Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'MPW | ' |
Entity Registrant Name | 'MEDICAL PROPERTIES TRUST INC. | ' |
Entity Central Index Key | '0001287865 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 161,571,911 |
MPT Operating Partnership, L.P. | ' | ' |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'MPT Operating Partnership, L.P. | ' |
Entity Central Index Key | '0001524607 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate assets | ' | ' |
Land, buildings and improvements, and intangible lease assets | $1,606,432 | $1,262,099 |
Real estate held for sale | ' | 16,497 |
Mortgage loans | 368,650 | 368,650 |
Net investment in direct financing leases | 403,512 | 314,412 |
Gross investment in real estate assets | 2,378,594 | 1,961,658 |
Accumulated depreciation and amortization | -150,666 | -124,615 |
Net investment in real estate assets | 2,227,928 | 1,837,043 |
Cash and cash equivalents | 12,124 | 37,311 |
Interest and rent receivable | 54,505 | 45,289 |
Straight-line rent receivable | 44,240 | 35,860 |
Other loans | 161,245 | 159,243 |
Other assets | 63,108 | 64,140 |
Total Assets | 2,563,150 | 2,178,886 |
Liabilities | ' | ' |
Debt, net | 1,086,973 | 1,025,160 |
Accounts payable and accrued expenses | 73,852 | 65,961 |
Deferred revenue | 23,229 | 20,609 |
Lease deposits and other obligations to tenants | 20,527 | 17,342 |
Total liabilities | 1,204,581 | 1,129,072 |
Capital | ' | ' |
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding | ' | ' |
Common stock, $0.001 par value. Authorized 250,000 shares; issued and outstanding - 160,880 shares at September 30, 2013 and 136,335 shares at December 31, 2012 | 160 | 136 |
Additional paid in capital | 1,615,230 | 1,295,916 |
Distributions in excess of net income | -246,865 | -233,494 |
Accumulated other comprehensive loss | -9,694 | -12,482 |
Treasury shares, at cost | -262 | -262 |
Total Equity | 1,358,569 | 1,049,814 |
Total Liabilities and Equity | 2,563,150 | 2,178,886 |
Limited Partners: | ' | ' |
Accumulated other comprehensive loss | -9,694 | -12,482 |
Total Equity | 1,358,569 | 1,049,814 |
Total Liabilities and Equity | 2,563,150 | 2,178,886 |
MPT Operating Partnership, L.P. | ' | ' |
Real estate assets | ' | ' |
Land, buildings and improvements, and intangible lease assets | 1,606,432 | 1,262,099 |
Real estate held for sale | ' | 16,497 |
Mortgage loans | 368,650 | 368,650 |
Net investment in direct financing leases | 403,512 | 314,412 |
Gross investment in real estate assets | 2,378,594 | 1,961,658 |
Accumulated depreciation and amortization | -150,666 | -124,615 |
Net investment in real estate assets | 2,227,928 | 1,837,043 |
Cash and cash equivalents | 12,124 | 37,311 |
Interest and rent receivable | 54,505 | 45,289 |
Straight-line rent receivable | 44,240 | 35,860 |
Other loans | 161,245 | 159,243 |
Other assets | 63,108 | 64,140 |
Total Assets | 2,563,150 | 2,178,886 |
Liabilities | ' | ' |
Debt, net | 1,086,973 | 1,025,160 |
Accounts payable and accrued expenses | 41,409 | 38,177 |
Deferred revenue | 23,229 | 20,609 |
Lease deposits and other obligations to tenants | 20,527 | 17,342 |
Payable due to Medical Properties Trust, Inc. | 32,053 | 27,394 |
Total liabilities | 1,204,191 | 1,128,682 |
Capital | ' | ' |
Accumulated other comprehensive loss | -9,694 | -12,482 |
Total Equity | 1,358,959 | 1,050,204 |
Total Liabilities and Equity | 2,563,150 | 2,178,886 |
Limited Partners: | ' | ' |
Accumulated other comprehensive loss | -9,694 | -12,482 |
Total Equity | 1,358,959 | 1,050,204 |
Total Liabilities and Equity | 2,563,150 | 2,178,886 |
MPT Operating Partnership, L.P. | General Partner | ' | ' |
Capital | ' | ' |
General Partner - issued and outstanding - 1,603 units at September 30, 2013 and 1,357 units at December 31, 2012 | 13,692 | 10,630 |
MPT Operating Partnership, L.P. | Common Units | ' | ' |
Limited Partners: | ' | ' |
Limited Partners Capital Account | 1,354,961 | 1,052,056 |
MPT Operating Partnership, L.P. | LTIP Units | ' | ' |
Limited Partners: | ' | ' |
Limited Partners Capital Account | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
General Partner | General Partner | Common Units | Common Units | LTIP Units | LTIP Units | |||
MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | |||
Preferred stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 160,880,000 | 136,335,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 160,880,000 | 136,335,000 | ' | ' | ' | ' | ' | ' |
General partner, units issued | ' | ' | 1,603,000 | 1,357,000 | ' | ' | ' | ' |
General partner, units outstanding | ' | ' | 1,603,000 | 1,357,000 | ' | ' | ' | ' |
Limited Partners, units issued | ' | ' | ' | ' | 159,277,000 | 134,978,000 | ' | ' |
Limited Partners, units outstanding | ' | ' | ' | ' | 159,277,000 | 134,978,000 | ' | ' |
LTIP Units, shares issued | ' | ' | ' | ' | ' | ' | 221,000 | 221,000 |
LTIP Units, shares outstanding | ' | ' | ' | ' | ' | ' | 221,000 | 221,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Rent billed | $31,878 | $30,298 | $95,074 | $90,680 |
Straight-line rent | 2,853 | 2,745 | 8,260 | 5,429 |
Income from direct financing leases | 11,298 | 5,773 | 29,284 | 12,979 |
Interest and fee income | 14,427 | 14,037 | 43,282 | 33,486 |
Total revenues | 60,456 | 52,853 | 175,900 | 142,574 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 8,789 | 8,308 | 26,051 | 24,826 |
Property-related | 458 | 214 | 1,520 | 1,027 |
General and administrative | 6,380 | 7,052 | 21,423 | 21,341 |
Acquisition expenses | 4,179 | 410 | 6,457 | 4,115 |
Total operating expenses | 19,806 | 15,984 | 55,451 | 51,309 |
Operating income | 40,650 | 36,869 | 120,449 | 91,265 |
Other income (expense) | ' | ' | ' | ' |
Interest and other income (expense) | 3 | -23 | -245 | -55 |
Earnings from equity and other interests | 843 | 1,065 | 2,511 | 1,944 |
Interest expense | -15,830 | -15,046 | -45,896 | -42,730 |
Net other expense | -14,984 | -14,004 | -43,630 | -40,841 |
Income from continuing operations | 25,666 | 22,865 | 76,819 | 50,424 |
Income from discontinued operations | 37 | 8,643 | 2,498 | 11,050 |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Net income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Net income attributable to MPT common stockholders | 25,648 | 31,464 | 79,152 | 61,344 |
Earnings per common share - basic | ' | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders | $0.16 | $0.17 | $0.51 | $0.38 |
Income from discontinued operations attributable to MPT common stockholders | ' | $0.06 | $0.02 | $0.08 |
Net income attributable to MPT common stockholders | $0.16 | $0.23 | $0.53 | $0.46 |
Earnings per common share - diluted | ' | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders | $0.16 | $0.17 | $0.51 | $0.38 |
Income from discontinued operations attributable to MPT common stockholders | ' | $0.06 | $0.02 | $0.08 |
Net income attributable to MPT common stockholders | $0.16 | $0.23 | $0.53 | $0.46 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 154,758 | 134,781 | 148,204 | 131,467 |
Diluted | 155,969 | 134,782 | 149,517 | 131,467 |
Dividends declared per common share | $0.20 | $0.20 | $0.60 | $0.60 |
MPT Operating Partnership, L.P. | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 31,878 | 30,298 | 95,074 | 90,680 |
Straight-line rent | 2,853 | 2,745 | 8,260 | 5,429 |
Income from direct financing leases | 11,298 | 5,773 | 29,284 | 12,979 |
Interest and fee income | 14,427 | 14,037 | 43,282 | 33,486 |
Total revenues | 60,456 | 52,853 | 175,900 | 142,574 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 8,789 | 8,308 | 26,051 | 24,826 |
Property-related | 458 | 214 | 1,520 | 1,027 |
General and administrative | 6,380 | 7,052 | 21,423 | 21,341 |
Acquisition expenses | 4,179 | 410 | 6,457 | 4,115 |
Total operating expenses | 19,806 | 15,984 | 55,451 | 51,309 |
Operating income | 40,650 | 36,869 | 120,449 | 91,265 |
Other income (expense) | ' | ' | ' | ' |
Interest and other income (expense) | 3 | -23 | -245 | -55 |
Earnings from equity and other interests | 843 | 1,065 | 2,511 | 1,944 |
Interest expense | -15,830 | -15,046 | -45,896 | -42,730 |
Net other expense | -14,984 | -14,004 | -43,630 | -40,841 |
Income from continuing operations | 25,666 | 22,865 | 76,819 | 50,424 |
Income from discontinued operations | 37 | 8,643 | 2,498 | 11,050 |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Net income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Net income attributable to MPT common stockholders | $25,648 | $31,464 | $79,152 | $61,344 |
Earnings per common share - basic | ' | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders | $0.16 | $0.17 | $0.51 | $0.38 |
Income from discontinued operations attributable to MPT common stockholders | ' | $0.06 | $0.02 | $0.08 |
Net income attributable to MPT common stockholders | $0.16 | $0.23 | $0.53 | $0.46 |
Earnings per common share - diluted | ' | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders | $0.16 | $0.17 | $0.51 | $0.38 |
Income from discontinued operations attributable to MPT common stockholders | ' | $0.06 | $0.02 | $0.08 |
Net income attributable to MPT common stockholders | $0.16 | $0.23 | $0.53 | $0.46 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 154,758 | 134,781 | 148,204 | 131,467 |
Diluted | 155,969 | 134,782 | 149,517 | 131,467 |
Dividends declared per common share | $0.20 | $0.20 | $0.60 | $0.60 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $25,703 | $31,508 | $79,317 | $61,474 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 182 | -443 | 2,788 | -989 |
Total comprehensive income (loss) | 25,885 | 31,065 | 82,105 | 60,485 |
Comprehensive income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Comprehensive income (loss) attributable to MPT common stockholders | 25,830 | 31,021 | 81,940 | 60,355 |
MPT Operating Partnership, L.P. | ' | ' | ' | ' |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 182 | -443 | 2,788 | -989 |
Total comprehensive income (loss) | 25,885 | 31,065 | 82,105 | 60,485 |
Comprehensive income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Comprehensive income (loss) attributable to MPT common stockholders | $25,830 | $31,021 | $81,940 | $60,355 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flow (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $79,317 | $61,474 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 27,000 | 26,899 |
Straight-line rent revenue | -8,260 | -5,429 |
Direct financing lease interest accretion | -4,106 | -2,050 |
Share-based compensation | 6,019 | 5,430 |
Gain on sale of real estate | -2,054 | -7,278 |
Amortization and write-off of deferred financing costs and debt discount | 2,624 | 2,577 |
Other adjustments | 4,156 | -3,415 |
Changes in: | ' | ' |
Interest and rent receivable | -9,216 | -12,232 |
Accounts payable and accrued expenses | 6,084 | 7,404 |
Net cash provided by operating activities | 101,564 | 74,709 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -371,500 | -606,500 |
Principal received on loans receivable | 4,694 | 9,507 |
Net proceeds from sale of real estate | 18,409 | 34,100 |
Investment in loans receivable | -1,445 | -1,293 |
Construction in progress and other | -63,422 | -35,920 |
Net cash provided by (used in) investing activities | -413,264 | -600,106 |
Financing Activities | ' | ' |
Revolving credit facilities, net | -80,000 | 35,400 |
Additions to term debt | 153,000 | 300,000 |
Payments of term debt | -11,185 | -171 |
Distributions paid | -87,928 | -76,770 |
Proceeds from sale of common shares, net of offering costs | 313,319 | 220,107 |
Lease deposits and other obligations to tenants | 3,589 | -13,391 |
Debt issuance costs paid and other financing activities | -4,282 | -6,341 |
Net cash provided by financing activities | 286,513 | 458,834 |
Decrease in cash and cash equivalents for period | -25,187 | -66,563 |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 |
Cash and cash equivalents at end of period | 12,124 | 36,163 |
Interest paid | 38,997 | 31,350 |
Supplemental schedule of non-cash investing activities: | ' | ' |
Loan conversion to equity interest | ' | 1,648 |
Supplemental schedule of non-cash financing activities: | ' | ' |
Distributions declared, unpaid | 32,381 | 27,181 |
MPT Operating Partnership, L.P. | ' | ' |
Operating Activities | ' | ' |
Net income | 79,317 | 61,474 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 27,000 | 26,899 |
Straight-line rent revenue | -8,260 | -5,429 |
Direct financing lease interest accretion | -4,106 | -2,050 |
Share-based compensation | 6,019 | 5,430 |
Gain on sale of real estate | -2,054 | -7,278 |
Amortization and write-off of deferred financing costs and debt discount | 2,624 | 2,577 |
Other adjustments | 4,156 | -3,415 |
Changes in: | ' | ' |
Interest and rent receivable | -9,216 | -12,232 |
Accounts payable and accrued expenses | 6,084 | 7,404 |
Net cash provided by operating activities | 101,564 | 74,709 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -371,500 | -606,500 |
Principal received on loans receivable | 4,694 | 9,507 |
Net proceeds from sale of real estate | 18,409 | 34,100 |
Investment in loans receivable | -1,445 | -1,293 |
Construction in progress and other | -63,422 | -35,920 |
Net cash provided by (used in) investing activities | -413,264 | -600,106 |
Financing Activities | ' | ' |
Revolving credit facilities, net | -80,000 | 35,400 |
Additions to term debt | 153,000 | 300,000 |
Payments of term debt | -11,185 | -171 |
Distributions paid | -87,928 | -76,770 |
Proceeds from sale of common shares, net of offering costs | 313,319 | 220,107 |
Lease deposits and other obligations to tenants | 3,589 | -13,391 |
Debt issuance costs paid and other financing activities | -4,282 | -6,341 |
Net cash provided by financing activities | 286,513 | 458,834 |
Decrease in cash and cash equivalents for period | -25,187 | -66,563 |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 |
Cash and cash equivalents at end of period | 12,124 | 36,163 |
Interest paid | 38,997 | 31,350 |
Supplemental schedule of non-cash investing activities: | ' | ' |
Loan conversion to equity interest | ' | 1,648 |
Supplemental schedule of non-cash financing activities: | ' | ' |
Distributions declared, unpaid | $32,381 | $27,181 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
1. Organization | |
Medical Properties Trust, Inc., a Maryland corporation, was formed on August 27, 2003, under the General Corporation Law of Maryland for the purpose of engaging in the business of investing in, owning, and leasing commercial real estate. Our operating partnership subsidiary, MPT Operating Partnership, L.P., (the “Operating Partnership”) through which we conduct all of our operations, was formed in September 2003. Through another wholly-owned subsidiary, Medical Properties Trust, LLC, we are the sole general partner of the Operating Partnership. At present, we directly own substantially all of the limited partnership interests in the Operating Partnership and have elected to report our required disclosures and that of the Operating Partnership on a combined basis except where material differences exist. | |
We have operated as a real estate investment trust (“REIT”) since April 6, 2004, and accordingly, elected REIT status upon the filing in September 2005 of the calendar year 2004 federal income tax return. Accordingly, we will not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT and our distributions to our stockholders equal or exceed our taxable income. Certain activities we undertake must be conducted by entities which we elected to be treated as taxable REIT subsidiaries (“TRSs”). Our TRSs are subject to both U.S. federal and state income taxes. | |
Our primary business strategy is to acquire and develop real estate and improvements, primarily for long-term lease to providers of healthcare services such as operators of general acute care hospitals, inpatient physical rehabilitation hospitals, long-term acute care hospitals, surgery centers, centers for treatment of specific conditions such as cardiac, pulmonary, cancer, and neurological hospitals, and other healthcare-oriented facilities. We also make mortgage and other loans to operators of similar facilities. In addition, we may obtain profits or equity interests in our tenants, from time to time, in order to enhance our overall return. We manage our business as a single business segment. All of our properties are currently located in the United States; however, we have committed to acquire the RHM Portfolio (as more fully described in Note 10) which will represent our first acquisition (if consummated) outside of the United States. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Unaudited Interim Condensed Consolidated Financial Statements: The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, including rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. | |||||||||||
For information about significant accounting policies, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. During the nine months ended September 30, 2013, there were no material changes to these policies. | |||||||||||
Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2013 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. | |||||||||||
Variable Interest Entities | |||||||||||
At September 30, 2013, we had loans to and/or equity investments in several variable interest entities (“VIEs”) for which we are not the primary beneficiary. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at September 30, 2013 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Classification | Amount(2) | |||||||||
Loans, net | $ | 283,157 | Mortgage and other loans | $ | 229,646 | ||||||
Equity investments | $ | 19,519 | Other assets | $ | 5,079 | ||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | ||||||||||
For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrower or investee) that most significantly impact the VIE’s economic performance. As of September 30, 2013, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. | |||||||||||
See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. |
Real_Estate_and_Lending_Activi
Real Estate and Lending Activities | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||
Real Estate and Lending Activities | ' | ||||||||||||||||||
3. Real Estate and Lending Activities | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
2013 Activity | |||||||||||||||||||
On September 26, 2013, we acquired three general acute care hospitals from affiliates of IASIS Healthcare LLC (“IASIS”) for a combined purchase price of $283.3 million (including a commitment to provide approximately $2.0 million for improvements to a fourth hospital that we already own). Each of the facilities will be leased back to IASIS under leases with initial 15-year terms plus two renewal options of five years each, and consumer price-indexed rent increases limited to a 2.5% ceiling annually. The lessees will also have a right of first refusal option with respect to subsequent proposed sales of the facilities. All of our leases with affiliates of IASIS will be cross-defaulted with each other. In addition to the IASIS acquisitions transactions, we have amended our lease with IASIS for the Pioneer Valley Hospital in West Valley City, Utah, which extended the lease to 2028 from 2019 and adjusted the rent. | |||||||||||||||||||
On July 18, 2013, we acquired the real estate of Esplanade Rehab Hospital in Corpus Christi, Texas (now operating as Corpus Christi Rehabilitation Hospital) for $15.8 million (including a $0.5 million commitment to acquire adjacent land and leased the facility to an affiliate of Ernest Health Inc. (“Ernest”) under the master lease agreement entered into with Ernest in 2012 that initially provided for a 20-year term with three five-year extension options, plus consumer price-indexed rent increases, limited to a 2% floor and 5% ceiling annually. | |||||||||||||||||||
On June 11, 2013, we acquired the real estate of two acute care hospitals in Kansas from affiliates of Prime Healthcare Services, Inc. (“Prime”) for a combined purchase price of $75 million and leased the facilities to the operator under a master lease agreement. The master lease is for 10 years and contains two renewal options of five years each, and the rent increases annually based on the greater of the consumer price-index or 2%. This lease is accounted for as a direct financing lease (“DFL”). | |||||||||||||||||||
2012 Activity | |||||||||||||||||||
On September 19, 2012, we acquired the real estate of the 380 bed St. Mary’s Regional Medical Center, an acute care hospital in Reno, Nevada for $80 million and the real estate of the 140 bed Roxborough Memorial Hospital in Pennsylvania for $30 million. The acquired facilities are leased to Prime pursuant to a master lease agreement. | |||||||||||||||||||
On July 3, 2012, we funded a $100 million mortgage loan secured by the real property of Centinela Hospital Medical Center. Centinela is a 369 bed acute care facility that is operated by Prime. This mortgage loan is cross-defaulted with other mortgage loans to Prime and the master lease agreements. | |||||||||||||||||||
On February 29, 2012, we made loans to and acquired assets from Ernest for a combined purchase price and investment of $396.5 million (“Ernest Transaction”). | |||||||||||||||||||
Real Estate Acquisition and Mortgage Loan Financing | |||||||||||||||||||
Pursuant to a definitive real property asset purchase agreement, we acquired from Ernest and certain of its subsidiaries (i) a portfolio of five rehabilitation facilities (including a ground lease interest relating to a community-based acute rehabilitation facility in Wyoming), (ii) seven long-term acute care facilities located in seven states and (iii) undeveloped land in Provo, Utah (collectively, the “Acquired Facilities”) for an aggregate purchase price of $200 million, subject to certain adjustments. The Acquired Facilities are leased to subsidiaries of Ernest pursuant to a master lease agreement. The master lease agreement has a 20-year term with three five-year extension options and provided for an initial rental rate of 9%, with consumer price-indexed increases, limited to a 2% floor and 5% ceiling annually thereafter. In addition, we made Ernest a $100 million loan secured by a first mortgage interest in four subsidiaries of Ernest, which has terms similar to the leasing terms described above. | |||||||||||||||||||
Acquisition Loan and Equity Contribution | |||||||||||||||||||
Through an affiliate of one of our TRSs, we made investments of approximately $96.5 million in Ernest Health Holdings, LLC, which is the owner of Ernest. These investments are structured as a $93.2 million acquisition loan and a $3.3 million equity contribution. | |||||||||||||||||||
The interest rate on the acquisition loan is 15%. Ernest is required to pay us a minimum of 6% and 7% of the loan amount in years one and two, respectively, and 10% thereafter, although there are provisions in the loan agreement that are expected to result in full payment of the 15% preference when funds are sufficient. Any of the 15% in excess of the minimum that is not paid may be accrued and paid upon the occurrence of a capital or liquidity event and is payable at maturity. The loan may be prepaid without penalty at any time. | |||||||||||||||||||
As part of these acquisitions, we purchased and invested in the following: (in thousands) | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Land | $ | 16,220 | $ | — | |||||||||||||||
Building | 265,030 | — | |||||||||||||||||
Net investments in direct financing leases | 85,000 | 310,000 | |||||||||||||||||
Mortgage loans | — | 200,000 | |||||||||||||||||
Other loans | 5,250 | 93,200 | |||||||||||||||||
Equity investments | — | 3,300 | |||||||||||||||||
Total | $ | 371,500 | $ | 606,500 | |||||||||||||||
From the respective acquisition dates, the properties and mortgage loans acquired in 2013 contributed $2.9 million and $3.3 million of revenue and income (excluding related acquisition expenses), respectively, for the three and nine month periods ended September 30, 2013, respectively. In addition, we incurred $1.6 million and $1.6 million of acquisition related costs on the 2013 acquisitions for the three and nine months ended September 30, 2013. | |||||||||||||||||||
The purchase price allocation attributable to the IASIS facilities is preliminary as we are waiting on additional information to perform our final analysis. When all relevant information is obtained, resulting in changes, if any, to our provisional purchase price allocation will be retrospectively adjusted to reflect new information obtained about the facts and circumstances that existed as of the respective acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. | |||||||||||||||||||
The results of operations for each of the properties acquired are included in our consolidated results from the effective date of each acquisition. The following table sets forth certain unaudited pro forma consolidated financial data for 2012, as if each acquisition in 2013 and 2012 were consummated on the same terms at the beginning of 2012 and 2011, respectively. Supplemental pro forma earnings were adjusted to exclude acquisition-related costs on consummated deals incurred in the three and nine months ended September 30, 2012 ($ amounts in thousands, except per share/unit data). | |||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Total revenues | $ | 65,518 | $ | 63,695 | $ | 196,708 | $ | 188,339 | |||||||||||
Net income | 29,366 | 37,091 | 89,570 | 92,620 | |||||||||||||||
Net income per share/unit — diluted | $ | 0.18 | $ | 0.25 | $ | 0.55 | $ | 0.63 | |||||||||||
Development Activities | |||||||||||||||||||
On June 11, 2013, we entered into a master funding and development agreement with First Choice ER, LLC (“First Choice”) to develop up to 25 freestanding emergency room facilities for a maximum aggregate funding of $100 million. During the third quarter of 2013, we began construction on two of these emergency room facilities in Dallas, Texas and Austin, Texas for a total development price of $5.2 million and $5.5 million, respectively. One of the facilities is expected to be completed in the fourth quarter of 2013, while the other in the first quarter of 2014. We have funded $4.3 million through the end of the 2013 third quarter. | |||||||||||||||||||
On May 20, 2013, we entered into an agreement to finance the development of and lease an inpatient rehabilitation facility in South Ogden, Utah for $19.2 million, which will be leased to Ernest under the 2012 master lease. The facility is expected to be completed in the 2014 third quarter. We have funded $7.4 million through the end of the 2013 third quarter. | |||||||||||||||||||
On March 4, 2013, we entered into an agreement to finance the development of and lease an inpatient rehabilitation facility in Post Falls, Idaho for $14.4 million, which will be leased to Ernest under the 2012 master lease. The facility is expected to be completed in the fourth quarter of 2013. We have funded $10.4 million through the end of the 2013 third quarter. | |||||||||||||||||||
In regards to our Twelve Oaks facility, approximately 55% of this facility became occupied as of January 23, 2013, pursuant to a 15 year lease. | |||||||||||||||||||
On December 20, 2012, we entered into an agreement to finance the development of and lease an acute care facility in Altoona, Wisconsin for $33.5 million, which will be leased to an affiliate of National Surgical Hospitals. The facility is expected to be completed in the fourth quarter of 2014. We have funded $11.1 million through the end of the 2013 third quarter. | |||||||||||||||||||
On October 1, 2012, we agreed to fund the construction of an inpatient rehabilitation hospital in Spartanburg, South Carolina that will be operated by Ernest. The facility opened in the third quarter of 2013, and the cost of the land and building for this facility approximates $15 million. The initial lease term for this property is approximately 20 years. | |||||||||||||||||||
On June 13, 2012, we entered into an agreement with Ernest to fund the development of and lease a 40-bed rehabilitation hospital in Lafayette, Indiana. The facility opened in the first quarter of 2013, and the cost of the land and building for this facility approximates $15 million. The initial lease term for this property is approximately 20 years. | |||||||||||||||||||
On May 4, 2012, we agreed to develop and lease a 26-bed facility next to our current facility in Victoria, Texas. Total development cost of the new facility is estimated to be $9.4 million, and it is expected to be completed in fourth quarter of 2013. We have funded $8.4 million through the end of the 2013 third quarter. | |||||||||||||||||||
On October 14, 2011, we entered into agreements with a joint venture of Emerus Holding, Inc. and Vanguard Health System, a subsidiary of Baptist Health System, to acquire, provide for development funding and lease three emergency care focused acute care hospitals for $30.0 million in the suburban markets of San Antonio, Texas. The three facilities are subject to a master lease structure with an initial term of 15 years and three five-year extension options. Rent escalates annually based on consumer priced indexed increases and to be not less than one percent or greater than three percent. One of these properties was completed in the fourth quarter of 2012 with the remaining two being completed in the first quarter of 2013. | |||||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||||
Property | Location | Property Type | Operator | Original | Costs | Estimated | |||||||||||||
Commitment | Incurred as | Completion | |||||||||||||||||
of September 30, | Date | ||||||||||||||||||
2013 | |||||||||||||||||||
Victoria Rehabilitation Hospital | Victoria, TX | Long-term Acute | Post Acute Medical | $ | 9,400 | $ | 8,391 | 4th Qtr 2013 | |||||||||||
Care Hospital | |||||||||||||||||||
First Choice ER — Brodie | Austin, TX | General Acute | First Choice | 5,470 | 1,509 | 1st Qtr 2014 | |||||||||||||
Care Hospital | |||||||||||||||||||
First Choice ER — Little Elm | Dallas, TX | General Acute | First Choice | 5,200 | 2,792 | 4th Qtr 2013 | |||||||||||||
Care Hospital | |||||||||||||||||||
Rehabilitation Hospital of the Northwest | Post Falls, ID | Rehabilitation | Ernest Health, Inc. | 14,387 | 10,389 | 4th Qtr 2013 | |||||||||||||
Hospital | |||||||||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | General Acute | National Surgical | 33,500 | 11,146 | 3rd Qtr 2014 | |||||||||||||
Care Hospital | Hospitals | ||||||||||||||||||
Northern Utah Rehabilitation Hospital | South Ogden, UT | Rehabilitation | Ernest Health, Inc. | 19,153 | 7,406 | 3rd Qtr 2014 | |||||||||||||
Hospital | |||||||||||||||||||
First Choice Emergency Rooms | Various | General Acute | First Choice | 89,330 | — | Various | |||||||||||||
Care Hospital | |||||||||||||||||||
$ | 176,440 | $ | 41,633 | ||||||||||||||||
Disposals | |||||||||||||||||||
In April 2013, we sold two long-term acute care hospitals, Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas, for total proceeds of $18.5 million, resulting in a gain of $2.1 million. | |||||||||||||||||||
On June 15, 2012, we sold the HealthSouth Rehabilitation Hospital of Fayetteville in Fayetteville, Arkansas for $16 million, resulting in a loss of $1.4 million. | |||||||||||||||||||
On August 21, 2012, we sold our Denham Springs facility for $5.2 million, resulting in a gain of $0.3 million. | |||||||||||||||||||
On September 28, 2012, we sold our Thornton facility for $17.4 million, resulting in a gain of $8.4 million. | |||||||||||||||||||
Leasing Operations | |||||||||||||||||||
On July 3, 2012, we entered into master lease agreements with certain subsidiaries of Prime, which replaced the then current leases with the same tenants covering the same properties. The master leases are for 10 years and contain two renewal options of five years each. The initial lease rate is generally consistent with the blended average rate of the prior lease agreements. However, the annual escalators, which in the prior leases were limited, have been increased 100% of consumer price index increases, along with a minimum floor. The master leases include repurchase options substantially similar to those in the prior leases, including provisions establishing minimum repurchase prices equal to our total investment. | |||||||||||||||||||
All of our leases are accounted for as operating leases except for the master lease of 13 Ernest facilities and four other facilities which are accounted for as DFLs. The components of our net investment in DFL consisted of the following (dollars in thousands): | |||||||||||||||||||
As of September 30, | As of December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Minimum lease payments receivable | $ | 1,566,155 | $ | 1,277,923 | |||||||||||||||
Estimated residual values | 211,283 | 201,283 | |||||||||||||||||
Less: Unearned income | (1,373,926 | ) | (1,164,794 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 403,512 | $ | 314,412 | |||||||||||||||
Monroe facility | |||||||||||||||||||
As of September 30, 2013, we have advanced $29.9 million to the operator/lessee of Monroe Hospital in Bloomington, Indiana, pursuant to a working capital loan agreement and also have $21.0 million of rent, interest and other charges owed to us by the operator, of which $6.0 million of interest receivables are significantly more than 90 days past due. Because the operator has not made all payments required by the working capital loan agreement and the related real estate lease agreement, we consider the loan to be impaired. During 2010, we recorded a $12 million impairment charge on the working capital loan and recorded a valuation allowance for unbilled straight-line rent in the amount of $2.5 million. We have not recognized any interest income on the Monroe loan since it was considered impaired, have not recorded any unbilled (straight-line) rent since 2010, and stopped recording current rent on April 1, 2013 until we begin receiving cash payments. | |||||||||||||||||||
At September 30, 2013, our net investment (exclusive of the related real estate) of approximately $39 million is our maximum exposure to Monroe and the amount is presently deemed collectible/recoverable. In making this determination, we considered our first priority secured interest in (i) approximately $4 million in hospital patient receivables, (ii) cash balances of $0.1 million, (iii) our assessment of the realizable value of our other collateral and (iv) projected EBITDA of the hospital operations that we have modeled under various scenarios for sensitivity purposes. Although we believe our net investment in Monroe at September 30, 2013, is recoverable, no assurances can be made that we will not have additional impairment charges on our working capital loan or other receivables in the future. | |||||||||||||||||||
Florence facility | |||||||||||||||||||
On March 1, 2012, we received a certificate of occupancy for our approximate $30 million Florence acute care facility constructed near Phoenix, Arizona. With this, we started collecting and recognizing rent on this facility in March 2012. On March 6, 2013, the tenant of this facility filed for Chapter 11 bankruptcy. Florence is current on rent, and at September 30, 2013, we had less than $0.5 million of receivables outstanding. In addition, we have a letter of credit for approximately $1.2 million to cover any rent and other monetary payments not paid in the future. Although no assurances can be made that we will not have any impairment charges in the future, we believe our investment in Florence at September 30, 2013, is fully recoverable. | |||||||||||||||||||
Loans | |||||||||||||||||||
The following is a summary of our loans (in thousands): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Mortgage loans | $ | 368,650 | $ | 368,650 | |||||||||||||||
Acquisition loans | 103,516 | 98,433 | |||||||||||||||||
Working capital and other loans | 54,377 | 57,458 | |||||||||||||||||
Convertible loan | 3,352 | 3,352 | |||||||||||||||||
$ | 529,895 | $ | 527,893 | ||||||||||||||||
Our mortgage loans cover 9 of our properties with three operators. | |||||||||||||||||||
On March 1, 2012, pursuant to our convertible note agreement, we converted $1.7 million of our $5.0 million convertible note into a 9.9% equity interest in the operator of our Hoboken University Medical Center facility. At September 30, 2013, $3.3 million remains outstanding on the convertible note, and we retain the option, through November 2014, to convert this remainder into 15.1% of equity interest in the operator. | |||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||
For the three months ended September 30, 2013 and 2012, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 20.7% and 21.1%, respectively, of total revenue. For the nine months ended September 30, 2013 and 2012, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 20.5% and 18.4%, respectively, of total revenue. From an investment concentration perspective, Ernest represented 17.4% and 18.2% of our total assets at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
For the three months ended September 30, 2013 and 2012, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 33.7% and 28.7%, respectively, of total revenue. For the nine months ended September 30, 2013 and 2012, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 32.4% and 26.0%, respectively, of total revenue. From an investment concentration perspective, Prime represented 26.7% and 27.9% of our total assets at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
On an individual property basis, we had no investment of any single property greater than 5% of our total assets as of September 30, 2013. | |||||||||||||||||||
From a geographic perspective, all of our properties are currently located in the United States with 24.5% and 20.4% of our total assets at September 30, 2013, located in Texas and California, respectively. |
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
4. Debt | |||||||||||||||||
The following is a summary of debt, net of discounts (dollar amounts in thousands): | |||||||||||||||||
As of September 30, | As of December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 45,000 | Variable | $ | 125,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 200,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,960 | — | — | ||||||||||||||
352,960 | 200,000 | ||||||||||||||||
Exchangeable senior notes: | |||||||||||||||||
Principal amount (A) | — | N/A | 11,000 | 9.25 | % | ||||||||||||
Unamortized discount | — | (37 | ) | ||||||||||||||
— | 10,963 | ||||||||||||||||
Term loans | 114,013 | Various | 114,197 | Various | |||||||||||||
$ | 1,086,973 | $ | 1,025,160 | ||||||||||||||
As of September 30, 2013, principal payments due for our debt (which exclude the effects of any discounts or premiums recorded) are as follows (in thousands): | |||||||||||||||||
2013 | $ | 64 | |||||||||||||||
2014 | 266 | ||||||||||||||||
2015 | 45,283 | ||||||||||||||||
2016 | 225,299 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
Thereafter | 812,781 | ||||||||||||||||
Total | $ | 1,084,013 | |||||||||||||||
(A) | The exchangeable senior notes were paid in full on April 1, 2013. | ||||||||||||||||
To help fund acquisitions described in Note 3, on February 17, 2012 and August 20, 2013, we issued $200.0 million (resulting in net proceeds of $196.5 million, after underwriting discount) and $150.0 million (resulting in net proceeds of $150.3 million, after underwriting discount), respectively, aggregate principal amount of our 6.375% senior notes due 2022. The 2013 issuance, which was a tack on to the 2012 offering, was issued at a price of 102%, which represents a yield to the par redemption date of February 15, 2020 of 5.998%. | |||||||||||||||||
In addition, on March 9, 2012, we closed on a $100 million senior unsecured term loan facility (“2012 Term Loan”) and exercised the $70 million accordion feature on our revolving credit facility, increasing its capacity from $330 million to $400 million. | |||||||||||||||||
During the second quarter 2010, we entered into an interest rate swap to manage our exposure to variable interest rates by fixing $65 million of our 2006 Senior Unsecured Notes, which started July 31, 2011 (date on which the interest rate turned variable) through maturity date (or July 2016), at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of our 2006 Senior Unsecured Notes which started October 31, 2011 (date on which the related interest rate turned variable) through the maturity date (or October 2016) at a rate of 5.675%. The fair value of the interest rate swaps was $9.7 million and $12.5 million as of September 30, 2013 and December 31, 2012, respectively, which is reflected in accounts payable and accrued expenses on the consolidated balance sheets. | |||||||||||||||||
We designated our interest rate swaps as cash flow hedges. Accordingly, the effective portion of changes in the fair value of our swaps is recorded as a component of accumulated other comprehensive income/loss on the balance sheet and reclassified into earnings in the same period, or periods, during which the hedged transactions effect earnings, while any ineffective portion is recorded through earnings immediately. We did not have any hedge ineffectiveness in the periods; therefore, there was no income statement effect recorded during the three and nine month periods ended September 30, 2013 or 2012. We do not expect any of the current losses included in accumulated other comprehensive loss to be reclassified into earnings in the next 12 months. At September 30, 2013 and December 31, 2012, we had $4.7 million and $6.6 million, respectively, posted as collateral, which is currently reflected in other assets on our consolidated balance sheets. | |||||||||||||||||
Covenants | |||||||||||||||||
Our debt facilities impose certain restrictions on us, including restrictions on our ability to: incur debts; create or incur liens; provide guarantees in respect of obligations of any other entity; make redemptions and repurchases of our capital stock; prepay, redeem or repurchase debt; engage in mergers or consolidations; enter into affiliated transactions; dispose of real estate or other assets; and change our business. In addition, the credit agreements governing our revolving credit facility and 2012 Term Loan limit the amount of dividends we can pay as a percentage of normalized adjusted funds from operations, as defined in the agreements, on a rolling four quarter basis. The dividend restriction is currently 95% of normalized adjusted FFO. The indentures governing our 2011 and 2012 Senior Unsecured Notes also limit the amount of dividends we can pay based on the sum of 95% of funds from operations, proceeds of equity issuances and certain other net cash proceeds. Finally, our 2011 and 2012 Senior Unsecured Notes require us to maintain total unencumbered assets (as defined in the related indenture) of not less than 150% of our unsecured indebtedness. | |||||||||||||||||
In addition to these restrictions, the revolving credit facility and 2012 Term Loan contain customary financial and operating covenants, including covenants relating to our total leverage ratio, fixed charge coverage ratio, mortgage secured leverage ratio, recourse mortgage secured leverage ratio, consolidated adjusted net worth, facility leverage ratio, and unsecured interest coverage ratio. This facility also contains customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with our covenants. If an event of default occurs and is continuing under the facility, the entire outstanding balance may become immediately due and payable. At September 30, 2013, we were in compliance with all such financial and operating covenants. |
Common_StockPartners_Capital
Common Stock/Partners' Capital | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Common Stock/Partners' Capital | ' |
5. Common Stock/Partners’ Capital | |
Medical Properties Trust, Inc. | |
On August 20, 2013, we completed an offering of 11,500,000 shares of common stock (including 1,500,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a price of $12.75 per share, resulting in net proceeds (after underwriting discount and expenses) of $140.4 million. These proceeds were used to fund the acquisition of the three IASIS properties more fully described in Note 3. | |
On February 28, 2013, we completed an offering of 12,650,000 shares of our common stock (including 1,650,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a price of $14.25 per share, resulting in net proceeds (after underwriting discount and expenses) of $172.9 million. A portion of the net proceeds from this offering were used to pay down our revolving credit facility. | |
To help fund the 2012 acquisitions disclosed in Note 3, on February 7, 2012, we completed an offering of 23,575,000 shares of our common stock (including 3,075,000 shares sold pursuant to the exercise in full of the underwriters’ overallotment option) at a price of $9.75 per share, resulting in net proceeds (after underwriting discount) of $220.1 million. | |
MPT Operating Partnership, L.P. | |
At September 30, 2013, the Company has a 99.8% ownership interest in Operating Partnership with the remainder owned by three other partners, two of which are employees and one of which is a director. During the nine months ended September 30, 2013 and 2012, the partnership issued 24,150,000 and 23,575,000 units, respectively, in direct response to the common stock offerings by Medical Properties Trust, Inc. |
Stock_Awards
Stock Awards | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock Awards | ' |
6. Stock Awards | |
We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013, which authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units and awards of interests in our Operating Partnership. The Equity Incentive Plan replaced the 2004 Equity Incentive Plan (“2004 Plan”). The Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. We have reserved 7,395,132 shares of common stock for awards under the Equity Incentive Plan (including 495,132 remaining shares under the 2004 Plan that were transferred to the Equity Incentive Plan) for which 7,395,132 shares remain available for future stock awards as of September 30, 2013. For each share of common stock issued by Medical Properties Trust, Inc. pursuant to the Equity Incentive Plan, the Operating Partnership issues a corresponding number of operating partnership units. We awarded the following stock awards during the 2013 and 2012 first quarters: | |
Time-based awards—We granted 240,425 and 275,464 shares in 2013 and 2012, respectively, of time-based restricted stock to management and independent directors. These awards vest quarterly based on service, over three years, in equal amounts. | |
Performance-based awards—Our management team and certain employees (2012 only) were awarded 204,255 and 252,566 performance based awards in 2013 and 2012, respectively. These awards vest ratably over a three year period based on the achievement of certain total shareholder return measures, with a carry-back and carry-forward provision through December 31, 2016 (for the 2012 awards) and December 31, 2017 (for the 2013 awards). Dividends on these awards are paid only upon achievement of the performance measures. | |
Multi-year Performance-based awards—We awarded 550,000 and 649,793 shares in 2013 and 2012, respectively, of multi-year performance-based awards to management and certain employees (2012 only). These shares are subject to three-year cumulative performance hurdles based on measures of total shareholder return. At the end of the three-year performance period, any earned shares will be subject to an additional two years of ratable time-based vesting on an annual basis. Dividends are paid on these shares only upon achievement of the performance measures. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
7. Fair Value of Financial Instruments | |||||||||||||||||
We have various assets and liabilities that are considered financial instruments. We estimate that the carrying value of cash and cash equivalents, and accounts payable and accrued expenses approximate their fair values. Included in our accounts payable and accrued expenses are our interest rate swaps, which are recorded at fair value based on Level 2 observable market assumptions using standardized derivative pricing models. We estimate the fair value of our interest and rent receivables using Level 2 inputs such as discounting the estimated future cash flows using the current rates at which similar receivables would be made to others with similar credit ratings and for the same remaining maturities. The fair value of our mortgage loans and working capital loans are estimated by using Level 2 inputs (except for the Monroe loan for which we use Level 3 inputs) such as discounting the estimated future cash flows using the current rates which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. We determine the fair value of our exchangeable notes and 2011 and 2012 Senior Unsecured Notes, using Level 2 inputs such as quotes from securities dealers and market makers. We estimate the fair value of our 2006 Senior Unsecured Notes, revolving credit facilities, and term loans using Level 2 inputs based on the present value of future payments, discounted at a rate which we consider appropriate for such debt. | |||||||||||||||||
Fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision. The following table summarizes fair value estimates for our financial instruments (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 54,505 | $ | 43,723 | $ | 45,289 | $ | 36,700 | |||||||||
Loans (1) | 331,612 | 329,367 | 334,693 | 335,595 | |||||||||||||
Debt, net | (1,086,973 | ) | (1,116,389 | ) | (1,025,160 | ) | (1,082,333 | ) | |||||||||
-1 | Excludes loans related to the Ernest Transaction since they are recorded at fair value and discussed below. | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
Our equity interest in Ernest and related loans, as discussed in Note 3, are being measured at fair value on a recurring basis as we elected to account for these investments using the fair value option method. We have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other equity interests or loans in or prior to 2013. | |||||||||||||||||
At September 30, 2013, these amounts were as follows (in thousands): | |||||||||||||||||
Asset Type | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loan | 98,283 | 98,283 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 201,583 | $ | 201,583 | ||||||||||||||
Our mortgage loans with Ernest are recorded at fair value based on Level 3 inputs by discounting the estimated cash flows using the market rates which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities. Our acquisition loan and equity investments in Ernest are recorded at fair value based on Level 3 inputs, by using a discounted cash flow model, which requires significant estimates of our investee such as projected revenue and expenses and appropriate consideration of the underlying risk profile of the forecast assumptions associated with the investee. We classify these loans and equity investments as Level 3, as we use certain unobservable inputs to the valuation methodology that are significant to the fair value measurement, and the valuation requires management judgment due to the absence of quoted market prices. For these cash flow models, our observable inputs include use of a capitalization rate, discount rate (which is based on a weighted-average cost of capital), and market interest rates, and our unobservable input includes an adjustment for a marketability discount (“DLOM”) on our equity investment of 40% at September 30, 2013. | |||||||||||||||||
In regards to the underlying projection of revenues and expenses used in the discounted cash flow model, such projections are provided by Ernest. However, we will modify such projections (including underlying assumptions used) as needed based on our review and analysis of Ernest’s historical results, meetings with key members of management, and our understanding of trends and developments within the healthcare industry. | |||||||||||||||||
In arriving at the DLOM, we started with a DLOM range based on the results of studies supporting valuation discounts for other transactions or structures without a public market. To select the appropriate DLOM within the range, we then considered many qualitative factors including the percent of control, the nature of the underlying investee’s business along with our rights as an investor pursuant to the operating agreement, the size of investment, expected holding period, number of shareholders, access to capital marketplace, etc. To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): | |||||||||||||||||
Basis Point | Estimated Increase (Decrease) | ||||||||||||||||
In Fair Value | |||||||||||||||||
Change in | |||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | $ | (300 | ) | ||||||||||||||
- 100 basis points | 300 | ||||||||||||||||
Because the fair value of Ernest investments noted above approximate their original cost, we did not recognize any unrealized gains/losses during the first nine months of 2013. To date, we have not received any distribution payments from our equity investment in Ernest. | |||||||||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
8. Discontinued Operations | |||||||||||||||||
Including those properties discussed in Note 3 under the heading “Disposals”, we sold two properties during the nine month period ending September 30, 2013 and five properties during 2012. We have classified current and prior year activity related to these transactions, along with the related operating results of the facilities prior to these transactions taking place, as discontinued operations. In addition, we have reclassified the related real estate assets to Real Estate Held for Sale in all prior periods. | |||||||||||||||||
The following table presents the results of discontinued operations, for the three and nine months ended September 30, 2013 and 2012 (dollar amounts in thousands except per share/unit amounts): | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | 37 | $ | 460 | $ | 568 | $ | 5,919 | |||||||||
Gain (loss) on sale | — | 8,726 | 2,054 | 7,280 | |||||||||||||
Income | 37 | 8,643 | 2,498 | 11,050 | |||||||||||||
Earnings per share/unit — diluted | $ | — | $ | 0.06 | $ | 0.02 | $ | 0.08 |
Earnings_Per_ShareCommon_Unit
Earnings Per Share/Common Unit | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share/Common Unit | ' | ||||||||
9. Earnings Per Share/Common Unit | |||||||||
Medical Properties Trust, Inc. | |||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,666 | $ | 22,865 | |||||
Non-controlling interests’ share in continuing operations | (55 | ) | (44 | ) | |||||
Participating securities’ share in earnings | (166 | ) | (225 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 25,445 | 22,596 | |||||||
Income from discontinued operations attributable to MPT common stockholders | 37 | 8,643 | |||||||
Net income, less participating securities’ share in earnings | $ | 25,482 | $ | 31,239 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 154,758 | 134,781 | |||||||
Dilutive potential common shares | 1,211 | 1 | |||||||
Dilutive weighted-average common shares | 155,969 | 134,782 | |||||||
For the Nine Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 76,819 | $ | 50,424 | |||||
Non-controlling interests’ share in continuing operations | (165 | ) | (130 | ) | |||||
Participating securities’ share in earnings | (538 | ) | (715 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 76,116 | 49,579 | |||||||
Income from discontinued operations attributable to MPT common stockholders | 2,498 | 11,050 | |||||||
Net income, less participating securities’ share in earnings | $ | 78,614 | $ | 60,629 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 148,204 | 131,467 | |||||||
Dilutive potential common shares | 1,313 | — | |||||||
Dilutive weighted-average common shares | 149,517 | 131,467 | |||||||
MPT Operating Partnership, L.P. | |||||||||
Our earnings per common unit were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,666 | $ | 22,865 | |||||
Non-controlling interests’ share in continuing operations | (55 | ) | (44 | ) | |||||
Participating securities’ share in earnings | (166 | ) | (225 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 25,445 | 22,596 | |||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 37 | 8,643 | |||||||
Net income, less participating securities’ share in earnings | $ | 25,482 | $ | 31,239 | |||||
Denominator: | |||||||||
Basic weighted-average units | 154,758 | 134,781 | |||||||
Dilutive potential units | 1,211 | 1 | |||||||
Dilutive weighted-average units | 155,969 | 134,782 | |||||||
For the Nine Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 76,819 | $ | 50,424 | |||||
Non-controlling interests’ share in continuing operations | (165 | ) | (130 | ) | |||||
Participating securities’ share in earnings | (538 | ) | (715 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 76,116 | 49,579 | |||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 2,498 | 11,050 | |||||||
Net income, less participating securities’ share in earnings | $ | 78,614 | $ | 60,629 | |||||
Denominator: | |||||||||
Basic weighted-average units | 148,204 | 131,467 | |||||||
Dilutive potential units | 1,313 | — | |||||||
Dilutive weighted-average units | 149,517 | 131,467 | |||||||
For the three and nine months ended September 30, 2012, 0.1 million of options were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive. In addition, shares/units that may be issued in the future in accordance with our exchangeable senior notes (which were paid off in April 1, 2013) were excluded from the 2012 diluted earnings per share/unit calculation as they were not determined to be dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
Contingencies | |
We are a party to various legal proceedings incidental to our business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect our financial position, results of operations or cash flows. | |
Commitments | |
RHM Portfolio Acquisition | |
On September 13, 2013, we entered into an agreement to acquire 11 rehabilitation facilities in the Federal Republic of Germany from RHM Klinik-und Altenheimbetriebe GmbH & Co. KG (“RHM”) for an aggregate purchase price, including payment of applicable transfer taxes, of €184.0 million (plus a commitment to provide up to €10.0 million in financing for the construction of additions to the facilities within the next two years)(“RHM Portfolio Acquisition”). Each of the facilities will be leased back to RHM under a master lease providing for a term of 27 years and for annual rent increases of 2.0% from 2015 through 2017, and of 0.5% thereafter. On December 31, 2020 and every three years thereafter, rent will also be increased to reflect 70% of cumulative increases in the German consumer price index. | |
The RHM Portfolio Acquisition will represent our first acquisition outside of the United States; however the deal is currently structured similarly to our transactions in the United States. This acquisition would add a portfolio of assets with a financially stable long-term operating history backed by an international private equity sponsor. | |
Pursuant to the terms of the acquisition agreement, if the conditions precedent to acquiring the 11 facilities are not satisfied or waived on or prior to 90 days after the date of the acquisition agreement, we and the seller will each have the option to close the RHM Portfolio Acquisition with respect to a lesser number of facilities and for a reduced aggregate purchase price. We intend to consummate the RHM Portfolio Acquisition during the fourth quarter of 2013. No assurance can be given that any portion of the RHM Portfolio Acquisition will occur as described herein or at all. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
11. Subsequent Events | |
On October 16, 2013, we began construction on a free standing emergency room facility in San Antonio, Texas that will be leased to First Choice, for a total development price of $5.2 million. The facility is expected to be completed in the first quarter of 2014. | |
In order to fund the RHM Portfolio Acquisition, on October 10, 2013, we completed a public offering of €200 million aggregate principal amount of our 5.750% Senior Notes due 2020 (the “Notes”). Interest on the Notes will be payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2014. The Notes will pay interest in cash at a rate of 5.750% per year. The Notes mature on October 1, 2020. We may redeem some or all of the Notes at any time prior to October 1, 2016 at a “make-whole” redemption price. On or after October 1, 2016, we may redeem some or all of the Notes at a premium that will decrease over time. In addition, at any time and from time to time prior to October 1, 2016 the Issuers may redeem up to 35% of the aggregate principal amount of the Notes using the proceeds of one or more equity offerings. The Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis, by certain subsidiary guarantors. In the event of a Change of Control, each holder of the Notes may require us to repurchase some or all of our Notes at a repurchase price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest to the date of purchase. | |
Proceeds from this offering are currently in escrow and our receipt of such proceeds is dependent on closing of the RHM Portfolio Acquisition. If the conditions to closing the RHM Portfolio Acquisition (other than the payment of the acquisition consideration and other than those conditions that by their terms are to be satisfied contemporaneously with the consummation of the RHM Portfolio Acquisition) are not satisfied or waived on or prior to 90 days after the closing date of this offering of Notes, we will be required by the terms of the indenture governing the Notes to redeem the Notes at the aggregate offering price plus accrued and unpaid interest up to, but excluding, the redemption date. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||
12. Condensed Consolidating Financial Information | |||||||||||||||||||||||||
The following tables present the condensed consolidating financial information for (a) Medical Properties Trust, Inc. (“Parent” and a guarantor to our 2011 and 2012 Senior Unsecured Notes), (b) MPT Operating Partnership, L.P. and MPT Finance Corporation (“Subsidiary Issuer”), (c) on a combined basis, the guarantors of our 2011 and 2012 Senior Unsecured Notes (“Subsidiary Guarantors”), and (d) on a combined basis, the non-guarantor subsidiaries (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because the guarantee by each 100% owned Subsidiary Guarantor is joint and several and we believe separate financial statements and other disclosures regarding the Subsidiary Guarantors are not material to investors. Furthermore, there are no significant legal restrictions on the Parent’s ability to obtain funds from its subsidiaries by dividend or loan. | |||||||||||||||||||||||||
The guarantees by the Subsidiary Guarantors may be released and discharged upon: (1) any sale, exchange or transfer of all of the capital stock of a Subsidiary Guarantor; (2) the merger or consolidation of a Subsidiary Guarantor with a Subsidiary Issuer or any other Subsidiary Guarantor; (3) the proper designation of any Subsidiary Guarantor by the Subsidiary Issuers as “unrestricted” for covenant purposes under the indenture governing the 2011 and 2012 Senior Unsecured Notes; (4) the legal defeasance or covenant defeasance or satisfaction and discharge of the indenture; (5) a liquidation or dissolution of a Subsidiary Guarantor permitted under the indenture governing the 2011 and 2012 Senior Unsecured Notes; or (6) the release or discharge of the Subsidiary Guarantor from its guarantee obligations under our revolving credit facility. | |||||||||||||||||||||||||
Subsequent to September 30, 2012, certain of our subsidiaries were re-designated as non-guarantors of our 2011 and 2012 Senior Unsecured Notes as the underlying properties were sold in 2012 and the first half of 2013. With these re-designations, we have restated the 2012 condensed consolidating financial information below to reflect these changes. | |||||||||||||||||||||||||
In the second quarter of 2013, we revised our condensed consolidating balance sheets as of December 31, 2012 and 2011 to adjust negative net intercompany receivables (payable) balances from Total Assets to Total Liabilities. The impact of this revision, was to increase total assets (and, correspondingly increase total liabilities) as of December 31, 2012 and 2011 for Subsidiaries Guarantors by $1,010.4 million and $888.9 million, respectively, and also to increase total assets (and, correspondingly increase total liabilities) for Non-Guarantor Subsidiaries by $390.9 million and $5.5 million respectively, with an offset to Eliminations. This revision is not material to the related financial statements for any prior periods and had no impact on our consolidated balance sheet. As prior period financial information is presented in future filings, we will similarly revise the condensed consolidating balance sheets. | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,259,234 | $ | 347,198 | $ | — | $ | 1,606,432 | |||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 186,586 | 216,926 | — | 403,512 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 1,714,470 | 664,124 | — | 2,378,594 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (142,939 | ) | (7,727 | ) | — | (150,666 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 1,571,531 | 656,397 | — | 2,227,928 | |||||||||||||||||||
Cash and cash equivalents | — | 11,391 | — | 733 | — | 12,124 | |||||||||||||||||||
Interest and rent receivable | — | 715 | 29,284 | 24,506 | — | 54,505 | |||||||||||||||||||
Straight-line rent receivable | — | — | 36,051 | 8,189 | — | 44,240 | |||||||||||||||||||
Other loans | — | 178 | — | 161,067 | — | 161,245 | |||||||||||||||||||
Net intercompany receivable | 32,053 | 1,639,081 | — | — | (1,671,134 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,358,959 | 783,441 | 43,557 | — | (2,185,957 | ) | — | ||||||||||||||||||
Other assets | — | 32,534 | 980 | 29,594 | — | 63,108 | |||||||||||||||||||
Total Assets | $ | 1,391,012 | $ | 2,467,340 | $ | 1,681,403 | $ | 880,486 | $ | (3,857,091 | ) | $ | 2,563,150 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,072,960 | $ | — | $ | 14,013 | $ | — | $ | 1,086,973 | |||||||||||||
Accounts payable and accrued expenses | 32,443 | 35,705 | 4,935 | 769 | — | 73,852 | |||||||||||||||||||
Net intercompany payable | — | — | 998,987 | 672,147 | (1,671,134 | ) | — | ||||||||||||||||||
Deferred revenue | — | (284 | ) | 17,970 | 5,543 | — | 23,229 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 17,923 | 2,604 | — | 20,527 | |||||||||||||||||||
Total liabilities | 32,443 | 1,108,381 | 1,039,815 | 695,076 | (1,671,134 | ) | 1,204,581 | ||||||||||||||||||
Total equity | 1,358,569 | 1,358,959 | 641,588 | 185,410 | (2,185,957 | ) | 1,358,569 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,391,012 | $ | 2,467,340 | $ | 1,681,403 | $ | 880,486 | $ | (3,857,091 | ) | $ | 2,563,150 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 29,770 | $ | 5,403 | $ | (3,295 | ) | $ | 31,878 | ||||||||||||
Straight-line rent | — | — | 2,189 | 664 | — | 2,853 | |||||||||||||||||||
Income from direct financing leases | — | — | 10,519 | 5,750 | (4,971 | ) | 11,298 | ||||||||||||||||||
Interest and fee income | — | 5,004 | 9,161 | 7,299 | (7,037 | ) | 14,427 | ||||||||||||||||||
Total revenues | — | 5,004 | 51,639 | 19,116 | (15,303 | ) | 60,456 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 8,363 | 426 | — | 8,789 | |||||||||||||||||||
Property-related | — | 182 | 251 | 8,291 | (8,266 | ) | 458 | ||||||||||||||||||
General and administrative | — | 6,867 | — | (487 | ) | — | 6,380 | ||||||||||||||||||
Acquisition expenses | — | 4,179 | — | — | — | 4,179 | |||||||||||||||||||
Total operating expenses | — | 11,228 | 8,614 | 8,230 | (8,266 | ) | 19,806 | ||||||||||||||||||
Operating income (expense) | — | (6,224 | ) | 43,025 | 10,886 | (7,037 | ) | 40,650 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | 5 | — | (2 | ) | — | 3 | ||||||||||||||||||
Earnings from equity and other interests | — | — | 454 | 389 | — | 843 | |||||||||||||||||||
Interest income (expense) | — | (16,055 | ) | 454 | (7,266 | ) | 7,037 | (15,830 | ) | ||||||||||||||||
Net other income (expense) | — | (16,050 | ) | 908 | (6,879 | ) | 7,037 | (14,984 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (22,274 | ) | 43,933 | 4,007 | — | 25,666 | ||||||||||||||||||
Income from discontinued operations | — | — | — | 37 | — | 37 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 25,703 | 47,977 | 1,114 | — | (74,794 | ) | — | ||||||||||||||||||
Net income | 25,703 | 25,703 | 45,047 | 4,044 | (74,794 | ) | 25,703 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (55 | ) | (55 | ) | — | — | 55 | (55 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 25,648 | $ | 25,648 | $ | 45,047 | $ | 4,044 | $ | (74,739 | ) | $ | 25,648 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 89,149 | $ | 14,970 | $ | (9,045 | ) | $ | 95,074 | ||||||||||||
Straight-line rent | — | — | 6,617 | 1,643 | — | 8,260 | |||||||||||||||||||
Income from direct financing leases | — | — | 27,387 | 16,744 | (14,847 | ) | 29,284 | ||||||||||||||||||
Interest and fee income | — | 15,112 | 27,565 | 21,816 | (21,211 | ) | 43,282 | ||||||||||||||||||
Total revenues | — | 15,112 | 150,718 | 55,173 | (45,103 | ) | 175,900 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 24,775 | 1,276 | — | 26,051 | |||||||||||||||||||
Property-related | — | 458 | 792 | 24,162 | (23,892 | ) | 1,520 | ||||||||||||||||||
General and administrative | — | 21,286 | — | 137 | — | 21,423 | |||||||||||||||||||
Acquisition expenses | — | 6,457 | — | — | — | 6,457 | |||||||||||||||||||
Total operating expenses | — | 28,201 | 25,567 | 25,575 | (23,892 | ) | 55,451 | ||||||||||||||||||
Operating income (expense) | — | (13,089 | ) | 125,151 | 29,598 | (21,211 | ) | 120,449 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (37 | ) | — | (208 | ) | — | (245 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 687 | 1,824 | — | 2,511 | |||||||||||||||||||
Interest income (expense) | — | (46,298 | ) | 1,083 | (21,892 | ) | 21,211 | (45,896 | ) | ||||||||||||||||
Net other income (expense) | — | (46,335 | ) | 1,770 | (20,276 | ) | 21,211 | (43,630 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (59,424 | ) | 126,921 | 9,322 | — | 76,819 | ||||||||||||||||||
Income from discontinued operations | — | — | (4 | ) | 2,502 | — | 2,498 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 79,317 | 138,741 | 3,356 | — | (221,414 | ) | — | ||||||||||||||||||
Net income | 79,317 | 79,317 | 130,273 | 11,824 | (221,414 | ) | 79,317 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (165 | ) | (165 | ) | — | — | 165 | (165 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 79,152 | $ | 79,152 | $ | 130,273 | $ | 11,824 | $ | (221,249 | ) | $ | 79,152 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 25,703 | $ | 25,703 | $ | 45,047 | $ | 4,044 | $ | (74,794 | ) | $ | 25,703 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 182 | 182 | — | — | (182 | ) | 182 | ||||||||||||||||||
Total comprehensive income | 25,885 | 25,885 | 45,047 | 4,044 | (74,976 | ) | 25,885 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (55 | ) | (55 | ) | — | — | 55 | (55 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 25,830 | $ | 25,830 | $ | 45,047 | $ | 4,044 | $ | (74,921 | ) | $ | 25,830 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 79,317 | $ | 79,317 | $ | 130,273 | $ | 11,824 | $ | (221,414 | ) | $ | 79,317 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 2,788 | 2,788 | — | — | (2,788 | ) | 2,788 | ||||||||||||||||||
Total comprehensive income | 82,105 | 82,105 | 130,273 | 11,824 | (224,202 | ) | 82,105 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (165 | ) | (165 | ) | — | — | 165 | (165 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 81,940 | $ | 81,940 | $ | 130,273 | $ | 11,824 | $ | (224,037 | ) | $ | 81,940 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 91 | $ | (38,891 | ) | $ | 156,913 | $ | (16,549 | ) | $ | — | $ | 101,564 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (95,000 | ) | (276,500 | ) | — | (371,500 | ) | ||||||||||||||||
Principal received on loans receivable | — | — | — | 4,694 | — | 4,694 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | 18,409 | — | 18,409 | |||||||||||||||||||
Investments in and advances to subsidiaries | (225,683 | ) | (267,545 | ) | (1,506 | ) | 269,142 | 225,592 | — | ||||||||||||||||
Investments in loans receivable | — | — | — | (1,445 | ) | — | (1,445 | ) | |||||||||||||||||
Construction in progress and other | — | (765 | ) | (63,691 | ) | 1,034 | — | (63,422 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | (225,683 | ) | (268,310 | ) | (160,197 | ) | 15,334 | 225,592 | (413,264 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (80,000 | ) | — | — | — | (80,000 | ) | |||||||||||||||||
Additions to term debt, net of discount | — | 153,000 | — | — | — | 153,000 | |||||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (185 | ) | — | (11,185 | ) | ||||||||||||||||
Distributions paid | (87,727 | ) | (87,928 | ) | — | — | 87,727 | (87,928 | ) | ||||||||||||||||
Proceeds from sale of common shares/units, net of offering costs | 313,319 | 313,319 | — | — | (313,319 | ) | 313,319 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 1,719 | 1,870 | — | 3,589 | |||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (4,282 | ) | — | — | — | (4,282 | ) | |||||||||||||||||
Net cash provided by financing activities | 225,592 | 283,109 | 1,719 | 1,685 | (225,592 | ) | 286,513 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (24,092 | ) | (1,565 | ) | 470 | — | (25,187 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 11,391 | $ | — | $ | 733 | $ | — | $ | 12,124 | |||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | 28 | $ | 1,196,124 | $ | 65,947 | $ | — | $ | 1,262,099 | |||||||||||||
Real estate held for sale | — | — | — | 16,497 | — | 16,497 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Investment in direct financing leases | — | — | 110,155 | 204,257 | — | 314,412 | |||||||||||||||||||
Gross investment in real estate assets | — | 28 | 1,574,929 | 386,701 | — | 1,961,658 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (118,163 | ) | (6,452 | ) | — | (124,615 | ) | ||||||||||||||||
Net investment in real estate assets | — | 28 | 1,456,766 | 380,249 | — | 1,837,043 | |||||||||||||||||||
Cash and cash equivalents | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Interest and rent receivable | — | 212 | 29,159 | 15,918 | — | 45,289 | |||||||||||||||||||
Straight-line rent receivable | — | — | 29,314 | 6,546 | — | 35,860 | |||||||||||||||||||
Other loans | — | 177 | — | 159,066 | — | 159,243 | |||||||||||||||||||
Net intercompany receivable | 27,393 | 1,373,941 | — | — | (1,401,334 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,050,204 | 647,029 | 42,666 | — | (1,739,899 | ) | — | ||||||||||||||||||
Other assets | — | 31,097 | 1,522 | 31,521 | — | 64,140 | |||||||||||||||||||
Total Assets | $ | 1,077,597 | $ | 2,087,967 | $ | 1,560,992 | $ | 593,563 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,010,962 | $ | — | $ | 14,198 | $ | — | $ | 1,025,160 | |||||||||||||
Accounts payable and accrued expenses | 27,783 | 26,658 | 10,492 | 1,028 | — | 65,961 | |||||||||||||||||||
Net intercompany payable | — | — | 1,000,117 | 401,217 | (1,401,334 | ) | — | ||||||||||||||||||
Deferred revenue | — | 143 | 19,621 | 845 | — | 20,609 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 16,606 | 736 | — | 17,342 | |||||||||||||||||||
Total liabilities | 27,783 | 1,037,763 | 1,046,836 | 418,024 | (1,401,334 | ) | 1,129,072 | ||||||||||||||||||
Total equity | 1,049,814 | 1,050,204 | 514,156 | 175,539 | (1,739,899 | ) | 1,049,814 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,077,597 | $ | 2,087,967 | $ | 1,560,992 | $ | 593,563 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 28,470 | $ | 4,163 | $ | (2,335 | ) | $ | 30,298 | ||||||||||||
Straight-line rent | — | — | 2,371 | 374 | — | 2,745 | |||||||||||||||||||
Income from direct financing leases | — | — | 5,238 | 5,394 | (4,859 | ) | 5,773 | ||||||||||||||||||
Interest and fee income | — | 5,242 | 8,917 | 6,943 | (7,065 | ) | 14,037 | ||||||||||||||||||
Total revenues | — | 5,242 | 44,996 | 16,874 | (14,259 | ) | 52,853 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 7,883 | 425 | — | 8,308 | |||||||||||||||||||
Property-related | — | 88 | 116 | 7,204 | (7,194 | ) | 214 | ||||||||||||||||||
General and administrative | — | 6,332 | — | 720 | — | 7,052 | |||||||||||||||||||
Acquisition expenses | — | 410 | — | — | — | 410 | |||||||||||||||||||
Total operating expenses | — | 6,830 | 7,999 | 8,349 | (7,194 | ) | 15,984 | ||||||||||||||||||
Operating income (loss) | — | (1,588 | ) | 36,997 | 8,525 | (7,065 | ) | 36,869 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (21 | ) | (2 | ) | — | — | (23 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 331 | 734 | — | 1,065 | |||||||||||||||||||
Interest income (expense) | — | (15,203 | ) | 388 | (7,296 | ) | 7,065 | (15,046 | ) | ||||||||||||||||
Net other income (expense) | — | (15,224 | ) | 717 | (6,562 | ) | 7,065 | (14,004 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (16,812 | ) | 37,714 | 1,963 | — | 22,865 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 314 | 8,329 | — | 8,643 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 31,508 | 48,320 | 1,129 | — | (80,957 | ) | — | ||||||||||||||||||
Net income | 31,508 | 31,508 | 39,157 | 10,292 | (80,957 | ) | 31,508 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (44 | ) | (44 | ) | — | — | 44 | (44 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 31,464 | $ | 31,464 | $ | 39,157 | $ | 10,292 | $ | (80,913 | ) | $ | 31,464 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 85,160 | $ | 12,446 | $ | (6,926 | ) | $ | 90,680 | ||||||||||||
Straight-line rent | — | — | 4,310 | 1,119 | — | 5,429 | |||||||||||||||||||
Income from direct financing leases | — | — | 11,730 | 12,600 | (11,351 | ) | 12,979 | ||||||||||||||||||
Interest and fee income | — | 13,219 | 20,620 | 17,358 | (17,711 | ) | 33,486 | ||||||||||||||||||
Total revenues | — | 13,219 | 121,820 | 43,523 | (35,988 | ) | 142,574 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 23,551 | 1,275 | — | 24,826 | |||||||||||||||||||
Property-related | — | 349 | 580 | 18,375 | (18,277 | ) | 1,027 | ||||||||||||||||||
General and administrative | — | 20,067 | — | 1,274 | — | 21,341 | |||||||||||||||||||
Acquisition expenses | — | 4,115 | — | — | — | 4,115 | |||||||||||||||||||
Total operating expenses | — | 24,531 | 24,131 | 20,924 | (18,277 | ) | 51,309 | ||||||||||||||||||
Operating income (loss) | — | (11,312 | ) | 97,689 | 22,599 | (17,711 | ) | 91,265 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (49 | ) | (2 | ) | (4 | ) | — | (55 | ) | |||||||||||||||
Earnings from equity and other interests | — | — | 783 | 1,161 | — | 1,944 | |||||||||||||||||||
Interest income (expense) | — | (42,905 | ) | 867 | (18,403 | ) | 17,711 | (42,730 | ) | ||||||||||||||||
Net other income (expense) | — | (42,954 | ) | 1,648 | (17,246 | ) | 17,711 | (40,841 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (54,266 | ) | 99,337 | 5,353 | — | 50,424 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 106 | 10,944 | — | 11,050 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 61,474 | 115,740 | 3,367 | — | (180,581 | ) | — | ||||||||||||||||||
Net income | 61,474 | 61,474 | 102,810 | 16,297 | (180,581 | ) | 61,474 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (130 | ) | (130 | ) | — | — | 130 | (130 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 61,344 | $ | 61,344 | $ | 102,810 | $ | 16,297 | $ | (180,451 | ) | $ | 61,344 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 31,508 | $ | 31,508 | $ | 39,157 | $ | 10,292 | $ | (80,957 | ) | $ | 31,508 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (443 | ) | (443 | ) | — | — | 443 | (443 | ) | ||||||||||||||||
Total comprehensive income | 31,065 | 31,065 | 39,157 | 10,292 | (80,514 | ) | 31,065 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (44 | ) | (44 | ) | — | — | 44 | (44 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 31,021 | $ | 31,021 | $ | 39,157 | $ | 10,292 | $ | (80,470 | ) | $ | 31,021 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Nine Months Ended September, 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 61,474 | $ | 61,474 | $ | 102,810 | $ | 16,297 | $ | (180,581 | ) | $ | 61,474 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (989 | ) | (989 | ) | — | — | 989 | (989 | ) | ||||||||||||||||
Total comprehensive income | 60,485 | 60,485 | 102,810 | 16,297 | (179,592 | ) | 60,485 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (130 | ) | (130 | ) | — | — | 130 | (130 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 60,355 | $ | 60,355 | $ | 102,810 | $ | 16,297 | $ | (179,462 | ) | $ | 60,355 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16 | $ | (38,780 | ) | $ | 109,018 | $ | 4,455 | $ | — | $ | 74,709 | ||||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (410,000 | ) | (196,500 | ) | — | (606,500 | ) | ||||||||||||||||
Principal received on loans receivable | — | — | 5,491 | 4,016 | — | 9,507 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | 800 | 33,300 | — | 34,100 | |||||||||||||||||||
Investments in and advances to subsidiaries | (143,554 | ) | (540,016 | ) | 380,605 | 159,427 | 143,538 | — | |||||||||||||||||
Investments in loans receivable | — | — | — | (1,293 | ) | — | (1,293 | ) | |||||||||||||||||
Construction in progress and other | — | (59 | ) | (33,869 | ) | (1,992 | ) | — | (35,920 | ) | |||||||||||||||
Net cash used in investing activities | (143,554 | ) | (540,075 | ) | (56,973 | ) | (3,042 | ) | 143,538 | (600,106 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | 75,000 | (39,600 | ) | — | — | 35,400 | ||||||||||||||||||
Additions to term debt | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Payments of term debt | — | — | — | (171 | ) | — | (171 | ) | |||||||||||||||||
Distributions paid | (76,569 | ) | (76,770 | ) | — | — | 76,569 | (76,770 | ) | ||||||||||||||||
Proceeds from sale of common stock/units, net of offering costs | 220,107 | 220,107 | — | — | (220,107 | ) | 220,107 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | (12,289 | ) | (1,102 | ) | — | (13,391 | ) | ||||||||||||||||
Debt issuance costs paid and other financing activities | — | (6,341 | ) | — | — | — | (6,341 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 143,538 | 511,996 | (51,889 | ) | (1,273 | ) | (143,538 | ) | 458,834 | ||||||||||||||||
Increase in cash and cash equivalents for period | — | (66,859 | ) | 156 | 140 | — | (66,563 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 101,230 | 1,409 | 87 | — | 102,726 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 34,371 | $ | 1,565 | $ | 227 | $ | — | $ | 36,163 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Unaudited Interim Condensed Consolidated Financial Statements | ' | ||||||||||
Unaudited Interim Condensed Consolidated Financial Statements: The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information, including rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. The condensed consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. | |||||||||||
For information about significant accounting policies, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. During the nine months ended September 30, 2013, there were no material changes to these policies. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2013 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. | |||||||||||
Variable Interest Entities | ' | ||||||||||
Variable Interest Entities | |||||||||||
At September 30, 2013, we had loans to and/or equity investments in several variable interest entities (“VIEs”) for which we are not the primary beneficiary. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at September 30, 2013 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Classification | Amount(2) | |||||||||
Loans, net | $ | 283,157 | Mortgage and other loans | $ | 229,646 | ||||||
Equity investments | $ | 19,519 | Other assets | $ | 5,079 | ||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | ||||||||||
For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrower or investee) that most significantly impact the VIE’s economic performance. As of September 30, 2013, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. | |||||||||||
See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Carrying Value and Classification of Related Assets and Maximum Exposure to Loss | ' | ||||||||||
The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at September 30, 2013 (in thousands): | |||||||||||
VIE Type | Maximum Loss | Asset Type | Carrying | ||||||||
Exposure(1) | Classification | Amount(2) | |||||||||
Loans, net | $ | 283,157 | Mortgage and other loans | $ | 229,646 | ||||||
Equity investments | $ | 19,519 | Other assets | $ | 5,079 | ||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. |
Real_Estate_and_Lending_Activi1
Real Estate and Lending Activities (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||
Assets Acquired | ' | ||||||||||||||||||
As part of these acquisitions, we purchased and invested in the following: (in thousands) | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Land | $ | 16,220 | $ | — | |||||||||||||||
Building | 265,030 | — | |||||||||||||||||
Net investments in direct financing leases | 85,000 | 310,000 | |||||||||||||||||
Mortgage loans | — | 200,000 | |||||||||||||||||
Other loans | 5,250 | 93,200 | |||||||||||||||||
Equity investments | — | 3,300 | |||||||||||||||||
Total | $ | 371,500 | $ | 606,500 | |||||||||||||||
Supplemental Pro Forma Earnings Adjusted to Exclude Acquisition-Related Costs | ' | ||||||||||||||||||
Supplemental pro forma earnings were adjusted to exclude acquisition-related costs on consummated deals incurred in the three and nine months ended September 30, 2012 ($ amounts in thousands, except per share/unit data). | |||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Total revenues | $ | 65,518 | $ | 63,695 | $ | 196,708 | $ | 188,339 | |||||||||||
Net income | 29,366 | 37,091 | 89,570 | 92,620 | |||||||||||||||
Net income per share/unit — diluted | $ | 0.18 | $ | 0.25 | $ | 0.55 | $ | 0.63 | |||||||||||
Summary of Status Update on Current Development Projects | ' | ||||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||||
Property | Location | Property Type | Operator | Original | Costs | Estimated | |||||||||||||
Commitment | Incurred as | Completion | |||||||||||||||||
of September 30, | Date | ||||||||||||||||||
2013 | |||||||||||||||||||
Victoria Rehabilitation Hospital | Victoria, TX | Long-term Acute | Post Acute Medical | $ | 9,400 | $ | 8,391 | 4th Qtr 2013 | |||||||||||
Care Hospital | |||||||||||||||||||
First Choice ER — Brodie | Austin, TX | General Acute | First Choice | 5,470 | 1,509 | 1st Qtr 2014 | |||||||||||||
Care Hospital | |||||||||||||||||||
First Choice ER — Little Elm | Dallas, TX | General Acute | First Choice | 5,200 | 2,792 | 4th Qtr 2013 | |||||||||||||
Care Hospital | |||||||||||||||||||
Rehabilitation Hospital of the Northwest | Post Falls, ID | Rehabilitation | Ernest Health, Inc. | 14,387 | 10,389 | 4th Qtr 2013 | |||||||||||||
Hospital | |||||||||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | General Acute | National Surgical | 33,500 | 11,146 | 3rd Qtr 2014 | |||||||||||||
Care Hospital | Hospitals | ||||||||||||||||||
Northern Utah Rehabilitation Hospital | South Ogden, UT | Rehabilitation | Ernest Health, Inc. | 19,153 | 7,406 | 3rd Qtr 2014 | |||||||||||||
Hospital | |||||||||||||||||||
First Choice Emergency Rooms | Various | General Acute | First Choice | 89,330 | — | Various | |||||||||||||
Care Hospital | |||||||||||||||||||
$ | 176,440 | $ | 41,633 | ||||||||||||||||
Components of Net Investment in Direct Financing Leases | ' | ||||||||||||||||||
The components of our net investment in DFL consisted of the following (dollars in thousands): | |||||||||||||||||||
As of September 30, | As of December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Minimum lease payments receivable | $ | 1,566,155 | $ | 1,277,923 | |||||||||||||||
Estimated residual values | 211,283 | 201,283 | |||||||||||||||||
Less: Unearned income | (1,373,926 | ) | (1,164,794 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 403,512 | $ | 314,412 | |||||||||||||||
Summary of Loans | ' | ||||||||||||||||||
The following is a summary of our loans (in thousands): | |||||||||||||||||||
As of | As of | ||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Mortgage loans | $ | 368,650 | $ | 368,650 | |||||||||||||||
Acquisition loans | 103,516 | 98,433 | |||||||||||||||||
Working capital and other loans | 54,377 | 57,458 | |||||||||||||||||
Convertible loan | 3,352 | 3,352 | |||||||||||||||||
$ | 529,895 | $ | 527,893 | ||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Debt, Net of Discounts | ' | ||||||||||||||||
The following is a summary of debt, net of discounts (dollar amounts in thousands): | |||||||||||||||||
As of September 30, | As of December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 45,000 | Variable | $ | 125,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 200,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,960 | — | — | ||||||||||||||
352,960 | 200,000 | ||||||||||||||||
Exchangeable senior notes: | |||||||||||||||||
Principal amount (A) | — | N/A | 11,000 | 9.25 | % | ||||||||||||
Unamortized discount | — | (37 | ) | ||||||||||||||
— | 10,963 | ||||||||||||||||
Term loans | 114,013 | Various | 114,197 | Various | |||||||||||||
$ | 1,086,973 | $ | 1,025,160 | ||||||||||||||
Principal Payments Due for Debt | ' | ||||||||||||||||
As of September 30, 2013, principal payments due for our debt (which exclude the effects of any discounts or premiums recorded) are as follows (in thousands): | |||||||||||||||||
2013 | $ | 64 | |||||||||||||||
2014 | 266 | ||||||||||||||||
2015 | 45,283 | ||||||||||||||||
2016 | 225,299 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
Thereafter | 812,781 | ||||||||||||||||
Total | $ | 1,084,013 | |||||||||||||||
(A) | The exchangeable senior notes were paid in full on April 1, 2013. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Fair Value Information of Financial Instruments | ' | ||||||||||||||||
The following table summarizes fair value estimates for our financial instruments (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 54,505 | $ | 43,723 | $ | 45,289 | $ | 36,700 | |||||||||
Loans (1) | 331,612 | 329,367 | 334,693 | 335,595 | |||||||||||||
Debt, net | (1,086,973 | ) | (1,116,389 | ) | (1,025,160 | ) | (1,082,333 | ) | |||||||||
-1 | Excludes loans related to the Ernest Transaction since they are recorded at fair value and discussed below. | ||||||||||||||||
Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
At September 30, 2013, these amounts were as follows (in thousands): | |||||||||||||||||
Asset Type | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loan | 98,283 | 98,283 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 201,583 | $ | 201,583 | ||||||||||||||
Summary Showing Sensitivity Analysis by Using Basis Point Variations | ' | ||||||||||||||||
To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): | |||||||||||||||||
Basis Point | Estimated Increase (Decrease) | ||||||||||||||||
In Fair Value | |||||||||||||||||
Change in | |||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | $ | (300 | ) | ||||||||||||||
- 100 basis points | 300 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
The following table presents the results of discontinued operations, for the three and nine months ended September 30, 2013 and 2012 (dollar amounts in thousands except per share/unit amounts): | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues | $ | 37 | $ | 460 | $ | 568 | $ | 5,919 | |||||||||
Gain (loss) on sale | — | 8,726 | 2,054 | 7,280 | |||||||||||||
Income | 37 | 8,643 | 2,498 | 11,050 | |||||||||||||
Earnings per share/unit — diluted | $ | — | $ | 0.06 | $ | 0.02 | $ | 0.08 |
Earnings_Per_ShareCommon_Unit_
Earnings Per Share/Common Unit (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Earnings Per Share | ' | ||||||||
Medical Properties Trust, Inc. | |||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,666 | $ | 22,865 | |||||
Non-controlling interests’ share in continuing operations | (55 | ) | (44 | ) | |||||
Participating securities’ share in earnings | (166 | ) | (225 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 25,445 | 22,596 | |||||||
Income from discontinued operations attributable to MPT common stockholders | 37 | 8,643 | |||||||
Net income, less participating securities’ share in earnings | $ | 25,482 | $ | 31,239 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 154,758 | 134,781 | |||||||
Dilutive potential common shares | 1,211 | 1 | |||||||
Dilutive weighted-average common shares | 155,969 | 134,782 | |||||||
For the Nine Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 76,819 | $ | 50,424 | |||||
Non-controlling interests’ share in continuing operations | (165 | ) | (130 | ) | |||||
Participating securities’ share in earnings | (538 | ) | (715 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 76,116 | 49,579 | |||||||
Income from discontinued operations attributable to MPT common stockholders | 2,498 | 11,050 | |||||||
Net income, less participating securities’ share in earnings | $ | 78,614 | $ | 60,629 | |||||
Denominator: | |||||||||
Basic weighted-average common shares | 148,204 | 131,467 | |||||||
Dilutive potential common shares | 1,313 | — | |||||||
Dilutive weighted-average common shares | 149,517 | 131,467 | |||||||
MPT Operating Partnership, L.P. | |||||||||
Our earnings per common unit were calculated based on the following (amounts in thousands): | |||||||||
For the Three Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,666 | $ | 22,865 | |||||
Non-controlling interests’ share in continuing operations | (55 | ) | (44 | ) | |||||
Participating securities’ share in earnings | (166 | ) | (225 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 25,445 | 22,596 | |||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 37 | 8,643 | |||||||
Net income, less participating securities’ share in earnings | $ | 25,482 | $ | 31,239 | |||||
Denominator: | |||||||||
Basic weighted-average units | 154,758 | 134,781 | |||||||
Dilutive potential units | 1,211 | 1 | |||||||
Dilutive weighted-average units | 155,969 | 134,782 | |||||||
For the Nine Months | |||||||||
Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 76,819 | $ | 50,424 | |||||
Non-controlling interests’ share in continuing operations | (165 | ) | (130 | ) | |||||
Participating securities’ share in earnings | (538 | ) | (715 | ) | |||||
Income from continuing operations, less participating securities’ share in earnings | 76,116 | 49,579 | |||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 2,498 | 11,050 | |||||||
Net income, less participating securities’ share in earnings | $ | 78,614 | $ | 60,629 | |||||
Denominator: | |||||||||
Basic weighted-average units | 148,204 | 131,467 | |||||||
Dilutive potential units | 1,313 | — | |||||||
Dilutive weighted-average units | 149,517 | 131,467 | |||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | — | $ | 1,259,234 | $ | 347,198 | $ | — | $ | 1,606,432 | |||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 186,586 | 216,926 | — | 403,512 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 1,714,470 | 664,124 | — | 2,378,594 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (142,939 | ) | (7,727 | ) | — | (150,666 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 1,571,531 | 656,397 | — | 2,227,928 | |||||||||||||||||||
Cash and cash equivalents | — | 11,391 | — | 733 | — | 12,124 | |||||||||||||||||||
Interest and rent receivable | — | 715 | 29,284 | 24,506 | — | 54,505 | |||||||||||||||||||
Straight-line rent receivable | — | — | 36,051 | 8,189 | — | 44,240 | |||||||||||||||||||
Other loans | — | 178 | — | 161,067 | — | 161,245 | |||||||||||||||||||
Net intercompany receivable | 32,053 | 1,639,081 | — | — | (1,671,134 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,358,959 | 783,441 | 43,557 | — | (2,185,957 | ) | — | ||||||||||||||||||
Other assets | — | 32,534 | 980 | 29,594 | — | 63,108 | |||||||||||||||||||
Total Assets | $ | 1,391,012 | $ | 2,467,340 | $ | 1,681,403 | $ | 880,486 | $ | (3,857,091 | ) | $ | 2,563,150 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,072,960 | $ | — | $ | 14,013 | $ | — | $ | 1,086,973 | |||||||||||||
Accounts payable and accrued expenses | 32,443 | 35,705 | 4,935 | 769 | — | 73,852 | |||||||||||||||||||
Net intercompany payable | — | — | 998,987 | 672,147 | (1,671,134 | ) | — | ||||||||||||||||||
Deferred revenue | — | (284 | ) | 17,970 | 5,543 | — | 23,229 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 17,923 | 2,604 | — | 20,527 | |||||||||||||||||||
Total liabilities | 32,443 | 1,108,381 | 1,039,815 | 695,076 | (1,671,134 | ) | 1,204,581 | ||||||||||||||||||
Total equity | 1,358,569 | 1,358,959 | 641,588 | 185,410 | (2,185,957 | ) | 1,358,569 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,391,012 | $ | 2,467,340 | $ | 1,681,403 | $ | 880,486 | $ | (3,857,091 | ) | $ | 2,563,150 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||
Land, buildings and improvements and intangible lease assets | $ | — | $ | 28 | $ | 1,196,124 | $ | 65,947 | $ | — | $ | 1,262,099 | |||||||||||||
Real estate held for sale | — | — | — | 16,497 | — | 16,497 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Investment in direct financing leases | — | — | 110,155 | 204,257 | — | 314,412 | |||||||||||||||||||
Gross investment in real estate assets | — | 28 | 1,574,929 | 386,701 | — | 1,961,658 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (118,163 | ) | (6,452 | ) | — | (124,615 | ) | ||||||||||||||||
Net investment in real estate assets | — | 28 | 1,456,766 | 380,249 | — | 1,837,043 | |||||||||||||||||||
Cash and cash equivalents | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Interest and rent receivable | — | 212 | 29,159 | 15,918 | — | 45,289 | |||||||||||||||||||
Straight-line rent receivable | — | — | 29,314 | 6,546 | — | 35,860 | |||||||||||||||||||
Other loans | — | 177 | — | 159,066 | — | 159,243 | |||||||||||||||||||
Net intercompany receivable | 27,393 | 1,373,941 | — | — | (1,401,334 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,050,204 | 647,029 | 42,666 | — | (1,739,899 | ) | — | ||||||||||||||||||
Other assets | — | 31,097 | 1,522 | 31,521 | — | 64,140 | |||||||||||||||||||
Total Assets | $ | 1,077,597 | $ | 2,087,967 | $ | 1,560,992 | $ | 593,563 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,010,962 | $ | — | $ | 14,198 | $ | — | $ | 1,025,160 | |||||||||||||
Accounts payable and accrued expenses | 27,783 | 26,658 | 10,492 | 1,028 | — | 65,961 | |||||||||||||||||||
Net intercompany payable | — | — | 1,000,117 | 401,217 | (1,401,334 | ) | — | ||||||||||||||||||
Deferred revenue | — | 143 | 19,621 | 845 | — | 20,609 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 16,606 | 736 | — | 17,342 | |||||||||||||||||||
Total liabilities | 27,783 | 1,037,763 | 1,046,836 | 418,024 | (1,401,334 | ) | 1,129,072 | ||||||||||||||||||
Total equity | 1,049,814 | 1,050,204 | 514,156 | 175,539 | (1,739,899 | ) | 1,049,814 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,077,597 | $ | 2,087,967 | $ | 1,560,992 | $ | 593,563 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 29,770 | $ | 5,403 | $ | (3,295 | ) | $ | 31,878 | ||||||||||||
Straight-line rent | — | — | 2,189 | 664 | — | 2,853 | |||||||||||||||||||
Income from direct financing leases | — | — | 10,519 | 5,750 | (4,971 | ) | 11,298 | ||||||||||||||||||
Interest and fee income | — | 5,004 | 9,161 | 7,299 | (7,037 | ) | 14,427 | ||||||||||||||||||
Total revenues | — | 5,004 | 51,639 | 19,116 | (15,303 | ) | 60,456 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 8,363 | 426 | — | 8,789 | |||||||||||||||||||
Property-related | — | 182 | 251 | 8,291 | (8,266 | ) | 458 | ||||||||||||||||||
General and administrative | — | 6,867 | — | (487 | ) | — | 6,380 | ||||||||||||||||||
Acquisition expenses | — | 4,179 | — | — | — | 4,179 | |||||||||||||||||||
Total operating expenses | — | 11,228 | 8,614 | 8,230 | (8,266 | ) | 19,806 | ||||||||||||||||||
Operating income (expense) | — | (6,224 | ) | 43,025 | 10,886 | (7,037 | ) | 40,650 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | 5 | — | (2 | ) | — | 3 | ||||||||||||||||||
Earnings from equity and other interests | — | — | 454 | 389 | — | 843 | |||||||||||||||||||
Interest income (expense) | — | (16,055 | ) | 454 | (7,266 | ) | 7,037 | (15,830 | ) | ||||||||||||||||
Net other income (expense) | — | (16,050 | ) | 908 | (6,879 | ) | 7,037 | (14,984 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (22,274 | ) | 43,933 | 4,007 | — | 25,666 | ||||||||||||||||||
Income from discontinued operations | — | — | — | 37 | — | 37 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 25,703 | 47,977 | 1,114 | — | (74,794 | ) | — | ||||||||||||||||||
Net income | 25,703 | 25,703 | 45,047 | 4,044 | (74,794 | ) | 25,703 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (55 | ) | (55 | ) | — | — | 55 | (55 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 25,648 | $ | 25,648 | $ | 45,047 | $ | 4,044 | $ | (74,739 | ) | $ | 25,648 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 89,149 | $ | 14,970 | $ | (9,045 | ) | $ | 95,074 | ||||||||||||
Straight-line rent | — | — | 6,617 | 1,643 | — | 8,260 | |||||||||||||||||||
Income from direct financing leases | — | — | 27,387 | 16,744 | (14,847 | ) | 29,284 | ||||||||||||||||||
Interest and fee income | — | 15,112 | 27,565 | 21,816 | (21,211 | ) | 43,282 | ||||||||||||||||||
Total revenues | — | 15,112 | 150,718 | 55,173 | (45,103 | ) | 175,900 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 24,775 | 1,276 | — | 26,051 | |||||||||||||||||||
Property-related | — | 458 | 792 | 24,162 | (23,892 | ) | 1,520 | ||||||||||||||||||
General and administrative | — | 21,286 | — | 137 | — | 21,423 | |||||||||||||||||||
Acquisition expenses | — | 6,457 | — | — | — | 6,457 | |||||||||||||||||||
Total operating expenses | — | 28,201 | 25,567 | 25,575 | (23,892 | ) | 55,451 | ||||||||||||||||||
Operating income (expense) | — | (13,089 | ) | 125,151 | 29,598 | (21,211 | ) | 120,449 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (37 | ) | — | (208 | ) | — | (245 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 687 | 1,824 | — | 2,511 | |||||||||||||||||||
Interest income (expense) | — | (46,298 | ) | 1,083 | (21,892 | ) | 21,211 | (45,896 | ) | ||||||||||||||||
Net other income (expense) | — | (46,335 | ) | 1,770 | (20,276 | ) | 21,211 | (43,630 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (59,424 | ) | 126,921 | 9,322 | — | 76,819 | ||||||||||||||||||
Income from discontinued operations | — | — | (4 | ) | 2,502 | — | 2,498 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 79,317 | 138,741 | 3,356 | — | (221,414 | ) | — | ||||||||||||||||||
Net income | 79,317 | 79,317 | 130,273 | 11,824 | (221,414 | ) | 79,317 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (165 | ) | (165 | ) | — | — | 165 | (165 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 79,152 | $ | 79,152 | $ | 130,273 | $ | 11,824 | $ | (221,249 | ) | $ | 79,152 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 28,470 | $ | 4,163 | $ | (2,335 | ) | $ | 30,298 | ||||||||||||
Straight-line rent | — | — | 2,371 | 374 | — | 2,745 | |||||||||||||||||||
Income from direct financing leases | — | — | 5,238 | 5,394 | (4,859 | ) | 5,773 | ||||||||||||||||||
Interest and fee income | — | 5,242 | 8,917 | 6,943 | (7,065 | ) | 14,037 | ||||||||||||||||||
Total revenues | — | 5,242 | 44,996 | 16,874 | (14,259 | ) | 52,853 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 7,883 | 425 | — | 8,308 | |||||||||||||||||||
Property-related | — | 88 | 116 | 7,204 | (7,194 | ) | 214 | ||||||||||||||||||
General and administrative | — | 6,332 | — | 720 | — | 7,052 | |||||||||||||||||||
Acquisition expenses | — | 410 | — | — | — | 410 | |||||||||||||||||||
Total operating expenses | — | 6,830 | 7,999 | 8,349 | (7,194 | ) | 15,984 | ||||||||||||||||||
Operating income (loss) | — | (1,588 | ) | 36,997 | 8,525 | (7,065 | ) | 36,869 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (21 | ) | (2 | ) | — | — | (23 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 331 | 734 | — | 1,065 | |||||||||||||||||||
Interest income (expense) | — | (15,203 | ) | 388 | (7,296 | ) | 7,065 | (15,046 | ) | ||||||||||||||||
Net other income (expense) | — | (15,224 | ) | 717 | (6,562 | ) | 7,065 | (14,004 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (16,812 | ) | 37,714 | 1,963 | — | 22,865 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 314 | 8,329 | — | 8,643 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries, net of income taxes | 31,508 | 48,320 | 1,129 | — | (80,957 | ) | — | ||||||||||||||||||
Net income | 31,508 | 31,508 | 39,157 | 10,292 | (80,957 | ) | 31,508 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (44 | ) | (44 | ) | — | — | 44 | (44 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 31,464 | $ | 31,464 | $ | 39,157 | $ | 10,292 | $ | (80,913 | ) | $ | 31,464 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 85,160 | $ | 12,446 | $ | (6,926 | ) | $ | 90,680 | ||||||||||||
Straight-line rent | — | — | 4,310 | 1,119 | — | 5,429 | |||||||||||||||||||
Income from direct financing leases | — | — | 11,730 | 12,600 | (11,351 | ) | 12,979 | ||||||||||||||||||
Interest and fee income | — | 13,219 | 20,620 | 17,358 | (17,711 | ) | 33,486 | ||||||||||||||||||
Total revenues | — | 13,219 | 121,820 | 43,523 | (35,988 | ) | 142,574 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 23,551 | 1,275 | — | 24,826 | |||||||||||||||||||
Property-related | — | 349 | 580 | 18,375 | (18,277 | ) | 1,027 | ||||||||||||||||||
General and administrative | — | 20,067 | — | 1,274 | — | 21,341 | |||||||||||||||||||
Acquisition expenses | — | 4,115 | — | — | — | 4,115 | |||||||||||||||||||
Total operating expenses | — | 24,531 | 24,131 | 20,924 | (18,277 | ) | 51,309 | ||||||||||||||||||
Operating income (loss) | — | (11,312 | ) | 97,689 | 22,599 | (17,711 | ) | 91,265 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Other income (expense) | — | (49 | ) | (2 | ) | (4 | ) | — | (55 | ) | |||||||||||||||
Earnings from equity and other interests | — | — | 783 | 1,161 | — | 1,944 | |||||||||||||||||||
Interest income (expense) | — | (42,905 | ) | 867 | (18,403 | ) | 17,711 | (42,730 | ) | ||||||||||||||||
Net other income (expense) | — | (42,954 | ) | 1,648 | (17,246 | ) | 17,711 | (40,841 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (54,266 | ) | 99,337 | 5,353 | — | 50,424 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 106 | 10,944 | — | 11,050 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 61,474 | 115,740 | 3,367 | — | (180,581 | ) | — | ||||||||||||||||||
Net income | 61,474 | 61,474 | 102,810 | 16,297 | (180,581 | ) | 61,474 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (130 | ) | (130 | ) | — | — | 130 | (130 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 61,344 | $ | 61,344 | $ | 102,810 | $ | 16,297 | $ | (180,451 | ) | $ | 61,344 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 25,703 | $ | 25,703 | $ | 45,047 | $ | 4,044 | $ | (74,794 | ) | $ | 25,703 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 182 | 182 | — | — | (182 | ) | 182 | ||||||||||||||||||
Total comprehensive income | 25,885 | 25,885 | 45,047 | 4,044 | (74,976 | ) | 25,885 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (55 | ) | (55 | ) | — | — | 55 | (55 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 25,830 | $ | 25,830 | $ | 45,047 | $ | 4,044 | $ | (74,921 | ) | $ | 25,830 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 79,317 | $ | 79,317 | $ | 130,273 | $ | 11,824 | $ | (221,414 | ) | $ | 79,317 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized gain on interest rate swap | 2,788 | 2,788 | — | — | (2,788 | ) | 2,788 | ||||||||||||||||||
Total comprehensive income | 82,105 | 82,105 | 130,273 | 11,824 | (224,202 | ) | 82,105 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (165 | ) | (165 | ) | — | — | 165 | (165 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 81,940 | $ | 81,940 | $ | 130,273 | $ | 11,824 | $ | (224,037 | ) | $ | 81,940 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 31,508 | $ | 31,508 | $ | 39,157 | $ | 10,292 | $ | (80,957 | ) | $ | 31,508 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (443 | ) | (443 | ) | — | — | 443 | (443 | ) | ||||||||||||||||
Total comprehensive income | 31,065 | 31,065 | 39,157 | 10,292 | (80,514 | ) | 31,065 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (44 | ) | (44 | ) | — | — | 44 | (44 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 31,021 | $ | 31,021 | $ | 39,157 | $ | 10,292 | $ | (80,470 | ) | $ | 31,021 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||||||||||||
For the Nine Months Ended September, 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 61,474 | $ | 61,474 | $ | 102,810 | $ | 16,297 | $ | (180,581 | ) | $ | 61,474 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (989 | ) | (989 | ) | — | — | 989 | (989 | ) | ||||||||||||||||
Total comprehensive income | 60,485 | 60,485 | 102,810 | 16,297 | (179,592 | ) | 60,485 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (130 | ) | (130 | ) | — | — | 130 | (130 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 60,355 | $ | 60,355 | $ | 102,810 | $ | 16,297 | $ | (179,462 | ) | $ | 60,355 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 91 | $ | (38,891 | ) | $ | 156,913 | $ | (16,549 | ) | $ | — | $ | 101,564 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (95,000 | ) | (276,500 | ) | — | (371,500 | ) | ||||||||||||||||
Principal received on loans receivable | — | — | — | 4,694 | — | 4,694 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | — | 18,409 | — | 18,409 | |||||||||||||||||||
Investments in and advances to subsidiaries | (225,683 | ) | (267,545 | ) | (1,506 | ) | 269,142 | 225,592 | — | ||||||||||||||||
Investments in loans receivable | — | — | — | (1,445 | ) | — | (1,445 | ) | |||||||||||||||||
Construction in progress and other | — | (765 | ) | (63,691 | ) | 1,034 | — | (63,422 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | (225,683 | ) | (268,310 | ) | (160,197 | ) | 15,334 | 225,592 | (413,264 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | (80,000 | ) | — | — | — | (80,000 | ) | |||||||||||||||||
Additions to term debt, net of discount | — | 153,000 | — | — | — | 153,000 | |||||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (185 | ) | — | (11,185 | ) | ||||||||||||||||
Distributions paid | (87,727 | ) | (87,928 | ) | — | — | 87,727 | (87,928 | ) | ||||||||||||||||
Proceeds from sale of common shares/units, net of offering costs | 313,319 | 313,319 | — | — | (313,319 | ) | 313,319 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 1,719 | 1,870 | — | 3,589 | |||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (4,282 | ) | — | — | — | (4,282 | ) | |||||||||||||||||
Net cash provided by financing activities | 225,592 | 283,109 | 1,719 | 1,685 | (225,592 | ) | 286,513 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (24,092 | ) | (1,565 | ) | 470 | — | (25,187 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 11,391 | $ | — | $ | 733 | $ | — | $ | 12,124 | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16 | $ | (38,780 | ) | $ | 109,018 | $ | 4,455 | $ | — | $ | 74,709 | ||||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (410,000 | ) | (196,500 | ) | — | (606,500 | ) | ||||||||||||||||
Principal received on loans receivable | — | — | 5,491 | 4,016 | — | 9,507 | |||||||||||||||||||
Net proceeds from sale of real estate | — | — | 800 | 33,300 | — | 34,100 | |||||||||||||||||||
Investments in and advances to subsidiaries | (143,554 | ) | (540,016 | ) | 380,605 | 159,427 | 143,538 | — | |||||||||||||||||
Investments in loans receivable | — | — | — | (1,293 | ) | — | (1,293 | ) | |||||||||||||||||
Construction in progress and other | — | (59 | ) | (33,869 | ) | (1,992 | ) | — | (35,920 | ) | |||||||||||||||
Net cash used in investing activities | (143,554 | ) | (540,075 | ) | (56,973 | ) | (3,042 | ) | 143,538 | (600,106 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Revolving credit facilities, net | — | 75,000 | (39,600 | ) | — | — | 35,400 | ||||||||||||||||||
Additions to term debt | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Payments of term debt | — | — | — | (171 | ) | — | (171 | ) | |||||||||||||||||
Distributions paid | (76,569 | ) | (76,770 | ) | — | — | 76,569 | (76,770 | ) | ||||||||||||||||
Proceeds from sale of common stock/units, net of offering costs | 220,107 | 220,107 | — | — | (220,107 | ) | 220,107 | ||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | (12,289 | ) | (1,102 | ) | — | (13,391 | ) | ||||||||||||||||
Debt issuance costs paid and other financing activities | — | (6,341 | ) | — | — | — | (6,341 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 143,538 | 511,996 | (51,889 | ) | (1,273 | ) | (143,538 | ) | 458,834 | ||||||||||||||||
Increase in cash and cash equivalents for period | — | (66,859 | ) | 156 | 140 | — | (66,563 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 101,230 | 1,409 | 87 | — | 102,726 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 34,371 | $ | 1,565 | $ | 227 | $ | — | $ | 36,163 | |||||||||||||
Carrying_Value_and_Classificat
Carrying Value and Classification of Related Assets and Maximum Exposure to Loss as Result of Involvement with Variable Interest Entities (Detail) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Mortgage and other loans | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | $229,646 | [1] |
Other assets | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 5,079 | [1] |
Loans, net | ' | |
Variable Interest Entity [Line Items] | ' | |
Maximum Loss Exposure | 283,157 | [2] |
Equity investments | ' | |
Variable Interest Entity [Line Items] | ' | |
Maximum Loss Exposure | $19,519 | [2] |
[1] | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | |
[2] | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rent receivables), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represents the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. |
Real_Estate_and_Lending_Activi2
Real Estate and Lending Activities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||
Sep. 13, 2013 | Jul. 18, 2013 | Jun. 11, 2013 | Jul. 03, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 4-May-13 | Sep. 30, 2013 | Oct. 14, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 19, 2012 | Sep. 19, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 03, 2012 | Sep. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 13, 2013 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 18, 2013 | Jul. 18, 2013 | 20-May-13 | Sep. 30, 2013 | Mar. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2010 | Jul. 11, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 30, 2012 | Sep. 30, 2013 | Apr. 30, 2013 | Jun. 15, 2012 | Aug. 21, 2012 | Sep. 28, 2012 | |
Hospital | Leases | Contract | Contract | Bed | Letter of Credit | Emerus Holding, Inc. and Baptist Health System JV | Emerus Holding, Inc. and Baptist Health System JV | Emerus Holding, Inc. and Baptist Health System JV | Twelve Oaks Facility | Texas | California | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Acute Care Medical Center | Roxborough Memorial Hospital | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | Acute Care Iasis Hospital | Acute Care Iasis Hospital | Acute Care Facility | Acute Care Facility | Rehabilitation Hospital | Rehabilitation Hospital | Ernest | Ernest | Ernest | Ernest | Ernest | Ernest | Ernest | Ernest | Ernest | Florence acute care facility | Prime Health Care Services | Prime Health Care Services | Prime Health Care Services | Prime Health Care Services | Prime Health Care Services | Corpus Christi Rehabilitation Hospital | Corpus Christi Rehabilitation Hospital | Rehabilitation Facility in South Ogden | Rehabilitation Facility in South Ogden | Rehabilitation Facility in Post Falls, Idaho | Rehabilitation Facility in Post Falls, Idaho | Monroe Hospital | Monroe Hospital | First Choice | Location Dallas, TX [Member] | Location Austin, TX | Location Altoona, WI | Location Altoona, WI | Health South Rehabilitation Hospital Of Southeast Arizona and Southeast Texas | HealthSouth Rehabilitation Hospital of Fayetteville | Denham Springs | Thornton | ||||||
RenewalOptions | Hospital | Property | Property | Emerus Holding, Inc. and Baptist Health System JV | Floor Rate [Member] | Emerus Holding, Inc. and Baptist Health System JV | Ceiling [Member] | Bed | Bed | Facility | Maximum | Facility | Bed | Facility | Facility | Bed | Key Management Personnel | Minimum | Commitment | Room | Hospital | ||||||||||||||||||||||||||||||||||||||||||||||
Bed | Contract | State | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General acute care hospitals acquired | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 7 | ' | 11 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs | ' | ' | ' | ' | ' | $4,179,000 | $410,000 | $6,457,000 | $4,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,000,000 | $30,000,000 | ' | ' | $283,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvement costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial leaseback term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum rent increase percent | ' | ' | 2.00% | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 0.50% | ' | 2.00% | 5.00% | 2.00% | ' | 5.00% | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease renewal option | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended lease maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2028 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of acquisition | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,500,000 | ' | 96,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,800,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | '27 years | ' | '10 years | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease extension, years | ' | '5 years | '5 years | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lease extension options in current lease contract | ' | ' | 2 | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of beds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380 | 140 | ' | ' | ' | ' | ' | 369 | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined purchase price and investment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan secured by mortgage interest | ' | ' | ' | ' | ' | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition loan made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,200,000 | ' | 93,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on acquisition loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon payable in cash, year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon payable in cash, year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon payable in cash in, thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Although there are provisions in the loan agreement that are expected to result in full payment of the 15% preference when funds are sufficient. Any of the 15% in excess of the minimum that is not paid may be accrued and paid upon the occurrence of a capital or liquidity event and is payable at maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from business acquisitions | ' | ' | ' | ' | ' | 2,900,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | 4,179,000 | 410,000 | 6,457,000 | 4,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of freestanding emergency room facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated total development cost, funded | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | 10,400,000 | ' | ' | 100,000,000 | ' | ' | ' | 11,100,000 | ' | ' | ' | ' |
Estimated cost of the new facility | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | ' | 14,400,000 | ' | ' | ' | ' | 5,200,000 | 5,500,000 | 33,500,000 | ' | ' | ' | ' | ' |
Facility partially occupied date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Jan-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of facility partially occupied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost incurred in new facility | ' | ' | ' | ' | ' | 8,400,000 | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 15,000,000 | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
initial lease term | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leased hospital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent escalations percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | 16,000,000 | 5,200,000 | 17,400,000 |
Gain (loss) on sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | -1,400,000 | 300,000 | 8,400,000 |
Number of hospitals sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Increase in consumer price index | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lease renewal options | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases rent, interest and other charges outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of working capital loan recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Straight line rent receivables write-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days past due | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment to maximum exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of working capital loan estimation-patient receivables considered for first priority secured interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of working capital loan estimation-cash balance considered for first priority secured interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent receivables | ' | ' | ' | ' | ' | 500,000 | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of convertible note converted into equity interest | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible note | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity shares from convertible debt | ' | ' | ' | ' | 9.90% | 15.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining convertible debt after conversion of part of debt | ' | ' | ' | ' | ' | $3,300,000 | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of entity revenue from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.70% | 21.10% | 20.50% | 18.40% | ' | ' | ' | ' | ' | ' | 33.70% | 28.70% | 32.40% | 26.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total assets accounted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.50% | 20.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.40% | ' | ' | ' | 18.20% | ' | ' | ' | ' | ' | 26.70% | ' | ' | ' | 27.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of entity's total assets invested on single property | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_and_Lending_Activi3
Real Estate and Lending Activities - Assets Acquired (Detail) (Ernest, USD $) | Feb. 28, 2013 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | ||
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | $371,500 | $606,500 |
Land | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 16,220 | ' |
Building | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 265,030 | ' |
Net investments in direct financing leases | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 85,000 | 310,000 |
Mortgage loans | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | ' | 200,000 |
Other loans | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | 5,250 | 93,200 |
Equity investments | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Total assets acquired | ' | $3,300 |
Real_Estate_and_Lending_Activi4
Real Estate and Lending Activities - Supplemental Pro Forma Earnings Adjusted to Exclude Acquisition-Related Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Total revenues | $65,518 | $63,695 | $196,708 | $188,339 |
Net income | $29,366 | $37,091 | $89,570 | $92,620 |
Net income per share/unit - diluted | $0.18 | $0.25 | $0.55 | $0.63 |
Real_Estate_and_Lending_Activi5
Real Estate and Lending Activities - Summary of Status Update on Current Development Projects (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' |
Original Commitment | $176,440 |
Costs Incurred as of September 30, 2013 | 41,633 |
Property Victoria Rehabilitation Hospital | Location Victoria, TX | Property Type Long-term Acute Care Hospital | Operator Post Acute Medical | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 9,400 |
Costs Incurred as of September 30, 2013 | 8,391 |
Estimated Completion Date | '4th Qtr 2013 |
Property First Choice ER - Brodie | Location Austin, TX | Property Type General Acute Care Hospital | Operator First Choice | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,470 |
Costs Incurred as of September 30, 2013 | 1,509 |
Estimated Completion Date | '1st Qtr 2014 |
Property First Choice ER - Little Elm | Location Dallas, TX [Member] | Property Type General Acute Care Hospital | Operator First Choice | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,200 |
Costs Incurred as of September 30, 2013 | 2,792 |
Estimated Completion Date | '4th Qtr 2013 |
Property Rehabilitation Hospital of the Northwest | Location Post Falls, ID | Property Type Rehabilitation Hospital | Operator Ernest Health, Inc. | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 14,387 |
Costs Incurred as of September 30, 2013 | 10,389 |
Estimated Completion Date | '4th Qtr 2013 |
Property Oakleaf Surgical Hospital | Location Altoona, WI | Property Type General Acute Care Hospital | Operator National Surgical Hospitals | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 33,500 |
Costs Incurred as of September 30, 2013 | 11,146 |
Estimated Completion Date | '3rd Qtr 2014 |
Property Northern Utah Rehabilitation Hospital | Location South Ogden, UT | Property Type Rehabilitation Hospital | Operator Ernest Health, Inc. | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 19,153 |
Costs Incurred as of September 30, 2013 | 7,406 |
Estimated Completion Date | '3rd Qtr 2014 |
Property First Choice Emergency Rooms | Location Various | Property Type General Acute Care Hospital | Operator First Choice | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | $89,330 |
Estimated Completion Date | 'Various |
Real_Estate_and_Lending_Activi6
Real Estate and Lending Activities - Components of Net Investment in Direct Financing Leases (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Minimum lease payments receivable | $1,566,155 | $1,277,923 |
Estimated residual values | 211,283 | 201,283 |
Less: Unearned income | -1,373,926 | -1,164,794 |
Net investment in direct financing leases | $403,512 | $314,412 |
Real_Estate_and_Lending_Activi7
Real Estate and Lending Activities - Summary of Loans (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans [Line Items] | ' | ' |
Loans Receivable Net | $529,895 | $527,893 |
Mortgage loans | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 368,650 | 368,650 |
Acquisition loans | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 103,516 | 98,433 |
Working capital and other loans | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | 54,377 | 57,458 |
Convertible loan | ' | ' |
Loans [Line Items] | ' | ' |
Loans Receivable Net | $3,352 | $3,352 |
Debt_Summary_of_Debt_Net_of_Di
Debt - Summary of Debt Net of Discounts (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | |
Long term debt | $1,086,973 | $1,025,160 | |
Revolving credit facility | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Interest rate | 'Variable | 'Variable | |
Principal amount | 45,000 | 125,000 | |
2006 Senior Unsecured Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Interest rate | 'Various | 'Various | |
Principal amount | 125,000 | 125,000 | |
2011 Senior Unsecured Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Unsecured senior notes, interest rate | 6.88% | 6.88% | |
Principal amount | 450,000 | 450,000 | |
2012 Senior Unsecured Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Unsecured senior notes, interest rate | 6.38% | 6.38% | |
Principal amount | 350,000 | 200,000 | |
Unamortized premium | 2,960 | ' | |
Debt instrument, net | 352,960 | 200,000 | |
Exchangeable senior notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Unsecured senior notes, interest rate | ' | 9.25% | [1] |
Principal amount | ' | 11,000 | [1] |
Unamortized discount | ' | -37 | |
Debt instrument, net | ' | 10,963 | |
Term loans | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Interest rate | 'Various | 'Various | |
Debt instrument, net | $114,013 | $114,197 | |
[1] | The exchangeable senior notes were paid in full on April 1, 2013. |
Debt_Principal_Payments_Due_fo
Debt - Principal Payments Due for Debt (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2013 | $64 |
2014 | 266 |
2015 | 45,283 |
2016 | 225,299 |
2017 | 320 |
Thereafter | 812,781 |
Total | $1,084,013 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Oct. 31, 2011 | Jun. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Aug. 20, 2013 | Feb. 17, 2012 | |
Interest Rate Contract | Interest Rate Contract | Interest Rate Contract One | Interest Rate Contract Two | 2006 Senior Unsecured Notes | 2006 Senior Unsecured Notes | 2006 Senior Unsecured Notes | 2012 Term Loan | 2012 Term Loan | 2012 Term Loan | Senior Notes Six Point Three Seven Five Percent Due Two Thousand Twenty Two [Member] | Senior Notes Six Point Three Seven Five Percent Due Two Thousand Twenty Two [Member] | |||||
Revolving Credit Facility | Revolving Credit Facility | |||||||||||||||
Minimum | Maximum | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes, value of offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | $200,000,000 |
Net proceeds, after underwriting discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,300,000 | 196,500,000 |
Unsecured senior notes, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | 6.38% |
Debt instrument redumption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.00% | 102.00% |
Debt instrument yield to maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-20 | 15-Feb-20 |
Paid off term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 125,000,000 | 70,000,000 | ' | ' | ' | ' |
Credit facilities, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330,000,000 | 400,000,000 | ' | ' |
Portion of debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of the interest rate swaps | ' | ' | ' | ' | 9,700,000 | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of interest rate derivative instrument | ' | ' | ' | ' | ' | ' | 5.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of interest rate swap | ' | ' | ' | ' | ' | ' | 'July 2016 | 'October 2016 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, amount fixed | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of derivative instrument | ' | ' | ' | ' | ' | ' | ' | 5.68% | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets, collateral | $4,700,000 | ' | ' | $6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of dividends which could be paid from adjusted operating funds | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of dividends which could be paid from operation funds | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of total unencumbered assets | ' | 150.00% | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common_StockPartners_Capital_A
Common Stock/Partners' Capital - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 20, 2013 | Feb. 28, 2013 | Feb. 07, 2012 |
MPT Operating Partnership, L.P. | MPT Operating Partnership, L.P. | Public Offering | Public Offering | Public Offering | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 160,880,000 | ' | 136,335,000 | ' | ' | 11,500,000 | 12,650,000 | 23,575,000 |
Underwriters' purchase of shares pursuant to over allotment | ' | ' | ' | ' | ' | 1,500,000 | 1,650,000 | 3,075,000 |
Public offering price for common stock per share | ' | ' | ' | ' | ' | $12.75 | $14.25 | $9.75 |
Proceeds from issuance of common stock | $313,319 | $220,107 | ' | $313,319 | $220,107 | $140,400 | $172,900 | $220,100 |
Partnership units issued | ' | ' | ' | 24,150,000 | 23,575,000 | ' | ' | ' |
Ownership interest in operating partnership | ' | ' | ' | 99.80% | ' | ' | ' | ' |
Stock_Awards_Additional_Inform
Stock Awards - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Time-Based Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 240,425 | 275,464 |
Stock awards vesting period in years | '3 years | ' |
Performance-Based Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 204,255 | 252,566 |
Stock awards vesting period in years | '3 years | ' |
Multi-Year Performance-Based Awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share - based compensation ,shares issued | 550,000 | 649,793 |
Stock awards vesting period in years | '3 years | ' |
Equity Incentive Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Reserved shares of common stock for awards under the Equity Incentive Plan | 7,395,132 | ' |
Common stock remaining for future stock awards | 495,132 | ' |
Common stock remaining for future stock awards transferred to the equity incentive plan | 7,395,132 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest and rent receivables | $54,505 | $45,289 | ||
Loans | 331,612 | [1] | 334,693 | [1] |
Debt, net | -1,086,973 | -1,025,160 | ||
Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest and rent receivables | 43,723 | 36,700 | ||
Loans | 329,367 | [1] | 335,595 | [1] |
Debt, net | ($1,116,389) | ($1,082,333) | ||
[1] | Excludes loans related to the Ernest Transaction since they are recorded at fair value and discussed below. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis (Detail) (Fair Value Measurements, Recurring, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | $201,583 |
Cost | 201,583 |
Mortgage loans | Mortgage Loans | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 100,000 |
Cost | 100,000 |
Acquisition Loan | Other loans | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 98,283 |
Cost | 98,283 |
Equity investments | Other assets | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 3,300 |
Cost | $3,300 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Adjustment for marketability discount | 40.00% |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Summary Showing Sensitivity Analysis by Using Basis Point Variations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
+100 basis points | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | ($300) |
- 100 basis points | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $300 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Revenues | $37 | $460 | $568 | $5,919 |
Gain (loss) on sale | ' | 8,726 | 2,054 | 7,280 |
Income | $37 | $8,643 | $2,498 | $11,050 |
Earnings per share/unit - diluted | ' | $0.06 | $0.02 | $0.08 |
Earnings_Per_ShareCommon_Unit_1
Earnings Per Share/Common Unit - Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income from continuing operations | $25,666 | $22,865 | $76,819 | $50,424 |
Non-controlling interests' share in continuing operations | -55 | -44 | -165 | -130 |
Participating securities' share in earnings | -166 | -225 | -538 | -715 |
Income from continuing operations, less participating securities' share in earnings | 25,445 | 22,596 | 76,116 | 49,579 |
Income from discontinued operations attributable to MPT common stockholders | 37 | 8,643 | 2,498 | 11,050 |
Net income, less participating securities' share in earnings | 25,482 | 31,239 | 78,614 | 60,629 |
Basic weighted-average common shares | 154,758 | 134,781 | 148,204 | 131,467 |
Dilutive potential common shares | 1,211 | 1 | 1,313 | ' |
Dilutive weighted-average common shares | 155,969 | 134,782 | 149,517 | 131,467 |
MPT Operating Partnership, L.P. | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Income from continuing operations | 25,666 | 22,865 | 76,819 | 50,424 |
Non-controlling interests' share in continuing operations | -55 | -44 | -165 | -130 |
Participating securities' share in earnings | -166 | -225 | -538 | -715 |
Income from continuing operations, less participating securities' share in earnings | 25,445 | 22,596 | 76,116 | 49,579 |
Income from discontinued operations attributable to MPT common stockholders | 37 | 8,643 | 2,498 | 11,050 |
Net income, less participating securities' share in earnings | $25,482 | $31,239 | $78,614 | $60,629 |
Basic weighted-average common shares | 154,758 | 134,781 | 148,204 | 131,467 |
Dilutive potential common shares | 1,211 | 1 | 1,313 | ' |
Dilutive weighted-average common shares | 155,969 | 134,782 | 149,517 | 131,467 |
Earnings_Per_ShareCommon_Unit_2
Earnings Per Share/Common Unit - Additional Information (Detail) (Stock Options) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Options excluded from earnings per share/unit | 0.1 | 0.1 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (EUR €) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
Sep. 13, 2013 | Jun. 11, 2013 | Sep. 30, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Jul. 18, 2013 | Sep. 30, 2013 | Sep. 13, 2013 | Sep. 30, 2013 | |
Hospital | Maximum | Maximum | Minimum | Minimum | Rehabilitation Hospital | Rehabilitation Hospital | |||
Facility | Facility | ||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities acquired | ' | 2 | ' | ' | ' | ' | ' | 11 | 5 |
Business acquisition cost of acquired entity | € 184 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of rental rate increase | ' | 2.00% | 9.00% | 5.00% | 2.00% | 2.00% | 0.50% | ' | ' |
Financing for additional construction | € 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, Additional Commitment term | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | '27 years | '10 years | '20 years | ' | ' | ' | ' | ' | ' |
Percentage of annual rent increase | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Period past due, in days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 10, 2013 | |
USD ($) | USD ($) | Subsequent Event | Subsequent Event | Subsequent Event | ||
USD ($) | Rehabilitation Hospital | Senior Notes Five Point Seven Five Percentage | ||||
EUR (€) | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated total development cost | ' | $9,400,000 | ' | $5,200,000 | ' | ' |
Public Offering principal amount | ' | $313,319,000 | $220,107,000 | ' | ' | € 200,000,000 |
Debt instrument interest rate | ' | ' | ' | ' | ' | 5.75% |
Maturity date of note | ' | ' | ' | ' | ' | 10-Jan-20 |
Debt instrument interest payment terms | ' | ' | ' | ' | ' | 'Interest on the Notes will be payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2014 |
Debt instrument interest payment terms | ' | ' | ' | ' | ' | 'Semi-annually |
Notes redemption term | ' | ' | ' | ' | ' | 'On or after October 1, 2016, we may redeem some or all of the Notes at a premium that will decrease over time. In addition, at any time and from time to time prior to October 1, 2016 the Issuers may redeem up to 35% of the aggregate principal amount of the Notes using the proceeds of one or more equity offerings. |
Notes repurchase rate percentage on principal amount | ' | ' | ' | ' | ' | 101.00% |
Period past due, in days | '90 days | ' | ' | ' | '90 days | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | ||
Subsidiaries Guarantor | Subsidiaries Guarantor | Subsidiaries Non Guarantor | Subsidiaries Non Guarantor | Eliminations | Eliminations | |||
Total Assets | $2,563,150 | $2,178,886 | $1,010,400 | $888,900 | $390,900 | $5,500 | ($1,401,300) | ($894,400) |
Total liabilities | $1,204,581 | $1,129,072 | $1,010,400 | $888,900 | $390,900 | $5,500 | ($1,401,300) | ($894,400) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | $1,606,432 | $1,262,099 | ' | ' |
Real estate held for sale | ' | 16,497 | ' | ' |
Mortgage loans | 368,650 | 368,650 | ' | ' |
Investment in direct financing leases | 403,512 | 314,412 | ' | ' |
Gross investment in real estate assets | 2,378,594 | 1,961,658 | ' | ' |
Accumulated depreciation and amortization | -150,666 | -124,615 | ' | ' |
Net investment in real estate assets | 2,227,928 | 1,837,043 | ' | ' |
Cash and cash equivalents | 12,124 | 37,311 | 36,163 | 102,726 |
Interest and rent receivable | 54,505 | 45,289 | ' | ' |
Straight-line rent receivable | 44,240 | 35,860 | ' | ' |
Other loans | 161,245 | 159,243 | ' | ' |
Other assets | 63,108 | 64,140 | ' | ' |
Total Assets | 2,563,150 | 2,178,886 | ' | ' |
Debt, net | 1,086,973 | 1,025,160 | ' | ' |
Accounts payable and accrued expenses | 73,852 | 65,961 | ' | ' |
Deferred revenue | 23,229 | 20,609 | ' | ' |
Lease deposits and other obligations to tenants | 20,527 | 17,342 | ' | ' |
Total liabilities | 1,204,581 | 1,129,072 | ' | ' |
Total equity | 1,358,569 | 1,049,814 | ' | ' |
Total Liabilities and Equity | 2,563,150 | 2,178,886 | ' | ' |
Parent | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | ' | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Investment in direct financing leases | ' | ' | ' | ' |
Gross investment in real estate assets | ' | ' | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Interest and rent receivable | ' | ' | ' | ' |
Straight-line rent receivable | ' | ' | ' | ' |
Other loans | ' | ' | ' | ' |
Net intercompany receivable | 32,053 | 27,393 | ' | ' |
Investment in subsidiaries | 1,358,959 | 1,050,204 | ' | ' |
Total Assets | 1,391,012 | 1,077,597 | ' | ' |
Accounts payable and accrued expenses | 32,443 | 27,783 | ' | ' |
Net intercompany payable | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' |
Lease deposits and other obligations to tenants | ' | ' | ' | ' |
Total liabilities | 32,443 | 27,783 | ' | ' |
Total equity | 1,358,569 | 1,049,814 | ' | ' |
Total Liabilities and Equity | 1,391,012 | 1,077,597 | ' | ' |
Subsidiary Issuers | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | 28 | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Investment in direct financing leases | ' | ' | ' | ' |
Gross investment in real estate assets | ' | 28 | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | 28 | ' | ' |
Cash and cash equivalents | 11,391 | 35,483 | 34,371 | 101,230 |
Interest and rent receivable | 715 | 212 | ' | ' |
Other loans | 178 | 177 | ' | ' |
Net intercompany receivable | 1,639,081 | 1,373,941 | ' | ' |
Investment in subsidiaries | 783,441 | 647,029 | ' | ' |
Other assets | 32,534 | 31,097 | ' | ' |
Total Assets | 2,467,340 | 2,087,967 | ' | ' |
Debt, net | 1,072,960 | 1,010,962 | ' | ' |
Accounts payable and accrued expenses | 35,705 | 26,658 | ' | ' |
Deferred revenue | -284 | 143 | ' | ' |
Total liabilities | 1,108,381 | 1,037,763 | ' | ' |
Total equity | 1,358,959 | 1,050,204 | ' | ' |
Total Liabilities and Equity | 2,467,340 | 2,087,967 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 1,259,234 | 1,196,124 | ' | ' |
Mortgage loans | 268,650 | 268,650 | ' | ' |
Investment in direct financing leases | 186,586 | 110,155 | ' | ' |
Gross investment in real estate assets | 1,714,470 | 1,574,929 | ' | ' |
Accumulated depreciation and amortization | -142,939 | -118,163 | ' | ' |
Net investment in real estate assets | 1,571,531 | 1,456,766 | ' | ' |
Cash and cash equivalents | ' | 1,565 | 1,565 | 1,409 |
Interest and rent receivable | 29,284 | 29,159 | ' | ' |
Straight-line rent receivable | 36,051 | 29,314 | ' | ' |
Investment in subsidiaries | 43,557 | 42,666 | ' | ' |
Other assets | 980 | 1,522 | ' | ' |
Total Assets | 1,681,403 | 1,560,992 | ' | ' |
Accounts payable and accrued expenses | 4,935 | 10,492 | ' | ' |
Net intercompany payable | 998,987 | 1,000,117 | ' | ' |
Deferred revenue | 17,970 | 19,621 | ' | ' |
Lease deposits and other obligations to tenants | 17,923 | 16,606 | ' | ' |
Total liabilities | 1,039,815 | 1,046,836 | ' | ' |
Total equity | 641,588 | 514,156 | ' | ' |
Total Liabilities and Equity | 1,681,403 | 1,560,992 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 347,198 | 65,947 | ' | ' |
Real estate held for sale | ' | 16,497 | ' | ' |
Mortgage loans | 100,000 | 100,000 | ' | ' |
Investment in direct financing leases | 216,926 | 204,257 | ' | ' |
Gross investment in real estate assets | 664,124 | 386,701 | ' | ' |
Accumulated depreciation and amortization | -7,727 | -6,452 | ' | ' |
Net investment in real estate assets | 656,397 | 380,249 | ' | ' |
Cash and cash equivalents | 733 | 263 | 227 | 87 |
Interest and rent receivable | 24,506 | 15,918 | ' | ' |
Straight-line rent receivable | 8,189 | 6,546 | ' | ' |
Other loans | 161,067 | 159,066 | ' | ' |
Other assets | 29,594 | 31,521 | ' | ' |
Total Assets | 880,486 | 593,563 | ' | ' |
Debt, net | 14,013 | 14,198 | ' | ' |
Accounts payable and accrued expenses | 769 | 1,028 | ' | ' |
Net intercompany payable | 672,147 | 401,217 | ' | ' |
Deferred revenue | 5,543 | 845 | ' | ' |
Lease deposits and other obligations to tenants | 2,604 | 736 | ' | ' |
Total liabilities | 695,076 | 418,024 | ' | ' |
Total equity | 185,410 | 175,539 | ' | ' |
Total Liabilities and Equity | 880,486 | 593,563 | ' | ' |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | ' | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Investment in direct financing leases | ' | ' | ' | ' |
Gross investment in real estate assets | ' | ' | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Interest and rent receivable | ' | ' | ' | ' |
Straight-line rent receivable | ' | ' | ' | ' |
Other loans | ' | ' | ' | ' |
Net intercompany receivable | -1,671,134 | -1,401,334 | ' | ' |
Investment in subsidiaries | -2,185,957 | -1,739,899 | ' | ' |
Total Assets | -3,857,091 | -3,141,233 | ' | ' |
Net intercompany payable | -1,671,134 | -1,401,334 | ' | ' |
Total liabilities | -1,671,134 | -1,401,334 | ' | ' |
Total equity | -2,185,957 | -1,739,899 | ' | ' |
Total Liabilities and Equity | ($3,857,091) | ($3,141,233) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Rent billed | $31,878 | $30,298 | $95,074 | $90,680 |
Straight-line rent | 2,853 | 2,745 | 8,260 | 5,429 |
Income from direct financing leases | 11,298 | 5,773 | 29,284 | 12,979 |
Interest and fee income | 14,427 | 14,037 | 43,282 | 33,486 |
Total revenues | 60,456 | 52,853 | 175,900 | 142,574 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 8,789 | 8,308 | 26,051 | 24,826 |
Property-related | 458 | 214 | 1,520 | 1,027 |
General and administrative | 6,380 | 7,052 | 21,423 | 21,341 |
Acquisition expenses | 4,179 | 410 | 6,457 | 4,115 |
Total operating expenses | 19,806 | 15,984 | 55,451 | 51,309 |
Operating income (expense) | 40,650 | 36,869 | 120,449 | 91,265 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | 3 | -23 | -245 | -55 |
Earnings from equity and other interests | 843 | 1,065 | 2,511 | 1,944 |
Interest income (expense) | -15,830 | -15,046 | -45,896 | -42,730 |
Net other expense | -14,984 | -14,004 | -43,630 | -40,841 |
Income (loss) from continuing operations | 25,666 | 22,865 | 76,819 | 50,424 |
Income (loss) from discontinued operations | 37 | 8,643 | 2,498 | 11,050 |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Net income (loss) attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Net income attributable to MPT common stockholders | 25,648 | 31,464 | 79,152 | 61,344 |
Parent | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries net of income taxes | 25,703 | 31,508 | 79,317 | 61,474 |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Net income (loss) attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Net income attributable to MPT common stockholders | 25,648 | 31,464 | 79,152 | 61,344 |
Subsidiary Issuers | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Interest and fee income | 5,004 | 5,242 | 15,112 | 13,219 |
Total revenues | 5,004 | 5,242 | 15,112 | 13,219 |
Expenses | ' | ' | ' | ' |
Property-related | 182 | 88 | 458 | 349 |
General and administrative | 6,867 | 6,332 | 21,286 | 20,067 |
Acquisition expenses | 4,179 | 410 | 6,457 | 4,115 |
Total operating expenses | 11,228 | 6,830 | 28,201 | 24,531 |
Operating income (expense) | -6,224 | -1,588 | -13,089 | -11,312 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | 5 | -21 | -37 | -49 |
Interest income (expense) | -16,055 | -15,203 | -46,298 | -42,905 |
Net other expense | -16,050 | -15,224 | -46,335 | -42,954 |
Income (loss) from continuing operations | -22,274 | -16,812 | -59,424 | -54,266 |
Equity in earnings of consolidated subsidiaries net of income taxes | 47,977 | 48,320 | 138,741 | 115,740 |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Net income (loss) attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Net income attributable to MPT common stockholders | 25,648 | 31,464 | 79,152 | 61,344 |
Subsidiary Guarantors | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 29,770 | 28,470 | 89,149 | 85,160 |
Straight-line rent | 2,189 | 2,371 | 6,617 | 4,310 |
Income from direct financing leases | 10,519 | 5,238 | 27,387 | 11,730 |
Interest and fee income | 9,161 | 8,917 | 27,565 | 20,620 |
Total revenues | 51,639 | 44,996 | 150,718 | 121,820 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 8,363 | 7,883 | 24,775 | 23,551 |
Property-related | 251 | 116 | 792 | 580 |
Total operating expenses | 8,614 | 7,999 | 25,567 | 24,131 |
Operating income (expense) | 43,025 | 36,997 | 125,151 | 97,689 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | ' | -2 | ' | -2 |
Earnings from equity and other interests | 454 | 331 | 687 | 783 |
Interest income (expense) | 454 | 388 | 1,083 | 867 |
Net other expense | 908 | 717 | 1,770 | 1,648 |
Income (loss) from continuing operations | 43,933 | 37,714 | 126,921 | 99,337 |
Income (loss) from discontinued operations | ' | 314 | -4 | 106 |
Equity in earnings of consolidated subsidiaries net of income taxes | 1,114 | 1,129 | 3,356 | 3,367 |
Net income | 45,047 | 39,157 | 130,273 | 102,810 |
Net income attributable to MPT common stockholders | 45,047 | 39,157 | 130,273 | 102,810 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | 5,403 | 4,163 | 14,970 | 12,446 |
Straight-line rent | 664 | 374 | 1,643 | 1,119 |
Income from direct financing leases | 5,750 | 5,394 | 16,744 | 12,600 |
Interest and fee income | 7,299 | 6,943 | 21,816 | 17,358 |
Total revenues | 19,116 | 16,874 | 55,173 | 43,523 |
Expenses | ' | ' | ' | ' |
Real estate depreciation and amortization | 426 | 425 | 1,276 | 1,275 |
Property-related | 8,291 | 7,204 | 24,162 | 18,375 |
General and administrative | -487 | 720 | 137 | 1,274 |
Total operating expenses | 8,230 | 8,349 | 25,575 | 20,924 |
Operating income (expense) | 10,886 | 8,525 | 29,598 | 22,599 |
Other income (expense) | ' | ' | ' | ' |
Other income (expense) | -2 | ' | -208 | -4 |
Earnings from equity and other interests | 389 | 734 | 1,824 | 1,161 |
Interest income (expense) | -7,266 | -7,296 | -21,892 | -18,403 |
Net other expense | -6,879 | -6,562 | -20,276 | -17,246 |
Income (loss) from continuing operations | 4,007 | 1,963 | 9,322 | 5,353 |
Income (loss) from discontinued operations | 37 | 8,329 | 2,502 | 10,944 |
Net income | 4,044 | 10,292 | 11,824 | 16,297 |
Net income attributable to MPT common stockholders | 4,044 | 10,292 | 11,824 | 16,297 |
Eliminations | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Rent billed | -3,295 | -2,335 | -9,045 | -6,926 |
Income from direct financing leases | -4,971 | -4,859 | -14,847 | -11,351 |
Interest and fee income | -7,037 | -7,065 | -21,211 | -17,711 |
Total revenues | -15,303 | -14,259 | -45,103 | -35,988 |
Expenses | ' | ' | ' | ' |
Property-related | -8,266 | -7,194 | -23,892 | -18,277 |
Total operating expenses | -8,266 | -7,194 | -23,892 | -18,277 |
Operating income (expense) | -7,037 | -7,065 | -21,211 | -17,711 |
Other income (expense) | ' | ' | ' | ' |
Interest income (expense) | 7,037 | 7,065 | 21,211 | 17,711 |
Net other expense | 7,037 | 7,065 | 21,211 | 17,711 |
Equity in earnings of consolidated subsidiaries net of income taxes | -74,794 | -80,957 | -221,414 | -180,581 |
Net income | -74,794 | -80,957 | -221,414 | -180,581 |
Net income (loss) attributable to non-controlling interests | 55 | 44 | 165 | 130 |
Net income attributable to MPT common stockholders | ($74,739) | ($80,913) | ($221,249) | ($180,451) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | $25,703 | $31,508 | $79,317 | $61,474 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 182 | -443 | 2,788 | -989 |
Total comprehensive income | 25,885 | 31,065 | 82,105 | 60,485 |
Comprehensive income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Comprehensive income attributable to MPT common stockholders | 25,830 | 31,021 | 81,940 | 60,355 |
Parent | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 182 | -443 | 2,788 | -989 |
Total comprehensive income | 25,885 | 31,065 | 82,105 | 60,485 |
Comprehensive income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Comprehensive income attributable to MPT common stockholders | 25,830 | 31,021 | 81,940 | 60,355 |
Subsidiary Issuers | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | 25,703 | 31,508 | 79,317 | 61,474 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 182 | -443 | 2,788 | -989 |
Total comprehensive income | 25,885 | 31,065 | 82,105 | 60,485 |
Comprehensive income attributable to non-controlling interests | -55 | -44 | -165 | -130 |
Comprehensive income attributable to MPT common stockholders | 25,830 | 31,021 | 81,940 | 60,355 |
Subsidiary Guarantors | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | 45,047 | 39,157 | 130,273 | 102,810 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Total comprehensive income | 45,047 | 39,157 | 130,273 | 102,810 |
Comprehensive income attributable to MPT common stockholders | 45,047 | 39,157 | 130,273 | 102,810 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | 4,044 | 10,292 | 11,824 | 16,297 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Total comprehensive income | 4,044 | 10,292 | 11,824 | 16,297 |
Comprehensive income attributable to MPT common stockholders | 4,044 | 10,292 | 11,824 | 16,297 |
Eliminations | ' | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net income | -74,794 | -80,957 | -221,414 | -180,581 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | -182 | 443 | -2,788 | 989 |
Total comprehensive income | -74,976 | -80,514 | -224,202 | -179,592 |
Comprehensive income attributable to non-controlling interests | 55 | 44 | 165 | 130 |
Comprehensive income attributable to MPT common stockholders | ($74,921) | ($80,470) | ($224,037) | ($179,462) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net cash provided by (used in) operating activities | $101,564 | $74,709 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -371,500 | -606,500 |
Principal received on loans receivable | 4,694 | 9,507 |
Net proceeds from sale of real estate | 18,409 | ' |
Net proceeds from sale of real estate | 18,409 | 34,100 |
Investments in loans receivable | -1,445 | -1,293 |
Construction in progress and other | -63,422 | -35,920 |
Net cash provided by (used in) investing activities | -413,264 | -600,106 |
Financing Activities | ' | ' |
Revolving credit facilities, net | -80,000 | 35,400 |
Additions to term debt | 153,000 | 300,000 |
Payments of term debt | -11,185 | -171 |
Distributions paid | -87,928 | -76,770 |
Proceeds from sale of common shares/units, net of offering costs | 313,319 | 220,107 |
Lease deposits and other obligations to tenants | 3,589 | -13,391 |
Debt issuance costs paid and other financing activities | -4,282 | -6,341 |
Net cash provided by (used in) financing activities | 286,513 | 458,834 |
Increase (decrease) in cash and cash equivalents for period | -25,187 | -66,563 |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 |
Cash and cash equivalents at end of period | 12,124 | 36,163 |
Parent | ' | ' |
Operating Activities | ' | ' |
Net cash provided by (used in) operating activities | 91 | 16 |
Investing activities | ' | ' |
Investments in and advances to subsidiaries | -225,683 | -143,554 |
Net cash provided by (used in) investing activities | -225,683 | -143,554 |
Financing Activities | ' | ' |
Distributions paid | -87,727 | -76,569 |
Proceeds from sale of common shares/units, net of offering costs | 313,319 | 220,107 |
Net cash provided by (used in) financing activities | 225,592 | 143,538 |
Cash and cash equivalents at beginning of period | ' | ' |
Cash and cash equivalents at end of period | ' | ' |
Subsidiary Issuers | ' | ' |
Operating Activities | ' | ' |
Net cash provided by (used in) operating activities | -38,891 | -38,780 |
Investing activities | ' | ' |
Investments in and advances to subsidiaries | -267,545 | -540,016 |
Construction in progress and other | -765 | -59 |
Net cash provided by (used in) investing activities | -268,310 | -540,075 |
Financing Activities | ' | ' |
Revolving credit facilities, net | -80,000 | 75,000 |
Additions to term debt | 153,000 | 300,000 |
Payments of term debt | -11,000 | ' |
Distributions paid | -87,928 | -76,770 |
Proceeds from sale of common shares/units, net of offering costs | 313,319 | 220,107 |
Debt issuance costs paid and other financing activities | -4,282 | -6,341 |
Net cash provided by (used in) financing activities | 283,109 | 511,996 |
Increase (decrease) in cash and cash equivalents for period | -24,092 | -66,859 |
Cash and cash equivalents at beginning of period | 35,483 | 101,230 |
Cash and cash equivalents at end of period | 11,391 | 34,371 |
Subsidiary Guarantors | ' | ' |
Operating Activities | ' | ' |
Net cash provided by (used in) operating activities | 156,913 | 109,018 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -95,000 | -410,000 |
Principal received on loans receivable | ' | 5,491 |
Net proceeds from sale of real estate | ' | 800 |
Investments in and advances to subsidiaries | -1,506 | 380,605 |
Construction in progress and other | -63,691 | -33,869 |
Net cash provided by (used in) investing activities | -160,197 | -56,973 |
Financing Activities | ' | ' |
Revolving credit facilities, net | ' | -39,600 |
Lease deposits and other obligations to tenants | 1,719 | -12,289 |
Net cash provided by (used in) financing activities | 1,719 | -51,889 |
Increase (decrease) in cash and cash equivalents for period | -1,565 | 156 |
Cash and cash equivalents at beginning of period | 1,565 | 1,409 |
Cash and cash equivalents at end of period | ' | 1,565 |
Non-Guarantor Subsidiaries | ' | ' |
Operating Activities | ' | ' |
Net cash provided by (used in) operating activities | -16,549 | 4,455 |
Investing activities | ' | ' |
Cash paid for acquisitions and other related investments | -276,500 | -196,500 |
Principal received on loans receivable | 4,694 | 4,016 |
Net proceeds from sale of real estate | 18,409 | ' |
Net proceeds from sale of real estate | ' | 33,300 |
Investments in and advances to subsidiaries | 269,142 | 159,427 |
Investments in loans receivable | -1,445 | -1,293 |
Construction in progress and other | 1,034 | -1,992 |
Net cash provided by (used in) investing activities | 15,334 | -3,042 |
Financing Activities | ' | ' |
Payments of term debt | -185 | -171 |
Lease deposits and other obligations to tenants | 1,870 | -1,102 |
Net cash provided by (used in) financing activities | 1,685 | -1,273 |
Increase (decrease) in cash and cash equivalents for period | 470 | 140 |
Cash and cash equivalents at beginning of period | 263 | 87 |
Cash and cash equivalents at end of period | 733 | 227 |
Eliminations | ' | ' |
Investing activities | ' | ' |
Investments in and advances to subsidiaries | 225,592 | 143,538 |
Net cash provided by (used in) investing activities | 225,592 | 143,538 |
Financing Activities | ' | ' |
Distributions paid | 87,727 | 76,569 |
Proceeds from sale of common shares/units, net of offering costs | -313,319 | -220,107 |
Net cash provided by (used in) financing activities | -225,592 | -143,538 |
Cash and cash equivalents at beginning of period | ' | ' |
Cash and cash equivalents at end of period | ' | ' |