Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document and Entity Information | |||
Entity Registrant Name | HCP, INC. | ||
Entity Central Index Key | 765,880 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 12.8 | ||
Entity Common Stock, Shares Outstanding | 469,443,487 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate: | ||
Buildings and improvements | $ 11,239,732 | $ 11,692,654 |
Development costs and construction in progress | 447,976 | 400,619 |
Land | 1,785,865 | 1,881,487 |
Accumulated depreciation and amortization | (2,741,695) | (2,648,930) |
Net real estate | 10,731,878 | 11,325,830 |
Net investment in direct financing leases | 714,352 | 752,589 |
Loans receivable, net | 313,326 | 807,954 |
Investments in and advances to unconsolidated joint ventures | 800,840 | 571,491 |
Accounts receivable, net of allowance of $4,425 and $4,459, respectively | 40,733 | 45,116 |
Cash and cash equivalents | 55,306 | 94,730 |
Restricted cash | 26,897 | 42,260 |
Intangible assets, net | 410,082 | 479,805 |
Assets held for sale, net | 417,014 | 927,866 |
Other assets, net | 578,033 | 711,624 |
Total assets | 14,088,461 | 15,759,265 |
LIABILITIES AND EQUITY | ||
Bank line of credit | 1,017,076 | 899,718 |
Term loans | 228,288 | 440,062 |
Senior unsecured notes | 6,396,451 | 7,133,538 |
Mortgage debt | 144,486 | 623,792 |
Other debt | 94,165 | 92,385 |
Intangible liabilities, net | 52,579 | 58,145 |
Liabilities of assets held for sale, net | 14,031 | 3,776 |
Accounts payable and accrued liabilities | 401,738 | 417,360 |
Deferred revenue | 144,709 | 149,181 |
Total liabilities | 8,493,523 | 9,817,957 |
Commitments and contingencies | ||
Common stock, $1.00 par value: 750,000,000 shares authorized; 469,435,678 and 468,081,489 shares issued and outstanding, respectively | 469,436 | 468,081 |
Additional paid-in capital | 8,226,113 | 8,198,890 |
Cumulative dividends in excess of earnings | (3,370,520) | (3,089,734) |
Accumulated other comprehensive income (loss) | (24,024) | (29,642) |
Total stockholders' equity | 5,301,005 | 5,547,595 |
Joint venture partners | 117,045 | 214,377 |
Non-managing member unitholders | 176,888 | 179,336 |
Total noncontrolling interests | 293,933 | 393,713 |
Total equity | 5,594,938 | 5,941,308 |
Total liabilities and equity | $ 14,088,461 | $ 15,759,265 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance, in dollars | $ 4,425 | $ 4,459 |
Common stock, par value, in dollars per share | $ 1 | $ 1 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 469,435,678 | 468,081,489 |
Common stock, shares outstanding | 469,435,678 | 468,081,489 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental and related revenues | $ 1,071,153,000 | $ 1,159,791,000 | $ 1,116,830,000 |
Tenant recoveries | 142,496,000 | 134,280,000 | 125,022,000 |
Resident fees and services | 524,275,000 | 686,835,000 | 525,453,000 |
Income from direct financing leases | 54,217,000 | 59,580,000 | 61,000,000 |
Interest income | 56,237,000 | 88,808,000 | 112,184,000 |
Total revenues | 1,848,378,000 | 2,129,294,000 | 1,940,489,000 |
Costs and expenses: | |||
Interest expense | 307,716,000 | 464,403,000 | 479,596,000 |
Depreciation and amortization | 534,726,000 | 568,108,000 | 504,905,000 |
Operating | 666,251,000 | 738,399,000 | 610,679,000 |
General and administrative | 88,772,000 | 103,611,000 | 95,965,000 |
Transaction costs | 7,963,000 | 9,821,000 | 27,309,000 |
Impairments (recoveries), net | 166,384,000 | 0 | 108,349,000 |
Total costs and expenses | 1,771,812,000 | 1,884,342,000 | 1,826,803,000 |
Other income (expense): | |||
Gain (loss) on sales of real estate, net | 356,641,000 | 164,698,000 | 6,377,000 |
Loss on debt extinguishments | (54,227,000) | (46,020,000) | 0 |
Other income (expense), net | 31,420,000 | 3,654,000 | 16,208,000 |
Total other income (expense), net | 333,834,000 | 122,332,000 | 22,585,000 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 410,400,000 | 367,284,000 | 136,271,000 |
Income tax benefit (expense) | 1,333,000 | (4,473,000) | 9,807,000 |
Equity income (loss) from unconsolidated joint ventures | 10,901,000 | 11,360,000 | 6,590,000 |
Income (loss) from continuing operations | 422,634,000 | 374,171,000 | 152,668,000 |
Discontinued operations: | |||
Income before impairments, transaction costs and income taxes | 0 | 400,701,000 | 643,109,000 |
Impairments, net | 0 | 0 | (1,341,399,000) |
Transaction costs | 0 | (86,765,000) | 0 |
Income tax benefit (expense) | 0 | (48,181,000) | (796,000) |
Total discontinued operations | 0 | 265,755,000 | (699,086,000) |
Net income (loss) | 422,634,000 | 639,926,000 | (546,418,000) |
Noncontrolling interests' share in earnings | (8,465,000) | (12,179,000) | (12,817,000) |
Net income (loss) attributable to HCP, Inc. | 414,169,000 | 627,747,000 | (559,235,000) |
Participating securities' share in earnings | (1,156,000) | (1,198,000) | (1,317,000) |
Net income (loss) applicable to common shares | $ 413,013,000 | $ 626,549,000 | $ (560,552,000) |
Basic earnings per common share: | |||
Continuing operations (in dollars per share) | $ 0.88 | $ 0.77 | $ 0.30 |
Discontinued operations (in dollars per share) | 0 | 0.57 | (1.51) |
Net income (loss) applicable to common shares (in dollars per share) | 0.88 | 1.34 | (1.21) |
Diluted earnings per common share: | |||
Continuing operations (in dollars per share) | 0.88 | 0.77 | 0.30 |
Discontinued operations (in dollars per share) | 0 | 0.57 | (1.51) |
Net income (loss) applicable to common shares (in dollars per share) | $ 0.88 | $ 1.34 | $ (1.21) |
Weighted average shares used to calculate earnings per common share: | |||
Basic (in shares) | 468,759,000 | 467,195,000 | 462,795,000 |
Diluted (in shares) | 468,935,000 | 467,403,000 | 462,795,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 422,634 | $ 639,926 | $ (546,418) |
Change in net unrealized gains (losses) on cash flow hedges: | |||
Unrealized gains (losses) | (11,107) | 3,233 | 1,894 |
Reclassification adjustment realized in net income (loss) | 799 | 707 | 148 |
Change in Supplemental Executive Retirement Plan obligation and other | 64 | 220 | 121 |
Foreign currency translation adjustment | 15,862 | (3,332) | (8,738) |
Total other comprehensive income (loss) | 5,618 | 828 | (6,575) |
Total comprehensive income (loss) | 428,252 | 640,754 | (552,993) |
Total comprehensive income (loss) attributable to noncontrolling interests | (8,465) | (12,179) | (12,817) |
Total comprehensive income (loss) attributable to HCP, Inc. | $ 419,787 | $ 628,575 | $ (565,810) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interests |
Balance at Dec. 31, 2014 | $ 10,997,099 | $ 459,746 | $ 11,431,987 | $ (1,132,541) | $ (23,895) | $ 10,735,297 | $ 261,802 |
Balance (in shares) at Dec. 31, 2014 | 459,746 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (546,418) | (559,235) | (559,235) | 12,817 | |||
Other comprehensive income (loss) | (6,575) | (6,575) | (6,575) | ||||
Issuance of common stock, net | 178,884 | $ 5,117 | 176,950 | 182,067 | (3,183) | ||
Issuance of common stock, net (in shares) | 5,117 | ||||||
Conversion of DownREIT units to common stock (in shares) | 104 | ||||||
Repurchase of common stock | (8,738) | $ (198) | (8,540) | (8,738) | |||
Repurchase of common stock (in shares) | (198) | ||||||
Exercise of stock options | 27,587 | $ 823 | 26,764 | 27,587 | |||
Exercise of stock options (in shares) | 823 | ||||||
Amortization of deferred compensation | 26,127 | 26,127 | 26,127 | ||||
Common dividends | (1,046,638) | (1,046,638) | (1,046,638) | ||||
Distributions to noncontrolling interests | (19,147) | (263) | (263) | (18,884) | |||
Issuances of noncontrolling interests | 151,185 | 151,185 | |||||
Purchase of noncontrolling interests | (7,049) | (5,986) | (5,986) | (1,063) | |||
Balance at Dec. 31, 2015 | 9,746,317 | $ 465,488 | 11,647,039 | (2,738,414) | (30,470) | 9,343,643 | 402,674 |
Balance (in shares) at Dec. 31, 2015 | 465,488 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | 639,926 | 627,747 | 627,747 | 12,179 | |||
Other comprehensive income (loss) | 828 | 828 | 828 | ||||
Issuance of common stock, net | 64,177 | $ 2,552 | 61,625 | 64,177 | |||
Issuance of common stock, net (in shares) | 2,552 | ||||||
Conversion of DownREIT units to common stock | 0 | $ 145 | 5,948 | 6,093 | (6,093) | ||
Conversion of DownREIT units to common stock (in shares) | 145 | ||||||
Repurchase of common stock | (8,685) | $ (237) | (8,448) | (8,685) | |||
Repurchase of common stock (in shares) | (237) | ||||||
Exercise of stock options | 3,473 | $ 133 | 3,340 | 3,473 | |||
Exercise of stock options (in shares) | 133 | ||||||
Amortization of deferred compensation | 22,884 | 22,884 | 22,884 | ||||
Common dividends | (979,542) | (979,542) | (979,542) | ||||
Distribution of QCP, Inc. | (3,532,763) | (3,532,763) | (3,532,763) | ||||
Distributions to noncontrolling interests | (26,347) | (36) | (36) | (26,311) | |||
Issuances of noncontrolling interests | 11,834 | 11,834 | |||||
Deconsolidation of noncontrolling interests | 506 | (36) | 475 | 439 | 67 | ||
Purchase of noncontrolling interests | (1,300) | (663) | (663) | (637) | |||
Balance at Dec. 31, 2016 | 5,941,308 | $ 468,081 | 8,198,890 | (3,089,734) | (29,642) | 5,547,595 | 393,713 |
Balance (in shares) at Dec. 31, 2016 | 468,081 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | 422,634 | 414,169 | 414,169 | 8,465 | |||
Other comprehensive income (loss) | 5,618 | 5,618 | 5,618 | ||||
Issuance of common stock, net | 27,353 | $ 1,402 | 25,951 | 27,353 | |||
Issuance of common stock, net (in shares) | 1,402 | ||||||
Conversion of DownREIT units to common stock | 0 | $ 78 | 2,411 | 2,489 | $ (2,489) | ||
Conversion of DownREIT units to common stock (in shares) | 78 | 7,000 | |||||
Repurchase of common stock | (4,785) | $ (157) | (4,628) | (4,785) | |||
Repurchase of common stock (in shares) | (157) | ||||||
Exercise of stock options | 768 | $ 32 | 736 | 768 | |||
Exercise of stock options (in shares) | 32 | ||||||
Amortization of deferred compensation | 14,258 | 14,258 | 14,258 | ||||
Common dividends | (694,955) | (694,955) | (694,955) | ||||
Distributions to noncontrolling interests | (26,129) | $ (26,129) | |||||
Issuances of noncontrolling interests | 1,615 | 1,615 | |||||
Deconsolidation of noncontrolling interests | (58,062) | 0 | (58,062) | ||||
Purchase of noncontrolling interests | (34,685) | (11,505) | (11,505) | (23,180) | |||
Balance at Dec. 31, 2017 | $ 5,594,938 | $ 469,436 | $ 8,226,113 | $ (3,370,520) | $ (24,024) | $ 5,301,005 | $ 293,933 |
Balance (in shares) at Dec. 31, 2017 | 469,436 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends, per share (in dollars per share) | $ 1.48 | $ 2.095 | $ 2.260 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ 422,634 | $ 639,926 | $ (546,418) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization of real estate, in-place lease and other intangibles: Continuing operations | 534,726 | 568,108 | 504,905 |
Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations | 0 | 4,890 | 5,880 |
Amortization of deferred compensation | 14,258 | 22,884 | 26,127 |
Amortization of deferred financing costs | 14,569 | 20,014 | 20,222 |
Straight-line rents | (23,933) | (18,003) | (28,859) |
Loan and direct financing lease non-cash interest, net: continuing operations | (613) | 599 | (5,648) |
Loan and direct financing lease non-cash interest, net: discontinued operations | 0 | 0 | (90,065) |
Equity loss (income) from unconsolidated joint ventures | (10,901) | (11,360) | (57,313) |
Distributions of earnings from unconsolidated joint ventures | 44,142 | 26,492 | 15,111 |
Loss (gain) on sales of real estate, net | (356,641) | (164,698) | (6,377) |
Lease and management fee termination loss (income), net | 54,641 | 0 | (1,103) |
Deferred income tax expense (benefit) | (5,523) | 47,195 | 0 |
Impairments (recoveries), net | 166,384 | 0 | 1,449,748 |
Loss on extinguishment of debt | 54,227 | 46,020 | 0 |
Casualty-related loss (recoveries), net | 12,053 | 0 | 0 |
Loss (gain) on sale of marketable securities | (50,895) | 0 | 0 |
Other non-cash items | (2,122) | (2,968) | (11,286) |
Decrease (increase) in accounts receivable and other assets, net | (24,782) | (6,992) | (29,022) |
Increase (decrease) accounts payable and accrued liabilities | 4,817 | 42,024 | (23,757) |
Net cash provided by (used in) operating activities | 847,041 | 1,214,131 | 1,222,145 |
Cash flows from investing activities: | |||
Acquisition of RIDEA III, net | 0 | 0 | (768,413) |
Acquisitions of other real estate | (560,753) | (467,162) | (613,252) |
Development and redevelopment of real estate | (373,479) | (421,322) | (281,017) |
Leasing costs, tenant improvements, and recurring capital expenditures | (115,260) | (91,442) | (84,282) |
Proceeds from sales of real estate, net | 1,314,325 | 647,754 | 73,149 |
Contributions to unconsolidated joint ventures | (46,334) | (10,186) | (69,936) |
Distributions in excess of earnings from unconsolidated joint ventures | 37,023 | 28,366 | 30,989 |
Proceeds from the RIDEA II transaction, net | 462,242 | 0 | 0 |
Proceeds from sales/principal repayments on debt investments and direct financing leases | 558,769 | 231,990 | 628,049 |
Investments in loans receivable, direct financing leases and other | (30,276) | (273,693) | (575,652) |
Purchase of securities for debt defeasance | 0 | (73,278) | 0 |
Net cash provided by (used in) investing activities | 1,246,257 | (428,973) | (1,660,365) |
Cash flows from financing activities: | |||
Borrowings under bank line of credit, net | 1,244,189 | 1,108,417 | 98,743 |
Repayments under bank line of credit | (1,150,596) | (540,000) | (511,521) |
Proceeds related to QCP Spin-Off, net | 0 | 1,685,172 | 0 |
Issuance and borrowings of debt, excluding bank line of credit | 5,395 | 0 | 2,269,031 |
Repayments and repurchase of debt, excluding bank line of credit | (1,468,446) | (2,316,774) | (457,845) |
Payments for debt extinguishment and deferred financing costs | (51,415) | (54,856) | (19,995) |
Issuance of common stock and exercise of options | 28,121 | 67,650 | 206,471 |
Repurchase of common stock | (4,785) | (8,685) | (8,738) |
Dividends paid on common stock | (694,955) | (979,542) | (1,046,638) |
Issuance of noncontrolling interests | 1,615 | 11,834 | 110,775 |
Distributions to and purchase of noncontrolling interests | (57,584) | (27,481) | (26,196) |
Net cash provided by (used in) financing activities | (2,148,461) | (1,054,265) | 614,087 |
Effect of foreign exchanges on cash, cash equivalents and restricted cash | 376 | (1,019) | (1,537) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (54,787) | (270,126) | 174,330 |
Cash, cash equivalents and restricted cash, beginning of year | 136,990 | 407,116 | 232,786 |
Cash, cash equivalents and restricted cash, end of year | 82,203 | 136,990 | 407,116 |
Less: cash, cash equivalents and restricted cash of discontinued operations | 0 | 0 | (6,058) |
Cash, cash equivalents and restricted cash of continuing operations, end of year | $ 82,203 | $ 136,990 | $ 401,058 |
Business
Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Overview HCP, Inc., an S&P 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “HCP” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). The Company acquires, develops, leases, and manages and disposes of healthcare real estate. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) senior housing triple-net, (ii) senior housing operating portfolio (“SHOP”), (iii) life science and (iv) medical office. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. Principles of Consolidation The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the sole general partner or majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and should be reassessed if: (i) there is a change to the terms or in the ability to exercise the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies. Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year , with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. The Company recognizes a gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made. Real Estate On January 1, 2017 the Company adopted Accounting Standards Update (“ASU”) No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset, or a group of assets, or a business (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-01). As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. Prior to the adoption of ASU 2017-01, the majority of the Company’s real estate acquisitions were classified as business combinations and identifiable assets acquired, liabilities assumed and any associated noncontrolling interests were recorded at fair value, with any excess consideration recorded as goodwill. Transaction costs related to business combinations were expensed as incurred. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years . Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. During the fourth quarter of 2017, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) which eliminates step two from the goodwill impairment test, as described below (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-04). Effective October 1, 2017, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Prior to its adoption of ASU 2017-04, if the Company determined that it was more likely than not that the fair value of a reporting unit was less than its carrying value, the Company applied the required two-step quantitative approach. The quantitative procedures of the two-step approach: (i) compared the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compared the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and was used to determine the impairment loss amount, if any. Assets Held for Sale and Discontinued Operations The Company classifies a real estate property 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. A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions. Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings. Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state, local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. During the fourth quarter of 2017, as a result of a change in how operating results are reported to the Company's chief operating decision makers, for the purpose of evaluating performance and allocating resources, unconsolidated joint ventures are now included in other non-reportable segments. Accordingly, all prior period segment information has been recast to conform to the current period presentation. Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject |
Master Transactions and Coopera
Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Master Transaction and Cooperation Agreement with Brookdale (Brookdale Transactions) | Master Transactions and Cooperation Agreement with Brookdale (“Brookdale Transactions”) Master Transactions and Cooperation Agreement with Brookdale On November 1, 2017, the Company and Brookdale Senior Living Inc. (“Brookdale”) entered into a Master Transactions and Cooperation Agreement (the “MTCA”) to provide the Company with the ability to significantly reduce its concentration of assets leased to and/or managed by Brookdale (the "Brookdale Transaction"). Through a series of dispositions and transitions of assets currently leased to and/or managed by Brookdale, as contemplated by the MTCA and further described below, the Company’s exposure to Brookdale is expected to be significantly reduced. In connection with the overall transaction pursuant to the MTCA, the Company (through certain of its subsidiaries), and Brookdale (through certain of its subsidiaries) (the “Lessee”) entered into an Amended and Restated Master Lease and Security Agreement (the “Amended Master Lease”), which amended and restated the then-existing triple-net leases between the parties for 78 assets (before giving effect to the contemplated sale or transition of 34 assets discussed below), which account for primarily all of the assets subject to triple-net leases between the Company and the Lessee. Under the Amended Master Lease, the Company has the benefit of a guaranty from Brookdale of the Lessee’s obligations and, upon a change in control, will have various additional protections under the MTCA and the Amended Master Lease including: • A security deposit (which increases if specified leverage thresholds are exceeded); • A termination right if certain financial covenants and net worth test are not satisfied; • Enhanced reporting requirements and related remedies; and • The right to market for sale the CCRC portfolio. Future changes in control of Brookdale are permitted pursuant to the Amended Master Lease, subject to certain conditions, including the purchaser either meeting experience requirements or retaining a majority of Brookdale’s principal officers. The Amended Master Lease preserves the renewal terms and, with certain exceptions, the rents under the previously existing triple-net leases. In addition, the Company and Brookdale agreed to the following: • The Company has the right to sell, or transition to other operators, 32 triple-net assets. If such sale or transition does not occur within one year, the triple-net lease with respect to such assets will convert to a cash flow lease (under which the Company will bear the risks and rewards of operating the assets) with a term of two years, provided that the Company has the right to terminate the cash flow lease at any time during the term without penalty; • The Company has provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • The Company will sell two triple-net assets to Brookdale or its affiliates for $35 million , which it anticipates completing during the first half of 2018. Also pursuant to the MTCA, the Company and Brookdale agreed to the following: • The Company, which owned 90% of the interests in its RIDEA I and RIDEA III joint ventures with Brookdale at the time the MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each joint venture for an aggregate purchase price of $95 million . These joint ventures collectively own and operate 58 independent living, assisted living, memory care and/or skilled nursing facilities (the “RIDEA Facilities”). The Company completed its acquisition of the RIDEA III noncontrolling interest in December 2017 and anticipates completing its acquisition of the RIDEA I noncontrolling interest during the first half of 2018; • The Company has the right to sell, or transition to other managers, 36 of the RIDEA Facilities and terminate related management agreements with an affiliate of Brookdale without penalty. If the related management agreements are not terminated within one year, the base management fee ( 5% of gross revenues) increases by 1% of gross revenues per year over the following two years to a maximum of 7% of gross revenues; • The Company will sell four of the RIDEA Facilities to Brookdale or its affiliates for $239 million , one of which was sold in January 2018 for $27 million . The Company anticipates completing the sale of the remaining three RIDEA Facilities during the first half of 2018; • A Brookdale affiliate continues to manage the remaining 18 RIDEA Facilities pursuant to amended and restated management agreements, which provide for extended terms on select assets, modified performance hurdles for extensions and incentive fees, and modified termination rights (including stricter performance-based termination rights, a staggered right to terminate seven agreements over a 10 year period beginning in 2021, and a right to terminate at will upon payment of a termination fee, in lieu of sale-related termination rights), and two other existing facilities managed in separate RIDEA structures; and • The Company has the right to sell, to certain permitted transferees, its 49% ownership interest in joint ventures that own and operate a portfolio of continuing care retirement communities and in which Brookdale owns the other 51% interest (the “CCRC JV”), subject to certain conditions and a right of first offer in favor of Brookdale. Brookdale will have a corresponding right to sell its 51% interest in the CCRC JV to certain permitted transferees, subject to certain conditions, a right of first offer and a right to terminate management agreements following such sale of Brookdale’s interest, each in favor of HCP. Following a change in control of Brookdale, the Company will have the right to initiate a sale of the CCRC portfolio, subject to certain rights of first offer and first refusal in favor of Brookdale. Fair Value Measurement Techniques and Quantitative Information The Company performed a fair value assessment of each of the MTCA components that provided measurable economic benefit or detriment to the Company. Each fair value calculation is based on an income or market approach and relies on historical and forecasted EBITDAR (defined as earnings before interest, taxes, depreciation, amortization and rent) and revenue, as well as market data, including, but not limited to, a discount rate of 12% , a management fee rate of 5% of revenue, EBITDAR growth rates ranging from zero to 3% , and real estate capitalization rates ranging from 6% to 7% . All assumptions are supported by independent market data and considered to be Level 2 measurements within the fair value hierarchy. As a result of the assessment, the Company recognized a $20 million net reduction of rental and related revenues related to the right to terminate leases for 32 triple-net assets and the write-off of unamortized lease intangible assets related to those same 32 triple-net assets. Additionally, the Company recognized $35 million of operating expense related to the right to terminate management agreements for 36 SHOP assets. |
Other Real Estate Property Inve
Other Real Estate Property Investments | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Other Real Estate Property Investments | Other Real Estate Property Investments 2017 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid Net Liabilities Assumed Real Estate Net Intangibles SHOP $ 44,258 $ 797 $ 37,940 $ 7,115 Life science 315,255 3,524 305,760 13,019 Medical office 201,240 1,104 184,115 18,229 $ 560,753 $ 5,425 $ 527,815 $ 38,363 2016 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Segment Cash Paid/ Debt Settled Net Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 SHOP 113,971 76,931 177,551 13,351 Life science 49,000 — 47,400 1,600 Medical office 209,920 4,854 209,178 5,596 Other non-reportable segments 17,909 — 16,596 1,313 $ 467,162 $ 82,985 $ 522,600 $ 27,547 _______________________________________ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. Construction, Tenant and Other Capital Improvements The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2017 2016 2015 Senior housing triple-net $ 32,343 $ 49,109 $ 53,980 SHOP 49,473 74,158 77,425 Life science 240,901 200,122 122,319 Medical office 148,926 128,308 131,021 Other 135 7,203 37 $ 471,778 $ 458,900 $ 384,782 |
Discontinued Operations and Dis
Discontinued Operations and Dispositions of Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Dispositions of Real Estate | Discontinued Operations and Dispositions of Real Estate Discontinued Operations - Quality Care Properties, Inc. Quality Care Properties, Inc. On October 31, 2016, the Company completed the spin-off (the “Spin-Off”) of its subsidiary, Quality Care Properties, Inc. (“QCP”) (NYSE: QCP). The Spin-Off assets included 338 properties, primarily comprised of the HCR ManorCare, Inc. (“HCRMC”) DFL investments and an equity investment in HCRMC. QCP is an independent, publicly-traded, self-managed and self-administrated REIT. As a result of the Spin-Off, the operations of QCP are now classified as discontinued operations for the years ended December 31, 2016 and 2015. On October 17, 2016, subsidiaries of QCP issued $750 million in aggregate principal amount of senior secured notes due 2023 (the “QCP Notes”), the gross proceeds of which were deposited in escrow until they were released in connection with the consummation of the Spin-Off on October 31, 2016. The QCP Notes bear interest at a rate of 8.125% per annum, payable semiannually. From October 17, 2016 until the completion of the Spin-Off, QCP (a then wholly-owned subsidiary of HCP) incurred $2 million in interest expense. In addition, immediately prior to the effectiveness of the Spin-Off, subsidiaries of QCP received $1.0 billion of proceeds from their borrowings under a senior secured term loan, bearing interest at a rate at QCP’s option of either: (i) LIBOR plus 5.25% , subject to a 1% floor or (ii) a base rate specified in the first lien credit and guaranty agreement plus 4.25% , bringing the total gross proceeds raised by QCP and its subsidiaries under those financings to $1.75 billion . In connection with the consummation of the Spin-Off, QCP and its subsidiaries transferred $1.69 billion in cash and 94 million shares of QCP common stock to HCP and certain of its other subsidiaries, and HCP and its applicable subsidiaries transferred the assets comprising the QCP portfolio to QCP and its subsidiaries. HCP then distributed substantially all of the outstanding shares of QCP common stock to its stockholders, based on the distribution ratio of one share of QCP common stock for every five shares of HCP common stock held by HCP stockholders as of the October 24, 2016 record date for the distribution. The Company recorded the distribution of the assets and liabilities of QCP from its consolidated balance sheet on a historical cost basis as a dividend from stockholders’ equity of $3.5 billion , and zero gain or loss was recognized. The Company primarily used the $1.69 billion proceeds of the cash distribution it received from QCP upon consummation of the Spin-Off to pay down certain of the Company’s existing debt obligations. The Company entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) with QCP in connection with the Spin-Off. The Separation and Distribution Agreement divides and allocates the assets and liabilities of the Company prior to the Spin-Off between QCP and HCP, governs the rights and obligations of the parties regarding the Spin-Off, and contains other key provisions relating to the separation of QCP’s business from HCP. In connection with the Spin-Off, the Company entered into a Transition Services Agreement ("TSA") with QCP. Per the terms of the TSA, the Company agreed to provide certain administrative and support services to QCP on a transitional basis for established fees. The TSA terminated on October 31, 2017. From October 31, 2016 through June 2017, HCP was the sole lender to QCP of an unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”) which had a total commitment of $100 million at inception. No amounts were drawn on the Unsecured Revolving Credit Facility and the total commitment was reduced to zero at June 30, 2017. The results of discontinued operations through October 31, 2016, the Spin-Off date, are included in the consolidated results for the years ended December 31, 2016 and 2015. Summarized financial information for discontinued operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2016 2015 Revenues: Rental and related revenues $ 22,971 $ 27,651 Tenant recoveries 1,233 1,464 Income from direct financing leases 384,752 572,835 Total revenues 408,956 601,950 Costs and expenses: Depreciation and amortization (4,892 ) (5,880 ) Operating (3,367 ) (3,697 ) General and administrative (67 ) (57 ) Transaction costs (86,765 ) — Impairments — (1,295,504 ) Other income (expense), net 71 70 Income (loss) before income taxes and income from impairments of equity method investments 313,936 (703,118 ) Income tax benefit (expense) (48,181 ) (796 ) Income from equity method investment — 50,723 Impairments of equity method investment — (45,895 ) Total discontinued operations $ 265,755 $ (699,086 ) During the fourth quarter of 2016, using proceeds from the Spin-Off, the Company repaid $500 million of 6.0% senior unsecured notes that were due to mature in January 2017, $600 million of 6.7% senior unsecured notes that were due to mature in January 2018 and $108 million of mortgage debt; incurring aggregate loss on debt extinguishments of $46 million . HCR ManorCare, Inc. Discontinued operations is primarily comprised of QCP’s HCRMC DFL investments and equity investment in HCRMC. During the years ended December 31, 2016 and 2015, the Company recognized DFL income of $385 million and $573 million , respectively, and received cash payments of $385 million and $483 million , respectively, from the HCRMC DFL investments. The carrying value of the HCRMC DFL investments was $5.2 billion at December 31, 2015. The following summarizes the significant transactions and impairments related to HCRMC: 2015 During the three months ended March 31, 2015, the Company and HCRMC agreed to market for sale the real estate and operations associated with 50 non-strategic facilities that were under a master lease. During the year ended December 31, 2015, the Company completed sales of 22 non-strategic HCRMC facilities for $219 million . During the year ended December 31, 2016, the Company sold an additional 11 facilities for $62 million , bringing the total facilities sold to 33 at the time of the Spin-Off. On March 29, 2015, certain subsidiaries of the Company entered into an amendment to the master lease (the “HCRMC Lease Amendment”) effective April 1, 2015 (the "HCRMC Amended Master Lease"). The HCRMC Lease Amendment reduced initial annual rent by a net $68 million and reset the minimum rent escalation to 3.0% for each lease year through the expiration of the initial term. The initial term was extended five years to an average of 16 years. As consideration for the rent reduction, the Company received a Deferred Rent Obligation (“DRO”) from the Lessee equal to an aggregate amount of $525 million . As a result of the HCRMC Lease Amendment, the Company recorded an impairment charge of $478 million related to its HCRMC DFL investments. The impairment charge reduced the carrying value of the HCRMC DFL investments from $6.6 billion to $6.1 billion , based on the present value of the future lease payments effective April 1, 2015 under the HCRMC Amended Master Lease discounted at the original DFL investments’ effective lease rate. Additionally, HCRMC agreed to sell, and HCP agreed to purchase, nine post-acute facilities for an aggregate purchase price of $275 million . Through December 31, 2015, HCRMC and HCP completed seven of the nine facility purchases for $184 million . Through Spin-Off, HCRMC and HCP completed the remaining two facility purchases for $91 million , bringing the nine facility purchases to an aggregate $275 million , the proceeds of which were used to settle a portion of the DRO discussed above. As of September 30, 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $27 million . The impairment charge reduced the carrying amount of the Company’s equity investment in HCRMC from $48 million to its fair value of $21 million . The fair value of the Company’s equity investment in HCRMC was based on a discounted cash flow valuation model and inputs were considered to be Level 3 measurements within the fair value hierarchy. The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model: Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x _______________________________________ (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. As part of the Company’s fourth quarter 2015 review process, including its internal rating evaluation, it assessed the collectibility of all contractual rent payments under the HCRMC Amended Master Lease, as discussed below and assigned an internal rating of “Watch List” as of December 31, 2015. Further, the Company placed the HCRMC DFL investments on nonaccrual status and began utilizing a cash basis method of accounting in accordance with its policies (see Note 2). As a result of assigning an internal rating of “Watch List” to its HCRMC DFL investments during the quarterly review process, the Company further evaluated the carrying amount of its HCRMC DFL investments and determined that it was probable that its HCRMC DFL investments were impaired. As a result of the significant decline in HCRMC’s fixed charge coverage ratio in the fourth quarter of 2015, combined with a lower growth outlook for the post-acute/skilled nursing business, the Company determined that it was probable that its HCRMC DFL investments were impaired. In the fourth quarter of 2015, the Company recorded an allowance for DFL losses (impairment charge) of $817 million , reducing the carrying amount of its HCRMC DFL investments from $6.0 billion to $5.2 billion . The allowance for credit losses was determined as the present value of expected future (i) in-place lease payments under the HCRMC Amended Master Lease and (ii) estimated market rate lease payments, each discounted at the original HCRMC DFL investments’ effective lease rate. Impairments related to an allowance for credit losses are included in impairments, net. The market rate lease payments were based on an income approach utilizing a discounted cash flow valuation model. The significant inputs to this valuation model included forecasted EBITDAR, rent coverage ratios and real estate capitalization rates and are summarized as follows (dollars in thousands): Description of Input(s) to the Valuation Senior Housing DFL Valuation Inputs Post-acute/ Skilled nursing DFL Valuation Inputs Range of EBITDAR $75,000-$85,000 $385,000-$435,000 Range of rent coverage ratio 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50% In December 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $19 million , reducing its carrying value to zero . Beginning in January 2016, income was recognized only if cash distributions were received from HCRMC. 2016 The Company’s acquisition of the HCRMC DFL investments in 2011 was subject to federal and state built-in gain tax of up to $2 billion if all the assets were sold within 10 years. At the time of acquisition, the Company intended to hold the assets for at least 10 years, at which time the assets would no longer be subject to the built-in gain tax. In December 2015, the U.S. Federal Government passed legislation which permanently reduced the holding period, for federal tax purposes, to five years. The Company satisfied the five year holding period requirement in April 2016. This legislation was not extended to certain states, which maintain a 10 year requirement. During the year ended December 31, 2016, the Company determined that it may sell assets during the next five years and, therefore, recorded a deferred tax liability of $47 million , representing its estimated exposure to state built-in gain tax. Dispositions of Real Estate Held for Sale At December 31, 2017 , four life science facilities, two senior housing triple-net facilities and six SHOP facilities were classified as held for sale, with an aggregate carrying value of $417 million , primarily comprised of real estate assets of $393 million , net of accumulated depreciation of $93 million . At December 31, 2016 , 64 senior housing triple-net facilities, four life science facilities and a SHOP facility were classified as held for sale, with an aggregate carrying value of $928 million , primarily comprised of real estate assets of $809 million , net of accumulated depreciation of $193 million . Liabilities of assets held for sale is primarily comprised of intangible and other liabilities at both December 31, 2017 and 2016 . RIDEA II Sale Transaction In January 2017, the Company completed the contribution of its ownership interest in RIDEA II to an unconsolidated JV owned by HCP and an investor group led by Columbia Pacific Advisors, LLC (“CPA”) (“HCP/CPA PropCo” and “HCP/CPA OpCo,” together, the “HCP/CPA JV”). In addition, RIDEA II was recapitalized with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by HCP. In return for both transaction elements, the Company received combined proceeds of $480 million from the HCP/CPA JV and $242 million in loan receivables and retained an approximately 40% ownership interest in RIDEA II (the note receivable and 40% ownership interest are herein referred to as the “RIDEA II Investments”). This transaction resulted in the Company deconsolidating the net assets of RIDEA II and recognizing a net gain on sale of $99 million . The RIDEA II Investments are currently recognized and accounted for as equity method investments. On November 1, 2017, the Company entered into a definitive agreement with an investor group led by CPA to sell its remaining 40% ownership interest in RIDEA II for $91 million . The Company expects the transaction to close in the first half of 2018. CPA has also agreed to cause refinancing of the Company’s $242 million loan receivables from RIDEA II within one year following the close of the transaction. 2017 Dispositions In January 2017, the Company sold four life science facilities in Salt Lake City, Utah for $76 million , resulting in a net gain on sale of $45 million . In March 2017, the Company sold 64 senior housing triple-net assets, previously under triple-net leases with Brookdale, for $1.125 billion to affiliates of Blackstone Real Estate Partners VIII, L.P., resulting in a net gain on sale of $170 million . Additionally, during the year ended December 31, 2017, the Company sold the following: (i) a life science land parcel in San Diego, California for $27 million , (ii) a life science building in San Diego, California for $5 million , (iii) four senior housing triple-net facilities for $27 million , (iv) five SHOP facilities for $43 million and (v) four medical office buildings (“MOBs”) for $15 million , and recorded a net gain on sale of $41 million . 2016 Dispositions During the year ended December 31, 2016, the Company sold the following: (i) a portfolio of five post-acute/skilled nursing facilities and two senior housing triple-net facilities for $130 million , (ii) five life science facilities for $386 million , (iii) seven senior housing triple-net facilities for $88 million , (iv) three MOBs for $20 million and (v) three SHOP facilities for $41 million . 2015 Dispositions During the year ended December 31, 2015, the Company sold the following: (i) nine senior housing triple-net facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of a transaction with Brookdale in 2014, (ii) two parcels of land in its life science segment for $51 million and (iii) a MOB for $400,000 . |
Net Investment in Direct Financ
Net Investment in Direct Financing Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Capital [Abstract] | |
Net Investment in Direct Financing Leases | Net Investment in Direct Financing Leases The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 1,062,452 $ 1,108,237 Estimated residual value 504,457 539,656 Less unearned income (852,557 ) (895,304 ) Net investment in direct financing leases $ 714,352 $ 752,589 Properties subject to direct financing leases 29 30 Certain DFLs contain provisions that allow the tenants to elect to purchase the properties during or at the end of the lease terms for the aggregate initial investment amount plus adjustments, if any, as defined in the lease agreements. Certain leases also permit the Company to require the tenants to purchase the properties at the end of the lease terms. The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2017 (in thousands): Year Amount 2018 $ 102,983 2019 68,204 2020 62,781 2021 63,175 2022 57,762 Thereafter 707,547 $ 1,062,452 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — Beginning September 30, 2013, the Company placed a 14 property senior housing DFL (the “DFL Portfolio”) on nonaccrual status and classified the DFL Portfolio on “Watch List” status. The Company determined that the collection of all rental payments was and continues to be no longer reasonably assured; therefore, rental revenue for the DFL Portfolio has been recognized on a cash basis. The Company re-assessed the DFL Portfolio for impairment on December 31, 2017 and determined that the DFL Portfolio was not impaired based on its belief that: (i) it was not probable that it will not collect all of the rental payments under the terms of the lease; and (ii) the fair value of the underlying collateral exceeded the DFL Portfolio’s carrying amount. The fair value of the DFL Portfolio was estimated based on an income approach and utilizes inputs which are considered to be a Level 3 measurement within the fair value hierarchy. Inputs to this valuation model include real estate capitalization rates, industry growth rates, and operating margins, some of which influence the Company’s expectation of future cash flows from the DFL Portfolio and, accordingly, the fair value of its investment. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized DFL income of $13 million , $13 million and $15 million , respectively, and received cash payments of $18 million , $18 million and $20 million , respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $356 million and $361 million at December 31, 2017 and 2016 , respectively. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2017 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1)(2) $ — $ 269,299 $ 269,299 $ — $ 615,188 $ 615,188 Other (3) 188,418 — 188,418 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (596 ) (596 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (143,795 ) (143,795 ) — — — $ 188,418 $ 124,908 $ 313,326 $ 196,359 $ 611,595 $ 807,954 _______________________________________ (1) At December 31, 2016, included £282 million ( $348 million ) outstanding and £2 million ( $3 million ) of associated unamortized discounts, fees and costs both related to the HC-One Facility, which paid off in June 2017. (2) At December 31, 2017 , the Company had £2 million ( $3 million ) remaining under its commitments to fund development projects and capital expenditures under its development projects in the United Kingdom ("U.K."). In December 2017, the Company entered into a participating debt financing arrangement to fund a $115 million senior living development project, which remained unfunded at December 31, 2017. (3) At December 31, 2017 and 2016 , included £123 million ( $167 million ) and £113 million ( $140 million ), respectively, outstanding primarily related to Maria Mallaband loans. The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information. Real Estate Secured Loans The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2017 (dollars in thousands): Final Maturity Date Number of Loans Payment Terms Principal Amount (1) Carrying Amount 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania $ 21,458 $ 21,597 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K. 22,706 24,001 2023 1 monthly interest-only payments, accrues interest at 7.22% and secured by seven senior housing facilities in the U.K. 142,820 142,820 4 $ 186,984 $ 188,418 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. During the year ended December 31, 2017 , the Company recognized $13 million in interest income related to loans secured by real estate. In March 2017, the Company sold its investment in Four Seasons Health Care’s (“Four Seasons”) senior secured term loan at par plus accrued interest for £29 million ( $35 million ). Other Secured Loans HC-One Facility In November 2014, the Company was the lead investor in the financing for Formation Capital and Safanad’s acquisition of NHP, a company that owned nursing and residential care homes in the U.K. principally operated by HC-One and provided a loan facility (the “HC-One Facility”). In April 2015, the Company converted £174 million of the HC-One Facility into a sale-leaseback transaction for 36 nursing and residential care homes located throughout the U.K. Through the year ended December 31, 2015, the Company received paydowns of £34 million ( $52 million ). On June 30, 2017, the Company received £283 million ( $367 million ) from the repayment of its HC-One mezzanine loan. Tandem Health Care Loan From July 2012 through May 2015, the Company funded, in aggregate, $257 million under a collateralized mezzanine loan facility (the “Mezzanine Loan”) to certain affiliates of Tandem Health Care (together with its affiliates, “Tandem”). The Mezzanine Loan matures in October 2018 and carries a weighted average interest rate of 11.5% . The fair value of the collateral supporting the Mezzanine Loan had included the value of an in-the-money purchase option (the “Purchase Option”) that is a term of a lease between Tandem and a lessor, which provided Tandem the right to buy the nine Leasehold Properties (as defined below) for a total of $82 million by January 4, 2018 (the “Purchase Option Expiration Date”). In addition to the Mezzanine Loan outstanding to the Company, Tandem has outstanding to other lenders a $257 million syndicated senior loan (the “Senior Loan”) that matures in July 2018. Tandem owns and operates 32 post-acute/skilled nursing facilities, in addition to operating nine leasehold interests (the “Leasehold Properties”), which, in total, represents 4,766 beds (collectively, the “Tandem Portfolio”) located primarily throughout Florida, Pennsylvania and Virginia. Tandem leases the entire Tandem Portfolio to certain affiliates of Consulate Health Care (together with its affiliates, “Consulate”) under a master lease. During the quarter ended June 30, 2017, as a result of multiple events of default under Tandem’s master lease with Consulate and operational struggles of Consulate, the Company concluded that it was probable that it would be unable to collect all interest and principal payments, including default interest payments, according to the contractual terms of the Mezzanine Loan. As such, as part of its quarterly review process, the Company recorded an impairment charge and related allowance of $57 million during the three months ended June 30, 2017, reducing the carrying value to $200 million . The decline in fair value was driven by a variety of factors, including recent operating results of the underlying real estate assets, as well as market and industry data, that reflect a declining trend in admissions and a continuing shift away from higher-rate Medicare plans in the post-acute/skilled nursing sector. The calculation of the fair value was primarily based on an income approach and relies on forecasted EBITDAR and market data, including, but not limited to, sales price per unit/bed, rent coverage ratios, and real estate capitalization rates. All valuation inputs are considered to be Level 2 measurements within the fair value hierarchy. Additionally, on July 31, 2017, subsequent to its second quarter 2017 quarterly review process and the aforementioned impairment, the Company entered into a binding agreement (the “Repurchase Agreement”) with the borrowers to provide an option to repay the Mezzanine Loan at a discounted value of $197 million (the “Repayment Value”) by October 25, 2017, which date was subsequently extended to December 31, 2017 (the “Agreement Maturity Date”). As a result of entering into the Repurchase Agreement, the Company recorded an additional impairment charge and related allowance of $3 million during the quarter ended September 30, 2017 to write down the carrying value of the Mezzanine Loan to the Repayment Value and assigned the loan an internal rating of Workout. As part of the Repurchase Agreement, Tandem posted, in aggregate, $8 million of non-refundable deposits (the “Deposits”), which the Company would be entitled to retain (without any credit against the Mezzanine Loan) if Tandem failed to make interest payments on the $257 million par value of the Mezzanine Loan through the repayment date or the Agreement Maturity Date, as applicable, adjusted for any principal payments received. Consulate is facing operational and financial challenges and has failed to fully pay its contractual rent to Tandem since April 1, 2017. Tandem, which relies on contractual rent payments in order to service its interest payments to the Company under the Mezzanine Loan, failed to make its monthly interest payment thereunder on November 10, 2017. On November 17, 2017, the Company declared an event of default under the Mezzanine Loan and, as a result, the Repurchase Agreement became null and void and the Deposits were forfeited to the Company. Tandem also failed to make its December 2017, January 2018 and February 2018 interest payments to the Company. Tandem remains current on its interest payments under the Senior Loan. Despite the Repurchase Agreement having terminated as a result of the event of default, Tandem nonetheless informed the Company that it was continuing to attempt to recapitalize so that it would be in a position to repay the Repayment Value (less the forfeited Deposits) on or prior to the Agreement Maturity Date, should the Company be willing to do so at that time. For example, during the second half of 2017, Tandem sold assets and used proceeds to pay down the Senior Loan. Despite ongoing efforts to recapitalize, Tandem was unable to: (i) repay the Mezzanine Loan at the Repayment Value prior to the Agreement Maturity Date and (ii) close on the Purchase Option by the Purchase Option Expiration Date. The Deposits were applied to reduce the Company’s recorded carrying value of the Mezzanine Loan to $189 million . As a result of the aforementioned events that occurred during the fourth quarter of 2017 and first quarter of 2018 (during the Company's fourth quarter 2017 financial statement close process), the Company concluded that the Mezzanine Loan was impaired and recorded an impairment charge and related allowance of $84 million , reducing the carrying value of the loan to $105 million as of December 31, 2017. Aggregate impairments on the Mezzanine Loan for the year ended December 31, 2017 were $144 million . The decline in expected recoverable value of the Mezzanine Loan was primarily driven by the Company’s conclusion that the collateral supporting the Mezzanine Loan may no longer be the sole source in recovering the Company’s investment. The Company is actively evaluating and pursuing multiple alternatives, including, but not limited to: (i) selling all or a portion of the Mezzanine Loan to a third party or (ii) foreclosing on the underlying collateral. As a result, the Company utilized a discounted cash flow model to determine expected recoverability of the Mezzanine Loan. Additionally, a variety of factors further impacted the impairment analysis completed during the Company’s fourth quarter 2017 financial statement close process including recent operating results of the underlying real estate assets, as well as market and industry data, that reflect a declining trend in admissions and a continuing shift away from higher-rate Medicare plans in the post-acute/skilled nursing sector. The calculation relies on: (i) forecasted EBITDAR and market data, including, but not limited to, sales price per unit/bed, rent coverage ratios, and real estate capitalization rates and (ii) recent bids for a sale of the Mezzanine Loan received on February 8, 2018, which incorporate market participant required rates of return and expected hold periods. Beginning in the first quarter of 2017, the Company elected to recognize interest income on a cash basis. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized interest income of $23 million , $31 million and $29 million , respectively, and received cash payments of $25 million , $30 million and $29 million , respectively, from Tandem. The carrying value of the Mezzanine Loan was $105 million and $256 million at December 31, 2017 and 2016 , respectively. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount December 31, Entity (1) Ownership % 2017 2016 CCRC JV 49 $ 400,241 $ 439,449 RIDEA II 40 259,651 — Life Science JVs (2) 50 - 63 65,581 67,879 MBK JV 50 38,005 38,909 Development JVs (3) 50 - 90 23,365 10,459 Medical Office JVs (4) 20 - 67 12,488 13,438 K&Y JVs (5) 80 1,283 1,342 Advances to unconsolidated joint ventures, net 226 15 $ 800,840 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP ( 50% ); (ii) Britannia Biotech Gateway, LP ( 55% ); and (iii) LASDK, LP ( 63% ). (3) Includes four unconsolidated development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes three unconsolidated joint ventures. HCP Ventures III, LLC and HCP Ventures IV, LLC On December 30, 2015, HCP Ventures III, LLC (“HCP Ventures III”) and HCP Ventures IV, LLC sold 61 MOBs, three hospitals and a redevelopment property for total proceeds of $634 million , recognizing gain on sales of real estate of $59 million , of which the Company’s share was $15 million . As part of these sales, the Company received aggregate distributions of $45 million , including repayment of its loan receivable. During the quarter ended December 31, 2016, HCP Ventures III sold the remaining three assets in its portfolio for $31 million , recognizing gain on sales of real estate of $5 million , of which the Company’s share was $1 million . As part of this sale, the Company received aggregate distributions of $8 million . See Note 5 for further information on the deconsolidation and pending sale of RIDEA II. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Intangibles | |
Intangibles | Intangibles The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2017 2016 Lease-up intangibles $ 645,143 $ 719,788 Above market tenant lease intangibles 105,663 147,409 Below market ground lease intangibles 44,499 44,500 Gross intangible lease assets 795,305 911,697 Accumulated depreciation and amortization (385,223 ) (431,892 ) Net intangible lease assets $ 410,082 $ 479,805 The following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2017 2016 Below market lease intangibles $ 123,883 $ 161,595 Above market ground lease intangibles 2,329 2,329 Gross intangible lease liabilities 126,212 163,924 Accumulated depreciation and amortization (73,633 ) (105,779 ) Net intangible lease liabilities $ 52,579 $ 58,145 The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Depreciation and amortization expense related to amortization of lease-up intangibles $ 76,732 $ 84,487 $ 74,978 Rental and related revenues related to amortization of net below market lease liabilities 2,030 3,877 3,781 Operating expense related to amortization of net below market ground lease intangibles 740 664 664 The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues (1) Operating Expense (2) Depreciation and Amortization (3) 2018 $ 4,099 $ 763 $ 66,651 2019 4,102 763 49,868 2020 3,418 759 40,151 2021 3,401 756 35,963 2022 4,199 756 30,490 Thereafter 17,133 31,782 135,153 $ 36,352 $ 35,579 $ 358,276 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related income. (2) The amortization of net below market ground lease intangibles is recorded as an increase to operating expense. (3) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Bank Line of Credit and Term Loans On October 19, 2017, the Company executed a $2.0 billion unsecured revolving line of credit facility (the “Facility”), which matures on October 19, 2021 and contains two , six -month extension options. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends upon the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2017 , the margin on the Facility was 1.00% , and the facility fee was 0.20% . The Facility also includes a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million , subject to securing additional commitments. At December 31, 2017 , the Company had $1.0 billion , including £105 million ( $142 million ), outstanding under the Facility with a weighted average effective interest rate of 2.74% . In March 2017, the Company repaid a £137 million unsecured term loan. On June 30, 2017, the Company repaid £51 million of its four -year unsecured term loan entered into in January 2015 (the "2015 Term Loan"). Concurrently, the Company terminated its three -year interest rate swap which fixed the interest of the 2015 Term Loan and therefore, beginning June 30, 2017, the 2015 Term Loan accrued interest at a rate of GBP LIBOR plus 1.15% , subject to adjustments based on the Company's credit ratings. At December 31, 2017 the Company had £169 million ( $229 million ) outstanding on the 2015 Term Loan. The 2015 Term Loan contains a one -year committed extension option. The Company has a one–time right to repay the outstanding GBP balance and re-borrow in USD with all other key terms unchanged. The Facility and 2015 Term Loan contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60% , (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30% , (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60% ; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a Minimum Consolidated Tangible Net Worth of $6.5 billion at December 31, 2017 . At December 31, 2017 , the Company was in compliance with each of these restrictions and requirements of the Facility and 2015 Term Loan. Senior Unsecured Notes At December 31, 2017 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $ 6.45 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at December 31, 2017 . The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 % Year ended December 31, 2016: February 1, 2016 $ 500,000 3.750 % September 15, 2016 $ 400,000 6.300 % November 30, 2016 $ 500,000 6.000 % November 30, 2016 $ 600,000 6.700 % During the years ended December 31, 2017 and 2016, the Company recorded losses on debt extinguishment related to the repurchase of senior notes of $54 million and $46 million , respectively. There were no senior unsecured notes issuances for either of the years ended December 31, 2017 and 2016. Mortgage Debt At December 31, 2017 , the Company had $139 million in aggregate principal of mortgage debt outstanding, which is secured by 16 healthcare facilities (including redevelopment properties) with a carrying value of $299 million . In March 2017, the Company paid off $472 million of mortgage debt. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt is also cross-collateralized by multiple assets and may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. Debt Ma t urities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2017 (dollars in thousands): Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) Year Amount Interest Rate Amount Interest Rate 2018 $ — $ — $ — — % $ 3,512 — % $ 3,512 2019 — 228,674 450,000 3.95 % 3,700 — % 682,374 2020 — — 800,000 2.79 % 3,758 5.08 % 803,758 2021 1,017,076 — 700,000 5.49 % 11,117 5.26 % 1,728,193 2022 — — 900,000 3.93 % 2,861 — % 902,861 Thereafter — — 3,600,000 4.36 % 113,619 4.09 % 3,713,619 1,017,076 228,674 6,450,000 138,567 7,834,317 Discounts, premium and debt costs, net — (386 ) (53,549 ) 5,919 (48,016 ) $ 1,017,076 $ 228,288 $ 6,396,451 $ 144,486 $ 7,786,301 _______________________________________ (1) Includes £105 million translated into USD. (2) Represents £169 million translated into USD. (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.19% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 2.08% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 20 years. (5) Excludes $94 million of other debt that have no scheduled maturities. Other debt represents (i) $61 million of non-interest bearing life care bonds and occupancy fee deposits at certain of the Company's senior housing facilities and (ii) $33 million of on-demand notes from the CCRC JV which bear interest at a rate of 3.6% . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship to, legal proceedings, lawsuits and other claims. Except as described below, the Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred. Class Action. On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al ., Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company, certain of its officers, HCRMC, and certain of its officers, asserting violations of the federal securities laws. The suit asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and alleges that the Company made certain false or misleading statements relating to the value of and risks concerning its investment in HCRMC by allegedly failing to disclose that HCRMC had engaged in billing fraud, as alleged by the U.S. Department of Justice in a pending suit against HCRMC arising from the False Claims Act. The plaintiff in the suit demands compensatory damages (in an unspecified amount), costs and expenses (including attorneys’ fees and expert fees), and equitable, injunctive, or other relief as the Court deems just and proper. On November 28, 2017, the Court appointed Societe Generale Securities GmbH (SGSS Germany) and the City of Birmingham Retirement and Relief Systems (Birmingham) as Co-Lead Plaintiffs in the class action. Co-Lead Plaintiffs must file a consolidated Amended Complaint by February 28, 2018. Defendants will then have until March 30, 2018 to respond to the Amended Complaint and file a motion to dismiss. The Company believes the suit to be without merit and intends to vigorously defend against it. Derivative Actions. On June 16, 2016 and July 5, 2016, purported stockholders of the Company filed two derivative actions, respectively Subodh v. HCR ManorCare Inc., et al. , Case No. 30-2016-00858497-CU-PT-CXC and Stearns v. HCR ManorCare, Inc., et al. , Case No. 30-2016-00861646-CU-MC-CJC, in the Superior Court of California, County of Orange, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. As both derivative actions contained substantially the same allegations, they have been consolidated into a single action. The consolidated action alleges that the defendants engaged in various acts of wrongdoing, including, among other things, breaching fiduciary duties by publicly making false or misleading statements of fact regarding HCRMC’s finances and prospects, and failing to maintain adequate internal controls. As the Subodh/Stearns action is in the early stages, defendants have not yet responded to the complaint. On April 18, 2017, the Court approved the parties’ stipulation staying the action pending further developments, including in the related securities class action litigation. The Court recently adjourned the status conference scheduled for January 10, 2018 to June 11, 2018. On April 10, 2017, a purported stockholder of the Company filed a derivative action, Weldon v. Martin et al. , Case No. 3:17-cv-755, in federal court in the Northern District of Ohio, Western Division, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Weldon complaint asserts similar claims to those asserted in the California derivative actions. In addition, the complaint asserts a claim under Section 14(a) of the Exchange Act, alleging that the Company made false statements in its 2016 proxy statement by not disclosing that the Company’s performance issues in 2015 were the direct result of billing fraud at HCRMC. On April 18, 2017, the Court re-assigned and transferred this action to the judge presiding over the related federal securities class action. Defendants have not yet been served or responded to the complaint. On July 11, 2017, the Court approved a stipulation by the parties to stay the case pending disposition of the motion to dismiss the class action. On July 21, 2017, a purported stockholder of the Company filed another derivative action, Kelley v. HCR ManorCare, Inc., et al. , Case No. 8:17-cv-01259, in federal court in the Central District of California, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Kelley complaint asserts similar claims to those asserted in Weldon and in the California derivative actions. Like Weldon , the Kelley complaint also additionally alleges that the Company made false statements in its 2016 proxy statement, and asserts a claim for a violation of Section 14(a) of the Exchange Act. On September 25, 2017, Defendants moved to transfer the action to the Northern District of Ohio ( i.e. , the court where the class action and other federal derivative action are pending) or, in the alternative, to stay the action. The Court granted Defendants’ motion to transfer on November 28, 2017, and Kelley is now before Judge Helmick in the Northern District of Ohio. In a status conference on January 19, 2018 in the Kelley action, Judge Helmick requested briefing by the parties in both Weldon and Kelley concerning the potential consolidation of the two actions, the appointment of lead plaintiffs and counsel, and whether the stay should continue. Plaintiffs’ briefs will be due on February 23, 2018, defendants’ opposition will be due on March 9, 2018, and plaintiffs’ reply will be due on March 23, 2018. Judge Helmick indicated that he would issue an order explaining and memorializing these deadlines. The Company’s Board of Directors received letters dated August 17, 2016, April 19, 2017, and April 20, 2017 from private law firms acting on behalf of clients who are purported stockholders of the Company, each asserting allegations similar to those made in the Subodh and Stearns matters discussed above. Each letter demands that the Board of Directors take action to assert the Company’s rights. The Board of Directors completed its evaluation and determined to reject the demand letters. Rejection notices were sent in December of 2017. The Company believes that the lawsuits and demands are without merit and is unable to estimate the amount of loss or range of reasonably possible losses with respect to the matters discussed above as of December 31, 2017 . Welltower v. Scott M. Brinker. On May 15, 2017, Welltower, Inc. filed a complaint in the Court of Common Pleas in Lucas County, Ohio, against Scott M. Brinker, alleging that he violated his non-competition obligations to Welltower prior to and upon acceptance of an offer of employment with the Company. Mr. Brinker counterclaimed that the non-competition restrictions were unenforceable, and also asserted breach of contract and defamation counterclaims against Welltower, among others. In connection with Mr. Brinker’s hiring, the Company agreed to indemnify him for legal fees and any losses that result from the action. On November 5, 2017, Welltower, Mr. Brinker and the Company agreed to settle the lawsuit for an amount, recognized during the fourth quarter of 2017, that is not material to the Company's financial condition, results of operations or cash flows and file a joint dismissal of all claims and counterclaims. DownREIT LLCs In connection with the formation of certain DownREIT LLCs, members may contribute appreciated real estate to a DownREIT LLC in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT LLC, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT LLC. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT LLC in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expiration terms that range through 2033 on a total of 35 properties. Commitments The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 10) and operating leases (see disclosure below), at December 31, 2017 (in thousands): Total 2018 2019-2020 2021-2022 More than Five Years U.K. loan commitments (1) $ 3,236 $ 3,236 $ — $ — $ — Construction loan commitments (2) 114,691 45,863 68,828 — — Development commitments (3) 133,371 128,101 2,228 3,042 — Total $ 251,298 $ 177,200 $ 71,056 $ 3,042 $ — _______________________________________ (1) Represents £2 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (2) Represents commitments to finance development projects. (3) Represents construction and other commitments for developments in progress. Credit Enhancement Guarantee At December 31, 2017, certain of the Company’s senior housing facilities serve as collateral for $83 million of debt (maturing May 1, 2025) that is owed by a previous owner of the facilities. This indebtedness is guaranteed by the previous owner who has an investment grade credit rating. These senior housing facilities, which are classified as DFLs, had a carrying value of $356 million as of December 31, 2017 . Environmental Costs The Company monitors its properties for the presence of hazardous or toxic substances. The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, earthquake, environmental, cyber and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits and deductibles considering the relative risk of loss, the cost of such coverage and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood and windstorm occurrences for which the related insurances carry high deductibles. Tenant Purchase Options Certain leases, including DFLs contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of Properties 2018 $ 8,534 8 2019 14,702 2 2020 14,201 4 2021 12,402 6 2022 10,459 3 Thereafter 33,964 22 $ 94,262 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months . Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL non-cash and deferred revenues). Rental Expense The Company’s rental expense attributable to continuing operations was $10 million for each of the years ended December 31, 2017 , 2016 and 2015 . These rental expense amounts include ground rent and other leases. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. These leases have terms that are up to 99 years , excluding extension options. Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2017 were as follows (in thousands): Year Amount 2018 $ 6,619 2019 6,766 2020 6,668 2021 6,704 2022 6,820 Thereafter 362,219 $ 395,796 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity Common Stock On February 1, 2018 , the Company announced that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The common stock cash dividend will be paid on March 2, 2018 to stockholders of record as of the close of business on February 15, 2018 . During the years ended December 31, 2017 , 2016 and 2015 , the Company declared and paid common stock cash dividends of $1.480 , $2.095 and $2.260 per share, respectively. In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million , net of fees and commissions of $1 million . There was no activity during the years ended December 31, 2017 and 2016. The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2017 2016 2015 Dividend Reinvestment and Stock Purchase Plan 983 2,021 2,762 Conversion of DownREIT units 78 145 104 Exercise of stock options 32 133 823 Vesting of restricted stock units 419 529 409 Repurchase of common stock 157 237 198 Accumulated Other Comprehensive Loss The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (6,955 ) $ (22,817 ) Unrealized gains (losses) on cash flow hedges, net (13,950 ) (3,642 ) Supplemental Executive Retirement plan minimum liability and other (3,119 ) (3,183 ) Total accumulated other comprehensive loss $ (24,024 ) $ (29,642 ) Noncontrolling Interests On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million . HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas and acquired through a sale-leaseback transaction with Memorial Hermann in June 2015. At December 31, 2017 , there were four million DownREIT units ( seven million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, all of which the Company is the managing member. At December 31, 2017 , the carrying and market values of the four million DownREIT units were $177 million and $173 million , respectively. See Note 5 for the deconsolidation of RIDEA II and Note 19 for the supplemental schedule of non-cash financing activities. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties, unconsolidated joint ventures (see below), and care homes in the U.K. The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). During the fourth quarter of 2017, as a result of a change in how operating results are reported to the chief operating decision makers, for the purpose of evaluating performance and allocating resources, the Company began excluding unconsolidated joint ventures from its evaluation of its segments' operating results. Unconsolidated joint ventures are now reflected in other non-reportable segments, and as a result, excluded from NOI and Adjusted NOI. Prior period NOI and Adjusted NOI have also been recast to conform to current period presentation, which excludes unconsolidated joint ventures. During the year ended December 31, 2017, 42 senior housing triple-net facilities were transferred to the Company’s SHOP segment. During the year ended December 31, 2016, 17 senior housing triple-net facilities were transitioned to a RIDEA structure (reported in the Company’s SHOP segment). There were no intersegment sales or transfers during the year ended December 31, 2015. The Company evaluates performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) Adjusted NOI. NOI is defined as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, lease termination fees and the impact of deferred community fee income and expense. The adjustments to NOI and resulting Adjusted NOI for SHOP have been recast for prior periods presented to conform to the current period presentation which excludes (i) the impact of deferred community fee income and expense, resulting in recognition as cash is received and expenses are paid and (ii) adjustments related to unconsolidated joint ventures (see above). Non-segment assets consist of assets in the Company's other non-reportable segments (see above) and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, marketable equity securities and, if any, real estate held for sale. See Note 22 for other information regarding concentrations of credit risk. The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2017 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 313,547 $ 525,473 $ 358,816 $ 477,459 $ 116,846 $ — $ 1,792,141 Operating expenses (3,819 ) (396,491 ) (78,001 ) (183,197 ) (4,743 ) — (666,251 ) NOI 309,728 128,982 280,815 294,262 112,103 — 1,125,890 Adjustments to NOI (2) 17,098 33,227 (4,517 ) (2,952 ) (4,446 ) — 38,410 Adjusted NOI 326,826 162,209 276,298 291,310 107,657 — 1,164,300 Addback adjustments (17,098 ) (33,227 ) 4,517 2,952 4,446 — (38,410 ) Interest income — — — — 56,237 — 56,237 Interest expense (2,518 ) (7,920 ) (373 ) (506 ) (4,230 ) (292,169 ) (307,716 ) Depreciation and amortization (103,820 ) (103,162 ) (128,864 ) (169,795 ) (29,085 ) — (534,726 ) General and administrative — — — — — (88,772 ) (88,772 ) Transaction costs — — — — — (7,963 ) (7,963 ) Recoveries (impairments), net (22,590 ) — — — (143,794 ) — (166,384 ) Gain (loss) on sales of real estate, net 280,349 17,485 45,916 9,095 3,796 — 356,641 Loss on debt extinguishment — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (19,475 ) 31,420 Income tax benefit (expense) — — — — — 1,333 1,333 Equity income (loss) from unconsolidated JVs — — — — 10,901 — 10,901 Net income (loss) $ 461,149 $ 35,385 $ 197,494 $ 133,056 $ 56,823 $ (461,273 ) $ 422,634 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the year ended December 31, 2016 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 423,118 $ 686,822 $ 358,537 $ 446,280 $ 125,729 $ — $ 2,040,486 Operating expenses (6,710 ) (480,870 ) (72,478 ) (173,687 ) (4,654 ) — (738,399 ) NOI 416,408 205,952 286,059 272,593 121,075 — 1,302,087 Adjustments to NOI (2) (7,566 ) (2,686 ) (2,954 ) (3,536 ) (3,022 ) — (19,764 ) Adjusted NOI 408,842 203,266 283,105 269,057 118,053 — 1,282,323 Addback adjustments 7,566 2,686 2,954 3,536 3,022 — 19,764 Interest income — — — — 88,808 — 88,808 Interest expense (9,499 ) (29,745 ) (2,357 ) (5,895 ) (9,153 ) (407,754 ) (464,403 ) Depreciation and amortization (136,146 ) (108,806 ) (130,829 ) (161,790 ) (30,537 ) — (568,108 ) General and administrative — — — — — (103,611 ) (103,611 ) Transaction costs — — — — — (9,821 ) (9,821 ) Gain (loss) on sales of real estate, net 48,744 675 49,042 8,333 57,904 — 164,698 Loss on debt extinguishment (46,020 ) (46,020 ) Other income (expense), net — — — — — 3,654 3,654 Income tax benefit (expense) — — — — — (4,473 ) (4,473 ) Equity income (loss) from unconsolidated JVs — — — — 11,360 — 11,360 Discontinued operations — — — — — 265,755 265,755 Net income (loss) $ 319,507 $ 68,076 $ 201,915 $ 113,241 $ 239,457 $ (302,270 ) $ 639,926 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the year ended December 31, 2015 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 428,269 $ 518,264 $ 342,984 $ 415,351 $ 123,437 $ — $ 1,828,305 Operating expenses (3,427 ) (371,016 ) (70,217 ) (162,054 ) (3,965 ) — (610,679 ) NOI 424,842 147,248 272,767 253,297 119,472 — 1,217,626 Adjustments to NOI (2) (9,716 ) 8,145 (10,128 ) (4,933 ) (2,356 ) — (18,988 ) Adjusted NOI 415,126 155,393 262,639 248,364 117,116 — 1,198,638 Addback adjustments 9,716 (8,145 ) 10,128 4,933 2,356 — 18,988 Interest income — — — — 112,184 — 112,184 Interest expense (16,899 ) (31,869 ) (2,878 ) (9,603 ) (9,745 ) (408,602 ) (479,596 ) Depreciation and amortization (125,538 ) (80,981 ) (126,241 ) (143,682 ) (28,463 ) — (504,905 ) General and administrative — — — — — (95,965 ) (95,965 ) Transaction costs — — — — — (27,309 ) (27,309 ) Recoveries (impairments), net — — — — (108,349 ) — (108,349 ) Gain (loss) on sales of real estate, net 6,325 — — 52 — — 6,377 Other income (expense), net — — — — — 16,208 16,208 Income tax benefit (expense) — — — — — 9,807 9,807 Equity income (loss) from unconsolidated JVs — — — — 6,590 — 6,590 Discontinued operations — — — — — (699,086 ) (699,086 ) Net income (loss) $ 288,730 $ 34,398 $ 143,648 $ 100,064 $ 91,689 $ (1,204,947 ) $ (546,418 ) _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2017 2016 2015 Senior housing triple-net $ 313,547 $ 423,118 $ 428,269 SHOP 525,473 686,822 518,264 Life science 358,816 358,537 342,984 Medical office 477,459 446,280 415,351 Other non-reportable segments 173,083 214,537 235,621 Total revenues $ 1,848,378 $ 2,129,294 $ 1,940,489 The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2017 2016 2015 Senior housing triple-net $ 3,515,400 $ 3,871,720 $ 5,092,443 SHOP 2,392,130 3,135,115 2,684,675 Life science 4,154,372 3,961,623 3,613,726 Medical office 3,989,168 3,724,483 3,410,931 Gross reportable segment assets 14,051,070 14,692,941 14,801,775 Accumulated depreciation and amortization (2,919,278 ) (2,900,060 ) (2,704,425 ) Net reportable segment assets 11,131,792 11,792,881 12,097,350 Other non-reportable segment assets 1,904,433 2,255,712 2,392,823 Assets held for sale and discontinued operations, net 417,014 927,866 5,654,326 Other non-segment assets 635,222 782,806 1,305,350 Total assets $ 14,088,461 $ 15,759,265 $ 21,449,849 As a result of the change in the composition of reportable segments during the fourth quarter of 2017, as further described above, the Company allocated goodwill to its revised reporting units using a relative fair value approach. The Company completed a goodwill impairment assessment for all reporting units immediately prior to the reallocation and determined that no impairment existed at September 30, 2017. Additionally, the Company completed the required annual goodwill impairment test during the fourth quarter of 2017 and no impairment was recognized. At December 31, 2017 , goodwill of $47 million was allocated to segment assets as follows: (i) senior housing triple-net— $21 million , (ii) SHOP— $9 million , (iii) medical office— $11 million and (iv) other— $6 million . At December 31, 2016 , goodwill of $42 million was allocated to segment assets as follows: (i) senior housing triple-net— $16 million , (ii) SHOP— $9 million , (iii) medical office— $11 million and (iv) other— $6 million . |
Future Minimum Rents
Future Minimum Rents | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Future Minimum Rents | Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2017 (in thousands): Year Amount 2018 $ 1,021,212 2019 956,092 2020 874,617 2021 793,058 2022 691,352 Thereafter 2,807,315 $ 7,143,646 |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation Plans | Compensation Plans Stock Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (“the 2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan (“the 2014 Plan”) (collectively, “the Plans”). Following the adoption of the 2014 Plan, no new awards will be issued under the 2006 Plan. The Plans provide for the granting of stock-based compensation, including stock options, restricted stock and restricted stock units to officers, employees and directors in connection with their employment with or services provided to the Company. The maximum number of shares reserved for awards under the 2014 Plan is 33 million shares, and as of December 31, 2017 , 30 million of the reserved shares under the 2014 Plan are available for future awards of which 20 million shares may be issued as restricted stock and restricted stock units. Total share-based compensation expense recognized during the years ended December 31, 2017 , 2016 and 2015 was $14 million , $23 million and $26 million , respectively. The year ended December 31, 2016 includes a $7 million charge recognized in general and administrative expenses primarily resulting from the termination of the Company’s former chief executive officer (“CEO”) that was comprised of the accelerated vesting of restricted stock units in accordance with the terms of the former CEO’s employment agreement. As of December 31, 2017 and 2016 , there was $20 million and $14 million , respectively, related to unvested share-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of three years associated with future employee service. Conversion of Equity Awards at the Spin-Off Date The Plans were established with anti-dilution provisions, such that in the event of an equity restructuring of the Company (including spin-off transactions), equity awards would preserve their value post-transaction. In order to achieve an equitable modification of the existing awards following the Spin-Off, the Company converted pre-spin awards to their post-spin value, resulting in grants to remaining employees denominated solely in the Company’s common stock. The modification assumed a conversion ratio on all awards calculated as the final pre-spin closing price of the Company’s common stock divided by the five trading day average post-spin closing price (“Five Day Average Price”) of the Company’s common stock. The conversion impacted 133 participants, resulted in additional awards being granted and incremental fair value of unvested awards due to the difference between the Five Day Average Price and the pre-spin closing price on the Spin-Off date. The vesting periods were unchanged for unvested grants at the Spin-Off date. The incremental fair value of unvested awards was immaterial. Stock Options Stock options are granted with an exercise price per share equal to the closing market price of the Company’s common stock on the grant date. Stock options generally vest ratably over a three - to five -year period and have a 10 -year contractual term. Vesting of certain stock options may accelerate, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. There have been no grants of stock options since 2014. Stock options outstanding and exercisable were 1.1 million at December 31, 2017 , and 1.3 million and 1.2 million at December 31, 2016 , respectively. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2017 , 2016 and 2015 were $1 million , $4 million and $28 million , respectively. Compensation expense related to stock options was immaterial for all periods presented. Restricted Stock Awards Under the Plans, restricted stock awards, including restricted stock units and performance stock units are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. The fair market value of restricted stock awards, both time vesting and those subject to specific performance criteria, are expensed over the period of vesting. Restricted stock units, which vest based solely upon passage of time generally vest over a period of three to six years . The fair value of restricted stock units is determined based on the closing market price of the Company's shares on the grant date. Performance stock units, which are restricted stock awards that vest dependent upon attainment of various levels of performance that equal or exceed targeted levels, generally vest in their entirety at the end of a three year performance period. The number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of the performance criteria. The fair value of performance stock units is determined based on the Monte Carlo valuation model. The compensation expense recognized for all restricted stock awards is net of actual forfeitures. Upon vesting of restricted stock awards, the participant is required to pay the related tax withholding obligation. Participants can generally elect to have the Company reduce the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2017 , 2016 and 2015 , the Company withheld 157,000 , 237,000 and 200,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the restricted stock and performance restricted stock unit awards. Holders of restricted stock awards, including restricted stock units and performance stock units, are generally entitled to receive dividends equal to the amount that would be paid on an equivalent number of shares of common stock. The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2017 (units and shares in thousands): Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at January 1, 2017 962 $ 37.39 Granted 844 33.57 Vested (419 ) 35.10 Forfeited (248 ) 35.04 Unvested at December 31, 2017 1,139 33.41 At December 31, 2017 , the weighted average remaining vesting period of restricted stock and performance based units was two years. The total fair value (at vesting) of restricted stock and performance based units which vested for the years ended December 31, 2017 , 2016 and 2015 was $15 million , $24 million and $21 million , respectively. Subsequent events . The Company expects to record severance and related charges of approximately $9 million in the first quarter of 2018 related to the departure of our Executive Chairman, effective March 1, 2018. |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Impairments | Impairments Casualty-Related As a result of Hurricane Harvey and Hurricane Irma during the year ended December 31, 2017, the Company recorded an estimated $13 million of casualty-related losses, net of a small insurance recovery. The losses are comprised of $8 million of property damage and $5 million of other associated costs, including storm preparation, clean up, relocation and other costs. Of the total $13 million casualty losses incurred, $12 million was recorded in Other income (expense), net, and $1 million was recorded in equity income (loss) from unconsolidated joint ventures as it relates to casualty losses for properties owned by certain of our unconsolidated joint ventures. In addition, the Company recorded a $1 million deferred tax benefit associated with the casualty-related losses. Real Estate During the third quarter 2017, the Company determined that 11 underperforming senior housing triple-net assets that are candidates for potential future sale were impaired. Accordingly, the Company wrote-down the carrying amount of these 11 assets to their fair value, which resulted in an aggregate impairment charge of $23 million . The fair value of the assets was based on forecasted sales prices which are considered to be Level 2 measurements within the fair value hierarchy. Other See Note 7 for further information on the impairment charges related to the mezzanine loan facility to Tandem (the "Tandem Mezzanine Loan"). In June 2015 and September 2015, the Company determined that its Four Seasons senior notes (the “Four Seasons Notes”) were other-than-temporarily impaired resulting from a continued decrease in the fair value of its investment. Although the Company did not intend to sell and did not believe it would be required to sell the Four Seasons Notes before their maturity, the Company determined that a credit loss existed resulting from several factors including: (i) deterioration in Four Seasons’ operating performance since the fourth quarter of 2014 and (ii) credit downgrades to Four Seasons received during the first half of 2015. Accordingly, the Company recorded impairment charges during the three months ended June 30, 2015 and September 30, 2015 of $42 million and $70 million , respectively, reducing the carrying value of the Four Seasons Notes at September 30, 2015 to $100 million ( £66 million ). The fair value of the Four Seasons Notes used to calculate the impairment charge was based on quoted market prices. However, because the Four Seasons Notes were not actively traded, these prices were considered to be Level 2 measurements within the fair value hierarchy. When calculating the fair value and determining whether a credit loss existed, the Company also evaluated Four Season’s ability to repay the Four Seasons Notes according to their contractual terms based on its estimate of future cash flows. The estimated future cash flow inputs included forecasted revenues, capital expenditures, operating expenses, care home occupancy and continued implementation of Four Seasons’ business plan which included executing on its business line segmentation and continuing to invest in its core real estate portfolio. This information was consistent with the results of the valuation technique used by the Company to determine if a credit loss existed and to calculate the fair value of the Four Seasons Notes during its impairment review. In March 2017, pursuant to a shift in the Company’s investment strategy, the Company sold its £138.5 million par value Four Seasons Notes for £83 million ( $101 million ). The disposition of the Four Seasons Notes generated a £42 million ( $51 million ) gain on sale, recognized in other income, net, as the sales price was above the previously-impaired carrying value of £41 million ( $50 million ). Through October 2015, the Company held a secured term loan made to Delphis Operations, L.P. (“Delphis”). In October 2015, the Company received $23 million in cash proceeds from the sale of Delphis’ collateral and recognized an impairment recovery of $6 million for the amount received in excess of the loan’s carrying value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”) which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state, local and foreign income taxes. Distributions with respect to our common stock can be characterized for federal income tax purposes as taxable ordinary dividends, capital gain dividends, nondividend distributions or a combination thereof. Following is the characterization of our annual common stock distributions per share: Year Ended December 31, 2017 2016 2015 Ordinary dividends $ 1.4800 $ 1.5561 $ 2.1184 Capital gain dividends — — 0.0316 Nondividend distributions — 6.7089 0.1100 $ 1.4800 $ 8.2650 (1) $ 2.2600 _______________________________________ (1) Consists of $2.095 per common share of quarterly cash dividends and $6.17 per common share of stock dividends related to the Spin-Off (see Note 5). HCP common stockholders on October 24, 2016, the record date for the Spin-Off (the “Record Date”), received upon the Spin-Off on October 31, 2016 one share of QCP common stock for every five shares of HCP common stock they held (the “Distributed Shares”) and cash in lieu of fractional shares of QCP. For U.S. federal income tax purposes, HCP reported the fair market value of the QCP common stock distributed per each share of HCP common stock outstanding on the Record Date was $6.17 , or $30.85 for each share of QCP common stock. The TRS entities subject to tax reported losses before income taxes from continuing operations of $58 million , $9 million and $22 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The REIT’s losses from continuing operations before income taxes from the U.K. were $4 million , $4 million and $15 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2017 2016 2015 Current Federal $ 949 $ 8,525 $ 4,948 State 1,504 8,307 1,988 Foreign 1,737 1,332 828 Total current $ 4,190 $ 18,164 $ 7,764 Deferred Federal $ 2,730 $ (10,241 ) $ (11,317 ) State (5,889 ) (1,401 ) (1,382 ) Foreign (2,364 ) (2,049 ) (4,872 ) Total deferred $ (5,523 ) $ (13,691 ) $ (17,571 ) Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. As a result of the reduced U.S. federal corporate tax rate, the Company recorded a tax expense of $17 million , due to a remeasurement of deferred tax assets and liabilities, which is included in total deferred tax expense in the table above. The Company’s income tax expense from discontinued operations was $0 , $48 million and $1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively (see Note 5). The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax $ (21,085 ) $ (4,581 ) $ (12,630 ) State income tax expense, net of federal tax (1,222 ) 6,081 (606 ) Gross receipts and margin taxes 1,716 1,847 1,383 Foreign rate differential 632 647 2,269 Effect of permanent differences 6 (280 ) (298 ) Return to provision adjustments 1,597 287 (368 ) Re-measurement of deferred tax assets and liabilities 17,080 — — Increase (decrease) in valuation allowance (57 ) 472 443 Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2017 2016 2015 Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs $ 31,691 $ 28,940 $ 19,862 Net operating loss carryforward 10,720 8,784 3,703 Expense accruals and other 229 (847 ) (753 ) Valuation allowance (548 ) (606 ) (531 ) Net deferred tax assets $ 42,092 $ 36,271 $ 22,281 Deferred tax assets and liabilities are included in other assets, net and accounts payable and accrued liabilities. At December 31, 2017 the Company had a net operating loss (“NOL”) carryforward of $42 million related to the TRS entities. These amounts can be used to offset future taxable income, if any. The NOL carryforwards begin to expire in 2033 with respect to the TRS entities. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it cannot sustain a conclusion that it is more likely than not that it can realize the deferred tax assets during the periods in which these temporary differences become deductible. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. The Company files numerous U.S. federal, state and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state or local tax examinations by taxing authorities for years prior to 2014. For the years ended December 31, 2017 and 2016 , the tax basis of the Company’s net assets was less than the reported amounts by $1.7 billion and $2.0 billion , respectively. The difference between the reported amounts and the tax basis was primarily related to the Slough Estates USA, Inc. (“SEUSA”) acquisition, which occurred in 2007. For the year ended December 31, 2015 , the tax basis of the Company’s net assets was less than the reported amounts by $6.5 billion . The difference between the reported amounts and the tax basis was primarily related to the SEUSA and HCRMC acquisitions which occurred in 2007 and 2011, respectively. Both SEUSA and HCRMC were corporations subject to federal and state income taxes. As a result of these acquisitions, the Company succeeded to the tax attributes of SEUSA and HCRMC, including the tax basis in the acquired company’s assets and liabilities. The Company is no longer subject to federal corporate-level tax on the taxable disposition of SEUSA pre-acquisition assets. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Numerator Net income (loss) from continuing operations $ 422,634 $ 374,171 $ 152,668 Noncontrolling interests' share in earnings (8,465 ) (12,179 ) (12,817 ) Net income (loss) attributable to HCP, Inc. 414,169 361,992 139,851 Less: Participating securities' share in earnings (1,156 ) (1,198 ) (1,317 ) Income (loss) from continuing operations applicable to common shares 413,013 360,794 138,534 Discontinued operations — 265,755 (699,086 ) Net income (loss) applicable to common shares $ 413,013 $ 626,549 $ (560,552 ) Denominator Basic weighted average shares outstanding 468,759 467,195 462,795 Dilutive potential common shares - equity awards 176 208 — Diluted weighted average common shares 468,935 467,403 462,795 Basic earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) Diluted earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) Restricted stock and certain performance restricted stock units are considered participating securities because dividend payments are not forfeited even if the underlying award does not vest and require use of the two-class method when computing basic and diluted earnings per share. For the year ended December 31, 2015, diluted loss per share from continuing operations is calculated using the weighted-average common shares outstanding during the period, as the effect of shares issuable under employee compensation plans and upon DownREIT unit conversions would have been anti-dilutive. All DownREIT units and approximately 1 million stock options were anti-dilutive for all periods presented. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental cash flow information: Interest paid, net of capitalized interest $ 309,111 $ 489,453 $ 451,615 Income taxes paid 10,045 13,727 6,959 Capitalized interest 16,937 11,108 8,798 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 67,425 49,999 52,511 Non-cash impact of QCP Spin-Off, net — 3,539,584 — Securities transferred for debt defeasance — 73,278 — Settlement of loans receivable as consideration for real estate acquisition — — 299,297 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,908 6,622 3,388 Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — 61,219 Deconsolidation of noncontrolling interest in connection with RIDEA II transaction 58,061 — — Noncontrolling interest issued in connection with real estate and other acquisitions — — 10,971 Mortgages and other liabilities assumed with real estate acquisitions 5,425 82,985 23,218 Foreign currency translation adjustment 15,862 (3,332 ) (8,738 ) Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net (10,315 ) 3,171 1,889 See discussions related to the Brookdale Transaction in Note 3 and the Spin-Off in Note 5. The following table summarizes cash, cash equivalents and restricted cash (in thousands): December 31, 2017 2016 Cash and cash equivalents $ 55,306 $ 94,730 Restricted cash 26,897 42,260 Cash, cash equivalents and restricted cash $ 82,203 $ 136,990 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities | |
Variable Interest Entities | Variable Interest Entities On January 1, 2016, the Company adopted ASU 2015-2 using the modified retrospective method as permitted by the ASU. As a result of the adoption, the Company identified additional assets and liabilities of certain VIEs in its consolidated total assets and total liabilities at December 31, 2015 of $543 million and $651 million , respectively. Refer to the specific VIE descriptions below for detail on which entities were classified as consolidated VIEs subsequent to the adoption of ASU 2015-2. Additionally, the Company deconsolidated three JVs and recognized $0.5 million as a cumulative-effect adjustment to cumulative dividends in excess of earnings. Unconsolidated Variable Interest Entities At December 31, 2017 , the Company had investments in: (i) five unconsolidated VIE joint ventures; (ii) 48 properties leased to VIE tenants; (iii) marketable debt securities of one VIE and (iv) three loans to VIE borrowers. The Company has determined that it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated JVs (CCRC OpCo, RIDEA II PropCo, Vintage Park Development JV, Waldwick JV and the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure and has been identified as a VIE. The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale, as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations to CCRC PropCo, debt service payments and capital expenditures for the properties, and accounts payable and expense accruals associated with the cost of its CCRCs’ operations. Assets generated by the CCRC operations (primarily rents from CCRC residents) of CCRC OpCo may only be used to settle its contractual obligations (primarily from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). In January 2017, as a result of the partial sale of its interest in RIDEA II, the Company concluded that it should deconsolidate RIDEA II as it is no longer the primary beneficiary of the joint venture. The HCP/CPA JV is the primary beneficiary of both RIDEA II PropCo and RIDEA II OpCo as it controls the significant activities of RIDEA II PropCo and, of the group that controls the significant activities of RIDEA II OpCo, is most closely associated to the entity. Furthermore, control over the HCP/CPA JV is shared between HCP and CPA, and as such, the Company does not consolidate the HCP/CPA JV. Subsequent to the partial sale of its interest in RIDEA II, the Company continues to hold a direct investment in RIDEA II PropCo, which has been identified as a VIE as Brookdale, the non-managing member, does not have any substantive participating rights or kick-out rights over the managing member, HCP/CPA PropCo. The assets of RIDEA II PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of a combination of third-party and HCP debt (see Note 5). Assets generated by RIDEA II PropCo (primarily from RIDEA II OpCo lease payments) may only be used to settle its contractual obligations (primarily debt service payments on the third-party and HCP debt). The Company holds an 85% ownership interest in two development joint ventures (Vintage Park Development JV and Waldwick JV) (see Note 8), which have been identified as VIEs as power is shared with a member that does not have a substantive equity investment at risk. The assets of each joint venture primarily consist of an in-progress senior housing facility development project that it owns and cash and cash equivalents; its obligations primarily consist of accounts payable and expense accruals associated with the cost of its development obligations. Any assets generated by each joint venture may only be used to settle its respective contractual obligations (primarily development expenses and debt service payments). The Company holds a limited partner ownership interest in an unconsolidated LLC that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner, and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of those associated with its senior housing real estate and development activities. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development expenses and debt service payments). The Company leases 48 properties to a total of seven tenants that have also been identified as VIEs (“VIE tenants”). These VIE tenants are “thinly capitalized” entities that rely on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under their leases. The Company holds commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie MAC) through a special purpose entity that has been identified as a VIE because it is “thinly capitalized.” The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets. The Company provided a £105 million ( $131 million ) bridge loan to Maria Mallaband Care Group Ltd. (“MMCG”) to fund the acquisition of a portfolio of care homes in the U.K. MMCG created a special purpose entity to acquire the portfolio and funded it entirely using the Company’s bridge loan. As such, the special purpose entity has been identified as a VIE because it is “thinly capitalized.” The Company retains a three -year call option to acquire all the shares of the special purpose entity, which it can only exercise upon the occurrence of certain events. The Company provided seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five -year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. Between 2012 and 2015, the Company funded a $257 million mezzanine loan facility to Tandem as part of a recapitalization of the Tandem Portfolio (see Note 7). Due to a decline in the fair value of the Tandem Portfolio over time, there is no longer sufficient equity at risk in Tandem and it has become a “thinly capitalized” borrower. The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2017 are presented below (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 601,723 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,519 CCRC OpCo Investments in unconsolidated joint ventures 190,454 RIDEA II PropCo Investments in unconsolidated joint ventures 252,743 Development JVs Investments in unconsolidated joint ventures 12,563 Tandem Health Care Loans Receivable, net 105,000 MMCG Loan Loans Receivable, net 142,820 Loan - Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,750 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. As of December 31, 2017 , the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 6, 7 and 8 for additional descriptions of the nature, purpose and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities HCP, Inc.'s consolidated total assets and total liabilities at December 31, 2017 and December 31, 2016 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to HCP, Inc. Total assets at December 31, 2017 and December 31, 2016 include VIE assets as follows (in thousands): December 31, 2017 2016 Assets Building and Improvements $ 2,436,414 $ 3,522,310 Developments in Process 32,285 31,953 Land 227,162 327,241 Accumulated Depreciation (542,091 ) (676,276 ) Net Real Estate 2,153,770 3,205,228 Investments in and advances to unconsolidated joint ventures 2,231 3,641 Accounts Receivable, Net 10,242 19,996 Cash and Cash Equivalents 15,861 35,844 Restricted Cash 2,619 22,624 Intangible Assets, Net 125,475 169,027 Other Assets, Net 33,749 69,562 Total Assets $ 2,343,947 $ 3,525,922 Liabilities Mortgage Debt 45,016 520,870 Intangible Liabilities, Net 10,672 8,994 Accounts Payable and Accrued Expenses 87,759 120,719 Other Liabilities 29,034 — Intercompany Accounts 331 — Fixed Asset Push Down 152,156 — Deferred Revenue 14,432 23,456 Total Liabilities $ 339,400 $ 674,039 RIDEA I . The Company holds a 90% ownership interest in JV entities formed in September 2011 that own and operate senior housing properties in a RIDEA structure (“RIDEA I”). The Company has historically classified RIDEA I OpCo as a VIE and, as a result of the adoption of ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), also classifies RIDEA I PropCo as a VIE due to the non-managing member lacking substantive participation rights in the management of RIDEA I PropCo or kick-out rights over the managing member. The Company consolidates RIDEA I PropCo and RIDEA I OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of RIDEA I PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of notes payable to a non-VIE consolidated subsidiary of the Company. The assets of RIDEA I OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to RIDEA I PropCo and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the RIDEA I structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). HCP Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a JV entity formed in October 2015 that owns and leases MOBs (“HCP Ventures V”). Upon adoption of ASU 2015-02, the Company classified HCP Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of HCP Ventures V or kick-out rights over the managing member. The Company consolidates HCP Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of HCP Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by HCP Ventures V may only be used to settle its contractual obligations (primarily from capital expenditures). Vintage Park JV . The Company holds a 90% ownership interest in a JV entity formed in January 2015 (“Vintage Park JV”) that owns an 85% interest in an unconsolidated development VIE. Upon adoption of ASU 2015-02, the Company classified Vintage Park JV as a VIE due to the non-managing member lacking substantive participation rights in the management of the Vintage Park JV or kick-out rights over the managing member. The Company consolidates Vintage Park JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Vintage Park JV primarily consist of an investment in the Vintage Park Development JV and cash and cash equivalents; its obligations primarily consist of funding the ongoing development of the Vintage Park Development JV. Assets generated by the Vintage Park JV may only be used to settle its contractual obligations (primarily from the funding of the Vintage Park Development JV). Watertown JV . The Company holds a 95% ownership interest in JV entities formed in November 2017 that own and operate a senior housing property in a RIDEA structure (“Watertown JV”). Watertown PropCo is a VIE as the Company and the non-managing member share in control of the entity, but substantially all of the entity's activities are performed on behalf of the Company. Watertown OpCo is a VIE as the non-managing member, through its equity interest, lacks substantive participation rights in the management of Watertown OpCo or kick-out rights over the managing member. The Company consolidates Watertown PropCo and Watertown OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of Watertown PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of notes payable to a non-VIE consolidated subsidiary of the Company. The assets of Watertown OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to Watertown PropCo and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the Watertown structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). Hayden JV . The Company holds a 99% ownership interest in a JV entity formed in December 2017 that owns and leases a life science complex (“Hayden JV”). The Hayden JV is a VIE as the members share in control of the entity, but substantially all of the entity's activities are performed on behalf of the Company. The Company consolidates the Hayden JV as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Hayden JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by Hayden JV may only be used to settle its contractual obligations (primarily from capital expenditures). Consolidated Lessees. The Company leases 21 senior housing properties to lessee entities under cash flow leases through which the Company receives monthly rent equal to the residual cash flows of the properties. The lessee entities are classified as VIEs as they are "thinly capitalized" entities. The Company consolidates the lessee entities as it has the ability to control the activities that most significantly impact the economic performance of the lessee entities. The lessee entities' assets primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to the Company and operating expenses of the senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). DownREITs . The Company holds a controlling ownership interest in and is the managing member of five DownREITs. Upon adoption of ASU 2015-02, the Company classified the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships . The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). Upon adoption of ASU 2015-02, the Company classified the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other consolidated VIEs . The Company made a loan to an entity that entered into a tax credit structure (“Tax Credit Subsidiary”) and a loan to an entity that made an investment in a development JV (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIEs’ economic performance. The assets and liabilities of the Tax Credit Subsidiary and Development JV substantially consist of a development in progress, notes receivable, prepaid expenses, notes payable, and accounts payable and accrued liabilities generated from their operating activities. Any assets generated by the operating activities of the Tax Credit Subsidiary and Development JV may only be used to settle their contractual obligations. Exchange Accommodation Titleholder . During the year ended December 31, 2017, the Company acquired a portfolio of 11 MOBs (the "acquired properties") using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange"). As of December 31, 2017, the Company had not completed the reverse 1031 exchange and as such, the acquired properties remained in the possession of an Exchange Accommodation Titleholder ("EAT"). The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance. The properties held by the EAT are reflected as real estate with an aggregate carrying value of $ 153 million as of December 31, 2017. The assets of the EAT primarily consist of a leased property (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the EAT may only be used to settle its contractual obligations (primarily from capital expenditures). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2017 in the consolidated balance sheets are immaterial. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2017 (3) 2016 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 313,326 $ 313,242 $ 807,954 $ 807,505 Marketable debt securities (2) 18,690 18,690 68,630 68,630 Bank line of credit (2) 1,017,076 1,017,076 899,718 899,718 Term loans (2) 228,288 228,288 440,062 440,062 Senior unsecured notes (1) 6,396,451 6,737,825 7,133,538 7,386,149 Mortgage debt (2) 144,486 125,984 623,792 609,374 Other debt (2) 94,165 94,165 92,385 92,385 Interest-rate swap liabilities (2) 2,483 2,483 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 10,968 10,968 — — _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loans and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the years ended December 31, 2017 and 2016 , there were no transfers of financial assets or liabilities within the fair value hierarchy. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks. The following tables provide information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented: Percentage of Gross Assets Total Company Senior Housing Triple-Net December 31, December 31, Tenant 2017 2016 2017 2016 Brookdale (1) 10 17 39 69 Percentage of Revenues Total Company Revenues Senior Housing Triple-Net Revenues Year Ended December 31, Year Ended December 31, Tenant 2017 2016 2015 2017 2016 2015 Brookdale (1) 8 12 13 47 59 58 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transaction (see Note 3). Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below. As of December 31, 2017 and 2016 , Brookdale managed or operated, in the Company’s SHOP segment, approximately 13% and 18% , respectively, of the Company’s real estate investments based on total assets. Because an operator manages the Company’s facilities in exchange for the receipt of a management fee, the Company is not directly exposed to the credit risk of its operators in the same manner or to the same extent as its triple-net tenants. As of December 31, 2017 , Brookdale provided comprehensive facility management and accounting services with respect to 78 of the Company’s senior housing facilities and 62 SHOP facilities owned by its unconsolidated joint ventures, for which the Company or joint venture pay annual management fees pursuant to long-term management agreements. The Company's concentration with respect to Brookdale as an operator in its SHOP segment is expected to decrease with the completion of the Brookdale Transaction (see Note 3) and the sale of its remaining 40% ownership interest in RIDEA II (see Note 5). Most of the management agreements have terms ranging from 10 to 15 years, with three to four 5-year renewals. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds. Brookdale is subject to the registration and reporting requirements of the U.S. Securities and Exchange Commission (“SEC”) and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale contained or referred to in this report has been derived from SEC filings made by Brookdale or other publicly available information, or was provided to the Company by Brookdale, and the Company has not verified this information through an independent investigation or otherwise. The Company has no reason to believe that this information is inaccurate in any material respect, but the Company cannot assure the reader of its accuracy. The Company is providing this data for informational purposes only, and encourages the reader to obtain Brookdale’s publicly available filings, which can be found on the SEC’s website at www.sec.gov. See Note 3 for further information on the reduction of concentration related to Brookdale. To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio. Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2017 2016 2017 2016 2015 California 31 29 26 26 27 Texas 14 14 17 17 16 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 2017 (dollars and GBP in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow 44,000 3.820% BMA Swap Index (2,483 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,000 2.584% 3.750 % (10,968 ) _____________________________ (1) Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the consolidated balance sheets. (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. (3) Represents a cross currency swap to pay 2.584% on £105 million and receive 3.75% on $131 million through February 1, 2019, with an initial and final exchange of principals at origination and maturity at a rate of 1.251 USD/GBP. Hedges the risk of changes in the USD equivalent value of a portion of the Company’s net investment in its consolidated GBP subsidiaries’ attributable to changes in the USD/GBP exchange rate. The Company uses derivative instruments to mitigate the effects of interest rate and foreign currency fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest and foreign currency rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. Assuming a one percentage point shift in the underlying interest rate curve, the estimated change in fair value of each of the underlying derivative instruments would not exceed $2 million . Assuming a one percentage point shift in the underlying foreign currency exchange rates, the estimated change in fair value of each of the underlying derivative instruments would not exceed $2 million . As of December 31, 2017 , £150 million of the Company’s GBP-denominated borrowings under the 2015 Term Loan and a £105 million cross currency swap are designated as a hedge of a portion of the Company’s net investments in GBP-functional subsidiaries to mitigate its exposure to fluctuations in the GBP to USD exchange rate. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to USD exchange rate of the instrument is recorded as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). Accordingly, (i) the remeasurement value of the designated £150 million GBP-denominated borrowings and (ii) the change in fair value of the £105 million cross currency swap due primarily to fluctuations in the GBP to USD exchange rate are reported in accumulated other comprehensive income (loss) as the hedging relationship is considered to be effective. The balance in accumulated other comprehensive income (loss) will be reclassified to earnings when the hedged investment is sold or substantially liquidated . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 492,168 $ 458,928 $ 454,023 $ 443,259 Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 454,746 18,874 (12,263 ) (50,957 ) Net income (loss) 464,177 22,101 (5,720 ) (57,924 ) Net income (loss) applicable to HCP, Inc. 461,145 19,383 (7,657 ) (58,702 ) Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings per common share 0.98 0.04 (0.02 ) (0.13 ) Diluted earnings per common share 0.97 0.04 (0.02 ) (0.13 ) Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ 520,457 $ 538,332 $ 530,555 $ 539,950 Total discontinued operations 68,408 107,378 108,215 (18,246 ) Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 55,949 196,352 47,453 67,530 Net (loss) income 119,745 304,842 154,039 61,300 Net (loss) income applicable to HCP, Inc. 116,119 301,717 151,250 58,661 Dividends paid per common share 0.58 0.58 0.58 0.37 Basic earnings per common share 0.25 0.65 0.32 0.12 Diluted earnings per common share 0.25 0.64 0.32 0.12 The above selected quarterly financial data includes the following significant transactions: 2017 • During the quarter ended December 31, 2017, the Company recognized $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transaction. • During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan. • During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a re-measurement of deferred tax assets and liabilities. • During the quarter ended September 30, 2017, the Company repurchased $500 million of our 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment. • During the quarter ended June 30, 2017, the Company recorded an impairment charge of $57 million related to the Tandem Mezzanine Loan. • The quarter ended March 31, 2017, the Company deconsolidated the net assets of RIDEA II and recognized a net gain on sale of $99 million . • The quarter ended March 31, 2017, the Company sold 64 senior housing triple-net assets, resulting in a net gain on sale of $170 million . • The quarter ended March 31, 2017, the Company sold its Four Seasons Notes, which generated a £42 million ( $51 million ) gain on sale. 2016 • The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs. • The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions. • The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Allowance Accounts (1) Additions Deductions Year Ended December 31, Balance at Beginning of Year Amounts Charged Against Operations, net Acquired Properties Uncollectible Accounts Written-off Disposed Properties Balance at End of Year 2017 $ 29,518 $ 144,135 $ — $ (2,732 ) $ (1,547 ) $ 169,374 2016 36,180 1,177 — (2,843 ) (4,996 ) 29,518 2015 50,531 3,174 — (17,209 ) (316 ) 36,180 _______________________________________ (1) Includes allowance for doubtful accounts, straight-line rent reserves, and allowances for loan and direct financing lease losses and excludes discontinued operations of $818 million for the year ended December 31, 2015. |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | Real Estate and Accumulated Depreciation Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Senior housing triple-net 1107 Huntsville AL $ — $ 307 $ 5,813 $ — $ 307 $ 5,453 $ 5,760 $ (1,534 ) 2006 0786 Douglas AZ — 110 703 — 110 703 813 (365 ) 2005 0518 Tucson AZ — 2,350 24,037 — 2,350 24,037 26,387 (11,418 ) 2002 1238 Beverly Hills CA — 9,872 32,590 9,188 9,872 41,030 50,902 (12,043 ) 2006 0883 Carmichael CA — 4,270 13,846 — 4,270 13,236 17,506 (3,668 ) 2006 2204 Chino Hills CA — 3,720 41,183 24 3,720 41,205 44,925 (4,931 ) 2014 0851 Citrus Heights CA — 1,180 8,367 — 1,180 8,037 9,217 (3,102 ) 2006 0790 Concord CA 25,000 6,010 39,601 — 6,010 38,301 44,311 (11,877 ) 2005 0787 Dana Point CA — 1,960 15,946 — 1,960 15,466 17,426 (4,801 ) 2005 0798 Escondido CA 14,340 5,090 24,253 — 5,090 23,353 28,443 (7,250 ) 2005 0791 Fremont CA — 2,360 11,672 — 2,360 11,192 13,552 (3,475 ) 2005 0788 Granada Hills CA — 2,200 18,257 — 2,200 17,637 19,837 (5,475 ) 2005 0227 Lodi CA — 732 5,453 — 732 5,453 6,185 (3,008 ) 1997 0226 Murietta CA — 435 5,729 — 435 5,729 6,164 (3,093 ) 1997 1165 Northridge CA — 6,718 26,309 2,710 6,752 27,780 34,532 (7,981 ) 2006 0789 Pleasant Hill CA 6,270 2,480 21,333 — 2,480 20,633 23,113 (6,405 ) 2005 2205 Roseville CA — 3,844 33,527 — 3,844 33,527 37,371 (3,938 ) 2014 1167 Santa Rosa CA — 3,582 21,113 2,230 3,627 22,003 25,630 (6,189 ) 2006 0793 South San Francisco CA — 3,000 16,586 — 3,000 16,056 19,056 (4,978 ) 2005 0792 Ventura CA — 2,030 17,379 — 2,030 16,749 18,779 (5,200 ) 2005 0512 Denver CO — 2,810 36,021 1,885 2,810 37,686 40,496 (17,547 ) 2002 1000 Greenwood Village CO — 3,367 43,610 2,894 3,367 45,708 49,075 (12,039 ) 2006 2144 Glastonbury CT — 1,658 16,046 378 1,658 16,423 18,081 (2,600 ) 2012 0730 Torrington CT — 166 11,001 3,686 166 14,277 14,443 (3,947 ) 2005 0861 Apopka FL — 920 4,816 854 920 5,570 6,490 (1,770 ) 2006 0852 Boca Raton FL 4,730 17,532 5,471 4,730 22,390 27,120 (7,570 ) 2006 2467 Ft Myers FL — 2,782 21,827 — 2,782 21,827 24,609 (1,577 ) 2016 1095 Gainesville FL — 1,221 12,226 — 1,221 12,001 13,222 (3,375 ) 2006 0490 Jacksonville FL — 3,250 25,936 6,170 3,250 32,106 35,356 (12,779 ) 2002 1096 Jacksonville FL — 1,587 15,616 — 1,587 15,298 16,885 (4,303 ) 2006 1017 Palm Harbor FL — 1,462 16,774 500 1,462 16,888 18,350 (4,842 ) 2006 0732 Port Orange FL — 2,340 9,898 1,177 2,340 10,555 12,895 (3,299 ) 2005 2194 Springtree FL — 1,066 15,874 1,447 1,066 17,321 18,387 (3,186 ) 2013 0802 St. Augustine FL — 830 11,627 1,288 830 12,515 13,345 (4,322 ) 2005 1097 Tallahassee FL — 1,331 19,039 — 1,331 18,695 20,026 (5,258 ) 2006 1605 Vero Beach FL — 700 16,234 — 700 15,484 16,184 (3,097 ) 2010 1257 Vero Beach FL — 2,035 34,993 201 2,035 33,634 35,669 (9,457 ) 2006 2108 Buford GA — 562 3,604 499 562 4,103 4,665 (788 ) 2012 2109 Buford GA — 536 3,142 343 536 3,486 4,022 (638 ) 2012 2053 Canton GA — 401 17,888 473 401 18,361 18,762 (2,366 ) 2012 2165 Hartwell GA — 368 6,337 300 368 6,637 7,005 (1,009 ) 2012 2066 Lawrenceville GA — 581 2,669 417 581 3,085 3,666 (654 ) 2012 1241 Lilburn GA — 907 17,340 325 907 17,102 18,009 (4,841 ) 2006 2086 Newnan GA — 1,227 4,202 503 1,227 4,705 5,932 (933 ) 2012 1005 Oak Park IL — 3,476 35,259 1,862 3,476 36,575 40,051 (9,556 ) 2006 1162 Orland Park IL — 2,623 23,154 1,614 2,623 23,992 26,615 (6,697 ) 2006 1237 Wilmette IL — 1,100 9,373 774 1,100 9,922 11,022 (2,711 ) 2006 1105 Louisville KY — 1,499 26,252 240 1,513 25,813 27,326 (7,379 ) 2006 2115 Murray KY — 288 7,400 299 288 7,698 7,986 (1,286 ) 2012 1158 Plymouth MA — 2,434 9,027 879 2,438 9,105 11,543 (2,554 ) 2006 1249 Frederick MD — 609 9,158 840 609 9,665 10,274 (2,830 ) 2006 0281 Westminster MD — 768 5,251 1,451 768 6,758 7,526 (2,544 ) 1998 0546 Cape Elizabeth ME — 630 3,524 93 630 3,617 4,247 (1,337 ) 2003 0545 Saco ME — 80 2,363 155 80 2,518 2,598 (928 ) 2003 1258 Auburn Hills MI — 2,281 10,692 — 2,281 10,692 12,973 (3,007 ) 2006 1248 Farmington Hills MI — 1,013 12,119 939 1,013 12,418 13,431 (3,530 ) 2006 1259 Sterling Heights MI — 1,593 11,500 — 1,593 11,181 12,774 (3,145 ) 2006 1235 Des Peres MO — 4,361 20,664 1,225 4,361 21,271 25,632 (5,760 ) 2006 1236 Richmond Heights MO — 1,744 24,232 368 1,744 23,915 25,659 (6,701 ) 2006 0853 St. Louis MO — 2,500 20,343 — 2,500 19,853 22,353 (7,665 ) 2006 2074 Oxford MS — 2,003 14,140 231 2,003 14,371 16,374 (2,089 ) 2012 0878 Charlotte NC — 710 9,559 — 710 9,159 9,869 (2,538 ) 2006 2465 Charlotte NC — 1,373 10,774 — 1,373 10,774 12,147 (778 ) 2016 2468 Franklin NC — 1,082 8,489 — 1,082 8,489 9,571 (613 ) 2016 2126 Mooresville NC — 2,538 37,617 1,684 2,538 39,302 41,840 (5,390 ) 2012 2466 Raeford NC — 1,304 10,230 — 1,304 10,230 11,534 (739 ) 2016 1254 Raleigh NC — 1,191 11,532 489 1,191 11,681 12,872 (3,429 ) 2006 2127 Minot ND — 685 16,047 676 685 16,723 17,408 (2,486 ) 2012 1599 Cherry Hill NJ — 2,420 11,042 2,294 2,420 12,785 15,205 (3,685 ) 2010 1239 Cresskill NJ — 4,684 53,927 501 4,684 53,406 58,090 (15,063 ) 2006 0734 Hillsborough NJ — 1,042 10,042 491 1,042 10,066 11,108 (3,125 ) 2005 1242 Madison NJ — 3,157 19,909 179 3,157 19,468 22,625 (5,475 ) 2006 0733 Manahawkin NJ — 921 9,927 691 921 10,152 11,073 (3,191 ) 2005 1231 Saddle River NJ — 1,784 15,625 612 1,784 15,640 17,424 (4,452 ) 2006 0245 Voorhees Township NJ — 900 7,629 520 900 8,149 9,049 (3,287 ) 1998 0796 Las Vegas NV — 1,960 5,816 — 1,960 5,426 7,386 (1,685 ) 2005 1252 Brooklyn NY — 8,117 23,627 1,057 8,117 23,577 31,694 (6,701 ) 2006 1256 Brooklyn NY — 5,215 39,052 1,079 5,215 39,197 44,412 (11,181 ) 2006 2174 Orchard Park NY — 726 17,735 — 726 17,735 18,461 (2,957 ) 2012 1386 Marietta OH — 1,069 11,435 668 1,069 11,898 12,967 (4,322 ) 2007 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1253 Youngstown OH — 695 10,444 744 695 10,842 11,537 (3,113 ) 2006 2083 Oklahoma City OK — 2,116 28,007 1,939 2,116 29,946 32,062 (4,569 ) 2012 2131 Keizer OR 2,431 551 6,454 — 551 6,454 7,005 (938 ) 2013 2152 McMinnville OR — 3,203 24,909 5,381 3,203 28,796 31,999 (5,040 ) 2012 2089 Newberg OR — 1,889 16,855 837 1,889 17,692 19,581 (2,428 ) 2012 2133 Portland OR — 1,615 12,030 169 1,615 12,199 13,814 (1,592 ) 2012 2171 Portland OR — — 16,087 311 — 16,398 16,398 (2,069 ) 2012 2050 Redmond OR — 1,229 21,921 809 1,229 22,731 23,960 (2,932 ) 2012 2084 Roseburg OR — 1,042 12,090 134 1,042 12,223 13,265 (1,918 ) 2012 2134 Scappoose OR — 353 1,258 17 353 1,275 1,628 (264 ) 2012 2153 Scappoose OR — 971 7,116 142 971 7,258 8,229 (1,311 ) 2012 2056 Stayton OR — 48 569 19 48 588 636 (160 ) 2012 2058 Stayton OR — 253 8,621 140 253 8,762 9,015 (1,370 ) 2012 2088 Tualatin OR — — 6,326 375 — 6,701 6,701 (1,376 ) 2012 2180 Windfield Village OR 2,722 580 9,817 — 580 9,817 10,397 (1,424 ) 2013 1163 Haverford PA — 16,461 108,816 12,128 16,461 116,731 133,192 (33,431 ) 2006 2063 Selinsgrove PA — 529 9,111 237 529 9,349 9,878 (1,625 ) 2012 1973 South Kingstown RI — 1,390 12,551 630 1,390 12,918 14,308 (3,187 ) 2011 1975 Tiverton RI — 3,240 25,735 651 3,240 25,938 29,178 (6,242 ) 2011 1104 Aiken SC — 357 14,832 151 363 14,395 14,758 (4,081 ) 2006 1109 Columbia SC — 408 7,527 131 412 7,414 7,826 (2,123 ) 2006 0306 Georgetown SC — 239 3,008 — 239 3,008 3,247 (1,236 ) 1998 0879 Greenville SC — 1,090 12,558 — 1,090 12,058 13,148 (3,341 ) 2006 0305 Lancaster SC — 84 2,982 — 84 2,982 3,066 (1,142 ) 1998 0880 Myrtle Beach SC — 900 10,913 — 900 10,513 11,413 (2,913 ) 2006 0312 Rock Hill SC — 203 2,671 — 203 2,671 2,874 (1,077 ) 1998 1113 Rock Hill SC — 695 4,119 322 795 4,074 4,869 (1,313 ) 2006 0313 Sumter SC — 196 2,623 — 196 2,623 2,819 (1,078 ) 1998 2073 Kingsport TN — 1,113 8,625 322 1,113 8,947 10,060 (1,418 ) 2012 1003 Nashville TN — 812 16,983 2,524 812 18,759 19,571 (4,691 ) 2006 0843 Abilene TX — 300 2,830 — 300 2,710 3,010 (785 ) 2006 2107 Amarillo TX — 1,315 26,838 582 1,315 27,417 28,732 (3,790 ) 2012 1116 Arlington TX — 2,494 12,192 249 2,540 11,847 14,387 (3,472 ) 2006 0511 Austin TX — 2,960 41,645 — 2,960 41,645 44,605 (19,781 ) 2002 2075 Bedford TX — 1,204 26,845 1,599 1,204 28,444 29,648 (4,134 ) 2012 0844 Burleson TX — 1,050 5,242 — 1,050 4,902 5,952 (1,420 ) 2006 0848 Cedar Hill TX — 1,070 11,554 — 1,070 11,104 12,174 (3,215 ) 2006 1325 Cedar Hill TX — 440 7,494 — 440 6,974 7,414 (1,874 ) 2007 0506 Friendswood TX — 400 7,354 174 400 7,528 7,928 (2,582 ) 2002 0217 Houston TX — 835 7,195 454 835 7,649 8,484 (3,306 ) 1997 1106 Houston TX — 1,008 15,333 183 1,020 15,052 16,072 (4,314 ) 2006 0845 North Richland Hills TX — 520 5,117 — 520 4,807 5,327 (1,392 ) 2006 0846 North Richland Hills TX — 870 9,259 — 870 8,819 9,689 (2,919 ) 2006 2162 Portland TX — 1,233 14,001 1,353 1,233 15,354 16,587 (2,520 ) 2012 2116 Sherman TX — 209 3,492 377 209 3,870 4,079 (647 ) 2012 0847 Waxahachie TX — 390 3,879 — 390 3,659 4,049 (1,059 ) 2006 2470 Abingdon VA — 1,584 12,431 — 1,584 12,431 14,015 (898 ) 2016 1244 Arlington VA — 3,833 7,076 882 3,833 7,630 11,463 (2,248 ) 2006 1245 Arlington VA — 7,278 37,407 3,185 7,278 39,481 46,759 (10,900 ) 2006 0881 Chesapeake VA — 1,090 12,444 — 1,090 11,944 13,034 (3,310 ) 2006 1247 Falls Church VA — 2,228 8,887 677 2,228 9,240 11,468 (2,734 ) 2006 1164 Fort Belvoir VA — 11,594 99,528 11,862 11,594 108,676 120,270 (31,972 ) 2006 1250 Leesburg VA — 607 3,236 206 607 3,230 3,837 (3,196 ) 2006 1246 Sterling VA — 2,360 22,932 1,059 2,360 23,228 25,588 (6,672 ) 2006 2077 Sterling VA — 1,046 15,788 385 1,046 16,173 17,219 (2,214 ) 2012 0225 Woodbridge VA — 950 6,983 1,459 950 8,442 9,392 (3,516 ) 1997 1173 Bellevue WA — 3,734 16,171 645 3,737 16,094 19,831 (4,541 ) 2006 2095 College Place WA — 758 8,051 701 758 8,752 9,510 (1,437 ) 2012 1240 Edmonds WA — 1,418 16,502 105 1,418 16,102 17,520 (4,552 ) 2006 2160 Kenmore WA — 3,284 16,641 638 3,284 17,278 20,562 (2,406 ) 2012 0797 Kirkland WA — 1,000 13,403 — 1,000 13,043 14,043 (4,049 ) 2005 1251 Mercer Island WA — 4,209 8,123 581 4,209 8,202 12,411 (2,334 ) 2006 2096 Poulsbo WA — 1,801 18,068 224 1,801 18,292 20,093 (2,734 ) 2012 2102 Richland WA — 249 5,067 135 249 5,202 5,451 (764 ) 2012 0794 Shoreline WA — 1,590 10,671 — 1,590 10,261 11,851 (3,185 ) 2005 0795 Shoreline WA — 4,030 26,421 42 4,030 25,691 29,721 (7,898 ) 2005 2061 Vancouver WA — 513 4,556 246 513 4,802 5,315 (888 ) 2012 2062 Vancouver WA — 1,498 9,997 192 1,498 10,189 11,687 (1,477 ) 2012 2052 Yakima WA — 557 5,897 176 557 6,074 6,631 (931 ) 2012 2078 Yakima WA — 353 5,668 27 353 5,695 6,048 (781 ) 2012 2117 Bridgeport WV — 3,174 15,437 493 3,174 15,930 19,104 (3,028 ) 2012 2148 Sheridan WY — 915 12,047 1,242 915 13,289 14,204 (2,149 ) 2012 $ 50,763 $ 289,180 $ 2,387,674 $ 123,120 $ 289,448 $ 2,457,872 $ 2,747,320 $ (641,170 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Senior housing operating portfolio 1974 Sun City AZ — 2,640 33,223 2,685 2,640 35,378 38,018 (9,041 ) 2011 2729 Clearlake CA — 354 4,799 306 354 4,635 4,989 (898 ) 2012 1965 Fresno CA — 1,730 31,918 2,117 1,730 33,605 35,335 (8,408 ) 2011 2726 Fortuna CA — 818 3,295 63 818 3,358 4,176 (1,582 ) 2012 2728 Fortuna CA — 1,346 11,856 176 1,346 10,618 11,964 (3,568 ) 2012 2593 Irvine CA — 8,220 14,104 539 8,220 14,103 22,323 (3,465 ) 2006 2725 Palm Springs CA — 1,005 5,183 619 1,005 5,263 6,268 (2,097 ) 2006 1966 Sun City CA — 2,650 22,709 3,863 2,650 26,118 28,768 (7,323 ) 2011 2727 Yreka CA — 565 9,184 419 565 6,633 7,198 (1,675 ) 2012 2505 Arvada CO — 1,788 29,896 1,016 1,788 30,912 32,700 (2,694 ) 2015 2506 Boulder CO — 2,424 36,746 674 2,424 37,421 39,845 (2,492 ) 2015 2515 Denver CO — 2,311 18,645 1,995 2,311 20,639 22,950 (2,519 ) 2015 2508 Lakewood CO — 4,384 60,795 1,988 4,384 62,782 67,166 (4,928 ) 2015 2509 Lakewood CO — 2,296 37,236 1,523 2,296 38,760 41,056 (2,538 ) 2015 2603 Boca Raton FL — 2,415 17,923 858 2,415 17,726 20,141 (4,534 ) 2006 1963 Boynton Beach FL — 2,550 31,521 3,665 2,550 34,521 37,071 (9,003 ) 2011 1964 Boynton Beach FL — 570 5,649 2,826 570 8,282 8,852 (2,799 ) 2011 2602 Boynton Beach FL — 1,270 4,773 1,918 1,270 4,775 6,045 (1,278 ) 2003 2520 Clearwater FL — 2,250 2,627 1,588 2,250 3,635 5,885 (1,095 ) 2015 2604 Coconut Creek FL — 2,461 16,006 2,461 2,461 15,712 18,173 (3,933 ) 2006 2601 Delray Beach FL — 850 6,637 1,598 850 6,907 7,757 (1,891 ) 2002 2517 Ft Lauderdale FL — 2,867 43,126 2,927 2,867 45,896 48,763 (4,652 ) 2015 2518 Lake Worth FL — 1,669 13,267 1,180 1,669 14,447 16,116 (1,916 ) 2015 2592 Lantana FL — 3,520 26,452 377 3,520 26,029 29,549 (9,790 ) 2006 1968 Largo FL — 2,920 64,988 12,399 2,920 76,167 79,087 (20,269 ) 2011 2522 Lutz FL — 902 15,169 55 902 16,152 17,054 (1,213 ) 2015 2523 Orange City FL — 912 9,724 894 912 10,618 11,530 (1,092 ) 2015 2524 Port St Lucie FL — 893 10,333 827 893 11,161 12,054 (1,252 ) 2015 1971 Sarasota FL — 3,050 29,516 6,239 3,050 35,325 38,375 (9,497 ) 2011 2525 Sarasota FL — 1,426 16,079 1,304 1,426 17,383 18,809 (1,854 ) 2015 2526 Tamarac FL — 970 16,037 924 970 16,968 17,938 (1,324 ) 2015 2513 Venice FL — 1,140 20,662 1,647 1,140 22,309 23,449 (1,838 ) 2015 2527 Vero Beach FL — 1,048 17,392 1,342 1,048 18,733 19,781 (1,440 ) 2015 2200 Deer Park IL — 4,172 2,417 44,534 4,229 44,478 48,707 (2,244 ) 2014 2594 Mount Vernon IL — 296 15,935 4,340 512 19,728 20,240 (5,122 ) 2006 1969 Niles IL — 3,790 32,912 5,884 3,790 38,024 41,814 (10,772 ) 2011 1961 Olympia Fields IL — 4,120 29,400 3,832 4,120 32,706 36,826 (8,523 ) 2011 1952 Vernon Hills IL — 4,900 45,854 5,999 4,900 51,157 56,057 (13,321 ) 2011 2595 Indianapolis IN — 1,197 7,718 1,084 1,197 8,570 9,767 (2,137 ) 2006 2596 W Lafayette IN — 813 10,876 1,324 813 11,949 12,762 (3,023 ) 2006 2746 Watertown MA — 8,828 29,112 53 8,828 29,165 37,993 (129 ) 2017 2583 Ellicott City MD 19,469 3,607 31,720 1,239 3,607 32,959 36,566 (1,280 ) 2016 2584 Hanover MD 9,065 4,513 25,625 867 4,513 26,492 31,005 (1,009 ) 2016 2585 Laurel MD 5,879 3,895 13,331 993 3,895 14,323 18,218 (709 ) 2016 2541 Olney MD — 1,580 33,802 158 1,580 33,960 35,540 (2,247 ) 2015 2586 Parkville MD 21,008 3,854 29,061 902 3,854 29,963 33,817 (1,356 ) 2016 2587 Waldorf MD 8,501 392 20,514 650 392 21,164 21,556 (799 ) 2016 2741 Lexington NE — 474 8,405 474 474 6,362 6,836 (1,657 ) 2012 2589 Albuquerque NM — 767 9,324 253 767 9,079 9,846 (4,059 ) 1996 2740 Rio Rancho NM — 1,154 13,726 495 1,154 14,221 15,375 (2,259 ) 2012 2735 Roswell NM — 618 7,038 1,010 618 7,741 8,359 (1,578 ) 2012 2738 Roswell NM — 837 8,614 997 837 9,288 10,125 (1,979 ) 2012 2733 Las Vegas NV — 667 14,469 509 667 10,347 11,014 (2,592 ) 2012 2743 Clifton Park NY — 2,257 11,470 4 2,257 11,484 13,741 (1,926 ) 2012 2742 Orchard Park NY — 478 11,961 — 478 11,961 12,439 (1,984 ) 2012 2516 Centerville OH — 1,065 10,901 1,520 1,065 12,421 13,486 (1,643 ) 2015 2512 Cincinnati OH — 1,180 6,157 1,393 1,180 7,549 8,729 (1,442 ) 2015 2597 Fairborn OH — 298 10,704 3,895 298 14,368 14,666 (3,732 ) 2006 2736 Gresham OR — 465 6,403 265 465 6,668 7,133 (1,563 ) 2012 2744 Hermiston OR 2,327 582 8,087 — 582 8,087 8,669 (1,400 ) 2013 2739 Portland OR — 1,677 9,469 374 1,677 6,940 8,617 (2,306 ) 2012 2730 Cumberland RI — 2,630 19,050 803 2,630 13,145 15,775 (4,644 ) 2011 1959 East Providence RI — 1,890 13,989 1,447 1,890 15,183 17,073 (4,117 ) 2011 1960 Greenwich RI — 450 11,845 1,846 450 13,414 13,864 (3,796 ) 2011 2511 Johnston RI — 2,037 12,724 3,724 2,037 16,448 18,485 (2,468 ) 2015 2731 Smithfield RI — 1,250 17,816 656 1,250 17,192 18,442 (4,724 ) 2011 1962 Warwick RI — 1,050 17,389 6,772 1,050 23,804 24,854 (5,580 ) 2011 2401 Germantown TN — 3,640 64,588 264 3,640 64,852 68,492 (5,393 ) 2015 2608 Arlington TX — 2,002 19,110 128 2,002 18,857 20,859 (5,035 ) 2006 2531 Austin TX — 607 15,972 424 607 16,396 17,003 (1,126 ) 2015 2588 Beaumont TX — 145 10,404 324 145 10,282 10,427 (4,679 ) 1995 2438 Dallas TX — 2,091 11,698 2,091 2,091 12,307 14,398 (2,074 ) 2015 2528 Graham TX — 754 8,803 782 754 9,586 10,340 (1,088 ) 2015 2529 Grand Prairie TX — 865 10,650 1,118 865 11,768 12,633 (1,196 ) 2015 1955 Houston TX — 9,820 50,079 10,526 9,820 59,293 69,113 (16,391 ) 2011 1957 Houston TX — 8,170 37,285 5,658 8,170 42,112 50,282 (11,285 ) 2011 1958 Houston TX — 2,910 37,443 7,685 2,910 44,233 47,143 (11,666 ) 2011 2402 Houston TX — 1,740 32,057 95 1,740 32,153 33,893 (2,801 ) 2015 2606 Houston TX — 2,470 21,710 2,176 2,470 23,036 25,506 (10,451 ) 2002 2530 N Richland Hills TX — 1,190 17,756 1,104 1,190 18,859 20,049 (1,659 ) 2015 2532 San Antonio TX — 613 5,874 990 613 6,863 7,476 (931 ) 2015 2607 San Antonio TX — 730 3,961 375 730 4,022 4,752 (1,391 ) 2002 2533 San Marcos TX — 765 18,175 898 765 19,073 19,838 (1,380 ) 2015 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1954 Sugar Land TX — 3,420 36,846 5,097 3,420 41,242 44,662 (11,131 ) 2011 2510 Temple TX — 2,354 52,859 1,144 2,354 54,004 56,358 (3,819 ) 2015 2400 Victoria TX — 1,032 7,743 339 1,032 7,186 8,218 (906 ) 2015 2605 Victoria TX — 175 4,290 3,642 175 6,477 6,652 (2,661 ) 1995 1953 Webster TX — 4,780 30,854 4,628 4,780 29,464 34,244 (8,264 ) 2011 2534 Wichita Falls TX — 430 2,856 804 430 3,745 4,175 (642 ) 2015 2582 Fredericksburg VA — 2,370 19,725 87 2,370 19,811 22,181 (689 ) 2016 2581 Leesburg VA 12,345 1,340 17,605 907 1,340 18,512 19,852 (664 ) 2016 2514 Richmond VA — 2,981 54,203 1,894 2,981 56,097 59,078 (3,675 ) 2015 2737 Moses Lake WA — 429 4,417 189 429 4,606 5,035 (1,328 ) 2012 2732 Spokane WA — 903 5,363 171 903 5,228 6,131 (1,073 ) 2012 2734 Yakima WA — 721 8,872 1,518 721 10,390 11,111 (2,168 ) 2012 2745 Madison WI — 834 10,050 445 834 10,495 11,329 (1,732 ) 2012 $ 78,594 $ 194,278 $ 1,866,536 $ 216,811 $ 194,551 $ 2,024,260 $ 2,218,811 $ (359,316 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Life science 1482 Brisbane CA — 31,160 1,789 20,319 31,160 22,103 53,263 — 2007 1486 Brisbane CA — 11,331 — 20,529 11,331 20,529 31,860 — 2007 1487 Brisbane CA — 8,498 — 6,812 8,498 6,812 15,310 — 2007 1401 Hayward CA — 900 7,100 1,045 900 8,145 9,045 (2,705 ) 2007 1402 Hayward CA — 1,500 6,400 3,682 1,719 9,863 11,582 (4,280 ) 2007 1403 Hayward CA — 1,900 7,100 4,666 1,900 11,512 13,412 (2,709 ) 2007 1404 Hayward CA — 2,200 17,200 1,434 2,200 18,634 20,834 (4,485 ) 2007 1405 Hayward CA — 1,000 3,200 7,478 1,000 10,678 11,678 (6,391 ) 2007 1549 Hayward CA — 1,006 4,259 3,463 1,055 6,409 7,464 (2,493 ) 2007 1550 Hayward CA — 677 2,761 5,583 710 4,954 5,664 (3,401 ) 2007 1551 Hayward CA — 661 1,995 4,264 693 6,227 6,920 (4,220 ) 2007 1552 Hayward CA — 1,187 7,139 1,346 1,222 8,094 9,316 (3,385 ) 2007 1553 Hayward CA — 1,189 9,465 7,361 1,225 16,791 18,016 (5,675 ) 2007 1554 Hayward CA — 1,246 5,179 1,867 1,283 6,133 7,416 (2,739 ) 2007 1555 Hayward CA — 1,521 13,546 6,401 1,566 19,889 21,455 (7,177 ) 2007 1556 Hayward CA — 1,212 5,120 3,049 1,249 5,216 6,465 (2,098 ) 2007 1424 La Jolla CA — 9,600 25,283 8,220 9,719 31,414 41,133 (9,072 ) 2007 1425 La Jolla CA — 6,200 19,883 152 6,276 19,958 26,234 (5,264 ) 2007 1426 La Jolla CA — 7,200 12,412 5,493 7,291 15,961 23,252 (6,509 ) 2007 1427 La Jolla CA — 8,700 16,983 6,177 8,767 21,859 30,626 (7,302 ) 2007 1949 La Jolla CA — 2,686 11,045 743 2,686 11,458 14,144 (2,690 ) 2011 2229 La Jolla CA — 8,753 32,528 6,228 8,777 38,732 47,509 (3,923 ) 2014 1488 Mountain View CA — 7,300 25,410 1,901 7,567 27,044 34,611 (7,597 ) 2007 1489 Mountain View CA — 6,500 22,800 1,866 6,500 24,666 31,166 (7,030 ) 2007 1490 Mountain View CA — 4,800 9,500 442 4,800 9,942 14,742 (2,746 ) 2007 1491 Mountain View CA — 4,200 8,400 1,249 4,209 8,998 13,207 (2,458 ) 2007 1492 Mountain View CA — 3,600 9,700 862 3,600 9,835 13,435 (2,527 ) 2007 1493 Mountain View CA — 7,500 16,300 2,142 7,500 17,842 25,342 (4,942 ) 2007 1494 Mountain View CA — 9,800 24,000 203 9,800 24,203 34,003 (6,362 ) 2007 1495 Mountain View CA — 6,900 17,800 3,245 6,900 21,045 27,945 (6,313 ) 2007 1496 Mountain View CA — 7,000 17,000 6,364 7,000 17,332 24,332 (4,595 ) 2007 1497 Mountain View CA — 14,100 31,002 10,111 14,100 31,487 45,587 (8,280 ) 2007 1498 Mountain View CA — 7,100 25,800 8,101 7,100 33,901 41,001 (14,611 ) 2007 2017 Mountain View CA — — 20,240 1,117 — 21,255 21,255 (4,000 ) 2013 1470 Poway CA — 5,826 12,200 6,048 5,826 12,542 18,368 (3,199 ) 2007 1471 Poway CA — 5,978 14,200 4,253 5,978 18,453 24,431 (7,951 ) 2007 1472 Poway CA — 8,654 — 11,906 8,654 11,906 20,560 (1,286 ) 2007 1473 Poway CA — 11,024 2,405 9,148 11,024 11,553 22,577 — 2007 1474 Poway CA — 5,051 — 5,522 5,051 5,522 10,573 — 2007 1475 Poway CA — 5,655 — 5,697 5,655 5,697 11,352 — 2007 1477 Poway CA — 25,359 2,475 14,835 25,359 17,310 42,669 — 2007 1478 Poway CA — 6,700 14,400 6,145 6,700 14,400 21,100 (3,750 ) 2007 1499 Redwood City CA — 3,400 5,500 2,564 3,407 7,177 10,584 (2,476 ) 2007 1500 Redwood City CA — 2,500 4,100 1,220 2,506 4,563 7,069 (1,508 ) 2007 1501 Redwood City CA — 3,600 4,600 860 3,607 5,024 8,631 (1,722 ) 2007 1502 Redwood City CA — 3,100 5,100 954 3,107 5,801 8,908 (1,937 ) 2007 1503 Redwood City CA — 4,800 17,300 3,300 4,818 20,582 25,400 (6,253 ) 2007 1504 Redwood City CA — 5,400 15,500 949 5,418 16,431 21,849 (4,246 ) 2007 1505 Redwood City CA — 3,000 3,500 826 3,006 4,115 7,121 (1,646 ) 2007 1506 Redwood City CA — 6,000 14,300 7,503 6,018 21,178 27,196 (4,637 ) 2007 1507 Redwood City CA — 1,900 12,800 13,559 1,912 26,347 28,259 (7,202 ) 2007 1508 Redwood City CA — 2,700 11,300 12,120 2,712 23,409 26,121 (5,871 ) 2007 1509 Redwood City CA — 2,700 10,900 10,476 2,712 20,840 23,552 (7,349 ) 2007 1510 Redwood City CA — 2,200 12,000 5,395 2,212 13,501 15,713 (3,543 ) 2007 1511 Redwood City CA — 2,600 9,300 1,828 2,612 10,561 13,173 (2,708 ) 2007 1512 Redwood City CA — 3,300 18,000 12,361 3,300 30,361 33,661 (8,155 ) 2007 1513 Redwood City CA — 3,300 17,900 14,839 3,326 32,713 36,039 (9,544 ) 2007 0678 San Diego CA — 2,603 11,051 3,143 2,603 14,194 16,797 (4,623 ) 2002 0679 San Diego CA — 5,269 23,566 16,072 5,669 35,937 41,606 (12,274 ) 2002 0837 San Diego CA — 4,630 2,028 8,982 4,630 11,010 15,640 (6,567 ) 2006 0838 San Diego CA — 2,040 903 5,111 2,040 6,014 8,054 (2,208 ) 2006 0839 San Diego CA — 3,940 3,184 5,733 4,047 5,591 9,638 (1,769 ) 2006 0840 San Diego CA — 5,690 4,579 720 5,830 4,734 10,564 (1,566 ) 2006 1418 San Diego CA — 11,700 31,243 6,403 11,700 37,646 49,346 (12,927 ) 2007 1420 San Diego CA — 6,524 — 4,986 6,524 4,986 11,510 — 2007 1421 San Diego CA — 7,000 33,779 1,209 7,000 34,988 41,988 (9,021 ) 2007 1422 San Diego CA — 7,179 3,687 4,521 7,184 8,202 15,386 (2,287 ) 2007 1423 San Diego CA — 8,400 33,144 18 8,400 33,162 41,562 (8,637 ) 2007 1514 San Diego CA — 5,200 — — 5,200 — 5,200 — 2007 1558 San Diego CA — 7,740 22,654 2,371 7,888 23,645 31,533 (6,279 ) 2007 1947 San Diego CA — 2,581 10,534 3,952 2,581 14,486 17,067 (3,154 ) 2011 1948 San Diego CA — 5,879 25,305 2,559 5,879 27,861 33,740 (7,790 ) 2011 2197 San Diego CA — 7,621 3,913 6,549 7,626 9,167 16,793 (2,459 ) 2007 2476 San Diego CA — 7,661 9,918 3,359 7,661 13,277 20,938 (189 ) 2016 2477 San Diego CA — 9,207 14,613 6,484 9,207 21,097 30,304 (649 ) 2016 2478 San Diego CA — 6,000 — — 6,000 — 6,000 — 2016 2617 San Diego CA — 2,734 5,195 777 2,734 5,971 8,705 — 2017 2618 San Diego CA — 4,100 12,395 — 4,100 12,395 16,495 (317 ) 2017 2622 San Diego CA — — — 1,070 — 1,070 1,070 — 2004 1407 South San Francisco CA — 7,182 12,140 9,612 7,182 17,860 25,042 (8,032 ) 2007 1408 South San Francisco CA — 9,000 17,800 1,260 9,000 19,060 28,060 (5,588 ) 2007 1409 South San Francisco CA — 18,000 38,043 4,692 18,000 42,735 60,735 (10,828 ) 2007 1410 South San Francisco CA — 4,900 18,100 157 4,900 18,257 23,157 (4,793 ) 2007 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1411 South San Francisco CA — 8,000 27,700 313 8,000 28,013 36,013 (7,288 ) 2007 1412 South San Francisco CA — 10,100 22,521 2,156 10,100 24,437 34,537 (6,066 ) 2007 1413 South San Francisco CA — 8,000 28,299 3,743 8,000 32,042 40,042 (7,468 ) 2007 1414 South San Francisco CA — 3,700 20,800 2,248 3,700 22,845 26,545 (5,965 ) 2007 1430 South San Francisco CA — 10,700 23,621 3,519 10,700 27,140 37,840 (7,606 ) 2007 1431 South San Francisco CA — 7,000 15,500 876 7,000 16,375 23,375 (4,109 ) 2007 1435 South San Francisco CA — 13,800 42,500 37,029 13,800 79,529 93,329 (19,435 ) 2008 1436 South San Francisco CA — 14,500 45,300 36,865 14,500 82,165 96,665 (19,964 ) 2008 1437 South San Francisco CA — 9,400 24,800 46,308 9,400 69,539 78,939 (14,428 ) 2008 1439 South San Francisco CA — 11,900 68,848 48 11,900 68,896 80,796 (17,948 ) 2007 1440 South San Francisco CA — 10,000 57,954 10 10,000 57,964 67,964 (15,094 ) 2007 1441 South San Francisco CA — 9,300 43,549 8 9,300 43,557 52,857 (11,342 ) 2007 1442 South San Francisco CA — 11,000 47,289 91 11,000 47,380 58,380 (12,371 ) 2007 1443 South San Francisco CA — 13,200 60,932 2,645 13,200 63,576 76,776 (15,600 ) 2007 1444 South San Francisco CA — 10,500 33,776 360 10,500 34,135 44,635 (8,995 ) 2007 1445 South San Francisco CA — 10,600 34,083 9 10,600 34,092 44,692 (8,877 ) 2007 1458 South San Francisco CA — 10,900 20,900 8,294 10,909 23,962 34,871 (7,082 ) 2007 1459 South San Francisco CA — 3,600 100 223 3,600 323 3,923 (94 ) 2007 1460 South San Francisco CA — 2,300 100 118 2,300 218 2,518 (100 ) 2007 1461 South San Francisco CA — 3,900 200 221 3,900 421 4,321 (200 ) 2007 1462 South San Francisco CA — 7,117 600 4,927 7,117 5,179 12,296 (2,140 ) 2007 1463 South San Francisco CA — 10,381 2,300 20,527 10,381 22,827 33,208 (5,749 ) 2007 1464 South San Francisco CA — 7,403 700 11,638 7,403 7,987 15,390 (1,479 ) 2007 1468 South San Francisco CA — 10,100 24,013 4,774 10,100 26,642 36,742 (7,801 ) 2007 1480 South San Francisco CA — 32,210 3,110 11,217 32,210 14,327 46,537 — 2007 1559 South San Francisco CA — 5,666 5,773 12,966 5,695 18,641 24,336 (10,250 ) 2007 1560 South San Francisco CA — 1,204 1,293 517 1,210 1,789 2,999 (1,456 ) 2007 1983 South San Francisco CA — 8,648 — 95,860 8,648 95,860 104,508 (6,072 ) 2016 1984 South San Francisco CA — 7,845 — 84,569 7,844 84,569 92,413 (1,692 ) 2017 1985 South San Francisco CA — 6,708 — 98,300 6,708 98,301 105,009 (1,212 ) 2017 1986 South San Francisco CA — 6,708 — 107,084 6,708 107,084 113,792 — 2011 1987 South San Francisco CA — 8,544 — 47,227 8,544 47,228 55,772 — 2011 1988 South San Francisco CA — 10,120 — 414 10,120 414 10,534 — 2011 1989 South San Francisco CA — 9,169 — 3,649 9,169 3,649 12,818 — 2011 2553 South San Francisco CA — 2,897 8,691 1,160 2,897 9,852 12,749 (735 ) 2015 2554 South San Francisco CA — 995 2,754 50 995 2,804 3,799 (166 ) 2015 2555 South San Francisco CA — 2,202 10,776 589 2,202 11,365 13,567 (675 ) 2015 2556 South San Francisco CA — 2,962 15,108 168 2,962 15,276 18,238 (908 ) 2015 2557 South San Francisco CA — 2,453 13,063 128 2,453 13,191 15,644 (783 ) 2015 2558 South San Francisco CA — 1,163 5,925 58 1,163 5,983 7,146 (356 ) 2015 2614 South San Francisco CA — 5,079 8,584 1,330 5,079 9,914 14,993 (3,383 ) 2007 2615 South San Francisco CA — 7,984 13,495 3,243 7,984 16,739 24,723 (5,481 ) 2007 2616 South San Francisco CA — 8,355 14,121 1,876 8,355 15,998 24,353 (5,598 ) 2007 2624 South San Francisco CA — 25,502 41,293 181 25,502 41,474 66,976 (382 ) 2017 9999 Denton TX — 100 — — 100 — 100 — 2016 2630 Lexington MA — 15,966 48,444 — 15,966 48,444 64,410 (187 ) 2017 2631 Lexington MA — 10,940 139,201 28 10,940 139,229 150,169 (367 ) 2017 2011 Durham NC 6,118 448 6,152 21,379 448 27,494 27,942 (5,000 ) 2011 2030 Durham NC — 1,920 5,661 34,120 1,920 39,781 41,701 (7,054 ) 2012 0464 Salt Lake City UT — 630 6,921 2,562 630 9,483 10,113 (3,123 ) 2001 0465 Salt Lake City UT — 125 6,368 68 125 6,436 6,561 (2,379 ) 2001 0466 Salt Lake City UT — — 14,614 7 — 14,621 14,621 (4,872 ) 2001 0507 Salt Lake City UT — 280 4,345 226 280 4,572 4,852 (1,694 ) 2002 0799 Salt Lake City UT — — 14,600 90 — 14,690 14,690 (3,976 ) 2005 1593 Salt Lake City UT — — 23,998 — — 23,998 23,998 (5,393 ) 2010 $ 6,118 $ 880,878 $ 2,044,568 $ 1,131,979 $ 883,075 $ 3,094,702 $ 3,977,777 $ (635,314 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Medical office 0638 Anchorage AK — 1,456 10,650 12,309 1,456 22,907 24,363 (6,114 ) 2006 2572 Springdale AR — — 27,714 — — 27,714 27,714 (916 ) 2016 0520 Chandler AZ — 3,669 13,503 2,538 3,669 15,751 19,420 (5,883 ) 2002 2040 Mesa AZ — — 17,314 896 — 18,181 18,181 (2,567 ) 2012 0468 Oro Valley AZ — 1,050 6,774 925 1,050 7,124 8,174 (2,857 ) 2001 0356 Phoenix AZ — 780 3,199 2,271 780 4,550 5,330 (1,884 ) 1999 0470 Phoenix AZ — 280 877 120 280 961 1,241 (351 ) 2001 1066 Scottsdale AZ — 5,115 14,064 3,553 4,839 17,035 21,874 (5,539 ) 2006 2021 Scottsdale AZ — — 12,312 1,818 — 14,046 14,046 (3,839 ) 2012 2022 Scottsdale AZ — — 9,179 1,222 — 10,270 10,270 (2,942 ) 2012 2023 Scottsdale AZ — — 6,398 1,570 — 7,848 7,848 (1,871 ) 2012 2024 Scottsdale AZ — — 9,522 663 — 10,184 10,184 (2,438 ) 2012 2025 Scottsdale AZ — — 4,102 1,482 — 5,492 5,492 (1,650 ) 2012 2026 Scottsdale AZ — — 3,655 1,211 — 4,826 4,826 (1,118 ) 2012 2027 Scottsdale AZ — — 7,168 1,455 — 8,605 8,605 (2,140 ) 2012 2028 Scottsdale AZ — — 6,659 1,285 — 7,944 7,944 (1,937 ) 2012 0453 Tucson AZ — 215 6,318 1,390 326 7,073 7,399 (3,414 ) 2000 0556 Tucson AZ — 215 3,940 1,285 267 4,745 5,012 (1,541 ) 2003 1041 Brentwood CA — — 30,864 3,002 187 33,138 33,325 (9,716 ) 2006 1200 Encino CA — 6,151 10,438 4,583 6,646 13,736 20,382 (5,095 ) 2006 0436 Murietta CA — 400 9,266 4,140 638 11,876 12,514 (5,682 ) 1999 0239 Poway CA — 2,700 10,839 3,710 2,887 12,438 15,325 (6,698 ) 1997 2654 Riverside CA — 2,758 9,908 — 2,758 9,908 12,666 — 2017 0318 Sacramento CA — 2,860 37,566 27,137 2,911 63,801 66,712 (10,335 ) 1998 2404 Sacramento CA — 1,268 5,109 374 1,299 5,453 6,752 (649 ) 2015 0234 San Diego CA — 2,848 5,879 1,450 3,009 5,053 8,062 (3,231 ) 1997 0235 San Diego CA — 2,863 8,913 2,913 3,068 8,297 11,365 (5,276 ) 1997 0236 San Diego CA — 4,619 19,370 4,023 4,711 16,760 21,471 (10,173 ) 1997 0421 San Diego CA — 2,910 19,984 16,343 2,964 34,954 37,918 (8,524 ) 1999 0564 San Jose CA — 1,935 1,728 2,616 1,935 3,302 5,237 (1,348 ) 2003 0565 San Jose CA — 1,460 7,672 527 1,460 7,721 9,181 (3,004 ) 2003 0659 Los Gatos CA — 1,718 3,124 622 1,758 3,592 5,350 (1,336 ) 2000 1209 Sherman Oaks CA — 7,472 10,075 5,915 7,943 14,851 22,794 (7,274 ) 2006 0439 Valencia CA — 2,300 6,967 3,761 2,404 8,727 11,131 (3,716 ) 1999 1211 Valencia CA — 1,344 7,507 733 1,383 7,969 9,352 (2,377 ) 2006 0440 West Hills CA — 2,100 11,595 4,182 2,259 12,225 14,484 (5,826 ) 1999 0728 Aurora CO — — 8,764 2,807 — 8,997 8,997 (3,157 ) 2005 1196 Aurora CO — 210 12,362 6,074 210 17,720 17,930 (4,037 ) 2006 1197 Aurora CO — 200 8,414 5,398 200 13,482 13,682 (3,541 ) 2006 0882 Colorado Springs CO — — 12,933 10,716 — 22,506 22,506 (7,988 ) 2006 1199 Denver CO — 493 7,897 1,865 622 9,401 10,023 (3,494 ) 2006 0808 Englewood CO — — 8,616 9,322 11 16,830 16,841 (6,146 ) 2005 0809 Englewood CO — — 8,449 3,767 — 10,997 10,997 (4,304 ) 2005 0810 Englewood CO — — 8,040 7,711 — 14,746 14,746 (5,510 ) 2005 0811 Englewood CO — — 8,472 4,743 — 11,614 11,614 (3,760 ) 2005 2658 Highlands Ranch CO — 1,637 10,063 — 1,637 10,063 11,700 — 2017 0812 Littleton CO — — 4,562 2,405 257 5,803 6,060 (2,317 ) 2005 0813 Littleton CO — — 4,926 1,910 106 6,089 6,195 (2,126 ) 2005 0570 Lone Tree CO — — — 20,096 — 19,400 19,400 (6,61 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the sole general partner or majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and should be reassessed if: (i) there is a change to the terms or in the ability to exercise the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies. |
Revenue Recognition | Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year , with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. The Company recognizes a gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and econ |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made. |
Real Estate | Real Estate On January 1, 2017 the Company adopted Accounting Standards Update (“ASU”) No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset, or a group of assets, or a business (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-01). As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. Prior to the adoption of ASU 2017-01, the majority of the Company’s real estate acquisitions were classified as business combinations and identifiable assets acquired, liabilities assumed and any associated noncontrolling interests were recorded at fair value, with any excess consideration recorded as goodwill. Transaction costs related to business combinations were expensed as incurred. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years . Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any. |
Impairment of Long-Lived Assets and Goodwill | Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. During the fourth quarter of 2017, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) which eliminates step two from the goodwill impairment test, as described below (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-04). Effective October 1, 2017, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Prior to its adoption of ASU 2017-04, if the Company determined that it was more likely than not that the fair value of a reporting unit was less than its carrying value, the Company applied the required two-step quantitative approach. The quantitative procedures of the two-step approach: (i) compared the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compared the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and was used to determine the impairment loss amount, if any. |
Assets Held-for-Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company classifies a real estate property 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. A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. |
Share-Based Compensation | Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. |
Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions. |
Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions. |
Derivatives and Hedging | Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings. |
Income Taxes | Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state, local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. |
Capital Raising Issuance Costs | Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment. |
Segment Reporting | Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. During the fourth quarter of 2017, as a result of a change in how operating results are reported to the Company's chief operating decision makers, for the purpose of evaluating performance and allocating resources, unconsolidated joint ventures are now included in other non-reportable segments. Accordingly, all prior period segment information has been recast to conform to the current period presentation. |
Noncontrolling Interests | Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss), a component of stockholders’ equity on the consolidated balance sheets. Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income, net in the consolidated statements of operations. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value. |
Earnings per Share | Earnings per Share Basic earnings per common share is computed by dividing net income applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements During the year ended December 31, 2017, the Company adopted the following ASUs, each of which did not have a material impact to its consolidated financial position, results of operations, cash flows, or disclosures upon adoption: • On January 1, 2017 the Company adopted ASU 2017-01 which narrows the FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset, or a group of assets, or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If this initial test is not met, a set cannot be considered a business unless it includes an acquired input and a substantive process that together significantly contribute to the ability to create outputs. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. This ASU is to be applied prospectively and the Company expects that a majority of its real estate acquisitions and dispositions will be deemed asset transactions rather than business combinations. As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. • During the fourth quarter of 2017, the Company adopted ASU 2017-04 which eliminates the two-step approach to testing goodwill for impairment by requiring that an entity, upon concluding that it is more likely than not that the fair value of a reporting unit is less than its carrying value, recognize an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. • During the fourth quarter of 2017, the Company adopted ASU No. 2016-18, Restricted Cash (“ASU 2016-18”) and ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) (collectively, the “Cash Flow ASUs”). ASU 2016-18 requires an entity to reconcile and explain the period-over-period change in total cash, cash equivalents and restricted cash within its statements of cash flows and ASU 2016-15 provides guidance clarifying how certain cash receipts and cash payments should be classified. The full retrospective approach of adoption is required for the Cash Flow ASUs and, accordingly, certain line items in the Company’s consolidated statements of cash flows have been reclassified to conform to the current period presentation. The following table illustrates changes in the Company’s cash flows as reported and as previously reported prior to the adopted the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Year Ended December 31, 2016 December 31, 2015 Net cash provided by (used in): As Reported As Previously Reported As Reported As Previously Reported Net cash provided by (used in) investing activities $ (428,973 ) $ (410,617 ) $ (1,660,365 ) $ (1,672,005 ) Net increase (decrease) in balance (1) (270,126 ) (251,770 ) 174,330 162,690 Balance - beginning of year (1) 407,116 346,500 232,786 183,810 Balance - end of year (1) 136,990 94,730 407,116 346,500 Balance - continuing operations, end of year (1) 136,990 94,730 401,058 340,442 _______________________________________ (1) Amounts in the As Reported column include cash and cash equivalents and restricted cash as required upon the adoption of the Cash Flow ASUs. Amounts in the As Previously Reported column reflects only cash and cash equivalents. In addition to the changes in the consolidated statements of cash flows as a result of the adoption the Cash Flow ASUs, certain amounts within the consolidated statements of cash flows have been reclassified for prior periods to conform to the current period presentation. Such reclassifications primarily combined line items of similar classes of transactions and had no impact on the cash flows from operating, investing, and financing activities. Revenue Recognition. Between May 2014 and February 2017, the FASB issued four ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. ASU 2017-05 clarifies the scope of the FASB’s recently established guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in ASU 2014-09. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of ASU 2014-09 by one year to fiscal years, and interim periods within, beginning after December 15, 2017. All subsequent ASUs related to ASU 2014-09, including ASU 2016-08, ASU 2016-12, and ASU 2017-05, assumed the deferred effective date enforced by ASU 2015-14. A reporting entity may apply the amendments in the Revenue ASUs using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. The Company has elected to use the modified retrospective approach for its adoption of the Revenue ASUs and will adopt with an effective date of January 1, 2018. As the primary source of revenue for the Company is generated through leasing arrangements, which are excluded from the Revenue ASUs (as it relates to the timing and recognition of revenue), the Company has narrowed the impacts, upon and subsequent to adoption, that the Revenue ASUs will have on its consolidated financial statements to the following: • A requirement to disclose, on an ongoing basis, ancillary resident fee revenue generated from its RIDEA structures. The Company will disclose that these represent fees received for additional services provided to the resident on an as-needed or desired basis, which are not included in the fees charged pursuant to the resident lease agreement, and that they are billed individually and collected one month in arrears. The Company anticipates its ancillary resident fee revenue to be immaterial. • A requirement, upon adoption, to reassess its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale as of the Company's adoption date due to an immaterial obligation related to the interest sold), and record its retained 40% equity investment at fair value as of the sale date. The Company estimates the fair value of its retained equity investment as of the sale date to be $107 million which, upon adoption, will increase the Company’s investment to a carrying value of $121 million . However, such carrying value exceeds fair value at the date of adoption due to an other-than-temporary impairment of $30 million determined using the terms of the agreement to sell the Company’s remaining investment in RIDEA II (see Note 5) which are considered to be Level 2 measurements within the fair value hierarchy. As such, effective January 1, 2018, the Company reduced this carrying value to the agreed upon sales price of $91 million . Both the impact of the increase in value and the related $30 million impairment charge are recorded as a net adjustment to beginning retained earnings as of January 1, 2018 pursuant to the Company’s elected transition approach. • Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control versus continuing involvement under historic guidance. As a result, the Company generally expects that the new guidance will result in more transactions qualifying as sales of real estate and revenue being recognized at an earlier date than under historical accounting guidance. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the current accounting for leases to: (i) require lessees to put most leases on their balance sheets, but continue recognizing expenses on their income statements in a manner similar to requirements under current accounting guidance, (ii) eliminate current real estate specific lease provisions and (iii) modify the classification criteria and accounting for sales-type leases for lessors. ASU 2016-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2018. Early adoption is permitted. The transition method required by ASU 2016-02 varies based on the specific amendment being adopted. As a result of adopting ASU 2016-02, the Company: (i) will recognize all of its significant operating leases for which it is the lessee, including corporate office leases and ground leases, on its consolidated balance sheets, (ii) will capitalize fewer legal costs related to the drafting and execution of its lease agreements, and (iii) may be required to increase its revenue and expense for the amount of real estate taxes and insurance paid by its tenants under triple-net leases. Although not yet finalized, the FASB has proposed an option for lessors to elect a practical expedient allowing them to not separate lease and nonlease components in a contract for the purpose of revenue recognition and disclosure. This practical expedient is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the nonlease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. If finalized, the Company plans to elect this practical expedient. In addition, ASU 2016-02 provides a practical expedient that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. The Company plans to elect this practical expedient. The Company is still evaluating the complete impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial position, results of operations and disclosures. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. A reporting entity is required to apply the amendments in ASU 2016-13 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including direct finance leases and loans receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. The Company is evaluating the impact of the adoption of ASU 2016-13 on January 1, 2020 to its consolidated financial position and results of operations. The following ASUs have been issued, but not yet adopted, and the Company does not expect a material impact to its consolidated financial position, results of operations, cash flows, or disclosures upon adoption: • ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is effective for fiscal years, including interim periods within, beginning after December 15, 2018 and early adoption is permitted. For cash flow and net investment hedges existing at the date of adoption, a reporting entity must apply the amendments in ASU 2017-12 using the modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The presentation and disclosure amendments in ASU 2017-12 must be applied using a prospective approach. • ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted as of the first interim period presented in any year following issuance. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. • ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted only for updates to certain disclosure requirements. A reporting entity is required to apply the amendments in ASU 2016-01 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The core principle of the amendments in ASU 2016-01 involves the measurement of equity investments (except those accounted for under the equity method of accounting or those that result in consolidation) at fair value and the recognition of changes in fair value of those investments during each reporting period in net income (loss). As a result, ASU 2016-01 eliminates the cost method of accounting for equity securities that do not have readily determinable fair values. Pursuant to the new guidance in ASU 2016-01, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Changes in Cash Flows Related Accounting Standard Adoption | The following table illustrates changes in the Company’s cash flows as reported and as previously reported prior to the adopted the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Year Ended December 31, 2016 December 31, 2015 Net cash provided by (used in): As Reported As Previously Reported As Reported As Previously Reported Net cash provided by (used in) investing activities $ (428,973 ) $ (410,617 ) $ (1,660,365 ) $ (1,672,005 ) Net increase (decrease) in balance (1) (270,126 ) (251,770 ) 174,330 162,690 Balance - beginning of year (1) 407,116 346,500 232,786 183,810 Balance - end of year (1) 136,990 94,730 407,116 346,500 Balance - continuing operations, end of year (1) 136,990 94,730 401,058 340,442 _______________________________________ (1) Amounts in the As Reported column include cash and cash equivalents and restricted cash as required upon the adoption of the Cash Flow ASUs. Amounts in the As Previously Reported column reflects only cash and cash equivalents. |
Other Real Estate Property In37
Other Real Estate Property Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of real estate acquisitions (in thousands) | The following table summarizes real estate acquisitions for the year ended December 31, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid Net Liabilities Assumed Real Estate Net Intangibles SHOP $ 44,258 $ 797 $ 37,940 $ 7,115 Life science 315,255 3,524 305,760 13,019 Medical office 201,240 1,104 184,115 18,229 $ 560,753 $ 5,425 $ 527,815 $ 38,363 2016 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Segment Cash Paid/ Debt Settled Net Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 SHOP 113,971 76,931 177,551 13,351 Life science 49,000 — 47,400 1,600 Medical office 209,920 4,854 209,178 5,596 Other non-reportable segments 17,909 — 16,596 1,313 $ 467,162 $ 82,985 $ 522,600 $ 27,547 _______________________________________ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. |
Schedule of capital improvements (in thousands) | The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2017 2016 2015 Senior housing triple-net $ 32,343 $ 49,109 $ 53,980 SHOP 49,473 74,158 77,425 Life science 240,901 200,122 122,319 Medical office 148,926 128,308 131,021 Other 135 7,203 37 $ 471,778 $ 458,900 $ 384,782 |
Discontinued Operations and D38
Discontinued Operations and Dispositions of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of assets and liabilities transferred to QCP at the Spin-Off date | Summarized financial information for discontinued operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2016 2015 Revenues: Rental and related revenues $ 22,971 $ 27,651 Tenant recoveries 1,233 1,464 Income from direct financing leases 384,752 572,835 Total revenues 408,956 601,950 Costs and expenses: Depreciation and amortization (4,892 ) (5,880 ) Operating (3,367 ) (3,697 ) General and administrative (67 ) (57 ) Transaction costs (86,765 ) — Impairments — (1,295,504 ) Other income (expense), net 71 70 Income (loss) before income taxes and income from impairments of equity method investments 313,936 (703,118 ) Income tax benefit (expense) (48,181 ) (796 ) Income from equity method investment — 50,723 Impairments of equity method investment — (45,895 ) Total discontinued operations $ 265,755 $ (699,086 ) |
Summary of quantitative information about fair value measurements | The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model: Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x _______________________________________ (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. The significant inputs to this valuation model included forecasted EBITDAR, rent coverage ratios and real estate capitalization rates and are summarized as follows (dollars in thousands): Description of Input(s) to the Valuation Senior Housing DFL Valuation Inputs Post-acute/ Skilled nursing DFL Valuation Inputs Range of EBITDAR $75,000-$85,000 $385,000-$435,000 Range of rent coverage ratio 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50% In December 2015, the Company concluded that its equity investment in HCRMC was other |
Net Investment in Direct Fina39
Net Investment in Direct Financing Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Capital [Abstract] | |
Schedule of components of net investment in DFLs (dollars in thousands) | The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 1,062,452 $ 1,108,237 Estimated residual value 504,457 539,656 Less unearned income (852,557 ) (895,304 ) Net investment in direct financing leases $ 714,352 $ 752,589 Properties subject to direct financing leases 29 30 |
Future minimum lease payments contractually due under DFLs | The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2017 (in thousands): Year Amount 2018 $ 102,983 2019 68,204 2020 62,781 2021 63,175 2022 57,762 Thereafter 707,547 $ 1,062,452 |
Summary of the Company's internal ratings for DFLs (dollars in thousands) | The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of loans receivable (in thousands) | The following table summarizes the Company’s loans receivable (in thousands): December 31, 2017 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1)(2) $ — $ 269,299 $ 269,299 $ — $ 615,188 $ 615,188 Other (3) 188,418 — 188,418 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (596 ) (596 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (143,795 ) (143,795 ) — — — $ 188,418 $ 124,908 $ 313,326 $ 196,359 $ 611,595 $ 807,954 _______________________________________ (1) At December 31, 2016, included £282 million ( $348 million ) outstanding and £2 million ( $3 million ) of associated unamortized discounts, fees and costs both related to the HC-One Facility, which paid off in June 2017. (2) At December 31, 2017 , the Company had £2 million ( $3 million ) remaining under its commitments to fund development projects and capital expenditures under its development projects in the United Kingdom ("U.K."). In December 2017, the Company entered into a participating debt financing arrangement to fund a $115 million senior living development project, which remained unfunded at December 31, 2017. (3) At December 31, 2017 and 2016 , included £123 million ( $167 million ) and £113 million ( $140 million ), respectively, outstanding primarily related to Maria Mallaband loans. |
Summary of the Company's internal ratings for loans receivable (dollars in thousands) | The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information. |
Summary of loans receivable secured by real estate | The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2017 (dollars in thousands): Final Maturity Date Number of Loans Payment Terms Principal Amount (1) Carrying Amount 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania $ 21,458 $ 21,597 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K. 22,706 24,001 2023 1 monthly interest-only payments, accrues interest at 7.22% and secured by seven senior housing facilities in the U.K. 142,820 142,820 4 $ 186,984 $ 188,418 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. |
Investments in and Advances t41
Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Company owned interests in entities, accounted under equity method (dollars in thousands) | The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount December 31, Entity (1) Ownership % 2017 2016 CCRC JV 49 $ 400,241 $ 439,449 RIDEA II 40 259,651 — Life Science JVs (2) 50 - 63 65,581 67,879 MBK JV 50 38,005 38,909 Development JVs (3) 50 - 90 23,365 10,459 Medical Office JVs (4) 20 - 67 12,488 13,438 K&Y JVs (5) 80 1,283 1,342 Advances to unconsolidated joint ventures, net 226 15 $ 800,840 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP ( 50% ); (ii) Britannia Biotech Gateway, LP ( 55% ); and (iii) LASDK, LP ( 63% ). (3) Includes four unconsolidated development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes three unconsolidated joint ventures. |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangibles | |
Schedule of intangible lease assets | The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2017 2016 Lease-up intangibles $ 645,143 $ 719,788 Above market tenant lease intangibles 105,663 147,409 Below market ground lease intangibles 44,499 44,500 Gross intangible lease assets 795,305 911,697 Accumulated depreciation and amortization (385,223 ) (431,892 ) Net intangible lease assets $ 410,082 $ 479,805 |
Schedule of intangible lease liabilities | The following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2017 2016 Below market lease intangibles $ 123,883 $ 161,595 Above market ground lease intangibles 2,329 2,329 Gross intangible lease liabilities 126,212 163,924 Accumulated depreciation and amortization (73,633 ) (105,779 ) Net intangible lease liabilities $ 52,579 $ 58,145 |
Schedule of amortization of deferred lease costs and acquisition related intangibles | The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Depreciation and amortization expense related to amortization of lease-up intangibles $ 76,732 $ 84,487 $ 74,978 Rental and related revenues related to amortization of net below market lease liabilities 2,030 3,877 3,781 Operating expense related to amortization of net below market ground lease intangibles 740 664 664 |
Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter | The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues (1) Operating Expense (2) Depreciation and Amortization (3) 2018 $ 4,099 $ 763 $ 66,651 2019 4,102 763 49,868 2020 3,418 759 40,151 2021 3,401 756 35,963 2022 4,199 756 30,490 Thereafter 17,133 31,782 135,153 $ 36,352 $ 35,579 $ 358,276 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related income. (2) The amortization of net below market ground lease intangibles is recorded as an increase to operating expense. (3) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of senior unsecured notes payoffs (dollars in thousands) | The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 % Year ended December 31, 2016: February 1, 2016 $ 500,000 3.750 % September 15, 2016 $ 400,000 6.300 % November 30, 2016 $ 500,000 6.000 % November 30, 2016 $ 600,000 6.700 % |
Summary of stated debt maturities and scheduled principal repayments (in thousands) | The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2017 (dollars in thousands): Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) Year Amount Interest Rate Amount Interest Rate 2018 $ — $ — $ — — % $ 3,512 — % $ 3,512 2019 — 228,674 450,000 3.95 % 3,700 — % 682,374 2020 — — 800,000 2.79 % 3,758 5.08 % 803,758 2021 1,017,076 — 700,000 5.49 % 11,117 5.26 % 1,728,193 2022 — — 900,000 3.93 % 2,861 — % 902,861 Thereafter — — 3,600,000 4.36 % 113,619 4.09 % 3,713,619 1,017,076 228,674 6,450,000 138,567 7,834,317 Discounts, premium and debt costs, net — (386 ) (53,549 ) 5,919 (48,016 ) $ 1,017,076 $ 228,288 $ 6,396,451 $ 144,486 $ 7,786,301 _______________________________________ (1) Includes £105 million translated into USD. (2) Represents £169 million translated into USD. (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.19% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 2.08% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 20 years. (5) Excludes $94 million of other debt that have no scheduled maturities. Other debt represents (i) $61 million of non-interest bearing life care bonds and occupancy fee deposits at certain of the Company's senior housing facilities and (ii) $33 million of on-demand notes from the CCRC JV which bear interest at a rate of 3.6% . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of material commitments | The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 10) and operating leases (see disclosure below), at December 31, 2017 (in thousands): Total 2018 2019-2020 2021-2022 More than Five Years U.K. loan commitments (1) $ 3,236 $ 3,236 $ — $ — $ — Construction loan commitments (2) 114,691 45,863 68,828 — — Development commitments (3) 133,371 128,101 2,228 3,042 — Total $ 251,298 $ 177,200 $ 71,056 $ 3,042 $ — _______________________________________ (1) Represents £2 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (2) Represents commitments to finance development projects. (3) Represents construction and other commitments for developments in progress. |
Summary of annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable | Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of Properties 2018 $ 8,534 8 2019 14,702 2 2020 14,201 4 2021 12,402 6 2022 10,459 3 Thereafter 33,964 22 $ 94,262 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months . Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL non-cash and deferred revenues). |
Future minimum lease obligations under non-cancelable ground and other operating leases | Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2017 were as follows (in thousands): Year Amount 2018 $ 6,619 2019 6,766 2020 6,668 2021 6,704 2022 6,820 Thereafter 362,219 $ 395,796 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of company's other common stock activities (shares in thousands) | The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2017 2016 2015 Dividend Reinvestment and Stock Purchase Plan 983 2,021 2,762 Conversion of DownREIT units 78 145 104 Exercise of stock options 32 133 823 Vesting of restricted stock units 419 529 409 Repurchase of common stock 157 237 198 |
Schedule of accumulated other comprehensive loss (in thousands) | The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (6,955 ) $ (22,817 ) Unrealized gains (losses) on cash flow hedges, net (13,950 ) (3,642 ) Supplemental Executive Retirement plan minimum liability and other (3,119 ) (3,183 ) Total accumulated other comprehensive loss $ (24,024 ) $ (29,642 ) |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary financial information of reportable segment (in thousands) | The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2017 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 313,547 $ 525,473 $ 358,816 $ 477,459 $ 116,846 $ — $ 1,792,141 Operating expenses (3,819 ) (396,491 ) (78,001 ) (183,197 ) (4,743 ) — (666,251 ) NOI 309,728 128,982 280,815 294,262 112,103 — 1,125,890 Adjustments to NOI (2) 17,098 33,227 (4,517 ) (2,952 ) (4,446 ) — 38,410 Adjusted NOI 326,826 162,209 276,298 291,310 107,657 — 1,164,300 Addback adjustments (17,098 ) (33,227 ) 4,517 2,952 4,446 — (38,410 ) Interest income — — — — 56,237 — 56,237 Interest expense (2,518 ) (7,920 ) (373 ) (506 ) (4,230 ) (292,169 ) (307,716 ) Depreciation and amortization (103,820 ) (103,162 ) (128,864 ) (169,795 ) (29,085 ) — (534,726 ) General and administrative — — — — — (88,772 ) (88,772 ) Transaction costs — — — — — (7,963 ) (7,963 ) Recoveries (impairments), net (22,590 ) — — — (143,794 ) — (166,384 ) Gain (loss) on sales of real estate, net 280,349 17,485 45,916 9,095 3,796 — 356,641 Loss on debt extinguishment — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (19,475 ) 31,420 Income tax benefit (expense) — — — — — 1,333 1,333 Equity income (loss) from unconsolidated JVs — — — — 10,901 — 10,901 Net income (loss) $ 461,149 $ 35,385 $ 197,494 $ 133,056 $ 56,823 $ (461,273 ) $ 422,634 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the year ended December 31, 2016 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 423,118 $ 686,822 $ 358,537 $ 446,280 $ 125,729 $ — $ 2,040,486 Operating expenses (6,710 ) (480,870 ) (72,478 ) (173,687 ) (4,654 ) — (738,399 ) NOI 416,408 205,952 286,059 272,593 121,075 — 1,302,087 Adjustments to NOI (2) (7,566 ) (2,686 ) (2,954 ) (3,536 ) (3,022 ) — (19,764 ) Adjusted NOI 408,842 203,266 283,105 269,057 118,053 — 1,282,323 Addback adjustments 7,566 2,686 2,954 3,536 3,022 — 19,764 Interest income — — — — 88,808 — 88,808 Interest expense (9,499 ) (29,745 ) (2,357 ) (5,895 ) (9,153 ) (407,754 ) (464,403 ) Depreciation and amortization (136,146 ) (108,806 ) (130,829 ) (161,790 ) (30,537 ) — (568,108 ) General and administrative — — — — — (103,611 ) (103,611 ) Transaction costs — — — — — (9,821 ) (9,821 ) Gain (loss) on sales of real estate, net 48,744 675 49,042 8,333 57,904 — 164,698 Loss on debt extinguishment (46,020 ) (46,020 ) Other income (expense), net — — — — — 3,654 3,654 Income tax benefit (expense) — — — — — (4,473 ) (4,473 ) Equity income (loss) from unconsolidated JVs — — — — 11,360 — 11,360 Discontinued operations — — — — — 265,755 265,755 Net income (loss) $ 319,507 $ 68,076 $ 201,915 $ 113,241 $ 239,457 $ (302,270 ) $ 639,926 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the year ended December 31, 2015 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 428,269 $ 518,264 $ 342,984 $ 415,351 $ 123,437 $ — $ 1,828,305 Operating expenses (3,427 ) (371,016 ) (70,217 ) (162,054 ) (3,965 ) — (610,679 ) NOI 424,842 147,248 272,767 253,297 119,472 — 1,217,626 Adjustments to NOI (2) (9,716 ) 8,145 (10,128 ) (4,933 ) (2,356 ) — (18,988 ) Adjusted NOI 415,126 155,393 262,639 248,364 117,116 — 1,198,638 Addback adjustments 9,716 (8,145 ) 10,128 4,933 2,356 — 18,988 Interest income — — — — 112,184 — 112,184 Interest expense (16,899 ) (31,869 ) (2,878 ) (9,603 ) (9,745 ) (408,602 ) (479,596 ) Depreciation and amortization (125,538 ) (80,981 ) (126,241 ) (143,682 ) (28,463 ) — (504,905 ) General and administrative — — — — — (95,965 ) (95,965 ) Transaction costs — — — — — (27,309 ) (27,309 ) Recoveries (impairments), net — — — — (108,349 ) — (108,349 ) Gain (loss) on sales of real estate, net 6,325 — — 52 — — 6,377 Other income (expense), net — — — — — 16,208 16,208 Income tax benefit (expense) — — — — — 9,807 9,807 Equity income (loss) from unconsolidated JVs — — — — 6,590 — 6,590 Discontinued operations — — — — — (699,086 ) (699,086 ) Net income (loss) $ 288,730 $ 34,398 $ 143,648 $ 100,064 $ 91,689 $ (1,204,947 ) $ (546,418 ) _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. |
Reconciliation of company's revenues to total revenues (in thousands) | The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2017 2016 2015 Senior housing triple-net $ 313,547 $ 423,118 $ 428,269 SHOP 525,473 686,822 518,264 Life science 358,816 358,537 342,984 Medical office 477,459 446,280 415,351 Other non-reportable segments 173,083 214,537 235,621 Total revenues $ 1,848,378 $ 2,129,294 $ 1,940,489 |
Reconciliation of company's assets to total assets (in thousands) | The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2017 2016 2015 Senior housing triple-net $ 3,515,400 $ 3,871,720 $ 5,092,443 SHOP 2,392,130 3,135,115 2,684,675 Life science 4,154,372 3,961,623 3,613,726 Medical office 3,989,168 3,724,483 3,410,931 Gross reportable segment assets 14,051,070 14,692,941 14,801,775 Accumulated depreciation and amortization (2,919,278 ) (2,900,060 ) (2,704,425 ) Net reportable segment assets 11,131,792 11,792,881 12,097,350 Other non-reportable segment assets 1,904,433 2,255,712 2,392,823 Assets held for sale and discontinued operations, net 417,014 927,866 5,654,326 Other non-segment assets 635,222 782,806 1,305,350 Total assets $ 14,088,461 $ 15,759,265 $ 21,449,849 |
Future Minimum Rents (Tables)
Future Minimum Rents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases, Operating [Abstract] | |
Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases | The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2017 (in thousands): Year Amount 2018 $ 1,021,212 2019 956,092 2020 874,617 2021 793,058 2022 691,352 Thereafter 2,807,315 $ 7,143,646 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of additional information concerning restricted stock and restricted stock units | The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2017 (units and shares in thousands): Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at January 1, 2017 962 $ 37.39 Granted 844 33.57 Vested (419 ) 35.10 Forfeited (248 ) 35.04 Unvested at December 31, 2017 1,139 33.41 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Common Stock Distribution | Following is the characterization of our annual common stock distributions per share: Year Ended December 31, 2017 2016 2015 Ordinary dividends $ 1.4800 $ 1.5561 $ 2.1184 Capital gain dividends — — 0.0316 Nondividend distributions — 6.7089 0.1100 $ 1.4800 $ 8.2650 (1) $ 2.2600 _______________________________________ (1) Consists of $2.095 per common share of quarterly cash dividends and $6.17 per common share of stock dividends related to the Spin-Off (see Note 5). |
Schedule of Income Tax Expense (Benefit) from continuing operations | The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2017 2016 2015 Current Federal $ 949 $ 8,525 $ 4,948 State 1,504 8,307 1,988 Foreign 1,737 1,332 828 Total current $ 4,190 $ 18,164 $ 7,764 Deferred Federal $ 2,730 $ (10,241 ) $ (11,317 ) State (5,889 ) (1,401 ) (1,382 ) Foreign (2,364 ) (2,049 ) (4,872 ) Total deferred $ (5,523 ) $ (13,691 ) $ (17,571 ) Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) |
Reconciliation of income tax expense at statutory rates to the actual income tax expense recorded | The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax $ (21,085 ) $ (4,581 ) $ (12,630 ) State income tax expense, net of federal tax (1,222 ) 6,081 (606 ) Gross receipts and margin taxes 1,716 1,847 1,383 Foreign rate differential 632 647 2,269 Effect of permanent differences 6 (280 ) (298 ) Return to provision adjustments 1,597 287 (368 ) Re-measurement of deferred tax assets and liabilities 17,080 — — Increase (decrease) in valuation allowance (57 ) 472 443 Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) |
Schedule of significant components of the company's deferred tax asset and liabilities | The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2017 2016 2015 Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs $ 31,691 $ 28,940 $ 19,862 Net operating loss carryforward 10,720 8,784 3,703 Expense accruals and other 229 (847 ) (753 ) Valuation allowance (548 ) (606 ) (531 ) Net deferred tax assets $ 42,092 $ 36,271 $ 22,281 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share (in thousands, except per share amounts) | The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Numerator Net income (loss) from continuing operations $ 422,634 $ 374,171 $ 152,668 Noncontrolling interests' share in earnings (8,465 ) (12,179 ) (12,817 ) Net income (loss) attributable to HCP, Inc. 414,169 361,992 139,851 Less: Participating securities' share in earnings (1,156 ) (1,198 ) (1,317 ) Income (loss) from continuing operations applicable to common shares 413,013 360,794 138,534 Discontinued operations — 265,755 (699,086 ) Net income (loss) applicable to common shares $ 413,013 $ 626,549 $ (560,552 ) Denominator Basic weighted average shares outstanding 468,759 467,195 462,795 Dilutive potential common shares - equity awards 176 208 — Diluted weighted average common shares 468,935 467,403 462,795 Basic earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) Diluted earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information (in thousands) | The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental cash flow information: Interest paid, net of capitalized interest $ 309,111 $ 489,453 $ 451,615 Income taxes paid 10,045 13,727 6,959 Capitalized interest 16,937 11,108 8,798 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 67,425 49,999 52,511 Non-cash impact of QCP Spin-Off, net — 3,539,584 — Securities transferred for debt defeasance — 73,278 — Settlement of loans receivable as consideration for real estate acquisition — — 299,297 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,908 6,622 3,388 Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — 61,219 Deconsolidation of noncontrolling interest in connection with RIDEA II transaction 58,061 — — Noncontrolling interest issued in connection with real estate and other acquisitions — — 10,971 Mortgages and other liabilities assumed with real estate acquisitions 5,425 82,985 23,218 Foreign currency translation adjustment 15,862 (3,332 ) (8,738 ) Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net (10,315 ) 3,171 1,889 |
Schedule of cash, cash equivalents and restricted cash | The following table summarizes cash, cash equivalents and restricted cash (in thousands): December 31, 2017 2016 Cash and cash equivalents $ 55,306 $ 94,730 Restricted cash 26,897 42,260 Cash, cash equivalents and restricted cash $ 82,203 $ 136,990 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities | |
Schedule of variable interest entities | The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2017 are presented below (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 601,723 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,519 CCRC OpCo Investments in unconsolidated joint ventures 190,454 RIDEA II PropCo Investments in unconsolidated joint ventures 252,743 Development JVs Investments in unconsolidated joint ventures 12,563 Tandem Health Care Loans Receivable, net 105,000 MMCG Loan Loans Receivable, net 142,820 Loan - Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,750 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. |
Consolidated assets and liabilities of variable interest entities | Total assets at December 31, 2017 and December 31, 2016 include VIE assets as follows (in thousands): December 31, 2017 2016 Assets Building and Improvements $ 2,436,414 $ 3,522,310 Developments in Process 32,285 31,953 Land 227,162 327,241 Accumulated Depreciation (542,091 ) (676,276 ) Net Real Estate 2,153,770 3,205,228 Investments in and advances to unconsolidated joint ventures 2,231 3,641 Accounts Receivable, Net 10,242 19,996 Cash and Cash Equivalents 15,861 35,844 Restricted Cash 2,619 22,624 Intangible Assets, Net 125,475 169,027 Other Assets, Net 33,749 69,562 Total Assets $ 2,343,947 $ 3,525,922 Liabilities Mortgage Debt 45,016 520,870 Intangible Liabilities, Net 10,672 8,994 Accounts Payable and Accrued Expenses 87,759 120,719 Other Liabilities 29,034 — Intercompany Accounts 331 — Fixed Asset Push Down 152,156 — Deferred Revenue 14,432 23,456 Total Liabilities $ 339,400 $ 674,039 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Summary of the carrying values and fair values of financial instruments (in thousands) | The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2017 (3) 2016 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 313,326 $ 313,242 $ 807,954 $ 807,505 Marketable debt securities (2) 18,690 18,690 68,630 68,630 Bank line of credit (2) 1,017,076 1,017,076 899,718 899,718 Term loans (2) 228,288 228,288 440,062 440,062 Senior unsecured notes (1) 6,396,451 6,737,825 7,133,538 7,386,149 Mortgage debt (2) 144,486 125,984 623,792 609,374 Other debt (2) 94,165 94,165 92,385 92,385 Interest-rate swap liabilities (2) 2,483 2,483 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 10,968 10,968 — — _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loans and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the years ended December 31, 2017 and 2016 , there were no transfers of financial assets or liabilities within the fair value hierarchy. |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of concentration of credit risk | The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2017 2016 2017 2016 2015 California 31 29 26 26 27 Texas 14 14 17 17 16 The following tables provide information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented: Percentage of Gross Assets Total Company Senior Housing Triple-Net December 31, December 31, Tenant 2017 2016 2017 2016 Brookdale (1) 10 17 39 69 Percentage of Revenues Total Company Revenues Senior Housing Triple-Net Revenues Year Ended December 31, Year Ended December 31, Tenant 2017 2016 2015 2017 2016 2015 Brookdale (1) 8 12 13 47 59 58 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transaction (see Note 3). Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below. |
Derivative Financial Instrume55
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments (dollars and GBP in thousands) | The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 2017 (dollars and GBP in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow 44,000 3.820% BMA Swap Index (2,483 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,000 2.584% 3.750 % (10,968 ) _____________________________ (1) Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the consolidated balance sheets. (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. (3) Represents a cross currency swap to pay 2.584% on £105 million and receive 3.75% on $131 million through February 1, 2019, with an initial and final exchange of principals at origination and maturity at a rate of 1.251 USD/GBP. Hedges the risk of changes in the USD equivalent value of a portion of the Company’s net investment in its consolidated GBP subsidiaries’ attributable to changes in the USD/GBP exchange rate. |
Selected Quarterly Financial 56
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected quarterly information | The following table summarizes selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 492,168 $ 458,928 $ 454,023 $ 443,259 Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 454,746 18,874 (12,263 ) (50,957 ) Net income (loss) 464,177 22,101 (5,720 ) (57,924 ) Net income (loss) applicable to HCP, Inc. 461,145 19,383 (7,657 ) (58,702 ) Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings per common share 0.98 0.04 (0.02 ) (0.13 ) Diluted earnings per common share 0.97 0.04 (0.02 ) (0.13 ) Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ 520,457 $ 538,332 $ 530,555 $ 539,950 Total discontinued operations 68,408 107,378 108,215 (18,246 ) Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 55,949 196,352 47,453 67,530 Net (loss) income 119,745 304,842 154,039 61,300 Net (loss) income applicable to HCP, Inc. 116,119 301,717 151,250 58,661 Dividends paid per common share 0.58 0.58 0.58 0.37 Basic earnings per common share 0.25 0.65 0.32 0.12 Diluted earnings per common share 0.25 0.64 0.32 0.12 The above selected quarterly financial data includes the following significant transactions: 2017 • During the quarter ended December 31, 2017, the Company recognized $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transaction. • During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan. • During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a re-measurement of deferred tax assets and liabilities. • During the quarter ended September 30, 2017, the Company repurchased $500 million of our 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment. • During the quarter ended June 30, 2017, the Company recorded an impairment charge of $57 million related to the Tandem Mezzanine Loan. • The quarter ended March 31, 2017, the Company deconsolidated the net assets of RIDEA II and recognized a net gain on sale of $99 million . • The quarter ended March 31, 2017, the Company sold 64 senior housing triple-net assets, resulting in a net gain on sale of $170 million . • The quarter ended March 31, 2017, the Company sold its Four Seasons Notes, which generated a £42 million ( $51 million ) gain on sale. 2016 • The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs. • The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions. • The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio. |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2017 | |
Accounting Policies [Abstract] | ||
Residency agreement term, minimum | 30 days | |
Residency agreement term, maximum | 1 year | |
Maximum period available for occupancy from cessation of significant construction activity | 1 year | |
Maximum useful life of building and improvements | 60 years | |
RIDEA II | ||
Schedule of Equity Method Investments | ||
Investment ownership percentage | 40.00% | 40.00% |
Fair value of equity investment | $ 107 | |
Equity method investments | $ 121 | |
Pro Forma | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||
Schedule of Equity Method Investments | ||
Cumulative effect of change on beginning retained earnings | $ 30 | |
Pro Forma | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | RIDEA II | ||
Schedule of Equity Method Investments | ||
Equity method investments | $ 91 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Schedule of Cash Flows Impact from ASUs Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by (used in) investing activities | $ 1,246,257 | $ (428,973) | $ (1,660,365) |
Net increase (decrease) in balance | (54,787) | (270,126) | 174,330 |
Cash, cash equivalents and restricted cash, beginning of year | 136,990 | 407,116 | 232,786 |
Cash, cash equivalents and restricted cash, end of year | 82,203 | 136,990 | 407,116 |
Balance - continuing operations, end of year | 82,203 | 136,990 | 401,058 |
Accounting Standards Update 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by (used in) investing activities | (428,973) | (1,660,365) | |
Net increase (decrease) in balance | (270,126) | 174,330 | |
Cash, cash equivalents and restricted cash, beginning of year | 407,116 | 232,786 | |
Cash, cash equivalents and restricted cash, end of year | 407,116 | ||
Balance - continuing operations, end of year | 136,990 | 401,058 | |
Pre Cash Flow ASUs | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by (used in) investing activities | (410,617) | (1,672,005) | |
Net increase (decrease) in balance | (251,770) | 162,690 | |
Cash, cash equivalents and restricted cash, beginning of year | $ 94,730 | 346,500 | 183,810 |
Cash, cash equivalents and restricted cash, end of year | 94,730 | 346,500 | |
Balance - continuing operations, end of year | $ 94,730 | $ 340,442 |
Master Transactions and Coope59
Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Master Lease Transactions (Details) - Master Lease Transactions - Assets Leased to Others - Affiliated Entity $ in Millions | Nov. 01, 2017USD ($)property | Jan. 01, 2018USD ($)property |
Senior housing triple-net | ||
Lease Amendments And Terminations And Joint Venture Formations. | ||
Number of properties | 34 | |
Properties with right to sell or transition to other operator | 32 | |
right to sell or transfer period for operating leases | 1 year | |
Properties transitioned to cash flow leases expiration period | 2 years | |
Number of assets to be sold | 2 | |
Total consideration for disposition of real estate | $ | $ 35 | |
Senior housing triple-net | Subsequent Event | ||
Lease Amendments And Terminations And Joint Venture Formations. | ||
Amount of annual rent cut | $ | $ 5 | |
Number of assets with annual rent cut | 3 | |
Brookdale Senior Living | ||
Lease Amendments And Terminations And Joint Venture Formations. | ||
Number of properties | 78 |
Master Transactions and Coope60
Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Joint Venture Transactions (Details) $ in Millions | Nov. 01, 2017USD ($)propertyagreement | Jan. 31, 2018USD ($) | Dec. 31, 2017 |
RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Number of properties | 58 | ||
SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Number of properties | 36 | ||
Base management fee, percentage of gross revenue | 5.00% | ||
Percentage of annual increase in management fee | 1.00% | ||
Management fee annual rent increase period | 2 years | ||
Number of assets to be sold | 4 | ||
Total consideration for disposition of real estate | $ | $ 239 | ||
Number of assets under management agreement | 18 | ||
Number of management agreement with termination rights | agreement | 7 | ||
Management agreements with termination rights period | 10 years | ||
SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity | Subsequent Event | |||
Variable Interest Entity [Line Items] | |||
Proceeds from sale of productive assets | $ | $ 27 | ||
CCRC JV | |||
Variable Interest Entity [Line Items] | |||
Investment ownership percentage | 49.00% | ||
CCRC JV | SHOP | Master Lease Transactions | Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Investment ownership percentage | 49.00% | ||
Ownership interest held by parent | 51.00% | ||
Maximum | SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Base management fee, percentage of gross revenue | 7.00% | ||
RIDEA I | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage (as a percent) | 90.00% | ||
RIDEA I | Master Lease Transactions | Affiliated Entity | |||
Variable Interest Entity [Line Items] | |||
Percentage of interest acquired | 10.00% | ||
Purchase price of acquisition | $ | $ 95 |
Master Transactions and Coope61
Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Fair Value Measurement Techniques and Quantitative Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Discount rate | 12.00% | |||
Range of revenue growth rate | 5.00% | |||
Rental and related revenues | $ 1,071,153 | $ 1,159,791 | $ 1,116,830 | |
Operating expenses | $ 666,251 | $ 738,399 | $ 610,679 | |
Minimum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
EBITDAR growth rate | 0.00% | |||
Real estate capitalization rates | 6.00% | |||
Maximum | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
EBITDAR growth rate | 3.00% | |||
Real estate capitalization rates | 7.00% | |||
Assets Leased to Others | Senior housing triple-net | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Rental and related revenues | $ (20,000) | |||
Number of assets with fair value impacts | property | 32 | |||
Assets Under Management Agreements | SHOP | ||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||
Number of assets with fair value impacts | property | 36 | |||
Operating expenses | $ 35,000 |
Other Real Estate Property In62
Other Real Estate Property Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | $ 560,753 | $ 467,162 | |
Consideration, Net Liabilities Assumed | 5,425 | 82,985 | |
Assets Acquired, Real Estate | 527,815 | 522,600 | |
Assets Acquired, Net Intangibles | 38,363 | 27,547 | |
Funding for construction, tenant and other capital improvements | 471,778 | 458,900 | $ 384,782 |
Senior housing triple-net | |||
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | 76,362 | ||
Consideration, Net Liabilities Assumed | 1,200 | ||
Assets Acquired, Real Estate | 71,875 | ||
Assets Acquired, Net Intangibles | 5,687 | ||
Funding for construction, tenant and other capital improvements | 32,343 | 49,109 | 53,980 |
SHOP | |||
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | 44,258 | 113,971 | |
Consideration, Net Liabilities Assumed | 797 | 76,931 | |
Assets Acquired, Real Estate | 37,940 | 177,551 | |
Assets Acquired, Net Intangibles | 7,115 | 13,351 | |
Funding for construction, tenant and other capital improvements | 49,473 | 74,158 | 77,425 |
Life science | |||
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | 315,255 | 49,000 | |
Consideration, Net Liabilities Assumed | 3,524 | 0 | |
Assets Acquired, Real Estate | 305,760 | 47,400 | |
Assets Acquired, Net Intangibles | 13,019 | 1,600 | |
Funding for construction, tenant and other capital improvements | 240,901 | 200,122 | 122,319 |
Medical office | |||
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | 201,240 | 209,920 | |
Consideration, Net Liabilities Assumed | 1,104 | 4,854 | |
Assets Acquired, Real Estate | 184,115 | 209,178 | |
Assets Acquired, Net Intangibles | 18,229 | 5,596 | |
Funding for construction, tenant and other capital improvements | 148,926 | 128,308 | 131,021 |
Other non-reportable segments | |||
Real estate acquisitions | |||
Consideration, Cash Paid/Debt Settled | 17,909 | ||
Consideration, Net Liabilities Assumed | 0 | ||
Assets Acquired, Real Estate | 16,596 | ||
Assets Acquired, Net Intangibles | 1,313 | ||
Funding for construction, tenant and other capital improvements | $ 135 | $ 7,203 | $ 37 |
Discontinued Operations and D63
Discontinued Operations and Dispositions of Real Estate - Narrative: Quality Care Properties, Inc (Details) shares in Millions | Oct. 31, 2016USD ($)propertyshares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2017USD ($) | Oct. 17, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Payments of dividends | $ 694,955,000 | $ 979,542,000 | $ 1,046,638,000 | ||||
Stock distribution ratio | 5 | ||||||
Distribution of QCP, Inc. | (3,532,763,000) | ||||||
Gain (loss) on disposition of assets | $ 0 | ||||||
Early repayment of secured debt | $ 108,000,000 | ||||||
Loss on debt extinguishments | (46,000,000) | (54,227,000) | (46,020,000) | $ 0 | |||
Bank line of credit | $ 899,718,000 | $ 1,017,076,000 | $ 899,718,000 | ||||
Senior Unsecured, 6.00% notes due in 2017 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest rate (as a percent) | 6.00% | 6.00% | |||||
Early repayment of unsecured debt | $ 500,000,000 | ||||||
Senior Unsecured, 6.70% notes due in 2018 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest rate (as a percent) | 6.70% | 6.70% | |||||
Early repayment of unsecured debt | $ 600,000,000 | ||||||
QCP | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Distribution of QCP, Inc. | 3,500,000,000 | ||||||
Mortgage Debt | QCP | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate principal amount | $ 750,000,000 | ||||||
QCP | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from issuance of debt | 1,750,000,000 | ||||||
Payments of dividends | $ 1,690,000,000 | ||||||
Number of shares issued | shares | 94 | ||||||
QCP | Revolving credit facility | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | $ 0 | |||||
Bank line of credit | $ 0 | ||||||
QCP | Mortgage Debt | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest rate (as a percent) | 8.125% | ||||||
Interest expense | 2,000,000 | ||||||
Proceeds from issuance of debt | $ 1,000,000,000 | ||||||
QCP | Mortgage Debt | LIBOR | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loan, basis spread on variable rate | 5.25% | ||||||
QCP | Mortgage Debt | Base rate | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Loan, basis spread on variable rate | 4.25% | ||||||
QCP | Mortgage Debt | Minimum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Interest rate (as a percent) | 1.00% | ||||||
Spinoff | QCP | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties | property | 338 |
Discontinued Operations and D64
Discontinued Operations and Dispositions of Real Estate - Schedule of Results of Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | $ 0 | $ (4,890,000) | $ (5,880,000) | |
Impairments | 0 | 0 | (1,341,399,000) | |
Income tax benefit (expense) | $ (53,000,000) | $ 0 | (48,181,000) | (796,000) |
QCP | Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Rental and related revenues | 22,971,000 | 27,651,000 | ||
Tenant recoveries | 1,233,000 | 1,464,000 | ||
Income from direct financing leases | 384,752,000 | 572,835,000 | ||
Total revenues | 408,956,000 | 601,950,000 | ||
Depreciation and amortization | (4,892,000) | (5,880,000) | ||
Operating | (3,367,000) | (3,697,000) | ||
General and administrative | (67,000) | (57,000) | ||
Transaction costs | (86,765,000) | 0 | ||
Impairments | 0 | (1,295,504,000) | ||
Other income (expense), net | 71,000 | 70,000 | ||
Income (loss) before income taxes and income from impairments of equity method investments | 313,936,000 | (703,118,000) | ||
Income tax benefit (expense) | (48,181,000) | (796,000) | ||
Income from equity method investment | 0 | 50,723,000 | ||
Impairments of equity method investment | 0 | (45,895,000) | ||
Total discontinued operations | $ 265,755,000 | $ (699,086,000) |
Discontinued Operations and D65
Discontinued Operations and Dispositions of Real Estate - Narrative: HCR ManorCare, Inc. (Details) | Sep. 30, 2015USD ($) | Apr. 01, 2015USD ($)facility | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015facility | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | Dec. 31, 2011USD ($) | Feb. 28, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from direct financing leases | $ 54,217,000 | $ 59,580,000 | $ 61,000,000 | |||||||
Net investment in direct financing leases | 714,352,000 | $ 752,589,000 | ||||||||
Number of facility sales closed | facility | 11 | |||||||||
Estimated Sales price per agreement | $ 62,000,000 | |||||||||
Number of properties for which sales contracts entered | facility | 33 | |||||||||
Maximum | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Federal and state built-in gain tax from assets sold | $ 2,000,000,000 | |||||||||
HCRMC | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairments of investments in unconsolidated joint ventures | 19,000,000 | |||||||||
Equity method investments | $ 0 | $ 0 | 0 | |||||||
Post-acute/skilled | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities acquired | facility | 9 | |||||||||
Acquisition of facility | $ 275,000,000 | $ 184,000,000 | ||||||||
Post-acute/skilled nursing and senior housing | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facility sales closed | facility | 7 | |||||||||
DFL Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from direct financing leases | $ 13,000,000 | $ 13,000,000 | $ 15,000,000 | |||||||
HCRMC | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from direct financing leases | 385,000,000 | 573,000,000 | ||||||||
Cash payments received | $ 385,000,000 | $ 483,000,000 | ||||||||
Number of non-strategic assets involved in sales transaction | facility | 50 | |||||||||
Number of facility sales closed | facility | 22 | |||||||||
Estimated Sales price per agreement | $ 219,000,000 | |||||||||
Reduction in initial net annual rent due to lease amendment | $ 68,000,000 | |||||||||
Minimum rent escalation during the initial term (as a percent) | 3.00% | |||||||||
Period of extension of initial term of lease | 5 years | |||||||||
Average lease term | 16 years | |||||||||
Deferred lease obligation | $ 525,000,000 | |||||||||
Impairments of investments in unconsolidated joint ventures | $ 27,000,000 | |||||||||
Carrying value, equity method investments before impairment | 48,000,000 | |||||||||
Fair value of equity investment | 21,000,000 | |||||||||
Federal and state built-in gain tax from assets sold, term | 10 years | |||||||||
Period intended to hold the assets | 10 years | |||||||||
Federal built-in gain tax from assets sold, federal term | 5 years | |||||||||
Federal built-in gain tax from assets sold, state term | 10 years | |||||||||
Period intended to sell the assets | 5 years | |||||||||
State built-in gain from assets sold | $ 47,000,000 | |||||||||
HCRMC | Post-acute/skilled | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of facilities acquired | facility | 2 | |||||||||
Acquisition of facility | $ 91,000,000 | |||||||||
HCRMC | DFL Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Net investment in direct financing leases | $ 6,000,000,000 | 6,100,000,000 | $ 5,200,000,000 | 5,200,000,000 | $ 5,200,000,000 | $ 6,600,000,000 | ||||
Impairment charges for direct financing lease | $ 478,000,000 | $ 817,000,000 |
Discontinued Operations and D66
Discontinued Operations and Dispositions of Real Estate - Quantitative Information about Fair Value Measurements in HCRMC (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discount rate | 12.00% | |
HCRMC | Level 3 | Discounted cash flow valuation technique | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Discount rate | 15.20% | |
Minimum | HCRMC | Level 3 | Discounted cash flow valuation technique | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of occupancy growth rates | (0.80%) | |
Range of earnings multiples | 6 | |
Maximum | HCRMC | Level 3 | Discounted cash flow valuation technique | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of earnings multiples | 7 | |
HCRMC | Minimum | Level 3 | Discounted cash flow valuation technique | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of revenue growth rate | (1.80%) | |
Range of operating expense growth rates | (1.10%) | |
HCRMC | Maximum | Level 3 | Discounted cash flow valuation technique | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of revenue growth rate | 3.00% | |
Range of occupancy growth rates | 0.20% | |
Range of operating expense growth rates | 3.10% | |
DFL Portfolio | Senior housing | HCRMC | Minimum | Income approach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of EBITDAR | $ 75 | |
Range of rent coverage ratio | 1.05 | |
Range of real estate capitalization rate | 6.25% | |
DFL Portfolio | Senior housing | HCRMC | Maximum | Income approach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of EBITDAR | $ 85 | |
Range of rent coverage ratio | 1.15 | |
Range of real estate capitalization rate | 7.25% | |
DFL Portfolio | Post-acute/skilled | HCRMC | Income approach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of EBITDAR | $ 435,000 | |
DFL Portfolio | Post-acute/skilled | HCRMC | Minimum | Income approach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of EBITDAR | $ 385 | |
Range of rent coverage ratio | 1.25 | |
Range of real estate capitalization rate | 7.50% | |
DFL Portfolio | Post-acute/skilled | HCRMC | Maximum | Income approach | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Range of rent coverage ratio | 1.35 | |
Range of real estate capitalization rate | 8.50% |
Discontinued Operations and D67
Discontinued Operations and Dispositions of Real Estate - Held for Sale (Details) $ in Thousands | Dec. 31, 2017USD ($)propertyfacility | Dec. 31, 2016USD ($)propertyfacility |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | $ 417,014 | $ 927,866 |
Accumulated depreciation and amortization | $ 2,741,695 | $ 2,648,930 |
Senior housing triple-net | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties classified as held for sale | property | 64 | |
Senior housing triple-net | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties classified as held for sale | facility | 2 | 64 |
SHOP | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties classified as held for sale | 6 | 1 |
Senior Housing Triple-Net and SHOP | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | $ 417,000 | |
Senior Housing Triple-Net and SHOP | Held-for-sale | Real estate | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | 393,000 | |
Accumulated depreciation and amortization | $ 93,000 | |
Life science | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties classified as held for sale | facility | 4 | 4 |
SH NNN, Life Science, SHOP | Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | $ 928,000 | |
SH NNN, Life Science, SHOP | Held-for-sale | Real estate | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | 809,000 | |
Accumulated depreciation and amortization | $ 193,000 |
Discontinued Operations and D68
Discontinued Operations and Dispositions of Real Estate - RIDEA II Sale Transaction (Details) - USD ($) $ in Thousands | Nov. 01, 2017 | Jan. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) on sales of real estate, net | $ 356,641 | $ 164,698 | $ 6,377 | ||||
HCP/CPA/Brookdale JV | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Debt provided | $ 602,000 | ||||||
Debt provided by third-party | 360,000 | ||||||
Debt provided by entity | 242,000 | ||||||
Net proceeds from the RIDEA II transaction | 480,000 | ||||||
HCP/CPA/Brookdale JV | RIDEA II | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Debt provided by entity | $ 242,000 | ||||||
Equity method investment ownership interest disposed | 40.00% | ||||||
Note receivable payment period | 1 year | ||||||
RIDEA II | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Investment ownership percentage | 40.00% | 40.00% | |||||
RIDEA II | HCP/CPA/Brookdale JV | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Investment ownership percentage | 40.00% | ||||||
Disposed of by Sale | RIDEA II | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) on sales of real estate, net | $ 99,000 | ||||||
Forecast | HCP/CPA/Brookdale JV | RIDEA II | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Equity method investment ownership interest disposed | 40.00% | ||||||
Consideration receivable from sale of ownership interest | $ 91,000 |
Discontinued Operations and D69
Discontinued Operations and Dispositions of Real Estate - 2017 Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($)property | Jan. 31, 2017USD ($)facility | Dec. 31, 2017USD ($)parcelpropertyfacility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)parcelfacility | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of real estate | $ 1,314,325 | $ 647,754 | $ 73,149 | ||
Gain (loss) on sales of real estate, net | $ 356,641 | $ 164,698 | 6,377 | ||
Life science | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | ||||
Total consideration for disposition of real estate | $ 76,000 | ||||
Gain (loss) on sales of real estate, net | $ 45,000 | ||||
Life science | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | ||||
Total consideration for disposition of real estate | $ 386,000 | $ 51,000 | |||
Life science | Disposed of by Sale | Land | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | parcel | 1,000 | 2 | |||
Total consideration for disposition of real estate | $ 27,000 | ||||
Life science | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | property | 1,000 | ||||
Proceeds from sales of real estate | $ 5,000 | ||||
Medical office | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | 3 | 1 | ||
Total consideration for disposition of real estate | $ 20,000 | $ 400 | |||
Proceeds from sales of real estate | $ 15,000 | ||||
Gain (loss) on sales of real estate, net | $ 41,000 | ||||
SHOP | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | 3 | |||
Total consideration for disposition of real estate | $ 41,000 | ||||
Proceeds from sales of real estate | $ 43,000 | ||||
Senior housing triple-net | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | 64 | 4 | 7 | 9 | |
Total consideration for disposition of real estate | $ 1,125,000 | $ 88,000 | $ 60,000 | ||
Proceeds from sales of real estate | $ 27,000 | ||||
Gain (loss) on sales of real estate, net | $ 170,000 | ||||
Senior housing triple-net | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 2 |
Discontinued Operations and D70
Discontinued Operations and Dispositions of Real Estate - 2016 Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($)property | Jan. 31, 2017USD ($)facility | Dec. 31, 2017propertyfacility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)facility | |
Post-acute/skilled | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | ||||
Senior housing triple-net | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | 64 | 4 | 7 | 9 | |
Total consideration for disposition of real estate | $ | $ 1,125,000 | $ 88,000 | $ 60,000 | ||
Senior housing triple-net | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 2 | ||||
Post-acute/skilled and SH NNN | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total consideration for disposition of real estate | $ | $ 130,000 | ||||
Life science | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | ||||
Total consideration for disposition of real estate | $ | $ 76,000 | ||||
Life science | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | ||||
Total consideration for disposition of real estate | $ | $ 386,000 | $ 51,000 | |||
Life science | Disposed of by Sale | Building | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | property | 1,000 | ||||
Medical office | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | 3 | 1 | ||
Total consideration for disposition of real estate | $ | $ 20,000 | $ 400 | |||
SHOP | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | 3 | |||
Total consideration for disposition of real estate | $ | $ 41,000 |
Discontinued Operations and D71
Discontinued Operations and Dispositions of Real Estate - 2015 Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($)property | Jan. 31, 2017USD ($)facility | Dec. 31, 2017USD ($)parcelfacility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($)parcelfacility | |
Senior housing triple-net | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | 64 | 4 | 7 | 9 | |
Total consideration for disposition of real estate | $ 1,125,000 | $ 88,000 | $ 60,000 | ||
Life science | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | ||||
Total consideration for disposition of real estate | $ 76,000 | ||||
Life science | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 5 | ||||
Total consideration for disposition of real estate | $ 386,000 | $ 51,000 | |||
Life science | Disposed of by Sale | Land | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | parcel | 1,000 | 2 | |||
Total consideration for disposition of real estate | $ 27,000 | ||||
Medical office | Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | facility | 4 | 3 | 1 | ||
Total consideration for disposition of real estate | $ 20,000 | $ 400 |
Net Investment in Direct Fina72
Net Investment in Direct Financing Leases - Components of Net Investment in DFLs (Details) $ in Thousands | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property |
Leases, Capital [Abstract] | ||
Minimum lease payments receivable | $ 1,062,452 | $ 1,108,237 |
Estimated residual value | 504,457 | 539,656 |
Less unearned income | (852,557) | (895,304) |
Net investment in direct financing leases | $ 714,352 | $ 752,589 |
Properties subject to direct financing leases | property | 29 | 30 |
Net Investment in Direct Fina73
Net Investment in Direct Financing Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases, Capital [Abstract] | |
2,018 | $ 102,983 |
2,019 | 68,204 |
2,020 | 62,781 |
2,021 | 63,175 |
2,022 | 57,762 |
Thereafter | 707,547 |
Total | $ 1,062,452 |
Net Investment in Direct Fina74
Net Investment in Direct Financing Leases - Internal Ratings for Net Investment in DFLs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | $ 714,352 | $ 752,589 |
Percentage of DFL Portfolio | 100.00% | |
Senior housing triple-net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | $ 629,748 | |
Percentage of DFL Portfolio | 88.00% | |
Other non-reportable segments | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | $ 84,604 | |
Percentage of DFL Portfolio | 12.00% | |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | $ 358,490 | |
Performing Loans | Senior housing triple-net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 273,886 | |
Performing Loans | Other non-reportable segments | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 84,604 | |
Watch List Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 355,862 | |
Watch List Loans | Senior housing triple-net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 355,862 | |
Watch List Loans | Other non-reportable segments | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 0 | |
Workout DFLs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 0 | |
Workout DFLs | Senior housing triple-net | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | 0 | |
Workout DFLs | Other non-reportable segments | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in direct financing leases | $ 0 |
Net Investment in Direct Fina75
Net Investment in Direct Financing Leases - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Sep. 30, 2013property | |
Capital Leased Assets [Line Items] | ||||
Properties subject to direct financing leases | property | 29 | 30 | ||
Income from direct financing leases | $ 54,217 | $ 59,580 | $ 61,000 | |
Net investment in direct financing leases | 714,352 | 752,589 | ||
DFL Portfolio | ||||
Capital Leased Assets [Line Items] | ||||
Income from direct financing leases | 13,000 | 13,000 | 15,000 | |
Cash income | 18,000 | 18,000 | $ 20,000 | |
DFL Portfolio | Senior housing | ||||
Capital Leased Assets [Line Items] | ||||
Properties subject to direct financing leases | property | 14 | |||
Net investment in direct financing leases | $ 356,000 | $ 361,000 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Details) $ in Thousands, £ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | |
Loans Receivable: | |||||
Mezzanine | $ 269,299 | $ 615,188 | |||
Loans receivable, other | 188,418 | 195,946 | |||
Unamortized premiums (discounts), fees and costs | (596) | (3,180) | |||
Allowance for loan losses | (143,795) | 0 | |||
Loans receivable, net | 313,326 | 807,954 | |||
Remaining commitments to fund development projects | 115,000 | ||||
Real Estate Secured | |||||
Loans Receivable: | |||||
Mezzanine | 0 | 0 | |||
Loans receivable, other | 188,418 | 195,946 | |||
Unamortized premiums (discounts), fees and costs | 0 | 413 | |||
Allowance for loan losses | 0 | 0 | |||
Loans receivable, net | 188,418 | 196,359 | |||
Other Secured | |||||
Loans Receivable: | |||||
Mezzanine | 269,299 | 615,188 | |||
Loans receivable, other | 0 | 0 | |||
Unamortized premiums (discounts), fees and costs | (596) | (3,593) | |||
Allowance for loan losses | (143,795) | 0 | |||
Loans receivable, net | 124,908 | 611,595 | |||
HC-One Facility | |||||
Loans Receivable: | |||||
Mezzanine | 348,000 | £ 282 | |||
Unamortized premiums (discounts), fees and costs | 3,000 | 2 | |||
Maria Mallaband loans | |||||
Loans Receivable: | |||||
Loans receivable, other | 167,000 | £ 123 | $ 140,000 | £ 113 | |
UK | |||||
Loans Receivable: | |||||
Remaining commitments to fund development projects | $ 3,000 | £ 2 |
Loans Receivable - Internal Rat
Loans Receivable - Internal Ratings for Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 313,326 | $ 807,954 |
Percentage of Loan Portfolio | 100.00% | |
Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 208,326 | |
Watch List Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | 0 | |
Workout Loans(1) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | 105,000 | |
Real Estate Secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 188,418 | 196,359 |
Percentage of Loan Portfolio | 60.00% | |
Real Estate Secured | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 188,418 | |
Real Estate Secured | Watch List Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | 0 | |
Real Estate Secured | Workout Loans(1) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | 0 | |
Other Secured | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 124,908 | $ 611,595 |
Percentage of Loan Portfolio | 40.00% | |
Other Secured | Performing Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 19,908 | |
Other Secured | Watch List Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | 0 | |
Other Secured | Workout Loans(1) | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, net | $ 105,000 |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable Secured by Real Estate (Details) - 12 months ended Dec. 31, 2017 $ in Thousands, £ in Millions | USD ($)facilityloanproject | GBP (£)facilityloanproject |
Loans Receivable | ||
Number of loans receivable | loan | 4 | 4 |
Principal Amount | $ 186,984 | |
Carrying Amount | 188,418 | |
Remaining commitments to fund development projects | $ 115,000 | |
Monthly interest-only payments, Pennsylvania, 2018 | ||
Loans Receivable | ||
Number of loans receivable | loan | 1 | 1 |
Principal Amount | $ 21,458 | |
Carrying Amount | $ 21,597 | |
Fixed interest rate (as a percent) | 8.00% | 8.00% |
Monthly interest-only payments, UK, 2021 | ||
Loans Receivable | ||
Number of loans receivable | loan | 2 | 2 |
Principal Amount | $ 22,706 | |
Carrying Amount | $ 24,001 | |
Number of collateral facilities | facility | 2 | 2 |
Number of development projects | project | 2 | 2 |
Monthly interest-only payments, UK, 2021 | Real estate loan one | ||
Loans Receivable | ||
Fixed interest rate (as a percent) | 8.00% | 8.00% |
Monthly interest-only payments, UK, 2021 | Real estate loan two | ||
Loans Receivable | ||
Fixed interest rate (as a percent) | 9.75% | 9.75% |
Monthly interest-only payments, UK, 2023 | ||
Loans Receivable | ||
Number of loans receivable | loan | 1 | 1 |
Principal Amount | $ 142,820 | |
Carrying Amount | $ 142,820 | |
Fixed interest rate (as a percent) | 7.22% | 7.22% |
Number of collateral facilities | facility | 7 | 7 |
UK | ||
Loans Receivable | ||
Remaining commitments to fund development projects | $ 3,000 | £ 2 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) $ in Thousands, £ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loans Receivable | |||||
Interest income | $ 56,237 | $ 88,808 | $ 112,184 | ||
Four Seasons | |||||
Loans Receivable | |||||
Proceeds from sale of loan receivables | $ 35,000 | £ 29 | |||
Real Estate Secured | |||||
Loans Receivable | |||||
Interest income | $ 13,000 |
Loans Receivable - HC-One Facil
Loans Receivable - HC-One Facility (Details) - HC-One Facility £ in Millions, $ in Millions | Jun. 30, 2017USD ($) | Jun. 30, 2017GBP (£) | Apr. 30, 2015GBP (£) | Dec. 31, 2017property | Dec. 31, 2015USD ($) | Dec. 31, 2015GBP (£) |
Loans Receivable | ||||||
Amount of facility converted into sale-leaseback transaction | £ | £ 174 | |||||
Number of properties spinoff into a separate joint venture | property | 36 | |||||
Cash payments received from borrower | $ 367 | £ 283 | $ 52 | £ 34 |
Loans Receivable - Tandem Healt
Loans Receivable - Tandem Health Care Loan (Details) $ in Thousands | Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($)propertybed | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)propertybed | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2015USD ($) |
Loans Receivable | ||||||||
Loans receivable, other | $ 188,418 | $ 188,418 | $ 195,946 | |||||
Long-term debt | 7,786,301 | 7,786,301 | ||||||
Loans receivable, net | 313,326 | 313,326 | 807,954 | |||||
Tandem Health Care Loan | ||||||||
Loans Receivable | ||||||||
Loans receivable, other | 105,000 | $ 189,000 | 105,000 | 256,000 | $ 257,000 | |||
Interest rate payable (percent) | 11.50% | |||||||
Write down of loans receivable | $ 84,000 | $ 3,000 | 57,000 | 144,000 | ||||
Loans receivable, net | $ 200,000 | |||||||
Repayment on loans and leases receivable | $ 197,000 | |||||||
Proceeds from deposit on loan | $ 8,000 | |||||||
Interest income related to loans | 23,000 | 31,000 | $ 29,000 | |||||
Cash payments received from borrower | $ 25,000 | $ 30,000 | $ 29,000 | |||||
Maximum | Tandem Health Care Loan | ||||||||
Loans Receivable | ||||||||
Loans receivable, other | $ 257,000 | |||||||
Tandem Health Care | ||||||||
Loans Receivable | ||||||||
Number of leasehold properties under the right to buy option | property | 9 | 9 | ||||||
Amount of purchase price for option to buy leasehold properties | $ 82,000 | $ 82,000 | ||||||
Number of beds | bed | 4,766 | 4,766 | ||||||
Senior Loans | Tandem Health Care | ||||||||
Loans Receivable | ||||||||
Long-term debt | $ 257,000 | $ 257,000 | ||||||
Building | Tandem Health Care | ||||||||
Loans Receivable | ||||||||
Number of properties | property | 32 | 32 | ||||||
Leasehold properties | Tandem Health Care | ||||||||
Loans Receivable | ||||||||
Number of properties | property | 9 | 9 |
Investments in and Advances t82
Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands | Dec. 31, 2017USD ($)joint_venture | Jan. 31, 2017 | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 800,840 | $ 571,491 | |
CCRC JV | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 49.00% | ||
Investments in and advances to unconsolidated joint ventures | $ 400,241 | 439,449 | |
RIDEA II | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 40.00% | 40.00% | |
Investments in and advances to unconsolidated joint ventures | $ 259,651 | 0 | |
Life Science JVs | |||
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 65,581 | 67,879 | |
Life Science JVs | Minimum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 50.00% | ||
Life Science JVs | Maximum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 63.00% | ||
Torrey Pines Science Center | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 50.00% | ||
Britannia Biotech Gateway, LP | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 55.00% | ||
LASDK, LP | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 63.00% | ||
MBK JV | |||
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 38,005 | 38,909 | |
Development JVs | |||
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 23,365 | 10,459 | |
Number of unconsolidated joint ventures | joint_venture | 4 | ||
Development JVs | Minimum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 50.00% | ||
Development JVs | Maximum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 90.00% | ||
Vintage Park Development JV | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 85.00% | ||
Waldwick | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 85.00% | ||
Otay Ranch | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 90.00% | ||
MBK Development JV | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 50.00% | ||
Medical Office JVs | |||
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 12,488 | 13,438 | |
Number of unconsolidated joint ventures | joint_venture | 3 | ||
Medical Office JVs | Minimum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 20.00% | ||
Medical Office JVs | Maximum | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 67.00% | ||
HCP Ventures IV, LLC | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 20.00% | ||
HCP Ventures III, LLC | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 30.00% | ||
Suburban Properties, LLC | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 67.00% | ||
K&Y JVs | |||
Schedule of Equity Method Investments | |||
Investment ownership percentage | 80.00% | ||
Investments in and advances to unconsolidated joint ventures | $ 1,283 | 1,342 | |
Number of unconsolidated joint ventures | joint_venture | 3 | ||
Advances to unconsolidated joint ventures, net | |||
Schedule of Equity Method Investments | |||
Investments in and advances to unconsolidated joint ventures | $ 226 | $ 15 |
Investments in and Advances t83
Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands | Dec. 30, 2015USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments | |||||
Gain (loss) on sales of real estate, net | $ 356,641 | $ 164,698 | $ 6,377 | ||
HCP's share of earnings | $ 10,901 | $ 11,360 | $ 6,590 | ||
HCP Ventures III and IV, LLC | Hospital and medical office segments | |||||
Schedule of Equity Method Investments | |||||
Total consideration for disposition of real estate | $ 634,000 | ||||
Gain (loss) on sales of real estate, net | $ 59,000 | ||||
HCP Ventures III and IV, LLC | Medical office | |||||
Schedule of Equity Method Investments | |||||
Number of properties disposed | property | 61 | ||||
HCP Ventures III and IV, LLC | Hospital | |||||
Schedule of Equity Method Investments | |||||
Number of properties disposed | property | 3 | ||||
HCP Ventures III, LLC | Hospital | |||||
Schedule of Equity Method Investments | |||||
Number of properties disposed | property | 3 | ||||
Total consideration for disposition of real estate | $ 31,000 | ||||
Gain (loss) on sales of real estate, net | 5,000 | ||||
HCP's share of earnings | 1,000 | ||||
Distributions received by HCP | $ 8,000 | ||||
HCP Ventures III and IV, LLC | Hospital and medical office segments | |||||
Schedule of Equity Method Investments | |||||
HCP's share of earnings | $ 15,000 | ||||
Distributions received by HCP | $ 45,000 |
Intangibles - Schedule of Intan
Intangibles - Schedule of Intangibles Lease Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangible assets and liabilities | ||
Gross intangible lease assets | $ 795,305 | $ 911,697 |
Accumulated depreciation and amortization | (385,223) | (431,892) |
Net intangible lease assets | 410,082 | 479,805 |
Lease-up intangibles | ||
Intangible assets and liabilities | ||
Gross intangible lease assets | 645,143 | 719,788 |
Tenant leases | Above market | ||
Intangible assets and liabilities | ||
Gross intangible lease assets | 105,663 | 147,409 |
Ground leases | Below market | ||
Intangible assets and liabilities | ||
Gross intangible lease assets | $ 44,499 | $ 44,500 |
Intangibles - Schedule of Int85
Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Intangibles [Abstract] | ||
Below market lease intangibles | $ 123,883 | $ 161,595 |
Above market ground lease intangibles | 2,329 | 2,329 |
Gross intangible lease liabilities | 126,212 | 163,924 |
Accumulated depreciation and amortization | (73,633) | (105,779) |
Net intangible lease liabilities | $ 52,579 | $ 58,145 |
Intangibles - Amortization of D
Intangibles - Amortization of Deferred Leasing Costs and Acquisition Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangibles | |||
Depreciation and amortization expense related to amortization of lease-up intangibles | $ 76,732 | $ 84,487 | $ 74,978 |
Rental and related revenues related to amortization of net below market lease liabilities | 2,030 | 3,877 | 3,781 |
Operating expense related to amortization of net below market ground lease intangibles | $ 740 | $ 664 | $ 664 |
Intangibles - Estimated Aggrega
Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimated aggregate amortization of Intangible Assets | ||
Net intangible lease assets | $ 410,082 | $ 479,805 |
Rental and Related Revenues(1) | ||
Estimated aggregate amortization of Intangible Assets | ||
2,018 | 4,099 | |
2,019 | 4,102 | |
2,020 | 3,418 | |
2,021 | 3,401 | |
2,022 | 4,199 | |
Thereafter | 17,133 | |
Net intangible lease assets | 36,352 | |
Operating Expense(2) | ||
Estimated aggregate amortization of Intangible Assets | ||
2,018 | 763 | |
2,019 | 763 | |
2,020 | 759 | |
2,021 | 756 | |
2,022 | 756 | |
Thereafter | 31,782 | |
Net intangible lease assets | 35,579 | |
Depreciation and Amortization(3) | ||
Estimated aggregate amortization of Intangible Assets | ||
2,018 | 66,651 | |
2,019 | 49,868 | |
2,020 | 40,151 | |
2,021 | 35,963 | |
2,022 | 30,490 | |
Thereafter | 135,153 | |
Net intangible lease assets | $ 358,276 |
Debt - Bank Line of Credit and
Debt - Bank Line of Credit and Term Loans (Details) £ in Millions | Oct. 19, 2017USD ($)renewal_option | Jun. 30, 2017GBP (£) | Mar. 31, 2017GBP (£) | Jan. 31, 2015 | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Bank line of credit | $ 1,017,076,000 | $ 899,718,000 | |||||
Term loans | $ 228,288,000 | $ 440,062,000 | |||||
Bank Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 2,000,000,000 | ||||||
Debt Instrument, Number of Extensions | renewal_option | 2 | ||||||
Loan, basis spread on variable rate | 1.00% | ||||||
Debt instrument, facility fee (as a percent) | 0.20% | ||||||
Line of credit facility additional aggregate amount, maximum | $ 750,000,000 | ||||||
Bank line of credit | 1,000,000,000 | ||||||
Line of credit, portion denominated in GBP | £ | £ 105 | ||||||
Term loans, portion denominated in GBP | $ 142,000,000 | ||||||
Weighted-average interest rate (as a percent) | 2.74% | 2.74% | |||||
Length of debt instrument extension period | 6 months | ||||||
2012 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | £ | £ 137 | ||||||
2015 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Term loans, portion denominated in GBP | £ | £ 169 | ||||||
Length of debt instrument extension period | 1 year | ||||||
Repayments of debt | £ | £ 51 | ||||||
Term of facility | 4 years | ||||||
Term of contract | 3 years | ||||||
Term loans | $ 229,000,000 | ||||||
2015 Term Loan | GBP LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Loan, basis spread on variable rate | 1.15% | ||||||
Line of Credit and Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, covenant debt to assets (as a percent) | 60.00% | 60.00% | |||||
Debt instrument, covenant secured debt to assets (as a percent) | 30.00% | 30.00% | |||||
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent) | 60.00% | 60.00% | |||||
Debt instrument, covenant minimum fixed charge coverage ratio | 1.5 | 1.5 | |||||
Debt instrument, covenant net worth | $ 6,500,000,000 |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Details) - USD ($) | Jul. 27, 2017 | May 01, 2017 | Nov. 30, 2016 | Sep. 15, 2016 | Feb. 01, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 7,834,317,000 | |||||||||
Loss on debt extinguishments | $ (46,000,000) | (54,227,000) | $ (46,020,000) | $ 0 | ||||||
Senior unsecured notes | 7,133,538,000 | 6,396,451,000 | 7,133,538,000 | |||||||
Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, gross | $ 6,450,000,000 | |||||||||
Interest rate (as a percent) | ||||||||||
Senior unsecured notes | $ 0 | $ 0 | 0 | |||||||
Senior Unsecured Debt 5.625% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 250,000,000 | $ 500,000,000 | ||||||||
Interest rate (as a percent) | 5.625% | 5.375% | ||||||||
Loss on debt extinguishments | $ (54,000,000) | $ (54,000,000) | $ (46,000,000) | |||||||
Senior Unsecured Debt 5.375% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 500,000,000 | |||||||||
Interest rate (as a percent) | 5.375% | |||||||||
Senior Unsecured Debt 3.75 % | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 500,000,000 | |||||||||
Interest rate (as a percent) | 3.75% | |||||||||
Senior Unsecured Debt 6.30% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 400,000,000 | |||||||||
Interest rate (as a percent) | 6.30% | |||||||||
Senior Unsecured Debt 6.000% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 500,000,000 | |||||||||
Interest rate (as a percent) | 6.00% | |||||||||
Senior Unsecured Debt 6.700% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayment of senior unsecured notes | $ 600,000,000 | |||||||||
Interest rate (as a percent) | 6.70% |
Debt - Mortgage Debt (Details)
Debt - Mortgage Debt (Details) $ in Thousands | 1 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)facility | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 7,834,317 | |
Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 138,567 | |
Number of healthcare facilities used to secure debt | facility | 16 | |
Debt instrument, collateral, healthcare facilities carrying value | $ 299,000 | |
Repayments of debt | $ 472,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) $ in Thousands, £ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 7,834,317 | ||
(Discounts), premiums and debt costs, net | (48,016) | ||
Long-term debt | 7,786,301 | ||
Other debt | 94,165 | $ 92,385 | |
Debt maturing in 2018 | |||
Debt Instrument [Line Items] | |||
2,018 | 3,512 | ||
Debt maturing in 2019 | |||
Debt Instrument [Line Items] | |||
2,019 | 682,374 | ||
Debt maturing in 2020 | |||
Debt Instrument [Line Items] | |||
2,020 | 803,758 | ||
Debt maturing in 2021 | |||
Debt Instrument [Line Items] | |||
2,021 | 1,728,193 | ||
Debt maturing in 2022 | |||
Debt Instrument [Line Items] | |||
2,022 | 902,861 | ||
Thereafter | |||
Debt Instrument [Line Items] | |||
Thereafter | 3,713,619 | ||
Bank Line of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 1,017,076 | ||
(Discounts), premiums and debt costs, net | 0 | ||
Long-term debt | $ 1,017,076 | ||
Line of credit, portion denominated in GBP | £ | £ 105 | ||
Weighted-average interest rate (as a percent) | 2.74% | 2.74% | |
Bank Line of Credit | Debt maturing in 2018 | |||
Debt Instrument [Line Items] | |||
2,018 | $ 0 | ||
Bank Line of Credit | Debt maturing in 2019 | |||
Debt Instrument [Line Items] | |||
2,019 | 0 | ||
Bank Line of Credit | Debt maturing in 2020 | |||
Debt Instrument [Line Items] | |||
2,020 | 0 | ||
Bank Line of Credit | Debt maturing in 2021 | |||
Debt Instrument [Line Items] | |||
2,021 | 1,017,076 | ||
Bank Line of Credit | Debt maturing in 2022 | |||
Debt Instrument [Line Items] | |||
2,022 | 0 | ||
Bank Line of Credit | Thereafter | |||
Debt Instrument [Line Items] | |||
Thereafter | 0 | ||
Term loans | |||
Debt Instrument [Line Items] | |||
2019 | £ | £ 169 | ||
Long-term debt, gross | 228,674 | ||
(Discounts), premiums and debt costs, net | (386) | ||
Long-term debt | 228,288 | ||
Term loans | Debt maturing in 2018 | |||
Debt Instrument [Line Items] | |||
2,018 | 0 | ||
Term loans | Debt maturing in 2019 | |||
Debt Instrument [Line Items] | |||
2,019 | 228,674 | ||
Term loans | Debt maturing in 2020 | |||
Debt Instrument [Line Items] | |||
2,020 | 0 | ||
Term loans | Debt maturing in 2021 | |||
Debt Instrument [Line Items] | |||
2,021 | 0 | ||
Term loans | Debt maturing in 2022 | |||
Debt Instrument [Line Items] | |||
2,022 | 0 | ||
Term loans | Thereafter | |||
Debt Instrument [Line Items] | |||
Thereafter | $ 0 | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | |||
Long-term debt, gross | $ 6,450,000 | ||
(Discounts), premiums and debt costs, net | (53,549) | ||
Long-term debt | $ 6,396,451 | ||
Weighted-average interest rate (as a percent) | 4.19% | 4.19% | |
Weighted-average maturity | 6 years | ||
Unsecured Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 2.79% | 2.79% | |
Unsecured Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.88% | 6.88% | |
Unsecured Debt | Debt maturing in 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
2,018 | $ 0 | ||
Unsecured Debt | Debt maturing in 2019 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.95% | 3.95% | |
2,019 | $ 450,000 | ||
Unsecured Debt | Debt maturing in 2020 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 2.79% | 2.79% | |
2,020 | $ 800,000 | ||
Unsecured Debt | Debt maturing in 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.49% | 5.49% | |
2,021 | $ 700,000 | ||
Unsecured Debt | Debt maturing in 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.93% | 3.93% | |
2,022 | $ 900,000 | ||
Unsecured Debt | Thereafter | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.36% | 4.36% | |
Thereafter | $ 3,600,000 | ||
Mortgage Debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | |||
Long-term debt, gross | $ 138,567 | ||
(Discounts), premiums and debt costs, net | 5,919 | ||
Long-term debt | $ 144,486 | ||
Weighted-average interest rate (as a percent) | 4.19% | 4.19% | |
Weighted-average maturity | 20 years | ||
Mortgage Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 2.08% | 2.08% | |
Mortgage Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.91% | 5.91% | |
Mortgage Debt | Debt maturing in 2018 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
2,018 | $ 3,512 | ||
Mortgage Debt | Debt maturing in 2019 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
2,019 | $ 3,700 | ||
Mortgage Debt | Debt maturing in 2020 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.08% | 5.08% | |
2,020 | $ 3,758 | ||
Mortgage Debt | Debt maturing in 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.26% | 5.26% | |
2,021 | $ 11,117 | ||
Mortgage Debt | Debt maturing in 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
2,022 | $ 2,861 | ||
Mortgage Debt | Thereafter | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.09% | 4.09% | |
Thereafter | $ 113,619 | ||
Life Care Bonds and Demand Notes | |||
Debt Instrument [Line Items] | |||
Other debt | 94,000 | ||
Life Care Bonds | |||
Debt Instrument [Line Items] | |||
Other debt | $ 61,000 | ||
On-Demand Note | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.60% | 3.60% | |
Other debt | $ 33,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contractual Obligation (Details) - Dec. 31, 2017 $ in Thousands, £ in Millions | USD ($) | GBP (£) |
Other Commitments [Line Items] | ||
Total | $ 251,298 | |
2,018 | 177,200 | |
2019-2020 | 71,056 | |
2021-2022 | 3,042 | |
More than Five Years | 0 | |
U.K. loan commitments | ||
Other Commitments [Line Items] | ||
Total | 3,236 | £ 2 |
2,018 | 3,236 | |
2019-2020 | 0 | |
2021-2022 | 0 | |
More than Five Years | 0 | |
Construction loan commitments | ||
Other Commitments [Line Items] | ||
Total | 114,691 | |
2,018 | 45,863 | |
2019-2020 | 68,828 | |
2021-2022 | 0 | |
More than Five Years | 0 | |
Development commitments | ||
Other Commitments [Line Items] | ||
Total | 133,371 | |
2,018 | 128,101 | |
2019-2020 | 2,228 | |
2021-2022 | 3,042 | |
More than Five Years | $ 0 |
Commitments and Contingencies93
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Third party debt collateralized by facilities, debt amount | $ 83 | ||
Third party debt collateralized by facilities, asset carrying amount | 356 | ||
Rental Expense | |||
Rental expense attributable to continuing operations | $ 10 | $ 10 | $ 10 |
Maximum remaining term of ground leases excluding extension options | 99 years | ||
Indemnification Agreement | |||
Loss Contingencies [Line Items] | |||
Number of properties may be contributed in the agreement | property | 35 |
Commitments and Contingencies94
Commitments and Contingencies - Schedule of Annualized Base Rent from Leases Subject to Purchase Options (Details) $ in Thousands | Dec. 31, 2017USD ($)property |
Leases with purchase options, annualized base rent receivables in next five years and thereafter | |
2018 | $ | $ 8,534 |
2019 | $ | 14,702 |
2020 | $ | 14,201 |
2021 | $ | 12,402 |
2022 | $ | 10,459 |
Thereafter | $ | 33,964 |
Total annualized base rent | $ | $ 94,262 |
Number of properties with purchase options, annualized base rent receivables | |
2018 | property | 8 |
2019 | property | 2 |
2020 | property | 4 |
2021 | property | 6 |
2022 | property | 3 |
Thereafter | property | 22 |
Total number of properties | property | 45 |
Commitments and Contingencies95
Commitments and Contingencies - Schedule of Future Minimum Lease Obligations (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 6,619 |
2,019 | 6,766 |
2,020 | 6,668 |
2,021 | 6,704 |
2,022 | 6,820 |
Thereafter | 362,219 |
Future minimum payments due | $ 395,796 |
Equity - Common Stock Narrative
Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 02, 2018 | Feb. 01, 2018 | Jun. 30, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per common share (in dollars per share) | $ 1.48 | $ 2.095 | $ 2.260 | |||||||||||
Dividends paid per common share (in dollars per share) | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.58 | $ 0.58 | $ 0.58 | $ 1.480 | $ 2.095 | $ 2.260 | |||
Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared per common share (in dollars per share) | $ 0.37 | |||||||||||||
Dividends paid per common share (in dollars per share) | $ 0.37 | |||||||||||||
At-The-Market Program | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Maximum sales under equity offering program | $ 750 | |||||||||||||
Common stock issued (in shares) | 1.8 | |||||||||||||
Weighted average price (in dollars per share) | $ 40.14 | |||||||||||||
Proceeds from issuance of common stock | $ 73 | |||||||||||||
Stock issuance fees and commissions | $ 1 |
Equity - Schedule of Other Comm
Equity - Schedule of Other Common Stock Activities (Details) - Common Stock - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Dividend Reinvestment and Stock Purchase Plan (in shares) | 983 | 2,021 | 2,762 |
Conversion of DownREIT units (in shares) | 78 | 145 | 104 |
Exercise of stock options (in shares) | 32 | 133 | 823 |
Vesting of restricted stock units (in shares) | 419 | 529 | 409 |
Repurchase of common stock (in shares) | 157 | 237 | 198 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||
Cumulative foreign currency translation adjustment | $ (6,955) | $ (22,817) |
Unrealized gains (losses) on cash flow hedges, net | (13,950) | (3,642) |
Supplemental Executive Retirement plan minimum liability and other | (3,119) | (3,183) |
Total accumulated other comprehensive loss | $ (24,024) | $ (29,642) |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interests Narrative (Details) $ in Thousands, shares in Millions | Oct. 07, 2015USD ($)property | Dec. 31, 2017USD ($)entityshares | Dec. 31, 2016USD ($) |
Noncontrolling Interest [Line Items] | |||
Non-managing member unitholders | $ 176,888 | $ 179,336 | |
HCP Ventures V | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interest (as a percent) | 49.00% | ||
Consideration received from sale of noncontrolling interest in HCP Ventures V | $ 110,000 | ||
HCP Ventures V | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | property | 11 | ||
Noncontrolling Interests | |||
Noncontrolling Interest [Line Items] | |||
Non-managing members DownREIT units outstanding | shares | 4 | ||
Conversion of DownREIT units (in shares) | shares | 7 | ||
Number of DownREIT LLCs | entity | 5 | ||
Non-managing member unitholders | $ 177,000 | ||
DownREIT unit, fair value | $ 173,000 |
Segment Disclosures - Narrative
Segment Disclosures - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)facility | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Intersegment sales or transfers | $ 0 | ||||
Impairment related to goodwill | $ 0 | $ 0 | |||
Goodwill | 47,000,000 | $ 47,000,000 | $ 42,000,000 | ||
Senior housing triple-net | |||||
Segment Reporting Information [Line Items] | |||||
Number of SH NNN facilities transitioned to RIDEA structure | facility | 42 | 17 | |||
Operating segment | Senior housing triple-net | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 21,000,000 | $ 21,000,000 | $ 16,000,000 | ||
Operating segment | SHOP | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 9,000,000 | 9,000,000 | 9,000,000 | ||
Operating segment | Medical office | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 11,000,000 | 11,000,000 | 11,000,000 | ||
Operating segment | Other non-reportable segments | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 |
Segment Disclosures - Summary I
Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment reporting information, revenues | ||||||||||||
Rental Revenues | $ 1,792,141,000 | $ 2,040,486,000 | $ 1,828,305,000 | |||||||||
Operating expenses | (666,251,000) | (738,399,000) | (610,679,000) | |||||||||
Segment NOI | 1,125,890,000 | 1,302,087,000 | 1,217,626,000 | |||||||||
Non-cash adjustments to NOI | 38,410,000 | (19,764,000) | (18,988,000) | |||||||||
Segment adjusted (cash) NOI | 1,164,300,000 | 1,282,323,000 | 1,198,638,000 | |||||||||
Addback adjustments | (38,410,000) | 19,764,000 | 18,988,000 | |||||||||
Interest income | 56,237,000 | 88,808,000 | 112,184,000 | |||||||||
Interest expense | (307,716,000) | (464,403,000) | (479,596,000) | |||||||||
Depreciation and amortization | (534,726,000) | (568,108,000) | (504,905,000) | |||||||||
General and administrative | (88,772,000) | (103,611,000) | (95,965,000) | |||||||||
Transaction costs | (7,963,000) | (9,821,000) | (27,309,000) | |||||||||
Recoveries (impairments), net | (166,384,000) | 0 | (108,349,000) | |||||||||
Gain (loss) on sales of real estate, net | 356,641,000 | 164,698,000 | 6,377,000 | |||||||||
Loss on debt extinguishment | $ (46,000,000) | (54,227,000) | (46,020,000) | 0 | ||||||||
Other income (expense), net | 31,420,000 | 3,654,000 | 16,208,000 | |||||||||
Income tax benefit (expense) | 1,333,000 | (4,473,000) | 9,807,000 | |||||||||
Equity income (loss) from unconsolidated JVs | 10,901,000 | 11,360,000 | 6,590,000 | |||||||||
Total discontinued operations | (18,246,000) | $ 108,215,000 | $ 107,378,000 | $ 68,408,000 | 0 | 265,755,000 | (699,086,000) | |||||
Net income (loss) | $ (57,924,000) | $ (5,720,000) | $ 22,101,000 | $ 464,177,000 | $ 61,300,000 | $ 154,039,000 | $ 304,842,000 | $ 119,745,000 | 422,634,000 | 639,926,000 | (546,418,000) | |
Corporate and other assets | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 0 | 0 | 0 | |||||||||
Operating expenses | 0 | 0 | 0 | |||||||||
Segment NOI | 0 | 0 | 0 | |||||||||
Non-cash adjustments to NOI | 0 | 0 | 0 | |||||||||
Segment adjusted (cash) NOI | 0 | 0 | 0 | |||||||||
Addback adjustments | 0 | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Interest expense | (292,169,000) | (407,754,000) | (408,602,000) | |||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||
General and administrative | (88,772,000) | (103,611,000) | (95,965,000) | |||||||||
Transaction costs | (7,963,000) | (9,821,000) | (27,309,000) | |||||||||
Recoveries (impairments), net | 0 | 0 | ||||||||||
Gain (loss) on sales of real estate, net | 0 | 0 | 0 | |||||||||
Loss on debt extinguishment | (54,227,000) | (46,020,000) | ||||||||||
Other income (expense), net | (19,475,000) | 3,654,000 | 16,208,000 | |||||||||
Income tax benefit (expense) | 1,333,000 | (4,473,000) | 9,807,000 | |||||||||
Equity income (loss) from unconsolidated JVs | 0 | 0 | 0 | |||||||||
Total discontinued operations | 265,755,000 | (699,086,000) | ||||||||||
Net income (loss) | (461,273,000) | (302,270,000) | (1,204,947,000) | |||||||||
Senior housing triple-net | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Recoveries (impairments), net | $ (23,000,000) | |||||||||||
Senior housing triple-net | Operating segment | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 313,547,000 | 423,118,000 | 428,269,000 | |||||||||
Operating expenses | (3,819,000) | (6,710,000) | (3,427,000) | |||||||||
Segment NOI | 309,728,000 | 416,408,000 | 424,842,000 | |||||||||
Non-cash adjustments to NOI | 17,098,000 | (7,566,000) | (9,716,000) | |||||||||
Segment adjusted (cash) NOI | 326,826,000 | 408,842,000 | 415,126,000 | |||||||||
Addback adjustments | (17,098,000) | 7,566,000 | 9,716,000 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Interest expense | (2,518,000) | (9,499,000) | (16,899,000) | |||||||||
Depreciation and amortization | (103,820,000) | (136,146,000) | (125,538,000) | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 0 | |||||||||
Recoveries (impairments), net | (22,590,000) | 0 | ||||||||||
Gain (loss) on sales of real estate, net | 280,349,000 | 48,744,000 | 6,325,000 | |||||||||
Loss on debt extinguishment | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||
Equity income (loss) from unconsolidated JVs | 0 | 0 | 0 | |||||||||
Total discontinued operations | 0 | 0 | ||||||||||
Net income (loss) | 461,149,000 | 319,507,000 | 288,730,000 | |||||||||
SHOP | Operating segment | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 525,473,000 | 686,822,000 | 518,264,000 | |||||||||
Operating expenses | (396,491,000) | (480,870,000) | (371,016,000) | |||||||||
Segment NOI | 128,982,000 | 205,952,000 | 147,248,000 | |||||||||
Non-cash adjustments to NOI | 33,227,000 | (2,686,000) | 8,145,000 | |||||||||
Segment adjusted (cash) NOI | 162,209,000 | 203,266,000 | 155,393,000 | |||||||||
Addback adjustments | (33,227,000) | 2,686,000 | (8,145,000) | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Interest expense | (7,920,000) | (29,745,000) | (31,869,000) | |||||||||
Depreciation and amortization | (103,162,000) | (108,806,000) | (80,981,000) | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 0 | |||||||||
Recoveries (impairments), net | 0 | 0 | ||||||||||
Gain (loss) on sales of real estate, net | 17,485,000 | 675,000 | 0 | |||||||||
Loss on debt extinguishment | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||
Equity income (loss) from unconsolidated JVs | 0 | 0 | 0 | |||||||||
Total discontinued operations | 0 | 0 | ||||||||||
Net income (loss) | 35,385,000 | 68,076,000 | 34,398,000 | |||||||||
Life science | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Gain (loss) on sales of real estate, net | $ 45,000,000 | |||||||||||
Life science | Operating segment | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 358,816,000 | 358,537,000 | 342,984,000 | |||||||||
Operating expenses | (78,001,000) | (72,478,000) | (70,217,000) | |||||||||
Segment NOI | 280,815,000 | 286,059,000 | 272,767,000 | |||||||||
Non-cash adjustments to NOI | (4,517,000) | (2,954,000) | (10,128,000) | |||||||||
Segment adjusted (cash) NOI | 276,298,000 | 283,105,000 | 262,639,000 | |||||||||
Addback adjustments | 4,517,000 | 2,954,000 | 10,128,000 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Interest expense | (373,000) | (2,357,000) | (2,878,000) | |||||||||
Depreciation and amortization | (128,864,000) | (130,829,000) | (126,241,000) | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 0 | |||||||||
Recoveries (impairments), net | 0 | 0 | ||||||||||
Gain (loss) on sales of real estate, net | 45,916,000 | 49,042,000 | 0 | |||||||||
Loss on debt extinguishment | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||
Equity income (loss) from unconsolidated JVs | 0 | 0 | 0 | |||||||||
Total discontinued operations | 0 | 0 | ||||||||||
Net income (loss) | 197,494,000 | 201,915,000 | 143,648,000 | |||||||||
Medical office | Operating segment | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 477,459,000 | 446,280,000 | 415,351,000 | |||||||||
Operating expenses | (183,197,000) | (173,687,000) | (162,054,000) | |||||||||
Segment NOI | 294,262,000 | 272,593,000 | 253,297,000 | |||||||||
Non-cash adjustments to NOI | (2,952,000) | (3,536,000) | (4,933,000) | |||||||||
Segment adjusted (cash) NOI | 291,310,000 | 269,057,000 | 248,364,000 | |||||||||
Addback adjustments | 2,952,000 | 3,536,000 | 4,933,000 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Interest expense | (506,000) | (5,895,000) | (9,603,000) | |||||||||
Depreciation and amortization | (169,795,000) | (161,790,000) | (143,682,000) | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 0 | |||||||||
Recoveries (impairments), net | 0 | 0 | ||||||||||
Gain (loss) on sales of real estate, net | 9,095,000 | 8,333,000 | 52,000 | |||||||||
Loss on debt extinguishment | 0 | |||||||||||
Other income (expense), net | 0 | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||
Equity income (loss) from unconsolidated JVs | 0 | 0 | 0 | |||||||||
Total discontinued operations | 0 | 0 | ||||||||||
Net income (loss) | 133,056,000 | 113,241,000 | 100,064,000 | |||||||||
Other non-reportable segments | Operating segment | ||||||||||||
Segment reporting information, revenues | ||||||||||||
Rental Revenues | 116,846,000 | 125,729,000 | 123,437,000 | |||||||||
Operating expenses | (4,743,000) | (4,654,000) | (3,965,000) | |||||||||
Segment NOI | 112,103,000 | 121,075,000 | 119,472,000 | |||||||||
Non-cash adjustments to NOI | (4,446,000) | (3,022,000) | (2,356,000) | |||||||||
Segment adjusted (cash) NOI | 107,657,000 | 118,053,000 | 117,116,000 | |||||||||
Addback adjustments | 4,446,000 | 3,022,000 | 2,356,000 | |||||||||
Interest income | 56,237,000 | 88,808,000 | 112,184,000 | |||||||||
Interest expense | (4,230,000) | (9,153,000) | (9,745,000) | |||||||||
Depreciation and amortization | (29,085,000) | (30,537,000) | (28,463,000) | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Transaction costs | 0 | 0 | 0 | |||||||||
Recoveries (impairments), net | (143,794,000) | (108,349,000) | ||||||||||
Gain (loss) on sales of real estate, net | 3,796,000 | 57,904,000 | 0 | |||||||||
Loss on debt extinguishment | 0 | |||||||||||
Other income (expense), net | 50,895,000 | 0 | 0 | |||||||||
Income tax benefit (expense) | 0 | 0 | 0 | |||||||||
Equity income (loss) from unconsolidated JVs | 10,901,000 | 11,360,000 | 6,590,000 | |||||||||
Total discontinued operations | 0 | 0 | ||||||||||
Net income (loss) | $ 56,823,000 | $ 239,457,000 | $ 91,689,000 |
Segment Disclosures - Revenues
Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Disclosure | |||||||||||
Total revenues | $ 443,259 | $ 454,023 | $ 458,928 | $ 492,168 | $ 539,950 | $ 530,555 | $ 538,332 | $ 520,457 | $ 1,848,378 | $ 2,129,294 | $ 1,940,489 |
Total assets | 14,088,461 | 15,759,265 | 14,088,461 | 15,759,265 | 21,449,849 | ||||||
Assets held for sale and discontinued operations, net | 417,014 | 927,866 | 417,014 | 927,866 | 5,654,326 | ||||||
Operating segment | |||||||||||
Segment Disclosure | |||||||||||
Gross assets | 14,051,070 | 14,692,941 | 14,051,070 | 14,692,941 | 14,801,775 | ||||||
Accumulated depreciation and amortization | (2,919,278) | (2,900,060) | (2,919,278) | (2,900,060) | (2,704,425) | ||||||
Total assets | 11,131,792 | 11,792,881 | 11,131,792 | 11,792,881 | 12,097,350 | ||||||
Operating segment | Senior housing triple-net | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 313,547 | 423,118 | 428,269 | ||||||||
Gross assets | 3,515,400 | 3,871,720 | 3,515,400 | 3,871,720 | 5,092,443 | ||||||
Operating segment | SHOP | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 525,473 | 686,822 | 518,264 | ||||||||
Gross assets | 2,392,130 | 3,135,115 | 2,392,130 | 3,135,115 | 2,684,675 | ||||||
Operating segment | Life science | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 358,816 | 358,537 | 342,984 | ||||||||
Gross assets | 4,154,372 | 3,961,623 | 4,154,372 | 3,961,623 | 3,613,726 | ||||||
Operating segment | Medical office | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 477,459 | 446,280 | 415,351 | ||||||||
Gross assets | 3,989,168 | 3,724,483 | 3,989,168 | 3,724,483 | 3,410,931 | ||||||
Operating segment | Other non-reportable segments | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 173,083 | 214,537 | 235,621 | ||||||||
Total assets | 1,904,433 | 2,255,712 | 1,904,433 | 2,255,712 | 2,392,823 | ||||||
Other non-segment | |||||||||||
Segment Disclosure | |||||||||||
Total assets | $ 635,222 | $ 782,806 | $ 635,222 | $ 782,806 | $ 1,305,350 |
Future Minimum Rents (Details)
Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum lease payments received | |
2,018 | $ 1,021,212 |
2,019 | 956,092 |
2,020 | 874,617 |
2,021 | 793,058 |
2,022 | 691,352 |
Thereafter | 2,807,315 |
Total | $ 7,143,646 |
Compensation Plans - Stock Base
Compensation Plans - Stock Based Compensation (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)participantshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 01, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense recognized | $ | $ 14 | $ 23 | $ 26 | |
Deferred compensation cost | $ | $ 20 | 14 | ||
Total unrecognized compensation cost, period of recognition | 3 years | |||
Business days, period | 5 days | |||
Number of impacted participants on spin off | participant | 133 | |||
Former Chairman, Chief Executive Officer and President | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense recognized | $ | $ 7 | |||
2006 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares available for future awards (in shares) | 0 | |||
2014 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares available for future awards (in shares) | 30,000,000 | |||
Maximum number of shares reserved for awards (in shares) | 33,000,000 | |||
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit | 20,000,000 |
Compensation Plans - Stock Opti
Compensation Plans - Stock Options (Details) - Common Stock Options - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 10 years | ||
Number of stock options shares outstanding | 1.1 | 1.3 | |
Number of stock options shares exercisable | 1.1 | 1.2 | |
Proceeds received from options exercised | $ 1 | $ 4 | $ 28 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 3 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 5 years |
Compensation Plans - Restricted
Compensation Plans - Restricted Stock Awards Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 3 years | ||
Restricted Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 3 years | ||
Percentage of performance metrics during performance period | 0.00% | ||
Restricted Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 6 years | ||
Percentage of performance metrics during performance period | 200.00% | ||
Restricted Stock and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares withheld to offset tax withholding obligations (in shares) | 157 | 237 | 200 |
Weighted-average remaining vesting period of restricted stock and restricted stock units | 2 years | ||
Total fair values (at vesting) of restricted stock and restricted stock units vested | $ 15 | $ 24 | $ 21 |
Compensation Plans - Schedule o
Compensation Plans - Schedule of Restricted Stock and RSUs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units | ||
Unvested restricted stock and performance restricted stock units activity | ||
Unvested at the beginning of the period (in shares) | 1,139 | 962 |
Granted (in shares) | 844 | |
Vested (in shares) | (419) | |
Forfeited (in shares) | (248) | |
Unvested at the end of the period (in shares) | 1,139 | |
Weighted Average Grant Date Fair Value | ||
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 33.41 | $ 37.39 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 33.57 | |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 35.10 | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 35.04 | |
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 33.41 | |
Forecast | ||
Weighted Average Grant Date Fair Value | ||
Severance and related charges | $ 9 |
Impairments (Details)
Impairments (Details) $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Oct. 31, 2015USD ($) | Sep. 30, 2017USD ($)property | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 28, 2017USD ($) | Feb. 28, 2017GBP (£) | Sep. 30, 2015GBP (£) | |
Casualty-Related | ||||||||||||
Casualty-related loss | $ 13,000 | |||||||||||
Property damage loss in a casualty | 8,000 | |||||||||||
Other associated costs with casualty loss | 5,000 | |||||||||||
Deferred tax benefit related to casualty loss | 1,000 | |||||||||||
Asset impairment charge | 166,384 | $ 0 | $ 108,349 | |||||||||
Buildings and improvements | 11,239,732 | $ 11,692,654 | ||||||||||
Delphis | ||||||||||||
Casualty-Related | ||||||||||||
Cash payments received from borrower | $ 23,000 | |||||||||||
Impairment recovery on loan receivable | $ 6,000 | |||||||||||
Senior housing triple-net | ||||||||||||
Casualty-Related | ||||||||||||
Number of real estate properties impaired | property | 11 | |||||||||||
Asset impairment charge | $ 23,000 | |||||||||||
Four Seasons | ||||||||||||
Casualty-Related | ||||||||||||
Marketable debt securities, net | $ 50,000 | £ 41 | ||||||||||
Marketable debt securities at amortized cost | £ | £ 138.5 | |||||||||||
Sale price of marketable securities | $ 101,000 | 83 | ||||||||||
Gain on sale of securities | $ 51,000 | £ 42 | ||||||||||
Four Seasons | Discounted cash flow valuation technique | Level 2 | ||||||||||||
Casualty-Related | ||||||||||||
Impairments of investments in marketable debt securities | $ 70,000 | $ 42,000 | ||||||||||
Marketable debt securities, net | $ 100,000 | £ 66 | ||||||||||
Other Nonoperating Income (Expense) | ||||||||||||
Casualty-Related | ||||||||||||
Casualty-related loss | 12,000 | |||||||||||
Equity Income (Loss) From Unconsolidated Joint Ventures | ||||||||||||
Casualty-Related | ||||||||||||
Casualty-related loss | $ 1,000 |
Income Taxes - Schedule of Comm
Income Taxes - Schedule of Common Stock Distribution (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2016 | |
Dividends Payable [Line Items] | ||||
Dividends, amount per share | $ 1.48 | $ 8.265 | $ 2.26 | |
Common dividends, per share (in dollars per share) | 1.48 | 2.095 | 2.260 | |
Ordinary dividends | ||||
Dividends Payable [Line Items] | ||||
Dividends, amount per share | 1.48 | 1.5561 | 2.1184 | |
Capital gain dividends | ||||
Dividends Payable [Line Items] | ||||
Dividends, amount per share | 0 | 0 | 0.0316 | |
Nondividend distributions | ||||
Dividends Payable [Line Items] | ||||
Dividends, amount per share | $ 0 | 6.7089 | $ 0.11 | |
Nondividend distributions | Spinoff | ||||
Dividends Payable [Line Items] | ||||
Dividends, amount per share | $ 6.17 | $ 6.17 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | Oct. 31, 2016$ / shares | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Operating Loss Carryforwards [Line Items] | ||||||||||||
Stock distribution ratio | 5 | |||||||||||
Common stock dividend paid in lieu of fractional shares (usd per share) | $ / shares | $ 1.48 | $ 8.265 | $ 1.48 | $ 8.265 | $ 2.26 | |||||||
Income (loss) before income taxes | $ (50,957,000) | $ (12,263,000) | $ 18,874,000 | $ 454,746,000 | $ 67,530,000 | $ 47,453,000 | $ 196,352,000 | $ 55,949,000 | $ 410,400,000 | $ 367,284,000 | $ 136,271,000 | |
Tax expense recorded from Tax Cuts and Jobs Act | 17,000,000 | |||||||||||
Income tax expense | $ 53,000,000 | 0 | 48,181,000 | 796,000 | ||||||||
Net operating loss carryforward | 10,720,000 | 8,784,000 | 10,720,000 | 8,784,000 | 3,703,000 | |||||||
Amount that tax basis of net assets is less than reported amounts | 1,700,000,000 | $ 2,000,000,000 | 1,700,000,000 | 2,000,000,000 | 6,500,000,000 | |||||||
UK | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (loss) before income taxes | (4,000,000) | (4,000,000) | (15,000,000) | |||||||||
QCP | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Share price (usd per share) | $ / shares | $ 30.85 | |||||||||||
TRS | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (loss) before income taxes | (58,000,000) | $ (9,000,000) | $ (22,000,000) | |||||||||
Net operating loss carryforward | $ 42,000,000 | $ 42,000,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 949 | $ 8,525 | $ 4,948 |
State | 1,504 | 8,307 | 1,988 |
Foreign | 1,737 | 1,332 | 828 |
Total current | 4,190 | 18,164 | 7,764 |
Federal | 2,730 | (10,241) | (11,317) |
State | (5,889) | (1,401) | (1,382) |
Foreign | (2,364) | (2,049) | (4,872) |
Total deferred | (5,523) | (13,691) | (17,571) |
Total income tax (benefit) expense | $ (1,333) | $ 4,473 | $ (9,807) |
Income Taxes - Schedule of I112
Income Taxes - Schedule of Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax (benefit) expense at U.S. federal statutory income tax rate on income or loss subject to tax | $ (21,085) | $ (4,581) | $ (12,630) |
State income tax expense, net of federal tax | (1,222) | 6,081 | (606) |
Gross receipts and margin taxes | 1,716 | 1,847 | 1,383 |
Foreign rate differential | 632 | 647 | 2,269 |
Effect of permanent differences | 6 | (280) | (298) |
Return to provision adjustments | 1,597 | 287 | (368) |
Re-measurement of deferred tax assets and liabilities | 17,080 | 0 | 0 |
Increase (decrease) in valuation allowance | (57) | 472 | 443 |
Total income tax (benefit) expense | $ (1,333) | $ 4,473 | $ (9,807) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | |||
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interests and certain costs | $ 31,691 | $ 28,940 | $ 19,862 |
Net operating loss carryforward | 10,720 | 8,784 | 3,703 |
Expense accruals and other | 229 | (847) | (753) |
Valuation allowance | (548) | (606) | (531) |
Net deferred tax assets | $ 42,092 | $ 36,271 | $ 22,281 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator | |||||||||||
Net income (loss) from continuing operations | $ 422,634 | $ 374,171 | $ 152,668 | ||||||||
Noncontrolling interests' share in earnings | (8,465) | (12,179) | (12,817) | ||||||||
Net income (loss) attributable to HCP, Inc. | 414,169 | 361,992 | 139,851 | ||||||||
Less: Participating securities' share in earnings | (1,156) | (1,198) | (1,317) | ||||||||
Income (loss) from continuing operations applicable to common shares | 413,013 | 360,794 | 138,534 | ||||||||
Discontinued operations | $ (18,246) | $ 108,215 | $ 107,378 | $ 68,408 | 0 | 265,755 | (699,086) | ||||
Net income (loss) applicable to common shares | $ 413,013 | $ 626,549 | $ (560,552) | ||||||||
Denominator | |||||||||||
Basic weighted average shares outstanding | 468,759,000 | 467,195,000 | 462,795,000 | ||||||||
Dilutive potential common shares - equity awards | 176,000 | 208,000 | 0 | ||||||||
Diluted weighted average common shares | 468,935,000 | 467,403,000 | 462,795,000 | ||||||||
Basic earnings per common share: | |||||||||||
Continuing operations (in dollars per share) | $ 0.88 | $ 0.77 | $ 0.30 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.57 | (1.51) | ||||||||
Net income (loss) applicable to common shares (in dollars per share) | $ (0.13) | $ (0.02) | $ 0.04 | $ 0.98 | $ 0.12 | $ 0.32 | $ 0.65 | $ 0.25 | 0.88 | 1.34 | (1.21) |
Diluted earnings per common share | |||||||||||
Continuing operations (in dollars per share) | 0.88 | 0.77 | 0.30 | ||||||||
Discontinued operations (in dollars per share) | 0 | 0.57 | (1.51) | ||||||||
Net income (loss) applicable to common shares (in dollars per share) | $ (0.13) | $ (0.02) | $ 0.04 | $ 0.97 | $ 0.12 | $ 0.32 | $ 0.64 | $ 0.25 | $ 0.88 | $ 1.34 | $ (1.21) |
Common Stock Options | |||||||||||
Diluted earnings per common share | |||||||||||
Shares of anti-dilutive securities excluded from earnings per share calculation | 1,000,000 | 1,000,000 | 1,000,000 |
Supplemental Cash Flow Infor115
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental cash flow information: | |||
Interest paid, net of capitalized interest | $ 309,111 | $ 489,453 | $ 451,615 |
Income taxes paid | 10,045 | 13,727 | 6,959 |
Capitalized interest | 16,937 | 11,108 | 8,798 |
Supplemental schedule of non-cash investing and financing activities: | |||
Accrued construction costs | 67,425 | 49,999 | 52,511 |
Non-cash impact of QCP Spin-Off, net | 0 | 3,539,584 | 0 |
Securities transferred for debt defeasance | 0 | 73,278 | 0 |
Settlement of loans receivable as consideration for real estate acquisition | 0 | 0 | 299,297 |
Vesting of restricted stock units and conversion of non-managing member units into common stock | 2,908 | 6,622 | 3,388 |
Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition | 0 | 0 | 61,219 |
Deconsolidation of noncontrolling interest in connection with RIDEA II transaction | 58,061 | 0 | 0 |
Noncontrolling interest issued in connection with real estate and other acquisitions | 0 | 0 | 10,971 |
Mortgages and other liabilities assumed with real estate acquisitions | 5,425 | 82,985 | 23,218 |
Foreign currency translation adjustment | 15,862 | (3,332) | (8,738) |
Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net | $ (10,315) | $ 3,171 | $ 1,889 |
Supplemental Cash Flow Infor116
Supplemental Cash Flow Information Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash and cash equivalents | $ 55,306 | $ 94,730 | |
Restricted cash | 26,897 | 42,260 | |
Cash, cash equivalents and restricted cash | $ 82,203 | $ 136,990 | $ 401,058 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands, € in Millions | Jan. 01, 2016USD ($)joint_venture | Sep. 30, 2011 | Dec. 31, 2017USD ($)propertyloanentityjoint_venturetenant | Dec. 31, 2017EUR (€)propertyloanjoint_venturetenant | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 31, 2015USD ($) | Aug. 29, 2014 |
Variable Interest Entity [Line Items] | |||||||||
Number of joint ventures deconsolidated | joint_venture | 3 | ||||||||
Cumulative-effect adjustment to cumulative dividends in excess of earnings | $ 500 | ||||||||
Mezzanine | $ 269,299 | $ 615,188 | |||||||
Loans receivable, other | $ 188,418 | 195,946 | |||||||
Consolidated Variable Interest Entities | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties leased | property | 21 | 21 | |||||||
Ownership percentage (as a percent) | 90.00% | ||||||||
Unconsolidated Variable Interest Entities | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of unconsolidated joint ventures | joint_venture | 5 | 5 | |||||||
Number of VIE borrowers with marketable debt securities | joint_venture | 1 | 1 | |||||||
Number of VIE borrowers with debt securities and loan | loan | 3 | 3 | |||||||
Number of VIE tenants | tenant | 7 | 7 | |||||||
VIE tenants-operating leases | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties leased | property | 48 | 48 | |||||||
CCRC OpCo | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Joint Venture Ownership Percentage | 49.00% | ||||||||
Vintage Park Development JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 85.00% | ||||||||
Waldwick | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 85.00% | ||||||||
Vintage Park Development JV and Waldwick JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of unconsolidated joint ventures | joint_venture | 2 | 2 | |||||||
HCP Ventures V | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 51.00% | ||||||||
DownREIT Partnerships | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of controlling ownership interest entities as a managing member | entity | 5 | ||||||||
EAT | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total assets | $ 153,000 | ||||||||
Number of properties | property | 11 | 11 | |||||||
Bridge Loan | MMCG | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Loan amount | $ 131,000 | € 105 | |||||||
Period of call-option retained | 3 years | ||||||||
Tandem Health Care Loan | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Loans receivable, other | $ 105,000 | $ 189,000 | $ 256,000 | $ 257,000 | |||||
Senior housing triple-net | Loan-seller financing | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Mezzanine | $ 10,000 | ||||||||
Term of facility | 5 years | ||||||||
Senior housing triple-net | Loan-senior secured | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of VIE tenants | tenant | 7 | 7 | |||||||
Vintage Park Development JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 90.00% | ||||||||
Watertown JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 95.00% | ||||||||
Hayden JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage (as a percent) | 99.00% | ||||||||
Accounting Standards Update (ASU) 2015-02 - Consolidation | Adjustment | Consolidated Variable Interest Entities | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total assets | $ 543,000 | ||||||||
Total liabilities | $ 651,000 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
VIE tenants-DFLs | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | $ 601,723 |
VIE tenants-operating leases | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 5,519 |
CCRC OpCo | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 190,454 |
RIDEA II PropCo | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 252,743 |
Development JVs | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 12,563 |
Tandem Health Care | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 105,000 |
MMCG Loan | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 142,820 |
Loan - Seller Financing | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | 10,000 |
CMBS and LLC investment | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure in VIEs involvement | $ 33,750 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | |||
Buildings and improvements | $ 11,239,732 | $ 11,692,654 | |
Development costs and construction in progress | 447,976 | 400,619 | |
Land | 1,785,865 | 1,881,487 | |
Accumulated Depreciation | (2,741,695) | (2,648,930) | |
Net real estate | 10,731,878 | 11,325,830 | |
Investments in and advances to unconsolidated joint ventures | 800,840 | 571,491 | |
Accounts Receivable, Net | 40,733 | 45,116 | |
Cash and cash equivalents | 55,306 | 94,730 | |
Restricted cash | 26,897 | 42,260 | |
Intangible assets, net | 410,082 | 479,805 | |
Other assets, net | 578,033 | 711,624 | |
Total assets | 14,088,461 | 15,759,265 | $ 21,449,849 |
Mortgage debt | 144,486 | 623,792 | |
Intangible liabilities, net | 52,579 | 58,145 | |
Liabilities of assets held for sale, net | 14,031 | 3,776 | |
Deferred revenue | 144,709 | 149,181 | |
Total liabilities | 8,493,523 | 9,817,957 | |
Variable Interest Entity | |||
Variable Interest Entity [Line Items] | |||
Buildings and improvements | 2,436,414 | 3,522,310 | |
Development costs and construction in progress | 32,285 | 31,953 | |
Land | 227,162 | 327,241 | |
Accumulated Depreciation | (542,091) | (676,276) | |
Net real estate | 2,153,770 | 3,205,228 | |
Investments in and advances to unconsolidated joint ventures | 2,231 | 3,641 | |
Accounts Receivable, Net | 10,242 | 19,996 | |
Cash and cash equivalents | 15,861 | 35,844 | |
Restricted cash | 2,619 | 22,624 | |
Intangible assets, net | 125,475 | 169,027 | |
Other assets, net | 33,749 | 69,562 | |
Total assets | 2,343,947 | 3,525,922 | |
Mortgage debt | 45,016 | 520,870 | |
Intangible liabilities, net | 10,672 | 8,994 | |
Liabilities of assets held for sale, net | 87,759 | 120,719 | |
Other Liabilities | 29,034 | 0 | |
Intercompany Accounts | 331 | 0 | |
Fixed Asset Push Down | 152,156 | 0 | |
Deferred revenue | 14,432 | 23,456 | |
Total liabilities | $ 339,400 | $ 674,039 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of financial instruments | ||
Bank line of credit | $ 1,017,076 | $ 899,718 |
Senior unsecured notes | 6,396,451 | 7,133,538 |
Mortgage debt | 144,486 | 623,792 |
Other debt | 94,165 | 92,385 |
Carrying Value | ||
Summary of financial instruments | ||
Loans receivable, net | 313,326 | 807,954 |
Marketable debt securities | 18,690 | 68,630 |
Bank line of credit | 1,017,076 | 899,718 |
Term loans | 228,288 | 440,062 |
Senior unsecured notes | 6,396,451 | 7,133,538 |
Mortgage debt | 144,486 | 623,792 |
Other debt | 94,165 | 92,385 |
Carrying Value | Interest-rate swap contracts | ||
Summary of financial instruments | ||
Derivative liabilities | 2,483 | 4,857 |
Carrying Value | Currency Swap | ||
Summary of financial instruments | ||
Derivative liabilities | 10,968 | 0 |
Derivative assets | 0 | 2,920 |
Fair Value | Level 1 | ||
Summary of financial instruments | ||
Senior unsecured notes | 6,737,825 | 7,386,149 |
Fair Value | Level 2 | ||
Summary of financial instruments | ||
Loans receivable, net | 313,242 | 807,505 |
Marketable debt securities | 18,690 | 68,630 |
Bank line of credit | 1,017,076 | 899,718 |
Term loans | 228,288 | 440,062 |
Mortgage debt | 125,984 | 609,374 |
Other debt | 94,165 | 92,385 |
Fair Value | Interest-rate swap contracts | Level 2 | ||
Summary of financial instruments | ||
Derivative liabilities | 2,483 | 4,857 |
Fair Value | Currency Swap | Level 2 | ||
Summary of financial instruments | ||
Derivative liabilities | 10,968 | 0 |
Derivative assets | $ 0 | $ 2,920 |
Concentration of Credit Risk -
Concentration of Credit Risk - Schedule of Concentration of Credit Risk (Details) - property | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Senior housing triple-net | |||
Concentration Risk [Line Items] | |||
Number of properties classified as held for sale | 64 | ||
Brookdale Senior Living | Total Assets | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 10.00% | 17.00% | |
Brookdale Senior Living | Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 8.00% | 12.00% | 13.00% |
Brookdale Senior Living | Senior housing triple-net | Total Assets | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 39.00% | 69.00% | |
Brookdale Senior Living | Senior housing triple-net | Revenue | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 47.00% | 59.00% | 58.00% |
Concentration of Credit Risk122
Concentration of Credit Risk - Narrative (Details) | Nov. 01, 2017 | Dec. 31, 2017facilityrenewal | Dec. 31, 2016 |
Brookdale Senior Living | SHOP | Total Assets | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 13.00% | 18.00% | |
Brookdale Senior Living | Senior housing | Management and Accounting Services | |||
Concentration Risk [Line Items] | |||
Management agreement renewal term (in years) | 5 years | ||
Management and Accounting Services | Brookdale Senior Living | SHOP | |||
Concentration Risk [Line Items] | |||
Number of unconsolidated joint ventures | facility | 62 | ||
Management and Accounting Services | Brookdale Senior Living | Senior housing | |||
Concentration Risk [Line Items] | |||
Investments in Joint Ventures Senior Housing Facilities Number | facility | 78 | ||
Minimum | Brookdale Senior Living | |||
Concentration Risk [Line Items] | |||
Percentage of EDITDAR payable as base management fee | 4.50% | ||
Minimum | Brookdale Senior Living | Senior housing | Management and Accounting Services | |||
Concentration Risk [Line Items] | |||
Management Agreement Number of Renewals | renewal | 3 | ||
Minimum | Management and Accounting Services | Brookdale Senior Living | Senior housing | |||
Concentration Risk [Line Items] | |||
Management agreement term (in years) | 10 years | ||
Maximum | Brookdale Senior Living | |||
Concentration Risk [Line Items] | |||
Percentage of EDITDAR payable as base management fee | 5.00% | ||
Maximum | Brookdale Senior Living | Senior housing | Management and Accounting Services | |||
Concentration Risk [Line Items] | |||
Management Agreement Number of Renewals | renewal | 4 | ||
Maximum | Management and Accounting Services | Brookdale Senior Living | Senior housing | |||
Concentration Risk [Line Items] | |||
Management agreement term (in years) | 15 years | ||
HCP/CPA/Brookdale JV | RIDEA II | |||
Concentration Risk [Line Items] | |||
Equity method investment ownership interest disposed | 40.00% |
Concentration of Credit Risk123
Concentration of Credit Risk - Schedule of Geographical Concentration of Credit Risk (Details) - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
California | Total Assets | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 31.00% | 29.00% | |
California | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 26.00% | 26.00% | 27.00% |
Texas | Total Assets | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 14.00% | 14.00% | |
Texas | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 17.00% | 17.00% | 16.00% |
Derivative Financial Instrum124
Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - Dec. 31, 2017 | USD ($)derivative$ / £ | GBP (£)derivative$ / £ |
Interest-rate swap contracts | Cash flow hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional | $ 44,000,000 | |
Pay Rate/Receive Rate (as a percent) | 3.82% | 3.82% |
Fair value of interest rate hedge, liabilities | $ (2,483,000) | |
Cross Currency Interest Rate Contract | Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional | £ | £ 105,000,000 | |
Fair value of interest rate hedge, liabilities | $ (10,968,000) | |
Foreign currency translation rate (as a percent) | $ / £ | 1.251 | 1.251 |
Cross Currency Interest Rate Contract | Long | Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional | £ | £ 105,000,000 | |
Pay Rate/Receive Rate (as a percent) | 2.584% | 2.584% |
Cross Currency Interest Rate Contract | Short | Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional | $ 131,000,000 | |
Pay Rate/Receive Rate (as a percent) | 3.75% | 3.75% |
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of interest-rate swap contracts | derivative | 3 | 3 |
Derivative Financial Instrum125
Derivative Financial Instruments - Narrative (Details) - 12 months ended Dec. 31, 2017 $ in Millions | USD ($) | GBP (£) |
Facility and 2012 Term Loan | Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | £ | £ 150,000,000 | |
Cross Currency Interest Rate Contract | Net Investment Hedging | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | £ | £ 105,000,000 | |
Maximum | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $ | $ 2 | |
Maximum | Cross Currency Interest Rate Contract | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $ | $ 2 |
Selected Quarterly Financial126
Selected Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, £ in Millions | May 01, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)facility$ / shares | Mar. 31, 2017GBP (£)facility | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Total revenues | $ 443,259,000 | $ 454,023,000 | $ 458,928,000 | $ 492,168,000 | $ 539,950,000 | $ 530,555,000 | $ 538,332,000 | $ 520,457,000 | $ 1,848,378,000 | $ 2,129,294,000 | $ 1,940,489,000 | ||
Total discontinued operations | (18,246,000) | 108,215,000 | 107,378,000 | 68,408,000 | 0 | 265,755,000 | (699,086,000) | ||||||
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures | (50,957,000) | (12,263,000) | 18,874,000 | 454,746,000 | 67,530,000 | 47,453,000 | 196,352,000 | 55,949,000 | 410,400,000 | 367,284,000 | 136,271,000 | ||
Net income (loss) | (57,924,000) | (5,720,000) | 22,101,000 | 464,177,000 | 61,300,000 | 154,039,000 | 304,842,000 | 119,745,000 | 422,634,000 | 639,926,000 | (546,418,000) | ||
Net income (loss) applicable to HCP, Inc. | $ (58,702,000) | $ (7,657,000) | $ 19,383,000 | $ 461,145,000 | $ 58,661,000 | $ 151,250,000 | $ 301,717,000 | $ 116,119,000 | $ 414,169,000 | $ 627,747,000 | $ (559,235,000) | ||
Dividends paid per common share (in dollars per share) | $ / shares | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.58 | $ 0.58 | $ 0.58 | $ 1.480 | $ 2.095 | $ 2.260 | ||
Basic earnings per common share (in dollars per share) | $ / shares | (0.13) | (0.02) | 0.04 | 0.98 | 0.12 | 0.32 | 0.65 | 0.25 | 0.88 | 1.34 | (1.21) | ||
Diluted earnings per common share (in dollars per share) | $ / shares | $ (0.13) | $ (0.02) | $ 0.04 | $ 0.97 | $ 0.12 | $ 0.32 | $ 0.64 | $ 0.25 | $ 0.88 | $ 1.34 | $ (1.21) | ||
Reduction in rental and related revenues | $ 1,071,153,000 | $ 1,159,791,000 | $ 1,116,830,000 | ||||||||||
Operating expenses | 666,251,000 | 738,399,000 | 610,679,000 | ||||||||||
Tax expense recorded from Tax Cuts and Jobs Act | $ 17,000,000 | ||||||||||||
Loss on extinguishment of debt | $ 46,000,000 | 54,227,000 | 46,020,000 | 0 | |||||||||
Gain (loss) on sales of real estate, net | 356,641,000 | 164,698,000 | 6,377,000 | ||||||||||
Transaction costs | 0 | 86,765,000 | 0 | ||||||||||
Gain on sales of real estate | $ 120,000,000 | ||||||||||||
Income tax expense | $ 53,000,000 | 0 | 48,181,000 | $ 796,000 | |||||||||
HCRMC | |||||||||||||
Income tax expense | $ 49,000,000 | ||||||||||||
Four Seasons | |||||||||||||
Payments to Acquire Loans Receivable | $ 51,000,000 | £ 42 | |||||||||||
Tandem Health Care Loan | |||||||||||||
Write down of loans receivable | 84,000,000 | $ 3,000,000 | $ 57,000,000 | 144,000,000 | |||||||||
Unsecured Note 5.625 Percent | |||||||||||||
Repayment of senior unsecured notes | $ 250,000,000 | $ 500,000,000 | |||||||||||
Interest rate (as a percent) | 5.625% | 5.375% | |||||||||||
Loss on extinguishment of debt | $ 54,000,000 | $ 54,000,000 | $ 46,000,000 | ||||||||||
Spinoff | |||||||||||||
Transaction costs | $ 58,000,000 | ||||||||||||
Senior housing triple-net | Held-for-sale | |||||||||||||
Number of properties disposed | facility | 64 | 64 | |||||||||||
Gain (loss) on sales of real estate, net | $ 170,000,000 | ||||||||||||
Assets Leased to Others | Senior housing triple-net | |||||||||||||
Reduction in rental and related revenues | (20,000,000) | ||||||||||||
Assets Under Management Agreements | SHOP | |||||||||||||
Operating expenses | $ 35,000,000 |
Schedule II_ Valuation and Q127
Schedule II: Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves | |||
Balance at the beginning of the year | $ 29,518 | $ 36,180 | $ 50,531 |
Additions | |||
Amounts Charged Against Operations, net | 144,135 | 1,177 | 3,174 |
Acquired Properties | 0 | 0 | 0 |
Deductions | |||
Uncollectible Accounts Written-off | (2,732) | (2,843) | (17,209) |
Disposed Properties | (1,547) | (4,996) | (316) |
Balance at the end of the year | $ 169,374 | 29,518 | 36,180 |
Discontinued Operations | |||
Movement in Valuation Allowances and Reserves | |||
Balance at the beginning of the year | $ 818,000 | ||
Deductions | |||
Balance at the end of the year | $ 818,000 |
Schedule III_ Real Estate an128
Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | $ 144,486 | |||
Initial Cost to Company | ||||
Land | 1,765,938 | |||
Buildings and Improvements | 9,726,105 | |||
Costs Capitalized Subsequent to Acquisition | 2,332,632 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,785,865 | |||
Buildings and Improvements | 11,687,708 | |||
Total | 13,473,573 | $ 13,974,760 | $ 14,330,257 | $ 12,931,832 |
Accumulated Depreciation | $ (2,741,695) | $ (2,648,930) | $ (2,476,015) | $ (2,190,486) |
Useful life of buildings and improvements | 60 years | |||
Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | $ 144,486 | |||
Initial Cost to Company | ||||
Land | 1,765,938 | |||
Buildings and Improvements | 9,726,105 | |||
Costs Capitalized Subsequent to Acquisition | 2,332,632 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,785,865 | |||
Buildings and Improvements | 11,687,527 | |||
Total | 13,473,392 | |||
Accumulated Depreciation | (2,741,537) | |||
Corporate and other assets | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 181 | |||
Total | 181 | |||
Accumulated Depreciation | (158) | |||
Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 50,763 | |||
Initial Cost to Company | ||||
Land | 289,180 | |||
Buildings and Improvements | 2,387,674 | |||
Costs Capitalized Subsequent to Acquisition | 123,120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 289,448 | |||
Buildings and Improvements | 2,457,872 | |||
Total | 2,747,320 | |||
Accumulated Depreciation | (641,170) | |||
SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 78,594 | |||
Initial Cost to Company | ||||
Land | 194,278 | |||
Buildings and Improvements | 1,866,536 | |||
Costs Capitalized Subsequent to Acquisition | 216,811 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 194,551 | |||
Buildings and Improvements | 2,024,260 | |||
Total | 2,218,811 | |||
Accumulated Depreciation | (359,316) | |||
Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 6,118 | |||
Initial Cost to Company | ||||
Land | 880,878 | |||
Buildings and Improvements | 2,044,568 | |||
Costs Capitalized Subsequent to Acquisition | 1,131,979 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 883,075 | |||
Buildings and Improvements | 3,094,702 | |||
Total | 3,977,777 | |||
Accumulated Depreciation | (635,314) | |||
Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 9,011 | |||
Initial Cost to Company | ||||
Land | 279,168 | |||
Buildings and Improvements | 2,785,660 | |||
Costs Capitalized Subsequent to Acquisition | 822,680 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 295,620 | |||
Buildings and Improvements | 3,434,989 | |||
Total | 3,730,609 | |||
Accumulated Depreciation | (924,333) | |||
United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 122,434 | |||
Buildings and Improvements | 641,667 | |||
Costs Capitalized Subsequent to Acquisition | 38,042 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 123,171 | |||
Buildings and Improvements | 675,704 | |||
Total | 798,875 | |||
Accumulated Depreciation | (181,404) | |||
1107 Huntsville AL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 307 | |||
Buildings and Improvements | 5,813 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 307 | |||
Buildings and Improvements | 5,453 | |||
Total | 5,760 | |||
Accumulated Depreciation | (1,534) | |||
786 Douglas AZ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 110 | |||
Buildings and Improvements | 703 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 110 | |||
Buildings and Improvements | 703 | |||
Total | 813 | |||
Accumulated Depreciation | (365) | |||
518 Tucson AZ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,350 | |||
Buildings and Improvements | 24,037 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,350 | |||
Buildings and Improvements | 24,037 | |||
Total | 26,387 | |||
Accumulated Depreciation | (11,418) | |||
1238 Beverly Hills CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,872 | |||
Buildings and Improvements | 32,590 | |||
Costs Capitalized Subsequent to Acquisition | 9,188 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,872 | |||
Buildings and Improvements | 41,030 | |||
Total | 50,902 | |||
Accumulated Depreciation | (12,043) | |||
883 Carmichael CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,270 | |||
Buildings and Improvements | 13,846 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,270 | |||
Buildings and Improvements | 13,236 | |||
Total | 17,506 | |||
Accumulated Depreciation | (3,668) | |||
2204 Chino Hills CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,720 | |||
Buildings and Improvements | 41,183 | |||
Costs Capitalized Subsequent to Acquisition | 24 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,720 | |||
Buildings and Improvements | 41,205 | |||
Total | 44,925 | |||
Accumulated Depreciation | (4,931) | |||
851 Citrus Heights CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,180 | |||
Buildings and Improvements | 8,367 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,180 | |||
Buildings and Improvements | 8,037 | |||
Total | 9,217 | |||
Accumulated Depreciation | (3,102) | |||
790 Concord CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 25,000 | |||
Initial Cost to Company | ||||
Land | 6,010 | |||
Buildings and Improvements | 39,601 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,010 | |||
Buildings and Improvements | 38,301 | |||
Total | 44,311 | |||
Accumulated Depreciation | (11,877) | |||
787 Dana Point CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,960 | |||
Buildings and Improvements | 15,946 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,960 | |||
Buildings and Improvements | 15,466 | |||
Total | 17,426 | |||
Accumulated Depreciation | (4,801) | |||
798 Escondido CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 14,340 | |||
Initial Cost to Company | ||||
Land | 5,090 | |||
Buildings and Improvements | 24,253 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,090 | |||
Buildings and Improvements | 23,353 | |||
Total | 28,443 | |||
Accumulated Depreciation | (7,250) | |||
791 Fremont CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,360 | |||
Buildings and Improvements | 11,672 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,360 | |||
Buildings and Improvements | 11,192 | |||
Total | 13,552 | |||
Accumulated Depreciation | (3,475) | |||
788 Granada Hills CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Improvements | 18,257 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,200 | |||
Buildings and Improvements | 17,637 | |||
Total | 19,837 | |||
Accumulated Depreciation | (5,475) | |||
227 Lodi CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 732 | |||
Buildings and Improvements | 5,453 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 732 | |||
Buildings and Improvements | 5,453 | |||
Total | 6,185 | |||
Accumulated Depreciation | (3,008) | |||
226 Murietta CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 435 | |||
Buildings and Improvements | 5,729 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 435 | |||
Buildings and Improvements | 5,729 | |||
Total | 6,164 | |||
Accumulated Depreciation | (3,093) | |||
1165 Northridge CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,718 | |||
Buildings and Improvements | 26,309 | |||
Costs Capitalized Subsequent to Acquisition | 2,710 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,752 | |||
Buildings and Improvements | 27,780 | |||
Total | 34,532 | |||
Accumulated Depreciation | (7,981) | |||
789 Pleasant Hill CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 6,270 | |||
Initial Cost to Company | ||||
Land | 2,480 | |||
Buildings and Improvements | 21,333 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,480 | |||
Buildings and Improvements | 20,633 | |||
Total | 23,113 | |||
Accumulated Depreciation | (6,405) | |||
2205 Roseville CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,844 | |||
Buildings and Improvements | 33,527 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,844 | |||
Buildings and Improvements | 33,527 | |||
Total | 37,371 | |||
Accumulated Depreciation | (3,938) | |||
1167 Santa Rosa CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,582 | |||
Buildings and Improvements | 21,113 | |||
Costs Capitalized Subsequent to Acquisition | 2,230 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,627 | |||
Buildings and Improvements | 22,003 | |||
Total | 25,630 | |||
Accumulated Depreciation | (6,189) | |||
793 South San Francisco CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Buildings and Improvements | 16,586 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,000 | |||
Buildings and Improvements | 16,056 | |||
Total | 19,056 | |||
Accumulated Depreciation | (4,978) | |||
792 Ventura CA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,030 | |||
Buildings and Improvements | 17,379 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,030 | |||
Buildings and Improvements | 16,749 | |||
Total | 18,779 | |||
Accumulated Depreciation | (5,200) | |||
512 Denver CO | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,810 | |||
Buildings and Improvements | 36,021 | |||
Costs Capitalized Subsequent to Acquisition | 1,885 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,810 | |||
Buildings and Improvements | 37,686 | |||
Total | 40,496 | |||
Accumulated Depreciation | (17,547) | |||
1000 Greenwood Village CO | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,367 | |||
Buildings and Improvements | 43,610 | |||
Costs Capitalized Subsequent to Acquisition | 2,894 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,367 | |||
Buildings and Improvements | 45,708 | |||
Total | 49,075 | |||
Accumulated Depreciation | (12,039) | |||
2144 Glastonbury CT | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,658 | |||
Buildings and Improvements | 16,046 | |||
Costs Capitalized Subsequent to Acquisition | 378 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,658 | |||
Buildings and Improvements | 16,423 | |||
Total | 18,081 | |||
Accumulated Depreciation | (2,600) | |||
730 Torrington CT | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 166 | |||
Buildings and Improvements | 11,001 | |||
Costs Capitalized Subsequent to Acquisition | 3,686 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 166 | |||
Buildings and Improvements | 14,277 | |||
Total | 14,443 | |||
Accumulated Depreciation | (3,947) | |||
861 Apopka FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 920 | |||
Buildings and Improvements | 4,816 | |||
Costs Capitalized Subsequent to Acquisition | 854 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 920 | |||
Buildings and Improvements | 5,570 | |||
Total | 6,490 | |||
Accumulated Depreciation | (1,770) | |||
852 Boca Raton FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | ||||
Initial Cost to Company | ||||
Land | 4,730 | |||
Buildings and Improvements | 17,532 | |||
Costs Capitalized Subsequent to Acquisition | 5,471 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,730 | |||
Buildings and Improvements | 22,390 | |||
Total | 27,120 | |||
Accumulated Depreciation | (7,570) | |||
2467 Ft Myers FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,782 | |||
Buildings and Improvements | 21,827 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,782 | |||
Buildings and Improvements | 21,827 | |||
Total | 24,609 | |||
Accumulated Depreciation | (1,577) | |||
1095 Gainesville FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,221 | |||
Buildings and Improvements | 12,226 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,221 | |||
Buildings and Improvements | 12,001 | |||
Total | 13,222 | |||
Accumulated Depreciation | (3,375) | |||
490 Jacksonville FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,250 | |||
Buildings and Improvements | 25,936 | |||
Costs Capitalized Subsequent to Acquisition | 6,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,250 | |||
Buildings and Improvements | 32,106 | |||
Total | 35,356 | |||
Accumulated Depreciation | (12,779) | |||
1096 Jacksonville FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,587 | |||
Buildings and Improvements | 15,616 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,587 | |||
Buildings and Improvements | 15,298 | |||
Total | 16,885 | |||
Accumulated Depreciation | (4,303) | |||
1017 Palm Harbor FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,462 | |||
Buildings and Improvements | 16,774 | |||
Costs Capitalized Subsequent to Acquisition | 500 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,462 | |||
Buildings and Improvements | 16,888 | |||
Total | 18,350 | |||
Accumulated Depreciation | (4,842) | |||
732 Port Orange FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,340 | |||
Buildings and Improvements | 9,898 | |||
Costs Capitalized Subsequent to Acquisition | 1,177 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,340 | |||
Buildings and Improvements | 10,555 | |||
Total | 12,895 | |||
Accumulated Depreciation | (3,299) | |||
2194 Springtree FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,066 | |||
Buildings and Improvements | 15,874 | |||
Costs Capitalized Subsequent to Acquisition | 1,447 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,066 | |||
Buildings and Improvements | 17,321 | |||
Total | 18,387 | |||
Accumulated Depreciation | (3,186) | |||
802 St Augustine FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 830 | |||
Buildings and Improvements | 11,627 | |||
Costs Capitalized Subsequent to Acquisition | 1,288 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 830 | |||
Buildings and Improvements | 12,515 | |||
Total | 13,345 | |||
Accumulated Depreciation | (4,322) | |||
1097 Tallahassee FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,331 | |||
Buildings and Improvements | 19,039 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,331 | |||
Buildings and Improvements | 18,695 | |||
Total | 20,026 | |||
Accumulated Depreciation | (5,258) | |||
1605 Vero Beach FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Improvements | 16,234 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 700 | |||
Buildings and Improvements | 15,484 | |||
Total | 16,184 | |||
Accumulated Depreciation | (3,097) | |||
1257 Vero Beach FL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,035 | |||
Buildings and Improvements | 34,993 | |||
Costs Capitalized Subsequent to Acquisition | 201 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,035 | |||
Buildings and Improvements | 33,634 | |||
Total | 35,669 | |||
Accumulated Depreciation | (9,457) | |||
2108 Buford GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 562 | |||
Buildings and Improvements | 3,604 | |||
Costs Capitalized Subsequent to Acquisition | 499 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 562 | |||
Buildings and Improvements | 4,103 | |||
Total | 4,665 | |||
Accumulated Depreciation | (788) | |||
2109 Buford GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 536 | |||
Buildings and Improvements | 3,142 | |||
Costs Capitalized Subsequent to Acquisition | 343 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 536 | |||
Buildings and Improvements | 3,486 | |||
Total | 4,022 | |||
Accumulated Depreciation | (638) | |||
2053 Canton GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 401 | |||
Buildings and Improvements | 17,888 | |||
Costs Capitalized Subsequent to Acquisition | 473 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 401 | |||
Buildings and Improvements | 18,361 | |||
Total | 18,762 | |||
Accumulated Depreciation | (2,366) | |||
2165 Hartwell GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 368 | |||
Buildings and Improvements | 6,337 | |||
Costs Capitalized Subsequent to Acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 368 | |||
Buildings and Improvements | 6,637 | |||
Total | 7,005 | |||
Accumulated Depreciation | (1,009) | |||
2066 Lawrenceville GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 581 | |||
Buildings and Improvements | 2,669 | |||
Costs Capitalized Subsequent to Acquisition | 417 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 581 | |||
Buildings and Improvements | 3,085 | |||
Total | 3,666 | |||
Accumulated Depreciation | (654) | |||
1241 Lilburn GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 907 | |||
Buildings and Improvements | 17,340 | |||
Costs Capitalized Subsequent to Acquisition | 325 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 907 | |||
Buildings and Improvements | 17,102 | |||
Total | 18,009 | |||
Accumulated Depreciation | (4,841) | |||
2086 Newnan GA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,227 | |||
Buildings and Improvements | 4,202 | |||
Costs Capitalized Subsequent to Acquisition | 503 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,227 | |||
Buildings and Improvements | 4,705 | |||
Total | 5,932 | |||
Accumulated Depreciation | (933) | |||
1005 Oak Park IL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,476 | |||
Buildings and Improvements | 35,259 | |||
Costs Capitalized Subsequent to Acquisition | 1,862 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,476 | |||
Buildings and Improvements | 36,575 | |||
Total | 40,051 | |||
Accumulated Depreciation | (9,556) | |||
1162 Orland Park IL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,623 | |||
Buildings and Improvements | 23,154 | |||
Costs Capitalized Subsequent to Acquisition | 1,614 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,623 | |||
Buildings and Improvements | 23,992 | |||
Total | 26,615 | |||
Accumulated Depreciation | (6,697) | |||
1237 Wilmette IL | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Improvements | 9,373 | |||
Costs Capitalized Subsequent to Acquisition | 774 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,100 | |||
Buildings and Improvements | 9,922 | |||
Total | 11,022 | |||
Accumulated Depreciation | (2,711) | |||
1105 Louisville KY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,499 | |||
Buildings and Improvements | 26,252 | |||
Costs Capitalized Subsequent to Acquisition | 240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,513 | |||
Buildings and Improvements | 25,813 | |||
Total | 27,326 | |||
Accumulated Depreciation | (7,379) | |||
2115 Murray KY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 288 | |||
Buildings and Improvements | 7,400 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 288 | |||
Buildings and Improvements | 7,698 | |||
Total | 7,986 | |||
Accumulated Depreciation | (1,286) | |||
1158 Plymouth MA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,434 | |||
Buildings and Improvements | 9,027 | |||
Costs Capitalized Subsequent to Acquisition | 879 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,438 | |||
Buildings and Improvements | 9,105 | |||
Total | 11,543 | |||
Accumulated Depreciation | (2,554) | |||
1249 Frederick MD | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 609 | |||
Buildings and Improvements | 9,158 | |||
Costs Capitalized Subsequent to Acquisition | 840 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 609 | |||
Buildings and Improvements | 9,665 | |||
Total | 10,274 | |||
Accumulated Depreciation | (2,830) | |||
281 Westminster MD | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 768 | |||
Buildings and Improvements | 5,251 | |||
Costs Capitalized Subsequent to Acquisition | 1,451 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 768 | |||
Buildings and Improvements | 6,758 | |||
Total | 7,526 | |||
Accumulated Depreciation | (2,544) | |||
546 Cape Elizabeth ME | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 630 | |||
Buildings and Improvements | 3,524 | |||
Costs Capitalized Subsequent to Acquisition | 93 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 630 | |||
Buildings and Improvements | 3,617 | |||
Total | 4,247 | |||
Accumulated Depreciation | (1,337) | |||
545 Saco ME | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 80 | |||
Buildings and Improvements | 2,363 | |||
Costs Capitalized Subsequent to Acquisition | 155 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80 | |||
Buildings and Improvements | 2,518 | |||
Total | 2,598 | |||
Accumulated Depreciation | (928) | |||
1258 Auburn Hills MI | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,281 | |||
Buildings and Improvements | 10,692 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,281 | |||
Buildings and Improvements | 10,692 | |||
Total | 12,973 | |||
Accumulated Depreciation | (3,007) | |||
1248 Farmington Hills MI | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,013 | |||
Buildings and Improvements | 12,119 | |||
Costs Capitalized Subsequent to Acquisition | 939 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,013 | |||
Buildings and Improvements | 12,418 | |||
Total | 13,431 | |||
Accumulated Depreciation | (3,530) | |||
1259 Sterling Heights MI | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,593 | |||
Buildings and Improvements | 11,500 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,593 | |||
Buildings and Improvements | 11,181 | |||
Total | 12,774 | |||
Accumulated Depreciation | (3,145) | |||
1235 Des Peres MO | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,361 | |||
Buildings and Improvements | 20,664 | |||
Costs Capitalized Subsequent to Acquisition | 1,225 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,361 | |||
Buildings and Improvements | 21,271 | |||
Total | 25,632 | |||
Accumulated Depreciation | (5,760) | |||
1236 Richmond Heights MO | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,744 | |||
Buildings and Improvements | 24,232 | |||
Costs Capitalized Subsequent to Acquisition | 368 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,744 | |||
Buildings and Improvements | 23,915 | |||
Total | 25,659 | |||
Accumulated Depreciation | (6,701) | |||
853 St.Louis Mo | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,500 | |||
Buildings and Improvements | 20,343 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,500 | |||
Buildings and Improvements | 19,853 | |||
Total | 22,353 | |||
Accumulated Depreciation | (7,665) | |||
2074 Oxford MS | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,003 | |||
Buildings and Improvements | 14,140 | |||
Costs Capitalized Subsequent to Acquisition | 231 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,003 | |||
Buildings and Improvements | 14,371 | |||
Total | 16,374 | |||
Accumulated Depreciation | (2,089) | |||
878 Charlotte NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 710 | |||
Buildings and Improvements | 9,559 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 710 | |||
Buildings and Improvements | 9,159 | |||
Total | 9,869 | |||
Accumulated Depreciation | (2,538) | |||
2465 Charlotte NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,373 | |||
Buildings and Improvements | 10,774 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,373 | |||
Buildings and Improvements | 10,774 | |||
Total | 12,147 | |||
Accumulated Depreciation | (778) | |||
2468 Franklin NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,082 | |||
Buildings and Improvements | 8,489 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,082 | |||
Buildings and Improvements | 8,489 | |||
Total | 9,571 | |||
Accumulated Depreciation | (613) | |||
2126 Mooresville NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,538 | |||
Buildings and Improvements | 37,617 | |||
Costs Capitalized Subsequent to Acquisition | 1,684 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,538 | |||
Buildings and Improvements | 39,302 | |||
Total | 41,840 | |||
Accumulated Depreciation | (5,390) | |||
2466 Raeford NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,304 | |||
Buildings and Improvements | 10,230 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,304 | |||
Buildings and Improvements | 10,230 | |||
Total | 11,534 | |||
Accumulated Depreciation | (739) | |||
1254 Raleigh NC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,191 | |||
Buildings and Improvements | 11,532 | |||
Costs Capitalized Subsequent to Acquisition | 489 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,191 | |||
Buildings and Improvements | 11,681 | |||
Total | 12,872 | |||
Accumulated Depreciation | (3,429) | |||
2127 Minot ND | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 685 | |||
Buildings and Improvements | 16,047 | |||
Costs Capitalized Subsequent to Acquisition | 676 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 685 | |||
Buildings and Improvements | 16,723 | |||
Total | 17,408 | |||
Accumulated Depreciation | (2,486) | |||
1599 Cherry Hill NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,420 | |||
Buildings and Improvements | 11,042 | |||
Costs Capitalized Subsequent to Acquisition | 2,294 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,420 | |||
Buildings and Improvements | 12,785 | |||
Total | 15,205 | |||
Accumulated Depreciation | (3,685) | |||
1239 Cresskill NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,684 | |||
Buildings and Improvements | 53,927 | |||
Costs Capitalized Subsequent to Acquisition | 501 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,684 | |||
Buildings and Improvements | 53,406 | |||
Total | 58,090 | |||
Accumulated Depreciation | (15,063) | |||
734 Hillsborough NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,042 | |||
Buildings and Improvements | 10,042 | |||
Costs Capitalized Subsequent to Acquisition | 491 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,042 | |||
Buildings and Improvements | 10,066 | |||
Total | 11,108 | |||
Accumulated Depreciation | (3,125) | |||
1242 Madison NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,157 | |||
Buildings and Improvements | 19,909 | |||
Costs Capitalized Subsequent to Acquisition | 179 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,157 | |||
Buildings and Improvements | 19,468 | |||
Total | 22,625 | |||
Accumulated Depreciation | (5,475) | |||
733 Manahawkin NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 921 | |||
Buildings and Improvements | 9,927 | |||
Costs Capitalized Subsequent to Acquisition | 691 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 921 | |||
Buildings and Improvements | 10,152 | |||
Total | 11,073 | |||
Accumulated Depreciation | (3,191) | |||
1231 Saddle River NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,784 | |||
Buildings and Improvements | 15,625 | |||
Costs Capitalized Subsequent to Acquisition | 612 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,784 | |||
Buildings and Improvements | 15,640 | |||
Total | 17,424 | |||
Accumulated Depreciation | (4,452) | |||
245 Voorhees Township NJ | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Improvements | 7,629 | |||
Costs Capitalized Subsequent to Acquisition | 520 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 8,149 | |||
Total | 9,049 | |||
Accumulated Depreciation | (3,287) | |||
796 Las Vegas NV | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,960 | |||
Buildings and Improvements | 5,816 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,960 | |||
Buildings and Improvements | 5,426 | |||
Total | 7,386 | |||
Accumulated Depreciation | (1,685) | |||
1252 Brooklyn NY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,117 | |||
Buildings and Improvements | 23,627 | |||
Costs Capitalized Subsequent to Acquisition | 1,057 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,117 | |||
Buildings and Improvements | 23,577 | |||
Total | 31,694 | |||
Accumulated Depreciation | (6,701) | |||
1256 Brooklyn NY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,215 | |||
Buildings and Improvements | 39,052 | |||
Costs Capitalized Subsequent to Acquisition | 1,079 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,215 | |||
Buildings and Improvements | 39,197 | |||
Total | 44,412 | |||
Accumulated Depreciation | (11,181) | |||
2174 Orchard Park NY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 726 | |||
Buildings and Improvements | 17,735 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 726 | |||
Buildings and Improvements | 17,735 | |||
Total | 18,461 | |||
Accumulated Depreciation | (2,957) | |||
1386 Marietta OH | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,069 | |||
Buildings and Improvements | 11,435 | |||
Costs Capitalized Subsequent to Acquisition | 668 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,069 | |||
Buildings and Improvements | 11,898 | |||
Total | 12,967 | |||
Accumulated Depreciation | (4,322) | |||
1253 Youngstown OH | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 695 | |||
Buildings and Improvements | 10,444 | |||
Costs Capitalized Subsequent to Acquisition | 744 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 695 | |||
Buildings and Improvements | 10,842 | |||
Total | 11,537 | |||
Accumulated Depreciation | (3,113) | |||
2083 Oklahoma City OK | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,116 | |||
Buildings and Improvements | 28,007 | |||
Costs Capitalized Subsequent to Acquisition | 1,939 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,116 | |||
Buildings and Improvements | 29,946 | |||
Total | 32,062 | |||
Accumulated Depreciation | (4,569) | |||
2131 Keizer OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 2,431 | |||
Initial Cost to Company | ||||
Land | 551 | |||
Buildings and Improvements | 6,454 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 551 | |||
Buildings and Improvements | 6,454 | |||
Total | 7,005 | |||
Accumulated Depreciation | (938) | |||
2152 McMinnville OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,203 | |||
Buildings and Improvements | 24,909 | |||
Costs Capitalized Subsequent to Acquisition | 5,381 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,203 | |||
Buildings and Improvements | 28,796 | |||
Total | 31,999 | |||
Accumulated Depreciation | (5,040) | |||
2089 Newberg OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,889 | |||
Buildings and Improvements | 16,855 | |||
Costs Capitalized Subsequent to Acquisition | 837 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,889 | |||
Buildings and Improvements | 17,692 | |||
Total | 19,581 | |||
Accumulated Depreciation | (2,428) | |||
2133 Portland OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,615 | |||
Buildings and Improvements | 12,030 | |||
Costs Capitalized Subsequent to Acquisition | 169 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,615 | |||
Buildings and Improvements | 12,199 | |||
Total | 13,814 | |||
Accumulated Depreciation | (1,592) | |||
2171 Portland OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 16,087 | |||
Costs Capitalized Subsequent to Acquisition | 311 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 16,398 | |||
Total | 16,398 | |||
Accumulated Depreciation | (2,069) | |||
2050 Redmond OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,229 | |||
Buildings and Improvements | 21,921 | |||
Costs Capitalized Subsequent to Acquisition | 809 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,229 | |||
Buildings and Improvements | 22,731 | |||
Total | 23,960 | |||
Accumulated Depreciation | (2,932) | |||
2084 Roseburg OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,042 | |||
Buildings and Improvements | 12,090 | |||
Costs Capitalized Subsequent to Acquisition | 134 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,042 | |||
Buildings and Improvements | 12,223 | |||
Total | 13,265 | |||
Accumulated Depreciation | (1,918) | |||
2134 Scappoose OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 353 | |||
Buildings and Improvements | 1,258 | |||
Costs Capitalized Subsequent to Acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 353 | |||
Buildings and Improvements | 1,275 | |||
Total | 1,628 | |||
Accumulated Depreciation | (264) | |||
2153 Scappoose OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 971 | |||
Buildings and Improvements | 7,116 | |||
Costs Capitalized Subsequent to Acquisition | 142 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 971 | |||
Buildings and Improvements | 7,258 | |||
Total | 8,229 | |||
Accumulated Depreciation | (1,311) | |||
2056 Stayton OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 48 | |||
Buildings and Improvements | 569 | |||
Costs Capitalized Subsequent to Acquisition | 19 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 48 | |||
Buildings and Improvements | 588 | |||
Total | 636 | |||
Accumulated Depreciation | (160) | |||
2058 Stayton OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 253 | |||
Buildings and Improvements | 8,621 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 253 | |||
Buildings and Improvements | 8,762 | |||
Total | 9,015 | |||
Accumulated Depreciation | (1,370) | |||
2088 Tualatin OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,326 | |||
Costs Capitalized Subsequent to Acquisition | 375 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 6,701 | |||
Total | 6,701 | |||
Accumulated Depreciation | (1,376) | |||
2180 Windfield Village OR | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 2,722 | |||
Initial Cost to Company | ||||
Land | 580 | |||
Buildings and Improvements | 9,817 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 580 | |||
Buildings and Improvements | 9,817 | |||
Total | 10,397 | |||
Accumulated Depreciation | (1,424) | |||
1163 Haverford PA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 16,461 | |||
Buildings and Improvements | 108,816 | |||
Costs Capitalized Subsequent to Acquisition | 12,128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 16,461 | |||
Buildings and Improvements | 116,731 | |||
Total | 133,192 | |||
Accumulated Depreciation | (33,431) | |||
2063 Selinsgrove PA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 529 | |||
Buildings and Improvements | 9,111 | |||
Costs Capitalized Subsequent to Acquisition | 237 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 529 | |||
Buildings and Improvements | 9,349 | |||
Total | 9,878 | |||
Accumulated Depreciation | (1,625) | |||
1973 South Kingstown RI | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,390 | |||
Buildings and Improvements | 12,551 | |||
Costs Capitalized Subsequent to Acquisition | 630 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,390 | |||
Buildings and Improvements | 12,918 | |||
Total | 14,308 | |||
Accumulated Depreciation | (3,187) | |||
1975 Tiverton RI | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,240 | |||
Buildings and Improvements | 25,735 | |||
Costs Capitalized Subsequent to Acquisition | 651 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,240 | |||
Buildings and Improvements | 25,938 | |||
Total | 29,178 | |||
Accumulated Depreciation | (6,242) | |||
1104 Aiken SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 357 | |||
Buildings and Improvements | 14,832 | |||
Costs Capitalized Subsequent to Acquisition | 151 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 363 | |||
Buildings and Improvements | 14,395 | |||
Total | 14,758 | |||
Accumulated Depreciation | (4,081) | |||
1109 Columbia SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 408 | |||
Buildings and Improvements | 7,527 | |||
Costs Capitalized Subsequent to Acquisition | 131 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 412 | |||
Buildings and Improvements | 7,414 | |||
Total | 7,826 | |||
Accumulated Depreciation | (2,123) | |||
306 Georgetown SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 239 | |||
Buildings and Improvements | 3,008 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 239 | |||
Buildings and Improvements | 3,008 | |||
Total | 3,247 | |||
Accumulated Depreciation | (1,236) | |||
879 Greenville SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Buildings and Improvements | 12,558 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,090 | |||
Buildings and Improvements | 12,058 | |||
Total | 13,148 | |||
Accumulated Depreciation | (3,341) | |||
305 Lancaster SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 84 | |||
Buildings and Improvements | 2,982 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 2,982 | |||
Total | 3,066 | |||
Accumulated Depreciation | (1,142) | |||
880 Myrtle Beach SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Improvements | 10,913 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 10,513 | |||
Total | 11,413 | |||
Accumulated Depreciation | (2,913) | |||
312 Rock Hill SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 203 | |||
Buildings and Improvements | 2,671 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 203 | |||
Buildings and Improvements | 2,671 | |||
Total | 2,874 | |||
Accumulated Depreciation | (1,077) | |||
1113 Rock Hill SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 695 | |||
Buildings and Improvements | 4,119 | |||
Costs Capitalized Subsequent to Acquisition | 322 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 795 | |||
Buildings and Improvements | 4,074 | |||
Total | 4,869 | |||
Accumulated Depreciation | (1,313) | |||
313 Sumter SC | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 196 | |||
Buildings and Improvements | 2,623 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 196 | |||
Buildings and Improvements | 2,623 | |||
Total | 2,819 | |||
Accumulated Depreciation | (1,078) | |||
2073 Kingsport TN | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,113 | |||
Buildings and Improvements | 8,625 | |||
Costs Capitalized Subsequent to Acquisition | 322 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,113 | |||
Buildings and Improvements | 8,947 | |||
Total | 10,060 | |||
Accumulated Depreciation | (1,418) | |||
1003 Nashville TN | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 812 | |||
Buildings and Improvements | 16,983 | |||
Costs Capitalized Subsequent to Acquisition | 2,524 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 812 | |||
Buildings and Improvements | 18,759 | |||
Total | 19,571 | |||
Accumulated Depreciation | (4,691) | |||
843 Abilene TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Improvements | 2,830 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 2,710 | |||
Total | 3,010 | |||
Accumulated Depreciation | (785) | |||
2107 Amarillo TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,315 | |||
Buildings and Improvements | 26,838 | |||
Costs Capitalized Subsequent to Acquisition | 582 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,315 | |||
Buildings and Improvements | 27,417 | |||
Total | 28,732 | |||
Accumulated Depreciation | (3,790) | |||
1116 Arlington TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,494 | |||
Buildings and Improvements | 12,192 | |||
Costs Capitalized Subsequent to Acquisition | 249 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,540 | |||
Buildings and Improvements | 11,847 | |||
Total | 14,387 | |||
Accumulated Depreciation | (3,472) | |||
511 Austin TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,960 | |||
Buildings and Improvements | 41,645 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,960 | |||
Buildings and Improvements | 41,645 | |||
Total | 44,605 | |||
Accumulated Depreciation | (19,781) | |||
2075 Bedford TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,204 | |||
Buildings and Improvements | 26,845 | |||
Costs Capitalized Subsequent to Acquisition | 1,599 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,204 | |||
Buildings and Improvements | 28,444 | |||
Total | 29,648 | |||
Accumulated Depreciation | (4,134) | |||
844 Burleson TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,050 | |||
Buildings and Improvements | 5,242 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,050 | |||
Buildings and Improvements | 4,902 | |||
Total | 5,952 | |||
Accumulated Depreciation | (1,420) | |||
848 Cedar Hill TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,070 | |||
Buildings and Improvements | 11,554 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,070 | |||
Buildings and Improvements | 11,104 | |||
Total | 12,174 | |||
Accumulated Depreciation | (3,215) | |||
1325 Cedar Hill TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 440 | |||
Buildings and Improvements | 7,494 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 440 | |||
Buildings and Improvements | 6,974 | |||
Total | 7,414 | |||
Accumulated Depreciation | (1,874) | |||
506 Friendswood TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Improvements | 7,354 | |||
Costs Capitalized Subsequent to Acquisition | 174 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 400 | |||
Buildings and Improvements | 7,528 | |||
Total | 7,928 | |||
Accumulated Depreciation | (2,582) | |||
217 Houston TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 835 | |||
Buildings and Improvements | 7,195 | |||
Costs Capitalized Subsequent to Acquisition | 454 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 835 | |||
Buildings and Improvements | 7,649 | |||
Total | 8,484 | |||
Accumulated Depreciation | (3,306) | |||
1106 Houston TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,008 | |||
Buildings and Improvements | 15,333 | |||
Costs Capitalized Subsequent to Acquisition | 183 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,020 | |||
Buildings and Improvements | 15,052 | |||
Total | 16,072 | |||
Accumulated Depreciation | (4,314) | |||
845 North Richland Hills TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 520 | |||
Buildings and Improvements | 5,117 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 520 | |||
Buildings and Improvements | 4,807 | |||
Total | 5,327 | |||
Accumulated Depreciation | (1,392) | |||
846 North Richland Hills TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 870 | |||
Buildings and Improvements | 9,259 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 870 | |||
Buildings and Improvements | 8,819 | |||
Total | 9,689 | |||
Accumulated Depreciation | (2,919) | |||
2162 Portland TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,233 | |||
Buildings and Improvements | 14,001 | |||
Costs Capitalized Subsequent to Acquisition | 1,353 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,233 | |||
Buildings and Improvements | 15,354 | |||
Total | 16,587 | |||
Accumulated Depreciation | (2,520) | |||
2116 Sherman TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 209 | |||
Buildings and Improvements | 3,492 | |||
Costs Capitalized Subsequent to Acquisition | 377 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 209 | |||
Buildings and Improvements | 3,870 | |||
Total | 4,079 | |||
Accumulated Depreciation | (647) | |||
847 Waxahachie TX | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 390 | |||
Buildings and Improvements | 3,879 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 390 | |||
Buildings and Improvements | 3,659 | |||
Total | 4,049 | |||
Accumulated Depreciation | (1,059) | |||
2470 Abingdon VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,584 | |||
Buildings and Improvements | 12,431 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,584 | |||
Buildings and Improvements | 12,431 | |||
Total | 14,015 | |||
Accumulated Depreciation | (898) | |||
1244 Arlington VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,833 | |||
Buildings and Improvements | 7,076 | |||
Costs Capitalized Subsequent to Acquisition | 882 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,833 | |||
Buildings and Improvements | 7,630 | |||
Total | 11,463 | |||
Accumulated Depreciation | (2,248) | |||
1245 Arlington VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,278 | |||
Buildings and Improvements | 37,407 | |||
Costs Capitalized Subsequent to Acquisition | 3,185 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,278 | |||
Buildings and Improvements | 39,481 | |||
Total | 46,759 | |||
Accumulated Depreciation | (10,900) | |||
881 Chesapeake VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Buildings and Improvements | 12,444 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,090 | |||
Buildings and Improvements | 11,944 | |||
Total | 13,034 | |||
Accumulated Depreciation | (3,310) | |||
1247 Falls Church VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,228 | |||
Buildings and Improvements | 8,887 | |||
Costs Capitalized Subsequent to Acquisition | 677 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,228 | |||
Buildings and Improvements | 9,240 | |||
Total | 11,468 | |||
Accumulated Depreciation | (2,734) | |||
1164 Fort Belvoir VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,594 | |||
Buildings and Improvements | 99,528 | |||
Costs Capitalized Subsequent to Acquisition | 11,862 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,594 | |||
Buildings and Improvements | 108,676 | |||
Total | 120,270 | |||
Accumulated Depreciation | (31,972) | |||
1250 Leesburg VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 607 | |||
Buildings and Improvements | 3,236 | |||
Costs Capitalized Subsequent to Acquisition | 206 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 607 | |||
Buildings and Improvements | 3,230 | |||
Total | 3,837 | |||
Accumulated Depreciation | (3,196) | |||
1246 Sterling VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,360 | |||
Buildings and Improvements | 22,932 | |||
Costs Capitalized Subsequent to Acquisition | 1,059 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,360 | |||
Buildings and Improvements | 23,228 | |||
Total | 25,588 | |||
Accumulated Depreciation | (6,672) | |||
2077 Sterling VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,046 | |||
Buildings and Improvements | 15,788 | |||
Costs Capitalized Subsequent to Acquisition | 385 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,046 | |||
Buildings and Improvements | 16,173 | |||
Total | 17,219 | |||
Accumulated Depreciation | (2,214) | |||
225 Woodbridge VA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 950 | |||
Buildings and Improvements | 6,983 | |||
Costs Capitalized Subsequent to Acquisition | 1,459 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 950 | |||
Buildings and Improvements | 8,442 | |||
Total | 9,392 | |||
Accumulated Depreciation | (3,516) | |||
1173 Bellevue WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,734 | |||
Buildings and Improvements | 16,171 | |||
Costs Capitalized Subsequent to Acquisition | 645 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,737 | |||
Buildings and Improvements | 16,094 | |||
Total | 19,831 | |||
Accumulated Depreciation | (4,541) | |||
2095 College Place WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 758 | |||
Buildings and Improvements | 8,051 | |||
Costs Capitalized Subsequent to Acquisition | 701 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 758 | |||
Buildings and Improvements | 8,752 | |||
Total | 9,510 | |||
Accumulated Depreciation | (1,437) | |||
1240 Edmonds WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,418 | |||
Buildings and Improvements | 16,502 | |||
Costs Capitalized Subsequent to Acquisition | 105 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,418 | |||
Buildings and Improvements | 16,102 | |||
Total | 17,520 | |||
Accumulated Depreciation | (4,552) | |||
2160 Kenmore WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,284 | |||
Buildings and Improvements | 16,641 | |||
Costs Capitalized Subsequent to Acquisition | 638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,284 | |||
Buildings and Improvements | 17,278 | |||
Total | 20,562 | |||
Accumulated Depreciation | (2,406) | |||
797 Kirkland WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Improvements | 13,403 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 13,043 | |||
Total | 14,043 | |||
Accumulated Depreciation | (4,049) | |||
1251 Mercer Island WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,209 | |||
Buildings and Improvements | 8,123 | |||
Costs Capitalized Subsequent to Acquisition | 581 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,209 | |||
Buildings and Improvements | 8,202 | |||
Total | 12,411 | |||
Accumulated Depreciation | (2,334) | |||
2096 Poulsbo WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Improvements | 18,068 | |||
Costs Capitalized Subsequent to Acquisition | 224 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,801 | |||
Buildings and Improvements | 18,292 | |||
Total | 20,093 | |||
Accumulated Depreciation | (2,734) | |||
2102 Richland WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Buildings and Improvements | 5,067 | |||
Costs Capitalized Subsequent to Acquisition | 135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 249 | |||
Buildings and Improvements | 5,202 | |||
Total | 5,451 | |||
Accumulated Depreciation | (764) | |||
794 Shoreline WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,590 | |||
Buildings and Improvements | 10,671 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,590 | |||
Buildings and Improvements | 10,261 | |||
Total | 11,851 | |||
Accumulated Depreciation | (3,185) | |||
795 Shoreline WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,030 | |||
Buildings and Improvements | 26,421 | |||
Costs Capitalized Subsequent to Acquisition | 42 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,030 | |||
Buildings and Improvements | 25,691 | |||
Total | 29,721 | |||
Accumulated Depreciation | (7,898) | |||
2061 Vancouver WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 513 | |||
Buildings and Improvements | 4,556 | |||
Costs Capitalized Subsequent to Acquisition | 246 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 513 | |||
Buildings and Improvements | 4,802 | |||
Total | 5,315 | |||
Accumulated Depreciation | (888) | |||
2062 Vancouver WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,498 | |||
Buildings and Improvements | 9,997 | |||
Costs Capitalized Subsequent to Acquisition | 192 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,498 | |||
Buildings and Improvements | 10,189 | |||
Total | 11,687 | |||
Accumulated Depreciation | (1,477) | |||
2052 Yakima WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 557 | |||
Buildings and Improvements | 5,897 | |||
Costs Capitalized Subsequent to Acquisition | 176 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 557 | |||
Buildings and Improvements | 6,074 | |||
Total | 6,631 | |||
Accumulated Depreciation | (931) | |||
2078 Yakima WA | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 353 | |||
Buildings and Improvements | 5,668 | |||
Costs Capitalized Subsequent to Acquisition | 27 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 353 | |||
Buildings and Improvements | 5,695 | |||
Total | 6,048 | |||
Accumulated Depreciation | (781) | |||
2117 Bridgeport WV | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,174 | |||
Buildings and Improvements | 15,437 | |||
Costs Capitalized Subsequent to Acquisition | 493 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,174 | |||
Buildings and Improvements | 15,930 | |||
Total | 19,104 | |||
Accumulated Depreciation | (3,028) | |||
2148 Sheridan WY | Senior housing triple-net | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 915 | |||
Buildings and Improvements | 12,047 | |||
Costs Capitalized Subsequent to Acquisition | 1,242 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 915 | |||
Buildings and Improvements | 13,289 | |||
Total | 14,204 | |||
Accumulated Depreciation | (2,149) | |||
1974 Sun City AZ | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,640 | |||
Buildings and Improvements | 33,223 | |||
Costs Capitalized Subsequent to Acquisition | 2,685 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,640 | |||
Buildings and Improvements | 35,378 | |||
Total | 38,018 | |||
Accumulated Depreciation | (9,041) | |||
2729 Clearlake, CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 354 | |||
Buildings and Improvements | 4,799 | |||
Costs Capitalized Subsequent to Acquisition | 306 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 354 | |||
Buildings and Improvements | 4,635 | |||
Total | 4,989 | |||
Accumulated Depreciation | (898) | |||
1965 Fresno CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,730 | |||
Buildings and Improvements | 31,918 | |||
Costs Capitalized Subsequent to Acquisition | 2,117 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,730 | |||
Buildings and Improvements | 33,605 | |||
Total | 35,335 | |||
Accumulated Depreciation | (8,408) | |||
2726 Fortuna, CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 3,295 | |||
Costs Capitalized Subsequent to Acquisition | 63 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 3,358 | |||
Total | 4,176 | |||
Accumulated Depreciation | (1,582) | |||
2728 Fortuna, CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,346 | |||
Buildings and Improvements | 11,856 | |||
Costs Capitalized Subsequent to Acquisition | 176 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,346 | |||
Buildings and Improvements | 10,618 | |||
Total | 11,964 | |||
Accumulated Depreciation | (3,568) | |||
2593 Irvine CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,220 | |||
Buildings and Improvements | 14,104 | |||
Costs Capitalized Subsequent to Acquisition | 539 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,220 | |||
Buildings and Improvements | 14,103 | |||
Total | 22,323 | |||
Accumulated Depreciation | (3,465) | |||
2725 Palm Springs, CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,005 | |||
Buildings and Improvements | 5,183 | |||
Costs Capitalized Subsequent to Acquisition | 619 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,005 | |||
Buildings and Improvements | 5,263 | |||
Total | 6,268 | |||
Accumulated Depreciation | (2,097) | |||
1966 Sun City CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,650 | |||
Buildings and Improvements | 22,709 | |||
Costs Capitalized Subsequent to Acquisition | 3,863 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,650 | |||
Buildings and Improvements | 26,118 | |||
Total | 28,768 | |||
Accumulated Depreciation | (7,323) | |||
2727 Yreka, CA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 565 | |||
Buildings and Improvements | 9,184 | |||
Costs Capitalized Subsequent to Acquisition | 419 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 565 | |||
Buildings and Improvements | 6,633 | |||
Total | 7,198 | |||
Accumulated Depreciation | (1,675) | |||
2505 Arvada CO | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,788 | |||
Buildings and Improvements | 29,896 | |||
Costs Capitalized Subsequent to Acquisition | 1,016 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,788 | |||
Buildings and Improvements | 30,912 | |||
Total | 32,700 | |||
Accumulated Depreciation | (2,694) | |||
2506 Boulder CO | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,424 | |||
Buildings and Improvements | 36,746 | |||
Costs Capitalized Subsequent to Acquisition | 674 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,424 | |||
Buildings and Improvements | 37,421 | |||
Total | 39,845 | |||
Accumulated Depreciation | (2,492) | |||
2515 Denver CO | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,311 | |||
Buildings and Improvements | 18,645 | |||
Costs Capitalized Subsequent to Acquisition | 1,995 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,311 | |||
Buildings and Improvements | 20,639 | |||
Total | 22,950 | |||
Accumulated Depreciation | (2,519) | |||
2508 Lakewood CO | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,384 | |||
Buildings and Improvements | 60,795 | |||
Costs Capitalized Subsequent to Acquisition | 1,988 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,384 | |||
Buildings and Improvements | 62,782 | |||
Total | 67,166 | |||
Accumulated Depreciation | (4,928) | |||
2509 Lakewood CO | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,296 | |||
Buildings and Improvements | 37,236 | |||
Costs Capitalized Subsequent to Acquisition | 1,523 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,296 | |||
Buildings and Improvements | 38,760 | |||
Total | 41,056 | |||
Accumulated Depreciation | (2,538) | |||
2603 Boca Raton FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,415 | |||
Buildings and Improvements | 17,923 | |||
Costs Capitalized Subsequent to Acquisition | 858 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,415 | |||
Buildings and Improvements | 17,726 | |||
Total | 20,141 | |||
Accumulated Depreciation | (4,534) | |||
1963 Boynton Beach FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,550 | |||
Buildings and Improvements | 31,521 | |||
Costs Capitalized Subsequent to Acquisition | 3,665 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,550 | |||
Buildings and Improvements | 34,521 | |||
Total | 37,071 | |||
Accumulated Depreciation | (9,003) | |||
1964 Boynton Beach FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 570 | |||
Buildings and Improvements | 5,649 | |||
Costs Capitalized Subsequent to Acquisition | 2,826 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 570 | |||
Buildings and Improvements | 8,282 | |||
Total | 8,852 | |||
Accumulated Depreciation | (2,799) | |||
2602 Boynton Beach FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,270 | |||
Buildings and Improvements | 4,773 | |||
Costs Capitalized Subsequent to Acquisition | 1,918 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,270 | |||
Buildings and Improvements | 4,775 | |||
Total | 6,045 | |||
Accumulated Depreciation | (1,278) | |||
2520 Clearwater FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,250 | |||
Buildings and Improvements | 2,627 | |||
Costs Capitalized Subsequent to Acquisition | 1,588 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,250 | |||
Buildings and Improvements | 3,635 | |||
Total | 5,885 | |||
Accumulated Depreciation | (1,095) | |||
2604 Coconut Creek, FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,461 | |||
Buildings and Improvements | 16,006 | |||
Costs Capitalized Subsequent to Acquisition | 2,461 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,461 | |||
Buildings and Improvements | 15,712 | |||
Total | 18,173 | |||
Accumulated Depreciation | (3,933) | |||
2601 Delray Beach FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 850 | |||
Buildings and Improvements | 6,637 | |||
Costs Capitalized Subsequent to Acquisition | 1,598 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 6,907 | |||
Total | 7,757 | |||
Accumulated Depreciation | (1,891) | |||
2517 Ft Lauderdale FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,867 | |||
Buildings and Improvements | 43,126 | |||
Costs Capitalized Subsequent to Acquisition | 2,927 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,867 | |||
Buildings and Improvements | 45,896 | |||
Total | 48,763 | |||
Accumulated Depreciation | (4,652) | |||
2518 Lake Worth FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,669 | |||
Buildings and Improvements | 13,267 | |||
Costs Capitalized Subsequent to Acquisition | 1,180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,669 | |||
Buildings and Improvements | 14,447 | |||
Total | 16,116 | |||
Accumulated Depreciation | (1,916) | |||
2592 Lantana FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,520 | |||
Buildings and Improvements | 26,452 | |||
Costs Capitalized Subsequent to Acquisition | 377 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,520 | |||
Buildings and Improvements | 26,029 | |||
Total | 29,549 | |||
Accumulated Depreciation | (9,790) | |||
1968 Largo FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,920 | |||
Buildings and Improvements | 64,988 | |||
Costs Capitalized Subsequent to Acquisition | 12,399 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,920 | |||
Buildings and Improvements | 76,167 | |||
Total | 79,087 | |||
Accumulated Depreciation | (20,269) | |||
2522 Lutz FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 902 | |||
Buildings and Improvements | 15,169 | |||
Costs Capitalized Subsequent to Acquisition | 55 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 902 | |||
Buildings and Improvements | 16,152 | |||
Total | 17,054 | |||
Accumulated Depreciation | (1,213) | |||
2523 Orange City FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 912 | |||
Buildings and Improvements | 9,724 | |||
Costs Capitalized Subsequent to Acquisition | 894 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 912 | |||
Buildings and Improvements | 10,618 | |||
Total | 11,530 | |||
Accumulated Depreciation | (1,092) | |||
2524 Port St Lucie FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 893 | |||
Buildings and Improvements | 10,333 | |||
Costs Capitalized Subsequent to Acquisition | 827 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 893 | |||
Buildings and Improvements | 11,161 | |||
Total | 12,054 | |||
Accumulated Depreciation | (1,252) | |||
1971 Sarasota FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,050 | |||
Buildings and Improvements | 29,516 | |||
Costs Capitalized Subsequent to Acquisition | 6,239 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,050 | |||
Buildings and Improvements | 35,325 | |||
Total | 38,375 | |||
Accumulated Depreciation | (9,497) | |||
2525 Sarasota FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,426 | |||
Buildings and Improvements | 16,079 | |||
Costs Capitalized Subsequent to Acquisition | 1,304 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,426 | |||
Buildings and Improvements | 17,383 | |||
Total | 18,809 | |||
Accumulated Depreciation | (1,854) | |||
2526 Tamarac FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 970 | |||
Buildings and Improvements | 16,037 | |||
Costs Capitalized Subsequent to Acquisition | 924 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 970 | |||
Buildings and Improvements | 16,968 | |||
Total | 17,938 | |||
Accumulated Depreciation | (1,324) | |||
2513 Venice FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,140 | |||
Buildings and Improvements | 20,662 | |||
Costs Capitalized Subsequent to Acquisition | 1,647 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,140 | |||
Buildings and Improvements | 22,309 | |||
Total | 23,449 | |||
Accumulated Depreciation | (1,838) | |||
2527 Vero Beach FL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,048 | |||
Buildings and Improvements | 17,392 | |||
Costs Capitalized Subsequent to Acquisition | 1,342 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,048 | |||
Buildings and Improvements | 18,733 | |||
Total | 19,781 | |||
Accumulated Depreciation | (1,440) | |||
2200 Deer Park IL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,172 | |||
Buildings and Improvements | 2,417 | |||
Costs Capitalized Subsequent to Acquisition | 44,534 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,229 | |||
Buildings and Improvements | 44,478 | |||
Total | 48,707 | |||
Accumulated Depreciation | (2,244) | |||
2594 Mount Vernon IL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 296 | |||
Buildings and Improvements | 15,935 | |||
Costs Capitalized Subsequent to Acquisition | 4,340 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 512 | |||
Buildings and Improvements | 19,728 | |||
Total | 20,240 | |||
Accumulated Depreciation | (5,122) | |||
1969 Niles IL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,790 | |||
Buildings and Improvements | 32,912 | |||
Costs Capitalized Subsequent to Acquisition | 5,884 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,790 | |||
Buildings and Improvements | 38,024 | |||
Total | 41,814 | |||
Accumulated Depreciation | (10,772) | |||
1961 Olympia Fields IL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,120 | |||
Buildings and Improvements | 29,400 | |||
Costs Capitalized Subsequent to Acquisition | 3,832 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,120 | |||
Buildings and Improvements | 32,706 | |||
Total | 36,826 | |||
Accumulated Depreciation | (8,523) | |||
1952 Vernon Hills IL | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,900 | |||
Buildings and Improvements | 45,854 | |||
Costs Capitalized Subsequent to Acquisition | 5,999 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,900 | |||
Buildings and Improvements | 51,157 | |||
Total | 56,057 | |||
Accumulated Depreciation | (13,321) | |||
2595 Indianapolis IN | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,197 | |||
Buildings and Improvements | 7,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,084 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,197 | |||
Buildings and Improvements | 8,570 | |||
Total | 9,767 | |||
Accumulated Depreciation | (2,137) | |||
2596 W Lafayette IN | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 813 | |||
Buildings and Improvements | 10,876 | |||
Costs Capitalized Subsequent to Acquisition | 1,324 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 813 | |||
Buildings and Improvements | 11,949 | |||
Total | 12,762 | |||
Accumulated Depreciation | (3,023) | |||
2746 Watertown, MA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,828 | |||
Buildings and Improvements | 29,112 | |||
Costs Capitalized Subsequent to Acquisition | 53 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,828 | |||
Buildings and Improvements | 29,165 | |||
Total | 37,993 | |||
Accumulated Depreciation | (129) | |||
2583 Ellicott City MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 19,469 | |||
Initial Cost to Company | ||||
Land | 3,607 | |||
Buildings and Improvements | 31,720 | |||
Costs Capitalized Subsequent to Acquisition | 1,239 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,607 | |||
Buildings and Improvements | 32,959 | |||
Total | 36,566 | |||
Accumulated Depreciation | (1,280) | |||
2584 Hanover MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 9,065 | |||
Initial Cost to Company | ||||
Land | 4,513 | |||
Buildings and Improvements | 25,625 | |||
Costs Capitalized Subsequent to Acquisition | 867 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,513 | |||
Buildings and Improvements | 26,492 | |||
Total | 31,005 | |||
Accumulated Depreciation | (1,009) | |||
2585 Laurel MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 5,879 | |||
Initial Cost to Company | ||||
Land | 3,895 | |||
Buildings and Improvements | 13,331 | |||
Costs Capitalized Subsequent to Acquisition | 993 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,895 | |||
Buildings and Improvements | 14,323 | |||
Total | 18,218 | |||
Accumulated Depreciation | (709) | |||
2541 Olney MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,580 | |||
Buildings and Improvements | 33,802 | |||
Costs Capitalized Subsequent to Acquisition | 158 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,580 | |||
Buildings and Improvements | 33,960 | |||
Total | 35,540 | |||
Accumulated Depreciation | (2,247) | |||
2586 Parkville MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 21,008 | |||
Initial Cost to Company | ||||
Land | 3,854 | |||
Buildings and Improvements | 29,061 | |||
Costs Capitalized Subsequent to Acquisition | 902 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,854 | |||
Buildings and Improvements | 29,963 | |||
Total | 33,817 | |||
Accumulated Depreciation | (1,356) | |||
2587 Waldorf MD | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 8,501 | |||
Initial Cost to Company | ||||
Land | 392 | |||
Buildings and Improvements | 20,514 | |||
Costs Capitalized Subsequent to Acquisition | 650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 392 | |||
Buildings and Improvements | 21,164 | |||
Total | 21,556 | |||
Accumulated Depreciation | (799) | |||
2741 Lexington, NE | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 474 | |||
Buildings and Improvements | 8,405 | |||
Costs Capitalized Subsequent to Acquisition | 474 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 474 | |||
Buildings and Improvements | 6,362 | |||
Total | 6,836 | |||
Accumulated Depreciation | (1,657) | |||
2589 Albuquerque NM | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 767 | |||
Buildings and Improvements | 9,324 | |||
Costs Capitalized Subsequent to Acquisition | 253 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 767 | |||
Buildings and Improvements | 9,079 | |||
Total | 9,846 | |||
Accumulated Depreciation | (4,059) | |||
2740 Rio Rancho, NM | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,154 | |||
Buildings and Improvements | 13,726 | |||
Costs Capitalized Subsequent to Acquisition | 495 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,154 | |||
Buildings and Improvements | 14,221 | |||
Total | 15,375 | |||
Accumulated Depreciation | (2,259) | |||
2735 Roswell, NM | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 618 | |||
Buildings and Improvements | 7,038 | |||
Costs Capitalized Subsequent to Acquisition | 1,010 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 618 | |||
Buildings and Improvements | 7,741 | |||
Total | 8,359 | |||
Accumulated Depreciation | (1,578) | |||
2738 Roswell, NM | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 837 | |||
Buildings and Improvements | 8,614 | |||
Costs Capitalized Subsequent to Acquisition | 997 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 837 | |||
Buildings and Improvements | 9,288 | |||
Total | 10,125 | |||
Accumulated Depreciation | (1,979) | |||
2733 Las Vegas, NV | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 667 | |||
Buildings and Improvements | 14,469 | |||
Costs Capitalized Subsequent to Acquisition | 509 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 667 | |||
Buildings and Improvements | 10,347 | |||
Total | 11,014 | |||
Accumulated Depreciation | (2,592) | |||
2743 Clifton Park, NY | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,257 | |||
Buildings and Improvements | 11,470 | |||
Costs Capitalized Subsequent to Acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,257 | |||
Buildings and Improvements | 11,484 | |||
Total | 13,741 | |||
Accumulated Depreciation | (1,926) | |||
2742 Orchard Park, NY | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 478 | |||
Buildings and Improvements | 11,961 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 478 | |||
Buildings and Improvements | 11,961 | |||
Total | 12,439 | |||
Accumulated Depreciation | (1,984) | |||
2516 Centerville OH | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,065 | |||
Buildings and Improvements | 10,901 | |||
Costs Capitalized Subsequent to Acquisition | 1,520 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,065 | |||
Buildings and Improvements | 12,421 | |||
Total | 13,486 | |||
Accumulated Depreciation | (1,643) | |||
2512 Cincinnati OH | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,180 | |||
Buildings and Improvements | 6,157 | |||
Costs Capitalized Subsequent to Acquisition | 1,393 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,180 | |||
Buildings and Improvements | 7,549 | |||
Total | 8,729 | |||
Accumulated Depreciation | (1,442) | |||
2597 Fairborn OH | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 298 | |||
Buildings and Improvements | 10,704 | |||
Costs Capitalized Subsequent to Acquisition | 3,895 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 298 | |||
Buildings and Improvements | 14,368 | |||
Total | 14,666 | |||
Accumulated Depreciation | (3,732) | |||
2736 Gresham, OR | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 465 | |||
Buildings and Improvements | 6,403 | |||
Costs Capitalized Subsequent to Acquisition | 265 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 465 | |||
Buildings and Improvements | 6,668 | |||
Total | 7,133 | |||
Accumulated Depreciation | (1,563) | |||
2744 Hermiston, OR | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 2,327 | |||
Initial Cost to Company | ||||
Land | 582 | |||
Buildings and Improvements | 8,087 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 582 | |||
Buildings and Improvements | 8,087 | |||
Total | 8,669 | |||
Accumulated Depreciation | (1,400) | |||
2739 Portland, OR | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,677 | |||
Buildings and Improvements | 9,469 | |||
Costs Capitalized Subsequent to Acquisition | 374 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,677 | |||
Buildings and Improvements | 6,940 | |||
Total | 8,617 | |||
Accumulated Depreciation | (2,306) | |||
2730 Cumberland, RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,630 | |||
Buildings and Improvements | 19,050 | |||
Costs Capitalized Subsequent to Acquisition | 803 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,630 | |||
Buildings and Improvements | 13,145 | |||
Total | 15,775 | |||
Accumulated Depreciation | (4,644) | |||
1959 East Providence RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,890 | |||
Buildings and Improvements | 13,989 | |||
Costs Capitalized Subsequent to Acquisition | 1,447 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,890 | |||
Buildings and Improvements | 15,183 | |||
Total | 17,073 | |||
Accumulated Depreciation | (4,117) | |||
1960 Greenwich RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 450 | |||
Buildings and Improvements | 11,845 | |||
Costs Capitalized Subsequent to Acquisition | 1,846 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Buildings and Improvements | 13,414 | |||
Total | 13,864 | |||
Accumulated Depreciation | (3,796) | |||
2511 Johnston RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,037 | |||
Buildings and Improvements | 12,724 | |||
Costs Capitalized Subsequent to Acquisition | 3,724 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,037 | |||
Buildings and Improvements | 16,448 | |||
Total | 18,485 | |||
Accumulated Depreciation | (2,468) | |||
2731 Smithfield, RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,250 | |||
Buildings and Improvements | 17,816 | |||
Costs Capitalized Subsequent to Acquisition | 656 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,250 | |||
Buildings and Improvements | 17,192 | |||
Total | 18,442 | |||
Accumulated Depreciation | (4,724) | |||
1962 Warwick RI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,050 | |||
Buildings and Improvements | 17,389 | |||
Costs Capitalized Subsequent to Acquisition | 6,772 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,050 | |||
Buildings and Improvements | 23,804 | |||
Total | 24,854 | |||
Accumulated Depreciation | (5,580) | |||
2401 Germantown TN | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,640 | |||
Buildings and Improvements | 64,588 | |||
Costs Capitalized Subsequent to Acquisition | 264 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,640 | |||
Buildings and Improvements | 64,852 | |||
Total | 68,492 | |||
Accumulated Depreciation | (5,393) | |||
2608 Arlington TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,002 | |||
Buildings and Improvements | 19,110 | |||
Costs Capitalized Subsequent to Acquisition | 128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,002 | |||
Buildings and Improvements | 18,857 | |||
Total | 20,859 | |||
Accumulated Depreciation | (5,035) | |||
2531 Austin TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 607 | |||
Buildings and Improvements | 15,972 | |||
Costs Capitalized Subsequent to Acquisition | 424 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 607 | |||
Buildings and Improvements | 16,396 | |||
Total | 17,003 | |||
Accumulated Depreciation | (1,126) | |||
2588 Beaumont TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 145 | |||
Buildings and Improvements | 10,404 | |||
Costs Capitalized Subsequent to Acquisition | 324 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 145 | |||
Buildings and Improvements | 10,282 | |||
Total | 10,427 | |||
Accumulated Depreciation | (4,679) | |||
2438 Dallas TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,091 | |||
Buildings and Improvements | 11,698 | |||
Costs Capitalized Subsequent to Acquisition | 2,091 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,091 | |||
Buildings and Improvements | 12,307 | |||
Total | 14,398 | |||
Accumulated Depreciation | (2,074) | |||
2528 Graham TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 754 | |||
Buildings and Improvements | 8,803 | |||
Costs Capitalized Subsequent to Acquisition | 782 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 754 | |||
Buildings and Improvements | 9,586 | |||
Total | 10,340 | |||
Accumulated Depreciation | (1,088) | |||
2529 Grand Prairie TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 865 | |||
Buildings and Improvements | 10,650 | |||
Costs Capitalized Subsequent to Acquisition | 1,118 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 865 | |||
Buildings and Improvements | 11,768 | |||
Total | 12,633 | |||
Accumulated Depreciation | (1,196) | |||
1955 Houston TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,820 | |||
Buildings and Improvements | 50,079 | |||
Costs Capitalized Subsequent to Acquisition | 10,526 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,820 | |||
Buildings and Improvements | 59,293 | |||
Total | 69,113 | |||
Accumulated Depreciation | (16,391) | |||
1957 Houston TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,170 | |||
Buildings and Improvements | 37,285 | |||
Costs Capitalized Subsequent to Acquisition | 5,658 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,170 | |||
Buildings and Improvements | 42,112 | |||
Total | 50,282 | |||
Accumulated Depreciation | (11,285) | |||
1958 Houston TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,910 | |||
Buildings and Improvements | 37,443 | |||
Costs Capitalized Subsequent to Acquisition | 7,685 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,910 | |||
Buildings and Improvements | 44,233 | |||
Total | 47,143 | |||
Accumulated Depreciation | (11,666) | |||
2402 Houston TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,740 | |||
Buildings and Improvements | 32,057 | |||
Costs Capitalized Subsequent to Acquisition | 95 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,740 | |||
Buildings and Improvements | 32,153 | |||
Total | 33,893 | |||
Accumulated Depreciation | (2,801) | |||
2606 Houston TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,470 | |||
Buildings and Improvements | 21,710 | |||
Costs Capitalized Subsequent to Acquisition | 2,176 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,470 | |||
Buildings and Improvements | 23,036 | |||
Total | 25,506 | |||
Accumulated Depreciation | (10,451) | |||
2530 North Richland Hills TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,190 | |||
Buildings and Improvements | 17,756 | |||
Costs Capitalized Subsequent to Acquisition | 1,104 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,190 | |||
Buildings and Improvements | 18,859 | |||
Total | 20,049 | |||
Accumulated Depreciation | (1,659) | |||
2532 San Antonio Tx | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 613 | |||
Buildings and Improvements | 5,874 | |||
Costs Capitalized Subsequent to Acquisition | 990 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 613 | |||
Buildings and Improvements | 6,863 | |||
Total | 7,476 | |||
Accumulated Depreciation | (931) | |||
2607 San Antonio TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 730 | |||
Buildings and Improvements | 3,961 | |||
Costs Capitalized Subsequent to Acquisition | 375 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 730 | |||
Buildings and Improvements | 4,022 | |||
Total | 4,752 | |||
Accumulated Depreciation | (1,391) | |||
2533 San Marcos TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 765 | |||
Buildings and Improvements | 18,175 | |||
Costs Capitalized Subsequent to Acquisition | 898 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 765 | |||
Buildings and Improvements | 19,073 | |||
Total | 19,838 | |||
Accumulated Depreciation | (1,380) | |||
1954 Sugar Land TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,420 | |||
Buildings and Improvements | 36,846 | |||
Costs Capitalized Subsequent to Acquisition | 5,097 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,420 | |||
Buildings and Improvements | 41,242 | |||
Total | 44,662 | |||
Accumulated Depreciation | (11,131) | |||
2510 Temple TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,354 | |||
Buildings and Improvements | 52,859 | |||
Costs Capitalized Subsequent to Acquisition | 1,144 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,354 | |||
Buildings and Improvements | 54,004 | |||
Total | 56,358 | |||
Accumulated Depreciation | (3,819) | |||
2400 Victoria, TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,032 | |||
Buildings and Improvements | 7,743 | |||
Costs Capitalized Subsequent to Acquisition | 339 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,032 | |||
Buildings and Improvements | 7,186 | |||
Total | 8,218 | |||
Accumulated Depreciation | (906) | |||
2605 Victoria, TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 175 | |||
Buildings and Improvements | 4,290 | |||
Costs Capitalized Subsequent to Acquisition | 3,642 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 175 | |||
Buildings and Improvements | 6,477 | |||
Total | 6,652 | |||
Accumulated Depreciation | (2,661) | |||
1953 Webster, TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,780 | |||
Buildings and Improvements | 30,854 | |||
Costs Capitalized Subsequent to Acquisition | 4,628 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,780 | |||
Buildings and Improvements | 29,464 | |||
Total | 34,244 | |||
Accumulated Depreciation | (8,264) | |||
2534 Wichita Falls, TX | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 430 | |||
Buildings and Improvements | 2,856 | |||
Costs Capitalized Subsequent to Acquisition | 804 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 430 | |||
Buildings and Improvements | 3,745 | |||
Total | 4,175 | |||
Accumulated Depreciation | (642) | |||
2582 Fredericksburg VA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,370 | |||
Buildings and Improvements | 19,725 | |||
Costs Capitalized Subsequent to Acquisition | 87 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,370 | |||
Buildings and Improvements | 19,811 | |||
Total | 22,181 | |||
Accumulated Depreciation | (689) | |||
2581 Leesburg VA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 12,345 | |||
Initial Cost to Company | ||||
Land | 1,340 | |||
Buildings and Improvements | 17,605 | |||
Costs Capitalized Subsequent to Acquisition | 907 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,340 | |||
Buildings and Improvements | 18,512 | |||
Total | 19,852 | |||
Accumulated Depreciation | (664) | |||
2514 Richmond VA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,981 | |||
Buildings and Improvements | 54,203 | |||
Costs Capitalized Subsequent to Acquisition | 1,894 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,981 | |||
Buildings and Improvements | 56,097 | |||
Total | 59,078 | |||
Accumulated Depreciation | (3,675) | |||
2737 Moses Lake, WA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 429 | |||
Buildings and Improvements | 4,417 | |||
Costs Capitalized Subsequent to Acquisition | 189 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 429 | |||
Buildings and Improvements | 4,606 | |||
Total | 5,035 | |||
Accumulated Depreciation | (1,328) | |||
2732 Spokane, WA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 903 | |||
Buildings and Improvements | 5,363 | |||
Costs Capitalized Subsequent to Acquisition | 171 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 903 | |||
Buildings and Improvements | 5,228 | |||
Total | 6,131 | |||
Accumulated Depreciation | (1,073) | |||
2734 Yakima, WA | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 721 | |||
Buildings and Improvements | 8,872 | |||
Costs Capitalized Subsequent to Acquisition | 1,518 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 721 | |||
Buildings and Improvements | 10,390 | |||
Total | 11,111 | |||
Accumulated Depreciation | (2,168) | |||
2745 Madison, WI | SHOP | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 834 | |||
Buildings and Improvements | 10,050 | |||
Costs Capitalized Subsequent to Acquisition | 445 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 834 | |||
Buildings and Improvements | 10,495 | |||
Total | 11,329 | |||
Accumulated Depreciation | (1,732) | |||
1482 Brisbane CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 31,160 | |||
Buildings and Improvements | 1,789 | |||
Costs Capitalized Subsequent to Acquisition | 20,319 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 31,160 | |||
Buildings and Improvements | 22,103 | |||
Total | 53,263 | |||
Accumulated Depreciation | 0 | |||
1486 Brisbane, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,331 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 20,529 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,331 | |||
Buildings and Improvements | 20,529 | |||
Total | 31,860 | |||
Accumulated Depreciation | 0 | |||
1487 Brisbane, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,498 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 6,812 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,498 | |||
Buildings and Improvements | 6,812 | |||
Total | 15,310 | |||
Accumulated Depreciation | 0 | |||
1401 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Improvements | 7,100 | |||
Costs Capitalized Subsequent to Acquisition | 1,045 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 8,145 | |||
Total | 9,045 | |||
Accumulated Depreciation | (2,705) | |||
1402 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,500 | |||
Buildings and Improvements | 6,400 | |||
Costs Capitalized Subsequent to Acquisition | 3,682 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,719 | |||
Buildings and Improvements | 9,863 | |||
Total | 11,582 | |||
Accumulated Depreciation | (4,280) | |||
1403 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,900 | |||
Buildings and Improvements | 7,100 | |||
Costs Capitalized Subsequent to Acquisition | 4,666 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,900 | |||
Buildings and Improvements | 11,512 | |||
Total | 13,412 | |||
Accumulated Depreciation | (2,709) | |||
1404 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Improvements | 17,200 | |||
Costs Capitalized Subsequent to Acquisition | 1,434 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,200 | |||
Buildings and Improvements | 18,634 | |||
Total | 20,834 | |||
Accumulated Depreciation | (4,485) | |||
1405 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Improvements | 3,200 | |||
Costs Capitalized Subsequent to Acquisition | 7,478 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 10,678 | |||
Total | 11,678 | |||
Accumulated Depreciation | (6,391) | |||
1549 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,006 | |||
Buildings and Improvements | 4,259 | |||
Costs Capitalized Subsequent to Acquisition | 3,463 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,055 | |||
Buildings and Improvements | 6,409 | |||
Total | 7,464 | |||
Accumulated Depreciation | (2,493) | |||
1550 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 677 | |||
Buildings and Improvements | 2,761 | |||
Costs Capitalized Subsequent to Acquisition | 5,583 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 710 | |||
Buildings and Improvements | 4,954 | |||
Total | 5,664 | |||
Accumulated Depreciation | (3,401) | |||
1551 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 661 | |||
Buildings and Improvements | 1,995 | |||
Costs Capitalized Subsequent to Acquisition | 4,264 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 693 | |||
Buildings and Improvements | 6,227 | |||
Total | 6,920 | |||
Accumulated Depreciation | (4,220) | |||
1552 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,187 | |||
Buildings and Improvements | 7,139 | |||
Costs Capitalized Subsequent to Acquisition | 1,346 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,222 | |||
Buildings and Improvements | 8,094 | |||
Total | 9,316 | |||
Accumulated Depreciation | (3,385) | |||
1553 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,189 | |||
Buildings and Improvements | 9,465 | |||
Costs Capitalized Subsequent to Acquisition | 7,361 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,225 | |||
Buildings and Improvements | 16,791 | |||
Total | 18,016 | |||
Accumulated Depreciation | (5,675) | |||
1554 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,246 | |||
Buildings and Improvements | 5,179 | |||
Costs Capitalized Subsequent to Acquisition | 1,867 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,283 | |||
Buildings and Improvements | 6,133 | |||
Total | 7,416 | |||
Accumulated Depreciation | (2,739) | |||
1555 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,521 | |||
Buildings and Improvements | 13,546 | |||
Costs Capitalized Subsequent to Acquisition | 6,401 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,566 | |||
Buildings and Improvements | 19,889 | |||
Total | 21,455 | |||
Accumulated Depreciation | (7,177) | |||
1556 Hayward CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,212 | |||
Buildings and Improvements | 5,120 | |||
Costs Capitalized Subsequent to Acquisition | 3,049 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,249 | |||
Buildings and Improvements | 5,216 | |||
Total | 6,465 | |||
Accumulated Depreciation | (2,098) | |||
1424 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,600 | |||
Buildings and Improvements | 25,283 | |||
Costs Capitalized Subsequent to Acquisition | 8,220 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,719 | |||
Buildings and Improvements | 31,414 | |||
Total | 41,133 | |||
Accumulated Depreciation | (9,072) | |||
1425 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,200 | |||
Buildings and Improvements | 19,883 | |||
Costs Capitalized Subsequent to Acquisition | 152 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,276 | |||
Buildings and Improvements | 19,958 | |||
Total | 26,234 | |||
Accumulated Depreciation | (5,264) | |||
1426 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,200 | |||
Buildings and Improvements | 12,412 | |||
Costs Capitalized Subsequent to Acquisition | 5,493 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,291 | |||
Buildings and Improvements | 15,961 | |||
Total | 23,252 | |||
Accumulated Depreciation | (6,509) | |||
1427 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,700 | |||
Buildings and Improvements | 16,983 | |||
Costs Capitalized Subsequent to Acquisition | 6,177 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,767 | |||
Buildings and Improvements | 21,859 | |||
Total | 30,626 | |||
Accumulated Depreciation | (7,302) | |||
1949 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,686 | |||
Buildings and Improvements | 11,045 | |||
Costs Capitalized Subsequent to Acquisition | 743 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,686 | |||
Buildings and Improvements | 11,458 | |||
Total | 14,144 | |||
Accumulated Depreciation | (2,690) | |||
2229 La Jolla CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,753 | |||
Buildings and Improvements | 32,528 | |||
Costs Capitalized Subsequent to Acquisition | 6,228 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,777 | |||
Buildings and Improvements | 38,732 | |||
Total | 47,509 | |||
Accumulated Depreciation | (3,923) | |||
1488 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,300 | |||
Buildings and Improvements | 25,410 | |||
Costs Capitalized Subsequent to Acquisition | 1,901 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,567 | |||
Buildings and Improvements | 27,044 | |||
Total | 34,611 | |||
Accumulated Depreciation | (7,597) | |||
1489 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,500 | |||
Buildings and Improvements | 22,800 | |||
Costs Capitalized Subsequent to Acquisition | 1,866 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,500 | |||
Buildings and Improvements | 24,666 | |||
Total | 31,166 | |||
Accumulated Depreciation | (7,030) | |||
1490 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,800 | |||
Buildings and Improvements | 9,500 | |||
Costs Capitalized Subsequent to Acquisition | 442 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,800 | |||
Buildings and Improvements | 9,942 | |||
Total | 14,742 | |||
Accumulated Depreciation | (2,746) | |||
1491 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,200 | |||
Buildings and Improvements | 8,400 | |||
Costs Capitalized Subsequent to Acquisition | 1,249 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,209 | |||
Buildings and Improvements | 8,998 | |||
Total | 13,207 | |||
Accumulated Depreciation | (2,458) | |||
1492 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Buildings and Improvements | 9,700 | |||
Costs Capitalized Subsequent to Acquisition | 862 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,600 | |||
Buildings and Improvements | 9,835 | |||
Total | 13,435 | |||
Accumulated Depreciation | (2,527) | |||
1493 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,500 | |||
Buildings and Improvements | 16,300 | |||
Costs Capitalized Subsequent to Acquisition | 2,142 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,500 | |||
Buildings and Improvements | 17,842 | |||
Total | 25,342 | |||
Accumulated Depreciation | (4,942) | |||
1494 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,800 | |||
Buildings and Improvements | 24,000 | |||
Costs Capitalized Subsequent to Acquisition | 203 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,800 | |||
Buildings and Improvements | 24,203 | |||
Total | 34,003 | |||
Accumulated Depreciation | (6,362) | |||
1495 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,900 | |||
Buildings and Improvements | 17,800 | |||
Costs Capitalized Subsequent to Acquisition | 3,245 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,900 | |||
Buildings and Improvements | 21,045 | |||
Total | 27,945 | |||
Accumulated Depreciation | (6,313) | |||
1496 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Buildings and Improvements | 17,000 | |||
Costs Capitalized Subsequent to Acquisition | 6,364 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,000 | |||
Buildings and Improvements | 17,332 | |||
Total | 24,332 | |||
Accumulated Depreciation | (4,595) | |||
1497 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 14,100 | |||
Buildings and Improvements | 31,002 | |||
Costs Capitalized Subsequent to Acquisition | 10,111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,100 | |||
Buildings and Improvements | 31,487 | |||
Total | 45,587 | |||
Accumulated Depreciation | (8,280) | |||
1498 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,100 | |||
Buildings and Improvements | 25,800 | |||
Costs Capitalized Subsequent to Acquisition | 8,101 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,100 | |||
Buildings and Improvements | 33,901 | |||
Total | 41,001 | |||
Accumulated Depreciation | (14,611) | |||
2017 Mountain View CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 20,240 | |||
Costs Capitalized Subsequent to Acquisition | 1,117 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 21,255 | |||
Total | 21,255 | |||
Accumulated Depreciation | (4,000) | |||
1470 Poway CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,826 | |||
Buildings and Improvements | 12,200 | |||
Costs Capitalized Subsequent to Acquisition | 6,048 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,826 | |||
Buildings and Improvements | 12,542 | |||
Total | 18,368 | |||
Accumulated Depreciation | (3,199) | |||
1471 Poway CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,978 | |||
Buildings and Improvements | 14,200 | |||
Costs Capitalized Subsequent to Acquisition | 4,253 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,978 | |||
Buildings and Improvements | 18,453 | |||
Total | 24,431 | |||
Accumulated Depreciation | (7,951) | |||
1472 Poway CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,654 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 11,906 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,654 | |||
Buildings and Improvements | 11,906 | |||
Total | 20,560 | |||
Accumulated Depreciation | (1,286) | |||
1473 Poway, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,024 | |||
Buildings and Improvements | 2,405 | |||
Costs Capitalized Subsequent to Acquisition | 9,148 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,024 | |||
Buildings and Improvements | 11,553 | |||
Total | 22,577 | |||
Accumulated Depreciation | 0 | |||
1474 Poway, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,051 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 5,522 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,051 | |||
Buildings and Improvements | 5,522 | |||
Total | 10,573 | |||
Accumulated Depreciation | 0 | |||
1475 Poway, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,655 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 5,697 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,655 | |||
Buildings and Improvements | 5,697 | |||
Total | 11,352 | |||
Accumulated Depreciation | 0 | |||
1477 Poway CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 25,359 | |||
Buildings and Improvements | 2,475 | |||
Costs Capitalized Subsequent to Acquisition | 14,835 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 25,359 | |||
Buildings and Improvements | 17,310 | |||
Total | 42,669 | |||
Accumulated Depreciation | 0 | |||
1478 Poway CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,700 | |||
Buildings and Improvements | 14,400 | |||
Costs Capitalized Subsequent to Acquisition | 6,145 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,700 | |||
Buildings and Improvements | 14,400 | |||
Total | 21,100 | |||
Accumulated Depreciation | (3,750) | |||
1499 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,400 | |||
Buildings and Improvements | 5,500 | |||
Costs Capitalized Subsequent to Acquisition | 2,564 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,407 | |||
Buildings and Improvements | 7,177 | |||
Total | 10,584 | |||
Accumulated Depreciation | (2,476) | |||
1500 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,500 | |||
Buildings and Improvements | 4,100 | |||
Costs Capitalized Subsequent to Acquisition | 1,220 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,506 | |||
Buildings and Improvements | 4,563 | |||
Total | 7,069 | |||
Accumulated Depreciation | (1,508) | |||
1501 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Buildings and Improvements | 4,600 | |||
Costs Capitalized Subsequent to Acquisition | 860 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,607 | |||
Buildings and Improvements | 5,024 | |||
Total | 8,631 | |||
Accumulated Depreciation | (1,722) | |||
1502 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,100 | |||
Buildings and Improvements | 5,100 | |||
Costs Capitalized Subsequent to Acquisition | 954 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,107 | |||
Buildings and Improvements | 5,801 | |||
Total | 8,908 | |||
Accumulated Depreciation | (1,937) | |||
1503 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,800 | |||
Buildings and Improvements | 17,300 | |||
Costs Capitalized Subsequent to Acquisition | 3,300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,818 | |||
Buildings and Improvements | 20,582 | |||
Total | 25,400 | |||
Accumulated Depreciation | (6,253) | |||
1504 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,400 | |||
Buildings and Improvements | 15,500 | |||
Costs Capitalized Subsequent to Acquisition | 949 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,418 | |||
Buildings and Improvements | 16,431 | |||
Total | 21,849 | |||
Accumulated Depreciation | (4,246) | |||
1505 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Buildings and Improvements | 3,500 | |||
Costs Capitalized Subsequent to Acquisition | 826 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,006 | |||
Buildings and Improvements | 4,115 | |||
Total | 7,121 | |||
Accumulated Depreciation | (1,646) | |||
1506 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Buildings and Improvements | 14,300 | |||
Costs Capitalized Subsequent to Acquisition | 7,503 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,018 | |||
Buildings and Improvements | 21,178 | |||
Total | 27,196 | |||
Accumulated Depreciation | (4,637) | |||
1507 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,900 | |||
Buildings and Improvements | 12,800 | |||
Costs Capitalized Subsequent to Acquisition | 13,559 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,912 | |||
Buildings and Improvements | 26,347 | |||
Total | 28,259 | |||
Accumulated Depreciation | (7,202) | |||
1508 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Buildings and Improvements | 11,300 | |||
Costs Capitalized Subsequent to Acquisition | 12,120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,712 | |||
Buildings and Improvements | 23,409 | |||
Total | 26,121 | |||
Accumulated Depreciation | (5,871) | |||
1509 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Buildings and Improvements | 10,900 | |||
Costs Capitalized Subsequent to Acquisition | 10,476 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,712 | |||
Buildings and Improvements | 20,840 | |||
Total | 23,552 | |||
Accumulated Depreciation | (7,349) | |||
1510 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Improvements | 12,000 | |||
Costs Capitalized Subsequent to Acquisition | 5,395 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,212 | |||
Buildings and Improvements | 13,501 | |||
Total | 15,713 | |||
Accumulated Depreciation | (3,543) | |||
1511 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,600 | |||
Buildings and Improvements | 9,300 | |||
Costs Capitalized Subsequent to Acquisition | 1,828 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,612 | |||
Buildings and Improvements | 10,561 | |||
Total | 13,173 | |||
Accumulated Depreciation | (2,708) | |||
1512 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,300 | |||
Buildings and Improvements | 18,000 | |||
Costs Capitalized Subsequent to Acquisition | 12,361 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,300 | |||
Buildings and Improvements | 30,361 | |||
Total | 33,661 | |||
Accumulated Depreciation | (8,155) | |||
1513 Redwood City CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,300 | |||
Buildings and Improvements | 17,900 | |||
Costs Capitalized Subsequent to Acquisition | 14,839 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,326 | |||
Buildings and Improvements | 32,713 | |||
Total | 36,039 | |||
Accumulated Depreciation | (9,544) | |||
678 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,603 | |||
Buildings and Improvements | 11,051 | |||
Costs Capitalized Subsequent to Acquisition | 3,143 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,603 | |||
Buildings and Improvements | 14,194 | |||
Total | 16,797 | |||
Accumulated Depreciation | (4,623) | |||
679 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,269 | |||
Buildings and Improvements | 23,566 | |||
Costs Capitalized Subsequent to Acquisition | 16,072 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,669 | |||
Buildings and Improvements | 35,937 | |||
Total | 41,606 | |||
Accumulated Depreciation | (12,274) | |||
837 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,630 | |||
Buildings and Improvements | 2,028 | |||
Costs Capitalized Subsequent to Acquisition | 8,982 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,630 | |||
Buildings and Improvements | 11,010 | |||
Total | 15,640 | |||
Accumulated Depreciation | (6,567) | |||
838 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,040 | |||
Buildings and Improvements | 903 | |||
Costs Capitalized Subsequent to Acquisition | 5,111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,040 | |||
Buildings and Improvements | 6,014 | |||
Total | 8,054 | |||
Accumulated Depreciation | (2,208) | |||
839 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,940 | |||
Buildings and Improvements | 3,184 | |||
Costs Capitalized Subsequent to Acquisition | 5,733 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,047 | |||
Buildings and Improvements | 5,591 | |||
Total | 9,638 | |||
Accumulated Depreciation | (1,769) | |||
840 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,690 | |||
Buildings and Improvements | 4,579 | |||
Costs Capitalized Subsequent to Acquisition | 720 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,830 | |||
Buildings and Improvements | 4,734 | |||
Total | 10,564 | |||
Accumulated Depreciation | (1,566) | |||
1418 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,700 | |||
Buildings and Improvements | 31,243 | |||
Costs Capitalized Subsequent to Acquisition | 6,403 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,700 | |||
Buildings and Improvements | 37,646 | |||
Total | 49,346 | |||
Accumulated Depreciation | (12,927) | |||
1420 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,524 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 4,986 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,524 | |||
Buildings and Improvements | 4,986 | |||
Total | 11,510 | |||
Accumulated Depreciation | 0 | |||
1421 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Buildings and Improvements | 33,779 | |||
Costs Capitalized Subsequent to Acquisition | 1,209 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,000 | |||
Buildings and Improvements | 34,988 | |||
Total | 41,988 | |||
Accumulated Depreciation | (9,021) | |||
1422 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,179 | |||
Buildings and Improvements | 3,687 | |||
Costs Capitalized Subsequent to Acquisition | 4,521 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,184 | |||
Buildings and Improvements | 8,202 | |||
Total | 15,386 | |||
Accumulated Depreciation | (2,287) | |||
1423 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,400 | |||
Buildings and Improvements | 33,144 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,400 | |||
Buildings and Improvements | 33,162 | |||
Total | 41,562 | |||
Accumulated Depreciation | (8,637) | |||
1514 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,200 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,200 | |||
Buildings and Improvements | 0 | |||
Total | 5,200 | |||
Accumulated Depreciation | 0 | |||
1558 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,740 | |||
Buildings and Improvements | 22,654 | |||
Costs Capitalized Subsequent to Acquisition | 2,371 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,888 | |||
Buildings and Improvements | 23,645 | |||
Total | 31,533 | |||
Accumulated Depreciation | (6,279) | |||
1947 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,581 | |||
Buildings and Improvements | 10,534 | |||
Costs Capitalized Subsequent to Acquisition | 3,952 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,581 | |||
Buildings and Improvements | 14,486 | |||
Total | 17,067 | |||
Accumulated Depreciation | (3,154) | |||
1948 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,879 | |||
Buildings and Improvements | 25,305 | |||
Costs Capitalized Subsequent to Acquisition | 2,559 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,879 | |||
Buildings and Improvements | 27,861 | |||
Total | 33,740 | |||
Accumulated Depreciation | (7,790) | |||
2197 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,621 | |||
Buildings and Improvements | 3,913 | |||
Costs Capitalized Subsequent to Acquisition | 6,549 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,626 | |||
Buildings and Improvements | 9,167 | |||
Total | 16,793 | |||
Accumulated Depreciation | (2,459) | |||
2476 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,661 | |||
Buildings and Improvements | 9,918 | |||
Costs Capitalized Subsequent to Acquisition | 3,359 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,661 | |||
Buildings and Improvements | 13,277 | |||
Total | 20,938 | |||
Accumulated Depreciation | (189) | |||
2477 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,207 | |||
Buildings and Improvements | 14,613 | |||
Costs Capitalized Subsequent to Acquisition | 6,484 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,207 | |||
Buildings and Improvements | 21,097 | |||
Total | 30,304 | |||
Accumulated Depreciation | (649) | |||
2478 San Diego CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,000 | |||
Buildings and Improvements | 0 | |||
Total | 6,000 | |||
Accumulated Depreciation | 0 | |||
2617 San Diego, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,734 | |||
Buildings and Improvements | 5,195 | |||
Costs Capitalized Subsequent to Acquisition | 777 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,734 | |||
Buildings and Improvements | 5,971 | |||
Total | 8,705 | |||
Accumulated Depreciation | 0 | |||
2618 San Diego, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,100 | |||
Buildings and Improvements | 12,395 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,100 | |||
Buildings and Improvements | 12,395 | |||
Total | 16,495 | |||
Accumulated Depreciation | (317) | |||
2622 San Diego, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,070 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 1,070 | |||
Total | 1,070 | |||
Accumulated Depreciation | 0 | |||
1407 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,182 | |||
Buildings and Improvements | 12,140 | |||
Costs Capitalized Subsequent to Acquisition | 9,612 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,182 | |||
Buildings and Improvements | 17,860 | |||
Total | 25,042 | |||
Accumulated Depreciation | (8,032) | |||
1408 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,000 | |||
Buildings and Improvements | 17,800 | |||
Costs Capitalized Subsequent to Acquisition | 1,260 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,000 | |||
Buildings and Improvements | 19,060 | |||
Total | 28,060 | |||
Accumulated Depreciation | (5,588) | |||
1409 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,000 | |||
Buildings and Improvements | 38,043 | |||
Costs Capitalized Subsequent to Acquisition | 4,692 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,000 | |||
Buildings and Improvements | 42,735 | |||
Total | 60,735 | |||
Accumulated Depreciation | (10,828) | |||
1410 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,900 | |||
Buildings and Improvements | 18,100 | |||
Costs Capitalized Subsequent to Acquisition | 157 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,900 | |||
Buildings and Improvements | 18,257 | |||
Total | 23,157 | |||
Accumulated Depreciation | (4,793) | |||
1411 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Buildings and Improvements | 27,700 | |||
Costs Capitalized Subsequent to Acquisition | 313 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,000 | |||
Buildings and Improvements | 28,013 | |||
Total | 36,013 | |||
Accumulated Depreciation | (7,288) | |||
1412 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,100 | |||
Buildings and Improvements | 22,521 | |||
Costs Capitalized Subsequent to Acquisition | 2,156 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,100 | |||
Buildings and Improvements | 24,437 | |||
Total | 34,537 | |||
Accumulated Depreciation | (6,066) | |||
1413 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Buildings and Improvements | 28,299 | |||
Costs Capitalized Subsequent to Acquisition | 3,743 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,000 | |||
Buildings and Improvements | 32,042 | |||
Total | 40,042 | |||
Accumulated Depreciation | (7,468) | |||
1414 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,700 | |||
Buildings and Improvements | 20,800 | |||
Costs Capitalized Subsequent to Acquisition | 2,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,700 | |||
Buildings and Improvements | 22,845 | |||
Total | 26,545 | |||
Accumulated Depreciation | (5,965) | |||
1430 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,700 | |||
Buildings and Improvements | 23,621 | |||
Costs Capitalized Subsequent to Acquisition | 3,519 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,700 | |||
Buildings and Improvements | 27,140 | |||
Total | 37,840 | |||
Accumulated Depreciation | (7,606) | |||
1431 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Buildings and Improvements | 15,500 | |||
Costs Capitalized Subsequent to Acquisition | 876 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,000 | |||
Buildings and Improvements | 16,375 | |||
Total | 23,375 | |||
Accumulated Depreciation | (4,109) | |||
1435 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 13,800 | |||
Buildings and Improvements | 42,500 | |||
Costs Capitalized Subsequent to Acquisition | 37,029 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 13,800 | |||
Buildings and Improvements | 79,529 | |||
Total | 93,329 | |||
Accumulated Depreciation | (19,435) | |||
1436 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 14,500 | |||
Buildings and Improvements | 45,300 | |||
Costs Capitalized Subsequent to Acquisition | 36,865 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,500 | |||
Buildings and Improvements | 82,165 | |||
Total | 96,665 | |||
Accumulated Depreciation | (19,964) | |||
1437 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,400 | |||
Buildings and Improvements | 24,800 | |||
Costs Capitalized Subsequent to Acquisition | 46,308 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,400 | |||
Buildings and Improvements | 69,539 | |||
Total | 78,939 | |||
Accumulated Depreciation | (14,428) | |||
1439 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,900 | |||
Buildings and Improvements | 68,848 | |||
Costs Capitalized Subsequent to Acquisition | 48 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,900 | |||
Buildings and Improvements | 68,896 | |||
Total | 80,796 | |||
Accumulated Depreciation | (17,948) | |||
1440 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,000 | |||
Buildings and Improvements | 57,954 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,000 | |||
Buildings and Improvements | 57,964 | |||
Total | 67,964 | |||
Accumulated Depreciation | (15,094) | |||
1441 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,300 | |||
Buildings and Improvements | 43,549 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,300 | |||
Buildings and Improvements | 43,557 | |||
Total | 52,857 | |||
Accumulated Depreciation | (11,342) | |||
1442 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,000 | |||
Buildings and Improvements | 47,289 | |||
Costs Capitalized Subsequent to Acquisition | 91 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,000 | |||
Buildings and Improvements | 47,380 | |||
Total | 58,380 | |||
Accumulated Depreciation | (12,371) | |||
1443 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 13,200 | |||
Buildings and Improvements | 60,932 | |||
Costs Capitalized Subsequent to Acquisition | 2,645 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 13,200 | |||
Buildings and Improvements | 63,576 | |||
Total | 76,776 | |||
Accumulated Depreciation | (15,600) | |||
1444 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,500 | |||
Buildings and Improvements | 33,776 | |||
Costs Capitalized Subsequent to Acquisition | 360 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,500 | |||
Buildings and Improvements | 34,135 | |||
Total | 44,635 | |||
Accumulated Depreciation | (8,995) | |||
1445 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,600 | |||
Buildings and Improvements | 34,083 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,600 | |||
Buildings and Improvements | 34,092 | |||
Total | 44,692 | |||
Accumulated Depreciation | (8,877) | |||
1458 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,900 | |||
Buildings and Improvements | 20,900 | |||
Costs Capitalized Subsequent to Acquisition | 8,294 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,909 | |||
Buildings and Improvements | 23,962 | |||
Total | 34,871 | |||
Accumulated Depreciation | (7,082) | |||
1459 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Buildings and Improvements | 100 | |||
Costs Capitalized Subsequent to Acquisition | 223 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,600 | |||
Buildings and Improvements | 323 | |||
Total | 3,923 | |||
Accumulated Depreciation | (94) | |||
1460 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,300 | |||
Buildings and Improvements | 100 | |||
Costs Capitalized Subsequent to Acquisition | 118 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,300 | |||
Buildings and Improvements | 218 | |||
Total | 2,518 | |||
Accumulated Depreciation | (100) | |||
1461 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,900 | |||
Buildings and Improvements | 200 | |||
Costs Capitalized Subsequent to Acquisition | 221 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,900 | |||
Buildings and Improvements | 421 | |||
Total | 4,321 | |||
Accumulated Depreciation | (200) | |||
1462 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,117 | |||
Buildings and Improvements | 600 | |||
Costs Capitalized Subsequent to Acquisition | 4,927 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,117 | |||
Buildings and Improvements | 5,179 | |||
Total | 12,296 | |||
Accumulated Depreciation | (2,140) | |||
1463 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,381 | |||
Buildings and Improvements | 2,300 | |||
Costs Capitalized Subsequent to Acquisition | 20,527 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,381 | |||
Buildings and Improvements | 22,827 | |||
Total | 33,208 | |||
Accumulated Depreciation | (5,749) | |||
1464 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,403 | |||
Buildings and Improvements | 700 | |||
Costs Capitalized Subsequent to Acquisition | 11,638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,403 | |||
Buildings and Improvements | 7,987 | |||
Total | 15,390 | |||
Accumulated Depreciation | (1,479) | |||
1468 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,100 | |||
Buildings and Improvements | 24,013 | |||
Costs Capitalized Subsequent to Acquisition | 4,774 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,100 | |||
Buildings and Improvements | 26,642 | |||
Total | 36,742 | |||
Accumulated Depreciation | (7,801) | |||
1480 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 32,210 | |||
Buildings and Improvements | 3,110 | |||
Costs Capitalized Subsequent to Acquisition | 11,217 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 32,210 | |||
Buildings and Improvements | 14,327 | |||
Total | 46,537 | |||
Accumulated Depreciation | 0 | |||
1559 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,666 | |||
Buildings and Improvements | 5,773 | |||
Costs Capitalized Subsequent to Acquisition | 12,966 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,695 | |||
Buildings and Improvements | 18,641 | |||
Total | 24,336 | |||
Accumulated Depreciation | (10,250) | |||
1560 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,204 | |||
Buildings and Improvements | 1,293 | |||
Costs Capitalized Subsequent to Acquisition | 517 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,210 | |||
Buildings and Improvements | 1,789 | |||
Total | 2,999 | |||
Accumulated Depreciation | (1,456) | |||
1983 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,648 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 95,860 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,648 | |||
Buildings and Improvements | 95,860 | |||
Total | 104,508 | |||
Accumulated Depreciation | (6,072) | |||
1984 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,845 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 84,569 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,844 | |||
Buildings and Improvements | 84,569 | |||
Total | 92,413 | |||
Accumulated Depreciation | (1,692) | |||
1985 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,708 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 98,300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,708 | |||
Buildings and Improvements | 98,301 | |||
Total | 105,009 | |||
Accumulated Depreciation | (1,212) | |||
1986 South San Francisco, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,708 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 107,084 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,708 | |||
Buildings and Improvements | 107,084 | |||
Total | 113,792 | |||
Accumulated Depreciation | 0 | |||
1987 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,544 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 47,227 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,544 | |||
Buildings and Improvements | 47,228 | |||
Total | 55,772 | |||
Accumulated Depreciation | 0 | |||
1988 South San Francisco, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,120 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 414 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,120 | |||
Buildings and Improvements | 414 | |||
Total | 10,534 | |||
Accumulated Depreciation | 0 | |||
1989 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,169 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3,649 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,169 | |||
Buildings and Improvements | 3,649 | |||
Total | 12,818 | |||
Accumulated Depreciation | 0 | |||
2553 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,897 | |||
Buildings and Improvements | 8,691 | |||
Costs Capitalized Subsequent to Acquisition | 1,160 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,897 | |||
Buildings and Improvements | 9,852 | |||
Total | 12,749 | |||
Accumulated Depreciation | (735) | |||
2554 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 995 | |||
Buildings and Improvements | 2,754 | |||
Costs Capitalized Subsequent to Acquisition | 50 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 995 | |||
Buildings and Improvements | 2,804 | |||
Total | 3,799 | |||
Accumulated Depreciation | (166) | |||
2555 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,202 | |||
Buildings and Improvements | 10,776 | |||
Costs Capitalized Subsequent to Acquisition | 589 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,202 | |||
Buildings and Improvements | 11,365 | |||
Total | 13,567 | |||
Accumulated Depreciation | (675) | |||
2556 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,962 | |||
Buildings and Improvements | 15,108 | |||
Costs Capitalized Subsequent to Acquisition | 168 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,962 | |||
Buildings and Improvements | 15,276 | |||
Total | 18,238 | |||
Accumulated Depreciation | (908) | |||
2557 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,453 | |||
Buildings and Improvements | 13,063 | |||
Costs Capitalized Subsequent to Acquisition | 128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,453 | |||
Buildings and Improvements | 13,191 | |||
Total | 15,644 | |||
Accumulated Depreciation | (783) | |||
2558 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,163 | |||
Buildings and Improvements | 5,925 | |||
Costs Capitalized Subsequent to Acquisition | 58 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,163 | |||
Buildings and Improvements | 5,983 | |||
Total | 7,146 | |||
Accumulated Depreciation | (356) | |||
2614 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,079 | |||
Buildings and Improvements | 8,584 | |||
Costs Capitalized Subsequent to Acquisition | 1,330 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,079 | |||
Buildings and Improvements | 9,914 | |||
Total | 14,993 | |||
Accumulated Depreciation | (3,383) | |||
2615 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,984 | |||
Buildings and Improvements | 13,495 | |||
Costs Capitalized Subsequent to Acquisition | 3,243 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,984 | |||
Buildings and Improvements | 16,739 | |||
Total | 24,723 | |||
Accumulated Depreciation | (5,481) | |||
2616 South San Francisco CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,355 | |||
Buildings and Improvements | 14,121 | |||
Costs Capitalized Subsequent to Acquisition | 1,876 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,355 | |||
Buildings and Improvements | 15,998 | |||
Total | 24,353 | |||
Accumulated Depreciation | (5,598) | |||
2624 South San Francisco, CA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 25,502 | |||
Buildings and Improvements | 41,293 | |||
Costs Capitalized Subsequent to Acquisition | 181 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 25,502 | |||
Buildings and Improvements | 41,474 | |||
Total | 66,976 | |||
Accumulated Depreciation | (382) | |||
9999 Denton TX | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 0 | |||
Total | 100 | |||
Accumulated Depreciation | 0 | |||
2630 Lexington, MA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 15,966 | |||
Buildings and Improvements | 48,444 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 15,966 | |||
Buildings and Improvements | 48,444 | |||
Total | 64,410 | |||
Accumulated Depreciation | (187) | |||
2631 Lexington, MA | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,940 | |||
Buildings and Improvements | 139,201 | |||
Costs Capitalized Subsequent to Acquisition | 28 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,940 | |||
Buildings and Improvements | 139,229 | |||
Total | 150,169 | |||
Accumulated Depreciation | (367) | |||
2011 Durham NC | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 6,118 | |||
Initial Cost to Company | ||||
Land | 448 | |||
Buildings and Improvements | 6,152 | |||
Costs Capitalized Subsequent to Acquisition | 21,379 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 448 | |||
Buildings and Improvements | 27,494 | |||
Total | 27,942 | |||
Accumulated Depreciation | (5,000) | |||
2030 Durham NC | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,920 | |||
Buildings and Improvements | 5,661 | |||
Costs Capitalized Subsequent to Acquisition | 34,120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,920 | |||
Buildings and Improvements | 39,781 | |||
Total | 41,701 | |||
Accumulated Depreciation | (7,054) | |||
464 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 630 | |||
Buildings and Improvements | 6,921 | |||
Costs Capitalized Subsequent to Acquisition | 2,562 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 630 | |||
Buildings and Improvements | 9,483 | |||
Total | 10,113 | |||
Accumulated Depreciation | (3,123) | |||
465 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 125 | |||
Buildings and Improvements | 6,368 | |||
Costs Capitalized Subsequent to Acquisition | 68 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 125 | |||
Buildings and Improvements | 6,436 | |||
Total | 6,561 | |||
Accumulated Depreciation | (2,379) | |||
466 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 14,614 | |||
Costs Capitalized Subsequent to Acquisition | 7 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,621 | |||
Total | 14,621 | |||
Accumulated Depreciation | (4,872) | |||
507 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 280 | |||
Buildings and Improvements | 4,345 | |||
Costs Capitalized Subsequent to Acquisition | 226 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 280 | |||
Buildings and Improvements | 4,572 | |||
Total | 4,852 | |||
Accumulated Depreciation | (1,694) | |||
799 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 14,600 | |||
Costs Capitalized Subsequent to Acquisition | 90 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,690 | |||
Total | 14,690 | |||
Accumulated Depreciation | (3,976) | |||
1593 Salt Lake City UT | Life science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 23,998 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 23,998 | |||
Total | 23,998 | |||
Accumulated Depreciation | (5,393) | |||
638 Anchorage AK | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,456 | |||
Buildings and Improvements | 10,650 | |||
Costs Capitalized Subsequent to Acquisition | 12,309 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,456 | |||
Buildings and Improvements | 22,907 | |||
Total | 24,363 | |||
Accumulated Depreciation | (6,114) | |||
2572 Springdale AR | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 27,714 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 27,714 | |||
Total | 27,714 | |||
Accumulated Depreciation | (916) | |||
520 Chandler AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,669 | |||
Buildings and Improvements | 13,503 | |||
Costs Capitalized Subsequent to Acquisition | 2,538 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,669 | |||
Buildings and Improvements | 15,751 | |||
Total | 19,420 | |||
Accumulated Depreciation | (5,883) | |||
2040 Mesa AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 17,314 | |||
Costs Capitalized Subsequent to Acquisition | 896 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 18,181 | |||
Total | 18,181 | |||
Accumulated Depreciation | (2,567) | |||
468 Oro Valley AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,050 | |||
Buildings and Improvements | 6,774 | |||
Costs Capitalized Subsequent to Acquisition | 925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,050 | |||
Buildings and Improvements | 7,124 | |||
Total | 8,174 | |||
Accumulated Depreciation | (2,857) | |||
356 Phoenix AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 780 | |||
Buildings and Improvements | 3,199 | |||
Costs Capitalized Subsequent to Acquisition | 2,271 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 780 | |||
Buildings and Improvements | 4,550 | |||
Total | 5,330 | |||
Accumulated Depreciation | (1,884) | |||
470 Phoenix AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 280 | |||
Buildings and Improvements | 877 | |||
Costs Capitalized Subsequent to Acquisition | 120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 280 | |||
Buildings and Improvements | 961 | |||
Total | 1,241 | |||
Accumulated Depreciation | (351) | |||
1066 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,115 | |||
Buildings and Improvements | 14,064 | |||
Costs Capitalized Subsequent to Acquisition | 3,553 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,839 | |||
Buildings and Improvements | 17,035 | |||
Total | 21,874 | |||
Accumulated Depreciation | (5,539) | |||
2021 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,312 | |||
Costs Capitalized Subsequent to Acquisition | 1,818 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,046 | |||
Total | 14,046 | |||
Accumulated Depreciation | (3,839) | |||
2022 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,179 | |||
Costs Capitalized Subsequent to Acquisition | 1,222 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,270 | |||
Total | 10,270 | |||
Accumulated Depreciation | (2,942) | |||
2023 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,398 | |||
Costs Capitalized Subsequent to Acquisition | 1,570 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,848 | |||
Total | 7,848 | |||
Accumulated Depreciation | (1,871) | |||
2024 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,522 | |||
Costs Capitalized Subsequent to Acquisition | 663 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,184 | |||
Total | 10,184 | |||
Accumulated Depreciation | (2,438) | |||
2025 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,102 | |||
Costs Capitalized Subsequent to Acquisition | 1,482 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,492 | |||
Total | 5,492 | |||
Accumulated Depreciation | (1,650) | |||
2026 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 3,655 | |||
Costs Capitalized Subsequent to Acquisition | 1,211 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 4,826 | |||
Total | 4,826 | |||
Accumulated Depreciation | (1,118) | |||
2027 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,168 | |||
Costs Capitalized Subsequent to Acquisition | 1,455 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,605 | |||
Total | 8,605 | |||
Accumulated Depreciation | (2,140) | |||
2028 Scottsdale AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,659 | |||
Costs Capitalized Subsequent to Acquisition | 1,285 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,944 | |||
Total | 7,944 | |||
Accumulated Depreciation | (1,937) | |||
453 Tucson AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 215 | |||
Buildings and Improvements | 6,318 | |||
Costs Capitalized Subsequent to Acquisition | 1,390 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 326 | |||
Buildings and Improvements | 7,073 | |||
Total | 7,399 | |||
Accumulated Depreciation | (3,414) | |||
556 Tucson AZ | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 215 | |||
Buildings and Improvements | 3,940 | |||
Costs Capitalized Subsequent to Acquisition | 1,285 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 267 | |||
Buildings and Improvements | 4,745 | |||
Total | 5,012 | |||
Accumulated Depreciation | (1,541) | |||
1041 Brentwood CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 30,864 | |||
Costs Capitalized Subsequent to Acquisition | 3,002 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 187 | |||
Buildings and Improvements | 33,138 | |||
Total | 33,325 | |||
Accumulated Depreciation | (9,716) | |||
1200 Encino CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,151 | |||
Buildings and Improvements | 10,438 | |||
Costs Capitalized Subsequent to Acquisition | 4,583 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,646 | |||
Buildings and Improvements | 13,736 | |||
Total | 20,382 | |||
Accumulated Depreciation | (5,095) | |||
436 Murietta CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Improvements | 9,266 | |||
Costs Capitalized Subsequent to Acquisition | 4,140 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 638 | |||
Buildings and Improvements | 11,876 | |||
Total | 12,514 | |||
Accumulated Depreciation | (5,682) | |||
239 Poway CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Buildings and Improvements | 10,839 | |||
Costs Capitalized Subsequent to Acquisition | 3,710 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,887 | |||
Buildings and Improvements | 12,438 | |||
Total | 15,325 | |||
Accumulated Depreciation | (6,698) | |||
2654 Riverside, CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,758 | |||
Buildings and Improvements | 9,908 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,758 | |||
Buildings and Improvements | 9,908 | |||
Total | 12,666 | |||
Accumulated Depreciation | 0 | |||
318 Sacramento CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,860 | |||
Buildings and Improvements | 37,566 | |||
Costs Capitalized Subsequent to Acquisition | 27,137 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,911 | |||
Buildings and Improvements | 63,801 | |||
Total | 66,712 | |||
Accumulated Depreciation | (10,335) | |||
2404 Sacramento CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,268 | |||
Buildings and Improvements | 5,109 | |||
Costs Capitalized Subsequent to Acquisition | 374 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,299 | |||
Buildings and Improvements | 5,453 | |||
Total | 6,752 | |||
Accumulated Depreciation | (649) | |||
234 San Diego CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,848 | |||
Buildings and Improvements | 5,879 | |||
Costs Capitalized Subsequent to Acquisition | 1,450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,009 | |||
Buildings and Improvements | 5,053 | |||
Total | 8,062 | |||
Accumulated Depreciation | (3,231) | |||
235 San Diego CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,863 | |||
Buildings and Improvements | 8,913 | |||
Costs Capitalized Subsequent to Acquisition | 2,913 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,068 | |||
Buildings and Improvements | 8,297 | |||
Total | 11,365 | |||
Accumulated Depreciation | (5,276) | |||
236 San Diego CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,619 | |||
Buildings and Improvements | 19,370 | |||
Costs Capitalized Subsequent to Acquisition | 4,023 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,711 | |||
Buildings and Improvements | 16,760 | |||
Total | 21,471 | |||
Accumulated Depreciation | (10,173) | |||
421 San Diego CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,910 | |||
Buildings and Improvements | 19,984 | |||
Costs Capitalized Subsequent to Acquisition | 16,343 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,964 | |||
Buildings and Improvements | 34,954 | |||
Total | 37,918 | |||
Accumulated Depreciation | (8,524) | |||
564 San Jose CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,935 | |||
Buildings and Improvements | 1,728 | |||
Costs Capitalized Subsequent to Acquisition | 2,616 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,935 | |||
Buildings and Improvements | 3,302 | |||
Total | 5,237 | |||
Accumulated Depreciation | (1,348) | |||
565 San Jose CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,460 | |||
Buildings and Improvements | 7,672 | |||
Costs Capitalized Subsequent to Acquisition | 527 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,460 | |||
Buildings and Improvements | 7,721 | |||
Total | 9,181 | |||
Accumulated Depreciation | (3,004) | |||
659 Los Gatos CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,718 | |||
Buildings and Improvements | 3,124 | |||
Costs Capitalized Subsequent to Acquisition | 622 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,758 | |||
Buildings and Improvements | 3,592 | |||
Total | 5,350 | |||
Accumulated Depreciation | (1,336) | |||
1209 Sherman Oaks CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,472 | |||
Buildings and Improvements | 10,075 | |||
Costs Capitalized Subsequent to Acquisition | 5,915 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,943 | |||
Buildings and Improvements | 14,851 | |||
Total | 22,794 | |||
Accumulated Depreciation | (7,274) | |||
439 Valencia CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,300 | |||
Buildings and Improvements | 6,967 | |||
Costs Capitalized Subsequent to Acquisition | 3,761 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,404 | |||
Buildings and Improvements | 8,727 | |||
Total | 11,131 | |||
Accumulated Depreciation | (3,716) | |||
1211 Valencia CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,344 | |||
Buildings and Improvements | 7,507 | |||
Costs Capitalized Subsequent to Acquisition | 733 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,383 | |||
Buildings and Improvements | 7,969 | |||
Total | 9,352 | |||
Accumulated Depreciation | (2,377) | |||
440 West Hills CA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,100 | |||
Buildings and Improvements | 11,595 | |||
Costs Capitalized Subsequent to Acquisition | 4,182 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,259 | |||
Buildings and Improvements | 12,225 | |||
Total | 14,484 | |||
Accumulated Depreciation | (5,826) | |||
728 Aurora CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,764 | |||
Costs Capitalized Subsequent to Acquisition | 2,807 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,997 | |||
Total | 8,997 | |||
Accumulated Depreciation | (3,157) | |||
1196 Aurora CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 210 | |||
Buildings and Improvements | 12,362 | |||
Costs Capitalized Subsequent to Acquisition | 6,074 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 17,720 | |||
Total | 17,930 | |||
Accumulated Depreciation | (4,037) | |||
1197 Aurora CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Improvements | 8,414 | |||
Costs Capitalized Subsequent to Acquisition | 5,398 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 200 | |||
Buildings and Improvements | 13,482 | |||
Total | 13,682 | |||
Accumulated Depreciation | (3,541) | |||
882 Colorado Springs CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,933 | |||
Costs Capitalized Subsequent to Acquisition | 10,716 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 22,506 | |||
Total | 22,506 | |||
Accumulated Depreciation | (7,988) | |||
1199 Denver CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 493 | |||
Buildings and Improvements | 7,897 | |||
Costs Capitalized Subsequent to Acquisition | 1,865 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 622 | |||
Buildings and Improvements | 9,401 | |||
Total | 10,023 | |||
Accumulated Depreciation | (3,494) | |||
808 Englewood CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,616 | |||
Costs Capitalized Subsequent to Acquisition | 9,322 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11 | |||
Buildings and Improvements | 16,830 | |||
Total | 16,841 | |||
Accumulated Depreciation | (6,146) | |||
809 Englewood CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,449 | |||
Costs Capitalized Subsequent to Acquisition | 3,767 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,997 | |||
Total | 10,997 | |||
Accumulated Depreciation | (4,304) | |||
810 Englewood CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,040 | |||
Costs Capitalized Subsequent to Acquisition | 7,711 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,746 | |||
Total | 14,746 | |||
Accumulated Depreciation | (5,510) | |||
811 Englewood CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,472 | |||
Costs Capitalized Subsequent to Acquisition | 4,743 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,614 | |||
Total | 11,614 | |||
Accumulated Depreciation | (3,760) | |||
2658 Highlands Ranch, CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,637 | |||
Buildings and Improvements | 10,063 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,637 | |||
Buildings and Improvements | 10,063 | |||
Total | 11,700 | |||
Accumulated Depreciation | 0 | |||
812 Littleton CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,562 | |||
Costs Capitalized Subsequent to Acquisition | 2,405 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 257 | |||
Buildings and Improvements | 5,803 | |||
Total | 6,060 | |||
Accumulated Depreciation | (2,317) | |||
813 Littleton CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,926 | |||
Costs Capitalized Subsequent to Acquisition | 1,910 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 106 | |||
Buildings and Improvements | 6,089 | |||
Total | 6,195 | |||
Accumulated Depreciation | (2,126) | |||
570 Lone Tree CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 20,096 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,400 | |||
Total | 19,400 | |||
Accumulated Depreciation | (6,614) | |||
666 Lone Tree CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 23,274 | |||
Costs Capitalized Subsequent to Acquisition | 2,663 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 25,414 | |||
Total | 25,414 | |||
Accumulated Depreciation | (8,551) | |||
2233 Lone Tree CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,734 | |||
Costs Capitalized Subsequent to Acquisition | 27,690 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 34,424 | |||
Total | 34,424 | |||
Accumulated Depreciation | (1,641) | |||
1076 Parker CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 13,388 | |||
Costs Capitalized Subsequent to Acquisition | 1,048 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8 | |||
Buildings and Improvements | 14,215 | |||
Total | 14,223 | |||
Accumulated Depreciation | (4,262) | |||
510 Thornton CO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 236 | |||
Buildings and Improvements | 10,206 | |||
Costs Capitalized Subsequent to Acquisition | 3,648 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 454 | |||
Buildings and Improvements | 13,289 | |||
Total | 13,743 | |||
Accumulated Depreciation | (5,213) | |||
434 Atlantis FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 2,027 | |||
Costs Capitalized Subsequent to Acquisition | 352 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5 | |||
Buildings and Improvements | 2,219 | |||
Total | 2,224 | |||
Accumulated Depreciation | (1,141) | |||
435 Atlantis FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | 931 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 2,566 | |||
Total | 2,566 | |||
Accumulated Depreciation | (1,346) | |||
602 Atlantis FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 455 | |||
Buildings and Improvements | 2,231 | |||
Costs Capitalized Subsequent to Acquisition | 991 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 455 | |||
Buildings and Improvements | 2,958 | |||
Total | 3,413 | |||
Accumulated Depreciation | (984) | |||
604 Englewood FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Buildings and Improvements | 1,134 | |||
Costs Capitalized Subsequent to Acquisition | 486 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 198 | |||
Buildings and Improvements | 1,398 | |||
Total | 1,596 | |||
Accumulated Depreciation | (522) | |||
609 Kissimmee FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 788 | |||
Buildings and Improvements | 174 | |||
Costs Capitalized Subsequent to Acquisition | 649 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 788 | |||
Buildings and Improvements | 721 | |||
Total | 1,509 | |||
Accumulated Depreciation | (217) | |||
610 Kissimmee FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 481 | |||
Buildings and Improvements | 347 | |||
Costs Capitalized Subsequent to Acquisition | 793 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 494 | |||
Buildings and Improvements | 975 | |||
Total | 1,469 | |||
Accumulated Depreciation | (452) | |||
671 Kissimmee FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,574 | |||
Costs Capitalized Subsequent to Acquisition | 2,521 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,525 | |||
Total | 8,525 | |||
Accumulated Depreciation | (2,817) | |||
603 Lake Worth FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,507 | |||
Buildings and Improvements | 2,894 | |||
Costs Capitalized Subsequent to Acquisition | 1,807 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,507 | |||
Buildings and Improvements | 4,569 | |||
Total | 6,076 | |||
Accumulated Depreciation | (1,962) | |||
612 Margate FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,553 | |||
Buildings and Improvements | 6,898 | |||
Costs Capitalized Subsequent to Acquisition | 1,499 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,553 | |||
Buildings and Improvements | 8,204 | |||
Total | 9,757 | |||
Accumulated Depreciation | (2,827) | |||
613 Miami FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,392 | |||
Buildings and Improvements | 11,841 | |||
Costs Capitalized Subsequent to Acquisition | 4,300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,392 | |||
Buildings and Improvements | 14,622 | |||
Total | 19,014 | |||
Accumulated Depreciation | (5,453) | |||
2202 Miami FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 13,123 | |||
Costs Capitalized Subsequent to Acquisition | 4,193 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,207 | |||
Total | 17,207 | |||
Accumulated Depreciation | (2,767) | |||
2203 Miami FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,877 | |||
Costs Capitalized Subsequent to Acquisition | 2,793 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,671 | |||
Total | 11,671 | |||
Accumulated Depreciation | (1,607) | |||
1067 Milton FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,566 | |||
Costs Capitalized Subsequent to Acquisition | 269 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,816 | |||
Total | 8,816 | |||
Accumulated Depreciation | (2,544) | |||
2577 Naples FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 29,186 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 29,186 | |||
Total | 29,186 | |||
Accumulated Depreciation | (903) | |||
2578 Naples FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 18,819 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 18,819 | |||
Total | 18,819 | |||
Accumulated Depreciation | (494) | |||
563 Orlando FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,144 | |||
Buildings and Improvements | 5,136 | |||
Costs Capitalized Subsequent to Acquisition | 6,662 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,343 | |||
Buildings and Improvements | 10,110 | |||
Total | 12,453 | |||
Accumulated Depreciation | (3,982) | |||
833 Pace FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 10,309 | |||
Costs Capitalized Subsequent to Acquisition | 3,217 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 26 | |||
Buildings and Improvements | 11,206 | |||
Total | 11,232 | |||
Accumulated Depreciation | (2,918) | |||
834 Pensacola FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 11,166 | |||
Costs Capitalized Subsequent to Acquisition | 478 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,644 | |||
Total | 11,644 | |||
Accumulated Depreciation | (3,316) | |||
614 Plantation FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 969 | |||
Buildings and Improvements | 3,241 | |||
Costs Capitalized Subsequent to Acquisition | 1,595 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,017 | |||
Buildings and Improvements | 4,151 | |||
Total | 5,168 | |||
Accumulated Depreciation | (1,475) | |||
673 Plantation FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,091 | |||
Buildings and Improvements | 7,176 | |||
Costs Capitalized Subsequent to Acquisition | 1,979 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,091 | |||
Buildings and Improvements | 8,714 | |||
Total | 9,805 | |||
Accumulated Depreciation | (2,579) | |||
2579 Punta Gorda FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,379 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,379 | |||
Total | 9,379 | |||
Accumulated Depreciation | (280) | |||
701 St Petersburg FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 13,754 | |||
Costs Capitalized Subsequent to Acquisition | 8,866 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 21,181 | |||
Total | 21,181 | |||
Accumulated Depreciation | (5,713) | |||
1210 Tampa FL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,967 | |||
Buildings and Improvements | 6,602 | |||
Costs Capitalized Subsequent to Acquisition | 6,482 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,194 | |||
Buildings and Improvements | 10,646 | |||
Total | 12,840 | |||
Accumulated Depreciation | (4,722) | |||
1058 Blue Ridge, GA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 3,231 | |||
Costs Capitalized Subsequent to Acquisition | 228 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 3,459 | |||
Total | 3,459 | |||
Accumulated Depreciation | (934) | |||
2576 Statesboro GA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 10,234 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,234 | |||
Total | 10,234 | |||
Accumulated Depreciation | (412) | |||
1065 Marion IL | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 99 | |||
Buildings and Improvements | 11,484 | |||
Costs Capitalized Subsequent to Acquisition | 775 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 12,090 | |||
Total | 12,190 | |||
Accumulated Depreciation | (3,723) | |||
1057 Newburgh IN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 14,019 | |||
Costs Capitalized Subsequent to Acquisition | 4,265 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 18,278 | |||
Total | 18,278 | |||
Accumulated Depreciation | (5,266) | |||
2039 Kansas City KS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 440 | |||
Buildings and Improvements | 2,173 | |||
Costs Capitalized Subsequent to Acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 448 | |||
Buildings and Improvements | 2,181 | |||
Total | 2,629 | |||
Accumulated Depreciation | (369) | |||
2043 Overland Park KS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,668 | |||
Costs Capitalized Subsequent to Acquisition | 366 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,034 | |||
Total | 8,034 | |||
Accumulated Depreciation | (1,283) | |||
483 Wichita KS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Buildings and Improvements | 3,341 | |||
Costs Capitalized Subsequent to Acquisition | 716 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 3,620 | |||
Total | 4,150 | |||
Accumulated Depreciation | (1,214) | |||
1064 Lexington KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,726 | |||
Costs Capitalized Subsequent to Acquisition | 1,323 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 13,835 | |||
Total | 13,835 | |||
Accumulated Depreciation | (4,443) | |||
735 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 8,426 | |||
Costs Capitalized Subsequent to Acquisition | 5,714 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 11,622 | |||
Total | 12,558 | |||
Accumulated Depreciation | (9,574) | |||
737 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 835 | |||
Buildings and Improvements | 27,627 | |||
Costs Capitalized Subsequent to Acquisition | 6,376 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 878 | |||
Buildings and Improvements | 32,459 | |||
Total | 33,337 | |||
Accumulated Depreciation | (11,571) | |||
738 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 780 | |||
Buildings and Improvements | 8,582 | |||
Costs Capitalized Subsequent to Acquisition | 5,857 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 851 | |||
Buildings and Improvements | 12,321 | |||
Total | 13,172 | |||
Accumulated Depreciation | (7,304) | |||
739 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 826 | |||
Buildings and Improvements | 13,814 | |||
Costs Capitalized Subsequent to Acquisition | 1,842 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 832 | |||
Buildings and Improvements | 14,195 | |||
Total | 15,027 | |||
Accumulated Depreciation | (4,774) | |||
740 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,983 | |||
Buildings and Improvements | 13,171 | |||
Costs Capitalized Subsequent to Acquisition | 4,853 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,991 | |||
Buildings and Improvements | 16,849 | |||
Total | 19,840 | |||
Accumulated Depreciation | (7,188) | |||
1944 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 788 | |||
Buildings and Improvements | 2,414 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 788 | |||
Buildings and Improvements | 2,414 | |||
Total | 3,202 | |||
Accumulated Depreciation | (676) | |||
1945 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,255 | |||
Buildings and Improvements | 28,644 | |||
Costs Capitalized Subsequent to Acquisition | 971 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,291 | |||
Buildings and Improvements | 29,278 | |||
Total | 32,569 | |||
Accumulated Depreciation | (7,073) | |||
1946 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 430 | |||
Buildings and Improvements | 6,125 | |||
Costs Capitalized Subsequent to Acquisition | 152 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 430 | |||
Buildings and Improvements | 6,277 | |||
Total | 6,707 | |||
Accumulated Depreciation | (1,461) | |||
2237 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,519 | |||
Buildings and Improvements | 15,386 | |||
Costs Capitalized Subsequent to Acquisition | 2,941 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,542 | |||
Buildings and Improvements | 18,304 | |||
Total | 19,846 | |||
Accumulated Depreciation | (2,233) | |||
2238 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,334 | |||
Buildings and Improvements | 12,172 | |||
Costs Capitalized Subsequent to Acquisition | 1,660 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,511 | |||
Buildings and Improvements | 13,654 | |||
Total | 15,165 | |||
Accumulated Depreciation | (1,896) | |||
2239 Louisville KY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,644 | |||
Buildings and Improvements | 10,832 | |||
Costs Capitalized Subsequent to Acquisition | 4,947 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,718 | |||
Buildings and Improvements | 15,704 | |||
Total | 17,422 | |||
Accumulated Depreciation | (1,762) | |||
1324 Haverhill MA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Improvements | 8,537 | |||
Costs Capitalized Subsequent to Acquisition | 2,191 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 869 | |||
Buildings and Improvements | 9,373 | |||
Total | 10,242 | |||
Accumulated Depreciation | (2,817) | |||
1213 Ellicott City MD | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,115 | |||
Buildings and Improvements | 3,206 | |||
Costs Capitalized Subsequent to Acquisition | 2,692 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,222 | |||
Buildings and Improvements | 4,979 | |||
Total | 6,201 | |||
Accumulated Depreciation | (2,094) | |||
361 Glen Burnie MD | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 670 | |||
Buildings and Improvements | 5,085 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 670 | |||
Buildings and Improvements | 5,085 | |||
Total | 5,755 | |||
Accumulated Depreciation | (2,712) | |||
1052 Towson MD | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 14,233 | |||
Costs Capitalized Subsequent to Acquisition | 3,611 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 15,132 | |||
Total | 15,132 | |||
Accumulated Depreciation | (6,086) | |||
2650 Biddeford, ME | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,949 | |||
Buildings and Improvements | 12,244 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,949 | |||
Buildings and Improvements | 12,244 | |||
Total | 14,193 | |||
Accumulated Depreciation | 0 | |||
240 Minneapolis MN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 117 | |||
Buildings and Improvements | 13,213 | |||
Costs Capitalized Subsequent to Acquisition | 3,095 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 117 | |||
Buildings and Improvements | 15,773 | |||
Total | 15,890 | |||
Accumulated Depreciation | (8,465) | |||
300 Minneapolis MN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Buildings and Improvements | 10,131 | |||
Costs Capitalized Subsequent to Acquisition | 4,653 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 160 | |||
Buildings and Improvements | 13,649 | |||
Total | 13,809 | |||
Accumulated Depreciation | (6,940) | |||
2032 Independence MO | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 48,025 | |||
Costs Capitalized Subsequent to Acquisition | 1,220 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 49,245 | |||
Total | 49,245 | |||
Accumulated Depreciation | (6,371) | |||
1078 Flowood MS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,413 | |||
Costs Capitalized Subsequent to Acquisition | 762 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,148 | |||
Total | 9,148 | |||
Accumulated Depreciation | (3,005) | |||
1059 Jackson MS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,868 | |||
Costs Capitalized Subsequent to Acquisition | 122 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,990 | |||
Total | 8,990 | |||
Accumulated Depreciation | (2,534) | |||
1060 Jackson MS | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,187 | |||
Costs Capitalized Subsequent to Acquisition | 2,189 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,376 | |||
Total | 9,376 | |||
Accumulated Depreciation | (3,271) | |||
1068 Omaha NE | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 16,243 | |||
Costs Capitalized Subsequent to Acquisition | 1,309 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 17 | |||
Buildings and Improvements | 17,465 | |||
Total | 17,482 | |||
Accumulated Depreciation | (5,270) | |||
2651 Charlotte, NC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,001 | |||
Buildings and Improvements | 11,217 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,001 | |||
Buildings and Improvements | 11,217 | |||
Total | 13,218 | |||
Accumulated Depreciation | 0 | |||
2655 Wilmington, NC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,341 | |||
Buildings and Improvements | 17,376 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,341 | |||
Buildings and Improvements | 17,376 | |||
Total | 18,717 | |||
Accumulated Depreciation | 0 | |||
2656 Wilmington, NC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,071 | |||
Buildings and Improvements | 11,592 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,071 | |||
Buildings and Improvements | 11,592 | |||
Total | 13,663 | |||
Accumulated Depreciation | 0 | |||
2657 Shallotte, NC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 918 | |||
Buildings and Improvements | 3,609 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 918 | |||
Buildings and Improvements | 3,609 | |||
Total | 4,527 | |||
Accumulated Depreciation | 0 | |||
2647 Concord, NH | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,961 | |||
Buildings and Improvements | 23,018 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,961 | |||
Buildings and Improvements | 23,018 | |||
Total | 24,979 | |||
Accumulated Depreciation | 0 | |||
2648 Concord, NH | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 815 | |||
Buildings and Improvements | 8,749 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 815 | |||
Buildings and Improvements | 8,749 | |||
Total | 9,564 | |||
Accumulated Depreciation | 0 | |||
2649 Epsom, NH | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 919 | |||
Buildings and Improvements | 5,758 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 919 | |||
Buildings and Improvements | 5,758 | |||
Total | 6,677 | |||
Accumulated Depreciation | 0 | |||
729 Albuquerque NM | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 5,380 | |||
Costs Capitalized Subsequent to Acquisition | 700 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,758 | |||
Total | 5,758 | |||
Accumulated Depreciation | (1,750) | |||
348 Elko NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 55 | |||
Buildings and Improvements | 2,637 | |||
Costs Capitalized Subsequent to Acquisition | 12 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 55 | |||
Buildings and Improvements | 2,649 | |||
Total | 2,704 | |||
Accumulated Depreciation | (1,432) | |||
571 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,895 | |||
Total | 17,895 | |||
Accumulated Depreciation | (6,235) | |||
660 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,121 | |||
Buildings and Improvements | 4,363 | |||
Costs Capitalized Subsequent to Acquisition | 5,809 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,328 | |||
Buildings and Improvements | 7,991 | |||
Total | 9,319 | |||
Accumulated Depreciation | (3,289) | |||
661 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,305 | |||
Buildings and Improvements | 4,829 | |||
Costs Capitalized Subsequent to Acquisition | 5,304 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,447 | |||
Buildings and Improvements | 8,897 | |||
Total | 11,344 | |||
Accumulated Depreciation | (3,992) | |||
662 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,480 | |||
Buildings and Improvements | 12,305 | |||
Costs Capitalized Subsequent to Acquisition | 5,502 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,480 | |||
Buildings and Improvements | 15,360 | |||
Total | 18,840 | |||
Accumulated Depreciation | (5,449) | |||
663 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,717 | |||
Buildings and Improvements | 3,597 | |||
Costs Capitalized Subsequent to Acquisition | 10,833 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,724 | |||
Buildings and Improvements | 12,732 | |||
Total | 14,456 | |||
Accumulated Depreciation | (2,176) | |||
664 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,172 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 631 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,803 | |||
Buildings and Improvements | 0 | |||
Total | 1,803 | |||
Accumulated Depreciation | (53) | |||
691 Las Vegas NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,244 | |||
Buildings and Improvements | 18,339 | |||
Costs Capitalized Subsequent to Acquisition | 7,583 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,273 | |||
Buildings and Improvements | 24,434 | |||
Total | 27,707 | |||
Accumulated Depreciation | (9,610) | |||
2037 Mesquite NV | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 5,559 | |||
Costs Capitalized Subsequent to Acquisition | 470 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 34 | |||
Buildings and Improvements | 5,983 | |||
Total | 6,017 | |||
Accumulated Depreciation | (875) | |||
1285 Cleveland OH | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 823 | |||
Buildings and Improvements | 2,726 | |||
Costs Capitalized Subsequent to Acquisition | 925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 853 | |||
Buildings and Improvements | 2,713 | |||
Total | 3,566 | |||
Accumulated Depreciation | (1,105) | |||
400 Harrison OH | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,561 | |||
Costs Capitalized Subsequent to Acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 4,861 | |||
Total | 4,861 | |||
Accumulated Depreciation | (2,577) | |||
1054 Durant OK | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 619 | |||
Buildings and Improvements | 9,256 | |||
Costs Capitalized Subsequent to Acquisition | 1,925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 659 | |||
Buildings and Improvements | 11,120 | |||
Total | 11,779 | |||
Accumulated Depreciation | (3,115) | |||
817 Owasso OK | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,582 | |||
Costs Capitalized Subsequent to Acquisition | 1,521 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,592 | |||
Total | 5,592 | |||
Accumulated Depreciation | (1,450) | |||
404 Roseburg OR | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 5,707 | |||
Costs Capitalized Subsequent to Acquisition | 700 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 6,407 | |||
Total | 6,407 | |||
Accumulated Depreciation | (3,180) | |||
2570 Limerick PA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 925 | |||
Buildings and Improvements | 20,072 | |||
Costs Capitalized Subsequent to Acquisition | 51 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 925 | |||
Buildings and Improvements | 20,123 | |||
Total | 21,048 | |||
Accumulated Depreciation | (779) | |||
2234 Philadelphia PA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 24,264 | |||
Buildings and Improvements | 99,904 | |||
Costs Capitalized Subsequent to Acquisition | 20,524 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 24,288 | |||
Buildings and Improvements | 120,324 | |||
Total | 144,612 | |||
Accumulated Depreciation | (9,466) | |||
2403 Philadelphia PA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 26,063 | |||
Buildings and Improvements | 97,646 | |||
Costs Capitalized Subsequent to Acquisition | 10,578 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 26,110 | |||
Buildings and Improvements | 108,177 | |||
Total | 134,287 | |||
Accumulated Depreciation | (11,345) | |||
2571 Wilkes-Barre PA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,138 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,138 | |||
Total | 9,138 | |||
Accumulated Depreciation | (364) | |||
2573 Florence SC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,090 | |||
Costs Capitalized Subsequent to Acquisition | 91 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,181 | |||
Total | 12,181 | |||
Accumulated Depreciation | (380) | |||
2574 Florence SC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,190 | |||
Costs Capitalized Subsequent to Acquisition | 88 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,278 | |||
Total | 12,278 | |||
Accumulated Depreciation | (383) | |||
2575 Florence SC | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 11,243 | |||
Costs Capitalized Subsequent to Acquisition | 56 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,299 | |||
Total | 11,299 | |||
Accumulated Depreciation | (435) | |||
252 Clarksville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 203 | |||
Buildings and Improvements | 841 | |||
Costs Capitalized Subsequent to Acquisition | 60 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 893 | |||
Total | 1,103 | |||
Accumulated Depreciation | (495) | |||
2634 Clarksville, TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 259 | |||
Buildings and Improvements | 1,555 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 259 | |||
Buildings and Improvements | 1,555 | |||
Total | 1,814 | |||
Accumulated Depreciation | (877) | |||
624 Hendersonville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 256 | |||
Buildings and Improvements | 1,530 | |||
Costs Capitalized Subsequent to Acquisition | 1,827 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 256 | |||
Buildings and Improvements | 2,864 | |||
Total | 3,120 | |||
Accumulated Depreciation | (1,093) | |||
559 Hermitage TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 830 | |||
Buildings and Improvements | 5,036 | |||
Costs Capitalized Subsequent to Acquisition | 6,314 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 851 | |||
Buildings and Improvements | 10,014 | |||
Total | 10,865 | |||
Accumulated Depreciation | (4,011) | |||
561 Hermitage TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 596 | |||
Buildings and Improvements | 9,698 | |||
Costs Capitalized Subsequent to Acquisition | 5,893 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 596 | |||
Buildings and Improvements | 14,332 | |||
Total | 14,928 | |||
Accumulated Depreciation | (5,958) | |||
562 Hermitage TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 317 | |||
Buildings and Improvements | 6,528 | |||
Costs Capitalized Subsequent to Acquisition | 2,925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 317 | |||
Buildings and Improvements | 8,579 | |||
Total | 8,896 | |||
Accumulated Depreciation | (3,891) | |||
154 Knoxville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Improvements | 4,559 | |||
Costs Capitalized Subsequent to Acquisition | 4,984 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 700 | |||
Buildings and Improvements | 9,087 | |||
Total | 9,787 | |||
Accumulated Depreciation | (4,349) | |||
625 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 955 | |||
Buildings and Improvements | 14,289 | |||
Costs Capitalized Subsequent to Acquisition | 3,901 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 955 | |||
Buildings and Improvements | 16,560 | |||
Total | 17,515 | |||
Accumulated Depreciation | (5,510) | |||
626 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,050 | |||
Buildings and Improvements | 5,211 | |||
Costs Capitalized Subsequent to Acquisition | 4,334 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,055 | |||
Buildings and Improvements | 8,695 | |||
Total | 10,750 | |||
Accumulated Depreciation | (3,334) | |||
627 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,007 | |||
Buildings and Improvements | 181 | |||
Costs Capitalized Subsequent to Acquisition | 724 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,060 | |||
Buildings and Improvements | 791 | |||
Total | 1,851 | |||
Accumulated Depreciation | (427) | |||
628 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,980 | |||
Buildings and Improvements | 7,164 | |||
Costs Capitalized Subsequent to Acquisition | 2,756 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,980 | |||
Buildings and Improvements | 9,506 | |||
Total | 12,486 | |||
Accumulated Depreciation | (4,166) | |||
630 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 515 | |||
Buildings and Improvements | 848 | |||
Costs Capitalized Subsequent to Acquisition | 400 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 528 | |||
Buildings and Improvements | 1,048 | |||
Total | 1,576 | |||
Accumulated Depreciation | (334) | |||
631 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 266 | |||
Buildings and Improvements | 1,305 | |||
Costs Capitalized Subsequent to Acquisition | 1,552 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 266 | |||
Buildings and Improvements | 2,441 | |||
Total | 2,707 | |||
Accumulated Depreciation | (922) | |||
632 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 827 | |||
Buildings and Improvements | 7,642 | |||
Costs Capitalized Subsequent to Acquisition | 4,072 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 827 | |||
Buildings and Improvements | 10,270 | |||
Total | 11,097 | |||
Accumulated Depreciation | (3,912) | |||
633 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,425 | |||
Buildings and Improvements | 12,577 | |||
Costs Capitalized Subsequent to Acquisition | 6,113 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,425 | |||
Buildings and Improvements | 18,199 | |||
Total | 23,624 | |||
Accumulated Depreciation | (7,312) | |||
634 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,818 | |||
Buildings and Improvements | 15,185 | |||
Costs Capitalized Subsequent to Acquisition | 9,661 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,818 | |||
Buildings and Improvements | 23,722 | |||
Total | 27,540 | |||
Accumulated Depreciation | (9,437) | |||
636 Nashville TN | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 583 | |||
Buildings and Improvements | 450 | |||
Costs Capitalized Subsequent to Acquisition | 309 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 583 | |||
Buildings and Improvements | 759 | |||
Total | 1,342 | |||
Accumulated Depreciation | (296) | |||
2611 Allen TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,330 | |||
Buildings and Improvements | 5,960 | |||
Costs Capitalized Subsequent to Acquisition | 76 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,330 | |||
Buildings and Improvements | 6,036 | |||
Total | 7,366 | |||
Accumulated Depreciation | (231) | |||
2612 Allen TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,310 | |||
Buildings and Improvements | 4,165 | |||
Costs Capitalized Subsequent to Acquisition | 84 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,310 | |||
Buildings and Improvements | 4,249 | |||
Total | 5,559 | |||
Accumulated Depreciation | (173) | |||
573 Arlington TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 769 | |||
Buildings and Improvements | 12,355 | |||
Costs Capitalized Subsequent to Acquisition | 4,310 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 769 | |||
Buildings and Improvements | 15,677 | |||
Total | 16,446 | |||
Accumulated Depreciation | (5,592) | |||
2621 Cedar Park, TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,617 | |||
Buildings and Improvements | 11,640 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,617 | |||
Buildings and Improvements | 11,640 | |||
Total | 13,257 | |||
Accumulated Depreciation | (142) | |||
576 Conroe TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 324 | |||
Buildings and Improvements | 4,842 | |||
Costs Capitalized Subsequent to Acquisition | 2,528 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 324 | |||
Buildings and Improvements | 6,139 | |||
Total | 6,463 | |||
Accumulated Depreciation | (2,117) | |||
577 Conroe TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 397 | |||
Buildings and Improvements | 7,966 | |||
Costs Capitalized Subsequent to Acquisition | 2,461 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 397 | |||
Buildings and Improvements | 9,924 | |||
Total | 10,321 | |||
Accumulated Depreciation | (3,702) | |||
578 Conroe TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 388 | |||
Buildings and Improvements | 7,975 | |||
Costs Capitalized Subsequent to Acquisition | 4,103 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 10,549 | |||
Total | 10,937 | |||
Accumulated Depreciation | (3,375) | |||
579 Conroe TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 188 | |||
Buildings and Improvements | 3,618 | |||
Costs Capitalized Subsequent to Acquisition | 1,337 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 188 | |||
Buildings and Improvements | 4,807 | |||
Total | 4,995 | |||
Accumulated Depreciation | (1,721) | |||
581 Corpus Christi TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 717 | |||
Buildings and Improvements | 8,181 | |||
Costs Capitalized Subsequent to Acquisition | 5,663 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 717 | |||
Buildings and Improvements | 11,673 | |||
Total | 12,390 | |||
Accumulated Depreciation | (4,090) | |||
600 Corpus Christi TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 328 | |||
Buildings and Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition | 3,945 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 328 | |||
Buildings and Improvements | 6,632 | |||
Total | 6,960 | |||
Accumulated Depreciation | (3,044) | |||
601 Corpus Christi TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 313 | |||
Buildings and Improvements | 1,771 | |||
Costs Capitalized Subsequent to Acquisition | 1,923 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 325 | |||
Buildings and Improvements | 3,193 | |||
Total | 3,518 | |||
Accumulated Depreciation | (1,173) | |||
2244 Cypress TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,705 | |||
Costs Capitalized Subsequent to Acquisition | 25,335 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 33,039 | |||
Total | 33,039 | |||
Accumulated Depreciation | (2,054) | |||
582 Dallas TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,664 | |||
Buildings and Improvements | 6,785 | |||
Costs Capitalized Subsequent to Acquisition | 4,053 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,746 | |||
Buildings and Improvements | 9,839 | |||
Total | 11,585 | |||
Accumulated Depreciation | (3,861) | |||
1314 Dallas TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 15,230 | |||
Buildings and Improvements | 162,971 | |||
Costs Capitalized Subsequent to Acquisition | 33,595 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 23,882 | |||
Buildings and Improvements | 185,238 | |||
Total | 209,120 | |||
Accumulated Depreciation | (54,567) | |||
583 Fort Worth TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 898 | |||
Buildings and Improvements | 4,866 | |||
Costs Capitalized Subsequent to Acquisition | 2,334 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 898 | |||
Buildings and Improvements | 6,607 | |||
Total | 7,505 | |||
Accumulated Depreciation | (2,403) | |||
805 Fort Worth TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 2,481 | |||
Costs Capitalized Subsequent to Acquisition | 1,211 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2 | |||
Buildings and Improvements | 3,290 | |||
Total | 3,292 | |||
Accumulated Depreciation | (1,625) | |||
806 Fort Worth TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,070 | |||
Costs Capitalized Subsequent to Acquisition | 690 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5 | |||
Buildings and Improvements | 6,566 | |||
Total | 6,571 | |||
Accumulated Depreciation | (2,065) | |||
2231 Fort Worth TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 902 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 946 | |||
Buildings and Improvements | 0 | |||
Total | 946 | |||
Accumulated Depreciation | (12) | |||
2619 Fort Worth, TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,180 | |||
Buildings and Improvements | 13,432 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,180 | |||
Buildings and Improvements | 13,437 | |||
Total | 14,617 | |||
Accumulated Depreciation | (153) | |||
2620 Fort Worth, TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,961 | |||
Buildings and Improvements | 14,139 | |||
Costs Capitalized Subsequent to Acquisition | 72 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,961 | |||
Buildings and Improvements | 14,211 | |||
Total | 16,172 | |||
Accumulated Depreciation | (166) | |||
1061 Granbury TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 6,863 | |||
Costs Capitalized Subsequent to Acquisition | 1,090 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,882 | |||
Total | 7,882 | |||
Accumulated Depreciation | (2,083) | |||
430 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,927 | |||
Buildings and Improvements | 33,140 | |||
Costs Capitalized Subsequent to Acquisition | 13,211 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,151 | |||
Buildings and Improvements | 44,381 | |||
Total | 46,532 | |||
Accumulated Depreciation | (18,994) | |||
446 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Improvements | 19,585 | |||
Costs Capitalized Subsequent to Acquisition | 18,770 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,209 | |||
Buildings and Improvements | 32,783 | |||
Total | 34,992 | |||
Accumulated Depreciation | (18,259) | |||
589 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,676 | |||
Buildings and Improvements | 12,602 | |||
Costs Capitalized Subsequent to Acquisition | 5,972 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,706 | |||
Buildings and Improvements | 15,878 | |||
Total | 17,584 | |||
Accumulated Depreciation | (5,555) | |||
670 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Buildings and Improvements | 2,884 | |||
Costs Capitalized Subsequent to Acquisition | 1,378 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 318 | |||
Buildings and Improvements | 3,659 | |||
Total | 3,977 | |||
Accumulated Depreciation | (1,406) | |||
702 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,414 | |||
Costs Capitalized Subsequent to Acquisition | 2,005 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7 | |||
Buildings and Improvements | 8,410 | |||
Total | 8,417 | |||
Accumulated Depreciation | (2,880) | |||
1044 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,838 | |||
Costs Capitalized Subsequent to Acquisition | 3,339 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 6,481 | |||
Total | 6,481 | |||
Accumulated Depreciation | (1,929) | |||
2542 Houston TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 304 | |||
Buildings and Improvements | 17,764 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 304 | |||
Buildings and Improvements | 17,764 | |||
Total | 18,068 | |||
Accumulated Depreciation | (1,364) | |||
2543 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 116 | |||
Buildings and Improvements | 6,555 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 116 | |||
Buildings and Improvements | 6,555 | |||
Total | 6,671 | |||
Accumulated Depreciation | (595) | |||
2544 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 312 | |||
Buildings and Improvements | 12,094 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 312 | |||
Buildings and Improvements | 12,094 | |||
Total | 12,406 | |||
Accumulated Depreciation | (1,105) | |||
2545 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 316 | |||
Buildings and Improvements | 13,931 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 316 | |||
Buildings and Improvements | 13,931 | |||
Total | 14,247 | |||
Accumulated Depreciation | (970) | |||
2546 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 408 | |||
Buildings and Improvements | 18,332 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 408 | |||
Buildings and Improvements | 18,332 | |||
Total | 18,740 | |||
Accumulated Depreciation | (2,003) | |||
2547 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 470 | |||
Buildings and Improvements | 18,197 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 470 | |||
Buildings and Improvements | 18,197 | |||
Total | 18,667 | |||
Accumulated Depreciation | (1,684) | |||
2548 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 313 | |||
Buildings and Improvements | 7,036 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 313 | |||
Buildings and Improvements | 7,036 | |||
Total | 7,349 | |||
Accumulated Depreciation | (834) | |||
2549 Houston Tx | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Buildings and Improvements | 22,711 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 22,711 | |||
Total | 23,241 | |||
Accumulated Depreciation | (1,394) | |||
590 Irving TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 828 | |||
Buildings and Improvements | 6,160 | |||
Costs Capitalized Subsequent to Acquisition | 2,834 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 828 | |||
Buildings and Improvements | 8,600 | |||
Total | 9,428 | |||
Accumulated Depreciation | (3,351) | |||
700 Irving TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,550 | |||
Costs Capitalized Subsequent to Acquisition | 3,620 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8 | |||
Buildings and Improvements | 11,154 | |||
Total | 11,162 | |||
Accumulated Depreciation | (4,592) | |||
1202 Irving TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,604 | |||
Buildings and Improvements | 16,107 | |||
Costs Capitalized Subsequent to Acquisition | 1,030 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,633 | |||
Buildings and Improvements | 17,007 | |||
Total | 18,640 | |||
Accumulated Depreciation | (5,268) | |||
1207 Irving TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,955 | |||
Buildings and Improvements | 12,793 | |||
Costs Capitalized Subsequent to Acquisition | 1,904 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,986 | |||
Buildings and Improvements | 14,617 | |||
Total | 16,603 | |||
Accumulated Depreciation | (4,520) | |||
2613 Kingwood TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,035 | |||
Buildings and Improvements | 28,373 | |||
Costs Capitalized Subsequent to Acquisition | 212 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,035 | |||
Buildings and Improvements | 28,584 | |||
Total | 31,619 | |||
Accumulated Depreciation | (1,161) | |||
1062 Lancaster TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 172 | |||
Buildings and Improvements | 2,692 | |||
Costs Capitalized Subsequent to Acquisition | 1,119 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 185 | |||
Buildings and Improvements | 3,733 | |||
Total | 3,918 | |||
Accumulated Depreciation | (1,550) | |||
2195 Lancaster TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 1,138 | |||
Costs Capitalized Subsequent to Acquisition | 679 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 131 | |||
Buildings and Improvements | 1,686 | |||
Total | 1,817 | |||
Accumulated Depreciation | (387) | |||
591 Lewisville TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 561 | |||
Buildings and Improvements | 8,043 | |||
Costs Capitalized Subsequent to Acquisition | 2,120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 561 | |||
Buildings and Improvements | 9,727 | |||
Total | 10,288 | |||
Accumulated Depreciation | (3,315) | |||
144 Longview TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 102 | |||
Buildings and Improvements | 7,998 | |||
Costs Capitalized Subsequent to Acquisition | 715 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 102 | |||
Buildings and Improvements | 8,270 | |||
Total | 8,372 | |||
Accumulated Depreciation | (4,258) | |||
143 Lufkin TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 338 | |||
Buildings and Improvements | 2,383 | |||
Costs Capitalized Subsequent to Acquisition | 80 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 338 | |||
Buildings and Improvements | 2,423 | |||
Total | 2,761 | |||
Accumulated Depreciation | (1,239) | |||
568 McKinney TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 541 | |||
Buildings and Improvements | 6,217 | |||
Costs Capitalized Subsequent to Acquisition | 2,364 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 541 | |||
Buildings and Improvements | 7,876 | |||
Total | 8,417 | |||
Accumulated Depreciation | (2,842) | |||
569 McKinney TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 636 | |||
Costs Capitalized Subsequent to Acquisition | 8,418 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,174 | |||
Total | 8,174 | |||
Accumulated Depreciation | (2,665) | |||
1079 Nassau Bay TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,942 | |||
Costs Capitalized Subsequent to Acquisition | 1,384 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,116 | |||
Total | 10,116 | |||
Accumulated Depreciation | (3,279) | |||
596 N Richland Hills TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 812 | |||
Buildings and Improvements | 8,883 | |||
Costs Capitalized Subsequent to Acquisition | 3,050 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 812 | |||
Buildings and Improvements | 11,487 | |||
Total | 12,299 | |||
Accumulated Depreciation | (3,998) | |||
2048 North Richland Hills TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,385 | |||
Buildings and Improvements | 10,213 | |||
Costs Capitalized Subsequent to Acquisition | 2,135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 12,150 | |||
Total | 13,550 | |||
Accumulated Depreciation | (2,613) | |||
1048 Pearland TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,014 | |||
Costs Capitalized Subsequent to Acquisition | 4,306 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,326 | |||
Total | 7,326 | |||
Accumulated Depreciation | (2,395) | |||
2232 Pearland TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 3,374 | |||
Costs Capitalized Subsequent to Acquisition | 13,919 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,293 | |||
Total | 17,293 | |||
Accumulated Depreciation | (713) | |||
447 Plano TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,700 | |||
Buildings and Improvements | 7,810 | |||
Costs Capitalized Subsequent to Acquisition | 6,394 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,792 | |||
Buildings and Improvements | 13,329 | |||
Total | 15,121 | |||
Accumulated Depreciation | (6,390) | |||
597 Plano TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,210 | |||
Buildings and Improvements | 9,588 | |||
Costs Capitalized Subsequent to Acquisition | 4,693 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,224 | |||
Buildings and Improvements | 13,176 | |||
Total | 14,400 | |||
Accumulated Depreciation | (4,565) | |||
672 Plano TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,768 | |||
Costs Capitalized Subsequent to Acquisition | 2,545 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 13,984 | |||
Total | 15,373 | |||
Accumulated Depreciation | (4,617) | |||
1284 Plano TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,049 | |||
Buildings and Improvements | 18,793 | |||
Costs Capitalized Subsequent to Acquisition | 2,377 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,101 | |||
Buildings and Improvements | 18,958 | |||
Total | 21,059 | |||
Accumulated Depreciation | (7,525) | |||
1286 Plano TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,300 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,300 | |||
Buildings and Improvements | 0 | |||
Total | 3,300 | |||
Accumulated Depreciation | 0 | |||
2653 Rockwall, TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 788 | |||
Buildings and Improvements | 9,020 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 788 | |||
Buildings and Improvements | 9,020 | |||
Total | 9,808 | |||
Accumulated Depreciation | 0 | |||
815 San Antonio TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,193 | |||
Costs Capitalized Subsequent to Acquisition | 2,654 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 12 | |||
Buildings and Improvements | 11,039 | |||
Total | 11,051 | |||
Accumulated Depreciation | (3,584) | |||
816 San Antonio TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 3,376 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 8,699 | |||
Costs Capitalized Subsequent to Acquisition | 2,872 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 175 | |||
Buildings and Improvements | 10,675 | |||
Total | 10,850 | |||
Accumulated Depreciation | (3,770) | |||
1591 San Antonio TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,309 | |||
Costs Capitalized Subsequent to Acquisition | 641 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 12 | |||
Buildings and Improvements | 7,906 | |||
Total | 7,918 | |||
Accumulated Depreciation | (2,086) | |||
1977 San Antonio TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 26,191 | |||
Costs Capitalized Subsequent to Acquisition | 1,536 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 27,482 | |||
Total | 27,482 | |||
Accumulated Depreciation | (6,622) | |||
2559 Shenandoah TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 27,194 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 27,194 | |||
Total | 27,194 | |||
Accumulated Depreciation | (401) | |||
598 Sugarland TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,078 | |||
Buildings and Improvements | 5,158 | |||
Costs Capitalized Subsequent to Acquisition | 2,774 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,170 | |||
Buildings and Improvements | 7,077 | |||
Total | 8,247 | |||
Accumulated Depreciation | (2,729) | |||
599 Texas City TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 9,519 | |||
Costs Capitalized Subsequent to Acquisition | 169 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,532 | |||
Total | 9,532 | |||
Accumulated Depreciation | (2,864) | |||
152 Victoria TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 125 | |||
Buildings and Improvements | 8,977 | |||
Costs Capitalized Subsequent to Acquisition | 394 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 125 | |||
Buildings and Improvements | 9,370 | |||
Total | 9,495 | |||
Accumulated Depreciation | (4,846) | |||
2550 The Woodlands TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 115 | |||
Buildings and Improvements | 5,141 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 115 | |||
Buildings and Improvements | 5,141 | |||
Total | 5,256 | |||
Accumulated Depreciation | (403) | |||
2551 The Woodlands TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 296 | |||
Buildings and Improvements | 18,282 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 296 | |||
Buildings and Improvements | 18,282 | |||
Total | 18,578 | |||
Accumulated Depreciation | (1,235) | |||
2552 The Woodlands TX | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 374 | |||
Buildings and Improvements | 25,125 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 374 | |||
Buildings and Improvements | 25,125 | |||
Total | 25,499 | |||
Accumulated Depreciation | (1,513) | |||
1592 Bountiful UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 999 | |||
Buildings and Improvements | 7,426 | |||
Costs Capitalized Subsequent to Acquisition | 674 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 999 | |||
Buildings and Improvements | 8,101 | |||
Total | 9,100 | |||
Accumulated Depreciation | (1,991) | |||
169 Bountiful UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 276 | |||
Buildings and Improvements | 5,237 | |||
Costs Capitalized Subsequent to Acquisition | 1,447 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 363 | |||
Buildings and Improvements | 6,159 | |||
Total | 6,522 | |||
Accumulated Depreciation | (2,940) | |||
346 Castle Dale UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 50 | |||
Buildings and Improvements | 1,818 | |||
Costs Capitalized Subsequent to Acquisition | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 50 | |||
Buildings and Improvements | 1,828 | |||
Total | 1,878 | |||
Accumulated Depreciation | (983) | |||
347 Centerville UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Improvements | 1,288 | |||
Costs Capitalized Subsequent to Acquisition | 276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 1,394 | |||
Total | 1,694 | |||
Accumulated Depreciation | (704) | |||
2035 Draper UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 5,088 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 10,803 | |||
Costs Capitalized Subsequent to Acquisition | 183 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,879 | |||
Total | 10,879 | |||
Accumulated Depreciation | (1,455) | |||
469 Kaysville UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Buildings and Improvements | 4,493 | |||
Costs Capitalized Subsequent to Acquisition | 226 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 4,719 | |||
Total | 5,249 | |||
Accumulated Depreciation | (1,786) | |||
456 Layton UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 371 | |||
Buildings and Improvements | 7,073 | |||
Costs Capitalized Subsequent to Acquisition | 1,265 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 389 | |||
Buildings and Improvements | 8,034 | |||
Total | 8,423 | |||
Accumulated Depreciation | (3,704) | |||
2042 Layton UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 10,975 | |||
Costs Capitalized Subsequent to Acquisition | 412 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,388 | |||
Total | 11,388 | |||
Accumulated Depreciation | (1,503) | |||
359 Ogden UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Buildings and Improvements | 1,695 | |||
Costs Capitalized Subsequent to Acquisition | 240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 180 | |||
Buildings and Improvements | 1,814 | |||
Total | 1,994 | |||
Accumulated Depreciation | (993) | |||
357 Orem UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 337 | |||
Buildings and Improvements | 8,744 | |||
Costs Capitalized Subsequent to Acquisition | 2,041 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 306 | |||
Buildings and Improvements | 8,268 | |||
Total | 8,574 | |||
Accumulated Depreciation | (4,302) | |||
371 Providence UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 240 | |||
Buildings and Improvements | 3,876 | |||
Costs Capitalized Subsequent to Acquisition | 618 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 282 | |||
Buildings and Improvements | 4,163 | |||
Total | 4,445 | |||
Accumulated Depreciation | (2,057) | |||
353 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Buildings and Improvements | 779 | |||
Costs Capitalized Subsequent to Acquisition | 164 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 201 | |||
Buildings and Improvements | 885 | |||
Total | 1,086 | |||
Accumulated Depreciation | (477) | |||
354 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 220 | |||
Buildings and Improvements | 10,732 | |||
Costs Capitalized Subsequent to Acquisition | 2,204 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 220 | |||
Buildings and Improvements | 12,421 | |||
Total | 12,641 | |||
Accumulated Depreciation | (6,638) | |||
355 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Buildings and Improvements | 14,792 | |||
Costs Capitalized Subsequent to Acquisition | 2,647 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 180 | |||
Buildings and Improvements | 16,688 | |||
Total | 16,868 | |||
Accumulated Depreciation | (8,675) | |||
467 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Buildings and Improvements | 7,541 | |||
Costs Capitalized Subsequent to Acquisition | 2,274 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,145 | |||
Buildings and Improvements | 9,323 | |||
Total | 12,468 | |||
Accumulated Depreciation | (3,784) | |||
566 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 509 | |||
Buildings and Improvements | 4,044 | |||
Costs Capitalized Subsequent to Acquisition | 2,510 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 509 | |||
Buildings and Improvements | 6,121 | |||
Total | 6,630 | |||
Accumulated Depreciation | (2,320) | |||
2041 Salt Lake City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,326 | |||
Costs Capitalized Subsequent to Acquisition | 335 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,661 | |||
Total | 12,661 | |||
Accumulated Depreciation | (1,682) | |||
2033 Sandy UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 867 | |||
Buildings and Improvements | 3,513 | |||
Costs Capitalized Subsequent to Acquisition | 842 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,153 | |||
Buildings and Improvements | 4,069 | |||
Total | 5,222 | |||
Accumulated Depreciation | (1,245) | |||
482 Stansbury UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 450 | |||
Buildings and Improvements | 3,201 | |||
Costs Capitalized Subsequent to Acquisition | 1,147 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 529 | |||
Buildings and Improvements | 3,944 | |||
Total | 4,473 | |||
Accumulated Depreciation | (1,245) | |||
351 Washington Terrace UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,573 | |||
Costs Capitalized Subsequent to Acquisition | 2,493 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 17 | |||
Buildings and Improvements | 6,279 | |||
Total | 6,296 | |||
Accumulated Depreciation | (3,509) | |||
352 Washington Terrace UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 2,692 | |||
Costs Capitalized Subsequent to Acquisition | 1,309 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 15 | |||
Buildings and Improvements | 3,306 | |||
Total | 3,321 | |||
Accumulated Depreciation | (1,657) | |||
2034 West Jordan UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,021 | |||
Costs Capitalized Subsequent to Acquisition | 264 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,285 | |||
Total | 12,285 | |||
Accumulated Depreciation | (1,604) | |||
2036 West Jordan UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 547 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 1,383 | |||
Costs Capitalized Subsequent to Acquisition | 1,522 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 2,905 | |||
Total | 2,905 | |||
Accumulated Depreciation | (610) | |||
495 West Valley City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 410 | |||
Buildings and Improvements | 8,266 | |||
Costs Capitalized Subsequent to Acquisition | 1,002 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 410 | |||
Buildings and Improvements | 9,268 | |||
Total | 9,678 | |||
Accumulated Depreciation | (4,567) | |||
349 West Valley City UT | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,070 | |||
Buildings and Improvements | 17,463 | |||
Costs Capitalized Subsequent to Acquisition | 128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,036 | |||
Buildings and Improvements | 17,581 | |||
Total | 18,617 | |||
Accumulated Depreciation | (9,488) | |||
1208 Fairfax VA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,396 | |||
Buildings and Improvements | 16,710 | |||
Costs Capitalized Subsequent to Acquisition | 10,434 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,494 | |||
Buildings and Improvements | 26,168 | |||
Total | 34,662 | |||
Accumulated Depreciation | (8,694) | |||
2230 Fredericksburg VA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,101 | |||
Buildings and Improvements | 8,570 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,101 | |||
Buildings and Improvements | 8,570 | |||
Total | 9,671 | |||
Accumulated Depreciation | (837) | |||
572 Reston VA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 11,902 | |||
Costs Capitalized Subsequent to Acquisition | 967 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,026 | |||
Total | 12,026 | |||
Accumulated Depreciation | (4,458) | |||
448 Renton WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 18,724 | |||
Costs Capitalized Subsequent to Acquisition | 3,092 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 20,685 | |||
Total | 20,685 | |||
Accumulated Depreciation | (10,299) | |||
781 Seattle WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 52,703 | |||
Costs Capitalized Subsequent to Acquisition | 15,806 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 64,279 | |||
Total | 64,279 | |||
Accumulated Depreciation | (22,985) | |||
782 Seattle WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 24,382 | |||
Costs Capitalized Subsequent to Acquisition | 12,686 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 126 | |||
Buildings and Improvements | 34,881 | |||
Total | 35,007 | |||
Accumulated Depreciation | (13,765) | |||
783 Seattle WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 5,625 | |||
Costs Capitalized Subsequent to Acquisition | 1,375 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 183 | |||
Buildings and Improvements | 6,690 | |||
Total | 6,873 | |||
Accumulated Depreciation | (6,322) | |||
785 Seattle WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 7,293 | |||
Costs Capitalized Subsequent to Acquisition | 6,215 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,213 | |||
Total | 12,213 | |||
Accumulated Depreciation | (4,804) | |||
1385 Seattle WA | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 45,027 | |||
Costs Capitalized Subsequent to Acquisition | 3,619 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 48,471 | |||
Total | 48,471 | |||
Accumulated Depreciation | (15,524) | |||
2038 Evanston WY | Medical office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Improvements | 4,601 | |||
Costs Capitalized Subsequent to Acquisition | 222 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 4,823 | |||
Total | 4,823 | |||
Accumulated Depreciation | (681) | |||
126 Sherwood AR | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 709 | |||
Buildings and Improvements | 9,604 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 709 | |||
Buildings and Improvements | 9,587 | |||
Total | 10,296 | |||
Accumulated Depreciation | (5,723) | |||
113 Glendale AZ | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,565 | |||
Buildings and Improvements | 7,050 | |||
Costs Capitalized Subsequent to Acquisition | 20 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,565 | |||
Buildings and Improvements | 7,050 | |||
Total | 8,615 | |||
Accumulated Depreciation | (4,277) | |||
1038 Fresno CA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,652 | |||
Buildings and Improvements | 29,113 | |||
Costs Capitalized Subsequent to Acquisition | 21,935 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,652 | |||
Buildings and Improvements | 51,048 | |||
Total | 54,700 | |||
Accumulated Depreciation | (16,338) | |||
423 Irvine CA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,000 | |||
Buildings and Improvements | 70,800 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,000 | |||
Buildings and Improvements | 70,800 | |||
Total | 88,800 | |||
Accumulated Depreciation | (36,755) | |||
127 Colorado Springs CO | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Buildings and Improvements | 8,338 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 690 | |||
Buildings and Improvements | 8,338 | |||
Total | 9,028 | |||
Accumulated Depreciation | (4,960) | |||
887 Atlanta GA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,300 | |||
Buildings and Improvements | 13,690 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,300 | |||
Buildings and Improvements | 11,890 | |||
Total | 16,190 | |||
Accumulated Depreciation | (6,440) | |||
112 Overland Park KS | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,316 | |||
Buildings and Improvements | 10,681 | |||
Costs Capitalized Subsequent to Acquisition | 24 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,316 | |||
Buildings and Improvements | 10,680 | |||
Total | 12,996 | |||
Accumulated Depreciation | (6,712) | |||
1383 Baton Rouge LA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Buildings and Improvements | 8,545 | |||
Costs Capitalized Subsequent to Acquisition | 87 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 690 | |||
Buildings and Improvements | 8,496 | |||
Total | 9,186 | |||
Accumulated Depreciation | (4,139) | |||
2031 Slidell LA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 643 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,643 | |||
Buildings and Improvements | 0 | |||
Total | 3,643 | |||
Accumulated Depreciation | 0 | |||
886 Dallas TX | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,820 | |||
Buildings and Improvements | 8,508 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,820 | |||
Buildings and Improvements | 7,454 | |||
Total | 9,274 | |||
Accumulated Depreciation | (2,019) | |||
1319 Dallas TX | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,840 | |||
Buildings and Improvements | 155,659 | |||
Costs Capitalized Subsequent to Acquisition | 1,557 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,840 | |||
Buildings and Improvements | 157,216 | |||
Total | 176,056 | |||
Accumulated Depreciation | (48,404) | |||
1384 Plano TX | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,290 | |||
Buildings and Improvements | 22,686 | |||
Costs Capitalized Subsequent to Acquisition | 5,706 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,290 | |||
Buildings and Improvements | 28,203 | |||
Total | 34,493 | |||
Accumulated Depreciation | (13,334) | |||
2198 Webster TX | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,220 | |||
Buildings and Improvements | 9,602 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,220 | |||
Buildings and Improvements | 9,602 | |||
Total | 11,822 | |||
Accumulated Depreciation | (1,850) | |||
2469 Rural Retreat VA | Other | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,876 | |||
Buildings and Improvements | 14,720 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,876 | |||
Buildings and Improvements | 14,720 | |||
Total | 16,596 | |||
Accumulated Depreciation | (1,064) | |||
2210 Adlington UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 548 | |||
Buildings and Improvements | 7,108 | |||
Costs Capitalized Subsequent to Acquisition | 1,951 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 650 | |||
Buildings and Improvements | 8,961 | |||
Total | 9,611 | |||
Accumulated Depreciation | (757) | |||
2211 Adlington UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 568 | |||
Buildings and Improvements | 4,318 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 568 | |||
Buildings and Improvements | 4,318 | |||
Total | 4,886 | |||
Accumulated Depreciation | (359) | |||
2216 Alderley Edge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,252 | |||
Buildings and Improvements | 8,719 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,252 | |||
Buildings and Improvements | 8,719 | |||
Total | 9,971 | |||
Accumulated Depreciation | (656) | |||
2217 Alderley Edge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,218 | |||
Buildings and Improvements | 6,827 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,218 | |||
Buildings and Improvements | 6,828 | |||
Total | 8,046 | |||
Accumulated Depreciation | (539) | |||
2340 Altrincham UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,745 | |||
Buildings and Improvements | 18,693 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,745 | |||
Buildings and Improvements | 18,694 | |||
Total | 20,439 | |||
Accumulated Depreciation | (1,218) | |||
2312 Armley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 447 | |||
Buildings and Improvements | 2,670 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 447 | |||
Buildings and Improvements | 2,670 | |||
Total | 3,117 | |||
Accumulated Depreciation | (278) | |||
2313 Armley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,001 | |||
Buildings and Improvements | 3,114 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,001 | |||
Buildings and Improvements | 3,114 | |||
Total | 4,115 | |||
Accumulated Depreciation | (335) | |||
2309 Ashton under Lyne UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 649 | |||
Buildings and Improvements | 4,507 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 649 | |||
Buildings and Improvements | 4,507 | |||
Total | 5,156 | |||
Accumulated Depreciation | (472) | |||
2206 Bangor UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 386 | |||
Buildings and Improvements | 2,064 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 385 | |||
Buildings and Improvements | 2,064 | |||
Total | 2,449 | |||
Accumulated Depreciation | (213) | |||
2207 Batley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 649 | |||
Buildings and Improvements | 3,203 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 649 | |||
Buildings and Improvements | 3,203 | |||
Total | 3,852 | |||
Accumulated Depreciation | (454) | |||
2336 Birmingham UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 677 | |||
Buildings and Improvements | 2,451 | |||
Costs Capitalized Subsequent to Acquisition | 601 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 677 | |||
Buildings and Improvements | 3,052 | |||
Total | 3,729 | |||
Accumulated Depreciation | (522) | |||
2320 Bishopbriggs UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 907 | |||
Buildings and Improvements | 4,166 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 907 | |||
Buildings and Improvements | 4,166 | |||
Total | 5,073 | |||
Accumulated Depreciation | (452) | |||
2323 Bonnyrigg UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 947 | |||
Buildings and Improvements | 6,239 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 947 | |||
Buildings and Improvements | 6,239 | |||
Total | 7,186 | |||
Accumulated Depreciation | (644) | |||
2335 Cardiff UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,434 | |||
Buildings and Improvements | 4,838 | |||
Costs Capitalized Subsequent to Acquisition | 744 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,434 | |||
Buildings and Improvements | 5,581 | |||
Total | 7,015 | |||
Accumulated Depreciation | (771) | |||
2223 Catterick Garrison UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 798 | |||
Buildings and Improvements | 1,467 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 798 | |||
Buildings and Improvements | 1,467 | |||
Total | 2,265 | |||
Accumulated Depreciation | (294) | |||
2226 Christleton UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 528 | |||
Buildings and Improvements | 5,103 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 528 | |||
Buildings and Improvements | 5,103 | |||
Total | 5,631 | |||
Accumulated Depreciation | (401) | |||
2327 Croydon UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,597 | |||
Buildings and Improvements | 2,494 | |||
Costs Capitalized Subsequent to Acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,596 | |||
Buildings and Improvements | 2,511 | |||
Total | 4,107 | |||
Accumulated Depreciation | (296) | |||
2221 Disley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 345 | |||
Buildings and Improvements | 1,621 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 345 | |||
Buildings and Improvements | 1,620 | |||
Total | 1,965 | |||
Accumulated Depreciation | (175) | |||
2227 Disley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Buildings and Improvements | 3,964 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 690 | |||
Buildings and Improvements | 3,964 | |||
Total | 4,654 | |||
Accumulated Depreciation | (319) | |||
2306 Dukinfield UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 758 | |||
Buildings and Improvements | 4,054 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 758 | |||
Buildings and Improvements | 4,053 | |||
Total | 4,811 | |||
Accumulated Depreciation | (412) | |||
2316 Dukunfield UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 392 | |||
Buildings and Improvements | 2,491 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 392 | |||
Buildings and Improvements | 2,491 | |||
Total | 2,883 | |||
Accumulated Depreciation | (236) | |||
2317 Dukinfield UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 528 | |||
Buildings and Improvements | 2,811 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 528 | |||
Buildings and Improvements | 2,811 | |||
Total | 3,339 | |||
Accumulated Depreciation | (309) | |||
2318 Dumbarton UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 920 | |||
Buildings and Improvements | 3,825 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 920 | |||
Buildings and Improvements | 3,825 | |||
Total | 4,745 | |||
Accumulated Depreciation | (429) | |||
2303 Eckington UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 501 | |||
Buildings and Improvements | 1,638 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 500 | |||
Buildings and Improvements | 1,638 | |||
Total | 2,138 | |||
Accumulated Depreciation | (213) | |||
2333 Edinburgh UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,533 | |||
Buildings and Improvements | 24,135 | |||
Costs Capitalized Subsequent to Acquisition | 558 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,533 | |||
Buildings and Improvements | 24,693 | |||
Total | 29,226 | |||
Accumulated Depreciation | (2,431) | |||
2208 Elstead UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 893 | |||
Buildings and Improvements | 3,061 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 893 | |||
Buildings and Improvements | 3,060 | |||
Total | 3,953 | |||
Accumulated Depreciation | (346) | |||
2328 Forfar UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 852 | |||
Buildings and Improvements | 6,200 | |||
Costs Capitalized Subsequent to Acquisition | 427 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 853 | |||
Buildings and Improvements | 6,626 | |||
Total | 7,479 | |||
Accumulated Depreciation | (746) | |||
2214 Gilroyd UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 998 | |||
Buildings and Improvements | 1,691 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 998 | |||
Buildings and Improvements | 1,691 | |||
Total | 2,689 | |||
Accumulated Depreciation | (322) | |||
2330 Glasgow UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,854 | |||
Buildings and Improvements | 6,645 | |||
Costs Capitalized Subsequent to Acquisition | 1,207 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,854 | |||
Buildings and Improvements | 7,853 | |||
Total | 9,707 | |||
Accumulated Depreciation | (1,136) | |||
2307 Hyde UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,394 | |||
Buildings and Improvements | 5,144 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,394 | |||
Buildings and Improvements | 5,144 | |||
Total | 6,538 | |||
Accumulated Depreciation | (581) | |||
2324 Lewisham UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,921 | |||
Buildings and Improvements | 7,113 | |||
Costs Capitalized Subsequent to Acquisition | 604 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,922 | |||
Buildings and Improvements | 7,717 | |||
Total | 9,639 | |||
Accumulated Depreciation | (933) | |||
2332 Linlithgow UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,448 | |||
Buildings and Improvements | 7,434 | |||
Costs Capitalized Subsequent to Acquisition | 599 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,448 | |||
Buildings and Improvements | 8,033 | |||
Total | 9,481 | |||
Accumulated Depreciation | (933) | |||
2213 Ilkley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 954 | |||
Buildings and Improvements | 2,518 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 954 | |||
Buildings and Improvements | 2,518 | |||
Total | 3,472 | |||
Accumulated Depreciation | (403) | |||
2209 Kingswood UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,042 | |||
Buildings and Improvements | 3,884 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,042 | |||
Buildings and Improvements | 3,884 | |||
Total | 4,926 | |||
Accumulated Depreciation | (405) | |||
2212 Kirk Hammerton UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 438 | |||
Buildings and Improvements | 561 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 438 | |||
Buildings and Improvements | 561 | |||
Total | 999 | |||
Accumulated Depreciation | (131) | |||
2310 Kirkby UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 568 | |||
Buildings and Improvements | 2,712 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 568 | |||
Buildings and Improvements | 2,712 | |||
Total | 3,280 | |||
Accumulated Depreciation | (302) | |||
2304 Knotty Ash UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 649 | |||
Buildings and Improvements | 2,275 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 649 | |||
Buildings and Improvements | 2,274 | |||
Total | 2,923 | |||
Accumulated Depreciation | (270) | |||
2322 Laindon UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,191 | |||
Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,191 | |||
Buildings and Improvements | 2,771 | |||
Total | 3,962 | |||
Accumulated Depreciation | (329) | |||
2215 Leeds UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 503 | |||
Buildings and Improvements | 795 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 504 | |||
Buildings and Improvements | 795 | |||
Total | 1,299 | |||
Accumulated Depreciation | (196) | |||
2326 Limehouse UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,219 | |||
Buildings and Improvements | 3,168 | |||
Costs Capitalized Subsequent to Acquisition | 23 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,219 | |||
Buildings and Improvements | 3,191 | |||
Total | 5,410 | |||
Accumulated Depreciation | (409) | |||
2321 Luton UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,069 | |||
Buildings and Improvements | 3,169 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,069 | |||
Buildings and Improvements | 3,169 | |||
Total | 4,238 | |||
Accumulated Depreciation | (336) | |||
2339 Manchester UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,685 | |||
Buildings and Improvements | 15,136 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,685 | |||
Buildings and Improvements | 15,136 | |||
Total | 16,821 | |||
Accumulated Depreciation | (1,004) | |||
2225 Wadebridge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 298 | |||
Buildings and Improvements | 6,158 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 298 | |||
Buildings and Improvements | 6,159 | |||
Total | 6,457 | |||
Accumulated Depreciation | (518) | |||
2331 Paisley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,231 | |||
Buildings and Improvements | 3,995 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,232 | |||
Buildings and Improvements | 4,007 | |||
Total | 5,239 | |||
Accumulated Depreciation | (444) | |||
2308 Prescot UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 541 | |||
Buildings and Improvements | 1,934 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 541 | |||
Buildings and Improvements | 1,934 | |||
Total | 2,475 | |||
Accumulated Depreciation | (248) | |||
2305 Prescot UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 2,382 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 2,382 | |||
Total | 3,018 | |||
Accumulated Depreciation | (284) | |||
2219 Ripon UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 189 | |||
Buildings and Improvements | 906 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 189 | |||
Buildings and Improvements | 906 | |||
Total | 1,095 | |||
Accumulated Depreciation | (130) | |||
2319 Sheffield UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 744 | |||
Buildings and Improvements | 2,705 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 745 | |||
Buildings and Improvements | 2,704 | |||
Total | 3,449 | |||
Accumulated Depreciation | (303) | |||
2314 Stalybridge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 704 | |||
Buildings and Improvements | 3,608 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 704 | |||
Buildings and Improvements | 3,608 | |||
Total | 4,312 | |||
Accumulated Depreciation | (380) | |||
2315 Stalybridge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 555 | |||
Buildings and Improvements | 1,887 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 555 | |||
Buildings and Improvements | 1,887 | |||
Total | 2,442 | |||
Accumulated Depreciation | (212) | |||
2218 Stapeley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 995 | |||
Buildings and Improvements | 6,491 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 994 | |||
Buildings and Improvements | 6,491 | |||
Total | 7,485 | |||
Accumulated Depreciation | (567) | |||
2325 Stirling UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 907 | |||
Buildings and Improvements | 4,929 | |||
Costs Capitalized Subsequent to Acquisition | 451 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 907 | |||
Buildings and Improvements | 5,380 | |||
Total | 6,287 | |||
Accumulated Depreciation | (640) | |||
2329 Stirling UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,110 | |||
Buildings and Improvements | 4,041 | |||
Costs Capitalized Subsequent to Acquisition | 646 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,109 | |||
Buildings and Improvements | 4,687 | |||
Total | 5,796 | |||
Accumulated Depreciation | (673) | |||
2224 Stockton-on-Tees UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 292 | |||
Buildings and Improvements | 2,086 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 292 | |||
Buildings and Improvements | 2,086 | |||
Total | 2,378 | |||
Accumulated Depreciation | (240) | |||
2220 Thornton-Clevele UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 913 | |||
Buildings and Improvements | 4,566 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 913 | |||
Buildings and Improvements | 4,566 | |||
Total | 5,479 | |||
Accumulated Depreciation | (482) | |||
2228 Upper Wortley UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 455 | |||
Buildings and Improvements | 3,366 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 454 | |||
Buildings and Improvements | 3,366 | |||
Total | 3,820 | |||
Accumulated Depreciation | (334) | |||
2311 Wigan UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 717 | |||
Buildings and Improvements | 2,660 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 717 | |||
Buildings and Improvements | 2,661 | |||
Total | 3,378 | |||
Accumulated Depreciation | (366) | |||
2337 Wigan UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 541 | |||
Buildings and Improvements | 1,820 | |||
Costs Capitalized Subsequent to Acquisition | 16 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 534 | |||
Buildings and Improvements | 1,843 | |||
Total | 2,377 | |||
Accumulated Depreciation | (247) | |||
2338 Wigan UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 474 | |||
Buildings and Improvements | 3,788 | |||
Costs Capitalized Subsequent to Acquisition | 23 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 474 | |||
Buildings and Improvements | 3,811 | |||
Total | 4,285 | |||
Accumulated Depreciation | (399) | |||
2222 Woolmer Green UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 832 | |||
Buildings and Improvements | 6,062 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 832 | |||
Buildings and Improvements | 6,061 | |||
Total | 6,893 | |||
Accumulated Depreciation | (577) | |||
2334 Wotton under Edge UK | United Kingdom | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 636 | |||
Buildings and Improvements | 2,490 | |||
Costs Capitalized Subsequent to Acquisition | 164 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 636 | |||
Buildings and Improvements | 2,654 | |||
Total | 3,290 | |||
Accumulated Depreciation | $ (378) |
Schedule III_ Real Estate an129
Schedule III: Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Life on Which Depreciation in Latest Income Statement is Computed | 60 years |
Amount that the tax basis of the Company's net real estate is less than the reported amounts | $ 900 |
Schedule III_ Real Estate an130
Schedule III: Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real estate: | |||
Balances at beginning of year | $ 13,974,760 | $ 14,330,257 | $ 12,931,832 |
Acquisition of real estate and development and improvements | 995,443 | 987,135 | 1,930,931 |
Sales and/or transfers to assets held for sale and discontinued operations | (589,391) | (1,227,614) | (473,057) |
Deconsolidation of real estate | (825,074) | (10,306) | 0 |
Impairments | (37,274) | 0 | (3,118) |
Other | (44,891) | (104,712) | (56,331) |
Balances at end of year | 13,473,573 | 13,974,760 | 14,330,257 |
Accumulated depreciation: | |||
Balances at beginning of year | 2,648,930 | 2,476,015 | 2,190,486 |
Depreciation expense | 436,085 | 465,945 | 418,591 |
Sales and/or transfers to assets held for sale and discontinued operations | (115,195) | (239,112) | (86,001) |
Deconsolidation of real estate | (152,572) | (5,868) | 0 |
Other | (75,553) | (48,050) | (47,061) |
Balances at end of year | $ 2,741,695 | $ 2,648,930 | $ 2,476,015 |