Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36007 | ||
Entity Registrant Name | PHYSICIANS REALTY TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-2519850 | ||
Entity Address, Address Line One | 309 N. Water Street, Suite 500 | ||
Entity Address, City or Town | Milwaukee, | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53202 | ||
City Area Code | 414 | ||
Local Phone Number | 367-5600 | ||
Title of 12(b) Security | Common Shares, $0.01 par value | ||
Trading Symbol | DOC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,983,513,917 | ||
Entity Common Stock, Shares Outstanding (in shares) | 224,940,301 | ||
Documents Incorporated by Reference | The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth in this Form 10-K, is incorporated herein by reference from Physicians Realty Trust’s definitive proxy statement relating to the annual meeting of shareholders to be held on May 3, 2022, to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2021. | ||
Entity Central Index Key | 0001574540 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Location | Milwaukee, Wisconsin |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment properties: | ||
Land and improvements | $ 235,453 | $ 231,621 |
Building and improvements | 4,612,561 | 3,824,796 |
Tenant improvements | 86,018 | 73,145 |
Acquired lease intangibles | 498,221 | 406,935 |
Gross real estate property | 5,432,253 | 4,536,497 |
Accumulated depreciation | (821,036) | (687,554) |
Net real estate property | 4,611,217 | 3,848,943 |
Real estate held for sale | 1,964 | 0 |
Right-of-use lease assets, net | 235,483 | 137,180 |
Real estate loans receivable, net | 117,844 | 198,800 |
Investments in unconsolidated entities | 69,793 | 77,755 |
Net real estate investments | 5,036,301 | 4,262,678 |
Cash and cash equivalents | 9,876 | 2,515 |
Tenant receivables, net | 4,948 | 4,757 |
Other assets | 131,584 | 144,000 |
Total assets | 5,182,709 | 4,413,950 |
Liabilities: | ||
Credit facility | 267,641 | 412,322 |
Notes payable | 1,464,008 | 968,653 |
Mortgage debt | 180,269 | 57,875 |
Accounts payable | 6,651 | 7,007 |
Dividends and distributions payable | 57,246 | 52,116 |
Accrued expenses and other liabilities | 86,254 | 91,929 |
Lease liabilities | 104,957 | 74,116 |
Acquired lease intangibles, net | 21,569 | 6,641 |
Total liabilities | 2,188,595 | 1,670,659 |
Redeemable noncontrolling interests - Series A Preferred Units (2020) and partially owned properties | 7,081 | 28,289 |
Equity: | ||
Common shares, $0.01 par value, 500,000,000 common shares authorized, 224,678,116 and 209,550,592 common shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 2,247 | 2,096 |
Additional paid-in capital | 3,610,954 | 3,303,231 |
Accumulated deficit | (776,001) | (658,171) |
Accumulated other comprehensive loss | (892) | (5,859) |
Total shareholders’ equity | 2,836,308 | 2,641,297 |
Noncontrolling interests: | ||
Operating Partnership | 150,241 | 73,302 |
Partially owned properties | 484 | 403 |
Total noncontrolling interests | 150,725 | 73,705 |
Total equity | 2,987,033 | 2,715,002 |
Total liabilities and equity | $ 5,182,709 | $ 4,413,950 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares outstanding (in shares) | 224,678,116 | 209,550,592 |
Common stock, shares issued (in shares) | 224,678,116 | 209,550,592 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues: | ||||
Rental and related revenues | $ 436,893,000 | $ 418,190,000 | $ 404,379,000 | |
Interest income on real estate loans and other | 20,806,000 | 19,315,000 | 10,902,000 | |
Total revenues | 457,699,000 | 437,505,000 | 415,281,000 | |
Expenses: | ||||
Interest expense | 60,136,000 | 57,179,000 | 65,022,000 | |
General and administrative | 37,757,000 | 33,763,000 | 33,099,000 | |
Operating expenses | 137,408,000 | 128,198,000 | 124,819,000 | |
Depreciation and amortization | 157,870,000 | 149,590,000 | 146,436,000 | |
Impairment loss | 340,000 | 4,872,000 | 0 | |
Total expenses | 393,511,000 | 373,602,000 | 369,376,000 | |
Income before equity in loss of unconsolidated entities and gain on sale of investment properties, net: | 64,188,000 | 63,903,000 | 45,905,000 | |
Equity in loss of unconsolidated entities | (1,570,000) | (1,257,000) | (28,000) | |
Gain on sale of investment properties, net | 24,165,000 | 5,842,000 | 31,309,000 | |
Net income | 86,783,000 | 68,488,000 | 77,186,000 | |
Net income attributable to noncontrolling interests: | ||||
Operating Partnership | (2,211,000) | (1,797,000) | (2,155,000) | |
Partially owned properties | [1] | (607,000) | (574,000) | (548,000) |
Net income attributable to controlling interest | 83,965,000 | 66,117,000 | 74,483,000 | |
Preferred distributions | (13,000) | (1,241,000) | (1,209,000) | |
Net income attributable to common shareholders | $ 83,952,000 | $ 64,876,000 | $ 73,274,000 | |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.39 | |
Diluted (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.39 | |
Weighted average common shares: | ||||
Basic (in shares) | 216,135,385 | 204,243,768 | 185,770,251 | |
Diluted (in shares) | 223,060,556 | 211,145,917 | 191,626,320 | |
Dividends and distributions declared per common share (in dollars per share) | $ 0.92 | $ 0.92 | $ 0.92 | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 86,783 | $ 68,488 | $ 77,186 |
Other comprehensive income (loss): | |||
Change in fair value of interest rate swap agreements, net | 1,672 | (10,180) | (10,112) |
Reclassification of accumulated losses on interest rate swap to earnings | 3,295 | 0 | 0 |
Total other comprehensive income (loss) | 4,967 | (10,180) | (10,112) |
Comprehensive income | 91,750 | 58,308 | 67,074 |
Comprehensive income attributable to noncontrolling interests - Operating Partnership | (2,461) | (1,522) | (1,863) |
Comprehensive income attributable to noncontrolling interests - partially owned properties | (607) | (574) | (548) |
Comprehensive income attributable to common shareholders | $ 88,682 | $ 56,212 | $ 64,663 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative effect of changes in accounting standards | Total Shareholders’ Equity | Total Shareholders’ EquityCumulative effect of changes in accounting standards | Par Value | Additional Paid in Capital | Additional Paid in CapitalCumulative effect of changes in accounting standards | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Noncontrolling Interests | Operating Partnership Noncontrolling interest | Partially Owned Properties Noncontrolling Interest |
Shareholders' equity, beginning balance at Dec. 31, 2018 | $ 2,447,660 | $ (239) | $ 2,379,505 | $ (239) | $ 1,824 | $ 2,791,555 | $ (239) | $ (428,307) | $ 14,433 | $ 68,155 | $ 67,477 | $ 678 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net proceeds from sale of common shares | 131,629 | 131,629 | 74 | 131,555 | ||||||||
Restricted share award grants, net | 7,022 | 7,022 | 2 | 7,918 | (898) | |||||||
Purchase of OP Units | (14,023) | (14,023) | (14,023) | |||||||||
Dividends/distributions declared | (177,271) | (172,324) | (172,324) | (4,947) | (4,947) | |||||||
Preferred distributions | (1,209) | (1,209) | (1,209) | |||||||||
Issuance of OP Units in connection with acquisition | 22,598 | 22,598 | 22,598 | |||||||||
Contributions | 572 | 572 | 572 | |||||||||
Distributions | (174) | (174) | (174) | |||||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | (1,248) | (1,248) | (309) | (939) | ||||||||
Buyout of Noncontrolling Interest - partially owned properties | (1,112) | (122) | (122) | (990) | (990) | |||||||
Derecognition of cash flow hedge | 0 | |||||||||||
Change in fair value of interest rate swap agreements | (10,112) | (10,112) | (10,112) | |||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | 1,563 | 1,563 | (1,563) | (1,563) | |||||||
Net income | 76,891 | 74,483 | 74,483 | 2,408 | 2,155 | 253 | ||||||
Shareholders' equity, ending balance at Dec. 31, 2019 | 2,480,984 | $ (147) | 2,408,948 | $ (147) | 1,900 | 2,931,921 | $ (147) | (529,194) | 4,321 | 72,036 | 71,697 | 339 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net proceeds from sale of common shares | 364,388 | 364,388 | 194 | 364,194 | ||||||||
Restricted share award grants, net | 7,729 | 7,729 | 2 | 9,510 | (1,783) | |||||||
Purchase of OP Units | (515) | (515) | (515) | |||||||||
Conversion of OP Units | 0 | 41 | 41 | (41) | (41) | |||||||
Dividends/distributions declared | (195,874) | (190,751) | (190,751) | (5,123) | (5,123) | |||||||
Preferred distributions | (1,241) | (1,241) | (1,241) | |||||||||
Issuance of OP Units in connection with acquisition | 3,067 | 3,067 | 3,067 | |||||||||
Distributions | (210) | (210) | (210) | |||||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | (1,187) | (1,187) | 132 | (1,319) | ||||||||
Derecognition of cash flow hedge | 0 | |||||||||||
Change in fair value of interest rate swap agreements | (10,180) | (10,180) | (10,180) | |||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | (2,420) | (2,420) | 2,420 | 2,420 | |||||||
Net income | 68,188 | 66,117 | 66,117 | 2,071 | 1,797 | 274 | ||||||
Shareholders' equity, ending balance at Dec. 31, 2020 | 2,715,002 | 2,641,297 | 2,096 | 3,303,231 | (658,171) | (5,859) | 73,705 | 73,302 | 403 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net proceeds from sale of common shares | 268,126 | 268,126 | 147 | 267,979 | ||||||||
Restricted share award grants, net | 9,414 | 9,414 | 4 | 10,722 | (1,312) | |||||||
Purchase of OP Units | (6,237) | (6,237) | (6,237) | |||||||||
Dividends/distributions declared | (207,383) | (200,926) | (200,926) | (6,457) | (6,457) | |||||||
Preferred distributions | (13) | (13) | (13) | |||||||||
Issuance of OP Units in connection with acquisition | 116,467 | 116,467 | 116,467 | |||||||||
Distributions | (224) | (224) | (224) | |||||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | 433 | 433 | (23) | 456 | ||||||||
Derecognition of cash flow hedge | 3,295 | 3,295 | 3,295 | |||||||||
Change in fair value of interest rate swap agreements | 1,672 | 1,672 | 1,672 | |||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | 29,045 | 29,045 | (29,045) | (29,045) | |||||||
Net income | 86,481 | 83,965 | 83,965 | 2,516 | 2,211 | 305 | ||||||
Shareholders' equity, ending balance at Dec. 31, 2021 | $ 2,987,033 | $ 2,836,308 | $ 2,247 | $ 3,610,954 | $ (776,001) | $ (892) | $ 150,725 | $ 150,241 | $ 484 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net income | $ 86,783,000 | $ 68,488,000 | $ 77,186,000 |
Depreciation and amortization | 157,870,000 | 149,590,000 | 146,436,000 |
Amortization of deferred financing costs | 2,325,000 | 2,372,000 | 2,416,000 |
Amortization of lease inducements and above/below-market lease intangibles | 4,678,000 | 4,680,000 | 4,859,000 |
Straight-line rental revenue/expense | (8,671,000) | (12,395,000) | (9,986,000) |
Amortization of discount on unsecured senior notes | 737,000 | 629,000 | 603,000 |
Amortization of above market assumed debt | (62,000) | (62,000) | (62,000) |
Derecognition of cash flow hedge | 3,295,000 | 0 | 0 |
Loss on extinguishment of deferred financing costs | 730,000 | 0 | 0 |
Gain on sale of investment properties, net | (24,165,000) | (5,842,000) | (31,309,000) |
Equity in loss of unconsolidated entities | 1,570,000 | 1,257,000 | 28,000 |
Distributions from unconsolidated entities | 6,928,000 | 5,515,000 | 119,000 |
Change in fair value of derivatives | 0 | 15,000 | 1,000 |
Provision for bad debts | (90,000) | 513,000 | 2,206,000 |
Non-cash share compensation | 15,032,000 | 12,486,000 | 10,115,000 |
Net change in fair value of contingent consideration | 0 | (715,000) | (37,000) |
Impairment on investment properties | 340,000 | 4,872,000 | 0 |
Change in operating assets and liabilities: | |||
Tenant receivables | (2,863,000) | (1,404,000) | (5,902,000) |
Other assets | 4,185,000 | (7,201,000) | (2,955,000) |
Accounts payable | (356,000) | 659,000 | 2,462,000 |
Accrued expenses and other liabilities | (711,000) | 9,840,000 | 4,997,000 |
Net cash provided by operating activities | 247,555,000 | 233,297,000 | 201,177,000 |
Cash Flows from Investing Activities: | |||
Proceeds on sale of investment properties | 92,711,000 | 20,269,000 | 20,934,000 |
Acquisition of investment properties, net | (718,179,000) | (73,040,000) | (113,081,000) |
Investment in unconsolidated entities | (9,069,000) | (18,390,000) | (25,954,000) |
Acquisition of noncontrolling interests | 0 | 0 | (1,112,000) |
Escrowed cash - acquisition deposits/earnest deposits | (781,000) | (179,000) | (10,000) |
Capital expenditures on investment properties | (32,566,000) | (33,887,000) | (40,137,000) |
Issuances of real estate loans receivable | (16,213,000) | (115,220,000) | (100,744,000) |
Repayments of real estate loans receivable | 84,874,000 | 21,194,000 | 7,855,000 |
Leasing commissions | (3,997,000) | (2,660,000) | (3,057,000) |
Lease inducements | 0 | 0 | (2,000) |
Net cash used in investing activities | (603,220,000) | (201,913,000) | (255,308,000) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common shares | 268,126,000 | 364,388,000 | 131,629,000 |
Proceeds from credit facility borrowings | 710,541,000 | 364,000,000 | 454,000,000 |
Repayments on credit facility borrowings | (852,541,000) | (537,000,000) | (330,000,000) |
Proceeds from issuance of mortgage debt | 136,050,000 | 0 | 0 |
Proceeds from issuance of senior unsecured notes | 495,695,000 | 0 | 0 |
Principal payments on mortgage debt | (13,027,000) | (25,477,000) | (25,184,000) |
Debt issuance costs | (7,380,000) | (63,000) | (117,000) |
Payments made on financing lease | (8,300,000) | 0 | 0 |
Dividends paid - shareholders | (198,541,000) | (186,721,000) | (170,880,000) |
Distributions to noncontrolling interests - Operating Partnership | (5,024,000) | (5,092,000) | (4,838,000) |
Preferred distributions paid - OP Unit holders | (303,000) | (1,268,000) | (1,176,000) |
Contributions to noncontrolling interests | 0 | 0 | 572,000 |
Distributions to noncontrolling interests - partially owned properties | (648,000) | (628,000) | (582,000) |
Payments of employee taxes for withheld stock-based compensation shares | (4,183,000) | (2,848,000) | (2,076,000) |
Purchases of Series A Preferred Units | (151,202,000) | 0 | 0 |
Purchases of OP Units | (6,237,000) | (515,000) | (14,023,000) |
Net cash provided (used in) by financing activities | 363,026,000 | (31,224,000) | 37,325,000 |
Net increase (decrease) in cash and cash equivalents | 7,361,000 | 160,000 | (16,806,000) |
Cash and cash equivalents, beginning of year | 2,515,000 | 2,355,000 | 19,161,000 |
Cash and cash equivalents, end of year | 9,876,000 | 2,515,000 | 2,355,000 |
Supplemental cash flow information: | |||
Supplemental disclosure of cash flow information - interest paid during the year | 50,814,000 | 54,813,000 | 62,633,000 |
Supplemental disclosure of noncash activity—settlement of note receivable in exchange for Series A Preferred Units | 20,646,000 | 0 | 0 |
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements and redeemable equity - property | 1,672,000 | (10,180,000) | (10,112,000) |
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | 263,008,000 | 3,067,000 | 25,200,000 |
Supplemental disclosure of noncash activity—Conversion of loan receivable in connection to the acquisition of investment property | $ 15,500,000 | $ 0 | $ 0 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share. The Trust filed a Registration Statement on Form S-11 with the Securities and Exchange Commission (the “Commission”) with respect to a proposed underwritten initial public offering (the “IPO”) and completed the IPO of its common shares and commenced operations on July 24, 2013. The Trust contributed the net proceeds from the IPO to the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity, and the Trust has no significant assets other than its investment in the Operating Partnership. The 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 health care properties that are leased to physicians, hospitals, and health care delivery systems. ATM Programs In November 2019, the Trust and the Operating Partnership entered into separate At Market Issuance Sales Agreements (the “2019 Sales Agreements”) with each of KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., Raymond James & Associates, Inc., and Stifel, Nicolaus & Company, Incorporated, in their capacity as agents and as forward sellers (the “2019 Agents”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $500 million, through the 2019 Agents (the “2019 ATM Program”). The 2019 Sales Agreements contemplate that, in addition to the issuance and sale of the Trust’s common shares through the 2019 Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of KeyBanc Capital Markets, Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., Raymond James & Associates, Inc., and Stifel, Nicolaus & Company, Incorporated, or one of their respective affiliates. In May 2021, the Trust and the Operating Partnership entered into an At Market Issuance Sales Agreement (the “2021 Sales Agreement”) with KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., and Raymond James & Associates, Inc. in their capacity as agents for the Company and/or forward sellers and Stifel, Nicolaus & Company, Incorporated in its capacity as sales agent for the Company (collectively, the “2021 Agents”) and Bank of Montreal, Credit Agricole Corporate and Investments Bank, KeyBanc Capital Markets Inc., and Raymond James & Associates, Inc. as forward purchasers for the Company (the “Forward Purchasers”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $500 million through the 2021 Agents (the “2021 ATM Program” and, together with the 2019 ATM Program the “ATM Programs”). The 2021 Sales Agreement contemplates that, in addition to the issuance and sale of the Trust’s common shares through the 2021 Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of the Forward Purchasers. Upon entry into the 2021 Sales Agreement, we terminated the 2019 ATM Program. During 2021 and 2020, the Trust’s issuance and sale of common shares pursuant to the ATM Programs was as follows (in thousands, except common shares and price): 2021 2020 Common Weighted Net Common Weighted Net Quarterly period ended March 31 2,887,296 $ 18.32 $ 52,358 12,352,700 $ 19.57 $ 239,337 Quarterly period ended June 30 4,532,343 18.39 82,519 5,543,066 18.07 99,138 Quarterly period ended September 30 — — — 78,194 18.52 1,433 Quarterly period ended December 31 7,236,439 18.54 132,824 1,306,531 18.44 23,848 Year ended December 31 14,656,078 $ 18.45 $ 267,701 19,280,491 $ 19.06 $ 363,756 As of February 15, 2022, the Trust had $326.3 million remaining available under the 2021 ATM Program. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation GAAP requires identification of 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. The Company identifies 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. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its 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. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates 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. 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: Noncontrolling interests in the Company include OP Units held by other investors. 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, 2021, the Operating Partnership issued 6,561,521 OP Units valued at approximately $116.5 million on the date of issuance to partially fund the acquisition of a portfolio. The portfolio had a total aggregate purchase price of approximately $750.0 million. During the year ended December 31, 2020, the Operating Partnership issued 167,779 OP Units valued at approximately $3.1 million on the date of issuance to partially fund one property acquisition. The acquisition had a total aggregate purchase price of approximately $32.4 million. As of December 31, 2021 and 2020, the Trust held a 95.0% and 97.3% 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 to the respective holders, 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 reflects noncontrolling interests in partially owned properties on the consolidated balance sheets 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 Company entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the 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 agree 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 Hazelwood Medical Commons Transaction was partially funded with the issuance of 104,172 Series A Preferred Units, with a value of $22.7 million. In connection with the Hazelwood Medical Commons Transaction, the Operating Partnership agreed to pay additional purchase consideration under an earn-out agreement with the seller if certain lease-up requirements were achieved before January 8, 2023. On June 19, 2019, the Operating Partnership funded, with the issuance of 8,529 Series A Preferred Units, an earn-out payment valued at $1.9 million on the date of issuance. On August 1, 2019, the Operating Partnership funded, with the issuance of 3,409 Series A Preferred Units, a second earn-out payment valued at $0.7 million on the date of issuance. Both of these earn-out payments were capitalized to the cost basis of the property. As of December 31, 2020, there were 116,110 Series A Preferred Units outstanding. On January 4, 2021, all of these Series A Preferred Units were redeemed for a total value of $25.3 million. On December 20, 2021, the Company completed the acquisition of a 14 medical office building portfolio for an aggregate purchase price of approximately $750.0 million (the “Landmark Portfolio”). The Landmark Portfolio was partially funded through an aggregate 672,978 Series A Preferred Units valued at approximately $146.5 million on the date of issuance. On December 28, 2021, all of the Series A Preferred Units were redeemed for a total value of $146.5 million and as a result of this redemption, there are no Series A Preferred Units outstanding as of December 31, 2021. In connection with the Company’s acquisitions of the medical office building, ambulatory surgery center, and hospital located on the Great Falls Hospital campus in Great Falls, Montana, physicians affiliated with the sellers retained non-controlling interests which may, at the holders’ option, be redeemed at any time after May 1, 2023. 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. The value of the Company’s redeemable noncontrolling interests as of December 31, 2021 and December 31, 2020 is $7.1 million and $7.7 million, respectively. Dividends and Distributions Dividends and distributions for the years ended December 31, 2021, 2020, and 2019 are as follows: Declaration Date Record Date Payment Date Cash Dividend December 22, 2021 January 4, 2022 January 18, 2022 $ 0.23 September 22, 2021 October 4, 2021 October 15, 2021 $ 0.23 June 18, 2021 July 2, 2021 July 16, 2021 $ 0.23 March 19, 2021 April 2, 2021 April 16, 2021 $ 0.23 December 18, 2020 January 5, 2021 January 20, 2021 $ 0.23 September 21, 2020 October 2, 2020 October 16, 2020 $ 0.23 June 18, 2020 July 2, 2020 July 17, 2020 $ 0.23 March 19, 2020 April 2, 2020 April 16, 2020 $ 0.23 December 20, 2019 January 3, 2020 January 17, 2020 $ 0.23 September 20, 2019 October 3, 2019 October 18, 2019 $ 0.23 June 21, 2019 July 3, 2019 July 18, 2019 $ 0.23 March 22, 2019 April 3, 2019 April 18, 2019 $ 0.23 The Company’s shareholders are entitled to reinvest all or a portion of any cash distribution on their shares of the Company’s common stock by participating in the Dividend Reinvestment and Share Purchase Plan (“DRIP”), subject to the terms of the plan. Tax Status of Dividends and Distributions The Company’s 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, 2021 2020 2019 Per common share and OP Unit: Ordinary dividends $ — $ — $ — Section 199A Qualified REIT Dividend 0.4856 0.4798 0.4035 Qualified dividends — — — Capital gain distributions — — 0.0003 Non-dividend distributions 0.4344 0.4402 0.5162 Total $ 0.9200 $ 0.9200 $ 0.9200 Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, the Company’s acquisitions of investment properties and the majority of its future investments will be accounted for as asset acquisitions and will result in the capitalization of acquisition costs. The purchase price, inclusive of acquisition costs, will be allocated to tangible and intangible assets and liabilities based on their relative fair values. Tangible assets primarily consist of land and buildings and improvements. Intangible assets primarily consist of above-market or below-market leases, in-place leases, above-market or below-market debt assumed, right-of-use assets, and lease liabilities. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires the Company 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-market 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 based on 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 evaluation of anticipated cash flows is subjective and is based on assumptions regarding future occupancy, lease rates, and cap rates that could differ materially from actual results. 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. With the adoption of ASU 2016-02, Leases, on January 1, 2019, the Company periodically evaluates the right-of-use assets for impairment as detailed above. The Company recorded an impairment charge of $0.3 million on one medical office building in Traverse City, Michigan during the year ended December 31, 2021. The Company recorded an impairment charge of $4.9 million on one medical office building in Grand Rapids, Michigan during the year ended December 31, 2020. The Company did not record an impairment charge in the year ended December 31, 2019. 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. One property was classified as held for sale as of December 31, 2021 and no properties were classified as held for sale as of December 31, 2020, and dispositions during the years ended December 31, 2021, 2020, and 2019 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. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. If indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment. On October 31, 2019 the Company contributed an equity investment of $8.9 million for an aggregate investment of $26.5 million, which includes our pro-rata share of debt, to acquire a 49% membership interest in MedCore Realty Eden Hill, LLC (“Eden Hill Joint Venture”), which owns a 140,205 square foot medical office facility located in Dover, Delaware. On October 15, 2021, the Company completed the acquisition of the remaining 51% membership interest for approximately $33.2 million. On November 22, 2019 the Company contributed two properties valued at $39.0 million and paid additional consideration of $17.0 million for a 12.3% equity interest in the PMAK MOB JV REOC, LLC (“PMAK Joint Venture”). As of December 31, 2021 this joint venture owns 60 medical office facilities located in 19 states. On December 11, 2020 and August 18, 2021 the Company contributed $18.3 million and $7.3 million, respectively, to acquire a membership interest in Davis Medical Investors, LLC (“Davis Joint Venture”). As of December 31, 2021, the Company holds a 49% membership interest in the Davis Joint Venture, which owns nine medical office facilities located in five states. Real Estate Loans Receivable Real estate loans receivable consists of 12 mezzanine loans, one construction loan, and two term loans as of December 31, 2021. Generally, each mezzanine loan is collateralized by an ownership interest in the respective borrower, each term loan is secured by a mortgage of a related medical office building, and the construction loan is secured by a mortgage on the land and improvements as constructed. Interest income on loans is 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. For the year ended December 31, 2021, the Company’s loan loss reserves are $0.1 million. For the year ended December 31, 2020 the Company’s loan loss reserves are $0.2 million. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or fewer 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 and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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, excluding assets classified as held for sale, are included in other assets and were approximately $95.4 million and $86.6 million as of December 31, 2021 and December 31, 2020, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASU 2016-02, Leases, Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental revenues was $0.4 million, $0.5 million, and $9.8 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. We have certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and we do not recognize expense recoveries. Tenant Receivables, Net Tenant receivables primarily represent amounts accrued and unpaid from tenants in accordance with the terms of the respective leases, subject to the Company’s revenue recognition policy. The Company reviews receivables monthly and writes-off the remaining balance when, in the opinion of management, collection of substantially all remaining payments is not probable. When the Company determines substantially all remaining lease payments are not probable of collection, it recognizes a reduction of rental revenues and expense recoveries for all outstanding balances, including accrued straight-line rent receivables. Any subsequent receipts are recognized as rental revenues and expense recoveries in the period received. The adoption of ASC 842 resulted in an adjustment to the Company’s opening accumulated deficit balance of $0.2 million, associated with tenant receivables where collection of substantially all operating lease payments was not probable as of January 1, 2019. 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. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, if hedge accounting is applied to a derivative instrument, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. 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, 2021, the Company had one outstanding interest rate swap, designated as a cash flow hedge of interest rate risk. Further detail is provided in Note 7 (Derivatives). 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. 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. 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. Commitments Certain of the Company’s acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the earn-out related to asset acquisitions only if certain parameters or other substantive contingencies are met, at which time the consideration becomes payable. Certain of the Company’s leases also provide for consideration available to tenants as a tenant improvement allowance. Based on existing leases as of December 31, 2021, committed but unspent tenant related obligations were $77.7 million. Related Parties The Company recognized rental revenues totaling $7.9 million in 2021, $7.5 million in 2020, and $8.0 million in 2019 from Baylor Scott and White Health. The Company recognized rental revenues totaling $0.6 million in 2021, 2020, and 2019 from Advocate Aurora Health. Both are health care 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 health care properties. New Accounting Pronouncements 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 certain receivables, loans, held-to-matu |
Investment and Disposition Acti
Investment and Disposition Activity | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Investment and Disposition Activity | Investment and Disposition ActivityDuring 2021, the Company completed the acquisition of 24 operating health care properties, which includes the remaining 51% membership interest in the Eden Hill Joint Venture, and three medical condominium units located in 14 states, for an aggregate purchase price of approximately $973.2 million, excluding the conversion of a previously outstanding construction loan of $15.5 million. The Company also paid $0.3 million of additional purchase consideration on one property under an earn-out agreement. Additionally, the Company funded three mezzanine loans for $8.9 million, and closed on a $10.5 million construction loan, funding $7.3 million as of December 31, 2021. The Company also acquired membership interests in one joint venture for approximately $7.3 million, resulting in total investment activity of approximately $997.0 million. As part of these investments, the Company incurred approximately $5.9 million of capitalized transaction costs. Investment activity for the year ending December 31, 2021 is summarized below: Investment Location Acquisition Investment Amount Earnout - TOPA Fort Worth MOB Fort Worth, TX January 11, 2021 $ 298 AdventHealth Wesley Chapel MOB II Wesley Chapel, FL April 21, 2021 35,251 TOPA Denton (1) Denton, TX June 11, 2021 — InterMed MOB - Davis Joint Venture (2) Portland, ME August 18, 2021 7,291 Atkins Portfolio (5 MOBs) Various August 30, 2021 54,090 HonorHealth - Sonoran MOB Phoenix, AZ September 23, 2021 31,750 Eden Hill Medical Center (3) Dover, DE October 15, 2021 33,180 HonorHealth - Neuroscience Institute Scottsdale, AZ October 27, 2021 67,250 Landmark Portfolio (14 MOBs) (4) Various December 20, 2021 750,000 Atlanta Medical Condominium Investment Atlanta, GA Various 1,653 Loan Investments Various Various 16,214 $ 996,977 (1) The Company funded this investment through the conversion and satisfaction of a previously outstanding construction loan of $15.5 million. (2) The Company purchased a 49% membership interest in this property through the Davis Joint Venture. (3) The Company purchased the remaining 51% membership interest in the MedCore Realty Eden Hill, LLC joint venture, and as of December 31, 2021 owns 100% of this property. (4) This portfolio was funded through an aggregate 6,561,521 OP Units and 672,978 Series A Preferred Units issued by the Operating Partnership valued at approximately $116.5 million and $146.5 million, respectively, on the date of issuance. The Company also financed an aggregate $100.0 million through three new mortgages and paid $386.3 million of cash. On December 28, 2021, all of the Series A Preferred Units were redeemed for a total value of $146.5 million and as a result of this redemption, there are no Series A Preferred Units outstanding. During 2021, the Company recorded revenues and net loss of $8.7 million and $1.3 million, respectively, from its 2021 acquisitions. During 2020, the Company completed acquisitions of seven operating health care properties located in six states, for an aggregate purchase price of approximately $74.5 million, excluding the conversion of a previously outstanding term loan of $47.0 million and the satisfaction of one construction loan of $29.1 million. The Company also paid $1.1 million of additional purchase consideration on two properties under earn-out agreements and acquired one land parcel through the conversion and satisfaction of a previously outstanding term loan for $0.2 million. Additionally, the Company funded twelve mezzanine loans for $79.6 million, one term loan for $10.0 million, $25.4 million of previous construction loan commitments, which includes the final funding on the Denton and Sacred Heart ASC construction loans, and an additional $0.3 million to an existing term loan. The Company also acquired a membership interest in one joint venture for approximately $18.3 million, resulting in total investment activity of approximately $209.3 million. As part of these investments, we incurred approximately $1.3 million of capitalized costs. Investment activity for the year ending December 31, 2020 is summarized below: Investment Location Acquisition Purchase Price (in thousands) El Paso, Texas Land (1) El Paso, TX January 17, 2020 $ 215 Westerville MOB Westerville, OH February 28, 2020 10,683 TOPA Fort Worth (2) Fort Worth, TX March 16, 2020 1,500 Ascension St. Vincent Cancer Center Newburgh, IN September 11, 2020 21,085 Health Center at Easton Easton, PA November 23, 2020 15,775 Hartford HealthCare Cancer Center Manchester, CT December 8, 2020 16,855 Davis Joint Venture (3) Various December 11, 2020 18,252 Sacred Heart Summit Medical Office and ASC (4) Pensacola, FL December 18, 2020 3,264 Westerville II MOB Westerville, OH December 23, 2020 5,350 Landmark Mezzanine Loan Portfolio Various Various 54,250 Loan Investments Various Various 60,971 Earn-out Investments (5) Various Various 1,136 $ 209,336 (1) This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $1.3 million and additional cash consideration of $0.2 million. (2) This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $47.0 million and additional cash consideration of $1.5 million. (3) The Company purchased a 49% membership interest in this joint venture. (4) This investment was funded through the conversion and satisfaction of a previously outstanding construction loan of $29.1 million and additional consideration of $3.3 million consisting of an aggregate 167,779 OP Units issued by the Operating Partnership valued at approximately $3.1 million on the date of issuance and $0.2 million of cash. (5) The Company completed the settlement of acquisitions related earn-out payments upon execution of leases at two properties. All earn-out payments are considered to be additional purchase price upon each respective property. For 2020, the Company recorded revenues and net income of $5.3 million and $0.7 million, respectively, from its 2020 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, 2021 December 31, 2020 Land $ 15,497 $ 8,841 Building and improvements 840,591 128,594 In-place lease intangibles 90,336 18,165 Above market in-place lease intangibles 13,804 118 Below market in-place lease intangibles (16,326) (1,962) Right-of-use asset 100,589 444 Receivables — 140 Prepaid expenses 129 (771) Lease liability (39,400) — Net assets acquired (1) $ 1,005,220 $ 153,569 Issuance of Series A Preferred Units (146,541) — Issuance of OP Units (116,467) (3,067) Satisfaction of real estate loans receivable and conversion of JV interest (24,033) (77,462) Cash used in acquisition of investment property $ 718,179 $ 73,040 (1) Net assets acquired does not include acquisition credits of $6.8 million for the year ended December 31, 2021 and $1.0 million for the year ended December 31, 2020, which consist primarily of future tenant improvements and capital expenditure commitments received as credits at the time of acquisition. Dispositions For the year ended December 31, 2021, the Company sold seven properties and five adjacent parcels of vacant land located in five states for approximately $94.4 million and recognized a net gain of approximately $24.2 million. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | Intangibles The following is a summary of the carrying amount of intangible assets and liabilities, excluding the asset classified as held for sale, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 441,072 $ (201,885) $ 239,187 $ 362,837 $ (173,862) $ 188,975 Above-market leases 57,149 (24,437) 32,712 43,386 (20,670) 22,716 Liabilities Below-market lease $ 32,155 $ (10,585) $ 21,570 $ 15,882 $ (9,241) $ 6,641 The following is a summary of the Company’s acquired lease intangible amortization for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Amortization expense related to in-place leases $ 34,570 $ 34,691 $ 35,984 Decrease of rental income related to above-market leases 3,808 3,846 4,354 Increase of rental income related to below-market leases 1,398 1,417 1,886 For the year ended December 31, 2021, the Company wrote off in-place lease assets of approximately $1.3 million with accumulated amortization of $0.9 million, for a net loss of approximately $0.4 million. Future aggregate net amortization of the Company’s acquired lease intangibles, excluding one asset classified as held for sale, as of December 31, 2021, is as follows (in thousands): Net Decrease in Net Increase in 2022 $ 2,846 $ 43,256 2023 2,426 39,434 2024 2,231 34,011 2025 1,701 28,248 2026 565 21,342 Thereafter 1,373 72,896 Total $ 11,142 $ 239,187 For the year ended December 31, 2021, the weighted average amortization periods for asset lease intangibles and liability lease intangibles are 8 years and 9 years, respectively. Further detail is provided in Note 2 (Summary of Significant Accounting Policies). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Unclassified [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following, excluding the asset classified as held for sale if applicable, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Straight-line rent receivable, net $ 95,443 $ 86,551 Leasing commissions, net 11,627 9,282 Prepaid expenses 8,910 9,401 Lease inducements, net 8,293 9,396 Escrows 1,780 1,507 Notes receivable, net 1,097 23,760 Other 4,434 4,103 Total $ 131,584 $ 144,000 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of debt as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Fixed interest mortgage notes (1) $ 75,395 $ 51,896 Variable interest mortgage note (2) 105,629 6,105 Total mortgage debt 181,024 58,001 $1.0 billion unsecured revolving credit facility bearing variable interest, due September 2025 (3) 274,000 166,000 $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 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 — $250 million unsecured term borrowing bearing fixed interest, due June 2023 (4) — 250,000 $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 1,930,024 1,449,001 Unamortized deferred financing costs (9,694) (5,369) Unamortized discounts (8,423) (4,855) Unamortized fair value adjustments 11 73 Total debt $ 1,911,918 $ 1,438,850 (1) As of December 31, 2021, fixed interest mortgage notes bear interest from 3.33% to 4.83%, due in 2022 and 2024, with a weighted average interest rate of 4.05%. As of December 31, 2020, fixed interest mortgage notes bear interest from 4.63% and 5.50%, due in 2021, 2022, and 2024, with a weighted average interest rate of 4.78%. The notes are collateralized by three properties with a net book value of $151.9 million as of December 31, 2021 and four properties with a net book value of $110.3 million as of December 31, 2020. As of December 31, 2021, one mortgage bears interest at LIBOR + 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.43%. (2) Variable interest mortgage notes bear variable interest of LIBOR plus 2.75% and SOFR plus 1.85% for a weighted average interest rate of 1.95% as of December 31, 2021. Variable interest mortgage note bears variable interest of LIBOR plus 2.75%, for an interest rate of 2.90% as of December 31, 2020. The notes are collateralized by four properties with a net book value of $307.2 million as of December 31, 2021 and one property with a net book value of $8.3 million as of December 31, 2020. (3) As of December 31, 2021, the unsecured revolving credit facility bears variable interest of LIBOR plus 0.85%. As of December 31, 2020, the unsecured revolving credit facility had a variable interest rate of LIBOR plus 0.90%. (4) As of December 31, 2020, the term loan feature of the Credit Agreement bears interest at a rate equal to LIBOR + 1.00%. The Trust had entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07%. On September 24, 2021, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Third Amended and Restated Credit Agreement (the “Credit Agreement”) which extended the maturity date of the revolving credit facility under the Credit Agreement to September 24, 2025 and reduced the interest rate margin applicable to borrowings. The Credit Agreement includes an unsecured revolving credit facility of $1.0 billion and contains a term loan feature of $250.0 million, bringing total borrowing capacity to $1.3 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 Operating Partnership to increase borrowing capacity by up to an additional $500.0 million, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.75 billion. The revolving credit facility under the Credit Agreement also includes two, six-month extension options. 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, 2021, the Trust had investment grade ratings of Baa2 from Moody’s, BBB from S&P, and BBB from Fitch. As such, borrowings under the revolving credit facility of the Credit Agreement accrue interest on the outstanding principal at a rate of LIBOR + 0.85%. The Credit Agreement includes a facility fee equal to 0.20% per annum as of December 31, 2021, 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 + 1.00%. 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 2.07%. Both the borrowing and pay-fixed receive-variable swap had a maturity date of June 10, 2023. On October 13, 2021, the Company used the proceeds from the senior notes to pay off the $250.0 million term loan feature of the Credit Agreement. As defined by the Credit Agreement, the term loan feature is no longer available to the Company. The Operating Partnership simultaneously terminated the existing pay-fixed receive-variable rate swaps associated with the full term loan borrowing of $250.0 million. As part of the termination, the Company made total cash payments of $3.3 million to the counterparties of the swap agreements. 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 Applicable Margin for Revolving Loans: LIBOR Rate Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: LIBOR Rate Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.725% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.775% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.85% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.05% 0.05 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.40% 0.40 % 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, 2021, 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, 2021, the Company had $274.0 million of borrowings outstanding under its unsecured revolving credit facility. As defined by the Credit Agreement, the unencumbered borrowing base as of December 31, 2021 allows the Company to borrow an additional $726.0 million is available to borrow without adding additional properties to the unencumbered borrowing base of assets or exercising our accordion feature. 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 were sold at an issue price of 99.68% of their face value, before the underwriters’ discount. The Company’s 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 were sold at an issue price of 99.78% of their face value, before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $347.0 million. On October 13, 2021, the Operating Partnership issued and sold $500.0 million aggregate principal amount of 2.625% Senior Notes which will mature on November 1, 2031. The Senior Notes were sold at an issue price of 99.79% of their face value, before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $495.1 million. Certain properties have mortgage debt that contains financial covenants. As of December 31, 2021, the Trust was in compliance with all senior notes and mortgage debt financial covenants. Scheduled principal payments due on debt as of December 31, 2021, are as follows (in thousands): 2022 $ 16,094 2023 16,008 2024 59,719 2025 299,476 2026 170,476 Thereafter 1,368,251 Total Payments $ 1,930,024 As of December 31, 2021 and 2020, the Company had total consolidated indebtedness of approximately $1.9 billion and $1.4 billion, respectively. The weighted average interest rate on consolidated indebtedness was 3.20% as of December 31, 2021 (based on the 30-day LIBOR rate of 0.10% and a SOFR rate of 0.05% as of December 31, 2021). The weighted average interest rate on consolidated indebtedness was 3.49% as of December 31, 2020 (based on the 30-day LIBOR rate as of December 31, 2020 of 0.15%). |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
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. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. Additionally, as a result of the adoption ASU 2017-12, the Company no longer discloses the ineffective portion of the change in fair value of its derivatives financial instruments designated as hedges. 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, 2021, the Company had one outstanding interest rate swap contract designated as a cash flow hedge of interest rate risk. See Note 2 (Summary of Significant Accounting Policies) for a further discussion of the Company’s derivatives. The following table summarizes the location and aggregate fair value of the interest rate swap on the Company’s consolidated balance sheets (in thousands): Total notional amount $ 36,050 Effective fixed interest rate (1) 3.33 % Effective date 10/31/2019 Maturity date 10/31/2024 Liability balance at December 31, 2021 (included in Accrued expenses and other liabilities) $ 452 Liability balance at December 31, 2020 (included in Accrued expenses and other liabilities) $ — (1) 1.43% effective swap rate plus 1.90% spread per the loan agreement. As of December 31, 2020, the Company had five outstanding interest rate swap contracts that were designated as cash flow hedges of interest rate risk. For presentational purposes, they were shown as one derivative due to the identical nature of their economic terms. The five outstanding interest rate swaps had an aggregate fair value of $5.3 million and were shown in Accrued expenses and other liabilities on our consolidated balance sheets as of December 31, 2020. On October 13, 2021, the Company terminated the interest rate swap contracts, de-designated them as hedging instruments, and reclassified the balance to earnings. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): December 31, 2021 2020 Real estate taxes payable $ 23,487 $ 23,436 Prepaid rent 22,714 22,248 Accrued interest 18,799 16,009 Accrued expenses 5,960 5,721 Security deposits 4,234 3,714 Tenant improvement allowances 1,857 1,917 Accrued incentive compensation 1,784 1,945 Interest rate swap 452 5,317 Embedded derivative — 4,944 Other 6,967 6,678 Total $ 86,254 $ 91,929 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [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 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, which made shares available for awards for participants. On April 30, 2019, at the Annual Meeting of Shareholders of Physicians Realty Trust, the Trust’s shareholders approved the Amended and Restated Physicians Realty Trust 2013 Equity Incentive Plan (“2013 Plan”). The amendment increased the number of common shares authorized for issuance under the 2013 Plan to a total of 7,000,000 common shares authorized for issuance. The 2013 Plan term was also extended to 2029. Restricted Common Shares: Restricted common shares granted under the 2013 Plan are eligible for dividends as well as the right to vote. During 2019, the Trust granted a total of 194,413 restricted common shares with a total value of $3.5 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 2020, the Trust granted a total of 190,418 restricted common shares with a total value of $3.6 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 2021, the Trust granted a total of 224,163 restricted common shares with a total value of $3.9 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 2021, 2020, and 2019: Common Shares Weighted Non-vested at December 31, 2018 225,139 $ 15.29 Granted 194,413 17.80 Vested (200,104) 15.13 Forfeited (2,571) 16.96 Non-vested at December 31, 2019 216,877 17.67 Granted 190,418 19.00 Vested (189,642) 17.81 Forfeited (1,831) 16.80 Non-vested at December 31, 2020 215,822 18.73 Granted 224,163 17.42 Vested (185,968) 18.94 Forfeited (6,570) 18.05 Non-vested at December 31, 2021 247,447 $ 17.41 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, 2021, 2020, and 2019 the Company recognized non-cash share compensation of $3.7 million, $3.5 million, and $3.3 million, respectively. Unrecognized compensation expense at December 31, 2021, 2020, and 2019 was $1.4 million, $1.3 million, and $1.1 million, respectively. Restricted Share Units: In January 2021, under the 2013 Plan, the Company granted 13,343 restricted share units to certain of its trustees in lieu of all or a portion of such trustee’s 2021 cash retainer. These units are subject to certain timing conditions and a one-year service period. Each restricted share unit contains one dividend equivalent. Each 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. With respect to the performance and timing conditions of the January 2021 grants, the grant date fair value of $17.80 per unit was based on the share price at the date of grant. In March 2021, March 2020, and March 2019 under the Trust’s 2013 Plan, the Trust granted (i) restricted share units at a target level of 265,275, 223,579, and 229,884 respectively, to the Trust’s management, which are subject to certain performance and market conditions and a three-year service periods and (ii) 43,582, 38,858, and 41,925 restricted share units, respectively, to the members of the Board of Trustees, which are subject to certain timing conditions and a two-year vesting period. In March 2020, 259,067 units were also granted to an officer subject to certain timing conditions and a five-year service 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%, 40%, and 50% of the restricted share units issued to the Trust’s management in 2021, 2020, and 2019, respectively, 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 of $29.18 in 2021, $31.95 in 2020, and $32.65 in 2019 per unit, respectively, using the following assumptions: 2021 2020 2019 Volatility 33.3 % 20.1 % 21.8 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 0.25 % 0.84 % 2.53 % Stock price (per share) $ 17.21 $ 19.30 $ 17.89 The remaining 60% of the restricted share units issued to the Trust’s management in 2021, 60% issued to the Trust’s management and 100% of the restricted share units issued to an officer in 2020, and 50% issued to the Trust’s management in 2019, vest based upon certain performance or timing conditions. With respect to the performance conditions of the March 2021 grant, the grant date fair value of $17.21 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2021 restricted share units issued to management is $22.00 per unit. With respect to the performance and timing conditions of the March 2020 grant issued to the Trust’s management, the grant date fair value of $19.30 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2020 restricted share units issued to management is $24.36 per unit. With respect to the performance conditions of the March 2019 grant, the grant date fair value of $17.89 per unit was based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2019 restricted share units issued to officers is $25.27 per unit. The following is a summary of the activity in the Trust’s restricted share units during 2021, 2020, and 2019: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted Non-vested at December 31, 2018 533,155 $ 22.66 67,158 $ 16.01 Granted 229,884 25.27 41,925 17.89 Vested (104,553) (1) 26.33 (41,786) 16.75 Forfeited (3,734) 23.08 — — Non-vested at December 31, 2019 654,752 22.99 67,297 16.72 Granted 482,646 21.64 38,858 19.30 Vested (173,259) (2) 29.34 (46,335) 16.19 Non-vested at December 31, 2020 964,139 21.17 59,820 18.81 Granted 265,275 22.00 56,925 17.35 Vested (252,844) (3) 16.58 (53,737) 18.38 Non-vested at December 31, 2021 976,570 $ 22.59 63,008 $ 17.85 (1) Restricted units vested by Company management in 2019 resulted in the issuance of 87,805 common shares, less 35,265 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company management in 2020 resulted in the issuance of 147,765 common shares, less 65,513 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (3) Restricted units vested by Company management in 2021 resulted in the issuance of 399,165 common shares, less 162,173 common shares withheld to cover minimum withholding tax obligations, for multiple employees. The Company recognized $11.2 million, $8.9 million, and $6.7 million of non-cash share unit compensation expense for the years ended December 31, 2021, 2020, and 2019, respectively. Unrecognized compensation expense at December 31, 2021, 2020, and 2019 was $12.0 million, $11.5 million, and $5.8 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 consist of one interest rate swap, as detailed in the Derivative Instruments section of Note 2 (Summary of Significant Accounting Policies) and Note 7 (Derivatives). The interest rate swap is not 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 was one asset measured at fair value as of December 31, 2021 that had a previous carrying value of $2.3 million. During the year ended December 31, 2021, the Company recorded an impairment charge of $0.3 million related to a medical office building in Traverse City, Michigan. There was one asset measured at fair value as of December 31, 2020 that had a previous carrying value of $5.4 million. During the year ended December 31, 2020, the Company recorded an impairment charge of $4.9 million related to a medical office building in Grand Rapids, Michigan, one of the Company’s original properties at the time of the IPO. 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. As of December 31, 2021, the Company classified one property as held for sale. Upon classification as held for sale, the Company records the value of the asset at the lower of its carrying value or fair value, less costs to sell. Fair value is generally based on discounted cash flow analyses, which involves management’s best estimate of market participants’ holding period, market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods, and capital requirements. During 2021, the Company determined that the property’s carrying value exceeded its fair value and therefore recorded an impairment for $0.3 million. As such, the one property classified as held for sale is carried at fair value as of December 31, 2021. The following table presents the fair value of the Company’s financial instruments (in thousands): December 31, 2021 2020 Carrying Fair Carrying Fair Assets: Real estate loans receivable, net $ 117,844 $ 115,385 $ 198,800 $ 198,814 Notes receivable, net $ 1,097 $ 1,097 $ 23,760 $ 23,760 Liabilities: Credit facility $ (274,000) $ (274,000) $ (416,000) $ (416,000) Notes payable $ (1,475,000) $ (1,554,802) $ (975,000) $ (1,063,367) Mortgage debt $ (181,035) $ (182,189) $ (58,074) $ (59,651) Derivative liabilities $ (452) $ (452) $ (10,261) $ (10,261) |
Tenant Operating Leases
Tenant Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Tenant Operating Leases | Tenant Operating Leases The Company is a lessor of medical office buildings and other health care facilities. Leases have expirations from 2022 through 2043. As of December 31, 2021, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries and minimum rental payments and for the asset classified as held for sale, were as follows (in thousands): 2022 $ 352,428 2023 345,261 2024 330,713 2025 310,611 2026 252,900 Thereafter 904,910 Total $ 2,496,823 The following presents rental and related revenues for the years ended 2021, 2020, and 2019, of which expense recoveries represent our variable lease payments: 2021 2020 2019 Rental revenues $ 324,839 $ 314,846 $ 303,264 Expense recoveries 112,054 103,344 101,115 Rental and related revenues $ 436,893 $ 418,190 $ 404,379 |
Rent Expense
Rent Expense | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Rent Expense | Rent Expense The Company leases the rights to parking structures at two of its properties, the air in which one property occupies, and the land upon which 97 of its properties are located from third party landowners pursuant to separate leases. In addition, the Company has 10 corporate leases, primarily for office space. The Company’s leases include both fixed and variable rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 93 years remaining, excluding extension options, with a weighted average remaining term of 45 years. Effective January 1, 2019, the Company adopted ASC 842, Leases which requires the operating leases mentioned above to be included in right-of-use lease assets, net on the Company’s December 31, 2021 and 2020 consolidated balance sheets, which represents the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make the lease payments are included in lease liabilities on the Company’s December 31, 2021 and 2020 consolidated balance sheets. As of December 31, 2021, total right-of-use assets and operating lease liabilities, net of accumulated amortization, were approximately $235.5 million and $105.0 million, respectively. The Company has entered into various short-term operating leases, primarily for office spaces, with an initial term of twelve months or less. These leases are not recorded on the Company's consolidated balance sheets. At the inception of a new lease, the Company establishes an operating lease asset and operating lease liability calculated as the present value of future minimum lease payments. As the Company’s leases do not provide an implicit rate, the Company calculates a discount rate that approximates the Company’s incremental borrowing rate available at lease commencement to determine the present value of future minimum lease payments. The approximated weighted average discount rate was 4.4% as of December 31, 2021. There are no operating leases that have not yet commenced that would have a significant impact on the Company’s consolidated balance sheets. As of December 31, 2021, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases, exclusive of the one asset classified as held for sale, were as follows (in thousands): 2022 $ 4,713 2023 4,694 2024 4,688 2025 4,685 2026 4,733 Thereafter 242,464 Total undiscounted lease payments $ 265,977 Less: Interest (161,020) Present value of lease liabilities $ 104,957 Lease costs consisted of the following for the year ended December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 2020 Operating lease cost $ 2,467 $ 2,190 Variable lease cost 1,009 995 Total lease cost $ 3,476 $ 3,185 |
Credit Concentration
Credit Concentration | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration | Credit Concentration The Company uses annualized base rent (“ABR”) as its credit concentration metric. ABR is calculated by multiplying contractual base rent for the month ended December 31, 2021 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, 2021, excluding one asset classified as held for sale (in thousands): Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 17,658 5.0 % Northside Hospital 15,646 4.4 % UofL Health - Louisville, Inc. 12,744 3.6 % US Oncology 11,180 3.2 % HonorHealth 10,896 3.1 % Remaining portfolio 285,956 80.7 % Total $ 354,080 100.0 % ABR collected from the Company’s top five tenant relationships comprises 19.3% of its total ABR for the period ending December 31, 2021. Total ABR from CommonSpirit Health affiliated tenants totals 14.7%, including the affiliates disclosed above. The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2021, excluding one asset classified as held for sale (in thousands): State Total ABR Percent of ABR Texas $ 47,815 13.5 % Georgia 25,322 7.2 % Florida 24,490 6.9 % Indiana 22,825 6.5 % Arizona 21,003 5.9 % Other 212,625 60.0 % Total $ 354,080 100.0 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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, 2021 2020 2019 Numerator for earnings per share - basic: Net income $ 86,783 $ 68,488 $ 77,186 Net income attributable to noncontrolling interests: Operating Partnership (2,211) (1,797) (2,155) Partially owned properties (607) (574) (548) Preferred distributions (13) (1,241) (1,209) Numerator for earnings per share - basic: $ 83,952 $ 64,876 $ 73,274 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 83,952 64,876 73,274 Operating Partnership net income 2,211 1,797 2,155 Numerator for earnings per share - diluted $ 86,163 $ 66,673 $ 75,429 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 216,135,385 204,243,768 185,770,251 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 5,693,333 5,659,325 5,466,010 Restricted common shares 113,438 88,131 103,293 Restricted share units 1,118,400 1,154,693 286,766 Denominator for earnings per share - diluted 223,060,556 211,145,917 191,626,320 Earnings per share - basic $ 0.39 $ 0.32 $ 0.39 Earnings per share - diluted $ 0.39 $ 0.32 $ 0.39 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 12, 2022, the Company acquired 49% membership interest in three properties through the Davis Joint Venture for an aggregate purchase price of approximately $21.5 million. This transaction was funded with $14.0 million of mortgage debt, $4.5 million of cash, and the conversion of $3.0 million of mezzanine loans. On January 19, 2022, the Company sold one medical office building located in Michigan for approximately $2.0 million and recognized a net loss on the sale of approximately $0.2 million. This asset was classified as held for sale as of December 31, 2021. As previously disclosed, the Company recorded an impairment on this asset for $0.3 million during 2021. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
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 Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Del Sol Medical Center MOB El Paso, TX $ — $ 860 $ 2,866 $ 699 $ 860 $ 3,565 $ 4,425 $ (2,446) 1987 8/24/2006 21 MeadowView Professional Kingsport, TN — 2,270 11,344 1,017 2,270 12,361 14,631 (5,717) 2005 5/10/2007 30 Firehouse Square Milwaukee, WI — 1,120 2,768 10 1,120 2,778 3,898 (1,332) 2002 8/15/2007 30 Valley West Hospital MOB Chicago, IL — — 6,275 785 — 7,060 7,060 (3,290) 2007 11/1/2007 30 New Albany MOB Columbus, OH — 237 2,767 738 237 3,505 3,742 (1,344) 2000 1/4/2008 42 Mid Coast Hospital MOB Portland, ME 5,629 — 11,247 499 — 11,746 11,746 (5,233) 2008 5/1/2008 42 Arrowhead Commons Phoenix, AZ — 740 2,551 764 740 3,315 4,055 (1,086) 2004 5/31/2008 46 Remington Medical Commons Chicago, IL — 895 6,499 1,369 895 7,868 8,763 (3,369) 2008 6/1/2008 30 Aurora MOB - Shawano Green Bay, WI — 500 1,566 — 500 1,566 2,066 (368) 2010 4/15/2010 50 East El Paso Physicians Medical Center El Paso, TX — 710 4,500 351 710 4,851 5,561 (1,088) 2004 8/30/2013 35 Crescent City Surgical Centre New Orleans, LA — — 34,208 — — 34,208 34,208 (5,880) 2010 9/30/2013 48 Foundation Surgical Affiliates MOB Oklahoma City, OK — 1,300 12,724 239 1,300 12,963 14,263 (2,465) 2004 9/30/2013 43 Eastwind Surgical Center Columbus, OH — 981 7,620 145 981 7,765 8,746 (1,401) 2007 11/27/2013 44 Great Falls ASC Great Falls, MT — 203 3,224 1,317 203 4,541 4,744 (825) 1999 12/11/2013 33 Foundation Surgical Hospital of San Antonio San Antonio, TX — 2,230 23,346 43 2,230 23,389 25,619 (5,967) 2007 2/19/2014 35 21st Century Radiation Oncology - Sarasota Sarasota, FL — 633 6,557 67 633 6,624 7,257 (1,986) 1975 2/26/2014 27 21st Century Radiation Oncology - Venice Venice, FL — 814 2,952 — 814 2,952 3,766 (745) 1987 2/26/2014 35 21st Century Radiation Oncology - Englewood Englewood, FL — 350 1,878 — 350 1,878 2,228 (427) 1992 2/26/2014 38 Foundation Healthplex of San Antonio San Antonio, TX — 911 4,189 — 911 4,189 5,100 (981) 2007 2/28/2014 35 Peachtree Dunwoody Medical Center Atlanta, GA — — 52,481 2,133 — 54,614 54,614 (14,897) 1987 2/28/2014 25 Pinnacle Health MOB - Wormleysburg Harrisburg, PA — 795 4,601 31 795 4,632 5,427 (1,533) 1990 4/22/2014 25 Pinnacle Health MOB - Carlisle Carlisle, PA — 424 2,232 — 424 2,232 2,656 (533) 2002 4/22/2014 35 South Bend Orthopaedics MOB Mishawaka, IN — 2,418 11,355 — 2,418 11,355 13,773 (2,498) 2007 4/30/2014 40 Grenada Medical Complex Grenada, MS — 185 5,820 449 185 6,269 6,454 (1,883) 1975 4/30/2014 30 Mississippi Sports Medicine & Orthopedics Jackson, MS — 1,272 14,177 626 1,272 14,803 16,075 (3,525) 1987 5/23/2014 35 Carmel Medical Pavilion Carmel, IN — — 3,917 450 — 4,367 4,367 (1,323) 1993 5/28/2014 25 Renaissance ASC Oshkosh, WI — 228 7,658 17 228 7,675 7,903 (1,500) 2007 6/30/2014 40 Summit Urology Bloomington, IN — 125 4,792 — 125 4,792 4,917 (1,228) 1996 6/30/2014 30 IU Health - 500 Landmark Bloomington, IN — 627 3,549 — 627 3,549 4,176 (792) 2000 7/1/2014 35 IU Health - 550 Landmark Bloomington, IN — 2,717 15,224 — 2,717 15,224 17,941 (3,398) 2000 7/1/2014 35 IU Health - 574 Landmark Bloomington, IN — 418 1,493 — 418 1,493 1,911 (341) 2004 7/1/2014 35 Carlisle II MOB Carlisle, PA — 412 3,962 — 412 3,962 4,374 (687) 1996 7/25/2014 45 Surgical Institute of Monroe Monroe, MI — 410 5,743 — 410 5,743 6,153 (1,431) 2010 7/28/2014 35 Oaks Medical Building Lady Lake, FL — 1,065 8,642 8 1,065 8,650 9,715 (1,542) 2011 7/31/2014 42 Mansfield ASC Mansfield, TX — 1,491 6,471 — 1,491 6,471 7,962 (1,137) 2010 9/2/2014 46 Eye Center of Southern Indiana Bloomington, IN — 910 11,477 — 910 11,477 12,387 (2,494) 1995 9/5/2014 35 Zangmeister Cancer Center Columbus, OH — 1,610 31,120 249 1,610 31,369 32,979 (5,909) 2007 9/30/2014 40 Orthopedic One - Columbus Columbus, OH — — 16,234 59 — 16,293 16,293 (2,925) 2009 9/30/2014 45 Orthopedic One - Westerville Columbus, OH — 362 3,944 — 362 3,944 4,306 (732) 2007 9/30/2014 43 South Point Medical Center Columbus, OH — — 5,950 195 — 6,145 6,145 (1,267) 2007 9/30/2014 38 3100 Lee Trevino Drive El Paso, TX — 2,294 11,316 1,535 2,294 12,851 15,145 (3,193) 1983 9/30/2014 30 1755 Curie El Paso, TX — 2,283 24,543 3,432 2,283 27,975 30,258 (6,763) 1970 9/30/2014 30 9999 Kenworthy El Paso, TX — 728 2,178 673 728 2,851 3,579 (666) 1983 9/30/2014 35 32 Northeast MOB Harrisburg, PA — 408 3,232 223 408 3,455 3,863 (823) 1994 10/29/2014 33 4518 Union Deposit MOB Harrisburg, PA — 617 7,305 41 617 7,346 7,963 (1,823) 2000 10/29/2014 31 4520 Union Deposit MOB Harrisburg, PA — 169 2,055 429 169 2,484 2,653 (574) 1997 10/29/2014 28 240 Grandview MOB Harrisburg, PA — 321 4,242 218 321 4,460 4,781 (952) 1980 10/29/2014 35 Market Place Way MOB Harrisburg, PA — 808 2,383 57 808 2,440 3,248 (641) 2004 10/29/2014 35 Middletown Medical - Maltese Middletown, NY — 670 9,921 37 670 9,958 10,628 (2,089) 1988 11/28/2014 35 Middletown Medical - Edgewater Middletown, NY — 200 2,966 11 200 2,977 3,177 (625) 1992 11/28/2014 35 Napoleon MOB New Orleans, LA — 1,202 7,412 4,505 1,202 11,917 13,119 (2,741) 1974 12/19/2014 25 West Tennessee ASC Jackson, TN — 1,661 2,960 7,116 1,661 10,076 11,737 (1,786) 1991 12/30/2014 44 Southdale Place Edina MN — 504 10,006 2,200 504 12,206 12,710 (3,680) 1979 1/22/2015 24 Crystal MOB Crystal, MN — 945 11,862 51 945 11,913 12,858 (2,013) 2012 1/22/2015 47 Savage MOB Savage, MN — 1,281 10,021 78 1,281 10,099 11,380 (1,827) 2011 1/22/2015 48 Dell MOB Chanhassen, MN — 800 4,520 188 800 4,708 5,508 (917) 2008 1/22/2015 43 Methodist Sports Greenwood, IN — 1,050 8,556 — 1,050 8,556 9,606 (1,884) 2008 1/28/2015 33 Vadnais Heights MOB Vadnais Heights, MN — 2,751 12,233 27 2,751 12,260 15,011 (2,374) 2013 1/29/2015 43 Minnetonka MOB Minnetonka, MN — 1,770 19,797 139 1,770 19,936 21,706 (3,459) 2014 2/5/2015 49 Jamestown Jamestown, ND — 656 9,440 387 656 9,827 10,483 (2,070) 2013 2/5/2015 43 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Indiana American 3 Greenwood, IN — 862 6,901 1,330 862 8,231 9,093 (1,961) 2008 2/13/2015 38 Indiana American 2 Greenwood, IN — 741 1,846 875 741 2,721 3,462 (737) 2001 2/13/2015 31 Indiana American 4 Greenwood, IN — 771 1,928 307 771 2,235 3,006 (649) 2001 2/13/2015 31 8920 Southpointe Indianapolis, IN — 563 1,741 806 563 2,547 3,110 (944) 1993 2/13/2015 27 Minnesota Eye MOB Minnetonka, MN — 1,143 7,470 — 1,143 7,470 8,613 (1,423) 2014 2/17/2015 44 Baylor Cancer Center- Carrollton Dallas, TX — 855 6,007 91 855 6,098 6,953 (1,043) 2001 2/27/2015 43 Bridgeport Medical Center Lakewood, WA — 1,397 10,435 965 1,397 11,400 12,797 (2,330) 2004 2/27/2015 35 Renaissance Office Building Milwaukee, WI — 1,379 4,182 7,149 1,379 11,331 12,710 (3,947) 1896 3/27/2015 15 Calkins 125 Rochester, NY — 534 10,164 858 534 11,022 11,556 (2,591) 1997 3/31/2015 32 Calkins 200 Rochester, NY — 210 3,317 58 210 3,375 3,585 (807) 2000 3/31/2015 38 Calkins 300 Rochester, NY — 372 6,645 288 372 6,933 7,305 (1,362) 2002 3/31/2015 39 Calkins 400 Rochester, NY — 353 8,226 440 353 8,666 9,019 (1,765) 2007 3/31/2015 39 Calkins 500 Rochester, NY — 282 7,074 145 282 7,219 7,501 (1,456) 2008 3/31/2015 41 Premier Surgery Center of Louisville Louisville, KY — 1,106 5,437 — 1,106 5,437 6,543 (917) 2013 4/10/2015 43 Baton Rouge Surgery Center Baton Rouge, LA — 711 7,720 51 711 7,771 8,482 (1,566) 2003 4/15/2015 35 Healthpark Surgery Center Grand Blanc, MI — — 17,624 172 — 17,796 17,796 (3,608) 2006 4/30/2015 36 University of Michigan Center for Specialty Care Livonia, MI — 2,200 8,627 205 2,200 8,832 11,032 (2,097) 1988 5/29/2015 30 Coon Rapids Medical Center Coon Rapids, MN — 607 5,857 583 607 6,440 7,047 (1,272) 2007 6/1/2015 35 Premier RPM Bloomington, IN — 872 10,537 — 942 10,537 11,479 (1,860) 2008 6/5/2015 39 Palm Beach ASC Palm Beach, FL — 2,576 7,675 — 2,576 7,675 10,251 (1,318) 2003 6/26/2015 40 Hillside Medical Center Hanover, PA — 812 13,217 388 812 13,605 14,417 (2,708) 2003 6/30/2015 35 Randall Road MOB Elgin, IL — 1,124 15,404 1,660 1,124 17,064 18,188 (2,897) 2006 6/30/2015 38 JFK Medical Center MOB Atlantis, FL — — 7,560 6 — 7,566 7,566 (1,437) 2002 7/24/2015 37 Grove City Health Center Grove City, OH — 1,363 8,516 20 1,363 8,536 9,899 (1,691) 2001 7/31/2015 37 Trios Health MOB Kennewick, WA — 1,492 55,178 3,795 1,492 58,973 60,465 (8,558) 2015 7/31/2015 45 Abrazo Scottsdale MOB Phoenix, AZ — — 25,893 1,019 — 26,912 26,912 (4,446) 2004 8/14/2015 43 Avondale MOB Avondale, AZ — 1,818 18,108 435 1,818 18,543 20,361 (2,790) 2006 8/19/2015 45 Palm Valley MOB Goodyear, AZ — 2,666 28,655 913 2,666 29,568 32,234 (4,687) 2006 8/19/2015 43 North Mountain MOB Phoenix, AZ — — 42,877 3,267 — 46,144 46,144 (6,797) 2008 8/31/2015 47 Katy Medical Complex Katy, TX — 822 6,797 97 822 6,894 7,716 (1,202) 2005 9/1/2015 39 Katy Medical Complex Surgery Center Katy, TX — 1,560 25,601 281 1,560 25,882 27,442 (4,327) 2006 9/1/2015 40 New Albany Medical Center New Albany, OH — 1,600 8,505 1,524 1,600 10,029 11,629 (2,078) 2005 9/9/2015 37 Fountain Hills Medical Campus Fountain Hills, AZ — 2,593 7,635 1,010 2,593 8,645 11,238 (1,524) 1995 9/30/2015 39 Fairhope MOB Fairhope, AL — 640 5,227 1,575 640 6,802 7,442 (1,282) 2005 10/13/2015 38 Foley MOB Foley, AL — 365 732 — 365 732 1,097 (133) 1997 10/13/2015 40 Foley Venture Foley, AL — 420 1,118 339 420 1,457 1,877 (287) 2002 10/13/2015 38 North Okaloosa MOB Crestview, FL — 190 1,010 — 190 1,010 1,200 (169) 2005 10/13/2015 41 Commons on North Davis Pensacola, FL — 380 1,237 — 380 1,237 1,617 (209) 2009 10/13/2015 41 Sorrento Road MOB Pensacola, FL — 170 894 5 170 899 1,069 (153) 2010 10/13/2015 41 Panama City Beach MOB Panama City, FL — — 739 26 — 765 765 (120) 2012 10/13/2015 42 Perdido Medical Park Pensacola, FL — 100 1,147 — 100 1,147 1,247 (191) 2010 10/13/2015 41 Ft. Walton Beach MOB Ft. Walton Beach, FL — 230 914 — 230 914 1,144 (175) 1979 10/13/2015 35 Panama City MOB Panama City, FL — — 661 39 — 700 700 (130) 2003 10/13/2015 38 Pensacola MOB Pensacola, FL — 220 1,685 78 220 1,763 1,983 (297) 2001 10/13/2015 39 Arete Surgical Center Johnstown, CO — 399 6,667 — 399 6,667 7,066 (959) 2013 10/19/2015 45 Cambridge Professional Center Waldorf, MD — 590 8,520 804 590 9,324 9,914 (1,798) 1999 10/30/2015 35 HonorHealth - 44th Street MOB Phoenix, AZ — 515 3,884 1,354 515 5,238 5,753 (1,362) 1988 11/13/2015 28 Mercy Medical Center Fenton, MO — 1,201 6,778 — 1,201 6,778 7,979 (1,135) 1999 12/1/2015 40 8 C1TY Blvd Nashville, TN — 1,555 39,713 348 1,555 40,061 41,616 (5,414) 2015 12/17/2015 45 Great Falls Clinic Great Falls, MT — 1,687 27,402 441 1,687 27,843 29,530 (4,527) 2004 12/29/2015 40 Great Falls Hospital Great Falls, MT — 1,026 25,262 1,118 1,026 26,380 27,406 (3,965) 2015 1/25/2016 40 Treasure Coast Center for Surgery Stuart, FL — 380 5,064 1 380 5,065 5,445 (740) 2013 2/1/2016 42 Park Nicollet Clinic Chanhassen, MN — 1,941 14,555 133 1,941 14,688 16,629 (2,341) 2005 2/8/2016 40 HEB Cancer Center Bedford, TX — — 11,839 11 — 11,850 11,850 (1,692) 2014 2/12/2016 44 Riverview Medical Center Lancaster, OH — 1,313 10,243 1,148 1,313 11,391 12,704 (2,141) 1997 2/26/2016 33 St. Luke's Cornwall MOB Cornwall, NY — — 13,017 105 — 13,122 13,122 (2,360) 2006 2/26/2016 35 HonorHealth - Glendale Glendale, AZ — 1,770 8,089 — 1,770 8,089 9,859 (1,121) 2015 3/15/2016 45 Columbia MOB Hudson, NY — — 16,550 47 — 16,597 16,597 (2,767) 2006 3/21/2016 35 St Vincent POB 1 Birmingham, AL — — 10,172 799 — 10,971 10,971 (4,283) 1975 3/23/2016 15 Emerson Medical Building Creve Coeur, MO — 1,590 9,853 323 1,590 10,176 11,766 (1,806) 1989 3/24/2016 35 Eye Associates of NM - Santa Fe Santa Fe, NM — 900 6,604 — 900 6,604 7,504 (1,164) 2002 3/31/2016 35 Eye Associates of NM - Albuquerque Albuquerque, NM — 1,020 7,832 13 1,020 7,845 8,865 (1,230) 2007 3/31/2016 40 Gardendale Surgery Center Gardendale, AL — 200 5,732 — 200 5,732 5,932 (822) 2011 4/11/2016 42 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building M Health Fairview - Curve Crest Stillwater, MN — 409 3,279 — 409 3,279 3,688 (486) 2011 4/14/2016 43 M Health Fairview - Victor Gardens Hugo, MN — 572 4,400 69 572 4,469 5,041 (705) 2008 4/14/2016 41 Cardwell Professional Building Lufkin, TX — — 8,348 321 — 8,669 8,669 (1,296) 1999 5/11/2016 42 Dacono Neighborhood Health Clinic Dacono, CO — 2,258 2,911 20 2,258 2,931 5,189 (594) 2014 5/11/2016 44 Grand Island Specialty Clinic Grand Island, NE — 102 2,802 167 102 2,969 3,071 (499) 1978 5/11/2016 42 Hot Springs Village Office Building Hot Springs Village, AR — 305 3,309 95 305 3,404 3,709 (737) 1988 5/11/2016 30 UofL Health - East Louisville, KY — — 81,248 236 — 81,484 81,484 (10,730) 2003 5/11/2016 45 UofL Health - South Shepherdsville, KY — — 15,861 235 — 16,096 16,096 (2,730) 2005 5/11/2016 39 UofL Health - Plaza I Louisville, KY — — 8,808 707 — 9,515 9,515 (1,704) 1970 5/11/2016 35 UofL Health - Plaza II Louisville, KY — — 5,216 2,282 — 7,498 7,498 (2,284) 1964 5/11/2016 15 UofL Health - OCC Louisville, KY — — 35,703 2,113 — 37,816 37,816 (6,111) 1985 5/11/2016 34 Lexington Surgery Center Lexington, KY — 1,229 18,914 508 1,229 19,422 20,651 (3,758) 2000 5/11/2016 30 Medical Arts Pavilion Lufkin, TX — — 6,215 776 — 6,991 6,991 (1,360) 2004 5/11/2016 33 Memorial Outpatient Therapy Center Lufkin, TX — — 4,808 100 — 4,908 4,908 (717) 1990 5/11/2016 45 Midlands Two Professional Center Papillion, NE — — 587 681 — 1,268 1,268 (696) 1976 5/11/2016 5 Parkview MOB Little Rock, AR — 705 4,343 76 705 4,419 5,124 (805) 1988 5/11/2016 35 Peak One ASC Frisco, CO — — 5,763 317 — 6,080 6,080 (857) 2006 5/11/2016 44 Physicians Medical Center Tacoma, WA — — 5,862 3,215 — 9,077 9,077 (1,578) 1977 5/11/2016 27 St. Alexius - Minot Medical Plaza Minot, ND — — 26,078 50 — 26,128 26,128 (3,488) 2015 5/11/2016 49 St. Clare Medical Pavilion Lakewood, WA — — 9,005 356 — 9,361 9,361 (1,860) 1989 5/11/2016 33 St. Joseph Medical Pavilion Tacoma, WA — — 11,497 108 — 11,605 11,605 (2,035) 1989 5/11/2016 35 St. Joseph Office Park Lexington, KY — 3,722 12,675 5,061 3,722 17,736 21,458 (6,208) 1992 5/11/2016 14 UofL Health - Mary & Elizabeth MOB II Louisville, KY — — 5,587 305 — 5,892 5,892 (997) 1979 5/11/2016 34 UofL Health - Mary & Elizabeth MOB III Louisville, KY — — 383 399 — 782 782 (547) 1974 5/11/2016 2 Thornton Neighborhood Health Clinic Thornton, CO — 1,609 2,287 1,661 1,609 3,948 5,557 (567) 2014 5/11/2016 43 St. Francis MOB Federal Way, WA — — 12,817 74 — 12,891 12,891 (2,186) 1987 6/2/2016 38 Children's Wisconsin - Brookfield Milwaukee, WI — 476 4,897 — 476 4,897 5,373 (694) 2016 6/3/2016 45 UofL Health - South MOB Shepherdsville, KY — 27 3,827 29 27 3,856 3,883 (540) 2006 6/8/2016 40 Good Samaritan North Annex Building Kearney, NE — — 2,734 — — 2,734 2,734 (476) 1984 6/28/2016 37 NE Heart Institute Medical Building Lincoln, NE — — 19,738 199 — 19,937 19,937 (2,329) 2004 6/28/2016 47 St. Vincent West MOB Little Rock, AR — — 13,453 — — 13,453 13,453 (1,640) 2012 6/29/2016 49 Meridan Englewood, CO — 1,608 15,774 137 1,608 15,911 17,519 (2,657) 2002 6/29/2016 38 UofL Health - Mary & Elizabeth MOB I Louisville, KY — — 8,774 792 — 9,566 9,566 (2,101) 1991 6/29/2016 25 St. Alexius - Medical Arts Pavilion Bismarck, ND — — 12,902 703 — 13,605 13,605 (2,346) 1974 6/29/2016 32 St. Alexius - Mandan Clinic Mandan, ND — 708 7,700 263 708 7,963 8,671 (1,142) 2014 6/29/2016 43 St. Alexius - Orthopaedic Center Bismarck, ND — — 13,881 904 — 14,785 14,785 (2,191) 1997 6/29/2016 39 St. Alexius - Rehab Center Bismarck, ND — — 5,920 259 — 6,179 6,179 (1,434) 1997 6/29/2016 25 St. Alexius - Tech & Ed Bismarck, ND — — 16,688 342 — 17,030 17,030 (2,522) 2011 6/29/2016 38 Good Samaritan MOB Kearney, NE — — 24,154 1,802 — 25,956 25,956 (3,236) 1999 6/29/2016 45 Lakeside Two Professional Center Omaha, NE — — 13,358 1,447 — 14,805 14,805 (2,167) 2000 6/29/2016 38 Lakeside Wellness Center Omaha, NE — — 10,177 438 — 10,615 10,615 (1,540) 2000 6/29/2016 39 McAuley Center Omaha, NE — 1,427 17,020 978 1,427 17,998 19,425 (3,500) 1988 6/29/2016 30 Memorial Health Center Grand Island, NE — — 33,967 3,062 — 37,029 37,029 (5,825) 1955 6/29/2016 35 Missionary Ridge MOB Chattanooga, TN — — 7,223 3,515 — 10,738 10,738 (4,633) 1976 6/29/2016 10 Pilot Medical Center Birmingham, AL — 1,419 14,528 55 1,419 14,583 16,002 (2,444) 2005 6/29/2016 35 St. Joseph Medical Clinic Tacoma, WA — — 16,427 72 — 16,499 16,499 (3,058) 1991 6/30/2016 30 Woodlands Medical Arts Center The Woodlands, TX — — 19,168 2,664 — 21,832 21,832 (3,821) 2001 6/30/2016 35 FESC MOB Tacoma, WA — — 12,702 324 — 13,026 13,026 (3,588) 1980 6/30/2016 22 PrairieCare MOB Maplewood, MN — 525 3,099 — 525 3,099 3,624 (416) 2016 7/6/2016 45 Springwoods MOB Spring, TX — 3,821 14,830 4,995 3,821 19,825 23,646 (4,099) 2015 7/21/2016 44 Unity ASC, Imaging & MOB West Lafayette, IN — 960 9,991 — 960 9,991 10,951 (1,642) 2001 8/8/2016 35 Unity Medical Pavilion West Lafayette, IN — 1,070 12,454 — 1,070 12,454 13,524 (2,045) 2001 8/8/2016 35 Unity Faith, Hope & Love West Lafayette, IN — 280 1,862 — 280 1,862 2,142 (307) 2001 8/8/2016 35 Unity Immediate Care and OCC West Lafayette, IN — 300 1,833 — 300 1,833 2,133 (289) 2004 8/8/2016 37 Medical Village at Maitland Orlando, FL — 2,393 18,543 356 2,393 18,899 21,292 (2,483) 2006 8/23/2016 44 Tri-State Orthopaedics MOB Evansville, IN — 1,580 14,162 — 1,580 14,162 15,742 (2,212) 2004 8/30/2016 37 Maury Regional Health Complex Spring Hill, TN — — 15,619 335 — 15,954 15,954 (2,235) 2012 9/30/2016 41 Spring Ridge Medical Center Wyomissing, PA — 28 4,943 — 28 4,943 4,971 (745) 2002 9/30/2016 37 Doctors Community Hospital POB Lanham, MD — — 23,034 114 — 23,148 23,148 (2,542) 2009 9/30/2016 48 Gig Harbor Medical Pavilion Gig Harbor, WA — — 4,791 2,245 — 7,036 7,036 (1,451) 1991 9/30/2016 30 Midlands One Professional Center Papillion, NE — — 14,922 72 — 14,994 14,994 (2,130) 2010 9/30/2016 37 Northwest Michigan Surgery Center Traverse City, MI — 2,748 30,005 — 2,748 30,005 32,753 (4,026) 2004 10/28/2016 40 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Northeast Medical Center Fayetteville, NY — 4,011 25,564 996 4,011 26,560 30,571 (4,937) 1998 11/23/2016 33 North Medical Center Liverpool, NY — 1,337 18,680 1,012 1,337 19,692 21,029 (3,206) 1989 11/23/2016 35 Cincinnati Eye Institute Cincinnati, OH — 2,050 32,546 — 2,050 32,546 34,596 (5,018) 1985 11/23/2016 35 HonorHealth - Scottsdale MOB Scottsdale, AZ — 3,340 4,288 5,811 3,340 10,099 13,439 (1,396) 2000 12/2/2016 45 Fox Valley Hematology & Oncology Appleton, WI — 1,590 26,666 — 1,590 26,666 28,256 (3,244) 2015 12/8/2016 44 Northern Vision Eye Center Traverse City, MI — 490 2,132 (268) 418 1,864 2,282 (318) 2006 12/15/2016 35 Flower Mound MOB Flower Mound, TX — 1,945 8,312 67 1,945 8,379 10,324 (1,080) 2011 12/16/2016 43 Carrollton MOB Flower Mound, TX — 2,183 10,461 95 2,183 10,556 12,739 (1,451) 2002 12/16/2016 40 HonorHealth - Scottsdale IRF Scottsdale, AZ — — 19,331 — — 19,331 19,331 (2,407) 2000 12/22/2016 42 Orthopedic Associates Flower Mound, TX — 2,915 12,791 150 2,915 12,941 15,856 (1,599) 2011 1/5/2017 43 Medical Arts Center at Hartford Plainville, CT — 1,499 24,627 932 1,499 25,559 27,058 (3,115) 2015 1/11/2017 44 CareMount Medical - Lake Katrine MOB Lake Katrine, NY 24,234 1,941 27,434 — 1,941 27,434 29,375 (3,412) 2013 2/14/2017 42 CareMount Medical - Rhinebeck MOB Rhinebeck, NY — 869 12,220 — 869 12,220 13,089 (1,585) 1965 2/14/2017 41 Monterey Medical Center Stuart, FL — 2,292 13,376 628 2,292 14,004 16,296 (1,893) 2003 3/7/2017 37 Creighton University Medical Center Omaha, NE — — 32,487 — — 32,487 32,487 (3,337) 2017 3/28/2017 49 Strictly Pediatrics Specialty Center Austin, TX — 4,457 62,527 904 4,457 63,431 67,888 (7,872) 2006 3/31/2017 40 MedStar Stephen's Crossing Brandywine, MD — 1,975 14,810 64 1,975 14,874 16,849 (1,714) 2015 6/16/2017 43 Health Clinic Building Omaha, NE — — 50,177 16 — 50,193 50,193 (4,659) 2017 6/29/2017 49 Family Medical Center Little Falls, MN — — 4,944 9,608 — 14,552 14,552 (1,408) 1990 6/29/2017 30 Craven-Hagan Clinic Williston, ND — — 8,739 1,704 — 10,443 10,443 (1,192) 1984 6/29/2017 40 Chattanooga Heart Institute Chattanooga, TN — — 18,639 1,111 — 19,750 19,750 (2,516) 1993 6/29/2017 37 St. Vincent Mercy Heart and Vascular Center Hot Springs, AR — — 11,688 6 — 11,694 11,694 (1,308) 1998 6/29/2017 45 South Campus MOB Hot Springs, AR — — 13,369 564 — 13,933 13,933 (1,563) 2009 6/29/2017 42 St. Vincent Mercy Cancer Center Hot Springs, AR — — 5,090 116 — 5,206 5,206 (668) 2001 6/29/2017 39 St. Joseph Professional Office Building Bryan, TX — — 11,169 248 — 11,417 11,417 (1,196) 1996 6/29/2017 46 St. Vincent Carmel Women's Center Carmel, IN — — 31,720 554 — 32,274 32,274 (3,160) 2014 6/29/2017 48 St. Vincent Fishers Medical Center Fishers, IN — — 62,870 698 — 63,568 63,568 (6,791) 2008 6/29/2017 45 Baylor Charles A. Sammons Cancer Center Dallas, TX — — 256,886 2,434 — 259,320 259,320 (27,615) 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 (3,192) 2005 6/30/2017 40 Clearview Cancer Institute Huntsville, AL — 2,736 43,220 99 2,736 43,319 46,055 (5,871) 2006 8/4/2017 34 Northside Cherokee-Town Lake MOB Atlanta, GA — — 30,627 1,667 — 32,294 32,294 (3,785) 2013 8/15/2017 46 HonorHealth - Mesa Mesa, AZ — 362 3,059 8 362 3,067 3,429 (344) 2013 8/15/2017 43 Little Falls Orthopedics Little Falls, MN — 246 1,977 146 246 2,123 2,369 (537) 1999 8/24/2017 28 Unity Specialty Center Little Falls, MN — — 2,885 998 — 3,883 3,883 (1,155) 1959 8/24/2017 15 Immanuel One Professional Center Omaha, NE — — 16,598 984 — 17,582 17,582 (2,371) 1993 8/24/2017 35 SJRHC Cancer Center Bryan, TX — — 5,065 776 — 5,841 5,841 (734) 1997 8/24/2017 40 St. Vincent Women's Center Hot Springs, AR — — 4,789 225 — 5,014 5,014 (597) 2001 8/31/2017 40 Legends Park MOB & ASC Midland, TX — 1,658 24,178 — 1,658 24,178 25,836 (2,525) 2003 9/27/2017 44 Franklin MOB & ASC Franklin, TN — 1,001 7,902 — 1,001 7,902 8,903 (829) 2014 10/12/2017 42 Eagle Point MOB Lake Elmo, MN — 1,011 9,009 10 1,011 9,019 10,030 (899) 2015 10/31/2017 48 Edina East MOB Edina, MN — 2,360 4,135 646 2,360 4,781 7,141 (783) 1962 10/31/2017 30 Northside Center Pointe Atlanta, GA — — 118,430 8,461 — 126,891 126,891 (16,862) 2009 11/10/2017 31 Gwinnett 500 Building Lawrenceville, GA — — 22,753 860 — 23,613 23,613 (2,346) 1995 11/17/2017 45 Hudgens Professional Building Duluth, GA — — 21,779 779 — 22,558 22,558 (2,546) 1994 11/17/2017 40 St. Vincent Building Indianapolis, IN — 5,854 42,382 5,718 5,854 48,100 53,954 (6,170) 2007 11/17/2017 45 Gwinnett Physicians Center Lawrenceville, GA 15,111 — 48,304 1,253 — 49,557 49,557 (4,517) 2010 12/1/2017 47 Apple Valley Medical Center Apple Valley, MN — 1,587 14,929 2,717 1,587 17,646 19,233 (2,683) 1974 12/18/2017 33 Desert Cove MOB Scottsdale, AZ — 1,689 5,207 — 1,689 5,207 6,896 (594) 1991 12/18/2017 38 Westgate MOB Glendale, AZ — — 13,379 2,101 — 15,480 15,480 (1,907) 2016 12/21/2017 45 M Health Fairview Clinics and Specialty Center - Maplewood Maplewood, MN — 3,292 57,390 3,737 3,292 61,127 64,419 (5,692) 2017 1/9/2018 45 Lee's Hill Medical Plaza Fredericksburg, VA — 1,052 24,790 78 1,052 24,868 25,920 (2,621) 2006 1/23/2018 40 HMG Medical Plaza Kingsport, TN — — 64,204 — — 64,204 64,204 (6,302) 2010 4/3/2018 40 Jacksonville MedPlex (Building B) Jacksonville, FL — 3,259 5,988 571 3,259 6,559 9,818 (688) 2010 7/26/2018 37 Jacksonville MedPlex (Building C) Jacksonville, FL — 2,168 6,467 21 2,168 6,488 8,656 (613) 2010 7/26/2018 40 Northside Medical Midtown Atlanta, GA — — 55,483 8,678 — 64,161 64,161 (4,624) 2018 9/14/2018 50 Doctors United ASC Pasadena, TX — 1,603 11,827 — 1,603 11,827 13,430 (718) 2018 4/4/2019 54 Atlanta Medical Condominium Investments Atlanta, GA — 4,474 2,201 1,269 4,474 3,470 7,944 (500) 1986 6/28/2019 30 Rockwall II MOB Rockwall, TX — — 19,904 1,190 — 21,094 21,094 (1,284) 2017 7/26/2019 44 Shell Ridge Plaza - Bldg 106 Walnut Creek, CA — 1,296 9,007 16 1,296 9,023 10,319 (749) 1984 9/27/2019 30 Shell Ridge Plaza - Bldg 108 Walnut Creek, CA — 1,105 2,600 19 1,105 2,619 3,724 (222) 1984 9/27/2019 30 Shell Ridge Plaza - Bldg 110 Walnut Creek, CA — 1,105 2,786 — 1,105 2,786 3,891 (236) 1984 9/27/2019 30 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Shell Ridge Plaza - Bldg 112 Walnut Creek, CA — 3,097 9,639 — 3,097 9,639 12,736 (953) 1984 9/27/2019 25 Shell Ridge Plaza - Bldg 114 Walnut Creek, CA — 1,392 4,624 — 1,392 4,624 6,016 (300) 1984 9/27/2019 40 ProHealth MOB Manchester, CT — 1,032 9,418 2 1,032 9,420 10,452 (594) 2012 10/15/2019 38 Murdock Surgery Center Port Charlotte, FL — 1,643 9,527 4 1,643 9,531 11,174 (597) 2006 12/2/2019 35 Westerville MOB Westerville, OH — 995 7,713 2,430 995 10,143 11,138 (717) 2003 2/28/2020 35 TOPA Fort Worth Fort Worth, TX — — 42,753 1,486 — 44,239 44,239 (2,103) 2017 3/16/2020 39 Ascension St. Vincent Cancer Center Newburgh, IN — 1,031 16,319 — 1,031 16,319 17,350 (639) 2008 9/11/2020 36 Health Center at Easton Easton, PA — 952 13,375 80 952 13,455 14,407 (450) 2017 11/23/2020 38 Hartford HealthCare Cancer Center Manchester, CT — 1,603 14,487 — 1,603 14,487 16,090 (430) 2017 12/8/2020 39 Sacred Heart Summit Medical Office and ASC Pensacola, FL — 2,119 27,334 27 2,119 27,361 29,480 (783) 2020 12/18/2020 40 Westerville II MOB Westerville, OH — 606 4,133 25 606 4,158 4,764 (173) 2003 12/23/2020 31 AdventHealth Wesley Chapel MOB II Wesley Chapel, FL — — 32,958 209 — 33,167 33,167 (644) 2021 4/21/2021 40 TOPA Denton Denton, TX — 2,256 11,211 — 2,256 11,211 13,467 (185) 2019 6/11/2021 38 Allegheny West Mifflin Medical Building West Mifflin, PA — 967 5,930 — 967 5,930 6,897 (99) 1992 8/30/2021 27 Forsgate Cancer Center Monroe Township, NJ — 1,986 8,170 — 1,986 8,170 10,156 (128) 1992 8/30/2021 28 Mill Run Medical Center I Hilliard, OH — 812 4,597 — 812 4,597 5,409 (67) 1998 8/30/2021 31 Mill Run Medical Center II Hilliard, OH — 2,802 15,288 — 2,802 15,288 18,090 (223) 1998 8/30/2021 31 New Britain Medical Building Plainville, CT — 1,209 6,798 — 1,209 6,798 8,007 (102) 1998 8/30/2021 29 HonorHealth - Sonoran MOB Phoenix, AZ — — 26,347 — — 26,347 26,347 (230) 2020 9/23/2021 40 Eden Hill Medical Center Dover, DE 36,050 — 48,686 — — 48,686 48,686 (559) 2008 10/15/2021 25 HonorHealth - Neuroscience Institute Scottsdale, AZ — — 53,452 — — 53,452 53,452 (346) 2021 10/27/2021 40 University of Florida Health North MOB Jacksonville, FL 60,000 — 148,419 — — 148,419 148,419 (338) 2015 12/20/2021 38 TGH Brandon Healthplex Tampa, FL — — 66,864 — — 66,864 66,864 (151) 2017 12/20/2021 38 Yulee MOB Yulee, FL — — 17,286 — — 17,286 17,286 (38) 2020 12/20/2021 39 James Devin Moncus Medical Building Lafayette, LA — — 28,739 — — 28,739 28,739 (72) 2010 12/20/2021 36 Bay City MOB Bay City, MI — — 31,649 — — 31,649 31,649 (76) 2016 12/20/2021 36 Beaumont Grosse Pointe MOB Grosse Pointe, MI — — 21,883 — — 21,883 21,883 (52) 2016 12/20/2021 38 Burns POB Petoskey, MI — — 44,152 — — 44,152 44,152 (119) 1993 12/20/2021 32 Beaumont Health and Wellness Center Rochester Hills, MI — — 40,849 — — 40,849 40,849 (101) 2011 12/20/2021 36 Beaumont POB Sterling Heights, MI — — 39,501 — — 39,501 39,501 (105) 2009 12/20/2021 36 Hospital Hill MOB I Kansas City, MO — — — — — — — — 2015 12/20/2021 0 Jackson Baptist Medical Center - Belhaven Jackson, MS 20,000 — 56,424 — — 56,424 56,424 (139) 2013 12/20/2021 37 Old Bridge Medical Office Building Old Bridge, NJ 20,000 — 65,290 — — 65,290 65,290 (157) 2014 12/20/2021 36 Saint Vincent MOB Erie, PA — — 39,833 — — 39,833 39,833 (93) 2007 12/20/2021 36 Riverside MOB Hampton, VA — 4,808 24,502 — 4,808 24,502 29,310 (79) 2007 12/20/2021 29 $ 181,024 $ 235,873 $ 4,508,517 $ 191,926 $ 235,871 $ 4,700,443 $ 4,936,314 $ (595,032) Real estate held for sale — (490) (2,132) 268 (418) (1,864) (2,282) 318 $ — $ (490) $ (2,132) $ 268 $ (418) $ (1,864) $ (2,282) $ 318 Total $ 181,024 $ 235,383 $ 4,506,385 $ 192,194 $ 235,453 $ 4,698,579 $ 4,934,032 $ (594,714) (1) Excludes acquired lease intangibles. The aggregate cost for federal income tax purposes of the real estate as of December 31, 2021 is $5.2 billion, with accumulated tax depreciation of $0.1 billion. The cost, net of accumulated depreciation, is approximately $5.0 billion (unaudited). The cost capitalized subsequent to acquisition is net of dispositions. The changes in total real estate for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance as of the beginning of the year $ 4,129,562 $ 3,979,481 $ 3,871,712 Acquisitions 856,088 137,434 126,407 Additions 31,731 33,701 35,531 Impairment (340) (4,860) — Real estate held for sale (2,282) — — Dispositions (80,727) (16,194) (54,169) Balance as of the end of the year $ 4,934,032 $ 4,129,562 $ 3,979,481 The changes in accumulated depreciation for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance as of the beginning of the year $ 492,660 $ 382,833 $ 283,495 Depreciation 119,901 113,146 109,030 Real estate held for sale 318 — — Dispositions (18,165) (3,319) (9,692) Balance as of the end of the year $ 594,714 $ 492,660 $ 382,833 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation GAAP requires identification of 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. The Company identifies 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. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its 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. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates 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. |
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: Noncontrolling interests in the Company include OP Units held by other investors. 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, 2021, the Operating Partnership issued 6,561,521 OP Units valued at approximately $116.5 million on the date of issuance to partially fund the acquisition of a portfolio. The portfolio had a total aggregate purchase price of approximately $750.0 million. During the year ended December 31, 2020, the Operating Partnership issued 167,779 OP Units valued at approximately $3.1 million on the date of issuance to partially fund one property acquisition. The acquisition had a total aggregate purchase price of approximately $32.4 million. As of December 31, 2021 and 2020, the Trust held a 95.0% and 97.3% 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 to the respective holders, 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 reflects noncontrolling interests in partially owned properties on the consolidated balance sheets 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 Company entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the 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 agree 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 Hazelwood Medical Commons Transaction was partially funded with the issuance of 104,172 Series A Preferred Units, with a value of $22.7 million. In connection with the Hazelwood Medical Commons Transaction, the Operating Partnership agreed to pay additional purchase consideration under an earn-out agreement with the seller if certain lease-up requirements were achieved before January 8, 2023. On June 19, 2019, the Operating Partnership funded, with the issuance of 8,529 Series A Preferred Units, an earn-out payment valued at $1.9 million on the date of issuance. On August 1, 2019, the Operating Partnership funded, with the issuance of 3,409 Series A Preferred Units, a second earn-out payment valued at $0.7 million on the date of issuance. Both of these earn-out payments were capitalized to the cost basis of the property. As of December 31, 2020, there were 116,110 Series A Preferred Units outstanding. On January 4, 2021, all of these Series A Preferred Units were redeemed for a total value of $25.3 million. On December 20, 2021, the Company completed the acquisition of a 14 medical office building portfolio for an aggregate purchase price of approximately $750.0 million (the “Landmark Portfolio”). The Landmark Portfolio was partially funded through an aggregate 672,978 Series A Preferred Units valued at approximately $146.5 million on the date of issuance. On December 28, 2021, all of the Series A Preferred Units were redeemed for a total value of $146.5 million and as a result of this redemption, there are no Series A Preferred Units outstanding as of December 31, 2021. |
Dividends and Distributions | The Company’s shareholders are entitled to reinvest all or a portion of any cash distribution on their shares of the Company’s common stock by participating in the Dividend Reinvestment and Share Purchase Plan (“DRIP”), subject to the terms of the plan. |
Tax Status of Dividends and Distributions | Tax Status of Dividends and Distributions The Company’s 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). |
Purchase of Investment Properties | Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, the Company’s acquisitions of investment properties and the majority of its future investments will be accounted for as asset acquisitions and will result in the capitalization of acquisition costs. The purchase price, inclusive of acquisition costs, will be allocated to tangible and intangible assets and liabilities based on their relative fair values. Tangible assets primarily consist of land and buildings and improvements. Intangible assets primarily consist of above-market or below-market leases, in-place leases, above-market or below-market debt assumed, right-of-use assets, and lease liabilities. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires the Company 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-market 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 based on 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 | 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 evaluation of anticipated cash flows is subjective and is based on assumptions regarding future occupancy, lease rates, and cap rates that could differ materially from actual results. 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. With the adoption of ASU 2016-02, Leases, on January 1, 2019, the Company periodically evaluates the right-of-use assets for impairment as detailed above. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued OperationsThe 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. |
Investments in Unconsolidated Entities | 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. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. If indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment. |
Real Estate Loans Receivable | Real Estate Loans Receivable |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or fewer 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 and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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, excluding assets classified as held for sale, are included in other assets and were approximately $95.4 million and $86.6 million as of December 31, 2021 and December 31, 2020, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASU 2016-02, Leases, Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental revenues was $0.4 million, $0.5 million, and $9.8 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. We have certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and we do not recognize expense recoveries. |
Tenant Receivables, Net | Tenant Receivables, Net |
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. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, if hedge accounting is applied to a derivative instrument, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. 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, 2021, the Company had one outstanding interest rate swap, designated as a cash flow hedge of interest rate risk. Further detail is provided in Note 7 (Derivatives). |
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. 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. |
Management Estimates | 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. |
Commitments | Commitments Certain of the Company’s acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the earn-out related to asset acquisitions only if certain parameters or other substantive contingencies are met, at which time the consideration becomes payable. |
Segment Reporting | 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 health care properties. |
New Accounting Pronouncements | New Accounting Pronouncements 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 certain receivables, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures (e.g., loan commitments). ASU 2016-13 requires that financial statement assets measured at an amortized cost be presented at the net amount expected to be collected through an allowance for credit losses that is deducted from the amortized cost basis. ASU 2018-19, Codification Improvements to Topic 320, Financial Instruments - Credit Losses , clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of these receivables should be accounted for in accordance with Topic 842, Leases. ASU 2016-13 and ASU 2018-19 are effective for reporting periods beginning after December 15, 2019 and are applied as a cumulative adjustment to retained earnings as of January 1, 2020. The Company adopted ASU 2016-13 on January 1, 2020, with no material effect on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement; Changes to the Disclosure Requirements for Fair Value Measurements , which modifies the disclosure requirements on fair value measurements in Topic 820 as follows: (a) disclosure removals: (i) the amount of and reasons for transfers between Level 1 and Level 2; (ii) the policy for timing of transfers between levels; and (iii) the valuation process for Level 3 fair value measurements; (b) disclosure modifications: (i) no requirement to disclose the timing of liquidation unless the investee has communicated the timing to the reporting entity or announced the timing publicly; and (ii) for Level 3 fair value measurements, a narrative description of measurement uncertainty at the reporting date, not the sensitivity to future changes; and (c) disclosure additions: (i) for recurring Level 3 measurements, disclose the changes in unrealized gains and losses for the period included in OCI and the statement of comprehensive income; and (ii) for Level 3 fair value measurements in the table of significant input, disclose the range and weighted average of the significant unobservable inputs and the way it is calculated. The Company adopted ASU 2018-13 on January 1, 2020, with no material effect on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , that provides optional relief to applying reference rate reform to changing reference rates, contracts, hedging relationships, and other transactions that reference LIBOR, which has been discontinued at the end of 2021. The amendments in this update are effective immediately and may be applied through December 31, 2022. The Company will continue to use published LIBOR rates through June of 2023 at which time the Company does not expect the replacement benchmark to have a material impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) , which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022, with no material effect on its consolidated financial statements. |
Fair Value Measurement | 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, 2021 consist of one interest rate swap, as detailed in the Derivative Instruments section of Note 2 (Summary of Significant Accounting Policies) and Note 7 (Derivatives). The interest rate swap is not 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 was one asset measured at fair value as of December 31, 2021 that had a previous carrying value of $2.3 million. During the year ended December 31, 2021, the Company recorded an impairment charge of $0.3 million related to a medical office building in Traverse City, Michigan. There was one asset measured at fair value as of December 31, 2020 that had a previous carrying value of $5.4 million. During the year ended December 31, 2020, the Company recorded an impairment charge of $4.9 million related to a medical office building in Grand Rapids, Michigan, one of the Company’s original properties at the time of the IPO. 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. As of December 31, 2021, the Company classified one property as held for sale. Upon classification as held for sale, the Company records the value of the asset at the lower of its carrying value or fair value, less costs to sell. Fair value is generally based on discounted cash flow analyses, which involves management’s best estimate of market participants’ holding period, market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods, and capital requirements. During 2021, the Company determined that the property’s carrying value exceeded its fair value and therefore recorded an impairment for $0.3 million. As such, the one property classified as held for sale is carried at fair value as of December 31, 2021. |
Organization and Business - (Ta
Organization and Business - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trust's common shares issuance and sale | During 2021 and 2020, the Trust’s issuance and sale of common shares pursuant to the ATM Programs was as follows (in thousands, except common shares and price): 2021 2020 Common Weighted Net Common Weighted Net Quarterly period ended March 31 2,887,296 $ 18.32 $ 52,358 12,352,700 $ 19.57 $ 239,337 Quarterly period ended June 30 4,532,343 18.39 82,519 5,543,066 18.07 99,138 Quarterly period ended September 30 — — — 78,194 18.52 1,433 Quarterly period ended December 31 7,236,439 18.54 132,824 1,306,531 18.44 23,848 Year ended December 31 14,656,078 $ 18.45 $ 267,701 19,280,491 $ 19.06 $ 363,756 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of dividends declared | Dividends and distributions for the years ended December 31, 2021, 2020, and 2019 are as follows: Declaration Date Record Date Payment Date Cash Dividend December 22, 2021 January 4, 2022 January 18, 2022 $ 0.23 September 22, 2021 October 4, 2021 October 15, 2021 $ 0.23 June 18, 2021 July 2, 2021 July 16, 2021 $ 0.23 March 19, 2021 April 2, 2021 April 16, 2021 $ 0.23 December 18, 2020 January 5, 2021 January 20, 2021 $ 0.23 September 21, 2020 October 2, 2020 October 16, 2020 $ 0.23 June 18, 2020 July 2, 2020 July 17, 2020 $ 0.23 March 19, 2020 April 2, 2020 April 16, 2020 $ 0.23 December 20, 2019 January 3, 2020 January 17, 2020 $ 0.23 September 20, 2019 October 3, 2019 October 18, 2019 $ 0.23 June 21, 2019 July 3, 2019 July 18, 2019 $ 0.23 March 22, 2019 April 3, 2019 April 18, 2019 $ 0.23 |
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, 2021 2020 2019 Per common share and OP Unit: Ordinary dividends $ — $ — $ — Section 199A Qualified REIT Dividend 0.4856 0.4798 0.4035 Qualified dividends — — — Capital gain distributions — — 0.0003 Non-dividend distributions 0.4344 0.4402 0.5162 Total $ 0.9200 $ 0.9200 $ 0.9200 |
Investment and Disposition Ac_2
Investment and Disposition Activity - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of acquisitions and aggregate purchase price | Investment activity for the year ending December 31, 2021 is summarized below: Investment Location Acquisition Investment Amount Earnout - TOPA Fort Worth MOB Fort Worth, TX January 11, 2021 $ 298 AdventHealth Wesley Chapel MOB II Wesley Chapel, FL April 21, 2021 35,251 TOPA Denton (1) Denton, TX June 11, 2021 — InterMed MOB - Davis Joint Venture (2) Portland, ME August 18, 2021 7,291 Atkins Portfolio (5 MOBs) Various August 30, 2021 54,090 HonorHealth - Sonoran MOB Phoenix, AZ September 23, 2021 31,750 Eden Hill Medical Center (3) Dover, DE October 15, 2021 33,180 HonorHealth - Neuroscience Institute Scottsdale, AZ October 27, 2021 67,250 Landmark Portfolio (14 MOBs) (4) Various December 20, 2021 750,000 Atlanta Medical Condominium Investment Atlanta, GA Various 1,653 Loan Investments Various Various 16,214 $ 996,977 (1) The Company funded this investment through the conversion and satisfaction of a previously outstanding construction loan of $15.5 million. (2) The Company purchased a 49% membership interest in this property through the Davis Joint Venture. (3) The Company purchased the remaining 51% membership interest in the MedCore Realty Eden Hill, LLC joint venture, and as of December 31, 2021 owns 100% of this property. (4) This portfolio was funded through an aggregate 6,561,521 OP Units and 672,978 Series A Preferred Units issued by the Operating Partnership valued at approximately $116.5 million and $146.5 million, respectively, on the date of issuance. The Company also financed an aggregate $100.0 million through three new mortgages and paid $386.3 million of cash. On December 28, 2021, all of the Series A Preferred Units were redeemed for a total value of $146.5 million and as a result of this redemption, there are no Series A Preferred Units outstanding. Investment activity for the year ending December 31, 2020 is summarized below: Investment Location Acquisition Purchase Price (in thousands) El Paso, Texas Land (1) El Paso, TX January 17, 2020 $ 215 Westerville MOB Westerville, OH February 28, 2020 10,683 TOPA Fort Worth (2) Fort Worth, TX March 16, 2020 1,500 Ascension St. Vincent Cancer Center Newburgh, IN September 11, 2020 21,085 Health Center at Easton Easton, PA November 23, 2020 15,775 Hartford HealthCare Cancer Center Manchester, CT December 8, 2020 16,855 Davis Joint Venture (3) Various December 11, 2020 18,252 Sacred Heart Summit Medical Office and ASC (4) Pensacola, FL December 18, 2020 3,264 Westerville II MOB Westerville, OH December 23, 2020 5,350 Landmark Mezzanine Loan Portfolio Various Various 54,250 Loan Investments Various Various 60,971 Earn-out Investments (5) Various Various 1,136 $ 209,336 (1) This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $1.3 million and additional cash consideration of $0.2 million. (2) This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $47.0 million and additional cash consideration of $1.5 million. (3) The Company purchased a 49% membership interest in this joint venture. (4) This investment was funded through the conversion and satisfaction of a previously outstanding construction loan of $29.1 million and additional consideration of $3.3 million consisting of an aggregate 167,779 OP Units issued by the Operating Partnership valued at approximately $3.1 million on the date of issuance and $0.2 million of cash. (5) The Company completed the settlement of acquisitions related earn-out payments upon execution of leases at two properties. All earn-out payments are considered to be additional purchase price upon each respective property. |
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, 2021 December 31, 2020 Land $ 15,497 $ 8,841 Building and improvements 840,591 128,594 In-place lease intangibles 90,336 18,165 Above market in-place lease intangibles 13,804 118 Below market in-place lease intangibles (16,326) (1,962) Right-of-use asset 100,589 444 Receivables — 140 Prepaid expenses 129 (771) Lease liability (39,400) — Net assets acquired (1) $ 1,005,220 $ 153,569 Issuance of Series A Preferred Units (146,541) — Issuance of OP Units (116,467) (3,067) Satisfaction of real estate loans receivable and conversion of JV interest (24,033) (77,462) Cash used in acquisition of investment property $ 718,179 $ 73,040 (1) Net assets acquired does not include acquisition credits of $6.8 million for the year ended December 31, 2021 and $1.0 million for the year ended December 31, 2020, which consist primarily of future tenant improvements and capital expenditure commitments received as credits at the time of acquisition. |
Intangibles - (Tables)
Intangibles - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, excluding the asset classified as held for sale, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 441,072 $ (201,885) $ 239,187 $ 362,837 $ (173,862) $ 188,975 Above-market leases 57,149 (24,437) 32,712 43,386 (20,670) 22,716 Liabilities Below-market lease $ 32,155 $ (10,585) $ 21,570 $ 15,882 $ (9,241) $ 6,641 |
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, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Amortization expense related to in-place leases $ 34,570 $ 34,691 $ 35,984 Decrease of rental income related to above-market leases 3,808 3,846 4,354 Increase of rental income related to below-market leases 1,398 1,417 1,886 |
Schedule of future amortization of the acquired lease intangibles | Future aggregate net amortization of the Company’s acquired lease intangibles, excluding one asset classified as held for sale, as of December 31, 2021, is as follows (in thousands): Net Decrease in Net Increase in 2022 $ 2,846 $ 43,256 2023 2,426 39,434 2024 2,231 34,011 2025 1,701 28,248 2026 565 21,342 Thereafter 1,373 72,896 Total $ 11,142 $ 239,187 |
Other Assets - (Tables)
Other Assets - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Unclassified [Abstract] | |
Schedule of other assets | Other assets consisted of the following, excluding the asset classified as held for sale if applicable, as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Straight-line rent receivable, net $ 95,443 $ 86,551 Leasing commissions, net 11,627 9,282 Prepaid expenses 8,910 9,401 Lease inducements, net 8,293 9,396 Escrows 1,780 1,507 Notes receivable, net 1,097 23,760 Other 4,434 4,103 Total $ 131,584 $ 144,000 |
Debt - (Tables)
Debt - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following is a summary of debt as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Fixed interest mortgage notes (1) $ 75,395 $ 51,896 Variable interest mortgage note (2) 105,629 6,105 Total mortgage debt 181,024 58,001 $1.0 billion unsecured revolving credit facility bearing variable interest, due September 2025 (3) 274,000 166,000 $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 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 — $250 million unsecured term borrowing bearing fixed interest, due June 2023 (4) — 250,000 $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 1,930,024 1,449,001 Unamortized deferred financing costs (9,694) (5,369) Unamortized discounts (8,423) (4,855) Unamortized fair value adjustments 11 73 Total debt $ 1,911,918 $ 1,438,850 (1) As of December 31, 2021, fixed interest mortgage notes bear interest from 3.33% to 4.83%, due in 2022 and 2024, with a weighted average interest rate of 4.05%. As of December 31, 2020, fixed interest mortgage notes bear interest from 4.63% and 5.50%, due in 2021, 2022, and 2024, with a weighted average interest rate of 4.78%. The notes are collateralized by three properties with a net book value of $151.9 million as of December 31, 2021 and four properties with a net book value of $110.3 million as of December 31, 2020. As of December 31, 2021, one mortgage bears interest at LIBOR + 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.43%. (2) Variable interest mortgage notes bear variable interest of LIBOR plus 2.75% and SOFR plus 1.85% for a weighted average interest rate of 1.95% as of December 31, 2021. Variable interest mortgage note bears variable interest of LIBOR plus 2.75%, for an interest rate of 2.90% as of December 31, 2020. The notes are collateralized by four properties with a net book value of $307.2 million as of December 31, 2021 and one property with a net book value of $8.3 million as of December 31, 2020. (3) As of December 31, 2021, the unsecured revolving credit facility bears variable interest of LIBOR plus 0.85%. As of December 31, 2020, the unsecured revolving credit facility had a variable interest rate of LIBOR plus 0.90%. (4) As of December 31, 2020, the term loan feature of the Credit Agreement bears interest at a rate equal to LIBOR + 1.00%. The Trust had 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 Applicable Margin for Revolving Loans: LIBOR Rate Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: LIBOR Rate Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.725% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.775% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.85% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.05% 0.05 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.40% 0.40 % LIBOR + 1.65% 0.65 % |
Schedule of principal payments due on debt | Scheduled principal payments due on debt as of December 31, 2021, are as follows (in thousands): 2022 $ 16,094 2023 16,008 2024 59,719 2025 299,476 2026 170,476 Thereafter 1,368,251 Total Payments $ 1,930,024 |
Derivatives - (Tables)
Derivatives - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Schedule of Interest Rate Derivatives | The following table summarizes the location and aggregate fair value of the interest rate swap on the Company’s consolidated balance sheets (in thousands): Total notional amount $ 36,050 Effective fixed interest rate (1) 3.33 % Effective date 10/31/2019 Maturity date 10/31/2024 Liability balance at December 31, 2021 (included in Accrued expenses and other liabilities) $ 452 Liability balance at December 31, 2020 (included in Accrued expenses and other liabilities) $ — (1) 1.43% effective swap rate plus 1.90% spread per the loan agreement. |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands): December 31, 2021 2020 Real estate taxes payable $ 23,487 $ 23,436 Prepaid rent 22,714 22,248 Accrued interest 18,799 16,009 Accrued expenses 5,960 5,721 Security deposits 4,234 3,714 Tenant improvement allowances 1,857 1,917 Accrued incentive compensation 1,784 1,945 Interest rate swap 452 5,317 Embedded derivative — 4,944 Other 6,967 6,678 Total $ 86,254 $ 91,929 |
Stock-based Compensation - (Tab
Stock-based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [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 2021, 2020, and 2019: Common Shares Weighted Non-vested at December 31, 2018 225,139 $ 15.29 Granted 194,413 17.80 Vested (200,104) 15.13 Forfeited (2,571) 16.96 Non-vested at December 31, 2019 216,877 17.67 Granted 190,418 19.00 Vested (189,642) 17.81 Forfeited (1,831) 16.80 Non-vested at December 31, 2020 215,822 18.73 Granted 224,163 17.42 Vested (185,968) 18.94 Forfeited (6,570) 18.05 Non-vested at December 31, 2021 247,447 $ 17.41 |
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 of $29.18 in 2021, $31.95 in 2020, and $32.65 in 2019 per unit, respectively, using the following assumptions: 2021 2020 2019 Volatility 33.3 % 20.1 % 21.8 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 0.25 % 0.84 % 2.53 % Stock price (per share) $ 17.21 $ 19.30 $ 17.89 |
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 2021, 2020, and 2019: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted Non-vested at December 31, 2018 533,155 $ 22.66 67,158 $ 16.01 Granted 229,884 25.27 41,925 17.89 Vested (104,553) (1) 26.33 (41,786) 16.75 Forfeited (3,734) 23.08 — — Non-vested at December 31, 2019 654,752 22.99 67,297 16.72 Granted 482,646 21.64 38,858 19.30 Vested (173,259) (2) 29.34 (46,335) 16.19 Non-vested at December 31, 2020 964,139 21.17 59,820 18.81 Granted 265,275 22.00 56,925 17.35 Vested (252,844) (3) 16.58 (53,737) 18.38 Non-vested at December 31, 2021 976,570 $ 22.59 63,008 $ 17.85 (1) Restricted units vested by Company management in 2019 resulted in the issuance of 87,805 common shares, less 35,265 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company management in 2020 resulted in the issuance of 147,765 common shares, less 65,513 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (3) Restricted units vested by Company management in 2021 resulted in the issuance of 399,165 common shares, less 162,173 common shares withheld to cover minimum withholding tax obligations, for multiple employees. |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Carrying Fair Carrying Fair Assets: Real estate loans receivable, net $ 117,844 $ 115,385 $ 198,800 $ 198,814 Notes receivable, net $ 1,097 $ 1,097 $ 23,760 $ 23,760 Liabilities: Credit facility $ (274,000) $ (274,000) $ (416,000) $ (416,000) Notes payable $ (1,475,000) $ (1,554,802) $ (975,000) $ (1,063,367) Mortgage debt $ (181,035) $ (182,189) $ (58,074) $ (59,651) Derivative liabilities $ (452) $ (452) $ (10,261) $ (10,261) |
Tenant Operating Leases - (Tabl
Tenant Operating Leases - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries | As of December 31, 2021, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries and minimum rental payments and for the asset classified as held for sale, were as follows (in thousands): 2022 $ 352,428 2023 345,261 2024 330,713 2025 310,611 2026 252,900 Thereafter 904,910 Total $ 2,496,823 |
Operating Lease, Lease Income | The following presents rental and related revenues for the years ended 2021, 2020, and 2019, of which expense recoveries represent our variable lease payments: 2021 2020 2019 Rental revenues $ 324,839 $ 314,846 $ 303,264 Expense recoveries 112,054 103,344 101,115 Rental and related revenues $ 436,893 $ 418,190 $ 404,379 |
Rent Expense - (Tables)
Rent Expense - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | As of December 31, 2021, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases, exclusive of the one asset classified as held for sale, were as follows (in thousands): 2022 $ 4,713 2023 4,694 2024 4,688 2025 4,685 2026 4,733 Thereafter 242,464 Total undiscounted lease payments $ 265,977 Less: Interest (161,020) Present value of lease liabilities $ 104,957 |
Lease, Cost | Lease costs consisted of the following for the year ended December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 2020 Operating lease cost $ 2,467 $ 2,190 Variable lease cost 1,009 995 Total lease cost $ 3,476 $ 3,185 |
Credit Concentration - (Tables)
Credit Concentration - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
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, 2021, excluding one asset classified as held for sale (in thousands): Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 17,658 5.0 % Northside Hospital 15,646 4.4 % UofL Health - Louisville, Inc. 12,744 3.6 % US Oncology 11,180 3.2 % HonorHealth 10,896 3.1 % Remaining portfolio 285,956 80.7 % Total $ 354,080 100.0 % The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2021, excluding one asset classified as held for sale (in thousands): State Total ABR Percent of ABR Texas $ 47,815 13.5 % Georgia 25,322 7.2 % Florida 24,490 6.9 % Indiana 22,825 6.5 % Arizona 21,003 5.9 % Other 212,625 60.0 % Total $ 354,080 100.0 % |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Numerator for earnings per share - basic: Net income $ 86,783 $ 68,488 $ 77,186 Net income attributable to noncontrolling interests: Operating Partnership (2,211) (1,797) (2,155) Partially owned properties (607) (574) (548) Preferred distributions (13) (1,241) (1,209) Numerator for earnings per share - basic: $ 83,952 $ 64,876 $ 73,274 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 83,952 64,876 73,274 Operating Partnership net income 2,211 1,797 2,155 Numerator for earnings per share - diluted $ 86,163 $ 66,673 $ 75,429 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 216,135,385 204,243,768 185,770,251 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 5,693,333 5,659,325 5,466,010 Restricted common shares 113,438 88,131 103,293 Restricted share units 1,118,400 1,154,693 286,766 Denominator for earnings per share - diluted 223,060,556 211,145,917 191,626,320 Earnings per share - basic $ 0.39 $ 0.32 $ 0.39 Earnings per share - diluted $ 0.39 $ 0.32 $ 0.39 |
Organization and Business - (De
Organization and Business - (Details) - USD ($) | 1 Months Ended | ||||
May 30, 2021 | Nov. 30, 2019 | Feb. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | |||
ATM Program | Private Placement | Maximum | |||||
Organization and Business | |||||
Aggregate offering price of common stock | $ 500,000,000 | $ 500,000,000 | |||
Operating Partnership | ATM Program | Private Placement | Subsequent Events | |||||
Organization and Business | |||||
Amount remaining available | $ 326,300,000 |
Organization and Business - Sch
Organization and Business - Schedule of Issuance and Sale of Common Stock (Details) - ATM Program - Private Placement - Operating Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||||||||
Common shares sold (in shares) | 7,236,439 | 0 | 4,532,343 | 2,887,296 | 1,306,531 | 78,194 | 5,543,066 | 12,352,700 | 14,656,078 | 19,280,491 |
Weighted average price (in dollars per share) | $ 18.54 | $ 0 | $ 18.39 | $ 18.32 | $ 18.44 | $ 18.52 | $ 18.07 | $ 19.57 | $ 18.45 | $ 19.06 |
Net proceeds | $ 132,824 | $ 0 | $ 82,519 | $ 52,358 | $ 23,848 | $ 1,433 | $ 99,138 | $ 239,337 | $ 267,701 | $ 363,756 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Principals of Consolidation (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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) $ / shares in Units, $ in Thousands | Dec. 28, 2021USD ($)shares | Dec. 20, 2021USD ($)propertyshares | Jan. 04, 2021USD ($) | Dec. 18, 2020USD ($) | Aug. 01, 2019USD ($)shares | Jun. 19, 2019USD ($)shares | Jan. 09, 2018USD ($)shares | Feb. 05, 2015$ / shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)propertyshares |
Business Acquisition [Line Items] | ||||||||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | ||||||||
Number of real estate properties acquired | property | 1 | |||||||||
Conversion ratio | 1 | |||||||||
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 7,100 | $ 7,700 | ||||||||
Sacred Heart Summit Medical Office and ASC | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | shares | 167,779 | |||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 3,100 | |||||||||
Asset acquisition, consideration transferred | $ 3,264 | 32,400 | ||||||||
Landmark Portfolio (14 MOBs) | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | shares | 6,561,521 | |||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 116,500 | |||||||||
Asset acquisition, consideration transferred | $ 750,000 | |||||||||
Payments for repurchase of redeemable preferred stock | $ 146,500 | |||||||||
Number of medical office buildings | property | 14 | |||||||||
Series A Preferred Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 146,541 | $ 0 | ||||||||
Cumulative preferred return | 5.00% | |||||||||
Shares issued upon conversion | 1 | |||||||||
Redemption value per share (usd per share) | $ / shares | $ 200 | |||||||||
Period of time before redeemable | 1 year | |||||||||
Series A Preferred Stock | Landmark Portfolio (14 MOBs) | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | shares | 672,978 | |||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 146,500 | |||||||||
Payments for repurchase of redeemable preferred stock | $ 146,500 | |||||||||
Preferred units, outstanding (in shares) | shares | 0 | |||||||||
Physicians Realty Trust | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of interest held | 95.00% | 97.30% | ||||||||
Hazelwood Medical Commons | Hazelwood Medical Commons | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of units issued for funding purchase price (in shares) | shares | 104,172 | 116,110 | ||||||||
Value of units issued for funding purchase price | $ 22,700 | |||||||||
Hazelwood Medical Commons | Series A Preferred Stock | Hazelwood Medical Commons | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments for repurchase of redeemable preferred stock | $ 25,300 | |||||||||
Earn-Out Investments | Hazelwood Medical Commons | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of units issued for funding purchase price (in shares) | shares | 3,409 | 8,529 | ||||||||
Value of units issued for funding purchase price | $ 700 | $ 1,900 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Dividends and Distributions (Details) - $ / shares | Dec. 22, 2021 | Sep. 22, 2021 | Jun. 18, 2021 | Mar. 19, 2021 | Dec. 18, 2020 | Sep. 21, 2020 | Jun. 18, 2020 | Mar. 19, 2020 | Dec. 20, 2019 | Sep. 20, 2019 | Jun. 21, 2019 | Mar. 22, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||||||||||||||
Dividends and distributions declared per common share and unit (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.92 | $ 0.92 | $ 0.92 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Tax Status of Dividends and Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Ordinary dividends (dollars per share) | $ 0 | $ 0 | $ 0 |
Section 199A Qualified REIT Dividend (dollars per share) | 0.4856 | 0.4798 | 0.4035 |
Qualified dividends (dollars per share) | 0 | 0 | 0 |
Capital gain distribution (dollars per share) | 0 | 0 | 0.0003 |
Non-dividend distributions (dollars per share) | 0.4344 | 0.4402 | 0.5162 |
Total (dollars per share) | $ 0.9200 | $ 0.9200 | $ 0.9200 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment of Intangible and Long-Lived Assets (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 340,000 | $ 4,872,000 | $ 0 |
Medical Office Building, Grand Rapids, Michigan | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 4,900,000 | ||
Number of medical office buildings | property | 1 | ||
Medical Office Building, Traverse City, Michigan | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 300,000 | ||
Number of medical office buildings | property | 1 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Investment in Unconsolidated Entities (Details) $ in Thousands | Oct. 15, 2021USD ($)ft² | Aug. 18, 2021USD ($) | Dec. 11, 2020USD ($) | Nov. 22, 2019USD ($)property | Oct. 31, 2019USD ($) | Dec. 31, 2021USD ($)propertystate | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | ||||||
Number of states in which operating healthcare properties and land parcel located | state | 5 | |||||||
Eden Hill Medical Center | ||||||||
Business Acquisition [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 33,180 | |||||||
Davis Joint Venture | ||||||||
Business Acquisition [Line Items] | ||||||||
Asset acquisition, consideration transferred | $ 7,291 | $ 18,252 | ||||||
Medcore Realty Eden Hill, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition price | $ 8,900 | $ 26,500 | ||||||
Ownership percentage | 49.00% | |||||||
Area of real estate property | ft² | 140,205 | |||||||
PMAK MOB JV REOC, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 12.30% | |||||||
Number of contributed properties | property | 2 | |||||||
Contribution of property | $ 39,000 | |||||||
Payments to acquire equity method investments | $ 17,000 | |||||||
Number of medical office buildings | property | 60 | |||||||
Number of states in which operating healthcare properties and land parcel located | state | 19 | |||||||
Davis Medical Investors, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Ownership percentage | 49.00% | |||||||
Asset acquisition, consideration transferred | $ 7,300 | $ 18,300 | ||||||
Number of medical office buildings | property | 9 | |||||||
Number of states in which operating healthcare properties and land parcel located | property | 5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Real Estate Loans Receivable (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)mezzanine_loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loss on sale of real estate loans receivable | $ | $ 0.1 | $ 0.2 |
Mezzanine Loan Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 12 | |
Construction Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 1 | |
Term Loan Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 2 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Rental and Related Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Straight-line rent receivable, net | $ 95,443 | $ 86,551 | |
Allowance for loan and lease loss, recovery of bad debts | $ 400 | $ 500 | $ 9,800 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Tenant Receivables, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Noncurrent, Past Due [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 2,987,033 | $ 2,715,002 | $ 2,480,984 | $ 2,447,660 |
Cumulative effect of changes in accounting standards | ||||
Accounts Receivable, Noncurrent, Past Due [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | (147) | (239) | ||
Retained Earnings | ||||
Accounts Receivable, Noncurrent, Past Due [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ (776,001) | $ (658,171) | $ (529,194) | (428,307) |
Retained Earnings | Accounting Standards Update 2016-02 | Cumulative effect of changes in accounting standards | ||||
Accounts Receivable, Noncurrent, Past Due [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 200 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Derivative Instruments (Details) - instrument | Dec. 31, 2021 | Dec. 31, 2020 |
Cash Flow Hedging | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Number of derivative instruments | 1 | 5 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Commitments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Accounting Policies [Abstract] | |
Unspent tenant related obligations | $ 77.7 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
HonorHealth | |||
Related Party Transaction [Line Items] | |||
Rental revenue | $ 7.9 | $ 7.5 | $ 8 |
Aurora Health Care | |||
Related Party Transaction [Line Items] | |||
Rental revenue | $ 0.6 | $ 0.6 | $ 0.6 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Investment and Disposition Ac_3
Investment and Disposition Activity - Narrative (Details) $ in Thousands | Jun. 11, 2021USD ($) | Dec. 18, 2020USD ($) | Mar. 16, 2020USD ($) | Dec. 31, 2021USD ($)healthcarepropertypropertystatecondominiumUnitlandParceljoint_venturemezzanine_loan | Dec. 31, 2020USD ($)landbuildingstatesmezzanine_loanhealthcarepropertyloanproperty | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Number of medical condominium units | condominiumUnit | 3 | |||||
Number of states in which operating healthcare properties and land parcel located | state | 5 | |||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | ||||
Construction loan | $ 10,500 | |||||
Number of joint ventures | 1 | 1 | ||||
Payments for loans receivable and payments to acquire real estate | $ 997,000 | $ 209,300 | ||||
Asset acquisition, capitalized costs | 5,900 | 1,300 | ||||
Revenue of acquiree since acquisition date | 457,699 | 437,505 | $ 415,281 | |||
Net income (loss) | $ 86,783 | $ 68,488 | $ 77,186 | |||
Number of land parcels acquired | land | 1 | |||||
Number of real estate properties | property | 7 | |||||
Parcels of vacant land | landParcel | 5 | |||||
Proceeds from divestiture of businesses | $ 94,400 | |||||
Disposal group, not discontinued operation, gain (loss) on disposal | 24,200 | |||||
Joint Venture | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition price | $ 7,300 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 20,500 | |||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 5,800 | |||||
Number of medical office buildings | building | 2 | |||||
Twenty Four Healthcare Properties Acquired in 2021 | ||||||
Business Acquisition [Line Items] | ||||||
Number of operating healthcare properties | healthcareproperty | 24 | |||||
Number of states in which operating healthcare properties and land parcel located | state | 14 | |||||
Asset acquisition, consideration transferred | $ 973,200 | |||||
Earn-Out Investments | ||||||
Business Acquisition [Line Items] | ||||||
Number of operating healthcare properties | healthcareproperty | 1 | 2 | ||||
Asset acquisition, consideration transferred | $ 300 | $ 1,100 | ||||
Joint Venture | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | 18,300 | |||||
Total Asset Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Revenue of acquiree since acquisition date | 8,700 | 5,300 | ||||
Net income (loss) | (1,300) | $ 700 | ||||
Seven Healthcare Properties Acquired in 2020 | ||||||
Business Acquisition [Line Items] | ||||||
Number of operating healthcare properties | healthcareproperty | 7 | |||||
Number of states in which operating healthcare properties and land parcel located | states | 6 | |||||
Asset acquisition, consideration transferred | $ 74,500 | |||||
TOPA Fort Worth | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 1,500 | |||||
Sacred Heart Summit Medical Office and ASC | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 3,264 | 32,400 | ||||
TOPA Denton | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 0 | |||||
Real Estate Loan | ||||||
Business Acquisition [Line Items] | ||||||
Payments for (proceeds from) loans receivable | $ 8,900 | $ 79,600 | ||||
Number of loans | mezzanine_loan | 3 | 12 | ||||
Term Loan | ||||||
Business Acquisition [Line Items] | ||||||
Payments for (proceeds from) loans receivable | $ 10,000 | |||||
Number of loans | loan | 1 | |||||
Term Loan | Period One | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 200 | |||||
Term Loan | Period Two | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | 300 | |||||
Term Loan | TOPA Fort Worth | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | 47,000 | |||||
Construction Loans | ||||||
Business Acquisition [Line Items] | ||||||
Payments for (proceeds from) loans receivable | $ 7,300 | 25,400 | ||||
Construction Loans | Sacred Heart Summit Medical Office and ASC | ||||||
Business Acquisition [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 29,100 | |||||
Previously Outstanding Construction Loan | TOPA Denton | ||||||
Business Acquisition [Line Items] | ||||||
Payments for (proceeds from) loans receivable | $ 15,500 |
Investment and Disposition Ac_4
Investment and Disposition Activity - Summary of Current Year Acquisitions (Details) $ in Thousands | Dec. 28, 2021USD ($)shares | Dec. 20, 2021USD ($)loanshares | Oct. 27, 2021USD ($) | Oct. 15, 2021USD ($) | Sep. 23, 2021USD ($) | Aug. 30, 2021USD ($) | Aug. 18, 2021USD ($) | Jun. 11, 2021USD ($) | Apr. 21, 2021USD ($) | Jan. 11, 2021USD ($) | Dec. 11, 2020USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) |
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | |||||||||||
Series A Preferred Stock | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 146,541 | $ 0 | |||||||||||
Earnout - TOPA Fort Worth MOB | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 298 | ||||||||||||
AdventHealth Wesley Chapel MOB II | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 35,251 | ||||||||||||
TOPA Denton | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 0 | ||||||||||||
InterMed MOB - Davis Joint Venture | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 7,291 | $ 18,252 | |||||||||||
InterMed MOB - Davis Joint Venture | Physicians Realty Trust | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 51.00% | 49.00% | |||||||||||
Atkins Portfolio (5 MOBs) | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 54,090 | ||||||||||||
HonorHealth - Sonoran MOB | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 31,750 | ||||||||||||
Eden Hill Medical Center | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 33,180 | ||||||||||||
Eden Hill Medical Center | Physicians Realty Trust | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Noncontrolling interest, ownership percentage by parent | 51.00% | 100.00% | |||||||||||
HonorHealth - Neuroscience Institute | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 67,250 | ||||||||||||
Landmark Portfolio (14 MOBs) | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 750,000 | ||||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | shares | 6,561,521 | ||||||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 116,500 | ||||||||||||
Number of new loans | loan | 3 | ||||||||||||
Payments to acquire asset, gross | $ 386,300 | ||||||||||||
Payments for repurchase of redeemable preferred stock | $ 146,500 | ||||||||||||
Landmark Portfolio (14 MOBs) | Real Estate Loan | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 100,000 | ||||||||||||
Landmark Portfolio (14 MOBs) | Series A Preferred Stock | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | shares | 672,978 | ||||||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 146,500 | ||||||||||||
Payments for repurchase of redeemable preferred stock | $ 146,500 | ||||||||||||
Preferred units, outstanding (in shares) | shares | 0 | ||||||||||||
Atlanta Medical Condominium Investment | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | 1,653 | ||||||||||||
Loan Investments | |||||||||||||
Asset Acquisition [Line Items] | |||||||||||||
Asset acquisition, consideration transferred | $ 16,214 |
Investment and Disposition Ac_5
Investment and Disposition Activity - Summary of Prior Year Acquisitions (Details) - USD ($) $ in Thousands | Aug. 18, 2021 | Dec. 23, 2020 | Dec. 18, 2020 | Dec. 11, 2020 | Dec. 08, 2020 | Nov. 23, 2020 | Sep. 11, 2020 | Mar. 16, 2020 | Feb. 28, 2020 | Jan. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | ||||||||||
El Paso, Texas Land | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 215 | |||||||||||
El Paso, Texas Land | Term Loan | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 1,300 | |||||||||||
Westerville MOB | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 10,683 | |||||||||||
TOPA Fort Worth | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 1,500 | |||||||||||
TOPA Fort Worth | Term Loan | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | 47,000 | |||||||||||
Ascension St. Vincent Cancer Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 21,085 | |||||||||||
Health Center at Easton | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 15,775 | |||||||||||
Hartford HealthCare Cancer Center | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 16,855 | |||||||||||
Davis Joint Venture | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 7,291 | $ 18,252 | ||||||||||
Noncontrolling interest, ownership in joint venture | 49.00% | |||||||||||
Sacred Heart Summit Medical Office and ASC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 3,264 | $ 32,400 | ||||||||||
Asset acquisition, equity interest issued or issuable, (shares) | 167,779 | |||||||||||
Asset acquisition equity interest issued or issuable value assigned | $ 3,100 | |||||||||||
Payments to acquire asset, gross | $ 200 | |||||||||||
Westerville II MOB | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 5,350 | |||||||||||
Landmark Mezzanine Loan Portfolio | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | 54,250 | |||||||||||
Loan Investments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | 16,214 | |||||||||||
Asset acquisition, contingent consideration, liability | 60,971 | |||||||||||
Earn-Out Investments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset acquisition, consideration transferred | $ 300 | 1,100 | ||||||||||
Asset acquisition, contingent consideration, liability | $ 1,136 |
Investment and Disposition Ac_6
Investment and Disposition Activity - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Asset Acquisition [Line Items] | ||
Land | $ 15,497 | $ 8,841 |
Building and improvements | 840,591 | 128,594 |
Right-of-use asset | 100,589 | 444 |
Receivables | 0 | 140 |
Prepaid expenses | 129 | (771) |
Lease liability | (39,400) | 0 |
Net assets acquired | 1,005,220 | 153,569 |
Issuance of OP Units | (116,467) | (3,067) |
Satisfaction of real estate loans receivable and conversion of JV interest | (24,033) | (77,462) |
Cash used in acquisition of investment property | 718,179 | 73,040 |
Acquisition credits | 6,800 | 1,000 |
In-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
In-place lease intangibles and Above market in-place lease intangibles | 90,336 | 18,165 |
Above market in-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
In-place lease intangibles and Above market in-place lease intangibles | 13,804 | 118 |
Below market in-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
Below market in-place lease intangibles | (16,326) | (1,962) |
Series A Preferred Stock | ||
Asset Acquisition [Line Items] | ||
Issuance of Series A Preferred Units | $ (146,541) | $ 0 |
Intangibles - Carrying Amount o
Intangibles - Carrying Amount of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Net | $ 21,569 | $ 6,641 |
In-place leases | ||
Assets | ||
Cost | 441,072 | 362,837 |
Accumulated Amortization | (201,885) | (173,862) |
Net | 239,187 | 188,975 |
Above-market leases | ||
Assets | ||
Cost | 57,149 | 43,386 |
Accumulated Amortization | (24,437) | (20,670) |
Net | 32,712 | 22,716 |
Below-market lease | ||
Liabilities | ||
Cost | 32,155 | 15,882 |
Accumulated Amortization | (10,585) | (9,241) |
Net | $ 21,570 | $ 6,641 |
Intangibles - Acquired Lease In
Intangibles - Acquired Lease Intangible Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to in-place leases | $ 34,570 | $ 34,691 | $ 35,984 |
Above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 3,808 | 3,846 | 4,354 |
Below-market lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase of rental income related to below-market leases | $ 1,398 | $ 1,417 | $ 1,886 |
Intangibles - (Details)
Intangibles - (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)property | Dec. 31, 2020property | |
Finite-Lived Intangible Assets [Line Items] | ||
Number of real estate properties held for sale | property | 1 | 0 |
Weighted average amortization period for lease intangibles | 8 years | |
Weighted average amortization period for lease intangible liability | 9 years | |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment of intangible assets, finite-lived, gross | $ 1.3 | |
Impairment of intangible assets, finite-lived, accumulated amortization | 0.9 | |
Impairment of intangible assets | $ 0.4 |
Intangibles - Amortization of A
Intangibles - Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue) | |
2022 | $ 2,846 |
2023 | 2,426 |
2024 | 2,231 |
2025 | 1,701 |
2026 | 565 |
Thereafter | 1,373 |
Total | 11,142 |
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses) | |
2022 | 43,256 |
2023 | 39,434 |
2024 | 34,011 |
2025 | 28,248 |
2026 | 21,342 |
Thereafter | 72,896 |
Total | $ 239,187 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Unclassified [Abstract] | ||
Straight-line rent receivable, net | $ 95,443 | $ 86,551 |
Leasing commissions, net | 11,627 | 9,282 |
Prepaid expenses | 8,910 | 9,401 |
Lease inducements, net | 8,293 | 9,396 |
Escrows | 1,780 | 1,507 |
Notes receivable, net | 1,097 | 23,760 |
Other | 4,434 | 4,103 |
Total | $ 131,584 | $ 144,000 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) | Jul. 07, 2016 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)healthcareproperty | Dec. 31, 2021 | Dec. 31, 2021healthcareproperty | Dec. 31, 2021Rate | Dec. 01, 2017USD ($) | Mar. 07, 2017USD ($) | Aug. 11, 2016USD ($) | Jan. 07, 2016USD ($) |
Debt | ||||||||||
Debt, gross | $ 1,930,024,000 | $ 1,449,001,000 | ||||||||
Unamortized deferred financing costs | (9,694,000) | (5,369,000) | ||||||||
Unamortized discounts | (8,423,000) | (4,855,000) | ||||||||
Unamortized fair value adjustments | 11,000 | 73,000 | ||||||||
Total debt | 1,911,918,000 | 1,438,850,000 | ||||||||
Mortgages | ||||||||||
Debt | ||||||||||
Debt, gross | 181,024,000 | $ 58,001,000 | ||||||||
Senior Notes | ||||||||||
Debt | ||||||||||
Debt instrument, face amount | $ 350,000,000 | $ 400,000,000 | $ 75,000,000 | $ 150,000,000 | ||||||
Fixed interest rate | 3.95% | 4.30% | ||||||||
Interest Rate Swaps | Unsecured Debt | ||||||||||
Debt | ||||||||||
Fixed interest rate | 1.07% | 3.33% | 2.07% | |||||||
Interest Rate Swaps | Unsecured Debt | LIBOR | ||||||||||
Debt | ||||||||||
Fixed interest rate | 1.07% | 1.43% | ||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2021, 2022, and 2024 | Mortgages | ||||||||||
Debt | ||||||||||
Debt, gross | 75,395,000 | $ 51,896,000 | ||||||||
Effective fixed interest rate | 1.43% | |||||||||
Weighted average interest rate (as a percent) | 4.78% | |||||||||
Number of properties included in collateralized | healthcareproperty | 4 | 3 | ||||||||
Net book value of properties included in the collateralized | $ 151,900,000 | $ 110,300,000 | ||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2021, 2022, and 2024 | Mortgages | LIBOR | ||||||||||
Debt | ||||||||||
Reference rate (as a percent) | 1.90% | |||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2021, 2022, and 2024 | Mortgages | Minimum | ||||||||||
Debt | ||||||||||
Effective fixed interest rate | 4.63% | |||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2021, 2022, and 2024 | Mortgages | Maximum | ||||||||||
Debt | ||||||||||
Effective fixed interest rate | 5.50% | |||||||||
Mortgage Notes Bearing Variable Interest Due 2028 | Mortgages | ||||||||||
Debt | ||||||||||
Debt, gross | $ 105,629,000 | $ 6,105,000 | ||||||||
Weighted average interest rate (as a percent) | 2.90% | 1.95% | ||||||||
Number of properties included in collateralized | healthcareproperty | 4 | |||||||||
Net book value of properties included in the collateralized | $ 307,200,000 | $ 8,300,000 | ||||||||
Mortgage Notes Bearing Variable Interest Due 2028 | Mortgages | Maximum | LIBOR | ||||||||||
Debt | ||||||||||
Reference rate (as a percent) | 2.75% | |||||||||
Mortgage Notes Bearing Variable Interest Due 2028 | Mortgages | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt | ||||||||||
Reference rate (as a percent) | 1.85% | |||||||||
Revolving Credit Facility Due September 2025 | Credit Agreement | ||||||||||
Debt | ||||||||||
Debt, gross | $ 274,000,000 | $ 166,000,000 | ||||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||||||
Reference rate (as a percent) | 0.85% | 0.90% | ||||||||
Unsecured Notes Bearing Fixed Interest Due March 2027 | Senior Notes | ||||||||||
Debt | ||||||||||
Debt, gross | $ 400,000,000 | $ 400,000,000 | ||||||||
Debt instrument, face amount | 400,000,000 | |||||||||
Effective fixed interest rate | 4.30% | |||||||||
Unsecured Notes Bearing Fixed Interest Due January 2028 | Senior Notes | ||||||||||
Debt | ||||||||||
Debt, gross | 350,000,000 | 350,000,000 | ||||||||
Debt instrument, face amount | 350,000,000 | |||||||||
Effective fixed interest rate | 3.95% | |||||||||
Unsecured Notes Bearing Fixed Interest Due November 2031 | Senior Notes | ||||||||||
Debt | ||||||||||
Debt, gross | 500,000,000 | 0 | ||||||||
Debt instrument, face amount | 500,000,000 | |||||||||
Effective fixed interest rate | 2.625% | |||||||||
Unsecured Term Loan Due June 2023 | Unsecured Debt | ||||||||||
Debt | ||||||||||
Debt, gross | 0 | 250,000,000 | ||||||||
Debt instrument, face amount | 250,000,000 | |||||||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | ||||||||||
Debt | ||||||||||
Debt, gross | 150,000,000 | 150,000,000 | ||||||||
Debt instrument, face amount | 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 | ||||||||
Debt instrument, face amount | $ 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% | |||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2022 and 2024 | Mortgages | ||||||||||
Debt | ||||||||||
Weighted average interest rate (as a percent) | 4.05% | |||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2022 and 2024 | Mortgages | Minimum | ||||||||||
Debt | ||||||||||
Effective fixed interest rate | 3.33% | |||||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2022 and 2024 | Mortgages | Maximum | ||||||||||
Debt | ||||||||||
Effective fixed interest rate | 4.83% | |||||||||
Credit Agreement | LIBOR | ||||||||||
Debt | ||||||||||
Reference rate (as a percent) | 0.85% | |||||||||
Credit Agreement | Unsecured Debt | LIBOR | ||||||||||
Debt | ||||||||||
Reference rate (as a percent) | 1.00% | 1.90% | 1.00% |
Debt - (Details)
Debt - (Details) | Dec. 01, 2017USD ($) | Mar. 07, 2017USD ($) | Jul. 07, 2016USD ($) | Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021 | Dec. 31, 2021extensionOption | Dec. 31, 2021Rate | Oct. 13, 2021USD ($) | Sep. 24, 2021USD ($) | Aug. 11, 2016USD ($) | Jan. 07, 2016USD ($) |
Debt | |||||||||||||
Payments for termination of swaps | $ 3,300,000 | ||||||||||||
Debt, gross | $ 1,930,024,000 | $ 1,449,001,000 | |||||||||||
2021 Third Amended and Restated Credit Agreement | |||||||||||||
Debt | |||||||||||||
Current borrowing capacity | $ 1,300,000,000 | ||||||||||||
Maximum borrowing capacity as a percentage of maximum principal amount | 10.00% | ||||||||||||
Increase in maximum borrowing capacity | $ 500,000,000 | ||||||||||||
Maximum borrowing capacity | 1,750,000,000 | ||||||||||||
Number of extension options | extensionOption | 2 | ||||||||||||
Term of extension option | 6 months | ||||||||||||
Credit Agreement | |||||||||||||
Debt | |||||||||||||
Unused fee (as a percent) | 0.20% | ||||||||||||
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 | Credit Agreement | |||||||||||||
Debt | |||||||||||||
Reference rate (as a percent) | 0.85% | ||||||||||||
Credit Agreement | |||||||||||||
Debt | |||||||||||||
Current borrowing capacity | $ 726,000,000 | ||||||||||||
Amount outstanding | $ 274,000,000 | ||||||||||||
Credit Agreement | 2021 Third Amended and Restated Credit Agreement | |||||||||||||
Debt | |||||||||||||
Current borrowing capacity | 1,000,000,000 | ||||||||||||
Term Loan | |||||||||||||
Debt | |||||||||||||
Amount outstanding | $ 250,000,000 | $ 250,000,000 | |||||||||||
Term Loan | 2021 Third Amended and Restated Credit Agreement | |||||||||||||
Debt | |||||||||||||
Current borrowing capacity | $ 250,000,000 | ||||||||||||
Term Loan | Credit Agreement | |||||||||||||
Debt | |||||||||||||
Debt instrument, term | 7 years | ||||||||||||
Unsecured Debt | Interest Rate Swaps | |||||||||||||
Debt | |||||||||||||
Fixed interest rate | 1.07% | 3.33% | 2.07% | ||||||||||
Unsecured Debt | LIBOR | Interest Rate Swaps | |||||||||||||
Debt | |||||||||||||
Fixed interest rate | 1.07% | 1.43% | |||||||||||
Unsecured Debt | LIBOR | Credit Agreement | |||||||||||||
Debt | |||||||||||||
Reference rate (as a percent) | 1.00% | 1.90% | 1.00% | ||||||||||
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 | |||||||||
Debt instrument, redemption price, percentage | 99.78% | 99.68% | |||||||||||
Proceeds from issuance of debt | $ 347,000,000 | $ 396,100,000 | |||||||||||
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 | ||||||||||||
Senior Notes | 2.625% Senior Notes, Due November 2031 | |||||||||||||
Debt | |||||||||||||
Total mortgage debt | $ 500,000,000 | ||||||||||||
Effective fixed interest rate | 2.625% | ||||||||||||
Debt instrument, redemption price, percentage | 99.79% | ||||||||||||
Proceeds from issuance of long-term debt | $ 495,100,000 | ||||||||||||
Operating Partnership | Credit Agreement | |||||||||||||
Debt | |||||||||||||
Debt instrument, interest rate, effective percentage | 3.49% | 3.20% | |||||||||||
Operating Partnership | Credit Agreement | LIBOR | |||||||||||||
Debt | |||||||||||||
Reference rate (as a percent) | 0.10% | 0.15% | |||||||||||
Operating Partnership | Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||||
Debt | |||||||||||||
Reference rate (as a percent) | 0.05% |
Debt - Investment Grade Rating
Debt - Investment Grade Rating Schedule (Details) | 12 Months Ended |
Dec. 31, 2021 | |
At Least A- or A3 | Adjusted LIBOR Rate Loans and Letter of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 0.725% |
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) | 0.775% |
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) | 0.85% |
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) | 1.05% |
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) | 1.40% |
Below BBB- or Baa3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | LIBOR | |
Debt | |
Reference rate (as a percent) | 1.65% |
Applicable 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% |
Applicable 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% |
Applicable 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% |
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.05% |
Applicable Margin for Revolving Loans: Base Rate Loans | Below BBB- or Baa3 | Base Rate Loans | Base Rate | |
Debt | |
Reference rate (as a percent) | 0.40% |
Applicable 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% |
Applicable 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% |
Applicable 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% |
Applicable 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% |
Applicable 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, 2021 | Dec. 31, 2020 |
Scheduled principal payments | ||
2022 | $ 16,094 | |
2023 | 16,008 | |
2024 | 59,719 | |
2025 | 299,476 | |
2026 | 170,476 | |
Thereafter | 1,368,251 | |
Total Payments | $ 1,930,024 | $ 1,449,001 |
Derivatives - (Details)
Derivatives - (Details) - Cash Flow Hedging - Interest Rate Swaps $ in Millions | Dec. 31, 2021instrument | Dec. 31, 2020USD ($)instrument |
Derivative [Line Items] | ||
Number of derivative instruments | instrument | 1 | 5 |
Derivative liability | $ | $ 5.3 |
Derivatives - Fair Value Intere
Derivatives - Fair Value Interest Rate Swaps (Details) - USD ($) | Jul. 07, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2021 |
Derivative [Line Items] | |||||
Total notional amount | $ 36,050,000 | ||||
Effective date | Oct. 31, 2019 | ||||
Maturity date | Oct. 31, 2024 | ||||
Reported Value Measurement | Interest Rate Swaps | |||||
Derivative [Line Items] | |||||
Liability balance at December 31, 2021 (included in Accrued expenses and other liabilities) | $ 0 | $ 452,000 | |||
Unsecured Term Loan Due June 2023 | LIBOR | |||||
Derivative [Line Items] | |||||
Reference rate (as a percent) | 0.85% | ||||
Unsecured Debt | Interest Rate Swaps | |||||
Derivative [Line Items] | |||||
Effective fixed interest rate | 3.33% | 1.07% | 2.07% | ||
Unsecured Debt | LIBOR | Interest Rate Swaps | |||||
Derivative [Line Items] | |||||
Effective fixed interest rate | 1.07% | 1.43% | |||
Unsecured Debt | Unsecured Term Loan Due June 2023 | LIBOR | |||||
Derivative [Line Items] | |||||
Reference rate (as a percent) | 1.00% | 1.90% | 1.00% |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Real estate taxes payable | $ 23,487 | $ 23,436 |
Prepaid rent | 22,714 | 22,248 |
Accrued interest | 18,799 | 16,009 |
Accrued expenses | 5,960 | 5,721 |
Security deposits | 4,234 | 3,714 |
Tenant improvement allowances | 1,857 | 1,917 |
Accrued incentive compensation | 1,784 | 1,945 |
Interest rate swap | 452 | 5,317 |
Embedded derivative | 0 | 4,944 |
Other | 6,967 | 6,678 |
Total | $ 86,254 | $ 91,929 |
Stock-based Compensation - (Det
Stock-based Compensation - (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 | Jan. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Non-cash share compensation | $ 15,032 | $ 12,486 | $ 10,115 | |||||
2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized (in shares) | 7,000,000 | |||||||
Granted (in shares) | 224,163 | 190,418 | 194,413 | |||||
Non-cash share compensation | $ 3,700 | $ 3,500 | $ 3,300 | |||||
Unrecognized compensation expense | $ 1,400 | $ 1,300 | $ 1,100 | |||||
Grant date value (in dollars per share) | $ 17.42 | $ 19 | $ 17.80 | |||||
2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 265,275 | 223,579 | 229,884 | |||||
Non-cash share compensation | $ 11,200 | $ 8,900 | $ 6,700 | |||||
Unrecognized compensation expense | $ 12,000 | $ 11,500 | $ 5,800 | |||||
Number of dividend equivalent included in award (in shares) | 1 | |||||||
2013 Plan | Market Based RSU | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date value (in dollars per share) | $ 29.18 | $ 31.95 | $ 32.65 | |||||
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) | 22 | 25.27 | ||||||
Grant date fair value (in dollars per share) | $ 17.21 | $ 17.89 | ||||||
Officers and Certain Employees | 2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 224,163 | 190,418 | 194,413 | |||||
Share-based compensation, gross | $ 3,900 | $ 3,600 | $ 3,500 | |||||
Officers and Certain Employees | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Officers and Certain Employees | 2013 Plan | Market Based RSU | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares awarded | 40.00% | 40.00% | 50.00% | |||||
Officers and Certain Employees | 2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of shares awarded | 60.00% | 60.00% | 50.00% | |||||
Percentage of restricted share units issued to trustees | 100.00% | |||||||
Senior Management | 2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | 1 year | 1 year | |||||
Senior Management | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Senior Management | 2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date fair value (in dollars per share) | $ 19.30 | |||||||
Employee | 2013 Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | 3 years | 3 years | |||||
Officer | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 259,067 | |||||||
Vesting period | 5 years | |||||||
Officer | 2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date fair value (in dollars per share) | $ 24.36 | |||||||
Trustees | 2013 Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 13,343 | |||||||
Trustees | 2013 Plan | Restricted Share Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | 43,582 | 38,858 | 41,925 | |||||
Vesting period | 2 years | |||||||
Number of dividend equivalent included in award (in shares) | 1 | |||||||
Trustees | 2013 Plan | Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant date fair value (in dollars per share) | $ 17.80 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Shares | |||
Non-vested at the beginning of the period (in shares) | 215,822 | 216,877 | 225,139 |
Granted (in shares) | 224,163 | 190,418 | 194,413 |
Vested (in shares) | (185,968) | (189,642) | (200,104) |
Forfeited (in shares) | (6,570) | (1,831) | (2,571) |
Non-vested at the end of the period (in shares) | 247,447 | 215,822 | 216,877 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 18.73 | $ 17.67 | $ 15.29 |
Granted (in dollars per share) | 17.42 | 19 | 17.80 |
Vested (in dollars per share) | 18.94 | 17.81 | 15.13 |
Forfeited (in dollars per share) | 18.05 | 16.80 | 16.96 |
Non-vested at end of period (in dollars per share) | $ 17.41 | $ 18.73 | $ 17.67 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 33.30% | 20.10% | 21.80% |
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 | 0.25% | 0.84% | 2.53% |
Stock price (per share) | $ 17.21 | $ 19.30 | $ 17.89 |
Stock-based Compensation - Trus
Stock-based Compensation - Trust Restricted Share Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Grant Date Fair Value | |||
Common stock, shares issued (in shares) | 224,678,116 | 209,550,592 | |
2013 Plan | Executive Awards | |||
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) | 964,139 | 654,752 | 533,155 |
Granted (in shares) | 265,275 | 482,646 | 229,884 |
Vested (in shares) | (252,844) | (173,259) | (104,553) |
Forfeited (in shares) | (3,734) | ||
Non-vested at the end of the period (in shares) | 976,570 | 964,139 | 654,752 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 21.17 | $ 22.99 | $ 22.66 |
Granted (in dollars per share) | 22 | 21.64 | 25.27 |
Vested (in dollars per share) | 16.58 | 29.34 | 26.33 |
Forfeited (in dollars per share) | 23.08 | ||
Non-vested at end of period (in dollars per share) | $ 22.59 | $ 21.17 | $ 22.99 |
Common stock, shares issued (in shares) | 399,165 | 147,765 | 87,805 |
Restricted stock, shares issued net of shares for tax withholdings (in shares) | 162,173 | 65,513 | 35,265 |
2013 Plan | Trustee Awards | |||
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) | 59,820 | 67,297 | 67,158 |
Granted (in shares) | 56,925 | 38,858 | 41,925 |
Vested (in shares) | (53,737) | (46,335) | (41,786) |
Forfeited (in shares) | 0 | ||
Non-vested at the end of the period (in shares) | 63,008 | 59,820 | 67,297 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 18.81 | $ 16.72 | $ 16.01 |
Granted (in dollars per share) | 17.35 | 19.30 | 17.89 |
Vested (in dollars per share) | 18.38 | 16.19 | 16.75 |
Forfeited (in dollars per share) | 0 | ||
Non-vested at end of period (in dollars per share) | $ 17.85 | $ 18.81 | $ 16.72 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)instrumentassetproperty | Dec. 31, 2020USD ($)instrumentpropertyasset | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets subject to impairment, previous carrying value | $ 2.3 | $ 5.4 |
Asset impairment charges | $ 4.9 | |
Number of real estate properties held for sale | property | 1 | 0 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset impairment charges | $ 0.3 | |
Cash Flow Hedging | Interest Rate Swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of derivative instruments | instrument | 1 | 5 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets subject to impairment | asset | 1 | 1,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Notes receivable, net | $ 1,097 | $ 23,760 |
Liabilities: | ||
Credit facility | (267,641) | (412,322) |
Notes payable | (1,464,008) | (968,653) |
Secured Debt | (180,269) | (57,875) |
Carrying Amount | ||
Assets: | ||
Real estate loans receivable, net | 117,844 | 198,800 |
Notes receivable, net | 1,097 | 23,760 |
Liabilities: | ||
Credit facility | (274,000) | (416,000) |
Notes payable | (1,475,000) | (975,000) |
Secured Debt | (181,035) | (58,074) |
Carrying Amount | Derivative liabilities | ||
Liabilities: | ||
Derivative liabilities | (452) | (10,261) |
Fair Value | ||
Assets: | ||
Real estate loans receivable, net | 115,385 | 198,814 |
Notes receivable, net | 1,097 | 23,760 |
Liabilities: | ||
Credit facility | (274,000) | (416,000) |
Notes payable | (1,554,802) | (1,063,367) |
Secured Debt | (182,189) | (59,651) |
Fair Value | Derivative liabilities | ||
Liabilities: | ||
Derivative liabilities | $ (452) | $ (10,261) |
Tenant Operating Leases - (Deta
Tenant Operating Leases - (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Future minimum rental payments on non-cancelable leases | |
2022 | $ 352,428 |
2023 | 345,261 |
2024 | 330,713 |
2025 | 310,611 |
2026 | 252,900 |
Thereafter | 904,910 |
Total | $ 2,496,823 |
Tenant Operating Leases - Summa
Tenant Operating Leases - Summary of Rental and Related Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Rental revenues | $ 324,839 | $ 314,846 | $ 303,264 |
Expense recoveries | 112,054 | 103,344 | 101,115 |
Rental and related revenues | $ 436,893 | $ 418,190 | $ 404,379 |
Rent Expense - (Details)
Rent Expense - (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | |
Leases [Abstract] | ||
Number of properties pursuant to parking lease | 2 | |
Number of properties subject to air space lease | 1 | |
Number of properties pursuant to ground leases | 97 | |
Number of office space leases | 10 | |
Maximum lease terms | 93 years | |
Weighted average remaining lease term | 45 years | |
Operating lease, right-of-use asset | $ | $ 235,483 | $ 137,180 |
Operating lease, liability | $ | $ 104,957 | $ 74,116 |
Weighted average discount rate, percent | 4.40% | |
Number of real estate properties held for sale | 1 | 0 |
Rent Expense - Schedule of Mini
Rent Expense - Schedule of Minimum Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Future minimum lease obligations under non-cancelable ground leases | ||
Lessee, operating lease, liability, to be paid, year one | $ 4,713 | |
Lessee, operating lease, liability, to be paid, year two | 4,694 | |
Lessee, operating lease, liability, to be paid, year three | 4,688 | |
Lessee, operating lease, liability, to be paid, year four | 4,685 | |
Lessee, operating lease, liability, to be paid, year five | 4,733 | |
Thereafter | 242,464 | |
Total undiscounted lease payments | 265,977 | |
Less: Interest | (161,020) | |
Lease liabilities | $ 104,957 | $ 74,116 |
Rent Expense - Lease Cost (Deta
Rent Expense - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,467 | $ 2,190 |
Variable lease cost | 1,009 | 995 |
Total lease cost | $ 3,476 | $ 3,185 |
Credit Concentration - (Details
Credit Concentration - (Details) - property | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Number of real estate properties held for sale | 1 | 0 |
Revenue benchmark | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100.00% | |
Revenue benchmark | Top five tenant relationships | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.30% | |
Revenue benchmark | CHI Portfolio | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.70% |
Credit Concentration - Top Five
Credit Concentration - Top Five Tenant Credit Concentrations (Details) - Revenue benchmark - Customer Concentration Risk $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |
Total ABR | $ 354,080 |
Percent of ABR | 100.00% |
CommonSpirit - CHI - Nebraska | |
Concentration Risk [Line Items] | |
Total ABR | $ 17,658 |
Percent of ABR | 5.00% |
Northside Hospital | |
Concentration Risk [Line Items] | |
Total ABR | $ 15,646 |
Percent of ABR | 4.40% |
UofL Health - Louisville, Inc. | |
Concentration Risk [Line Items] | |
Total ABR | $ 12,744 |
Percent of ABR | 3.60% |
US Oncology | |
Concentration Risk [Line Items] | |
Total ABR | $ 11,180 |
Percent of ABR | 3.20% |
HonorHealth | |
Concentration Risk [Line Items] | |
Total ABR | $ 10,896 |
Percent of ABR | 3.10% |
Remaining portfolio | |
Concentration Risk [Line Items] | |
Total ABR | $ 285,956 |
Percent of ABR | 80.70% |
Credit Concentration - Top Fi_2
Credit Concentration - Top Five Geographic Concentrations (Details) - Revenue benchmark - Geographic Concentration Risk $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |
Total ABR | $ 354,080 |
Percent of ABR | 100.00% |
Texas | |
Concentration Risk [Line Items] | |
Total ABR | $ 47,815 |
Percent of ABR | 13.50% |
Georgia | |
Concentration Risk [Line Items] | |
Total ABR | $ 25,322 |
Percent of ABR | 7.20% |
Florida | |
Concentration Risk [Line Items] | |
Total ABR | $ 24,490 |
Percent of ABR | 6.90% |
Indiana | |
Concentration Risk [Line Items] | |
Total ABR | $ 22,825 |
Percent of ABR | 6.50% |
Arizona | |
Concentration Risk [Line Items] | |
Total ABR | $ 21,003 |
Percent of ABR | 5.90% |
Other | |
Concentration Risk [Line Items] | |
Total ABR | $ 212,625 |
Percent of ABR | 60.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Numerator for earnings per share - basic: | ||||
Net income | $ 86,783 | $ 68,488 | $ 77,186 | |
Net income attributable to noncontrolling interests: | ||||
Operating Partnership | (2,211) | (1,797) | (2,155) | |
Partially owned properties | [1] | (607) | (574) | (548) |
Preferred distributions | (13) | (1,241) | (1,209) | |
Net income attributable to common shareholders | 83,952 | 64,876 | 73,274 | |
Numerator for earnings per share - diluted: | ||||
Numerator for earnings per share - basic | 83,952 | 64,876 | 73,274 | |
Operating Partnership net income | 2,211 | 1,797 | 2,155 | |
Numerator for earnings per share - diluted | $ 86,163 | $ 66,673 | $ 75,429 | |
Denominator for earnings per share - basic and diluted: | ||||
Weighted average number of shares outstanding - basic (in shares) | 216,135,385 | 204,243,768 | 185,770,251 | |
Effect of dilutive securities: | ||||
Noncontrolling interest - Operating Partnership units (in shares) | 5,693,333 | 5,659,325 | 5,466,010 | |
Denominator for earnings per share - diluted (in shares) | 223,060,556 | 211,145,917 | 191,626,320 | |
Earnings per share - basic (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.39 | |
Earnings per share - diluted (in dollars per share) | $ 0.39 | $ 0.32 | $ 0.39 | |
Restricted common shares | ||||
Effect of dilutive securities: | ||||
Restricted common shares/units (in shares) | 113,438 | 88,131 | 103,293 | |
Restricted share units | ||||
Effect of dilutive securities: | ||||
Restricted common shares/units (in shares) | 1,118,400 | 1,154,693 | 286,766 | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Jan. 19, 2022USD ($)building | Jan. 12, 2022USD ($)property | Aug. 18, 2021USD ($) | Dec. 11, 2020USD ($) | Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | ||||||
Number of real estate properties | property | 7 | |||||
Asset acquisition, consideration transferred | $ 996,977 | $ 209,336 | ||||
Asset impairment charges | $ 4,900 | |||||
Subsequent Events | ||||||
Subsequent Event [Line Items] | ||||||
Number of medical office buildings | building | 1 | |||||
Proceeds from sale of property held-for-sale | $ 2,000 | |||||
Gain (loss) on disposition of property plant equipment | $ (200) | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||
Subsequent Event [Line Items] | ||||||
Asset impairment charges | $ 300 | |||||
Davis Joint Venture | ||||||
Subsequent Event [Line Items] | ||||||
Asset acquisition, consideration transferred | $ 7,291 | $ 18,252 | ||||
Davis Joint Venture | Subsequent Events | ||||||
Subsequent Event [Line Items] | ||||||
Number of real estate properties | property | 3 | |||||
Asset acquisition, consideration transferred | $ 21,500 | |||||
Asset acquisition, consideration transferred, mortgage debt | 14,000 | |||||
Payments to acquire property, plant, and equipment | 4,500 | |||||
Asset acquisition, consideration transferred, mezzanine loans | $ 3,000 | |||||
Davis Joint Venture | Subsequent Events | Davis Joint Venture | ||||||
Subsequent Event [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 49.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 181,024 | |||
Initial Cost to Company, Land | 235,383 | |||
Initial Cost to Company, Buildings and Improvements | 4,506,385 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 192,194 | |||
Gross Amount at Which Carried as of Close of Period, Land | 235,453 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,698,579 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,934,032 | $ 4,129,562 | $ 3,979,481 | $ 3,871,712 |
Accumulated Depreciation | (594,714) | $ (492,660) | $ (382,833) | $ (283,495) |
Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 181,024 | |||
Initial Cost to Company, Land | 235,873 | |||
Initial Cost to Company, Buildings and Improvements | 4,508,517 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 191,926 | |||
Gross Amount at Which Carried as of Close of Period, Land | 235,871 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,700,443 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,936,314 | |||
Accumulated Depreciation | (595,032) | |||
Real Estate, Held-for-Sale | ||||
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 | 268 | |||
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 | 1,864 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,282 | |||
Accumulated Depreciation | (318) | |||
Del Sol Medical Center MOB | Developed Land | ||||
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 | 699 | |||
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 | 3,565 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,425 | |||
Accumulated Depreciation | $ (2,446) | |||
Life on Which Building Depreciation in Income Statement is Computed | 21 years | |||
MeadowView Professional | Developed Land | ||||
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 | 1,017 | |||
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 | 12,361 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,631 | |||
Accumulated Depreciation | $ (5,717) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Firehouse Square | Developed Land | ||||
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 | 10 | |||
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 | 2,778 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,898 | |||
Accumulated Depreciation | $ (1,332) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Valley West Hospital MOB | Developed Land | ||||
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 | 785 | |||
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 | 7,060 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,060 | |||
Accumulated Depreciation | $ (3,290) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
New Albany MOB | Developed Land | ||||
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 | 738 | |||
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 | 3,505 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,742 | |||
Accumulated Depreciation | $ (1,344) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Mid Coast Hospital MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,629 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,247 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 499 | |||
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 | 11,746 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,746 | |||
Accumulated Depreciation | $ (5,233) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Arrowhead Commons | Developed Land | ||||
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 | 764 | |||
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 | 3,315 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,055 | |||
Accumulated Depreciation | $ (1,086) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Remington Medical Commons | Developed Land | ||||
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 | 1,369 | |||
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 | 7,868 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,763 | |||
Accumulated Depreciation | $ (3,369) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Aurora MOB - Shawano | Developed Land | ||||
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 | $ (368) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
East El Paso Physicians Medical Center | Developed Land | ||||
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 | 351 | |||
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 | 4,851 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,561 | |||
Accumulated Depreciation | $ (1,088) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Crescent City Surgical Centre | Developed Land | ||||
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 | $ (5,880) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Foundation Surgical Affiliates MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 239 | |||
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 | 12,963 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,263 | |||
Accumulated Depreciation | $ (2,465) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Eastwind Surgical Center | Developed Land | ||||
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 | 145 | |||
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 | 7,765 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,746 | |||
Accumulated Depreciation | $ (1,401) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Great Falls ASC | Developed Land | ||||
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 | 1,317 | |||
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 | 4,541 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,744 | |||
Accumulated Depreciation | $ (825) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Foundation Surgical Hospital of San Antonio | Developed Land | ||||
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 | $ (5,967) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology - Sarasota | Developed Land | ||||
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 | 67 | |||
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 | 6,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,257 | |||
Accumulated Depreciation | $ (1,986) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
21st Century Radiation Oncology - Venice | Developed Land | ||||
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 | $ (745) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology - Englewood | Developed Land | ||||
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 | $ (427) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foundation Healthplex of San Antonio | Developed Land | ||||
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 | $ (981) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peachtree Dunwoody Medical Center | Developed Land | ||||
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 | 52,481 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,133 | |||
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 | 54,614 | |||
Gross Amount at Which Carried as of Close of Period, Total | 54,614 | |||
Accumulated Depreciation | $ (14,897) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health MOB - Wormleysburg | Developed Land | ||||
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 | $ (1,533) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health MOB - Carlisle | Developed Land | ||||
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 | $ (533) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
South Bend Orthopaedics MOB | Developed Land | ||||
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 | $ (2,498) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Grenada Medical Complex | Developed Land | ||||
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 | 449 | |||
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 | 6,269 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,454 | |||
Accumulated Depreciation | $ (1,883) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mississippi Sports Medicine & Orthopedics | Developed Land | ||||
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 | $ (3,525) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carmel Medical Pavilion | Developed Land | ||||
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 | 450 | |||
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 | 4,367 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,367 | |||
Accumulated Depreciation | $ (1,323) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Renaissance ASC | Developed Land | ||||
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 | $ (1,500) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Summit Urology | Developed Land | ||||
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 | $ (1,228) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
IU Health - 500 Landmark | Developed Land | ||||
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 | $ (792) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
IU Health - 550 Landmark | Developed Land | ||||
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 | $ (3,398) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
IU Health - 574 Landmark | Developed Land | ||||
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 | $ (341) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carlisle II MOB | Developed Land | ||||
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 | $ (687) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Surgical Institute of Monroe | Developed Land | ||||
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 | $ (1,431) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Oaks Medical Building | Developed Land | ||||
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 | 8 | |||
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 | 8,650 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,715 | |||
Accumulated Depreciation | $ (1,542) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Mansfield ASC | Developed Land | ||||
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 | $ (1,137) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Eye Center of Southern Indiana | Developed Land | ||||
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 | $ (2,494) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Zangmeister Cancer Center | Developed Land | ||||
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 | 249 | |||
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 | 31,369 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,979 | |||
Accumulated Depreciation | $ (5,909) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Orthopedic One - Columbus | Developed Land | ||||
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 | 59 | |||
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 | 16,293 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,293 | |||
Accumulated Depreciation | $ (2,925) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Orthopedic One - Westerville | Developed Land | ||||
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 | $ (732) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
South Point Medical Center | Developed Land | ||||
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 | 195 | |||
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 | 6,145 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,145 | |||
Accumulated Depreciation | $ (1,267) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
3100 Lee Trevino Drive | Developed Land | ||||
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 | 1,535 | |||
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 | 12,851 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,145 | |||
Accumulated Depreciation | $ (3,193) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
1755 Curie | Developed Land | ||||
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 | 3,432 | |||
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 | 27,975 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,258 | |||
Accumulated Depreciation | $ (6,763) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
9999 Kenworthy | Developed Land | ||||
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 | 673 | |||
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 | 2,851 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,579 | |||
Accumulated Depreciation | $ (666) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
32 Northeast MOB | Developed Land | ||||
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 | 223 | |||
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 | 3,455 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,863 | |||
Accumulated Depreciation | $ (823) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
4518 Union Deposit MOB | Developed Land | ||||
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 | 41 | |||
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 | 7,346 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,963 | |||
Accumulated Depreciation | $ (1,823) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
4520 Union Deposit MOB | Developed Land | ||||
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 | 429 | |||
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 | 2,484 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,653 | |||
Accumulated Depreciation | $ (574) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
240 Grandview MOB | Developed Land | ||||
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 | 218 | |||
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 | 4,460 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,781 | |||
Accumulated Depreciation | $ (952) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Market Place Way MOB | Developed Land | ||||
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 | 57 | |||
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 | 2,440 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,248 | |||
Accumulated Depreciation | $ (641) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - Maltese | Developed Land | ||||
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 | $ (2,089) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - Edgewater | Developed Land | ||||
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 | $ (625) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Napoleon MOB | Developed Land | ||||
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 | 4,505 | |||
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 | 11,917 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,119 | |||
Accumulated Depreciation | $ (2,741) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
West Tennessee ASC | Developed Land | ||||
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 | 7,116 | |||
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 | 10,076 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,737 | |||
Accumulated Depreciation | $ (1,786) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Southdale Place | Developed Land | ||||
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 | 2,200 | |||
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 | 12,206 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,710 | |||
Accumulated Depreciation | $ (3,680) | |||
Life on Which Building Depreciation in Income Statement is Computed | 24 years | |||
Crystal MOB | Developed Land | ||||
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 | $ (2,013) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Savage MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 78 | |||
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 | 10,099 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,380 | |||
Accumulated Depreciation | $ (1,827) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Dell MOB | Developed Land | ||||
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 | 188 | |||
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 | 4,708 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,508 | |||
Accumulated Depreciation | $ (917) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Methodist Sports | Developed Land | ||||
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 | $ (1,884) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Vadnais Heights MOB | Developed Land | ||||
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 | 27 | |||
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 | 12,260 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,011 | |||
Accumulated Depreciation | $ (2,374) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Minnetonka MOB | Developed Land | ||||
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 | 139 | |||
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 | 19,936 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,706 | |||
Accumulated Depreciation | $ (3,459) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Jamestown | Developed Land | ||||
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 | 387 | |||
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 | 9,827 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,483 | |||
Accumulated Depreciation | $ (2,070) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Indiana American 3 | Developed Land | ||||
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 | 1,330 | |||
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 | 8,231 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,093 | |||
Accumulated Depreciation | $ (1,961) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Indiana American 2 | Developed Land | ||||
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 | 875 | |||
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 | 2,721 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,462 | |||
Accumulated Depreciation | $ (737) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Indiana American 4 | Developed Land | ||||
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 | 307 | |||
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 | 2,235 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,006 | |||
Accumulated Depreciation | $ (649) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
8920 Southpointe | Developed Land | ||||
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 | 806 | |||
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 | 2,547 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,110 | |||
Accumulated Depreciation | $ (944) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Minnesota Eye MOB | Developed Land | ||||
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 | $ (1,423) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Baylor Cancer Center- Carrollton | Developed Land | ||||
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 | 91 | |||
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 | 6,098 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,953 | |||
Accumulated Depreciation | $ (1,043) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Bridgeport Medical Center | Developed Land | ||||
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 | 965 | |||
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 | 11,400 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,797 | |||
Accumulated Depreciation | $ (2,330) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Renaissance Office Building | Developed Land | ||||
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 | 7,149 | |||
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 | 11,331 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,710 | |||
Accumulated Depreciation | $ (3,947) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Calkins 125 | Developed Land | ||||
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 | 858 | |||
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 | 11,022 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,556 | |||
Accumulated Depreciation | $ (2,591) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Calkins 200 | Developed Land | ||||
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 | $ (807) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Calkins 300 | Developed Land | ||||
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 | 288 | |||
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 | 6,933 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,305 | |||
Accumulated Depreciation | $ (1,362) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 400 | Developed Land | ||||
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 | 440 | |||
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 | 8,666 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,019 | |||
Accumulated Depreciation | $ (1,765) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 500 | Developed Land | ||||
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 | 145 | |||
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 | 7,219 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,501 | |||
Accumulated Depreciation | $ (1,456) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Premier Surgery Center of Louisville | Developed Land | ||||
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 | $ (917) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Baton Rouge Surgery Center | Developed Land | ||||
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 | 51 | |||
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 | 7,771 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,482 | |||
Accumulated Depreciation | $ (1,566) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Healthpark Surgery Center | Developed Land | ||||
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 | 172 | |||
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 | 17,796 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,796 | |||
Accumulated Depreciation | $ (3,608) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
University of Michigan Center for Specialty Care | Developed Land | ||||
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 | 205 | |||
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 | 8,832 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,032 | |||
Accumulated Depreciation | $ (2,097) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Coon Rapids Medical Center | Developed Land | ||||
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 | 583 | |||
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 | 6,440 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,047 | |||
Accumulated Depreciation | $ (1,272) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Premier RPM | Developed Land | ||||
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 | 942 | |||
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 | 11,479 | |||
Accumulated Depreciation | $ (1,860) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Palm Beach ASC | Developed Land | ||||
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 | $ (1,318) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Hillside Medical Center | Developed Land | ||||
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 | 388 | |||
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 | 13,605 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,417 | |||
Accumulated Depreciation | $ (2,708) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Randall Road MOB | Developed Land | ||||
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 | 1,660 | |||
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 | 17,064 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,188 | |||
Accumulated Depreciation | $ (2,897) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
JFK Medical Center MOB | Developed Land | ||||
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 | $ (1,437) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Grove City Health Center | Developed Land | ||||
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 | 20 | |||
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 | 8,536 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,899 | |||
Accumulated Depreciation | $ (1,691) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Trios Health MOB | Developed Land | ||||
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 | $ (8,558) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Abrazo Scottsdale MOB | Developed Land | ||||
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 | 1,019 | |||
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 | 26,912 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,912 | |||
Accumulated Depreciation | $ (4,446) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Avondale MOB | Developed Land | ||||
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 | 435 | |||
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 | 18,543 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,361 | |||
Accumulated Depreciation | $ (2,790) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Palm Valley MOB | Developed Land | ||||
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 | 913 | |||
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 | 29,568 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,234 | |||
Accumulated Depreciation | $ (4,687) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
North Mountain MOB | Developed Land | ||||
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 | 3,267 | |||
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 | 46,144 | |||
Gross Amount at Which Carried as of Close of Period, Total | 46,144 | |||
Accumulated Depreciation | $ (6,797) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Katy Medical Complex | Developed Land | ||||
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 | 97 | |||
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 | 6,894 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,716 | |||
Accumulated Depreciation | $ (1,202) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Katy Medical Complex Surgery Center | Developed Land | ||||
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 | 281 | |||
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 | 25,882 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,442 | |||
Accumulated Depreciation | $ (4,327) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
New Albany Medical Center | Developed Land | ||||
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 | 1,524 | |||
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 | 10,029 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,629 | |||
Accumulated Depreciation | $ (2,078) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Fountain Hills Medical Campus | Developed Land | ||||
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 | 1,010 | |||
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 | 8,645 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,238 | |||
Accumulated Depreciation | $ (1,524) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Fairhope MOB | Developed Land | ||||
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 | 1,575 | |||
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 | 6,802 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,442 | |||
Accumulated Depreciation | $ (1,282) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foley MOB | Developed Land | ||||
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 | $ (133) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Foley Venture | Developed Land | ||||
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 | 339 | |||
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 | 1,457 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,877 | |||
Accumulated Depreciation | $ (287) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
North Okaloosa MOB | Developed Land | ||||
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 | $ (169) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Commons on North Davis | Developed Land | ||||
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 | $ (209) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Sorrento Road MOB | Developed Land | ||||
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 | 5 | |||
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 | 899 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,069 | |||
Accumulated Depreciation | $ (153) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Panama City Beach MOB | Developed Land | ||||
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 | 26 | |||
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 | 765 | |||
Gross Amount at Which Carried as of Close of Period, Total | 765 | |||
Accumulated Depreciation | $ (120) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Perdido Medical Park | Developed Land | ||||
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 | $ (191) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Ft. Walton Beach MOB | Developed Land | ||||
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 | $ (175) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Panama City MOB | Developed Land | ||||
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 | 39 | |||
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 | 700 | |||
Gross Amount at Which Carried as of Close of Period, Total | 700 | |||
Accumulated Depreciation | $ (130) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Pensacola MOB | Developed Land | ||||
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 | 78 | |||
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 | 1,763 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,983 | |||
Accumulated Depreciation | $ (297) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Arete Surgical Center | Developed Land | ||||
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 | $ (959) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Cambridge Professional Center | Developed Land | ||||
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 | 804 | |||
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 | 9,324 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,914 | |||
Accumulated Depreciation | $ (1,798) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - 44th Street MOB | Developed Land | ||||
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 | 1,354 | |||
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 | 5,238 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,753 | |||
Accumulated Depreciation | $ (1,362) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mercy Medical Center | Developed Land | ||||
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 | $ (1,135) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
8 C1TY Blvd | Developed Land | ||||
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 | 348 | |||
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 | 40,061 | |||
Gross Amount at Which Carried as of Close of Period, Total | 41,616 | |||
Accumulated Depreciation | $ (5,414) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Great Falls Clinic | Developed Land | ||||
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 | $ (4,527) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Great Falls Hospital | Developed Land | ||||
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 | 1,118 | |||
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 | 26,380 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,406 | |||
Accumulated Depreciation | $ (3,965) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Treasure Coast Center for Surgery | Developed Land | ||||
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 | 1 | |||
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 | 5,065 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,445 | |||
Accumulated Depreciation | $ (740) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Park Nicollet Clinic | Developed Land | ||||
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 | 133 | |||
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 | 14,688 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,629 | |||
Accumulated Depreciation | $ (2,341) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HEB Cancer Center | Developed Land | ||||
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 | 11 | |||
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 | 11,850 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,850 | |||
Accumulated Depreciation | $ (1,692) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Riverview Medical Center | Developed Land | ||||
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 | 1,148 | |||
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 | 11,391 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,704 | |||
Accumulated Depreciation | $ (2,141) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Luke's Cornwall MOB | Developed Land | ||||
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 | 105 | |||
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 | 13,122 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,122 | |||
Accumulated Depreciation | $ (2,360) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - Glendale | Developed Land | ||||
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 | $ (1,121) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Columbia MOB | Developed Land | ||||
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 | 47 | |||
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 | 16,597 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,597 | |||
Accumulated Depreciation | $ (2,767) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St Vincent POB 1 | Developed Land | ||||
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 | 799 | |||
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 | 10,971 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,971 | |||
Accumulated Depreciation | $ (4,283) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Emerson Medical Building | Developed Land | ||||
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 | 323 | |||
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 | 10,176 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,766 | |||
Accumulated Depreciation | $ (1,806) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Santa Fe | Developed Land | ||||
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 | $ (1,164) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Albuquerque | Developed Land | ||||
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 | $ (1,230) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Gardendale Surgery Center | Developed Land | ||||
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 | $ (822) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
M Health Fairview - Curve Crest | Developed Land | ||||
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 | $ (486) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
M Health Fairview - Victor Gardens | Developed Land | ||||
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 | 69 | |||
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 | 4,469 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,041 | |||
Accumulated Depreciation | $ (705) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Cardwell Professional Building | Developed Land | ||||
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 | 321 | |||
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 | 8,669 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,669 | |||
Accumulated Depreciation | $ (1,296) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Dacono Neighborhood Health Clinic | Developed Land | ||||
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 | $ (594) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Grand Island Specialty Clinic | Developed Land | ||||
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 | 167 | |||
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 | 2,969 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,071 | |||
Accumulated Depreciation | $ (499) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Hot Springs Village Office Building | Developed Land | ||||
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 | $ (737) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
UofL Health - East | Developed Land | ||||
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 | 236 | |||
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 | 81,484 | |||
Gross Amount at Which Carried as of Close of Period, Total | 81,484 | |||
Accumulated Depreciation | $ (10,730) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
UofL Health - South | Developed Land | ||||
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 | $ (2,730) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
UofL Health - Plaza I | Developed Land | ||||
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 | 707 | |||
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 | 9,515 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,515 | |||
Accumulated Depreciation | $ (1,704) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
UofL Health - Plaza II | Developed Land | ||||
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 | 2,282 | |||
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 | 7,498 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,498 | |||
Accumulated Depreciation | $ (2,284) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
UofL Health - OCC | Developed Land | ||||
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 | 2,113 | |||
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 | 37,816 | |||
Gross Amount at Which Carried as of Close of Period, Total | 37,816 | |||
Accumulated Depreciation | $ (6,111) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Lexington Surgery Center | Developed Land | ||||
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 | 508 | |||
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 | 19,422 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,651 | |||
Accumulated Depreciation | $ (3,758) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Medical Arts Pavilion | Developed Land | ||||
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 | 776 | |||
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 | 6,991 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,991 | |||
Accumulated Depreciation | $ (1,360) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Memorial Outpatient Therapy Center | Developed Land | ||||
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 | $ (717) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Midlands Two Professional Center | Developed Land | ||||
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 | 681 | |||
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 | 1,268 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,268 | |||
Accumulated Depreciation | $ (696) | |||
Life on Which Building Depreciation in Income Statement is Computed | 5 years | |||
Parkview MOB | Developed Land | ||||
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 | $ (805) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peak One ASC | Developed Land | ||||
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 | 317 | |||
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 | 6,080 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,080 | |||
Accumulated Depreciation | $ (857) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Physicians Medical Center | Developed Land | ||||
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 | 3,215 | |||
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 | 9,077 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,077 | |||
Accumulated Depreciation | $ (1,578) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
St. Alexius - Minot Medical Plaza | Developed Land | ||||
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 | 50 | |||
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 | 26,128 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,128 | |||
Accumulated Depreciation | $ (3,488) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
St. Clare Medical Pavilion | Developed Land | ||||
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 | 356 | |||
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 | 9,361 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,361 | |||
Accumulated Depreciation | $ (1,860) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Joseph Medical Pavilion | Developed Land | ||||
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 | 108 | |||
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 | 11,605 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,605 | |||
Accumulated Depreciation | $ (2,035) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Office Park | Developed Land | ||||
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 | 5,061 | |||
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 | 17,736 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,458 | |||
Accumulated Depreciation | $ (6,208) | |||
Life on Which Building Depreciation in Income Statement is Computed | 14 years | |||
UofL Health - Mary & Elizabeth MOB II | Developed Land | ||||
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 | 305 | |||
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 | 5,892 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,892 | |||
Accumulated Depreciation | $ (997) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
UofL Health - Mary & Elizabeth MOB III | Developed Land | ||||
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 | 399 | |||
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 | 782 | |||
Gross Amount at Which Carried as of Close of Period, Total | 782 | |||
Accumulated Depreciation | $ (547) | |||
Life on Which Building Depreciation in Income Statement is Computed | 2 years | |||
Thornton Neighborhood Health Clinic | Developed Land | ||||
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 | 1,661 | |||
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 | 3,948 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,557 | |||
Accumulated Depreciation | $ (567) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Francis MOB | Developed Land | ||||
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 | 74 | |||
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 | 12,891 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,891 | |||
Accumulated Depreciation | $ (2,186) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Children's Wisconsin - Brookfield | Developed Land | ||||
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 | $ (694) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
UofL Health - South MOB | Developed Land | ||||
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 | 29 | |||
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 | 3,856 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,883 | |||
Accumulated Depreciation | $ (540) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Good Samaritan North Annex Building | Developed Land | ||||
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 | $ (476) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
NE Heart Institute Medical Building | Developed Land | ||||
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 | 199 | |||
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 | 19,937 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,937 | |||
Accumulated Depreciation | $ (2,329) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
St. Vincent West MOB | Developed Land | ||||
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 | $ (1,640) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Meridan | Developed Land | ||||
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 | $ (2,657) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
UofL Health - Mary & Elizabeth MOB I | Developed Land | ||||
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 | 792 | |||
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 | 9,566 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,566 | |||
Accumulated Depreciation | $ (2,101) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Medical Arts Pavilion | Developed Land | ||||
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 | 703 | |||
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 | 13,605 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,605 | |||
Accumulated Depreciation | $ (2,346) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
St. Alexius - Mandan Clinic | Developed Land | ||||
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 | 263 | |||
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 | 7,963 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,671 | |||
Accumulated Depreciation | $ (1,142) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Alexius - Orthopaedic Center | Developed Land | ||||
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 | 904 | |||
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 | 14,785 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,785 | |||
Accumulated Depreciation | $ (2,191) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Alexius - Rehab Center | Developed Land | ||||
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 | 259 | |||
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 | 6,179 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,179 | |||
Accumulated Depreciation | $ (1,434) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Tech & Ed | Developed Land | ||||
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 | 342 | |||
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 | 17,030 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,030 | |||
Accumulated Depreciation | $ (2,522) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Good Samaritan MOB | Developed Land | ||||
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 | 1,802 | |||
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 | 25,956 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,956 | |||
Accumulated Depreciation | $ (3,236) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lakeside Two Professional Center | Developed Land | ||||
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 | 1,447 | |||
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 | 14,805 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,805 | |||
Accumulated Depreciation | $ (2,167) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Lakeside Wellness Center | Developed Land | ||||
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 | 438 | |||
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 | 10,615 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,615 | |||
Accumulated Depreciation | $ (1,540) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
McAuley Center | Developed Land | ||||
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 | 978 | |||
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 | 17,998 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,425 | |||
Accumulated Depreciation | $ (3,500) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Memorial Health Center | Developed Land | ||||
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 | 3,062 | |||
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 | 37,029 | |||
Gross Amount at Which Carried as of Close of Period, Total | 37,029 | |||
Accumulated Depreciation | $ (5,825) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Missionary Ridge MOB | Developed Land | ||||
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 | 3,515 | |||
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 | 10,738 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,738 | |||
Accumulated Depreciation | $ (4,633) | |||
Life on Which Building Depreciation in Income Statement is Computed | 10 years | |||
Pilot Medical Center | Developed Land | ||||
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 | 55 | |||
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 | 14,583 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,002 | |||
Accumulated Depreciation | $ (2,444) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Medical Clinic | Developed Land | ||||
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 | 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 | 16,499 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,499 | |||
Accumulated Depreciation | $ (3,058) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Woodlands Medical Arts Center | Developed Land | ||||
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 | 2,664 | |||
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 | 21,832 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,832 | |||
Accumulated Depreciation | $ (3,821) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
FESC MOB | Developed Land | ||||
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 | 324 | |||
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 | 13,026 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,026 | |||
Accumulated Depreciation | $ (3,588) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
PrairieCare MOB | Developed Land | ||||
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 | $ (416) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Springwoods MOB | Developed Land | ||||
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 | 4,995 | |||
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 | 19,825 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,646 | |||
Accumulated Depreciation | $ (4,099) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Unity ASC, Imaging & MOB | Developed Land | ||||
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 | $ (1,642) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Medical Pavilion | Developed Land | ||||
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 | $ (2,045) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Faith, Hope & Love | Developed Land | ||||
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 | $ (307) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Immediate Care and OCC | Developed Land | ||||
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 | $ (289) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Medical Village at Maitland | Developed Land | ||||
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 | 356 | |||
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 | 18,899 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,292 | |||
Accumulated Depreciation | $ (2,483) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Tri-State Orthopaedics MOB | Developed Land | ||||
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 | $ (2,212) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Maury Regional Health Complex | Developed Land | ||||
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 | 335 | |||
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 | 15,954 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,954 | |||
Accumulated Depreciation | $ (2,235) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Spring Ridge Medical Center | Developed Land | ||||
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 | $ (745) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Doctors Community Hospital POB | Developed Land | ||||
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 | 114 | |||
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 | 23,148 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,148 | |||
Accumulated Depreciation | $ (2,542) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Gig Harbor Medical Pavilion | Developed Land | ||||
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 | $ (1,451) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Midlands One Professional Center | Developed Land | ||||
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 | 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 | 14,994 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,994 | |||
Accumulated Depreciation | $ (2,130) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Northwest Michigan Surgery Center | Developed Land | ||||
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 | $ (4,026) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northeast Medical Center | Developed Land | ||||
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 | 996 | |||
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 | 26,560 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,571 | |||
Accumulated Depreciation | $ (4,937) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
North Medical Center | Developed Land | ||||
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 | 1,012 | |||
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 | 19,692 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,029 | |||
Accumulated Depreciation | $ (3,206) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Cincinnati Eye Institute | Developed Land | ||||
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 | $ (5,018) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - Scottsdale MOB | Developed Land | ||||
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 | 5,811 | |||
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 | 10,099 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,439 | |||
Accumulated Depreciation | $ (1,396) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Fox Valley Hematology & Oncology | Developed Land | ||||
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 | $ (3,244) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Northern Vision Eye Center | Developed Land | ||||
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 | (268) | |||
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 | 1,864 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,282 | |||
Accumulated Depreciation | $ (318) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Flower Mound MOB | Developed Land | ||||
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 | 67 | |||
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 | 8,379 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,324 | |||
Accumulated Depreciation | $ (1,080) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Carrollton MOB | Developed Land | ||||
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 | 95 | |||
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 | 10,556 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,739 | |||
Accumulated Depreciation | $ (1,451) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HonorHealth - Scottsdale IRF | Developed Land | ||||
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 | $ (2,407) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Orthopedic Associates | Developed Land | ||||
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 | 150 | |||
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 | 12,941 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,856 | |||
Accumulated Depreciation | $ (1,599) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Medical Arts Center at Hartford | Developed Land | ||||
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 | 932 | |||
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 | 25,559 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,058 | |||
Accumulated Depreciation | $ (3,115) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
CareMount Medical - Lake Katrine MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 24,234 | |||
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 | $ (3,412) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
CareMount Medical - Rhinebeck MOB | Developed Land | ||||
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 | $ (1,585) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Monterey Medical Center | Developed Land | ||||
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 | 628 | |||
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 | 14,004 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,296 | |||
Accumulated Depreciation | $ (1,893) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Creighton University Medical Center | Developed Land | ||||
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 | $ (3,337) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Strictly Pediatrics Specialty Center | Developed Land | ||||
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 | 904 | |||
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 | 63,431 | |||
Gross Amount at Which Carried as of Close of Period, Total | 67,888 | |||
Accumulated Depreciation | $ (7,872) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
MedStar Stephen's Crossing | Developed Land | ||||
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 | 64 | |||
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 | 14,874 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,849 | |||
Accumulated Depreciation | $ (1,714) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Health Clinic Building | Developed Land | ||||
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 | 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 | 50,193 | |||
Gross Amount at Which Carried as of Close of Period, Total | 50,193 | |||
Accumulated Depreciation | $ (4,659) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Family Medical Center | Developed Land | ||||
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 | 9,608 | |||
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 | 14,552 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,552 | |||
Accumulated Depreciation | $ (1,408) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Craven-Hagan Clinic | Developed Land | ||||
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 | 1,704 | |||
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 | 10,443 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,443 | |||
Accumulated Depreciation | $ (1,192) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Chattanooga Heart Institute | Developed Land | ||||
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 | 1,111 | |||
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 | 19,750 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,750 | |||
Accumulated Depreciation | $ (2,516) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
St. Vincent Mercy Heart and Vascular Center | Developed Land | ||||
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 | $ (1,308) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
South Campus MOB | Developed Land | ||||
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 | 564 | |||
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 | 13,933 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,933 | |||
Accumulated Depreciation | $ (1,563) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
St. Vincent Mercy Cancer Center | Developed Land | ||||
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 | 116 | |||
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 | 5,206 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,206 | |||
Accumulated Depreciation | $ (668) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Joseph Professional Office Building | Developed Land | ||||
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 | 248 | |||
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 | 11,417 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,417 | |||
Accumulated Depreciation | $ (1,196) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
St. Vincent Carmel Women's Center | Developed Land | ||||
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 | 554 | |||
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 | 32,274 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,274 | |||
Accumulated Depreciation | $ (3,160) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
St. Vincent Fishers Medical Center | Developed Land | ||||
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 | 62,870 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 698 | |||
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 | 63,568 | |||
Gross Amount at Which Carried as of Close of Period, Total | 63,568 | |||
Accumulated Depreciation | $ (6,791) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Baylor Charles A. Sammons Cancer Center | Developed Land | ||||
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 | 2,434 | |||
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 | 259,320 | |||
Gross Amount at Which Carried as of Close of Period, Total | 259,320 | |||
Accumulated Depreciation | $ (27,615) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Orthopedic & Sports Institute of the Fox Valley | Developed Land | ||||
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 | $ (3,192) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Clearview Cancer Institute | Developed Land | ||||
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 | 99 | |||
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 | 43,319 | |||
Gross Amount at Which Carried as of Close of Period, Total | 46,055 | |||
Accumulated Depreciation | $ (5,871) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Northside Cherokee-Town Lake MOB | Developed Land | ||||
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 | 1,667 | |||
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 | 32,294 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,294 | |||
Accumulated Depreciation | $ (3,785) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
HonorHealth - Mesa | Developed Land | ||||
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 | 8 | |||
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 | 3,067 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,429 | |||
Accumulated Depreciation | $ (344) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Little Falls Orthopedics | Developed Land | ||||
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 | 146 | |||
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 | 2,123 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,369 | |||
Accumulated Depreciation | $ (537) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Unity Specialty Center | Developed Land | ||||
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 | 998 | |||
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 | 3,883 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,883 | |||
Accumulated Depreciation | $ (1,155) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Immanuel One Professional Center | Developed Land | ||||
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 | 984 | |||
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 | 17,582 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,582 | |||
Accumulated Depreciation | $ (2,371) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
SJRHC Cancer Center | Developed Land | ||||
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 | 776 | |||
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 | 5,841 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,841 | |||
Accumulated Depreciation | $ (734) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Women's Center | Developed Land | ||||
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 | 225 | |||
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 | 5,014 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,014 | |||
Accumulated Depreciation | $ (597) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Legends Park MOB & ASC | Developed Land | ||||
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 | $ (2,525) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Franklin MOB & ASC | Developed Land | ||||
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 | $ (829) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Eagle Point MOB | Developed Land | ||||
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 | 10 | |||
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 | 9,019 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,030 | |||
Accumulated Depreciation | $ (899) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Edina East MOB | Developed Land | ||||
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 | 646 | |||
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 | 4,781 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,141 | |||
Accumulated Depreciation | $ (783) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Northside Center Pointe | Developed Land | ||||
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 | 8,461 | |||
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 | 126,891 | |||
Gross Amount at Which Carried as of Close of Period, Total | 126,891 | |||
Accumulated Depreciation | $ (16,862) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Gwinnett 500 Building | Developed Land | ||||
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 | 860 | |||
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 | 23,613 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,613 | |||
Accumulated Depreciation | $ (2,346) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Hudgens Professional Building | Developed Land | ||||
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 | 779 | |||
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 | 22,558 | |||
Gross Amount at Which Carried as of Close of Period, Total | 22,558 | |||
Accumulated Depreciation | $ (2,546) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Building | Developed Land | ||||
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 | $ (6,170) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Gwinnett Physicians Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,111 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 48,304 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,253 | |||
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 | 49,557 | |||
Gross Amount at Which Carried as of Close of Period, Total | 49,557 | |||
Accumulated Depreciation | $ (4,517) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Apple Valley Medical Center | Developed Land | ||||
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 | 2,717 | |||
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 | 17,646 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,233 | |||
Accumulated Depreciation | $ (2,683) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Desert Cove MOB | Developed Land | ||||
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 | $ (594) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Westgate MOB | Developed Land | ||||
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 | 2,101 | |||
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 | 15,480 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,480 | |||
Accumulated Depreciation | $ (1,907) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
M Health Fairview Clinics and Specialty Center - Maplewood | Developed Land | ||||
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 | 3,737 | |||
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 | 61,127 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,419 | |||
Accumulated Depreciation | $ (5,692) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lee's Hill Medical Plaza | Developed Land | ||||
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 | 78 | |||
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 | 24,868 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,920 | |||
Accumulated Depreciation | $ (2,621) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HMG Medical Plaza | Developed Land | ||||
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 | $ (6,302) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Jacksonville MedPlex (Building B) | Developed Land | ||||
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 | 571 | |||
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 | 6,559 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,818 | |||
Accumulated Depreciation | $ (688) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Jacksonville MedPlex (Building C) | Developed Land | ||||
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 | 21 | |||
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 | 6,488 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,656 | |||
Accumulated Depreciation | $ (613) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northside Medical Midtown | Developed Land | ||||
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 | 8,678 | |||
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 | 64,161 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,161 | |||
Accumulated Depreciation | $ (4,624) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
Doctors United ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,603 | |||
Initial Cost to Company, Buildings and Improvements | 11,827 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,603 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,827 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,430 | |||
Accumulated Depreciation | $ (718) | |||
Life on Which Building Depreciation in Income Statement is Computed | 54 years | |||
Atlanta Medical Condominium Investments | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,474 | |||
Initial Cost to Company, Buildings and Improvements | 2,201 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,269 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,474 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,470 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,944 | |||
Accumulated Depreciation | $ (500) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Rockwall II MOB | Developed Land | ||||
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 | 19,904 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,190 | |||
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 | 21,094 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,094 | |||
Accumulated Depreciation | $ (1,284) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Shell Ridge Plaza - Bldg 106 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,296 | |||
Initial Cost to Company, Buildings and Improvements | 9,007 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 16 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,296 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,023 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,319 | |||
Accumulated Depreciation | $ (749) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 108 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 2,600 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 19 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,105 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,619 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,724 | |||
Accumulated Depreciation | $ (222) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 110 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 2,786 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,105 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,786 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,891 | |||
Accumulated Depreciation | $ (236) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 112 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,097 | |||
Initial Cost to Company, Buildings and Improvements | 9,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,097 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,639 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,736 | |||
Accumulated Depreciation | $ (953) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Shell Ridge Plaza - Bldg 114 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,392 | |||
Initial Cost to Company, Buildings and Improvements | 4,624 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,392 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,016 | |||
Accumulated Depreciation | $ (300) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
ProHealth MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,032 | |||
Initial Cost to Company, Buildings and Improvements | 9,418 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,032 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,420 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,452 | |||
Accumulated Depreciation | $ (594) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Murdock Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,643 | |||
Initial Cost to Company, Buildings and Improvements | 9,527 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,643 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,531 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,174 | |||
Accumulated Depreciation | $ (597) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Westerville MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 995 | |||
Initial Cost to Company, Buildings and Improvements | 7,713 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,430 | |||
Gross Amount at Which Carried as of Close of Period, Land | 995 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,143 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,138 | |||
Accumulated Depreciation | $ (717) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
TOPA Fort Worth | Developed Land | ||||
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 | 42,753 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,486 | |||
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 | 44,239 | |||
Gross Amount at Which Carried as of Close of Period, Total | 44,239 | |||
Accumulated Depreciation | $ (2,103) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Ascension St. Vincent Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,031 | |||
Initial Cost to Company, Buildings and Improvements | 16,319 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,031 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,319 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,350 | |||
Accumulated Depreciation | $ (639) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Health Center at Easton | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 952 | |||
Initial Cost to Company, Buildings and Improvements | 13,375 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 80 | |||
Gross Amount at Which Carried as of Close of Period, Land | 952 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,455 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,407 | |||
Accumulated Depreciation | $ (450) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Hartford HealthCare Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,603 | |||
Initial Cost to Company, Buildings and Improvements | 14,487 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,603 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,487 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,090 | |||
Accumulated Depreciation | $ (430) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Sacred Heart Summit Medical Office and ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,119 | |||
Initial Cost to Company, Buildings and Improvements | 27,334 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 27 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,119 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,361 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,480 | |||
Accumulated Depreciation | $ (783) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Westerville II MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 606 | |||
Initial Cost to Company, Buildings and Improvements | 4,133 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 25 | |||
Gross Amount at Which Carried as of Close of Period, Land | 606 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,158 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,764 | |||
Accumulated Depreciation | $ (173) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
AdventHealth Wesley Chapel MOB II | Developed Land | ||||
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 | 32,958 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 209 | |||
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 | 33,167 | |||
Gross Amount at Which Carried as of Close of Period, Total | 33,167 | |||
Accumulated Depreciation | $ (644) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
TOPA Denton | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,256 | |||
Initial Cost to Company, Buildings and Improvements | 11,211 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,256 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,211 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,467 | |||
Accumulated Depreciation | $ (185) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Allegheny West Mifflin Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 967 | |||
Initial Cost to Company, Buildings and Improvements | 5,930 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 967 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,930 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,897 | |||
Accumulated Depreciation | $ (99) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Forsgate Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,986 | |||
Initial Cost to Company, Buildings and Improvements | 8,170 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,986 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,170 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,156 | |||
Accumulated Depreciation | $ (128) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mill Run Medical Center I | Developed Land | ||||
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 | 4,597 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
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 | 4,597 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,409 | |||
Accumulated Depreciation | $ (67) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Mill Run Medical Center II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,802 | |||
Initial Cost to Company, Buildings and Improvements | 15,288 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,802 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,288 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,090 | |||
Accumulated Depreciation | $ (223) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
New Britain Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,209 | |||
Initial Cost to Company, Buildings and Improvements | 6,798 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,209 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,798 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,007 | |||
Accumulated Depreciation | $ (102) | |||
Life on Which Building Depreciation in Income Statement is Computed | 29 years | |||
HonorHealth - Sonoran MOB | Developed Land | ||||
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 | 26,347 | |||
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 | 26,347 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,347 | |||
Accumulated Depreciation | $ (230) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Eden Hill Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 36,050 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 48,686 | |||
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 | 48,686 | |||
Gross Amount at Which Carried as of Close of Period, Total | 48,686 | |||
Accumulated Depreciation | $ (559) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
HonorHealth - Neuroscience Institute | Developed Land | ||||
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 | 53,452 | |||
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 | 53,452 | |||
Gross Amount at Which Carried as of Close of Period, Total | 53,452 | |||
Accumulated Depreciation | $ (346) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
University of Florida Health North MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 60,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 148,419 | |||
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 | 148,419 | |||
Gross Amount at Which Carried as of Close of Period, Total | 148,419 | |||
Accumulated Depreciation | $ (338) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
TGH Brandon Healthplex | Developed Land | ||||
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 | 66,864 | |||
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 | 66,864 | |||
Gross Amount at Which Carried as of Close of Period, Total | 66,864 | |||
Accumulated Depreciation | $ (151) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Yulee MOB | Developed Land | ||||
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 | 17,286 | |||
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 | 17,286 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,286 | |||
Accumulated Depreciation | $ (38) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
James Devin Moncus Medical Building | Developed Land | ||||
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 | 28,739 | |||
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 | 28,739 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,739 | |||
Accumulated Depreciation | $ (72) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Bay City MOB | Developed Land | ||||
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 | 31,649 | |||
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 | 31,649 | |||
Gross Amount at Which Carried as of Close of Period, Total | 31,649 | |||
Accumulated Depreciation | $ (76) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Beaumont Grosse Pointe MOB | Developed Land | ||||
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 | 21,883 | |||
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 | 21,883 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,883 | |||
Accumulated Depreciation | $ (52) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Burns POB | Developed Land | ||||
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 | 44,152 | |||
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 | 44,152 | |||
Gross Amount at Which Carried as of Close of Period, Total | 44,152 | |||
Accumulated Depreciation | $ (119) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Beaumont Health and Wellness Center | Developed Land | ||||
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 | 40,849 | |||
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 | 40,849 | |||
Gross Amount at Which Carried as of Close of Period, Total | 40,849 | |||
Accumulated Depreciation | $ (101) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Beaumont POB | Developed Land | ||||
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 | 39,501 | |||
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 | 39,501 | |||
Gross Amount at Which Carried as of Close of Period, Total | 39,501 | |||
Accumulated Depreciation | $ (105) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Hospital Hill MOB I | Developed Land | ||||
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 | 0 | |||
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 | 0 | |||
Gross Amount at Which Carried as of Close of Period, Total | 0 | |||
Accumulated Depreciation | $ 0 | |||
Life on Which Building Depreciation in Income Statement is Computed | 0 years | |||
Jackson Baptist Medical Center - Belhaven | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 56,424 | |||
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 | 56,424 | |||
Gross Amount at Which Carried as of Close of Period, Total | 56,424 | |||
Accumulated Depreciation | $ (139) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Old Bridge Medical Office Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 65,290 | |||
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 | 65,290 | |||
Gross Amount at Which Carried as of Close of Period, Total | 65,290 | |||
Accumulated Depreciation | $ (157) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Saint Vincent MOB | Developed Land | ||||
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 | 39,833 | |||
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 | 39,833 | |||
Gross Amount at Which Carried as of Close of Period, Total | 39,833 | |||
Accumulated Depreciation | $ (93) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Riverside MOB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,808 | |||
Initial Cost to Company, Buildings and Improvements | 24,502 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,808 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,502 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,310 | |||
Accumulated Depreciation | $ (79) | |||
Life on Which Building Depreciation in Income Statement is Computed | 29 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Aggregate cost for federal Income tax purposes | $ 5,200,000 | ||
Accumulated tax depreciation | 100,000 | ||
Aggregate cost for federal income tax purposes, net of accumulated tax depreciation | 5,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance as of the beginning of the year | 4,129,562 | $ 3,979,481 | $ 3,871,712 |
Acquisitions | 856,088 | 137,434 | 126,407 |
Additions | 31,731 | 33,701 | 35,531 |
Impairment | (340) | (4,860) | 0 |
Real estate held for sale | (2,282) | 0 | 0 |
Dispositions | (80,727) | (16,194) | (54,169) |
Balance as of the end of the year | 4,934,032 | 4,129,562 | 3,979,481 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance as of the beginning of the year | 492,660 | 382,833 | 283,495 |
Depreciation | 119,901 | 113,146 | 109,030 |
Real estate held for sale | 318 | 0 | 0 |
Dispositions | (18,165) | (3,319) | (9,692) |
Balance as of the end of the year | $ 594,714 | $ 492,660 | $ 382,833 |