Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'MPW | ' | ' |
Entity Registrant Name | 'MEDICAL PROPERTIES TRUST INC | ' | ' |
Entity Central Index Key | '0001287865 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 162,550,162 | ' |
Entity Public Float | ' | ' | $2,149,029,766 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Real estate assets | ' | ' | |
Land | $154,858 | $108,456 | |
Buildings and improvements | 1,578,336 | 1,052,479 | |
Construction in progress and other | 41,771 | 38,339 | |
Intangible lease assets | 90,490 | 51,966 | |
Real estate held for sale | ' | 25,537 | |
Net investment in direct financing leases | 431,024 | 314,412 | |
Mortgage loans | 388,650 | 368,650 | |
Gross investment in real estate assets | 2,685,129 | 1,959,839 | |
Accumulated depreciation | -144,235 | -110,888 | [1] |
Accumulated amortization | -15,541 | -11,908 | |
Net investment in real estate assets | 2,525,353 | 1,837,043 | |
Cash and cash equivalents | 45,979 | 37,311 | |
Interest and rent receivables | 58,499 | 45,289 | |
Straight-line rent receivables | 45,829 | 35,860 | |
Other loans | 160,990 | 159,243 | |
Other assets | 67,920 | 64,140 | |
Total Assets | 2,904,570 | 2,178,886 | |
Liabilities | ' | ' | |
Debt, net | 1,421,681 | 1,025,160 | |
Accounts payable and accrued expenses | 94,311 | 65,961 | |
Deferred revenue | 23,787 | 20,609 | |
Lease deposits and other obligations to tenants | 20,583 | 17,342 | |
Total liabilities | 1,560,362 | 1,129,072 | |
Commitments and Contingencies | ' | ' | |
Equity / 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 - 161,310 shares at December 31, 2013 and 136,335 shares at December 31, 2012 | 161 | 136 | |
Limited Partners: | ' | ' | |
Additional paid-in capital | 1,618,054 | 1,295,916 | |
Distributions in excess of net income | -264,804 | -233,494 | |
Accumulated other comprehensive loss | -8,941 | -12,482 | |
Treasury shares, at cost | -262 | -262 | |
Total Equity / Capital | 1,344,208 | 1,049,814 | |
Total Liabilities and Equity | 2,904,570 | 2,178,886 | |
MPT Operating Partnership, L.P. [Member] | ' | ' | |
Real estate assets | ' | ' | |
Land | 154,858 | 108,456 | |
Buildings and improvements | 1,578,336 | 1,052,479 | |
Construction in progress and other | 41,771 | 38,339 | |
Intangible lease assets | 90,490 | 51,966 | |
Real estate held for sale | ' | 25,537 | |
Net investment in direct financing leases | 431,024 | 314,412 | |
Mortgage loans | 388,650 | 368,650 | |
Gross investment in real estate assets | 2,685,129 | 1,959,839 | |
Accumulated depreciation | -144,235 | -110,888 | |
Accumulated amortization | -15,541 | -11,908 | |
Net investment in real estate assets | 2,525,353 | 1,837,043 | |
Cash and cash equivalents | 45,979 | 37,311 | |
Interest and rent receivables | 58,499 | 45,289 | |
Straight-line rent receivables | 45,829 | 35,860 | |
Other loans | 160,990 | 159,243 | |
Other assets | 67,920 | 64,140 | |
Total Assets | 2,904,570 | 2,178,886 | |
Liabilities | ' | ' | |
Debt, net | 1,421,681 | 1,025,160 | |
Accounts payable and accrued expenses | 58,559 | 38,177 | |
Deferred revenue | 23,787 | 20,609 | |
Lease deposits and other obligations to tenants | 20,583 | 17,342 | |
Payable due to Medical Properties Trust, Inc. | 35,362 | 27,394 | |
Total liabilities | 1,559,972 | 1,128,682 | |
Commitments and Contingencies | ' | ' | |
Limited Partners: | ' | ' | |
Accumulated other comprehensive loss | -8,941 | -12,482 | |
Total Equity / Capital | 1,344,598 | 1,050,204 | |
Total Liabilities and Equity | 2,904,570 | 2,178,886 | |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ' | ' | |
Limited Partners: | ' | ' | |
Limited Partners Capital | 1,339,998 | 1,052,056 | |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ' | ' | |
Equity / Capital | ' | ' | |
General partner - issued and outstanding - 1,608 units at December 31, 2013 and 1,357 units at December 31, 2012 | 13,541 | 10,630 | |
MPT Operating Partnership, L.P. [Member] | LTIP Units [Member] | ' | ' | |
Limited Partners: | ' | ' | |
Limited Partners Capital | ' | ' | |
[1] | Includes in accumulated depreciation in real estate held for sale of $3,511 for 2012. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $426 for 2012. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 136,335,000 | 136,335,000 |
Common stock, shares outstanding | 136,335,000 | 136,335,000 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ' | ' |
General partner, units issued | 1,608,000 | 1,357,000 |
General partner, units outstanding | 1,357,000 | 1,357,000 |
MPT Operating Partnership, L.P. [Member] | LTIP Units [Member] | ' | ' |
LTIP Units, shares issued | 292,000 | 221,000 |
LTIP Units, shares outstanding | 292,000 | 221,000 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ' | ' |
Limited Partners, units issued | 159,702,000 | 134,978,000 |
Limited Partners, units outstanding | 159,702,000 | 134,978,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Rent billed | $132,578 | $119,883 | $105,688 |
Straight-line rent | 10,706 | 7,911 | 5,277 |
Income from direct financing leases | 40,830 | 21,728 | ' |
Interest and fee income | 58,409 | 48,603 | 21,357 |
Total revenues | 242,523 | 198,125 | 132,322 |
Expenses | ' | ' | ' |
Real estate depreciation and amortization | 36,978 | 32,815 | 30,147 |
Property-related | 2,450 | 1,477 | 724 |
Acquisition expenses | 19,494 | 5,420 | 4,184 |
General and administrative | 30,063 | 28,562 | 27,091 |
Total operating expense | 88,985 | 68,274 | 62,146 |
Operating income | 153,538 | 129,851 | 70,176 |
Other income (expense) | ' | ' | ' |
Interest and other (expense) income | -319 | -1,662 | 18 |
Earnings from equity and other interests | 3,554 | 2,943 | 78 |
Debt refinancing expense | ' | ' | -14,214 |
Interest expense | -66,746 | -58,243 | -43,810 |
Income tax expense | -726 | -19 | -128 |
Net other expenses | -64,237 | -56,981 | -58,056 |
Income from continuing operations | 89,301 | 72,870 | 12,120 |
Income from discontinued operations | 7,914 | 17,207 | 14,594 |
Net income | 97,215 | 90,077 | 26,714 |
Net income attributable to non-controlling interests | -224 | -177 | -178 |
Net income attributable to MPT common stockholders | 96,991 | 89,900 | 26,536 |
Earnings per share (unit) - basic | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $0.59 | $0.54 | $0.10 |
Income from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | $0.05 | $0.13 | $0.13 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $0.64 | $0.67 | $0.23 |
Weighted average shares (units) outstanding - basic | 151,439 | 132,331 | 110,623 |
Earnings per share (unit) - diluted | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $0.58 | $0.54 | $0.10 |
Income from discontinued operations attributable to MPT common stockholders / Operating Partnership partners | $0.05 | $0.13 | $0.13 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $0.63 | $0.67 | $0.23 |
Weighted average shares (units) outstanding - diluted | 152,598 | 132,333 | 110,629 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Rent billed | 132,578 | 119,883 | 105,688 |
Straight-line rent | 10,706 | 7,911 | 5,277 |
Income from direct financing leases | 40,830 | 21,728 | ' |
Interest and fee income | 58,409 | 48,603 | 21,357 |
Total revenues | 242,523 | 198,125 | 132,322 |
Expenses | ' | ' | ' |
Real estate depreciation and amortization | 36,978 | 32,815 | 30,147 |
Property-related | 2,450 | 1,477 | 724 |
Acquisition expenses | 19,494 | 5,420 | 4,184 |
General and administrative | 30,063 | 28,562 | 27,074 |
Total operating expense | 88,985 | 68,274 | 62,129 |
Operating income | 153,538 | 129,851 | 70,193 |
Other income (expense) | ' | ' | ' |
Interest and other (expense) income | -319 | -1,662 | 18 |
Earnings from equity and other interests | 3,554 | 2,943 | 78 |
Debt refinancing expense | ' | ' | -14,214 |
Interest expense | -66,746 | -58,243 | -43,810 |
Income tax expense | -726 | -19 | -128 |
Net other expenses | -64,237 | -56,981 | -58,056 |
Income from continuing operations | 89,301 | 72,870 | 12,137 |
Income from discontinued operations | 7,914 | 17,207 | 14,594 |
Net income | 97,215 | 90,077 | 26,731 |
Net income attributable to non-controlling interests | -224 | -177 | -178 |
Net income attributable to MPT common stockholders | $96,991 | $89,900 | $26,553 |
Earnings per share (unit) - basic | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $0.59 | $0.54 | $0.10 |
Income from discontinued operations attributable to MPT common stockholders (Operating Partnership partners) | $0.05 | $0.13 | $0.13 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $0.64 | $0.67 | $0.23 |
Weighted average shares (units) outstanding - basic | 151,439 | 132,331 | 110,623 |
Earnings per share (unit) - diluted | ' | ' | ' |
Income from continuing operations attributable to MPT common stockholders (Operating Partnership partners) | $0.58 | $0.54 | $0.10 |
Income from discontinued operations attributable to MPT common stockholders / Operating Partnership partners | $0.05 | $0.13 | $0.13 |
Net income attributable to MPT common stockholders (Operating Partnership partners) | $0.63 | $0.67 | $0.23 |
Weighted average shares (units) outstanding - diluted | 152,598 | 132,333 | 110,629 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $97,215 | $90,077 | $26,714 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 3,474 | -251 | -8,590 |
Foreign currency translation gain | 67 | ' | ' |
Total comprehensive income | 100,756 | 89,826 | 18,124 |
Comprehensive income attributable to non-controlling interests | -224 | -177 | -178 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | 100,532 | 89,649 | 17,946 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Net income | 97,215 | 90,077 | 26,731 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 3,474 | -251 | -8,590 |
Foreign currency translation gain | 67 | ' | ' |
Total comprehensive income | 100,756 | 89,826 | 18,141 |
Comprehensive income attributable to non-controlling interests | -224 | -177 | -178 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | $100,532 | $89,649 | $17,963 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity / Capital (USD $) | Total | Additional Paid-in Capital [Member] | Distributions in Excess of Net Income [Member] | Treasury Stock [Member] | Common Par Value [Member] | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interests [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] |
In Thousands | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interests [Member] | General Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | ||||||||
Common Par Value [Member] | Long Term Incentive Plan [Member] | ||||||||||||
Beginning balance at Dec. 31, 2010 | $899,576 | $1,051,785 | ($148,530) | ($262) | $110 | ($3,641) | $114 | $899,949 | ($3,641) | $114 | $9,035 | $894,441 | ' |
Beginning balance (in shares) at Dec. 31, 2010 | ' | ' | ' | ' | 110,225 | ' | ' | ' | ' | ' | 1,102 | 109,123 | 94 |
Net income | 26,714 | ' | 26,536 | ' | ' | ' | 178 | 26,731 | ' | 178 | 265 | 26,020 | 268 |
Unrealized gain ( loss) on interest rate swaps | -8,590 | ' | ' | ' | ' | -8,590 | ' | -8,590 | -8,590 | ' | ' | ' | ' |
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 6,983 | 6,982 | ' | ' | 1 | ' | ' | 6,984 | ' | ' | 69 | 6,915 | ' |
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | ' | ' | ' | ' | 561 | ' | ' | ' | ' | ' | 5 | 556 | 56 |
Purchase of non-controlling interest | -524 | -441 | ' | ' | ' | ' | -83 | -525 | ' | -83 | ' | -442 | ' |
Extinguishment of convertible debt | -5,501 | -3,070 | -2,431 | ' | ' | ' | ' | -5,501 | ' | ' | -55 | -5,446 | ' |
Distributions to non-controlling interests | -209 | ' | ' | ' | ' | ' | -209 | -209 | ' | -209 | ' | ' | ' |
Dividends (Distributions) declared ($0.80 in 2011, $0.80 in 2012 and $0.81 in 2013 per common share / unit) | -89,634 | ' | -89,634 | ' | ' | ' | ' | -89,634 | ' | ' | -896 | -88,470 | -268 |
Ending balance at Dec. 31, 2011 | 828,815 | 1,055,256 | -214,059 | -262 | 111 | -12,231 | ' | 829,205 | -12,231 | ' | 8,418 | 833,018 | ' |
Ending balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 110,786 | ' | ' | ' | ' | ' | 1,107 | 109,679 | 150 |
Net income | 10,606 | ' | ' | ' | ' | ' | ' | 10,606 | ' | ' | ' | ' | ' |
Ending balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2011 | 828,815 | 1,055,256 | -214,059 | -262 | 111 | -12,231 | ' | 829,205 | -12,231 | ' | 8,418 | 833,018 | ' |
Beginning balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | 110,786 | ' | ' | ' | ' | ' | 1,107 | 109,679 | 150 |
Net income | 90,077 | ' | 89,900 | ' | ' | ' | 177 | 90,077 | ' | 177 | 899 | 88,733 | 268 |
Unrealized gain ( loss) on interest rate swaps | -251 | ' | ' | ' | ' | -251 | ' | -251 | -251 | ' | ' | ' | ' |
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 7,637 | 7,636 | ' | ' | 1 | ' | ' | 7,637 | ' | ' | 76 | 7,561 | ' |
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | ' | ' | ' | ' | 854 | ' | ' | ' | ' | ' | 4 | 850 | 71 |
Distributions to non-controlling interests | -177 | ' | ' | ' | ' | ' | -177 | -177 | ' | -177 | ' | ' | ' |
Proceeds from offering (net of offering costs) | 233,048 | 233,024 | ' | ' | 24 | ' | ' | 233,048 | ' | ' | 2,331 | 24,449 | ' |
Proceeds from offering (net of offering costs) (shares) | ' | ' | ' | ' | 24,695 | ' | ' | ' | ' | ' | 246 | 24,449 | ' |
Dividends (Distributions) declared ($0.80 in 2011, $0.80 in 2012 and $0.81 in 2013 per common share / unit) | -109,335 | ' | -109,335 | ' | ' | ' | ' | -109,335 | ' | ' | -1,094 | -107,973 | -268 |
Ending balance at Dec. 31, 2012 | 1,049,814 | 1,295,916 | -233,494 | -262 | 136 | -12,482 | ' | 1,050,204 | -12,482 | ' | 10,630 | 1,052,056 | ' |
Ending balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | 136,335 | ' | ' | ' | ' | ' | 1,357 | 134,978 | 221 |
Beginning balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 28,603 | ' | ' | ' | ' | ' | ' | 28,603 | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 1,049,814 | ' | ' | -262 | ' | ' | ' | 1,050,204 | ' | ' | ' | ' | ' |
Net income | 26,210 | ' | ' | ' | ' | ' | ' | 26,210 | ' | ' | ' | ' | ' |
Ending balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 1,049,814 | 1,295,916 | -233,494 | -262 | 136 | -12,482 | ' | 1,050,204 | -12,482 | ' | 10,630 | 1,052,056 | ' |
Beginning balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | 136,335 | ' | ' | ' | ' | ' | 1,357 | 134,978 | 221 |
Net income | 97,215 | ' | 96,991 | ' | ' | ' | 224 | 97,215 | ' | 224 | 972 | 95,748 | 271 |
Unrealized gain ( loss) on interest rate swaps | 3,474 | ' | ' | ' | ' | 3,474 | ' | 3,474 | 3,474 | ' | ' | ' | ' |
Foreign currency translation gain | 67 | ' | ' | ' | ' | 67 | ' | 67 | 67 | ' | ' | ' | ' |
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 8,833 | 8,832 | ' | ' | 1 | ' | ' | 8,833 | ' | ' | 88 | 8,745 | 71 |
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | ' | ' | ' | ' | 811 | ' | ' | ' | ' | ' | 9 | 802 | ' |
Distributions to non-controlling interests | -224 | ' | ' | ' | ' | ' | -224 | -224 | ' | -224 | ' | ' | ' |
Proceeds from offering (net of offering costs) | 313,330 | 313,306 | ' | ' | 24 | ' | ' | 313,330 | ' | ' | 3,133 | 310,197 | ' |
Proceeds from offering (net of offering costs) (shares) | ' | ' | ' | ' | 24,164 | ' | ' | ' | ' | ' | 242 | 23,922 | ' |
Dividends (Distributions) declared ($0.80 in 2011, $0.80 in 2012 and $0.81 in 2013 per common share / unit) | -128,301 | ' | -128,301 | ' | ' | ' | ' | -128,301 | ' | ' | -1,282 | -126,748 | -271 |
Ending balance at Dec. 31, 2013 | 1,344,208 | 1,618,054 | -264,804 | -262 | 161 | -8,941 | ' | 1,344,598 | -8,941 | ' | 13,541 | 1,339,998 | ' |
Ending balance (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | 161,310 | ' | ' | ' | ' | ' | 1,608 | 159,702 | 292 |
Beginning balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 17,897 | ' | ' | ' | ' | ' | ' | 17,897 | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $1,344,208 | ' | ' | ($262) | ' | ' | ' | $1,344,598 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity / Capital (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends (Distributions) declared per common share / unit | $0.81 | $0.80 | $0.80 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Dividends (Distributions) declared per common share / unit | $0.81 | $0.80 | $0.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $97,215 | $90,077 | $26,714 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 38,818 | 35,593 | 35,477 |
Amortization and write-off of deferred financing costs and debt discount | 3,559 | 3,457 | 9,289 |
Premium on extinguishment of debt | ' | ' | 13,091 |
Direct financing lease (interest) accretion | -5,774 | -3,104 | ' |
Straight-line rent revenue | -11,265 | 7,911 | 5,277 |
Share (Unit)-based compensation expense | 8,832 | 7,637 | 6,983 |
Impairment charge | ' | ' | 564 |
(Gain) loss from sale of real estate | -7,659 | -16,369 | -5,431 |
Provision for uncollectible receivables and loans | ' | ' | 1,499 |
Straight-line rent write-off | 1,457 | 6,456 | 2,470 |
Payment of discount on extinguishment of debt | ' | ' | -4,850 |
Other adjustments | -70 | 538 | 1,058 |
Decrease (increase) in: | ' | ' | ' |
Interest and rent receivable | -13,211 | -17,261 | -6,118 |
Other assets | 1,855 | 91 | 142 |
Accounts payable and accrued expenses | 23,867 | 9,201 | 5,354 |
Deferred revenue | 3,177 | -2,698 | 170 |
Net cash provided by operating activities | 140,801 | 105,309 | 79,270 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | -654,922 | -621,490 | -278,963 |
Net proceeds from sale of real estate | 32,409 | 71,202 | 41,130 |
Principal received on loans receivable | 7,249 | 10,931 | 4,289 |
Investment in loans receivable | -3,746 | -1,293 | -861 |
Construction in progress | -41,452 | -44,570 | -22,999 |
Other investments, net | -52,115 | -31,908 | -8,217 |
Net cash (used for) provided by investing activities | -712,577 | -617,128 | -265,621 |
Financing Activities | ' | ' | ' |
Proceeds from term debt, net of discount | 424,580 | 300,000 | 450,000 |
Payments of term debt | -11,249 | -232 | -246,262 |
Payment of deferred financing costs | -9,760 | -6,247 | -15,454 |
Revolving credit facilities, net | -20,000 | 35,400 | 89,600 |
Distributions paid | -120,309 | -103,952 | -89,601 |
Lease deposits and other obligations to tenants | 3,231 | -11,436 | 8,621 |
Proceeds from sale of common shares/units, net of offering costs | 313,331 | 233,048 | ' |
Other | ' | -177 | -6,235 |
Net cash provided by (used in) financing activities | 579,824 | 446,404 | 190,669 |
Increase (decrease) in cash and cash equivalents for the year | 8,048 | -65,415 | 4,318 |
Effect of exchange rate changes | 620 | ' | ' |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 | 98,408 |
Cash and cash equivalents at end of period | 45,979 | 37,311 | 102,726 |
Interest paid, including capitalized interest of $1,729 in 2013, $1,596 in 2012, and $896 in 2011 | 58,110 | 51,440 | 38,463 |
Supplemental schedule of non-cash investing activities: | ' | ' | ' |
Real estate acquired via assumption of mortgage loan | ' | ' | -14,592 |
Loan conversion to equity interest | ' | 1,648 | ' |
Mortgage loan issued from sale of real estate | ' | 3,650 | ' |
Supplemental schedule of non-cash financing activities: | ' | ' | ' |
Assumption of mortgage loan (as part of real estate acquired) | ' | ' | 14,592 |
Dividends declared, not paid | 35,778 | 27,786 | 22,407 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net income | 97,215 | 90,077 | 26,731 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 38,818 | 35,593 | 35,477 |
Amortization and write-off of deferred financing costs and debt discount | 3,559 | 3,457 | 9,289 |
Premium on extinguishment of debt | ' | ' | 13,091 |
Direct financing lease (interest) accretion | -11,265 | -3,104 | ' |
Straight-line rent revenue | -5,774 | -8,309 | -7,142 |
Share (Unit)-based compensation expense | 8,832 | 7,637 | 6,983 |
Impairment charge | ' | ' | 564 |
(Gain) loss from sale of real estate | -7,659 | -16,369 | -5,431 |
Provision for uncollectible receivables and loans | ' | ' | 1,499 |
Straight-line rent write-off | 1,457 | 6,456 | 2,470 |
Payment of discount on extinguishment of debt | ' | ' | -4,850 |
Other adjustments | -70 | 538 | 1,058 |
Decrease (increase) in: | ' | ' | ' |
Interest and rent receivable | -13,211 | -17,261 | -6,118 |
Other assets | 1,855 | 91 | 142 |
Accounts payable and accrued expenses | 23,867 | 9,201 | 5,337 |
Deferred revenue | 3,177 | -2,698 | 170 |
Net cash provided by operating activities | 140,801 | 105,309 | 79,270 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | -654,922 | -621,490 | -278,963 |
Net proceeds from sale of real estate | 32,409 | 71,202 | 41,130 |
Principal received on loans receivable | 7,249 | 10,931 | 4,289 |
Investment in loans receivable | -3,746 | -1,293 | -861 |
Construction in progress | -41,452 | -44,570 | -22,999 |
Other investments, net | -52,115 | -31,908 | -8,217 |
Net cash (used for) provided by investing activities | -712,577 | -617,128 | -265,621 |
Financing Activities | ' | ' | ' |
Proceeds from term debt, net of discount | 424,580 | 300,000 | 450,000 |
Payments of term debt | -11,249 | -232 | -246,262 |
Payment of deferred financing costs | -9,760 | -6,247 | -15,454 |
Revolving credit facilities, net | -20,000 | 35,400 | 89,600 |
Distributions paid | -120,309 | -103,952 | -89,601 |
Lease deposits and other obligations to tenants | 3,231 | -11,436 | 8,621 |
Proceeds from sale of common shares/units, net of offering costs | 313,331 | 233,048 | ' |
Other | ' | -177 | -6,235 |
Net cash provided by (used in) financing activities | 579,824 | 446,404 | 190,669 |
Increase (decrease) in cash and cash equivalents for the year | 8,048 | -65,415 | 4,318 |
Effect of exchange rate changes | 620 | ' | ' |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 | 98,408 |
Cash and cash equivalents at end of period | 45,979 | 37,311 | 102,726 |
Interest paid, including capitalized interest of $1,729 in 2013, $1,596 in 2012, and $896 in 2011 | 58,110 | 51,440 | 38,463 |
Supplemental schedule of non-cash investing activities: | ' | ' | ' |
Real estate acquired via assumption of mortgage loan | ' | ' | -14,592 |
Loan conversion to equity interest | ' | 1,648 | ' |
Mortgage loan issued from sale of real estate | ' | 3,650 | ' |
Supplemental schedule of non-cash financing activities: | ' | ' | ' |
Assumption of mortgage loan (as part of real estate acquired) | ' | ' | 14,592 |
Dividends declared, not paid | $35,778 | $27,786 | $22,407 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flow (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest paid, capitalized | $1,729 | $1,596 | $896 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' |
Interest paid, capitalized | $1,729 | $1,596 | $896 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 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 located in the United States and Europe—we made our first acquisition outside the United States in the fourth quarter of 2013 (as more fully described in Note 3). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Principles of Consolidation: Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which we own less than 100% of the equity interest, we consolidate the property if we have the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, we record a non-controlling interest representing equity held by non-controlling interests. | |||||||||||
We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. | |||||||||||
At December 31, 2013, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest, Monroe and Vibra). We have determined that we are not the primary beneficiary of these VIEs. 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 December 31, 2013 (in thousands): | |||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $283,273 | Mortgage and other loans | $ | 228,996 | |||||||
Equity investments | $ 19,308 | Other assets | $ | 5,198 | |||||||
-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 rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent 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 borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 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. | |||||||||||
Investments in Unconsolidated Entities: Investments in entities in which we have the ability to influence (but not control) are typically accounted for by the equity method. Under the equity method of accounting, our share of the investee’s earnings or losses are included in our consolidated results of operations, and we have elected to record our share of such investee’s earnings or losses on a 90-day lag basis. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the interest in the investee entity. Subsequently, our investments are increased by the equity in our investee earnings and decreased by cash distributions from our investees. To the extent that our cost basis is different from the basis reflected at the investee entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the investee. We evaluate our equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. If we determine a decline in the fair value of an investment in an unconsolidated investee entity below its carrying value is other - than - temporary, an impairment is recorded. | |||||||||||
Cash and Cash Equivalents: Certificates of deposit, short-term investments with original maturities of three months or less and money-market mutual funds are considered cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. We have not experienced any losses to date on our invested cash. Cash and cash equivalents which have been restricted as to its use are recorded in other assets. | |||||||||||
Revenue Recognition: We receive income from operating leases based on the fixed, minimum required rents (base rents) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method over the terms of the related lease agreements for new leases and the remaining terms of existing leases for acquired properties. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The straight-line method typically has the effect of recording more rent revenue from a lease than a tenant is required to pay early in the term of the lease. During the later parts of a lease term, this effect reverses with less rent revenue recorded than a tenant is required to pay. Rent revenue as recorded on the straight-line method in the consolidated statements of income is presented as two amounts: billed rent revenue and straight-line revenue. Billed rent revenue is the amount of base rent actually billed to the customer each period as required by the lease. Straight-line rent revenue is the difference between rent revenue earned based on the straight-line method and the amount recorded as billed rent revenue. We record the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to straight-line rent receivable. | |||||||||||
Certain leases provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as billed rent revenue in the period earned. | |||||||||||
We use direct finance lease accounting (“DFL”) to record rent on certain leases deemed to be financing leases rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. Unearned income represents the net investment in the DFL, less the sum of minimum lease payments receivable and the estimated residual values of the leased properties. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. | |||||||||||
In instances where we have a profits or equity interest in our tenant’s operations, we record revenue equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. | |||||||||||
We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable and deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the accrued construction period rent on the straight-line method over the remaining term of the lease. | |||||||||||
We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. | |||||||||||
Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue and recognized as income over the life of the loan using the interest method. | |||||||||||
Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or related vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. | |||||||||||
Acquired Real Estate Purchase Price Allocation: We allocate the purchase price of acquired properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase prices of acquired real estate, we utilize a number of sources, from time to time, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. | |||||||||||
We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. | |||||||||||
We measure the aggregate value of other lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months. depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||
Other intangible assets acquired, may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. | |||||||||||
We amortize the value of in-place leases, if any, to expense over the initial term of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization period for intangible assets exceed the remaining depreciable life of the building. If a lease is terminated, the unamortized portion of the in-place lease value and customer relationship intangibles are charged to expense. | |||||||||||
Real Estate and Depreciation: Real estate, consisting of land, buildings and improvements, are recorded at cost. Although typically paid by our tenants, any expenditure for ordinary maintenance and repairs that we pay are expensed to operations as incurred. Significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets, including an estimated liquidation amount, during the expected holding periods are less than the carrying amounts of those assets. Impairment losses are measured as the difference between carrying value and fair value of assets. For assets held for sale, we cease recording depreciation expense and adjust the assets’ value to the lower of its carrying value or fair value, less cost of disposal. Fair value is based on estimated cash flows discounted at a risk-adjusted rate of interest. We classify real estate assets as held for sale when we have commenced an active program to sell the assets, and in the opinion of management, it is probable the asset will be sold within the next 12 months. We record the results of operations from material property sales or planned sales (which include real property, loans and any receivables) as discontinued operations in the consolidated statements of income for all periods presented if we do not have any continuing involvement with the property subsequent to its sale. Results of discontinued operations include interest expense from debt which specifically collateralizes the property sold or held for sale. | |||||||||||
Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. | |||||||||||
Depreciation is calculated on the straight-line method over the weighted average useful lives of the related real estate and other assets, as follows: | |||||||||||
Buildings and improvements | 38.2 years | ||||||||||
Tenant lease intangibles | 18.6 years | ||||||||||
Leasehold improvements | 22.2 years | ||||||||||
Furniture, equipment and other | 9.4 years | ||||||||||
Losses from Rent Receivables: For all leases, we continuously monitor the performance of our existing tenants including, but not limited to: admission levels and surgery/procedure volumes by type; current operating margins; ratio of our tenant’s operating margins both to facility rent and to facility rent plus other fixed costs; trends in revenue and patient mix; and the effect of evolving healthcare regulations on tenant’s profitability and liquidity. | |||||||||||
Losses from Operating Lease Receivables: We utilize the information above along with the tenant’s payment and default history in evaluating (on a property-by-property basis) whether or not a provision for losses on outstanding rent receivables is needed. A provision for losses on rent receivables (including straight-line rent receivables) is ultimately recorded when it becomes probable that the receivable will not be collected in full. The provision is an amount which reduces the receivable to its estimated net realizable value based on a determination of the eventual amounts to be collected either from the debtor or from existing collateral, if any. | |||||||||||
Losses on DFL Receivables: Allowances are established for DFLs based upon an estimate of probable losses for the individual DFLs deemed to be impaired. DFLs are impaired when it is deemed probable that we will be unable to collect all amounts due in accordance with the contractual terms of the lease. Like operating lease receivables, the need for an allowance is based upon our assessment of the lessee’s overall financial condition; economic resources and payment record; the prospects for support from any financially responsible guarantors; and, if appropriate, the realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the DFL’s effective interest rate, fair value of collateral, and other relevant factors, as appropriate. DFLs are placed on non-accrual status when we determine that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, we generally account for the DFLs on a cash basis, in which income is recognized only upon receipt of cash. | |||||||||||
Loans: Loans consist of mortgage loans, working capital loans and other long-term loans. Mortgage loans are collateralized by interests in real property. Working capital and other long-term loans are generally collateralized by interests in receivables and corporate and individual guarantees. We record loans at cost. We evaluate the collectability of both interest and principal on a loan-by-loan basis (using the same process as we do for assessing the collectability of rents) to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. When a loan is deemed to be impaired, we generally place the loan on non-accrual status and record interest income only upon receipt of cash. | |||||||||||
Earnings Per Share/Units: Basic earnings per common share/unit is computed by dividing net income applicable to common shares/units by the weighted number of shares/units of common stock/units outstanding during the period. Diluted earnings per common share/units is calculated by including the effect of dilutive securities. | |||||||||||
Certain of our unvested restricted and performance stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. | |||||||||||
Income Taxes: We conduct our business as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to stockholders at least 90% of our REIT’s ordinary taxable income. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. | |||||||||||
Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with 29 others, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. | |||||||||||
With the property acquisitions in Germany, we will be subject to income taxes internationally. However, we do not expect to incur any additional income tazes in the United States as such income from our German properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. | |||||||||||
Stock-Based Compensation: We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013, which replaced the 2004 Equity Incentive Plan. Awards of restricted stock, stock options and other equity-based awards with service conditions are amortized to compensation expense over the vesting periods (typically three years), using the straight-line method. Awards of deferred stock units vest when granted and are charged to expense at the date of grant. Awards that contain market conditions are amortized to compensation expense over the derived vesting periods, which correspond to the periods over which we estimate the awards will be earned, which generally range from three to five years, using the straight-line method. Awards with performance conditions are amortized using the straight-line method over the service period in which the performance conditions are measured, adjusted for the probability of achieving the performance conditions. | |||||||||||
Deferred Costs: Costs incurred prior to the completion of offerings of stock or other capital instruments that directly relate to the offering are deferred and netted against proceeds received from the offering. External costs incurred in connection with anticipated financings and refinancings of debt are generally capitalized as deferred financing costs in other assets and amortized over the lives of the related loans as an addition to interest expense. For debt with defined principal re-payment terms, the deferred costs are amortized to produce a constant effective yield on the loan (interest method). For debt without defined principal repayment terms, such as revolving credit agreements, the deferred costs are amortized on the straight-line method over the term of the debt. Leasing commissions and other leasing costs directly attributable to tenant leases are capitalized as deferred leasing costs and amortized on the straight-line method over the terms of the related lease agreements. Costs identifiable with loans made to borrowers are recognized as a reduction in interest income over the life of the loan. | |||||||||||
Foreign Currency Translation and Transactions: Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity on our consolidated balance sheets. | |||||||||||
Certain of our U.S. subsidiaries will enter into transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income in the consolidated statements of income. | |||||||||||
Derivative Financial Investments and Hedging Activities: During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and/or foreign currency risk. We record our derivative and hedging instruments at fair value on the balance sheet. Changes in the estimated fair value of derivative instruments that are not designated as hedges or that do not meet the criteria for hedge accounting are recognized in earnings. For derivatives designated as cash flow hedges, the change in the estimated fair value of the effective portion of the derivative is recognized in accumulated other comprehensive income (loss), whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. For derivatives designated as fair value hedges, the change in the estimated fair value of the effective portion of the derivatives offsets the change in the estimated fair value of the hedged item, whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. | |||||||||||
To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. | |||||||||||
Fair Value Measurement: We measure and disclose the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: | |||||||||||
• | Level 1 — quoted prices for identical instruments in active markets; | ||||||||||
• | Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||
• | Level 3 — fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||
We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. | |||||||||||
If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. | |||||||||||
Fair Value Option Election: For our equity interest in Ernest and related loans (as more fully described in Note 3), 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 interest or loans made in or prior to 2012. | |||||||||||
Recent Accounting Developments: In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-10”). This update permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”). The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 on July 17, 2013, did not have a material impact on our 2013 consolidated financial position or results of operations. | |||||||||||
In January 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The amendments in this update require an entity to provide information about the amounts reclassified from accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the income statement or in the notes, significant amounts reclassified from accumulated other comprehensive income by the net income line item. The adoption of ASU 2013-02 did not have an impact on our 2013 consolidated financial position or results of operations. | |||||||||||
Reclassifications: Certain reclassifications have been made to the consolidated financial statements to conform to the 2013 consolidated financial statement presentation. Assets sold or held for sale have been reclassified to Real Estate Held for Sale on the consolidated balance sheets and related operating results have been reclassified from continuing operations to discontinued operations for all periods presented (see Note 11). |
Real_Estate_and_Loans_Receivab
Real Estate and Loans Receivable | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Real Estate and Loans Receivable | ' | ||||||||||||||||||
3 | Real Estate and Loans Receivable | ||||||||||||||||||
Acquisitions | |||||||||||||||||||
We acquired the following assets: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Assets Acquired | (in thousands) | ||||||||||||||||||
Land | $ | 41,473 | $ | 518 | $ | 19,705 | |||||||||||||
Building | 439,030 | 8,942 | 220,769 | ||||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life 21.0 years in 2013, 15.0 years in 2012 and 13.9 years in 2011) | 38,589 | 1,040 | 20,630 | ||||||||||||||||
Net investments in direct financing leases | 110,580 | 310,000 | — | ||||||||||||||||
Mortgage loans | 20,000 | 200,000 | — | ||||||||||||||||
Other loans | 5,250 | 95,690 | 27,283 | ||||||||||||||||
Equity investments | — | 5,300 | 5,168 | ||||||||||||||||
Total assets acquired | $ | 654,922 | $ | 621,490 | $ | 293,555 | |||||||||||||
Total liabilities assumed | — | — | (14,592 | ) | |||||||||||||||
Net assets acquired | $ | 654,922 | $ | 621,490 | $ | 278,963 | |||||||||||||
2013 Activity | |||||||||||||||||||
RHM Portfolio Acquisition | |||||||||||||||||||
On November 29, 2013, we acquired 11 rehabilitation facilities in the Federal Republic of Germany from RHM Klinik-und Altenheimbetriebe GmbH & Co. KG (“RHM”) for an aggregate purchase price, excluding €9 million applicable transfer taxes, of €175 million or $237.8 million. Each of the facilities are leased 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 be increased to reflect 70% of cumulative increases in the German consumer price index. | |||||||||||||||||||
The RHM Acquisition represents our first acquisition outside of the United States. This acquisition adds a portfolio of assets with a financially stable long-term operating history and helps improve both our tenant and geographic diversification. As of December 31, 2013, we had $240.5 million of gross real estate assets located outside of the United States that generated $1.8 million of revenue in 2013. | |||||||||||||||||||
On December 12, 2013, we acquired the real estate of Dallas Medical Center in Dallas, Texas from affiliates of Prime for a purchase price of $25 million and leased the facility to Prime with an initial 10-year lease term under the master lease agreement, plus two renewal options of five years each. This lease is accounted for as a direct financing lease. | |||||||||||||||||||
On September 26, 2013, we acquired three general acute care hospitals from affiliates of IASIS for a combined purchase price of $281.3 million. Each of the facilities were 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 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). The total purchase price was $10.5 million including $0.5 million for adjacent land. The facility is leased to an affiliate of 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. This lease is accounted for as a DFL. In addition, we made a $5.3 million loan on this property with terms similar to the lease terms. | |||||||||||||||||||
On June 11, 2013, we acquired the real estate of two acute care hospitals in Kansas from affiliates of 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 DFL. | |||||||||||||||||||
On December 31, 2013, we provided a $20 million mortgage financing to Alecto Healthcare Services for the 204-bed Olympia Medical Center. | |||||||||||||||||||
The purchase price allocations attributable to the RHM and IASIS acquisitions are preliminary. When all relevant information is obtained, resulting 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 dates that, if known, would have affected the measurement of the amounts recognized as of those dates. | |||||||||||||||||||
From the respective acquisition dates, these 2013 acquisitions contributed $13.6 million and $10.6 million of revenue and income (excluding related acquisition expenses) for the period ended December 31, 2013. In addition, we incurred $19.5 million of acquisition related expenses in 2013, of which $18.0 million (including $12 million in transfer taxes as a part of the RHM acquisition) related to acquisitions consummated as of December 31, 2013. | |||||||||||||||||||
2012 Activity | |||||||||||||||||||
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. | |||||||||||||||||||
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 certain master lease agreements. The initial term of this mortgage loan runs through 2022. | |||||||||||||||||||
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, which is more fully described below in the Leasing Operations section. | |||||||||||||||||||
On December 14, 2012, we acquired the real estate of a 40 bed long-term acute care hospital in Hammond, Louisiana for $10.5 million and leased the facility to the operator under a 15-year lease, with three five-year extension options. The rent escalates annually based on consumer price indexed increases. As part of this transaction, we made a secured working capital loan of $2.5 million as well as a revolving loan of up to $2.0 million. In addition, we made a $2.0 million equity investment for a 25% equity ownership in the operator of this facility. | |||||||||||||||||||
From the respective acquisition dates in 2012 through that year end, these 2012 acquisitions contributed $46.3 million and $46.1 million of revenue and income (excluding related acquisition expenses) for the period ended December 31, 2012. In addition, we incurred $5.4 million of acquisition related expenses in 2012, of which $5.1 million related to acquisitions consummated as of December 31, 2012. | |||||||||||||||||||
2011 Activity | |||||||||||||||||||
On January 4, 2011, we acquired the real estate of the 19-bed, 4-year old Gilbert Hospital in a suburb of Phoenix, Arizona area for $17.1 million. Gilbert Hospital is operated by affiliates of Visionary Health, LLC, the same group that operates our Florence, Arizona facility. We acquired this asset subject to an existing lease that expires in May 2022. The lease contains three five-year extension options, and the rent escalates annually at 2.5%. | |||||||||||||||||||
On January 31, 2011, we acquired for $23.5 million the real estate of the 60-bed Atrium Medical Center at Corinth in the Dallas area, a long-term acute care hospital that was completed in 2009 and is subject to a lease that expires in June 2024. The lease contains two ten-year extension options, and the rent escalates annually based on consumer price indexed increases and to be not less than 1% or greater than 5%. In addition, through one of our affiliates, we invested $1.3 million to acquire approximately 19% of a joint venture arrangement with an affiliate of Vibra Healthcare, LLC (“Vibra”) that will manage and has acquired a 51% interest in the operations of the facility. We also made a $5.2 million working capital loan to the joint venture. The former operators of the hospital, comprised primarily of local physicians, retained ownership of 49% of the operating entity. | |||||||||||||||||||
On February 4, 2011, we purchased for $58 million the real estate of Bayonne Medical Center, a 6-story, 278-bed acute care hospital in the New Jersey area of metropolitan New York, and leased the facility to the operator under a 15-year lease, with six five-year extension options. The rent escalates annually based on consumer price indexed increases. The operator is an affiliate of a private hospital operating company that acquired the hospital in 2008. | |||||||||||||||||||
On February 9, 2011, we acquired the real estate of the 306-bed Alvarado Hospital in San Diego, California for $70 million from Prime. Prime is the operator of the facility. | |||||||||||||||||||
On February 14, 2011, we completed the acquisition of the Northland LTACH Hospital located in Kansas City, a 35-bed hospital that opened in April 2008 and has a lease that expires in 2028. The lease contains three five-year extension options, and the rent increases annually at 2.75%. This hospital is currently being operated by Kindred Healthcare Inc. The purchase price of this hospital was $19.5 million, which included the assumption of a $15 million existing mortgage loan that matures in January 2018. | |||||||||||||||||||
On July 18, 2011, we acquired the real estate of the 40-bed Vibra Specialty Hospital of DeSoto in Desoto, Texas for $13.0 million. This long-term acute care facility is leased to a subsidiary of Vibra for a fixed term of 15 years with three five-year extension options. Rent escalates annually based on consumer priced indexed increases. In addition, we made a $2.5 million equity investment in the operator of this facility for a 25% equity ownership. | |||||||||||||||||||
On September 30, 2011, we purchased the real estate of a 40-bed long-term acute care facility in New Braunfels, Texas for $10.0 million. This facility is leased to an affiliate of Post Acute Medical, LLC for a fixed term of 15 years with three five-year extension options. Rent escalates annually based on consumer priced indexed increases. In addition, we made a $1.4 million equity investment for a 25% equity ownership in the operator of this facility and funded a $2.0 million working capital loan. | |||||||||||||||||||
On November 4, 2011, we made investments in Hoboken University Medical Center in Hoboken, New Jersey, a 350-bed acute care facility. The total investment for this transaction was $75.0 million, comprising $50.0 million for the acquisition of an 100% ownership of the real estate, a secured working capital loan of up to $20.0 million (of which $15.1 million has been funded to-date), and the funding of a $5.0 million convertible note, which provides us with the option to acquire up to 25% of the hospital operator—See Loans section of this Note 3 for an update. The lease with the tenant has an initial term of 15 years, contains six five-year extension options, and the rent escalates annually based on consumer price indexed increases. | |||||||||||||||||||
From the respective acquisition dates in 2011 through that year-end, these 2011 acquisitions contributed $21.2 million of revenue and $14.1 million of income (excluding related acquisition expenses). In addition, we incurred $4.2 million in acquisition related expenses in 2011, of which $1.9 million related to acquisitions consummated as of December 31, 2011. | |||||||||||||||||||
The results of operations for each of the properties acquired in 2013 and 2012 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 2013 and 2012, as if each acquisition was consummated on the same terms at the beginning of 2012 and 2011, respectively. Supplemental pro forma earnings were adjusted to exclude $18.0 million and $5.1 million of acquisition-related costs on these consummated deals incurred during 2013 and 2012, respectively (dollar amounts in thousands except per share/unit data). | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Amounts in thousands | |||||||||||||||||||
except per share/unit | |||||||||||||||||||
amounts) | |||||||||||||||||||
Total revenues | $ | 288,159 | $ | 280,539 | |||||||||||||||
Net income | 133,258 | 135,402 | |||||||||||||||||
Net income per share/unit | $ | 0.82 | $ | 0.85 | |||||||||||||||
Development Activities | |||||||||||||||||||
On June 11, 2013, we entered into a master funding and development agreement with First Choice Emergency Room, LLC (“First Choice”) to develop up to 25 freestanding emergency room facilities for a maximum aggregate funding of $100 million. During 2013, we began construction on eight of these emergency room facilities for a total development price of $37.8 million. One of the facilities was completed in the fourth quarter of 2013, while the others are expected to be completed in 2014. We have funded $9.1 million through the end of 2013 for these facilities still under construction. | |||||||||||||||||||
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 second quarter. We have funded $16.4 million through the end of 2013. | |||||||||||||||||||
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. | |||||||||||||||||||
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. | |||||||||||||||||||
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 was completed in 2013 for a total development cost of $16.9 million, and we began recognizing rent in August 2013. | |||||||||||||||||||
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 was completed in 2013 for a total development costs of $15.7 million, and we began recognizing rent in February 2013. | |||||||||||||||||||
On May 4, 2012, we amended the current lease on our Victoria, Texas facility with Post Acute Medical to extend the current lease term to 2028, and we agreed to develop and lease a 26-bed facility next to the existing facility. The facilities will be operated as separate LTACH and rehabilitation hospitals. We completed development of the rehabilitation facility in 2013 for a total development costs of $9.4 million, and began recognizing rent in December 2013. | |||||||||||||||||||
On March 1, 2012, we received a certificate of occupancy for our constructed Florence acute care facility near Phoenix, Arizona. With this, we started recognizing rent on this facility in March 2012. Land and building costs associated with this property approximates $30 million, and the lease term is 25 years. | |||||||||||||||||||
On October 14, 2011, we entered into agreements with a joint venture of Emerus Holding, Inc. and Baptist Health System, to acquire, provide for development funding and lease three 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. We completed development and started recognizing rent on one of the facilities in October 2012 and in 2013 for the remaining two facilities. | |||||||||||||||||||
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. | |||||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||||
Property | Location | Property Type | Operator | Commitment | Costs Incurred | Estimated | |||||||||||||
as of | Completion | ||||||||||||||||||
12/31/13 | Date | ||||||||||||||||||
First Choice ER- Nacogdoches | San Antonio, TX | Acute Care Hospital | First Choice ER, LLC | $ | 5,100 | $ | 2,681 | 1Q 2014 | |||||||||||
First Choice ER- Brodie | Austin, TX | Acute Care Hospital | First Choice ER, LLC | 5,470 | 1,950 | 2Q 2014 | |||||||||||||
First Choice ER- Alvin | Houston, TX | Acute Care Hospital | First Choice ER, LLC | 5,240 | 1,328 | 2Q 2014 | |||||||||||||
Northern Utah Rehabilitation Hospital | South Ogden, UT | Inpatient Rehabilitation Hospital | Ernest Health, Inc. | 19,153 | 16,391 | 2Q 2014 | |||||||||||||
First Choice ER- Briar Forest | Houston, TX | Acute Care Hospital | First Choice ER, LLC | 5,833 | 1,386 | 3Q 2014 | |||||||||||||
First Choice ER- Cedar Hill | Cedar Hill, TX | Acute Care Hospital | First Choice ER, LLC | 5,768 | 1,167 | 3Q 2014 | |||||||||||||
First Choice ER- Firestone | Firestone, CO | Acute Care Hospital | First Choice ER, LLC | 5,172 | 544 | 3Q 2014 | |||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | Acute Care Hospital | National Surgical | 33,500 | 16,324 | 3Q 2014 | |||||||||||||
Hospitals | |||||||||||||||||||
First Choice Emergency Rooms | Various | Acute Care Hospital | First Choice | 62,217 | — | Various | |||||||||||||
$ | 147,453 | $ | 41,771 | ||||||||||||||||
Disposals | |||||||||||||||||||
On November 27, 2013, we sold the real estate of an inpatient rehabilitation facility, Warm Springs Rehabilitation Hospital of San Antonio, for $14 million, resulting in a gain on sale of $5.6 million. | |||||||||||||||||||
On April 17, 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 December 27, 2012, we sold our Huntington Beach facility for $12.5 million, resulting in a gain of $1.9 million. Due to this sale, we wrote-off $0.7 million of straight-line rent receivable. | |||||||||||||||||||
During the third quarter of 2012, we entered into a definitive agreement to sell the real estate of two LTACH facilities, Thornton and New Bedford, to Vibra for total cash proceeds of $42 million. The sale of Thornton was completed on September 28, 2012, resulting in a gain of $8.4 million. Due to this sale, we wrote-off $1.6 million in straight-line rent receivables. The sale of New Bedford was completed on October 22, 2012, resulting in a gain of $7.2 million. Associated with this sale, we wrote-off $4.1 million in straight-line rent receivables in the fourth quarter 2012. | |||||||||||||||||||
On August 21, 2012, we sold our Denham Springs facility for $5.2 million, resulting in a gain of $0.3 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. In connection with this sale, HealthSouth Corporation agreed to extend the lease on our Wichita, Kansas property, which is now set to end in March 2022. | |||||||||||||||||||
On December 30, 2011, we sold Sherman Oaks Hospital in Sherman Oaks, California to Prime for $20.0 million, resulting in a gain of $3.1 million. Due to this sale, we wrote-off $1.2 million in straight-line rent receivables. | |||||||||||||||||||
On December 30, 2011, we sold MountainView Regional Rehabilitation Hospital in Morgantown, West Virginia to HealthSouth Corporation for $21.1 million, resulting in a gain of $2.3 million. | |||||||||||||||||||
For each of these disposals, the operating results of these facilities for the current and all prior periods have been included in discontinued operations, and we have reclassified the related real estate to Real Estate Held for Sale. | |||||||||||||||||||
Intangible Assets | |||||||||||||||||||
At December 31, 2013 and 2012, our intangible lease assets were $90.5 million ($75.0 million, net of accumulated amortization) and $52.0 million ($40.1 million, net of accumulated amortization), respectively. | |||||||||||||||||||
We recorded amortization expense related to intangible lease assets of $4.0 million, $3.9 million, and $5.2 million in 2013, 2012, and 2011, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands) | |||||||||||||||||||
For the Year Ended December 31: | |||||||||||||||||||
2014 | $ | 5,086 | |||||||||||||||||
2015 | 4,896 | ||||||||||||||||||
2016 | 4,855 | ||||||||||||||||||
2017 | 4,845 | ||||||||||||||||||
2018 | 4,784 | ||||||||||||||||||
As of December 31, 2013, capitalized lease intangibles have a weighted average remaining life of 18.6 years. | |||||||||||||||||||
Leasing Operations | |||||||||||||||||||
All of our leases are accounted for as operating leases except we are accounting for 13 Ernest facilities and five Prime facilities as DFLs. The components of our net investment in DFLs consisted of the following (dollars in thousands): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | |||||||||||||||||||
Minimum lease payments receivable | $ | 1,647,567 | |||||||||||||||||
Estimated residual values | 211,863 | ||||||||||||||||||
Less unearned income | (1,428,406 | ) | |||||||||||||||||
Net investment in direct financing leases | $ | 431,024 | |||||||||||||||||
Minimum rental payments due to us in future periods under operating leases and DFL, which have non-cancelable terms extending beyond one year at December 31, 2013, are as follows: (amounts in thousands) | |||||||||||||||||||
Total Under | Total Under | Total | |||||||||||||||||
Operating Leases | DFLs | ||||||||||||||||||
2014 | $ | 166,602 | $ | 42,535 | $ | 209,137 | |||||||||||||
2015 | 164,754 | 43,386 | 208,140 | ||||||||||||||||
2016 | 165,517 | 44,254 | 209,771 | ||||||||||||||||
2017 | 165,418 | 45,139 | 210,557 | ||||||||||||||||
2018 | 165,679 | 46,041 | 211,720 | ||||||||||||||||
Thereafter | 1,536,759 | 601,981 | 2,138,740 | ||||||||||||||||
$ | 2,364,729 | $ | 823,336 | $ | 3,188,065 | ||||||||||||||
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 to 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. | |||||||||||||||||||
In the 2011 fourth quarter, we consented to the sale by Vibra of its Dallas LTACH, for which we own the real estate to an affiliate of LifeCare Reit 2, Inc. (“LifeCare”) and LifeCare executed a restated lease agreement. As a result of this transaction, we wrote off the related straight line rent receivables of $1.3 million and accelerated the amortization of the related lease intangibles resulting in $0.6 million of expense in the 2011 fourth quarter. | |||||||||||||||||||
Monroe Facility | |||||||||||||||||||
As of December 31, 2013, we have advanced $31.1 million to the operator/lessee of Monroe Hospital in Bloomington, Indiana pursuant to a working capital loan agreement, including $1.2 million in advances during 2013. In addition, as of December 31, 2013, we 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 and have not recorded any unbilled rent since 2010. In addition, we stopped recording rental revenue on April 1, 2013, until we begin receiving cash payments. | |||||||||||||||||||
At December 31, 2013, our net investment (exclusive of the related real estate) of approximately $40.3 million is our maximum exposure to Monroe and the amount is deemed collectible/recoverable. In making this determination, we considered our first priority secured interest in approximately (i) $4 million in hospital patient receivables, (ii) cash balances of approximately $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. In order to recover our aggregate net investment in Monroe, we believe a restructuring of our lease and loan with a new operator may be needed. Among other provisions, we expect this would include our participation in future operating income and sale proceeds, if any, over a multi-year period. We are presently negotiating the potential terms of such a restructuring with several separate parties, although there is no assurance that we will complete a transaction with any of these parties. Moreover, we may conclude that the potential lease income and our share of operating income and sale proceeds would be insufficient for us to recover all of our net investment , in which case further impairment charges would be necessary. The amount, if any, of such further impairment is uncertain, and no assurances can be made that we will not have additional impairment charges on our working capital loan or other receivables in the future. Additional uncertainty may result if our current lessee/borrower enters bankruptcy proceedings, which is possible. | |||||||||||||||||||
Florence facility | |||||||||||||||||||
On March 6, 2013, the tenant of our $29.4 million facility in Phoenix, Arizona filed for Chapter 11 bankruptcy. Florence is current on its rent, and at December 31, 2013, we had less than $0.8 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 December 31, 2013, is fully recoverable. | |||||||||||||||||||
Gilbert facility | |||||||||||||||||||
In 2014, the tenant of our $17.1 million facility in Gilbert, Arizona filed for Chapter 11 bankruptcy, and we sent notice of termination of the lease prior to the bankruptcy filing. Gilbert was current on its rent through December 31, 2013. However, we did have approximately $0.9 million of straight-line rent receivables associated with this lease at December 31, 2013. Although no assurances can be made that we will not have any impairment charges or write-offs of receivables in the future, we believe our investment in Gilbert at December 31, 2013, is fully recoverable. | |||||||||||||||||||
Loans | |||||||||||||||||||
The following is a summary of our loans ($ amounts in thousands): | |||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Balance | Weighted Average | Balance | Weighted Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||
Mortgage loans | $ | 388,650 | 10.2 | % | $ | 368,650 | 10 | % | |||||||||||
Acquisition loans | 103,266 | 14.5 | % | 98,433 | 14.7 | % | |||||||||||||
Working capital and other loans | 57,724 | 10.9 | % | 60,810 | 10.8 | % | |||||||||||||
$ | 549,640 | $ | 527,893 | ||||||||||||||||
Our mortgage loans cover 9 of our properties with four operators. The increase from 2012 is primarily related to the $20 million loan for the Olympia property as previously discussed under the heading of Acquisitions in this Note 3. | |||||||||||||||||||
Other loans typically consist of loans to our tenants for acquisitions and working capital purposes. Our $98.0 million acquisition loans with Ernest, our Hoboken convertible loan and our $19.1 million working capital loan to Monroe (net of $12 million loan loss reserve) are included in other loans. | |||||||||||||||||||
On March 1, 2012, pursuant to our convertible note agreement, we converted $1.6 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 December 31, 2013, $3.4 million remains outstanding on the convertible note, and we retain the option, to convert this remainder into an additional 15.1% equity interest in the operator. | |||||||||||||||||||
Concentration of Credit Risks | |||||||||||||||||||
For the year ended December 31, 2013 and 2012, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 20.2% and 18.6% of total revenue, respectively. From an investment concentration perspective, Ernest represented 15.9% and 18.2% of our total assets at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
For the years ended December 31, 2013 and 2012, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 32.0% and 27.3%, respectively, of total revenue. From an investment concentration perspective, Prime represented 24.5% and 27.9% of our total assets at December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
On an individual property basis, we had no investment of any single property greater than 4% of our total assets as of December 31, 2013. | |||||||||||||||||||
From a geographic perspective, Investments located in California represented 18.7% of our total assets at December 31, 2013, down from 24.0% in the prior year. Investments located in Texas represented 22.7% of our total assets at December 31, 2013, down from 23.6% in the prior year. In addition, we further expanded our portfolio into Europe with the RHM portfolio acquisition, which represents less than 9% of total assets at December 31, 2013. | |||||||||||||||||||
Related Party Transactions | |||||||||||||||||||
Lease and interest revenue earned from tenants in which we have an equity interest in were $70.0 million, $54.3 million and $5.5 million in 2013, 2012 and 2011, respectively. |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
4 | Debt | ||||||||||||||||
The following is a summary of debt ($ amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 105,000 | 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 | 2,873 | — | |||||||||||||||
352,873 | 200,000 | ||||||||||||||||
Exchangeable senior notes: | |||||||||||||||||
Principal amount | — | 11,000 | 9.25 | % | |||||||||||||
Unamortized discount | — | (37 | ) | ||||||||||||||
— | 10,963 | ||||||||||||||||
2013 Senior Unsecured Notes | 274,860 | 5.75 | % | — | |||||||||||||
Term loans | 113,948 | Various | 114,197 | Various | |||||||||||||
$ | 1,421,681 | $ | 1,025,160 | ||||||||||||||
As of December 31, 2013, principal payments due on our debt (which exclude the effects of any discounts or premiums recorded) are as follows: (A) | |||||||||||||||||
2014 | $ | 265 | |||||||||||||||
2015 | 105,283 | ||||||||||||||||
2016 | 225,299 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 12,781 | ||||||||||||||||
Thereafter | 1,074,860 | ||||||||||||||||
Total | $ | 1,418,808 | |||||||||||||||
(A) | Our 2013 Senior Unsecured Notes are Euro-denominated. We have used the exchange rate at December 31, 2013 in this debt maturity schedule. | ||||||||||||||||
In order to fund our 2013 acquisitions disclosed in Note 3, we completed a public offering of €200 million aggregate principal amount of our 5.750% Senior Notes due 2020 (the “2013 Senior Unsecured Notes”) and did a $150 million tack on to our 2012 Senior Unsecured Notes. | |||||||||||||||||
To help fund the 2012 acquisitions disclosed in Note 3, on February 17, 2012, we completed the “2012 Senior Unsecured Notes” for $200 million, resulting in net proceeds, after underwriting discount, of $196.5 million. These 2012 Senior Unsecured Notes accrue interest at a fixed rate of 6.375% per year and mature on February 15, 2022. The 2012 Senior Unsecured Notes include covenants substantially consistent with our 2011 Senior Unsecured Notes. In addition, on March 9, 2012, we closed on a $100 million senior unsecured term loan facility (“2012 Term Loan”). | |||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
In March 2012, we exercised the $70 million accordion feature on our unsecured revolving credit facility, increasing the capacity from $330 million to $400 million. The unsecured revolving credit facility matures in October 2015. The interest rate is (1) the higher of the “prime rate” or federal funds rate plus 0.5%, plus a spread initially set at 1.60%, but that is adjustable from 1.60% to 2.40% based on current total leverage, or (2) LIBOR plus a spread initially set at 2.60%, but that is adjustable from 2.60% to 3.40% based on current total leverage. Interest rate spread was 2.85% at December 31, 2013 and 2012. In addition to interest expense, we are required to pay a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.375% to 0.500% per year. At December 31, 2013 and 2012, our outstanding balance on the revolving credit facility was $105 million and $125 million, respectively. At December 31, 2013, our availability under our revolving credit facility was $295 million. The weighted average interest rate on this facility was 3.2% and 3.2% for 2013 and 2012, respectively. | |||||||||||||||||
2013 Senior Unsecured Notes | |||||||||||||||||
On October 10, 2013, we completed the 2013 Senior Unsecured Notes offering for €200 million (or $274.9 million.) Interest on the Notes will be payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2014. The 2013 Senior Unsecured 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 2013 Senior Unsecured 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, we may redeem up to 35% of the aggregate principal amount of the 2013 Senior Unsecured Notes using the proceeds of one or more equity offerings. The 2013 Senior Unsecured 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 2013 Senior Unsecured Notes may require us to repurchase some or all of our 2013 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2013 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2012 Senior Unsecured Notes | |||||||||||||||||
On February 17, 2012, we completed a $200 million offering of senior unsecured notes (“2012 Senior Unsecured Notes”) (resulting in net proceeds of $196.5 million, after underwriting discount). On August 20, 2013, we completed a $150 million tack on to the notes (resulting in net proceeds of $150.4 million, after underwriting discount). These 2012 Senior Unsecured Notes accrue interest at a fixed rate of 6.375% per year and mature on February 15, 2022. The 2013 tack on offering, was issued at a premium (price of 102%), resulting in an effective rate of 5.998%. Interest on these notes is payable semi-annually on February 15 and August 15 of each year. We may redeem some or all of the 2012 Senior Unsecured Notes at any time prior to February 15, 2017 at a “make-whole” redemption price. On or after February 15, 2017, we may redeem some or all of the 2012 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. The 2012 Senior Unsecured Notes are guaranteed, jointly and severally, on an unsecured basis, by certain subsidiary guarantors. In the event of a change of control, each holder of the 2012 Senior Unsecured Notes may require us to repurchase some or all of its 2012 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2011 Senior Unsecured Notes | |||||||||||||||||
On April 26, 2011, we closed on a private placement of $450 million aggregate principal amount of 6.875% Senior Notes due 2021 (the “2011 Senior Unsecured Notes”) to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The 2011 Senior Unsecured Notes were subsequently registered under the Securities Act pursuant to an exchange offer. Interest on the 2011 Senior Unsecured Notes is payable semi-annually on May 1 and November 1 of each year. The 2011 Senior Unsecured Notes pay interest in cash at a rate of 6.875% per year and mature on May 1, 2021. We may redeem some or all of the 2011 Senior Unsecured Notes at any time prior to May 1, 2016 at a “make-whole” redemption price. On or after May 1, 2016, we may redeem some or all of the 2011 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. The 2011 Senior Unsecured Notes are guaranteed, jointly and severally, on an unsecured basis, by the certain subsidiary guarantors. In the event of a change of control, each holder of the 2011 Senior Unsecured Notes may require us to repurchase some or all of its 2011 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2006 Senior Unsecured Notes | |||||||||||||||||
During 2006, we issued $125.0 million of Senior Unsecured Notes (the “2006 Senior Unsecured Notes”). The 2006 Senior Unsecured Notes were placed in private transactions exempt from registration under the Securities Act of 1933, as amended, (the “Securities Act”). One of the issuances of the 2006 Senior Unsecured Notes totaling $65.0 million paid interest quarterly at a fixed annual rate of 7.871% through July 30, 2011, thereafter, at a floating annual rate of three-month LIBOR plus 2.30% and can be called at par value by us at any time. This portion of the 2006 Senior Unsecured Notes matures in July 2016. The remaining issuances of 2006 Senior Unsecured Notes paid interest quarterly at fixed annual rates ranging from 7.333% to 7.715% through October 30, 2011, thereafter, at a floating annual rate of three-month LIBOR plus 2.30% and can also called at par value by us at any time. These remaining notes mature in October 2016. | |||||||||||||||||
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 $125 million 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 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%. At December 31, 2013 and 2012, the fair value of the interest rate swaps was $9.0 million and $12.5 million, respectively, which is reflected in accounts payable and accrued expenses on the consolidated balance sheets. | |||||||||||||||||
We account for 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 effects earnings, while any ineffective portion is recorded through earnings immediately. We did not have any hedge ineffectiveness from inception of our interest rate swaps through December 31, 2013 and therefore, there was no income statement effect recorded during the years ended December 31, 2013, 2012, and 2011. 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 December 31, 2013 and 2012, we have posted $5.0 million and $6.6 million of collateral related to our interest rate swaps, respectively, which is reflected in other assets on our consolidated balance sheets. | |||||||||||||||||
Term Loans | |||||||||||||||||
As noted previously, we closed on the 2012 Term Loan for $100 million on March 9, 2012. The 2012 Term Loan facility has an interest rate option of (1) LIBOR plus an initial spread of 2.25% or (2) the higher of the “prime rate”, federal funds rate plus 0.5%, or Eurodollar rate plus 1.0%, plus an initial spread of 1.25%. The interest rate in effect at December 31, 2013 and December 31, 2012 were 2.43% and 2.47%, respectively. The 2012 Term Loan facility is scheduled to mature on March 9, 2016, but we have the option to extend the facility one year to March 9, 2017. | |||||||||||||||||
In connection with our acquisition of the Northland LTACH Hospital on February 14, 2011, we assumed a $14.6 million mortgage. The Northland mortgage loan requires monthly principal and interest payments based on a 30-year amortization period. The Northland mortgage loan has a fixed interest rate of 6.2%, matures on January 1, 2018 and can be prepaid after January 1, 2013, subject to a certain prepayment premium. At December 31, 2013, the remaining balance on this term loan was $13.9 million. The loan was collateralized the real estate of the Northland LTACH Hospital, which had a net book value of $18.0 million and $18.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Exchangeable Senior Notes | |||||||||||||||||
In March 2008, our Operating Partnership issued and sold, in a private offering, $75.0 million of Exchangeable Senior Notes (the “2008 Exchangeable Notes”) and received proceeds of $72.8 million. In April 2008, the Operating Partnership sold an additional $7.0 million of the 2008 Exchangeable Notes (under the initial purchasers’ overallotment option) and received proceeds of $6.8 million. The interest rate on our 2008 Exchangeable Notes was 9.25% per annum. In July 2011, we used a portion of the proceeds from the 2011 Senior Unsecured Notes to repurchase 85% of the outstanding 2008 Exchangeable Notes at a price of 118.5% of the principal amount plus accrued and unpaid interest (or $84.2 million) pursuant to a cash tender offer. Additionally, in August 2011, we repurchased $1.5 million of the outstanding 2008 Exchangeable Notes in the open market. The remainder of our 2008 Exchangeable Notes were paid in full in April 2013. | |||||||||||||||||
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. At December 31, 2013, the dividend restriction was 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 December 31, 2013, we were in compliance with all such financial and operating covenants. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
5 | Income Taxes | ||||||||||||
Medical Properties Trust, Inc. | |||||||||||||
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax if we distribute 100% of our taxable income to our stockholders and satisfy certain other requirements. Income tax is paid directly by our stockholders on the dividends distributed to them. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax. Taxable income from non-REIT activities managed through our taxable REIT subsidiaries is subject to applicable United States federal, state and local income taxes. Our international subsidiaries are also subject to income taxes in the jurisdictions in which they operate. | |||||||||||||
From our taxable REIT subsidiaries and our foreign operations (which realized a $12.9 million loss before income taxes in 2013 primarily due to the real estate transfer taxes), we incurred income tax expenses as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 568 | $ | 19 | $ | 128 | |||||||
Foreign | 158 | — | — | ||||||||||
$ | 726 | $ | 19 | $ | 128 | ||||||||
At December 31, 2013 and 2012, components of our deferred tax assets and liabilities were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | (2,870 | ) | $ | (2,370 | ) | |||||||
Other | (2,923 | ) | (1,673 | ) | |||||||||
Total deferred tax liabilities | (5,793 | ) | (4,043 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Loan loss and other reserves | 7,751 | 7,218 | |||||||||||
Operating loss and interest deduction carry forwards | 2,283 | 3,938 | |||||||||||
Other | 3,371 | 1,261 | |||||||||||
Total deferred tax assets | 13,405 | 12,417 | |||||||||||
Valuation allowance | (7,843 | ) | (8,540 | ) | |||||||||
Net deferred tax (liability) | $ | (231 | ) | $ | (166 | ) | |||||||
At December 31, 2013, we had U.S. federal and state NOLs of $0.2 million and $7.6 million, respectively, that expire in 2026 through 2032. | |||||||||||||
In 2013, our valuation allowance increased by $1.9 million as a result of book losses sustained by our German subsidiaries as the result of significant acquisition expenses incurred. This was offset by a $2.6 million decrease in the valuation allowance at one of the U.S. TRS entities (MDS), which generated income in 2013 (after having historical losses). We believe (based on cumulative losses) that we should reserve for our net deferred tax assets. We will continue to monitor this valuation allowance and, if circumstances change (such as entering into new transactions including working capital loans, equity investments, etc), we will adjust this valuation allowance accordingly. | |||||||||||||
We have met the annual REIT distribution requirements by payment of at least 90% of our estimated taxable income in 2013, 2012, and 2011. Earnings and profits, which determine the taxability of such distributions, will differ from net income reported for financial reporting purposes due primarily to differences in cost basis, differences in the estimated useful lives used to compute depreciation, and differences between the allocation of our net income and loss for financial reporting purposes and for tax reporting purposes. | |||||||||||||
A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common share distribution | $ | 0.8 | $ | 0.8 | $ | 0.8 | |||||||
Ordinary income | 0.599384 | 0.601216 | 0.300844 | ||||||||||
Capital gains(1) | 0.04638 | 0.117584 | 0.031396 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.026512 | 0.086976 | 0.031396 | ||||||||||
Return of capital | 0.154236 | 0.0812 | 0.46776 | ||||||||||
Allocable to next year | — | — | — | ||||||||||
-1 | Capital gains include unrecaptured Sec. 1250 gains. | ||||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is generally required for such income of the Operating Partnership. However, the Operating Partnership has formed taxable REIT subsidiaries on behalf of Medical Properties Trust, Inc., which are subject to federal, state and local income taxes at regular corporate rates, and its international subsidiaries are subject to income taxes in the jurisdictions in which they operate. See discussion above under Medical Properties Trust, Inc. for more details of income taxes associated with our taxable REIT subsidiaries. |
Earnings_Per_ShareUnit
Earnings Per Share/Unit | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share/Unit | ' | ||||||||||||
6 | Earnings Per Share/Unit | ||||||||||||
Medical Properties Trust, Inc. | |||||||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,301 | $ | 72,870 | $ | 12,120 | |||||||
Non-controlling interests’ share in continuing operations | (224 | ) | (177 | ) | (178 | ) | |||||||
Participating securities’ share in earnings | (729 | ) | (887 | ) | (1,090 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 88,348 | 71,806 | 10,852 | ||||||||||
Income from discontinued operations attributable to MPT common stockholders | 7,914 | 17,207 | 14,594 | ||||||||||
Net income, less participating securities’ share in earnings | $ | 96,262 | $ | 89,013 | $ | 25,446 | |||||||
Denominator: | |||||||||||||
Basic weighted-average common shares | 151,439 | 132,331 | 110,623 | ||||||||||
Dilutive potential common shares | 1,159 | 2 | 6 | ||||||||||
Diluted weighted-average common shares | 152,598 | 132,333 | 110,629 | ||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
Our earnings per unit were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,301 | $ | 72,870 | $ | 12,137 | |||||||
Non-controlling interests’ share in continuing operations | (244 | ) | (177 | ) | (178 | ) | |||||||
Participating securities’ share in earnings | (729 | ) | (887 | ) | (1,090 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 88,328 | 71,806 | 10,869 | ||||||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 7,914 | 17,207 | 14,594 | ||||||||||
Net income, less participating securities’ share in earnings | $ | 96,242 | $ | 89,013 | $ | 25,463 | |||||||
Denominator: | |||||||||||||
Basic weighted-average units | 151,439 | 132,331 | 110,623 | ||||||||||
Dilutive potential units | 1,159 | 2 | 6 | ||||||||||
Diluted weighted-average units | 152,598 | 132,333 | 110,629 | ||||||||||
For each of the years ended December 31, 2012 and 2011, approximately 0.1 million of options were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive. |
Stock_Awards
Stock Awards | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Awards | ' | ||||||||||||||||
7 | Stock Awards | ||||||||||||||||
Stock Awards | |||||||||||||||||
Our Equity Incentive Plan 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. Our Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. We have reserved 7,643,651 shares of common stock for awards under the Equity Incentive Plan and 7,643,651 shares remain available for future stock awards as of December 31, 2013. The Equity Incentive Plan contains a limit of 5,000,000 shares as the maximum number of shares of common stock that may be awarded to an individual in any fiscal year. Awards under the Equity Incentive Plan are subject to forfeiture due to termination of employment prior to vesting. In the event of a change in control, outstanding and unvested options will immediately vest, unless otherwise provided in the participant’s award or employment agreement, and restricted stock, restricted stock units, deferred stock units and other stock-based awards will vest if so provided in the participant’s award agreement. The term of the awards is set by the Compensation Committee, though Incentive Stock Options may not have terms of more than ten years. Forfeited awards are returned to the Equity Incentive Plan and are then available to be re-issued as future awards. For each share of common stock issued by Medical Properties Trust, Inc. pursuant to its Equity Incentive Plan, the Operating Partnership issues a corresponding number of operating partnership units. | |||||||||||||||||
The following awards have been granted pursuant to our Equity Incentive Plan (and its predecesor plan): | |||||||||||||||||
Stock Options | |||||||||||||||||
At December 31, 2013, we had 20,000 options outstanding and exercisable, with a weighted-average exercise price of $10.00 per option. The intrinsic value of options exercisable and outstanding at December 31, 2013, is $-0-. In 2013, 40,000 options were exercised, while 20,000 options were settled for cash in 2011. No options were granted in 2013, 2012, or 2011. The weighted average remaining contractual term of options exercisable and outstanding is 0.3 years. | |||||||||||||||||
Restricted Equity Awards | |||||||||||||||||
Other stock-based awards are in the form of service-based awards and performance-based awards. The service-based awards vest as the employee provides the required service (typically three to five years). Service based awards are valued at the average price per share of common stock on the date of grant. In 2013, 2012, and 2011, the Compensation Committee granted awards to employees which vest based on us achieving certain total shareholder returns or comparisons of our total shareholder returns to peer total return indices. Generally, dividends are not paid on these performance awards until the award is earned. See below for details of such grants: | |||||||||||||||||
- | 2013 performance awards - The 2013 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 27% of the 2013 performance awards were based on us achieving a simple 8.5% annual total shareholder return over a three year period; however, the award contained both carry forward and carry back provisions through December 31, 2017. None of these shares may be sold for two years after they have vested. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.72%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 3 years. | ||||||||||||||||
2) | Approximately 36% of the 2013 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2013 to December 31, 2015. The minimum total shareholder return needed to earn a portion of this award is 25.5% with 100% of the award earned if our total shareholder return reaches 33.5%. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2013 performance awards will be earned if our total shareholder return outpaces that of the MSCI U.S. REIT Index (“Index”) over the cumulative period from January 1, 2013 to December 31, 2015. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
There were 68,086 of the 2013 performance awards earned and vested in 2013. At December 31, 2013, we have 686,169 of 2013 performance awards remaining to be earned. | |||||||||||||||||
- | 2012 performance awards - The 2012 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 30% of the 2012 performance awards were based on us achieving a simple 9.0% annual total shareholder return over a three year period; however, the award contains both carry forward and carry back provisions through December 31, 2016. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.93%; expected volatility of 34%; expected dividend yield of 8.6%; and expected service period of 4 years. | ||||||||||||||||
2) | Approximately 35% of the 2012 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2012 to December 31, 2014. The minimum total shareholder return needed to earn a portion of this award is 27% with 100% of the award earned if our total shareholder return reaches 35%. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.43%; expected volatility of 35%; expected dividend yield of 8.6%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2012 performance awards will be earned if our total shareholder return outpaces that of the Index over the cumulative period from January 1, 2012 to December 31, 2014. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.43%; expected volatility of 35%; expected dividend yield of 8.6%; and expected service period of 5 years. | ||||||||||||||||
There were 84,188 of the 2012 performance awards earned and vested in 2013 and 2,599 forfeited in 2013. There were 84,188 of the 2012 performance awards earned and vested in 2012 and 5,718 forfeited in 2012. At December 31, 2013, we have 725,666 of 2012 performance awards remaining to be earned. | |||||||||||||||||
- | 2011 performance awards - The 2011 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 30% of the 2011 performance awards were based on us achieving a simple 9.0% annual total shareholder return over a three year period; however, the award contained both carry forward and carry back provisions through December 31, 2015. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 2.07%; expected volatility of 33%; expected dividend yield of 8.5%; and expected service period of 4 years. | ||||||||||||||||
2) | Approximately 18% of the 2011 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2011 to December 31, 2013. The minimum total shareholder return needed to earn a portion of this award is 27% with 100% of the award earned if our total shareholder return reaches 39%. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2014, 2015 and 2016. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.07%; expected volatility of 34%; expected dividend yield of 8.5%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2011 performance awards will be earned if our total shareholder return outpaces that of the Index over the cumulative period from January 1, 2011 to December 31, 2013. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 12% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2014, 2015 and 2016. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.07%; expected volatility of 34%; expected dividend yield of 8.5%; and expected service period of 5 years. | ||||||||||||||||
There were 81,359 and 155,162 of the 2011 performance awards earned and vested in 2013 and 2012, respectively, but none in 2011. In 2013, 8,062 shares were forfeited, while 14,456 shares were forfeited in 2012. At December 31, 2013, we have 587,344 of 2011 performance awards that have been earned but not vested. | |||||||||||||||||
The following summarizes restricted equity award activity in 2013 and 2012 (which includes awards granted in 2013, 2012, 2011, and any applicable prior years), respectively: | |||||||||||||||||
For the Year Ended December 31, 2013: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
Awarded | 240,425 | $ | 12.26 | 754,255 | $ | 6.13 | |||||||||||
Vested | (381,309 | ) | $ | 11.15 | (386,446 | ) | $ | 8.27 | |||||||||
Forfeited | — | $ | — | (248,519 | ) | $ | 11.03 | ||||||||||
Nonvested awards at end of year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 | |||||||||||
For the Year Ended December 31, 2012: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 603,980 | $ | 11.02 | 1,511,397 | $ | 7.6 | |||||||||||
Awarded | 275,464 | $ | 10.14 | 902,359 | $ | 5.81 | |||||||||||
Vested | (410,261 | ) | $ | 10.78 | (513,693 | ) | $ | 8.63 | |||||||||
Forfeited | (2,300 | ) | $ | 10.24 | (20,174 | ) | $ | 5.45 | |||||||||
Nonvested awards at end of year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
The value of stock-based awards is charged to compensation expense over the vesting periods. In the years ended December 31, 2013, 2012 and 2011, we recorded $8.8 million, $7.6 million, and $7.0 million respectively, of non-cash compensation expense. The remaining unrecognized cost from restricted equity awards at December 31, 2013, is $10.1 million and will be recognized over a weighted average period of 2.5 years. Restricted equity awards which vested in 2013, 2012, and 2011 had a value of $9.2 million, $9.2 million, and $6.1 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
8 | Commitments and Contingencies | ||||
Commitments | |||||
Our operating leases primarily consist of ground leases on which certain of our facilities or other related property reside along with corporate office and equipment leases. These ground leases are long-term leases (almost all having terms for approximately 50 years or more), some contain escalation provisions and one contains a purchase option. Properties subject to these ground leases are subleased to our tenants. Lease and rental expense (which is recorded on the straight-line method) for 2013, 2012 and 2011, respectively, were $2,304,461, $2,195,835, and $1,994,565, which was offset by sublease rental income of $512,503, $492,095, and $443,829 for 2013, 2012, and 2011, respectively. | |||||
Fixed minimum payments due under operating leases with non-cancelable terms of more than one year at December 31, 2013 are as follows: (amounts in thousands) | |||||
2014 | $ | 2,471 | |||
2015 | 2,644 | ||||
2016 | 2,659 | ||||
2017 | 2,620 | ||||
2018 | 2,614 | ||||
Thereafter | 37,213 | ||||
$ | 50,221 | ||||
The total amount to be received in the future from non-cancellable subleases at December 31, 2013, is $30.1 million. | |||||
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. |
Common_StockPartners_Capital
Common Stock/Partner's Capital | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Common Stock/Partner's Capital | ' | |
9 | Common Stock/Partner’s 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. | ||
In November 2009, we put an at-the-market equity offering program in place, giving us the ability to sell up to $50 million of stock. During the fourth quarter 2012, we sold 1.1 million shares of our common stock under our at-the-market equity offering program, at an average price of $11.84 per share resulting in total proceeds, net of a 2% commission, of $13.2 million. In January 2014, we replaced this at-the-market offering program with a similar program but increased the size to up to $250 million of stock with a commission of 1.25% (of which $12.5 million has been sold as of February 28, 2014). | ||
In February 2012, we filed Articles of Amendment to our charter with the Maryland State Department of Assessments and Taxation increasing the number of authorized shares of common stock, par value $0.001 per share available for issuance from 150,000,000 to 250,000,000. | ||
MPT Operating Partnership, L.P. | ||
The Operating Partnership is made up of a general partner, Medical Properties Trust, LLC (“General Partner”) and limited partners, including the Company (which owns 100% of the General Partner) and three other partners. By virtue of its ownership of the General Partner, the Company has a 99.8% ownership interest in Operating Partnership via its ownership of all the common units. The remaining ownership interest is held by the two employees and one director via their ownership of LTIP units. These LTIP units were issued to the employees pursuant to the 2007 Multi-Year Incentive Plan, which is part of the Equity Incentive Plan discussed in Note 7 and once vested in accordance with their award agreement, may be converted to common units per the Second Amended and Restated Agreement of Limited Partnership of MPT Operating Partnership, L.P. (“Operating Partnership Agreement”). | ||
In regards to distributions, the Operating Partnership shall distribute cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to common unit holders who are common unit holders on the record date. However, per the Operating Partnership Agreement, the General Partner shall use its reasonable efforts to cause the Operating Partnership to distribute amounts sufficient to enable the Company to pay stockholder dividends that will allow the Company to (i) meet its distribution requirement for qualification as a REIT and (ii) avoid any federal income or excise tax liability imposed by the Internal Revenue Code, other than to the extent the Company elects to retain and pay income tax on its net capital gain. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for distribution purposes. | ||
The Operating Partnership’s net income will generally be allocated first to the General Partner to the extent of any cumulative losses and then to the limited partners in accordance with their respective percentage interests in the common units issued by the Operating Partnership. Any losses of the Operating Partnership will generally be allocated first to the limited partners until their capital account is zero and then to the General Partner. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for purposes of income and loss allocations. Limited partners have the right to require the Operating Partnership to redeem part or all of their common units. It is at the Operating Partnership’s discretion to redeem such common units for cash based on the fair market value of an equivalent number of shares of the Company’s common stock at the time of redemption or, alternatively, redeem the common units for shares of the Company’s common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, or similar events. In order for LTIP units to be redeemed, they must first be converted to common units and then must wait two years from the issuance of the LTIP units to be redeemed. | ||
For each share of common stock issued by Medical Properties Trust, Inc., the Operating Partnership issues a corresponding number of operating partnership units. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
10 | 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 (for 2012 only) and 2011, 2012 and 2013 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): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 58,499 | $ | 44,349 | $ | 45,289 | $ | 36,700 | |||||||||
Loans(1) | 351,607 | 358,277 | 334,693 | 335,595 | |||||||||||||
Debt, net | (1,421,681 | ) | (1,486,090 | ) | (1,025,160 | ) | (1,082,333 | ) | |||||||||
-1 | Excludes loans related to 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 2, 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 December 31, 2013. these amounts were as follows (in thousands): | |||||||||||||||||
Asset (Liability) | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loan | 98,033 | 98,033 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 201,333 | $ | 201,333 | ||||||||||||||
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 lack of marketability discount (“DLOM”) on our equity investment of 40% at December 31, 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) | ||||||||||||||||
Change in | In Fair Value | ||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | ($320) | ||||||||||||||||
- 100 basis points | 320 | ||||||||||||||||
Because the fair value of Ernest investments noted above approximate their original cost, we did not recognize any unrealized gains/losses during 2013 or 2012. To date, we have not received any distribution payments from our equity investment in Ernest. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
11 | Discontinued Operations | ||||||||||||
As more fully discussed in Note 3 under the heading “Disposals”, we sold three properties in 2013, five properties in 2012, and two properties in 2011. 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. Real estate held for sale of $25.5 million in 2012 includes $1.9 million of land, $26.7 million of building, $0.8 million of intangible lease assets, $3.5 million of accumulated depreciation, $0.4 million of accumulated amortization. | |||||||||||||
The following table presents the results of discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands except per share/unit amounts): | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 988 | $ | 3,470 | $ | 14,531 | |||||||
Gain on sale | 7,659 | 16,369 | 5,431 | ||||||||||
Income from discontinued operations | 7,914 | 17,207 | 14,594 | ||||||||||
Income from discontinued operations — diluted per share/unit | $ | 0.05 | $ | 0.13 | $ | 0.12 |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||
12. Quarterly Financial Data (unaudited) | |||||||||||||||||
As disclosed in Note 11, we sold properties during 2013 resulting in the reclassification of those properties current and prior year results to discontinued operations. The quarterly data presented below reflects these reclassifications. | |||||||||||||||||
Medical Properties Trust, Inc. | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012: (amounts in thousands, except for per share data) | |||||||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT common stockholders | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
For the Three Month Periods in 2012 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 40,455 | $ | 48,569 | $ | 52,504 | $ | 56,597 | |||||||||
Income (loss) from continuing operations | 8,294 | 18,718 | 22,594 | 23,264 | |||||||||||||
Income from discontinued operations | 2,312 | 642 | 8,914 | 5,339 | |||||||||||||
Net income | 10,606 | 19,360 | 31,508 | 28,603 | |||||||||||||
Net income attributable to MPT common stockholders | 10,564 | 19,316 | 31,464 | 28,556 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average shares outstanding — basic | 124,906 | 134,715 | 134,781 | 134,923 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average shares outstanding — diluted | 124,906 | 134,715 | 134,782 | 134,930 | |||||||||||||
MPT Operating Partnership, L.P. | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012: (amounts in thousands, except for per unit data) | |||||||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
For the Three Month Periods in 2012 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 40,455 | $ | 48,569 | $ | 52,504 | $ | 56,597 | |||||||||
Income from continuing operations | 8,294 | 18,718 | 22,594 | 23,264 | |||||||||||||
Income from discontinued operations | 2,312 | 642 | 8,914 | 5,339 | |||||||||||||
Net income | 10,606 | 19,360 | 31,508 | 28,603 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 10,564 | 19,316 | 31,464 | 28,556 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average units outstanding — basic | 124,906 | 134,715 | 134,781 | 134,923 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average units outstanding — diluted | 124,906 | 134,715 | 134,782 | 134,930 |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||
13 | 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, 2012, and 2013 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, 2012 and 2013 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, 2012, and 2013 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, 2012 and 2013 Senior Unsecured Notes; or (6) the release or discharge of the Subsidiary Guarantor from its guarantee obligations under our revolving credit facility. | |||||||||||||||||||||||||
Subsequent to December 31, 2012, certain of our subsidiaries were re-designated as non-guarantors of our 2011, 2012 and 2013 Senior Unsecured Notes, as the underlying properties were sold in 2013 (such subsidiaries were guarantors prior to 2013). With these re-designations, we have restated the 2012 and 2011 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 for Subsidiary Guarantors by $997.2 million and also to increase total assets (and, correspondingly increase total liabilities) for Non-Guarantor Subsidiaries by $404.1 million with an offset to Eliminations. In addition, we revised our condensed consolidating statements of cash flows for the years ended December 31, 2012 and 2011 to adjust the classification of cash flows related to intercompany transactions. For the year ended December 31, 2012, these adjustments had the effect of a) increasing net cash provided by investing activities and decreasing net cash provided by financing activities for the Parent and Subsidiary Issuers by $129.4 million and $501.8 million, respectively, and b) decreasing net cash provided by investing activities and increasing net cash provided by financing activities for the Subsidiary Guarantors and the Non-Guarantor Subsidiaries by $365.8 million and $136.1 million, respectively, with an offset to Eliminations. For the year ended December 31, 2011, these adjustments had the effect of a) increasing net cash provided by investing activities and decreasing net cash provided by financing activities for the Subsidiary Issuers and Non-Guarantor Subsidiaries by $92.1 million and $22.4 million, respectively, and b) decreasing net cash provided by investing activities and increasing net cash provided by financing activities for the Parent and Subsidiary Guarantors by $89.6 million and $114.2 million, respectively, with an offset to Eliminations. These revisions are not material to the related financial statements for any prior periods and had no impact on our consolidated balance sheet or consolidated statement of cash flows. As prior period financial information is presented in future filings, we will similarly revise the condensed consolidating statements of cash flows for comparative periods presented in future filings. | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | 1,795,084 | $ | 70,371 | $ | — | $ | 1,865,455 | |||||||||||||
Net investment in direct financing leases | — | — | 212,543 | 218,481 | — | 431,024 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 120,000 | — | 388,650 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,276,277 | 408,852 | — | 2,685,129 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (151,624 | ) | (8,152 | ) | — | (159,776 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,124,653 | 400,700 | — | 2,525,353 | |||||||||||||||||||
Cash and cash equivalents | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Interest and rent receivables | — | 336 | 31,324 | 26,839 | — | 58,499 | |||||||||||||||||||
Straight-line rent receivables | — | — | 37,015 | 8,814 | — | 45,829 | |||||||||||||||||||
Other loans | — | 178 | 1,100 | 159,712 | — | 160,990 | |||||||||||||||||||
Net intercompany receivable | 35,363 | 1,907,474 | — | — | (1,942,837 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,344,598 | 825,153 | 42,407 | — | (2,212,158 | ) | — | ||||||||||||||||||
Other assets | — | 37,311 | 1,168 | 29,441 | — | 67,920 | |||||||||||||||||||
Total Assets | $ | 1,379,961 | $ | 2,789,267 | $ | 2,264,761 | $ | 625,576 | $ | (4,154,995 | ) | $ | 2,904,570 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,407,733 | $ | — | $ | 13,948 | $ | — | $ | 1,421,681 | |||||||||||||
Accounts payable and accrued expenses | 35,753 | 36,887 | 20,367 | 1,304 | — | 94,311 | |||||||||||||||||||
Net intercompany payable | — | — | 1,538,934 | 403,903 | (1,942,837 | ) | — | ||||||||||||||||||
Deferred revenue | — | 49 | 17,772 | 5,966 | — | 23,787 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 17,964 | 2,619 | — | 20,583 | |||||||||||||||||||
Total liabilities | 35,753 | 1,444,669 | 1,595,037 | 427,740 | (1,942,837 | ) | 1,560,362 | ||||||||||||||||||
Total Equity | 1,344,208 | 1,344,598 | 669,724 | 197,836 | (2,212,158 | ) | 1,344,208 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,379,961 | $ | 2,789,267 | $ | 2,264,761 | $ | 625,576 | $ | (4,154,995 | ) | $ | 2,904,570 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 124,651 | $ | 20,028 | $ | (12,101 | ) | $ | 132,578 | ||||||||||||
Straight-line rent | — | — | 8,438 | 2,268 | — | 10,706 | |||||||||||||||||||
Income from direct financing leases | — | — | 38,522 | 22,577 | (20,269 | ) | 40,830 | ||||||||||||||||||
Interest and fee income | — | 21,797 | 38,696 | 29,834 | (31,918 | ) | 58,409 | ||||||||||||||||||
Total revenues | — | 21,797 | 210,307 | 74,707 | (64,288 | ) | 242,523 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 35,277 | 1,701 | — | 36,978 | |||||||||||||||||||
Property-related | — | 601 | 1,356 | 32,863 | (32,370 | ) | 2,450 | ||||||||||||||||||
Acquisition expenses | — | 7,356 | 12,138 | — | — | 19,494 | |||||||||||||||||||
General and administrative | — | 29,033 | 375 | 655 | — | 30,063 | |||||||||||||||||||
Total operating expenses | — | 36,990 | 49,146 | 35,219 | (32,370 | ) | 88,985 | ||||||||||||||||||
Operating income | — | (15,193 | ) | 161,161 | 39,488 | (31,918 | ) | 153,538 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | (110 | ) | — | (209 | ) | — | (319 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 948 | 2,606 | — | 3,554 | |||||||||||||||||||
Interest expense | — | (67,484 | ) | (1,912 | ) | (29,268 | ) | 31,918 | (66,746 | ) | |||||||||||||||
Income tax expense | — | — | (158 | ) | (568 | ) | — | (726 | ) | ||||||||||||||||
Net other expense | — | (67,594 | ) | (1,122 | ) | (27,439 | ) | 31,918 | (64,237 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (82,787 | ) | 160,039 | 12,049 | — | 89,301 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | (4 | ) | 7,918 | — | 7,914 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 97,215 | 180,002 | 4,477 | — | (281,694 | ) | — | ||||||||||||||||||
Net income (loss) | 97,215 | 97,215 | 164,512 | 19,967 | (281,694 | ) | 97,215 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (224 | ) | (224 | ) | — | — | 224 | (224 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 96,991 | $ | 96,991 | $ | 164,512 | $ | 19,967 | $ | (281,470 | ) | $ | 96,991 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 97,215 | $ | 97,215 | $ | 164,512 | $ | 19,967 | $ | (281,694 | ) | $ | 97,215 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swap | 3,474 | 3,474 | — | — | (3,474 | ) | 3,474 | ||||||||||||||||||
Foreign currency translation gain (loss) | 67 | 67 | — | — | (67 | ) | 67 | ||||||||||||||||||
Total comprehensive income | 100,756 | 100,756 | 164,512 | 19,967 | (285,235 | ) | 100,756 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (224 | ) | (224 | ) | — | — | 224 | (224 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 100,532 | $ | 100,532 | $ | 164,512 | $ | 19,967 | ($ | 285,011 | ) | $ | 100,532 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4 | $ | (53,846 | ) | $ | 196,883 | $ | (2,240 | ) | $ | — | $ | 140,801 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (619,092 | ) | (35,830 | ) | — | (654,922 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 32,409 | — | 32,409 | |||||||||||||||||||
Principal received on loans receivable | — | — | — | 7,249 | — | 7,249 | |||||||||||||||||||
Investments in loans receivable | — | — | (1,100 | ) | (2,646 | ) | — | (3,746 | ) | ||||||||||||||||
Construction in progress and other | — | 136 | (94,737 | ) | 1,034 | — | (93,567 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | — | 136 | (714,929 | ) | 2,216 | — | (712,577 | ) | |||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 424,580 | — | — | — | 424,580 | |||||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (249 | ) | — | (11,249 | ) | ||||||||||||||||
Revolving credit facilities, net | — | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||||||
Distributions paid | (120,038 | ) | (120,309 | ) | — | — | 120,038 | (120,309 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 1,606 | 1,625 | — | 3,231 | |||||||||||||||||||
Net payments relating to intercompany financing | (193,297 | ) | (539,776 | ) | 541,325 | (1,545 | ) | 193,293 | — | ||||||||||||||||
Proceeds from sale of common shares, net of offering costs | 313,331 | 313,331 | — | — | (313,331 | ) | 313,331 | ||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (9,760 | ) | — | — | — | (9,760 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (4 | ) | 37,066 | 542,931 | (169 | ) | — | 579,824 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (16,644 | ) | 24,885 | (193 | ) | — | 8,048 | |||||||||||||||||
Effect of exchange rate changes | — | (24 | ) | 644 | — | — | 620 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 18,815 | $ | 27,094 | $ | 70 | $ | — | $ | 45,979 | |||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
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 | $ | 1,185,265 | $ | 65,947 | $ | — | $ | 1,251,240 | |||||||||||||
Real estate held for sale | — | — | — | 25,537 | — | 25,537 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 110,155 | 204,257 | — | 314,412 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Gross investment in real estate assets | — | 28 | 1,564,070 | 395,741 | — | 1,959,839 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (116,344 | ) | (6,452 | ) | — | (122,796 | ) | ||||||||||||||||
Net investment in real estate assets | — | 28 | 1,447,726 | 389,289 | — | 1,837,043 | |||||||||||||||||||
Cash and cash equivalents | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Interest and rent receivables | — | 212 | 29,150 | 15,927 | — | 45,289 | |||||||||||||||||||
Straight-line rent receivables | — | — | 28,416 | 7,444 | — | 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 | $ | 1,551,045 | $ | 603,510 | $ | (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 | — | — | 997,231 | 404,103 | (1,401,334 | ) | — | ||||||||||||||||||
Deferred revenue | — | 143 | 19,431 | 1,035 | — | 20,609 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 16,357 | 985 | — | 17,342 | |||||||||||||||||||
Total liabilities | 27,783 | 1,037,763 | 1,043,511 | 421,349 | (1,401,334 | ) | 1,129,072 | ||||||||||||||||||
Total Equity | 1,049,814 | 1,050,204 | 507,534 | 182,161 | (1,739,899 | ) | 1,049,814 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,077,597 | $ | 2,087,967 | $ | 1,551,045 | $ | 603,510 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 112,573 | $ | 16,619 | $ | (9,309 | ) | $ | 119,883 | ||||||||||||
Straight-line rent | — | — | 6,429 | 1,482 | — | 7,911 | |||||||||||||||||||
Income from direct financing leases | — | — | 19,870 | 18,090 | (16,232 | ) | 21,728 | ||||||||||||||||||
Interest and fee income | — | 18,341 | 29,606 | 25,387 | (24,731 | ) | 48,603 | ||||||||||||||||||
Total revenues | — | 18,341 | 168,478 | 61,578 | (50,272 | ) | 198,125 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 31,115 | 1,700 | — | 32,815 | |||||||||||||||||||
Property-related | — | 495 | 816 | 25,707 | (25,541 | ) | 1,477 | ||||||||||||||||||
Acquisition expenses | — | 5,420 | — | — | — | 5,420 | |||||||||||||||||||
General and administrative | — | 26,018 | — | 2,544 | — | 28,562 | |||||||||||||||||||
Total operating expenses | — | 31,933 | 31,931 | 29,951 | (25,541 | ) | 68,274 | ||||||||||||||||||
Operating income | — | (13,592 | ) | 136,547 | 31,627 | (24,731 | ) | 129,851 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | (69 | ) | — | (1,593 | ) | — | (1,662 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 1,061 | 1,882 | — | 2,943 | |||||||||||||||||||
Interest expense | — | (58,729 | ) | 1,408 | (25,653 | ) | 24,731 | (58,243 | ) | ||||||||||||||||
Income tax expense | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||||
Net other expense | — | (58,798 | ) | 2,469 | (25,383 | ) | 24,731 | (56,981 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (72,390 | ) | 139,016 | 6,244 | — | 72,870 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 103 | 17,104 | — | 17,207 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 90,077 | 162,467 | 4,481 | — | (257,025 | ) | — | ||||||||||||||||||
Net income (loss) | 90,077 | 90,077 | 143,600 | 23,348 | (257,025 | ) | 90,077 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (177 | ) | (177 | ) | — | — | 177 | (177 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 89,900 | $ | 89,900 | $ | 143,600 | $ | 23,348 | $ | (256,848 | ) | $ | 89,900 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 90,077 | $ | 90,077 | $ | 143,600 | $ | 23,348 | $ | (257,025 | ) | $ | 90,077 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (251 | ) | (251 | ) | — | — | 251 | (251 | ) | ||||||||||||||||
Total comprehensive income | 89,826 | 89,826 | 143,600 | 23,348 | (256,774 | ) | 89,826 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (177 | ) | (177 | ) | — | — | 177 | (177 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 89,649 | $ | 89,649 | $ | 143,600 | $ | 23,348 | ($ | 256,597 | ) | $ | 89,649 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 57 | $ | (61,002 | ) | $ | 165,454 | $ | 800 | $ | — | $ | 105,309 | ||||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (420,500 | ) | (200,990 | ) | — | (621,490 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 71,202 | — | 71,202 | |||||||||||||||||||
Principal received on loans receivable | — | — | 5,491 | 5,440 | — | 10,931 | |||||||||||||||||||
Investments in loans receivable | — | — | — | (1,293 | ) | — | (1,293 | ) | |||||||||||||||||
Construction in progress and other | — | (578 | ) | (66,467 | ) | (9,433 | ) | — | (76,478 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (578 | ) | (481,476 | ) | (135,074 | ) | — | (617,128 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Payments of term debt | — | — | — | (232 | ) | — | (232 | ) | |||||||||||||||||
Revolving credit facilities, net | — | 75,000 | (39,600 | ) | — | — | 35,400 | ||||||||||||||||||
Distributions paid | (103,684 | ) | (103,952 | ) | — | — | 103,684 | (103,952 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | (10,031 | ) | (1,405 | ) | — | (11,436 | ) | ||||||||||||||||
Net payments relating to intercompany financing | (129,421 | ) | (501,839 | ) | 365,809 | 136,087 | 129,364 | — | |||||||||||||||||
Proceeds from sale of common shares, net of offering costs | 233,048 | 233,048 | — | — | (233,048 | ) | 233,048 | ||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (6,424 | ) | — | — | — | (6,424 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (57 | ) | (4,167 | ) | 316,178 | 134,450 | — | 446,404 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (65,747 | ) | 156 | 176 | — | (65,415 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 101,230 | 1,409 | 87 | — | 102,726 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 35,483 | $ | 1,565 | $ | 263 | $ | — | $ | 37,311 | |||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 99,494 | $ | 9,286 | $ | (3,092 | ) | $ | 105,688 | ||||||||||||
Straight-line rent | — | — | 3,515 | 1,762 | — | 5,277 | |||||||||||||||||||
Interest and fee income | — | 6,124 | 17,543 | 3,926 | (6,236 | ) | 21,357 | ||||||||||||||||||
Total revenues | — | 6,124 | 120,552 | 14,974 | (9,328 | ) | 132,322 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 28,489 | 1,658 | — | 30,147 | |||||||||||||||||||
Property-related | — | 217 | 458 | 3,141 | (3,092 | ) | 724 | ||||||||||||||||||
Acquisition expenses | — | 3,713 | — | 471 | — | 4,184 | |||||||||||||||||||
General and administrative | 17 | 23,914 | — | 3,160 | — | 27,091 | |||||||||||||||||||
Total operating expenses | 17 | 27,844 | 28,947 | 8,430 | (3,092 | ) | 62,146 | ||||||||||||||||||
Operating income | (17 | ) | (21,720 | ) | 91,605 | 6,544 | (6,236 | ) | 70,176 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | 26 | 2 | (10 | ) | — | 18 | ||||||||||||||||||
Earnings from equity and other interests | — | — | 345 | (267 | ) | — | 78 | ||||||||||||||||||
Debt refinancing costs | — | (14,109 | ) | (105 | ) | — | — | (14,214 | ) | ||||||||||||||||
Interest expense | — | (43,063 | ) | 139 | (7,122 | ) | 6,236 | (43,810 | ) | ||||||||||||||||
Income tax expense | — | — | — | (128 | ) | — | (128 | ) | |||||||||||||||||
Net other expense | — | (57,146 | ) | 381 | (7,527 | ) | 6,236 | (58,056 | ) | ||||||||||||||||
Income (loss) from continuing operations | (17 | ) | (78,866 | ) | 91,986 | (983 | ) | — | 12,120 | ||||||||||||||||
Income (loss) from discontinued operations | — | — | (1,969 | ) | 16,563 | — | 14,594 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 26,731 | 105,597 | 4,578 | — | (136,906 | ) | — | ||||||||||||||||||
Net income | 26,714 | 26,731 | 94,595 | 15,580 | (136,906 | ) | 26,714 | ||||||||||||||||||
Net income attributable to non-controlling interests | (178 | ) | (178 | ) | — | — | 178 | (178 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 26,536 | $ | 26,553 | $ | 94,595 | $ | 15,580 | $ | (136,728 | ) | $ | 26,536 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 26,714 | $ | 26,731 | $ | 94,595 | $ | 15,580 | $ | (136,906 | ) | $ | 26,714 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (8,590 | ) | (8,590 | ) | — | — | 8,590 | (8,590 | ) | ||||||||||||||||
Total comprehensive income | 18,124 | 18,141 | 94,595 | 15,580 | (128,316 | ) | 18,124 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (178 | ) | (178 | ) | — | — | 178 | (178 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 17,946 | $ | 17,963 | $ | 94,595 | $ | 15,580 | $ | (128,138 | ) | $ | 17,946 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (209 | ) | $ | (48,779 | ) | $ | 109,329 | $ | 18,929 | $ | — | $ | 79,270 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (241,626 | ) | (37,337 | ) | — | (278,963 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 41,130 | — | 41,130 | |||||||||||||||||||
Principal received on loans receivable | — | — | 230 | 4,059 | — | 4,289 | |||||||||||||||||||
Investments in loans receivable | — | — | (230 | ) | (631 | ) | — | (861 | ) | ||||||||||||||||
Construction in progress and other | — | (6,466 | ) | (24,081 | ) | (669 | ) | — | (31,216 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (6,466 | ) | (265,707 | ) | 6,552 | — | (265,621 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 450,000 | — | — | — | 450,000 | |||||||||||||||||||
Payments of term debt | — | (237,666 | ) | (8,433 | ) | (163 | ) | — | (246,262 | ) | |||||||||||||||
Revolving credit facilities, net | — | 50,000 | 39,600 | — | — | 89,600 | |||||||||||||||||||
Distributions paid | (89,342 | ) | (89,601 | ) | — | — | 89,342 | (89,601 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 10,986 | (2,365 | ) | — | 8,621 | ||||||||||||||||||
Net payments relating to intercompany financing | 89,551 | (92,052 | ) | 114,247 | (22,404 | ) | (89,342 | ) | — | ||||||||||||||||
Debt issuance costs paid and other financing activities | — | (21,028 | ) | — | (661 | ) | — | (21,689 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | 209 | 59,653 | 156,400 | (25,593 | ) | — | 190,669 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | 4,408 | 22 | (112 | ) | — | 4,318 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 96,822 | 1,387 | 199 | — | 98,408 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 101,230 | $ | 1,409 | $ | 87 | $ | — | $ | 102,726 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. | |||||||||||||||||
Schedule II: Valuation and Qualifying Accounts | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Additions | Deduction, | ||||||||||||||||
Year Ended December 31, | Balance at | Charged | Net | Balance at | |||||||||||||
Beginning of | Against | Recoveries/ | End of Year(1) | ||||||||||||||
Year(1) | Operations(1) | Writeoffs(1) | |||||||||||||||
(In thousands) | |||||||||||||||||
2013 | $ | 34,769 | $ | 9,397 | -2 | $ | (2,593 | ) | $ | 41,573 | |||||||
2012 | $ | 32,618 | $ | 4,540 | -4 | $ | (2,389 | ) | $ | 34,769 | |||||||
2011 | $ | 23,926 | $ | 8,692 | -3 | $ | (— | ) | $ | 32,618 | |||||||
-1 | Includes allowance for doubtful accounts, straight-line rent reserves, allowance for loan losses, tax valuation allowances and other reserves. | ||||||||||||||||
-2 | Includes $4.8 million and $2.7 million in rent and interest reserves, respectively, related to our Monroe properties along with $1.9 million to fully reserve for the net deferred tax asset of certain German subsidiaries. | ||||||||||||||||
-3 | Includes $3.7 million and $2.9 million in rent and interest reserves, respectively, related to our Denham Springs and Monroe properties and $2.1 million to fully reserve for the net deferred tax asset of one of our taxable REIT subsidiaries. | ||||||||||||||||
-4 | Includes $1.6 million and $2.9 million in rent and interest reserves, respectively, related to our Monroe properties. |
SCHEDULE_III_REAL_ESTATE_INVES
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Type of | Initial Costs | Additions | Cost at December 31, | Accumu- | Encum- | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||||||||||
Property | Subsequent to | 2013 | lated | brances | Constr- | Acquired | which | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Depreci- | uction | depreci- | ||||||||||||||||||||||||||||||||||||||||||||||||
ation | ation in | ||||||||||||||||||||||||||||||||||||||||||||||||||
latest | |||||||||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||||||||
state- | |||||||||||||||||||||||||||||||||||||||||||||||||||
ments is | |||||||||||||||||||||||||||||||||||||||||||||||||||
computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings | Improve- | Carrying | Land | Buildings | Total | (Years) | ||||||||||||||||||||||||||||||||||||||||||||
ments | Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baden-Wurttemburg, Germany | Rehabilitation hospital | $ | — | $ | 11,968 | $ | — | $ | — | $ | — | $ | 11,968 | $ | 11,968 | $ | 29 | 1994 | November 29, | 40 | |||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Saxony, Germany | Rehabilitation hospital | 471 | 25,956 | — | — | 471 | 25,956 | 26,427 | 73 | 1996 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation hospital | 4,017 | 18,989 | — | — | 4,017 | 18,989 | 23,006 | 48 | 1960 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Brandenburg, Germany | Rehabilitation hospital | 438 | 22,615 | — | — | 438 | 22,615 | 23,053 | 68 | 1994 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hesse, Germany | Rehabilitation hospital | 116 | 6,625 | — | — | 116 | 6,625 | 6,741 | 19 | 1981 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hesse, Germany | Rehabilitation hospital | 3,894 | 18,730 | — | — | 3,894 | 18,730 | 22,624 | 53 | 1977 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation hospital | — | 37,579 | — | — | — | 37,579 | 37,579 | 103 | 1992 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Saxony, Germany | Rehabilitation hospital | 682 | 18,907 | — | — | 682 | 18,907 | 19,589 | 48 | 1904, 1995 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation hospital | 921 | 8,281 | — | — | 921 | 8,281 | 9,202 | 21 | 1980 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation hospital | 7,382 | 20,382 | — | — | 7,382 | 20,382 | 27,764 | 67 | 1930 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baden-Wurttemburg, Germany | Rehabilitation hospital | 4,327 | 7,372 | — | — | 4,327 | 7,372 | 11,699 | 25 | 1986 | November 29, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Little Elm, TX | Acute care general hospital | 1,241 | 2,963 | — | — | 1,241 | 2,963 | 4,204 | 6 | 2013 | December 1, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Port Arthur, TX | Acute care general hospital | 2,178 | 74,225 | — | — | 2,178 | 74,225 | 76,403 | 464 | 2005 | September 26, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
West Monroe, LA | Acute care general hospital | 10,555 | 71,429 | — | — | 10,555 | 71,429 | 81,984 | 449 | 1962 | September 26, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hausman, TX | Acute care general hospital | 1,500 | 8,958 | — | — | 1,500 | 8,958 | 10,458 | 169 | 2013 | March 1, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Lafayette, IN | Rehabilitation hospital | 800 | 14,968 | — | — | 800 | 14,968 | 15,768 | 328 | 2013 | February 1, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa, AZ | Acute care general hospital | 3,875 | 101,248 | — | — | 3,875 | 101,248 | 105,123 | 633 | 2007 | September 26, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Overlook, TX | Acute care general hospital | 2,452 | 9,666 | — | — | 2,452 | 9,666 | 12,118 | 203 | 2012 | February 1, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Post Falls, ID | Rehabilitation hospital | 417 | 12,175 | — | — | 417 | 12,175 | 12,592 | 25 | 2013 | December 31, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Spartanburg, SC | Rehabilitation hospital | 1,135 | 15,717 | — | — | 1,135 | 15,717 | 16,852 | 145 | 2013 | August 1, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Victoria, TX | Rehabilitation hospital | — | 9,355 | — | — | — | 9,355 | 9,355 | — | 2013 | December 31, | 40 | |||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Covington, LA | Long term acute care hospital | 821 | 10,238 | — | 14 | 821 | 10,252 | 11,073 | 2,200 | — | 1984 | June 9, | 40 | ||||||||||||||||||||||||||||||||||||||
2005 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redding, CA | Long term acute care hospital | — | 19,952 | — | 4,361 | 1,629 | 22,684 | 24,313 | 4,621 | — | 1991 | June 30, | 40 | ||||||||||||||||||||||||||||||||||||||
2005 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bloomington, IN | Acute care general hospital | 2,457 | 31,209 | — | 408 | 2,576 | 31,498 | 34,074 | 5,800 | — | 2006 | August 8, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas, TX | Long term acute care hospital | 1,000 | 13,589 | — | 368 | 1,421 | 13,536 | 14,957 | 2,481 | — | 2006 | September 5, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
La Palma, CA | Acute care general hospital | 937 | 10,907 | — | 3 | 937 | 10,910 | 11,847 | 1,954 | — | 1971 | November 8, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Anaheim, CA | Acute care general hospital | 1,875 | 21,814 | — | 10 | 1,875 | 21,824 | 23,699 | 3,910 | — | 1964 | November 8, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Luling, TX | Long term acute care hospital | 811 | 9,345 | — | — | 811 | 9,345 | 10,156 | 1,655 | — | 2002 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Victoria, TX | Long term acute care hospital | 625 | 7,197 | — | — | 625 | 7,197 | 7,822 | 1,275 | — | 1998 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | Acute care general hospital | 4,757 | 56,238 | — | 1,259 | 5,464 | 56,790 | 62,254 | 10,006 | 41,200 | 2006 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bensalem, PA | Acute care general hospital | 6,911 | 38,185 | — | (353 | ) | 6,911 | 37,832 | 44,743 | 6,602 | — | 2006 | March 19, | 40 | |||||||||||||||||||||||||||||||||||||
2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portland, OR | Long term acute care hospital | 3,085 | 17,859 | — | 2,559 | 3,071 | 20,432 | 23,503 | 3,356 | — | 1964 | April 18, | 40 | ||||||||||||||||||||||||||||||||||||||
2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | Acute care general hospital | 6,550 | 15,653 | — | 77 | 6,550 | 15,730 | 22,280 | 2,619 | — | 1964 | May 9, | 40 | ||||||||||||||||||||||||||||||||||||||
2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redding, CA | Acute care general hospital | 1,555 | 53,863 | — | 13 | 1,555 | 53,876 | 55,431 | 8,653 | — | 1974 | August 10, | 40 | ||||||||||||||||||||||||||||||||||||||
2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | Acute care general hospital | 3,501 | 34,530 | 7,433 | 12,468 | 3,274 | 54,658 | 57,932 | 4,948 | — | 1960 | August 10, | 40 | ||||||||||||||||||||||||||||||||||||||
2007 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bennettsville, SC | Acute care general hospital | 794 | 15,772 | — | — | 794 | 15,772 | 16,566 | 2,268 | — | 1984 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bossier City, LA | Long term acute care hospital | 900 | 17,818 | — | — | 900 | 17,818 | 18,718 | 2,559 | — | 1982 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bristol, CT | Wellness | 485 | 2,267 | — | — | 485 | 2,267 | 2,752 | 1,047 | — | 1975 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cheraw, SC | Acute care general hospital | 657 | 19,576 | — | — | 657 | 19,576 | 20,233 | 2,814 | — | 1982 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Detroit, MI | Long term acute care hospital | 1,220 | 8,687 | — | (365 | ) | 1,220 | 8,322 | 9,542 | 1,243 | — | 1956 | May 22, | 40 | |||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Enfield, CT | Wellness | 384 | 2,257 | — | — | 384 | 2,257 | 2,641 | 1,043 | — | 1974 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Lauderdale, FL | Rehabilitation hospital | 3,499 | 21,939 | — | 1 | 3,499 | 21,940 | 25,439 | 3,114 | — | 1985 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Grove, CA | Acute care general hospital | 5,502 | 10,748 | — | 51 | 5,502 | 10,799 | 16,301 | 1,385 | — | 1982 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Grove, CA | Medical Office Building | 862 | 7,888 | — | 28 | 862 | 7,916 | 8,778 | 1,007 | — | 1982 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Idaho Falls, ID | Acute care general hospital | 1,822 | 37,467 | — | 4,665 | 1,822 | 42,132 | 43,954 | 5,913 | — | 2002 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Newington, CT | Wellness | 270 | 1,615 | — | — | 270 | 1,615 | 1,885 | 748 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Petersburg, VA | Rehabilitation hospital | 1,302 | 9,121 | — | — | 1,302 | 9,121 | 10,423 | 1,254 | — | 2006 | July 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
West Valley City, UT | Acute care general hospital | 5,516 | 58,314 | — | — | 5,516 | 58,314 | 63,830 | 8,278 | — | 1980 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Poplar Bluff, MO | Acute care general hospital | 2,659 | 38,694 | — | 1 | 2,660 | 38,694 | 41,354 | 5,493 | — | 1980 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
East Providence, RI | Wellness | 209 | 1,265 | — | — | 209 | 1,265 | 1,474 | 586 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
San Dimas, CA | Acute care general hospital | 6,160 | 6,839 | — | 34 | 6,160 | 6,873 | 13,033 | 874 | — | 1972 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Dimas, CA | Medical Office Building | 1,915 | 5,085 | — | 18 | 1,915 | 5,103 | 7,018 | 650 | — | 1979 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
West Springfield, MA | Wellness | 583 | 3,185 | — | — | 583 | 3,185 | 3,768 | 1,475 | — | 1976 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Warwick, RI | Wellness | 1,265 | 759 | — | — | 1,265 | 759 | 2,024 | 351 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wichita, KS | Rehabilitation hospital | 1,019 | 18,373 | — | 1 | 1,019 | 18,374 | 19,393 | 2,641 | 8,678 | 1992 | April 4, | 40 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Addison, TX | Rehabilitation hospital | 2,013 | 22,531 | — | — | 2,013 | 22,531 | 24,544 | 1,971 | 2008 | June 17, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shenandoah, TX | Rehabilitation hospital | 2,033 | 21,943 | — | — | 2,033 | 21,943 | 23,976 | 1,920 | 2008 | June 17, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Richardson, TX | Rehabilitation hospital | 2,219 | 17,419 | — | — | 2,219 | 17,419 | 19,638 | 1,524 | 2008 | June 17, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hill County, TX | Acute care general hospital | 1,120 | 17,882 | — | — | 1,120 | 17,882 | 19,002 | 3,897 | 1980 | September 17, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Webster, TX | Long term acute care hospital | 663 | 33,751 | — | — | 663 | 33,751 | 34,414 | 2,531 | 2004 | December 21, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tomball, TX | Long term acute care hospital | 1,298 | 23,982 | — | — | 1,298 | 23,982 | 25,280 | 1,799 | 2005 | December 21, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gilbert, AZ | Acute care general hospital | 150 | 15,553 | — | — | 150 | 15,553 | 15,703 | 1,166 | 2005 | January 4, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Corinth, TX | Long term acute care hospital | 1,288 | 21,175 | 313 | — | 1,601 | 21,175 | 22,776 | 1,570 | 2008 | January 31, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bayonne, NJ | Acute care general hospital | 2,003 | 51,495 | — | — | 2,003 | 51,495 | 53,498 | 7,510 | 1918 | February 4, | 20 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | Acute care general hospital | 12,663 | 52,432 | — | — | 12,663 | 52,432 | 65,095 | 3,823 | 1973 | February 9, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northland, MO | Long term acute care hospital | 834 | 17,182 | — | — | 834 | 17,182 | 18,016 | 1,253 | 2007 | February 14, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
DeSoto, TX | Long term acute care hospital | 1,067 | 10,701 | 86 | 8 | 1,161 | 10,701 | 11,862 | 655 | 2008 | July 18, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Braunfels, TX | Long term acute care hospital | 1,100 | 7,883 | — | — | 1,100 | 7,883 | 8,983 | 443 | 2007 | September 30, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hoboken, NJ | Acute care general hospital | 1,387 | 44,351 | — | — | 1,387 | 44,351 | 45,738 | 4,730 | 1863 | November 4, | 20 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Florence, AZ | Acute care general hospital | 900 | 28,462 | — | — | 900 | 28,462 | 29,362 | 1,236 | 2012 | November 4, | 40 | |||||||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hammond, LA | Long term acute care hospital | 519 | 8,941 | — | — | 519 | 8,941 | 9,460 | 242 | 2003 | December 14, | 40 | |||||||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | Acute care general hospital | 2,248 | 5,880 | — | — | 2,249 | 5,879 | 8,128 | 166 | 2012 | October 14, | 40 | |||||||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 151,814 | $ | 1,547,919 | $ | 7,832 | $ | 25,629 | $ | 154,858 | $ | 1,578,336 | $ | 1,733,194 | $ | 144,235 | $ | 49,878 | ||||||||||||||||||||||||||||||||||
The changes in total real estate assets including real estate held for sale but excluding construction in progress, intangible lease asset, investment in direct financing leases, and mortgage loans for the years ended (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
COST | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,189,552 | $ | 1,191,096 | $ | 990,635 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 483,162 | 9,460 | 240,474 | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from construction in progress | 81,347 | 37,174 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Additions | 7,749 | 19,971 | 1,011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (28,616 | ) | (68,149 | ) | (40,460 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (564 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,733,194 | $ | 1,189,552 | (3) | $ | 1,191,096 | (1) | |||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation including real estate assets held for sale for the years ended (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 114,399 | $ | 93,430 | $ | 68,662 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 33,349 | 31,026 | 29,523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation on disposed property | (3,513 | ) | (10,057 | ) | (4,755 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 144,235 | $ | 114,399 | (4) | $ | 93,430 | (2) | |||||||||||||||||||||||||||||||||||||||||||
-1 | Includes real estate cost included in real estate held for sale of $96,766 at December 31, 2011. Excludes intangible lease assets that are included in real estate held for sale of $3,012 for 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Includes accumulated depreciation in real estate held for sale of $11,807 for 2011. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $1,949 for 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Includes real estate cost included in real estate held for sale of $28,617 at December 31, 2012. Excludes intangible lease assets that are included in real estate held for sale of $858 for 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Includes in accumulated depreciation in real estate held for sale of $3,511 for 2012. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $426 for 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||
-5 | The aggregate cost for federal income tax purposes is $2,155,240. |
SCHEDULE_IV_MORTGAGE_LOANS_ON_
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | ||||||||||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | ' | ||||||||||||||||||||||||||
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||||||||
MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G(3) | Column H | ||||||||||||||||||||
Description | Interest | Final | Periodic Payment | Prior | Face | Carrying | Principal | ||||||||||||||||||||
Rate | Maturity | Terms | Liens | Amount of | Amount of | Amount of | |||||||||||||||||||||
Date | Mortgages | Mortgages | Loans | ||||||||||||||||||||||||
Subject to | |||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||
Principal or | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||
Long-term first mortgage loan: | Payable in monthly | ||||||||||||||||||||||||||
installments of | |||||||||||||||||||||||||||
interest plus | |||||||||||||||||||||||||||
principal payable | |||||||||||||||||||||||||||
in full at maturity | |||||||||||||||||||||||||||
Desert Valley Hospital | 10.7 | % | 2022 | (1 | ) | $ | 70,000 | $ | 70,000 | (2 | ) | ||||||||||||||||
Desert Valley Hospital | 11.3 | % | 2022 | (1 | ) | 20,000 | 20,000 | (2 | ) | ||||||||||||||||||
Chino Valley Medical Center | 10.7 | % | 2022 | (1 | ) | 50,000 | 50,000 | (2 | ) | ||||||||||||||||||
Paradise Valley Hospital | 10.3 | % | 2022 | (1 | ) | 25,000 | 25,000 | (2 | ) | ||||||||||||||||||
Ernest Mortgage Loan(4) | 9.2 | % | 2032 | (1 | ) | 100,000 | 100,000 | (2 | ) | ||||||||||||||||||
Centinela Hospital Medical Center | 10.5 | % | 2022 | (1 | ) | 100,000 | 100,000 | (2 | ) | ||||||||||||||||||
Olympia Medical Center | 11 | % | 2024 | (1 | ) | 20,000 | 20,000 | (2 | ) | ||||||||||||||||||
Denham Springs LTACH | 6 | % | 2014 | (1 | ) | 3,650 | 3,650 | (2 | ) | ||||||||||||||||||
$ | 388,650 | $ | 388,650 | ||||||||||||||||||||||||
-1 | There were no prior liens on loans as of December 31, 2013. | ||||||||||||||||||||||||||
-2 | The mortgage loan was not delinquent with respect to principal or interest. | ||||||||||||||||||||||||||
-3 | The aggregate cost for Federal income tax purposes is $388,650. | ||||||||||||||||||||||||||
-4 | Mortgage loans on four properties. | ||||||||||||||||||||||||||
Changes in mortgage loans for the years ended December 31, 2013, 2012, and 2011 are summarized as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 368,650 | $ | 165,000 | $ | 165,000 | |||||||||||||||||||||
Additions during year: | |||||||||||||||||||||||||||
New mortgage loans and additional advances on existing loans | 20,000 | 203,650 | — | ||||||||||||||||||||||||
388,650 | 368,650 | 165,000 | |||||||||||||||||||||||||
Deductions during year: | |||||||||||||||||||||||||||
Collection of principal | — | — | — | ||||||||||||||||||||||||
— | — | — | |||||||||||||||||||||||||
Balance at end of year | $ | 388,650 | $ | 368,650 | $ | 165,000 | |||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation: Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which we own less than 100% of the equity interest, we consolidate the property if we have the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, we record a non-controlling interest representing equity held by non-controlling interests. | |||||||||||
We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. | |||||||||||
At December 31, 2013, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest, Monroe and Vibra). We have determined that we are not the primary beneficiary of these VIEs. 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 December 31, 2013 (in thousands): | |||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $283,273 | Mortgage and other loans | $ | 228,996 | |||||||
Equity investments | $ 19,308 | Other assets | $ | 5,198 | |||||||
-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 rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent 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 borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 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. | |||||||||||
Investments in Unconsolidated Entities | ' | ||||||||||
Investments in Unconsolidated Entities: Investments in entities in which we have the ability to influence (but not control) are typically accounted for by the equity method. Under the equity method of accounting, our share of the investee’s earnings or losses are included in our consolidated results of operations, and we have elected to record our share of such investee’s earnings or losses on a 90-day lag basis. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the interest in the investee entity. Subsequently, our investments are increased by the equity in our investee earnings and decreased by cash distributions from our investees. To the extent that our cost basis is different from the basis reflected at the investee entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the investee. We evaluate our equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. If we determine a decline in the fair value of an investment in an unconsolidated investee entity below its carrying value is other - than - temporary, an impairment is recorded. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents: Certificates of deposit, short-term investments with original maturities of three months or less and money-market mutual funds are considered cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. We have not experienced any losses to date on our invested cash. Cash and cash equivalents which have been restricted as to its use are recorded in other assets. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition: We receive income from operating leases based on the fixed, minimum required rents (base rents) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method over the terms of the related lease agreements for new leases and the remaining terms of existing leases for acquired properties. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The straight-line method typically has the effect of recording more rent revenue from a lease than a tenant is required to pay early in the term of the lease. During the later parts of a lease term, this effect reverses with less rent revenue recorded than a tenant is required to pay. Rent revenue as recorded on the straight-line method in the consolidated statements of income is presented as two amounts: billed rent revenue and straight-line revenue. Billed rent revenue is the amount of base rent actually billed to the customer each period as required by the lease. Straight-line rent revenue is the difference between rent revenue earned based on the straight-line method and the amount recorded as billed rent revenue. We record the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to straight-line rent receivable. | |||||||||||
Certain leases provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as billed rent revenue in the period earned. | |||||||||||
We use direct finance lease accounting (“DFL”) to record rent on certain leases deemed to be financing leases rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. Unearned income represents the net investment in the DFL, less the sum of minimum lease payments receivable and the estimated residual values of the leased properties. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. | |||||||||||
In instances where we have a profits or equity interest in our tenant’s operations, we record revenue equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. | |||||||||||
We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable and deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the accrued construction period rent on the straight-line method over the remaining term of the lease. | |||||||||||
We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. | |||||||||||
Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue and recognized as income over the life of the loan using the interest method. | |||||||||||
Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or related vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. | |||||||||||
Acquired Real Estate Purchase Price Allocation | ' | ||||||||||
Acquired Real Estate Purchase Price Allocation: We allocate the purchase price of acquired properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase prices of acquired real estate, we utilize a number of sources, from time to time, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. | |||||||||||
We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. | |||||||||||
We measure the aggregate value of other lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months. depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||
Other intangible assets acquired, may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. | |||||||||||
We amortize the value of in-place leases, if any, to expense over the initial term of the respective leases. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization period for intangible assets exceed the remaining depreciable life of the building. If a lease is terminated, the unamortized portion of the in-place lease value and customer relationship intangibles are charged to expense. | |||||||||||
Real Estate and Depreciation | ' | ||||||||||
Real Estate and Depreciation: Real estate, consisting of land, buildings and improvements, are recorded at cost. Although typically paid by our tenants, any expenditure for ordinary maintenance and repairs that we pay are expensed to operations as incurred. Significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets, including an estimated liquidation amount, during the expected holding periods are less than the carrying amounts of those assets. Impairment losses are measured as the difference between carrying value and fair value of assets. For assets held for sale, we cease recording depreciation expense and adjust the assets’ value to the lower of its carrying value or fair value, less cost of disposal. Fair value is based on estimated cash flows discounted at a risk-adjusted rate of interest. We classify real estate assets as held for sale when we have commenced an active program to sell the assets, and in the opinion of management, it is probable the asset will be sold within the next 12 months. We record the results of operations from material property sales or planned sales (which include real property, loans and any receivables) as discontinued operations in the consolidated statements of income for all periods presented if we do not have any continuing involvement with the property subsequent to its sale. Results of discontinued operations include interest expense from debt which specifically collateralizes the property sold or held for sale. | |||||||||||
Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. | |||||||||||
Depreciation is calculated on the straight-line method over the weighted average useful lives of the related real estate and other assets, as follows: | |||||||||||
Buildings and improvements | 38.2 years | ||||||||||
Tenant lease intangibles | 18.6 years | ||||||||||
Leasehold improvements | 22.2 years | ||||||||||
Furniture, equipment and other | 9.4 years | ||||||||||
Losses from Rent Receivables | ' | ||||||||||
Losses from Rent Receivables: For all leases, we continuously monitor the performance of our existing tenants including, but not limited to: admission levels and surgery/procedure volumes by type; current operating margins; ratio of our tenant’s operating margins both to facility rent and to facility rent plus other fixed costs; trends in revenue and patient mix; and the effect of evolving healthcare regulations on tenant’s profitability and liquidity. | |||||||||||
Losses from Operating Lease Receivables: We utilize the information above along with the tenant’s payment and default history in evaluating (on a property-by-property basis) whether or not a provision for losses on outstanding rent receivables is needed. A provision for losses on rent receivables (including straight-line rent receivables) is ultimately recorded when it becomes probable that the receivable will not be collected in full. The provision is an amount which reduces the receivable to its estimated net realizable value based on a determination of the eventual amounts to be collected either from the debtor or from existing collateral, if any. | |||||||||||
Losses on DFL Receivables: Allowances are established for DFLs based upon an estimate of probable losses for the individual DFLs deemed to be impaired. DFLs are impaired when it is deemed probable that we will be unable to collect all amounts due in accordance with the contractual terms of the lease. Like operating lease receivables, the need for an allowance is based upon our assessment of the lessee’s overall financial condition; economic resources and payment record; the prospects for support from any financially responsible guarantors; and, if appropriate, the realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the DFL’s effective interest rate, fair value of collateral, and other relevant factors, as appropriate. DFLs are placed on non-accrual status when we determine that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, we generally account for the DFLs on a cash basis, in which income is recognized only upon receipt of cash. | |||||||||||
Loans | ' | ||||||||||
Loans: Loans consist of mortgage loans, working capital loans and other long-term loans. Mortgage loans are collateralized by interests in real property. Working capital and other long-term loans are generally collateralized by interests in receivables and corporate and individual guarantees. We record loans at cost. We evaluate the collectability of both interest and principal on a loan-by-loan basis (using the same process as we do for assessing the collectability of rents) to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. When a loan is deemed to be impaired, we generally place the loan on non-accrual status and record interest income only upon receipt of cash. | |||||||||||
Earnings Per Share/Units | ' | ||||||||||
Earnings Per Share/Units: Basic earnings per common share/unit is computed by dividing net income applicable to common shares/units by the weighted number of shares/units of common stock/units outstanding during the period. Diluted earnings per common share/units is calculated by including the effect of dilutive securities. | |||||||||||
Certain of our unvested restricted and performance stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes: We conduct our business as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to stockholders at least 90% of our REIT’s ordinary taxable income. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost, unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. | |||||||||||
Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with 29 others, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. | |||||||||||
With the property acquisitions in Germany, we will be subject to income taxes internationally. However, we do not expect to incur any additional income tazes in the United States as such income from our German properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. | |||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation: We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013, which replaced the 2004 Equity Incentive Plan. Awards of restricted stock, stock options and other equity-based awards with service conditions are amortized to compensation expense over the vesting periods (typically three years), using the straight-line method. Awards of deferred stock units vest when granted and are charged to expense at the date of grant. Awards that contain market conditions are amortized to compensation expense over the derived vesting periods, which correspond to the periods over which we estimate the awards will be earned, which generally range from three to five years, using the straight-line method. Awards with performance conditions are amortized using the straight-line method over the service period in which the performance conditions are measured, adjusted for the probability of achieving the performance conditions. | |||||||||||
Deferred Costs | ' | ||||||||||
Deferred Costs: Costs incurred prior to the completion of offerings of stock or other capital instruments that directly relate to the offering are deferred and netted against proceeds received from the offering. External costs incurred in connection with anticipated financings and refinancings of debt are generally capitalized as deferred financing costs in other assets and amortized over the lives of the related loans as an addition to interest expense. For debt with defined principal re-payment terms, the deferred costs are amortized to produce a constant effective yield on the loan (interest method). For debt without defined principal repayment terms, such as revolving credit agreements, the deferred costs are amortized on the straight-line method over the term of the debt. Leasing commissions and other leasing costs directly attributable to tenant leases are capitalized as deferred leasing costs and amortized on the straight-line method over the terms of the related lease agreements. Costs identifiable with loans made to borrowers are recognized as a reduction in interest income over the life of the loan. | |||||||||||
Foreign Currency Translation and Transactions | ' | ||||||||||
Foreign Currency Translation and Transactions: Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity on our consolidated balance sheets. | |||||||||||
Certain of our U.S. subsidiaries will enter into transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income in the consolidated statements of income. | |||||||||||
Derivative Financial Investments and Hedging Activities | ' | ||||||||||
Derivative Financial Investments and Hedging Activities: During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and/or foreign currency risk. We record our derivative and hedging instruments at fair value on the balance sheet. Changes in the estimated fair value of derivative instruments that are not designated as hedges or that do not meet the criteria for hedge accounting are recognized in earnings. For derivatives designated as cash flow hedges, the change in the estimated fair value of the effective portion of the derivative is recognized in accumulated other comprehensive income (loss), whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. For derivatives designated as fair value hedges, the change in the estimated fair value of the effective portion of the derivatives offsets the change in the estimated fair value of the hedged item, whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. | |||||||||||
To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. | |||||||||||
Fair Value Measurement | ' | ||||||||||
Fair Value Measurement: We measure and disclose the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: | |||||||||||
• | Level 1 — quoted prices for identical instruments in active markets; | ||||||||||
• | Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||
• | Level 3 — fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||
We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. | |||||||||||
If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. | |||||||||||
Fair Value Option Election: For our equity interest in Ernest and related loans (as more fully described in Note 3), 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 interest or loans made in or prior to 2012. | |||||||||||
Recent Accounting Developments | ' | ||||||||||
Recent Accounting Developments: In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-10”). This update permits the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”). The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 on July 17, 2013, did not have a material impact on our 2013 consolidated financial position or results of operations. | |||||||||||
In January 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The amendments in this update require an entity to provide information about the amounts reclassified from accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the income statement or in the notes, significant amounts reclassified from accumulated other comprehensive income by the net income line item. The adoption of ASU 2013-02 did not have an impact on our 2013 consolidated financial position or results of operations. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications: Certain reclassifications have been made to the consolidated financial statements to conform to the 2013 consolidated financial statement presentation. Assets sold or held for sale have been reclassified to Real Estate Held for Sale on the consolidated balance sheets and related operating results have been reclassified from continuing operations to discontinued operations for all periods presented (see Note 11). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 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 December 31, 2013 (in thousands): | |||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $283,273 | Mortgage and other loans | $ | 228,996 | |||||||
Equity investments | $ 19,308 | Other assets | $ | 5,198 | |||||||
Useful Lives of Related Real Estate and Other Assets | ' | ||||||||||
Depreciation is calculated on the straight-line method over the weighted average useful lives of the related real estate and other assets, as follows: | |||||||||||
Buildings and improvements | 38.2 years | ||||||||||
Tenant lease intangibles | 18.6 years | ||||||||||
Leasehold improvements | 22.2 years | ||||||||||
Furniture, equipment and other | 9.4 years |
Real_Estate_and_Loans_Receivab1
Real Estate and Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||
Assets Acquired | ' | ||||||||||||||||||
We acquired the following assets: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Assets Acquired | (in thousands) | ||||||||||||||||||
Land | $ | 41,473 | $ | 518 | $ | 19,705 | |||||||||||||
Building | 439,030 | 8,942 | 220,769 | ||||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life 21.0 years in 2013, 15.0 years in 2012 and 13.9 years in 2011) | 38,589 | 1,040 | 20,630 | ||||||||||||||||
Net investments in direct financing leases | 110,580 | 310,000 | — | ||||||||||||||||
Mortgage loans | 20,000 | 200,000 | — | ||||||||||||||||
Other loans | 5,250 | 95,690 | 27,283 | ||||||||||||||||
Equity investments | — | 5,300 | 5,168 | ||||||||||||||||
Total assets acquired | $ | 654,922 | $ | 621,490 | $ | 293,555 | |||||||||||||
Total liabilities assumed | — | — | (14,592 | ) | |||||||||||||||
Net assets acquired | $ | 654,922 | $ | 621,490 | $ | 278,963 | |||||||||||||
Supplemental Pro Forma Earnings Adjusted to Exclude Acquisition-Related Costs | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(Amounts in thousands | |||||||||||||||||||
except per share/unit | |||||||||||||||||||
amounts) | |||||||||||||||||||
Total revenues | $ | 288,159 | $ | 280,539 | |||||||||||||||
Net income | 133,258 | 135,402 | |||||||||||||||||
Net income per share/unit | $ | 0.82 | $ | 0.85 | |||||||||||||||
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 | Commitment | Costs Incurred | Estimated | |||||||||||||
as of | Completion | ||||||||||||||||||
12/31/13 | Date | ||||||||||||||||||
First Choice ER- Nacogdoches | San Antonio, TX | Acute Care Hospital | First Choice ER, LLC | $ | 5,100 | $ | 2,681 | 1Q 2014 | |||||||||||
First Choice ER- Brodie | Austin, TX | Acute Care Hospital | First Choice ER, LLC | 5,470 | 1,950 | 2Q 2014 | |||||||||||||
First Choice ER- Alvin | Houston, TX | Acute Care Hospital | First Choice ER, LLC | 5,240 | 1,328 | 2Q 2014 | |||||||||||||
Northern Utah Rehabilitation Hospital | South Ogden, UT | Inpatient Rehabilitation Hospital | Ernest Health, Inc. | 19,153 | 16,391 | 2Q 2014 | |||||||||||||
First Choice ER- Briar Forest | Houston, TX | Acute Care Hospital | First Choice ER, LLC | 5,833 | 1,386 | 3Q 2014 | |||||||||||||
First Choice ER- Cedar Hill | Cedar Hill, TX | Acute Care Hospital | First Choice ER, LLC | 5,768 | 1,167 | 3Q 2014 | |||||||||||||
First Choice ER- Firestone | Firestone, CO | Acute Care Hospital | First Choice ER, LLC | 5,172 | 544 | 3Q 2014 | |||||||||||||
Oakleaf Surgical Hospital | Altoona, WI | Acute Care Hospital | National Surgical | 33,500 | 16,324 | 3Q 2014 | |||||||||||||
Hospitals | |||||||||||||||||||
First Choice Emergency Rooms | Various | Acute Care Hospital | First Choice | 62,217 | — | Various | |||||||||||||
$ | 147,453 | $ | 41,771 | ||||||||||||||||
Amortization Expense from Lease Intangible Assets | ' | ||||||||||||||||||
Amortization expense from existing lease intangible assets as follows: (amounts in thousands) | |||||||||||||||||||
For the Year Ended December 31: | |||||||||||||||||||
2014 | $ | 5,086 | |||||||||||||||||
2015 | 4,896 | ||||||||||||||||||
2016 | 4,855 | ||||||||||||||||||
2017 | 4,845 | ||||||||||||||||||
2018 | 4,784 | ||||||||||||||||||
Components of Net Investment in Direct Financing Leases | ' | ||||||||||||||||||
The components of our net investment in DFLs consisted of the following (dollars in thousands): | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | |||||||||||||||||||
Minimum lease payments receivable | $ | 1,647,567 | |||||||||||||||||
Estimated residual values | 211,863 | ||||||||||||||||||
Less unearned income | (1,428,406 | ) | |||||||||||||||||
Net investment in direct financing leases | $ | 431,024 | |||||||||||||||||
Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms | ' | ||||||||||||||||||
Minimum rental payments due to us in future periods under operating leases and DFL, which have non-cancelable terms extending beyond one year at December 31, 2013, are as follows: (amounts in thousands) | |||||||||||||||||||
Total Under | Total Under | Total | |||||||||||||||||
Operating Leases | DFLs | ||||||||||||||||||
2014 | $ | 166,602 | $ | 42,535 | $ | 209,137 | |||||||||||||
2015 | 164,754 | 43,386 | 208,140 | ||||||||||||||||
2016 | 165,517 | 44,254 | 209,771 | ||||||||||||||||
2017 | 165,418 | 45,139 | 210,557 | ||||||||||||||||
2018 | 165,679 | 46,041 | 211,720 | ||||||||||||||||
Thereafter | 1,536,759 | 601,981 | 2,138,740 | ||||||||||||||||
$ | 2,364,729 | $ | 823,336 | $ | 3,188,065 | ||||||||||||||
Summary of Loans | ' | ||||||||||||||||||
The following is a summary of our loans ($ amounts in thousands): | |||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||
Balance | Weighted Average | Balance | Weighted Average | ||||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||||
Mortgage loans | $ | 388,650 | 10.2 | % | $ | 368,650 | 10 | % | |||||||||||
Acquisition loans | 103,266 | 14.5 | % | 98,433 | 14.7 | % | |||||||||||||
Working capital and other loans | 57,724 | 10.9 | % | 60,810 | 10.8 | % | |||||||||||||
$ | 549,640 | $ | 527,893 | ||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Debt | ' | ||||||||||||||||
The following is a summary of debt ($ amounts in thousands): | |||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 105,000 | 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 | 2,873 | — | |||||||||||||||
352,873 | 200,000 | ||||||||||||||||
Exchangeable senior notes: | |||||||||||||||||
Principal amount | — | 11,000 | 9.25 | % | |||||||||||||
Unamortized discount | — | (37 | ) | ||||||||||||||
— | 10,963 | ||||||||||||||||
2013 Senior Unsecured Notes | 274,860 | 5.75 | % | — | |||||||||||||
Term loans | 113,948 | Various | 114,197 | Various | |||||||||||||
$ | 1,421,681 | $ | 1,025,160 | ||||||||||||||
Principal Payments Due for Debt | ' | ||||||||||||||||
As of December 31, 2013, principal payments due on our debt (which exclude the effects of any discounts or premiums recorded) are as follows: (A) | |||||||||||||||||
2014 | $ | 265 | |||||||||||||||
2015 | 105,283 | ||||||||||||||||
2016 | 225,299 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 12,781 | ||||||||||||||||
Thereafter | 1,074,860 | ||||||||||||||||
Total | $ | 1,418,808 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income Tax Expense | ' | ||||||||||||
From our taxable REIT subsidiaries and our foreign operations (which realized a $12.9 million loss before income taxes in 2013 primarily due to the real estate transfer taxes), we incurred income tax expenses as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 568 | $ | 19 | $ | 128 | |||||||
Foreign | 158 | — | — | ||||||||||
$ | 726 | $ | 19 | $ | 128 | ||||||||
Schedule of Deferred Tax Assets And Liablities | ' | ||||||||||||
At December 31, 2013 and 2012, components of our deferred tax assets and liabilities were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | (2,870 | ) | $ | (2,370 | ) | |||||||
Other | (2,923 | ) | (1,673 | ) | |||||||||
Total deferred tax liabilities | (5,793 | ) | (4,043 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Loan loss and other reserves | 7,751 | 7,218 | |||||||||||
Operating loss and interest deduction carry forwards | 2,283 | 3,938 | |||||||||||
Other | 3,371 | 1,261 | |||||||||||
Total deferred tax assets | 13,405 | 12,417 | |||||||||||
Valuation allowance | (7,843 | ) | (8,540 | ) | |||||||||
Net deferred tax (liability) | $ | (231 | ) | $ | (166 | ) | |||||||
Schedule of Per Share Distributions to Stockholders | ' | ||||||||||||
A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common share distribution | $ | 0.8 | $ | 0.8 | $ | 0.8 | |||||||
Ordinary income | 0.599384 | 0.601216 | 0.300844 | ||||||||||
Capital gains(1) | 0.04638 | 0.117584 | 0.031396 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.026512 | 0.086976 | 0.031396 | ||||||||||
Return of capital | 0.154236 | 0.0812 | 0.46776 | ||||||||||
Allocable to next year | — | — | — | ||||||||||
-1 | Capital gains include unrecaptured Sec. 1250 gains. |
Earnings_Per_ShareUnit_Tables
Earnings Per Share/Unit (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,301 | $ | 72,870 | $ | 12,120 | |||||||
Non-controlling interests’ share in continuing operations | (224 | ) | (177 | ) | (178 | ) | |||||||
Participating securities’ share in earnings | (729 | ) | (887 | ) | (1,090 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 88,348 | 71,806 | 10,852 | ||||||||||
Income from discontinued operations attributable to MPT common stockholders | 7,914 | 17,207 | 14,594 | ||||||||||
Net income, less participating securities’ share in earnings | $ | 96,262 | $ | 89,013 | $ | 25,446 | |||||||
Denominator: | |||||||||||||
Basic weighted-average common shares | 151,439 | 132,331 | 110,623 | ||||||||||
Dilutive potential common shares | 1,159 | 2 | 6 | ||||||||||
Diluted weighted-average common shares | 152,598 | 132,333 | 110,629 | ||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
Our earnings per unit were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,301 | $ | 72,870 | $ | 12,137 | |||||||
Non-controlling interests’ share in continuing operations | (244 | ) | (177 | ) | (178 | ) | |||||||
Participating securities’ share in earnings | (729 | ) | (887 | ) | (1,090 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 88,328 | 71,806 | 10,869 | ||||||||||
Income from discontinued operations attributable to MPT Operating Partnership partners | 7,914 | 17,207 | 14,594 | ||||||||||
Net income, less participating securities’ share in earnings | $ | 96,242 | $ | 89,013 | $ | 25,463 | |||||||
Denominator: | |||||||||||||
Basic weighted-average units | 151,439 | 132,331 | 110,623 | ||||||||||
Dilutive potential units | 1,159 | 2 | 6 | ||||||||||
Diluted weighted-average units | 152,598 | 132,333 | 110,629 | ||||||||||
Stock_Awards_Tables
Stock Awards (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Restricted Equity Awards Activity | ' | ||||||||||||||||
The following summarizes restricted equity award activity in 2013 and 2012 (which includes awards granted in 2013, 2012, 2011, and any applicable prior years), respectively: | |||||||||||||||||
For the Year Ended December 31, 2013: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
Awarded | 240,425 | $ | 12.26 | 754,255 | $ | 6.13 | |||||||||||
Vested | (381,309 | ) | $ | 11.15 | (386,446 | ) | $ | 8.27 | |||||||||
Forfeited | — | $ | — | (248,519 | ) | $ | 11.03 | ||||||||||
Nonvested awards at end of year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 | |||||||||||
For the Year Ended December 31, 2012: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 603,980 | $ | 11.02 | 1,511,397 | $ | 7.6 | |||||||||||
Awarded | 275,464 | $ | 10.14 | 902,359 | $ | 5.81 | |||||||||||
Vested | (410,261 | ) | $ | 10.78 | (513,693 | ) | $ | 8.63 | |||||||||
Forfeited | (2,300 | ) | $ | 10.24 | (20,174 | ) | $ | 5.45 | |||||||||
Nonvested awards at end of year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Fixed Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms | ' | ||||
Fixed minimum payments due under operating leases with non-cancelable terms of more than one year at December 31, 2013 are as follows: (amounts in thousands) | |||||
2014 | $ | 2,471 | |||
2015 | 2,644 | ||||
2016 | 2,659 | ||||
2017 | 2,620 | ||||
2018 | 2,614 | ||||
Thereafter | 37,213 | ||||
$ | 50,221 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 58,499 | $ | 44,349 | $ | 45,289 | $ | 36,700 | |||||||||
Loans(1) | 351,607 | 358,277 | 334,693 | 335,595 | |||||||||||||
Debt, net | (1,421,681 | ) | (1,486,090 | ) | (1,025,160 | ) | (1,082,333 | ) | |||||||||
-1 | Excludes loans related to 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 December 31, 2013. these amounts were as follows (in thousands): | |||||||||||||||||
Asset (Liability) | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loans | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loan | 98,033 | 98,033 | Other loans | ||||||||||||||
Equity investments | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 201,333 | $ | 201,333 | ||||||||||||||
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) | ||||||||||||||||
Change in | In Fair Value | ||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | ($320) | ||||||||||||||||
- 100 basis points | 320 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
The following table presents the results of discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands except per share/unit amounts): | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 988 | $ | 3,470 | $ | 14,531 | |||||||
Gain on sale | 7,659 | 16,369 | 5,431 | ||||||||||
Income from discontinued operations | 7,914 | 17,207 | 14,594 | ||||||||||
Income from discontinued operations — diluted per share/unit | $ | 0.05 | $ | 0.13 | $ | 0.12 |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Medical Properties Trust, Inc. [Member] | ' | ||||||||||||||||
Unaudited Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012: (amounts in thousands, except for per share data) | |||||||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT common stockholders | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
For the Three Month Periods in 2012 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 40,455 | $ | 48,569 | $ | 52,504 | $ | 56,597 | |||||||||
Income (loss) from continuing operations | 8,294 | 18,718 | 22,594 | 23,264 | |||||||||||||
Income from discontinued operations | 2,312 | 642 | 8,914 | 5,339 | |||||||||||||
Net income | 10,606 | 19,360 | 31,508 | 28,603 | |||||||||||||
Net income attributable to MPT common stockholders | 10,564 | 19,316 | 31,464 | 28,556 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average shares outstanding — basic | 124,906 | 134,715 | 134,781 | 134,923 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average shares outstanding — diluted | 124,906 | 134,715 | 134,782 | 134,930 | |||||||||||||
MPT Operating Partnership, L.P. [Member] | ' | ||||||||||||||||
Unaudited Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012: (amounts in thousands, except for per unit data) | |||||||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
For the Three Month Periods in 2012 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 40,455 | $ | 48,569 | $ | 52,504 | $ | 56,597 | |||||||||
Income from continuing operations | 8,294 | 18,718 | 22,594 | 23,264 | |||||||||||||
Income from discontinued operations | 2,312 | 642 | 8,914 | 5,339 | |||||||||||||
Net income | 10,606 | 19,360 | 31,508 | 28,603 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 10,564 | 19,316 | 31,464 | 28,556 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average units outstanding — basic | 124,906 | 134,715 | 134,781 | 134,923 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.08 | $ | 0.14 | $ | 0.23 | $ | 0.21 | |||||||||
Weighted average units outstanding — diluted | 124,906 | 134,715 | 134,782 | 134,930 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
December 31, 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 | $ | — | $ | — | $ | 1,795,084 | $ | 70,371 | $ | — | $ | 1,865,455 | |||||||||||||
Net investment in direct financing leases | — | — | 212,543 | 218,481 | — | 431,024 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 120,000 | — | 388,650 | |||||||||||||||||||
Gross investment in real estate assets | — | — | 2,276,277 | 408,852 | — | 2,685,129 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (151,624 | ) | (8,152 | ) | — | (159,776 | ) | ||||||||||||||||
Net investment in real estate assets | — | — | 2,124,653 | 400,700 | — | 2,525,353 | |||||||||||||||||||
Cash and cash equivalents | — | 18,815 | 27,094 | 70 | — | 45,979 | |||||||||||||||||||
Interest and rent receivables | — | 336 | 31,324 | 26,839 | — | 58,499 | |||||||||||||||||||
Straight-line rent receivables | — | — | 37,015 | 8,814 | — | 45,829 | |||||||||||||||||||
Other loans | — | 178 | 1,100 | 159,712 | — | 160,990 | |||||||||||||||||||
Net intercompany receivable | 35,363 | 1,907,474 | — | — | (1,942,837 | ) | — | ||||||||||||||||||
Investment in subsidiaries | 1,344,598 | 825,153 | 42,407 | — | (2,212,158 | ) | — | ||||||||||||||||||
Other assets | — | 37,311 | 1,168 | 29,441 | — | 67,920 | |||||||||||||||||||
Total Assets | $ | 1,379,961 | $ | 2,789,267 | $ | 2,264,761 | $ | 625,576 | $ | (4,154,995 | ) | $ | 2,904,570 | ||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Debt, net | $ | — | $ | 1,407,733 | $ | — | $ | 13,948 | $ | — | $ | 1,421,681 | |||||||||||||
Accounts payable and accrued expenses | 35,753 | 36,887 | 20,367 | 1,304 | — | 94,311 | |||||||||||||||||||
Net intercompany payable | — | — | 1,538,934 | 403,903 | (1,942,837 | ) | — | ||||||||||||||||||
Deferred revenue | — | 49 | 17,772 | 5,966 | — | 23,787 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 17,964 | 2,619 | — | 20,583 | |||||||||||||||||||
Total liabilities | 35,753 | 1,444,669 | 1,595,037 | 427,740 | (1,942,837 | ) | 1,560,362 | ||||||||||||||||||
Total Equity | 1,344,208 | 1,344,598 | 669,724 | 197,836 | (2,212,158 | ) | 1,344,208 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,379,961 | $ | 2,789,267 | $ | 2,264,761 | $ | 625,576 | $ | (4,154,995 | ) | $ | 2,904,570 | ||||||||||||
Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||
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 | $ | 1,185,265 | $ | 65,947 | $ | — | $ | 1,251,240 | |||||||||||||
Real estate held for sale | — | — | — | 25,537 | — | 25,537 | |||||||||||||||||||
Net investment in direct financing leases | — | — | 110,155 | 204,257 | — | 314,412 | |||||||||||||||||||
Mortgage loans | — | — | 268,650 | 100,000 | — | 368,650 | |||||||||||||||||||
Gross investment in real estate assets | — | 28 | 1,564,070 | 395,741 | — | 1,959,839 | |||||||||||||||||||
Accumulated depreciation and amortization | — | — | (116,344 | ) | (6,452 | ) | — | (122,796 | ) | ||||||||||||||||
Net investment in real estate assets | — | 28 | 1,447,726 | 389,289 | — | 1,837,043 | |||||||||||||||||||
Cash and cash equivalents | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Interest and rent receivables | — | 212 | 29,150 | 15,927 | — | 45,289 | |||||||||||||||||||
Straight-line rent receivables | — | — | 28,416 | 7,444 | — | 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 | $ | 1,551,045 | $ | 603,510 | $ | (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 | — | — | 997,231 | 404,103 | (1,401,334 | ) | — | ||||||||||||||||||
Deferred revenue | — | 143 | 19,431 | 1,035 | — | 20,609 | |||||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 16,357 | 985 | — | 17,342 | |||||||||||||||||||
Total liabilities | 27,783 | 1,037,763 | 1,043,511 | 421,349 | (1,401,334 | ) | 1,129,072 | ||||||||||||||||||
Total Equity | 1,049,814 | 1,050,204 | 507,534 | 182,161 | (1,739,899 | ) | 1,049,814 | ||||||||||||||||||
Total Liabilities and Equity | $ | 1,077,597 | $ | 2,087,967 | $ | 1,551,045 | $ | 603,510 | $ | (3,141,233 | ) | $ | 2,178,886 | ||||||||||||
Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 124,651 | $ | 20,028 | $ | (12,101 | ) | $ | 132,578 | ||||||||||||
Straight-line rent | — | — | 8,438 | 2,268 | — | 10,706 | |||||||||||||||||||
Income from direct financing leases | — | — | 38,522 | 22,577 | (20,269 | ) | 40,830 | ||||||||||||||||||
Interest and fee income | — | 21,797 | 38,696 | 29,834 | (31,918 | ) | 58,409 | ||||||||||||||||||
Total revenues | — | 21,797 | 210,307 | 74,707 | (64,288 | ) | 242,523 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 35,277 | 1,701 | — | 36,978 | |||||||||||||||||||
Property-related | — | 601 | 1,356 | 32,863 | (32,370 | ) | 2,450 | ||||||||||||||||||
Acquisition expenses | — | 7,356 | 12,138 | — | — | 19,494 | |||||||||||||||||||
General and administrative | — | 29,033 | 375 | 655 | — | 30,063 | |||||||||||||||||||
Total operating expenses | — | 36,990 | 49,146 | 35,219 | (32,370 | ) | 88,985 | ||||||||||||||||||
Operating income | — | (15,193 | ) | 161,161 | 39,488 | (31,918 | ) | 153,538 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | (110 | ) | — | (209 | ) | — | (319 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 948 | 2,606 | — | 3,554 | |||||||||||||||||||
Interest expense | — | (67,484 | ) | (1,912 | ) | (29,268 | ) | 31,918 | (66,746 | ) | |||||||||||||||
Income tax expense | — | — | (158 | ) | (568 | ) | — | (726 | ) | ||||||||||||||||
Net other expense | — | (67,594 | ) | (1,122 | ) | (27,439 | ) | 31,918 | (64,237 | ) | |||||||||||||||
Income (loss) from continuing operations | — | (82,787 | ) | 160,039 | 12,049 | — | 89,301 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | (4 | ) | 7,918 | — | 7,914 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 97,215 | 180,002 | 4,477 | — | (281,694 | ) | — | ||||||||||||||||||
Net income (loss) | 97,215 | 97,215 | 164,512 | 19,967 | (281,694 | ) | 97,215 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (224 | ) | (224 | ) | — | — | 224 | (224 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 96,991 | $ | 96,991 | $ | 164,512 | $ | 19,967 | $ | (281,470 | ) | $ | 96,991 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 112,573 | $ | 16,619 | $ | (9,309 | ) | $ | 119,883 | ||||||||||||
Straight-line rent | — | — | 6,429 | 1,482 | — | 7,911 | |||||||||||||||||||
Income from direct financing leases | — | — | 19,870 | 18,090 | (16,232 | ) | 21,728 | ||||||||||||||||||
Interest and fee income | — | 18,341 | 29,606 | 25,387 | (24,731 | ) | 48,603 | ||||||||||||||||||
Total revenues | — | 18,341 | 168,478 | 61,578 | (50,272 | ) | 198,125 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 31,115 | 1,700 | — | 32,815 | |||||||||||||||||||
Property-related | — | 495 | 816 | 25,707 | (25,541 | ) | 1,477 | ||||||||||||||||||
Acquisition expenses | — | 5,420 | — | — | — | 5,420 | |||||||||||||||||||
General and administrative | — | 26,018 | — | 2,544 | — | 28,562 | |||||||||||||||||||
Total operating expenses | — | 31,933 | 31,931 | 29,951 | (25,541 | ) | 68,274 | ||||||||||||||||||
Operating income | — | (13,592 | ) | 136,547 | 31,627 | (24,731 | ) | 129,851 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | (69 | ) | — | (1,593 | ) | — | (1,662 | ) | ||||||||||||||||
Earnings from equity and other interests | — | — | 1,061 | 1,882 | — | 2,943 | |||||||||||||||||||
Interest expense | — | (58,729 | ) | 1,408 | (25,653 | ) | 24,731 | (58,243 | ) | ||||||||||||||||
Income tax expense | — | — | — | (19 | ) | — | (19 | ) | |||||||||||||||||
Net other expense | — | (58,798 | ) | 2,469 | (25,383 | ) | 24,731 | (56,981 | ) | ||||||||||||||||
Income (loss) from continuing operations | — | (72,390 | ) | 139,016 | 6,244 | — | 72,870 | ||||||||||||||||||
Income (loss) from discontinued operations | — | — | 103 | 17,104 | — | 17,207 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 90,077 | 162,467 | 4,481 | — | (257,025 | ) | — | ||||||||||||||||||
Net income (loss) | 90,077 | 90,077 | 143,600 | 23,348 | (257,025 | ) | 90,077 | ||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (177 | ) | (177 | ) | — | — | 177 | (177 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 89,900 | $ | 89,900 | $ | 143,600 | $ | 23,348 | $ | (256,848 | ) | $ | 89,900 | ||||||||||||
Condensed Consolidated Statements of Income | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Rent billed | $ | — | $ | — | $ | 99,494 | $ | 9,286 | $ | (3,092 | ) | $ | 105,688 | ||||||||||||
Straight-line rent | — | — | 3,515 | 1,762 | — | 5,277 | |||||||||||||||||||
Interest and fee income | — | 6,124 | 17,543 | 3,926 | (6,236 | ) | 21,357 | ||||||||||||||||||
Total revenues | — | 6,124 | 120,552 | 14,974 | (9,328 | ) | 132,322 | ||||||||||||||||||
Expenses | |||||||||||||||||||||||||
Real estate depreciation and amortization | — | — | 28,489 | 1,658 | — | 30,147 | |||||||||||||||||||
Property-related | — | 217 | 458 | 3,141 | (3,092 | ) | 724 | ||||||||||||||||||
Acquisition expenses | — | 3,713 | — | 471 | — | 4,184 | |||||||||||||||||||
General and administrative | 17 | 23,914 | — | 3,160 | — | 27,091 | |||||||||||||||||||
Total operating expenses | 17 | 27,844 | 28,947 | 8,430 | (3,092 | ) | 62,146 | ||||||||||||||||||
Operating income | (17 | ) | (21,720 | ) | 91,605 | 6,544 | (6,236 | ) | 70,176 | ||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||
Interest and other (expense) income | — | 26 | 2 | (10 | ) | — | 18 | ||||||||||||||||||
Earnings from equity and other interests | — | — | 345 | (267 | ) | — | 78 | ||||||||||||||||||
Debt refinancing costs | — | (14,109 | ) | (105 | ) | — | — | (14,214 | ) | ||||||||||||||||
Interest expense | — | (43,063 | ) | 139 | (7,122 | ) | 6,236 | (43,810 | ) | ||||||||||||||||
Income tax expense | — | — | — | (128 | ) | — | (128 | ) | |||||||||||||||||
Net other expense | — | (57,146 | ) | 381 | (7,527 | ) | 6,236 | (58,056 | ) | ||||||||||||||||
Income (loss) from continuing operations | (17 | ) | (78,866 | ) | 91,986 | (983 | ) | — | 12,120 | ||||||||||||||||
Income (loss) from discontinued operations | — | — | (1,969 | ) | 16,563 | — | 14,594 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries net of income taxes | 26,731 | 105,597 | 4,578 | — | (136,906 | ) | — | ||||||||||||||||||
Net income | 26,714 | 26,731 | 94,595 | 15,580 | (136,906 | ) | 26,714 | ||||||||||||||||||
Net income attributable to non-controlling interests | (178 | ) | (178 | ) | — | — | 178 | (178 | ) | ||||||||||||||||
Net income attributable to MPT common stockholders | $ | 26,536 | $ | 26,553 | $ | 94,595 | $ | 15,580 | $ | (136,728 | ) | $ | 26,536 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 97,215 | $ | 97,215 | $ | 164,512 | $ | 19,967 | $ | (281,694 | ) | $ | 97,215 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Unrealized gain (loss) on interest rate swap | 3,474 | 3,474 | — | — | (3,474 | ) | 3,474 | ||||||||||||||||||
Foreign currency translation gain (loss) | 67 | 67 | — | — | (67 | ) | 67 | ||||||||||||||||||
Total comprehensive income | 100,756 | 100,756 | 164,512 | 19,967 | (285,235 | ) | 100,756 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (224 | ) | (224 | ) | — | — | 224 | (224 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 100,532 | $ | 100,532 | $ | 164,512 | $ | 19,967 | ($ | 285,011 | ) | $ | 100,532 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 90,077 | $ | 90,077 | $ | 143,600 | $ | 23,348 | $ | (257,025 | ) | $ | 90,077 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (251 | ) | (251 | ) | — | — | 251 | (251 | ) | ||||||||||||||||
Total comprehensive income | 89,826 | 89,826 | 143,600 | 23,348 | (256,774 | ) | 89,826 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (177 | ) | (177 | ) | — | — | 177 | (177 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 89,649 | $ | 89,649 | $ | 143,600 | $ | 23,348 | ($ | 256,597 | ) | $ | 89,649 | ||||||||||||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Net income | $ | 26,714 | $ | 26,731 | $ | 94,595 | $ | 15,580 | $ | (136,906 | ) | $ | 26,714 | ||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||
Unrealized loss on interest rate swap | (8,590 | ) | (8,590 | ) | — | — | 8,590 | (8,590 | ) | ||||||||||||||||
Total comprehensive income | 18,124 | 18,141 | 94,595 | 15,580 | (128,316 | ) | 18,124 | ||||||||||||||||||
Comprehensive income attributable to non-controlling interests | (178 | ) | (178 | ) | — | — | 178 | (178 | ) | ||||||||||||||||
Comprehensive income attributable to MPT common stockholders | $ | 17,946 | $ | 17,963 | $ | 94,595 | $ | 15,580 | $ | (128,138 | ) | $ | 17,946 | ||||||||||||
Condensed Consolidated Statements of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 4 | $ | (53,846 | ) | $ | 196,883 | $ | (2,240 | ) | $ | — | $ | 140,801 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (619,092 | ) | (35,830 | ) | — | (654,922 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 32,409 | — | 32,409 | |||||||||||||||||||
Principal received on loans receivable | — | — | — | 7,249 | — | 7,249 | |||||||||||||||||||
Investments in loans receivable | — | — | (1,100 | ) | (2,646 | ) | — | (3,746 | ) | ||||||||||||||||
Construction in progress and other | — | 136 | (94,737 | ) | 1,034 | — | (93,567 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | — | 136 | (714,929 | ) | 2,216 | — | (712,577 | ) | |||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 424,580 | — | — | — | 424,580 | |||||||||||||||||||
Payments of term debt | — | (11,000 | ) | — | (249 | ) | — | (11,249 | ) | ||||||||||||||||
Revolving credit facilities, net | — | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||||||
Distributions paid | (120,038 | ) | (120,309 | ) | — | — | 120,038 | (120,309 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 1,606 | 1,625 | — | 3,231 | |||||||||||||||||||
Net payments relating to intercompany financing | (193,297 | ) | (539,776 | ) | 541,325 | (1,545 | ) | 193,293 | — | ||||||||||||||||
Proceeds from sale of common shares, net of offering costs | 313,331 | 313,331 | — | — | (313,331 | ) | 313,331 | ||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (9,760 | ) | — | — | — | (9,760 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (4 | ) | 37,066 | 542,931 | (169 | ) | — | 579,824 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (16,644 | ) | 24,885 | (193 | ) | — | 8,048 | |||||||||||||||||
Effect of exchange rate changes | — | (24 | ) | 644 | — | — | 620 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 35,483 | 1,565 | 263 | — | 37,311 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 18,815 | $ | 27,094 | $ | 70 | $ | — | $ | 45,979 | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 57 | $ | (61,002 | ) | $ | 165,454 | $ | 800 | $ | — | $ | 105,309 | ||||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (420,500 | ) | (200,990 | ) | — | (621,490 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 71,202 | — | 71,202 | |||||||||||||||||||
Principal received on loans receivable | — | — | 5,491 | 5,440 | — | 10,931 | |||||||||||||||||||
Investments in loans receivable | — | — | — | (1,293 | ) | — | (1,293 | ) | |||||||||||||||||
Construction in progress and other | — | (578 | ) | (66,467 | ) | (9,433 | ) | — | (76,478 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (578 | ) | (481,476 | ) | (135,074 | ) | — | (617,128 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||||
Payments of term debt | — | — | — | (232 | ) | — | (232 | ) | |||||||||||||||||
Revolving credit facilities, net | — | 75,000 | (39,600 | ) | — | — | 35,400 | ||||||||||||||||||
Distributions paid | (103,684 | ) | (103,952 | ) | — | — | 103,684 | (103,952 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | (10,031 | ) | (1,405 | ) | — | (11,436 | ) | ||||||||||||||||
Net payments relating to intercompany financing | (129,421 | ) | (501,839 | ) | 365,809 | 136,087 | 129,364 | — | |||||||||||||||||
Proceeds from sale of common shares, net of offering costs | 233,048 | 233,048 | — | — | (233,048 | ) | 233,048 | ||||||||||||||||||
Debt issuance costs paid and other financing activities | — | (6,424 | ) | — | — | — | (6,424 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (57 | ) | (4,167 | ) | 316,178 | 134,450 | — | 446,404 | |||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | (65,747 | ) | 156 | 176 | — | (65,415 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 101,230 | 1,409 | 87 | — | 102,726 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 35,483 | $ | 1,565 | $ | 263 | $ | — | $ | 37,311 | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Issuers | Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (209 | ) | $ | (48,779 | ) | $ | 109,329 | $ | 18,929 | $ | — | $ | 79,270 | |||||||||||
Investing Activities | |||||||||||||||||||||||||
Cash paid for acquisitions and other related investments | — | — | (241,626 | ) | (37,337 | ) | — | (278,963 | ) | ||||||||||||||||
Net proceeds from sales of real estate | — | — | — | 41,130 | — | 41,130 | |||||||||||||||||||
Principal received on loans receivable | — | — | 230 | 4,059 | — | 4,289 | |||||||||||||||||||
Investments in loans receivable | — | — | (230 | ) | (631 | ) | — | (861 | ) | ||||||||||||||||
Construction in progress and other | — | (6,466 | ) | (24,081 | ) | (669 | ) | — | (31,216 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | — | (6,466 | ) | (265,707 | ) | 6,552 | — | (265,621 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Additions to term debt | — | 450,000 | — | — | — | 450,000 | |||||||||||||||||||
Payments of term debt | — | (237,666 | ) | (8,433 | ) | (163 | ) | — | (246,262 | ) | |||||||||||||||
Revolving credit facilities, net | — | 50,000 | 39,600 | — | — | 89,600 | |||||||||||||||||||
Distributions paid | (89,342 | ) | (89,601 | ) | — | — | 89,342 | (89,601 | ) | ||||||||||||||||
Lease deposits and other obligations to tenants | — | — | 10,986 | (2,365 | ) | — | 8,621 | ||||||||||||||||||
Net payments relating to intercompany financing | 89,551 | (92,052 | ) | 114,247 | (22,404 | ) | (89,342 | ) | — | ||||||||||||||||
Debt issuance costs paid and other financing activities | — | (21,028 | ) | — | (661 | ) | — | (21,689 | ) | ||||||||||||||||
Net cash provided by (used in) financing activities | 209 | 59,653 | 156,400 | (25,593 | ) | — | 190,669 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents for period | — | 4,408 | 22 | (112 | ) | — | 4,318 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 96,822 | 1,387 | 199 | — | 98,408 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 101,230 | $ | 1,409 | $ | 87 | $ | — | $ | 102,726 | |||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Y | |||
M | |||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' | ' |
Expected lease-up periods for estimating lost rentals, in months | 6 | ' | ' |
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Number of years of federal income tax at corporate rates on failure to qualify as REIT | 4 | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock award vesting period in years, maximum | '10 years | ' | ' |
Time-Based Awards [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock award vesting period in years, maximum | '3 years | ' | ' |
Market Conditions Based Awards [Member] | Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock award vesting period in years, maximum | '3 years | ' | ' |
Market Conditions Based Awards [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Stock award vesting period in years, maximum | '5 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Carrying Value and Classification of Related Assets and Maximum Exposure to Loss (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Loans, net [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Maximum Loss Exposure | $283,273 |
Equity investments [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Maximum Loss Exposure | 19,308 |
Mortgage and other loans [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Amount | 228,996 |
Other assets [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Amount | $5,198 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Useful Lives of Related Real Estate and Other Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average useful lives of related real estate and other assets | '38 years 2 months 12 days |
Tenant lease intangibles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average useful lives of related real estate and other assets | '18 years 7 months 6 days |
Leasehold improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average useful lives of related real estate and other assets | '22 years 2 months 12 days |
Furniture, equipment and other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Weighted average useful lives of related real estate and other assets | '9 years 4 months 24 days |
Real_Estate_and_Loans_Receivab2
Real Estate and Loans Receivable - Assets Acquired (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | $654,922 | $621,490 | $293,555 |
Total liabilities assumed | ' | ' | -14,592 |
Net assets acquired | 654,922 | 621,490 | 278,963 |
Land [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 41,473 | 518 | 19,705 |
Building [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 439,030 | 8,942 | 220,769 |
Intangible lease assets - subject to amortization [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 38,589 | 1,040 | 20,630 |
Net investments in direct financing leases [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 110,580 | 310,000 | ' |
Mortgage loans [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 20,000 | 200,000 | ' |
Working capital and other loans [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | 5,250 | 95,690 | 27,283 |
Equity investments [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Total assets acquired | ' | $5,300 | $5,168 |
Real_Estate_and_Loans_Receivab3
Real Estate and Loans Receivable - Assets Acquired (Parenthetical) (Detail) (Intangible lease assets - subject to amortization [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Intangible lease assets - subject to amortization [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Weighted average useful life of acquired intangible lease assets (in years) | '21 years | '15 years | '13 years 10 months 24 days |
Real_Estate_and_Loans_Receivab4
Real Estate and Loans Receivable - 2013 Activity - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 4-May-12 | Dec. 31, 2010 | Jun. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 18, 2013 | Jul. 18, 2013 | Dec. 31, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | Dec. 12, 2013 | Jun. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | Sep. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
USD ($) | USD ($) | USD ($) | Bed | USD ($) | Ernest [Member] | Non U S [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | 2013 Activity [Member] | |||
Bed | USD ($) | USD ($) | Corpus Christi Rehabilitation Hospital [Member] | Corpus Christi Rehabilitation Hospital [Member] | Ernest [Member] | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | Dallas Medical Center [Member] | Kansas [Member] | Kansas [Member] | Minimum [Member] | Maximum [Member] | From 2015 through 2017 [Member] | After 2017 [Member] | Acute Care Iasis Hospital [Member] | Acute Care Iasis Hospital [Member] | Acute Care Iasis Hospital [Member] | Business Acquisitions [Member] | Olympia Medical Center [Member] | ||||||||
USD ($) | Commitment [Member] | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | Ernest [Member] | Ernest [Member] | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | USD ($) | Maximum [Member] | USD ($) | Bed | |||||||||||||
USD ($) | RenewalOptions | Hospital | Facility | ||||||||||||||||||||||||
RenewalOptions | Contract | ||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | $10,500,000 | $500,000 | ' | $237,800,000 | € 175,000,000 | ' | $75,000,000 | ' | ' | ' | ' | ' | $281,300,000 | ' | ' | ' | ' | ||
Applicable transfer taxes on purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Term of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '27 years | '27 years | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Rent escalations percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 0.50% | ' | ' | ' | ' | ' | ||
Cumulative increases in the German consumer price index | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Real estate assets gross | 1,733,194,000 | 1,189,552,000 | [1] | 1,191,096,000 | [2] | ' | 990,635,000 | ' | 240,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from real estate assets | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of lease extensions options in current lease contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ||
Term of lease extensions, Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of facilities acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ||
Improvement costs | 1,578,336,000 | 1,052,479,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ||
Initial leaseback term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ||
Maximum rent increase percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | 5.00% | ' | ' | ' | ' | 2.50% | ' | ' | ||
Lease renewal option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ||
Lease maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | ' | ' | ' | ||
Extended lease maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2028 | ' | ' | ' | ||
Loan on property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage financing | 20,000,000 | 203,650,000 | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of beds | ' | ' | ' | 26 | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204 | ||
Revenue contributed by the acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000 | ' | ||
Income contributed by the acquired entity | 133,258,000 | 135,402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ||
Acquisition related costs | 19,494,000 | 5,420,000 | 4,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | ' | ||
Acquisition-related costs on consummated deals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,000,000 | ' | ||
[1] | Includes real estate cost included in real estate held for sale of $28,617 at December 31, 2012. Excludes intangible lease assets that are included in real estate held for sale of $858 for 2012. | ||||||||||||||||||||||||||
[2] | Includes real estate cost included in real estate held for sale of $96,766 at December 31, 2011. Excludes intangible lease assets that are included in real estate held for sale of $3,012 for 2011. |
Real_Estate_and_Loans_Receivab5
Real Estate and Loans Receivable - 2012 Activity - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 14, 2012 | Dec. 31, 2013 | Dec. 14, 2012 | Jul. 03, 2012 | Jul. 03, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | |
2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | 2012 Activity [Member] | ||||
Contract | Maximum [Member] | Minimum [Member] | Rehabilitation Hospital [Member] | Business Acquisitions [Member] | Ernest [Member] | Ernest [Member] | Ernest [Member] | Ernest [Member] | Acute Care Facility [Member] | Acute Care Facility [Member] | Acute Care Facility [Member] | Prime Health Care Services [Member] | Prime Health Care Services [Member] | St. Mary's Regional Medical Center [Member] | Roxborough Memorial Hospital [Member] | ||||
Ceiling [Member] | Floor Rate [Member] | Facility | Key Management Personnel [Member] | Minimum [Member] | Contract | Facility | Maximum [Member] | Property | Loans, net [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Bed | State | Bed | Bed | ||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined purchase price and investment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $396,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities acquired | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Number of states | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease, years | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' |
Number of lease extension options in current lease contract | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Term of lease extension, years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Percentage of rental rate | ' | ' | ' | 9.00% | 5.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan secured by mortgage interest | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investment | ' | ' | ' | ' | ' | ' | ' | ' | 96,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition loan made | ' | ' | ' | ' | ' | ' | ' | ' | 93,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Preferential rate of return on loan amount | ' | ' | ' | ' | ' | ' | ' | ' | 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. The loan may be prepaid without penalty at any time. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New mortgage loan funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Number of beds at Centinela Hospital Medical Center used to secure loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 369 | ' | ' | ' |
Maturity of mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-22 | ' | ' | ' |
Number of beds acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' | ' | ' | 380 | 140 |
Business acquisition cost of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | 80,000,000 | 30,000,000 |
Payments to acquire equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Ownership interest in equity | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Working capital loan to the joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' |
Revolving loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' |
Date of properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Dec-12 | ' | ' | ' | ' | ' | ' |
Revenue contributed by the acquired entity | ' | ' | ' | ' | ' | ' | ' | 46,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income contributed by the acquired entity | 133,258,000 | 135,402,000 | ' | ' | ' | ' | ' | 46,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | 19,494,000 | 5,420,000 | 4,184,000 | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs on consummated deals | ' | ' | ' | ' | ' | ' | ' | $5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_and_Loans_Receivab6
Real Estate and Loans Receivable - 2011 Activity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 04, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 04, 2011 | Jul. 18, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Oct. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2011 | Jan. 04, 2011 | Dec. 31, 2013 | Jan. 31, 2011 | Jan. 31, 2011 | Jan. 31, 2011 | Jan. 31, 2011 | Feb. 04, 2011 | Dec. 31, 2013 | Feb. 09, 2011 | Dec. 31, 2013 | Feb. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | 2011 Activity [Member] | |||||
Hoboken, NJ [Member] | Hoboken, NJ [Member] | Hoboken, NJ [Member] | Maximum [Member] | Vibra Specialty Hospital [Member] | Vibra Specialty Hospital [Member] | Vibra Specialty Hospital [Member] | Acute Care Facility [Member] | Acute Care Facility [Member] | Acute Care Hospitals [Member] | Acute Care Hospitals [Member] | Acute Care Hospitals [Member] | Acute Care Hospitals [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | Business Acquisitions [Member] | |||||
Bed | Contract | Hoboken, NJ [Member] | Bed | Maximum [Member] | Bed | Contract | Hospital | Contract | Minimum [Member] | Maximum [Member] | Gilbert Hospital [Member] | Gilbert Hospital [Member] | Atrium Medical Center [Member] | Atrium Medical Center [Member] | Atrium Medical Center [Member] | Vibra [Member] | Bayonne Medical Center [Member] | Bayonne Medical Center [Member] | Alvarado Hospital [Member] | Alvarado Hospital [Member] | Northland Ltach Hospital [Member] | Northland Ltach Hospital [Member] | Hoboken, NJ [Member] | Hoboken, NJ [Member] | Hoboken, NJ [Member] | ||||||||
Y | Contract | Minimum [Member] | Maximum [Member] | Bed | Property | Bed | Bed | ||||||||||||||||||||||||||
Bed | Bed | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of beds acquired | ' | ' | ' | ' | 350 | ' | ' | ' | 40 | ' | ' | 40 | ' | ' | ' | ' | ' | ' | 19 | ' | 60 | ' | ' | ' | 278 | ' | 306 | ' | 35 | ' | ' | ' | ' |
Age of real estate acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | $13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,100,000 | ' | $23,500,000 | ' | ' | ' | $58,000,000 | ' | $70,000,000 | ' | $19,500,000 | ' | ' | ' | ' |
Date of properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Jul-11 | ' | ' | 30-Sep-11 | ' | ' | ' | ' | ' | ' | 4-Jan-11 | 31-Jan-11 | ' | ' | ' | ' | 4-Feb-11 | ' | 9-Feb-11 | ' | 14-Feb-11 | ' | ' | ' |
Lease expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2022-05 | ' | '2024-06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lease extension options in current lease contract | ' | ' | ' | ' | ' | 6 | ' | ' | ' | 3 | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | 3 | 2 | ' | ' | ' | 6 | ' | ' | ' | ' | 3 | ' | ' | ' |
Term of lease extension, years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '5 years | ' | '5 years | ' | '5 years | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | ' |
Rent escalations percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 3.00% | ' | ' | 2.50% | ' | 1.00% | 5.00% | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' |
Date of construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in equity | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | 25.00% | ' | ' | 25.00% | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | 19.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital loan to the joint venture | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained ownership in operating entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease, years | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | '15 years | ' | ' | '15 years | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' |
Number of stories in building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' |
Lease expiration year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2028 | ' | ' | ' | ' |
Construction completion date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2008-04 | ' | ' | ' | ' |
Existing mortgage loan | 368,650,000 | 368,650,000 | 165,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' |
Mortgage loan, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018-01 | ' | ' | ' |
Business acquisition cost of acquired entity | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leased hospital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement entry date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Oct-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital loan outstanding | ' | ' | ' | ' | ' | ' | 15,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding of convertible note | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to acquire percentage of hospital operator | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue contributed by the acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,200,000 | ' |
Income contributed by the acquired entity | 133,258,000 | 135,402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,100,000 | ' |
Acquisition related cost | 19,494,000 | 5,420,000 | 4,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 5,100,000 | 4,200,000 |
Acquisition-related costs on consummated deals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000 | ' |
Real_Estate_and_Loans_Receivab7
Real Estate and Loans Receivable - Supplemental Pro Forma Earnings Adjusted to Exclude Acquisition-Related Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Total revenues | $288,159 | $280,539 |
Net income | $133,258 | $135,402 |
Net income per share/unit | $0.82 | $0.85 |
Real_Estate_and_Loans_Receivab8
Real Estate and Loans Receivable - Development Activities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | 4-May-12 | Mar. 02, 2012 | Dec. 20, 2012 | Oct. 02, 2012 | Jun. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 20-May-13 | Dec. 31, 2013 | Mar. 04, 2013 |
In Millions, unless otherwise specified | Bed | Florence, AZ [Member] | Location Various [Member] | Ernest [Member] | Ernest [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | Development Activities [Member] | |
Bed | Twelve Oaks Facility [Member] | First Choice [Member] | Location Houston, TX [Member] | Emergency Room Facility One [Member] | Emergency Room Facility Two [Member] | Rehabilitation Facility in South Ogden [Member] | Rehabilitation Facility in South Ogden [Member] | Rehabilitation Facility in Post Falls, Idaho [Member] | |||||||
Room | |||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of freestanding emergency room facility | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' |
Estimated total development cost, funded | ' | ' | ' | ' | ' | ' | $9.10 | ' | $100 | ' | ' | ' | ' | $16.40 | ' |
Estimated total development cost | ' | ' | ' | 33.5 | ' | ' | ' | ' | ' | 37.8 | ' | ' | 19.2 | ' | 14.4 |
Expected facility completion date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fourth quarter of 2013 | '2014 | ' | 'Second quarter of 2014 | ' |
Total development cost on inpatient rehabiliation hospital | ' | ' | ' | ' | 16.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of beds | ' | 26 | ' | ' | ' | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of land and building | $9.40 | ' | $30 | ' | ' | $15.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement | ' | ' | '25 years | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' |
Facility partially occupied date | ' | ' | ' | ' | ' | ' | ' | 23-Jan-13 | ' | ' | ' | ' | ' | ' | ' |
Percentage of facility partially occupied | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_and_Loans_Receivab9
Real Estate and Loans Receivable - Summary of Status Update on Current Development Projects (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' |
Original Commitment | $147,453 |
Costs Incurred as of December 31, 2013 | 41,771 |
Property First Choice ER- Nacogdoches [Member] | Location San Antonio, TX [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,100 |
Costs Incurred as of December 31, 2013 | 2,681 |
Estimated Completion Date | '1Q 2014 |
Property First Choice ER - Brodie [Member] | Location Austin, TX [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,470 |
Costs Incurred as of December 31, 2013 | 1,950 |
Estimated Completion Date | '2Q 2014 |
Property First Choice ER- Alvin [Member] | Location Houston, TX [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,240 |
Costs Incurred as of December 31, 2013 | 1,328 |
Estimated Completion Date | '2Q 2014 |
Property Northern Utah Rehabilitation Hospital [Member] | Location South Ogden, UT [Member] | Property Type Inpatient Rehabilitation Hospital [Member] | Operator Ernest Health, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 19,153 |
Costs Incurred as of December 31, 2013 | 16,391 |
Estimated Completion Date | '2Q 2014 |
Property First Choice ER- Briar Forest [Member] | Location Houston, TX [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,833 |
Costs Incurred as of December 31, 2013 | 1,386 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER- Cedar Hill [Member] | Location Cedar Hill, TX [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,768 |
Costs Incurred as of December 31, 2013 | 1,167 |
Estimated Completion Date | '3Q 2014 |
Property First Choice ER- Firestone [Member] | Location Firestone, CO [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice ER, LLC [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 5,172 |
Costs Incurred as of December 31, 2013 | 544 |
Estimated Completion Date | '3Q 2014 |
Property Oakleaf Surgical Hospital [Member] | LocationAltoona, WI [Member] | Property Type Acute Care Hospital [Member] | Operator National Surgical Hospitals [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 33,500 |
Costs Incurred as of December 31, 2013 | 16,324 |
Estimated Completion Date | '3Q 2014 |
Property First Choice Emergency Rooms [Member] | Location Various [Member] | Property Type Acute Care Hospital [Member] | Operator First Choice [Member] | ' |
Business Acquisition [Line Items] | ' |
Original Commitment | 62,217 |
Costs Incurred as of December 31, 2013 | ' |
Estimated Completion Date | 'Various |
Recovered_Sheet1
Real Estate and Loans Receivable - Disposals - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Dec. 27, 2012 | Sep. 28, 2012 | Oct. 22, 2012 | Dec. 31, 2012 | Aug. 21, 2012 | Jun. 15, 2012 | Dec. 31, 2011 | Dec. 30, 2011 | Nov. 27, 2013 | Apr. 17, 2013 | |
Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | Disposals [Member] | ||||
Huntington [Member] | Thornton [Member] | New Bedford [Member] | New Bedford [Member] | Denham Springs LTACH [Member] | HealthSouth Rehabilitation Hospital of Fayetteville [Member] | Mountain View Regional Rehabilitation Hospital [Member] | Sherman Oaks Hospital [Member] | San Antonio, TX [Member] | Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of real estate | $32,409,000 | $71,202,000 | $41,130,000 | $42,000,000 | $12,500,000 | ' | ' | ' | $5,200,000 | $16,000,000 | $21,100,000 | $20,000,000 | $14,000,000 | $18,500,000 |
Gain (loss) on sale of real estate | ' | ' | ' | ' | 1,900,000 | 8,400,000 | 7,200,000 | ' | 300,000 | -1,400,000 | 2,300,000 | 3,100,000 | 5,600,000 | 2,100,000 |
Straight-line rent write-off | ' | ' | ' | ' | $700,000 | $1,600,000 | ' | $4,100,000 | ' | ' | ' | $1,200,000 | ' | ' |
Recovered_Sheet2
Real Estate and Loans Receivable - Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Intangible lease assets | $90,490,000 | $51,966,000 | ' |
Intangible Assets [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Intangible lease assets | 90,500,000 | 52,000,000 | ' |
Accumulated amortization, net | 75,000,000 | 40,100,000 | ' |
Amortization expense related to intangible lease assets | $4,000,000 | $3,900,000 | $5,200,000 |
Capitalized lease intangibles, weighted average life (in years) | '18 years 7 months 6 days | ' | ' |
Recovered_Sheet3
Real Estate and Loans Receivable - Amortization Expense from Existing Lease Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
2014 | $5,086 |
2015 | 4,896 |
2016 | 4,855 |
2017 | 4,845 |
2018 | $4,784 |
Recovered_Sheet4
Real Estate and Loans Receivable - Components of Net Investment in Direct Financing Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Minimum lease payments receivable | $1,647,567 | ' |
Estimated residual values | 211,863 | ' |
Less unearned income | -1,428,406 | ' |
Net investment in direct financing leases | $431,024 | $314,412 |
Recovered_Sheet5
Real Estate and Loans Receivable - Minimum Rental Payments Due in Future Period under Operating Leases and Direct Finance Leases which have Non-Cancelable Terms (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases User Charges And Commitments [Line Items] | ' |
2014 | $2,471 |
2015 | 2,644 |
2016 | 2,659 |
2017 | 2,620 |
2018 | 2,614 |
Thereafter | 37,213 |
Minimum rental payments, total | 50,221 |
Minimum Rental Payments [Member] | ' |
Leases User Charges And Commitments [Line Items] | ' |
2014 | 209,137 |
2015 | 208,140 |
2016 | 209,771 |
2017 | 210,557 |
2018 | 211,720 |
Thereafter | 2,138,740 |
Minimum rental payments, total | 3,188,065 |
Minimum Rental Payments [Member] | Operating Leases [Member] | ' |
Leases User Charges And Commitments [Line Items] | ' |
2014 | 166,602 |
2015 | 164,754 |
2016 | 165,517 |
2017 | 165,418 |
2018 | 165,679 |
Thereafter | 1,536,759 |
Minimum rental payments, total | 2,364,729 |
Minimum Rental Payments [Member] | Direct Financing Leases [Member] | ' |
Leases User Charges And Commitments [Line Items] | ' |
2014 | 42,535 |
2015 | 43,386 |
2016 | 44,254 |
2017 | 45,139 |
2018 | 46,041 |
Thereafter | 601,981 |
Minimum rental payments, total | $823,336 |
Recovered_Sheet6
Real Estate and Loans Receivable - Leasing Operations - Additional Information (Detail) (Leasing Operations [Member], USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Jul. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
Prime Health Care Services [Member] | Prime Health Care Services [Member] | LTACH Facility [Member] | |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Master lease term | ' | '10 years | ' |
Master lease agreements, number of renewal options | 2 | ' | ' |
Master lease, optional lease term | ' | '5 years | ' |
Lease escalation percentage | 100.00% | ' | ' |
Wrote off in related straight-line rent receivables | ' | ' | $1.30 |
Amortization expense related to intangible lease assets | ' | ' | $0.60 |
Recovered_Sheet7
Real Estate and Loans Receivable - Monroe Facility - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 |
Olympia Medical Center [Member] | Monroe Facility [Member] | Monroe Facility [Member] | Monroe Facility [Member] | Monroe Facility [Member] | Monroe Facility [Member] | Monroe Facility [Member] | |||||
Scenario, Forecast [Member] | Ernest Transaction and Other Acquisitions [Member] | Monroe Hospital [Member] | Monroe Hospital [Member] | ||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,100,000 | ' |
Operating leases rent, interest and other charges outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' |
Advanced amount of working capital loan agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' |
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 | ' |
Net investment to maximum exposure | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,300,000 | ' |
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 | ' |
Existing mortgage loan | 368,650,000 | 368,650,000 | 165,000,000 | 165,000,000 | 20,000,000 | ' | ' | ' | 98,000,000 | ' | ' |
Working capital loan outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 19,100,000 | ' | ' |
Amount of convertible note converted into equity interest | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' |
Convertible note | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Percentage of equity shares from convertible debt | ' | ' | ' | ' | ' | 9.90% | 15.10% | 15.10% | ' | ' | ' |
Remaining convertible debt after conversion of part of debt | ' | ' | ' | ' | ' | ' | $3,400,000 | ' | ' | ' | ' |
Recovered_Sheet8
Real Estate and Loans Receivable - Florence Facility - Additional Information (Detail) (Florence acute care facility, USD $) | Dec. 31, 2013 | Mar. 06, 2013 |
In Millions, unless otherwise specified | ||
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Business acquisition cost of acquired entity | ' | $29.40 |
Rent receivables | 0.8 | ' |
Letter of Credit | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' |
Letter of credit outstanding | $1.20 | ' |
Recovered_Sheet9
Real Estate and Loans Receivable - Gilbert Facility - Additional Information (Detail) (Gilbert, AZ [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Gilbert, AZ [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Business acquisition cost of acquired entity | $17.10 |
Rent receivables | $0.90 |
Recovered_Sheet10
Real Estate and Loans Receivable - Summary of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans [Line Items] | ' | ' |
Loans, Balance | $549,640 | $527,893 |
Mortgage loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans, Balance | 388,650 | 368,650 |
Loans, Weighted Average Interest Rate | 10.20% | 10.00% |
Acquisition loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans, Balance | 103,266 | 98,433 |
Loans, Weighted Average Interest Rate | 14.50% | 14.70% |
Working capital and other loans [Member] | ' | ' |
Loans [Line Items] | ' | ' |
Loans, Balance | $57,724 | $60,810 |
Loans, Weighted Average Interest Rate | 10.90% | 10.80% |
Recovered_Sheet11
Real Estate and Loans Receivable - Concentration of Credit Risks and Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration of Credit Risks [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Maximum percentage of entity's total assets invested on single property | 4.00% | ' | ' |
Concentration of Credit Risks [Member] | California [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Percentage of total assets accounted | 24.00% | ' | ' |
Percentage of gross assets accounted | 18.70% | ' | ' |
Concentration of Credit Risks [Member] | Texas[Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Percentage of total assets accounted | 23.60% | ' | ' |
Percentage of gross assets accounted | 22.70% | ' | ' |
Concentration of Credit Risks [Member] | Minimum [Member] | European | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Percentage of total assets accounted | 9.00% | ' | ' |
Concentration of Credit Risks [Member] | Prime Health Care Services [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Percentage of entity revenue from affiliates | 32.00% | 27.30% | ' |
Percentage of total assets accounted | 24.50% | 27.90% | ' |
Concentration of Credit Risks [Member] | Ernest [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Percentage of entity revenue from affiliates | 20.20% | 18.60% | ' |
Percentage of total assets accounted | 15.90% | 18.20% | ' |
Related Party Transactions [Member] | ' | ' | ' |
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' |
Lease and interest revenue earned from tenants | $70 | $54.30 | $5.50 |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 26, 2011 | Dec. 31, 2013 | Aug. 20, 2013 | Dec. 31, 2012 | Feb. 17, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 10, 2013 |
In Thousands, unless otherwise specified | Revolving credit facilities [Member] | Revolving credit facilities [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2011 Senior Unsecured Notes [Member] | 2011 Senior Unsecured Notes [Member] | 2011 Senior Unsecured Notes [Member] | 2012 Senior Unsecured Notes [Member] | 2012 Senior Unsecured Notes [Member] | 2012 Senior Unsecured Notes [Member] | 2012 Senior Unsecured Notes [Member] | Exchangeable senior notes [Member] | 2013 Senior Unsecured Notes [Member] | Term loans [Member] | Term loans [Member] | 2013 Senior Unsecured Notes [Member] | 2013 Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | 'Variable | 'Variable | 'Various | 'Various | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Various | 'Various | ' | ' |
Unsecured senior notes, interest rate | ' | ' | ' | ' | ' | ' | 7.87% | 6.88% | 6.88% | 6.88% | 6.38% | 6.38% | 6.38% | 6.38% | 9.25% | 5.75% | ' | 6.20% | 5.75% | 5.75% |
Principal amount | ' | ' | $105,000 | $125,000 | $125,000 | $125,000 | ' | $450,000 | $450,000 | $450,000 | $350,000 | ' | $200,000 | ' | $11,000 | ' | ' | $13,900 | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,873 | ' | ' | ' | -37 | ' | ' | ' | ' | ' |
Debt instrument, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 352,873 | ' | 200,000 | ' | 10,963 | 274,860 | 113,948 | 114,197 | ' | ' |
Debt | $1,421,681 | $1,025,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Principal_Payments_Due_fo
Debt - Principal Payments Due for Debt (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $265 |
2015 | 105,283 |
2016 | 225,299 |
2017 | 320 |
2018 | 12,781 |
Thereafter | 1,074,860 |
Total | $1,418,808 |
Debt_2013_Senior_Unsecured_Not
Debt - 2013 Senior Unsecured Notes - Additional Information (Detail) (2013 Senior Unsecured Notes [Member]) | 0 Months Ended | ||
In Millions, unless otherwise specified | Oct. 10, 2013 | Oct. 10, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | ||
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured senior notes, value of offering | $274.90 | € 200 | ' |
Unsecured senior notes, interest rate | 5.75% | 5.75% | 5.75% |
Debt instrument, maturity date | 1-Oct-20 | 1-Oct-20 | ' |
Senior notes frequency of periodic payment | 'Semi-annually | 'Semi-annually | ' |
Senior notes, earliest redemption date | 1-Oct-16 | 1-Oct-16 | ' |
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | 101.00% | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 17, 2012 | Dec. 31, 2013 | Mar. 09, 2012 | Mar. 09, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | Senior Notes 6.375% Due 2022 [Member] | Senior Notes 6.375% Due 2022 [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 5.750% Senior Notes due 2020 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes, value of offering | ' | ' | ' | $200 | $150 | ' | ' | € 200 |
Net proceeds, after underwriting discount | ' | ' | ' | 196.5 | ' | ' | ' | ' |
Unsecured senior notes, interest rate | ' | ' | ' | 6.38% | ' | ' | ' | 5.75% |
Debt instrument, maturity date | ' | ' | ' | 15-Feb-22 | ' | 9-Mar-16 | ' | ' |
Paid off term loan | ' | ' | ' | ' | ' | 100 | 100 | ' |
Hedge ineffectiveness and income statement effect in period | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Other assets, collateral | $5 | $6.60 | ' | ' | ' | ' | ' | ' |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility - Additional Information (Detail) (Unsecured Revolving Credit Facility [Member], USD $) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument face amount | $70,000,000 | ' | ' |
Credit facilities, amount outstanding | ' | 105,000,000 | 125,000,000 |
Credit facility, maturity date | '2015-10 | ' | ' |
Debt instrument, basis spread of interest rate | ' | 2.85% | 2.85% |
Revolving facility agreement, availability | ' | 295,000,000 | ' |
Credit facilities, weighted average interest rate | ' | 3.20% | 3.20% |
Federal Funds Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, basis spread of interest rate | 0.50% | ' | ' |
Minimum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facilities, amount outstanding | 330,000,000 | ' | ' |
Debt instrument, basis spread of interest rate | 1.60% | ' | ' |
Credit facilities, percentage of commitment fee on unused capacity | 0.38% | ' | ' |
Minimum [Member] | London Interbank Offered Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, basis spread of interest rate | 2.60% | ' | ' |
Maximum [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facilities, amount outstanding | $400,000,000 | ' | ' |
Debt instrument, basis spread of interest rate | 2.40% | ' | ' |
Credit facilities, percentage of commitment fee on unused capacity | 0.50% | ' | ' |
Maximum [Member] | London Interbank Offered Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument, basis spread of interest rate | 3.40% | ' | ' |
Debt_2012_Senior_Unsecured_Not
Debt - 2012 Senior Unsecured Notes - Additional Information (Detail) (2012 Senior Unsecured Notes [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Aug. 20, 2013 | Feb. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
2012 Senior Unsecured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Unsecured senior notes, value of offering | $150 | $200 | ' | ' |
Unsecured senior notes, interest rate | 6.38% | 6.38% | 6.38% | 6.38% |
Debt instrument, maturity date | ' | 15-Feb-20 | 15-Feb-22 | ' |
Senior notes frequency of periodic payment | ' | ' | 'Semi-annually | ' |
Net proceeds, after underwriting discount | $150.40 | $196.50 | ' | ' |
Senior notes, earliest redemption date | ' | ' | 15-Feb-17 | ' |
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | 101.00% | ' | ' |
Debt instrument redemption price | 10200.00% | 10200.00% | ' | ' |
Debt instrument effective rate | ' | ' | 6.00% | ' |
Debt_2011_Senior_Unsecured_Not
Debt - 2011 Senior Unsecured Notes - Additional Information (Detail) (2011 Senior Unsecured Notes [Member], USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
2011 Senior Unsecured Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt instrument face amount | $450,000 | $450,000 | $450,000 |
Interest rate | 6.88% | 6.88% | 6.88% |
Debt instrument, maturity date | 1-May-21 | ' | ' |
Senior notes frequency of periodic payment | 'Semi-annually | ' | ' |
Senior notes, earliest redemption date | 1-May-16 | ' | ' |
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | ' | ' |
Debt_2006_Senior_Unsecured_Not
Debt - 2006 Senior Unsecured Notes - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Oct. 31, 2011 | Oct. 30, 2011 | Jun. 30, 2010 | Jul. 30, 2011 | Dec. 31, 2006 | Oct. 30, 2011 | Jul. 30, 2011 |
In Millions, unless otherwise specified | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract One [Member] | Interest Rate Contract Two [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] | 2006 Senior Unsecured Notes [Member] |
London Interbank Offered Rate [Member] | London Interbank Offered Rate [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Unsecured Notes | ' | ' | ' | ' | ' | ' | ' | $125 | ' | ' |
Credit facilities, periodic payments of interest | ' | ' | ' | ' | ' | ' | 65 | ' | ' | ' |
Senior notes frequency of periodic payment | ' | ' | ' | ' | 'Quarterly | ' | 'Quarterly | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 7.87% | ' | ' | ' |
Debt instrument, basis spread of interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | 2.30% |
Unsecured senior notes, year of maturity | ' | ' | ' | ' | '2016-07 | ' | '2016-07 | ' | ' | ' |
Fixed rate, minimum | ' | ' | ' | ' | 7.33% | ' | ' | ' | ' | ' |
Fixed rate, maximum | ' | ' | ' | ' | 7.72% | ' | ' | ' | ' | ' |
Portion of debt instrument face amount | ' | ' | ' | ' | ' | 65 | ' | ' | ' | ' |
Fair value of the interest rate swaps | 9 | 12.5 | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' |
Interest rate of derivative instrument | ' | ' | ' | 5.68% | ' | ' | ' | ' | ' | ' |
Debt_Exchangeable_Senior_Notes
Debt - Exchangeable Senior Notes - Additional Information (Detail) (USD $) | 1 Months Ended | ||||
Jul. 31, 2011 | Apr. 30, 2008 | Mar. 31, 2008 | Dec. 31, 2013 | Aug. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Unsecured senior notes, interest rate | ' | ' | ' | $12,781,000 | ' |
Exchangeable senior notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Senior Notes | ' | 7,000,000 | 75,000,000 | ' | 1,500,000 |
Proceeds from senior notes | ' | 6,800,000 | 72,800,000 | ' | ' |
Percentage of outstanding notes purchased from senior unsecured notes offering | 85.00% | ' | ' | ' | ' |
Price of principal amount plus accrued and unpaid interest, in percentage | 118.50% | ' | ' | ' | ' |
Price of principal amount plus accrued and unpaid interest, in amount | 84,200,000 | ' | ' | ' | ' |
Unsecured senior notes, interest rate | ' | ' | ' | $0.09 | ' |
Debt_Term_Loans_Additional_Inf
Debt - Term Loans - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | ||||||
Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Mar. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2011 | Dec. 31, 2012 | |
2012 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Term loans [Member] | |
London Interbank Offered Rate [Member] | Federal Funds Rate [Member] | Eurodollar Rate [Member] | Initial Spread [Member] | Northland Ltach Hospital [Member] | ||||||
Y | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Paid off term loan | $100,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread of interest rate | ' | ' | 2.25% | 0.50% | 1.00% | 1.25% | ' | ' | ' | ' |
Interest rate at end of period | 2.43% | 2.43% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | 9-Mar-16 | ' | ' | ' | ' | ' | ' | ' | 1-Jan-18 | ' |
Term loan facility, potential term extension period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility, extension option maturity date | 9-Mar-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities acquired | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' |
Debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,900,000 |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | 6.20% |
Debt instrument earliest prepayment date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' |
Collateralized real estate property | ' | ' | ' | ' | ' | ' | $18,000,000 | $18,500,000 | ' | ' |
Debt_Covenants_Additional_Info
Debt - Covenants - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
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% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Percentage of taxable income to be distributed for federal income tax assumption | 100.00% | ' | ' |
Loss before income taxes | $12.90 | ' | ' |
U.S federal NOLs | 0.2 | ' | ' |
U.S. state NOLs | 7.6 | ' | ' |
U.S. federal and state NOLs, expiration period | '2026 through 2032 | ' | ' |
Decrease in valuation allowance | 2.6 | ' | ' |
Increased Valuation Allowances [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Acquisition-related costs on consummated deals | $1.90 | ' | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic | $568 | $19 | $128 |
Foreign | 158 | ' | ' |
Total income tax expense | $726 | $19 | $128 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets And liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Property and equipment | ($2,870) | ($2,370) |
Other | -2,923 | -1,673 |
Total deferred tax liabilities | -5,793 | -4,043 |
Deferred tax assets: | ' | ' |
Loan loss and other reserves | 7,751 | 7,218 |
Operating loss and interest deduction carry forwards | 2,283 | 3,938 |
Other | 3,371 | 1,261 |
Total deferred tax assets | 13,405 | 12,417 |
Valuation allowance | -7,843 | -8,540 |
Net deferred tax (liability) | ($231) | ($166) |
Income_Taxes_Schedule_of_Per_S
Income Taxes - Schedule of Per Share Distributions to Stockholders (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Common share distribution | $0.80 | $0.80 | $0.80 |
Ordinary income | $0.60 | $0.60 | $0.30 |
Capital gains | $0.05 | $0.12 | $0.03 |
Unrecaptured Sec. 1250 gain | $0.03 | $0.09 | $0.03 |
Return of capital | $0.15 | $0.08 | $0.47 |
Allocable to next year | ' | ' | ' |
Earnings_Per_ShareUnit_Calcula
Earnings Per Share/Unit - Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $13,309 | $25,391 | $25,031 | $25,570 | $23,264 | $22,594 | $18,718 | $8,294 | $89,301 | $72,870 | $12,120 |
Non-controlling interests' share in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -224 | -177 | -178 |
Participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -729 | -887 | -1,090 |
Income from continuing operations, less participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 88,348 | 71,806 | 10,852 |
Income from discontinued operations attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 7,914 | 17,207 | 14,594 |
Net income, less participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 96,262 | 89,013 | 25,446 |
Basic weighted-average common shares | 161,143 | 154,758 | 149,509 | 140,347 | 134,923 | 134,781 | 134,715 | 124,906 | 151,439 | 132,331 | 110,623 |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,159 | 2 | 6 |
Diluted weighted-average common shares | 161,840 | 155,969 | 151,056 | 141,526 | 134,930 | 134,782 | 134,715 | 124,906 | 152,598 | 132,333 | 110,629 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | 13,309 | 25,391 | 25,031 | 25,570 | 23,264 | 22,594 | 18,718 | 8,294 | 89,301 | 72,870 | 12,137 |
Non-controlling interests' share in continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -244 | -177 | -178 |
Participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -729 | -887 | -1,090 |
Income from continuing operations, less participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 88,328 | 71,806 | 10,869 |
Income from discontinued operations attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 7,914 | 17,207 | 14,594 |
Net income, less participating securities' share in earnings | ' | ' | ' | ' | ' | ' | ' | ' | $96,242 | $89,013 | $25,463 |
Basic weighted-average common shares | 161,143 | 154,758 | 149,509 | 140,347 | 134,923 | 134,781 | 134,715 | 124,906 | 151,439 | 132,331 | 110,623 |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 1,159 | 2 | 6 |
Diluted weighted-average common shares | 161,840 | 155,969 | 151,056 | 141,526 | 134,930 | 134,782 | 134,715 | 124,906 | 152,598 | 132,333 | 110,629 |
Earnings_Per_ShareUnit_Additio
Earnings Per Share/Unit - Additional Information (Detail) (Stock Options [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Options excluded from earnings per share/unit | 0.1 | 0.1 | 0.1 |
Stock_Awards_Additional_Inform
Stock Awards - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of stock options outstanding | 20,000 | ' | ' |
Number of stock options exercisable | 20,000 | ' | ' |
Stock options, weighted-average exercise price | $10 | ' | ' |
Stock options, intrinsic value of options exercisable and outstanding | $0 | ' | ' |
Stock options exercised | 40,000 | ' | ' |
Stock options awarded, weighted average remaining contractual term (in years) | '3 months 18 days | ' | ' |
Number of performance awards earned and vested | 68,086 | ' | ' |
Number of performance awards to be earned | 686,169 | ' | ' |
Stock-based compensation expense | 8,900,000 | 7,600,000 | 7,000,000 |
Stock-based compensation expense, unrecognized cost | 10,100,000 | ' | ' |
Stock-based compensation expense, unrecognized cost, reorganization period (in years) | '2 years 6 months | ' | ' |
Restricted equity awards, fair value | $9,200,000 | $9,200,000 | $6,100,000 |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock award vesting period (in years) | '10 years | ' | ' |
30% of 2012 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | 34.00% | ' |
Stock-based awards expiration date | ' | 31-Dec-16 | ' |
Share based payment award, weighted average risk-free rate of return | ' | 0.93% | ' |
Common stock options awarded, dividend yield | ' | 8.60% | ' |
Percentage of performance award grant in period | ' | 30.00% | ' |
Percentage of shareholder return annually | ' | 9.00% | ' |
Percentage of shareholder return annually achieving period (in years) | ' | 3 | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | '4 years | ' |
35% of 2012 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | 35.00% | ' |
Share based payment award, weighted average risk-free rate of return | ' | 0.43% | ' |
Common stock options awarded, dividend yield | ' | 8.60% | ' |
Percentage of performance award grant in period | ' | 35.00% | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | '5 years | ' |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | ' | 100.00% | ' |
35% of 2012 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | ' | 'Vest in equal annual amounts on January 1, 2015, 2016 and 2017 | ' |
35% of 2012 Performance Awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | ' | 27.00% | ' |
35% of 2012 Performance Awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | ' | 35.00% | ' |
Remaining % of 2012 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | 35.00% | ' |
Share based payment award, weighted average risk-free rate of return | ' | 0.43% | ' |
Common stock options awarded, dividend yield | ' | 8.60% | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | '5 years | ' |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | ' | 100.00% | ' |
Percentage of shareholder return to be earned | ' | 6.00% | ' |
Remaining % of 2012 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | ' | 'Vest in equal annual amounts on January 1, 2015, 2016 and 2017 | ' |
30% of 2011 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | ' | 33.00% |
Stock-based awards expiration date | ' | ' | 31-Dec-15 |
Share based payment award, weighted average risk-free rate of return | ' | ' | 2.07% |
Common stock options awarded, dividend yield | ' | ' | 8.50% |
Percentage of performance award grant in period | ' | ' | 30.00% |
Percentage of shareholder return annually | ' | ' | 9.00% |
Percentage of shareholder return annually achieving period (in years) | ' | ' | 3 |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | ' | '4 years |
18% of 2011 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | ' | 34.00% |
Share based payment award, weighted average risk-free rate of return | ' | ' | 1.07% |
Common stock options awarded, dividend yield | ' | ' | 8.50% |
Percentage of performance award grant in period | ' | ' | 18.00% |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | ' | '5 years |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | ' | ' | 100.00% |
18% of 2011 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | ' | ' | 'Vest in equal annual amounts on January 1, 2014, 2015 and 2016 |
18% of 2011 Performance Awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | ' | ' | 27.00% |
18% of 2011 Performance Awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | ' | ' | 39.00% |
Remaining % of 2011 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | ' | ' | 34.00% |
Share based payment award, weighted average risk-free rate of return | ' | ' | 1.07% |
Common stock options awarded, dividend yield | ' | ' | 8.50% |
Share-based compensation arrangement by share based payment award, expected term (in years) | ' | ' | '5 years |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | ' | ' | 100.00% |
Percentage of shareholder return to be earned | ' | ' | 12.00% |
Remaining % of 2011 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | ' | ' | 'Vest in equal annual amounts on January 1, 2014, 2015 and 2016 |
Settled in Cash [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of stock options settled for cash | ' | ' | 20,000 |
Stock options granted | 0 | 0 | 0 |
Stock options exercised | 0 | 0 | 0 |
Service-Based Awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock award required service period (in years) | '3 years | ' | ' |
Service-Based Awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock award required service period (in years) | '5 years | ' | ' |
27% of 2013 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | 27.00% | ' | ' |
Stock-based awards expiration date | 31-Dec-17 | ' | ' |
Share based payment award, weighted average risk-free rate of return | 0.72% | ' | ' |
Common stock options awarded, dividend yield | 8.00% | ' | ' |
Percentage of performance award grant in period | 27.00% | ' | ' |
Percentage of shareholder return annually | 8.50% | ' | ' |
Percentage of shareholder return annually achieving period (in years) | 3 | ' | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | '3 years | ' | ' |
Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reserved shares of common stock for awards under the Equity Incentive Plan | 7,643,651 | ' | ' |
Common stock remaining for future stock awards transferred to the equity incentive plan | 7,643,651 | ' | ' |
Maximum number of shares of common stock that may be awarded | 5,000,000 | ' | ' |
36% of 2013 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | 28.00% | ' | ' |
Share based payment award, weighted average risk-free rate of return | 0.38% | ' | ' |
Common stock options awarded, dividend yield | 8.00% | ' | ' |
Percentage of performance award grant in period | 36.00% | ' | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | '5 years | ' | ' |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ' | ' |
36% of 2013 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | 'Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ' | ' |
36% of 2013 Performance Awards [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | 25.50% | ' | ' |
36% of 2013 Performance Awards [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of shareholder return to be earned | 33.50% | ' | ' |
Remaining % of 2013 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based payment award, expected volatility rate | 28.00% | ' | ' |
Share based payment award, weighted average risk-free rate of return | 0.38% | ' | ' |
Common stock options awarded, dividend yield | 8.00% | ' | ' |
Share-based compensation arrangement by share based payment award, expected term (in years) | '5 years | ' | ' |
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ' | ' |
Percentage of shareholder return to be earned | 6.00% | ' | ' |
Remaining % of 2013 Performance Awards [Member] | If any shares are earned from this award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation award vesting rights | 'Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ' | ' |
2012 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of performance awards earned and vested | 84,188 | 84,188 | ' |
Number of performance awards to be earned | 725,666 | ' | ' |
Number of performance awards forfeited | 2,599 | 5,718 | ' |
2011 Performance Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of performance awards earned and vested | 81,359 | 155,162 | 0 |
Number of performance awards forfeited | 8,062 | 14,456 | ' |
Number of performance awards to be earned | 587,344 | ' | ' |
Stock_Awards_Restricted_Equity
Stock Awards - Restricted Equity Awards Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Vesting Based on Service [Member] | ' | ' |
Employee Restricted Equity Awards Vesting Activity [Line Items] | ' | ' |
Nonvested awards at beginning of the year, Shares | 466,883 | 603,980 |
Awarded, Shares | 240,425 | 275,464 |
Vested, Shares | -381,309 | -410,261 |
Forfeited, Shares | ' | -2,300 |
Nonvested awards at end of year, Shares | 325,999 | 466,883 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $10.72 | $11.02 |
Awarded, Weighted Average Value at Award Date | $12.26 | $10.14 |
Vested, Weighted Average Value at Award Date | $11.15 | $10.78 |
Forfeited, Weighted Average Value at Award Date | ' | $10.24 |
Nonvested awards at end of year, Weighted Average Value at Award Date | $11.36 | $10.72 |
Vesting Based on Market/Performance Conditions [Member] | ' | ' |
Employee Restricted Equity Awards Vesting Activity [Line Items] | ' | ' |
Nonvested awards at beginning of the year, Shares | 1,879,889 | 1,511,397 |
Awarded, Shares | 754,255 | 902,359 |
Vested, Shares | -386,446 | -513,693 |
Forfeited, Shares | -248,519 | -20,174 |
Nonvested awards at end of year, Shares | 1,999,179 | 1,879,889 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $6.48 | $7.60 |
Awarded, Weighted Average Value at Award Date | $6.13 | $5.81 |
Vested, Weighted Average Value at Award Date | $8.27 | $8.63 |
Forfeited, Weighted Average Value at Award Date | $11.03 | $5.45 |
Nonvested awards at end of year, Weighted Average Value at Award Date | $5.44 | $6.48 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Term of lease period | '50 years or more | ' | ' |
Lease and Rental Expenses | $2,304,461 | $2,195,835 | $1,994,565 |
Sublease rental income | 512,503 | 492,095 | 443,829 |
Total amount to be received in the future from non-cancellable subleases | $30,100,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Fixed Minimum Payments Due under Operating Leases with Non-Cancelable Terms (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $2,471 |
2015 | 2,644 |
2016 | 2,659 |
2017 | 2,620 |
2018 | 2,614 |
Thereafter | 37,213 |
Minimum rental payments, total | $50,221 |
Common_StockPartners_Capital_A
Common Stock/Partner's Capital - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 20, 2013 | Feb. 28, 2013 | Feb. 07, 2012 | Dec. 31, 2012 | Nov. 30, 2009 | Feb. 28, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Feb. 29, 2012 | |
MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | Employee [Member] | Director [Member] | Public Offering [Member] | Public Offering [Member] | Public Offering [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Market Equity Offering Program [Member] | Before Amendment [Member] | ||||
Maximum [Member] | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||||||
Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 136,335,000 | 136,335,000 | ' | ' | ' | ' | ' | 11,500,000 | 12,650,000 | 23,575,000 | 1,100,000 | ' | ' | ' | ' | ' |
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 | $11.84 | ' | ' | ' | ' | ' |
Net proceed from issuance of common stock | $313,331,000 | $233,048,000 | ' | $313,331,000 | $233,048,000 | ' | ' | $140,400,000 | $172,900,000 | $220,100,000 | $13,200,000 | ' | $12,500,000 | ' | ' | ' |
Number of shares can be sold out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Sales commission | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 1.25% | ' | ' |
Increased stock purchased amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 |
Common stock, par value | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership of general partner | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in equity | 100.00% | ' | ' | 99.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other partners | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partners shared remaining ownership percentage | ' | ' | ' | ' | ' | 2 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest and rent receivables | $58,499 | $45,289 |
Loans | 351,607 | 334,693 |
Debt, net | -1,421,681 | -1,025,160 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest and rent receivables | 44,349 | 36,700 |
Loans | 358,277 | 335,595 |
Debt, net | ($1,486,090) | ($1,082,333) |
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) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | $201,333 |
Cost | 201,333 |
Fair Value Measurements, Recurring [Member] | Mortgage loans [Member] | Mortgage Loans [Member] | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 100,000 |
Cost | 100,000 |
Fair Value Measurements, Recurring [Member] | Acquisition loans [Member] | Working capital and other loans [Member] | ' |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | ' |
Fair Value | 98,033 |
Cost | 98,033 |
Fair Value Measurements, Recurring [Member] | Equity investments [Member] | Other assets [Member] | ' |
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) | 12 Months Ended |
Dec. 31, 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 $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
+100 basis points [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | ($320) |
- 100 basis points [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $320 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Allowance for Doubtful Accounts, Discontinued Operations [Member] | Allowance for Doubtful Accounts, Discontinued Operations [Member] | Allowance for Doubtful Accounts, Discontinued Operations [Member] | Allowance for Doubtful Accounts, Discontinued Operations [Member] | Allowance for Doubtful Accounts, Discontinued Operations [Member] | Allowance for Doubtful Accounts, Discontinued Operations [Member] | |
Land [Member] | Building [Member] | Intangible Lease Assets [Member] | Accumulated Depreciation [Member] | Accumulated Amortization [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Real estate held for sale | $25,537 | $25,500 | $1,900 | $26,700 | $800 | $3,500 | $400 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $988 | $3,470 | $14,531 |
Gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | 7,659 | 16,369 | 5,431 |
Income from discontinued operations | $4,588 | $312 | $2,374 | $640 | $5,339 | $8,914 | $642 | $2,312 | $7,914 | $17,207 | $14,594 |
Income from discontinued operations - diluted per share/unit | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0.13 | $0.13 |
Recovered_Sheet12
Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $67,679 | $60,106 | $57,124 | $57,614 | $56,597 | $52,504 | $48,569 | $40,455 | $242,523 | $198,125 | $132,322 |
Income (loss) from continuing operations | 13,309 | 25,391 | 25,031 | 25,570 | 23,264 | 22,594 | 18,718 | 8,294 | 89,301 | 72,870 | 12,120 |
Income from discontinued operations | 4,588 | 312 | 2,374 | 640 | 5,339 | 8,914 | 642 | 2,312 | 7,914 | 17,207 | 14,594 |
Net income | 17,897 | 25,703 | 27,405 | 26,210 | 28,603 | 31,508 | 19,360 | 10,606 | 97,215 | 90,077 | 26,714 |
Net income attributable to MPT common stockholders | 17,839 | 25,648 | 27,348 | 26,156 | 28,556 | 31,464 | 19,316 | 10,564 | 96,991 | 89,900 | 26,536 |
Net income attributable to MPT common stockholders per share - basic | $0.11 | $0.16 | $0.18 | $0.19 | $0.21 | $0.23 | $0.14 | $0.08 | $0.64 | $0.67 | $0.23 |
Weighted average shares outstanding - basic | 161,143 | 154,758 | 149,509 | 140,347 | 134,923 | 134,781 | 134,715 | 124,906 | 151,439 | 132,331 | 110,623 |
Net income attributable to MPT common stockholders per share - diluted | $0.11 | $0.16 | $0.18 | $0.18 | $0.21 | $0.23 | $0.14 | $0.08 | $0.63 | $0.67 | $0.23 |
Weighted average shares outstanding - diluted | 161,840 | 155,969 | 151,056 | 141,526 | 134,930 | 134,782 | 134,715 | 124,906 | 152,598 | 132,333 | 110,629 |
MPT Operating Partnership, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 67,679 | 60,106 | 57,124 | 57,614 | 56,597 | 52,504 | 48,569 | 40,455 | 242,523 | 198,125 | 132,322 |
Income (loss) from continuing operations | 13,309 | 25,391 | 25,031 | 25,570 | 23,264 | 22,594 | 18,718 | 8,294 | 89,301 | 72,870 | 12,137 |
Income from discontinued operations | 4,588 | 312 | 2,374 | 640 | 5,339 | 8,914 | 642 | 2,312 | 7,914 | 17,207 | 14,594 |
Net income | 17,897 | 25,703 | 27,405 | 26,210 | 28,603 | 31,508 | 19,360 | 10,606 | 97,215 | 90,077 | 26,731 |
Net income attributable to MPT common stockholders | $17,839 | $25,648 | $27,348 | $26,156 | $28,556 | $31,464 | $19,316 | $10,564 | $96,991 | $89,900 | $26,553 |
Net income attributable to MPT common stockholders per share - basic | $0.11 | $0.16 | $0.18 | $0.19 | $0.21 | $0.23 | $0.14 | $0.08 | $0.64 | $0.67 | $0.23 |
Weighted average shares outstanding - basic | 161,143 | 154,758 | 149,509 | 140,347 | 134,923 | 134,781 | 134,715 | 124,906 | 151,439 | 132,331 | 110,623 |
Net income attributable to MPT common stockholders per share - diluted | $0.11 | $0.16 | $0.18 | $0.18 | $0.21 | $0.23 | $0.14 | $0.08 | $0.63 | $0.67 | $0.23 |
Weighted average shares outstanding - diluted | 161,840 | 155,969 | 151,056 | 141,526 | 134,930 | 134,782 | 134,715 | 124,906 | 152,598 | 132,333 | 110,629 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Parent [Member] | Subsidiary of Common Parent [Member] | Subsidiary Guarantors [Member] | Subsidiary Guarantors [Member] | Subsidiary Guarantors [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||
Subsidiary Issuer [Member] | Amounts Offset [Member] | Subsidiary Issuer [Member] | Amounts Offset [Member] | Subsidiaries Guarantor | Subsidiaries Non Guarantor | |||||||
Prior Period Reclassification Adjustment | ' | ' | $129,400,000 | $501,800,000 | $365,800,000 | $92,100,000 | $89,600,000 | $136,100,000 | $22,400,000 | $114,200,000 | ' | ' |
Total Assets | 2,904,570,000 | 2,178,886,000 | ' | ' | ' | ' | ' | ' | ' | ' | 997,200,000 | 404,100,000 |
Total liabilities | $1,560,362,000 | $1,129,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | $997,200,000 | $404,100,000 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Real estate held for sale | ' | $25,537 | ' | ' |
Net investment in direct financing leases | 431,024 | 314,412 | ' | ' |
Mortgage loans | 388,650 | 368,650 | ' | ' |
Gross investment in real estate assets | 2,685,129 | 1,959,839 | ' | ' |
Net investment in real estate assets | 2,525,353 | 1,837,043 | ' | ' |
Cash and cash equivalents | 45,979 | 37,311 | 102,726 | 98,408 |
Interest and rent receivables | 58,499 | 45,289 | ' | ' |
Straight-line rent receivables | 45,829 | 35,860 | ' | ' |
Other loans | 160,990 | 159,243 | ' | ' |
Other assets | 67,920 | 64,140 | ' | ' |
Total Assets | 2,904,570 | 2,178,886 | ' | ' |
Debt, net | 1,421,681 | 1,025,160 | ' | ' |
Accounts payable and accrued expenses | 94,311 | 65,961 | ' | ' |
Deferred revenue | 23,787 | 20,609 | ' | ' |
Lease deposits and other obligations to tenants | 20,583 | 17,342 | ' | ' |
Total liabilities | 1,560,362 | 1,129,072 | ' | ' |
Total Equity | 1,344,208 | 1,049,814 | ' | ' |
Total Liabilities and Equity | 2,904,570 | 2,178,886 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | ' | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Net investment in direct financing leases | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Gross investment in real estate assets | ' | ' | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Interest and rent receivables | ' | ' | ' | ' |
Straight-line rent receivables | ' | ' | ' | ' |
Other loans | ' | ' | ' | ' |
Net intercompany receivable | 35,363 | 27,393 | ' | ' |
Investment in subsidiaries | 1,344,598 | 1,050,204 | ' | ' |
Total Assets | 1,379,961 | 1,077,597 | ' | ' |
Debt, net | ' | ' | ' | ' |
Accounts payable and accrued expenses | 35,753 | 27,783 | ' | ' |
Net intercompany payable | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' |
Lease deposits and other obligations to tenants | ' | ' | ' | ' |
Total liabilities | 35,753 | 27,783 | ' | ' |
Total Equity | 1,344,208 | 1,049,814 | ' | ' |
Total Liabilities and Equity | 1,379,961 | 1,077,597 | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | 28 | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Net investment in direct financing leases | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Gross investment in real estate assets | ' | 28 | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | 28 | ' | ' |
Cash and cash equivalents | 18,815 | 35,483 | 101,230 | 96,822 |
Interest and rent receivables | 336 | 212 | ' | ' |
Straight-line rent receivables | ' | ' | ' | ' |
Other loans | 178 | 177 | ' | ' |
Net intercompany receivable | 1,907,477 | 1,373,941 | ' | ' |
Investment in subsidiaries | 825,153 | 647,029 | ' | ' |
Other assets | 37,311 | 31,097 | ' | ' |
Total Assets | 2,789,267 | 2,087,967 | ' | ' |
Debt, net | 1,407,733 | 1,010,962 | ' | ' |
Accounts payable and accrued expenses | 36,887 | 26,658 | ' | ' |
Net intercompany payable | ' | ' | ' | ' |
Deferred revenue | 49 | 143 | ' | ' |
Lease deposits and other obligations to tenants | ' | ' | ' | ' |
Total liabilities | 1,444,669 | 1,037,763 | ' | ' |
Total Equity | 1,344,598 | 1,050,204 | ' | ' |
Total Liabilities and Equity | 2,789,267 | 2,087,967 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 1,795,084 | 1,185,265 | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Net investment in direct financing leases | 212,543 | 110,155 | ' | ' |
Mortgage loans | 268,650 | 268,650 | ' | ' |
Gross investment in real estate assets | 2,276,277 | 1,564,070 | ' | ' |
Accumulated depreciation and amortization | -151,624 | -116,344 | ' | ' |
Net investment in real estate assets | 2,124,653 | 1,447,726 | ' | ' |
Cash and cash equivalents | 27,094 | 1,565 | 1,409 | 1,387 |
Interest and rent receivables | 31,324 | 29,150 | ' | ' |
Straight-line rent receivables | 37,015 | 28,416 | ' | ' |
Other loans | 1,100 | ' | ' | ' |
Net intercompany receivable | ' | ' | ' | ' |
Investment in subsidiaries | 42,407 | 42,666 | ' | ' |
Other assets | 1,168 | 1,522 | ' | ' |
Total Assets | 2,264,761 | 1,551,045 | ' | ' |
Debt, net | ' | ' | ' | ' |
Accounts payable and accrued expenses | 20,367 | 10,492 | ' | ' |
Net intercompany payable | 1,538,934 | 997,231 | ' | ' |
Deferred revenue | 17,772 | 19,431 | ' | ' |
Lease deposits and other obligations to tenants | 17,964 | 16,357 | ' | ' |
Total liabilities | 1,595,037 | 1,043,511 | ' | ' |
Total Equity | 669,724 | 507,534 | ' | ' |
Total Liabilities and Equity | 2,264,761 | 1,551,045 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 70,371 | 65,947 | ' | ' |
Real estate held for sale | ' | 25,537 | ' | ' |
Net investment in direct financing leases | 218,481 | 204,257 | ' | ' |
Mortgage loans | 120,000 | 100,000 | ' | ' |
Gross investment in real estate assets | 408,852 | 395,741 | ' | ' |
Accumulated depreciation and amortization | -8,152 | -6,452 | ' | ' |
Net investment in real estate assets | 400,700 | 389,289 | ' | ' |
Cash and cash equivalents | 70 | 263 | 87 | 199 |
Interest and rent receivables | 26,839 | 15,927 | ' | ' |
Straight-line rent receivables | 8,814 | 7,444 | ' | ' |
Other loans | 159,712 | 159,066 | ' | ' |
Net intercompany receivable | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Other assets | 29,441 | 31,521 | ' | ' |
Total Assets | 625,576 | 603,510 | ' | ' |
Debt, net | 13,948 | 14,198 | ' | ' |
Accounts payable and accrued expenses | 1,304 | 1,028 | ' | ' |
Net intercompany payable | 403,903 | 404,103 | ' | ' |
Deferred revenue | 5,966 | 1,035 | ' | ' |
Lease deposits and other obligations to tenants | 2,619 | 985 | ' | ' |
Total liabilities | 427,740 | 421,349 | ' | ' |
Total Equity | 197,836 | 182,161 | ' | ' |
Total Liabilities and Equity | 625,576 | 603,510 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | ' | ' | ' | ' |
Real estate held for sale | ' | ' | ' | ' |
Net investment in direct financing leases | ' | ' | ' | ' |
Mortgage loans | ' | ' | ' | ' |
Gross investment in real estate assets | ' | ' | ' | ' |
Accumulated depreciation and amortization | ' | ' | ' | ' |
Net investment in real estate assets | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Interest and rent receivables | ' | ' | ' | ' |
Straight-line rent receivables | ' | ' | ' | ' |
Other loans | ' | ' | ' | ' |
Net intercompany receivable | -1,942,837 | -1,401,334 | ' | ' |
Investment in subsidiaries | -2,212,158 | -1,739,899 | ' | ' |
Total Assets | -4,154,995 | -3,141,233 | ' | ' |
Debt, net | ' | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | ' | ' |
Net intercompany payable | -1,942,837 | -1,401,334 | ' | ' |
Deferred revenue | ' | ' | ' | ' |
Lease deposits and other obligations to tenants | ' | ' | ' | ' |
Total liabilities | -1,942,837 | -1,401,334 | ' | ' |
Total Equity | -2,212,158 | -1,739,899 | ' | ' |
Total Liabilities and Equity | -4,154,995 | -3,141,233 | ' | ' |
Total Consolidated [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Land, buildings and improvements and intangible lease assets | 1,865,455 | 1,251,240 | ' | ' |
Real estate held for sale | ' | 25,537 | ' | ' |
Net investment in direct financing leases | 431,024 | 314,412 | ' | ' |
Mortgage loans | 388,650 | 368,650 | ' | ' |
Gross investment in real estate assets | 2,685,129 | 1,959,839 | ' | ' |
Accumulated depreciation and amortization | -159,776 | -122,796 | ' | ' |
Net investment in real estate assets | 2,525,353 | 1,837,043 | ' | ' |
Cash and cash equivalents | 45,979 | 37,311 | 102,726 | 98,408 |
Interest and rent receivables | 58,499 | 45,289 | ' | ' |
Straight-line rent receivables | 45,829 | 35,860 | ' | ' |
Other loans | 160,990 | 159,243 | ' | ' |
Net intercompany receivable | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | ' |
Other assets | 67,920 | 64,140 | ' | ' |
Total Assets | 2,904,570 | 2,178,886 | ' | ' |
Debt, net | 1,421,681 | 1,025,160 | ' | ' |
Accounts payable and accrued expenses | 94,311 | 65,961 | ' | ' |
Net intercompany payable | ' | ' | ' | ' |
Deferred revenue | 23,787 | 20,609 | ' | ' |
Lease deposits and other obligations to tenants | 20,583 | 17,342 | ' | ' |
Total liabilities | 1,560,362 | 1,129,072 | ' | ' |
Total Equity | 1,344,208 | 1,049,814 | ' | ' |
Total Liabilities and Equity | $2,904,570 | $2,178,886 | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent billed | ' | ' | ' | ' | ' | ' | ' | ' | $132,578 | $119,883 | $105,688 |
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | 10,706 | 7,911 | 5,277 |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 40,830 | 21,728 | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | 58,409 | 48,603 | 21,357 |
Total revenues | 67,679 | 60,106 | 57,124 | 57,614 | 56,597 | 52,504 | 48,569 | 40,455 | 242,523 | 198,125 | 132,322 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36,978 | 32,815 | 30,147 |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | 2,450 | 1,477 | 724 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,494 | 5,420 | 4,184 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 30,063 | 28,562 | 27,091 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 88,985 | 68,274 | 62,146 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 153,538 | 129,851 | 70,176 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -319 | -1,662 | 18 |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | 3,554 | 2,943 | 78 |
Debt refinancing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,214 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -66,746 | -58,243 | -43,810 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -726 | -19 | -128 |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | -64,237 | -56,981 | -58,056 |
Income (loss) from continuing operations | 13,309 | 25,391 | 25,031 | 25,570 | 23,264 | 22,594 | 18,718 | 8,294 | 89,301 | 72,870 | 12,120 |
Income (loss) from discontinued operations | 4,588 | 312 | 2,374 | 640 | 5,339 | 8,914 | 642 | 2,312 | 7,914 | 17,207 | 14,594 |
Net income | 17,897 | 25,703 | 27,405 | 26,210 | 28,603 | 31,508 | 19,360 | 10,606 | 97,215 | 90,077 | 26,714 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -224 | -177 | -178 |
Net income attributable to MPT common stockholders | 17,839 | 25,648 | 27,348 | 26,156 | 28,556 | 31,464 | 19,316 | 10,564 | 96,991 | 89,900 | 26,536 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent billed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17 |
Equity in earnings of consolidated subsidiaries net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 97,215 | 90,077 | 26,731 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 97,215 | 90,077 | 26,714 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -224 | -177 | -178 |
Net income attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 96,991 | 89,900 | 26,536 |
Subsidiary Issuers [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | 21,797 | 18,341 | 6,124 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,797 | 18,341 | 6,124 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | 601 | 495 | 217 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,356 | 5,420 | 3,713 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 29,033 | 26,018 | 23,914 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 36,990 | 31,933 | 27,844 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -15,193 | -13,592 | -21,720 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -110 | -69 | 26 |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt refinancing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,109 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -67,484 | -58,729 | -43,063 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | -67,594 | -58,798 | -57,146 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -82,787 | -72,390 | -78,866 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 180,002 | 162,467 | 105,597 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 97,215 | 90,077 | 26,731 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -224 | -177 | -178 |
Net income attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 96,991 | 89,900 | 26,553 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent billed | ' | ' | ' | ' | ' | ' | ' | ' | 124,651 | 112,573 | 99,494 |
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | 8,438 | 6,429 | 3,515 |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 38,522 | 19,870 | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | 38,696 | 29,606 | 17,543 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 210,307 | 168,478 | 120,552 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35,277 | 31,115 | 28,489 |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | 1,356 | 816 | 458 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,138 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 375 | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 49,146 | 31,931 | 28,947 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 161,161 | 136,547 | 91,605 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | 948 | 1,061 | 345 |
Debt refinancing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,912 | 1,408 | 139 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -158 | ' | ' |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,122 | 2,469 | 381 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 160,039 | 139,016 | 91,986 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 103 | -1,969 |
Equity in earnings of consolidated subsidiaries net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,477 | 4,481 | 4,578 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 164,512 | 143,600 | 15,580 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 164,512 | 143,600 | 94,595 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent billed | ' | ' | ' | ' | ' | ' | ' | ' | 20,028 | 16,619 | 9,286 |
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | 2,268 | 1,482 | 1,762 |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | 22,577 | 18,090 | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | 29,834 | 25,387 | 3,926 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 74,707 | 61,578 | 14,974 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,701 | 1,700 | 1,658 |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | 32,863 | 25,707 | 3,141 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 471 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 655 | 2,544 | 3,160 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 35,219 | 29,951 | 8,430 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 39,488 | 31,627 | 6,544 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -209 | -1,593 | 10 |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | 2,606 | 1,882 | -267 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -29,268 | -25,653 | -7,122 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -568 | -19 | -128 |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | -27,439 | -25,383 | -7,527 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 12,049 | 6,244 | -983 |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 7,918 | 17,104 | 16,563 |
Equity in earnings of consolidated subsidiaries net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 19,967 | 23,348 | 15,580 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 19,967 | 23,348 | 15,580 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent billed | ' | ' | ' | ' | ' | ' | ' | ' | -12,101 | -9,309 | -3,092 |
Income from direct financing leases | ' | ' | ' | ' | ' | ' | ' | ' | -20,269 | -16,232 | ' |
Interest and fee income | ' | ' | ' | ' | ' | ' | ' | ' | -31,918 | -24,731 | -6,236 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -64,288 | -50,272 | -9,328 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property-related | ' | ' | ' | ' | ' | ' | ' | ' | -32,370 | -25,541 | -3,092 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -32,370 | -25,541 | -3,092 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -31,918 | -24,731 | -6,236 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from equity and other interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,918 | 24,731 | 6,236 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net other expense | ' | ' | ' | ' | ' | ' | ' | ' | 31,918 | 24,731 | 6,236 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of consolidated subsidiaries net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -281,694 | -257,025 | -136,906 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -281,694 | -257,025 | -136,906 |
Net income (loss) attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 224 | 177 | 178 |
Net income attributable to MPT common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ($281,470) | ($256,848) | ($136,728) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | $97,215 | $90,077 | $26,714 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 3,474 | -251 | -8,590 |
Foreign currency translation gain (loss) | 67 | ' | ' |
Total comprehensive income | 100,756 | 89,826 | 18,124 |
Comprehensive income attributable to non-controlling interests | -224 | -177 | -178 |
Comprehensive income attributable to MPT common stockholders | 100,532 | 89,649 | 17,946 |
Parent [Member] | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | 97,215 | 90,077 | 26,714 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 3,474 | -251 | -8,590 |
Foreign currency translation gain (loss) | 67 | ' | ' |
Total comprehensive income | 100,756 | 89,826 | 18,124 |
Comprehensive income attributable to non-controlling interests | -224 | -177 | -178 |
Comprehensive income attributable to MPT common stockholders | 100,532 | 89,649 | 17,946 |
Subsidiary Issuers [Member] | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | 97,215 | 90,077 | 26,731 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | 3,474 | -251 | -8,590 |
Foreign currency translation gain (loss) | 67 | ' | ' |
Total comprehensive income | 100,756 | 89,826 | 18,141 |
Comprehensive income attributable to non-controlling interests | -224 | -177 | -178 |
Comprehensive income attributable to MPT common stockholders | 100,532 | 89,649 | 17,963 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | 164,512 | 143,600 | 15,580 |
Other comprehensive income (loss): | ' | ' | ' |
Total comprehensive income | 164,512 | 143,600 | 94,595 |
Comprehensive income attributable to MPT common stockholders | 164,512 | 143,600 | 94,595 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | 19,967 | 23,348 | 15,580 |
Other comprehensive income (loss): | ' | ' | ' |
Total comprehensive income | 19,967 | 23,348 | 15,580 |
Comprehensive income attributable to MPT common stockholders | 19,967 | 23,348 | 15,580 |
Eliminations [Member] | ' | ' | ' |
Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Net income | -281,694 | -257,025 | -136,906 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gain (loss) on interest rate swap | -3,474 | 251 | 8,590 |
Foreign currency translation gain (loss) | -67 | ' | ' |
Total comprehensive income | -285,235 | -256,774 | -128,316 |
Comprehensive income attributable to non-controlling interests | 224 | 177 | 178 |
Comprehensive income attributable to MPT common stockholders | ($285,011) | ($256,597) | ($128,138) |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Condensed Consolidated Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | $140,801 | $105,309 | $79,270 |
Investing Activities | ' | ' | ' |
Principal received on loans receivable | 7,249 | 10,931 | 4,289 |
Investments in loans receivable | -3,746 | -1,293 | -861 |
Net cash (used for) provided by investing activities | -712,577 | -617,128 | -265,621 |
Financing Activities | ' | ' | ' |
Additions to term debt | 424,580 | 300,000 | 450,000 |
Payments of term debt | -11,249 | -232 | -246,262 |
Revolving credit facilities, net | -20,000 | 35,400 | 89,600 |
Distributions paid | -120,309 | -103,952 | -89,601 |
Lease deposits and other obligations to tenants | 3,231 | -11,436 | 8,621 |
Proceeds from sale of common shares, net of offering costs | 313,331 | 233,048 | ' |
Debt issuance costs paid and other financing activities | ' | -177 | -6,235 |
Net cash provided by (used in) financing activities | 579,824 | 446,404 | 190,669 |
Increase (decrease) in cash and cash equivalents for period | 8,048 | -65,415 | 4,318 |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 | 98,408 |
Cash and cash equivalents at end of period | 45,979 | 37,311 | 102,726 |
Parent [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | 4 | 57 | -209 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | ' | ' | ' |
Net proceeds from sales of real estate | ' | ' | ' |
Principal received on loans receivable | ' | ' | ' |
Investments in loans receivable | ' | ' | ' |
Construction in progress and other | ' | ' | ' |
Net cash (used for) provided by investing activities | ' | ' | ' |
Financing Activities | ' | ' | ' |
Additions to term debt | ' | ' | ' |
Payments of term debt | ' | ' | ' |
Revolving credit facilities, net | ' | ' | ' |
Distributions paid | -120,038 | -103,684 | -89,342 |
Net payments relating to intercompany financing | -193,297 | -129,421 | 89,551 |
Proceeds from sale of common shares, net of offering costs | 313,331 | 233,048 | ' |
Debt issuance costs paid and other financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | -4 | -57 | 209 |
Increase (decrease) in cash and cash equivalents for period | ' | ' | ' |
Effect of exchange rate changes | ' | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' |
Cash and cash equivalents at end of period | ' | ' | ' |
Subsidiary Issuers [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | -53,846 | -61,002 | -48,779 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | ' | ' | ' |
Net proceeds from sales of real estate | ' | ' | ' |
Principal received on loans receivable | ' | ' | ' |
Investments in loans receivable | ' | ' | ' |
Construction in progress and other | 136 | -578 | -6,466 |
Net cash (used for) provided by investing activities | 136 | -578 | -6,466 |
Financing Activities | ' | ' | ' |
Additions to term debt | 424,580 | 300,000 | 450,000 |
Payments of term debt | -11,000 | ' | -237,666 |
Revolving credit facilities, net | -20,000 | 75,000 | 50,000 |
Distributions paid | -120,309 | -103,952 | -89,601 |
Net payments relating to intercompany financing | -539,776 | -501,839 | 92,052 |
Proceeds from sale of common shares, net of offering costs | 313,331 | 233,048 | ' |
Debt issuance costs paid and other financing activities | -9,760 | -6,424 | -21,028 |
Net cash provided by (used in) financing activities | 37,066 | -4,167 | 59,653 |
Increase (decrease) in cash and cash equivalents for period | -16,644 | -65,747 | 4,408 |
Effect of exchange rate changes | -24 | ' | ' |
Cash and cash equivalents at beginning of period | 35,483 | 101,230 | 96,822 |
Cash and cash equivalents at end of period | 18,815 | 35,483 | 101,230 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | 196,883 | 165,454 | 109,329 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | -619,092 | -420,500 | -241,626 |
Net proceeds from sales of real estate | ' | ' | ' |
Principal received on loans receivable | ' | 5,491 | 230 |
Investments in loans receivable | -1,100 | ' | -230 |
Construction in progress and other | -94,737 | -66,467 | -24,081 |
Net cash (used for) provided by investing activities | -714,929 | -481,476 | -265,707 |
Financing Activities | ' | ' | ' |
Additions to term debt | ' | ' | ' |
Payments of term debt | ' | ' | -8,433 |
Revolving credit facilities, net | ' | -39,600 | 39,600 |
Distributions paid | ' | ' | ' |
Lease deposits and other obligations to tenants | 1,606 | -10,031 | 10,986 |
Net payments relating to intercompany financing | 541,325 | 365,809 | 114,247 |
Proceeds from sale of common shares, net of offering costs | ' | ' | ' |
Debt issuance costs paid and other financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | 542,931 | 316,178 | 156,400 |
Increase (decrease) in cash and cash equivalents for period | 24,885 | 156 | 22 |
Effect of exchange rate changes | 644 | ' | ' |
Cash and cash equivalents at beginning of period | 1,565 | 1,409 | 1,387 |
Cash and cash equivalents at end of period | 27,094 | 1,565 | 1,409 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | -2,240 | 800 | 18,929 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | -35,830 | -200,990 | -37,337 |
Net proceeds from sales of real estate | 32,409 | 71,202 | 41,130 |
Principal received on loans receivable | 7,249 | 5,440 | 4,059 |
Investments in loans receivable | -2,646 | -1,293 | -631 |
Construction in progress and other | 1,034 | -9,433 | -669 |
Net cash (used for) provided by investing activities | 2,216 | -135,074 | 6,552 |
Financing Activities | ' | ' | ' |
Additions to term debt | ' | ' | ' |
Payments of term debt | -249 | -232 | -163 |
Revolving credit facilities, net | ' | ' | ' |
Distributions paid | ' | ' | ' |
Lease deposits and other obligations to tenants | 1,625 | -1,405 | -2,365 |
Net payments relating to intercompany financing | -1,545 | 136,087 | -22,404 |
Proceeds from sale of common shares, net of offering costs | ' | ' | ' |
Debt issuance costs paid and other financing activities | ' | ' | -661 |
Net cash provided by (used in) financing activities | -169 | 134,450 | -25,593 |
Increase (decrease) in cash and cash equivalents for period | -193 | 176 | -112 |
Effect of exchange rate changes | ' | ' | ' |
Cash and cash equivalents at beginning of period | 263 | 87 | 199 |
Cash and cash equivalents at end of period | 70 | 263 | 87 |
Eliminations [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | ' | ' | ' |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | ' | ' | ' |
Net proceeds from sales of real estate | ' | ' | ' |
Principal received on loans receivable | ' | ' | ' |
Investments in loans receivable | ' | ' | ' |
Construction in progress and other | ' | ' | ' |
Net cash (used for) provided by investing activities | ' | ' | ' |
Financing Activities | ' | ' | ' |
Additions to term debt | ' | ' | ' |
Payments of term debt | ' | ' | ' |
Revolving credit facilities, net | ' | ' | ' |
Distributions paid | 120,038 | 103,684 | 89,342 |
Lease deposits and other obligations to tenants | ' | ' | ' |
Net payments relating to intercompany financing | 193,293 | 129,364 | -89,342 |
Proceeds from sale of common shares, net of offering costs | -313,331 | -233,048 | ' |
Debt issuance costs paid and other financing activities | ' | ' | ' |
Net cash provided by (used in) financing activities | ' | ' | ' |
Increase (decrease) in cash and cash equivalents for period | ' | ' | ' |
Effect of exchange rate changes | ' | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' | ' |
Cash and cash equivalents at end of period | ' | ' | ' |
Total Consolidated [Member] | ' | ' | ' |
Operating activities | ' | ' | ' |
Net cash provided by (used in) operating activities | 140,801 | 105,309 | 79,270 |
Investing Activities | ' | ' | ' |
Cash paid for acquisitions and other related investments | -654,922 | -621,490 | -278,963 |
Net proceeds from sales of real estate | 32,409 | 71,202 | 41,130 |
Principal received on loans receivable | 7,249 | 10,931 | 4,289 |
Investments in loans receivable | -3,746 | -1,293 | -861 |
Construction in progress and other | -93,567 | -76,478 | -31,216 |
Net cash (used for) provided by investing activities | -712,577 | -617,128 | -265,621 |
Financing Activities | ' | ' | ' |
Additions to term debt | 424,580 | 300,000 | 450,000 |
Payments of term debt | -11,249 | -232 | -246,262 |
Revolving credit facilities, net | -20,000 | 35,400 | 89,600 |
Distributions paid | -120,309 | -103,952 | -89,601 |
Lease deposits and other obligations to tenants | 3,231 | -11,436 | 8,621 |
Net payments relating to intercompany financing | ' | ' | ' |
Proceeds from sale of common shares, net of offering costs | 313,331 | 233,048 | ' |
Debt issuance costs paid and other financing activities | -9,760 | -6,424 | -21,689 |
Net cash provided by (used in) financing activities | 579,824 | 446,404 | 190,669 |
Increase (decrease) in cash and cash equivalents for period | 8,048 | -65,415 | 4,318 |
Effect of exchange rate changes | 620 | ' | ' |
Cash and cash equivalents at beginning of period | 37,311 | 102,726 | 98,408 |
Cash and cash equivalents at end of period | $45,979 | $37,311 | $102,726 |
Schedule_II_Schedule_of_Valuat
Schedule II - Schedule of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' | |||
Balance at Beginning of Year | $34,769 | [1] | $32,618 | [1] | $23,926 | [1] |
Additions charged against operations | 9,397 | [1],[2] | 4,540 | [1],[3] | 8,692 | [1],[4] |
Net recoveries | -2,593 | [1] | -2,389 | [1] | ' | |
Balance at end of year | $41,573 | [1] | $34,769 | [1] | $32,618 | [1] |
[1] | Includes allowance for doubtful accounts, straight-line rent reserves, allowance for loan losses, tax valuation allowances and other reserves. | |||||
[2] | Includes $4.8 million and $2.7 million in rent and interest reserves, respectively, related to our Monroe properties. | |||||
[3] | Includes $1.6 million and $2.9 million in rent and interest reserves, respectively, related to our Monroe properties. | |||||
[4] | Includes $3.7 million and $2.9 million in rent and interest reserves, respectively, related to our Denham Springs and Monroe properties and $2.1 million to fully reserve for the net deferred tax asset of one of our taxable REIT subsidiaries. |
Schedule_II_Schedule_of_Valuat1
Schedule II - Schedule of Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Monroe Property [Member] | ' | ' |
Rent reserves | $4.80 | $1.60 |
Interest reserves | 2.7 | 2.9 |
Acquisition-related costs on consummated deals | 1.9 | ' |
Denham Springs, LA [Member] | ' | ' |
Rent reserves | ' | 3.7 |
Interest reserves | ' | 2.9 |
Full reserve for net deferred tax asset | ' | $2.10 |
Recovered_Sheet13
Schedule III - Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Baden-Wurttemburg, Germany [Member] | Saxony, Germany [Member] | Rhineland-Pflaz, Germany [Member] | Brandenburg, Germany [Member] | Hesse, Germany [Member] | Little Elm, TX [Member] | Port Arthur, TX [Member] | West Monroe, LA [Member] | Hausman, TX [Member] | Lafayette, IN [Member] | Mesa, AZ [Member] | Overlook, TX [Member] | Post Falls, ID [Member] | Spartanburg, SC [Member] | Victoria, TX [Member] | Covington, LA [Member] | Redding, CA [Member] | Bloomington, IN | Dallas, TX [Member] | La Palma, CA [Member] | Anaheim, CA [Member] | Luling, TX [Member] | Victoria, TX [Member] | Houston, TX [Member] | Bensalem, PA [Member] | Portland, OR [Member] | San Diego, CA [Member] | Redding, CA [Member] | Houston, TX [Member] | Bennettsville, SC [Member] | Bossier City, LA [Member] | Bristol, CT [Member] | Cheraw, SC [Member] | Detroit, MI [Member] | Enfield, CT [Member] | Fort Lauderdale, FL [Member] | Garden Grove, CA [Member] | Garden Grove, CA [Member] | Idaho Falls, ID [Member] | Newington, CT [Member] | Petersburg, VA [Member] | West Valley City, UT [Member] | Poplar Bluff, MO [Member] | East Providence, RI [Member] | San Dimas, CA [Member] | San Dimas, CA [Member] | West Springfield, MA [Member] | Warwick, RI [Member] | Wichita, KS [Member] | Addison, TX [Member] | Shenandoah, TX [Member] | Richardson, TX [Member] | Hill County, TX [Member] | Webster, TX [Member] | Tomball, TX [Member] | Gilbert, AZ [Member] | Corinth, TX [Member] | Bayonne, NJ [Member] | San Diego, CA [Member] | Northland, MO [Member] | DeSoto, TX [Member] | New Braunfels, TX [Member] | Hoboken, NJ [Member] | Florence, AZ [Member] | Hammond, LA [Member] | San Antonio, TX [Member] | 1994 [Member] | 1996 [Member] | 1960 [Member] | 1981 [Member] | 1992 [Member] | 1904 [Member] | 1980 [Member] | ||||||
Baden-Wurttemburg, Germany [Member] | Saxony, Germany [Member] | Rhineland-Pflaz, Germany [Member] | Hesse, Germany [Member] | Rhineland-Pflaz, Germany [Member] | Saxony, Germany [Member] | Rhineland-Pflaz, Germany [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Encumbrances | $49,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Type of property | ' | ' | ' | ' | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Acute care general hospital | 'Acute care general hospital | 'Acute care general hospital | 'Acute care general hospital | 'Rehabilitation hospital | 'Acute care general hospital | 'Acute care general hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Long term acute care hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Acute care general hospital | 'Acute care general hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Wellness Center | 'Acute care general hospital | 'Long term acute care hospital | 'Wellness Center | 'Rehabilitaion hospital | 'Acute care general hospital | 'Medical Office Building | 'Acute care general hospital | 'Wellness Center | 'Rehabilitaion hospital | 'Acute care general hospital | 'Acute care general hospital | 'Wellness Center | 'Acute care general hospital | 'Medical Office Building | 'Wellness Center | 'Wellness Center | 'Rehabilitaion hospital | 'Rehabilitaion hospital | 'Rehabilitaion hospital | 'Rehabilitaion hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Long term acute care hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Acute care general hospital | 'Long term acute care hospital | 'Acute care general hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | 'Rehabilitation hospital | ||
Initial costs, land | 151,814 | ' | ' | ' | 4,327 | 682 | 7,382 | 438 | 3,894 | 1,241 | 2,178 | 10,555 | 1,500 | 800 | 3,875 | 2,452 | 417 | 1,135 | ' | 821 | ' | 2,457 | 1,000 | 937 | 1,875 | 811 | 625 | 4,757 | 6,911 | 3,085 | 6,550 | 1,555 | 3,501 | 794 | 900 | 485 | 657 | 1,220 | 384 | 3,499 | 5,502 | 862 | 1,822 | 270 | 1,302 | 5,516 | 2,659 | 209 | 6,160 | 1,915 | 583 | 1,265 | 1,019 | 2,013 | 2,033 | 2,219 | 1,120 | 663 | 1,298 | 150 | 1,288 | 2,003 | 12,663 | 834 | 1,067 | 1,100 | 1,387 | 900 | 519 | 2,248 | ' | 471 | 4,017 | 116 | ' | 682 | 921 | ||
Initial costs, buildings | 1,547,919 | ' | ' | ' | 7,372 | 18,907 | 20,382 | 22,615 | 18,730 | 2,963 | 74,225 | 71,429 | 8,958 | 14,968 | 101,248 | 9,666 | 12,175 | 15,717 | 9,355 | 10,238 | 19,952 | 31,209 | 13,589 | 10,907 | 21,814 | 9,345 | 7,197 | 56,238 | 38,185 | 17,859 | 15,653 | 53,863 | 34,530 | 15,772 | 17,818 | 2,267 | 19,576 | 8,687 | 2,257 | 21,939 | 10,748 | 7,888 | 37,467 | 1,615 | 9,121 | 58,314 | 38,694 | 1,265 | 6,839 | 5,085 | 3,185 | 759 | 18,373 | 22,531 | 21,943 | 17,419 | 17,882 | 33,751 | 23,982 | 15,553 | 21,175 | 51,495 | 52,431 | 17,182 | 10,701 | 7,883 | 44,351 | 28,636 | 8,941 | 5,390 | 11,968 | 25,956 | 18,989 | 6,625 | 37,579 | 18,907 | 8,281 | ||
Additions subsequent to acquisition, improvements | 7,832 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 313 | ' | ' | ' | 86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Additions subsequent to acquisition, carrying costs | 25,629 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 4,361 | 408 | 368 | 3 | 10 | ' | ' | 1,259 | -353 | 2,559 | 77 | 13 | 12,468 | ' | ' | ' | ' | -365 | ' | 1 | 51 | 28 | 4,665 | ' | ' | ' | 1 | ' | 34 | 18 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Land at cost | 154,858 | ' | ' | ' | 4,327 | 682 | 7,382 | 438 | 3,894 | 1,241 | 2,178 | 10,555 | 1,500 | 800 | 3,875 | 2,452 | 417 | 1,135 | ' | 821 | 1,629 | 2,576 | 1,421 | 937 | 1,875 | 811 | 625 | 5,464 | 6,911 | 3,071 | 6,550 | 1,555 | 3,274 | 794 | 900 | 485 | 657 | 1,220 | 384 | 3,499 | 5,502 | 862 | 1,822 | 270 | 1,302 | 5,516 | 2,660 | 209 | 6,160 | 1,915 | 583 | 1,265 | 1,019 | 2,013 | 2,033 | 2,219 | 1,120 | 663 | 1,298 | 150 | 1,601 | 2,003 | 12,663 | 834 | 1,161 | 1,100 | 1,387 | 900 | 519 | 2,249 | ' | 471 | 4,017 | 116 | ' | 682 | 921 | ||
Buildings at cost | 1,578,336 | ' | ' | ' | 7,372 | 18,907 | 20,382 | 22,615 | 18,730 | 2,963 | 74,225 | 71,429 | 8,958 | 14,968 | 101,248 | 9,666 | 12,175 | 15,717 | 9,355 | 10,252 | 22,684 | 31,498 | 13,536 | 10,910 | 21,824 | 9,345 | 7,197 | 56,790 | 37,832 | 20,432 | 15,730 | 53,876 | 54,658 | 15,772 | 17,818 | 2,267 | 19,576 | 8,322 | 2,257 | 21,940 | 10,799 | 7,916 | 42,132 | 1,615 | 9,121 | 58,314 | 38,694 | 1,265 | 6,873 | 5,103 | 3,185 | 759 | 18,374 | 22,531 | 21,943 | 17,419 | 17,882 | 33,751 | 23,982 | 15,553 | 21,175 | 51,495 | 52,432 | 17,182 | 10,701 | 7,883 | 44,351 | 28,462 | 8,941 | 5,879 | 11,968 | 25,956 | 18,989 | 6,625 | 37,579 | 18,907 | 8,281 | ||
Total at cost | 1,733,194 | 1,189,552 | [1] | 1,191,096 | [2] | 990,635 | 11,699 | 19,589 | 27,764 | 23,053 | 22,624 | 4,204 | 76,403 | 81,984 | 10,458 | 15,768 | 105,123 | 12,118 | 12,592 | 16,852 | 9,355 | 11,073 | 24,313 | 34,074 | 14,957 | 11,847 | 23,699 | 10,156 | 7,822 | 62,254 | 44,743 | 23,503 | 22,280 | 55,431 | 57,932 | 16,566 | 18,718 | 2,752 | 20,233 | 9,542 | 2,641 | 25,439 | 16,301 | 8,778 | 43,954 | 1,885 | 10,423 | 63,830 | 41,354 | 1,474 | 13,033 | 7,018 | 3,768 | 2,024 | 19,393 | 24,544 | 23,976 | 19,638 | 19,002 | 34,414 | 25,280 | 15,703 | 22,776 | 53,498 | 65,094 | 18,016 | 11,862 | 8,983 | 45,738 | 29,362 | 9,460 | 8,128 | 11,968 | 26,427 | 23,006 | 6,741 | 37,579 | 19,589 | 9,202 |
Accumulated depreciation | $144,235 | $110,888 | [3] | $93,430 | [4] | $68,662 | $25 | $48 | $67 | $68 | $53 | $6 | $464 | $449 | $169 | $328 | $633 | $203 | $25 | $145 | ' | $2,200 | $4,621 | $5,800 | $2,481 | $1,954 | $3,910 | $1,655 | $1,275 | $10,006 | $6,602 | $3,356 | $2,619 | $8,653 | $4,948 | $2,268 | $2,559 | $1,047 | $2,814 | $1,243 | $1,043 | $3,114 | $1,385 | $1,007 | $5,913 | $748 | $1,254 | $8,278 | $5,493 | $586 | $874 | $650 | $1,475 | $351 | $2,641 | $1,971 | $1,920 | $1,524 | $3,897 | $2,531 | $1,799 | $1,166 | $1,570 | $7,510 | $3,823 | $1,253 | $655 | $443 | $4,730 | $1,236 | $242 | $166 | $29 | $73 | $48 | $19 | $103 | $48 | $21 |
Date of construction | ' | ' | ' | ' | '1986 | '1995 | '1930 | '1994 | '1977 | '2013 | '2005 | '1962 | '2013 | '2013 | '2007 | '2012 | '2013 | '2013 | '2013 | '1984 | '1991 | '2006 | '2006 | '1971 | '1964 | '2002 | '1998 | '2006 | '2006 | '1964 | '1964 | '1974 | '1960 | '1984 | '1982 | '1975 | '1982 | '1956 | '1974 | '1985 | '1982 | '1982 | '2002 | '1979 | '2006 | '1980 | '1980 | '1979 | '1972 | '1979 | '1976 | '1979 | '1992 | '2008 | '2008 | '2008 | '1980 | '2004 | '2005 | '2005 | '2008 | '1918 | '1973 | '2007 | '2008 | '2007 | '1863 | '2012 | '2003 | '2012 | '1994 | '1996 | '1960 | '1981 | '1992 | '1904 | '1980 | ||
Date acquired | ' | ' | ' | ' | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 1-Dec-13 | 26-Sep-13 | 26-Sep-13 | 1-Mar-13 | 1-Feb-13 | 26-Sep-13 | 1-Feb-13 | 31-Dec-13 | 1-Aug-13 | 31-Dec-13 | 9-Jun-05 | 30-Jun-05 | 8-Aug-06 | 5-Sep-06 | 8-Nov-06 | 8-Nov-06 | 1-Dec-06 | 1-Dec-06 | 1-Dec-06 | 19-Mar-07 | 18-Apr-07 | 9-May-07 | 10-Aug-07 | 10-Aug-07 | 1-Apr-08 | 1-Apr-08 | 22-Apr-08 | 1-Apr-08 | 22-May-08 | 22-Apr-08 | 22-Apr-08 | 25-Nov-08 | 25-Nov-08 | 1-Apr-08 | 22-Apr-08 | 1-Jul-08 | 22-Apr-08 | 22-Apr-08 | 22-Apr-08 | 25-Nov-08 | 25-Nov-08 | 22-Apr-08 | 22-Apr-08 | 4-Apr-08 | 17-Jun-10 | 17-Jun-10 | 17-Jun-10 | 17-Sep-10 | 21-Dec-10 | 21-Dec-10 | 4-Jan-11 | 31-Jan-11 | 4-Feb-11 | 9-Feb-11 | 14-Feb-11 | 18-Jul-11 | 30-Sep-11 | 4-Nov-11 | 4-Nov-10 | 14-Dec-12 | 14-Oct-11 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | 29-Nov-13 | ||
Life on which depreci- ation in latest income state- ments is computed (Years) | ' | ' | ' | ' | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '10 years | '40 years | '40 years | '10 years | '40 years | '40 years | '40 years | '40 years | '10 years | '40 years | '40 years | '40 years | '10 years | '40 years | '40 years | '10 years | '10 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '20 years | '40 years | '40 years | '40 years | '40 years | '20 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | '40 years | ||
[1] | Includes real estate cost included in real estate held for sale of $28,617 at December 31, 2012. Excludes intangible lease assets that are included in real estate held for sale of $858 for 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes real estate cost included in real estate held for sale of $96,766 at December 31, 2011. Excludes intangible lease assets that are included in real estate held for sale of $3,012 for 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes in accumulated depreciation in real estate held for sale of $3,511 for 2012. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $426 for 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes accumulated depreciation in real estate held for sale of $11,807 for 2011. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $1,949 for 2011. |
Schedule_III_Changes_in_Total_
Schedule III - Changes in Total Real Estate Assets Including Real Estate Held for Sale (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | |||
Balance at beginning of period | $1,189,552 | [1] | $1,191,096 | [2] | $990,635 | |
Acquisitions | 483,162 | 9,460 | 240,474 | |||
Transfers from construction in progress | 81,347 | 37,174 | ' | |||
Additions | 7,749 | 19,971 | 1,011 | |||
Dispositions | -28,616 | -68,149 | -40,460 | |||
Other | ' | ' | -564 | |||
Balance at end of period | $1,733,194 | $1,189,552 | [1] | $1,191,096 | [2] | |
[1] | Includes real estate cost included in real estate held for sale of $28,617 at December 31, 2012. Excludes intangible lease assets that are included in real estate held for sale of $858 for 2012. | |||||
[2] | Includes real estate cost included in real estate held for sale of $96,766 at December 31, 2011. Excludes intangible lease assets that are included in real estate held for sale of $3,012 for 2011. |
Schedule_III_Changes_in_Accumu
Schedule III - Changes in Accumulated Depreciation Including Real Estate Assets Held for Sale (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' | |||
Balance at beginning of period | $110,888 | [1] | $93,430 | [2] | $68,662 | |
Depreciation | 33,349 | 31,026 | 29,523 | |||
Depreciation on disposed property | -3,513 | -10,057 | -4,755 | |||
Balance at end of period | $144,235 | $110,888 | [1] | $93,430 | [2] | |
[1] | Includes in accumulated depreciation in real estate held for sale of $3,511 for 2012. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $426 for 2012. | |||||
[2] | Includes accumulated depreciation in real estate held for sale of $11,807 for 2011. Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale of $1,949 for 2011. |
Schedule_III_Changes_in_Accumu1
Schedule III - Changes in Accumulated Depreciation Including Real Estate Assets Held for Sale (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ' |
Real estate held for sale | ' | $96,766 |
Intangible lease assets held for sale | ' | 3,012 |
Accumulated depreciation of real estate held for sale | ' | 11,807 |
Accumulated amortization of intangible lease assets | ' | 1,949 |
Real estate cost included in real estate held for sale | 28,617 | ' |
Excludes intangible lease assets that are included in real estate held for sale | 858 | ' |
Includes in accumulated depreciation in real estate held for sale | 3,511 | ' |
Excludes accumulated amortization related to intangible lease assets that are included in real estate held for sale | 426 | ' |
Aggregate cost for federal income tax purposes | $2,155,240 | ' |
Schedule_IV_Schedule_of_Mortga
Schedule IV - Schedule of Mortgage Loan on Real Estate (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 388,650 | |
Carrying Amount of Mortgages | 388,650 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Periodic Payment Terms | 'Payable in monthly installments of interest plus principal payable in full at maturity | |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 10.70% | |
Final Maturity Date | '2022 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 70,000 | |
Carrying Amount of Mortgages | 70,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 11.30% | |
Final Maturity Date | '2022 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 20,000 | |
Carrying Amount of Mortgages | 20,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Chino Valley Medical Center [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 10.70% | |
Final Maturity Date | '2022 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 50,000 | |
Carrying Amount of Mortgages | 50,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Paradise Valley Hospital [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 10.30% | |
Final Maturity Date | '2022 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 25,000 | |
Carrying Amount of Mortgages | 25,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Ernest Mortgage Loan [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 9.20% | [4] |
Final Maturity Date | '2032 | [4] |
Prior Liens | ' | [1],[4] |
Face Amount of Mortgages | 100,000 | [4] |
Carrying Amount of Mortgages | 100,000 | [2],[4] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3],[4] |
Long-Term First Mortgage Loan [Member] | Centinela Hospital Medical Center [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 10.50% | |
Final Maturity Date | '2022 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 100,000 | |
Carrying Amount of Mortgages | 100,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Olympia Medical Center [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 11.00% | |
Final Maturity Date | '2024 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 20,000 | |
Carrying Amount of Mortgages | 20,000 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
Long-Term First Mortgage Loan [Member] | Denham Springs LTACH [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest rate | 6.00% | |
Final Maturity Date | '2014 | |
Prior Liens | ' | [1] |
Face Amount of Mortgages | 3,650 | |
Carrying Amount of Mortgages | 3,650 | [2] |
Principal Amount of Loans Subject to Delinquent Principal or Interest | ' | [3] |
[1] | There were no prior liens on loans as of December 31, 2013. | |
[2] | The aggregate cost for Federal income tax purposes is $388,650. | |
[3] | The mortgage loan was not delinquent with respect to principal or interest. | |
[4] | Mortgage loans on four properties. |
Schedule_IV_Schedule_of_Mortga1
Schedule IV - Schedule of Mortgage Loan on Real Estate (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Mortgage Loans on Real Estate [Line Items] | ' |
Carrying amount of mortgages, federal income tax purposes | $388,650 |
Ernest Mortgage Loan [Member] | Long-Term First Mortgage Loan [Member] | ' |
Mortgage Loans on Real Estate [Line Items] | ' |
Number of properties | 4 |
Schedule_IV_Changes_in_Mortgag
Schedule IV - Changes in Mortgage Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Mortgage Loans On Real Estate [Abstract] | ' | ' | ' |
Balance at beginning of year | $368,650 | $165,000 | $165,000 |
New mortgage loans and additional advances on existing loans | 20,000 | 203,650 | ' |
Mortgage loans on real estate including additions during year | 368,650 | 368,650 | 165,000 |
Collection of principal | ' | ' | ' |
Deductions during year | ' | ' | ' |
Balance at end of year | $368,650 | $368,650 | $165,000 |