Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 29, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'HEALTHCARE TRUST OF AMERICA, INC. | ' |
Entity Central Index Key | '0001360604 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 237,303,146 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Healthcare Trust of America Holdings, LP | ' |
Entity Central Index Key | '0001495491 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ' | ' |
Land | $203,014 | $203,001 |
Building and improvements | 2,363,386 | 2,358,071 |
Lease intangibles | 410,076 | 411,857 |
Real estate investments, gross | 2,976,476 | 2,972,929 |
Accumulated depreciation and amortization | -477,487 | -445,938 |
Real estate investments, net | 2,498,989 | 2,526,991 |
Real estate notes receivable | 28,520 | 28,520 |
Cash and cash equivalents | 27,359 | 18,081 |
Restricted cash and escrow deposits | 18,510 | 18,114 |
Receivables and other assets, net | 112,591 | 110,285 |
Other intangibles, net | 49,277 | 50,343 |
Total assets | 2,735,246 | 2,752,334 |
Liabilities: | ' | ' |
Debt, net | 1,232,282 | 1,214,241 |
Accounts payable and accrued liabilities | 78,973 | 82,893 |
Derivative financial instruments - interest rate swaps | 5,025 | 5,053 |
Security deposits, prepaid rent and other liabilities | 32,802 | 35,339 |
Intangible liabilities, net | 11,399 | 11,797 |
Total liabilities | 1,360,481 | 1,349,323 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest of limited partners | 3,269 | 3,262 |
Equity/Partners' Capital: | ' | ' |
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Class A common stock, $0.01 par value; 1,000,000,000 shares authorized; 237,291,746 and 236,880,614 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 2,373 | 2,369 |
Additional paid-in capital | 2,127,709 | 2,126,897 |
Cumulative dividends in excess of earnings | -770,878 | -742,060 |
Total stockholders’ equity | 1,359,204 | 1,387,206 |
Noncontrolling interest | 12,292 | 12,543 |
Total equity | 1,371,496 | 1,399,749 |
Total liabilities and equity/partners' capital | 2,735,246 | 2,752,334 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Real estate investments: | ' | ' |
Land | 203,014 | 203,001 |
Building and improvements | 2,363,386 | 2,358,071 |
Lease intangibles | 410,076 | 411,857 |
Real estate investments, gross | 2,976,476 | 2,972,929 |
Accumulated depreciation and amortization | -477,487 | -445,938 |
Real estate investments, net | 2,498,989 | 2,526,991 |
Real estate notes receivable | 28,520 | 28,520 |
Cash and cash equivalents | 27,359 | 18,081 |
Restricted cash and escrow deposits | 18,510 | 18,114 |
Receivables and other assets, net | 112,591 | 110,285 |
Other intangibles, net | 49,277 | 50,343 |
Total assets | 2,735,246 | 2,752,334 |
Liabilities: | ' | ' |
Debt, net | 1,232,282 | 1,214,241 |
Accounts payable and accrued liabilities | 78,973 | 82,893 |
Derivative financial instruments - interest rate swaps | 5,025 | 5,053 |
Security deposits, prepaid rent and other liabilities | 32,802 | 35,339 |
Intangible liabilities, net | 11,399 | 11,797 |
Total liabilities | 1,360,481 | 1,349,323 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest of limited partners | 1,741 | 1,717 |
Equity/Partners' Capital: | ' | ' |
Limited partners’ capital, 3,052,918 units issued and outstanding as of March 31, 2014 and December 31, 2013 | 13,550 | 13,818 |
General partners’ capital, 237,291,746 and 236,880,614 units issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 1,359,474 | 1,387,476 |
Total partners’ capital | 1,373,024 | 1,401,294 |
Total liabilities and equity/partners' capital | $2,735,246 | $2,752,334 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Equity: | ' | ' |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A | ' | ' |
Equity: | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 237,291,746 | 236,880,614 |
Common stock, shares outstanding | 237,291,746 | 236,880,614 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Partners’ Capital: | ' | ' |
Limited partner's capital, units issued | 3,052,918 | 3,052,918 |
Limited partner's capital, units outstanding | 3,052,918 | 3,052,918 |
General partner's capital, units issued | 237,291,746 | 236,880,614 |
General partner's capital, units outstanding | 237,291,746 | 236,880,614 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Rental income | $90,452 | $76,241 |
Interest income from real estate notes receivable | 852 | 620 |
Total revenues | 91,304 | 76,861 |
Expenses: | ' | ' |
Rental | 29,589 | 23,969 |
General and administrative | 6,299 | 6,448 |
Acquisition-related | 976 | 1,025 |
Depreciation and amortization | 34,942 | 28,561 |
Listing | 0 | 4,405 |
Total expenses | 71,806 | 64,408 |
Income before other income (expense) | 19,498 | 12,453 |
Interest expense: | ' | ' |
Interest related to derivative financial instruments | -1,345 | -1,365 |
Net gain (loss) on change in the fair value of derivative financial instruments | -841 | 1,606 |
Total interest related to derivative financial instruments, including net change in the fair value of derivative financial instruments | -2,186 | 241 |
Interest related to debt | -11,904 | -11,318 |
Other income (expense) | 26 | 8 |
Net income | 5,434 | 1,384 |
Net income attributable to noncontrolling interests | -142 | -33 |
Net income attributable to common stockholders/unitholders | 5,292 | 1,351 |
Earnings per common share/unit - basic | ' | ' |
Net income attributable to common stockholders/unitholders (usd per share) | $0.02 | $0.01 |
Earnings per common share/unit - diluted: | ' | ' |
Net income attributable to common stockholders/unitholders (usd per share) | $0.02 | $0.01 |
Weighted average number of common shares/units outstanding: | ' | ' |
Basic (in shares/units) | 237,287 | 217,103 |
Diluted (in shares/units) | 239,823 | 218,904 |
Dividends/Distributions declared per common share/unit (usd per share/unit) | $0.14 | $0.14 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Revenues: | ' | ' |
Rental income | 90,452 | 76,241 |
Interest income from real estate notes receivable | 852 | 620 |
Total revenues | 91,304 | 76,861 |
Expenses: | ' | ' |
Rental | 29,589 | 23,969 |
General and administrative | 6,299 | 6,448 |
Acquisition-related | 976 | 1,025 |
Depreciation and amortization | 34,942 | 28,561 |
Listing | 0 | 4,405 |
Total expenses | 71,806 | 64,408 |
Income before other income (expense) | 19,498 | 12,453 |
Interest expense: | ' | ' |
Interest related to derivative financial instruments | -1,345 | -1,365 |
Net gain (loss) on change in the fair value of derivative financial instruments | -841 | 1,606 |
Total interest related to derivative financial instruments, including net change in the fair value of derivative financial instruments | -2,186 | 241 |
Interest related to debt | -11,904 | -11,318 |
Other income (expense) | 26 | 8 |
Net income | 5,434 | 1,384 |
Net income attributable to noncontrolling interests | -38 | -25 |
Net income attributable to common stockholders/unitholders | $5,396 | $1,359 |
Earnings per common share/unit - basic | ' | ' |
Net income attributable to common stockholders/unitholders (usd per share) | $0.02 | $0.01 |
Earnings per common share/unit - diluted: | ' | ' |
Net income attributable to common stockholders/unitholders (usd per share) | $0.02 | $0.01 |
Weighted average number of common shares/units outstanding: | ' | ' |
Basic (in shares/units) | 240,340 | 220,159 |
Diluted (in shares/units) | 240,340 | 220,159 |
Dividends/Distributions declared per common share/unit (usd per share/unit) | $0.14 | $0.14 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Equity (USD $) | Total | Class A | Common Stock | Common Stock | Common Stock | Additional Paid-In Capital | Cumulative Dividends in Excess of Earnings | Total Stockholders’ Equity | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | Class A | Class B | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2012 | $1,264,595 | ' | $2,147 | ' | ' | $1,885,836 | ($633,717) | $1,254,266 | $10,329 |
Beginning balance, shares at Dec. 31, 2012 | ' | ' | ' | 100,086,000 | 114,566,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | ' | ' | 9,308,000 | ' | ' | ' | ' | ' |
Issuance of common stock | 104,558 | ' | 93 | ' | ' | 104,465 | ' | 104,558 | ' |
Share-based award transactions, net (in shares) | ' | ' | ' | 358,000 | ' | ' | ' | ' | ' |
Share-based award transactions, net | 4,323 | ' | 4 | ' | ' | 1,187 | ' | 1,191 | 3,132 |
Repurchase and cancellation of common stock (in shares) | ' | ' | ' | -27,000 | ' | ' | ' | ' | ' |
Repurchase and cancellation of common stock | -272 | ' | -1 | ' | ' | -271 | ' | -272 | ' |
Dividends | -32,518 | ' | ' | ' | ' | ' | -32,241 | -32,241 | -277 |
Noncontrolling interest transfer | 1,619 | ' | ' | ' | ' | ' | ' | ' | 1,619 |
Net income | 1,351 | ' | ' | ' | ' | ' | 1,351 | 1,351 | ' |
Ending balance at Mar. 31, 2013 | 1,343,656 | ' | 2,243 | ' | ' | 1,991,217 | -664,607 | 1,328,853 | 14,803 |
Ending balance, shares at Mar. 31, 2013 | ' | ' | ' | 109,725,000 | 114,566,000 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 1,399,749 | ' | 2,369 | ' | ' | 2,126,897 | -742,060 | 1,387,206 | 12,543 |
Beginning balance, shares at Dec. 31, 2013 | ' | 236,880,614 | ' | 236,880,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based award transactions, net (in shares) | ' | ' | ' | 469,000 | ' | ' | ' | ' | ' |
Share-based award transactions, net | 1,388 | ' | 5 | ' | ' | 1,383 | ' | 1,388 | 0 |
Repurchase and cancellation of common stock (in shares) | ' | ' | ' | -58,000 | ' | ' | ' | ' | ' |
Repurchase and cancellation of common stock | -572 | ' | -1 | ' | ' | -571 | ' | -572 | ' |
Dividends | -34,459 | ' | ' | ' | ' | ' | -34,110 | -34,110 | -349 |
Net income | 5,390 | ' | ' | ' | ' | ' | 5,292 | 5,292 | 98 |
Ending balance at Mar. 31, 2014 | $1,371,496 | ' | $2,373 | ' | ' | $2,127,709 | ($770,878) | $1,359,204 | $12,292 |
Ending balance, shares at Mar. 31, 2014 | ' | 237,291,746 | ' | 237,291,000 | 0 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes In Partners' Capital (USD $) | Total | Healthcare Trust of America Holdings, LP (HTALP) | Healthcare Trust of America Holdings, LP (HTALP) | Healthcare Trust of America Holdings, LP (HTALP) |
In Thousands, unless otherwise specified | General Partner | Limited Partner | ||
Balance as of beginning of period at Dec. 31, 2012 | ' | $1,266,199 | $1,254,536 | $11,663 |
Balance as of beginning of period (in units) at Dec. 31, 2012 | ' | ' | 214,652 | 3,056 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Issuance of general partner units (in units) | ' | ' | 9,308 | ' |
Issuance of general partner units | ' | 104,558 | 104,558 | ' |
Share-based award transactions, net (in units) | ' | ' | 358 | ' |
Share-based award transactions, net | ' | 4,323 | 1,191 | 3,132 |
Redemptions of general partner units (in units) | ' | ' | -27 | ' |
Redemptions of general partner units | ' | -272 | -272 | ' |
Distributions | ' | -32,518 | -32,241 | -277 |
Net income attributable to common unitholders | 1,351 | 1,359 | 1,351 | 8 |
Balance as of end of period at Mar. 31, 2013 | ' | 1,343,649 | 1,329,123 | 14,526 |
Balance as of end of period (in units) at Mar. 31, 2013 | ' | ' | 224,291 | 3,056 |
Balance as of beginning of period at Dec. 31, 2013 | ' | 1,401,294 | 1,387,476 | 13,818 |
Balance as of beginning of period (in units) at Dec. 31, 2013 | ' | ' | 236,880 | 3,053 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Share-based award transactions, net (in units) | ' | ' | 469 | ' |
Share-based award transactions, net | ' | 1,388 | 1,388 | ' |
Redemptions of general partner units (in units) | ' | ' | -58 | ' |
Redemptions of general partner units | ' | -572 | -572 | ' |
Distributions | ' | -34,482 | -34,110 | -372 |
Net income attributable to common unitholders | 5,292 | 5,396 | 5,292 | 104 |
Balance as of end of period at Mar. 31, 2014 | ' | $1,373,024 | $1,359,474 | $13,550 |
Balance as of end of period (in units) at Mar. 31, 2014 | ' | ' | 237,291 | 3,053 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $5,434 | $1,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization and other | 34,111 | 28,564 |
Share-based compensation expense | 1,388 | 4,323 |
Bad debt expense | 99 | -174 |
Change in fair value of derivative financial instruments | 841 | -1,606 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets, net | -1,739 | -5,428 |
Accounts payable and accrued liabilities | -4,168 | 1,331 |
Security deposits, prepaid rent and other liabilities | -2,517 | -457 |
Net cash provided by operating activities | 33,449 | 27,937 |
Cash flows from investing activities: | ' | ' |
Acquisition of real estate operating properties and other assets | 0 | -88,529 |
Capital expenditures | -5,570 | -3,739 |
Restricted cash, escrow deposits and notes receivable | -396 | 143 |
Net cash used in investing activities | -5,966 | -92,125 |
Cash flows from financing activities: | ' | ' |
Proceeds from unsecured senior notes | 0 | 297,558 |
Borrowings on unsecured revolving credit facility | 30,000 | 103,000 |
Payments on unsecured revolving credit facility | -10,000 | -175,000 |
Payments on secured real estate term loan and mortgage loans | -1,901 | -127,175 |
Deferred financing costs | -1,077 | -2,179 |
Derivative financial instrument termination payments | 0 | -1,195 |
Security deposits | 247 | 0 |
Proceeds from issuance of common stock, net | 0 | 105,749 |
Repurchase and cancellation of common stock | -572 | -272 |
Dividends | -34,052 | -30,856 |
Payment on earnout liability | -375 | -92 |
Distributions to noncontrolling interest of limited partners | -475 | -348 |
Net cash provided by (used in) financing activities | -18,205 | 169,190 |
Net change in cash and cash equivalents | 9,278 | 105,002 |
Cash and cash equivalents - beginning of period | 18,081 | 15,956 |
Cash and cash equivalents - end of period | 27,359 | 120,958 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 5,434 | 1,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization and other | 34,111 | 28,564 |
Share-based compensation expense | 1,388 | 4,323 |
Bad debt expense | 99 | -174 |
Change in fair value of derivative financial instruments | 841 | -1,606 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets, net | -1,739 | -5,428 |
Accounts payable and accrued liabilities | -4,168 | 1,331 |
Security deposits, prepaid rent and other liabilities | -2,517 | -457 |
Net cash provided by operating activities | 33,449 | 27,937 |
Cash flows from investing activities: | ' | ' |
Acquisition of real estate operating properties and other assets | 0 | -88,529 |
Capital expenditures | -5,570 | -3,739 |
Restricted cash, escrow deposits and notes receivable | -396 | 143 |
Net cash used in investing activities | -5,966 | -92,125 |
Cash flows from financing activities: | ' | ' |
Proceeds from unsecured senior notes | 0 | 297,558 |
Borrowings on unsecured revolving credit facility | 30,000 | 103,000 |
Payments on unsecured revolving credit facility | -10,000 | -175,000 |
Payments on secured real estate term loan and mortgage loans | -1,901 | -127,175 |
Deferred financing costs | -1,077 | -2,179 |
Derivative financial instrument termination payments | 0 | -1,195 |
Security deposits | 247 | 0 |
Proceeds from issuance of general partner units, net | 0 | 105,749 |
Repurchase and cancellation of general partner units | -572 | -272 |
Distributions to general partner | -34,052 | -30,856 |
Payment on earnout liability | -375 | -92 |
Distributions to limited partners and redeemable noncontrolling interests | -475 | -348 |
Net cash provided by (used in) financing activities | -18,205 | 169,190 |
Net change in cash and cash equivalents | 9,278 | 105,002 |
Cash and cash equivalents - beginning of period | 18,081 | 15,956 |
Cash and cash equivalents - end of period | $27,359 | $120,958 |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business | |
Healthcare Trust of America, Inc., a Maryland corporation, and Healthcare Trust of America Holdings, LP, a Delaware limited partnership, were incorporated or formed, as applicable, on April 20, 2006. Healthcare Trust of America, Inc., or HTA, operates as a real estate investment trust, or REIT, and is the general partner of Healthcare Trust of America Holdings, LP, or HTALP, which is the operating partnership. As of March 31, 2014, HTA owned a 98.94% partnership interest and other limited partners, including some of HTA’s directors, executive officers and their affiliates, owned the remaining partnership interest (including the long term incentive plan, or LTIP, units) in HTALP. As the sole general partner of HTALP, HTA has the full, exclusive and complete responsibility for HTALP’s day-to-day management and control. HTA operates in an umbrella partnership REIT structure in which HTALP and its subsidiaries hold substantially all of the assets. HTA’s only material asset is its ownership of partnership interests of HTALP. As a result, HTA does not conduct business itself, other than acting as the sole general partner of HTALP, issuing public equity from time to time and guaranteeing certain debts of HTALP. HTALP conducts the operations of the business and has no publicly traded equity. | |
HTA is a fully integrated, self-administered and internally managed REIT and is one of the largest publicly-traded REITs focused on medical office buildings in the United States based on gross leasable area, or GLA. We are primarily focused on acquiring, owning and operating high-quality medical office buildings that are predominantly located on, or aligned with, campuses of nationally or regionally recognized healthcare systems. In addition, we have strong industry relationships, a stable and diversified tenant mix, and an extensive and active acquisition network. Our primary objective is to maximize stockholder value with disciplined growth through strategic investments and to provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we (i) target mid-sized acquisitions of high-quality medical office buildings in markets with dominant healthcare systems, attractive demographics and that complement our existing portfolio, (ii) actively manage our balance sheet to maintain flexibility with conservative leverage, and (iii) seek internal growth through proactive asset management, leasing and property management oversight. HTA has qualified to be taxed as a REIT for federal income tax purposes and intends to continue to be taxed as a REIT. | |
We invest primarily in high-quality medical office buildings in our target markets, and have acquired high-quality medical office buildings and other facilities that serve the healthcare industry with an aggregate purchase price of approximately $3.0 billion through March 31, 2014. As of March 31, 2014, our portfolio consisted of 269 medical office buildings and 19 other facilities that serve the healthcare industry, as well as real estate notes receivable secured by medical office buildings. | |
Our principal executive offices are located at 16435 N. Scottsdale Road, Suite 320, Scottsdale, Arizona, 85254. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The summary of significant accounting policies presented below is designed to assist in understanding our condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. | |
Basis of Presentation | |
Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities, or VIEs. All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. | |
Interim Unaudited Financial Data | |
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the 2013 Annual Report on Form 10-K. | |
Real Estate Investments | |
During the quarter ended March 31, 2013, we had one property within our portfolio that met the criteria for classification as held for sale. Accordingly, we presented the assets and liabilities separately and included the results of operations within discontinued operations for all periods presented. Additionally, we ceased recording depreciation and amortization following the held for sale designation. During the quarter ended March 31, 2014, we determined that it is appropriate to reclassify the assets and liabilities out of held for sale in our condensed consolidated balance sheets and to include the results of operations within those of our operating properties in our condensed consolidated statement of operations for all periods presented as the property no longer meets the criteria for classification as held for sale. We measured the assets to be reclassified at the lower of their carrying amounts before they were classified as held for sale (adjusted for any depreciation and amortization expense that would have been recognized had the assets been continuously classified as held and used) or their fair value at the date of the subsequent decision not to sell. As such, we recorded $0.8 million of depreciation and amortization expense in the three months ended March 31, 2014 which represents the depreciation and amortization on the property that was not recorded when it was classified as held for sale. | |
Depreciation expense of buildings and improvements for the three months ended March 31, 2014 and 2013, was $21.4 million and $18.3 million, respectively. | |
Noncontrolling Interests | |
HTA’s net income attributable to noncontrolling interests in the accompanying condensed consolidated statements of operations relate to both noncontrolling interest reflected within equity and redeemable noncontrolling interest of limited partners reflected outside of equity in the accompanying condensed consolidated balance sheets. Limited partner units, including LTIP awards, in HTALP are accounted for as partners’ capital in HTALP’s accompanying condensed consolidated balance sheets and as noncontrolling interest reflected within equity or redeemable noncontrolling interest of limited partners reflected outside of equity in HTA’s accompanying condensed consolidated balance sheets. | |
Redeemable noncontrolling interests relate to the interests in our consolidated entities that are not wholly owned by us. As these redeemable noncontrolling interests provide for redemption features not solely within our control, we classify such interests outside of permanent equity or partners’ capital. | |
Recently Issued or Adopted Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Updated, or ASU, 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) which changes the requirements for reporting discontinued operations. ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements. Pursuant to ASU 2014-08, only disposals representing a strategic shift, such as a major line of business, a major geographical area or majority equity investment, should be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the entity will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. We adopted ASU 2014-08 as of January 1, 2014. We believe future sales of our individual operating properties will no longer qualify as discontinued operations upon our adoption of ASU 2014-08. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
Business Combinations | |||||
During the three months ended March 31, 2014, we completed no acquisitions. | |||||
The aggregate net purchase price of the acquisitions during the three months ended March 31, 2013 was allocated in the amounts set forth in the table below. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2013 Acquisitions | Total | ||||
Land | $ | 3,340 | |||
Building and improvements | 67,031 | ||||
In place leases | 11,674 | ||||
Tenant relationships | 6,780 | ||||
Below market leases | (296 | ) | |||
Aggregate purchase price | $ | 88,529 | |||
The weighted average lives of the above acquired intangible assets and liabilities were 7.8 years and 8.3 years, respectively. |
Real_Estate_Notes_Receivable
Real Estate Notes Receivable | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Real Estate Notes Receivable | ' |
Real Estate Notes Receivable | |
Real estate notes receivable includes four promissory notes totaling $20.0 million as of March 31, 2014 and December 31, 2013. The promissory notes are secured by medical office buildings, with interest rates ranging from 10.85% to 10.95% per annum. The promissory notes mature on June 25, 2014. We may extend the notes if they are not repaid by the maturity date. We are advised by the property owner/borrowers that the associated medical office buildings are being actively marketed for sale and the notes will be repaid upon any sale. The promissory notes have sufficient collateral coverage based on the value of the medical office buildings. The promissory notes continue to accrue interest at the same per annum rates and as of March 31, 2014 all interest payments were current. | |
In addition, real estate notes receivable includes two promissory notes totaling $8.5 million as of March 31, 2014 and December 31, 2013. The promissory notes have an interest rate of 7.0% per annum and are secured by medical office buildings. We are advised by the property owner/borrowers that the properties are being actively marketed for sale and the notes will be repaid upon any sale. The promissory notes mature on October 1, 2016. | |
We monitor the credit quality of our real estate notes receivable on an ongoing basis by tracking possible credit quality indicators. As of March 31, 2014, all of our real estate notes receivable are current and we have not provided for any allowance for losses or recorded any impairments. We made no purchases or sales of real estate notes receivable during the three months ended March 31, 2014. |
Intangibles_Assets_and_Liabili
Intangibles Assets and Liabilities | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Identified Intangibles, Net [Abstract] | ' | |||||||||||||
Intangibles Assets and Liabilities | ' | |||||||||||||
Intangible Assets and Liabilities | ||||||||||||||
Intangible assets and liabilities consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands, except weighted average remaining amortization period): | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||
Assets: | ||||||||||||||
In place leases | $ | 212,609 | 8.4 | $ | 213,338 | 8.8 | Lease intangibles | |||||||
Tenant relationships | 197,467 | 10.1 | 198,519 | 10.5 | Lease intangibles | |||||||||
Above market leases | 26,726 | 5.9 | 26,799 | 6.3 | Other intangibles, net | |||||||||
Below market leasehold interests | 37,640 | 68.8 | 37,640 | 68.9 | Other intangibles, net | |||||||||
474,442 | 476,296 | |||||||||||||
Accumulated amortization | (163,553 | ) | (151,860 | ) | ||||||||||
Total | $ | 310,889 | 16 | $ | 324,436 | 15.9 | ||||||||
Liabilities: | ||||||||||||||
Below market leases | $ | 13,994 | 11.8 | $ | 13,989 | 12.4 | Intangible liabilities, net | |||||||
Above market leasehold interests | 3,827 | 32.9 | 3,827 | 33.1 | Intangible liabilities, net | |||||||||
17,821 | 17,816 | |||||||||||||
Accumulated amortization | (6,422 | ) | (6,019 | ) | ||||||||||
Total | $ | 11,399 | 18.5 | $ | 11,797 | 18.4 | ||||||||
The following is a summary of the net intangible amortization for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 520 | $ | 455 | ||||||||||
Rental expense related to above or below market leasehold interests | 148 | 95 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 12,482 | 9,594 | ||||||||||||
Receivables_and_Other_Assets
Receivables and Other Assets | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables and Other Assets [Abstract] | ' | |||||||
Receivables and Other Assets | ' | |||||||
Receivables and Other Assets | ||||||||
Receivables and other assets consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts and other receivables, net | $ | 20,601 | $ | 22,847 | ||||
Tenant note receivable | 3,143 | 3,173 | ||||||
Deferred financing costs, net | 11,032 | 10,921 | ||||||
Deferred leasing costs, net | 13,843 | 13,500 | ||||||
Lease inducements, net | 708 | 771 | ||||||
Straight-line rent receivables, net | 49,904 | 47,317 | ||||||
Prepaid expenses, deposits, equipment and other, net | 9,156 | 6,683 | ||||||
Derivative financial instruments - interest rate swaps | 4,204 | 5,073 | ||||||
Total | $ | 112,591 | $ | 110,285 | ||||
The following is a summary of amortization of deferred leasing costs, deferred financing costs, and lease inducements for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Amortization expense related to deferred leasing costs | $ | 874 | $ | 583 | ||||
Interest expense related to deferred financing costs | 966 | 1,299 | ||||||
Amortization recorded against rental income related to lease inducements | 63 | 67 | ||||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Debt consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Unsecured revolving credit facility | $ | 75,000 | $ | 55,000 | |||||
Unsecured term loans | 455,000 | 455,000 | |||||||
Unsecured senior notes | 300,000 | 300,000 | |||||||
Fixed rate mortgages | 371,957 | 373,751 | |||||||
Variable rate mortgages | 29,818 | 29,925 | |||||||
1,231,775 | 1,213,676 | ||||||||
Net premium (discount) | 507 | 565 | |||||||
Total | $ | 1,232,282 | $ | 1,214,241 | |||||
Unsecured Credit Agreement | |||||||||
Unsecured Revolving Credit Facility | |||||||||
HTA’s and HTALP’s $650.0 million unsecured revolving credit facility matures on March 29, 2016 and includes a one-year extension option, subject to certain conditions. The actual amount of credit available is a function of certain loan-to-value and debt service coverage ratios set forth in the credit facility. The maximum principal amount of the credit facility may be increased, subject to such additional financing being provided by our existing lenders or new lenders added to the unsecured revolving credit facility. | |||||||||
Borrowings under the $650.0 million unsecured revolving credit facility accrue interest equal to adjusted LIBOR plus a margin ranging from 1.10% to 1.75% per annum based on our credit rating. We also pay a facility fee ranging from 0.20% to 0.50% per annum on the aggregate commitments under the unsecured revolving credit facility. As of March 31, 2014, the margin associated with our borrowings was 1.30% per annum and the facility fee was 0.25% per annum. | |||||||||
Unsecured Term Loan | |||||||||
On January 7, 2014, HTA and HTALP executed an amendment to the unsecured credit agreement that decreased the interest rate on the unsecured term loan and extended the maturity date. Borrowings under the $300.0 million unsecured term loan accrue interest equal to adjusted LIBOR plus a margin ranging from 1.05% to 1.95% per annum based on our credit rating. The margin associated with our borrowings as of March 31, 2014 was 1.20% per annum. We have interest rate swaps in place that fix the interest rate at 2.30% per annum, based on our current credit rating. The unsecured term loan matures on January 31, 2018 and includes a one-year extension option, subject to certain conditions. | |||||||||
$155.0 million Unsecured Term Loan | |||||||||
On July 20, 2012, HTALP entered into a $155.0 million unsecured term loan that is guaranteed by HTA. The loan matures on July 19, 2019 and the interest rate thereon is equal to LIBOR plus a margin ranging from 1.55% to 2.40% per annum based on our credit rating. The margin associated with the borrowings as of March 31, 2014 was 1.70% per annum. We have interest rate swaps in place that fix the interest rate at 2.99% per annum, based on our current credit rating. The maximum principal amount may be increased by us, subject to such additional financing being provided by our existing lender. | |||||||||
$300.0 million Unsecured Senior Notes | |||||||||
On March 28, 2013, HTALP issued $300.0 million of unsecured senior notes guaranteed solely by HTA that mature on April 15, 2023. The unsecured senior notes which are registered under the Securities Act of 1933, as amended, bear interest at 3.70% per annum payable semi-annually. The unsecured notes were offered at 99.186% of the principal amount thereof, with an effective yield to maturity of 3.80% per annum. | |||||||||
Fixed and Variable Rate Mortgages | |||||||||
As of March 31, 2014, HTALP and its subsidiaries had fixed and variable rate mortgages with interest rates ranging from 1.60% to 12.75% per annum and a weighted average interest rate of 5.55% per annum. Including the impact of the interest rate swap associated with our variable rate mortgage, the weighted average interest rate was 5.80% per annum. | |||||||||
Future Debt Maturities | |||||||||
The following table summarizes the debt maturities and scheduled principal repayments as of March 31, 2014 (in thousands): | |||||||||
Year | Amount | ||||||||
2014 | $ | 5,828 | |||||||
2015 | 73,982 | ||||||||
2016 | 197,496 | ||||||||
2017 | 100,948 | ||||||||
2018 | 312,993 | ||||||||
Thereafter | 540,528 | ||||||||
Total | $ | 1,231,775 | |||||||
The above scheduled debt maturities do not include the available extension under the unsecured credit agreement as discussed above. | |||||||||
We are required by the terms of our applicable debt agreements to meet various affirmative and negative covenants that we believe are customary for these types of facilities, such as limitations on the incurrence of debt by us, and our subsidiaries that own unencumbered assets, limitations on the nature of HTALP’s business, and limitations on distributions by HTALP and its subsidiaries that own unencumbered assets. Our debt agreements also impose various financial covenants on us, such as a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a minimum tangible net worth covenant, a maximum ratio of unsecured indebtedness to unencumbered asset value, rent coverage ratios, and a minimum ratio of unencumbered net operating income to unsecured interest expense. As of March 31, 2014, we believe that we were in compliance with all such financial covenants and reporting requirements. In addition, certain of our debt agreements include events of default provisions that we believe are customary for these types of facilities, including restricting HTA from making dividend distributions to our stockholders in the event we are in default, except to the extent necessary for HTA to maintain its REIT status. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of March 31, 2014 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | ||||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (1,989 | ) | Swap | 3/29/17 | ||||||||||||||||
100,000 | LIBOR | 0.86 | (702 | ) | Swap | 6/15/16 | |||||||||||||||||||
50,000 | LIBOR | 1.39 | 1,081 | Swap | 7/17/19 | ||||||||||||||||||||
105,000 | LIBOR | 1.24 | 3,123 | Swap | 7/17/19 | ||||||||||||||||||||
27,436 | LIBOR | 4.98 | (2,334 | ) | Swap | 5/1/20 | |||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | ||||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (2,078 | ) | Swap | 3/29/17 | ||||||||||||||||
100,000 | LIBOR | 0.86 | (729 | ) | Swap | 6/15/16 | |||||||||||||||||||
50,000 | LIBOR | 1.39 | 1,350 | Swap | 7/17/19 | ||||||||||||||||||||
105,000 | LIBOR | 1.24 | 3,723 | Swap | 7/17/19 | ||||||||||||||||||||
27,618 | LIBOR | 4.98 | (2,246 | ) | Swap | 5/1/20 | |||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the gross fair value of our derivative financial instruments was as follows (in thousands): | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 4,204 | Receivables and other assets | $ | 5,073 | Derivative | $ | 5,025 | Derivative | $ | 5,053 | |||||||||||||
financial | financial | ||||||||||||||||||||||||
instruments | instruments | ||||||||||||||||||||||||
There were no derivatives offset in our accompanying condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013. As of March 31, 2014 and December 31, 2013, we had derivatives subject to enforceable master netting arrangements which allow for net cash settlement with the respective counterparties (in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | ||||||||||||||||||||
Asset derivatives | $ | 4,204 | $ | (1,989 | ) | $ | 2,215 | $ | 5,073 | $ | (2,078 | ) | $ | 2,995 | |||||||||||
Liability derivatives | 5,025 | (1,989 | ) | 3,036 | 5,053 | (2,078 | ) | 2,975 | |||||||||||||||||
For the three months ended March 31, 2014 and 2013, the derivative financial instruments had the following effect on our accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) | Three Months Ended March 31, | |||||||||||||||||||||||
Recognized | 2014 | 2013 | |||||||||||||||||||||||
Interest rate swaps | Net gain (loss) on change in the fair value of derivative financial instruments | $ | (841 | ) | $ | 1,606 | |||||||||||||||||||
We have agreements with each of our interest rate swap derivative counterparties that contain a provision whereby if we default on certain of our unsecured indebtedness, then our counterparties could declare us in default on our interest rate swap derivative obligations resulting in an acceleration of the indebtedness. In addition, we are exposed to credit risk in the event of non-performance by our derivative counterparties. We believe we mitigate the credit risk by entering into agreements with credit-worthy counterparties. We record counterparty credit risk valuation adjustments on interest rate swap derivative assets in order to properly reflect the credit quality of the counterparty. In addition, our fair value of interest rate swap derivative liabilities is adjusted to reflect the impact of our credit quality. As of March 31, 2014, there have been no termination events or events of default related to our interest rate swaps. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Litigation | |
We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which if determined unfavorably to us, would have a material effect on our condensed consolidated financial position, results of operations or cash flows. | |
Environmental Matters | |
We follow the policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our condensed consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability at our properties that we believe would require additional disclosure or the recording of a loss contingency. | |
Other | |
Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In our opinion, these matters are not expected to have a material effect on our consolidated financial position, results of operations or cash flows. |
Stockholders_Equity_and_Partne
Stockholders' Equity and Partners' Capital | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Stockholders' Equity and Partners' Capital | ' | ||||||
Stockholders’ Equity and Partners’ Capital | |||||||
HTALP’s partnership agreement provides that it will distribute cash flows from operations and net sale proceeds to its partners in accordance with their overall ownership interests at such times and in such amounts as the general partner determines. Except for certain LTIP units that have not vested, dividend distributions are made such that a holder of one LTIP unit will receive annual distributions from HTALP in an amount equal to the annual dividend distributions paid to the holder of one share of HTA’s common stock. In addition, for each share of common stock issued or redeemed by HTA, HTALP issues or redeems a corresponding number of units. | |||||||
Common Stock Offerings | |||||||
On February 28, 2014, HTA amended the at-the-market, or ATM, offering of its common stock with an aggregate sales price of up to $300.0 million primarily to add sales agents to the program. During the three months ended March 31, 2014, HTA did not issue and sell any shares of its common stock under the ATM program and, as of March 31, 2014, $300.0 million remained available for issuance. | |||||||
Stock Repurchase Plan | |||||||
During the three months ended March 31, 2014, HTA did not repurchase any shares of its common stock under the stock repurchase plan, and as of March 31, 2014, $100.0 million of repurchase capacity remained available under the plan. | |||||||
Common Stock Dividends | |||||||
See condensed consolidated statements of operations for the dividends declared during the three months ended March 31, 2014 and 2013. On April 29, 2014, HTA declared a quarterly cash dividend of $0.14375 per share to be paid on July 3, 2014 to stockholders of record of its common stock on June 27, 2014. | |||||||
Incentive Plan | |||||||
HTA’s Amended and Restated 2006 Incentive Plan, or the Plan, permits the grant of incentive awards to our employees, officers, non-employee directors, and consultants as selected by our Board of Directors or the Compensation Committee. The Plan authorizes the granting of awards in any of the following forms: options; stock appreciation rights; restricted stock; restricted or deferred stock units; performance awards; dividend equivalents; other stock-based awards, including units in HTALP; and cash-based awards. Subject to adjustment as provided in the Plan, the aggregate number of awards reserved and available for issuance under the Plan is 10,000,000. As of March 31, 2014, there were 4,633,600 awards available for grant under the Plan. | |||||||
LTIP Units | |||||||
Awards under the LTIP consist of Series C units in HTALP, and are subject to the achievement of certain performance and market conditions in order to vest. Once vested, the Series C units are converted into common units of HTALP, which may be converted into shares of HTA’s common stock. For the three months ended March 31, 2013, we recognized compensation expense related to LTIP awards of $3.1 million, which was recorded in listing expenses. The LTIP awards were fully expensed in 2013, except for approximately $4.5 million of unrecognized expense associated with 450,000 units that will only vest as a result of a change in control. We will not recognize any expense associated with these units until such event occurs or is probable. | |||||||
The following is a summary of the activity in our LTIP units during 2014: | |||||||
LTIP Units | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2013 | 516,500 | $ | 9.43 | ||||
Granted | — | — | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Balance as of March 31, 2014 | 516,500 | $ | 9.43 | ||||
Restricted Common Stock and Units | |||||||
For the three months ended March 31, 2014, we recognized compensation expense of $1.4 million, which was recorded in general and administrative expenses. For the three months ended March 31, 2013, we recognized compensation expense of $1.2 million, of which $0.6 million was recorded in general and administrative expenses and $0.6 million in listing expenses. | |||||||
As of March 31, 2014, there was approximately $6.2 million of unrecognized compensation expense net of estimated forfeitures, which will be recognized over a remaining weighted average period of 2.3 years. | |||||||
The following is a summary of the activity in our restricted common stock during 2014: | |||||||
Restricted Common Stock | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2013 | 641,000 | $ | 10.34 | ||||
Granted | 469,200 | 9.84 | |||||
Vested | (62,500 | ) | 9.9 | ||||
Forfeited | (1,000 | ) | 10.82 | ||||
Balance as of March 31, 2014 | 1,046,700 | $ | 10.14 | ||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||
Financial Instruments Reported at Fair Value | ||||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2014, aggregated by the Level in the fair value hierarchy (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 4,204 | $ | — | $ | 4,204 | ||||||||||
Total assets at fair value | $ | — | $ | 4,204 | $ | — | $ | 4,204 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,025 | $ | — | $ | 5,025 | ||||||||||
Total liabilities at fair value | $ | — | $ | 5,025 | $ | — | $ | 5,025 | ||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2013, aggregated by the Level in the fair value hierarchy (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,073 | $ | — | $ | 5,073 | ||||||||||
Total assets at fair value | $ | — | $ | 5,073 | $ | — | $ | 5,073 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,053 | $ | — | $ | 5,053 | ||||||||||
Total liabilities at fair value | $ | — | $ | 5,053 | $ | — | $ | 5,053 | ||||||||||
There have been no transfers of assets or liabilities between Levels. We will record any such transfers at the end of the reporting period in which a change of event occurs that results in a transfer. Although we have determined that the majority of the inputs used to value our interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate swap derivative positions and have determined that the credit valuation adjustments are not significant to their overall valuation. As a result, we have determined that our interest rate swap derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||||
Financial Instruments Disclosed at Fair Value | ||||||||||||||||||
We consider the carrying values of cash and cash equivalents, accounts and other receivables (net), restricted cash and escrow deposits, and accounts payable and accrued liabilities to approximate fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization. All of these financial instruments are considered Level 2. The fair value of the real estate notes receivable and tenant note receivable are estimated by discounting expected cash flow on the notes at rates management believes similar loans would currently be made. The fair value of debt is estimated using borrowing rates available to us with similar terms and maturities. The following table sets forth the carrying value and fair value of our real estate notes receivable, tenant note receivable and debt (in thousands): | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Real estate notes receivable | 2 | $ | 28,520 | $ | 28,520 | $ | 28,520 | $ | 28,520 | |||||||||
Tenant note receivable | 2 | 3,143 | 3,044 | 3,173 | 3,013 | |||||||||||||
Debt, net | 2 | 1,232,282 | 1,260,308 | 1,214,241 | 1,237,699 | |||||||||||||
Per_Share_Data
Per Share Data | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Per Share Data | ' | |||||||
Per Share Data of HTA | ||||||||
HTA includes unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as “participating securities” pursuant to the two-class method. The resulting classes are our common stock and restricted stock. For the three months ended March 31, 2014 and 2013, all of HTA’s earnings were distributed and the calculated earnings per share amount would be the same for all classes. The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2014 and 2013 (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 5,434 | $ | 1,384 | ||||
Net income attributable to noncontrolling interests | (142 | ) | (33 | ) | ||||
Net income attributable to common stockholders | $ | 5,292 | $ | 1,351 | ||||
Denominator: | ||||||||
Weighted average number of shares outstanding - basic | 237,287 | 217,103 | ||||||
Dilutive shares | 2,536 | 1,801 | ||||||
Weighted average number of shares outstanding - diluted | 239,823 | 218,904 | ||||||
Earnings per common share - basic | ||||||||
Net income attributable to common stockholders | $ | 0.02 | $ | 0.01 | ||||
Earnings per common share - diluted | ||||||||
Net income attributable to common stockholders | $ | 0.02 | $ | 0.01 | ||||
Per_Unit_Data_of_HTALP
Per Unit Data of HTALP | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Per Unit Data of HTALP | ' | |||||||
Per Unit Data of HTALP | ||||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three months ended March 31, 2014 and 2013 (in thousands, except per unit data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 5,434 | $ | 1,384 | ||||
Net income attributable to noncontrolling interests | (38 | ) | (25 | ) | ||||
Net income attributable to common unitholders | $ | 5,396 | $ | 1,359 | ||||
Denominator: | ||||||||
Weighted average number of units outstanding - basic | 240,340 | 220,159 | ||||||
Dilutive units | — | — | ||||||
Weighted average number of units outstanding - diluted | 240,340 | 220,159 | ||||||
Earnings per common unit - basic: | ||||||||
Net income attributable to common unitholders | $ | 0.02 | $ | 0.01 | ||||
Earnings per common unit - diluted: | ||||||||
Net income attributable to common unitholders | $ | 0.02 | $ | 0.01 | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
The following is the supplemental cash flow information for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest paid | $ | 8,235 | $ | 10,212 | ||||
Income taxes paid | 58 | 76 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 2,272 | $ | 1,696 | ||||
Financing Activities: | ||||||||
Dividend distributions declared, but not paid | $ | 34,148 | $ | 32,333 | ||||
Offering costs transferred to equity/partners’ capital | — | 1,191 | ||||||
Debt issuance costs | — | 528 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities, or VIEs. All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. | |
Interim Unaudited Financial Data | ' |
Interim Unaudited Financial Data | |
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the 2013 Annual Report on Form 10-K. | |
Real Estate Held For Sale | ' |
Real Estate Investments | |
During the quarter ended March 31, 2013, we had one property within our portfolio that met the criteria for classification as held for sale. Accordingly, we presented the assets and liabilities separately and included the results of operations within discontinued operations for all periods presented. Additionally, we ceased recording depreciation and amortization following the held for sale designation. During the quarter ended March 31, 2014, we determined that it is appropriate to reclassify the assets and liabilities out of held for sale in our condensed consolidated balance sheets and to include the results of operations within those of our operating properties in our condensed consolidated statement of operations for all periods presented as the property no longer meets the criteria for classification as held for sale. We measured the assets to be reclassified at the lower of their carrying amounts before they were classified as held for sale (adjusted for any depreciation and amortization expense that would have been recognized had the assets been continuously classified as held and used) or their fair value at the date of the subsequent decision not to sell. | |
Noncontrolling Interests | ' |
Noncontrolling Interests | |
HTA’s net income attributable to noncontrolling interests in the accompanying condensed consolidated statements of operations relate to both noncontrolling interest reflected within equity and redeemable noncontrolling interest of limited partners reflected outside of equity in the accompanying condensed consolidated balance sheets. Limited partner units, including LTIP awards, in HTALP are accounted for as partners’ capital in HTALP’s accompanying condensed consolidated balance sheets and as noncontrolling interest reflected within equity or redeemable noncontrolling interest of limited partners reflected outside of equity in HTA’s accompanying condensed consolidated balance sheets. | |
Redeemable noncontrolling interests relate to the interests in our consolidated entities that are not wholly owned by us. As these redeemable noncontrolling interests provide for redemption features not solely within our control, we classify such interests outside of permanent equity or partners’ capital. | |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Updated, or ASU, 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) which changes the requirements for reporting discontinued operations. ASU 2014-08 changes the threshold for disclosing discontinued operations and the related disclosure requirements. Pursuant to ASU 2014-08, only disposals representing a strategic shift, such as a major line of business, a major geographical area or majority equity investment, should be presented as a discontinued operation. If the disposal does qualify as a discontinued operation under ASU 2014-08, the entity will be required to provide expanded disclosures. The guidance will be applied prospectively to new disposals and new classifications of disposal groups held for sale after the effective date. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014 with early adoption permitted but only for disposals or classifications as held for sale which have not been reported in financial statements previously issued or available for issuance. We adopted ASU 2014-08 as of January 1, 2014. We believe future sales of our individual operating properties will no longer qualify as discontinued operations upon our adoption of ASU 2014-08. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Purchase Price Allocation | ' | ||||
The aggregate net purchase price of the acquisitions during the three months ended March 31, 2013 was allocated in the amounts set forth in the table below. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2013 Acquisitions | Total | ||||
Land | $ | 3,340 | |||
Building and improvements | 67,031 | ||||
In place leases | 11,674 | ||||
Tenant relationships | 6,780 | ||||
Below market leases | (296 | ) | |||
Aggregate purchase price | $ | 88,529 | |||
Intangibles_Assets_and_Liabili1
Intangibles Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Identified Intangibles, Net [Abstract] | ' | |||||||||||||
Schedule of Identified Intangible Assets and Liabilities, Net | ' | |||||||||||||
Intangible assets and liabilities consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands, except weighted average remaining amortization period): | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||
Assets: | ||||||||||||||
In place leases | $ | 212,609 | 8.4 | $ | 213,338 | 8.8 | Lease intangibles | |||||||
Tenant relationships | 197,467 | 10.1 | 198,519 | 10.5 | Lease intangibles | |||||||||
Above market leases | 26,726 | 5.9 | 26,799 | 6.3 | Other intangibles, net | |||||||||
Below market leasehold interests | 37,640 | 68.8 | 37,640 | 68.9 | Other intangibles, net | |||||||||
474,442 | 476,296 | |||||||||||||
Accumulated amortization | (163,553 | ) | (151,860 | ) | ||||||||||
Total | $ | 310,889 | 16 | $ | 324,436 | 15.9 | ||||||||
Liabilities: | ||||||||||||||
Below market leases | $ | 13,994 | 11.8 | $ | 13,989 | 12.4 | Intangible liabilities, net | |||||||
Above market leasehold interests | 3,827 | 32.9 | 3,827 | 33.1 | Intangible liabilities, net | |||||||||
17,821 | 17,816 | |||||||||||||
Accumulated amortization | (6,422 | ) | (6,019 | ) | ||||||||||
Total | $ | 11,399 | 18.5 | $ | 11,797 | 18.4 | ||||||||
Summary of Intangible Asset and Liabilities Amortization | ' | |||||||||||||
The following is a summary of the net intangible amortization for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 520 | $ | 455 | ||||||||||
Rental expense related to above or below market leasehold interests | 148 | 95 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 12,482 | 9,594 | ||||||||||||
Receivables_and_Other_Assets_T
Receivables and Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables and Other Assets [Abstract] | ' | |||||||
Schedule of Receivables and Other Assets | ' | |||||||
Receivables and other assets consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts and other receivables, net | $ | 20,601 | $ | 22,847 | ||||
Tenant note receivable | 3,143 | 3,173 | ||||||
Deferred financing costs, net | 11,032 | 10,921 | ||||||
Deferred leasing costs, net | 13,843 | 13,500 | ||||||
Lease inducements, net | 708 | 771 | ||||||
Straight-line rent receivables, net | 49,904 | 47,317 | ||||||
Prepaid expenses, deposits, equipment and other, net | 9,156 | 6,683 | ||||||
Derivative financial instruments - interest rate swaps | 4,204 | 5,073 | ||||||
Total | $ | 112,591 | $ | 110,285 | ||||
Schedule of Receivables and Other Assets Amortization Expense | ' | |||||||
The following is a summary of amortization of deferred leasing costs, deferred financing costs, and lease inducements for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Amortization expense related to deferred leasing costs | $ | 874 | $ | 583 | ||||
Interest expense related to deferred financing costs | 966 | 1,299 | ||||||
Amortization recorded against rental income related to lease inducements | 63 | 67 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Debt consisted of the following as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Unsecured revolving credit facility | $ | 75,000 | $ | 55,000 | |||||
Unsecured term loans | 455,000 | 455,000 | |||||||
Unsecured senior notes | 300,000 | 300,000 | |||||||
Fixed rate mortgages | 371,957 | 373,751 | |||||||
Variable rate mortgages | 29,818 | 29,925 | |||||||
1,231,775 | 1,213,676 | ||||||||
Net premium (discount) | 507 | 565 | |||||||
Total | $ | 1,232,282 | $ | 1,214,241 | |||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
The following table summarizes the debt maturities and scheduled principal repayments as of March 31, 2014 (in thousands): | |||||||||
Year | Amount | ||||||||
2014 | $ | 5,828 | |||||||
2015 | 73,982 | ||||||||
2016 | 197,496 | ||||||||
2017 | 100,948 | ||||||||
2018 | 312,993 | ||||||||
Thereafter | 540,528 | ||||||||
Total | $ | 1,231,775 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of March 31, 2014 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | ||||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (1,989 | ) | Swap | 3/29/17 | ||||||||||||||||
100,000 | LIBOR | 0.86 | (702 | ) | Swap | 6/15/16 | |||||||||||||||||||
50,000 | LIBOR | 1.39 | 1,081 | Swap | 7/17/19 | ||||||||||||||||||||
105,000 | LIBOR | 1.24 | 3,123 | Swap | 7/17/19 | ||||||||||||||||||||
27,436 | LIBOR | 4.98 | (2,334 | ) | Swap | 5/1/20 | |||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | ||||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (2,078 | ) | Swap | 3/29/17 | ||||||||||||||||
100,000 | LIBOR | 0.86 | (729 | ) | Swap | 6/15/16 | |||||||||||||||||||
50,000 | LIBOR | 1.39 | 1,350 | Swap | 7/17/19 | ||||||||||||||||||||
105,000 | LIBOR | 1.24 | 3,723 | Swap | 7/17/19 | ||||||||||||||||||||
27,618 | LIBOR | 4.98 | (2,246 | ) | Swap | 5/1/20 | |||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | ||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the gross fair value of our derivative financial instruments was as follows (in thousands): | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||
Location | Location | Location | Location | ||||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 4,204 | Receivables and other assets | $ | 5,073 | Derivative | $ | 5,025 | Derivative | $ | 5,053 | |||||||||||||
financial | financial | ||||||||||||||||||||||||
instruments | instruments | ||||||||||||||||||||||||
There were no derivatives offset in our accompanying condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013. As of March 31, 2014 and December 31, 2013, we had derivatives subject to enforceable master netting arrangements which allow for net cash settlement with the respective counterparties (in thousands): | |||||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | ||||||||||||||||||||
Asset derivatives | $ | 4,204 | $ | (1,989 | ) | $ | 2,215 | $ | 5,073 | $ | (2,078 | ) | $ | 2,995 | |||||||||||
Liability derivatives | 5,025 | (1,989 | ) | 3,036 | 5,053 | (2,078 | ) | 2,975 | |||||||||||||||||
For the three months ended March 31, 2014 and 2013, the derivative financial instruments had the following effect on our accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) | Three Months Ended March 31, | |||||||||||||||||||||||
Recognized | 2014 | 2013 | |||||||||||||||||||||||
Interest rate swaps | Net gain (loss) on change in the fair value of derivative financial instruments | $ | (841 | ) | $ | 1,606 | |||||||||||||||||||
Stockholders_Equity_and_Partne1
Stockholders' Equity and Partners' Capital (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
LTIP | ' | ||||||
Class of Stock | ' | ||||||
Schedule of Nonvested Share Activity | ' | ||||||
The following is a summary of the activity in our LTIP units during 2014: | |||||||
LTIP Units | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2013 | 516,500 | $ | 9.43 | ||||
Granted | — | — | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Balance as of March 31, 2014 | 516,500 | $ | 9.43 | ||||
Restricted Stock | ' | ||||||
Class of Stock | ' | ||||||
Schedule of Nonvested Share Activity | ' | ||||||
The following is a summary of the activity in our restricted common stock during 2014: | |||||||
Restricted Common Stock | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2013 | 641,000 | $ | 10.34 | ||||
Granted | 469,200 | 9.84 | |||||
Vested | (62,500 | ) | 9.9 | ||||
Forfeited | (1,000 | ) | 10.82 | ||||
Balance as of March 31, 2014 | 1,046,700 | $ | 10.14 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2014, aggregated by the Level in the fair value hierarchy (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 4,204 | $ | — | $ | 4,204 | ||||||||||
Total assets at fair value | $ | — | $ | 4,204 | $ | — | $ | 4,204 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,025 | $ | — | $ | 5,025 | ||||||||||
Total liabilities at fair value | $ | — | $ | 5,025 | $ | — | $ | 5,025 | ||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2013, aggregated by the Level in the fair value hierarchy (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,073 | $ | — | $ | 5,073 | ||||||||||
Total assets at fair value | $ | — | $ | 5,073 | $ | — | $ | 5,073 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 5,053 | $ | — | $ | 5,053 | ||||||||||
Total liabilities at fair value | $ | — | $ | 5,053 | $ | — | $ | 5,053 | ||||||||||
Schedule of Fair Value of Financial Instruments | ' | |||||||||||||||||
The following table sets forth the carrying value and fair value of our real estate notes receivable, tenant note receivable and debt (in thousands): | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Real estate notes receivable | 2 | $ | 28,520 | $ | 28,520 | $ | 28,520 | $ | 28,520 | |||||||||
Tenant note receivable | 2 | 3,143 | 3,044 | 3,173 | 3,013 | |||||||||||||
Debt, net | 2 | 1,232,282 | 1,260,308 | 1,214,241 | 1,237,699 | |||||||||||||
Per_Share_Data_Tables
Per Share Data (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2014 and 2013 (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 5,434 | $ | 1,384 | ||||
Net income attributable to noncontrolling interests | (142 | ) | (33 | ) | ||||
Net income attributable to common stockholders | $ | 5,292 | $ | 1,351 | ||||
Denominator: | ||||||||
Weighted average number of shares outstanding - basic | 237,287 | 217,103 | ||||||
Dilutive shares | 2,536 | 1,801 | ||||||
Weighted average number of shares outstanding - diluted | 239,823 | 218,904 | ||||||
Earnings per common share - basic | ||||||||
Net income attributable to common stockholders | $ | 0.02 | $ | 0.01 | ||||
Earnings per common share - diluted | ||||||||
Net income attributable to common stockholders | $ | 0.02 | $ | 0.01 | ||||
Per_Unit_Data_of_HTALP_Tables
Per Unit Data of HTALP (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Unit, Basic and Diluted | ' | |||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three months ended March 31, 2014 and 2013 (in thousands, except per unit data): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 5,434 | $ | 1,384 | ||||
Net income attributable to noncontrolling interests | (38 | ) | (25 | ) | ||||
Net income attributable to common unitholders | $ | 5,396 | $ | 1,359 | ||||
Denominator: | ||||||||
Weighted average number of units outstanding - basic | 240,340 | 220,159 | ||||||
Dilutive units | — | — | ||||||
Weighted average number of units outstanding - diluted | 240,340 | 220,159 | ||||||
Earnings per common unit - basic: | ||||||||
Net income attributable to common unitholders | $ | 0.02 | $ | 0.01 | ||||
Earnings per common unit - diluted: | ||||||||
Net income attributable to common unitholders | $ | 0.02 | $ | 0.01 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||
The following is the supplemental cash flow information for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest paid | $ | 8,235 | $ | 10,212 | ||||
Income taxes paid | 58 | 76 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 2,272 | $ | 1,696 | ||||
Financing Activities: | ||||||||
Dividend distributions declared, but not paid | $ | 34,148 | $ | 32,333 | ||||
Offering costs transferred to equity/partners’ capital | — | 1,191 | ||||||
Debt issuance costs | — | 528 | ||||||
Organization_and_Description_o1
Organization and Description of Business (Details) (USD $) | 3 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2014 |
Significant Acquisitions and Disposals | ' |
General partnership interest percentage | 98.94% |
Purchased property inception to current date | $3 |
Medical Office Buildings | ' |
Significant Acquisitions and Disposals | ' |
Number of real estate properties | 269 |
Healthcare Industry Facilities | ' |
Significant Acquisitions and Disposals | ' |
Number of real estate properties | 19 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Number of properties held-for-sale | ' | 1 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation on reclassified assets | $0.80 | ' |
Building and Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation expense | $21.40 | $18.30 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Acquisitions | 2012 Acquisitions | |
Business Acquisition | ' | ' |
Number of acquisitions | 0 | ' |
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ' | ' |
Land | ' | $3,340 |
Building and improvements | ' | 67,031 |
In place leases | ' | 11,674 |
Tenant relationships | ' | 6,780 |
Below market leases | ' | -296 |
Aggregate purchase price | ' | $88,529 |
Weighted average lives of acquired intangible assets | ' | '7 years 9 months 18 days |
Weighted average lives of acquired intangible liabilities | ' | '8 years 3 months 18 days |
Real_Estate_Notes_Receivable_D
Real Estate Notes Receivable (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
promissory_notes | promissory_notes | |
Portfolio One | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of promissory notes secured by office buildings | 4 | 4 |
Total real estate notes receivable | $20 | $20 |
Interest rate, minimum | 10.85% | ' |
Interest rate, maximum | 10.95% | ' |
Portfolio Two | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of promissory notes secured by office buildings | 2 | 2 |
Total real estate notes receivable | $8.50 | $8.50 |
Interest rate | 7.00% | ' |
Intangibles_Assets_and_Liabili2
Intangibles Assets and Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Gross | $474,442 | $476,296 |
Accumulated amortization | -163,553 | -151,860 |
Total | 310,889 | 324,436 |
Weighted average remaining amortization period in years | '16 years | '15 years 10 months 24 days |
Liabilities | ' | ' |
Gross | 17,821 | 17,816 |
Accumulated amortization | -6,422 | -6,019 |
Total | 11,399 | 11,797 |
Weighted average remaining amortization period in years | '18 years 6 months | '18 years 4 months 24 days |
Below Market Leases | ' | ' |
Liabilities | ' | ' |
Gross | 13,994 | 13,989 |
Weighted average remaining amortization period in years | '11 years 9 months 18 days | '12 years 4 months 24 days |
Above Market Leasehold Interests | ' | ' |
Liabilities | ' | ' |
Gross | 3,827 | 3,827 |
Weighted average remaining amortization period in years | '32 years 10 months 24 days | '33 years 1 month 6 days |
In Place Leases | ' | ' |
Assets | ' | ' |
Gross | 212,609 | 213,338 |
Weighted average remaining amortization period in years | '8 years 4 months 24 days | '8 years 9 months 18 days |
Tenant Relationships | ' | ' |
Assets | ' | ' |
Gross | 197,467 | 198,519 |
Weighted average remaining amortization period in years | '10 years 1 month 6 days | '10 years 6 months |
Above Market Leases | ' | ' |
Assets | ' | ' |
Gross | 26,726 | 26,799 |
Weighted average remaining amortization period in years | '5 years 10 months 24 days | '6 years 3 months 18 days |
Below Market Leasehold Interests | ' | ' |
Assets | ' | ' |
Gross | $37,640 | $37,640 |
Weighted average remaining amortization period in years | '68 years 9 months 18 days | '68 years 10 months 24 days |
Intangibles_Assets_and_Liabili3
Intangibles Assets and Liabilities - Summary of Intangible Amortization (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Amortization recorded against rental income related to above or below market leases | ' | ' |
Finite-Lived Intangibles | ' | ' |
Amortization of intangible assets and liabilities | $520 | $455 |
Rental expense related to above or below market leasehold interests | ' | ' |
Finite-Lived Intangibles | ' | ' |
Amortization of intangible assets and liabilities | 148 | 95 |
Amortization expense related to in place leases and tenant relationships | ' | ' |
Finite-Lived Intangibles | ' | ' |
Amortization of intangible assets and liabilities | $12,482 | $9,594 |
Receivables_and_Other_Assets_D
Receivables and Other Assets (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Receivables and Other Assets [Abstract] | ' | ' | ' |
Accounts and other receivables, net | $20,601 | ' | $22,847 |
Tenant note receivable | 3,143 | ' | 3,173 |
Deferred financing costs, net | 11,032 | ' | 10,921 |
Deferred leasing costs, net | 13,843 | ' | 13,500 |
Lease inducements, net | 708 | ' | 771 |
Straight-line rent receivables, net | 49,904 | ' | 47,317 |
Prepaid expenses, deposits, equipment and other, net | 9,156 | ' | 6,683 |
Derivative financial instruments - interest rate swaps | 4,204 | ' | 5,073 |
Total | 112,591 | ' | 110,285 |
Amortization expense related to deferred leasing costs | 874 | 583 | ' |
Interest expense related to deferred financing costs | 966 | 1,299 | ' |
Amortization recorded against rental income related to lease inducements | $63 | $67 | ' |
Debt_Net_Details
Debt - Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument | ' | ' |
Total debt, gross | $1,231,775 | $1,213,676 |
Net premium (discount) | 507 | 565 |
Total | 1,232,282 | 1,214,241 |
Unsecured Term Loans | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 455,000 | 455,000 |
Unsecured Senior Notes | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 300,000 | 300,000 |
Mortgages | Fixed Rate Mortgages | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 371,957 | 373,751 |
Mortgages | Variable Rate Mortgages | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 29,818 | 29,925 |
Unsecured Revolving Credit Facility | ' | ' |
Debt Instrument | ' | ' |
Line of credit facility, amount outstanding | $75,000 | $55,000 |
Debt_Principal_Maturity_Schedu
Debt - Principal Maturity Schedule (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $5,828 | ' |
2015 | 73,982 | ' |
2016 | 197,496 | ' |
2017 | 100,948 | ' |
2018 | 312,993 | ' |
Thereafter | 540,528 | ' |
Total | $1,231,775 | $1,213,676 |
Debt_Textuals_Details
Debt - Textuals (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 07, 2013 | Mar. 29, 2012 | Mar. 31, 2014 | Mar. 07, 2013 | Mar. 07, 2013 | Mar. 29, 2012 | Mar. 31, 2014 | Mar. 29, 2012 | Mar. 29, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 20, 2012 | Jul. 20, 2012 | Jul. 20, 2012 | Mar. 31, 2014 | Mar. 28, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgages | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Term Loans | Unsecured Senior Notes | Variable Rate Mortgages | Variable Rate Mortgages | |||
JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc., With Interest Rate Swap | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo, With Interest Rate Swap | Mortgages | Mortgages | |||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, borrowing capacity | ' | ' | ' | $650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,231,775,000 | $1,213,676,000 | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | $155,000,000 | ' | ' | ' | $300,000,000 | $29,818,000 | $29,925,000 |
Unsecured credit agreement, extension option period | ' | ' | ' | ' | '1 year | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | 1.30% | 1.10% | 1.75% | ' | 1.20% | 1.05% | 1.95% | ' | 1.70% | ' | 1.55% | 2.40% | ' | ' | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | 0.25% | 0.20% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' | 2.99% | 3.80% | ' | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% | ' | ' |
Debt instrument, percentage of principal amount received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.19% | ' | ' |
Effective percentage rate range, minimum | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective percentage rate range, maximum | ' | ' | 12.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | 5.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate with interest rate swap impact | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Table of Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative | ' | ' |
Fair value, liability | ($5,025) | ($5,053) |
Fair value, asset | 4,204 | 5,073 |
Interest Rate Swap | 1.23% | ' | ' |
Derivative | ' | ' |
Notional Amount | 200,000 | 200,000 |
Index | 'LIBOR | 'LIBOR |
Rate | 1.23% | 1.23% |
Fair value, liability | -1,989 | -2,078 |
Interest Rate Swap | 0.86% | ' | ' |
Derivative | ' | ' |
Notional Amount | 100,000 | 100,000 |
Index | 'LIBOR | 'LIBOR |
Rate | 0.86% | 0.86% |
Fair value, liability | -702 | -729 |
Interest Rate Swap | 1.39% | ' | ' |
Derivative | ' | ' |
Notional Amount | 50,000 | 50,000 |
Index | 'LIBOR | 'LIBOR |
Rate | 1.39% | 1.39% |
Fair value, asset | 1,081 | 1,350 |
Interest Rate Swap | 1.24% | ' | ' |
Derivative | ' | ' |
Notional Amount | 105,000 | 105,000 |
Index | 'LIBOR | 'LIBOR |
Rate | 1.24% | 1.24% |
Fair value, asset | 3,123 | 3,723 |
Interest Rate Swap | 4.98% | ' | ' |
Derivative | ' | ' |
Notional Amount | 27,436 | 27,618 |
Index | 'LIBOR | 'LIBOR |
Rate | 4.98% | 4.98% |
Fair value, liability | ($2,334) | ($2,246) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments Fair Value Table (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Derivative financial instruments, asset | $4,204 | $5,073 |
Derivative financial instruments, liability | 5,025 | 5,053 |
Interest Rate Swap | Not Designated as Hedging Instrument | Receivables and Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative financial instruments, asset | 4,204 | 5,073 |
Interest Rate Swap | Not Designated as Hedging Instrument | Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative financial instruments, liability | $5,025 | $5,053 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Derivative Offsetting (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative financial instruments, asset | $4,204 | $5,073 |
Derivative assets, amounts subject to enforceable master netting arrangements | -1,989 | -2,078 |
Derivative assets, net amounts | 2,215 | 2,995 |
Derivative liabilities | 5,025 | 5,053 |
Derivative liabilities, amounts subject to enforceable master netting arrangements | -1,989 | -2,078 |
Derivative liabilities, net amounts | $3,036 | $2,975 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Recognized Gain (Loss) (Details) (Not Designated as Hedging Instrument, Interest Rate Swap, Interest Expense, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Not Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' |
Net gain (loss) on change in the fair value of derivative financial instruments | ($841) | $1,606 |
Stockholders_Equity_and_Partne2
Stockholders' Equity and Partners' Capital (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Apr. 29, 2014 | Feb. 28, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Restricted Common Stock and Units | Restricted Common Stock and Units | General and Administrative Expense | Listing Expenses | 2006 Incentive Plan | Subsequent Event | Common Stock Offering | LTIP | LTIP | |||
Restricted Common Stock and Units | Restricted Common Stock and Units | Maximum | Listing Expenses | Change in Control of Company | |||||||
Common Stock Offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of common stock authorized | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' |
Stock Repurchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized repurchase amount | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share (usd per share) | $0.14 | $0.14 | ' | ' | ' | ' | ' | $0.14 | ' | ' | ' |
Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | 4,633,600 | ' | ' | ' | ' |
Allocated share-based compensation expense | ' | ' | 1,400,000 | 1,200,000 | 600,000 | 600,000 | ' | ' | ' | 3,100,000 | ' |
Nonvested awards, total compensation cost not yet recognized | ' | ' | $6,200,000 | ' | ' | ' | ' | ' | ' | ' | $4,500,000 |
Contingent units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 |
Period for recognition | ' | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_and_Partne3
Stockholders' Equity and Partners' Capital - Nonvested Rollforward (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
LTIP | ' |
Stocks/Units: | ' |
Balance as of beginning of period (in shares) | 516,500 |
Granted (in shares) | 0 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Balance as of end of period (in shares) | 516,500 |
Weighted Average Grant Date Fair Value: | ' |
Balance as of beginning of period (usd per share) | $9.43 |
Granted (usd per share) | $0 |
Vested (usd per share) | $0 |
Forfeited (usd per share) | $0 |
Balance as of end of period (usd per share) | $9.43 |
Restricted Stock | ' |
Stocks/Units: | ' |
Balance as of beginning of period (in shares) | 641,000 |
Granted (in shares) | 469,200 |
Vested (in shares) | -62,500 |
Forfeited (in shares) | -1,000 |
Balance as of end of period (in shares) | 1,046,700 |
Weighted Average Grant Date Fair Value: | ' |
Balance as of beginning of period (usd per share) | $10.34 |
Granted (usd per share) | $9.84 |
Vested (usd per share) | $9.90 |
Forfeited (usd per share) | $10.82 |
Balance as of end of period (usd per share) | $10.14 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | $4,204 | $5,073 |
Derivative financial instruments, liability | 5,025 | 5,053 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 ) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative financial instruments, liability | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 4,204 | 5,073 |
Total assets at fair value | 4,204 | 5,073 |
Derivative financial instruments, liability | 5,025 | 5,053 |
Total liabilities at fair value | 5,025 | 5,053 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative financial instruments, liability | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 4,204 | 5,073 |
Total assets at fair value | 4,204 | 5,073 |
Derivative financial instruments, liability | 5,025 | 5,053 |
Total liabilities at fair value | $5,025 | $5,053 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | $28,520 | $28,520 |
Tenant note receivable | 3,143 | 3,173 |
Debt, net | 1,232,282 | 1,214,241 |
Carrying Amount | Fair Value Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | 28,520 | 28,520 |
Tenant note receivable | 3,143 | 3,173 |
Debt, net | 1,232,282 | 1,214,241 |
Fair Value | Fair Value Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | 28,520 | 28,520 |
Tenant note receivable | 3,044 | 3,013 |
Debt, net | $1,260,308 | $1,237,699 |
Per_Share_Data_Details
Per Share Data (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Net income | $5,434 | $1,384 |
Net income attributable to noncontrolling interests | -142 | -33 |
Net income attributable to common stockholders/unitholders | $5,292 | $1,351 |
Denominator: | ' | ' |
Weighted average number of shares/units outstanding — basic | 237,287 | 217,103 |
Dilutive shares | 2,536 | 1,801 |
Weighted average number of shares/units outstanding — diluted | 239,823 | 218,904 |
Earnings per common share - basic | ' | ' |
Net income attributable to common stockholders (usd per share) | $0.02 | $0.01 |
Earnings per common share - diluted | ' | ' |
Net income attributable to common stockholders (usd per share) | $0.02 | $0.01 |
Per_Unit_Data_of_HTALP_Details
Per Unit Data of HTALP (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Net income | $5,434 | $1,384 |
Net income attributable to noncontrolling interests | -142 | -33 |
Net income attributable to common stockholders/unitholders | 5,292 | 1,351 |
Denominator: | ' | ' |
Weighted average number of shares/units outstanding — basic | 237,287 | 217,103 |
Dilutive units | 2,536 | 1,801 |
Weighted average number of shares/units outstanding — diluted | 239,823 | 218,904 |
Earnings per common unit - basic: | ' | ' |
Net income attributable to common unitholders (usd per share) | $0.02 | $0.01 |
Earnings per common unit - diluted: | ' | ' |
Net income attributable to common unitholders (usd per share) | $0.02 | $0.01 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Numerator: | ' | ' |
Net income | 5,434 | 1,384 |
Net income attributable to noncontrolling interests | -38 | -25 |
Net income attributable to common stockholders/unitholders | $5,396 | $1,359 |
Denominator: | ' | ' |
Weighted average number of shares/units outstanding — basic | 240,340 | 220,159 |
Dilutive units | 0 | 0 |
Weighted average number of shares/units outstanding — diluted | 240,340 | 220,159 |
Earnings per common unit - basic: | ' | ' |
Net income attributable to common unitholders (usd per share) | $0.02 | $0.01 |
Earnings per common unit - diluted: | ' | ' |
Net income attributable to common unitholders (usd per share) | $0.02 | $0.01 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Interest paid | $8,235 | $10,212 |
Income taxes paid | 58 | 76 |
Investing Activities: | ' | ' |
Accrued capital expenditures | 2,272 | 1,696 |
Financing Activities: | ' | ' |
Dividend distributions declared, but not paid | 34,148 | 32,333 |
Offering costs transferred to equity/partners’ capital | 0 | 1,191 |
Debt issuance costs | $0 | $528 |