Maryland (Physicians Realty Trust) Delaware (Physicians Realty L.P.) | 46-2519850 80-0941870 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
309 N. Water Street Suite 500 Milwaukee, Wisconsin | 53202 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant | Title of Each Class | Name of Each Exchange On Which Registered | ||
Physicians Realty Trust | Common Shares, $0.01 par value | New York Stock Exchange |
Physicians Realty Trust | Large accelerated filer | ýAccelerated filer o | |
Non-accelerated filer | Smaller reporting company oEmerging growth company o |
Physicians Realty L.P. | Large accelerated filer o Accelerated filer o Non-accelerated filer ý (Do not check if a smaller reporting company) Smaller reporting company o Emerging growth company o |
Page | |
Year | Portfolio Lease Expirations | Portfolio Lease Expirations | ||
2015 | 2.8% | |||
2016 | 3.6% | |||
2017 | 2.2% | |||
MTM (1) | 0.5% | |||
2018 | 6.6% | 2.9% | ||
2019 | 6.5% | 3.9% | ||
2020 | 1.6% | 3.6% | ||
2021 | 2.4% | 4.9% | ||
2022 | 3.4% | 4.9% | ||
2023 | 5.7% | 4.2% | ||
2024 | 16.9% | 6.2% | ||
2025 | 7.3% | |||
2026 | 25.6% | |||
2027 | 9.7% | |||
Thereafter | 42.8% | 22.9% | ||
Total | 96.6% |
(1) | “MTM” means month-to-month. This line also includes 4 leases which expired on December 31, 2017, representing 0.1% of portfolio leasable square feet. |
PROPERTY | PROPERTY TYPE | PROPERTY LOCATION | YEAR BUILT | % OWNED | NET LEASABLE SQUARE FOOTAGE | % LEASED | ANNUALIZED BASE RENT(1) (thousands) | ANNUALIZED BASE RENT PER LEASED SQUARE FOOT | HEALTHCARE DELIVERY SYSTEM AFFILIATION | PRINCIPAL TENANTS | |||||||||||||||||
INITIAL PROPERTIES (2) | |||||||||||||||||||||||||||
Arrowhead Commons | Medical Office Building | Phoenix, AZ | 2,004,000 | 100.0 | % | 12,800 | 85.0 | % | $ | 261 | $ | 24.00 | N/A | Paseo Family Physicians | |||||||||||||
Aurora Medical Office Building | Medical Office Building | Green Bay, WI | 2,010,000 | 100.0 | % | 9,112 | 100.0 | % | $ | 191 | $ | 20.96 | Aurora Health Care | Aurora Health Care | |||||||||||||
Austell Medical Office Building | Medical Office Building | Atlanta, GA | 1,971,000 | 100.0 | % | 14,598 | 78.5 | % | $ | 183 | $ | 15.97 | Northside Hospital | Northside Hospital | |||||||||||||
Canton Medical Office Building | Medical Office Building | Atlanta, GA | 1,994,000 | 51.0 | % | 38,098 | 100.0 | % | $ | 817 | $ | 21.44 | Northside Hospital | Northside Hospital | |||||||||||||
Decatur Medical Office Building | Medical Office Building | Atlanta, GA | 1,974,000 | 100.0 | % | 13,300 | 100.0 | % | $ | 357 | $ | 26.84 | N/A | Georgia Urology, P.A. | |||||||||||||
El Paso Medical Office Building | Medical Office Building | El Paso, TX | 1,987,000 | 100.0 | % | 21,777 | 100.0 | % | $ | 374 | $ | 17.17 | HCA | HCA—Del Sol Medical Center | |||||||||||||
Farmington Professional Pavilion | Medical Office Building | Detroit, MI | 1,972,000 | 100.0 | % | 21,338 | 57.5 | % | $ | 189 | $ | 15.40 | Botsford Hospital | Botsford Hospital, Farmington Dermatology | |||||||||||||
Firehouse Square | Medical Office Building | Milwaukee, WI | 2,002,000 | 100.0 | % | 17,265 | 100.0 | % | $ | 393 | $ | 22.76 | Aurora Health Care | Aurora Health Care | |||||||||||||
Hackley Medical Center | Medical Office Building | Grand Rapids, MI | 1,968,000 | 100.0 | % | 44,089 | 85.9 | % | $ | 682 | $ | 18.00 | Trinity Health | Hackley Hospital, Port City Pediatrics | |||||||||||||
Ingham Regional Medical Center | Medical Office Building | Lansing, MI | 1,994,000 | 100.0 | % | 26,783 | — | % | — | $ | — | N/A | N/A | ||||||||||||||
MeadowView Professional Center | Medical Office Building | Kingsport, TN | 2,005,000 | 100.0 | % | 64,200 | 100.0 | % | $ | 1,539 | $ | 23.97 | Holston Medical Group | Holston Medical Group | |||||||||||||
Mid Coast Hospital Medical Office Building | Medical Office Building | Portland, ME | 2,008,000 | 66.3 | % | 44,677 | 100.0 | % | $ | 1,205 | $ | 26.97 | Mid Coast Hospital | Mid Coast Hospital | |||||||||||||
New Albany Professional Building | Medical Office Building | Columbus, OH | 2,000,000 | 100.0 | % | 17,213 | 75.1 | % | $ | 177 | $ | 13.69 | N/A | Rainbow Pediatrics | |||||||||||||
Northpark Trail | Medical Office Building | Atlanta, GA | 2,001,000 | 100.0 | % | 14,223 | 37.4 | % | $ | 66 | $ | 12.39 | N/A | Georgia Urology, P.A. | |||||||||||||
Remington Medical Commons | Medical Office Building | Chicago, IL | 2,008,000 | 100.0 | % | 37,240 | 75.7 | % | $ | 704 | $ | 24.98 | Adventist | Fresenius Dialysis, Gateway Spine and Pain | |||||||||||||
Stonecreek Family Health Center | Medical Office Building | Columbus, OH | 1,996,000 | 100.0 | % | 20,329 | — | % | — | $ | — | N/A | N/A | ||||||||||||||
Summit Healthplex | Medical Office Building | Atlanta, GA | 2,002,000 | 100.0 | % | 67,333 | 100.0 | % | $ | 1,720 | $ | 25.54 | Piedmont | Georgia Bone and Joint, Piedmont Hospital | |||||||||||||
Valley West Hospital Medical Office Building | Medical Office Building | Chicago, IL | 2,007,000 | 100.0 | % | 38,717 | 96.1 | % | $ | 779 | $ | 20.93 | Kish Health System | Valley West Hospital, Midwest Orthopedics | |||||||||||||
INITIAL PROPERTIES TOTAL/WEIGHTED AVERAGE | 523,092 | 82.6 | % | $ | 9,637 | $ | 22.31 | ||||||||||||||||||||
Completed Acquisitions Since the IPO (3) | |||||||||||||||||||||||||||
21st Century Radiation Oncology Centers — Sarasota | Medical Office Building | Sarasota, FL | 1,975,000 | 100.0 | % | 21,400 | 100.0 | % | $ | 660 | $ | 30.84 | 21st Century Oncology | 21st Century Oncology | |||||||||||||
21st Century Radiation Oncology Centers - Venice | Medical Office Building | Venice, FL | 1,987,000 | 100.0 | % | 10,100 | 100.0 | % | $ | 345 | $ | 34.16 | 21st Century Oncology | 21st Century Oncology | |||||||||||||
21st Century Radiation Oncology Centers - Engelwood | Medical Office Building | Engelwood, FL | 1,992,000 | 100.0 | % | 7,000 | 100.0 | % | $ | 213 | $ | 30.43 | 21st Century Oncology | 21st Century Oncology |
State | Number of Properties | GLA (1) (square feet) | Percent of GLA | Annualized Base Rent (2) (thousands) | Percent of Annualized Base Rent | |||||||||||
Alabama | 11 | 509,501 | 3.6 | % | $ | 9,825 | 3.4 | % | ||||||||
Arizona | 13 | 733,791 | 5.2 | % | 15,751 | 5.5 | % | |||||||||
Arkansas | 8 | 283,440 | 2.0 | % | 4,401 | 1.5 | % | |||||||||
Colorado | 5 | 129,620 | 1.0 | % | 2,753 | 1.0 | % | |||||||||
Connecticut | 1 | 72,022 | 0.5 | % | 1,705 | 0.6 | % | |||||||||
Florida | 24 | 470,914 | 3.4 | % | 12,066 | 4.2 | % | |||||||||
Georgia | 23 | 1,289,838 | 9.2 | % | 27,457 | 9.6 | % | |||||||||
Illinois | 4 | 187,673 | 1.3 | % | 3,575 | 1.3 | % | |||||||||
Indiana | 22 | 1,039,767 | 7.4 | % | 18,283 | 6.4 | % | |||||||||
Kentucky | 12 | 976,620 | 7.0 | % | 16,028 | 5.6 | % | |||||||||
Louisiana | 3 | 150,777 | 1.1 | % | 5,680 | 2.0 | % | |||||||||
Maine | 1 | 44,677 | 0.3 | % | 1,298 | 0.5 | % | |||||||||
Maryland | 3 | 166,594 | 1.2 | % | 3,782 | 1.3 | % | |||||||||
Michigan | 8 | 447,794 | 3.2 | % | 9,713 | 3.4 | % | |||||||||
Minnesota | 18 | 662,416 | 4.7 | % | 13,143 | 4.6 | % | |||||||||
Mississippi | 2 | 97,294 | 0.7 | % | 2,466 | 0.9 | % | |||||||||
Missouri | 2 | 69,184 | 0.5 | % | 1,851 | 0.6 | % | |||||||||
Montana | 3 | 185,085 | 1.3 | % | 5,194 | 1.8 | % | |||||||||
Nebraska | 13 | 979,303 | 7.0 | % | 17,304 | 6.1 | % | |||||||||
New Mexico | 2 | 53,029 | 0.4 | % | 1,376 | 0.5 | % | |||||||||
New York | 13 | 613,496 | 4.4 | % | 14,242 | 5.0 | % | |||||||||
North Carolina | 1 | 29,422 | 0.2 | % | 634 | 0.2 | % | |||||||||
North Dakota | 8 | 434,215 | 3.1 | % | 7,612 | 2.7 | % | |||||||||
Ohio | 12 | 650,319 | 4.6 | % | 13,225 | 4.6 | % | |||||||||
Oklahoma | 1 | 52,000 | 0.4 | % | 480 | 0.2 | % | |||||||||
Pennsylvania | 11 | 407,911 | 3.0 | % | 5,518 | 1.9 | % | |||||||||
Tennessee | 11 | 534,725 | 3.8 | % | 10,149 | 3.6 | % | |||||||||
Texas | 29 | 1,930,348 | 13.8 | % | 46,850 | 16.4 | % | |||||||||
Washington | 10 | 589,141 | 4.2 | % | 7,994 | 2.8 | % | |||||||||
Wisconsin (3) | 6 | 205,886 | 1.5 | % | 5,315 | 1.8 | % | |||||||||
Total | 280 | 13,996,802 | 100.0 | % | $ | 285,670 | 100.0 | % |
(1) | “GLA” means gross leasable area. |
(2) | Annualized base rent is calculated by multiplying (a) base rental payments for the month ended December 31, 2017, by (b) 12. |
(3) | Excludes leases related to the Company’s 108,843 square foot corporate office building. |
21st Century Radiation Oncology Centers — Port Charlotte | Medical Office Building | Port Charlotte, FL | 1,996,000 | 100.0 | % | 8,395 | 100.0 | % | $ | 255 | $ | 30.38 | 21st Century Oncology | 21st Century Oncology | |||||||||||||
Central Ohio Neurosurgical Surgeons Medical Office | Medical Office Building | Columbus, OH | 2,007,000 | 100.0 | % | 38,891 | 100.0 | % | $ | 818 | $ | 21.03 | N/A | CONS | |||||||||||||
Crescent City Surgical Centre | Hospital | New Orleans, LA | 2,010,000 | 100.0 | % | 60,000 | 100.0 | % | $ | 3,090 | $ | 51.50 | Crescent City Surgical Centre | Crescent City Surgical Centre | |||||||||||||
Eagles Landing Family Practice Medical Office Building | Medical Office Building | McDonough, GA | 2,007,000 | 100.0 | % | 17,733 | 100.0 | % | $ | 403 | $ | 22.73 | N/A | Eagles Landing Family Practice | |||||||||||||
Eagles Landing Family Practice Medical Office Building | Medical Office Building | Jackson, GA | 2,006,000 | 100.0 | % | 14,269 | 100.0 | % | $ | 324 | $ | 22.71 | N/A | Eagles Landing Family Practice | |||||||||||||
Eagles Landing Family Practice Medical Office Building | Medical Office Building | Conyers, GA | 2,008,000 | 100.0 | % | 18,014 | 100.0 | % | $ | 409 | $ | 22.70 | N/A | Eagles Landing Family Practice | |||||||||||||
Eagles Landing Family Practice Medical Office Building | Medical Office Building | McDonough, GA | 2,010,000 | 100.0 | % | 18,695 | 100.0 | % | $ | 424 | $ | 22.68 | N/A | Eagles Landing Family Practice | |||||||||||||
East El Paso Medical Office Building | Medical Office Building | El Paso, TX | 2,004,000 | 99.0 | % | 41,007 | 100.0 | % | $ | 591 | $ | 14.41 | Foundation Healthcare Inc. | EEPPMC Partners, LLC | |||||||||||||
East El Paso Surgical Hospital | Hospital | El Paso, TX | 2,004,000 | 99.0 | % | 77,000 | 100.0 | % | $ | 3,381 | $ | 43.91 | Foundation Healthcare Inc. | East El Paso Physicians Medical Center, LLC | |||||||||||||
Foundation San Antonio Surgical Hospital | Hospital | San Antonio, TX | 2,007,000 | 100.0 | % | 45,954 | 100.0 | % | $ | 2,300 | $ | 50.05 | Foundation Healthcare Inc. | Foundation Bariatric Hospital of San Antonio, L.L.C | |||||||||||||
Foundation San Antonio Healthplex | Medical Office Building | San Antonio, TX | 2,007,000 | 100.0 | % | 22,832 | 100.0 | % | $ | 602 | $ | 26.37 | Foundation Healthcare Inc. | Foundation Healthcare Inc. | |||||||||||||
Foundation Surgical Affiliates Medical Office Building | Medical Office Building | Oklahoma City, OK | 2,004,000 | 99.0 | % | 52,000 | 100.0 | % | $ | 1,273 | $ | 24.48 | Foundation Healthcare Inc. | Foundation Surgical Affiliates | |||||||||||||
Great Falls Ambulatory Surgery Center | Medical Office Building | Great Falls, MT | 1,999,000 | 100.0 | % | 12,636 | 100.0 | % | $ | 346 | $ | 27.38 | N/A | Great Falls Clinic Surgery Center LLC | |||||||||||||
LifeCare LTACH — Fort Worth | Post-Acute Hospital | Fort Worth, TX | 1,985,000 | 100.0 | % | 80,000 | 100.0 | % | $ | 2,200 | $ | 27.50 | LifeCare Hospitals | LifeCare Holdings, LLC | |||||||||||||
LifeCare LTACH — Pittsburgh | Post-Acute Hospital | Pittsburgh, PA | 1,987,000 | 100.0 | % | 154,910 | 100.0 | % | $ | 1,040 | $ | 6.71 | LifeCare Hospitals | LifeCare Holdings, LLC | |||||||||||||
LifeCare Plano LTACH | Post-Acute Hospital | Plano, TX | 1,987,000 | 100.0 | % | 75,442 | 100.0 | % | $ | 1,457 | $ | 19.31 | LifeCare Hospitals | LifeCare Holdings, LLC | |||||||||||||
Peachtree Dunwoody Medical Center | Medical Office Building | Atlanta, GA | 1,987,000 | 100.0 | % | 131,368 | 94.7 | % | $ | 3,651 | $ | 29.34 | Northside | Northside Hospital | |||||||||||||
Pensacola Medical Office Building | Medical Office Building | Pensacola, FL | 2,012,000 | 100.0 | % | 20,319 | 100.0 | % | $ | 609 | $ | 29.97 | N/A | N/A | |||||||||||||
South Bend Orthopaedics Medical Office Building | Medical Office Building | Mishawaka, IN | 2,007,000 | 100.0 | % | 45,198 | 100.0 | % | $ | 1,195 | $ | 26.44 | N/A | South Bend Orthopaedics | |||||||||||||
PinnacleHealth Medical Office Building | Medical Office Building | Harrisburg, PA | 1,990,000 | 100.0 | % | 27,601 | 100.0 | % | $ | 614 | $ | 22.25 | Pinnacle Health Hospitals | Pinnacle Health Hospitals | |||||||||||||
Pinnacle Health Medical Office Building | Medical Office Building | Carlisle, PA | 2,002,000 | 100.0 | % | 10,485 | 100.0 | % | $ | 265 | $ | 25.27 | Pinnacle Health Hospitals | Pinnacle Health Hospitals | |||||||||||||
Grenada Medical Complex | Medical Office Building | Grenada, MS | 1,975,000 | 100.0 | % | 52,941 | 94.7 | % | $ | 1,071 | $ | 21.36 | N/A | N/A | |||||||||||||
Mississippi Ortho Medical Office Building | Medical Office Building | Jackson, MS | 1,987,000 | 100.0 | % | 44,269 | 100.0 | % | $ | 1,319 | $ | 29.80 | N/A | N/A | |||||||||||||
Carmel Medical Pavilion | Medical Office Building | Carmel, IN | 1,993,000 | 100.0 | % | 28,572 | 100.0 | % | $ | 350 | $ | 12.25 | St. Vincent’s | St. Vincent’s | |||||||||||||
Renaissance Ambulatory Surgery Center | Medical Office Building | Oshkosh, WI | 2,007,000 | 100.0 | % | 24,622 | 100.0 | % | $ | 703 | $ | 28.55 | ThedaCare | ThedaCare | |||||||||||||
Presbyterian Medical Plaza | Medical Office Building | Monroe, NC | 2,008,000 | 100.0 | % | 29,422 | 100.0 | % | $ | 611 | $ | 20.77 | Novant | Novant | |||||||||||||
Summit Urology | Medical Office Building | Bloomington, IN | 1,996,000 | 100.0 | % | 15,946 | 100.0 | % | $ | 386 | $ | 24.21 | N/A | Surgicare, LLC | |||||||||||||
500 Landmark | Medical Office Building | Bloomington, IN | 2,000,000 | 100.0 | % | 65,000 | 100.0 | % | $ | 1,319 | $ | 20.29 | N/A | Premier Healthcare | |||||||||||||
550 Landmark | Medical Office Building | Bloomington, IN | 2,000,000 | 100.0 | % | 15,000 | 100.0 | % | $ | 282 | $ | 18.80 | N/A | Premier Healthcare | |||||||||||||
574 Landmark | Medical Office Building | Bloomington, IN | 2,004,000 | 100.0 | % | 10,000 | 100.0 | % | $ | 187 | $ | 18.70 | N/A | Premier Healthcare |
Carlisle II MOB | Medical Office Building | Carlisle, PA | 1,996,000 | 100.0 | % | 13,245 | 100.0 | % | $ | 251 | $ | 18.95 | Carlisle Regional Medical Center | Carlisle Regional Medical Center | |||||||||||||
Surgical Institute of Monroe | Medical Office Building | Monroe, MI | 2,010,000 | 100.0 | % | 24,500 | 100.0 | % | $ | 480 | $ | 19.59 | ProMedica | The Surgical Institute of Monroe Ambulatory Surgery Center | |||||||||||||
The Oaks @ Lady Lake | Medical Office Building | Lady Lake, FL | 2,011,000 | 100.0 | % | 27,992 | 100.0 | % | $ | 739 | $ | 26.40 | Munroe Regional Health System | Munroe Regional Health System | |||||||||||||
Mansfield ASC | Medical Office Building | Mansfield, TX | 2,010,000 | 100.0 | % | 15,662 | 100.0 | % | $ | 633 | $ | 40.42 | N/A | Baylor Surgicare | |||||||||||||
Eye Center of Southern Indiana | Medical Office Building | Bloomington, IN | 1,995,000 | 100.0 | % | 32,096 | 100.0 | % | $ | 883 | $ | 27.51 | N/A | Eye Center of Southern Indiana | |||||||||||||
Wayne State | Medical Office Building | Troy, MI | 1,986,000 | 100.0 | % | 176,000 | 100.0 | % | $ | 3,168 | $ | 18.00 | Wayne State University Physician Group | Wayne State University Physician Group | |||||||||||||
Zangmeister | Medical Office Building | Columbus, OH | 2,007,000 | 100.0 | % | 109,667 | 100.0 | % | $ | 2,555 | $ | 23.30 | Mid Ohio Oncology | ||||||||||||||
Ortho One - Columbus | Medical Office Building | Columbus, OH | 2,009,000 | 100.0 | % | 75,873 | 100.0 | % | $ | 1,463 | $ | 19.28 | N/A | Orthopedic One | |||||||||||||
Ortho One - Westerville | Medical Office Building | Columbus, OH | 2,007,000 | 100.0 | % | 19,876 | 100.0 | % | $ | 382 | $ | 19.22 | N/A | Orthopedic One | |||||||||||||
Berger Medical Center | Medical Office Building | Columbus, OH | 2,007,000 | 100.0 | % | 31,528 | 77.7 | % | $ | 509 | $ | 20.78 | Berger Hospital | Berger Hospital | |||||||||||||
El Paso - Lee Trevino | Medical Office Building | El Paso, TX | 1,983,000 | 100.0 | % | 75,484 | 92.8 | % | $ | 1,092 | $ | 15.59 | N/A | EPOSG Clinic | |||||||||||||
El Paso - Murchison | Hospital | El Paso, TX | 1,970,000 | 100.0 | % | 86,971 | 100.0 | % | $ | 2,310 | $ | 26.56 | N/A | El Paso Specialty Hospital, EPOSG Clinic | |||||||||||||
El Paso - Kenworthy | Medical Office Building | El Paso, TX | 1,983,000 | 100.0 | % | 16,245 | 73.6 | % | $ | 457 | $ | 38.23 | N/A | EPOSG Clinic | |||||||||||||
Pinnacle - 32 Northeast | Medical Office Building | Harrisburg, PA | 1,994,000 | 100.0 | % | 19,110 | 100.0 | % | $ | 364 | $ | 19.05 | Pinnacle Health Systems | Pinnacle Health Systems | |||||||||||||
Pinnacle - 4518 Union Deposit | Medical Office Building | Harrisburg, PA | 2,000,000 | 100.0 | % | 39,009 | 89.5 | % | $ | 651 | $ | 18.65 | Pinnacle Health Systems | Pinnacle Health Systems | |||||||||||||
Pinnacle - 4520 Union Deposit | Medical Office Building | Harrisburg, PA | 1,997,000 | 100.0 | % | 10,200 | 100.0 | % | $ | 162 | $ | 15.88 | Pinnacle Health Systems | Tristan Associates | |||||||||||||
Pinnacle - 240 Grandview | Medical Office Building | Harrisburg, PA | 1,980,000 | 100.0 | % | 19,446 | 100.0 | % | $ | 370 | $ | 19.03 | Pinnacle Health Systems | Pinnacle Health Systems | |||||||||||||
Pinnacle - Market Place Way | Medical Office Building | Harrisburg, PA | 2,004,000 | 100.0 | % | 30,000 | 100.0 | % | $ | 332 | $ | 11.07 | Pinnacle Health Systems | Pinnacle Health Systems | |||||||||||||
CRHS - 2000 10th Avenue | Medical Office Building | Columbus, GA | 1,989,000 | 100.0 | % | 40,341 | 83.2 | % | $ | 471 | $ | 14.04 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 1942 North Avenue | Medical Office Building | Columbus, GA | 1,971,000 | 100.0 | % | 6,808 | 100.0 | % | $ | 94 | $ | 13.81 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 920 18th Street | Medical Office Building | Columbus, GA | 1,982,000 | 100.0 | % | 6,055 | 100.0 | % | $ | 89 | $ | 14.70 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 1900 10th Avenue | Medical Office Building | Columbus, GA | 1,976,000 | 100.0 | % | 50,930 | 94.2 | % | $ | 740 | $ | 15.43 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 1800 10th Avenue | Medical Office Building | Columbus, GA | 1,980,000 | 100.0 | % | 38,650 | 100.0 | % | $ | 626 | $ | 16.20 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 705 17th Street | Medical Office Building | Columbus, GA | 1,994,000 | 100.0 | % | 44,995 | 82.8 | % | $ | 646 | $ | 17.35 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 615 19th Street | Medical Office Building | Columbus, GA | 1,976,000 | 100.0 | % | 9,048 | 100.0 | % | $ | 95 | $ | 10.50 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 1968 North Avenue | Medical Office Building | Columbus, GA | 1,966,000 | 100.0 | % | 3,952 | 100.0 | % | $ | — | $ | — | N/A | N/A | |||||||||||||
CRHS - 633 19th Street | Medical Office Building | Columbus, GA | 1,972,000 | 100.0 | % | 11,315 | 71.2 | % | $ | 112 | $ | 13.90 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 500 18th Street | Medical Office Building | Columbus, GA | 1,982,000 | 100.0 | % | 15,877 | 71.8 | % | $ | 143 | $ | 12.54 | Columbus Regional Health System | Columbus Regional Health System |
CRHS - 2200 Hamilton Road | Medical Office Building | Columbus, GA | 1,992,000 | 100.0 | % | 17,805 | 84.9 | % | $ | 254 | $ | 16.81 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
CRHS - 1810 Stadium Drive | Medical Office Building | Columbus, GA | 1,999,000 | 100.0 | % | 27,620 | 65.2 | % | $ | 255 | $ | 14.15 | Columbus Regional Health System | Columbus Regional Health System | |||||||||||||
Carle Danville MOB | Medical Office Building | Danville, IL | 2,007,000 | 100.0 | % | 46,663 | 100.0 | % | $ | 622 | $ | 13.33 | N/A | Carle Foundation | |||||||||||||
Middletown Medical - 111 Maltese | Medical Office Building | Middletown, NY | 1,988,000 | 100.0 | % | 27,264 | 100.0 | % | $ | 710 | $ | 26.04 | N/A | Middletown Medical | |||||||||||||
Middletown Medical - 2 Edgewater | Medical Office Building | Middletown, NY | 1,992,000 | 100.0 | % | 8,162 | 100.0 | % | $ | 212 | $ | 25.97 | N/A | Middletown Medical | |||||||||||||
Napoleon Medical Office Building | Medical Office Building | New Orleans, LA | 1,974,000 | 100.0 | % | 65,775 | 88.9 | % | $ | 1,251 | $ | 21.40 | Oschner Health System | N/A | |||||||||||||
West TN Bone & Joint - Physicians Drive | Medical Office Building | Jackson, TN | 1,991,000 | 100.0 | % | 23,900 | 100.0 | % | $ | 454 | $ | 19.00 | N/A | West TN Bone & Joint Clinic | |||||||||||||
West TN Bone & Joint | Medical Office Building | Jackson, TN | 1,996,000 | 100.0 | % | 12,524 | 100.0 | % | $ | 257 | $ | 20.52 | N/A | Jackson Ophthalmology ASC | |||||||||||||
COMPLETED PROPERTIES TOTAL WEIGHTED AVERAGE | 2,577,609 | 97.1 | % | $ | 56,525 | $ | 22.59 | ||||||||||||||||||||
Portfolio Total/Weighted Average | 3,100,701 | 94.6 | % | $ | 66,162 | $ | 22.55 |
NUMBER OF LEASES EXPIRING | NET RENTABLE SQUARE FEET | PERCENTAGE OF NET RENTABLE SQUARE FEET | ANNUALIZED RENT(1) (thousands) | PERCENTAGE OF ANNUALIZED RENT | ANNUALIZED RENT LEASED SQUARE FOOT(2) | ||||||||||||||||||||||||||||||||||
2015 | 29 | 86,971 | 2.8 | % | $ | 1,795 | 2.7 | % | $ | 20.64 | |||||||||||||||||||||||||||||
2016 | 28 | 110,075 | 3.6 | % | 2,425 | 3.7 | % | $ | 22.03 | ||||||||||||||||||||||||||||||
2017 | 21 | 68,298 | 2.2 | % | 1,647 | 2.5 | % | $ | 24.11 | ||||||||||||||||||||||||||||||
Expiration (1) | Number of Leases Expiring | GLA | Percent of GLA | Annualized Base Rent (2) (thousands) | Percent of Annualized Base Rent | Annualized Base Rent Leased per Square Foot (3) | |||||||||||||||||||||||||||||||||
2018 | 27 | 203,922 | 6.6 | % | 4,306 | 6.5 | % | $ | 21.12 | 115 | 412,406 | 2.9 | % | 8,266 | 2.9 | % | $ | 20.04 | |||||||||||||||||||||
2019 | 25 | 202,606 | 6.5 | % | 4,057 | 6.1 | % | $ | 20.02 | 105 | 539,574 | 3.9 | % | 11,939 | 4.2 | % | 22.13 | ||||||||||||||||||||||
2020 | 13 | 49,028 | 1.6 | % | 969 | 1.5 | % | $ | 19.76 | 116 | 498,110 | 3.6 | % | 10,548 | 3.7 | % | 21.18 | ||||||||||||||||||||||
2021 | 11 | 73,855 | 2.4 | % | 1,784 | 2.7 | % | $ | 24.16 | 160 | 688,399 | 4.9 | % | 14,709 | 5.1 | % | 21.37 | ||||||||||||||||||||||
2022 | 11 | 106,611 | 3.4 | % | 2,669 | 4.0 | % | $ | 25.03 | 106 | 684,229 | 4.9 | % | 16,300 | 5.7 | % | 23.82 | ||||||||||||||||||||||
2023 | 17 | 178,001 | 5.7 | % | 3,941 | 6.0 | % | $ | 22.14 | 87 | 594,185 | 4.2 | % | 13,023 | 4.6 | % | 21.92 | ||||||||||||||||||||||
2024 | 45 | 523,238 | 16.9 | % | 10,017 | 15.1 | % | $ | 19.14 | 87 | 862,954 | 6.2 | % | 17,524 | 6.1 | % | 20.31 | ||||||||||||||||||||||
2025 | 132 | 1,027,311 | 7.3 | % | 24,384 | 8.5 | % | 23.74 | |||||||||||||||||||||||||||||||
2026 | 126 | 3,576,886 | 25.6 | % | 71,566 | 25.1 | % | 20.01 | |||||||||||||||||||||||||||||||
2027 | 78 | 1,362,904 | 9.7 | % | 27,181 | 9.5 | % | 19.94 | |||||||||||||||||||||||||||||||
Thereafter | 58 | 1,328,091 | 42.8 | % | 32,517 | 49.1 | % | $ | 24.48 | 104 | 3,199,457 | 22.9 | % | 69,153 | 24.2 | % | 21.61 | ||||||||||||||||||||||
Month to month | 2 | 3,323 | 0.1 | % | 35 | 0.1 | % | $ | 10.53 | 44 | 73,781 | 0.5 | % | 1,077 | 0.4 | % | 14.60 | ||||||||||||||||||||||
Vacant | — | 166,682 | 5.4 | % | — | — | — | — | 476,606 | 3.4 | % | — | — | — | |||||||||||||||||||||||||
Total/ Weighted average | 287 | 3,100,701 | 100.0 | % | $ | 66,162 | 100.0 | % | $ | 21.34 | |||||||||||||||||||||||||||||
Total / Weighted average | 1,260 | 13,996,802 | 100.0 | % | $ | 285,670 | 100.0 | % | $ | 21.13 |
(1) | Excludes leases related to the Company’s 108,843 square foot corporate office building. |
(2) | Annualized base rent is calculated by multiplying (a) base rental payments for the month ended December 31, 2017, by (b) 12. |
(3) | Annualized base |
(4) | Includes 4 leases which expired on December 31, 2017, representing 0.1% of portfolio leasable square feet. |
Tenant | # of Properties | Property Location | Leased SF | % Leased GLA | Annualized Base Rent(1) (thousands) | % of Portfolio Annualized Rent(2) | |||||||||||
LifeCare | 3 | TX, PA | 310,352 | 10.0 | % | $ | 4,697 | 7.1 | % | ||||||||
East El Paso Physicians Medical Center | 1 | TX | 77,000 | 2.5 | % | $ | 3,381 | 5.1 | % | ||||||||
Wayne State University Physician Group | 1 | MI | 176,000 | 5.7 | % | $ | 3,168 | 4.8 | % | ||||||||
Crescent City Surgical Centre | 1 | LA | 60,000 | 1.9 | % | $ | 3,090 | 4.7 | % | ||||||||
Foundation Hospital of San Antonio, LLC | 2 | TX | 68,786 | 2.2 | % | $ | 2,902 | 4.4 | % | ||||||||
Northside Hospital | 3 | GA | 88,003 | 2.8 | % | $ | 2,242 | 3.4 | % | ||||||||
Mid Ohio Oncology | 1 | OH | 98,325 | 3.2 | % | $ | 2,233 | 3.4 | % | ||||||||
Pinnacle Health | 6 | PA | 105,199 | 3.4 | % | $ | 2,011 | 3.0 | % | ||||||||
Columbus Regional Health System | 9 | GA | 125,189 | 4.0 | % | $ | 1,909 | 2.9 | % | ||||||||
Premier Healthcare | 3 | IN | 90,000 | 2.9 | % | $ | 1,788 | 2.7 | % |
Tenant | # of Properties | Leased GLA | % GLA | Annualized Base Rent (1) (thousands) | % of Portfolio Annualized Rent | ||||||||||
CHI - Nebraska | 13 | 893,098 | 6.4 | % | $ | 15,906 | 5.6 | % | |||||||
CHI - KentuckyOne Health | 11 | 744,101 | 5.3 | % | 13,120 | 4.6 | % | ||||||||
Baylor Scott and White Health | 2 | 268,639 | 1.9 | % | 7,402 | 2.6 | % | ||||||||
US Oncology | 6 | 256,988 | 1.8 | % | 6,706 | 2.4 | % | ||||||||
CHI - St. Alexius (ND) | 7 | 362,284 | 2.6 | % | 6,239 | 2.2 | % | ||||||||
Northside Hospital (GA) | 4 | 329,249 | 2.4 | % | 6,018 | 2.1 | % | ||||||||
HonorHealth (AZ) | 6 | 243,482 | 1.7 | % | 5,768 | 2.0 | % | ||||||||
CHI - Franciscan (Seattle - Tacoma) | 8 | 329,754 | 2.4 | % | 5,594 | 2.0 | % | ||||||||
Great Falls Hospital (MT) | 3 | 185,085 | 1.3 | % | 5,194 | 1.8 | % | ||||||||
LifeCare | 3 | 310,352 | 2.2 | % | 5,021 | 1.8 | % | ||||||||
Total | 63 | 3,923,032 | 28.0 | % | $ | 76,968 | 27.1 | % |
(1) | |
Calculated for each tenant as the monthly contracted base rent per the terms of such tenant’s lease, as of December 31, 2017, multiplied by 12. |
2013 | Dividends (1) | ||||
Third quarter (commencing July 19, 2013 to September 30, 2013) | $ | 0.18 | (2) | ||
Fourth quarter | $ | 0.225 | (3) |
2016 | High | Low | Dividends (1) | ||||||||||
First quarter | $ | 18.90 | $ | 15.41 | $ | 0.225 | (2) | ||||||
Second quarter | $ | 21.36 | $ | 17.83 | $ | 0.225 | (3) | ||||||
Third quarter | $ | 22.03 | $ | 19.73 | $ | 0.225 | (4) | ||||||
Fourth quarter | $ | 21.45 | $ | 17.12 | $ | 0.225 | (5) |
2014 | Dividends (1) | |||||||||||||||||
2017 | High | Low | Dividends (1) | |||||||||||||||
First quarter | $ | 0.225 | (4) | $ | 20.19 | $ | 18.18 | $ | 0.225 | (6) | ||||||||
Second quarter | $ | 0.225 | (5) | $ | 21.85 | $ | 18.75 | $ | 0.230 | (7) | ||||||||
Third quarter | $ | 0.225 | (6) | $ | 20.41 | $ | 17.38 | $ | 0.230 | (8) | ||||||||
Fourth quarter | $ | 0.225 | (7) | $ | 19.03 | $ | 17.25 | $ | 0.230 | (9) |
(1) | Dividend information is for dividends declared with respect to that quarter. |
(2) | On March 18, 2016, the Trust declared a cash dividend of $0.225 per share for the quarterly period ended March 31, 2016. The dividend was paid on April 18, 2016 to common shareholders and OP Unit holders of record on April 1, 2016. |
(3) | On June 23, 2016, the Trust declared a cash dividend of $0.225 per share for the quarterly period ended June 30, 2016. The dividend was paid on July 18, 2016 to common shareholders and OP Unit holders of record on July 5, 2016. |
(4) | On September 26, 2016, the Trust declared a cash dividend of $0.225 per common share for the quarterly period ended September 30, 2016. The dividend was paid on October 18, 2016 to common shareholders and OP Unit holders of record on October 6, 2016. |
(5) | On December 22, 2016, the Trust declared a cash dividend of $0.225 per share for the quarter ending December 31, 2016. The dividend was paid on January 18, 2017 to common shareholders and OP Unit holders of record on January 5, 2017. |
(6) | On March 17, 2017, the Trust declared a cash dividend of $0.225 per share for the quarterly period ended March 31, 2017. The dividend was paid on April 18, 2017 to common shareholders and OP Unit holders of record on April 5, 2017. |
(7) | On June 12, 2017, the Trust declared a cash dividend of $0.230 per share for the quarterly period ended June 30, 2017. The dividend was paid on July 18, 2017 to common shareholders and OP Unit holders of record on July 3, 2017. |
(8) | On September 21, 2017, the Trust declared a cash dividend of $0.230 per share for the quarterly period ended September 30, 2017. The dividend was paid on October 18, 2017 to common shareholders and OP Unit holders of record on October 3, 2017. |
(9) | On December 21, 2017, the Trust declared a cash dividend of $0.230 per share for the quarterly period ended December 31, 2017. The dividend was paid on January 18, 2018 to common shareholders and OP Unit holders of record on January 3, 2018. |
2016 | Distributions | |||
First quarter | $ | 0.225 | ||
Second quarter | $ | 0.225 | ||
Third quarter | $ | 0.225 | ||
Fourth quarter | $ | 0.225 |
2017 | Distributions | |||
First quarter | $ | 0.225 | ||
Second quarter | $ | 0.230 | ||
Third quarter | $ | 0.230 | ||
Fourth quarter | $ | 0.230 |
Period Ending | ||||||||||||||||||||||||
Index | 7/19/2013 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | ||||||||||||||||||
Physicians Realty Trust | $ | 100.00 | $ | 112.34 | $ | 156.36 | $ | 167.80 | $ | 197.82 | $ | 196.89 | ||||||||||||
Standard & Poor’s 500 | $ | 100.00 | $ | 110.29 | $ | 125.39 | $ | 127.13 | $ | 142.33 | $ | 173.40 | ||||||||||||
MSCI US REIT (RMS) | $ | 100.00 | $ | 91.70 | $ | 119.56 | $ | 122.57 | $ | 133.11 | $ | 139.86 |
Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||
October 1, 2017 - October 31, 2017 | 8,265 | (1) | $ | 17.57 | N/A | N/A | |||||||
November 1, 2017 - November 30, 2017 | — | — | N/A | N/A | |||||||||
December 1, 2017 - December 31, 2017 | — | — | N/A | N/A | |||||||||
Total | 8,265 | $ | 17.57 | — | — |
(1) | Represents OP Units redeemed by holders in exchange for common shares of the Trust. |
Year Ended December 31, | |||||||||||||||||||
(in thousands, except per share data) | 2017 | 2016 | 2015 | 2014 | 2013 (1) | ||||||||||||||
Statement of Operations Data | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Rental revenues | $ | 259,673 | $ | 186,301 | $ | 103,974 | $ | 46,397 | $ | 13,565 | |||||||||
Expense recoveries | 75,425 | 45,875 | 21,587 | 5,871 | 3,234 | ||||||||||||||
Interest income on real estate loans and other | 8,486 | 8,858 | 3,880 | 1,066 | 246 | ||||||||||||||
Total revenues | 343,584 | 241,034 | 129,441 | 53,334 | 17,045 | ||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 47,008 | 23,864 | 10,636 | 6,907 | 4,295 | ||||||||||||||
General and administrative | 22,957 | 18,397 | 14,908 | 11,440 | 3,214 | ||||||||||||||
Operating expenses | 97,035 | 65,999 | 31,026 | 10,154 | 4,650 | ||||||||||||||
Depreciation and amortization | 125,159 | 86,589 | 45,471 | 16,731 | 5,107 | ||||||||||||||
Acquisition expenses | 16,744 | 14,778 | 14,893 | 10,897 | 1,938 | ||||||||||||||
Management fees | — | — | — | — | 475 | ||||||||||||||
Impairment loss | 965 | — | — | 1,750 | — | ||||||||||||||
Total expenses | 309,868 | 209,627 | 116,934 | 57,879 | 19,679 | ||||||||||||||
Income (loss) before equity in income of unconsolidated entities and gain (loss) on sale of investment properties | 33,716 | 31,407 | 12,507 | (4,545 | ) | (2,634 | ) | ||||||||||||
Equity in income of unconsolidated entities | 183 | 115 | 104 | 95 | — | ||||||||||||||
Gain (loss) on sale of investment properties | 5,874 | — | 130 | 32 | (2 | ) | |||||||||||||
Net income (loss) | 39,773 | 31,522 | 12,741 | (4,418 | ) | (2,636 | ) | ||||||||||||
Net (income) loss attributable to noncontrolling interests: | |||||||||||||||||||
Predecessor | — | — | — | — | 576 | ||||||||||||||
Operating Partnership | (1,136 | ) | (825 | ) | (576 | ) | 695 | 470 | |||||||||||
Partially owned properties (2) | (491 | ) | (716 | ) | (377 | ) | (314 | ) | (71 | ) | |||||||||
Net income (loss) attributable to controlling interest | 38,146 | 29,981 | 11,788 | (4,037 | ) | (1,661 | ) | ||||||||||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | — | — | |||||||||||
Net income (loss) attributable to common shareholders | $ | 37,415 | $ | 28,124 | $ | 10,599 | $ | (4,037 | ) | $ | (1,661 | ) | |||||||
Net income (loss) per share: | |||||||||||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | $ | (0.12 | ) | $ | (0.13 | ) | |||||||
Diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 | $ | (0.12 | ) | $ | (0.13 | ) | |||||||
Dividends and distributions declared per common share and OP Unit | $ | 0.915 | $ | 0.900 | $ | 0.900 | $ | 0.900 | $ | 0.410 | |||||||||
Balance Sheet Data (as of end of period): | |||||||||||||||||||
Assets: | |||||||||||||||||||
Net real estate investments | $ | 4,045,388 | $ | 2,767,624 | $ | 1,579,483 | $ | 773,650 | $ | 227,539 | |||||||||
Cash and cash equivalents | 2,727 | 15,491 | 3,143 | 15,923 | 56,478 | ||||||||||||||
Tenant receivables, net | 9,966 | 9,790 | 2,977 | 1,324 | 837 | ||||||||||||||
Other assets | 106,302 | 95,187 | 53,283 | 15,806 | 5,901 | ||||||||||||||
Total assets | $ | 4,164,383 | $ | 2,888,092 | $ | 1,638,886 | $ | 806,703 | $ | 290,755 | |||||||||
Liabilities and Equity: | |||||||||||||||||||
Credit facility | $ | 324,394 | $ | 643,742 | $ | 389,375 | $ | 134,144 | $ | — | |||||||||
Notes payable | 966,603 | 224,330 | — | — | — | ||||||||||||||
Mortgage debt | 186,471 | 123,083 | 94,240 | 77,091 | 40,716 | ||||||||||||||
Accounts payable | 11,023 | 4,423 | 644 | 700 | 836 | ||||||||||||||
Dividends and distributions payable | 43,804 | 32,179 | 20,783 | 16,548 | 5,681 | ||||||||||||||
Accrued expenses and other liabilities | 56,405 | 42,287 | 24,473 | 6,140 | 2,685 | ||||||||||||||
Acquired lease intangible, net | 15,702 | 9,253 | 5,950 | 2,871 | — | ||||||||||||||
Total liabilities | 1,604,402 | 1,079,297 | 535,465 | 237,494 | 49,918 | ||||||||||||||
Redeemable noncontrolling interest – Series A Preferred Units (2016 and 2015) and partially owned properties | 12,347 | 26,477 | 26,960 | — | — | ||||||||||||||
Total shareholders’ equity | 2,473,172 | 1,738,451 | 1,021,132 | 534,730 | 204,904 | ||||||||||||||
Total noncontrolling interests | 74,462 | 43,867 | 55,329 | 34,479 | 35,933 | ||||||||||||||
Total liabilities and equity | $ | 4,164,383 | $ | 2,888,092 | $ | 1,638,886 | $ | 806,703 | $ | 290,755 |
(1) | Because our IPO and the formation transactions were completed on July 24, 2013 and we had no operations prior to completion of our IPO, the results of operations, for the year ended December 31, 2013 reflect the results of operations of the Predecessor from January 1, 2013 through July 23, 2013 and of the Company from July 24, 2013 through December 31, 2013. |
(2) | An adjustment of $0.3 million and $0.1 million was required for net income attributable to redeemable noncontrolling interests for the year ended December 31, 2017 and December 31, 2016, respectively. No such adjustment was required for the year ended December 31, 2015. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 (1) | Predecessor 2012 | ||||||||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||||||||
(in thousands, except per unit data) | 2017 | 2016 | 2015 | 2014 | 2013 (1) | |||||||||||||||||||||||||
Statement of Operations Data | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental revenues | $ | 46,397 | $ | 13,565 | $ | 9,821 | $ | 259,673 | $ | 186,301 | $ | 103,974 | $ | 46,397 | $ | 13,565 | ||||||||||||||
Expense recoveries | 5,871 | 3,234 | 3,111 | 75,425 | 45,875 | 21,587 | 5,871 | 3,234 | ||||||||||||||||||||||
Interest income on real estate loans and other | 1,066 | 246 | 137 | 8,486 | 8,858 | 3,880 | 1,066 | 246 | ||||||||||||||||||||||
Total revenues | 53,334 | 17,045 | 13,069 | 343,584 | 241,034 | 129,441 | 53,334 | 17,045 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Interest expense | 6,907 | 4,295 | 4,538 | 47,008 | 23,864 | 10,636 | 6,907 | 4,295 | ||||||||||||||||||||||
General and administrative | 11,440 | 3,214 | 362 | 22,957 | 18,397 | 14,908 | 11,440 | 3,214 | ||||||||||||||||||||||
Operating expenses | 10,154 | 4,650 | 4,758 | 97,035 | 65,999 | 31,026 | 10,154 | 4,650 | ||||||||||||||||||||||
Depreciation and amortization | 16,731 | 5,107 | 4,150 | 125,159 | 86,589 | 45,471 | 16,731 | 5,107 | ||||||||||||||||||||||
Impairment losses | 1,750 | — | 937 | |||||||||||||||||||||||||||
Acquisition expenses | 10,897 | 1,938 | — | 16,744 | 14,778 | 14,893 | 10,897 | 1,938 | ||||||||||||||||||||||
Management fees | — | 475 | 951 | — | — | — | — | 475 | ||||||||||||||||||||||
Impairment loss | 965 | — | — | 1,750 | — | |||||||||||||||||||||||||
Total expenses | 57,879 | 19,679 | 15,696 | 309,868 | 209,627 | 116,934 | 57,879 | 19,679 | ||||||||||||||||||||||
Loss before equity in income of unconsolidated entity, gain (loss) on sale of investment properties, discontinued operations, and noncontrolling interests: | (4,545 | ) | (2,634 | ) | (2,627 | ) | ||||||||||||||||||||||||
Equity in income of unconsolidated entity | 95 | — | — | |||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated entities and gain (loss) on sale of investment properties | 33,716 | 31,407 | 12,507 | (4,545 | ) | (2,634 | ) | |||||||||||||||||||||||
Equity in income of unconsolidated entities | 183 | 115 | 104 | 95 | — | |||||||||||||||||||||||||
Gain (loss) on sale of investment properties | 32 | (2 | ) | (228 | ) | 5,874 | — | 130 | 32 | (2 | ) | |||||||||||||||||||
Net loss from continuing operations | (4,418 | ) | (2,636 | ) | (2,855 | ) | ||||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||||||||
Loss from discontinued operations | — | — | (198 | ) | ||||||||||||||||||||||||||
Gain on sale of discontinued investment properties | — | — | 1,519 | |||||||||||||||||||||||||||
Income from discontinued operations | — | — | 1,321 | |||||||||||||||||||||||||||
Net loss | (4,418 | ) | $ | (2,636 | ) | $ | (1,534 | ) | ||||||||||||||||||||||
Less: net loss attributable to Predecessor | — | 576 | ||||||||||||||||||||||||||||
Less: net income attributable to noncontrolling interest — partially owned properties | (314 | ) | (71 | ) | ||||||||||||||||||||||||||
Net loss attributable to common unitholders | $ | (4,732 | ) | $ | (2,131 | ) | ||||||||||||||||||||||||
Net income (loss) | 39,773 | 31,522 | 12,741 | (4,418 | ) | (2,636 | ) | |||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||
Predecessor | — | — | — | — | 576 | |||||||||||||||||||||||||
Partially owned properties (2) | (491 | ) | (716 | ) | (377 | ) | (314 | ) | (71 | ) | ||||||||||||||||||||
Net income (loss) attributable to controlling interest | 39,282 | 30,806 | 12,364 | (4,732 | ) | (2,131 | ) | |||||||||||||||||||||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | — | — | ||||||||||||||||||||||
Net income (loss) attributable to common unitholders | $ | 38,551 | $ | 28,949 | $ | 11,175 | $ | (4,732 | ) | $ | (2,131 | ) | ||||||||||||||||||
Net income (loss) per unit: | ||||||||||||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | $ | (0.12 | ) | $ | (0.13 | ) | ||||||||||||||||||
Diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 | $ | (0.12 | ) | $ | (0.13 | ) | ||||||||||||||||||
Dividends and distributions declared per common unit | $ | 0.915 | $ | 0.900 | $ | 0.900 | $ | 0.900 | $ | 0.410 | ||||||||||||||||||||
Balance Sheet Data (as of end of period): | ||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Net real estate investments | $ | 773,650 | $ | 227,539 | $ | 99,897 | $ | 4,045,388 | $ | 2,767,624 | $ | 1,579,483 | $ | 773,650 | $ | 227,539 | ||||||||||||||
Cash and cash equivalents | 15,923 | 56,478 | 2,614 | 2,727 | 15,491 | 3,143 | 15,923 | 56,478 | ||||||||||||||||||||||
Tenant receivables, net | 1,324 | 837 | 682 | 9,966 | 9,790 | 2,977 | 1,324 | 837 | ||||||||||||||||||||||
Other assets | 15,806 | 5,901 | 3,292 | 106,302 | 95,187 | 53,283 | 15,806 | 5,901 | ||||||||||||||||||||||
Total assets | $ | 806,703 | $ | 290,755 | $ | 106,485 | $ | 4,164,383 | $ | 2,888,092 | $ | 1,638,886 | $ | 806,703 | $ | 290,755 | ||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||
Credit Facility | $ | 134,144 | $ | — | $ | — | ||||||||||||||||||||||||
Liabilities and Capital: | ||||||||||||||||||||||||||||||
Credit facility | $ | 324,394 | $ | 643,742 | $ | 389,375 | $ | 134,144 | $ | — | ||||||||||||||||||||
Notes payable | 966,603 | 224,330 | — | — | — | |||||||||||||||||||||||||
Mortgage debt | 77,091 | 40,716 | 83,382 | 186,471 | 123,083 | 94,240 | 77,091 | 40,716 | ||||||||||||||||||||||
Accounts payable to related parties | — | — | 1,530 | |||||||||||||||||||||||||||
Accounts payable | 700 | 836 | 802 | 11,023 | 4,423 | 644 | 700 | 836 | ||||||||||||||||||||||
Distributions payable | 16,548 | 5,681 | — | |||||||||||||||||||||||||||
Dividends and distributions payable | 43,804 | 32,179 | 20,783 | 16,548 | 5,681 | |||||||||||||||||||||||||
Accrued expenses and other liabilities | 6,140 | 2,685 | 1,674 | 56,405 | 42,287 | 24,473 | 6,140 | 2,685 | ||||||||||||||||||||||
Acquired lease intangible, net | 2,871 | — | — | 15,702 | 9,253 | 5,950 | 2,871 | — | ||||||||||||||||||||||
Total liabilities | 237,494 | 49,918 | 87,388 | 1,604,402 | 1,079,297 | 535,465 | 237,494 | 49,918 | ||||||||||||||||||||||
Total unitholders’ capital and predecessor equity | 568,457 | 240,214 | 19,068 | |||||||||||||||||||||||||||
Noncontrolling interest | 752 | 623 | 29 | |||||||||||||||||||||||||||
Total liabilities and capital/equity | $ | 806,703 | $ | 290,755 | $ | 106,485 | ||||||||||||||||||||||||
Redeemable noncontrolling interest – Series A Preferred Units (2016 and 2015) and partially owned properties | 12,347 | 26,477 | 26,960 | — | — | |||||||||||||||||||||||||
Total partners’ capital | 2,547,016 | 1,781,593 | 1,066,583 | 568,457 | 240,214 | |||||||||||||||||||||||||
Noncontrolling interest - partially owned properties | 618 | 725 | 9,878 | 752 | 623 | |||||||||||||||||||||||||
Total liabilities and capital | $ | 4,164,383 | $ | 2,888,092 | $ | 1,638,886 | $ | 806,703 | $ | 290,755 |
(1) | Because the formation transactions were completed on July 24, 2013 and we had no operations prior to completion of the Trust’s IPO, the results of operations, for the year ended December 31, 2013 reflect the results of operations of the Predecessor from January 1, 2013 through July 23, 2013 and of the Company from July 24, 2013 through December 31, 2013. |
(2) | An adjustment of $0.3 million and $0.1 million was required for net income attributable to redeemable noncontrolling interests for the year ended December 31, 2017 and December 31, 2016, respectively. No such adjustment was required for the year ended December 31, 2015. |
Year (1) | Portfolio Lease Expirations | |
MTM (2) | 0.5% | |
2018 | 2.9% | |
2019 | 3.9% | |
2020 | 3.6% | |
2021 | 4.9% | |
2022 | 4.9% | |
2023 | 4.2% | |
2024 | 6.2% | |
2025 | 7.3% | |
2026 | 25.6% | |
2027 | 9.7% | |
Thereafter | 22.9% | |
Total | 96.6% |
(1) | “MTM” means month-to-month. |
(2) | Includes 4 leases which expired on December 31, 2017, representing 0.1% of portfolio leasable square feet. |
Year | Portfolio Lease Expirations | |
2015 | 2.8% | |
2016 | 3.6% | |
2017 | 2.2% | |
2018 | 6.6% | |
2019 | 6.5% | |
2020 | 1.6% | |
2021 | 2.4% | |
2022 | 3.4% | |
2023 | 5.7% | |
2024 | 16.9% | |
Thereafter | 42.8% |
Property(1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||
Foundation San Antonio Surgical Hospital(2) | San Antonio, TX | February 19, 2014 | $ | 25,556 | ||||
Eagles Landing Family Practice 4 MOBs(2) | Atlanta, GA | February 19, 2014 | 20,800 | |||||
21st Century Oncology 4 MOBs(3) | Sarasota, FL | February 26, 2014 | 17,486 | |||||
Foundation San Antonio MOB(3) | San Antonio, TX | February 28, 2014 | 6,800 | |||||
Peachtree Dunwoody MOB(3) | Atlanta, GA | February 28, 2014 | 36,726 | |||||
LifeCare LTACH(2) | Fort Worth, TX | March 28, 2014 | 27,160 | |||||
LifeCare LTACH(2) | Pittsburgh, PA | March 28, 2014 | 12,840 | |||||
Pinnacle Health Cardiology Portfolio 2 MOBs (3) | Carlisle & Wormleyburg, PA | April 22, 2014 | 9,208 | |||||
South Bend Orthopedic MOB (3) | South Bend, IN | April 30, 2014 | 14,900 | |||||
Grenada Medical Complex MOB (3) | Grenada, MS | April 30,2014 | 7,100 | |||||
Mississippi Sports Medicine and Orthopaedics Center MOB (2)(4) | Jackson, MS | May 23, 2014 | 16,700 | |||||
Carmel Medical Pavilion MOB (3)(5) | Carmel, IN | May 28, 2014 | 4,664 | |||||
Summit Urology MOB (2) | Bloomington, IN | June 30, 2014 | 4,783 | |||||
Renaissance Center (3) | Oshkosh, WI | June 30, 2014 | 8,500 | |||||
Presbyterian Medical Plaza MOB (3) | Monroe, NC | June 30, 2014 | 7,750 | |||||
Landmark Medical Portfolio (Premier) 3 MOBs (2)(6) | Bloomington, IN | July 1, 2014 | 23,837 | |||||
Carlisle II MOB (3) | Carlisle, PA | July 25, 2014 | 4,500 | |||||
Surgical Institute of Monroe ASC (2) | Monroe, MI | July 28, 2014 | 6,000 | |||||
The Oaks Medical Building MOB (3) | Lady Lake, FL | July 31, 2014 | 10,600 | |||||
Baylor Surgicare ASC — Mansfield (3) | Mansfield, TX | September 2, 2014 | 8,500 | |||||
Eye Center of Southern Indiana (2)(7) | Bloomington, IN | September 5, 2014 | 12,174 | |||||
Wayne State Medical Center and MOB (2) | Troy, MI | September 10, 2014 | 46,500 | |||||
El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3)(8) | El Paso, TX | September 30, 2014 | 46,235 | |||||
The Mark H. Zangmeister Center (3) | Columbus, OH | September 30, 2014 | 36,600 | |||||
Berger Medical Center (3) | Orient, OH | September 30, 2014 | 6,785 | |||||
Orthopedic One 2 MOBs (3) | Columbus & Westerville, OH | September 30, 2014 | 24,500 | |||||
Pinnacle Health Portfolio 5 MOBs (3) | Harrisburg, PA | October 29, 2014 | 23,100 | |||||
Columbus Regional Health Portfolio 12 MOBs (3) Columbus Regional Health Portfolio 1 MOB (3) | Columbus, GA & Phenix City, AL | November 20, 2014 | 27,997 | |||||
Middletown Medical 2 MOBs (2) | Middletown, NY | November 26, 2014 | 14,399 | |||||
Carle Danville Clinic MOB (3) | Danville, IL | November 26, 2014 | 10,300 | |||||
Napoleon Medical Building MOB (3) | New Orleans, LA | December 18, 2014 | 10,500 | |||||
West Tennessee Bone & Joint 1 MOB 1 ASC (2) | Jackson, TN | December 30, 2014 | 9,936 | |||||
Total | $ | 543,436 |
Property | Location | Acquisition Date | Investment (in thousands) | |||||||
Hazelwood Medical Commons | (1) | Maplewood, MN | January 9, 2018 | $ | 70,702 | |||||
Lee's Hill Medical Plaza | Fredericksburg, VA | January 23, 2018 | 28,000 | |||||||
Loan Investment | Pensacola, FL | February 16, 2018 | 2,000 | |||||||
$ | 100,702 |
(1) | The Company partially funded the purchase price of this acquisition by issuing a total of 104,172 Preferred OP Units valued at approximately $22.7 million in the aggregate on the date of issuance. |
2014 | 2013 | Change | % | 2017 | 2016 | Change | % | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Rental revenues | $ | 46,397 | $ | 13,565 | $ | 32,832 | 242.0 | $ | 259,673 | $ | 186,301 | $ | 73,372 | 39.4 | ||||||||||||||
Expense recoveries | 5,871 | 3,234 | 2,637 | 81.5 | 75,425 | 45,875 | 29,550 | 64.4 | ||||||||||||||||||||
Interest income on real estate loans and other | 1,066 | 246 | 820 | 333.3 | 8,486 | 8,858 | (372 | ) | (4.2 | ) | ||||||||||||||||||
Total revenues | 53,334 | 17,045 | 36,289 | 212.9 | 343,584 | 241,034 | 102,550 | 42.5 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Interest expense | 6,907 | 4,295 | 2,612 | 60.8 | 47,008 | 23,864 | 23,144 | 97.0 | ||||||||||||||||||||
General and administrative | 11,440 | 3,214 | 8,226 | 255.9 | 22,957 | 18,397 | 4,560 | 24.8 | ||||||||||||||||||||
Operating expenses | 10,154 | 4,650 | 5,504 | 118.4 | 97,035 | 65,999 | 31,036 | 47.0 | ||||||||||||||||||||
Depreciation and amortization | 16,731 | 5,107 | 11,624 | 227.6 | 125,159 | 86,589 | 38,570 | 44.5 | ||||||||||||||||||||
Acquisition expenses | 10,897 | 1,938 | 8,959 | 462.3 | 16,744 | 14,778 | 1,966 | 13.3 | ||||||||||||||||||||
Management fee | — | 475 | (475 | ) | (100.0 | ) | ||||||||||||||||||||||
Impairment loss | 1,750 | — | 1,750 | NM | 965 | — | 965 | NM | ||||||||||||||||||||
Total expenses | 57,879 | 19,679 | 38,200 | 194.1 | 309,868 | 209,627 | 100,241 | 47.8 | ||||||||||||||||||||
Loss before equity in income of unconsolidated entity and gain (loss) on sale of investment properties: | (4,545 | ) | (2,634 | ) | (1,911 | ) | 72.6 | |||||||||||||||||||||
Equity in income of unconsolidated entity | 95 | — | 95 | NM | ||||||||||||||||||||||||
Gain (loss) on sale of investment properties | 32 | (2 | ) | 34 | NM | |||||||||||||||||||||||
Net loss | $ | (4,418 | ) | $ | (2,636 | ) | $ | (1,782 | ) | 67.6 | ||||||||||||||||||
Income before equity in income of unconsolidated entities and gain on sale of investment properties: | 33,716 | 31,407 | 2,309 | 7.4 | ||||||||||||||||||||||||
Equity in income of unconsolidated entities | 183 | 115 | 68 | 59.1 | ||||||||||||||||||||||||
Gain on sale of investment properties | 5,874 | — | 5,874 | NM | ||||||||||||||||||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 8,251 | 26.2 |
2013 | 2012 | Change | % | 2016 | 2015 | Change | % | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Rental revenues | $ | 13,565 | $ | 9,821 | $ | 3,744 | 38.1 | $ | 186,301 | $ | 103,974 | $ | 82,327 | 79.2 | ||||||||||||||
Expense recoveries | 3,234 | 3,111 | 123 | 4.0 | 45,875 | 21,587 | 24,288 | 112.5 | ||||||||||||||||||||
Interest income on real estate loans and other | 246 | 137 | 109 | 79.6 | 8,858 | 3,880 | 4,978 | 128.3 | ||||||||||||||||||||
Total revenues | 17,045 | 13,069 | 3,976 | 30.4 | 241,034 | 129,441 | 111,593 | 86.2 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||
Interest expense | 4,295 | 4,538 | (243 | ) | (5.4 | ) | 23,864 | 10,636 | 13,228 | 124.4 | ||||||||||||||||||
General and administrative | 3,214 | 362 | 2,852 | 787.8 | 18,397 | 14,908 | 3,489 | 23.4 | ||||||||||||||||||||
Operating expenses | 4,650 | 4,758 | (108 | ) | (2.3 | ) | 65,999 | 31,026 | 34,973 | 112.7 | ||||||||||||||||||
Depreciation and amortization | 5,107 | 4,150 | 957 | 23.1 | 86,589 | 45,471 | 41,118 | 90.4 | ||||||||||||||||||||
Acquisition expenses | 1,938 | — | 1,938 | NM | 14,778 | 14,893 | (115 | ) | (0.8 | ) | ||||||||||||||||||
Management fee | 475 | 951 | (476 | ) | (50.1 | ) | ||||||||||||||||||||||
Impairment loss | — | 937 | (937 | ) | (100.0 | ) | ||||||||||||||||||||||
Total expenses | 19,679 | 15,696 | 3,983 | 25.4 | 209,627 | 116,934 | 92,693 | 79.3 | ||||||||||||||||||||
Loss before loss on the sale of investment properties and discontinued operations: | (2,634 | ) | (2,627 | ) | (7 | ) | (0.3 | ) | ||||||||||||||||||||
Loss on the sale of investment properties | (2 | ) | (228 | ) | 226 | (99.1 | ) | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Loss from operations | — | (198 | ) | 198 | (100.0 | ) | ||||||||||||||||||||||
Income before equity in income of unconsolidated entities and gain on sale of investment properties: | 31,407 | 12,507 | 18,900 | 151.1 | ||||||||||||||||||||||||
Equity in income of unconsolidated entities | 115 | 104 | 11 | 10.6 | ||||||||||||||||||||||||
Gain on sale of investment properties | — | 1,519 | (1,519 | ) | (100.0 | ) | — | 130 | (130 | ) | NM | |||||||||||||||||
Income from discontinued operations | — | 1,321 | (1,321 | ) | (100.0 | ) | ||||||||||||||||||||||
Net loss | $ | (2,636 | ) | $ | (1,534 | ) | $ | (1,102 | ) | 71.8 | ||||||||||||||||||
Net income | $ | 31,522 | $ | 12,741 | $ | 18,781 | 147.4 |
2014 | 2013 | ||||||
Net cash provided by operating activities | $ | 13,295 | $ | 1,168 | |||
Net cash used in investing activities | (518,810 | ) | (126,443 | ) | |||
Net cash provided by financing activities | 464,960 | 179,139 | |||||
(Decrease) increase in cash and cash equivalents | $ | (40,555 | ) | $ | 53,864 |
2017 | 2016 | ||||||
Cash provided by operating activities | $ | 180,471 | $ | 127,197 | |||
Cash used in investing activities | (1,302,638 | ) | (1,262,816 | ) | |||
Cash provided by financing activities | 1,109,403 | 1,147,967 | |||||
Increase (decrease) in cash and cash equivalents | $ | (12,764 | ) | $ | 12,348 |
2013 | 2012 | ||||||
Cash provided by operating activities | $ | 1,168 | $ | 3,513 | |||
Cash (used in)/provided by investing activities | (126,443 | ) | 13,527 | ||||
Cash provided by/(used in) financing activities | 179,139 | (16,358 | ) | ||||
Increase in cash and cash equivalents | $ | 53,864 | $ | 682 |
2016 | 2015 | ||||||
Net cash provided by operating activities | $ | 127,197 | $ | 59,352 | |||
Net cash used in investing activities | (1,262,816 | ) | (799,716 | ) | |||
Net cash provided by financing activities | 1,147,967 | 727,584 | |||||
Increase (decrease) in cash and cash equivalents | $ | 12,348 | $ | (12,780 | ) |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income | $ | 39,773 | $ | 31,522 | |||
Earnings per share - diluted | $ | 0.23 | $ | 0.22 | |||
Net income | $ | 39,773 | $ | 31,522 | |||
Net income attributable to noncontrolling interests - partially owned properties | (491 | ) | (716 | ) | |||
Preferred distributions | (731 | ) | (1,857 | ) | |||
Depreciation and amortization expense | 125,022 | 86,501 | |||||
Depreciation and amortization expense - partially owned properties | (531 | ) | (683 | ) | |||
Gain on the sale of investment properties | (5,874 | ) | — | ||||
Impairment loss | 965 | — | |||||
FFO applicable to common shares and OP Units | $ | 158,133 | $ | 114,767 | |||
FFO per common share and OP Unit | $ | 0.94 | $ | 0.88 | |||
Net change in fair value of derivative | 150 | (240 | ) | ||||
Acquisition expenses | 16,744 | 14,778 | |||||
Net change in fair value of contingent consideration | (472 | ) | (840 | ) | |||
Normalized FFO applicable to common shares and OP Units | $ | 174,555 | $ | 128,465 | |||
Normalized FFO per common share and OP Unit | $ | 1.04 | $ | 0.98 | |||
Weighted average number of common shares and OP Units outstanding | 168,231,299 | 130,446,893 |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Net income | $ | 39,773 | $ | 31,522 | ||||
Normalized FFO applicable to common shares and OP Units | $ | 174,555 | $ | 128,465 | ||||
Normalized FFO applicable to common shares and OP Units | $ | 174,555 | $ | 128,465 | ||||
Non-cash share compensation expense | 5,073 | 3,920 | ||||||
Straight-line rent adjustments | (16,202 | ) | (16,226 | ) | ||||
Amortization of acquired above/below-market leases/assumed debt | 3,596 | 2,778 | ||||||
Amortization of lease inducements | 1,309 | 892 | ||||||
Amortization of deferred financing costs | 2,299 | 2,325 | ||||||
TI/LC and recurring capital expenditures | (15,319 | ) | (8,087 | ) | ||||
Seller master lease and rent abatement payments | 973 | 1,032 | ||||||
Normalized FAD applicable to common shares and OP Units | $ | 156,284 | $ | 115,099 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income | $ | 39,773 | $ | 31,522 | |||
General and administrative | 22,957 | 18,397 | |||||
Acquisition expenses | 16,744 | 14,778 | |||||
Depreciation and amortization | 125,159 | 86,589 | |||||
Interest expense | 47,008 | 23,864 | |||||
Net change in the fair value of derivative | 150 | (240 | ) | ||||
Gain on the sale of investment properties | (5,874 | ) | — | ||||
Impairment loss | 965 | — | |||||
NOI | $ | 246,882 | $ | 174,910 | |||
NOI | $ | 246,882 | $ | 174,910 | |||
Straight-line rent adjustments | (16,202 | ) | (16,226 | ) | |||
Amortization of acquired above/below-market leases/assumed debt | 3,596 | 2,778 | |||||
Amortization of lease inducements | 1,309 | 892 | |||||
Seller master lease and rent abatement payments | 973 | 1,032 | |||||
Change in fair value of contingent consideration | (472 | ) | (840 | ) | |||
Cash NOI | $ | 236,086 | $ | 162,546 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income | $ | 39,773 | $ | 31,522 | |||
Depreciation and amortization | 125,159 | 86,589 | |||||
Interest expense | 47,008 | 23,864 | |||||
Net change in fair value of derivatives | 150 | (240 | ) | ||||
EBITDA | $ | 212,090 | $ | 141,735 | |||
Acquisition expenses | 16,744 | 14,778 | |||||
Non-cash share compensation expense | 5,074 | 3,920 | |||||
Change in fair value of contingent consideration | (472 | ) | (840 | ) | |||
Impairment loss | 965 | — | |||||
Adjusted EBITDA | $ | 234,401 | $ | 159,593 |
Credit Rating | Margin for Revolving Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee | Margin for Revolving Loans: Base Rate Loans | Margin for Term Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee | Margin for Term Loans: Base Rate Loans | ||||||
At Least A- or A3 | LIBOR + 0.85% | — | % | LIBOR + 1.40% | 0.40 | % | ||||
At Least BBB+ or Baa1 | LIBOR + 0.90% | — | % | LIBOR + 1.45% | 0.45 | % | ||||
At Least BBB or Baa2 | LIBOR + 1.00% | 0.10 | % | LIBOR + 1.55% | 0.55 | % | ||||
At Least BBB- or Baa3 | LIBOR + 1.20% | 0.20 | % | LIBOR + 1.80% | 0.80 | % | ||||
Below BBB- or Baa3 | LIBOR + 1.55% | 0.60 | % | LIBOR + 2.25% | 1.25 | % |
2017 | ||||||||||
Common shares sold | Weighted average price | Net proceeds | ||||||||
Quarterly period ended March 31 | — | $ | — | $ | — | |||||
Quarterly period ended June 30 | 4,150,000 | 20.07 | 82,440 | |||||||
Quarterly period ended September 30 | — | — | — | |||||||
Quarterly period ended December 31 | 2,197,914 | 18.39 | 40,011 | |||||||
Year ended December 31 | 6,347,914 | $ | 19.48 | $ | 122,451 |
Payments by Period (in thousands) | |||||||||||||||||||
Total | Less than 1 Year | 2016 - 2017 | 2018 - 2019 | 2020 and Thereafter | |||||||||||||||
Principal payments(1) | $ | 216,105 | $ | 1,864 | $ | 38,171 | $ | 159,006 | $ | 17,064 | |||||||||
Interest payments—fixed rate debt(1) | 13,700 | 3,832 | 5,972 | 2,770 | 1,126 | ||||||||||||||
Interest payments—variable rate debt(1) | 9,061 | 2,471 | 4,868 | 1,722 | — | ||||||||||||||
Ground lease payments | 30,750 | 1,426 | 2,922 | 3,085 | 23,317 | ||||||||||||||
Total | $ | 269,616 | $ | 9,593 | $ | 51,933 | $ | 166,583 | $ | 41,507 |
By Period (in thousands) | |||||||||||||||||||
Total | Less than 1 Year | 2019-2020 | 2021-2022 | 2023 and Thereafter | |||||||||||||||
Principal (1) | $ | 1,491,679 | $ | 54,775 | $ | 154,753 | $ | 33,426 | $ | 1,248,725 | |||||||||
Interest – fixed rate debt (1) | 460,308 | 47,500 | 103,813 | 100,607 | 208,388 | ||||||||||||||
Interest – variable rate debt (1) | 21,441 | 7,967 | 13,474 | — | — | ||||||||||||||
Ground leases and other operating leases | 132,203 | 2,678 | 5,153 | 5,148 | 119,224 | ||||||||||||||
Total | $ | 2,105,631 | $ | 112,920 | $ | 277,193 | $ | 139,181 | $ | 1,576,337 |
(1) | |
Obligations shown represent 100% of debt service and do not reflect joint venture interests. |
(in thousands) | Principal | Fixed/Floating Rate | Rate | Maturity | |||||||
Unsecured Revolving Credit Facility | $ | 138,000 | Floating | LIBOR + 1.50% | 9/18/2018 | ||||||
Canton Medical Office Building(1) | 6,207 | Fixed | 5.94 | % | 6/6/2017 | ||||||
Firehouse Square | 2,765 | Fixed | 6.58 | % | 9/6/2017 | ||||||
Hackley Medical Center | 5,397 | Fixed | 5.93 | % | 1/6/2017 | ||||||
MeadowView Professional Center | 10,409 | Fixed | 5.81 | % | 6/6/2017 | ||||||
Mid Coast Hospital Medical Office Building(2) | 7,869 | Fixed | 4.82 | % | (3) | 5/16/2016 | |||||
Remington Medical Commons | 4,399 | Floating | LIBOR + 2.75% | 9/28/2017 | |||||||
Valley West Hospital Medical Office Building | 4,879 | Fixed | 4.83 | % | 12/1/2020 | ||||||
Oklahoma City, OK Medical Office Building | 7,647 | Fixed | 4.71 | % | 1/10/2021 | ||||||
Crescent City Surgical Center | 18,750 | Fixed | 5.00 | % | 1/23/2019 | ||||||
San Antonio, TX Hospital | 9,783 | Fixed | 5.00 | % | (4) | 6/26/2022 | |||||
Total | $ | 216,105 |
Principal | Fixed/Floating Rate | Rate | Maturity | ||||||||
Senior Unsecured Revolving Credit Facility | $ | 80,000 | Floating | LIBOR + 1.20% | 9/18/2020 | ||||||
Senior Unsecured Term Loan (1) | 250,000 | Fixed | 2.87 | % | 6/10/2023 | ||||||
Senior Unsecured Notes | |||||||||||
January 2016 - Series A | 15,000 | Fixed | 4.03 | % | 1/7/2023 | ||||||
January 2016 - Series B | 45,000 | Fixed | 4.43 | % | 1/7/2026 | ||||||
January 2016 - Series C | 45,000 | Fixed | 4.57 | % | 1/7/2028 | ||||||
January 2016 - Series D | 45,000 | Fixed | 4.74 | % | 1/7/2031 | ||||||
August 2016 - Series A | 25,000 | Fixed | 4.09 | % | 8/11/2025 | ||||||
August 2016 - Series B | 25,000 | Fixed | 4.18 | % | 8/11/2026 | ||||||
August 2016 - Series C | 25,000 | Fixed | 4.24 | % | 8/11/2027 | ||||||
March 2017 Notes | 400,000 | Fixed | 4.30 | % | 3/15/2027 | ||||||
December 2017 Notes | 350,000 | Fixed | 3.95 | % | 1/15/2028 | ||||||
Peachtree Parking Deck | 17,000 | Fixed | 3.00 | % | 1/5/2020 | ||||||
Mid Coast Hospital Medical Office Building (2) | 7,009 | Floating | LIBOR + 2.25% | 5/16/2018 | |||||||
Valley West Hospital Medical Office Building | 4,531 | Fixed | 4.83 | % | 12/1/2020 | ||||||
Oklahoma City, OK Medical Office Building | 7,101 | Fixed | 4.71 | % | 1/10/2021 | ||||||
Crescent City Surgical Center | 18,750 | Fixed | 5.00 | % | 1/23/2019 | ||||||
San Antonio, TX Hospital | 7,691 | Fixed | 5.00 | % | 6/26/2022 | ||||||
Savage Medical Office Building | 5,449 | Fixed | 5.50 | % | 2/1/2022 | ||||||
St. Luke's Cornwall MOB | 9,500 | Floating | LIBOR + 3.25% | 2/26/2018 | |||||||
Columbia MOB | 12,000 | Floating | LIBOR + 3.25% | 3/21/2018 | |||||||
Honor Health - Scottsdale Hospital | 10,000 | Fixed | 5.41 | % | 7/2/2018 | ||||||
St. Vincent Fishers Medical Center | 44,000 | Fixed | 4.00 | % | 1/10/2020 | ||||||
CareMount Medical- Lake Katrine | 26,039 | Fixed | 4.63 | % | 11/6/2024 | ||||||
Gwinnett Physicians Center | 17,610 | Fixed | 4.83 | % | 12/1/2022 | ||||||
Total principal | 1,491,680 | ||||||||||
Unamortized deferred financing cost | (7,808 | ) | |||||||||
Unamortized discount | (6,663 | ) | |||||||||
Unamortized fair value adjustment | 259 | ||||||||||
Total | $ | 1,477,468 |
(1) | Our borrowings under the term loan feature of our Credit Agreement bear interest at a rate which is determined by our credit rating, currently equal to LIBOR + 1.80%. We have entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07%, resulting in an effective interest rate of 2.87%. |
(2) | We own a 66.3% interest in the joint venture that owns this property. Debt shown in this schedule is the full amount of the mortgage indebtedness on this property. |
Page | ||
Firm | ||
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting | ||
Financial Statements of Physicians Realty Trust | ||
Financial Statements of Physicians Realty L.P. | ||
Notes for Physicians Realty Trust and Physicians Realty L.P. | ||
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Investment properties: | |||||||
Land and improvements | $ | 217,695 | $ | 189,759 | |||
Building and improvements | 3,568,858 | 2,402,643 | |||||
Tenant improvements | 23,056 | 14,133 | |||||
Acquired lease intangibles | 458,713 | 301,462 | |||||
4,268,322 | 2,907,997 | ||||||
Accumulated depreciation | (300,458 | ) | (181,785 | ) | |||
Net real estate property | 3,967,864 | 2,726,212 | |||||
Real estate loans receivable | 76,195 | 39,154 | |||||
Investment in unconsolidated entities | 1,329 | 2,258 | |||||
Net real estate investments | 4,045,388 | 2,767,624 | |||||
Cash and cash equivalents | 2,727 | 15,491 | |||||
Tenant receivables, net | 9,966 | 9,790 | |||||
Other assets | 106,302 | 95,187 | |||||
Total assets | $ | 4,164,383 | $ | 2,888,092 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Credit facility | $ | 324,394 | $ | 643,742 | |||
Notes payable | 966,603 | 224,330 | |||||
Mortgage debt | 186,471 | 123,083 | |||||
Accounts payable | 11,023 | 4,423 | |||||
Dividends and distributions payable | 43,804 | 32,179 | |||||
Accrued expenses and other liabilities | 56,405 | 42,287 | |||||
Acquired lease intangibles, net | 15,702 | 9,253 | |||||
Total liabilities | 1,604,402 | 1,079,297 | |||||
Redeemable noncontrolling interest - Series A Preferred Units (2016) and partially owned properties | 12,347 | 26,477 | |||||
Equity: | |||||||
Common shares, $0.01 par value, 500,000,000 common shares authorized, 181,440,051 and 135,966,013 common shares issued and outstanding as of December 31, 2017 and December 31, 2016, respectively | 1,814 | 1,360 | |||||
Additional paid-in capital | 2,772,823 | 1,920,644 | |||||
Accumulated deficit | (315,417 | ) | (197,261 | ) | |||
Accumulated other comprehensive income | 13,952 | 13,708 | |||||
Total shareholders’ equity | 2,473,172 | 1,738,451 | |||||
Noncontrolling interests: | |||||||
Operating Partnership | 73,844 | 43,142 | |||||
Partially owned properties | 618 | 725 | |||||
Total noncontrolling interests | 74,462 | 43,867 | |||||
Total equity | 2,547,634 | 1,782,318 | |||||
Total liabilities and equity | $ | 4,164,383 | $ | 2,888,092 |
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 259,673 | $ | 186,301 | $ | 103,974 | |||||
Expense recoveries | 75,425 | 45,875 | 21,587 | ||||||||
Interest income on real estate loans and other | 8,486 | 8,858 | 3,880 | ||||||||
Total revenues | 343,584 | 241,034 | 129,441 | ||||||||
Expenses: | |||||||||||
Interest expense | 47,008 | 23,864 | 10,636 | ||||||||
General and administrative | 22,957 | 18,397 | 14,908 | ||||||||
Operating expenses | 97,035 | 65,999 | 31,026 | ||||||||
Depreciation and amortization | 125,159 | 86,589 | 45,471 | ||||||||
Acquisition expenses | 16,744 | 14,778 | 14,893 | ||||||||
Impairment loss | 965 | — | — | ||||||||
Total expenses | 309,868 | 209,627 | 116,934 | ||||||||
Income before equity in income of unconsolidated entities and gain on sale of investment properties: | 33,716 | 31,407 | 12,507 | ||||||||
Equity in income of unconsolidated entities | 183 | 115 | 104 | ||||||||
Gain on sale of investment properties | 5,874 | — | 130 | ||||||||
Net income | 39,773 | 31,522 | 12,741 | ||||||||
Net income attributable to noncontrolling interests: | |||||||||||
Operating Partnership | (1,136 | ) | (825 | ) | (576 | ) | |||||
Partially owned properties (1) | (491 | ) | (716 | ) | (377 | ) | |||||
Net income attributable to controlling interest | 38,146 | 29,981 | 11,788 | ||||||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | |||||
Net income attributable to common shareholders | $ | 37,415 | $ | 28,124 | $ | 10,599 | |||||
Net income per share: | |||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Weighted average common shares: | |||||||||||
Basic | 163,123,109 | 126,143,114 | 72,750,724 | ||||||||
Diluted | 168,231,299 | 130,466,893 | 76,792,073 | ||||||||
Dividends and distributions declared per common share and OP unit | $ | 0.915 | $ | 0.900 | $ | 0.900 |
(1) | An adjustment of $0.3 million and $0.1 million was required for net income attributable to redeemable noncontrolling interests for the year ended December 31, 2017 and December 31, 2016, respectively. No such adjustment was required for the year ended December 31, 2015. |
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 12,741 | |||||
Other comprehensive income: | |||||||||||
Change in fair value of interest rate swap agreements, net | 244 | 13,708 | — | ||||||||
Total other comprehensive income | 244 | 13,708 | — | ||||||||
Comprehensive income | 40,017 | 45,230 | 12,741 | ||||||||
Comprehensive income attributable to noncontrolling interests - Operating Partnership | (1,143 | ) | (1,162 | ) | (576 | ) | |||||
Comprehensive income attributable to noncontrolling interests - partially owned properties | (491 | ) | (716 | ) | (377 | ) | |||||
Comprehensive income attributable to common shareholders | $ | 38,383 | $ | 43,352 | $ | 11,788 |
Par Value | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | Operating Partnership Noncontrolling interest | Partially Owned Properties Noncontrolling Interest | Total Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance at January 1, 2015 | $ | 508 | $ | 586,019 | $ | (51,797 | ) | $ | — | $ | 534,730 | $ | 33,727 | $ | 752 | $ | 34,479 | $ | 569,209 | ||||||||||||||||
Net proceeds from sale of common shares | 361 | 544,756 | — | — | 545,117 | — | — | — | 545,117 | ||||||||||||||||||||||||||
Restricted share award grants, net | 1 | 3,191 | (284 | ) | — | 2,908 | — | — | — | 2,908 | |||||||||||||||||||||||||
Purchase of OP Units | — | — | — | — | — | (1,088 | ) | — | (1,088 | ) | (1,088 | ) | |||||||||||||||||||||||
Conversion of OP Units | — | 171 | — | — | 171 | (171 | ) | — | (171 | ) | — | ||||||||||||||||||||||||
Dividends/distributions declared | — | — | (67,542 | ) | — | (67,542 | ) | (3,344 | ) | — | (3,344 | ) | (70,886 | ) | |||||||||||||||||||||
Preferred distributions | — | — | (1,189 | ) | — | (1,189 | ) | — | — | — | (1,189 | ) | |||||||||||||||||||||||
Issuance of OP Units in connection with acquisition | — | — | — | — | — | 10,973 | — | 10,973 | 10,973 | ||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 8,962 | 8,962 | 8,962 | ||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (213 | ) | (213 | ) | (213 | ) | |||||||||||||||||||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | — | (73 | ) | — | — | (73 | ) | — | — | — | (73 | ) | |||||||||||||||||||||||
Net income | — | — | 11,788 | — | 11,788 | 576 | 377 | 953 | 12,741 | ||||||||||||||||||||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | — | (4,778 | ) | — | — | (4,778 | ) | 4,778 | — | 4,778 | — | ||||||||||||||||||||||||
Balance at December 31, 2015 | 870 | 1,129,286 | (109,024 | ) | — | 1,021,132 | 45,451 | 9,878 | 55,329 | 1,076,461 | |||||||||||||||||||||||||
Net proceeds from sale of common shares | 473 | 766,368 | — | — | 766,841 | — | — | — | 766,841 | ||||||||||||||||||||||||||
Restricted share award grants, net | 1 | 4,893 | (460 | ) | — | 4,434 | — | — | — | 4,434 | |||||||||||||||||||||||||
Purchase of OP Units | — | — | — | — | — | (3,671 | ) | — | (3,671 | ) | (3,671 | ) | |||||||||||||||||||||||
Conversion of OP Units | 6 | 11,613 | — | — | 11,619 | (11,619 | ) | — | (11,619 | ) | — | ||||||||||||||||||||||||
Dividends/distributions declared | — | — | (115,901 | ) | — | (115,901 | ) | (3,106 | ) | — | (3,106 | ) | (119,007 | ) | |||||||||||||||||||||
Preferred distributions | — | — | (1,857 | ) | — | (1,857 | ) | — | — | — | (1,857 | ) | |||||||||||||||||||||||
Issuance of common shares and OP Units in connection with acquisitions | 10 | 17,069 | — | — | 17,079 | 6,869 | (100 | ) | 6,769 | 23,848 | |||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 50 | 50 | 50 | ||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (543 | ) | (543 | ) | (543 | ) | |||||||||||||||||||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | — | (245 | ) | — | — | (245 | ) | — | — | — | (245 | ) | |||||||||||||||||||||||
Reclassification of Noncontrolling Interest - partially owned properties | — | — | — | — | — | — | (8,514 | ) | (8,514 | ) | (8,514 | ) | |||||||||||||||||||||||
Buyout of Noncontrolling Interests - partially owned property | — | 53 | — | — | 53 | — | (664 | ) | (664 | ) | (611 | ) | |||||||||||||||||||||||
Change in fair value of interest rate swap agreements | — | — | — | 13,708 | 13,708 | — | — | — | 13,708 | ||||||||||||||||||||||||||
Net income | — | — | 29,981 | — | 29,981 | 825 | 618 | 1,443 | 31,424 | ||||||||||||||||||||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | — | (8,393 | ) | — | — | (8,393 | ) | 8,393 | — | 8,393 | — | ||||||||||||||||||||||||
Balance at December 31, 2016 | 1,360 | 1,920,644 | (197,261 | ) | 13,708 | 1,738,451 | 43,142 | 725 | 43,867 | 1,782,318 | |||||||||||||||||||||||||
Net proceeds from sale of common shares | 451 | 844,218 | — | — | 844,669 | — | — | — | 844,669 | ||||||||||||||||||||||||||
Restricted share award grants, net | 2 | 4,103 | (284 | ) | — | 3,821 | — | — | — | 3,821 | |||||||||||||||||||||||||
Purchase of OP Units | — | — | — | — | — | (3,886 | ) | — | (3,886 | ) | (3,886 | ) | |||||||||||||||||||||||
Conversion of OP Units | 1 | 929 | — | — | 930 | (930 | ) | — | (930 | ) | — | ||||||||||||||||||||||||
Dividends/distributions declared | — | — | (153,970 | ) | — | (153,970 | ) | (4,867 | ) | — | (4,867 | ) | (158,837 | ) | |||||||||||||||||||||
Preferred distributions | — | — | (731 | ) | — | (731 | ) | — | — | — | (731 | ) | |||||||||||||||||||||||
Issuance of OP Units in connection with acquisitions | — | — | — | — | — | 44,259 | — | 44,259 | 44,259 | ||||||||||||||||||||||||||
Contributions | — | — | — | — | — | — | 47 | 47 | 47 | ||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | (321 | ) | (321 | ) | (321 | ) | |||||||||||||||||||||||
Buyout of Noncontrolling Interests - partially owned properties | — | (2,800 | ) | — | — | (2,800 | ) | 719 | (24 | ) | 695 | (2,105 | ) | ||||||||||||||||||||||
Change in fair value of interest rate swap agreements and redeemable equity - property | — | — | (1,317 | ) | 244 | (1,073 | ) | — | — | — | (1,073 | ) | |||||||||||||||||||||||
Net income | — | — | 38,146 | — | 38,146 | 1,136 | 191 | 1,327 | 39,473 | ||||||||||||||||||||||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | — | 5,729 | — | — | 5,729 | (5,729 | ) | — | (5,729 | ) | — | ||||||||||||||||||||||||
Balance at December 31, 2017 | $ | 1,814 | $ | 2,772,823 | $ | (315,417 | ) | $ | 13,952 | $ | 2,473,172 | $ | 73,844 | $ | 618 | $ | 74,462 | $ | 2,547,634 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 12,741 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 125,159 | 86,589 | 45,471 | ||||||||
Amortization of deferred financing costs | 2,299 | 2,325 | 1,373 | ||||||||
Amortization of lease inducements and above/below-market lease intangibles | 5,083 | 3,906 | 2,577 | ||||||||
Straight-line rental revenue/expense | (16,202 | ) | (16,226 | ) | (9,000 | ) | |||||
Amortization of unsecured bond discount | 277 | — | — | ||||||||
Amortization of above-market assumed debt | (178 | ) | (236 | ) | (173 | ) | |||||
Gain on sale of investment properties | (5,874 | ) | — | (130 | ) | ||||||
Equity in income of unconsolidated entities | (183 | ) | (115 | ) | (104 | ) | |||||
Distribution from unconsolidated entities | 210 | 82 | 106 | ||||||||
Change in fair value of derivatives | 150 | (240 | ) | (166 | ) | ||||||
Provision for bad debts | 123 | 2,310 | 69 | ||||||||
Non-cash share compensation | 6,695 | 5,672 | 3,798 | ||||||||
Net change in fair value of contingent consideration | (472 | ) | (840 | ) | — | ||||||
Impairment on investment properties | 965 | — | — | ||||||||
Change in operating assets and liabilities: | |||||||||||
Tenant receivables | (2,988 | ) | (10,058 | ) | (2,836 | ) | |||||
Other assets | (533 | ) | (19,230 | ) | (2,630 | ) | |||||
Accounts payable | 6,600 | 3,779 | (56 | ) | |||||||
Accrued expenses and other liabilities | 19,567 | 37,957 | 8,312 | ||||||||
Net cash provided by operating activities | 180,471 | 127,197 | 59,352 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds on sales of investment properties | 20,397 | — | 3,039 | ||||||||
Acquisition of investment properties, net | (1,268,442 | ) | (1,240,438 | ) | (752,807 | ) | |||||
Acquisition of non-controlling interests | (8,469 | ) | (4,690 | ) | — | ||||||
Escrowed cash—acquisition deposits/earnest deposits | (1,280 | ) | (1,157 | ) | 2,000 | ||||||
Capital expenditures on existing investment properties | (23,243 | ) | (11,304 | ) | (4,988 | ) | |||||
Pay down of contingent consideration | (156 | ) | (483 | ) | (999 | ) | |||||
Real estate loans receivable | (39,063 | ) | (10,207 | ) | (22,359 | ) | |||||
Note receivable | — | — | (20,545 | ) | |||||||
Repayment of real estate loan receivable | 4,711 | 11,336 | — | ||||||||
Repayment of note receivable | 16,423 | 4,118 | — | ||||||||
Leasing commissions | (1,449 | ) | (1,034 | ) | (579 | ) | |||||
Lease inducements | (2,067 | ) | (8,957 | ) | (2,478 | ) | |||||
Net cash used in investing activities | (1,302,638 | ) | (1,262,816 | ) | (799,716 | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of common shares | 844,669 | 766,841 | 545,117 | ||||||||
Proceeds from credit facility borrowings | 927,000 | 1,181,000 | 620,000 | ||||||||
Payment on credit facility borrowings | (1,248,000 | ) | (925,000 | ) | (363,000 | ) | |||||
Proceeds from issuance of mortgage debt | 61,000 | 39,500 | — | ||||||||
Proceeds from issuance of senior unsecured notes | 743,060 | 225,000 | — | ||||||||
Principal payments on mortgage debt | (41,503 | ) | (10,232 | ) | (2,022 | ) | |||||
Debt issuance costs | (1,589 | ) | (4,816 | ) | (3,105 | ) | |||||
Dividends paid - shareholders | (143,108 | ) | (104,908 | ) | (63,720 | ) | |||||
Distributions to noncontrolling interest - Operating Partnership | (4,388 | ) | (3,162 | ) | (3,216 | ) | |||||
Preferred distributions paid - OP Unit holder | (600 | ) | (1,508 | ) | (563 | ) | |||||
Contributions to noncontrolling interest | 47 | — | — | ||||||||
Distributions to noncontrolling interest - partially owned properties | (748 | ) | (543 | ) | (213 | ) | |||||
Payments of employee taxes for withheld stock based compensation shares | (2,590 | ) | (778 | ) | (606 | ) | |||||
Purchase of Series A Preferred Units | (19,961 | ) | (9,756 | ) | — | ||||||
Purchase of OP Units | (3,886 | ) | (3,671 | ) | (1,088 | ) | |||||
Net cash provided by financing activities | 1,109,403 | 1,147,967 | 727,584 | ||||||||
Net (decrease) increase in cash and cash equivalents | (12,764 | ) | 12,348 | (12,780 | ) | ||||||
Cash and cash equivalents, beginning of year | 15,491 | 3,143 | 15,923 | ||||||||
Cash and cash equivalents, end of year | $ | 2,727 | $ | 15,491 | $ | 3,143 | |||||
Supplemental disclosure of cash flow information - interest paid during the year | $ | 38,781 | $ | 17,151 | $ | 9,550 | |||||
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements and redeemable equity - property | $ | 244 | $ | 13,708 | $ | — | |||||
Supplemental disclosure of noncash activity - assumed debt | $ | 43,989 | $ | — | $ | 18,690 | |||||
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | $ | 44,978 | $ | 6,769 | $ | 40,376 | |||||
Supplemental disclosure of noncash activity - contingent consideration | $ | 765 | $ | 156 | $ | 2,718 |
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Investment properties: | |||||||
Land and improvements | $ | 217,695 | $ | 189,759 | |||
Building and improvements | 3,568,858 | 2,402,643 | |||||
Tenant improvements | 23,056 | 14,133 | |||||
Acquired lease intangibles | 458,713 | 301,462 | |||||
4,268,322 | 2,907,997 | ||||||
Accumulated depreciation | (300,458 | ) | (181,785 | ) | |||
Net real estate property | 3,967,864 | 2,726,212 | |||||
Real estate loans receivable | 76,195 | 39,154 | |||||
Investment in unconsolidated entities | 1,329 | 2,258 | |||||
Net real estate investments | 4,045,388 | 2,767,624 | |||||
Cash and cash equivalents | 2,727 | 15,491 | |||||
Tenant receivables, net | 9,966 | 9,790 | |||||
Other assets | 106,302 | 95,187 | |||||
Total assets | $ | 4,164,383 | $ | 2,888,092 | |||
LIABILITIES AND CAPITAL | |||||||
Liabilities: | |||||||
Credit facility | $ | 324,394 | $ | 643,742 | |||
Notes payable | 966,603 | 224,330 | |||||
Mortgage debt | 186,471 | 123,083 | |||||
Accounts payable | 11,023 | 4,423 | |||||
Dividends and distributions payable | 43,804 | 32,179 | |||||
Accrued expenses and other liabilities | 56,405 | 42,287 | |||||
Acquired lease intangibles, net | 15,702 | 9,253 | |||||
Total liabilities | 1,604,402 | 1,079,297 | |||||
Redeemable noncontrolling interest - Series A Preferred Units (2016) and partially owned properties | 12,347 | 26,477 | |||||
Capital: | |||||||
Partners’ capital: | |||||||
General partners’ capital, 181,440,051 and 135,966,013 units issued and outstanding as of December 31, 2017 and 2016, respectively | 2,459,220 | 1,724,743 | |||||
Limited partners’ capital, 5,364,632 and 3,436,207 units issued and outstanding as of December 31, 2017 and 2016, respectively | 73,844 | 43,142 | |||||
Accumulated other comprehensive income | 13,952 | 13,708 | |||||
Total partners’ capital | 2,547,016 | 1,781,593 | |||||
Noncontrolling interest - partially owned properties | 618 | 725 | |||||
Total capital | 2,547,634 | 1,782,318 | |||||
Total liabilities and capital | $ | 4,164,383 | $ | 2,888,092 |
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 259,673 | $ | 186,301 | $ | 103,974 | |||||
Expense recoveries | 75,425 | 45,875 | 21,587 | ||||||||
Interest income on real estate loans and other | 8,486 | 8,858 | 3,880 | ||||||||
Total revenues | 343,584 | 241,034 | 129,441 | ||||||||
Expenses: | |||||||||||
Interest expense | 47,008 | 23,864 | 10,636 | ||||||||
General and administrative | 22,957 | 18,397 | 14,908 | ||||||||
Operating expenses | 97,035 | 65,999 | 31,026 | ||||||||
Depreciation and amortization | 125,159 | 86,589 | 45,471 | ||||||||
Acquisition expenses | 16,744 | 14,778 | 14,893 | ||||||||
Impairment loss | 965 | — | — | ||||||||
Total expenses | 309,868 | 209,627 | 116,934 | ||||||||
Income before equity in income of unconsolidated entities and gain on sale of investment property | 33,716 | 31,407 | 12,507 | ||||||||
Equity in income of unconsolidated entities | 183 | 115 | 104 | ||||||||
Gain on sale of investment properties | 5,874 | — | 130 | ||||||||
Net income | 39,773 | 31,522 | 12,741 | ||||||||
Net income attributable to noncontrolling interests - partially owned properties (1) | (491 | ) | (716 | ) | (377 | ) | |||||
Net income attributable to controlling interest | 39,282 | 30,806 | 12,364 | ||||||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | |||||
Net income attributable to common unitholders | $ | 38,551 | $ | 28,949 | $ | 11,175 | |||||
Net income per common unit: | |||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Weighted average common units: | |||||||||||
Basic | 167,963,076 | 129,835,209 | 76,459,218 | ||||||||
Diluted | 168,231,299 | 130,466,893 | 76,792,073 | ||||||||
Distributions declared per common unit | $ | 0.915 | $ | 0.900 | $ | 0.900 |
(1) | An adjustment of $0.3 million and $0.1 million was required for net income attributable to redeemable noncontrolling interests for the year ended December 31, 2017 and December 31, 2016, respectively. No such adjustment was required for the year ended December 31, 2015. |
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Investment properties: | |||||||
Land and improvements | $ | 79,334 | $ | 26,088 | |||
Building and improvements | 644,086 | 193,184 | |||||
Tenant improvements | 5,614 | 5,458 | |||||
Acquired lease intangibles | 72,985 | 31,236 | |||||
802,019 | 255,966 | ||||||
Accumulated depreciation | (45,569 | ) | (28,427 | ) | |||
Net real estate property | 756,450 | 227,539 | |||||
Real estate loans receivable | 15,876 | — | |||||
Investment in unconsolidated entity | 1,324 | — | |||||
Net real estate investments | 773,650 | 227,539 | |||||
Cash and cash equivalents | 15,923 | 56,478 | |||||
Tenant receivables, net | 1,324 | 837 | |||||
Other assets | 15,806 | 5,901 | |||||
Total assets | $ | 806,703 | $ | 290,755 | |||
LIABILITIES AND CAPITAL | |||||||
Liabilities: | |||||||
Credit facility | $ | 134,144 | $ | — | |||
Mortgage debt | 77,091 | 40,716 | |||||
Accounts payable | 700 | 836 | |||||
Distributions payable | 16,548 | 5,681 | |||||
Accrued expenses and other liabilities | 6,140 | 2,685 | |||||
Acquired lease intangibles, net | 2,871 | — | |||||
Total liabilities | 237,494 | 49,918 | |||||
Capital: | |||||||
Partners' capital: | |||||||
General partner's capital, 50,640,863 and 21,548,597 units issued and outstanding as of December 31, 2014 and 2013, respectively | 534,730 | 204,904 | |||||
Limited partners' capital, 3,190,339 and 3,698,877 units issued and outstanding as of December 31, 2014 and 2013, respectively. | 33,727 | 35,310 | |||||
Total partners' capital | 568,457 | 240,214 | |||||
Noncontrolling interests - partially owned properties | 752 | 623 | |||||
Total capital | 569,209 | 240,837 | |||||
Total liabilities and capital | $ | 806,703 | $ | 290,755 |
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 12,741 | |||||
Other comprehensive income: | |||||||||||
Change in fair value of interest rate swap agreements, net | 244 | 13,708 | — | ||||||||
Total other comprehensive income | 244 | 13,708 | — | ||||||||
Comprehensive income | 40,017 | 45,230 | 12,741 | ||||||||
Comprehensive income attributable to noncontrolling interests - partially owned properties | (491 | ) | (716 | ) | (377 | ) | |||||
Comprehensive income attributable to common unitholders | $ | 39,526 | $ | 44,514 | $ | 12,364 |
General Partner | Limited Partner | Accumulated Other Comprehensive Income | Total Partners’ Capital | Partially Owned Properties Noncontrolling Interest | Total Partners’ Capital | ||||||||||||||||||
Balance at January 1, 2015 | $ | 534,730 | $ | 33,727 | $ | — | $ | 568,457 | $ | 752 | $ | 569,209 | |||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | 545,117 | — | — | 545,117 | — | 545,117 | |||||||||||||||||
Trust restricted share award grants, net | 2,908 | — | — | 2,908 | — | 2,908 | |||||||||||||||||
Purchase of OP Units | — | (1,088 | ) | — | (1,088 | ) | — | (1,088 | ) | ||||||||||||||
Conversion of OP Units | 171 | (171 | ) | — | — | — | — | ||||||||||||||||
OP Units - distributions | (67,542 | ) | (3,344 | ) | — | (70,886 | ) | — | (70,886 | ) | |||||||||||||
Preferred distributions | (1,189 | ) | — | — | (1,189 | ) | — | (1,189 | ) | ||||||||||||||
Issuance of OP Units in connection with acquisition | — | 10,973 | — | 10,973 | — | 10,973 | |||||||||||||||||
Contributions | — | — | — | — | 8,962 | 8,962 | |||||||||||||||||
Distributions | — | — | — | — | (213 | ) | (213 | ) | |||||||||||||||
Change in market value of Redeemable Limited Partners | (73 | ) | — | — | (73 | ) | — | (73 | ) | ||||||||||||||
Net income | 11,788 | 576 | — | 12,364 | 377 | 12,741 | |||||||||||||||||
Adjustments for Limited Partners ownership in Operating Partnership | (4,778 | ) | 4,778 | — | — | — | — | ||||||||||||||||
Balance at December 31, 2015 | 1,021,132 | 45,451 | — | 1,066,583 | 9,878 | 1,076,461 | |||||||||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | 766,841 | — | — | 766,841 | — | 766,841 | |||||||||||||||||
Trust restricted share award grants, net | 4,434 | — | — | 4,434 | — | 4,434 | |||||||||||||||||
Purchase of OP Units | — | (3,671 | ) | — | (3,671 | ) | — | (3,671 | ) | ||||||||||||||
Conversion of OP Units | 11,619 | (11,619 | ) | — | — | — | — | ||||||||||||||||
OP Units - distributions | (115,901 | ) | (3,106 | ) | — | (119,007 | ) | — | (119,007 | ) | |||||||||||||
Preferred distributions | (1,857 | ) | — | — | (1,857 | ) | — | (1,857 | ) | ||||||||||||||
Issuance of OP Units in connection with acquisition | 17,079 | 6,869 | — | 23,948 | (100 | ) | 23,848 | ||||||||||||||||
Contributions | — | — | — | — | 50 | 50 | |||||||||||||||||
Distributions | — | — | — | — | (543 | ) | (543 | ) | |||||||||||||||
Change in market value of Redeemable Limited Partners | (245 | ) | — | — | (245 | ) | — | (245 | ) | ||||||||||||||
Reclassification of Noncontrolling Interest - partially owned properties | — | — | — | — | (8,514 | ) | (8,514 | ) | |||||||||||||||
Buyout of Noncontrolling Interest - partially owned properties | 53 | — | — | 53 | (664 | ) | (611 | ) | |||||||||||||||
Change in fair value of interest rate swap agreements | — | — | 13,708 | 13,708 | — | 13,708 | |||||||||||||||||
Net income | 29,981 | 825 | — | 30,806 | 618 | 31,424 | |||||||||||||||||
Adjustments for Limited Partners ownership in Operating Partnership | (8,393 | ) | 8,393 | — | — | — | — | ||||||||||||||||
Balance at December 31, 2016 | 1,724,743 | 43,142 | 13,708 | 1,781,593 | 725 | 1,782,318 | |||||||||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | 844,669 | — | — | 844,669 | — | 844,669 | |||||||||||||||||
Trust Restricted share award grants, net | 3,821 | — | — | 3,821 | — | 3,821 | |||||||||||||||||
Purchase of OP Units | — | (3,886 | ) | — | (3,886 | ) | — | (3,886 | ) | ||||||||||||||
Conversion of OP Units | 930 | (930 | ) | — | — | — | — | ||||||||||||||||
OP Units - distributions | (153,970 | ) | (4,867 | ) | — | (158,837 | ) | — | (158,837 | ) | |||||||||||||
Preferred distributions | (731 | ) | — | — | (731 | ) | — | (731 | ) | ||||||||||||||
Issuance of OP Units in connection with acquisition | — | 44,259 | — | 44,259 | — | 44,259 | |||||||||||||||||
Contributions | — | — | — | — | 47 | 47 | |||||||||||||||||
Distributions | — | — | — | — | (321 | ) | (321 | ) | |||||||||||||||
Buyout of Noncontrolling Interest - partially owned properties | (2,800 | ) | 719 | — | (2,081 | ) | (24 | ) | (2,105 | ) | |||||||||||||
Change in fair value of interest rate swap agreements and redeemable equity - property | (1,317 | ) | — | 244 | (1,073 | ) | — | (1,073 | ) | ||||||||||||||
Net income | 38,146 | 1,136 | — | 39,282 | 191 | 39,473 | |||||||||||||||||
Adjustments for Limited Partners ownership in Operating Partnership | 5,729 | (5,729 | ) | — | — | — | — | ||||||||||||||||
Balance at December 31, 2017 | $ | 2,459,220 | $ | 73,844 | $ | 13,952 | $ | 2,547,016 | $ | 618 | $ | 2,547,634 |
December 31, | |||||||||||
2014 | 2013 | Predecessor 2012 | |||||||||
Revenues: | |||||||||||
Rental revenues | $ | 46,397 | $ | 13,565 | $ | 9,821 | |||||
Expense recoveries | 5,871 | 3,234 | 3,111 | ||||||||
Interest income on real estate loans and other | 1,066 | 246 | 137 | ||||||||
Total revenues | 53,334 | 17,045 | 13,069 | ||||||||
Expenses: | |||||||||||
Interest expense | 6,907 | 4,295 | 4,538 | ||||||||
General and administrative | 11,440 | 3,214 | 362 | ||||||||
Operating expenses | 10,154 | 4,650 | 4,758 | ||||||||
Depreciation and amortization | 16,731 | 5,107 | 4,150 | ||||||||
Acquisition expenses | 10,897 | 1,938 | — | ||||||||
Management fees | — | 475 | 951 | ||||||||
Impairment loss | 1,750 | — | 937 | ||||||||
Total expenses | 57,879 | 19,679 | 15,696 | ||||||||
Loss before equity in income of unconsolidated entity, gain (loss) on sale of investment properties and discontinued operations | (4,545 | ) | (2,634 | ) | (2,627 | ) | |||||
Equity in income of unconsolidated entity | 95 | — | — | ||||||||
Gain (loss) on sale of investment properties | 32 | (2 | ) | (228 | ) | ||||||
Loss from continuing operations | (4,418 | ) | (2,636 | ) | (2,855 | ) | |||||
Discontinued operations: | |||||||||||
Loss from operations on discontinued investment properties | — | — | (198 | ) | |||||||
Gain on sale of discontinued investment properties | — | — | 1,519 | ||||||||
Income from discontinued operations | — | — | 1,321 | ||||||||
Net loss | $ | (4,418 | ) | $ | (2,636 | ) | $ | (1,534 | ) | ||
Less: Net loss attributable to Predecessor | — | 576 | |||||||||
Less: Net income attributable to noncontrolling interests — partially owned properties | (314 | ) | (71 | ) | |||||||
Net loss attributable to common unitholders | $ | (4,732 | ) | $ | (2,131 | ) | |||||
Net loss per unit: | |||||||||||
Basic and diluted | $ | (0.12 | ) | $ | (0.13 | ) | |||||
Weighted average common units: | |||||||||||
Basic and diluted | 36,881,712 | 16,179,492 | |||||||||
Distributions declared per common unit | $ | 0.90 | $ | 0.41 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 12,741 | |||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 125,159 | 86,589 | 45,471 | ||||||||
Amortization of deferred financing costs | 2,299 | 2,325 | 1,373 | ||||||||
Amortization of lease inducements and above/below-market lease intangibles | 5,083 | 3,906 | 2,577 | ||||||||
Straight-line rental revenue/expense | (16,202 | ) | (16,226 | ) | (9,000 | ) | |||||
Amortization of unsecured bond discount | 277 | — | — | ||||||||
Amortization of above-market assumed debt | (178 | ) | (236 | ) | (173 | ) | |||||
Gain on sale of investment properties | (5,874 | ) | — | (130 | ) | ||||||
Equity in income of unconsolidated entities | (183 | ) | (115 | ) | (104 | ) | |||||
Distribution from unconsolidated entities | 210 | 82 | 106 | ||||||||
Change in fair value of derivatives | 150 | (240 | ) | (166 | ) | ||||||
Provision for bad debts | 123 | 2,310 | 69 | ||||||||
Non-cash share compensation | 6,695 | 5,672 | 3,798 | ||||||||
Net change in fair value of contingent consideration | (472 | ) | (840 | ) | — | ||||||
Impairment on investment properties | 965 | — | — | ||||||||
Change in operating assets and liabilities: | |||||||||||
Tenant receivables | (2,988 | ) | (10,058 | ) | (2,836 | ) | |||||
Other assets | (533 | ) | (19,230 | ) | (2,630 | ) | |||||
Accounts payable | 6,600 | 3,779 | (56 | ) | |||||||
Accrued expenses and other liabilities | 19,567 | 37,957 | 8,312 | ||||||||
Net cash provided by operating activities | 180,471 | 127,197 | 59,352 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds on sales of investment property | 20,397 | — | 3,039 | ||||||||
Acquisition of investment properties, net | (1,268,442 | ) | (1,240,438 | ) | (752,807 | ) | |||||
Acquisition of non-controlling interests | (8,469 | ) | (4,690 | ) | — | ||||||
Escrowed cash—acquisition deposits/earnest deposits | (1,280 | ) | (1,157 | ) | 2,000 | ||||||
Capital expenditures on existing investment properties | (23,243 | ) | (11,304 | ) | (4,988 | ) | |||||
Pay down of contingent consideration | (156 | ) | (483 | ) | (999 | ) | |||||
Real estate loans receivable | (39,063 | ) | (10,207 | ) | (22,359 | ) | |||||
Repayment of real estate loan receivable | 4,711 | 11,336 | — | ||||||||
Note receivable | — | — | (20,545 | ) | |||||||
Repayment of note receivable | 16,423 | 4,118 | — | ||||||||
Leasing commissions | (1,449 | ) | (1,034 | ) | (579 | ) | |||||
Lease Inducements | (2,067 | ) | (8,957 | ) | (2,478 | ) | |||||
Net cash used in investing activities | (1,302,638 | ) | (1,262,816 | ) | (799,716 | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | 844,669 | 766,841 | 545,117 | ||||||||
Proceeds from credit facility borrowings | 927,000 | 1,181,000 | 620,000 | ||||||||
Payment on credit facility borrowings | (1,248,000 | ) | (925,000 | ) | (363,000 | ) | |||||
Proceeds from issuance of senior unsecured notes | 743,060 | 225,000 | — | ||||||||
Proceeds from issuance of mortgage debt | 61,000 | 39,500 | — | ||||||||
Principal payments on mortgage debt | (41,503 | ) | (10,232 | ) | (2,022 | ) | |||||
Debt issuance costs | (1,589 | ) | (4,816 | ) | (3,105 | ) | |||||
OP Units distributions - General Partner | (143,108 | ) | (104,908 | ) | (63,720 | ) | |||||
OP Units distributions - Limited Partner | (4,388 | ) | (3,162 | ) | (3,216 | ) | |||||
Preferred OP Units distributions - Limited Partner | (600 | ) | (1,508 | ) | — | ||||||
Contributions to noncontrolling interest | 47 | — | — | ||||||||
Distributions to noncontrolling interest - partially owned properties | (748 | ) | (543 | ) | (213 | ) | |||||
Payments of employee taxes for withheld stock based compensation shares | (2,590 | ) | (778 | ) | (606 | ) | |||||
Purchase of Preferred Limited Partner Units | (19,961 | ) | (9,756 | ) | (563 | ) | |||||
Purchase of Limited Partner Units | (3,886 | ) | (3,671 | ) | (1,088 | ) | |||||
Net cash provided by financing activities | 1,109,403 | 1,147,967 | 727,584 | ||||||||
Net (decrease) increase in cash and cash equivalents | (12,764 | ) | 12,348 | (12,780 | ) | ||||||
Cash and cash equivalents, beginning of year | 15,491 | 3,143 | 15,923 | ||||||||
Cash and cash equivalents, end of year | $ | 2,727 | $ | 15,491 | $ | 3,143 | |||||
Supplemental disclosure of cash flow information - interest paid during the year | $ | 38,781 | $ | 17,151 | $ | 9,550 | |||||
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements and redeemable equity - property | $ | 244 | $ | 13,708 | $ | — | |||||
Supplemental disclosure of noncash activity - assumed debt | $ | 43,989 | $ | — | $ | 18,690 | |||||
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | $ | 44,978 | $ | 6,769 | $ | 40,376 | |||||
Supplemental disclosure of noncash activity - contingent consideration | $ | 765 | $ | 156 | $ | 2,718 |
Predecessor Equity | General Partner | Limited Partner | Total Partners' Capital | Partially Owned Properties Noncontrolling Interest | Total Capital | ||||||||||||||||||
Predecessor Balance | |||||||||||||||||||||||
Balance at December 31, 2011 | $ | 22,503 | $ | — | $ | — | $ | 22,503 | $ | 112 | $ | 22,615 | |||||||||||
Net (loss) income | (1,659 | ) | — | — | $ | (1,659 | ) | 125 | (1,534 | ) | |||||||||||||
Transfer | (105 | ) | — | — | $ | (105 | ) | 105 | — | ||||||||||||||
Distributions | (1,671 | ) | — | — | (1,671 | ) | (313 | ) | (1,984 | ) | |||||||||||||
Balance at December 31, 2012 | 19,068 | — | — | 19,068 | 29 | 19,097 | |||||||||||||||||
Net (loss) income | (712 | ) | — | — | (712 | ) | 136 | (576 | ) | ||||||||||||||
Transfer | 36 | — | — | 36 | (36 | ) | — | ||||||||||||||||
Distributions | (211 | ) | — | — | (211 | ) | (209 | ) | (420 | ) | |||||||||||||
Balance at July 24, 2013 | 18,181 | — | — | 18,181 | (80 | ) | 18,101 | ||||||||||||||||
Physicians Realty L.P. | |||||||||||||||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | — | 225,920 | — | 225,920 | — | 225,920 | |||||||||||||||||
Formation transactions | (18,181 | ) | 35 | 18,181 | 35 | (389 | ) | (354 | ) | ||||||||||||||
Restricted share award grants | — | 433 | — | 433 | — | 433 | |||||||||||||||||
OP Units - distributions | — | (7,009 | ) | (1,326 | ) | (8,335 | ) | — | (8,335 | ) | |||||||||||||
Adjustments for Limited Partners ownership in Operating Partnership | — | (7,391 | ) | 7,391 | — | — | — | ||||||||||||||||
Contributions | — | (5,423 | ) | 11,534 | 6,111 | 1,276 | 7,387 | ||||||||||||||||
Distributions | — | — | — | — | (255 | ) | (255 | ) | |||||||||||||||
Net (loss) income | — | (1,661 | ) | (470 | ) | (2,131 | ) | 71 | (2,060 | ) | |||||||||||||
Balance at December 31, 2013 | — | 204,904 | 35,310 | 240,214 | 623 | 240,837 | |||||||||||||||||
Net proceeds from sale of Trust common shares and issuance of common units | — | 350,385 | — | 350,385 | — | 350,385 | |||||||||||||||||
Trust restricted share award grants, net | — | 2,060 | — | 2,060 | — | 2,060 | |||||||||||||||||
Issuance of Trust common shares and common units in connection with the Ziegler shared service amendment payment | — | 1,800 | — | 1,800 | — | 1,800 | |||||||||||||||||
Purchase of OP Units | — | — | (7,546 | ) | (7,546 | ) | — | (7,546 | ) | ||||||||||||||
Conversion of OP Units | — | 13,286 | (13,286 | ) | — | — | — | ||||||||||||||||
OP Units - distributions | — | (39,048 | ) | (3,265 | ) | (42,313 | ) | — | (42,313 | ) | |||||||||||||
Adjustments for Limited Partners ownership in Operating Partnership | — | 5,380 | (5,380 | ) | — | — | — | ||||||||||||||||
Issuance of OP Units in connection with acquisitions | — | — | 28,589 | 28,589 | — | 28,589 | |||||||||||||||||
Distributions | — | — | — | — | (185 | ) | (185 | ) | |||||||||||||||
Net (loss) income | — | (4,037 | ) | (695 | ) | (4,732 | ) | 314 | (4,418 | ) | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | 534,730 | $ | 33,727 | $ | 568,457 | $ | 752 | $ | 569,209 |
Year Ended December 31, | |||||||||||
Predecessor | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net loss | $ | (4,418 | ) | $ | (2,636 | ) | $ | (1,534 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 16,731 | 5,107 | 4,150 | ||||||||
Amortization of deferred financing costs | 1,097 | 510 | 268 | ||||||||
Amortization of lease inducements and above/below market lease intangibles | 571 | 141 | 70 | ||||||||
Straight-line rental revenue/expense | (4,366 | ) | (675 | ) | (100 | ) | |||||
(Gain) loss on sale of investment properties | (32 | ) | 2 | (1,291 | ) | ||||||
Equity in income of unconsolidated entity | (95 | ) | — | — | |||||||
Distribution from unconsolidated entity | 71 | — | — | ||||||||
Change in fair value of derivatives | (161 | ) | (246 | ) | (122 | ) | |||||
Provision for bad debts | 9 | 30 | 320 | ||||||||
Non-cash share compensation | 2,422 | 433 | — | ||||||||
Ziegler shared service amendment payment | 1,800 | — | — | ||||||||
Impairment on investment properties | 1,750 | — | 937 | ||||||||
Change in operating assets and liabilities: | |||||||||||
Tenant receivables | (986 | ) | (184 | ) | 33 | ||||||
Other assets | (3,518 | ) | (1,074 | ) | 379 | ||||||
Accounts payable to related parties | — | (1,530 | ) | 255 | |||||||
Accounts payable | (136 | ) | 34 | 204 | |||||||
Accrued expenses and other liabilities | 2,556 | 1,256 | (56 | ) | |||||||
Net cash provided by operating activities | 13,295 | 1,168 | 3,513 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds on sales of investment properties | 235 | 448 | 14,525 | ||||||||
Acquisition of investment properties, net | (501,127 | ) | (125,728 | ) | — | ||||||
Capital expenditures on existing investment properties | (900 | ) | — | (845 | ) | ||||||
Real estate loans receivable | (15,386 | ) | — | — | |||||||
Leasing commissions | (100 | ) | (163 | ) | (153 | ) | |||||
Lease inducements | (1,532 | ) | (1,000 | ) | — | ||||||
Net cash (used in) provided by investing activities | (518,810 | ) | (126,443 | ) | 13,527 | ||||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of Trust common shares and common units | 350,384 | 225,920 | — | ||||||||
Formation transactions | — | (354 | ) | — | |||||||
Proceeds from credit facility borrowings | 395,200 | 52,350 | — | ||||||||
Payment on credit facility borrowings | (257,200 | ) | (52,350 | ) | — | ||||||
Proceeds from issuance of mortgage debt | 26,550 | 162 | 45 | ||||||||
Principal payments on mortgage debt | (6,549 | ) | (41,832 | ) | (14,149 | ) | |||||
Debt issuance costs | (3,887 | ) | (1,428 | ) | (270 | ) | |||||
OP Units distributions - General Partner | (28,104 | ) | (2,161 | ) | — | ||||||
OP Units distributions - Limited Partner | (3,382 | ) | (704 | ) | — | ||||||
Distributions to members and partners | — | — | (1,671 | ) | |||||||
Distributions to noncontrolling interest — partially owned properties | (185 | ) | (464 | ) | (313 | ) | |||||
Purchase of Limited Partner Units | (7,546 | ) | — | — | |||||||
Trust Common shares repurchased and retired | (321 | ) | — | — | |||||||
Net cash provided by (used in) financing activities | 464,960 | 179,139 | (16,358 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (40,555 | ) | 53,864 | 682 | |||||||
Cash and cash equivalents, beginning of year | 56,478 | 2,614 | 1,932 | ||||||||
Cash and cash equivalents, end of year | $ | 15,923 | $ | 56,478 | $ | 2,614 | |||||
Supplemental disclosure of cash flow information — interest paid during the period | $ | 5,606 | $ | 3,942 | $ | 5,126 | |||||
Supplemental disclosure of noncash activity — assumed debt | $ | 15,283 | $ | — | $ | — | |||||
Supplemental disclosure of noncash activity — issuance of OP Units in connection with acquisitions | $ | 28,589 | $ | 11,535 | $ | — | |||||
Supplemental disclosure of noncash activity — contingent consideration | $ | 840 | $ | — | $ | — |
2017 | 2016 | ||||||||||||||||||||
Common shares sold | Weighted average price | Net proceeds | Common shares sold | Weighted average price | Net proceeds | ||||||||||||||||
Quarterly period ended March 31 | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||
Quarterly period ended June 30 | 4,150,000 | 20.07 | 82,440 | — | — | — | |||||||||||||||
Quarterly period ended September 30 | — | — | — | — | — | — | |||||||||||||||
Quarterly period ended December 31 | 2,197,914 | 18.39 | 40,011 | 135,531 | 19.09 | 2,561 | |||||||||||||||
Year ended December 31 | 6,347,914 | $ | 19.48 | $ | 122,451 | 135,531 | $ | 19.09 | $ | 2,561 |
Declaration Date | Record Date | Payment Date | Cash Distributions per OP Unit | ||||||
December 30, 2014 | January 23, 2015 | February 6, 2015 | $ | 0.225 | |||||
September 26, 2014 | October 17, 2014 | October 30, 2014 | $ | 0.225 | |||||
June 26, 2014 | July 18, 2014 | August 1, 2014 | $ | 0.225 | |||||
March 27, 2014 | April 11, 2014 | April 25, 2014 | $ | 0.225 | |||||
December 30, 2013 | January 24, 2014 | February 7, 2014 | $ | 0.225 | |||||
September 30, 2013 | October 18, 2013 | November 1, 2013 | $ | 0.18 | (1) |
On January 12, 2017, the Series A Preferred Units issued in conjunction with the Nashville MOB acquisition were redeemed for a total value of $20.0 million. The fair value of the embedded derivative associated with the previously outstanding Series A Preferred Units was $5.6 million which was derecognized in the course of the redemption. In connection with the acquisition of the Minnetonka MOB, the Trust received a $5 million equity investment from a third party, effective March 1, 2015. This investment earns a 15% cumulative preferred return. At any point subsequent to the third anniversary of the investment, the holder can require the Trust to redeem the instrument at a price for which the investor will realize a 15% internal rate of return. Due to the redemption provision, which is outside of the control of the Trust, the Trust |
Declaration Date | Record Date | Payment Date | Cash Dividend per Share/Unit | |||||
December 21, 2017 | January 3, 2018 | January 18, 2018 | $ | 0.230 | ||||
September 21, 2017 | October 3, 2017 | October 18, 2017 | $ | 0.230 | ||||
June 12, 2017 | July 3, 2017 | July 18, 2017 | $ | 0.230 | ||||
March 17, 2017 | April 5, 2017 | April 18, 2017 | $ | 0.225 | ||||
December 22, 2016 | January 5, 2017 | January 18, 2017 | $ | 0.225 | ||||
September 26, 2016 | October 6, 2016 | October 18, 2016 | $ | 0.225 | ||||
June 23, 2016 | July 5, 2016 | July 18, 2016 | $ | 0.225 | ||||
March 18, 2016 | April 1, 2016 | April 18, 2016 | $ | 0.225 | ||||
December 31, 2015 | January 15, 2016 | January 29, 2016 | $ | 0.225 | ||||
September 28, 2015 | October 16, 2015 | October 30, 2015 | $ | 0.225 | ||||
July 1, 2015 | July 17, 2015 | July 31, 2015 | $ | 0.225 | ||||
April 6, 2015 | April 17, 2015 | May 1, 2015 | $ | 0.225 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Per common share and OP Unit: | ||||||||||||
Ordinary dividends | $ | 0.4529 | $ | 0.5325 | $ | 0.2693 | ||||||
Qualified dividends | — | — | — | |||||||||
Capital gain distributions | — | — | — | |||||||||
Non-dividend distributions | 0.4571 | 0.3675 | 0.6307 | |||||||||
Total | $ | 0.9100 | $ | 0.9000 | $ | 0.9000 |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
Orthopedic Associates | (2) | Flower Mound, TX | January 5, 2017 | $ | 18,750 | |||||
Medical Arts Center at Hartford | (2) | Plainville, CT | January 11, 2017 | 30,250 | ||||||
Noncontrolling Interest Buyout - New Albany | (3) | New Albany, OH | January 31, 2017 | 2,824 | ||||||
CareMount - Lake Katrine MOB | (2) | (4) | Lake Katrine, NY | February 14, 2017 | 41,791 | |||||
CareMount - Rhinebeck MOB | (2) | Rhinebeck, NY | February 14, 2017 | 18,639 | ||||||
Syracuse Condos | (2) | Fayetteville & Liverpool, NY | February 27, 2017 | 2,659 | ||||||
Monterey Medical Center - MOB | (2) | Stuart, FL | March 7, 2017 | 18,979 | ||||||
Creighton University Medical Center | (5) | Omaha, NE | March 28, 2017 | 33,420 | ||||||
Strictly Pediatrics Specialty Center | (2) | (6) | Austin, TX | March 31, 2017 | 78,628 | |||||
MedStar Stephen's Crossing | (2) | Brandywine, MD | June 16, 2017 | 20,900 | ||||||
2017 CHI Portfolio - Tranche 1 (8 MOBs) | (5) | AR, MN, ND, NE, TN, TX | June 29, 2017 | 124,181 | ||||||
St. Vincent Portfolio (2 MOBs) | (2) | Carmel & Fishers, IN | June 29, 2017 | 93,880 | ||||||
Baylor Charles A. Sammons Cancer Center | (2) | Dallas, TX | June 30, 2017 | 290,000 | ||||||
Orthopedic & Sports Institute of the Fox Valley | (7) | Appleton, WI | June 30, 2017 | 27,900 | ||||||
Peachtree Dunwoody Medical Center - Parking Deck | (7) | Atlanta, GA | June 30, 2017 | 25,000 | ||||||
Clearview Cancer Institute | (2) | Huntsville, AL | August 4, 2017 | 53,250 | ||||||
Northside Cherokee/Town Lake MOB | (2) | Atlanta, GA | August 15, 2017 | 37,127 | ||||||
HonorHealth Mesa MOB | (2) | Mesa, AZ | August 15, 2017 | 4,800 | ||||||
2017 CHI Portfolio - Tranche 2 (5 MOBs) | (5) | AR, MN, NE, TX | August 24, 2017 & August 31, 2017 | 33,694 | ||||||
Noncontrolling Interest Buyout - Great Falls Clinic | (8) | Great Falls, MT | September 21, 2017 | 1,061 | ||||||
Legends Park MOB & ASC | (2) | Midland, TX | September 27, 2017 | 30,000 | ||||||
Franklin MOB & ASC | (2) | Franklin, TN | October 12, 2017 | 9,950 | ||||||
Eagle Point MOB | (2) | Lake Elmo, MN | October 31, 2017 | 10,949 | ||||||
Edina East MOB | (2) | Edina, MN | October 31, 2017 | 7,800 | ||||||
Northside MOB - Center Pointe | (2) | Atlanta, GA | November 10, 2017 | 155,986 | ||||||
Gwinnett 500 Building | (2) | Lawrenceville, GA | November 17, 2017 | 25,297 | ||||||
Hudgens Professional Building | (2) | Duluth, GA | November 17, 2017 | 23,696 | ||||||
St. Vincent Building | (2) | Indianapolis, IN | November 17, 2017 | 60,124 | ||||||
Gwinnett Physicians Center | (2) | (9) | Lawrenceville, GA | December 1, 2017 | 51,721 | |||||
Apple Valley Medical Center | (2) | Apple Valley, MN | December 18, 2017 | 21,500 | ||||||
Desert Cove MOB (57% Interest) | (2) | (10) | Scottsdale, AZ | December 18, 2017 | 4,560 | |||||
Westgate MOB | (2) | Glendale, AZ | December 21, 2017 | 15,800 |
Property(1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||
Foundation San Antonio Surgical Hospital(2) | San Antonio, TX | February 19, 2014 | $ | 25,556 | ||||
Eagles Landing Family Practice 4 MOBs(2) | Atlanta, GA | February 19, 2014 | 20,800 | |||||
21st Century Oncology 4 MOBs(3) | Sarasota, FL | February 26, 2014 | 17,486 | |||||
Foundation San Antonio MOB(3) | San Antonio, TX | February 28, 2014 | 6,800 | |||||
Peachtree Dunwoody MOB(3) | Atlanta, GA | February 28, 2014 | 36,726 | |||||
LifeCare LTACH(2) | Fort Worth, TX | March 28, 2014 | 27,160 | |||||
LifeCare LTACH(2) | Pittsburgh, PA | March 28, 2014 | 12,840 | |||||
Pinnacle Health Cardiology Portfolio 2 MOBs (3) | Carlisle & Wormleyburg, PA | April 22, 2014 | 9,208 | |||||
South Bend Orthopedic MOB (3) | South Bend, IN | April 30, 2014 | 14,900 | |||||
Grenada Medical Complex MOB (3) | Grenada, MS | April 30,2014 | 7,100 | |||||
Mississippi Sports Medicine and Orthopaedics Center MOB (2)(4) | Jackson, MS | May 23, 2014 | 16,700 | |||||
Carmel Medical Pavilion MOB (3)(5) | Carmel, IN | May 28, 2014 | 4,664 | |||||
Summit Urology MOB (2) | Bloomington, IN | June 30, 2014 | 4,783 | |||||
Renaissance Center (3) | Oshkosh, WI | June 30, 2014 | 8,500 | |||||
Presbyterian Medical Plaza MOB (3) | Monroe, NC | June 30, 2014 | 7,750 | |||||
Landmark Medical Portfolio (Premier) 3 MOBs (2)(6) | Bloomington, IN | July 1, 2014 | 23,837 | |||||
Carlisle II MOB (3) | Carlisle, PA | July 25, 2014 | 4,500 | |||||
Surgical Institute of Monroe ASC (2) | Monroe, MI | July 28, 2014 | 6,000 | |||||
The Oaks Medical Building MOB (3) | Lady Lake, FL | July 31, 2014 | 10,600 | |||||
Baylor Surgicare ASC — Mansfield (3) | Mansfield, TX | September 2, 2014 | 8,500 | |||||
Eye Center of Southern Indiana (2)(7) | Bloomington, IN | September 5, 2014 | 12,174 | |||||
Wayne State Medical Center and MOB (2) | Troy, MI | September 10, 2014 | 46,500 | |||||
El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3)(8) | El Paso, TX | September 30, 2014 | 46,235 | |||||
The Mark H. Zangmeister Center (3) | Columbus, OH | September 30, 2014 | 36,600 | |||||
Berger Medical Center (3) | Orient, OH | September 30, 2014 | 6,785 | |||||
Orthopedic One 2 MOBs (3) | Columbus, OH Westerville, OH | September 30, 2014 | 24,500 | |||||
Pinnacle Health Portfolio 5 MOBs (3) | Harrisburg, PA | October 29, 2014 | 23,100 | |||||
Columbus Regional Health Portfolio 12 MOBs (3) Columbus Regional Health Portfolio 1 MOB (3) | Columbus, GA Phenix City, AL | November 20, 2014 | 27,997 | |||||
Middletown Medical 2 MOBs (2) | Middletown, NY | November 26. 2014 | 14,399 | |||||
Carle Danville Clinic MOB(3) | Danville, IL | November 26, 2014 | 10,300 | |||||
Napoleon Medical Building MOB (3) | New Orleans, LA | December 18, 2014 | 10,500 | |||||
West Tennessee Bone & Joint 1 MOB 1 ASC (2) | Jackson, TN | December 30, 2014 | 9,936 | |||||
Total | $ | 543,436 |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
Loan Investments | (11) | Various | Various | 39,063 | ||||||
$ | 1,414,179 |
(1) | “MOB” means medical office building. “ASC” means ambulatory surgery center. |
(2) | The Company accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $16.6 million. |
(3) | The Company acquired the previously outstanding interest in the New Albany MOB from the predecessor owner. As consideration, the Operating Partnership paid approximately $2.1 million in cash and issued 38,641 OP Units, representing approximately $2.8 million in aggregate. |
(4) | The Company partially funded this acquisition through the assumption of an existing mortgage valued at approximately $26.4 million. |
(5) | These acquisitions are part of the CHI Portfolio. The Company accounted for nine of these facilities, consisting of an aggregate purchase price of $143.0 million, as asset acquisitions and capitalized total acquisition costs of $0.4 million. The remaining six facilities, consisting of an aggregate purchase price of $48.3 million, were accounted for as business combinations pursuant to the acquisition method, with acquisition expense totaling $0.1 million. |
(6) | The Company partially funded the purchase price of this acquisition by issuing a total of 2,247,817 OP Units valued at approximately $44.3 million in the aggregate on the date of issuance. |
(7) | The Company accounted for these acquisitions as asset acquisitions and capitalized total acquisition costs of $0.5 million. |
(8) | The Company acquired an additional 3.2% interest in the Great Falls Clinic joint venture from the predecessor owner, increasing the Company’s total interest to 85.0%. |
(9) | As part of this acquisition, the Company assumed a $17.6 million mortgage on the facility. |
(10) | The Company acquired an additional 57.0% ownership interest in Desert Cove MOB, LLC increasing the Company’s total interest to 100%. |
(11) | The loan investments listed here include 8 separate transactions at a weighted average interest rate of 8.1%. |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
Tinseltown - Loan Draws | Jacksonville, FL | $ | 2,192 | |||||||
Randall Road MOB - Suite 380 | (3) | Elgin, IL | January 14, 2016 | 704 | ||||||
Great Falls Hospital | (2) | Great Falls, MT | January 25, 2016 | 29,043 | ||||||
Monterey Medical Center ASC | (2) | Stuart, FL | February 1, 2016 | 6,900 | ||||||
Physicians Medical Plaza MOB | (2) | (4) | Indianapolis, IN | February 1, 2016 | 8,500 | |||||
Mezzanine Loan - Davis | Minnetonka, MN | February 4, 2016 | 500 | |||||||
Park Nicollet Clinic | (2) | Chanhassen, MN | February 8, 2016 | 18,600 | ||||||
HEB Cancer Center | (2) | Bedford, TX | February 12, 2016 | 13,980 | ||||||
Riverview Medical Center | (2) | Lancaster, OH | February 26, 2016 | 12,800 | ||||||
St. Luke's Cornwall MOB | (2) | Cornwall, NY | February 26, 2016 | 14,550 | ||||||
HonorHealth Glendale | (3) | Glendale, AZ | March 15, 2016 | 9,820 | ||||||
Columbia MOB | (2) | Hudson, NY | March 21, 2016 | 18,450 |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
St Vincent POB 1 | (2) | Birmingham, AL | March 23, 2016 | 10,951 | ||||||
St Vincent POB 2 | (2) | Birmingham, AL | March 23, 2016 | 7,945 | ||||||
St Vincent POB 3 | (2) | Birmingham, AL | March 23, 2016 | 10,455 | ||||||
Emerson Medical Building | (2) | Creve Coeur, MO | March 24, 2016 | 14,250 | ||||||
Randall Road MOB - Suite 160 | (3) | Elgin, IL | March 24, 2016 | 865 | ||||||
Patient Partners Surgery Center | (2) | Gallatin, TN | March 30, 2016 | 4,750 | ||||||
Eye Associates of NM - Santa Fe | (3) | Santa Fe, NM | March 31, 2016 | 8,739 | ||||||
Eye Associates of NM - Albuquerque | (3) | Albuquerque, NM | March 31, 2016 | 10,536 | ||||||
Gardendale Surgery Center | (2) | Gardendale, AL | April 11, 2016 | 7,450 | ||||||
HealthEast - Curve Crest | (2) | Stillwater, MN | April 14, 2016 | 4,144 | ||||||
HealthEast - Victor Gardens | (2) | Hugo, MN | April 14, 2016 | 6,025 | ||||||
NOMS - Clyde | (3) | Clyde, OH | May 10, 2016 | 6,342 | ||||||
Blandford MOB | (3) | (5) | Little Rock, AR | May 11, 2016 | 2,580 | |||||
Cardwell MOB | (2) | (5) | Lufkin, TX | May 11, 2016 | 8,444 | |||||
Dacono Neighborhood Health | (3) | (5) | Dacono, CO | May 11, 2016 | 5,152 | |||||
Franciscan Health | (3) | (5) | Tacoma, WA | May 11, 2016 | 9,772 | |||||
Grand Island Specialty Clinic | (3) | (5) | Grand Island, NE | May 11, 2016 | 2,891 | |||||
Hot Springs MOB | (2) | (5) | Hot Springs Village, AR | May 11, 2016 | 3,626 | |||||
Jewish Medical Center East | (3) | (5) | Louisville, KY | May 11, 2016 | 85,000 | |||||
Jewish Medical Center South MOB - 1 | (3) | (5) | Shepherdsville, KY | May 11, 2016 | 17,021 | |||||
Jewish Medical Plaza I | (2) | (5) | Louisville, KY | May 11, 2016 | 9,650 | |||||
Jewish Medical Plaza II | (2) | (5) | Louisville, KY | �� | May 11, 2016 | 6,124 | ||||
Jewish OCC | (3) | (5) | Louisville, KY | May 11, 2016 | 35,600 | |||||
Lakeside Three Professional Center | (2) | (5) | Omaha, NE | May 11, 2016 | 1,581 | |||||
Lexington Surgery Center | (2) | (5) | Lexington, KY | May 11, 2016 | 20,169 | |||||
Medical Arts Pavilion | (2) | (5) | Lufkin, TX | May 11, 2016 | 6,304 | |||||
Memorial Outpatient Center | (3) | (5) | Lufkin, TX | May 11, 2016 | 4,958 | |||||
Midlands Two Professional Center | (2) | (5) | Papillion, NE | May 11, 2016 | 1,341 | |||||
Parkview MOB | (2) | (5) | Little Rock, AR | May 11, 2016 | 5,060 | |||||
Peak One ASC | (2) | (5) | Frisco, CO | May 11, 2016 | 6,587 | |||||
Physicians Medical Center | (2) | (5) | Tacoma, WA | May 11, 2016 | 6,782 | |||||
St. Alexius - Minot Medical Plaza | (3) | (5) | Minot, ND | May 11, 2016 | 26,570 | |||||
St. Clare Medical Pavilion | (2) | (5) | Lakewood, WA | May 11, 2016 | 10,617 | |||||
St. Joseph Medical Pavilion | (2) | (5) | Tacoma, WA | May 11, 2016 | 13,320 | |||||
St. Joseph Office Park | (2) | (5) | Lexington, KY | May 11, 2016 | 17,228 | |||||
St. Mary - Caritas Medical II | (2) | (5) | Louisville, KY | May 11, 2016 | 5,603 | |||||
St. Mary - Caritas Medical III | (2) | (5) | Louisville, KY | May 11, 2016 | 842 | |||||
Thornton Neighborhood Health | (3) | (5) | Thornton, CO | May 11, 2016 | 3,875 | |||||
Medical Village at Kissimmee | (2) | Kissimmee, FL | May 26, 2016 | 4,923 | ||||||
Medical Village at Leesburg | (2) | Leesburg, FL | May 26, 2016 | 4,576 | ||||||
St. Francis MOB | (2) | (5) | Federal Way, WA | June 2, 2016 | 14,287 | |||||
Children's Hospital MOB | (2) | Milwaukee, WI | June 3, 2016 | 5,850 | ||||||
Jewish Medical Center South MOB - 2 | (2) | Shepherdsville, KY | June 8, 2016 | 4,343 | ||||||
Good Samaritan North Annex Building | (3) | (5) | Kearney, NE | June 28, 2016 | 2,874 | |||||
NE Heart Institute Medical Building | (3) | (5) | Lincoln, NE | June 28, 2016 | 19,600 |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
St. Vincent West MOB | (3) | (5) | Little Rock, AR | June 29, 2016 | 14,120 | |||||
Meridan MOB | (3) | (5) | Englewood, CO | June 29, 2016 | 17,329 | |||||
St. Mary - Caritas Medical I | (2) | (5) | Louisville, KY | June 29, 2016 | 8,864 | |||||
St. Alexius - Medical Arts Pavilion | (3) | (5) | Bismarck, ND | June 29, 2016 | 12,983 | |||||
St. Alexius - Mandan Clinic | (3) | (5) | Mandan, ND | June 29, 2016 | 8,390 | |||||
St. Alexius - Orthopaedic Center | (2) | (5) | Bismarck, ND | June 29, 2016 | 14,727 | |||||
St. Alexius - Rehab Center | (3) | (5) | Bismarck, ND | June 29, 2016 | 6,215 | |||||
St. Alexius - Tech & Ed | (3) | (5) | Bismarck, ND | June 29, 2016 | 16,680 | |||||
Good Samaritan MOB | (2) | (5) | Kearney, NE | June 29, 2016 | 24,198 | |||||
Lakeside Two Professional Building | (2) | (5) | Omaha, NE | June 29, 2016 | 13,691 | |||||
Lakeside Wellness Center | (3) | (5) | Omaha, NE | June 29, 2016 | 10,138 | |||||
McAuley Center | (3) | (5) | Omaha, NE | June 29, 2016 | 18,382 | |||||
Memorial Health Center | (3) | (5) | Grand Island, NE | June 29, 2016 | 34,042 | |||||
Missionary Ridge MOB | (2) | (5) | Chattanooga, TN | June 29, 2016 | 7,635 | |||||
Pilot Medical Center | (3) | Birmingham, AL | June 29, 2016 | 17,351 | ||||||
St. Joseph Medical Clinic | (2) | (5) | Tacoma, WA | June 30, 2016 | 16,444 | |||||
Woodlands Medical Arts Center | (2) | (5) | The Woodlands, TX | June 30, 2016 | 21,227 | |||||
FESC MOB | (3) | (5) | Tacoma, WA | June 30, 2016 | 16,748 | |||||
Mezzanine Loan - Catalyst | Pensacola, FL | June 30, 2016 | 1,340 | |||||||
Prairie Care MOB | (2) | Maplewood, MN | July 6, 2016 | 4,886 | ||||||
RE Loan - Chihuahua Development LLC | El Paso, TX | July 7, 2016 | 1,300 | |||||||
Springwoods MOB | (2) | (5) | Spring, TX | July 21, 2016 | 19,925 | |||||
Equity Buyout - Foundation | (6) | TX / OK | July 26, 2016 | 611 | ||||||
Mezzanine Loan - Hazelwood | Minnetonka, MN | July 29, 2016 | 3,375 | |||||||
Jackson, Tennessee Land | (3) | Jackson, TN | August 2, 2016 | 1,000 | ||||||
Unity Portfolio (4 MOBs) | (2) | West Lafayette, IN | August 8, 2016 | 28,751 | ||||||
Medical Village at Maitland | (2) | Orlando, FL | August 23, 2016 | 23,211 | ||||||
Tri-State Orthopaedics MOB | (2) | Evansville, IN | August 30, 2016 | 22,000 | ||||||
Maury Regional Healthcare MOB | (2) | (8) | Spring Hill, TN | September 30, 2016 | 18,500 | |||||
Spring Ridge Medical Center | (2) | Wyomissing, PA | September 30, 2016 | 6,100 | ||||||
Doctors Community Hospital POB | (2) | Lanham, MD | September 30, 2016 | 26,750 | ||||||
Gig Harbor Medical Pavilion | (3) | (5) | Gig Harbor, WA | September 30, 2016 | 4,766 | |||||
Midlands One Professional Center | (2) | (5) | Papillion, NE | September 30, 2016 | 14,856 | |||||
Noncontrolling Interest Buyout - Great Falls Clinic | (7) | Great Falls, MT | September 30, 2016 | 1,015 | ||||||
N.W. Michigan Surgery Center - Units #1 & #2 | (3) | (9) | Traverse City, MI | October 28, 2016 | 29,448 | |||||
United Surgical Partners Joint Venture | (10) | Scottsdale, AZ | October 31, 2016 | 903 | ||||||
N.W. Michigan Surgery Center - Unit #4 | (3) | (11) | Traverse City, MI | November 4, 2016 | 2,715 | |||||
Syracuse Portfolio (2 MOBs) | (2) | Syracuse, NY | November 23, 2016 | 54,239 | ||||||
Cincinnati Eye Institute | (3) | Cincinnati, OH | November 23, 2016 | 38,100 | ||||||
Curie Building Loan | El Paso, TX | December 2, 2016 | 1,500 | |||||||
HonorHealth - Scottsdale MOB | (3) | Scottsdale, AZ | December 2, 2016 | 6,900 | ||||||
Fox Valley Hematology & Oncology | (3) | Appleton, WI | December 8, 2016 | 28,200 | ||||||
Gastrointestinal Associates MOB | (2) | Powell, TN | December 9, 2016 | 6,287 | ||||||
Northern Vision Eye Center | (3) | Traverse City, MI | December 15, 2016 | 2,777 |
Property (1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||||
Noncontrolling Interest Buyout - Great Falls Clinic | (12) | Great Falls, MT | December 15, 2016 | 1,497 | ||||||
Flower Mound Portfolio (3 MOBs) | (3) | Flower Mound, TX | December 16, 2016 | 27,800 | ||||||
HonorHealth IRF | (3) | Scottsdale, AZ | December 22, 2016 | 25,628 | ||||||
$ | 1,285,185 |
(1) | “MOB” means medical office building. “ASC” means ambulatory surgical center. “POB” means professional office building. “IRF” means inpatient rehabilitation facility. |
(2) | The Company accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $14.8 million. |
(3) | The Company accounted for these acquisitions as asset acquisitions and capitalized total acquisition costs of $3.0 million. |
(4) | The Company partially funded the purchase price of this acquisition by issuing a total of 174,085 OP Units valued at approximately $2.9 million in the aggregate on the date of issuance. |
(5) | These acquisitions are part of the CHI portfolio. |
(6) | The Company acquired the previously outstanding 1% noncontrolling interest retained by the predecessor owner on three properties, El Paso, Texas and Oklahoma City, Oklahoma. |
(7) | The Company acquired an additional 3% interest in the Great Falls Clinic joint venture from the predecessor owner, increasing the Company’s total interest to 77.3%. |
(8) | The Company acquired 99.7% of the ownership interest in this property, the remainder of which was retained by the seller. |
(9) | The Company partially funded the purchase price of the acquisition of two condominium units within the Northwest Michigan Surgery Center through unregistered issuance of 947,936 common shares of beneficial interest. |
(10) | The Company’s investment in the United Surgical Partners J.V. represents a 43% ownership interest. |
(11) | The Company partially funded the purchase price of the acquisition of one additional condominium unit within the Northwest Michigan Surgery Center through the unregistered issuance of 88,602 common shares of beneficial interest. |
(12) | The company acquired an additional 4.6% interest in the Great Falls Clinic joint venture from the predecessor owner, increasing the Company’s total interest to 81.8%. |
December 31, 2017 | December 31, 2016 | ||||||
Land | $ | 38,358 | $ | 57,847 | |||
Building and improvements | 1,168,741 | 1,112,746 | |||||
In-place lease intangible | 128,370 | 58,666 | |||||
Above-market in-place lease intangible | 18,967 | 9,359 | |||||
Below-market in-place lease intangible | (4,270 | ) | (4,518 | ) | |||
Above-market in-place ground lease | (4,620 | ) | (644 | ) | |||
Below-market in-place ground lease | 17,683 | 28,937 | |||||
Contingent consideration | (765 | ) | (156 | ) | |||
Receivable | 434 | 104 | |||||
Debt assumed | (43,989 | ) | — | ||||
Issuance of OP Units | (44,978 | ) | (2,869 | ) | |||
Investment in unconsolidated entity | (2,871 | ) | 903 | ||||
Lease inducement | — | 8,945 | |||||
Prepaid expenses | — | 2,659 | |||||
Issuance of Common Shares | — | (20,980 | ) | ||||
Noncontrolling interest | — | (50 | ) | ||||
Net assets acquired | $ | 1,271,060 | $ | 1,250,949 |
Land | $ | 53,687 | |
Building and improvements | 451,691 | ||
In-place lease intangibles | 35,720 | ||
Above market in-place lease intangibles | 5,270 | ||
Below market in-place lease intangibles | (2,330 | ) | |
Above market in-place ground lease | (701 | ) | |
Investment in unconsolidated entity | 1,300 | ||
Issuance of OP units | (28,589 | ) | |
Mortgage debt assumed | (15,283 | ) | |
Lease inducement | 1,532 | ||
Derivative liability assumed | (197 | ) | |
Contingent consideration | (840 | ) | |
Leasehold interest | 759 | ||
Receivable | 640 | ||
Net assets acquired | $ | 502,659 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenue | $ | 823 | $ | 1,967 | $ | 1,666 | |||||
Income before gain on sale of investment properties | 108 | 433 | 421 | ||||||||
Gain on sale of investment properties | 5,870 | — | — | ||||||||
Net income | $ | 5,978 | $ | 433 | $ | 421 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Revenue | $ | 405,320 | $ | 352,432 | |||
Net income | 42,149 | 39,233 | |||||
Net income available to common shareholders | 39,759 | 35,614 | |||||
Earnings per share - basic | $ | 0.24 | $ | 0.22 | |||
Earnings per share - diluted | $ | 0.24 | $ | 0.22 | |||
Weighted average number of shares outstanding - basic | 163,123,109 | 163,123,109 | |||||
Weighted average number of shares outstanding - diluted | 168,231,299 | 168,231,299 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
Revenue | $ | 405,320 | $ | 352,432 | |||
Net income | 42,149 | 39,233 | |||||
Net income available to common unitholders | 40,927 | 36,660 | |||||
Earnings per unit - basic | $ | 0.24 | $ | 0.22 | |||
Earnings per unit - diluted | $ | 0.24 | $ | 0.22 | |||
Weighted average number of units outstanding - basic | 167,963,076 | 167,963,076 | |||||
Weighted average number of units outstanding - diluted | 168,231,299 | 168,231,299 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Revenue | $ | 81,507 | $ | 71,183 | |||
Net income | 16,883 | 11,461 | |||||
Net income available to common shareholders | 16,883 | 11,461 | |||||
Earnings per unit - basic and diluted | $ | 0.31 | $ | 0.21 | |||
Common units issued and outstanding | 53,831,202 | 53,831,202 |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||
Assets | |||||||||||||||||||||||
In-place leases | $ | 343,429 | $ | (85,424 | ) | $ | 258,005 | $ | 222,394 | $ | (55,605 | ) | $ | 166,789 | |||||||||
Above-market leases | 54,148 | (11,968 | ) | 42,180 | 35,478 | (6,909 | ) | 28,569 | |||||||||||||||
Leasehold interest | 712 | (183 | ) | 529 | 712 | (124 | ) | 588 | |||||||||||||||
Below-market ground lease | 60,424 | (1,344 | ) | 59,080 | 42,878 | (539 | ) | 42,339 | |||||||||||||||
Total | $ | 458,713 | $ | (98,919 | ) | $ | 359,794 | $ | 301,462 | $ | (63,177 | ) | $ | 238,285 | |||||||||
Liabilities | |||||||||||||||||||||||
Below-market lease | $ | 14,344 | $ | (4,479 | ) | $ | 9,865 | $ | 10,297 | $ | (2,345 | ) | $ | 7,952 | |||||||||
Above-market ground lease | 5,965 | (128 | ) | 5,837 | 1,345 | (44 | ) | 1,301 | |||||||||||||||
Total | $ | 20,309 | $ | (4,607 | ) | $ | 15,702 | $ | 11,642 | $ | (2,389 | ) | $ | 9,253 |
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | ||||||||||||||||||
Assets | |||||||||||||||||||||||
In-place leases | $ | 64,777 | $ | (12,213 | ) | $ | 52,564 | $ | 29,056 | $ | (8,080 | ) | $ | 20,976 | |||||||||
Above market leases | 7,449 | (578 | ) | 6,871 | 2,180 | (48 | ) | 2,132 | |||||||||||||||
Leasehold interest | 759 | (5 | ) | 754 | — | — | — | ||||||||||||||||
Total | $ | 72,985 | $ | (12,796 | ) | $ | 60,189 | $ | 31,236 | $ | (8,128 | ) | $ | 23,108 | |||||||||
Liability | |||||||||||||||||||||||
Below market lease | $ | 2,330 | $ | (156 | ) | $ | 2,174 | — | — | — | |||||||||||||
Above market ground lease | 701 | (4 | ) | 697 | — | — | — | ||||||||||||||||
Total | $ | 3,031 | $ | (160 | ) | $ | 2,871 | $ | — | $ | — | $ | — |
December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Amortization expense related to in-place leases | $ | 37,073 | $ | 28,902 | $ | 15,300 | |||||
Decrease of rental income related to above-market leases | 5,357 | 4,403 | 2,596 | ||||||||
Decrease of rental income related to leasehold interests | 59 | 59 | 59 | ||||||||
Increase of rental income related to below-market leases | 2,309 | 1,835 | 643 | ||||||||
Decrease of operating expense related to above-market ground leases | 84 | 24 | 16 | ||||||||
Increase in operating expense related to below-market ground leases | 810 | 471 | 68 |
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amortization expense related to in-place leases | $ | 4,133 | $ | 1,252 | $ | 900 | |||||
Decrease of rental income related to above-market leases | 530 | 48 | — | ||||||||
Decrease of rental income related to leasehold interest | 5 | — | — | ||||||||
Increase of rental income related to below-market leases | 156 | — | — | ||||||||
Decrease of operating expense related to above market ground leases | 4 | — | — |
Net Decrease in Revenue | Net Increase in Expenses | ||||||
2018 | $ | (3,355 | ) | $ | 41,455 | ||
2019 | (3,376 | ) | 36,429 | ||||
2020 | (3,392 | ) | 33,009 | ||||
2021 | (3,333 | ) | 30,582 | ||||
2022 | (2,872 | ) | 26,225 | ||||
Thereafter | (16,516 | ) | 143,548 | ||||
Total | $ | (32,844 | ) | $ | 311,248 |
Net Decrease in Revenue | Net Increase in Expenses | ||||||
2015 | $ | (667 | ) | $ | 7,446 | ||
2016 | (689 | ) | 7,384 | ||||
2017 | (567 | ) | 7,165 | ||||
2018 | (560 | ) | 6,628 | ||||
2019 | (458 | ) | 4,625 | ||||
Thereafter | (2,511 | ) | 18,618 | ||||
Total | $ | (5,452 | ) | $ | 51,866 |
December 31, | |||||||
2017 | 2016 | ||||||
Straight line rent receivable | 47,599 | 32,018 | |||||
Prepaid expenses | 18,103 | 8,928 | |||||
Interest rate swap | 14,693 | 13,881 | |||||
Lease inducements, net | 14,232 | 13,255 | |||||
Leasing commissions, net | 4,128 | 1,858 | |||||
Earnest deposits | 2,780 | 1,500 | |||||
Escrows | 1,996 | 4,334 | |||||
Notes receivable | — | 16,618 | |||||
Other | 2,771 | 2,795 | |||||
Total | $ | 106,302 | $ | 95,187 |
December 31, | |||||||
2014 | 2013 | ||||||
Straight line rent receivable | $ | 6,431 | $ | 2,018 | |||
Lease inducements, net | 2,845 | 1,509 | |||||
Escrows | 1,906 | 1,552 | |||||
Earnest deposits | 2,343 | — | |||||
Prepaid expenses and other | 2,281 | 822 | |||||
Total | $ | 15,806 | $ | 5,901 |
December 31, | |||||||
2014 | 2013 | ||||||
Mortgage notes, bearing fixed interest from 4.71% to 6.58%, with a weighted average interest rate of 5.26%, and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $118,247 | $ | 73,706 | $ | 38,288 | |||
Mortgage note, bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249 | 4,399 | 4,533 | |||||
Total mortgage debt | 78,105 | 42,821 | |||||
$400 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.50%, due September 2018 | 138,000 | — | |||||
Total Debt | $ | 216,105 | $ | 42,821 | |||
Unamortized deferred financing cost | (4,870 | ) | (2,105 | ) | |||
Total debt | $ | 211,235 | $ | 40,716 |
December 31, | ||||||||
2017 | 2016 | |||||||
Fixed interest mortgage notes | $ | 158,171 | (1) | $ | 90,185 | (2) | ||
Variable interest mortgage notes | 28,509 | (3) | 33,009 | (4) | ||||
Total mortgage debt | 186,680 | 123,194 | ||||||
$850 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2020 | 80,000 | 401,000 | ||||||
$400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 | 400,000 | — | ||||||
$350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 | 350,000 | — | ||||||
$250 million unsecured term borrowing bearing fixed interest of 2.87%, due June 2023 | 250,000 | (5) | 250,000 | |||||
$150 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031 | 150,000 | 150,000 | ||||||
$75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 | 75,000 | 75,000 | ||||||
Total principal | 1,491,680 | 999,194 | ||||||
Unamortized deferred financing cost | (7,808 | ) | (8,477 | ) | ||||
Unamortized discount | (6,663 | ) | — | |||||
Unamortized fair value adjustment | 259 | 438 | ||||||
Total debt | $ | 1,477,468 | $ | 991,155 |
(1) | Fixed interest mortgage notes, bearing interest from 3.00% to 5.50%, with a weighted average interest rate of 4.45%, and due in 2018, 2019, 2020, 2021, 2022, and 2024 collateralized by nine properties with a net book value of $267.7 million. |
(2) | Fixed interest mortgage notes, bearing interest from 4.71% to 6.58%, with a weighted average interest rate of 5.44%, and due in 2017, 2018, 2019, 2020, 2021, 2022, and 2032 collateralized by 11 properties with a net book value of $156.7 million. |
(3) | Variable interest mortgage notes, bearing variable interest of LIBOR plus 2.25% to 3.25%, with a weighted average interest rate of 4.50% and due in 2018, collateralized by three properties with a net book value of $39.2 million. |
(4) | Variable interest mortgage notes bearing variable interest of LIBOR plus 2.25% to 3.25%, with a weighted average interest rate of 3.68% and due in 2017 and 2018, collateralized by four properties with a net book value of $45.6 million. |
(5) | The Trust’s borrowings under the term loan feature of the Credit Agreement bear interest at a rate which is determined by the Trust’s credit rating, currently equal to LIBOR + 1.80%. The Trust has entered into a pay-fixed receive-variable interest rate swap, fixing the LIBOR component of this rate at 1.07%. |
Credit Rating | Margin for Revolving Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee | Margin for Revolving Loans: Base Rate Loans | Margin for Term Loans: Adjusted LIBOR Rate Loans and Letter of Credit Fee | Margin for Term Loans: Base Rate Loans | ||||||
At Least A- or A3 | LIBOR + 0.85% | — | % | LIBOR + 1.40% | 0.40 | % | ||||
At Least BBB+ or Baa1 | LIBOR + 0.90% | — | % | LIBOR + 1.45% | 0.45 | % | ||||
At Least BBB or Baa2 | LIBOR + 1.00% | 0.10 | % | LIBOR + 1.55% | 0.55 | % | ||||
At Least BBB- or Baa3 | LIBOR + 1.20% | 0.20 | % | LIBOR + 1.80% | 0.80 | % | ||||
Below BBB- or Baa3 | LIBOR + 1.55% | % | LIBOR + 2.25% | 1.25 | % |
2018 | $ | 54,775 | |
2019 | 44,631 | ||
2020 | 110,122 | ||
2021 | 8,718 | ||
2022 | 24,708 | ||
Thereafter | 1,248,726 | ||
Total Payments | $ | 1,491,680 |
2015 | $ | 1,864 | |
2016 | 9,421 | ||
2017 | 28,750 | ||
2018 | 139,100 | ||
2019 | 19,906 | ||
Thereafter | 17,064 | ||
Total Payments | $ | 216,105 |
Total notional amount | $ | 250,000 | ||
Effective fixed interest rate | (1) | 2.87 | % | |
Effective date | 7/7/2016 | |||
Maturity date | 6/10/2023 | |||
Asset balance at December 31, 2017 (included in Other assets) | $ | 14,693 |
(1) | 1.07% effective swap rate plus 1.80% spread per Credit Agreement. |
December 31, | |||||||
2017 | 2016 | ||||||
Real estate taxes payable | $ | 16,103 | $ | 9,300 | |||
Accrued interest | 11,107 | 4,905 | |||||
Prepaid rent | 10,496 | 5,834 | |||||
Accrued expenses | 8,751 | 3,453 | |||||
Tenant improvement allowance | 3,065 | 5,315 | |||||
Security deposits | 2,882 | 4,506 | |||||
Accrued incentive compensation | 1,625 | 1,405 | |||||
Contingent consideration | 1,454 | 1,392 | |||||
Embedded derivative | — | 5,571 | |||||
Other | 922 | 606 | |||||
Total | $ | 56,405 | $ | 42,287 |
Shares | Weighted Average Grant Date Fair Value | Common Shares | Weighted Average Grant Date Fair Value | |||||||||
Non-vested at December 31, 2013 | 250,000 | $ | 11.50 | |||||||||
Non-vested at December 31, 2014 | 319,654 | $ | 12.60 | |||||||||
Granted | 152,987 | 13.79 | 162,522 | 15.95 | ||||||||
Vested | (61,179 | ) | 11.50 | (170,337 | ) | 12.93 | ||||||
Share repurchase | (22,154 | ) | 14.49 | |||||||||
Non-vested at December 31, 2014 | 319,654 | $ | 12.60 | |||||||||
Non-vested at December 31, 2015 | 311,839 | 14.17 | ||||||||||
Granted | 155,306 | 17.96 | ||||||||||
Vested | (170,034 | ) | 14.16 | |||||||||
Forfeited | (326 | ) | 15.36 | |||||||||
Non-vested at December 31, 2016 | 296,785 | 16.16 | ||||||||||
Granted | 143,593 | 19.74 | ||||||||||
Vested | (266,552 | ) | 16.00 | |||||||||
Forfeited | (550 | ) | 18.78 | |||||||||
Non-vested at December 31, 2017 | 173,276 | $ | 19.36 |
2017 | 2016 | 2015 | |||||||||
Volatility | 21.5 | % | 20.3 | % | 20.7 | % | |||||
Dividend assumption | reinvested | reinvested | reinvested | ||||||||
Expected term in years | 2.8 years | 2.8 years | 2.8 years | ||||||||
Risk-free rate | 1.68 | % | 1.07 | % | 1.14 | % | |||||
Stock price (per share) | $ | 19.80 | $ | 17.67 | $ | 15.87 |
Executive Awards | Trustee Awards | ||||||||||||
Restricted Share Units | Weighted Average Grant Date Fair Value | Restricted Share Units | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at December 31, 2014 | 55,680 | $ | 16.94 | — | $ | — | |||||||
Granted | 75,250 | 19.22 | 40,957 | 15.87 | |||||||||
Non-vested at December 31, 2015 | 130,930 | 18.48 | 40,957 | 15.87 | |||||||||
Granted | 104,553 | 26.33 | 36,784 | 17.67 | |||||||||
Vested | — | — | (20,481 | ) | 15.87 | ||||||||
Non-vested at December 31, 2016 | 235,483 | 21.84 | 57,260 | 17.03 | |||||||||
Granted | 174,320 | 29.34 | 32,831 | 19.80 | |||||||||
Vested | (55,680 | ) | 16.94 | (38,871 | ) | 16.72 | |||||||
Non-vested at December 31, 2017 | 354,123 | $ | 26.30 | 51,220 | $ | 19.04 |
Restricted Share Units | Weighted Average Grant Date Fair Value | |||||
Non-vested at December 31, 2013 | — | $ | — | |||
Granted | 55,680 | 16.94 | ||||
Vested | — | — | ||||
Forfeited | — | — | ||||
Non-vested at December 31, 2014 | 55,680 | $ | 16.94 |
Non-recurring Fair Value Measurements At Report Date using: | |||||||||||||||||||
Carrying Value as of December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Losses for Year Ended December 31, 2014 | |||||||||||||||
Investment properties | $ | 4,551 | $ | 1,529 | $ | — | $ | 1,272 | $ | (1,750 | ) |
Asset Category | Fair Value at December 31, 2014 | Valuation Technique | Unobservable Inputs | Rate | |||||||
Investment properties | $ | 1,272 | Market comparable/ | Discount rate | 11.00 | % | |||||
Discounted cash flow | Capitalization rate | 8.00 | % |
December 31, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Real estate loans receivable | $ | 76,195 | $ | 75,288 | $ | 39,154 | $ | 39,154 | |||||||
Notes receivable | $ | — | $ | — | $ | 16,618 | $ | 16,618 | |||||||
Derivative assets | $ | 14,693 | $ | 14,693 | $ | 13,881 | $ | 13,881 | |||||||
Liabilities: | |||||||||||||||
Credit facility | $ | (330,000 | ) | $ | (330,000 | ) | $ | (651,000 | ) | $ | (651,000 | ) | |||
Notes payable | $ | (975,000 | ) | $ | (970,975 | ) | $ | (225,000 | ) | $ | (214,584 | ) | |||
Mortgage debt | $ | (186,939 | ) | $ | (185,743 | ) | $ | (123,632 | ) | $ | (125,420 | ) | |||
Derivative liabilities | $ | — | $ | — | $ | (5,571 | ) | $ | (5,571 | ) |
December 31, 2014 | December 31, 2013 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Real estate loans receivable | $ | 15,876 | $ | 15,876 | $ | — | $ | — | |||||||
Credit facility | $ | (138,000 | ) | $ | (138,000 | ) | — | — | |||||||
Mortgage debt | $ | (78,105 | ) | $ | (78,642 | ) | $ | (42,821 | ) | $ | (44,130 | ) | |||
Derivative liabilities | $ | (233 | ) | $ | (233 | ) | $ | (397 | ) | $ | (397 | ) |
2018 | $ | 292,030 | |
2019 | 291,338 | ||
2020 | 285,100 | ||
2021 | 278,095 | ||
2022 | 265,995 | ||
Thereafter | 1,419,746 | ||
Total | $ | 2,832,304 |
2015 | $ | 65,905 | |
2016 | 65,323 | ||
2017 | 65,179 | ||
2018 | 62,637 | ||
2019 | 59,464 | ||
Thereafter | 418,400 | ||
Total | $ | 736,908 |
2018 | $ | 2,678 | |
2019 | 2,604 | ||
2020 | 2,549 | ||
2021 | 2,563 | ||
2022 | 2,585 | ||
Thereafter | 119,224 | ||
Total | $ | 132,203 |
2015 | $ | 1,426 | |
2016 | 1,442 | ||
2017 | 1,480 | ||
2018 | 1,521 | ||
2019 | 1,564 | ||
Thereafter | 23,317 | ||
Total | $ | 30,750 |
Tenant | Total ABR | Percent of ABR | |||||
CHI - Nebraska | $ | 15,906 | 5.6 | % | |||
CHI - KentuckyOne Health | 13,120 | 4.6 | % | ||||
Baylor Scott and White Health | 7,402 | 2.6 | % | ||||
US Oncology | 6,706 | 2.4 | % | ||||
CHI - St. Alexius (ND) | 6,239 | 2.2 | % | ||||
Remaining portfolio | 236,297 | 82.6 | % | ||||
Total | $ | 285,670 | 100.0 | % |
State | Total ABR | Percent of ABR | |||||
Texas | $ | 46,850 | 16.4 | % | |||
Georgia | 27,457 | 9.6 | % | ||||
Indiana | 18,283 | 6.4 | % | ||||
Nebraska | 17,304 | 6.1 | % | ||||
Kentucky | 16,028 | 5.6 | % | ||||
Other | 159,748 | 55.9 | % | ||||
Total | $ | 285,670 | 100.0 | % |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator for earnings per share - basic: | |||||||||||
Net income | $ | 39,773 | $ | 31,522 | $ | 12,741 | |||||
Net income attributable to noncontrolling interests: | |||||||||||
Operating Partnership | (1,136 | ) | (825 | ) | (576 | ) | |||||
Partially owned properties | (491 | ) | (716 | ) | (377 | ) | |||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | |||||
Numerator for earnings per share - basic: | $ | 37,415 | $ | 28,124 | $ | 10,599 | |||||
Numerator for earnings per share - diluted: | |||||||||||
Numerator for earnings per share - basic: | 37,415 | 28,124 | 10,599 | ||||||||
Operating Partnership net income | 1,136 | 825 | 576 | ||||||||
Numerator for earnings per share - diluted | $ | 38,551 | $ | 28,949 | $ | 11,175 | |||||
Denominator for earnings per share - basic and diluted: | |||||||||||
Weighted average number of shares outstanding - basic | 163,123,109 | 126,143,114 | 72,750,724 | ||||||||
Effect of dilutive securities: | |||||||||||
Noncontrolling interest - Operating Partnership units | 4,839,967 | 3,692,095 | 3,708,494 | ||||||||
Restricted shares | 89,497 | 205,036 | 190,619 | ||||||||
Restricted share units | 178,726 | 426,648 | 142,236 | ||||||||
Denominator for earnings per share - diluted | 168,231,299 | 130,466,893 | 76,792,073 | ||||||||
Earnings per share - basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Earnings per share - diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator for earnings per unit - basic and diluted: | |||||||||||
Net income | 39,773 | 31,522 | 12,741 | ||||||||
Net income attributable to noncontrolling interests - partially owned properties | (491 | ) | (716 | ) | (377 | ) | |||||
Preferred distributions | (731 | ) | (1,857 | ) | (1,189 | ) | |||||
Numerator for earnings per unit - basic and diluted | $ | 38,551 | $ | 28,949 | $ | 11,175 | |||||
Denominator for earnings per unit - basic and diluted: | |||||||||||
Weighted average number of units outstanding - basic | 167,963,076 | 129,835,209 | 76,459,218 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted shares | 89,497 | 205,036 | 190,619 | ||||||||
Restricted share units | 178,726 | 426,648 | 142,236 | ||||||||
Denominator for earnings per unit - diluted | 168,231,299 | 130,466,893 | 76,792,073 | ||||||||
Earnings per unit - basic | $ | 0.23 | $ | 0.22 | $ | 0.15 | |||||
Earnings per unit - diluted | $ | 0.23 | $ | 0.22 | $ | 0.15 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Numerator for earnings per unit — basic and diluted: | |||||||
Net loss | $ | (4,418 | ) | $ | (2,636 | ) | |
Less: Net loss attributable to Predecessor | — | 576 | |||||
Less: Net income attributable to noncontrolling interests — partially owned properties | (314 | ) | (71 | ) | |||
Numerator for earnings per unit — basic and diluted | $ | (4,732 | ) | $ | (2,131 | ) | |
Denominator for earnings per unit - basic and diluted units: | 36,881,712 | 16,179,492 | |||||
Basic and diluted earnings per unit | $ | (0.12 | ) | $ | (0.13 | ) |
Property | Location | Acquisition Date | Investment (in thousands) | ||||||
Hazelwood Medical Commons | (1) | Maplewood, MN | January 9, 2018 | $ | 70,702 | ||||
Lee's Hill Medical Plaza | Fredericksburg, VA | January 23, 2018 | 28,000 | ||||||
Loan Investment | Pensacola, FL | February 16, 2018 | 2,000 | ||||||
$ | 100,702 |
(1) | The Company partially funded the purchase price of this acquisition by issuing a total of 104,172 Preferred OP Units valued at approximately $22.7 million in the aggregate on the date of issuance. |
Property(1) | Location | Acquisition Date | Purchase Price (in thousands) | |||||
Edina MOB | Edina, MN | January 22, 2015 | $ | 14,190 | ||||
Savage MOB | Savage, MN | January 22, 2015 | 12,800 | |||||
Crystal MOB | Crystal, MN | January 22, 2015 | 14,782 | |||||
Dell Rd MOB | Chanhassen, MN | January 22, 2015 | 6,410 | |||||
Columbus MOB | Columbus, GA | January 23, 2015 | 6,540 | |||||
Methodist Sports MOB (2) | Greenwood, IN | January 28, 2015 | 10,000 | |||||
Vadnais Heights MOB | Vadnais Heights, MN | January 29, 2015 | 18,422 | |||||
Minnetonka MOB (3) | Minnetonka, MN | February 5, 2015 | 26,000 | |||||
Jamestown MOB | Jamestown, ND | February 5, 2015 | 12,819 | |||||
Indianapolis South 4 MOBs | Greenwood, IN | February 13, 2015 | 17,183 | |||||
Minnesota Eye MOB | Minnetonka, MN | February 17, 2015 | 10,882 | |||||
Bridgeport Medical Center | Lakewood, WA | February 27, 2015 | 13,750 | |||||
Baylor Cancer Center | Dallas, TX | February 27, 2015 | 8,200 | |||||
$ | 171,978 |
Quarter Ended | ||||||||||||||||
2014 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 8,032 | $ | 11,447 | $ | 14,161 | $ | 19,694 | ||||||||
Operating (loss) income | (3,575 | ) | (626 | ) | (2,311 | ) | 1,967 | |||||||||
Net (loss) income | (3,558 | ) | (600 | ) | (2,251 | ) | 1,991 | |||||||||
Net (loss) income attributable to common unitholders | (3,624 | ) | (684 | ) | (2,327 | ) | 1,903 | |||||||||
Earnings per unit — basic: | ||||||||||||||||
Net (loss) income available to common unitholder | $ | (0.15 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.04 | |||||
Weighted average common units outstanding | 24,997,474 | 29,962,046 | 40,898,015 | 51,335,748 | ||||||||||||
Earnings per unit — diluted: | ||||||||||||||||
Net (loss) income available to common unitholder | $ | (0.15 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.04 | |||||
Weighted average common units outstanding | 24,997,474 | 29,962,046 | 40,898,015 | 51,544,832 |
Quarter Ended | ||||||||||||||||
2013 | March 31 (1) | June 30 (1) | September 30 | December 31 | ||||||||||||
Total revenues | $ | 3,390 | $ | 3,437 | $ | 3,729 | $ | 6,488 | ||||||||
Operating loss | (301 | ) | (283 | ) | (1,414 | ) | (638 | ) | ||||||||
Net loss | (301 | ) | (283 | ) | (1,416 | ) | (638 | ) | ||||||||
Net loss available to common unitholder | — | — | (1,483 | ) | (648 | ) | ||||||||||
Earnings per unit — basic and diluted: | ||||||||||||||||
Net income available to common unitsholder | $ | — | $ | — | $ | (0.10 | ) | $ | (0.04 | ) | ||||||
Weighted average common units outstanding | — | — | 14,243,850 | 17,631,224 |
Quarter Ended | ||||||||||||||||
2017 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 76,666 | $ | 76,599 | $ | 92,999 | $ | 97,320 | ||||||||
Operating income | 6,688 | 4,994 | 12,511 | 9,523 | ||||||||||||
Net income | 6,716 | 10,331 | 12,539 | 10,187 | ||||||||||||
Net income attributable to common shareholders | 6,191 | 9,670 | 12,018 | 9,536 | ||||||||||||
Earnings per share – basic: | ||||||||||||||||
Net income available to common shareholders | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.05 | ||||||||
Weighted average number of shares outstanding | 138,986,629 | 155,366,080 | 177,847,424 | 179,683,948 | ||||||||||||
Earnings per share – diluted: | ||||||||||||||||
Net income available to common shareholders | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.05 | ||||||||
Weighted average number of shares outstanding | 142,605,930 | 161,012,360 | 183,298,145 | 185,273,236 |
Quarter Ended | ||||||||||||||||
2016 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 44,134 | $ | 53,216 | $ | 70,010 | $ | 73,674 | ||||||||
Operating income | 5,392 | 7,158 | 10,267 | 8,590 | ||||||||||||
Net income | 5,424 | 7,184 | 10,294 | 8,620 | ||||||||||||
Net income available to common shareholders | 4,386 | 6,486 | 9,427 | 7,825 | ||||||||||||
Earnings per share – basic: | ||||||||||||||||
Net income available to common shareholders | $ | 0.04 | $ | 0.05 | $ | 0.07 | $ | 0.06 | ||||||||
Weighted average number of shares outstanding | 102,704,008 | 131,481,329 | 134,608,396 | 135,581,976 | ||||||||||||
Earnings per share – diluted: | ||||||||||||||||
Net income available to common shareholders | $ | 0.04 | $ | 0.05 | $ | 0.07 | $ | 0.06 | ||||||||
Weighted average number of shares outstanding | 107,148,380 | 135,944,722 | 138,880,787 | 139,602,349 |
Quarter Ended | ||||||||||||||||
2017 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 76,666 | $ | 76,599 | $ | 92,999 | $ | 97,320 | ||||||||
Operating income | 6,688 | 4,994 | 12,511 | 9,523 | ||||||||||||
Net income | 6,716 | 10,331 | 12,539 | 10,187 | ||||||||||||
Net income attributable to common unitholders | 6,338 | 9,984 | 12,380 | 9,849 | ||||||||||||
Earnings per unit – basic: | ||||||||||||||||
Net income available to common unitholders | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.05 | ||||||||
Weighted average number of units outstanding | 142,172,746 | 160,765,345 | 183,227,405 | 185,048,580 | ||||||||||||
Earnings per unit – diluted: | ||||||||||||||||
Net income available to common unitholders | $ | 0.04 | $ | 0.06 | $ | 0.07 | $ | 0.05 | ||||||||
Weighted average number of units outstanding | 142,605,930 | 161,012,360 | 183,298,145 | 185,273,236 |
Quarter Ended | ||||||||||||||||
2016 | March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 44,134 | $ | 53,216 | $ | 70,010 | $ | 73,674 | ||||||||
Operating income | 5,392 | 7,158 | 10,267 | 8,590 | ||||||||||||
Net income | 5,424 | 7,184 | 10,294 | 8,620 | ||||||||||||
Net income attributable to common unitholders | 4,559 | 6,687 | 9,682 | 8,021 | ||||||||||||
Earnings per unit – basic: | ||||||||||||||||
Net income available to common unitholders | $ | 0.04 | $ | 0.05 | $ | 0.07 | $ | 0.06 | ||||||||
Weighted average number of units outstanding | 106,550,467 | 135,351,672 | 138,227,384 | 139,018,183 | ||||||||||||
Earnings per unit – diluted: | ||||||||||||||||
Net income available to common unitholders | $ | 0.04 | $ | 0.05 | $ | 0.07 | $ | 0.06 | ||||||||
Weighted average number of units outstanding | 107,148,380 | 135,944,722 | 138,880,787 | 139,602,349 |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Year Built | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||
Arrowhead Commons | Phoenix, AZ | $ | — | $ | 740 | $ | 2,551 | $ | 730 | $ | 740 | $ | 3,281 | $ | 4,021 | $ | (563 | ) | 2004 | 5/31/2008 | 46 | |||||||||||||||||||
Aurora Medical Office Building | Green Bay, WI | — | 500 | 1,566 | — | 500 | 1,566 | 2,066 | (243 | ) | 2010 | 4/15/2010 | 50 | |||||||||||||||||||||||||||
El Paso Medical Office Building | El Paso, TX | — | 860 | 2,866 | 406 | 860 | 3,272 | 4,132 | (1,809 | ) | 1987 | 8/24/2006 | 21 | |||||||||||||||||||||||||||
Farmington Professional Pavilion | Detroit, MI | — | 580 | 1,793 | 132 | 580 | 1,925 | 2,505 | (1,478 | ) | 1972 | 1/5/2006 | 15 | |||||||||||||||||||||||||||
Firehouse Square | Milwaukee, WI | — | 1,120 | 2,768 | — | 1,120 | 2,768 | 3,888 | (961 | ) | 2002 | 8/15/2007 | 30 | |||||||||||||||||||||||||||
Hackley Medical Center | Grand Rapids, MI | — | 1,840 | 6,402 | 64 | 1,840 | 6,466 | 8,306 | (2,381 | ) | 1968 | 12/22/2006 | 30 | |||||||||||||||||||||||||||
MeadowView Professional Center | Kingsport, TN | — | 2,270 | 11,344 | — | 2,270 | 11,344 | 13,614 | (4,054 | ) | 2005 | 5/10/2007 | 30 | |||||||||||||||||||||||||||
Mid Coast Hospital Medical Office Building | Portland, ME | 7,009 | — | 11,247 | 81 | — | 11,328 | 11,328 | (3,614 | ) | 2008 | 5/1/2008 | 42 | |||||||||||||||||||||||||||
New Albany Professional Building | Columbus, OH | — | 237 | 2,767 | 621 | 237 | 3,388 | 3,625 | (799 | ) | 2000 | 1/4/2008 | 42 | |||||||||||||||||||||||||||
Remington Medical Commons | Chicago, IL | — | 895 | 6,499 | 319 | 895 | 6,818 | 7,713 | (2,228 | ) | 2008 | 6/1/2008 | 30 | |||||||||||||||||||||||||||
Summit Healthplex | Atlanta, GA | — | 2,633 | 15,576 | 5,524 | 2,633 | 21,100 | 23,733 | (5,518 | ) | 2002 | 7/3/2008 | 44 | |||||||||||||||||||||||||||
Valley West Hospital Medical Office Building | Chicago, IL | 4,531 | — | 6,275 | 620 | — | 6,895 | 6,895 | (2,357 | ) | 2007 | 11/1/2007 | 30 | |||||||||||||||||||||||||||
East El Paso Medical Office Building | El Paso, TX | — | 710 | 4,500 | — | 710 | 4,500 | 5,210 | (557 | ) | 2004 | 8/30/2013 | 35 | |||||||||||||||||||||||||||
East El Paso Surgical Hospital | El Paso, TX | — | 3,070 | 23,627 | — | 3,070 | 23,627 | 26,697 | (2,844 | ) | 2004 | 8/30/2013 | 36 | |||||||||||||||||||||||||||
LifeCare Plano LTACH | Plano, TX | — | 3,370 | 11,689 | 455 | 3,370 | 12,144 | 15,514 | (2,119 | ) | 1987 | 9/18/2013 | 25 | |||||||||||||||||||||||||||
Crescent City Surgical Centre | New Orleans, LA | 18,750 | — | 34,208 | — | — | 34,208 | 34,208 | (3,029 | ) | 2010 | 9/30/2013 | 48 | |||||||||||||||||||||||||||
Foundation Surgical Affiliates Medical Office Building | Oklahoma City, OK | 7,101 | 1,300 | 12,724 | — | 1,300 | 12,724 | 14,024 | (1,258 | ) | 2004 | 9/30/2013 | 43 | |||||||||||||||||||||||||||
Pensacola Medical Office Building | Pensacola, FL | — | 990 | 5,005 | 16 | 990 | 5,021 | 6,011 | (437 | ) | 2012 | 10/4/2013 | 49 | |||||||||||||||||||||||||||
Central Ohio Neurosurgical Surgeons Medical Office | Columbus, OH | — | 981 | 7,620 | — | 981 | 7,620 | 8,601 | (707 | ) | 2007 | 11/27/2013 | 44 | |||||||||||||||||||||||||||
Great Falls Ambulatory Surgery Center | Great Falls, MT | — | 203 | 3,224 | 67 | 203 | 3,291 | 3,494 | (404 | ) | 1999 | 12/11/2013 | 33 | |||||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | McDonough, GA | — | 800 | 3,345 | 1,548 | 800 | 4,893 | 5,693 | (532 | ) | 2007 | 2/19/2014 | 36 | |||||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | Jackson, GA | — | 800 | 3,345 | 1,255 | 800 | 4,600 | 5,400 | (475 | ) | 2006 | 2/19/2014 | 38 | |||||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | Conyers, GA | — | 1,000 | 3,345 | — | 1,000 | 3,345 | 4,345 | (360 | ) | 2008 | 2/19/2014 | 37 | |||||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | McDonough, GA | — | 400 | 3,345 | 1,741 | 400 | 5,086 | 5,486 | (531 | ) | 2010 | 2/19/2014 | 37 | |||||||||||||||||||||||||||
Foundation San Antonio Surgical Hospital | San Antonio, TX | 7,691 | 2,230 | 23,346 | 43 | 2,230 | 23,389 | 25,619 | (2,919 | ) | 2007 | 2/19/2014 | 35 | |||||||||||||||||||||||||||
21st Century Radiation Oncology Centers — Sarasota | Sarasota, FL | — | 633 | 6,557 | — | 633 | 6,557 | 7,190 | (969 | ) | 1975 | 2/26/2014 | 27 | |||||||||||||||||||||||||||
21st Century Radiation Oncology Centers - Venice | Venice, FL | — | 814 | 2,952 | — | 814 | 2,952 | 3,766 | (364 | ) | 1987 | 2/26/2014 | 35 | |||||||||||||||||||||||||||
21st Century Radiation Oncology Centers - Englewood | Englewood, FL | — | 350 | 1,878 | — | 350 | 1,878 | 2,228 | (209 | ) | 1992 | 2/26/2014 | 38 | |||||||||||||||||||||||||||
21st Century Radiation Oncology Centers — Port Charlotte | Port Charlotte, FL | — | 269 | 2,326 | (852 | ) | 156 | 1,474 | 1,630 | (262 | ) | 1996 | 2/26/2014 | 36 | ||||||||||||||||||||||||||
Foundation San Antonio Healthplex | San Antonio, TX | — | 911 | 4,189 | — | 911 | 4,189 | 5,100 | (480 | ) | 2007 | 2/28/2014 | 35 | |||||||||||||||||||||||||||
Peachtree Dunwoody Medical Center | Atlanta, GA | 17,000 | — | 27,435 | 24,894 | — | 52,329 | 52,329 | (5,076 | ) | 1987 | 2/28/2014 | 25 | |||||||||||||||||||||||||||
LifeCare LTACH — Fort Worth | Fort Worth, TX | — | 2,730 | 24,639 | — | 2,730 | 24,639 | 27,369 | (3,162 | ) | 1985 | 3/28/2014 | 30 | |||||||||||||||||||||||||||
LifeCare LTACH — Pittsburgh | Pittsburgh, PA | — | 1,142 | 11,737 | — | 1,142 | 11,737 | 12,879 | (1,575 | ) | 1987 | 3/28/2014 | 30 | |||||||||||||||||||||||||||
PinnacleHealth Medical Office Building | Harrisburg, PA | — | 795 | 4,601 | — | 795 | 4,601 | 5,396 | (731 | ) | 1990 | 4/22/2014 | 25 | |||||||||||||||||||||||||||
Pinnacle Health Medical Office Building | Carlisle, PA | — | 424 | 2,232 | — | 424 | 2,232 | 2,656 | (255 | ) | 2002 | 4/22/2014 | 35 | |||||||||||||||||||||||||||
South Bend Orthopaedics Medical Office Building | Mishawaka, IN | — | 2,418 | 11,355 | — | 2,418 | 11,355 | 13,773 | (1,195 | ) | 2007 | 4/30/2014 | 40 | |||||||||||||||||||||||||||
Grenada Medical Complex | Grenada, MS | — | 185 | 5,820 | 116 | 185 | 5,936 | 6,121 | (862 | ) | 1975 | 4/30/2014 | 30 | |||||||||||||||||||||||||||
Mississippi Ortho Medical Office Building | Jackson, MS | — | 1,272 | 14,177 | 626 | 1,272 | 14,803 | 16,075 | (1,650 | ) | 1987 | 5/23/2014 | 35 | |||||||||||||||||||||||||||
Carmel Medical Pavilion | Carmel, IN | — | — | 3,917 | 99 | — | 4,016 | 4,016 | (593 | ) | 1993 | 5/28/2014 | 25 | |||||||||||||||||||||||||||
Renaissance Ambulatory Surgery Center | Oshkosh, WI | — | 228 | 7,658 | 17 | 228 | 7,675 | 7,903 | (696 | ) | 2007 | 6/30/2014 | 40 | |||||||||||||||||||||||||||
Presbyterian Medical Plaza | Monroe, NC | — | 1,195 | 5,681 | 27 | 1,195 | 5,708 | 6,903 | (476 | ) | 2008 | 6/30/2014 | 45 | |||||||||||||||||||||||||||
Summit Urology | Bloomington, IN | — | 125 | 4,792 | — | 125 | 4,792 | 4,917 | (573 | ) | 1996 | 6/30/2014 | 30 | |||||||||||||||||||||||||||
500 Landmark | Bloomington, IN | — | 627 | 3,549 | — | 627 | 3,549 | 4,176 | (370 | ) | 2000 | 7/1/2014 | 35 | |||||||||||||||||||||||||||
550 Landmark | Bloomington, IN | — | 2,717 | 15,224 | — | 2,717 | 15,224 | 17,941 | (1,586 | ) | 2000 | 7/1/2014 | 35 | |||||||||||||||||||||||||||
574 Landmark | Bloomington, IN | — | 418 | 1,493 | — | 418 | 1,493 | 1,911 | (159 | ) | 2004 | 7/1/2014 | 35 | |||||||||||||||||||||||||||
Carlisle II MOB | Carlisle, PA | — | 412 | 3,962 | — | 412 | 3,962 | 4,374 | (317 | ) | 1996 | 7/25/2014 | 45 | |||||||||||||||||||||||||||
Surgical Institute of Monroe | Monroe, MI | — | 410 | 5,743 | — | 410 | 5,743 | 6,153 | (659 | ) | 2010 | 7/28/2014 | 35 | |||||||||||||||||||||||||||
The Oaks @ Lady Lake | Lady Lake, FL | — | 1,065 | 8,642 | — | 1,065 | 8,642 | 9,707 | (710 | ) | 2011 | 7/31/2014 | 42 | |||||||||||||||||||||||||||
Mansfield ASC | Mansfield, TX | — | 1,491 | 6,471 | — | 1,491 | 6,471 | 7,962 | (517 | ) | 2010 | 9/2/2014 | 46 | |||||||||||||||||||||||||||
Eye Center of Southern Indiana | Bloomington, IN | — | 910 | 11,477 | — | 910 | 11,477 | 12,387 | (1,134 | ) | 1995 | 9/5/2014 | 35 | |||||||||||||||||||||||||||
Wayne State | Troy, MI | — | 3,560 | 43,052 | — | 3,560 | 43,052 | 46,612 | (3,921 | ) | 1986 | 9/10/2014 | 38 | |||||||||||||||||||||||||||
Zangmeister | Columbus, OH | — | 1,610 | 31,120 | 4 | 1,610 | 31,124 | 32,734 | (2,644 | ) | 2007 | 9/30/2014 | 40 | |||||||||||||||||||||||||||
Ortho One - Columbus | Columbus, OH | — | — | 16,234 | 7 | — | 16,241 | 16,241 | (1,309 | ) | 2009 | 9/30/2014 | 45 | |||||||||||||||||||||||||||
Ortho One - Westerville | Columbus, OH | — | 362 | 3,944 | — | 362 | 3,944 | 4,306 | (328 | ) | 2007 | 9/30/2014 | 43 | |||||||||||||||||||||||||||
Berger Medical Center | Columbus, OH | — | — | 5,950 | — | — | 5,950 | 5,950 | (561 | ) | 2007 | 9/30/2014 | 38 | |||||||||||||||||||||||||||
El Paso - Lee Trevino | El Paso, TX | — | 2,294 | 11,316 | 412 | 2,294 | 11,728 | 14,022 | (1,351 | ) | 1983 | 9/30/2014 | 30 | |||||||||||||||||||||||||||
El Paso - Murchison | El Paso, TX | — | 2,283 | 24,543 | 1,303 | 2,283 | 25,846 | 28,129 | (2,895 | ) | 1970 | 9/30/2014 | 30 | |||||||||||||||||||||||||||
El Paso - Kenworthy | El Paso, TX | — | 728 | 2,178 | 25 | 728 | 2,203 | 2,931 | (230 | ) | 1983 | 9/30/2014 | 35 | |||||||||||||||||||||||||||
Pinnacle - 32 Northeast | Harrisburg, PA | — | 408 | 3,232 | 91 | 408 | 3,323 | 3,731 | (352 | ) | 1994 | 10/29/2014 | 33 | |||||||||||||||||||||||||||
Pinnacle - 4518 Union Deposit | Harrisburg, PA | — | 617 | 7,305 | 15 | 617 | 7,320 | 7,937 | (803 | ) | 2000 | 10/29/2014 | 31 | |||||||||||||||||||||||||||
Pinnacle - 4520 Union Deposit | Harrisburg, PA | — | 169 | 2,055 | — | 169 | 2,055 | 2,224 | (244 | ) | 1997 | 10/29/2014 | 28 |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Year Built | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||
Pinnacle - 240 Grandview | Harrisburg, PA | — | 321 | 4,242 | — | 321 | 4,242 | 4,563 | (411 | ) | 1980 | 10/29/2014 | 35 | |||||||||||||||||||||||||||
Pinnacle - Market Place Way | Harrisburg, PA | — | 808 | 2,383 | 6 | 808 | 2,389 | 3,197 | (314 | ) | 2004 | 10/29/2014 | 35 | |||||||||||||||||||||||||||
CRHS - 2000 10th Avenue | Columbus, GA | — | 380 | 2,737 | 14 | 380 | 2,751 | 3,131 | (415 | ) | 1989 | 11/20/2014 | 22 | |||||||||||||||||||||||||||
CRHS - 1942 North Avenue | Columbus, GA | — | 91 | 273 | — | 91 | 273 | 364 | (73 | ) | 1971 | 11/20/2014 | 12 | |||||||||||||||||||||||||||
CRHS - 920 18th Street | Columbus, GA | — | 110 | 281 | — | 110 | 281 | 391 | (113 | ) | 1982 | 11/20/2014 | 8 | |||||||||||||||||||||||||||
CRHS - 1900 10th Avenue | Columbus, GA | — | 474 | 5,580 | 131 | 474 | 5,711 | 6,185 | (747 | ) | 1976 | 11/20/2014 | 26 | |||||||||||||||||||||||||||
CRHS - 1800 10th Avenue | Columbus, GA | — | 539 | 5,238 | 19 | 539 | 5,257 | 5,796 | (615 | ) | 1980 | 11/20/2014 | 28 | |||||||||||||||||||||||||||
CRHS - 705 17th Street | Columbus, GA | — | 372 | 2,346 | 278 | 372 | 2,624 | 2,996 | (582 | ) | 1994 | 11/20/2014 | 15 | |||||||||||||||||||||||||||
CRHS - 615 19th Street | Columbus, GA | — | 75 | 113 | — | 75 | 113 | 188 | (107 | ) | 1976 | 11/20/2014 | 3 | |||||||||||||||||||||||||||
CRHS - 1968 North Avenue | Columbus, GA | — | 89 | 32 | — | 89 | 32 | 121 | (26 | ) | 1966 | 11/20/2014 | 4 | |||||||||||||||||||||||||||
CRHS - 633 19th Street | Columbus, GA | — | 99 | 255 | — | 99 | 255 | 354 | (92 | ) | 1972 | 11/20/2014 | 9 | |||||||||||||||||||||||||||
CRHS - 500 18th Street | Columbus, GA | — | 430 | 170 | 205 | 430 | 375 | 805 | (111 | ) | 1982 | 11/20/2014 | 8 | |||||||||||||||||||||||||||
CRHS - 2200 Hamilton Road | Columbus, GA | — | 267 | 1,579 | 42 | 267 | 1,621 | 1,888 | (248 | ) | 1992 | 11/20/2014 | 22 | |||||||||||||||||||||||||||
CRHS - 1810 Stadium Drive | Phenix City, AL | — | 202 | 149 | 26 | 202 | 175 | 377 | (94 | ) | 1999 | 11/20/2014 | 30 | |||||||||||||||||||||||||||
Carle Danville MOB | Danville, IL | — | 607 | 7,136 | — | 607 | 7,136 | 7,743 | (713 | ) | 2007 | 11/26/2014 | 33 | |||||||||||||||||||||||||||
Middletown Medical - 111 Maltese | Middletown, NY | — | 670 | 9,921 | 37 | 670 | 9,958 | 10,628 | (909 | ) | 1988 | 11/28/2014 | 35 | |||||||||||||||||||||||||||
Middletown Medical - 2 Edgewater | Middletown, NY | — | 200 | 2,966 | 11 | 200 | 2,977 | 3,177 | (272 | ) | 1992 | 11/28/2014 | 35 | |||||||||||||||||||||||||||
Napoleon Medical Office Building | New Orleans, LA | — | 1,202 | 7,412 | 763 | 1,202 | 8,175 | 9,377 | (998 | ) | 1974 | 12/19/2014 | 25 | |||||||||||||||||||||||||||
West TN Bone & Joint - Physicians Drive | Jackson, TN | — | 1,661 | 2,960 | — | 1,661 | 2,960 | 4,621 | (269 | ) | 1991 | 12/30/2014 | 35 | |||||||||||||||||||||||||||
West TN Bone & Joint | Jackson, TN | — | 1,250 | 5,210 | — | 1,250 | 5,210 | 6,460 | (543 | ) | 1996 | 12/30/2014 | 31 | |||||||||||||||||||||||||||
Edina MOB | Edina MN | — | 504 | 10,006 | 959 | 504 | 10,965 | 11,469 | (1,657 | ) | 1979 | 1/22/2015 | 24 | |||||||||||||||||||||||||||
Crystal MOB | Crystal, MN | — | 945 | 11,862 | — | 945 | 11,862 | 12,807 | (879 | ) | 2012 | 1/22/2015 | 47 | |||||||||||||||||||||||||||
Savage MOB | Savage, MN | 5,449 | 1,281 | 10,021 | — | 1,281 | 10,021 | 11,302 | (770 | ) | 2011 | 1/22/2015 | 48 | |||||||||||||||||||||||||||
Dell Road MOB | Chanhassen, MN | — | 800 | 4,520 | 29 | 800 | 4,549 | 5,349 | (385 | ) | 2008 | 1/22/2015 | 43 | |||||||||||||||||||||||||||
Columbus MOB | Columbus, GA | — | 845 | 2,708 | 7 | 845 | 2,715 | 3,560 | (432 | ) | 1980 | 1/23/2015 | 22 | |||||||||||||||||||||||||||
Methodist Sports MOB | Greenwood, IN | — | 1,050 | 8,556 | — | 1,050 | 8,556 | 9,606 | (795 | ) | 2008 | 1/28/2015 | 33 | |||||||||||||||||||||||||||
Vadnais Heights MOB | Vadnais Heights, MN | — | 2,751 | 12,233 | — | 2,751 | 12,233 | 14,984 | (1,069 | ) | 2013 | 1/29/2015 | 43 | |||||||||||||||||||||||||||
Minnetonka MOB | Minnetonka, MN | — | 1,770 | 19,797 | — | 1,770 | 19,797 | 21,567 | (1,456 | ) | 2014 | 2/5/2015 | 49 | |||||||||||||||||||||||||||
Jamestown MOB | Jamestown, ND | — | 656 | 9,440 | — | 656 | 9,440 | 10,096 | (855 | ) | 2013 | 2/5/2015 | 43 | |||||||||||||||||||||||||||
Indiana American II | Greenwood, IN | — | 862 | 6,901 | 600 | 862 | 7,501 | 8,363 | (599 | ) | 2008 | 2/13/2015 | 38 | |||||||||||||||||||||||||||
Indiana American III | Greenwood, IN | — | 741 | 1,846 | 185 | 741 | 2,031 | 2,772 | (313 | ) | 2001 | 2/13/2015 | 31 | |||||||||||||||||||||||||||
Indiana American IV | Greenwood, IN | — | 771 | 1,928 | 77 | 771 | 2,005 | 2,776 | (205 | ) | 2001 | 2/13/2015 | 31 | |||||||||||||||||||||||||||
Southpointe | Indianapolis, IN | — | 563 | 1,741 | 259 | 563 | 2,000 | 2,563 | (284 | ) | 1993 | 2/13/2015 | 27 | |||||||||||||||||||||||||||
Minnesota Eye MOB | Minnetonka, MN | — | 1,143 | 7,470 | — | 1,143 | 7,470 | 8,613 | (592 | ) | 2014 | 2/17/2015 | 44 | |||||||||||||||||||||||||||
Baylor Cancer Center | Dallas, TX | — | 855 | 6,007 | 32 | 855 | 6,039 | 6,894 | (427 | ) | 2001 | 2/27/2015 | 43 | |||||||||||||||||||||||||||
Bridgeport Medical Center | Lakewood, WA | — | 1,397 | 10,435 | 47 | 1,397 | 10,482 | 11,879 | (899 | ) | 2004 | 2/27/2015 | 35 | |||||||||||||||||||||||||||
Renaissance Office Building | Milwaukee, WI | — | 1,379 | 4,182 | 2,834 | 1,379 | 7,016 | 8,395 | (1,078 | ) | 1896 | 3/27/2015 | 15 | |||||||||||||||||||||||||||
Calkins 125 | Rochester, NY | — | 534 | 10,164 | 326 | 534 | 10,490 | 11,024 | (1,159 | ) | 1997 | 3/31/2015 | 32 | |||||||||||||||||||||||||||
Calkins 200 | Rochester, NY | — | 210 | 3,317 | 32 | 210 | 3,349 | 3,559 | (335 | ) | 2000 | 3/31/2015 | 38 | |||||||||||||||||||||||||||
Calkins 300 | Rochester, NY | — | 372 | 6,645 | 24 | 372 | 6,669 | 7,041 | (652 | ) | 2002 | 3/31/2015 | 39 | |||||||||||||||||||||||||||
Calkins 400 | Rochester, NY | — | 353 | 8,226 | 34 | 353 | 8,260 | 8,613 | (864 | ) | 2007 | 3/31/2015 | 39 | |||||||||||||||||||||||||||
Calkins 500 | Rochester, NY | — | 282 | 7,074 | 28 | 282 | 7,102 | 7,384 | (589 | ) | 2008 | 3/31/2015 | 41 | |||||||||||||||||||||||||||
Avalon Park Florida Hospital MOB | Avalon Park, FL | — | 1,041 | 10,685 | — | 1,041 | 10,685 | 11,726 | (780 | ) | 2009 | 3/31/2015 | 41 | |||||||||||||||||||||||||||
Premier Surgery Center of Louisville | Louisville, KY | — | 1,106 | 5,437 | — | 1,106 | 5,437 | 6,543 | (374 | ) | 2013 | 4/10/2015 | 43 | |||||||||||||||||||||||||||
Baton Rouge MOB | Baton Rouge, LA | — | 711 | 7,720 | — | 711 | 7,720 | 8,431 | (636 | ) | 2003 | 4/15/2015 | 35 | |||||||||||||||||||||||||||
Healthpark Medical Center | Grand Blanc, MI | — | — | 17,624 | — | — | 17,624 | 17,624 | (1,434 | ) | 2006 | 4/30/2015 | 36 | |||||||||||||||||||||||||||
Plaza HCA MOB | Jacksonville, FL | — | 1,112 | 12,553 | — | 1,112 | 12,553 | 13,665 | (903 | ) | 2007 | 4/30/2015 | 39 | |||||||||||||||||||||||||||
Northern Ohio Medical Center | Sheffield, OH | — | 644 | 9,162 | — | 644 | 9,162 | 9,806 | (1,225 | ) | 1999 | 5/28/2015 | 20 | |||||||||||||||||||||||||||
University of Michigan - Northville MOB | Livonia, MI | — | 2,200 | 8,627 | 166 | 2,200 | 8,793 | 10,993 | (808 | ) | 1988 | 5/29/2015 | 30 | |||||||||||||||||||||||||||
Coon Rapids Medical Center MOB | Coon Rapids, MN | — | 607 | 5,857 | — | 607 | 5,857 | 6,464 | (468 | ) | 2007 | 6/1/2015 | 35 | |||||||||||||||||||||||||||
Premier Landmark MOB | Bloomington, IN | — | 872 | 10,537 | — | 872 | 10,537 | 11,409 | (730 | ) | 2008 | 6/5/2015 | 39 | |||||||||||||||||||||||||||
Palm Beach ASC | Palm Beach, FL | — | 2,576 | 7,675 | — | 2,576 | 7,675 | 10,251 | (507 | ) | 2003 | 6/26/2015 | 40 | |||||||||||||||||||||||||||
Brookstone Physician Center MOB | Jacksonville, AL | — | — | 1,913 | — | — | 1,913 | 1,913 | (166 | ) | 2007 | 6/30/2015 | 31 | |||||||||||||||||||||||||||
Jackson Woman's Clinic MOB | Jackson, TN | — | 555 | 3,800 | 19 | 555 | 3,819 | 4,374 | (293 | ) | 1998 | 6/30/2015 | 35 | |||||||||||||||||||||||||||
Hillside Medical Center MOB | Hanover, PA | — | 812 | 13,217 | 63 | 812 | 13,280 | 14,092 | (941 | ) | 2003 | 6/30/2015 | 35 | |||||||||||||||||||||||||||
Randall Road MOB | Elgin, IL | — | 1,124 | 15,404 | 486 | 1,124 | 15,890 | 17,014 | (1,054 | ) | 2006 | 6/30/2015 | 38 | |||||||||||||||||||||||||||
Medical Specialists of Palm Beach MOB | Atlantis, FL | — | — | 7,560 | 6 | — | 7,566 | 7,566 | (541 | ) | 2002 | 7/24/2015 | 37 | |||||||||||||||||||||||||||
OhioHealth - SW Health Center MOB | Grove City, OH | — | 1,363 | 8,516 | — | 1,363 | 8,516 | 9,879 | (637 | ) | 2001 | 7/31/2015 | 37 | |||||||||||||||||||||||||||
Trios Health MOB | Kennewick, WA | — | — | 55,178 | 3,795 | — | 58,973 | 58,973 | (3,169 | ) | 2015 | 7/31/2015 | 45 | |||||||||||||||||||||||||||
IMS - Paradise Valley MOB | Phoenix, AZ | — | — | 25,893 | 14 | — | 25,907 | 25,907 | (1,638 | ) | 2004 | 8/14/2015 | 43 | |||||||||||||||||||||||||||
IMS - Avondale MOB | Avondale, AZ | — | 1,818 | 18,108 | 10 | 1,818 | 18,118 | 19,936 | (1,020 | ) | 2006 | 8/19/2015 | 45 | |||||||||||||||||||||||||||
IMS - Palm Valley MOB | Goodyear, AZ | — | 2,666 | 28,655 | — | 2,666 | 28,655 | 31,321 | (1,683 | ) | 2006 | 8/19/2015 | 43 | |||||||||||||||||||||||||||
IMS - North Mountain MOB | Phoenix, AZ | — | — | 42,877 | 495 | — | 43,372 | 43,372 | (2,372 | ) | 2008 | 8/31/2015 | 47 | |||||||||||||||||||||||||||
Memorial Hermann - Phase I | Katy, TX | — | 822 | 6,797 | 19 | 822 | 6,816 | 7,638 | (440 | ) | 2005 | 9/1/2015 | 39 | |||||||||||||||||||||||||||
Memorial Hermann - Phase II | Katy, TX | — | 1,560 | 25,601 | 6 | 1,560 | 25,607 | 27,167 | (1,573 | ) | 2006 | 9/1/2015 | 40 | |||||||||||||||||||||||||||
New Albany Medical Center MOB | New Albany, OH | — | 1,600 | 8,505 | 216 | 1,600 | 8,721 | 10,321 | (613 | ) | 2005 | 9/9/2015 | 37 | |||||||||||||||||||||||||||
Fountain Hills Medical Campus MOB | Fountain Hills, AZ | — | 2,593 | 7,635 | 618 | 2,593 | 8,253 | 10,846 | (502 | ) | 1995 | 9/30/2015 | 39 | |||||||||||||||||||||||||||
Fairhope MOB | Fairhope, AL | �� | 640 | 5,227 | 568 | 640 | 5,795 | 6,435 | (349 | ) | 2005 | 10/13/2015 | 38 |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Year Built | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||
Foley MOB | Foley, AL | — | 365 | 732 | — | 365 | 732 | 1,097 | (48 | ) | 1997 | 10/13/2015 | 40 | |||||||||||||||||||||||||||
Foley Venture | Foley, AL | — | 420 | 1,118 | — | 420 | 1,118 | 1,538 | (73 | ) | 2002 | 10/13/2015 | 38 | |||||||||||||||||||||||||||
North Okaloosa MOB | Crestview, FL | — | 190 | 1,010 | — | 190 | 1,010 | 1,200 | (61 | ) | 2005 | 10/13/2015 | 41 | |||||||||||||||||||||||||||
Commons on North Davis | Pensacola, FL | — | 380 | 1,237 | — | 380 | 1,237 | 1,617 | (75 | ) | 2009 | 10/13/2015 | 41 | |||||||||||||||||||||||||||
Sorrento Road | Pensacola, FL | — | 170 | 894 | — | 170 | 894 | 1,064 | (55 | ) | 2010 | 10/13/2015 | 41 | |||||||||||||||||||||||||||
Breakfast Point Medical Park | Panama City, FL | — | — | 817 | — | — | 817 | 817 | (47 | ) | 2012 | 10/13/2015 | 42 | |||||||||||||||||||||||||||
Panama City Beach | Panama City, FL | — | — | 739 | — | — | 739 | 739 | (42 | ) | 2012 | 10/13/2015 | 42 | |||||||||||||||||||||||||||
Perdido Medical Park | Pensacola, FL | — | 100 | 1,147 | — | 100 | 1,147 | 1,247 | (69 | ) | 2010 | 10/13/2015 | 41 | |||||||||||||||||||||||||||
Ft. Walton Beach | Ft. Walton Beach, FL | — | 230 | 914 | — | 230 | 914 | 1,144 | (63 | ) | 1979 | 10/13/2015 | 35 | |||||||||||||||||||||||||||
Panama City | Panama City, FL | — | — | 661 | — | — | 661 | 661 | (41 | ) | 2003 | 10/13/2015 | 38 | |||||||||||||||||||||||||||
Pensacola - Catalyst | Pensacola, FL | — | 220 | 1,685 | — | 220 | 1,685 | 1,905 | (104 | ) | 2001 | 10/13/2015 | 39 | |||||||||||||||||||||||||||
Arete Surgical Center | Johnstown, CO | — | 399 | 6,667 | — | 399 | 6,667 | 7,066 | (337 | ) | 2013 | 10/19/2015 | 45 | |||||||||||||||||||||||||||
Cambridge Professional Center MOB | Waldorf, MD | — | 590 | 8,520 | 130 | 590 | 8,650 | 9,240 | (590 | ) | 1999 | 10/30/2015 | 35 | |||||||||||||||||||||||||||
HonorHealth 44th Street MOB | Phoenix, AZ | — | 515 | 3,884 | 1,320 | 515 | 5,204 | 5,719 | (370 | ) | 1988 | 11/13/2015 | 28 | |||||||||||||||||||||||||||
Mercy Medical Center MOB | Fenton, MO | — | 1,201 | 6,778 | — | 1,201 | 6,778 | 7,979 | (389 | ) | 1999 | 12/1/2015 | 40 | |||||||||||||||||||||||||||
Nashville MOB | Nashville, TN | — | 1,555 | 39,713 | 250 | 1,555 | 39,963 | 41,518 | (1,771 | ) | 2015 | 12/17/2015 | 46 | |||||||||||||||||||||||||||
KSF Orthopaedic MOB | Houston, TX | — | 530 | 3,712 | 26 | 530 | 3,738 | 4,268 | (430 | ) | 1984 | 12/22/2015 | 19 | |||||||||||||||||||||||||||
Great Falls Clinic MOB | Great Falls, MT | — | — | 27,402 | 441 | — | 27,843 | 27,843 | (1,482 | ) | 2004 | 12/29/2015 | 40 | |||||||||||||||||||||||||||
Great Falls Hospital | Great Falls, MT | — | — | 25,262 | — | — | 25,262 | 25,262 | (1,322 | ) | 2015 | 1/25/2016 | 40 | |||||||||||||||||||||||||||
Monterey Medical Center ASC | Stuart, FL | — | 380 | 5,064 | — | 380 | 5,064 | 5,444 | (240 | ) | 2013 | 2/1/2016 | 42 | |||||||||||||||||||||||||||
Physicians Medical Plaza MOB | Indianapolis, IN | — | — | 6,703 | 17 | — | 6,720 | 6,720 | (412 | ) | 2004 | 2/1/2016 | 34 | |||||||||||||||||||||||||||
Park Nicollet Clinic | Chanhassen, MN | — | 1,941 | 14,555 | — | 1,941 | 14,555 | 16,496 | (758 | ) | 2005 | 2/8/2016 | 40 | |||||||||||||||||||||||||||
HEB Cancer Center | Bedford, TX | — | — | 11,839 | — | — | 11,839 | 11,839 | (548 | ) | 2014 | 2/12/2016 | 44 | |||||||||||||||||||||||||||
Riverview Medical Center | Lancaster, OH | — | 1,313 | 10,243 | 63 | 1,313 | 10,306 | 11,619 | (638 | ) | 1997 | 2/26/2016 | 33 | |||||||||||||||||||||||||||
St. Luke's Cornwall MOB | Cornwall, NY | 9,500 | — | 13,017 | — | — | 13,017 | 13,017 | (761 | ) | 2006 | 2/26/2016 | 35 | |||||||||||||||||||||||||||
HonorHealth Glendale | Glendale, AZ | — | 1,770 | 8,089 | — | 1,770 | 8,089 | 9,859 | (352 | ) | 2015 | 3/15/2016 | 45 | |||||||||||||||||||||||||||
Columbia MOB | Hudson, NY | 12,000 | — | 16,550 | — | — | 16,550 | 16,550 | (867 | ) | 2006 | 3/21/2016 | 35 | |||||||||||||||||||||||||||
St Vincent POB 1 | Birmingham, AL | — | — | 10,172 | 130 | — | 10,302 | 10,302 | (1,246 | ) | 1975 | 3/23/2016 | 15 | |||||||||||||||||||||||||||
St Vincent POB 2 | Birmingham, AL | — | 48 | 6,624 | 144 | 48 | 6,768 | 6,816 | (853 | ) | 1988 | 3/23/2016 | 15 | |||||||||||||||||||||||||||
St Vincent POB 3 | Birmingham, AL | — | 75 | 9,433 | 353 | 75 | 9,786 | 9,861 | (726 | ) | 1992 | 3/23/2016 | 25 | |||||||||||||||||||||||||||
Emerson Medical Building | Creve Coeur, MO | — | 1,590 | 9,853 | 114 | 1,590 | 9,967 | 11,557 | (522 | ) | 1989 | 3/24/2016 | 35 | |||||||||||||||||||||||||||
Patient Partners Surgery Center | Gallatin, TN | — | 203 | 3,376 | — | 203 | 3,376 | 3,579 | (163 | ) | 2007 | 3/30/2016 | 40 | |||||||||||||||||||||||||||
Eye Associates of NM - Santa Fe | Santa Fe, NM | — | 900 | 6,604 | — | 900 | 6,604 | 7,504 | (366 | ) | 2002 | 3/31/2016 | 35 | |||||||||||||||||||||||||||
Eye Associates of NM - Albuquerque | Albuquerque, NM | — | 1,020 | 7,832 | — | 1,020 | 7,832 | 8,852 | (384 | ) | 2007 | 3/31/2016 | 40 | |||||||||||||||||||||||||||
Gardendale Surgery Center | Gardendale, AL | — | 200 | 5,732 | — | 200 | 5,732 | 5,932 | (250 | ) | 2011 | 4/11/2016 | 42 | |||||||||||||||||||||||||||
HealthEast - Curve Crest | Stillwater, MN | — | 409 | 3,279 | — | 409 | 3,279 | 3,688 | (148 | ) | 2011 | 4/14/2016 | 43 | |||||||||||||||||||||||||||
HealthEast - Victor Gardens | Hugo, MN | — | 572 | 4,400 | 51 | 572 | 4,451 | 5,023 | (209 | ) | 2008 | 4/14/2016 | 41 | |||||||||||||||||||||||||||
NOMS - Clyde | Clyde, OH | — | 440 | 5,948 | — | 440 | 5,948 | 6,388 | (240 | ) | 2015 | 5/10/2016 | 44 | |||||||||||||||||||||||||||
Blandford MOB | Little Rock, AR | — | 203 | 2,386 | — | 203 | 2,386 | 2,589 | (107 | ) | 1983 | 5/11/2016 | 40 | |||||||||||||||||||||||||||
Cardwell MOB | Lufkin, TX | — | — | 8,348 | 138 | — | 8,486 | 8,486 | (361 | ) | 1999 | 5/11/2016 | 42 | |||||||||||||||||||||||||||
Dacono Neighborhood Health | Dacono, CO | — | 2,258 | 2,911 | 20 | 2,258 | 2,931 | 5,189 | (173 | ) | 2014 | 5/11/2016 | 44 | |||||||||||||||||||||||||||
Franciscan Health | Tacoma, WA | — | 711 | 9,096 | 65 | 711 | 9,161 | 9,872 | (1,017 | ) | 1951 | 5/11/2016 | 15 | |||||||||||||||||||||||||||
Grand Island Specialty Clinic | Grand Island, NE | — | 102 | 2,802 | 150 | 102 | 2,952 | 3,054 | (136 | ) | 1978 | 5/11/2016 | 42 | |||||||||||||||||||||||||||
Hot Springs MOB | Hot Springs Village, AR | — | 305 | 3,309 | 65 | 305 | 3,374 | 3,679 | (209 | ) | 1988 | 5/11/2016 | 30 | |||||||||||||||||||||||||||
Jewish Medical Center East | Louisville, KY | — | — | 81,248 | 32 | — | 81,280 | 81,280 | (3,138 | ) | 2003 | 5/11/2016 | 45 | |||||||||||||||||||||||||||
Jewish Medical Center South MOB - 1 | Shepherdsville, KY | — | — | 15,861 | 225 | — | 16,086 | 16,086 | (787 | ) | 2005 | 5/11/2016 | 39 | |||||||||||||||||||||||||||
Jewish Medical Plaza I | Louisville, KY | — | — | 8,808 | 172 | — | 8,980 | 8,980 | (451 | ) | 1970 | 5/11/2016 | 35 | |||||||||||||||||||||||||||
Jewish Medical Plaza II | Louisville, KY | — | — | 5,216 | 1,070 | — | 6,286 | 6,286 | (592 | ) | 1964 | 5/11/2016 | 15 | |||||||||||||||||||||||||||
Jewish OCC | Louisville, KY | — | — | 35,703 | 108 | — | 35,811 | 35,811 | (1,767 | ) | 1985 | 5/11/2016 | 34 | |||||||||||||||||||||||||||
Lexington Surgery Center | Lexington, KY | — | 1,229 | 18,914 | 363 | 1,229 | 19,277 | 20,506 | (1,074 | ) | 2000 | 5/11/2016 | 30 | |||||||||||||||||||||||||||
Medical Arts Pavilion | Lufkin, TX | — | — | 6,215 | 15 | — | 6,230 | 6,230 | (337 | ) | 2004 | 5/11/2016 | 33 | |||||||||||||||||||||||||||
Memorial Outpatient Center | Lufkin, TX | — | — | 4,808 | 100 | — | 4,908 | 4,908 | (206 | ) | 1990 | 5/11/2016 | 45 | |||||||||||||||||||||||||||
Midlands Two Professional Center | Papillion, NE | — | — | 587 | 57 | — | 644 | 644 | (247 | ) | 1976 | 5/11/2016 | 5 | |||||||||||||||||||||||||||
Parkview MOB | Little Rock, AR | — | 705 | 4,343 | 705 | 4,387 | 5,092 | (229 | ) | 1988 | 5/11/2016 | 35 | ||||||||||||||||||||||||||||
Peak One ASC | Frisco, CO | — | — | 5,763 | 65 | — | 5,828 | 5,828 | (238 | ) | 2006 | 5/11/2016 | 44 | |||||||||||||||||||||||||||
Physicians Medical Center | Tacoma, WA | — | — | 5,862 | 144 | — | 6,006 | 6,006 | (376 | ) | 1977 | 5/11/2016 | 27 | |||||||||||||||||||||||||||
St. Alexius - Minot Medical Plaza | Minot, ND | — | — | 26,078 | — | — | 26,078 | 26,078 | (1,023 | ) | 2015 | 5/11/2016 | 49 | |||||||||||||||||||||||||||
St. Clare Medical Pavilion | Lakewood, WA | — | — | 9,005 | — | — | 9,005 | 9,005 | (535 | ) | 1989 | 5/11/2016 | 33 | |||||||||||||||||||||||||||
St. Joseph Medical Pavilion | Tacoma, WA | — | — | 11,497 | 31 | — | 11,528 | 11,528 | (591 | ) | 1989 | 5/11/2016 | 35 | |||||||||||||||||||||||||||
St. Joseph Office Park | Lexington, KY | — | 3,722 | 12,675 | 3,228 | 3,722 | 15,903 | 19,625 | (1,621 | ) | 1992 | 5/11/2016 | 14 | |||||||||||||||||||||||||||
St. Mary - Caritas Medical II | Louisville, KY | — | — | 5,587 | 23 | — | 5,610 | 5,610 | (283 | ) | 1979 | 5/11/2016 | 34 | |||||||||||||||||||||||||||
St. Mary - Caritas Medical III | Louisville, KY | — | — | 383 | 194 | — | 577 | 577 | (266 | ) | 1974 | 5/11/2016 | 2 | |||||||||||||||||||||||||||
Thornton Neighborhood Health | Thornton, CO | — | 1,609 | 2,287 | — | 1,609 | 2,287 | 3,896 | (132 | ) | 2014 | 5/11/2016 | 43 | |||||||||||||||||||||||||||
Medical Village at Kissimmee | Kissimmee, FL | — | 634 | 3,365 | — | 634 | 3,365 | 3,999 | (149 | ) | 2006 | 5/26/2016 | 39 | |||||||||||||||||||||||||||
Medical Village at Leesburg | Leesburg, FL | — | 802 | 3,047 | — | 802 | 3,047 | 3,849 | (213 | ) | 1979 | 5/26/2016 | 25 | |||||||||||||||||||||||||||
St. Francis MOB | Federal Way, WA | — | — | 12,817 | 24 | — | 12,841 | 12,841 | (615 | ) | 1987 | 6/2/2016 | 38 | |||||||||||||||||||||||||||
Children's Hospital MOB | Milwaukee, WI | — | 476 | 4,897 | — | 476 | 4,897 | 5,373 | (197 | ) | 2016 | 6/3/2016 | 45 | |||||||||||||||||||||||||||
Jewish Medical Center South MOB - 2 | Shepherdsville, KY | — | 27 | 3,827 | — | 27 | 3,827 | 3,854 | (153 | ) | 2006 | 6/8/2016 | 40 | |||||||||||||||||||||||||||
Good Samaritan North Annex Building | Kearney, NE | — | — | 2,734 | — | — | 2,734 | 2,734 | (132 | ) | 1984 | 6/28/2016 | 37 |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Year Built | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||
NE Heart Institute Medical Building | Lincoln, NE | — | — | 19,738 | — | — | 19,738 | 19,738 | (633 | ) | 2004 | 6/28/2016 | 47 | |||||||||||||||||||||||||||
St. Vincent West MOB | Little Rock, AR | — | — | 13,453 | — | — | 13,453 | 13,453 | (447 | ) | 2012 | 6/29/2016 | 49 | |||||||||||||||||||||||||||
Meridan MOB | Englewood, CO | — | 1,608 | 15,774 | 141 | 1,608 | 15,915 | 17,523 | (717 | ) | 2002 | 6/29/2016 | 38 | |||||||||||||||||||||||||||
St. Mary - Caritas Medical I | Louisville, KY | — | — | 8,774 | 283 | — | 9,057 | 9,057 | (535 | ) | 1991 | 6/29/2016 | 25 | |||||||||||||||||||||||||||
St. Alexius - Medical Arts Pavilion | Bismarck, ND | — | — | 12,902 | 77 | — | 12,979 | 12,979 | (624 | ) | 1974 | 6/29/2016 | 32 | |||||||||||||||||||||||||||
St. Alexius - Mandan Clinic | Mandan, ND | — | 708 | 7,700 | 74 | 708 | 7,774 | 8,482 | (301 | ) | 2014 | 6/29/2016 | 43 | |||||||||||||||||||||||||||
St. Alexius - Orthopaedic Center | Bismarck, ND | — | — | 13,881 | 363 | — | 14,244 | 14,244 | (563 | ) | 1997 | 6/29/2016 | 39 | |||||||||||||||||||||||||||
St. Alexius - Rehab Center | Bismarck, ND | — | — | 5,920 | 97 | — | 6,017 | 6,017 | (380 | ) | 1997 | 6/29/2016 | 25 | |||||||||||||||||||||||||||
St. Alexius - Tech & Ed | Bismarck, ND | — | — | 16,688 | 2 | — | 16,690 | 16,690 | (679 | ) | 2011 | 6/29/2016 | 38 | |||||||||||||||||||||||||||
Good Samaritan MOB | Kearney, NE | — | — | 24,154 | 72 | — | 24,226 | 24,226 | (820 | ) | 1999 | 6/29/2016 | 45 | |||||||||||||||||||||||||||
Lakeside Two Professional Building | Omaha, NE | — | — | 13,358 | 144 | — | 13,502 | 13,502 | (532 | ) | 2000 | 6/29/2016 | 38 | |||||||||||||||||||||||||||
Lakeside Wellness Center | Omaha, NE | — | — | 10,177 | 190 | — | 10,367 | 10,367 | (397 | ) | 2000 | 6/29/2016 | 39 | |||||||||||||||||||||||||||
McAuley Center | Omaha, NE | — | 1,427 | 17,020 | 3 | 1,427 | 17,023 | 18,450 | (927 | ) | 1988 | 6/29/2016 | 30 | |||||||||||||||||||||||||||
Memorial Health Center | Grand Island, NE | — | — | 33,967 | 146 | — | 34,113 | 34,113 | (1,517 | ) | 1955 | 6/29/2016 | 35 | |||||||||||||||||||||||||||
Missionary Ridge MOB | Chattanooga, TN | — | — | 7,223 | 1,205 | — | 8,428 | 8,428 | (1,089 | ) | 1976 | 6/29/2016 | 10 | |||||||||||||||||||||||||||
Pilot Medical Center | Birmingham, AL | — | 1,419 | 14,528 | 6 | 1,419 | 14,534 | 15,953 | (666 | ) | 2005 | 6/29/2016 | 35 | |||||||||||||||||||||||||||
St. Joseph Medical Clinic | Tacoma, WA | — | — | 16,427 | 32 | — | 16,459 | 16,459 | (828 | ) | 1991 | 6/30/2016 | 30 | |||||||||||||||||||||||||||
Woodlands Medical Arts Center | The Woodlands, TX | — | — | 19,168 | 198 | — | 19,366 | 19,366 | (867 | ) | 2001 | 6/30/2016 | 35 | |||||||||||||||||||||||||||
FESC MOB | Tacoma, WA | — | — | 12,702 | 181 | — | 12,883 | 12,883 | (961 | ) | 1980 | 6/30/2016 | 22 | |||||||||||||||||||||||||||
Prairie Care MOB | Maplewood, MN | — | 525 | 3,099 | — | 525 | 3,099 | 3,624 | (113 | ) | 2016 | 7/6/2016 | 45 | |||||||||||||||||||||||||||
Springwoods MOB | Spring, TX | — | 3,821 | 14,830 | 3,492 | 3,821 | 18,322 | 22,143 | (549 | ) | 2015 | 7/21/2016 | 44 | |||||||||||||||||||||||||||
Unity - ASC, Imaging & MOB | West Lafayette, IN | — | 960 | 9,991 | — | 960 | 9,991 | 10,951 | (429 | ) | 2001 | 8/8/2016 | 35 | |||||||||||||||||||||||||||
Unity - Medical Pavilion | West Lafayette, IN | — | 1,070 | 12,454 | — | 1,070 | 12,454 | 13,524 | (535 | ) | 2001 | 8/8/2016 | 35 | |||||||||||||||||||||||||||
Unity - Faith, Hope & Love | West Lafayette, IN | — | 280 | 1,862 | — | 280 | 1,862 | 2,142 | (80 | ) | 2001 | 8/8/2016 | 35 | |||||||||||||||||||||||||||
Unity - Immediate Care & OCC | West Lafayette, IN | — | 300 | 1,833 | — | 300 | 1,833 | 2,133 | (75 | ) | 2004 | 8/8/2016 | 37 | |||||||||||||||||||||||||||
Medical Village at Maitland | Orlando, FL | — | 2,393 | 18,543 | — | 2,393 | 18,543 | 20,936 | (613 | ) | 2006 | 8/23/2016 | 44 | |||||||||||||||||||||||||||
Tri-State Orthopaedics MOB | Evansville, IN | — | 1,580 | 14,162 | — | 1,580 | 14,162 | 15,742 | (553 | ) | 2004 | 8/30/2016 | 37 | |||||||||||||||||||||||||||
Maury Regional Healthcare MOB | Spring Hill, TN | — | — | 15,619 | — | — | 15,619 | 15,619 | (503 | ) | 2012 | 9/30/2016 | 41 | |||||||||||||||||||||||||||
Spring Ridge Medical Center | Wyomissing, PA | — | 28 | 4,943 | — | 28 | 4,943 | 4,971 | (177 | ) | 2002 | 9/30/2016 | 37 | |||||||||||||||||||||||||||
Doctors Community Hospital POB | Lanham, MD | — | — | 23,034 | — | — | 23,034 | 23,034 | (602 | ) | 2009 | 9/30/2016 | 48 | |||||||||||||||||||||||||||
Gig Harbor Medical Pavilion | Gig Harbor, WA | — | — | 4,791 | 1,768 | — | 6,559 | 6,559 | (271 | ) | 1991 | 9/30/2016 | 30 | |||||||||||||||||||||||||||
Midlands One Professional Center | Papillion, NE | — | — | 14,922 | — | — | 14,922 | 14,922 | (507 | ) | 2010 | 9/30/2016 | 37 | |||||||||||||||||||||||||||
N.W. Michigan Surgery Center Units #1, #2, & #4 | Traverse City, MI | — | 2,748 | 30,005 | — | 2,748 | 30,005 | 32,753 | (909 | ) | 2004 | 10/28/2016 | 40 | |||||||||||||||||||||||||||
Northeast Medical Center | Fayetteville, NY | — | 4,011 | 25,564 | 929 | 4,011 | 26,493 | 30,504 | (1,045 | ) | 1998 | 11/23/2016 | 33 | |||||||||||||||||||||||||||
North Medical Center | Liverpool, NY | — | 1,337 | 18,680 | 844 | 1,337 | 19,524 | 20,861 | (673 | ) | 1989 | 11/23/2016 | 35 | |||||||||||||||||||||||||||
Cincinnati Eye Institute | Cincinnati, OH | — | 2,050 | 32,546 | — | 2,050 | 32,546 | 34,596 | (1,133 | ) | 1985 | 11/23/2016 | 35 | |||||||||||||||||||||||||||
HonorHealth - Scottsdale MOB | Scottsdale, AZ | — | — | 4,288 | — | — | 4,288 | 4,288 | (135 | ) | 2000 | 12/2/2016 | 45 | |||||||||||||||||||||||||||
Fox Valley Hematology & Oncology | Appleton, WI | — | 1,590 | 26,666 | — | 1,590 | 26,666 | 28,256 | (691 | ) | 2015 | 12/8/2016 | 44 | |||||||||||||||||||||||||||
Gastrointestinal Associates MOB | Powell, TN | — | 937 | 3,214 | — | 937 | 3,214 | 4,151 | (129 | ) | 1965 | 12/9/2016 | 30 | |||||||||||||||||||||||||||
Northern Vision Eye Center | Traverse City, MI | — | 490 | 2,132 | — | 490 | 2,132 | 2,622 | (71 | ) | 2006 | 12/15/2016 | 35 | |||||||||||||||||||||||||||
Flower Mound MOB | Flower Mound, TX | — | 1,945 | 8,312 | — | 1,945 | 8,312 | 10,257 | (228 | ) | 2011 | 12/16/2016 | 43 | |||||||||||||||||||||||||||
Carrollton MOB | Flower Mound, TX | — | 2,183 | 10,461 | — | 2,183 | 10,461 | 12,644 | (306 | ) | 2002 | 12/16/2016 | 40 | |||||||||||||||||||||||||||
HonorHealth IRF | Scottsdale, AZ | 10,000 | — | 19,331 | — | — | 19,331 | 19,331 | (481 | ) | 2000 | 12/22/2016 | 42 | |||||||||||||||||||||||||||
Orthopedic Associates | Flower Mound, TX | — | 2,915 | 12,791 | — | 2,915 | 12,791 | 15,706 | (319 | ) | 2011 | 1/5/2017 | 43 | |||||||||||||||||||||||||||
Medical Arts Center at Hartford | Plainville, CT | — | 1,499 | 24,627 | — | 1,499 | 24,627 | 26,126 | (594 | ) | 2015 | 1/11/2017 | 44 | |||||||||||||||||||||||||||
CareMount - Lake Katrine MOB | Lake Katrine, NY | 26,039 | 1,941 | 27,434 | — | 1,941 | 27,434 | 29,375 | (636 | ) | 2013 | 2/14/2017 | 42 | |||||||||||||||||||||||||||
CareMount - Rhinebeck MOB | Rhinebeck, NY | — | 869 | 12,220 | — | 869 | 12,220 | 13,089 | (296 | ) | 1965 | 2/14/2017 | 41 | |||||||||||||||||||||||||||
Monterey Medical Center - MOB | Stuart, FL | — | 2,292 | 13,376 | 5 | 2,292 | 13,381 | 15,673 | (323 | ) | 2003 | 3/7/2017 | 37 | |||||||||||||||||||||||||||
Creighton University Medical Center | Omaha, NE | — | — | 32,487 | — | — | 32,487 | 32,487 | (575 | ) | 2017 | 3/28/2017 | 49 | |||||||||||||||||||||||||||
Strictly Pediatrics Specialty Center | Austin, TX | — | 4,457 | 62,527 | 39 | 4,457 | 62,566 | 67,023 | (1,222 | ) | 2006 | 3/31/2017 | 40 | |||||||||||||||||||||||||||
MedStar Stephen's Crossing | Brandywine, MD | — | 1,975 | 14,810 | — | 1,975 | 14,810 | 16,785 | (190 | ) | 2015 | 6/16/2017 | 43 | |||||||||||||||||||||||||||
CHI Health Clinic Building | Omaha, NE | — | — | 50,177 | — | — | 50,177 | 50,177 | (501 | ) | 2017 | 6/29/2017 | 49 | |||||||||||||||||||||||||||
St Gabriel's Centracare | Little Falls, MN | — | — | 4,944 | — | — | 4,944 | 4,944 | (110 | ) | 1990 | 6/29/2017 | 25 | |||||||||||||||||||||||||||
Craven-Hagan Clinic | Williston, ND | — | — | 8,739 | — | — | 8,739 | 8,739 | (123 | ) | 1984 | 6/29/2017 | 40 | |||||||||||||||||||||||||||
Chattanooga Heart Institute | Chattanooga, TN | — | — | 18,639 | — | — | 18,639 | 18,639 | (257 | ) | 1993 | 6/29/2017 | 37 | |||||||||||||||||||||||||||
CHI St. Vincent Mercy Heart & Vascular Center | Hot Springs, AR | — | — | 11,688 | — | — | 11,688 | 11,688 | (145 | ) | 1998 | 6/29/2017 | 45 | |||||||||||||||||||||||||||
South Campus MOB | Hot Springs, AR | — | — | 13,369 | — | — | 13,369 | 13,369 | (171 | ) | 2009 | 6/29/2017 | 42 | |||||||||||||||||||||||||||
CHI St. Vincent Mercy Cancer Center | Hot Springs, AR | — | — | 5,090 | — | — | 5,090 | 5,090 | (72 | ) | 2001 | 6/29/2017 | 39 | |||||||||||||||||||||||||||
St. Joseph Professional Office Building | Bryan, TX | — | — | 11,169 | — | — | 11,169 | 11,169 | (129 | ) | 1996 | 6/29/2017 | 46 | |||||||||||||||||||||||||||
St. Vincent Carmel Women's Center | Carmel, IN | — | — | 31,720 | — | — | 31,720 | 31,720 | (339 | ) | 2014 | 6/29/2017 | 48 | |||||||||||||||||||||||||||
St. Vincent Fishers Medical Center | Fishers, IN | 44,000 | — | 62,870 | — | — | 62,870 | 62,870 | (749 | ) | 2008 | 6/29/2017 | 45 | |||||||||||||||||||||||||||
Baylor Charles A. Sammons Cancer Center | Dallas, TX | — | — | 256,886 | — | — | 256,886 | 256,886 | (2,994 | ) | 2011 | 6/30/2017 | 43 | |||||||||||||||||||||||||||
Orthopedic & Sports Institute of the Fox Valley | Appleton, WI | — | 2,003 | 26,394 | 100 | 2,003 | 26,494 | 28,497 | (406 | ) | 2005 | 6/30/2017 | 40 | |||||||||||||||||||||||||||
Clearview Cancer Institute | Huntsville, AL | — | 2,736 | 43,220 | — | 2,736 | 43,220 | 45,956 | (554 | ) | 2006 | 8/4/2017 | 34 | |||||||||||||||||||||||||||
Northside Cherokee/Town Lake MOB | Atlanta, GA | — | — | 30,627 | — | — | 30,627 | 30,627 | (312 | ) | 2013 | 8/15/2017 | 46 | |||||||||||||||||||||||||||
HonorHealth Mesa MOB | Mesa, AZ | — | 362 | 3,059 | — | 362 | 3,059 | 3,421 | (32 | ) | 2013 | 8/15/2017 | 43 | |||||||||||||||||||||||||||
Little Falls Orthopedics | Little Falls, MN | — | 246 | 1,977 | — | 246 | 1,977 | 2,223 | (39 | ) | 1999 | 8/24/2017 | 28 |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Year Built | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||||
Little Falls Dialysis Center | Little Falls, MN | — | — | 2,885 | — | — | 2,885 | 2,885 | (77 | ) | 1959 | 8/24/2017 | 15 | |||||||||||||||||||||||||||
Immanuel One Professional Center | Omaha, NE | — | — | 16,598 | — | — | 16,598 | 16,598 | (210 | ) | 1993 | 8/24/2017 | 35 | |||||||||||||||||||||||||||
SJRHC Cancer Center | Bryan, TX | — | — | 5,065 | — | — | 5,065 | 5,065 | (47 | ) | 1997 | 8/24/2017 | 40 | |||||||||||||||||||||||||||
St. Vincent Women's Center | Hot Springs, AR | — | — | 4,789 | — | — | 4,789 | 4,789 | (41 | ) | 2001 | 8/31/2017 | 40 | |||||||||||||||||||||||||||
Legends Park MOB & ASC | Midland, TX | — | 1,658 | 24,178 | — | 1,658 | 24,178 | 25,836 | (194 | ) | 2003 | 9/27/2017 | 44 | |||||||||||||||||||||||||||
Franklin MOB & ASC | Franklin, TN | — | 1,001 | 7,902 | — | 1,001 | 7,902 | 8,903 | (49 | ) | 2014 | 10/12/2017 | 42 | |||||||||||||||||||||||||||
Eagle Point MOB | Lake Elmo, MN | — | 1,011 | 9,009 | — | 1,011 | 9,009 | 10,020 | (36 | ) | 2015 | 10/31/2017 | 48 | |||||||||||||||||||||||||||
Edina East MOB | Edina, MN | — | 2,360 | 4,135 | — | 2,360 | 4,135 | 6,495 | (26 | ) | 1962 | 10/31/2017 | 30 | |||||||||||||||||||||||||||
Northside MOB - Center Pointe | Atlanta, GA | — | — | 119,467 | — | — | 119,467 | 119,467 | (323 | ) | 2009 | 11/10/2017 | 31 | |||||||||||||||||||||||||||
Gwinnett 500 Building | Lawrenceville, GA | — | — | 22,753 | — | — | 22,753 | 22,753 | (90 | ) | 1995 | 11/17/2017 | 45 | |||||||||||||||||||||||||||
Hudgens Professional Building | Duluth, GA | — | — | 21,779 | — | — | 21,779 | 21,779 | (98 | ) | 1994 | 11/17/2017 | 40 | |||||||||||||||||||||||||||
St. Vincent Building | Indianapolis, IN | — | 5,854 | 42,382 | — | 5,854 | 42,382 | 48,236 | (182 | ) | 2007 | 11/17/2017 | 45 | |||||||||||||||||||||||||||
Gwinnett Physicians Center | Lawrenceville, GA | 17,609 | — | 48,304 | — | — | 48,304 | 48,304 | (92 | ) | 2010 | 12/1/2017 | 47 | |||||||||||||||||||||||||||
Apple Valley Medical Center | Apple Valley, MN | — | 1,587 | 14,929 | — | 1,587 | 14,929 | 16,516 | (40 | ) | 1974 | 12/18/2017 | 33 | |||||||||||||||||||||||||||
Desert Cove MOB (57% Interest) | Scottsdale, AZ | — | 1,689 | — | 1,689 | 5,207 | 6,896 | (12 | ) | 1991 | 12/18/2017 | 38 | ||||||||||||||||||||||||||||
Westgate MOB | Glendale, AZ | — | — | 13,379 | — | — | 13,379 | 13,379 | (27 | ) | 2016 | 12/21/2017 | 45 | |||||||||||||||||||||||||||
$ | 186,679 | $ | 217,808 | $ | 3,518,259 | $ | 73,655 | $ | 217,695 | $ | 3,591,914 | $ | 3,809,609 | $ | (201,527 | ) |
Initial Cost to Company | Gross Amount at Which Carried as of Close of Period | |||||||||||||||||||||||||||||||||||||
Description | Location | Encumbrances | Land | Buildings and Improvements | Cost Capitalized Subsequent to Acquisitions | Land | Buildings and Improvements | Total | Accumulated Depreciation | Date of Construction | Date Acquired | Life on Which Building Depreciation in Income Statement is Computed | ||||||||||||||||||||||||||
Arrowhead Commons | Phoenix, AZ | — | $ | 740 | $ | 2,551 | $ | 1 | $ | 740 | $ | 2,552 | $ | 3,292 | (366 | ) | 2004 | 5/31/2008 | 46 | |||||||||||||||||||
Aurora Medical Office Building | Green Bay, WI | — | 500 | 1,566 | — | 500 | 1,566 | 2,066 | (149 | ) | 2010 | 4/15/2010 | 50 | |||||||||||||||||||||||||
Austell Medical Office Building | Atlanta, GA | — | 289 | 1,992 | 313 | 289 | 2,305 | 2,594 | (397 | ) | 1971 | 6/30/2008 | 36 | |||||||||||||||||||||||||
Canton Medical Office Building | Atlanta, GA | 6,207 | 710 | 7,225 | 97 | 710 | 7,322 | 8,032 | (1,851 | ) | 1994 | 5/25/2007 | 30 | |||||||||||||||||||||||||
Decatur Medical Office Building | Atlanta, GA | — | 740 | 2,604 | 45 | 740 | 2,649 | 3,389 | (679 | ) | 1974 | 10/12/2007 | 28 | |||||||||||||||||||||||||
El Paso Medical Office Building | El Paso, TX | — | 860 | 2,866 | 357 | 860 | 3,223 | 4,083 | (1,293 | ) | 1987 | 8/24/2006 | 21 | |||||||||||||||||||||||||
Farmington Professional Pavillion | Detroit, MI | — | 580 | 1,793 | 87 | 580 | 1,880 | 2,460 | (1,081 | ) | 1972 | 1/5/2006 | 15 | |||||||||||||||||||||||||
Firehouse Square | Milwaukee, WI | 2,765 | 1,120 | 2,768 | — | 1,120 | 2,768 | 3,888 | (684 | ) | 2002 | 8/15/2007 | 30 | |||||||||||||||||||||||||
Hackley Medical Center | Grand Rapids, MI | 5,397 | 1,840 | 6,402 | 24 | 1,840 | 6,426 | 8,266 | (1,674 | ) | 1968 | 12/22/2006 | 30 | |||||||||||||||||||||||||
Ingham Regional Medical Center | Lansing, MI | — | 310 | 2,893 | (1,134 | ) | 310 | 1,759 | 2,069 | (800 | ) | 1994 | 7/26/2006 | 39 | ||||||||||||||||||||||||
Meadow View Professional Center | Kingsport, TN | 10,410 | 2,270 | 11,344 | — | 2,270 | 11,344 | 13,614 | (2,923 | ) | 2005 | 5/10/2007 | 30 | |||||||||||||||||||||||||
Mid Coast Hospital Office Building | Portland, ME | 7,869 | — | 11,247 | 8 | — | 11,255 | 11,255 | (2,477 | ) | 2008 | 5/1/2008 | 30 | |||||||||||||||||||||||||
New Albany Professional Building | Columbus, OH | — | 237 | 2,767 | 20 | 237 | 2,787 | 3,024 | (472 | ) | 2000 | 1/4/2008 | 42 | |||||||||||||||||||||||||
Northpark Trail | Atlanta, GA | — | 839 | 1,245 | 235 | 839 | 1,480 | 2,319 | (539 | ) | 2001 | 12/28/2005 | 35 | |||||||||||||||||||||||||
Remington Medical Commons | Chicago, IL | �� | 4,399 | 895 | 6,499 | 319 | 895 | 6,818 | 7,713 | (1,464 | ) | 2008 | 6/1/2008 | 30 | ||||||||||||||||||||||||
Stonecreek Family Health Center | Columbus, OH | — | 459 | 1,898 | (153 | ) | 459 | 1,745 | 2,204 | (687 | ) | 1996 | 9/15/2006 | 23 | ||||||||||||||||||||||||
Summit Healthplex | Atlanta, GA | — | 2,633 | 15,576 | 4,412 | 2,633 | 19,988 | 22,621 | (3,735 | ) | 2002 | 7/3/2008 | 44 | |||||||||||||||||||||||||
Valley West Hospital Medical Office Building | Chicago, IL | 4,878 | — | 6,275 | 611 | — | 6,886 | 6,886 | (1,588 | ) | 2007 | 11/1/2007 | 30 | |||||||||||||||||||||||||
East El Paso MOB | El Paso, TX | — | 710 | 4,500 | — | 710 | 4,500 | 5,210 | (171 | ) | 2004 | 8/30/2013 | 35 | |||||||||||||||||||||||||
East El Paso Surgery Center | El Paso, TX | — | 3,070 | 23,627 | — | 3,070 | 23,627 | 26,697 | (875 | ) | 2004 | 8/30/2013 | 36 | |||||||||||||||||||||||||
LifeCare Plano LTACH | Plano, TX | — | 3,370 | 11,689 | 455 | 3,370 | 12,144 | 15,514 | (613 | ) | 1987 | 9/18/2013 | 25 | |||||||||||||||||||||||||
Crescent City Surgical Centre | New Orleans, LA | 18,750 | — | 34,208 | — | — | 34,208 | 34,208 | (891 | ) | 2010 | 9/30/2013 | 48 | |||||||||||||||||||||||||
Foundation Surgical Affiliates MOB | Oklahoma City, OK | 7,647 | 1,300 | 12,724 | — | 1,300 | 12,724 | 14,024 | (370 | ) | 2004 | 9/30/2013 | 43 | |||||||||||||||||||||||||
Pensacola Medical Office Building | Pensacola, FL | — | 990 | 5,005 | 6 | 990 | 5,011 | 6,001 | (128 | ) | 2012 | 10/4/2013 | 49 | |||||||||||||||||||||||||
Central Ohio Neurosurgical Surgeons MOB (CONS) | Columbus, OH | — | 981 | 7,620 | — | 981 | 7,620 | 8,601 | (188 | ) | 2007 | 11/27/2013 | 44 | |||||||||||||||||||||||||
Great Falls Ambulatory Surgery Center | Great Falls, MT | — | 203 | 3,224 | — | 203 | 3,224 | 3,427 | (102 | ) | 1999 | 12/11/2013 | 33 |
Eagles Landing Family Practice Medical Office Building | Conyers, GA | — | 1,000 | 3,345 | — | 1,000 | 3,345 | 4,345 | (78 | ) | 2008 | 2/19/2014 | 37 | |||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | McDonough, GA | — | 800 | 4,893 | — | 800 | 4,893 | 5,693 | (116 | ) | 2007 | 2/19/2014 | 36 | |||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | McDonough, GA | — | 400 | 5,086 | — | 400 | 5,086 | 5,486 | (116 | ) | 2006 | 2/19/2014 | 37 | |||||||||||||||||||||||||
Eagles Landing Family Practice Medical Office Building | Jackson, GA | — | 800 | 4,600 | — | 800 | 4,600 | 5,400 | (103 | ) | 2010 | 2/19/2014 | �� | 38 | ||||||||||||||||||||||||
Foundation Surgical Hospital of San Antonio | San Antonio, TX | 9,783 | 2,230 | 23,346 | — | 2,230 | 23,346 | 25,576 | (634 | ) | 2007 | 2/19/2014 | 35 | |||||||||||||||||||||||||
Foundation Healthplex of San Antonio | San Antonio, TX | — | 911 | 4,189 | — | 911 | 4,189 | 5,100 | (104 | ) | 2007 | 2/16/2014 | 35 | |||||||||||||||||||||||||
21st Century Radiation Oncology — Sarasota | Sarasota, FL | — | 633 | 6,557 | — | 633 | 6,557 | 7,190 | (211 | ) | 1975 | 2/26/2014 | 27 | |||||||||||||||||||||||||
21st Century Radiation Oncology — Venice | Venice, FL | — | 814 | 2,952 | — | 814 | 2,952 | 3,766 | (79 | ) | 1987 | 2/26/2014 | 35 | |||||||||||||||||||||||||
21st Century Radiation Oncology — Englewood | Englewood, FL | — | 350 | 1,878 | — | 350 | 1,878 | 2,228 | (45 | ) | 1992 | 2/26/2014 | 38 | |||||||||||||||||||||||||
21st Century Radiation Oncology — Port Charlotte | Port Charlotte, FL | — | 269 | 2,326 | — | 269 | 2,326 | 2,595 | (57 | ) | 1996 | 2/26/2014 | 36 | |||||||||||||||||||||||||
Peachtree Dunwoody Medical Office Building Center | Atlanta, GA | — | 6,046 | 27,435 | 7 | 6,046 | 27,442 | 33,488 | (936 | ) | 1987 | 2/28/2014 | 25 | |||||||||||||||||||||||||
Lifecare LTACH — Pittsburgh | Pittsburgh, PA | — | 1,142 | 11,737 | — | 1,142 | 11,737 | 12,879 | (315 | ) | 1987 | 3/28/2014 | 30 | |||||||||||||||||||||||||
Lifecare LTACH — Ft Worth | Ft. Worth, TX | — | 2,730 | 24,639 | — | 2,730 | 24,639 | 27,369 | (632 | ) | 1987 | 3/28/2014 | 30 | |||||||||||||||||||||||||
Pinnacle Health Medical Office Building | Carlisle, PA | — | 424 | 2,232 | — | 424 | 2,232 | 2,656 | (46 | ) | 2002 | 4/22/2014 | 35 | |||||||||||||||||||||||||
Pinnacle Health Medical Office Building | Harrisburg, PA | — | 795 | 4,601 | — | 795 | 4,601 | 5,396 | (133 | ) | 1990 | 4/22/2014 | 25 | |||||||||||||||||||||||||
South Bend Orthopaedics Medical Office Building | South Bend, IN | — | 2,418 | 11,355 | — | 2,418 | 11,355 | 13,773 | (217 | ) | 2007 | 4/30/2014 | 40 | |||||||||||||||||||||||||
Grenada Medical Complex | Grenada, MS | — | 185 | 5,820 | — | 185 | 5,820 | 6,005 | (151 | ) | 1975 | 4/30/2014 | 30 | |||||||||||||||||||||||||
Mississippi Ortho Medical Office Building | Jackson, MS | — | 1,272 | 14,177 | — | 1,272 | 14,177 | 15,449 | (248 | ) | 1987 | 5/23/2014 | 35 | |||||||||||||||||||||||||
Carmel Medical Pavilion | Carmel, IN | — | — | 3,917 | — | — | 3,917 | 3,917 | (97 | ) | 1993 | 5/28/2014 | 25 | |||||||||||||||||||||||||
Presbyterian Medical Plaza | Monroe, NC | — | 1,195 | 5,681 | — | 1,195 | 5,681 | 6,876 | (67 | ) | 2008 | 6/30/2014 | 45 | |||||||||||||||||||||||||
Renaissance Ambulatory Surgery Center | Oshkosh, WI | — | 228 | 7,658 | — | 228 | 7,658 | 7,886 | (99 | ) | 2007 | 6/30/2014 | 40 | |||||||||||||||||||||||||
Summit Urology | Bloomington, IN | — | 125 | 4,792 | — | 125 | 4,792 | 4,917 | (82 | ) | 1996 | 6/30/2014 | 30 | |||||||||||||||||||||||||
500 Landmark | Bloomington, IN | — | 627 | 3,549 | — | 627 | 3,549 | 4,176 | (53 | ) | 2000 | 7/1/2014 | 35 | |||||||||||||||||||||||||
550 Landmark | Bloomington, IN | — | 2,717 | 15,224 | — | 2,717 | 15,224 | 17,941 | (227 | ) | 2000 | 7/1/2014 | 35 | |||||||||||||||||||||||||
574 Landmark | Bloomington, IN | — | 418 | 1,493 | — | 418 | 1,493 | 1,911 | (23 | ) | 2004 | 7/1/2014 | 35 | |||||||||||||||||||||||||
Carlisle II MOB | Carlisle, PA | — | 412 | 3,962 | — | 412 | 3,962 | 4,374 | (39 | ) | 1996 | 7/25/2014 | 45 | |||||||||||||||||||||||||
Surgical Institute of Monroe | Monroe, MI | — | 410 | 5,743 | — | 410 | 5,743 | 6,153 | (80 | ) | 2010 | 7/28/2014 | 35 | |||||||||||||||||||||||||
The Oaks at Lady Lake | Lady Lake, FL | — | 1,065 | 8,642 | — | 1,065 | 8,642 | 9,707 | (87 | ) | 2011 | 7/31/2014 | 42 | |||||||||||||||||||||||||
Mansfield ASC | Mansfield, TX | — | 1,491 | 6,471 | — | 1,491 | 6,471 | 7,962 | (52 | ) | 2010 | 9/2/2014 | 46 | |||||||||||||||||||||||||
Eye Center of Southern Indiana | Bloomington, IN | — | 910 | 11,477 | — | 910 | 11,477 | 12,387 | (113 | ) | 1995 | 9/5/2014 | 35 |
Wayne State | Troy, MI | — | 3,560 | 43,052 | — | 3,560 | 43,052 | 46,612 | (392 | ) | 1986 | 9/10/2014 | 38 | |||||||||||||||||||||||||
Zangmesiter | Columbus, OH | — | 1,610 | 31,120 | — | 1,610 | 31,120 | 32,730 | (203 | ) | 2007 | 9/30/2014 | 40 | |||||||||||||||||||||||||
El Paso — Lee Trevino | El Paso, TX | — | 2,294 | 11,316 | 183 | 2,294 | 11,499 | 13,793 | (101 | ) | 1983 | 9/30/2014 | 30 | |||||||||||||||||||||||||
El Paso — Kenworthy | El Paso, TX | — | 728 | 2,178 | — | 728 | 2,178 | 2,906 | (17 | ) | 1983 | 9/30/2014 | 35 | |||||||||||||||||||||||||
El Paso — Murchison | El Paso, TX | — | 2,283 | 24,543 | — | 2,283 | 24,543 | 26,826 | (211 | ) | 1970 | 9/30/2014 | 30 | |||||||||||||||||||||||||
Berger Medical Center | Columbus, OH | — | — | 5,950 | — | — | 5,950 | 5,950 | (43 | ) | 2007 | 9/30/2014 | 38 | |||||||||||||||||||||||||
Ortho One — Columbus | Columbus, OH | — | — | 16,234 | — | — | 16,234 | 16,234 | (100 | ) | 2009 | 9/30/2014 | 45 | |||||||||||||||||||||||||
Ortho One — Westerville | Westerville, OH | — | 362 | 3,944 | — | 362 | 3,944 | 4,306 | (25 | ) | 2007 | 9/30/2014 | 43 | |||||||||||||||||||||||||
Pinnacle — 32 Northeast | Hershey, PA | — | 408 | 3,232 | — | 408 | 3,232 | 3,640 | (18 | ) | 1994 | 10/29/2014 | 33 | |||||||||||||||||||||||||
Pinnacle — 240 Grandview | Camp Hill, PA | — | 321 | 4,242 | — | 321 | 4,242 | 4,563 | (22 | ) | 1980 | 10/29/2014 | 35 | |||||||||||||||||||||||||
Pinnacle — 4518 Union Deposit | Harrisburg, PA | — | 617 | 7,305 | — | 617 | 7,305 | 7,922 | (42 | ) | 2004 | 10/29/2014 | 31 | |||||||||||||||||||||||||
Pinnacle — 4520 Union Deposit | Harrisburg, PA | — | 169 | 2,055 | — | 169 | 2,055 | 2,224 | (13 | ) | 1997 | 10/29/2014 | 28 | |||||||||||||||||||||||||
Pinnacle — Market Place Way | Harrisburg, PA | — | 808 | 2,383 | — | 808 | 2,383 | 3,191 | (11 | ) | 2004 | 10/29/2014 | 35 | |||||||||||||||||||||||||
Columbus — 2000 10th Avenue | Columbus, GA | — | 380 | 2,737 | — | 380 | 2,737 | 3,117 | (12 | ) | 1989 | 11/20/2014 | 22 | |||||||||||||||||||||||||
Columbus — 1942 North Avenue | Columbus, GA | — | 91 | 273 | — | 91 | 273 | 364 | (2 | ) | 1971 | 11/20/2014 | 12 | |||||||||||||||||||||||||
Columbus — 920 18th Street | Columbus, GA | — | 110 | 281 | — | 110 | 281 | 391 | (3 | ) | 1982 | 11/20/2014 | 8 | |||||||||||||||||||||||||
Columbus — 1900 10th Ave | Columbus, GA | — | 474 | 5,580 | — | 474 | 5,580 | 6,054 | (19 | ) | 1976 | 11/20/2014 | 26 | |||||||||||||||||||||||||
Columbus — 1800 10th Ave | Columbus, GA | — | 539 | 5,238 | — | 539 | 5,238 | 5,777 | (17 | ) | 1976 | 11/20/2014 | 28 | |||||||||||||||||||||||||
Columbus — 705 17th Street | Columbus, GA | — | 372 | 2,346 | — | 372 | 2,346 | 2,718 | (14 | ) | 1994 | 11/20/2014 | 15 | |||||||||||||||||||||||||
Columbus — 615 19th Street | Columbus, GA | — | 75 | 113 | — | 75 | 113 | 188 | (3 | ) | 1976 | 11/20/2014 | 3 | |||||||||||||||||||||||||
Columbus — 1968 North Avenue | Columbus, GA | — | 89 | 32 | — | 89 | 32 | 121 | (1 | ) | 1966 | 11/20/2014 | 4 | |||||||||||||||||||||||||
Columbus — 633 19th Street | Columbus, GA | — | 99 | 255 | — | 99 | 255 | 354 | (3 | ) | 1972 | 11/20/2014 | 9 | |||||||||||||||||||||||||
Columbus — 500 18th Street | Columbus, GA | — | 430 | 170 | — | 430 | 170 | 600 | (3 | ) | 1982 | 11/20/2014 | 8 | |||||||||||||||||||||||||
Columbus — 2200 Hamilton Rd | Columbus, GA | — | 267 | 1,579 | — | 267 | 1,579 | 1,846 | (7 | ) | 1992 | 11/20/2014 | 22 | |||||||||||||||||||||||||
Columbus — 1810 Stadium Drive | Phenix City, AL | — | 202 | 149 | — | 202 | 149 | 351 | (2 | ) | 1999 | 11/20/2014 | 30 | |||||||||||||||||||||||||
Middletown Medical — 111 Maltese | Wallkill, NY | — | 670 | 9,921 | — | 670 | 9,921 | 10,591 | (24 | ) | 1988 | 11/26/2014 | 35 | |||||||||||||||||||||||||
Middletown Medical — 2 Edgewater | Wallkill, NY | — | 200 | 2,966 | — | 200 | 2,966 | 3,166 | (7 | ) | 1992 | 11/26/2014 | 35 | |||||||||||||||||||||||||
Carle Danville MOB | Danville, IL | — | 607 | 7,136 | — | 607 | 7,136 | 7,743 | (20 | ) | 2007 | 11/26/2014 | 33 | |||||||||||||||||||||||||
Napoleon MOB | New Orleans, LA | — | 1,202 | 7,412 | 5 | 1,202 | 7,417 | 8,619 | — | 1974 | 12/18/2014 | 25 | ||||||||||||||||||||||||||
West TN Bone & Joint — Physicians Drive | Jackson, TN | — | 650 | 2,960 | — | 650 | 2,960 | 3,610 | — | 1996 | 12/30/2014 | 35 | ||||||||||||||||||||||||||
West TN Bone & Joint | Jackson, TN | — | 1,254 | 5,215 | — | 1,254 | 5,215 | 6,469 | — | 1991 | 12/30/2014 | 31 | ||||||||||||||||||||||||||
78,105 | 79,334 | 643,802 | 5,898 | 79,334 | 649,700 | 729,034 | (32,772 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | 2017 | 2016 | 2015 | |||||||||||||||||
Balance as of the beginning of the year | $ | 224,730 | $ | 111,149 | $ | 124,333 | $ | 2,606,536 | $ | 1,424,894 | $ | 729,034 | ||||||||||
Acquisitions | 505,379 | 113,225 | — | 1,207,098 | 1,170,593 | 695,693 | ||||||||||||||||
Additions | 900 | 806 | 786 | 12,243 | 11,049 | 4,440 | ||||||||||||||||
Impairment | (1,750 | ) | — | (937 | ) | (965 | ) | — | — | |||||||||||||
Dispositions | (225 | ) | (450 | ) | (13,033 | ) | (15,303 | ) | — | (4,273 | ) | |||||||||||
Balance as of the end of the year | $ | 729,034 | $ | 224,730 | $ | 111,149 | $ | 3,809,609 | $ | 2,606,536 | $ | 1,424,894 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Balance as of the beginning of the year | $ | 118,609 | $ | 61,242 | $ | 32,772 | |||||
Depreciation | 87,531 | 57,367 | 29,958 | ||||||||
Dispositions | (4,613 | ) | — | (1,488 | ) | ||||||
Balance as of the end of the year | $ | 201,527 | $ | 118,609 | $ | 61,242 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance as of the beginning of the year | $ | 20,299 | $ | 16,495 | $ | 14,484 | |||||
Acquisitions | 6,575 | 694 | — | ||||||||
Additions | 5,898 | 3,110 | 3,024 | ||||||||
Dispositions | — | — | (1,013 | ) | |||||||
Balance as of the end of the year | $ | 32,772 | $ | 20,299 | $ | 16,495 |
Plan category | Number of securities to be issued upon exercise of outstanding options warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | ||||||
Equity compensation plans approved by security holders | 55,680 | (1) | — | 1,991,333 | |||||
Equity compensation plans not approved by security holders | — | — | — | ||||||
Page | ||
Reports of Independent Registered Public Accounting Firm | ||
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting | ||
Financial Statements of Physicians Realty Trust | ||
Financial Statements of Physicians Realty L.P. | ||
Notes for Physicians Realty Trust and Physicians Realty L.P. | ||
PHYSICIANS REALTY | ||
Dated: | March 1, 2018 | /s/ |
John T. Thomas | ||
Chief Executive Officer and President | ||
(Principal Executive Officer) |
Signature | Title | Date | ||
/s/ JOHN T. THOMAS | Chief Executive Officer and | |||
John T. Thomas | President and Trustee (Principal Executive Officer) | |||
/s/ JEFFREY N. THEILER | Executive Vice President and | March 1, 2018 | ||
Jeffrey N. Theiler | Chief Financial Officer (Principal Financial Officer) | |||
/s/ JOHN W. LUCEY | Senior Vice President - Chief Accounting and | March 1, 2018 | ||
John W. Lucey | Administrative Officer (Principal Accounting Officer) | |||
/s/ STANTON D. ANDERSON | Trustee | March 1, 2018 | ||
Stanton D. Anderson | ||||
/s/ MARK A. BAUMGARTNER | Trustee | March 1, 2018 | ||
Mark A. Baumgartner | ||||
/s/ ALBERT C. BLACK, JR. | Trustee | March 1, 2018 | ||
Albert C. Black, Jr. | ||||
/s/ WILLIAM A. EBINGER, M.D. | Trustee | March 1, 2018 | ||
William A. Ebinger, M.D. | ||||
/s/ TOMMY G. THOMPSON | Chairman | March 1, 2018 | ||
Tommy G. Thompson | ||||
/s/ RICHARD A. WEISS | Trustee | March 1, 2018 | ||
Richard A. Weiss | ||||
/s/ PAMELA J. KESSLER | Trustee | March 1, 2018 | ||
Pamela J. Kessler |
PHYSICIANS REALTY L.P. by: Physicians Realty Trust, its general partner | ||
Dated: | March 1, 2018 | /s/ John T. Thomas |
John T. Thomas | ||
Chief Executive Officer and President | ||
(Principal Executive Officer) |
Signature | Title | Date | ||
/s/ JOHN T. THOMAS | Chief Executive Officer and | March 1, 2018 | ||
John T. Thomas | President and Trustee (Principal Executive Officer) of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
/s/ JEFFREY N. THEILER | Executive Vice President and | |||
Jeffrey N. Theiler | Chief Financial Officer (Principal Financial Officer) of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
/s/ JOHN W. LUCEY | Senior Vice President - Chief Accounting and | |||
John W. Lucey | Administrative Officer (Principal Accounting Officer) of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
/s/ STANTON D. ANDERSON | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
Stanton D. Anderson | ||||
/s/ MARK A. BAUMGARTNER | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
Mark A. Baumgartner | ||||
/s/ ALBERT C. BLACK, JR. | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
Albert C. Black, Jr. | ||||
/s/ WILLIAM A. EBINGER, M.D. | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
William A. Ebinger, M.D. | ||||
/s/ TOMMY G. THOMPSON | Chairman of the Board of Trustees of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
Tommy G. Thompson | ||||
/s/ RICHARD A. WEISS | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | |||
Richard A. Weiss | ||||
/s/ PAMELA J. KESSLER | Trustee of Physicians Realty Trust, the general partner of Physicians Realty L.P. | March 1, 2018 | ||
Pamela J. Kessler |
Exhibit No. | Title | |
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(4) | ||
(4) | ||
(4) | ||
(5) | ||
(5) | ||
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(1) | ||
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(8) | ||
(8) | ||
(8) | ||
(8) | ||
(8) | ||
(8) | ||
(9) | ||
(9) | ||
(9) | ||
(9) | ||
(10) | ||
(11) | ||
(11) | ||
(11) | ||
(8) | ||
(12) | ||
(13) | ||
(14) | ||
(14) | ||
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(15) | ||
(15) | ||
(15) | ||
(15) | ||
(16) |
Exhibit No. | Title | |
3.1 | (1) | Second Amended and Restated Agreement of Limited Partnership of Physicians Realty L.P., dated February 5, 2015 |
10.1 | (2) | Form of Restricted Shares Award Agreement (Time Vesting) of Physicians Realty Trust |
10.2 | (3) | Form of Indemnification Agreement between Physicians Realty Trust and its trustees and officers |
10.3 | (2) | Contribution Agreement by and among Physicians Realty L.P., Physicians Realty Trust and Ziegler Healthcare Real Estate Fund I, dated as of June 19, 2013 |
10.4 | (2) | Contribution Agreement by and among Physicians Realty L.P., Physicians Realty Trust and Ziegler Healthcare Real Estate Fund II, dated as of June 19, 2013 |
10.5 | (2) | Contribution Agreement by and among Physicians Realty L.P., Physicians Realty Trust and Ziegler Healthcare Real Estate Fund III, dated as of June 19, 2013 |
10.6 | (2) | Contribution Agreement by and among Physicians Realty L.P., Physicians Realty Trust and Ziegler Healthcare Real Estate Fund IV, LP, dated as of June 19, 2013 |
10.7 | (4) | Form of Shared Services Agreement by and among Physicians Realty Trust, Physicians Realty L.P. and B.C. Ziegler and Company |
10.8 | (4) | Membership Interest Purchase Agreement for the Arrowhead Commons property by and among Physicians Realty L.P., Birdie Zone, L.L.C., Ziegler Healthcare Real Estate Fund I and Ziegler-Arizona 23, LLC dated as of June 24, 2013 |
10.9 | (5) | Agreement of Sale and Purchase, by and between Physicians Realty L.P. and 6800 Preston Limited dated August 21, 2013 |
10.10 | (6) | Assignment and Assumption Agreement of Sale and Purchase by and between Foundation Surgical Hospital Affiliates, L.L.C. and DOC-FSH El Paso Medical Center, LLC, as of August 30, 2013 |
10.11 | (6) | Agreement of Sale and Purchase by and between HCRI Texas Properties, Ltd., Health Care REIT, Inc., and Foundation Surgical Hospital Affiliates, L.L.C., as of August 30, 2013 |
10.12 | (6) | Membership Interest Contribution Agreement by and among DOC-CCSC Crescent City Surgical Centre, LLC, Crescent City Surgical Centre Facility, LLC, Physicians Realty L.P. and the Members of Crescent City Surgical Centre Facility, LLC, dated as of September 30, 2013 |
10.13 | (7) | Assignment and Assumption of Agreement of Sale and Purchase by and between Graymark Healthcare, Inc. and DOC-Greymark HQ OKC MOB, LLC, dated September 30, 2013 |
10.14 | (7) | Agreement of Sale and Purchase, dated as of November 7, 2013, by and among Steele Properties I, LLC, Collyn Williams and Physicians Realty L.P. |
10.15 | (8) | Agreement of Sale and Purchase, dated as of January 29, 2014, by and between Octopods, LLC and Physicians Realty L.P. |
10.16 | (8) | Amendment to Agreement of Sale and Purchase, dated as of February 28, 2014, by and between Octopods, LLC and Physicians Realty L.P. |
10.17 | (8) | Second Amendment to Agreement of Sale and Purchase, dated as of April 30, 2014, by and between Octopods, LLC and Physicians Realty L.P. |
10.18 | (8) | Agreement of Sale and Purchase, dated as of February 10, 2014, by and between those Sellers set forth on Exhibit A thereto and Physicians Realty L.P. |
10.19 | (8) | Agreement of Sale and Purchase, dated as of February 19, 2014, by and between Foundation Bariatric Real Estate of San Antonio, LLLP, and DOC-FSH San Antonio Hospital, LLC |
10.20 | (8) | Agreement of Sale and Purchase, dated as of February 28, 2014, by and between North American Property Corporation, and DOC-PDMC Atlanta, LLC |
10.21 | (8) | Agreement of Sale and Purchase, dated as of March 28, 2014, by and between New LifeCare Hospitals of Pittsburgh, LLC, New LifeCare Hospitals of North Texas, LLC, DOC-LifeCare Ft. Worth Ltach, LLC, and DOC-LifeCare Pittsburgh Ltach, LLC |
10.22 | (9) | Amended and Restated Employment Agreement dated as of May 6, 2014, between Physicians Realty Trust and John T. Thomas** |
10.23 | (9) | Amended and Restated Employment Agreement dated as of May 6, 2014, between Physicians Realty Trust and John W. Lucey** |
10.24 | (9) | Amended and Restated Employment Agreement dated as of May 6, 2014, between Physicians Realty Trust and Mark D. Theine** |
10.25 | (9) | Physicians Realty Trust Incentive Bonus Plan** |
10.26 | (9) | Form of Restricted Share Award Agreement of Physicians Realty Trust- Executive (Time Vesting)** |
10.27 | (9) | Form of Restricted Share Award Agreement of Physicians Realty Trust - Trustees (Time Vesting)** |
10.28 | (9) | Form of Restricted Share Unit Award Agreement (Performance Units) of Physicians Realty Trust** |
Exhibit No. | Title | |
(17) | ||
(17) | ||
(18) | ||
101.INS | XBRL Instance Document(†) | |
101.SCH | XBRL Extension Schema Document(†) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document(†) | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document(†) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document(†) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document(†) |
10.29 | (10) | Employment Agreement dated as of May 13, 2014, between Physicians Realty Trust and Jeffrey Theiler** |
10.30 | (11) | First Amendment to Shared Services Agreement dated July 31, 2014, among B.C. Ziegler and Company, Physicians Realty Trust, and Physicians Realty L.P. |
10.31 | (12) | Physicians Realty Trust 2013 Equity Incentive Plan, as amended effective August 7, 2014** |
10.32 | (13) | Credit Agreement, dated September 18, 2014, among Physicians Realty L.P., Physicians Realty Trust and certain subsidiaries and other affiliates party thereto, KeyBank National Association, KeyBanc Capital Markets Inc., Regions Capital Markets, BMO Capital Markets, and the lenders party thereto |
10.33 | (14) | Agreement of Sale and Purchase, dated as of September 8, 2014, by and between Cassady Gateway Partners, LLC and DOC-3100 Plaza Properties Boulevard MOB, LLC |
10.34 | (14) | Contribution Agreement, dated as of September 8, 2014, by and between Curie Building, LLC, as successor by conversion to Cure Building, Ltd., and DOC-1755 Curie Drive MOB, LLC |
10.35 | (14) | Agreement of Sale and Purchase, dated as of September 8, 2014, by and between University Physician Group, d/b/a Wayne State University Physician Group and DOC-WSUPG Troy MOB, LLC |
10.36 | (15) | Agreement of Sale and Purchase, dated as of November 18, 2014, by and between Kennewick Trios 2014 LLC and Physicians Realty L.P. |
10.37 | (15) | Contribution Agreement, dated as of February 5, 2015, by and among United Properties Investment, LLC, Minnetonka Medical Building, LLC, and DOC-15450 State Highway 7 MOB, LLC |
10.38 | (15) | Employment Agreement dated January 8, 2015, between Physicians Realty Trust and Bradley D. Page** |
10.39 | (16) | Amended and Restated Employment Agreement dated as of February 19, 2015, between Physicians Realty Trust and John Sweet** |
10.40 | (15) | Form of Restricted Share Award Agreement of Physicians Realty Trust - Executive (Time Vesting)** |
10.41 | (15) | Form of Restricted Share Unit Award Agreement of Physicians Realty Trust- Executive (Performance Vesting)** |
10.42 | (15) | Form of Restricted Share Unit Award Agreement of Physicians Realty Trust - Trustees (Time Vesting)** |
16.1 | (17) | Letter from Plante & Moran, PLLC to the Securities and Exchange Commission, dated April 4, 2014 |
21.1 | List of Subsidiaries of Physicians Realty L.P.* | |
23.1 | Consent of Plante & Moran, PLLC* | |
23.2 | Consent of Ernst & Young LLP* | |
24.1 | Power of Attorney (included on signature page)* | |
31.1 | Certification of John T. Thomas, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
31.2 | Certification of Jeffrey N. Theiler, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
32.1 | Certification of John T. Thomas and Jeffrey N. Theiler, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)* | |
101.INS | XBRL Instance Document(+) | |
101.SCH | XBRL Extension Schema Document(+) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document(+) | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document(+) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document(+) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document(+) |
† | Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement for purposes of Section 11 or 12 of the Securities Act, is deemed not filed for purposes of Section 18 of the Exchange Act, and otherwise is not subject to liability under these sections. |
(1) | Incorporated by reference to Amendment No. 2 to the Registrant’s Registration Statement on Form S-11 filed with the SEC on June 14, 2013 (File No. 333-188862). |
(2) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on February 24, 2017 (File No. 001-36007). |
(3) | Incorporated by reference to the Registrant’s Registration Statement on Form S-3 filed with the SEC on June 17, 2015 (File No. 333-205034). |
(4) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on March 7, 2017 (File No. 001-36007). |
(5) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on December 1, 2017 (File No. 001-36007). |
(6) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on February 6, 2015. |
(7) | Incorporated by reference to Amendment No. 3 to the Registrant’s Registration Statement on Form S-11 filed with the SEC on June 20, 2013 (File No. 333-188862). |
(8) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on February 28, 2018 (File No. 001-36007). |
(9) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on May 7, 2014 (File No. 001-36007). |
(10) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on August 7, 2014 (File No. 001-36007). |
(11) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 12, 2015 (File No. 001-36007). |
(12) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on June 13, 2016 (File No. 001-36007). |
(13) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2015 (File No. 001-36007). |
(14) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on January 12, 2016 (File No. 001-36007). |
(15) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on August 11, 2016 (File No. 001-36007). |
(16) | Incorporated by reference to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 12, 2015 (File No. 001-36007). |
(17) | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2016 (File No. 001-36007). |
(18) | Incorporated by reference to the Registrant’s Current Report on Form 8-K filed with the SEC on July 7, 2017 (File No. 001-36007). |