under its unsecured revolving credit facility, and $250.0 million of borrowings outstanding under the term loan feature of the Credit Agreement. The Company has also issued a letter of credit for $17.0 million with no outstanding balance as of December 31, 2018 . As defined by the Credit Agreement, $618.0 million is available to borrow without adding additional properties to the unencumbered borrowing base of assets. Notes Payable On January 7, 2016, the Operating Partnership issued and sold $150.0 million aggregate principal amount of senior notes, comprised of (i) $15.0 million aggregate principal amount of 4.03% Senior Notes, Series A, due January 7, 2023, (ii) $45.0 million aggregate principal amount of 4.43% Senior Notes, Series B, due January 7, 2026, (iii) $45.0 million aggregate principal amount of 4.57% Senior Notes, Series C, due January 7, 2028, and (iv) $45.0 million aggregate principal amount of 4.74% Senior Notes, Series D, due January 7, 2031. On August 11, 2016, the note agreement for these notes was amended to make certain changes to its terms, including certain changes to affirmative covenants, negative covenants, and definitions contained therein. Interest on each respective series of the January 2016 Senior Notes is payable semi-annually. On August 11, 2016, the Operating Partnership issued and sold $75.0 million aggregate principal amount of senior notes, comprised of (i) $25.0 million aggregate principal amount of 4.09% Senior Notes, Series A, due August 11, 2025, (ii) $25.0 million aggregate principal amount of 4.18% Senior Notes, Series B, due August 11, 2026, and (iii) $25.0 million aggregate principal amount of 4.24% Senior Notes, Series C, due August 11, 2027. Interest on each respective series of the August 2016 Senior Notes is payable semi-annually. On March 7, 2017 , the Operating Partnership issued and sold $400.0 million aggregate principal amount of 4.30% Senior Notes which will mature on March 15, 2027 . The Senior Notes began accruing interest on March 7, 2017 and began paying interest semi-annually beginning September 15, 2017 . The Senior Notes were sold at an issue price of 99.68% of their face value, before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $396.1 million . On December 1, 2017 , the Operating Partnership issued and sold $350.0 million aggregate principal amount of 3.95% Senior Notes which will mature on January 15, 2028 . The Senior Notes began accruing interest on December 1, 2017 and began paying interest semi-annually beginning July 15, 2018 . The Senior Notes were sold at an issue price of 99.78% of their face value, before the underwriters’ discount. Our net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $347.0 million . Certain properties have mortgage debt that contains financial covenants. As of December 31, 2018 , the Trust was in compliance with all senior notes and mortgage debt financial covenants. Scheduled principal payments due on debt as of December 31, 2018 , are as follows (in thousands): 2019 $ 25,205 2020 25,470 2021 8,289 2022 235,818 2023 266,000 Thereafter 987,880 Total Payments $ 1,548,662 As of December 31, 2018 and 2017 , the Company had total consolidated indebtedness of approximately $1.5 billion . The weighted average interest rate on consolidated indebtedness was 3.81% as of December 31, 2018 (based on the 30-day LIBOR rate as of December 31, 2018 of 2.46% ). The weighted average interest rate on consolidated indebtedness was 3.93% as of December 31, 2017 (based on the 30-day LIBOR rate as of December 31, 2017 of 1.49% |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instrument Detail [Abstract] | |
Derivatives | Derivatives In the normal course of business, a variety of financial instruments are used to manage or hedge interest rate risk. The Company has implemented ASC 815, Derivatives and Hedging (“ASC 815”), which establishes accounting and reporting standards requiring that all derivatives, including certain derivative instruments embedded in other contracts, be recorded as either an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sales exception. When specific hedge accounting criteria are not met, ASC 815 requires that changes in a derivative’s fair value be recognized currently in earnings. Changes in the fair market values of the Company’s derivative instruments are recorded in the consolidated statements of income if such derivatives do not qualify for, or the Company does not elect to apply for, hedge accounting. If hedge accounting is applied to a derivative instrument, such changes are reported in accumulated other comprehensive income within the consolidated statements of equity, exclusive of ineffectiveness amounts, which are recognized as adjustments to net income. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018 , the Company had five outstanding interest rate swap contracts that are designated as cash flow hedges of interest rate risk. For presentational purposes, they are shown as one derivative due to the identical nature of their economic terms. The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the year ended December 31, 2018 hedge ineffectiveness was insignificant. The Company expects hedge ineffectiveness to be insignificant in the next 12 months. The following table summarizes the location and aggregate fair value of the interest rate swaps on the Company’s consolidated balance sheets (in thousands): Total notional amount $ 250,000 Effective fixed interest rate (1) 2.32 % Effective date 7/7/2016 Maturity date 6/10/2023 Asset balance at December 31, 2018 (included in Other assets) $ 15,121 Asset balance at December 31, 2017 (included in Other assets) $ 14,693 (1) 1.07% effective swap rate plus 1.25% spread per Credit Agreement. As of December 31, 2017 , the effective fixed interest rate was 2.87% with a 1.07% effective swap rate plus 1.80% |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Real estate taxes payable $ 21,043 $ 16,103 Prepaid rent 18,745 10,496 Accrued interest 16,038 11,107 Accrued expenses 5,122 8,751 Embedded derivative 3,673 — Security deposits 3,118 2,882 Tenant improvement allowance 2,784 3,065 Accrued incentive compensation 1,323 1,625 Contingent consideration 753 1,454 Other 3,683 922 Total $ 76,282 $ 56,405 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company follows ASC 718, Compensation - Stock Compensation (“ASC 718”), in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee’s requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred. Share-based payments classified as liability awards are marked to fair value at each reporting period. Any common shares issued pursuant to the Company's incentive equity compensation and employee stock purchase plans will result in the Operating Partnership issuing OP Units to the Trust on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances. Certain of the Company’s employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, the Company’s determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Subsequent changes in actual experience are monitored and estimates are updated as information is available. In connection with the IPO, the Trust adopted the 2013 Equity Incentive Plan (“2013 Plan”), which made available 600,000 common shares to be administered by the Compensation Committee of the Board of Trustees. On August 7, 2014, at the Annual Meeting of Shareholders of Physicians Realty Trust, the Trust’s shareholders approved an amendment to the 2013 Plan to increase the number of common shares authorized for issuance under the 2013 Plan by 1,850,000 common shares, for a total of 2,450,000 common shares authorized for issuance. Restricted Common Shares: Restricted common shares granted under the 2013 Plan are eligible for dividends as well as the right to vote. During 2016, a total of 155,306 restricted common shares with a total value of $2.8 million were granted to Company employees with vesting periods ranging from one to three years. During 2017, the Trust granted a total of 143,593 restricted common shares with a total value of $2.8 million to the Company’s officers and certain of its employees, which have a one -year vesting period for senior management award-recipients and a three -year vesting period for employee award-recipients. During 2018, the Trust granted a total of 206,446 restricted common shares with a total value of $3.1 million to the Company’s officers and certain of its employees, which have a one -year vesting period for senior management award-recipients and a three -year vesting period for employee award-recipients. The following is summary of the status of the Trust’s non-vested restricted common shares during 2018 , 2017 , and 2016 : Common Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 311,839 $ 14.17 Granted 155,306 17.96 Vested (170,034 ) 14.16 Forfeited (326 ) 15.36 Non-vested at December 31, 2016 296,785 16.16 Granted 143,593 19.74 Vested (266,552 ) 16.00 Forfeited (550 ) 18.78 Non-vested at December 31, 2017 173,276 19.36 Granted 206,446 14.87 Vested (153,325 ) 19.32 Forfeited (1,258 ) 16.27 Non-vested at December 31, 2018 225,139 $ 15.29 For all service awards, the Company records compensation expense for the entire award on a straight-line basis over the requisite service period. For the years ended December 31, 2018 , 2017 , and 2016 the Company recognized non-cash share compensation of $3.1 million , $3.1 million , and $3.6 million , respectively. Unrecognized compensation expense at December 31, 2018 , 2017 , and 2016 was $1.0 million , $1.0 million , and $1.2 million , respectively. Restricted Share Units: In March 2018 , March 2017 , and March 2016 under the Trust’s 2013 Plan, the Trust granted (i) restricted share units at a target level of 254,282 , 174,320 , and 104,553 respectively, to the Trust’s senior management, which are subject to certain performance and market conditions and a three -year service period and (ii) 50,745 , 32,831 , and 36,784 restricted share units, respectively, to the members of the Board of Trustees, which are subject to a two -year vesting period. Each restricted share unit contains one dividend equivalent. The recipient will accrue dividend equivalents on awarded share units equal to the cash dividend that would have been paid on the awarded share unit had the awarded share unit been an issued and outstanding common share on the record date for the dividend. Approximately 40% of the restricted share units issued to officers in 2018 , 70% issued to officers in 2017 , and 80% issued to officers in 2016 , vest based on certain market conditions. The market conditions were valued with the assistance of independent valuation specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values in 2018 , 2017 , and 2016 of $19.28 , $33.43 , and $28.50 per unit, respectively, using the following assumptions: 2018 2017 2016 Volatility 21.7 % 21.5 % 20.3 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 2.40 % 1.68 % 1.07 % Stock price (per share) $ 14.78 $ 19.80 $ 17.67 The remaining 60% of the restricted share units issued to officers in 2018 , 30% issued to officers in 2017 , and 20% issued to officers in 2016 , vest based upon certain performance conditions. With respect to the performance conditions of the March 2018 grant, the grant date fair value of $14.78 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2018 restricted share units issued to officers is $16.58 per unit. With respect to the performance conditions of the March 2017 grant, the grant date fair value of $19.80 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2017 restricted share units issued to officers is $29.34 per unit. With respect to the performance conditions of the March 2016 grant, the grant date fair value of $17.67 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2016 restricted share units issued to officers is $26.33 per unit. The following is a summary of the activity in the Trust’s restricted share units during 2018 , 2017 , and 2016 : Executive Awards Trustee Awards Restricted Share Units Weighted Average Grant Date Fair Value Restricted Share Weighted Non-vested at December 31, 2015 130,930 $ 18.48 40,957 $ 15.87 Granted 104,553 26.33 36,784 17.67 Vested — — (20,481 ) 15.87 Non-vested at December 31, 2016 235,483 21.84 57,260 17.03 Granted 174,320 29.34 32,831 19.80 Vested (55,680 ) (1) 16.94 (38,871 ) 16.72 Non-vested at December 31, 2017 354,123 26.30 51,220 19.04 Granted 254,282 16.58 50,745 14.78 Vested (75,250 ) (2) 19.22 (34,807 ) 18.67 Non-vested at December 31, 2018 533,155 $ 22.66 67,158 $ 16.01 (1) Restricted units vested by Company executives in 2017 resulted in the issuance of 105,792 common shares, less 50,582 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company executives in 2018 resulted in the issuance of 126,108 common shares, less 56,502 common shares withheld to cover minimum withholding tax obligations, for multiple employees. The Company recognized $5.5 million , $3.6 million , and $2.1 million of non-cash share unit compensation expense for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Unrecognized compensation expense at December 31, 2018 , 2017 , and 2016 was $5.2 million , $5.0 million , and $2.8 million |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurement (“ASC 820”), requires certain assets and liabilities be reported and/or disclosed at fair value in the financial statements and provides a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the valuation techniques and inputs used to measure fair value. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset or liability. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. As part of the Company’s acquisition process, Level 3 inputs are used to measure the fair value of the assets acquired and liabilities assumed. The Company’s derivative instruments as of December 31, 2018 , consist of one embedded derivative as detailed in the Redeemable Noncontrolling Interests - Series A Preferred Units and Partially Owned Properties section of Note 2 ( Summary of Significant Accounting Policies ) and five interest rate swaps. For presentational purposes, the Company’s interest rate swaps are shown as a single derivative due to the identical nature of their economic terms, as detailed in the Derivative Instruments section of Note 2 (Summary of Significant Accounting Policies) and Note 7 (Derivatives) . Neither the embedded derivative nor the interest rate swaps are traded on an exchange. The Company’s derivative assets and liabilities are recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Company measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivatives. The Company also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. This generally includes assets subject to impairment. There were no assets measured at fair value as of December 31, 2018 . The carrying amounts of cash and cash equivalents, tenant receivables, payables, and accrued interest are reasonable estimates of fair value because of the short term maturities of these instruments. Fair values for real estate loans receivable and mortgage debt are estimated based on rates currently prevailing for similar instruments of similar maturities and are based primarily on Level 2 inputs. The following table presents the fair value of the Company’s financial instruments (in thousands): December 31, 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Real estate loans receivable $ 55,659 $ 54,782 $ 76,195 $ 75,288 Note receivable $ 20,628 $ 20,628 $ — $ — Derivative assets $ 15,121 $ 15,121 $ 14,693 $ 14,693 Liabilities: Credit facility $ (465,000 ) $ (465,000 ) $ (330,000 ) $ (330,000 ) Notes payable $ (975,000 ) $ (914,918 ) $ (975,000 ) $ (970,975 ) Mortgage debt $ (108,859 ) $ (107,131 ) $ (186,939 ) $ (185,743 ) |
Tenant Operating Leases
Tenant Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Tenant Operating Leases | Tenant Operating Leases The Company is lessor of medical office buildings and other healthcare facilities. Leases have expirations from 2019 through 2039 . As of December 31, 2018 , the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2019 $ 287,092 2020 284,097 2021 279,242 2022 268,910 2023 258,363 Thereafter 1,112,466 Total $ 2,490,170 |
Rent Expense
Rent Expense | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Rent Expense | Rent Expense The Company leases the rights to parking structures at 3 of its properties, the air space above 1 property, and the land upon which 76 of its properties are located from third party land owners pursuant to separate leases. In addition, the Company leases 5 individual office spaces. The leases require fixed rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 87 years remaining, excluding extension options. As of December 31, 2018 , the future minimum lease obligations under non-cancelable parking, air, ground, and office leases were as follows (in thousands): 2019 $ 3,058 2020 3,013 2021 3,037 2022 3,030 2023 3,017 Thereafter 143,094 Total $ 158,249 Rent expense for the parking, air, and ground leases of $2.4 million , $2.4 million , and $1.9 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively, are reported in operating expenses in the consolidated statements of income. Rent expense for office leases was $0.1 million and $0.1 million for the years ended December 31, 2018 and 2017 , respectively, and was insignificant for the year ended December 31, 2016 |
Credit Concentration
Credit Concentration | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration | Credit Concentration The Company uses annualized base rent (“ABR”) as its credit concentration metric. A nnualized base rent is calculated by multiplying contractual base rent for the month ended December 31, 2018 by 12, excluding the impact of concessions and straight-line rent. The following table summarizes certain information about the Company’s top five tenant credit concentrations as of December 31, 2018 (in thousands): Tenant Total ABR Percent of ABR CHI - Nebraska $ 16,336 5.7 % CHI - KentuckyOne Health 13,577 4.8 % Northside Hospital 10,086 3.5 % Baylor Scott and White Health 7,583 2.7 % Ascension - St. Vincent's - Indianapolis 7,291 2.5 % Remaining portfolio 231,141 80.8 % Total $ 286,014 100.0 % Annualized base rent collected from the Company’s top five tenant relationships comprises 19.2% of its total annualized base rent for the period ending December 31, 2018 . Total annualized base rent from CHI affiliated tenants totals 19.2% , including the affiliates disclosed above. Although CHI is not a party to nor a guarantor of the related lease agreements, it controls each of the subsidiaries and the affiliates that are parties to the master lease agreements, which were entered into in connection with the closing of the transactions. Consolidated financial statements of CHI, the parent of the subsidiaries and affiliates of the entities party to master lease agreements, are publicly available on the Catholic Health Initiatives website (http://www.catholichealthinitiatives.org/). Information included on the CHI website is not incorporated by reference within this Annual Report on Form 10-K. The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2018 (in thousands): State Total ABR Percent of ABR Texas $ 44,064 15.4 % Georgia 24,716 8.6 % Indiana 19,824 6.9 % Nebraska 17,739 6.2 % Minnesota 17,154 6.0 % Other 162,517 56.9 % Total $ 286,014 100.0 % |
Earnings Per Share and Earnings
Earnings Per Share and Earnings Per Unit | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Earnings Per Unit | Earnings Per Share and Earnings Per Unit The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator for earnings per share - basic: Net income $ 58,321 $ 39,773 $ 31,522 Net income attributable to noncontrolling interests: Operating Partnership (1,576 ) (1,136 ) (825 ) Partially owned properties (515 ) (491 ) (716 ) Preferred distributions (1,340 ) (731 ) (1,857 ) Numerator for earnings per share - basic: $ 54,890 $ 37,415 $ 28,124 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 54,890 37,415 28,124 Operating Partnership net income 1,576 1,136 825 Numerator for earnings per share - diluted $ 56,466 $ 38,551 $ 28,949 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 182,064,064 163,123,109 126,143,114 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 5,329,270 4,839,967 3,692,095 Restricted common shares 99,129 89,497 205,036 Restricted share units 34,299 178,726 426,648 Denominator for earnings per share - diluted 187,526,762 168,231,299 130,466,893 Earnings per share - basic $ 0.30 $ 0.23 $ 0.22 Earnings per share - diluted $ 0.30 $ 0.23 $ 0.22 The following table shows the amounts used in computing the Operating Partnership’s basic and diluted earnings per unit (in thousands, except unit and per unit data): Year Ended December 31, 2018 2017 2016 Numerator for earnings per unit - basic and diluted: Net income $ 58,321 $ 39,773 $ 31,522 Net income attributable to noncontrolling interests - partially owned properties (515 ) (491 ) (716 ) Preferred distributions (1,340 ) (731 ) (1,857 ) Numerator for earnings per unit - basic and diluted $ 56,466 $ 38,551 $ 28,949 Denominator for earnings per unit - basic and diluted: Weighted average number of units outstanding - basic 187,393,334 167,963,076 129,835,209 Effect of dilutive securities: Restricted common shares 99,129 89,497 205,036 Restricted share units 34,299 178,726 426,648 Denominator for earnings per unit - diluted 187,526,762 168,231,299 130,466,893 Earnings per unit - basic $ 0.30 $ 0.23 $ 0.22 Earnings per unit - diluted $ 0.30 $ 0.23 $ 0.22 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 18, 2019, the Company made a construction loan to finance the construction of a 27,000 square foot cancer center in Denton, Texas up to $15.5 million . The loan bears interest at a rate of 5.50% on the outstanding principal balance during construction and 6.25% following substantial completion. The 100% pre-leased development is located across the street from the 208 -bed Texas Health Presbyterian Hospital Denton campus. As of February 22, 2019 , $5.0 million has been funded under the construction loan facility. On February 13, 2019, the Company funded a $15.0 million term loan that is secured by a first mortgage on real estate being developed in Columbus, Ohio and by a full recourse guaranty. The loan bears interest at a rate of 8.5% during its one -year term. On February 1, 2019, Catholic Health Initiatives and Dignity Health completed the previously announced merger to form CommonSpirit Health. As of February 22, 2019 , the Company’s total annualized base rent from CommonSpirit affiliated tenants totals 20.8% |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) Physicians Realty Trust The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common share and per share amounts. As a result of the acquisition activity and equity offerings throughout 2018 and 2017 , the quarterly periods are not comparable quarter over quarter. Quarter Ended 2018 March 31 June 30 September 30 December 31 Total revenues $ 105,223 $ 106,989 $ 105,028 $ 105,311 Net income 11,332 12,062 23,771 11,156 Net income attributable to common shareholders 10,421 11,303 22,712 10,454 Earnings per share – basic: Net income available to common shareholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of shares outstanding 181,809,570 182,002,062 182,076,513 182,361,904 Earnings per share – diluted: Net income available to common shareholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of shares outstanding 187,317,243 187,431,132 187,473,230 187,847,406 Quarter Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 76,666 $ 76,599 $ 92,999 $ 97,320 Net income 6,716 10,331 12,539 10,187 Net income available to common shareholders 6,191 9,670 12,018 9,536 Earnings per share – basic: Net income available to common shareholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of shares outstanding 138,986,629 155,366,080 177,847,424 179,683,948 Earnings per share – diluted: Net income available to common shareholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of shares outstanding 142,605,930 161,012,360 183,298,145 185,273,236 Physicians Realty L.P. The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common unit and per unit amounts. As a result of the acquisition activity and equity offerings throughout 2018 and 2017 , the quarterly periods are not comparable quarter over quarter. Quarter Ended 2018 March 31 June 30 September 30 December 31 Total revenues $ 105,223 $ 106,989 $ 105,028 $ 105,311 Net income 11,332 12,062 23,771 11,156 Net income attributable to common unitholders 10,734 11,634 23,368 10,730 Earnings per unit – basic: Net income available to common unitholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of units outstanding 187,264,064 187,394,619 187,367,538 187,544,319 Earnings per unit – diluted: Net income available to common unitholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of units outstanding 187,317,243 187,431,132 187,473,230 187,847,406 Quarter Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 76,666 $ 76,599 $ 92,999 $ 97,320 Net income 6,716 10,331 12,539 10,187 Net income attributable to common unitholders 6,338 9,984 12,380 9,849 Earnings per unit – basic: Net income available to common unitholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of units outstanding 142,172,746 160,765,345 183,227,405 185,048,580 Earnings per unit – diluted: Net income available to common unitholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of units outstanding 142,605,930 161,012,360 183,298,145 185,273,236 |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Year Built Date Acquired Life on Which Building Depreciation in Income Statement is Computed Arrowhead Commons Phoenix, AZ $ — $ 740 $ 2,551 $ 748 $ 740 $ 3,299 $ 4,039 $ (697 ) 2004 5/31/2008 46 Aurora Medical Office Building Green Bay, WI — 500 1,566 — 500 1,566 2,066 (274 ) 2010 4/15/2010 50 El Paso Medical Office Building El Paso, TX — 860 2,866 406 860 3,272 4,132 (1,984 ) 1987 8/24/2006 21 Firehouse Square Milwaukee, WI — 1,120 2,768 — 1,120 2,768 3,888 (1,053 ) 2002 8/15/2007 30 Hackley Medical Center Grand Rapids, MI — 1,840 6,402 183 1,840 6,585 8,425 (2,622 ) 1968 12/22/2006 30 MeadowView Professional Center Kingsport, TN — 2,270 11,344 37 2,270 11,381 13,651 (4,431 ) 2005 5/10/2007 30 Mid Coast Hospital Medical Office Building Portland, ME 6,830 — 11,247 98 — 11,345 11,345 (3,996 ) 2008 5/1/2008 42 New Albany Professional Building Columbus, OH — 237 2,767 590 237 3,357 3,594 (921 ) 2000 1/4/2008 42 Remington Medical Commons Chicago, IL — 895 6,499 356 895 6,855 7,750 (2,483 ) 2008 6/1/2008 30 Valley West Hospital Medical Office Building Chicago, IL — — 6,275 620 — 6,895 6,895 (2,578 ) 2007 11/1/2007 30 East El Paso Medical Office Building El Paso, TX — 710 4,500 — 710 4,500 5,210 (686 ) 2004 8/30/2013 35 East El Paso Surgical Hospital El Paso, TX — 3,070 23,627 — 3,070 23,627 26,697 (3,500 ) 2004 8/30/2013 36 LifeCare Plano LTACH Plano, TX — 3,370 11,689 455 3,370 12,144 15,514 (2,621 ) 1987 9/18/2013 25 Crescent City Surgical Centre New Orleans, LA — — 34,208 — — 34,208 34,208 (3,742 ) 2010 9/30/2013 48 Foundation Surgical Affiliates Medical Office Building Oklahoma City, OK 6,901 1,300 12,724 — 1,300 12,724 14,024 (1,554 ) 2004 9/30/2013 43 Central Ohio Neurosurgical Surgeons Medical Office Columbus, OH — 981 7,620 — 981 7,620 8,601 (880 ) 2007 11/27/2013 44 Great Falls Ambulatory Surgery Center Great Falls, MT — 203 3,224 67 203 3,291 3,494 (508 ) 1999 12/11/2013 33 Foundation San Antonio Surgical Hospital San Antonio, TX — 2,230 23,346 43 2,230 23,389 25,619 (3,681 ) 2007 2/19/2014 35 21st Century Radiation Oncology Centers — Sarasota Sarasota, FL — 633 6,557 — 633 6,557 7,190 (1,222 ) 1975 2/26/2014 27 21st Century Radiation Oncology Centers - Venice Venice, FL — 814 2,952 — 814 2,952 3,766 (460 ) 1987 2/26/2014 35 21st Century Radiation Oncology Centers - Englewood Englewood, FL — 350 1,878 — 350 1,878 2,228 (263 ) 1992 2/26/2014 38 Foundation San Antonio Healthplex San Antonio, TX — 911 4,189 — 911 4,189 5,100 (605 ) 2007 2/28/2014 35 Peachtree Dunwoody Medical Center Atlanta, GA 17,000 — 27,435 25,054 — 52,489 52,489 (7,526 ) 1987 2/28/2014 25 LifeCare LTACH — Fort Worth Fort Worth, TX — 2,730 24,639 — 2,730 24,639 27,369 (4,005 ) 1985 3/28/2014 30 LifeCare LTACH — Pittsburgh Pittsburgh, PA — 1,142 11,737 — 1,142 11,737 12,879 (1,994 ) 1987 3/28/2014 30 PinnacleHealth Medical Office Building Harrisburg, PA — 795 4,601 31 795 4,632 5,427 (931 ) 1990 4/22/2014 25 Pinnacle Health Medical Office Building Carlisle, PA — 424 2,232 — 424 2,232 2,656 (324 ) 2002 4/22/2014 35 South Bend Orthopaedics Medical Office Building Mishawaka, IN — 2,418 11,355 — 2,418 11,355 13,773 (1,521 ) 2007 4/30/2014 40 Grenada Medical Complex Grenada, MS — 185 5,820 116 185 5,936 6,121 (1,105 ) 1975 4/30/2014 30 Mississippi Ortho Medical Office Building Jackson, MS — 1,272 14,177 626 1,272 14,803 16,075 (2,119 ) 1987 5/23/2014 35 Carmel Medical Pavilion Carmel, IN — — 3,917 174 — 4,091 4,091 (765 ) 1993 5/28/2014 25 Renaissance Ambulatory Surgery Center Oshkosh, WI — 228 7,658 17 228 7,675 7,903 (897 ) 2007 6/30/2014 40 Summit Urology Bloomington, IN — 125 4,792 — 125 4,792 4,917 (737 ) 1996 6/30/2014 30 500 Landmark Bloomington, IN — 627 3,549 — 627 3,549 4,176 (475 ) 2000 7/1/2014 35 550 Landmark Bloomington, IN — 2,717 15,224 — 2,717 15,224 17,941 (2,039 ) 2000 7/1/2014 35 574 Landmark Bloomington, IN — 418 1,493 — 418 1,493 1,911 (204 ) 2004 7/1/2014 35 Carlisle II MOB Carlisle, PA — 412 3,962 — 412 3,962 4,374 (409 ) 1996 7/25/2014 45 Surgical Institute of Monroe Monroe, MI — 410 5,743 — 410 5,743 6,153 (852 ) 2010 7/28/2014 35 The Oaks Lady Lake Lady Lake, FL — 1,065 8,642 — 1,065 8,642 9,707 (918 ) 2011 7/31/2014 42 Mansfield ASC Mansfield, TX — 1,491 6,471 — 1,491 6,471 7,962 (672 ) 2010 9/2/2014 46 Eye Center of Southern Indiana Bloomington, IN — 910 11,477 — 910 11,477 12,387 (1,474 ) 1995 9/5/2014 35 Zangmeister Columbus, OH — 1,610 31,120 4 1,610 31,124 32,734 (3,458 ) 2007 9/30/2014 40 Ortho One - Columbus Columbus, OH — — 16,234 7 — 16,241 16,241 (1,712 ) 2009 9/30/2014 45 Ortho One - Westerville Columbus, OH — 362 3,944 — 362 3,944 4,306 (429 ) 2007 9/30/2014 43 Berger Medical Center Columbus, OH — — 5,950 — — 5,950 5,950 (733 ) 2007 9/30/2014 38 El Paso - Lee Trevino El Paso, TX — 2,294 11,316 432 2,294 11,748 14,042 (1,774 ) 1983 9/30/2014 30 El Paso - Murchison El Paso, TX — 2,283 24,543 476 2,283 25,019 27,302 (3,641 ) 1970 9/30/2014 30 El Paso - Kenworthy El Paso, TX — 728 2,178 80 728 2,258 2,986 (303 ) 1983 9/30/2014 35 Pinnacle - 32 Northeast Harrisburg, PA — 408 3,232 102 408 3,334 3,742 (467 ) 1994 10/29/2014 33 Pinnacle - 4518 Union Deposit Harrisburg, PA — 617 7,305 15 617 7,320 7,937 (1,058 ) 2000 10/29/2014 31 Pinnacle - 4520 Union Deposit Harrisburg, PA — 169 2,055 29 169 2,084 2,253 (322 ) 1997 10/29/2014 28 Pinnacle - 240 Grandview Harrisburg, PA — 321 4,242 97 321 4,339 4,660 (541 ) 1980 10/29/2014 35 Pinnacle - Market Place Way Harrisburg, PA — 808 2,383 32 808 2,415 3,223 (413 ) 2004 10/29/2014 35 Middletown Medical - 111 Maltese Middletown, NY — 670 9,921 37 670 9,958 10,628 (1,204 ) 1988 11/28/2014 35 Middletown Medical - 2 Edgewater Middletown, NY — 200 2,966 11 200 2,977 3,177 (360 ) 1992 11/28/2014 35 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Year Built Date Acquired Life on Which Building Depreciation in Income Statement is Computed Napoleon Medical Office Building New Orleans, LA — 1,202 7,412 1,142 1,202 8,554 9,756 (1,406 ) 1974 12/19/2014 25 West TN Bone & Joint - Physicians Drive Jackson, TN — 1,661 2,960 6 1,661 2,966 4,627 (359 ) 1991 12/30/2014 35 Edina MOB Edina MN — 504 10,006 1,316 504 11,322 11,826 (2,128 ) 1979 1/22/2015 24 Crystal MOB Crystal, MN — 945 11,862 51 945 11,913 12,858 (1,180 ) 2012 1/22/2015 47 Savage MOB Savage, MN 5,284 1,281 10,021 — 1,281 10,021 11,302 (1,034 ) 2011 1/22/2015 48 Dell Road MOB Chanhassen, MN — 800 4,520 153 800 4,673 5,473 (530 ) 2008 1/22/2015 43 Methodist Sports MOB Greenwood, IN — 1,050 8,556 — 1,050 8,556 9,606 (1,067 ) 2008 1/28/2015 33 Vadnais Heights MOB Vadnais Heights, MN — 2,751 12,233 — 2,751 12,233 14,984 (1,435 ) 2013 1/29/2015 43 Minnetonka MOB Minnetonka, MN — 1,770 19,797 — 1,770 19,797 21,567 (1,955 ) 2014 2/5/2015 49 Jamestown MOB Jamestown, ND — 656 9,440 194 656 9,634 10,290 (1,151 ) 2013 2/5/2015 43 Indiana American II Greenwood, IN — 862 6,901 682 862 7,583 8,445 (927 ) 2008 2/13/2015 38 Indiana American III Greenwood, IN — 741 1,846 341 741 2,187 2,928 (389 ) 2001 2/13/2015 31 Indiana American IV Greenwood, IN — 771 1,928 169 771 2,097 2,868 (291 ) 2001 2/13/2015 31 Southpointe Indianapolis, IN — 563 1,741 343 563 2,084 2,647 (423 ) 1993 2/13/2015 27 Minnesota Eye MOB Minnetonka, MN — 1,143 7,470 — 1,143 7,470 8,613 (801 ) 2014 2/17/2015 44 Baylor Cancer Center Dallas, TX — 855 6,007 57 855 6,064 6,919 (579 ) 2001 2/27/2015 43 Bridgeport Medical Center Lakewood, WA — 1,397 10,435 47 1,397 10,482 11,879 (1,221 ) 2004 2/27/2015 35 Renaissance Office Building Milwaukee, WI — 1,379 4,182 6,056 1,379 10,238 11,617 (1,625 ) 1896 3/27/2015 15 Calkins 125 Rochester, NY — 534 10,164 759 534 10,923 11,457 (1,517 ) 1997 3/31/2015 32 Calkins 200 Rochester, NY — 210 3,317 58 210 3,375 3,585 (466 ) 2000 3/31/2015 38 Calkins 300 Rochester, NY — 372 6,645 31 372 6,676 7,048 (836 ) 2002 3/31/2015 39 Calkins 400 Rochester, NY — 353 8,226 133 353 8,359 8,712 (1,103 ) 2007 3/31/2015 39 Calkins 500 Rochester, NY — 282 7,074 33 282 7,107 7,389 (805 ) 2008 3/31/2015 41 Premier Surgery Center of Louisville Louisville, KY — 1,106 5,437 — 1,106 5,437 6,543 (509 ) 2013 4/10/2015 43 Baton Rouge MOB Baton Rouge, LA — 711 7,720 — 711 7,720 8,431 (867 ) 2003 4/15/2015 35 Healthpark Medical Center Grand Blanc, MI — — 17,624 22 — 17,646 17,646 (1,972 ) 2006 4/30/2015 36 Northern Ohio Medical Center Sheffield, OH — 644 9,162 — 644 9,162 9,806 (1,700 ) 1999 5/28/2015 20 University of Michigan - Northville MOB Livonia, MI — 2,200 8,627 178 2,200 8,805 11,005 (1,128 ) 1988 5/29/2015 30 Coon Rapids Medical Center MOB Coon Rapids, MN — 607 5,857 — 607 5,857 6,464 (649 ) 2007 6/1/2015 35 Premier Landmark MOB Bloomington, IN — 872 10,537 — 872 10,537 11,409 (1,012 ) 2008 6/5/2015 39 Palm Beach ASC Palm Beach, FL — 2,576 7,675 — 2,576 7,675 10,251 (710 ) 2003 6/26/2015 40 Brookstone Physician Center MOB Jacksonville, AL — — 1,913 — — 1,913 1,913 (232 ) 2007 6/30/2015 31 Hillside Medical Center MOB Hanover, PA — 812 13,217 235 812 13,452 14,264 (1,373 ) 2003 6/30/2015 35 Randall Road MOB Elgin, IL — 1,124 15,404 486 1,124 15,890 17,014 (1,498 ) 2006 6/30/2015 38 Medical Specialists of Palm Beach MOB Atlantis, FL — — 7,560 6 — 7,566 7,566 (765 ) 2002 7/24/2015 37 OhioHealth - SW Health Center MOB Grove City, OH — 1,363 8,516 — 1,363 8,516 9,879 (900 ) 2001 7/31/2015 37 Trios Health MOB Kennewick, WA — 1,492 55,178 3,795 1,492 58,973 60,465 (4,517 ) 2015 7/31/2015 45 IMS - Paradise Valley MOB Phoenix, AZ — — 25,893 14 — 25,907 25,907 (2,316 ) 2004 8/14/2015 43 IMS - Avondale MOB Avondale, AZ — 1,818 18,108 10 1,818 18,118 19,936 (1,457 ) 2006 8/19/2015 45 IMS - Palm Valley MOB Goodyear, AZ — 2,666 28,655 — 2,666 28,655 31,321 (2,404 ) 2006 8/19/2015 43 IMS - North Mountain MOB Phoenix, AZ — — 42,877 504 — 43,381 43,381 (3,429 ) 2008 8/31/2015 47 Memorial Hermann - Phase I Katy, TX — 822 6,797 31 822 6,828 7,650 (631 ) 2005 9/1/2015 39 Memorial Hermann - Phase II Katy, TX — 1,560 25,601 110 1,560 25,711 27,271 (2,254 ) 2006 9/1/2015 40 New Albany Medical Center MOB New Albany, OH — 1,600 8,505 339 1,600 8,844 10,444 (913 ) 2005 9/9/2015 37 Fountain Hills Medical Campus MOB Fountain Hills, AZ — 2,593 7,635 704 2,593 8,339 10,932 (761 ) 1995 9/30/2015 39 Fairhope MOB Fairhope, AL — 640 5,227 659 640 5,886 6,526 (564 ) 2005 10/13/2015 38 Foley MOB Foley, AL — 365 732 — 365 732 1,097 (69 ) 1997 10/13/2015 40 Foley Venture Foley, AL — 420 1,118 — 420 1,118 1,538 (106 ) 2002 10/13/2015 38 North Okaloosa MOB Crestview, FL — 190 1,010 — 190 1,010 1,200 (88 ) 2005 10/13/2015 41 Commons on North Davis Pensacola, FL — 380 1,237 — 380 1,237 1,617 (109 ) 2009 10/13/2015 41 Sorrento Road Pensacola, FL — 170 894 — 170 894 1,064 (79 ) 2010 10/13/2015 41 Breakfast Point Medical Park Panama City, FL — — 817 — — 817 817 (68 ) 2012 10/13/2015 42 Panama City Beach Panama City, FL — — 739 — — 739 739 (61 ) 2012 10/13/2015 42 Perdido Medical Park Pensacola, FL — 100 1,147 — 100 1,147 1,247 (100 ) 2010 10/13/2015 41 Ft. Walton Beach Ft. Walton Beach, FL — 230 914 — 230 914 1,144 (91 ) 1979 10/13/2015 35 Panama City Panama City, FL — — 661 — — 661 661 (60 ) 2003 10/13/2015 38 Pensacola - Catalyst Pensacola, FL — 220 1,685 70 220 1,755 1,975 (151 ) 2001 10/13/2015 39 Arete Surgical Center Johnstown, CO — 399 6,667 — 399 6,667 7,066 (492 ) 2013 10/19/2015 45 Cambridge Professional Center MOB Waldorf, MD — 590 8,520 338 590 8,858 9,448 (874 ) 1999 10/30/2015 35 HonorHealth 44th Street MOB Phoenix, AZ — 515 3,884 1,320 515 5,204 5,719 (617 ) 1988 11/13/2015 28 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Year Built Date Acquired Life on Which Building Depreciation in Income Statement is Computed Mercy Medical Center MOB Fenton, MO — 1,201 6,778 — 1,201 6,778 7,979 (575 ) 1999 12/1/2015 40 Nashville MOB Nashville, TN — 1,555 39,713 273 1,555 39,986 41,541 (2,679 ) 2015 12/17/2015 45.5 Great Falls Clinic MOB Great Falls, MT — 1,687 27,402 441 1,687 27,843 29,530 (2,243 ) 2004 12/29/2015 40 Great Falls Hospital Great Falls, MT — 1,026 25,262 — 1,026 25,262 26,288 (1,982 ) 2015 1/25/2016 40 Monterey Medical Center ASC Stuart, FL — 380 5,064 — 380 5,064 5,444 (365 ) 2013 2/1/2016 42 Park Nicollet Clinic Chanhassen, MN — 1,941 14,555 — 1,941 14,555 16,496 (1,154 ) 2005 2/8/2016 40 HEB Cancer Center Bedford, TX — — 11,839 6 — 11,845 11,845 (833 ) 2014 2/12/2016 44 Riverview Medical Center Lancaster, OH — 1,313 10,243 68 1,313 10,311 11,624 (989 ) 1997 2/26/2016 33 St. Luke's Cornwall MOB Cornwall, NY — — 13,017 — — 13,017 13,017 (1,158 ) 2006 2/26/2016 35 HonorHealth Glendale Glendale, AZ — 1,770 8,089 — 1,770 8,089 9,859 (544 ) 2015 3/15/2016 45 Columbia MOB Hudson, NY — — 16,550 36 — 16,586 16,586 (1,340 ) 2006 3/21/2016 35 St Vincent POB 1 Birmingham, AL — — 10,172 267 — 10,439 10,439 (1,977 ) 1975 3/23/2016 15 St Vincent POB 2 Birmingham, AL — 48 6,624 280 48 6,904 6,952 (1,372 ) 1988 3/23/2016 15 St Vincent POB 3 Birmingham, AL — 75 9,433 1,086 75 10,519 10,594 (1,179 ) 1992 3/23/2016 25 Emerson Medical Building Creve Coeur, MO — 1,590 9,853 125 1,590 9,978 11,568 (838 ) 1989 3/24/2016 35 Eye Associates of NM - Santa Fe Santa Fe, NM — 900 6,604 — 900 6,604 7,504 (565 ) 2002 3/31/2016 35 Eye Associates of NM - Albuquerque Albuquerque, NM — 1,020 7,832 13 1,020 7,845 8,865 (594 ) 2007 3/31/2016 40 Gardendale Surgery Center Gardendale, AL — 200 5,732 — 200 5,732 5,932 (393 ) 2011 4/11/2016 42 HealthEast - Curve Crest Stillwater, MN — 409 3,279 — 409 3,279 3,688 (232 ) 2011 4/14/2016 43 HealthEast - Victor Gardens Hugo, MN — 572 4,400 51 572 4,451 5,023 (333 ) 2008 4/14/2016 41 NOMS - Clyde Clyde, OH — 440 5,948 — 440 5,948 6,388 (383 ) 2015 5/10/2016 44 Blandford MOB Little Rock, AR — 203 2,386 — 203 2,386 2,589 (172 ) 1983 5/11/2016 40 Cardwell MOB Lufkin, TX — — 8,348 215 — 8,563 8,563 (588 ) 1999 5/11/2016 42 Dacono Neighborhood Health Dacono, CO — 2,258 2,911 20 2,258 2,931 5,189 (279 ) 2014 5/11/2016 44 Franciscan Health Tacoma, WA — 711 9,096 65 711 9,161 9,872 (1,637 ) 1951 5/11/2016 15 Grand Island Specialty Clinic Grand Island, NE — 102 2,802 163 102 2,965 3,067 (225 ) 1978 5/11/2016 42 Hot Springs MOB Hot Springs Village, AR — 305 3,309 95 305 3,404 3,709 (340 ) 1988 5/11/2016 30 Jewish Medical Center East Louisville, KY — — 81,248 119 — 81,367 81,367 (5,025 ) 2003 5/11/2016 45 Jewish Medical Center South MOB - 1 Shepherdsville, KY — — 15,861 235 — 16,096 16,096 (1,272 ) 2005 5/11/2016 39 Jewish Medical Plaza I Louisville, KY — — 8,808 503 — 9,311 9,311 (743 ) 1970 5/11/2016 35 Jewish Medical Plaza II Louisville, KY — — 5,216 1,473 — 6,689 6,689 (979 ) 1964 5/11/2016 15 Jewish OCC Louisville, KY — — 35,703 177 — 35,880 35,880 (2,833 ) 1985 5/11/2016 34 Lexington Surgery Center Lexington, KY — 1,229 18,914 484 1,229 19,398 20,627 (1,745 ) 2000 5/11/2016 30 Medical Arts Pavilion Lufkin, TX — — 6,215 265 — 6,480 6,480 (541 ) 2004 5/11/2016 33 Memorial Outpatient Center Lufkin, TX — — 4,808 100 — 4,908 4,908 (334 ) 1990 5/11/2016 45 Midlands Two Professional Center Papillion, NE — — 587 136 — 723 723 (369 ) 1976 5/11/2016 5 Parkview MOB Little Rock, AR — 705 4,343 76 705 4,419 5,124 (371 ) 1988 5/11/2016 35 Peak One ASC Frisco, CO — — 5,763 285 — 6,048 6,048 (383 ) 2006 5/11/2016 44 Physicians Medical Center Tacoma, WA — — 5,862 1,401 — 7,263 7,263 (609 ) 1977 5/11/2016 27 St. Alexius - Minot Medical Plaza Minot, ND — — 26,078 — — 26,078 26,078 (1,637 ) 2015 5/11/2016 49 St. Clare Medical Pavilion Lakewood, WA — — 9,005 23 — 9,028 9,028 (857 ) 1989 5/11/2016 33 St. Joseph Medical Pavilion Tacoma, WA — — 11,497 54 — 11,551 11,551 (949 ) 1989 5/11/2016 35 St. Joseph Office Park Lexington, KY — 3,722 12,675 4,221 3,722 16,896 20,618 (2,714 ) 1992 5/11/2016 14 St. Mary - Caritas Medical II Louisville, KY — — 5,587 72 — 5,659 5,659 (458 ) 1979 5/11/2016 34 St. Mary - Caritas Medical III Louisville, KY — — 383 200 — 583 583 (407 ) 1974 5/11/2016 2 Thornton Neighborhood Health Thornton, CO — 1,609 2,287 — 1,609 2,287 3,896 (211 ) 2014 5/11/2016 43 St. Francis MOB Federal Way, WA — — 12,817 100 — 12,917 12,917 (1,006 ) 1987 6/2/2016 38 Children's Hospital MOB Milwaukee, WI — 476 4,897 — 476 4,897 5,373 (321 ) 2016 6/3/2016 45 Jewish Medical Center South MOB - 2 Shepherdsville, KY — 27 3,827 — 27 3,827 3,854 (250 ) 2006 6/8/2016 40 Good Samaritan North Annex Building Kearney, NE — — 2,734 — — 2,734 2,734 (220 ) 1984 6/28/2016 37 NE Heart Institute Medical Building Lincoln, NE — — 19,738 — — 19,738 19,738 (1,055 ) 2004 6/28/2016 47 St. Vincent West MOB Little Rock, AR — — 13,453 — — 13,453 13,453 (746 ) 2012 6/29/2016 49 Meridan MOB Englewood, CO — 1,608 15,774 137 1,608 15,911 17,519 (1,202 ) 2002 6/29/2016 38 St. Mary - Caritas Medical I Louisville, KY — — 8,774 374 — 9,148 9,148 (914 ) 1991 6/29/2016 25 St. Alexius - Medical Arts Pavilion Bismarck, ND — — 12,902 144 — 13,046 13,046 (1,044 ) 1974 6/29/2016 32 St. Alexius - Mandan Clinic Mandan, ND — 708 7,700 172 708 7,872 8,580 (502 ) 2014 6/29/2016 43 St. Alexius - Orthopaedic Center Bismarck, ND — — 13,881 413 — 14,294 14,294 (958 ) 1997 6/29/2016 39 St. Alexius - Rehab Center Bismarck, ND — — 5,920 101 — 6,021 6,021 (639 ) 1997 6/29/2016 25 St. Alexius - Tech & Ed Bismarck, ND — — 16,688 3 — 16,691 16,691 (1,132 ) 2011 6/29/2016 38 Good Samaritan MOB Kearney, NE — — 24,154 437 — 24,591 24,591 (1,386 ) 1999 6/29/2016 45 Lakeside Two Professional Building Omaha, NE — — 13,358 500 — 13,858 13,858 (903 ) 2000 6/29/2016 38 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Year Built Date Acquired Life on Which Building Depreciation in Income Statement is Computed Lakeside Wellness Center Omaha, NE — — 10,177 219 — 10,396 10,396 (666 ) 2000 6/29/2016 39 McAuley Center Omaha, NE — 1,427 17,020 429 1,427 17,449 18,876 (1,557 ) 1988 6/29/2016 30 Memorial Health Center Grand Island, NE — — 33,967 1,238 — 35,205 35,205 (2,554 ) 1955 6/29/2016 35 Missionary Ridge MOB Chattanooga, TN — — 7,223 1,760 — 8,983 8,983 (1,902 ) 1976 6/29/2016 10 Pilot Medical Center Birmingham, AL — 1,419 14,528 45 1,419 14,573 15,992 (1,110 ) 2005 6/29/2016 35 St. Joseph Medical Clinic Tacoma, WA — — 16,427 37 — 16,464 16,464 (1,383 ) 1991 6/30/2016 30 Woodlands Medical Arts Center The Woodlands, TX — — 19,168 783 — 19,951 19,951 (1,490 ) 2001 6/30/2016 35 FESC MOB Tacoma, WA — — 12,702 181 — 12,883 12,883 (1,608 ) 1980 6/30/2016 22 Prairie Care MOB Maplewood, MN — 525 3,099 — 525 3,099 3,624 (189 ) 2016 7/6/2016 45 Springwoods MOB Spring, TX — 3,821 14,830 4,562 3,821 19,392 23,213 (1,252 ) 2015 7/21/2016 44 Unity - ASC, Imaging & MOB West Lafayette, IN — 960 9,991 — 960 9,991 10,951 (732 ) 2001 8/8/2016 35 Unity - Medical Pavilion West Lafayette, IN — 1,070 12,454 — 1,070 12,454 13,524 (913 ) 2001 8/8/2016 35 Unity - Faith, Hope & Love West Lafayette, IN — 280 1,862 — 280 1,862 2,142 (137 ) 2001 8/8/2016 35 Unity - Immediate Care & OCC West Lafayette, IN — 300 1,833 — 300 1,833 2,133 (129 ) 2004 8/8/2016 37 Medical Village at Maitland Orlando, FL — 2,393 18,543 24 2,393 18,567 20,960 (1,072 ) 2006 8/23/2016 44 Tri-State Orthopaedics MOB Evansville, IN — 1,580 14,162 — 1,580 14,162 15,742 (968 ) 2004 8/30/2016 37 Maury Regional Healthcare MOB Spring Hill, TN — — 15,619 320 — 15,939 15,939 (927 ) 2012 9/30/2016 41 Spring Ridge Medical Center Wyomissing, PA — 28 4,943 — 28 4,943 4,971 (319 ) 2002 9/30/2016 37 Doctors Community Hospital POB Lanham, MD — — 23,034 — — 23,034 23,034 (1,084 ) 2009 9/30/2016 48 Gig Harbor Medical Pavilion Gig Harbor, WA — — 4,791 2,245 — 7,036 7,036 (552 ) 1991 9/30/2016 30 Midlands One Professional Center Papillion, NE — — 14,922 4 — 14,926 14,926 (912 ) 2010 9/30/2016 37 N.W. Michigan Surgery Center Units #1, #2, & #4 Traverse City, MI — 2,748 30,005 — 2,748 30,005 32,753 (1,688 ) 2004 10/28/2016 40 Northeast Medical Center Fayetteville, NY — 4,011 25,564 929 4,011 26,493 30,504 (2,015 ) 1998 11/23/2016 33 North Medical Center Liverpool, NY — 1,337 18,680 863 1,337 19,543 20,880 (1,299 ) 1989 11/23/2016 35 Cincinnati Eye Institute Cincinnati, OH — 2,050 32,546 — 2,050 32,546 34,596 (2,104 ) 1985 11/23/2016 35 HonorHealth - Scottsdale MOB Scottsdale, AZ — 3,340 4,288 1,702 3,340 5,990 9,330 (270 ) 2000 12/2/2016 45 Fox Valley Hematology & Oncology Appleton, WI — 1,590 26,666 — 1,590 26,666 28,256 (1,329 ) 2015 12/8/2016 44 Northern Vision Eye Center Traverse City, MI — 490 2,132 — 490 2,132 2,622 (137 ) 2006 12/15/2016 35 Flower Mound MOB Flower Mound, TX — 1,945 8,312 — 1,945 8,312 10,257 (439 ) 2011 12/16/2016 43 Carrollton MOB Flower Mound, TX — 2,183 10,461 24 2,183 10,485 12,668 (589 ) 2002 12/16/2016 40 HonorHealth IRF Scottsdale, AZ — — 19,331 — — 19,331 19,331 (963 ) 2000 12/22/2016 42 Orthopedic Associates Flower Mound, TX — 2,915 12,791 — 2,915 12,791 15,706 (637 ) 2011 1/5/2017 43 Medical Arts Center at Hartford Plainville, CT — 1,499 24,627 — 1,499 24,627 26,126 (1,188 ) 2015 1/11/2017 44 CareMount - Lake Katrine MOB Lake Katrine, NY 25,618 1,941 27,434 — 1,941 27,434 29,375 (1,330 ) 2013 2/14/2017 42 CareMount - Rhinebeck MOB Rhinebeck, NY — 869 12,220 — 869 12,220 13,089 (618 ) 1965 2/14/2017 41 Monterey Medical Center - MOB Stuart, FL — 2,292 13,376 15 2,292 13,391 15,683 (712 ) 2003 3/7/2017 37 Creighton University Medical Center Omaha, NE — — 32,487 — — 32,487 32,487 (1,266 ) 2017 3/28/2017 49 Strictly Pediatrics Specialty Center Austin, TX — 4,457 62,527 156 4,457 62,683 67,140 (2,856 ) 2006 3/31/2017 40 MedStar Stephen's Crossing Brandywine, MD — 1,975 14,810 — 1,975 14,810 16,785 (571 ) 2015 6/16/2017 43 CHI Health Clinic Building Omaha, NE — — 50,177 — — 50,177 50,177 (1,540 ) 2017 6/29/2017 49 St Gabriel's Centracare Little Falls, MN — — 4,944 608 — 5,552 5,552 (323 ) 1990 6/29/2017 25 Craven-Hagan Clinic Williston, ND — — 8,739 301 — 9,040 9,040 (355 ) 1984 6/29/2017 40 Chattanooga Heart Institute Chattanooga, TN — — 18,639 — — 18,639 18,639 (772 ) 1993 6/29/2017 37 CHI St. Vincent Mercy Heart & Vascular Center Hot Springs, AR — — 11,688 6 — 11,694 11,694 (435 ) 1998 6/29/2017 45 South Campus MOB Hot Springs, AR — — 13,369 16 — 13,385 13,385 (515 ) 2009 6/29/2017 42 CHI St. Vincent Mercy Cancer Center Hot Springs, AR — — 5,090 51 — 5,141 5,141 (219 ) 2001 6/29/2017 39 St. Joseph Professional Office Building Bryan, TX — — 11,169 62 — 11,231 11,231 (388 ) 1996 6/29/2017 46 St. Vincent Carmel Women's Center Carmel, IN — — 31,720 49 — 31,769 31,769 (1,020 ) 2014 6/29/2017 48 St. Vincent Fishers Medical Center Fishers, IN 30,000 — 62,870 — — 62,870 62,870 (2,246 ) 2008 6/29/2017 45 Baylor Charles A. Sammons Cancer Center Dallas, TX — — 256,886 206 — 257,092 257,092 (9,482 ) 2011 6/30/2017 43 Orthopedic & Sports Institute of the Fox Valley Appleton, WI — 2,003 26,394 100 2,003 26,494 28,497 (1,103 ) 2005 6/30/2017 40 Clearview Cancer Institute Huntsville, AL — 2,736 43,220 — 2,736 43,220 45,956 (1,883 ) 2006 8/4/2017 34 Northside Cherokee/Town Lake MOB Atlanta, GA — — 30,627 — — 30,627 30,627 (1,062 ) 2013 8/15/2017 46 HonorHealth Mesa MOB Mesa, AZ — 362 3,059 — 362 3,059 3,421 (110 ) 2013 8/15/2017 43 Little Falls Orthopedics Little Falls, MN — 246 1,977 100 246 2,077 2,323 (156 ) 1999 8/24/2017 28 Little Falls Dialysis Center Little Falls, MN — — 2,885 425 — 3,310 3,310 (313 ) 1959 8/24/2017 15 Immanuel One Professional Center Omaha, NE — — 16,598 9 — 16,607 16,607 (726 ) 1993 8/24/2017 35 SJRHC Cancer Center Bryan, TX — — 5,065 541 — 5,606 5,606 (202 ) 1997 8/24/2017 40 St. Vincent Women's Center Hot Springs, AR — — 4,789 7 — 4,796 4,796 (163 ) 2001 8/31/2017 40 Legends Park MOB & ASC Midland, TX — 1,658 24,178 — 1,658 24,178 25,836 (777 ) 2003 9/27/2017 44 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Year Built Date Acquired Life on Which Building Depreciation in Income Statement is Computed Franklin MOB & ASC Franklin, TN — 1,001 7,902 — 1,001 7,902 8,903 (244 ) 2014 10/12/2017 42 Eagle Point MOB Lake Elmo, MN — 1,011 9,009 — 1,011 9,009 10,020 (252 ) 2015 10/31/2017 48 Edina East MOB Edina, MN — 2,360 4,135 365 2,360 4,500 6,860 (194 ) 1962 10/31/2017 30 Northside MOB - Center Pointe Atlanta, GA — — 118,430 2,569 — 120,999 120,999 (4,280 ) 2009 11/10/2017 31 Gwinnett 500 Building Lawrenceville, GA — — 22,753 24 — 22,777 22,777 (633 ) 1995 11/17/2017 45 Hudgens Professional Building Duluth, GA — — 21,779 58 — 21,837 21,837 (690 ) 1994 11/17/2017 40 St. Vincent Building Indianapolis, IN — 5,854 42,382 5,718 5,854 48,100 53,954 (1,328 ) 2007 11/17/2017 45 Gwinnett Physicians Center Lawrenceville, GA 17,029 — 49,203 (899 ) — 48,304 48,304 (1,173 ) 2010 12/1/2017 47 Apple Valley Medical Center Apple Valley, MN — 1,587 14,929 1,999 1,587 16,928 18,515 (527 ) 1974 12/18/2017 33 Desert Cove MOB Scottsdale, AZ — 1,689 5,207 — 1,689 5,207 6,896 (158 ) 1991 12/18/2017 38 Westgate MOB Glendale, AZ — — 13,379 569 — 13,948 13,948 (357 ) 2016 12/21/2017 45 Hazelwood Medical Commons Maplewood, MN — 3,292 57,390 — 3,292 57,390 60,682 (1,333 ) 2017 1/9/2018 45 Lee's Hill Medical Plaza Fredericksburg, VA — 1,052 24,790 — 1,052 24,790 25,842 (654 ) 2006 1/23/2018 40 HMG Medical Plaza Kingsport, TN — — 64,204 — — 64,204 64,204 (1,261 ) 2010 4/3/2018 40 Jacksonville MedPlex (Building B) Jacksonville, FL — 3,259 5,988 — 3,259 5,988 9,247 (87 ) 2010 7/26/2018 37 Jacksonville MedPlex (Building C) Jacksonville, FL — 2,168 6,467 — 2,168 6,467 8,635 (87 ) 2010 7/26/2018 40 Northside Medical Midtown MOB Atlanta, GA — — 55,483 3,927 — 59,410 59,410 (399 ) 2018 9/14/2018 50 $ 108,662 $ 211,253 $ 3,561,368 $ 99,091 $ 211,253 $ 3,660,459 $ 3,871,712 $ (283,495 ) December 31, 2018 is $4.4 billion , with accumulated tax depreciation of $323.0 million . The cost, net of accumulated depreciation, is approximately $4.1 billion (unaudited). The cost capitalized subsequent to acquisitions is net of dispositions. The changes in total real estate for the years ended December 31, 2018 , 2017 , and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Balance as of the beginning of the year $ 3,809,609 $ 2,606,536 $ 1,424,894 Acquisitions 235,232 1,207,098 1,170,593 Additions 8,821 12,243 11,049 Impairment — (965 ) — Dispositions (181,950 ) (15,303 ) — Balance as of the end of the year $ 3,871,712 $ 3,809,609 $ 2,606,536 The changes in accumulated depreciation for the years ended December 31, 2018 , 2017 , and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Balance as of the beginning of the year $ 201,527 $ 118,609 $ 61,242 Depreciation 106,300 87,531 57,367 Dispositions (24,332 ) (4,613 ) — Balance as of the end of the year $ 283,495 $ 201,527 $ 118,609 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. We identify the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. We consolidate our investment in a VIE when we determine that we are the VIE’s primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We perform this analysis on an ongoing basis. For property holding entities not determined to be VIEs, we consolidate such entities in which the Operating Partnership owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Operating Partnership owns less than 100% of the equity interest, the Operating Partnership consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Operating Partnership records a noncontrolling interest representing equity held by noncontrolling interests. |
Noncontrolling Interests | Noncontrolling Interests The Company presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Net income or loss is allocated to noncontrolling interests (limited partners) based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional common shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions. During the year ended December 31, 2017 , the Operating Partnership partially funded one property acquisition by issuing an aggregate of 2,247,817 OP Units valued at approximately $44.3 million on the date of issuance. The acquisition had a total purchase price of approximately $78.6 million . In addition, during the year ended December 31, 2017 , the Operating Partnership funded the acquisition of the remaining non-controlling interest on a property by issuing an aggregate of 38,641 OP Units valued at approximately $0.7 million . Noncontrolling interests in the Company include OP Units held by other investors. As of December 31, 2018 and 2017 , the Trust held a 97.2% and 97.1% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations of the Operating Partnership. Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership. Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or for unregistered common shares on a one -for-one basis. Such selection to pay cash or issue common shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust. Accordingly, the Trust presents the OP Units of the Operating Partnership held by investors other than the Trust as noncontrolling interests within equity in the consolidated balance sheets. Partially Owned Properties: The Trust and Operating Partnership reflect noncontrolling interests in partially owned properties on the balance sheet for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income. Redeemable Noncontrolling Interests-Series A Preferred Units and Partially Owned Properties On February 5, 2015, the Trust entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the newly designated Series A Participating Redeemable Preferred Units of the Operating Partnership (“Series A Preferred Units”). Series A Preferred Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. Holders of Series A Preferred Units are entitled to a 5% cumulative return and upon redemption, the receipt of one common share and $200 . The holders of the Series A Preferred Units have agreed not to cause the Operating Partnership to redeem their Series A Preferred Units prior to one year from the issuance date. In addition, Series A Preferred Units are redeemable at the option of the holders which redemption obligation may be satisfied, at the Trust’s option, in cash or registered common shares. Instruments that require settlement in registered common shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered common shares. Due to the redemption rights associated with the Series A Preferred Units, the Company classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheets. The Series A Preferred Units were evaluated for embedded features that should be bifurcated and separately accounted for as a freestanding derivative. The Company determined that the Series A Preferred Units contained features that require bifurcation. The Company records the carrying amount of the redeemable noncontrolling interests, less the value of the embedded derivative, at the greater of the carrying value or redemption value in the consolidated balance sheets. On January 9, 2018, the acquisition of the HealthEast Clinic & Specialty Center (“Hazelwood Medical Commons”) was partially funded with the issuance of 104,172 Series A Preferred Units, with a value of $22.7 million . As of December 31, 2018 , the value of the embedded derivative is $3.7 million and is classified in accrued expenses and other liabilities on the consolidated balance sheets. As of December 31, 2018 , there were 104,172 Series A Preferred Units outstanding. No Series A Preferred Units were outstanding as of December 31, 2017 . In connection with the acquisition of a medical office portfolio in Minnesota (the “Minnesota portfolio”), the Trust received a $5 million equity investment from a third party, effective March 1, 2015. On March 1, 2018, the equity investment was redeemed for $6.4 million |
Dividends and Distributions | Dividends and Distributions Dividends and distributions for the years ended December 31, 2018 , 2017 , and 2016 are as follows: Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 21, 2018 January 4, 2019 January 18, 2019 $ 0.230 September 19, 2018 October 3, 2018 October 18, 2018 $ 0.230 June 21, 2018 July 3, 2018 July 18, 2018 $ 0.230 March 23, 2018 April 3, 2018 April 18, 2018 $ 0.230 December 21, 2017 January 3, 2018 January 18, 2018 $ 0.230 September 21, 2017 October 3, 2017 October 18, 2017 $ 0.230 June 12, 2017 July 3, 2017 July 18, 2017 $ 0.230 March 17, 2017 April 5, 2017 April 18, 2017 $ 0.225 December 22, 2016 January 5, 2017 January 18, 2017 $ 0.225 September 26, 2016 October 6, 2016 October 18, 2016 $ 0.225 June 23, 2016 July 5, 2016 July 18, 2016 $ 0.225 March 18, 2016 April 1, 2016 April 18, 2016 $ 0.225 |
Tax Status of Dividends and Distributions | Tax Status of Dividends and Distributions Our distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. |
Purchase of Investment Properties | Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, our 2018 acquisitions of investment properties and the majority of our future investments will be accounted for as asset acquisitions, resulting in the purchase price inclusive of acquisition costs, for tangible and intangible assets and liabilities to be based on their relative fair values. Tangible assets primarily consist of land and buildings and improvements. Additionally, the purchase price includes acquisition related expenses, above- or below-market leases, in place leases, and above- or below-market debt assumed. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires us to make certain estimates and assumptions. The determination of fair value involves the use of significant judgment and estimation. The Company makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and generally includes the assistance of a third party appraiser. The Company estimates the fair value of an acquired asset on an “as-if-vacant” basis and its value is depreciated in equal amounts over the course of its estimated remaining useful life. The Company determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on an internal analysis of recently acquired and existing comparable properties within the Company’s portfolio. The value of above- or below-market leases is estimated based on the present value (using a discount rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease . The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases plus the term of any renewal options that the lessee would be economically compelled to exercise. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases are amortized to amortization expense over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off, net of any required lease termination payments. The Company calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Company approximates based on the rate it would expect to incur on a replacement instrument on the date of acquisition, and recognizes any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. |
Impairment of Intangible and Long-Lived Assets | Impairment of Intangible and Long-Lived Assets The Company periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Company evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations. In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Company adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Company recognizes an impairment loss at the time it makes any such determination. If the Company determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates, or other available market data. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations |
Investments in Unconsolidated Entities | Investment in Unconsolidated Entities |
Real Estate Loans Receivable | Real Estate Loans Receivable Real estate loans receivable consists of 10 mezzanine loans and 1 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Derivative Instruments | Derivative Instruments When the Company has derivative instruments embedded in other contracts, it records them either as an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sale exception. When specific hedge accounting criteria are not met or if the Company does not elect to apply for hedge accounting, changes in the Company’s derivative instruments’ fair value are recognized currently in earnings. If hedge accounting is applied to a derivative instrument, such changes are reported in accumulated other comprehensive income within the consolidated statement of equity or capital, exclusive of ineffectiveness amounts, which are recognized as adjustments to net income. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2018 , the Company had five outstanding interest rate swap contracts that are designated as cash flow hedges of interest rate risk. For presentational purposes, they are shown as one derivative due to the identical nature of their economic terms. Further detail is provided in Note 7 (Derivatives) . The effective portion of the change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings. The |
Tenant receivables, net | Tenant Receivables, Net |
Rental Revenue | Rental Revenue Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants, net of related allowances, are included in other assets and were approximately $64.2 million and $47.6 million as of December 31, 2018 and 2017 , respectively. If the Company determines that collectability of straight-line rents is not reasonably assured, the Company limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses. Allowances recognized against straight-line rent were approximately $0.4 million and $4.9 million as of December 31, 2018 and December 31, 2017 |
Expense Recoveries | Expense Recoveries Expense recoveries relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded gross, as the Company is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers, has discretion in selecting the supplier, and bears the credit risk of tenant reimbursement. |
Income Taxes | Income Taxes The Trust elected to be taxed as a REIT for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to continue to operate in such a manner as to continue qualifying for treatment as a REIT. Although the Trust continues to qualify for taxation as a REIT, in various instances, the Trust is subject to state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. On December 22, 2017, the U.S. President signed a tax reform bill commonly referred to as the Tax Cuts and Jobs Act into law. The tax reform legislation is a far-reaching and complex revision to the U.S. federal income tax laws with disparate and, in some cases, countervailing effects on different categories of taxpayers and industries. The legislation is unclear in many respects and will require clarification and interpretation by the U.S. Treasury Department and the IRS in the form of amendments, technical corrections, regulations, or other forms of guidance, any of which could either lessen or increase the effect of the legislation on us or our stockholders. The outcome of this legislation on state and local tax authorities, and the response by such authorities, is also unclear. We continue to monitor changes made to, or as a result of, the federal tax law and its potential effect on us. As discussed in Note 1 (Organization and Business) |
Management Estimates | Management Estimates |
Contingent Liabilities and Commitments | Contingent Liabilities and Commitments Certain of our acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the contingent liabilities only if certain parameters or other substanti ve contingencies are met, at which time the consideration becomes payable. Resolved contingent liabilities increase our acquired assets and reduce our liabilities. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The Company adopted ASU 2017-01 on January 1, 2018. As such, the Company recorded all 2018 real estate investments and will record the majority of future real estate investments as asset acquisitions and any future contingent consideration will be recorded when the contingency is resolved. Prior to January 1, 2018, the Company recorded certain contingent liabilities which are included in accrued expenses and other liabilities on its consolidated balance sheets. These were recorded at fair value as of the acquisition date and until they expire, the Company reassesses the fair value at the end of each reporting period, with any changes being recognized in earnings. |
Segment Reporting | Segment Reporting Under the provision of Codification Topic 280, Segment Reporting , the Company has determined that it has one |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We adopted ASU 2014-09 as of January 1, 2018 under the modified retrospective approach. Based on our assessment, we have identified all of our revenue streams and concluded rental income from leasing arrangements represents a substantial portion of our revenue. Income from leasing arrangements is specifically excluded from Topic 606 and will be evaluated with the anticipated adoption of ASU 2016-02, Leases . Therefore, the impact of adopting ASU 2014-09 was minimal on our current recognition and presentation of non-lease revenue. In February 2016, the FASB issued ASU 2016-02, Leases . The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard provides the option of a modified retrospective transition approach or a cumulative effect for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued ASU 2018-11, Leases, Targeted Improvements ("ASU 2018-11"). ASU 2018-11 provides entities with a transition method option to not restate comparative periods presented, but to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides entities with a practical expedient allowing lessors to not separate non-lease components from the associated lease components when certain criteria are met. ASU 2016-02 and ASU 2018-11 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019. As a result of adopting ASU 2016-02, the Company will recognize all of its operating leases for which it is the lessee, including ground, office, and equipment leases, on its consolidated balance sheets as a lease liability and corresponding right-of-use asset. We have detailed our future minimum lease obligations under non-cancelable leases in Note 12 (Rent Expense). The Company currently expects that the adoption of ASU 2016-02 will result in recognition of lease liabilities of approximately $64 million and a corresponding right-of-use asset based on the remaining minimum rental payments as of January 1, 2019. The right-of-use asset will be recognized based upon the amount of recognized lease liabilities, adjusted for prepaid lease payments, intangible assets, and right of use impairment charges. The Company has concluded that the initially recognized right of use asset will be approximately $9 million more than the lease liabilities recognized as of January 1, 2019. The Company is finalizing the impact of the adoption of ASU 2016-02 and 2018-11 but has substantially completed the process of estimating the operating lease liabilities based on the remaining rental payments and the Company’s estimate of its incremental borrowing rate. The Company continues to monitor recent accounting pronouncements of the FASB and complete its final evaluation of the impact of the adoption of ASU 2016-02 and ASU 2018-11 on its disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, which changes the impairment model for most financial instruments by requiring companies to recognize an allowance for expected losses, rather than incur losses as required currently by the other-than-temporary impairment model. ASU 2016-13 will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted, and will be applied as a cumulative adjustment to retained earnings as of the effective date. We are currently assessing the potential effect the adoption of ASU 2016-13 will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, S tatement of Cash Flows: Classification of Certain Cash Receipts and Cash Payment. ASU 2016-15 clarifies the guidance on the classification of certain cash receipts and payments in the statement of cash flows to reduce diversity in practice with respect to: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 with early adoption permitted. The Company adopted ASU 2016-15 on January 1, 2018, with no material effect on its consolidated financial statements and no adjustments made to prior periods. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash , which will require companies to include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. ASU 2016-18 will require disclosure of a reconciliation between the balance sheet and the statement of cash flows when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. An entity with material restricted cash and restricted cash equivalents balances will be required to disclose the nature of the restrictions. ASU 2016-18 is effective for reporting periods beginning after December 15, 2017 and is required to be applied retrospectively to all periods presented. The Company adopted ASU 2016-18 on January 1, 2018, with no material effect on its consolidated financial statements and no adjustments made to prior periods. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If this initial test is not met, a set cannot be considered a business unless it includes an acquired input and a substantive process that together significantly contribute to the ability to create outputs. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. This ASU is to be applied prospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company adopted ASU 2017-01 on January 1, 2018 and as a result, have classified our real estate acquisitions completed during the year ended December 31, 2018 as asset acquisitions rather than business combinations due to the fact that substantially all of the fair value of the gross assets acquired were concentrated in a single asset or group of similar identifiable assets. The Company has recorded identifiable assets acquired, liabilities assumed, and any noncontrolling interests associated with any asset acquisitions at cost on a relative fair value basis and has capitalized transaction costs incurred. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2017-09 as of January 1, 2018 and there have not been, nor do we anticipate, any reclassification or material impacts on our consolidated financial statements as a result of this adoption. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. It also |
Organization and Business - (Ta
Organization and Business - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trust's common shares issuance and sale | During 2017 and 2018 , the Trust’s issuance and sale of common shares pursuant to the ATM Program is as follows (in thousands, except common shares and price): 2018 2017 Common Weighted Net Common Weighted Net Quarterly period ended March 31 311,786 $ 17.85 $ 5,509 — $ — $ — Quarterly period ended June 30 — — — 4,150,000 20.07 82,440 Quarterly period ended September 30 114,203 17.15 1,947 — — — Quarterly period ended December 31 144,562 17.03 2,442 2,197,914 18.39 40,011 Year ended December 31 570,551 $ 17.50 $ 9,898 6,347,914 $ 19.48 $ 122,451 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of dividends declared | Dividends and distributions for the years ended December 31, 2018 , 2017 , and 2016 are as follows: Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 21, 2018 January 4, 2019 January 18, 2019 $ 0.230 September 19, 2018 October 3, 2018 October 18, 2018 $ 0.230 June 21, 2018 July 3, 2018 July 18, 2018 $ 0.230 March 23, 2018 April 3, 2018 April 18, 2018 $ 0.230 December 21, 2017 January 3, 2018 January 18, 2018 $ 0.230 September 21, 2017 October 3, 2017 October 18, 2017 $ 0.230 June 12, 2017 July 3, 2017 July 18, 2017 $ 0.230 March 17, 2017 April 5, 2017 April 18, 2017 $ 0.225 December 22, 2016 January 5, 2017 January 18, 2017 $ 0.225 September 26, 2016 October 6, 2016 October 18, 2016 $ 0.225 June 23, 2016 July 5, 2016 July 18, 2016 $ 0.225 March 18, 2016 April 1, 2016 April 18, 2016 $ 0.225 |
Dividends and distributions per share | The following table sets forth the federal income tax status of distributions per common share and OP Unit for the periods presented: Year Ended December 31, 2018 2017 2016 Per common share and OP Unit: Ordinary dividends $ — $ 0.4529 $ 0.5325 Section 199A Qualified REIT Dividend 0.2825 — — Qualified dividends — — — Capital gain distributions — — — Non-dividend distributions 0.6375 0.4571 0.3675 Total $ 0.9200 $ 0.9100 $ 0.9000 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of acquisitions and aggregate purchase price | Investment activity for the year ending December 31, 2017 is summarized below: Property (1) Location Acquisition Purchase Price (in thousands) Orthopedic Associates (2) Flower Mound, TX January 5, 2017 $ 18,750 Medical Arts Center at Hartford (2) Plainville, CT January 11, 2017 30,250 Noncontrolling Interest Buyout - New Albany (3) New Albany, OH January 31, 2017 2,824 CareMount - Lake Katrine MOB (2) (4) Lake Katrine, NY February 14, 2017 41,791 CareMount - Rhinebeck MOB (2) Rhinebeck, NY February 14, 2017 18,639 Syracuse Condos (2) Fayetteville & Liverpool, NY February 27, 2017 2,659 Monterey Medical Center - MOB (2) Stuart, FL March 7, 2017 18,979 Creighton University Medical Center (5) Omaha, NE March 28, 2017 33,420 Strictly Pediatrics Specialty Center (2) (6) Austin, TX March 31, 2017 78,628 MedStar Stephen's Crossing (2) Brandywine, MD June 16, 2017 20,900 2017 CHI Portfolio - Tranche 1 (8 MOBs) (5) AR, MN, ND, NE, TN, TX June 29, 2017 124,181 St. Vincent Portfolio (2 MOBs) (2) Carmel & Fishers, IN June 29, 2017 93,880 Baylor Charles A. Sammons Cancer Center (2) Dallas, TX June 30, 2017 290,000 Orthopedic & Sports Institute of the Fox Valley (7) Appleton, WI June 30, 2017 27,900 Peachtree Dunwoody Medical Center - Parking Deck (7) Atlanta, GA June 30, 2017 25,000 Clearview Cancer Institute (2) Huntsville, AL August 4, 2017 53,250 Northside Cherokee/Town Lake MOB (2) Atlanta, GA August 15, 2017 37,127 HonorHealth Mesa MOB (2) Mesa, AZ August 15, 2017 4,800 2017 CHI Portfolio - Tranche 2 (5 MOBs) (5) AR, MN, NE, TX August 24, 2017 & August 31, 2017 33,694 Noncontrolling Interest Buyout - Great Falls Clinic (8) Great Falls, MT September 21, 2017 1,061 Legends Park MOB & ASC (2) Midland, TX September 27, 2017 30,000 Franklin MOB & ASC (2) Franklin, TN October 12, 2017 9,950 Eagle Point MOB (2) Lake Elmo, MN October 31, 2017 10,949 Edina East MOB (2) Edina, MN October 31, 2017 7,800 Northside MOB - Center Pointe (2) Atlanta, GA November 10, 2017 155,986 Gwinnett 500 Building (2) Lawrenceville, GA November 17, 2017 25,297 Hudgens Professional Building (2) Duluth, GA November 17, 2017 23,696 St. Vincent Building (2) Indianapolis, IN November 17, 2017 60,124 Gwinnett Physicians Center (2) (9) Lawrenceville, GA December 1, 2017 51,721 Apple Valley Medical Center (2) Apple Valley, MN December 18, 2017 21,500 Desert Cove MOB (2) (10) Scottsdale, AZ December 18, 2017 4,560 Westgate MOB (2) Glendale, AZ December 21, 2017 15,800 Loan Investments (11) Various Various 39,063 $ 1,414,179 (1) “MOB” means medical office building. “ASC” means ambulatory surgical center. (2) The Company accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $16.6 million . (3) The Company acquired the previously outstanding interest in the New Albany MOB from the predecessor owner. As consideration, the Operating Partnership paid approximately $2.1 million in cash and issued 38,641 OP Units, representing approximately $2.8 million in aggregate. (4) The Company partially funded this acquisition through the assumption of an existing mortgage valued at approximately $26.4 million . (5) These acquisitions are part of the CHI portfolio. The Company accounted for nine of these facilities, consisting of an aggregate purchase price of $143.0 million , as asset acquisitions and capitalized total acquisition costs of $0.4 million . The remaining six facilities, consisting of an aggregate purchase price of $48.3 million , were accounted for as business combinations pursuant to the acquisition method, with acquisition expense totaling $0.1 million . (6) The Company partially funded the purchase price of this acquisition by issuing a total of 2,247,817 OP Units valued at approximately $44.3 million on the date of issuance. (7) The Company accounted for these acquisitions as asset acquisitions and capitalized total acquisition costs of $0.5 million . (8) The Company acquired an additional 3.2% interest in the Great Falls Clinic joint venture from the predecessor owner, increasing the Company’s total interest to 85.0% . (9) As part of this acquisition, the Company assumed a $17.6 million mortgage on the facility. (10) The Company acquired an additional 57.0% ownership interest in Desert Cove MOB, LLC increasing the Company’s total interest to 100.0% . (11) The Company’s loan investments include 8 separate transactions at a weighted average interest rate of 8.1% December 31, 2018 is summarized below: Property Location Acquisition Date Purchase Price (in thousands) Hazelwood Medical Commons (1) Maplewood, MN January 9, 2018 $ 70,702 Lee's Hill Medical Plaza Fredericksburg, VA January 23, 2018 28,000 Scottsdale, Arizona Land (2) Scottsdale, AZ February 16, 2018 700 Noncontrolling Interest Buyout - Minnesota portfolio (3) March 1, 2018 6,406 HMG Medical Plaza Kingsport, TN April 3, 2018 71,295 Northside Medical Midtown MOB Atlanta, GA September 14, 2018 82,147 Loan Investments (4) Various Various 11,750 $ 271,000 (1) The Company partially funded the purchase price of this acquisition by issuing a total of 104,172 Series A Preferred Units valued at approximately $22.7 million on the date of issuance. (2) The Company acquired the land beneath a previously acquired facility. (3) The Company acquired an additional 4.2% interest in the Minnesota portfolio joint venture, increasing the Company’s total interest in the joint venture to 99.6% . (4) The Company’s loan investments include 4 separate transactions at a weighted average interest rate of 8.4% |
Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed | The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands): December 31, 2018 December 31, 2017 Land $ 17,316 $ 38,358 Building and improvements 217,916 1,168,741 In-place lease intangible 34,358 128,370 Above market in-place lease intangible 1,090 18,967 Below market in-place lease intangible (959 ) (4,270 ) Above market in-place ground lease — (4,620 ) Below market in-place ground lease 5,329 17,683 Contingent consideration — (765 ) Receivable — 434 Debt assumed — (43,989 ) Issuance of OP Units — (44,978 ) Investment in unconsolidated entity — (2,871 ) Mortgage escrow 3,790 — Prepaid expenses (2,628 ) — Issuance of Series A Preferred Units (22,651 ) — Net assets acquired $ 253,561 $ 1,271,060 |
Income related to disposition properties | The following table summarizes revenues and net income related to the 2018 disposition properties for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Revenue $ 12,287 $ 23,960 $ 24,090 Income before gain on sale of investment properties, net $ 5,027 $ 5,765 $ 7,142 Gain on sale of investment properties, net 11,664 — — Net income $ 16,691 $ 5,765 $ 7,142 The following table summarizes revenues and net income related to the 2017 disposition properties for the periods presented (in thousands): Year Ended December 31, 2018 2017 2016 Revenue $ — $ 823 $ 1,967 Income before gain on sale of investment properties, net $ — $ 108 $ 433 Gain on sale of investment properties, net — 5,870 — Net income $ — $ 5,978 $ 433 |
Intangibles - (Tables)
Intangibles - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Summary of the carrying amount of intangible assets and liabilities | The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2018 and 2017 (in thousands): December 31, 2018 December 31, 2017 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Assets In-place leases $ 340,428 $ (111,500 ) $ 228,928 $ 343,429 $ (85,424 ) $ 258,005 Above-market leases 45,568 (13,621 ) 31,947 54,148 (11,968 ) 42,180 Leasehold interest 712 (242 ) 470 712 (183 ) 529 Below-market ground lease 65,676 (2,194 ) 63,482 60,424 (1,344 ) 59,080 Total $ 452,384 $ (127,557 ) $ 324,827 $ 458,713 $ (98,919 ) $ 359,794 Liabilities Below-market lease $ 14,654 $ (6,768 ) $ 7,886 $ 14,344 $ (4,479 ) $ 9,865 Above-market ground lease 5,965 (266 ) 5,699 5,965 (128 ) 5,837 Total $ 20,619 $ (7,034 ) $ 13,585 $ 20,309 $ (4,607 ) $ 15,702 |
Summary of the carrying amount of acquired lease intangibles | The following is a summary of the Company’s acquired lease intangible amortization for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): December 31, 2018 2017 2016 Amortization expense related to in-place leases $ 50,082 $ 37,073 $ 28,902 Decrease of rental income related to above-market leases 5,194 5,357 4,403 Decrease of rental income related to leasehold interests 59 59 59 Increase of rental income related to below-market leases 2,718 2,309 1,835 Decrease of operating expense related to above-market ground leases 139 84 24 Increase in operating expense related to below-market ground leases 1,013 810 471 |
Schedule of future amortization of the acquired lease intangibles | Future aggregate net amortization of the Company’s acquired lease intangibles as of December 31, 2018 , is as follows (in thousands): Net Decrease in Revenue Net Increase in Expenses 2019 $ (2,592 ) $ 35,405 2020 (2,695 ) 32,721 2021 (2,648 ) 30,475 2022 (2,203 ) 26,686 2023 (1,899 ) 23,998 Thereafter (12,494 ) 137,426 Total $ (24,531 ) $ 286,711 |
Other Assets - (Tables)
Other Assets - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets, Unclassified [Abstract] | |
Schedule of other assets | Other assets consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Straight-line rent receivable, net $ 64,245 $ 47,599 Notes receivable 20,628 — Prepaid expenses 16,017 18,103 Interest rate swap 15,121 14,693 Lease inducements, net 13,233 14,232 Leasing commissions, net 6,221 4,128 Escrows 5,534 1,996 Earnest deposits — 2,780 Other 3,760 2,771 Total $ 144,759 $ 106,302 |
Debt - (Tables)
Debt - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following is a summary of debt as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Fixed interest mortgage notes $ 101,832 (1) $ 158,171 (2) Variable interest mortgage notes 6,830 (3) 28,509 (4) Total mortgage debt 108,662 186,680 $850 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.10% at December 31, 2018 and LIBOR plus 1.20% at December 30, 2017, due September 2022 215,000 80,000 $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $250 million unsecured term borrowing bearing fixed interest of 2.32% at December 31, 2018 and 2.87% at December 31, 2017, due June 2023 250,000 (5) 250,000 (6) $150 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031 150,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 1,548,662 1,491,680 Unamortized deferred financing costs (9,920 ) (7,808 ) Unamortized discounts (6,086 ) (6,663 ) Unamortized fair value adjustments 197 259 Total debt $ 1,532,853 $ 1,477,468 (1) Fixed interest mortgage notes, bearing interest from 3.00% to 5.50% , with a weighted average interest rate of 4.26% , and due in 2020, 2021, 2022, and 2024 collateralized by five properties with a net book value of $174.2 million . (2) Fixed interest mortgage notes, bearing interest from 3.00% to 5.50% , with a weighted average interest rate of 4.45% , and due in 2018, 2019, 2020, 2021, 2022, and 2024 collateralized by nine properties with a net book value of $267.7 million . (3) Variable interest mortgage note, bearing variable interest of LIBOR plus 2.75% , with an average interest rate of 5.21% and due in 2028, collateralized by one property with a net book value of $8.6 million . (4) Variable interest mortgage notes bearing variable interest of LIBOR plus 2.25% to 3.25% , with a weighted average interest rate of 4.50% and due in 2018, collateralized by three properties with a net book value of $39.2 million . (5) The Trust’s borrowings under the term loan feature of the Credit Agreement bear interest at a rate which is determined by the Trust’s credit rating, currently equal to LIBOR + 1.25% . The Trust has entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07% . (6) The Trust’s borrowings under the term loan feature of the Credit Agreement bear interest at a rate which is determined by the Trust’s credit rating, equal to LIBOR + 1.80% . The Trust has entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07% |
Schedule of consolidated leverage ratios | Base Rate Loans, Adjusted LIBOR Rate Loans, and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the Trust’s investment grade rating as follows: Credit Rating Margin for Revolving Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee Margin for Revolving Loans: Base Rate Loans Margin for Term Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.775% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.825% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.90% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.10% 0.10 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.45% 0.45 % LIBOR + 1.65% 0.65 % |
Schedule of principal payments due on debt | Scheduled principal payments due on debt as of December 31, 2018 , are as follows (in thousands): 2019 $ 25,205 2020 25,470 2021 8,289 2022 235,818 2023 266,000 Thereafter 987,880 Total Payments $ 1,548,662 |
Derivatives - (Tables)
Derivatives - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instrument Detail [Abstract] | |
Schedule of Interest Rate Derivatives | The following table summarizes the location and aggregate fair value of the interest rate swaps on the Company’s consolidated balance sheets (in thousands): Total notional amount $ 250,000 Effective fixed interest rate (1) 2.32 % Effective date 7/7/2016 Maturity date 6/10/2023 Asset balance at December 31, 2018 (included in Other assets) $ 15,121 Asset balance at December 31, 2017 (included in Other assets) $ 14,693 (1) 1.07% effective swap rate plus 1.25% spread per Credit Agreement. As of December 31, 2017 , the effective fixed interest rate was 2.87% with a 1.07% effective swap rate plus 1.80% |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2018 and 2017 (in thousands): December 31, 2018 2017 Real estate taxes payable $ 21,043 $ 16,103 Prepaid rent 18,745 10,496 Accrued interest 16,038 11,107 Accrued expenses 5,122 8,751 Embedded derivative 3,673 — Security deposits 3,118 2,882 Tenant improvement allowance 2,784 3,065 Accrued incentive compensation 1,323 1,625 Contingent consideration 753 1,454 Other 3,683 922 Total $ 76,282 $ 56,405 |
Stock-based Compensation - (Tab
Stock-based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of non-vested restricted common shares | The following is summary of the status of the Trust’s non-vested restricted common shares during 2018 , 2017 , and 2016 : Common Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2015 311,839 $ 14.17 Granted 155,306 17.96 Vested (170,034 ) 14.16 Forfeited (326 ) 15.36 Non-vested at December 31, 2016 296,785 16.16 Granted 143,593 19.74 Vested (266,552 ) 16.00 Forfeited (550 ) 18.78 Non-vested at December 31, 2017 173,276 19.36 Granted 206,446 14.87 Vested (153,325 ) 19.32 Forfeited (1,258 ) 16.27 Non-vested at December 31, 2018 225,139 $ 15.29 |
Schedule of weighted average grant date fair value assumptions | The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values in 2018 , 2017 , and 2016 of $19.28 , $33.43 , and $28.50 per unit, respectively, using the following assumptions: 2018 2017 2016 Volatility 21.7 % 21.5 % 20.3 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 2.40 % 1.68 % 1.07 % Stock price (per share) $ 14.78 $ 19.80 $ 17.67 |
Summary of the activity in the restricted share units | The following is a summary of the activity in the Trust’s restricted share units during 2018 , 2017 , and 2016 : Executive Awards Trustee Awards Restricted Share Units Weighted Average Grant Date Fair Value Restricted Share Weighted Non-vested at December 31, 2015 130,930 $ 18.48 40,957 $ 15.87 Granted 104,553 26.33 36,784 17.67 Vested — — (20,481 ) 15.87 Non-vested at December 31, 2016 235,483 21.84 57,260 17.03 Granted 174,320 29.34 32,831 19.80 Vested (55,680 ) (1) 16.94 (38,871 ) 16.72 Non-vested at December 31, 2017 354,123 26.30 51,220 19.04 Granted 254,282 16.58 50,745 14.78 Vested (75,250 ) (2) 19.22 (34,807 ) 18.67 Non-vested at December 31, 2018 533,155 $ 22.66 67,158 $ 16.01 (1) Restricted units vested by Company executives in 2017 resulted in the issuance of 105,792 common shares, less 50,582 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company executives in 2018 resulted in the issuance of 126,108 common shares, less 56,502 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of other financial instruments | The following table presents the fair value of the Company’s financial instruments (in thousands): December 31, 2018 2017 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Real estate loans receivable $ 55,659 $ 54,782 $ 76,195 $ 75,288 Note receivable $ 20,628 $ 20,628 $ — $ — Derivative assets $ 15,121 $ 15,121 $ 14,693 $ 14,693 Liabilities: Credit facility $ (465,000 ) $ (465,000 ) $ (330,000 ) $ (330,000 ) Notes payable $ (975,000 ) $ (914,918 ) $ (975,000 ) $ (970,975 ) Mortgage debt $ (108,859 ) $ (107,131 ) $ (186,939 ) $ (185,743 ) |
Tenant Operating Leases - (Tabl
Tenant Operating Leases - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries | As of December 31, 2018 , the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2019 $ 287,092 2020 284,097 2021 279,242 2022 268,910 2023 258,363 Thereafter 1,112,466 Total $ 2,490,170 |
Rent Expense - (Tables)
Rent Expense - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of future minimum lease obligations under non-cancelable ground leases | As of December 31, 2018 , the future minimum lease obligations under non-cancelable parking, air, ground, and office leases were as follows (in thousands): 2019 $ 3,058 2020 3,013 2021 3,037 2022 3,030 2023 3,017 Thereafter 143,094 Total $ 158,249 |
Credit Concentration - (Tables)
Credit Concentration - (Tables) - Sales Revenue, Services, Net | 12 Months Ended |
Dec. 31, 2018 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor | The following table summarizes certain information about the Company’s top five tenant credit concentrations as of December 31, 2018 (in thousands): Tenant Total ABR Percent of ABR CHI - Nebraska $ 16,336 5.7 % CHI - KentuckyOne Health 13,577 4.8 % Northside Hospital 10,086 3.5 % Baylor Scott and White Health 7,583 2.7 % Ascension - St. Vincent's - Indianapolis 7,291 2.5 % Remaining portfolio 231,141 80.8 % Total $ 286,014 100.0 % |
Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Schedules of Concentration of Risk, by Risk Factor | The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2018 (in thousands): State Total ABR Percent of ABR Texas $ 44,064 15.4 % Georgia 24,716 8.6 % Indiana 19,824 6.9 % Nebraska 17,739 6.2 % Minnesota 17,154 6.0 % Other 162,517 56.9 % Total $ 286,014 100.0 % |
Earnings Per Share and Earnin_2
Earnings Per Share and Earnings Per Unit - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of amounts used in computing basic and diluted earnings per share | The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Numerator for earnings per share - basic: Net income $ 58,321 $ 39,773 $ 31,522 Net income attributable to noncontrolling interests: Operating Partnership (1,576 ) (1,136 ) (825 ) Partially owned properties (515 ) (491 ) (716 ) Preferred distributions (1,340 ) (731 ) (1,857 ) Numerator for earnings per share - basic: $ 54,890 $ 37,415 $ 28,124 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 54,890 37,415 28,124 Operating Partnership net income 1,576 1,136 825 Numerator for earnings per share - diluted $ 56,466 $ 38,551 $ 28,949 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 182,064,064 163,123,109 126,143,114 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 5,329,270 4,839,967 3,692,095 Restricted common shares 99,129 89,497 205,036 Restricted share units 34,299 178,726 426,648 Denominator for earnings per share - diluted 187,526,762 168,231,299 130,466,893 Earnings per share - basic $ 0.30 $ 0.23 $ 0.22 Earnings per share - diluted $ 0.30 $ 0.23 $ 0.22 Year Ended December 31, 2018 2017 2016 Numerator for earnings per unit - basic and diluted: Net income $ 58,321 $ 39,773 $ 31,522 Net income attributable to noncontrolling interests - partially owned properties (515 ) (491 ) (716 ) Preferred distributions (1,340 ) (731 ) (1,857 ) Numerator for earnings per unit - basic and diluted $ 56,466 $ 38,551 $ 28,949 Denominator for earnings per unit - basic and diluted: Weighted average number of units outstanding - basic 187,393,334 167,963,076 129,835,209 Effect of dilutive securities: Restricted common shares 99,129 89,497 205,036 Restricted share units 34,299 178,726 426,648 Denominator for earnings per unit - diluted 187,526,762 168,231,299 130,466,893 Earnings per unit - basic $ 0.30 $ 0.23 $ 0.22 Earnings per unit - diluted $ 0.30 $ 0.23 $ 0.22 |
Quarterly Data (Unaudited) - (T
Quarterly Data (Unaudited) - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common unit and per unit amounts. As a result of the acquisition activity and equity offerings throughout 2018 and 2017 , the quarterly periods are not comparable quarter over quarter. Quarter Ended 2018 March 31 June 30 September 30 December 31 Total revenues $ 105,223 $ 106,989 $ 105,028 $ 105,311 Net income 11,332 12,062 23,771 11,156 Net income attributable to common unitholders 10,734 11,634 23,368 10,730 Earnings per unit – basic: Net income available to common unitholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of units outstanding 187,264,064 187,394,619 187,367,538 187,544,319 Earnings per unit – diluted: Net income available to common unitholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of units outstanding 187,317,243 187,431,132 187,473,230 187,847,406 Quarter Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 76,666 $ 76,599 $ 92,999 $ 97,320 Net income 6,716 10,331 12,539 10,187 Net income attributable to common unitholders 6,338 9,984 12,380 9,849 Earnings per unit – basic: Net income available to common unitholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of units outstanding 142,172,746 160,765,345 183,227,405 185,048,580 Earnings per unit – diluted: Net income available to common unitholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of units outstanding 142,605,930 161,012,360 183,298,145 185,273,236 2018 and 2017 , the quarterly periods are not comparable quarter over quarter. Quarter Ended 2018 March 31 June 30 September 30 December 31 Total revenues $ 105,223 $ 106,989 $ 105,028 $ 105,311 Net income 11,332 12,062 23,771 11,156 Net income attributable to common shareholders 10,421 11,303 22,712 10,454 Earnings per share – basic: Net income available to common shareholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of shares outstanding 181,809,570 182,002,062 182,076,513 182,361,904 Earnings per share – diluted: Net income available to common shareholders $ 0.06 $ 0.06 $ 0.12 $ 0.06 Weighted average number of shares outstanding 187,317,243 187,431,132 187,473,230 187,847,406 Quarter Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 76,666 $ 76,599 $ 92,999 $ 97,320 Net income 6,716 10,331 12,539 10,187 Net income available to common shareholders 6,191 9,670 12,018 9,536 Earnings per share – basic: Net income available to common shareholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of shares outstanding 138,986,629 155,366,080 177,847,424 179,683,948 Earnings per share – diluted: Net income available to common shareholders $ 0.04 $ 0.06 $ 0.07 $ 0.05 Weighted average number of shares outstanding 142,605,930 161,012,360 183,298,145 185,273,236 |
Organization and Business - (De
Organization and Business - (Details) - USD ($) | Aug. 05, 2016 | Feb. 22, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Organization and Business | ||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Subsequent Events | ||||
Organization and Business | ||||
Amount remaining available | $ 163,700,000 | |||
2016 ATM Program | ATM Program | Maximum | ||||
Organization and Business | ||||
Aggregate offering price of common stock | $ 300,000,000 |
Organization and Business - Sch
Organization and Business - Schedule of Issuance and Sale of Common Stock (Details) - 2016 ATM Program - ATM Program - Operating Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||||||
Common shares sold (in shares) | 144,562 | 114,203 | 0 | 311,786 | 2,197,914 | 0 | 4,150,000 | 0 | 570,551 | 6,347,914 |
Weighted average price (in dollars per share) | $ 17.03 | $ 17.15 | $ 0 | $ 17.85 | $ 18.39 | $ 0 | $ 20.07 | $ 0 | $ 17.50 | $ 19.48 |
Net proceeds | $ 2,442 | $ 1,947 | $ 0 | $ 5,509 | $ 40,011 | $ 0 | $ 82,440 | $ 0 | $ 9,898 | $ 122,451 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Principals of Consolidation (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Physicians Realty Trust | |
Variable Interest Entity [Line Items] | |
Subsidiary of limited liability company or limited partnership, ownership interest | 100.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Noncontrolling Interests (Details) | Mar. 01, 2018USD ($) | Jan. 09, 2018USD ($)shares | Feb. 05, 2015$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)propertiesshares | Dec. 31, 2016USD ($) | Mar. 01, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Number of units issued for funding purchase price (in shares) | shares | 104,172 | ||||||
Value of units issued for funding purchase price | $ 22,700,000 | ||||||
Acquisition price | $ 271,000,000 | $ 1,414,179,000 | |||||
Conversion ratio | 1 | ||||||
Embedded derivative | $ 3,673,000 | 0 | |||||
Equity investment | $ 5,000,000 | ||||||
Net income (loss) attributable to redeemable noncontrolling interest | $ 6,400,000 | ||||||
Impairment loss | 0 | 965,000 | $ 0 | ||||
Operating Partnership | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition price | 78,600,000 | ||||||
Impairment loss | 0 | $ 965,000 | $ 0 | ||||
Units | Operating Partnership | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties acquired | properties | 1 | ||||||
Number of units issued for funding purchase price (in shares) | shares | 2,247,817 | ||||||
Value of units issued for funding purchase price | $ 44,300,000 | ||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | 700,000 | ||||||
Series A Preferred units | |||||||
Business Acquisition [Line Items] | |||||||
Value of units issued for funding purchase price | $ 22,651,000 | $ 0 | |||||
Cumulative preferred return | 5.00% | ||||||
Shares issued upon conversion | 1 | ||||||
Redemption value per share | $ / shares | $ 200 | ||||||
Period of time before redeemable | 1 year | ||||||
Joint venture, Operating Partnership and Medical Center of New Albany I, LLC | Units | Operating Partnership | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares (in shares) | shares | 38,641 | ||||||
HealthEast Clinic & Specialty Center | |||||||
Business Acquisition [Line Items] | |||||||
Number of units issued for funding purchase price (in shares) | shares | 104,172 | 104,172 | 0 | ||||
Value of preferred units | $ 22,700,000 | ||||||
Embedded derivative | $ 3,700,000 | ||||||
Physicians Realty Trust | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of interest held | 97.20% | 97.10% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Dividends and Distributions (Details) - $ / shares | Dec. 21, 2018 | Sep. 19, 2018 | Jun. 21, 2018 | Mar. 23, 2018 | Dec. 21, 2017 | Sep. 21, 2017 | Jun. 12, 2017 | Mar. 17, 2017 | Dec. 22, 2016 | Sep. 26, 2016 | Jun. 23, 2016 | Apr. 18, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | |||||||||||||||
Dividends and distributions declared per common share and unit (in dollars per share) | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.230 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.920 | $ 0.915 | $ 0.900 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Tax Status of Dividends and Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Ordinary dividends (dollars per share) | $ 0 | $ 0.4529 | $ 0.5325 |
Qualified REIT dividend (dollars per share) | 0.2825 | 0 | 0 |
Qualified dividends (dollars per share) | 0 | 0 | 0 |
Capital gain distribution (dollars per share) | 0 | 0 | 0 |
Non-dividend distributions (dollars per share) | 0.6375 | 0.4571 | 0.3675 |
Total (dollars per share) | $ 0.9200 | $ 0.9100 | $ 0.9000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment of Intangible and Long-Lived Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Impairment loss | $ 0 | $ 965,000 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Real Estate Loans Receivable (Details) | Dec. 31, 2018mezzanine_loan |
Mezzanine Loan Receivable | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loans | 10 |
Term Loan Receivable | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loans | 1 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Derivative Instruments (Details) | Dec. 31, 2018instruments |
Cash Flow Hedging | Interest Rate Swaps | |
Derivative [Line Items] | |
Number of derivative instruments | 5,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Tenant Receivables, Net (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0.7 | $ 1.6 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Rental Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Straight-line rent receivable, net | $ 64,245 | $ 47,599 |
Allowance recognized against straight line rent | $ 400 | $ 4,900 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Contingent Liabilities and Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
Unspent tenant related obligations | $ 47 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Related Parties (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Aurora Health Care | |
Related Party Transaction [Line Items] | |
Rental revenue | $ 1.1 |
Baylor Cancer Center | |
Related Party Transaction [Line Items] | |
Rental revenue | $ 8 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2018segments | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - Scenario, Forecast - 2016-02 $ in Millions | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease, liability | $ 64 |
Operating lease, right-of-use asset | $ 9 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - (Details) $ in Thousands | Mar. 01, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)propertiesstatesland | Dec. 31, 2017USD ($)parking_deckcondominium_unitspropertiesstates | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Number of operating healthcare properties | properties | 40 | |||||||||||
Number of states in which operating healthcare properties and land parcel located | states | 15 | |||||||||||
Net income (loss) attributable to redeemable noncontrolling interest | $ 6,400 | |||||||||||
Acquisition price | $ 271,000 | $ 1,414,179 | ||||||||||
Revenue of acquiree since acquisition date | $ 105,311 | $ 105,028 | $ 106,989 | $ 105,223 | $ 97,320 | $ 92,999 | $ 76,599 | $ 76,666 | 422,551 | 343,584 | $ 241,034 | |
Net income (loss) | $ 11,156 | $ 23,771 | $ 12,062 | $ 11,332 | $ 10,187 | $ 12,539 | $ 10,331 | $ 6,716 | 58,321 | $ 39,773 | $ 31,522 | |
Number of condominium units | condominium_units | 2 | |||||||||||
Number of parking decks | parking_deck | 1 | |||||||||||
Loan Investments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | 11,800 | |||||||||||
Acquisition price | $ 11,750 | |||||||||||
Four Healthcare Properties Acquired In 2018 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of operating healthcare properties | properties | 4 | |||||||||||
Number of land parcels | land | 1 | |||||||||||
Number of states in which operating healthcare properties and land parcel located | states | 5 | |||||||||||
Asset acquisition, consideration transferred | $ 252,800 | |||||||||||
Noncontrolling Interest Buyout | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | 271,000 | |||||||||||
Net income (loss) attributable to redeemable noncontrolling interest | $ 6,400 | |||||||||||
Conversion And Satisfaction Of Previously Outstanding Construction Loan | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of operating healthcare properties | properties | 2 | |||||||||||
Asset acquisition, consideration transferred | $ 18,800 | |||||||||||
Total Asset Acquisitions | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenue of acquiree since acquisition date | 14,700 | $ 49,600 | ||||||||||
Net income (loss) | $ 5,400 | 8,600 | ||||||||||
Forty Health Care Properties Acquired in 2017 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition price | 1,370,000 | |||||||||||
Lease Structuring Arrangement And Equity Recapitalization [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of land parcels | land | 2 | |||||||||||
Noncontrolling Interest Buyout | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition price | 1,410,000 | |||||||||||
Equity Buyout - Foundation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition price | 2,800 | |||||||||||
Redeemable Noncontrolling Interest Buyouts | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest | 1,100 | |||||||||||
Loan Investments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition price | $ 39,063 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Summary of 2018 Acquisitions (Details) - USD ($) $ in Thousands | Sep. 14, 2018 | Apr. 03, 2018 | Mar. 01, 2018 | Feb. 16, 2018 | Jan. 23, 2018 | Jan. 09, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 271,000 | $ 1,414,179 | ||||||
Hazelwood Medical Commons | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 70,702 | |||||||
Lee's Hill Medical Plaza | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 28,000 | |||||||
Scottsdale, Arizona Land | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 700 | |||||||
Noncontrolling Interest Buyout - Minnesota portfolio | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling interest, increase from business combination, percent | 4.20% | |||||||
Acquisition price | $ 6,406 | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.60% | |||||||
HMG Medical Plaza | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 71,295 | |||||||
Northside Medical Midtown MOB | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 82,147 | |||||||
Loan Investments | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 11,750 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Summary of 2017 Acquisitions (Details) $ in Thousands | Jan. 09, 2018USD ($)shares | Dec. 21, 2017USD ($) | Dec. 18, 2017USD ($) | Dec. 01, 2017USD ($) | Nov. 17, 2017USD ($) | Nov. 10, 2017USD ($) | Oct. 31, 2017USD ($) | Oct. 12, 2017USD ($) | Sep. 27, 2017USD ($) | Sep. 21, 2017USD ($) | Aug. 31, 2017USD ($)buildings | Aug. 15, 2017USD ($) | Aug. 04, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 29, 2017USD ($)buildings | Jun. 16, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 28, 2017USD ($) | Mar. 07, 2017USD ($) | Feb. 27, 2017USD ($) | Feb. 14, 2017USD ($) | Jan. 31, 2017USD ($)shares | Jan. 11, 2017USD ($) | Jan. 05, 2017USD ($) | Dec. 31, 2018USD ($)transactions | Dec. 31, 2017USD ($)transactionsshares | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 271,000 | $ 1,414,179 | |||||||||||||||||||||||||
Acquisition expenses | $ 0 | 16,744 | $ 14,778 | ||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 104,172 | ||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 22,700 | ||||||||||||||||||||||||||
Acquisition costs capitalized | $ 500 | ||||||||||||||||||||||||||
Number of transactions | transactions | 4 | 8 | |||||||||||||||||||||||||
Weighted average interest rate | 8.40% | 8.10% | |||||||||||||||||||||||||
CHI Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 143,000 | ||||||||||||||||||||||||||
Acquisition costs capitalized | 400 | ||||||||||||||||||||||||||
Business combination, consideration transferred, accounted for as business combinations | 48,300 | ||||||||||||||||||||||||||
Business combination, acquisition related costs, accounted for as business combinations | 100 | ||||||||||||||||||||||||||
Orthopedic Associates | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 18,750 | ||||||||||||||||||||||||||
Medical Arts Center at Hartford | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 30,250 | ||||||||||||||||||||||||||
Noncontrolling Interest Buyout - New Albany | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 2,824 | ||||||||||||||||||||||||||
Aggregate purchase price | $ 2,100 | ||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 38,641 | ||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 2,800 | ||||||||||||||||||||||||||
CareMount - Lake Katrine MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 41,791 | ||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 26,400 | ||||||||||||||||||||||||||
CareMount - Rhinebeck MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 18,639 | ||||||||||||||||||||||||||
Syracuse Condos | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 2,659 | ||||||||||||||||||||||||||
Monterey Medical Center - MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 18,979 | ||||||||||||||||||||||||||
Creighton University Medical Center | CHI Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 33,420 | ||||||||||||||||||||||||||
Strictly Pediatrics Specialty Center | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 78,628 | ||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 2,247,817 | ||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 44,300 | ||||||||||||||||||||||||||
MedStar Stephen's Crossing | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 20,900 | ||||||||||||||||||||||||||
2017 CHI Portfolio - Tranche 1 (8 MOBs) | CHI Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Number of medical office buildings | buildings | 8,000 | ||||||||||||||||||||||||||
Acquisition price | $ 124,181 | ||||||||||||||||||||||||||
St. Vincent Portfolio (2 MOBs) | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 93,880 | ||||||||||||||||||||||||||
St. Vincent Portfolio (2 MOBs) | CHI Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Number of medical office buildings | buildings | 2,000 | ||||||||||||||||||||||||||
Baylor Charles A. Sammons Cancer Center | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 290,000 | ||||||||||||||||||||||||||
Orthopedic & Sports Institute of the Fox Valley | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | 27,900 | ||||||||||||||||||||||||||
Peachtree Dunwoody Medical Center - Parking Deck | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 25,000 | ||||||||||||||||||||||||||
Clearview Cancer Institute | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 53,250 | ||||||||||||||||||||||||||
Northside Cherokee/Town Lake MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 37,127 | ||||||||||||||||||||||||||
HonorHealth Mesa MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 4,800 | ||||||||||||||||||||||||||
2017 CHI Portfolio - Tranche 2 (5 MOBs) | CHI Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Number of medical office buildings | buildings | 5,000 | ||||||||||||||||||||||||||
Acquisition price | $ 33,694 | ||||||||||||||||||||||||||
Noncontrolling Interest Buyout - Great Falls Clinic | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 1,061 | ||||||||||||||||||||||||||
Noncontrolling interest, increase from business combination, percent | 3.20% | ||||||||||||||||||||||||||
Legends Park MOB & ASC | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 30,000 | ||||||||||||||||||||||||||
Franklin MOB & ASC | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 9,950 | ||||||||||||||||||||||||||
Eagle Point MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 10,949 | ||||||||||||||||||||||||||
Edina East MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 7,800 | ||||||||||||||||||||||||||
Northside MOB - Center Pointe | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 155,986 | ||||||||||||||||||||||||||
Gwinnett 500 Building | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 25,297 | ||||||||||||||||||||||||||
Debt assumed | $ 17,600 | ||||||||||||||||||||||||||
Hudgens Professional Building | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | 23,696 | ||||||||||||||||||||||||||
St. Vincent Building | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 60,124 | ||||||||||||||||||||||||||
Gwinnett Physicians Center | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 51,721 | ||||||||||||||||||||||||||
Apple Valley Medical Center | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 21,500 | ||||||||||||||||||||||||||
Desert Cove MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 4,560 | ||||||||||||||||||||||||||
Noncontrolling interest, increase from business combination, percent | 57.00% | ||||||||||||||||||||||||||
Westgate MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 15,800 | ||||||||||||||||||||||||||
Loan Investments | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition price | $ 39,063 | ||||||||||||||||||||||||||
2017 Acquisitions Excluding Chi Portfolio | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition expenses | $ 16,600 | ||||||||||||||||||||||||||
Great Falls Clinic MOB | Noncontrolling Interest Buyout - Great Falls Clinic | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 85.00% | ||||||||||||||||||||||||||
Desert Cove MOB | Desert Cove MOB | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 09, 2018 | Dec. 31, 2017 |
Fair values of the assets acquired and the liabilities assumed | |||
Land | $ 17,316 | $ 38,358 | |
Building and improvements | 217,916 | 1,168,741 | |
Contingent consideration | 0 | (765) | |
Receivable | 0 | 434 | |
Debt assumed | 0 | (43,989) | |
Issuance of OP Units | 0 | (44,978) | |
Investment in unconsolidated entity | 0 | (2,871) | |
Mortgage escrow | 3,790 | 0 | |
Prepaid expenses | (2,628) | 0 | |
Issuance of Common Shares | $ (22,700) | ||
Net assets acquired | 253,561 | 1,271,060 | |
In-place lease intangible | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible assets | 34,358 | 128,370 | |
Above market in-place lease intangible | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible assets | 1,090 | 18,967 | |
Below market in-place lease intangible | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible liabilities | (959) | (4,270) | |
Above market in-place ground lease | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible liabilities | 0 | (4,620) | |
Below market in-place ground lease | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible liabilities | 5,329 | 17,683 | |
Series A Preferred units | |||
Fair values of the assets acquired and the liabilities assumed | |||
Issuance of Common Shares | $ (22,651) | $ 0 |
Acquisitions and Dispositions_6
Acquisitions and Dispositions - Dispositions (Details) $ in Thousands | Jul. 27, 2018USD ($)stateshealthcareproperty | Jun. 28, 2018USD ($)statesbuildings | Mar. 30, 2018USD ($)healthcareproperty | Feb. 16, 2018USD ($)healthcareproperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)states | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Number of states in which operating healthcare properties and land parcel located | states | 15 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Business Acquisition [Line Items] | |||||||
Number of medical office buildings | 17 | 15 | 1 | 1 | |||
Aggregate purchase price | $ 127,200 | $ 90,700 | $ 1,100 | $ 1,400 | |||
Number of states in which operating healthcare properties and land parcel located | states | 7 | 3 | |||||
Gain on sale of investment properties, net | $ 14,200 | $ (2,600) | $ 100 | $ 100 | |||
2018 Dispositions | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Business Acquisition [Line Items] | |||||||
Revenue | $ 12,287 | $ 23,960 | $ 24,090 | ||||
Income before gain on sale of investment properties, net | 5,027 | 5,765 | 7,142 | ||||
Gain on sale of investment properties, net | 11,664 | 0 | 0 | ||||
Net income | 16,691 | 5,765 | 7,142 | ||||
2017 Dispositions | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Business Acquisition [Line Items] | |||||||
Revenue | 0 | 823 | 1,967 | ||||
Income before gain on sale of investment properties, net | 0 | 108 | 433 | ||||
Gain on sale of investment properties, net | 0 | 5,870 | 0 | ||||
Net income | $ 0 | $ 5,978 | $ 433 |
Intangibles - (Details)
Intangibles - (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period for lease intangibles | 20 years |
Weighted average amortization period for lease intangible liability | 21 years |
In-place leases | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment of intangible assets | $ (9.6) |
Impairment of intangible assets, finite-lived, lease termination | 6.6 |
Impairment of intangible assets, finite-lived, accumulated amortization | $ 11.9 |
Intangibles - Carrying Amount o
Intangibles - Carrying Amount of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 452,384 | $ 458,713 |
Accumulated Amortization | (127,557) | (98,919) |
Net | 324,827 | 359,794 |
Liability | ||
Cost | 20,619 | 20,309 |
Accumulated Amortization | (7,034) | (4,607) |
Net | 13,585 | 15,702 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 340,428 | 343,429 |
Accumulated Amortization | (111,500) | (85,424) |
Net | 228,928 | 258,005 |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 45,568 | 54,148 |
Accumulated Amortization | (13,621) | (11,968) |
Net | 31,947 | 42,180 |
Leasehold interest | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 712 | 712 |
Accumulated Amortization | (242) | (183) |
Net | 470 | 529 |
Below-market ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 65,676 | 60,424 |
Accumulated Amortization | (2,194) | (1,344) |
Net | 63,482 | 59,080 |
Below-market lease | ||
Liability | ||
Below market lease, cost | 14,654 | 14,344 |
Below market lease, accumulated amortization | (6,768) | (4,479) |
Below Market Lease, Net | 7,886 | 9,865 |
Above-market ground lease | ||
Liability | ||
Cost | 5,965 | 5,965 |
Accumulated Amortization | (266) | (128) |
Net | $ 5,699 | $ 5,837 |
Intangibles - Acquired Lease In
Intangibles - Acquired Lease Intangible Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to in-place leases | $ 50,082 | $ 37,073 | $ 28,902 |
Above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 5,194 | 5,357 | 4,403 |
Leasehold interest | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 59 | 59 | 59 |
Below-market lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase of rental income related to below-market leases | 2,718 | 2,309 | 1,835 |
Below market in-place ground lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease (increase) of operating expense | 139 | 84 | 24 |
Below-market ground lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease (increase) of operating expense | $ 1,013 | $ 810 | $ 471 |
Intangibles - Amortization of A
Intangibles - Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue) | |
2,019 | $ (2,592) |
2,020 | (2,695) |
2,021 | (2,648) |
2,022 | (2,203) |
2,023 | (1,899) |
Thereafter | (12,494) |
Total | (24,531) |
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses) | |
2,019 | 35,405 |
2,020 | 32,721 |
2,021 | 30,475 |
2,022 | 26,686 |
2,023 | 23,998 |
Thereafter | 137,426 |
Total | $ 286,711 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Unclassified [Abstract] | ||
Straight-line rent receivable, net | $ 64,245 | $ 47,599 |
Notes receivable | 20,628 | 0 |
Prepaid expenses | 16,017 | 18,103 |
Interest rate swap | 15,121 | 14,693 |
Lease inducements, net | 13,233 | 14,232 |
Leasing commissions, net | 6,221 | 4,128 |
Escrows | 5,534 | 1,996 |
Earnest deposits | 0 | 2,780 |
Other | 3,760 | 2,771 |
Total other assets | $ 144,759 | $ 106,302 |
Debt - (Details)
Debt - (Details) - USD ($) | Aug. 07, 2018 | Dec. 01, 2017 | Mar. 07, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 11, 2016 | Jul. 07, 2016 | Jan. 07, 2016 |
Debt | ||||||||
Debt, gross | $ 1,548,662,000 | $ 1,491,680,000 | ||||||
Unsecured Term Loan Due June 2022 | ||||||||
Debt | ||||||||
Current borrowing capacity | $ 1,100,000,000 | |||||||
Maximum borrowing capacity as a percentage of maximum principal amount | 10.00% | |||||||
Increase in maximum borrowing capacity | $ 500,000,000 | |||||||
Maximum borrowing capacity | 1,600,000,000 | |||||||
Unused fee (as a percent) | 0.25% | |||||||
Series A | ||||||||
Debt | ||||||||
Effective fixed interest rate | 4.09% | 4.03% | ||||||
Series B | ||||||||
Debt | ||||||||
Effective fixed interest rate | 4.18% | 4.43% | ||||||
Series C | ||||||||
Debt | ||||||||
Effective fixed interest rate | 4.57% | |||||||
Series D | ||||||||
Debt | ||||||||
Effective fixed interest rate | 4.74% | |||||||
LIBOR | Unsecured Term Loan Due June 2022 | ||||||||
Debt | ||||||||
Reference rate (as a percent) | 1.10% | |||||||
Unsecured Debt | LIBOR | Unsecured Term Loan Due June 2022 | ||||||||
Debt | ||||||||
Reference rate (as a percent) | 1.25% | 1.80% | ||||||
Senior Notes | ||||||||
Debt | ||||||||
Fixed interest rate | 3.95% | 4.30% | ||||||
Total mortgage debt | $ 350,000,000 | $ 400,000,000 | $ 75,000,000 | $ 150,000,000 | ||||
Proceeds from issuance of debt | $ 347,000,000 | $ 396,100,000 | ||||||
Debt instrument, redemption price, percentage | 99.78% | 99.68% | ||||||
Senior Notes | Series A | ||||||||
Debt | ||||||||
Total mortgage debt | 25,000,000 | 15,000,000 | ||||||
Senior Notes | Series B | ||||||||
Debt | ||||||||
Total mortgage debt | 25,000,000 | 45,000,000 | ||||||
Senior Notes | Series C | ||||||||
Debt | ||||||||
Total mortgage debt | $ 25,000,000 | 45,000,000 | ||||||
Effective fixed interest rate | 4.24% | |||||||
Senior Notes | Series D | ||||||||
Debt | ||||||||
Total mortgage debt | $ 45,000,000 | |||||||
Term Loan | ||||||||
Debt | ||||||||
Amount outstanding | $ 250,000,000 | $ 250,000,000 | ||||||
Term Loan | Unsecured Term Loan Due June 2022 | ||||||||
Debt | ||||||||
Current borrowing capacity | $ 250,000,000 | |||||||
Debt instrument, term | 7 years | |||||||
Letter of Credit | ||||||||
Debt | ||||||||
Amount outstanding | 17,000,000 | |||||||
Credit Agreement | ||||||||
Debt | ||||||||
Current borrowing capacity | 618,000,000 | |||||||
Term of extension option | 1 year | |||||||
Amount outstanding | $ 215,000,000 | |||||||
Maximum | Credit Agreement | Unsecured Term Loan Due June 2022 | ||||||||
Debt | ||||||||
Current borrowing capacity | $ 850,000,000 | |||||||
Operating Partnership | Credit Agreement | ||||||||
Debt | ||||||||
Debt instrument, interest rate, effective percentage | 3.81% | 3.93% | ||||||
Operating Partnership | Credit Agreement | LIBOR | ||||||||
Debt | ||||||||
Reference rate (as a percent) | 2.46% | 1.49% |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)healthcareproperty | Dec. 31, 2017USD ($)properties | Dec. 01, 2017USD ($) | Mar. 07, 2017USD ($) | Aug. 11, 2016USD ($) | Jul. 07, 2016 | Jan. 07, 2016USD ($) | |
Debt | |||||||
Debt, gross | $ 1,548,662,000 | $ 1,491,680,000 | |||||
Unamortized deferred financing costs | (9,920,000) | (7,808,000) | |||||
Unamortized discounts | (6,086,000) | (6,663,000) | |||||
Unamortized fair value adjustments | 197,000 | 259,000 | |||||
Total debt | 1,532,853,000 | 1,477,468,000 | |||||
Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 108,662,000 | $ 186,680,000 | |||||
Senior Notes | |||||||
Debt | |||||||
Total mortgage debt | $ 350,000,000 | $ 400,000,000 | $ 75,000,000 | $ 150,000,000 | |||
Fixed interest rate | 3.95% | 4.30% | |||||
Interest Rate Swaps | Unsecured Debt | LIBOR | |||||||
Debt | |||||||
Effective fixed interest rate | 2.32% | 2.87% | |||||
Fixed interest rate | 1.07% | 1.07% | |||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2020, 2021, 2022, and 2024 | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 101,832,000 | ||||||
Weighted average interest rate (as a percent) | 4.26% | ||||||
Number of properties included in collateralized | healthcareproperty | 5 | ||||||
Net book value of properties included in the collateralized | $ 174,200,000 | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2020, 2021, 2022, and 2024 | Mortgages | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 3.00% | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2020, 2021, 2022, and 2024 | Mortgages | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 5.50% | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2018, 2019, 2020, 2021, 2022, and 2024 [Member] | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 158,171,000 | ||||||
Weighted average interest rate (as a percent) | 4.45% | ||||||
Number of properties included in collateralized | properties | 9 | ||||||
Net book value of properties included in the collateralized | $ 267,700,000 | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2018, 2019, 2020, 2021, 2022, and 2024 [Member] | Mortgages | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 3.00% | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2018, 2019, 2020, 2021, 2022, and 2024 [Member] | Mortgages | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 5.50% | ||||||
Mortgage Notes Bearing Variable Interest Due In 2018 And 2022 | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 6,830,000 | ||||||
Weighted average interest rate (as a percent) | 5.21% | ||||||
Number of properties included in collateralized | healthcareproperty | 1 | ||||||
Net book value of properties included in the collateralized | $ 8,600,000 | ||||||
Mortgage Notes Bearing Variable Interest Due In 2018 And 2022 | Mortgages | Minimum | LIBOR | |||||||
Debt | |||||||
Reference rate (as a percent) | 2.75% | ||||||
Mortgage Notes Bearing Variable Interest Due 2018 | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 28,509,000 | ||||||
Weighted average interest rate (as a percent) | 4.50% | ||||||
Number of properties included in collateralized | properties | 3 | ||||||
Net book value of properties included in the collateralized | $ 39,200,000 | ||||||
Mortgage Notes Bearing Variable Interest Due 2018 | Mortgages | Minimum | LIBOR | |||||||
Debt | |||||||
Reference rate (as a percent) | 2.25% | ||||||
Mortgage Notes Bearing Variable Interest Due 2018 | Mortgages | Maximum | LIBOR | |||||||
Debt | |||||||
Reference rate (as a percent) | 3.25% | ||||||
Revolving Credit Facility Due September 2020 | Credit Agreement | |||||||
Debt | |||||||
Debt, gross | $ 215,000,000 | $ 80,000,000 | |||||
Reference rate (as a percent) | 1.20% | ||||||
Total mortgage debt | $ 850,000,000 | ||||||
Revolving Credit Facility Due September 2020 | Credit Agreement | LIBOR | |||||||
Debt | |||||||
Reference rate (as a percent) | 1.10% | ||||||
Unsecured Notes Bearing Fixed Interest Due March 2027 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 400,000,000 | $ 400,000,000 | |||||
Effective fixed interest rate | 4.30% | ||||||
Total mortgage debt | $ 400,000,000 | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2028 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 350,000,000 | 350,000,000 | |||||
Effective fixed interest rate | 3.95% | ||||||
Total mortgage debt | $ 350,000,000 | ||||||
Unsecured Term Loan Due June 2023 | Unsecured Debt | |||||||
Debt | |||||||
Debt, gross | $ 250,000,000 | $ 250,000,000 | |||||
Effective fixed interest rate | 2.32% | 2.87% | |||||
Total mortgage debt | $ 250,000,000 | ||||||
Unsecured Term Loan Due June 2023 | Unsecured Debt | LIBOR | |||||||
Debt | |||||||
Reference rate (as a percent) | 1.25% | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 150,000,000 | $ 150,000,000 | |||||
Total mortgage debt | $ 150,000,000 | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.03% | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.74% | ||||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 75,000,000 | $ 75,000,000 | |||||
Total mortgage debt | $ 75,000,000 | ||||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.09% | ||||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.24% |
Debt - Investment Grade Rating
Debt - Investment Grade Rating Schedule (Details) | 12 Months Ended |
Dec. 31, 2018 | |
At Least A- or A3 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.775% |
At Least A- or A3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.85% |
At Least BBB or Baa1 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.825% |
At Least BBB or Baa1 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.90% |
At Least BBB or Baa2 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.90% |
At Least BBB or Baa2 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.00% |
At Least BBB- or Baa3 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.10% |
At Least BBB- or Baa3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.25% |
Below BBB- or Baa3 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.45% |
Below BBB- or Baa3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.65% |
Margin for Revolving Loans: Base Rate Loans | At Least A- or A3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Revolving Loans: Base Rate Loans | At Least BBB or Baa1 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Revolving Loans: Base Rate Loans | At Least BBB or Baa2 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Revolving Loans: Base Rate Loans | At Least BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.10% |
Margin for Revolving Loans: Base Rate Loans | Below BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.45% |
Margin for Term Loans: Base Rate Loans | At Least A- or A3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Term Loans: Base Rate Loans | At Least BBB or Baa1 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Term Loans: Base Rate Loans | At Least BBB or Baa2 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.00% |
Margin for Term Loans: Base Rate Loans | At Least BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.25% |
Margin for Term Loans: Base Rate Loans | Below BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.65% |
Debt - Principal Payments Due o
Debt - Principal Payments Due on Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Scheduled principal payments | ||
2,019 | $ 25,205 | |
2,020 | 25,470 | |
2,021 | 8,289 | |
2,022 | 235,818 | |
2,023 | 266,000 | |
Thereafter | 987,880 | |
Total Payments | $ 1,548,662 | $ 1,491,680 |
Derivatives - (Details)
Derivatives - (Details) | Dec. 31, 2018instruments |
Cash Flow Hedging | Interest Rate Swaps | |
Derivative [Line Items] | |
Number of derivative instruments | 5,000 |
Derivatives - Fair Value Intere
Derivatives - Fair Value Interest Rate Swaps (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jul. 07, 2016 | |
Derivative [Line Items] | |||
Total notional amount | $ 250,000 | ||
Effective date | Jul. 7, 2016 | ||
Maturity date | Jun. 10, 2023 | ||
Reported Value Measurement | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Asset balance at December 31, 2018 (included in Other assets) | $ 15,121 | $ 14,693 | |
Unsecured Term Loan Due June 2023 | LIBOR | |||
Derivative [Line Items] | |||
Derivative, basis spread on variable rate | 1.10% | ||
Unsecured Debt | LIBOR | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Effective fixed interest rate | 2.32% | 2.87% | |
Effective fixed interest rate | 1.07% | 1.07% | |
Unsecured Debt | Unsecured Term Loan Due June 2023 | LIBOR | |||
Derivative [Line Items] | |||
Derivative, basis spread on variable rate | 1.25% | 1.80% |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Real estate taxes payable | $ 21,043 | $ 16,103 |
Prepaid rent | 18,745 | 10,496 |
Accrued interest | 16,038 | 11,107 |
Accrued expenses | 5,122 | 8,751 |
Embedded derivative | 3,673 | 0 |
Security deposits | 3,118 | 2,882 |
Tenant improvement allowance | 2,784 | 3,065 |
Accrued incentive compensation | 1,323 | 1,625 |
Contingent consideration | 753 | 1,454 |
Other | 3,683 | 922 |
Total | $ 76,282 | $ 56,405 |
Stock-based Compensation - (Det
Stock-based Compensation - (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-cash share compensation | $ 8,681 | $ 6,695 | $ 5,672 | |||||
2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized | 2,450,000 | 600,000 | ||||||
Number of additional shares authorized | 1,850,000 | |||||||
Granted (in shares) | 206,446 | 143,593 | 155,306 | |||||
Share-based compensation, gross | $ 2,800 | $ 2,800 | ||||||
Non-cash share compensation | $ 3,100 | 3,100 | 3,600 | |||||
Unrecognized compensation expense | $ 1,000 | $ 1,000 | $ 1,200 | |||||
Grant date value (in dollars per share) | $ 14.87 | $ 19.74 | $ 17.96 | |||||
2013 Plan | Restricted common shares | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | 1 year | 1 year | |||||
2013 Plan | Restricted common shares | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | 3 years | 3 years | |||||
2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-cash share compensation | $ 5,500 | $ 3,600 | $ 2,100 | |||||
Unrecognized compensation expense | $ 5,200 | $ 5,000 | $ 2,800 | |||||
2013 Plan | Trustee Awards, Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 50,745 | 32,831 | 36,784 | |||||
Grant date value (in dollars per share) | $ 14.78 | $ 19.80 | $ 17.67 | |||||
2013 Plan | Market Based RSU | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date value (in dollars per share) | $ 19.28 | $ 33.43 | $ 28.50 | |||||
2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date value (in dollars per share) | $ 16.58 | $ 29.34 | $ 26.33 | |||||
Grant date fair value (in dollars per share) | $ 14.78 | $ 19.80 | $ 17.67 | |||||
Officers and Certain Employees | 2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 206,446 | |||||||
Share-based compensation, gross | $ 3,100 | |||||||
Officer | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 254,282 | 174,320 | 104,553 | |||||
Vesting period | 3 years | |||||||
Officer | 2013 Plan | Market Based RSU | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares awarded | 40.00% | 70.00% | 80.00% | |||||
Officer | 2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares awarded | 60.00% | 30.00% | 20.00% | |||||
Trustees | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Trustees | 2013 Plan | Trustee Awards, Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 50,745 | 32,831 | 36,784 | |||||
Trustees | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of dividend equivalent included in award | 1 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Non-Vested Restricted Common Shares (Details) - 2013 Plan - Restricted common shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Non-vested at the beginning of the period (in shares) | 173,276 | 296,785 | 311,839 |
Granted (in shares) | 206,446 | 143,593 | 155,306 |
Vested (in shares) | (153,325) | (266,552) | (170,034) |
Forfeited (in shares) | (1,258) | (550) | (326) |
Non-vested at the end of the period (in shares) | 225,139 | 173,276 | 296,785 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 19.36 | $ 16.16 | $ 14.17 |
Granted (in dollars per share) | 14.87 | 19.74 | 17.96 |
Vested (in dollars per share) | 19.32 | 16 | 14.16 |
Forfeited (in dollars per share) | 16.27 | 18.78 | 15.36 |
Non-vested at end of period (in dollars per share) | $ 15.29 | $ 19.36 | $ 16.16 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Grant Date Fair Value Assumptions (Details) - 2013 Plan - Restricted Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 21.70% | 21.50% | 20.30% |
Expected term in years | 2 years 9 months 18 days | 2 years 9 months 18 days | 2 years 9 months 18 days |
Risk-free rate | 2.40% | 1.68% | 1.07% |
Stock price (per share) | $ 14.78 | $ 19.80 | $ 17.67 |
Stock-based Compensation - Trus
Stock-based Compensation - Trust Restricted Share Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted Average Grant Date Fair Value | |||
Common stock, shares issued (in shares) | 182,416,007 | 181,440,051 | |
2013 Plan | Executive Awards, Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested at the beginning of the period (in shares) | 354,123 | 235,483 | 130,930 |
Granted (in shares) | 254,282 | 174,320 | 104,553 |
Vested (in shares) | (75,250) | (55,680) | 0 |
Non-vested at the end of the period (in shares) | 533,155 | 354,123 | 235,483 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 26.30 | $ 21.84 | $ 18.48 |
Granted (in dollars per share) | 16.58 | 29.34 | 26.33 |
Vested (in dollars per share) | 19.22 | 16.94 | 0 |
Non-vested at end of period (in dollars per share) | $ 22.66 | $ 26.30 | $ 21.84 |
Common stock, shares issued (in shares) | 126,108 | 105,792 | |
Restricted stock, shares issued net of shares for tax withholdings (in shares) | 56,502 | 50,582 | |
2013 Plan | Trustee Awards, Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested at the beginning of the period (in shares) | 51,220 | 57,260 | 40,957 |
Granted (in shares) | 50,745 | 32,831 | 36,784 |
Vested (in shares) | (34,807) | (38,871) | (20,481) |
Non-vested at the end of the period (in shares) | 67,158 | 51,220 | 57,260 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 19.04 | $ 17.03 | $ 15.87 |
Granted (in dollars per share) | 14.78 | 19.80 | 17.67 |
Vested (in dollars per share) | 18.67 | 16.72 | 15.87 |
Non-vested at end of period (in dollars per share) | $ 16.01 | $ 19.04 | $ 17.03 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) | Dec. 31, 2018USD ($)instruments |
Cash Flow Hedging | Interest Rate Swaps | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Number of derivative instruments | instruments | 5,000 |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets subject to impairment measured at fair value | $ | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Note receivable | $ 20,628 | $ 0 |
Liabilities: | ||
Credit facility | (457,388) | (324,394) |
Notes payable | (966,961) | (966,603) |
Carrying Amount | ||
Assets: | ||
Real estate loans receivable | 55,659 | 76,195 |
Note receivable | 20,628 | 0 |
Liabilities: | ||
Credit facility | (465,000) | (330,000) |
Notes payable | (975,000) | (975,000) |
Mortgage debt | (108,859) | (186,939) |
Carrying Amount | Derivative assets | ||
Assets: | ||
Derivative assets | 15,121 | 14,693 |
Fair Value | ||
Assets: | ||
Real estate loans receivable | 54,782 | 75,288 |
Note receivable | 20,628 | 0 |
Liabilities: | ||
Credit facility | (465,000) | (330,000) |
Notes payable | (914,918) | (970,975) |
Mortgage debt | (107,131) | (185,743) |
Fair Value | Derivative assets | ||
Assets: | ||
Derivative assets | $ 15,121 | $ 14,693 |
Tenant Operating Leases - (Deta
Tenant Operating Leases - (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum rental payments on non-cancelable leases | |
2,019 | $ 287,092 |
2,020 | 284,097 |
2,021 | 279,242 |
2,022 | 268,910 |
2,023 | 258,363 |
Thereafter | 1,112,466 |
Total | $ 2,490,170 |
Rent Expense - (Details)
Rent Expense - (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)propertieshealthcareproperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating Leased Assets [Line Items] | |||
Number of properties pursuant to parking lease | 3 | ||
Number of properties subject to air space lease | healthcareproperty | 1 | ||
Number of properties pursuant to ground leases | 76 | ||
Number of office space leases | 5 | ||
Maximum lease terms | 87 years | ||
Parking, Air And Ground Leases | Operating Expense | |||
Operating Leased Assets [Line Items] | |||
Rent expenses for parking and ground leases | $ | $ 2.4 | $ 2.4 | $ 1.9 |
Office Leases | Operating Expense | |||
Operating Leased Assets [Line Items] | |||
Rent expenses for parking and ground leases | $ | $ 0.1 | $ 0.1 |
Rent Expense - Schedule of Mini
Rent Expense - Schedule of Minimum Lease Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum lease obligations under non-cancelable ground leases | |
2,019 | $ 3,058 |
2,020 | 3,013 |
2,021 | 3,037 |
2,022 | 3,030 |
2,023 | 3,017 |
Thereafter | 143,094 |
Total | $ 158,249 |
Credit Concentration - (Details
Credit Concentration - (Details) - Sales Revenue, Services, Net | 12 Months Ended |
Dec. 31, 2018 | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 100.00% |
Top five tenant relationships | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 19.20% |
CHI Portfolio | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 19.20% |
Credit Concentration - Top Five
Credit Concentration - Top Five Tenant Credit Concentrations (Details) - Sales Revenue, Services, Net $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |
Total ABR | $ 286,014 |
Percent of ABR | 100.00% |
CHI - Nebraska | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 16,336 |
Percent of ABR | 5.70% |
CHI - KentuckyOne Health | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 13,577 |
Percent of ABR | 4.80% |
Northside Hospital | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 10,086 |
Percent of ABR | 3.50% |
Northside Hospital | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 7,583 |
Percent of ABR | 2.70% |
Ascension - St. Vincent's - Indianapolis | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 7,291 |
Percent of ABR | 2.50% |
Remaining portfolio | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 231,141 |
Percent of ABR | 80.80% |
Credit Concentration - Top Fi_2
Credit Concentration - Top Five Geographic Concentrations (Details) - Sales Revenue, Services, Net $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |
Total ABR | $ 286,014 |
Percent of ABR | 100.00% |
Texas | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 44,064 |
Percent of ABR | 15.40% |
Georgia | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 24,716 |
Percent of ABR | 8.60% |
Nebraska | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 19,824 |
Percent of ABR | 6.90% |
Nebraska | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 17,739 |
Percent of ABR | 6.20% |
Minnesota | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 17,154 |
Percent of ABR | 6.00% |
Other | Geographic Concentration Risk | |
Concentration Risk [Line Items] | |
Total ABR | $ 162,517 |
Percent of ABR | 56.90% |
Earnings Per Share and Earnin_3
Earnings Per Share and Earnings Per Unit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Numerator for earnings per share - basic: | ||||||||||||
Net income (loss) | $ 11,156 | $ 23,771 | $ 12,062 | $ 11,332 | $ 10,187 | $ 12,539 | $ 10,331 | $ 6,716 | $ 58,321 | $ 39,773 | $ 31,522 | |
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ||||||||||||
Operating Partnership | (1,576) | (1,136) | (825) | |||||||||
Partially owned properties | [1] | (515) | (491) | (716) | ||||||||
Preferred distributions | (1,340) | (731) | (1,857) | |||||||||
Net income attributable to common shareholders | 10,454 | 22,712 | 11,303 | 10,421 | 9,536 | 12,018 | 9,670 | 6,191 | 54,890 | 37,415 | 28,124 | |
Numerator for earnings per share - diluted: | ||||||||||||
Net income attributable to common shareholders | $ 10,454 | $ 22,712 | $ 11,303 | $ 10,421 | $ 9,536 | $ 12,018 | $ 9,670 | $ 6,191 | 54,890 | 37,415 | 28,124 | |
Operating Partnership net income | 1,576 | 1,136 | 825 | |||||||||
Numerator for earnings per share - diluted | $ 56,466 | $ 38,551 | $ 28,949 | |||||||||
Denominator for earnings per share - basic and diluted: | ||||||||||||
Weighted average number of shares outstanding - basic (in shares) | 182,361,904 | 182,076,513 | 182,002,062 | 181,809,570 | 179,683,948 | 177,847,424 | 155,366,080 | 138,986,629 | 182,064,064 | 163,123,109 | 126,143,114 | |
Effect of dilutive securities: | ||||||||||||
Noncontrolling interest - Operating Partnership units | 5,329,270 | 4,839,967 | 3,692,095 | |||||||||
Weighted average number of shares outstanding - diluted (in shares) | 187,847,406 | 187,473,230 | 187,431,132 | 187,317,243 | 185,273,236 | 183,298,145 | 161,012,360 | 142,605,930 | 187,526,762 | 168,231,299 | 130,466,893 | |
Weighted average number of units outstanding - diluted (in shares) | 187,431,132 | |||||||||||
Earnings per share/unit, basic and diluted: | ||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 | |
Earnings per share - diluted (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 | |
Restricted common shares | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Effect of dilutive securities, restricted shares and RSUs | 99,129 | 89,497 | 205,036 | |||||||||
Restricted share units | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Effect of dilutive securities, restricted shares and RSUs | 34,299 | 178,726 | 426,648 | |||||||||
Operating Partnership | ||||||||||||
Numerator for earnings per share - basic: | ||||||||||||
Net income (loss) | $ 11,156 | $ 23,771 | $ 12,062 | $ 11,332 | $ 10,187 | $ 12,539 | $ 10,331 | $ 6,716 | $ 58,321 | $ 39,773 | $ 31,522 | |
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ||||||||||||
Partially owned properties | [1] | (515) | (491) | (716) | ||||||||
Preferred distributions | (1,340) | (731) | (1,857) | |||||||||
Net income attributable to common shareholders | 10,730 | 23,368 | 11,634 | 10,734 | 9,849 | 12,380 | 9,984 | 6,338 | 56,466 | 38,551 | 28,949 | |
Numerator for earnings per unit - basic and diluted | 56,466 | 38,551 | 28,949 | |||||||||
Numerator for earnings per share - diluted: | ||||||||||||
Net income attributable to common shareholders | $ 10,730 | $ 23,368 | $ 11,634 | $ 10,734 | $ 9,849 | $ 12,380 | $ 9,984 | $ 6,338 | $ 56,466 | $ 38,551 | $ 28,949 | |
Denominator for earnings per share - basic and diluted: | ||||||||||||
Weighted average number of units outstanding - basic (in shares) | 187,544,319 | 187,367,538 | 187,394,619 | 187,264,064 | 185,048,580 | 183,227,405 | 160,765,345 | 142,172,746 | 187,393,334 | 167,963,076 | 129,835,209 | |
Effect of dilutive securities: | ||||||||||||
Weighted average number of units outstanding - diluted (in shares) | 187,847,406 | 187,473,230 | 187,317,243 | 185,273,236 | 183,298,145 | 161,012,360 | 142,605,930 | 187,526,762 | 168,231,299 | 130,466,893 | ||
Earnings per share/unit, basic and diluted: | ||||||||||||
Earnings per unit - basic (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 | |
Earnings per unit - diluted (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 | |
Operating Partnership | Restricted common shares | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Effect of dilutive securities, restricted shares and RSUs | 99,129 | 89,497 | 205,036 | |||||||||
Operating Partnership | Restricted share units | ||||||||||||
Effect of dilutive securities: | ||||||||||||
Effect of dilutive securities, restricted shares and RSUs | 34,299 | 178,726 | 426,648 | |||||||||
[1] | Includes amounts attributable to redeemable noncontrolling interest. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Feb. 13, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)properties | Feb. 22, 2019USD ($) | Jan. 18, 2019USD ($)ft²bed |
Subsequent Event [Line Items] | |||||
Number of operating healthcare properties | properties | 40 | ||||
Acquisition price | $ 271,000,000 | $ 1,414,179,000 | |||
Long-term line of credit, amount funded | $ 1,532,853,000 | $ 1,477,468,000 | |||
Subsequent Events | |||||
Subsequent Event [Line Items] | |||||
Size of property | ft² | 27,000 | ||||
Number of beds | bed | 208 | ||||
Annualized base rent, percentage | $ 0.208 | ||||
Construction Loans | Subsequent Events | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 15,500,000 | ||||
Effective fixed interest rate | 5.50% | ||||
Debt instrument, interest rate, stated percentage, substantial completion | 6.25% | ||||
Pre-leased development percentage | 100.00% | ||||
Long-term line of credit, amount funded | $ 5,000,000 | ||||
Secured Debt | Subsequent Events | |||||
Subsequent Event [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | ||||
Effective fixed interest rate | 8.50% | ||||
Loan term | 1 year |
Quarterly Data (Unaudited) - Ad
Quarterly Data (Unaudited) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Revenues | $ 105,311 | $ 105,028 | $ 106,989 | $ 105,223 | $ 97,320 | $ 92,999 | $ 76,599 | $ 76,666 | $ 422,551 | $ 343,584 | $ 241,034 |
Net income | 11,156 | 23,771 | 12,062 | 11,332 | 10,187 | 12,539 | 10,331 | 6,716 | 58,321 | 39,773 | 31,522 |
Net income attributable to common shareholders | $ 10,454 | $ 22,712 | $ 11,303 | $ 10,421 | $ 9,536 | $ 12,018 | $ 9,670 | $ 6,191 | $ 54,890 | $ 37,415 | $ 28,124 |
Earnings per share – basic: | |||||||||||
Net income available to common shareholders - basic (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 |
Weighted average number of shares outstanding - basic (in shares) | 182,361,904 | 182,076,513 | 182,002,062 | 181,809,570 | 179,683,948 | 177,847,424 | 155,366,080 | 138,986,629 | 182,064,064 | 163,123,109 | 126,143,114 |
Earnings per share – diluted: | |||||||||||
Net income available to common shareholders (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 |
Weighted average common shares - diluted (in shares) | 187,847,406 | 187,473,230 | 187,431,132 | 187,317,243 | 185,273,236 | 183,298,145 | 161,012,360 | 142,605,930 | 187,526,762 | 168,231,299 | 130,466,893 |
Weighted average common units - diluted (in shares) | 187,431,132 | ||||||||||
Operating Partnership | |||||||||||
Quarterly Financial Data [Line Items] | |||||||||||
Revenues | $ 105,311 | $ 105,028 | $ 106,989 | $ 105,223 | $ 97,320 | $ 92,999 | $ 76,599 | $ 76,666 | $ 422,551 | $ 343,584 | $ 241,034 |
Net income | 11,156 | 23,771 | 12,062 | 11,332 | 10,187 | 12,539 | 10,331 | 6,716 | 58,321 | 39,773 | 31,522 |
Net income attributable to common shareholders | $ 10,730 | $ 23,368 | $ 11,634 | $ 10,734 | $ 9,849 | $ 12,380 | $ 9,984 | $ 6,338 | $ 56,466 | $ 38,551 | $ 28,949 |
Earnings per share – basic: | |||||||||||
Net income available to common unitholders - basic (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 |
Weighted average number of units outstanding - basic (in shares) | 187,544,319 | 187,367,538 | 187,394,619 | 187,264,064 | 185,048,580 | 183,227,405 | 160,765,345 | 142,172,746 | 187,393,334 | 167,963,076 | 129,835,209 |
Earnings per share – diluted: | |||||||||||
Net income available to common unitholders - diluted (in dollars per share) | $ 0.06 | $ 0.12 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.07 | $ 0.06 | $ 0.04 | $ 0.30 | $ 0.23 | $ 0.22 |
Weighted average common units - diluted (in shares) | 187,847,406 | 187,473,230 | 187,317,243 | 185,273,236 | 183,298,145 | 161,012,360 | 142,605,930 | 187,526,762 | 168,231,299 | 130,466,893 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 108,662 | |||
Initial Cost to Company, Land | 211,253 | |||
Initial Cost to Company, Buildings and Improvements | 3,561,368 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 99,091 | |||
Gross Amount at Which Carried as of Close of Period, Land | 211,253 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,660,459 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,871,712 | $ 3,809,609 | $ 2,606,536 | $ 1,424,894 |
Accumulated Depreciation | (283,495) | $ (201,527) | $ (118,609) | $ (61,242) |
Arrowhead Commons | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 740 | |||
Initial Cost to Company, Buildings and Improvements | 2,551 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 748 | |||
Gross Amount at Which Carried as of Close of Period, Land | 740 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,299 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,039 | |||
Accumulated Depreciation | $ (697) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Aurora Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 500 | |||
Initial Cost to Company, Buildings and Improvements | 1,566 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 500 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,566 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,066 | |||
Accumulated Depreciation | $ (274) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
El Paso Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 860 | |||
Initial Cost to Company, Buildings and Improvements | 2,866 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 406 | |||
Gross Amount at Which Carried as of Close of Period, Land | 860 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,272 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,132 | |||
Accumulated Depreciation | $ (1,984) | |||
Life on Which Building Depreciation in Income Statement is Computed | 21 years | |||
Firehouse Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,120 | |||
Initial Cost to Company, Buildings and Improvements | 2,768 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,120 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,768 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,888 | |||
Accumulated Depreciation | $ (1,053) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Hackley Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,840 | |||
Initial Cost to Company, Buildings and Improvements | 6,402 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 183 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,840 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,585 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,425 | |||
Accumulated Depreciation | $ (2,622) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
MeadowView Professional Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,270 | |||
Initial Cost to Company, Buildings and Improvements | 11,344 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 37 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,270 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,381 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,651 | |||
Accumulated Depreciation | $ (4,431) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mid Coast Hospital Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,830 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,247 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 98 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,345 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,345 | |||
Accumulated Depreciation | $ (3,996) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
New Albany Professional Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 237 | |||
Initial Cost to Company, Buildings and Improvements | 2,767 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 590 | |||
Gross Amount at Which Carried as of Close of Period, Land | 237 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,357 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,594 | |||
Accumulated Depreciation | $ (921) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Remington Medical Commons | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 895 | |||
Initial Cost to Company, Buildings and Improvements | 6,499 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 356 | |||
Gross Amount at Which Carried as of Close of Period, Land | 895 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,855 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,750 | |||
Accumulated Depreciation | $ (2,483) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Valley West Hospital Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 6,275 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 620 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,895 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,895 | |||
Accumulated Depreciation | $ (2,578) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
East El Paso Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 710 | |||
Initial Cost to Company, Buildings and Improvements | 4,500 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 710 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,500 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,210 | |||
Accumulated Depreciation | $ (686) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
East El Paso Surgical Hospital | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,070 | |||
Initial Cost to Company, Buildings and Improvements | 23,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,070 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,627 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,697 | |||
Accumulated Depreciation | $ (3,500) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
LifeCare Plano LTACH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,370 | |||
Initial Cost to Company, Buildings and Improvements | 11,689 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 455 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,370 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,144 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,514 | |||
Accumulated Depreciation | $ (2,621) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Crescent City Surgical Centre | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 34,208 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 34,208 | |||
Gross Amount at Which Carried as of Close of Period, Total | 34,208 | |||
Accumulated Depreciation | $ (3,742) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Foundation Surgical Affiliates Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,901 | |||
Initial Cost to Company, Land | 1,300 | |||
Initial Cost to Company, Buildings and Improvements | 12,724 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,300 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,724 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,024 | |||
Accumulated Depreciation | $ (1,554) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Central Ohio Neurosurgical Surgeons Medical Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 981 | |||
Initial Cost to Company, Buildings and Improvements | 7,620 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 981 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,620 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,601 | |||
Accumulated Depreciation | $ (880) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Great Falls Ambulatory Surgery Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 203 | |||
Initial Cost to Company, Buildings and Improvements | 3,224 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 67 | |||
Gross Amount at Which Carried as of Close of Period, Land | 203 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,291 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,494 | |||
Accumulated Depreciation | $ (508) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Foundation San Antonio Surgical Hospital | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,230 | |||
Initial Cost to Company, Buildings and Improvements | 23,346 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 43 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,230 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,389 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,619 | |||
Accumulated Depreciation | $ (3,681) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology Centers — Sarasota | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 633 | |||
Initial Cost to Company, Buildings and Improvements | 6,557 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 633 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,557 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,190 | |||
Accumulated Depreciation | $ (1,222) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
21st Century Radiation Oncology Centers - Venice | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 814 | |||
Initial Cost to Company, Buildings and Improvements | 2,952 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 814 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,952 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,766 | |||
Accumulated Depreciation | $ (460) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology Centers - Englewood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 350 | |||
Initial Cost to Company, Buildings and Improvements | 1,878 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 350 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,878 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,228 | |||
Accumulated Depreciation | $ (263) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foundation San Antonio Healthplex | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 911 | |||
Initial Cost to Company, Buildings and Improvements | 4,189 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 911 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,189 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,100 | |||
Accumulated Depreciation | $ (605) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peachtree Dunwoody Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 27,435 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 25,054 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 52,489 | |||
Gross Amount at Which Carried as of Close of Period, Total | 52,489 | |||
Accumulated Depreciation | $ (7,526) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
LifeCare LTACH — Fort Worth | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,730 | |||
Initial Cost to Company, Buildings and Improvements | 24,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,730 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,639 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,369 | |||
Accumulated Depreciation | $ (4,005) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
LifeCare LTACH — Pittsburgh | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,142 | |||
Initial Cost to Company, Buildings and Improvements | 11,737 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,142 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,737 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,879 | |||
Accumulated Depreciation | $ (1,994) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
PinnacleHealth Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 795 | |||
Initial Cost to Company, Buildings and Improvements | 4,601 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 31 | |||
Gross Amount at Which Carried as of Close of Period, Land | 795 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,632 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,427 | |||
Accumulated Depreciation | $ (931) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 424 | |||
Initial Cost to Company, Buildings and Improvements | 2,232 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 424 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,232 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,656 | |||
Accumulated Depreciation | $ (324) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
South Bend Orthopaedics Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,418 | |||
Initial Cost to Company, Buildings and Improvements | 11,355 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,418 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,355 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,773 | |||
Accumulated Depreciation | $ (1,521) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Grenada Medical Complex | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 185 | |||
Initial Cost to Company, Buildings and Improvements | 5,820 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 116 | |||
Gross Amount at Which Carried as of Close of Period, Land | 185 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,936 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,121 | |||
Accumulated Depreciation | $ (1,105) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mississippi Ortho Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,272 | |||
Initial Cost to Company, Buildings and Improvements | 14,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 626 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,272 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,803 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,075 | |||
Accumulated Depreciation | $ (2,119) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carmel Medical Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 3,917 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 174 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,091 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,091 | |||
Accumulated Depreciation | $ (765) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Renaissance Ambulatory Surgery Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 228 | |||
Initial Cost to Company, Buildings and Improvements | 7,658 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 17 | |||
Gross Amount at Which Carried as of Close of Period, Land | 228 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,675 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,903 | |||
Accumulated Depreciation | $ (897) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Summit Urology | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 125 | |||
Initial Cost to Company, Buildings and Improvements | 4,792 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 125 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,792 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,917 | |||
Accumulated Depreciation | $ (737) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
500 Landmark | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 627 | |||
Initial Cost to Company, Buildings and Improvements | 3,549 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 627 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,549 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,176 | |||
Accumulated Depreciation | $ (475) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
550 Landmark | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,717 | |||
Initial Cost to Company, Buildings and Improvements | 15,224 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,717 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,224 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,941 | |||
Accumulated Depreciation | $ (2,039) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
574 Landmark | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 418 | |||
Initial Cost to Company, Buildings and Improvements | 1,493 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 418 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,493 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,911 | |||
Accumulated Depreciation | $ (204) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carlisle II MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 412 | |||
Initial Cost to Company, Buildings and Improvements | 3,962 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 412 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,962 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,374 | |||
Accumulated Depreciation | $ (409) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Surgical Institute of Monroe | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Buildings and Improvements | 5,743 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 410 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,743 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,153 | |||
Accumulated Depreciation | $ (852) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
The Oaks @ Lady Lake | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,065 | |||
Initial Cost to Company, Buildings and Improvements | 8,642 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,065 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,642 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,707 | |||
Accumulated Depreciation | $ (918) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Mansfield ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,491 | |||
Initial Cost to Company, Buildings and Improvements | 6,471 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,491 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,471 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,962 | |||
Accumulated Depreciation | $ (672) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Eye Center of Southern Indiana | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 910 | |||
Initial Cost to Company, Buildings and Improvements | 11,477 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 910 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,477 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,387 | |||
Accumulated Depreciation | $ (1,474) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Zangmeister | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,610 | |||
Initial Cost to Company, Buildings and Improvements | 31,120 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,610 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 31,124 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,734 | |||
Accumulated Depreciation | $ (3,458) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Ortho One - Columbus | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,234 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 7 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,241 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,241 | |||
Accumulated Depreciation | $ (1,712) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Ortho One - Westerville | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Buildings and Improvements | 3,944 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 362 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,944 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,306 | |||
Accumulated Depreciation | $ (429) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Berger Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,950 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,950 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,950 | |||
Accumulated Depreciation | $ (733) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
El Paso - Lee Trevino | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,294 | |||
Initial Cost to Company, Buildings and Improvements | 11,316 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 432 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,294 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,748 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,042 | |||
Accumulated Depreciation | $ (1,774) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
El Paso - Murchison | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,283 | |||
Initial Cost to Company, Buildings and Improvements | 24,543 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 476 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,283 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,019 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,302 | |||
Accumulated Depreciation | $ (3,641) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
El Paso - Kenworthy | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 728 | |||
Initial Cost to Company, Buildings and Improvements | 2,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 80 | |||
Gross Amount at Which Carried as of Close of Period, Land | 728 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,258 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,986 | |||
Accumulated Depreciation | $ (303) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Pinnacle - 32 Northeast | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 408 | |||
Initial Cost to Company, Buildings and Improvements | 3,232 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 102 | |||
Gross Amount at Which Carried as of Close of Period, Land | 408 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,334 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,742 | |||
Accumulated Depreciation | $ (467) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Pinnacle - 4518 Union Deposit | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 617 | |||
Initial Cost to Company, Buildings and Improvements | 7,305 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 15 | |||
Gross Amount at Which Carried as of Close of Period, Land | 617 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,320 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,937 | |||
Accumulated Depreciation | $ (1,058) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Pinnacle - 4520 Union Deposit | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 169 | |||
Initial Cost to Company, Buildings and Improvements | 2,055 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 29 | |||
Gross Amount at Which Carried as of Close of Period, Land | 169 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,084 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,253 | |||
Accumulated Depreciation | $ (322) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Pinnacle - 240 Grandview | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 321 | |||
Initial Cost to Company, Buildings and Improvements | 4,242 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 97 | |||
Gross Amount at Which Carried as of Close of Period, Land | 321 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,339 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,660 | |||
Accumulated Depreciation | $ (541) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Pinnacle - Market Place Way | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 808 | |||
Initial Cost to Company, Buildings and Improvements | 2,383 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 32 | |||
Gross Amount at Which Carried as of Close of Period, Land | 808 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,415 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,223 | |||
Accumulated Depreciation | $ (413) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - 111 Maltese | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 670 | |||
Initial Cost to Company, Buildings and Improvements | 9,921 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 37 | |||
Gross Amount at Which Carried as of Close of Period, Land | 670 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,958 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,628 | |||
Accumulated Depreciation | $ (1,204) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - 2 Edgewater | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 200 | |||
Initial Cost to Company, Buildings and Improvements | 2,966 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 11 | |||
Gross Amount at Which Carried as of Close of Period, Land | 200 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,977 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,177 | |||
Accumulated Depreciation | $ (360) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Napoleon Medical Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,202 | |||
Initial Cost to Company, Buildings and Improvements | 7,412 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,142 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,202 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,554 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,756 | |||
Accumulated Depreciation | $ (1,406) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
West TN Bone & Joint - Physicians Drive | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,661 | |||
Initial Cost to Company, Buildings and Improvements | 2,960 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,661 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,966 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,627 | |||
Accumulated Depreciation | $ (359) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Edina MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 504 | |||
Initial Cost to Company, Buildings and Improvements | 10,006 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,316 | |||
Gross Amount at Which Carried as of Close of Period, Land | 504 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,322 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,826 | |||
Accumulated Depreciation | $ (2,128) | |||
Life on Which Building Depreciation in Income Statement is Computed | 24 years | |||
Crystal MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 945 | |||
Initial Cost to Company, Buildings and Improvements | 11,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 51 | |||
Gross Amount at Which Carried as of Close of Period, Land | 945 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,913 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,858 | |||
Accumulated Depreciation | $ (1,180) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Savage MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,284 | |||
Initial Cost to Company, Land | 1,281 | |||
Initial Cost to Company, Buildings and Improvements | 10,021 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,281 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,021 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,302 | |||
Accumulated Depreciation | $ (1,034) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Dell Road MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 800 | |||
Initial Cost to Company, Buildings and Improvements | 4,520 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 153 | |||
Gross Amount at Which Carried as of Close of Period, Land | 800 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,673 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,473 | |||
Accumulated Depreciation | $ (530) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Methodist Sports MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,050 | |||
Initial Cost to Company, Buildings and Improvements | 8,556 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,050 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,556 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,606 | |||
Accumulated Depreciation | $ (1,067) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Vadnais Heights MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,751 | |||
Initial Cost to Company, Buildings and Improvements | 12,233 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,751 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,233 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,984 | |||
Accumulated Depreciation | $ (1,435) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Minnetonka MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,770 | |||
Initial Cost to Company, Buildings and Improvements | 19,797 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,770 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,797 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,567 | |||
Accumulated Depreciation | $ (1,955) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Jamestown MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 656 | |||
Initial Cost to Company, Buildings and Improvements | 9,440 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 194 | |||
Gross Amount at Which Carried as of Close of Period, Land | 656 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,634 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,290 | |||
Accumulated Depreciation | $ (1,151) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Indiana American II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 862 | |||
Initial Cost to Company, Buildings and Improvements | 6,901 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 682 | |||
Gross Amount at Which Carried as of Close of Period, Land | 862 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,583 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,445 | |||
Accumulated Depreciation | $ (927) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Indiana American III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 741 | |||
Initial Cost to Company, Buildings and Improvements | 1,846 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 341 | |||
Gross Amount at Which Carried as of Close of Period, Land | 741 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,187 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,928 | |||
Accumulated Depreciation | $ (389) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Indiana American IV | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 771 | |||
Initial Cost to Company, Buildings and Improvements | 1,928 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 169 | |||
Gross Amount at Which Carried as of Close of Period, Land | 771 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,097 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,868 | |||
Accumulated Depreciation | $ (291) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Southpointe | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 563 | |||
Initial Cost to Company, Buildings and Improvements | 1,741 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 343 | |||
Gross Amount at Which Carried as of Close of Period, Land | 563 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,084 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,647 | |||
Accumulated Depreciation | $ (423) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Minnesota Eye MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,143 | |||
Initial Cost to Company, Buildings and Improvements | 7,470 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,143 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,470 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,613 | |||
Accumulated Depreciation | $ (801) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Baylor Cancer Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 855 | |||
Initial Cost to Company, Buildings and Improvements | 6,007 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 57 | |||
Gross Amount at Which Carried as of Close of Period, Land | 855 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,064 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,919 | |||
Accumulated Depreciation | $ (579) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Bridgeport Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,397 | |||
Initial Cost to Company, Buildings and Improvements | 10,435 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 47 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,397 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,482 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,879 | |||
Accumulated Depreciation | $ (1,221) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Renaissance Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,379 | |||
Initial Cost to Company, Buildings and Improvements | 4,182 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6,056 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,379 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,238 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,617 | |||
Accumulated Depreciation | $ (1,625) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Calkins 125 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 534 | |||
Initial Cost to Company, Buildings and Improvements | 10,164 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 759 | |||
Gross Amount at Which Carried as of Close of Period, Land | 534 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,923 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,457 | |||
Accumulated Depreciation | $ (1,517) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Calkins 200 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 210 | |||
Initial Cost to Company, Buildings and Improvements | 3,317 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 58 | |||
Gross Amount at Which Carried as of Close of Period, Land | 210 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,375 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,585 | |||
Accumulated Depreciation | $ (466) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Calkins 300 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 372 | |||
Initial Cost to Company, Buildings and Improvements | 6,645 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 31 | |||
Gross Amount at Which Carried as of Close of Period, Land | 372 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,676 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,048 | |||
Accumulated Depreciation | $ (836) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 400 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 353 | |||
Initial Cost to Company, Buildings and Improvements | 8,226 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 133 | |||
Gross Amount at Which Carried as of Close of Period, Land | 353 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,359 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,712 | |||
Accumulated Depreciation | $ (1,103) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 500 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Buildings and Improvements | 7,074 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 33 | |||
Gross Amount at Which Carried as of Close of Period, Land | 282 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,107 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,389 | |||
Accumulated Depreciation | $ (805) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Premier Surgery Center of Louisville | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,106 | |||
Initial Cost to Company, Buildings and Improvements | 5,437 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,106 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,437 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,543 | |||
Accumulated Depreciation | $ (509) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Baton Rouge MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Buildings and Improvements | 7,720 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 711 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,720 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,431 | |||
Accumulated Depreciation | $ (867) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Healthpark Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 17,624 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 22 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 17,646 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,646 | |||
Accumulated Depreciation | $ (1,972) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Northern Ohio Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 644 | |||
Initial Cost to Company, Buildings and Improvements | 9,162 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 644 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,162 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,806 | |||
Accumulated Depreciation | $ (1,700) | |||
Life on Which Building Depreciation in Income Statement is Computed | 20 years | |||
University of Michigan - Northville MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,200 | |||
Initial Cost to Company, Buildings and Improvements | 8,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 178 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,200 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,805 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,005 | |||
Accumulated Depreciation | $ (1,128) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Coon Rapids Medical Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 607 | |||
Initial Cost to Company, Buildings and Improvements | 5,857 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 607 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,857 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,464 | |||
Accumulated Depreciation | $ (649) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Premier Landmark MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 872 | |||
Initial Cost to Company, Buildings and Improvements | 10,537 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 872 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,537 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,409 | |||
Accumulated Depreciation | $ (1,012) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Palm Beach ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,576 | |||
Initial Cost to Company, Buildings and Improvements | 7,675 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,576 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,675 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,251 | |||
Accumulated Depreciation | $ (710) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Brookstone Physician Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 1,913 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,913 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,913 | |||
Accumulated Depreciation | $ (232) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Hillside Medical Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 812 | |||
Initial Cost to Company, Buildings and Improvements | 13,217 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 235 | |||
Gross Amount at Which Carried as of Close of Period, Land | 812 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,452 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,264 | |||
Accumulated Depreciation | $ (1,373) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Randall Road MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,124 | |||
Initial Cost to Company, Buildings and Improvements | 15,404 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 486 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,124 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,890 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,014 | |||
Accumulated Depreciation | $ (1,498) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Medical Specialists of Palm Beach MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 7,560 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,566 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,566 | |||
Accumulated Depreciation | $ (765) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
OhioHealth - SW Health Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,363 | |||
Initial Cost to Company, Buildings and Improvements | 8,516 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,363 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,516 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,879 | |||
Accumulated Depreciation | $ (900) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Trios Health MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,492 | |||
Initial Cost to Company, Buildings and Improvements | 55,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,795 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,492 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 58,973 | |||
Gross Amount at Which Carried as of Close of Period, Total | 60,465 | |||
Accumulated Depreciation | $ (4,517) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
IMS - Paradise Valley MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 25,893 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 14 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,907 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,907 | |||
Accumulated Depreciation | $ (2,316) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
IMS - Avondale MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,818 | |||
Initial Cost to Company, Buildings and Improvements | 18,108 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 10 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,818 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,118 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,936 | |||
Accumulated Depreciation | $ (1,457) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
IMS - Palm Valley MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,666 | |||
Initial Cost to Company, Buildings and Improvements | 28,655 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,666 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 28,655 | |||
Gross Amount at Which Carried as of Close of Period, Total | 31,321 | |||
Accumulated Depreciation | $ (2,404) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
IMS - North Mountain MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 42,877 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 504 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 43,381 | |||
Gross Amount at Which Carried as of Close of Period, Total | 43,381 | |||
Accumulated Depreciation | $ (3,429) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Memorial Hermann - Phase I | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 822 | |||
Initial Cost to Company, Buildings and Improvements | 6,797 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 31 | |||
Gross Amount at Which Carried as of Close of Period, Land | 822 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,828 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,650 | |||
Accumulated Depreciation | $ (631) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Memorial Hermann - Phase II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,560 | |||
Initial Cost to Company, Buildings and Improvements | 25,601 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 110 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,560 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,711 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,271 | |||
Accumulated Depreciation | $ (2,254) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
New Albany Medical Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,600 | |||
Initial Cost to Company, Buildings and Improvements | 8,505 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 339 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,600 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,844 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,444 | |||
Accumulated Depreciation | $ (913) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Fountain Hills Medical Campus MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,593 | |||
Initial Cost to Company, Buildings and Improvements | 7,635 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 704 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,593 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,339 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,932 | |||
Accumulated Depreciation | $ (761) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Fairhope MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Buildings and Improvements | 5,227 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 659 | |||
Gross Amount at Which Carried as of Close of Period, Land | 640 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,886 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,526 | |||
Accumulated Depreciation | $ (564) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foley MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 365 | |||
Initial Cost to Company, Buildings and Improvements | 732 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 365 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 732 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,097 | |||
Accumulated Depreciation | $ (69) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Foley Venture | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 420 | |||
Initial Cost to Company, Buildings and Improvements | 1,118 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 420 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,118 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,538 | |||
Accumulated Depreciation | $ (106) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
North Okaloosa MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 190 | |||
Initial Cost to Company, Buildings and Improvements | 1,010 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 190 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,010 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,200 | |||
Accumulated Depreciation | $ (88) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Commons on North Davis | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 380 | |||
Initial Cost to Company, Buildings and Improvements | 1,237 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 380 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,237 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,617 | |||
Accumulated Depreciation | $ (109) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Sorrento Road | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 170 | |||
Initial Cost to Company, Buildings and Improvements | 894 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 170 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 894 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,064 | |||
Accumulated Depreciation | $ (79) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Breakfast Point Medical Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 817 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 817 | |||
Gross Amount at Which Carried as of Close of Period, Total | 817 | |||
Accumulated Depreciation | $ (68) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Panama City Beach | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 739 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 739 | |||
Gross Amount at Which Carried as of Close of Period, Total | 739 | |||
Accumulated Depreciation | $ (61) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Perdido Medical Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 100 | |||
Initial Cost to Company, Buildings and Improvements | 1,147 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 100 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,147 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,247 | |||
Accumulated Depreciation | $ (100) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Ft. Walton Beach | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 230 | |||
Initial Cost to Company, Buildings and Improvements | 914 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 230 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 914 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,144 | |||
Accumulated Depreciation | $ (91) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Panama City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 661 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 661 | |||
Gross Amount at Which Carried as of Close of Period, Total | 661 | |||
Accumulated Depreciation | $ (60) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Pensacola - Catalyst | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 220 | |||
Initial Cost to Company, Buildings and Improvements | 1,685 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 70 | |||
Gross Amount at Which Carried as of Close of Period, Land | 220 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,755 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,975 | |||
Accumulated Depreciation | $ (151) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Arete Surgical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Buildings and Improvements | 6,667 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 399 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,667 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,066 | |||
Accumulated Depreciation | $ (492) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Cambridge Professional Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 590 | |||
Initial Cost to Company, Buildings and Improvements | 8,520 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 338 | |||
Gross Amount at Which Carried as of Close of Period, Land | 590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,858 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,448 | |||
Accumulated Depreciation | $ (874) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth 44th Street MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 515 | |||
Initial Cost to Company, Buildings and Improvements | 3,884 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,320 | |||
Gross Amount at Which Carried as of Close of Period, Land | 515 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,204 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,719 | |||
Accumulated Depreciation | $ (617) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mercy Medical Center MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,201 | |||
Initial Cost to Company, Buildings and Improvements | 6,778 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,201 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,778 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,979 | |||
Accumulated Depreciation | $ (575) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Nashville MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,555 | |||
Initial Cost to Company, Buildings and Improvements | 39,713 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 273 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,555 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 39,986 | |||
Gross Amount at Which Carried as of Close of Period, Total | 41,541 | |||
Accumulated Depreciation | $ (2,679) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years 6 months | |||
Great Falls Clinic MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,687 | |||
Initial Cost to Company, Buildings and Improvements | 27,402 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 441 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,687 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,843 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,530 | |||
Accumulated Depreciation | $ (2,243) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Great Falls Hospital | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,026 | |||
Initial Cost to Company, Buildings and Improvements | 25,262 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,026 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,262 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,288 | |||
Accumulated Depreciation | $ (1,982) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Monterey Medical Center ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 380 | |||
Initial Cost to Company, Buildings and Improvements | 5,064 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 380 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,064 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,444 | |||
Accumulated Depreciation | $ (365) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Park Nicollet Clinic | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,941 | |||
Initial Cost to Company, Buildings and Improvements | 14,555 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,941 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,555 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,496 | |||
Accumulated Depreciation | $ (1,154) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HEB Cancer Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,839 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,845 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,845 | |||
Accumulated Depreciation | $ (833) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Riverview Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,313 | |||
Initial Cost to Company, Buildings and Improvements | 10,243 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 68 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,313 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,311 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,624 | |||
Accumulated Depreciation | $ (989) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Luke's Cornwall MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,017 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,017 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,017 | |||
Accumulated Depreciation | $ (1,158) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth Glendale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,770 | |||
Initial Cost to Company, Buildings and Improvements | 8,089 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,770 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,089 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,859 | |||
Accumulated Depreciation | $ (544) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Columbia MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,550 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 36 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,586 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,586 | |||
Accumulated Depreciation | $ (1,340) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St Vincent POB 1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 10,172 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 267 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,439 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,439 | |||
Accumulated Depreciation | $ (1,977) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
St Vincent POB 2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 48 | |||
Initial Cost to Company, Buildings and Improvements | 6,624 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 280 | |||
Gross Amount at Which Carried as of Close of Period, Land | 48 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,904 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,952 | |||
Accumulated Depreciation | $ (1,372) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
St Vincent POB 3 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 75 | |||
Initial Cost to Company, Buildings and Improvements | 9,433 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,086 | |||
Gross Amount at Which Carried as of Close of Period, Land | 75 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,519 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,594 | |||
Accumulated Depreciation | $ (1,179) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Emerson Medical Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,590 | |||
Initial Cost to Company, Buildings and Improvements | 9,853 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 125 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,978 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,568 | |||
Accumulated Depreciation | $ (838) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Santa Fe | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 900 | |||
Initial Cost to Company, Buildings and Improvements | 6,604 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 900 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,604 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,504 | |||
Accumulated Depreciation | $ (565) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Albuquerque | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,020 | |||
Initial Cost to Company, Buildings and Improvements | 7,832 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 13 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,020 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,845 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,865 | |||
Accumulated Depreciation | $ (594) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Gardendale Surgery Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 200 | |||
Initial Cost to Company, Buildings and Improvements | 5,732 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 200 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,732 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,932 | |||
Accumulated Depreciation | $ (393) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
HealthEast - Curve Crest | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Buildings and Improvements | 3,279 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 409 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,279 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,688 | |||
Accumulated Depreciation | $ (232) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
HealthEast - Victor Gardens | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 572 | |||
Initial Cost to Company, Buildings and Improvements | 4,400 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 51 | |||
Gross Amount at Which Carried as of Close of Period, Land | 572 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,451 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,023 | |||
Accumulated Depreciation | $ (333) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
NOMS - Clyde | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 440 | |||
Initial Cost to Company, Buildings and Improvements | 5,948 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 440 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,948 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,388 | |||
Accumulated Depreciation | $ (383) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Blandford MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 203 | |||
Initial Cost to Company, Buildings and Improvements | 2,386 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 203 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,386 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,589 | |||
Accumulated Depreciation | $ (172) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Cardwell MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,348 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 215 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,563 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,563 | |||
Accumulated Depreciation | $ (588) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Dacono Neighborhood Health | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,258 | |||
Initial Cost to Company, Buildings and Improvements | 2,911 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 20 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,258 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,931 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,189 | |||
Accumulated Depreciation | $ (279) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Franciscan Health | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Buildings and Improvements | 9,096 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 65 | |||
Gross Amount at Which Carried as of Close of Period, Land | 711 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,161 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,872 | |||
Accumulated Depreciation | $ (1,637) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Grand Island Specialty Clinic | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 102 | |||
Initial Cost to Company, Buildings and Improvements | 2,802 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 163 | |||
Gross Amount at Which Carried as of Close of Period, Land | 102 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,965 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,067 | |||
Accumulated Depreciation | $ (225) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Hot Springs MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 305 | |||
Initial Cost to Company, Buildings and Improvements | 3,309 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 95 | |||
Gross Amount at Which Carried as of Close of Period, Land | 305 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,404 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,709 | |||
Accumulated Depreciation | $ (340) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Jewish Medical Center East | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 81,248 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 119 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 81,367 | |||
Gross Amount at Which Carried as of Close of Period, Total | 81,367 | |||
Accumulated Depreciation | $ (5,025) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Jewish Medical Center South MOB - 1 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 15,861 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 235 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,096 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,096 | |||
Accumulated Depreciation | $ (1,272) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Jewish Medical Plaza I | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,808 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 503 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,311 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,311 | |||
Accumulated Depreciation | $ (743) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Jewish Medical Plaza II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,216 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,473 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,689 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,689 | |||
Accumulated Depreciation | $ (979) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Jewish OCC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 35,703 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 177 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 35,880 | |||
Gross Amount at Which Carried as of Close of Period, Total | 35,880 | |||
Accumulated Depreciation | $ (2,833) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Lexington Surgery Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,229 | |||
Initial Cost to Company, Buildings and Improvements | 18,914 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 484 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,229 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,398 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,627 | |||
Accumulated Depreciation | $ (1,745) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Medical Arts Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 6,215 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 265 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,480 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,480 | |||
Accumulated Depreciation | $ (541) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Memorial Outpatient Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,808 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,908 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,908 | |||
Accumulated Depreciation | $ (334) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Midlands Two Professional Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 587 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 136 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 723 | |||
Gross Amount at Which Carried as of Close of Period, Total | 723 | |||
Accumulated Depreciation | $ (369) | |||
Life on Which Building Depreciation in Income Statement is Computed | 5 years | |||
Parkview MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 705 | |||
Initial Cost to Company, Buildings and Improvements | 4,343 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 76 | |||
Gross Amount at Which Carried as of Close of Period, Land | 705 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,419 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,124 | |||
Accumulated Depreciation | $ (371) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peak One ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,763 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 285 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,048 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,048 | |||
Accumulated Depreciation | $ (383) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Physicians Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,401 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,263 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,263 | |||
Accumulated Depreciation | $ (609) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
St. Alexius - Minot Medical Plaza | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 26,078 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,078 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,078 | |||
Accumulated Depreciation | $ (1,637) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
St. Clare Medical Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 9,005 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 23 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,028 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,028 | |||
Accumulated Depreciation | $ (857) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Joseph Medical Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,497 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 54 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,551 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,551 | |||
Accumulated Depreciation | $ (949) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Office Park | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,722 | |||
Initial Cost to Company, Buildings and Improvements | 12,675 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4,221 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,722 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,896 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,618 | |||
Accumulated Depreciation | $ (2,714) | |||
Life on Which Building Depreciation in Income Statement is Computed | 14 years | |||
St. Mary - Caritas Medical II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,587 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 72 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,659 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,659 | |||
Accumulated Depreciation | $ (458) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
St. Mary - Caritas Medical III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 383 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 200 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 583 | |||
Gross Amount at Which Carried as of Close of Period, Total | 583 | |||
Accumulated Depreciation | $ (407) | |||
Life on Which Building Depreciation in Income Statement is Computed | 2 years | |||
Thornton Neighborhood Health | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,609 | |||
Initial Cost to Company, Buildings and Improvements | 2,287 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,609 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,287 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,896 | |||
Accumulated Depreciation | $ (211) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Francis MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,817 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,917 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,917 | |||
Accumulated Depreciation | $ (1,006) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Children's Hospital MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Buildings and Improvements | 4,897 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 476 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,897 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,373 | |||
Accumulated Depreciation | $ (321) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Jewish Medical Center South MOB - 2 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 27 | |||
Initial Cost to Company, Buildings and Improvements | 3,827 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 27 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,827 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,854 | |||
Accumulated Depreciation | $ (250) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Good Samaritan North Annex Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 2,734 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,734 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,734 | |||
Accumulated Depreciation | $ (220) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
NE Heart Institute Medical Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,738 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,738 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,738 | |||
Accumulated Depreciation | $ (1,055) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
St. Vincent West MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,453 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,453 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,453 | |||
Accumulated Depreciation | $ (746) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Meridan MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,608 | |||
Initial Cost to Company, Buildings and Improvements | 15,774 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 137 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,608 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,911 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,519 | |||
Accumulated Depreciation | $ (1,202) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
St. Mary - Caritas Medical I | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,774 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 374 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,148 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,148 | |||
Accumulated Depreciation | $ (914) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Medical Arts Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,902 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 144 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,046 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,046 | |||
Accumulated Depreciation | $ (1,044) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
St. Alexius - Mandan Clinic | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 708 | |||
Initial Cost to Company, Buildings and Improvements | 7,700 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 172 | |||
Gross Amount at Which Carried as of Close of Period, Land | 708 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,872 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,580 | |||
Accumulated Depreciation | $ (502) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Alexius - Orthopaedic Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,881 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 413 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,294 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,294 | |||
Accumulated Depreciation | $ (958) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Alexius - Rehab Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,920 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 101 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,021 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,021 | |||
Accumulated Depreciation | $ (639) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Tech & Ed | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,688 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,691 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,691 | |||
Accumulated Depreciation | $ (1,132) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Good Samaritan MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 24,154 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 437 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,591 | |||
Gross Amount at Which Carried as of Close of Period, Total | 24,591 | |||
Accumulated Depreciation | $ (1,386) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lakeside Two Professional Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,358 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 500 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,858 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,858 | |||
Accumulated Depreciation | $ (903) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Lakeside Wellness Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 10,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 219 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,396 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,396 | |||
Accumulated Depreciation | $ (666) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
McAuley Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,427 | |||
Initial Cost to Company, Buildings and Improvements | 17,020 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 429 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,427 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 17,449 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,876 | |||
Accumulated Depreciation | $ (1,557) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Memorial Health Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 33,967 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,238 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 35,205 | |||
Gross Amount at Which Carried as of Close of Period, Total | 35,205 | |||
Accumulated Depreciation | $ (2,554) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Missionary Ridge MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 7,223 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,760 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,983 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,983 | |||
Accumulated Depreciation | $ (1,902) | |||
Life on Which Building Depreciation in Income Statement is Computed | 10 years | |||
Pilot Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,419 | |||
Initial Cost to Company, Buildings and Improvements | 14,528 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 45 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,419 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,573 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,992 | |||
Accumulated Depreciation | $ (1,110) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Medical Clinic | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,427 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 37 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,464 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,464 | |||
Accumulated Depreciation | $ (1,383) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Woodlands Medical Arts Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,168 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 783 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,951 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,951 | |||
Accumulated Depreciation | $ (1,490) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
FESC MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,702 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 181 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,883 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,883 | |||
Accumulated Depreciation | $ (1,608) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
Prairie Care MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 525 | |||
Initial Cost to Company, Buildings and Improvements | 3,099 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 525 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,099 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,624 | |||
Accumulated Depreciation | $ (189) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Springwoods MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,821 | |||
Initial Cost to Company, Buildings and Improvements | 14,830 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4,562 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,821 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,392 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,213 | |||
Accumulated Depreciation | $ (1,252) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Unity - ASC, Imaging & MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 960 | |||
Initial Cost to Company, Buildings and Improvements | 9,991 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 960 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,991 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,951 | |||
Accumulated Depreciation | $ (732) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity - Medical Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,070 | |||
Initial Cost to Company, Buildings and Improvements | 12,454 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,070 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,454 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,524 | |||
Accumulated Depreciation | $ (913) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity - Faith, Hope & Love | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 280 | |||
Initial Cost to Company, Buildings and Improvements | 1,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 280 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,862 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,142 | |||
Accumulated Depreciation | $ (137) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity - Immediate Care & OCC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 300 | |||
Initial Cost to Company, Buildings and Improvements | 1,833 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 300 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,833 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,133 | |||
Accumulated Depreciation | $ (129) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Medical Village at Maitland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,393 | |||
Initial Cost to Company, Buildings and Improvements | 18,543 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 24 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,393 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,567 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,960 | |||
Accumulated Depreciation | $ (1,072) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Tri-State Orthopaedics MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,580 | |||
Initial Cost to Company, Buildings and Improvements | 14,162 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,580 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,162 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,742 | |||
Accumulated Depreciation | $ (968) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Maury Regional Healthcare MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 15,619 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 320 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,939 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,939 | |||
Accumulated Depreciation | $ (927) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Spring Ridge Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28 | |||
Initial Cost to Company, Buildings and Improvements | 4,943 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 28 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,943 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,971 | |||
Accumulated Depreciation | $ (319) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Doctors Community Hospital POB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 23,034 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,034 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,034 | |||
Accumulated Depreciation | $ (1,084) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Gig Harbor Medical Pavilion | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,791 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,245 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,036 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,036 | |||
Accumulated Depreciation | $ (552) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Midlands One Professional Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 14,922 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,926 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,926 | |||
Accumulated Depreciation | $ (912) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
N.W. Michigan Surgery Center Units 1, 2, & 4 | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,748 | |||
Initial Cost to Company, Buildings and Improvements | 30,005 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,748 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 30,005 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,753 | |||
Accumulated Depreciation | $ (1,688) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northeast Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,011 | |||
Initial Cost to Company, Buildings and Improvements | 25,564 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 929 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,011 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,493 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,504 | |||
Accumulated Depreciation | $ (2,015) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
North Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,337 | |||
Initial Cost to Company, Buildings and Improvements | 18,680 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 863 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,337 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,543 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,880 | |||
Accumulated Depreciation | $ (1,299) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Cincinnati Eye Institute | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,050 | |||
Initial Cost to Company, Buildings and Improvements | 32,546 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,050 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 32,546 | |||
Gross Amount at Which Carried as of Close of Period, Total | 34,596 | |||
Accumulated Depreciation | $ (2,104) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - Scottsdale MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,340 | |||
Initial Cost to Company, Buildings and Improvements | 4,288 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,702 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,340 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,990 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,330 | |||
Accumulated Depreciation | $ (270) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Fox Valley Hematology & Oncology | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,590 | |||
Initial Cost to Company, Buildings and Improvements | 26,666 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,666 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,256 | |||
Accumulated Depreciation | $ (1,329) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Northern Vision Eye Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 490 | |||
Initial Cost to Company, Buildings and Improvements | 2,132 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 490 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,132 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,622 | |||
Accumulated Depreciation | $ (137) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Flower Mound MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,945 | |||
Initial Cost to Company, Buildings and Improvements | 8,312 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,945 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,312 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,257 | |||
Accumulated Depreciation | $ (439) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Carrollton MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,183 | |||
Initial Cost to Company, Buildings and Improvements | 10,461 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 24 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,183 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,485 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,668 | |||
Accumulated Depreciation | $ (589) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HonorHealth IRF | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,331 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,331 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,331 | |||
Accumulated Depreciation | $ (963) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Orthopedic Associates | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,915 | |||
Initial Cost to Company, Buildings and Improvements | 12,791 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,915 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,791 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,706 | |||
Accumulated Depreciation | $ (637) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Medical Arts Center at Hartford | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,499 | |||
Initial Cost to Company, Buildings and Improvements | 24,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,499 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,627 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,126 | |||
Accumulated Depreciation | $ (1,188) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
CareMount - Lake Katrine MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 25,618 | |||
Initial Cost to Company, Land | 1,941 | |||
Initial Cost to Company, Buildings and Improvements | 27,434 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,941 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,434 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,375 | |||
Accumulated Depreciation | $ (1,330) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
CareMount - Rhinebeck MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 869 | |||
Initial Cost to Company, Buildings and Improvements | 12,220 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 869 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,220 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,089 | |||
Accumulated Depreciation | $ (618) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Monterey Medical Center - MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,292 | |||
Initial Cost to Company, Buildings and Improvements | 13,376 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 15 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,292 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,391 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,683 | |||
Accumulated Depreciation | $ (712) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Creighton University Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 32,487 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 32,487 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,487 | |||
Accumulated Depreciation | $ (1,266) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Strictly Pediatrics Specialty Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,457 | |||
Initial Cost to Company, Buildings and Improvements | 62,527 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 156 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,457 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 62,683 | |||
Gross Amount at Which Carried as of Close of Period, Total | 67,140 | |||
Accumulated Depreciation | $ (2,856) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
MedStar Stephen's Crossing | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,975 | |||
Initial Cost to Company, Buildings and Improvements | 14,810 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,975 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,810 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,785 | |||
Accumulated Depreciation | $ (571) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
CHI Health Clinic Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 50,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 50,177 | |||
Gross Amount at Which Carried as of Close of Period, Total | 50,177 | |||
Accumulated Depreciation | $ (1,540) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
St Gabriel's Centracare | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,944 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 608 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,552 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,552 | |||
Accumulated Depreciation | $ (323) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Craven-Hagan Clinic | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,739 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 301 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,040 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,040 | |||
Accumulated Depreciation | $ (355) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Chattanooga Heart Institute | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 18,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,639 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,639 | |||
Accumulated Depreciation | $ (772) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
CHI St. Vincent Mercy Heart & Vascular Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,688 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,694 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,694 | |||
Accumulated Depreciation | $ (435) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
South Campus MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,369 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 16 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,385 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,385 | |||
Accumulated Depreciation | $ (515) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
CHI St. Vincent Mercy Cancer Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,090 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 51 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,141 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,141 | |||
Accumulated Depreciation | $ (219) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Joseph Professional Office Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,169 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 62 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,231 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,231 | |||
Accumulated Depreciation | $ (388) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
St. Vincent Carmel Women's Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 31,720 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 49 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 31,769 | |||
Gross Amount at Which Carried as of Close of Period, Total | 31,769 | |||
Accumulated Depreciation | $ (1,020) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
St. Vincent Fishers Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 30,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 62,870 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 62,870 | |||
Gross Amount at Which Carried as of Close of Period, Total | 62,870 | |||
Accumulated Depreciation | $ (2,246) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Baylor Charles A. Sammons Cancer Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 256,886 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 206 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 257,092 | |||
Gross Amount at Which Carried as of Close of Period, Total | 257,092 | |||
Accumulated Depreciation | $ (9,482) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Orthopedic & Sports Institute of the Fox Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,003 | |||
Initial Cost to Company, Buildings and Improvements | 26,394 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,003 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,494 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,497 | |||
Accumulated Depreciation | $ (1,103) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Clearview Cancer Institute | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,736 | |||
Initial Cost to Company, Buildings and Improvements | 43,220 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,736 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 43,220 | |||
Gross Amount at Which Carried as of Close of Period, Total | 45,956 | |||
Accumulated Depreciation | $ (1,883) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Northside Cherokee/Town Lake MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 30,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 30,627 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,627 | |||
Accumulated Depreciation | $ (1,062) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
HonorHealth Mesa MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Buildings and Improvements | 3,059 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 362 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,059 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,421 | |||
Accumulated Depreciation | $ (110) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Little Falls Orthopedics | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 246 | |||
Initial Cost to Company, Buildings and Improvements | 1,977 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
Gross Amount at Which Carried as of Close of Period, Land | 246 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,077 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,323 | |||
Accumulated Depreciation | $ (156) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Little Falls Dialysis Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 2,885 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 425 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,310 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,310 | |||
Accumulated Depreciation | $ (313) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Immanuel One Professional Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,598 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 9 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,607 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,607 | |||
Accumulated Depreciation | $ (726) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
SJRHC Cancer Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,065 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 541 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,606 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,606 | |||
Accumulated Depreciation | $ (202) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Women's Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,789 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 7 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,796 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,796 | |||
Accumulated Depreciation | $ (163) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Legends Park MOB & ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,658 | |||
Initial Cost to Company, Buildings and Improvements | 24,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,658 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,178 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,836 | |||
Accumulated Depreciation | $ (777) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Franklin MOB & ASC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,001 | |||
Initial Cost to Company, Buildings and Improvements | 7,902 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,001 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,902 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,903 | |||
Accumulated Depreciation | $ (244) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Eagle Point MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,011 | |||
Initial Cost to Company, Buildings and Improvements | 9,009 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,011 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,009 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,020 | |||
Accumulated Depreciation | $ (252) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Edina East MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,360 | |||
Initial Cost to Company, Buildings and Improvements | 4,135 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 365 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,360 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,500 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,860 | |||
Accumulated Depreciation | $ (194) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Northside MOB - Center Pointe | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 118,430 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,569 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 120,999 | |||
Gross Amount at Which Carried as of Close of Period, Total | 120,999 | |||
Accumulated Depreciation | $ (4,280) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Gwinnett 500 Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 22,753 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 24 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 22,777 | |||
Gross Amount at Which Carried as of Close of Period, Total | 22,777 | |||
Accumulated Depreciation | $ (633) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Hudgens Professional Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 21,779 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 58 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 21,837 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,837 | |||
Accumulated Depreciation | $ (690) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Building | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,854 | |||
Initial Cost to Company, Buildings and Improvements | 42,382 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,718 | |||
Gross Amount at Which Carried as of Close of Period, Land | 5,854 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 48,100 | |||
Gross Amount at Which Carried as of Close of Period, Total | 53,954 | |||
Accumulated Depreciation | $ (1,328) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Gwinnett Physicians Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 17,029 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 49,203 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | (899) | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 48,304 | |||
Gross Amount at Which Carried as of Close of Period, Total | 48,304 | |||
Accumulated Depreciation | $ (1,173) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Apple Valley Medical Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,587 | |||
Initial Cost to Company, Buildings and Improvements | 14,929 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,999 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,587 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,928 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,515 | |||
Accumulated Depreciation | $ (527) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Desert Cove MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,689 | |||
Initial Cost to Company, Buildings and Improvements | 5,207 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,689 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,207 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,896 | |||
Accumulated Depreciation | $ (158) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Westgate MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,379 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 569 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,948 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,948 | |||
Accumulated Depreciation | $ (357) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Hazelwood Medical Commons | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,292 | |||
Initial Cost to Company, Buildings and Improvements | 57,390 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,292 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 57,390 | |||
Gross Amount at Which Carried as of Close of Period, Total | 60,682 | |||
Accumulated Depreciation | $ (1,333) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lee's Hill Medical Plaza | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,052 | |||
Initial Cost to Company, Buildings and Improvements | 24,790 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,052 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,790 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,842 | |||
Accumulated Depreciation | $ (654) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HMG Medical Plaza | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 64,204 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 64,204 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,204 | |||
Accumulated Depreciation | $ (1,261) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Jacksonville MedPlex (Building B) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,259 | |||
Initial Cost to Company, Buildings and Improvements | 5,988 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,259 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,988 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,247 | |||
Accumulated Depreciation | $ (87) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Jacksonville MedPlex (Building C) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,168 | |||
Initial Cost to Company, Buildings and Improvements | 6,467 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,168 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,467 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,635 | |||
Accumulated Depreciation | $ (87) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northside Medical Midtown MOB | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 55,483 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,927 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 59,410 | |||
Gross Amount at Which Carried as of Close of Period, Total | 59,410 | |||
Accumulated Depreciation | $ (399) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Aggregate cost for federal Income tax purposes | $ 4,400,000 | ||
Accumulated tax depreciation | 323,000 | ||
Aggregate cost for federal income tax purposes, net of accumulated tax depreciation | 4,100,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance as of the beginning of the year | 3,809,609 | $ 2,606,536 | $ 1,424,894 |
Acquisitions | 235,232 | 1,207,098 | 1,170,593 |
Additions | 8,821 | 12,243 | 11,049 |
Impairment | 0 | (965) | 0 |
Dispositions | (181,950) | (15,303) | 0 |
Balance as of the end of the year | 3,871,712 | 3,809,609 | 2,606,536 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance as of the beginning of the year | 201,527 | 118,609 | 61,242 |
Depreciation | 106,300 | 87,531 | 57,367 |
Dispositions | (24,332) | (4,613) | 0 |
Balance as of the end of the year | $ 283,495 | $ 201,527 | $ 118,609 |