Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Entity Information [Line Items] | ||
Entity Registrant Name | HEALTHCARE TRUST OF AMERICA, INC. | |
Entity Central Index Key | 1360604 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 125,199,971 | |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Healthcare Trust of America Holdings, LP | |
Entity Central Index Key | 1495491 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ||
Land | $288,503 | $287,755 |
Building and improvements | 2,699,979 | 2,665,777 |
Lease intangibles | 420,094 | 419,288 |
Real estate investments, gross | 3,408,576 | 3,372,820 |
Accumulated depreciation and amortization | -583,166 | -549,976 |
Real estate investments, net ($79,163 and $80,419 from consolidated VIEs, see Note 2) | 2,825,410 | 2,822,844 |
Cash and cash equivalents | 13,517 | 10,413 |
Restricted cash and escrow deposits | 21,120 | 20,799 |
Receivables and other assets, net | 143,808 | 144,106 |
Other intangibles, net | 45,231 | 43,488 |
Total assets | 3,049,086 | 3,041,650 |
Liabilities: | ||
Debt | 1,458,598 | 1,412,461 |
Accounts payable and accrued liabilities | 84,823 | 101,042 |
Derivative financial instruments - interest rate swaps | 3,378 | 2,888 |
Security deposits, prepaid rent and other liabilities | 38,947 | 32,687 |
Intangible liabilities, net | 12,464 | 12,425 |
Total liabilities | 1,598,210 | 1,561,503 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 3,797 | 3,726 |
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; 125,203,393 and 125,087,268 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 1,252 | 1,251 |
Additional paid-in capital | 2,282,553 | 2,281,932 |
Cumulative dividends in excess of earnings | -865,549 | -836,044 |
Total stockholders’ equity | 1,418,256 | 1,447,139 |
Noncontrolling interests | 28,823 | 29,282 |
Total equity | 1,447,079 | 1,476,421 |
Total liabilities and equity/partners' capital | 3,049,086 | 3,041,650 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Real estate investments: | ||
Land | 288,503 | 287,755 |
Building and improvements | 2,699,979 | 2,665,777 |
Lease intangibles | 420,094 | 419,288 |
Real estate investments, gross | 3,408,576 | 3,372,820 |
Accumulated depreciation and amortization | -583,166 | -549,976 |
Real estate investments, net ($79,163 and $80,419 from consolidated VIEs, see Note 2) | 2,825,410 | 2,822,844 |
Cash and cash equivalents | 13,517 | 10,413 |
Restricted cash and escrow deposits | 21,120 | 20,799 |
Receivables and other assets, net | 143,808 | 144,106 |
Other intangibles, net | 45,231 | 43,488 |
Total assets | 3,049,086 | 3,041,650 |
Liabilities: | ||
Debt | 1,458,598 | 1,412,461 |
Accounts payable and accrued liabilities | 84,823 | 101,042 |
Derivative financial instruments - interest rate swaps | 3,378 | 2,888 |
Security deposits, prepaid rent and other liabilities | 38,947 | 32,687 |
Intangible liabilities, net | 12,464 | 12,425 |
Total liabilities | 1,598,210 | 1,561,503 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 3,797 | 3,726 |
Equity/Partners' Capital: | ||
Limited partners’ capital, 2,154,942 units issued and outstanding as of March 31, 2015 and December 31, 2014 | 28,553 | 29,012 |
General partners’ capital, 125,203,393 and 125,087,268 units issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 1,418,526 | 1,447,409 |
Total partners’ capital | 1,447,079 | 1,476,421 |
Total liabilities and equity/partners' capital | $3,049,086 | $3,041,650 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
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 Common Stock | ||
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 | 125,203,393 | 125,087,268 |
Common stock, shares outstanding | 125,203,393 | 125,087,268 |
Variable Interest Entity, Primary Beneficiary | ||
Real estate investments, VIE | $79,163 | $80,419 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Partners’ Capital: | ||
Limited partner's capital, units issued | 2,154,942 | 2,154,942 |
Limited partner's capital, units outstanding | 2,154,942 | 2,154,942 |
General partner's capital, units issued | 125,203,393 | 125,087,268 |
General partner's capital, units outstanding | 125,203,393 | 125,087,268 |
Healthcare Trust of America Holdings, LP (HTALP) | Variable Interest Entity, Primary Beneficiary | ||
Real estate investments, VIE | $79,163 | $80,419 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenues: | ||||
Rental income | $98,452 | $90,452 | ||
Interest and other operating income | 68 | 852 | ||
Total revenues | 98,520 | 91,304 | ||
Expenses: | ||||
Rental | 30,697 | 29,589 | ||
General and administrative | 6,575 | 6,299 | ||
Acquisition-related | 1,357 | 976 | ||
Depreciation and amortization | 36,595 | 34,942 | ||
Total expenses | 75,224 | 71,806 | ||
Income before other income (expense) | 23,296 | 19,498 | ||
Interest expense: | ||||
Interest related to derivative financial instruments | -555 | -1,345 | ||
Net loss on change in fair value of derivative financial instruments | -2,010 | -841 | ||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments | -2,565 | -2,186 | ||
Interest related to debt | -13,804 | -11,904 | ||
Other income | 15 | 26 | ||
Net income | 6,942 | 5,434 | ||
Net income attributable to noncontrolling interests | -138 | [1] | -142 | [1] |
Net income attributable to common stockholders/unitholders | 6,804 | 5,292 | ||
Earnings per common share/unit - basic | ||||
Net income attributable to common stockholders/unitholders (usd per share) | $0.05 | $0.04 | [2] | |
Earnings per common share/unit - diluted: | ||||
Net income attributable to common stockholders/unitholders (usd per share) | $0.05 | $0.04 | [2] | |
Weighted average number of common shares/units outstanding: | ||||
Basic (in shares/units) | 125,175 | 118,644 | [2] | |
Diluted (in shares/units) | 127,105 | 119,912 | [2] | |
Dividends declared per common share/unit (usd per share) | $0.29 | $0.29 | [2] | |
Healthcare Trust of America Holdings, LP (HTALP) | ||||
Revenues: | ||||
Rental income | 98,452 | 90,452 | ||
Interest and other operating income | 68 | 852 | ||
Total revenues | 98,520 | 91,304 | ||
Expenses: | ||||
Rental | 30,697 | 29,589 | ||
General and administrative | 6,575 | 6,299 | ||
Acquisition-related | 1,357 | 976 | ||
Depreciation and amortization | 36,595 | 34,942 | ||
Total expenses | 75,224 | 71,806 | ||
Income before other income (expense) | 23,296 | 19,498 | ||
Interest expense: | ||||
Interest related to derivative financial instruments | -555 | -1,345 | ||
Net loss on change in fair value of derivative financial instruments | -2,010 | -841 | ||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments | -2,565 | -2,186 | ||
Interest related to debt | -13,804 | -11,904 | ||
Other income | 15 | 26 | ||
Net income | 6,942 | 5,434 | ||
Net income attributable to noncontrolling interests | -33 | -38 | ||
Net income attributable to common stockholders/unitholders | $6,909 | $5,396 | ||
Earnings per common share/unit - basic | ||||
Net income attributable to common stockholders/unitholders (usd per share) | $0.05 | $0.04 | [2] | |
Earnings per common share/unit - diluted: | ||||
Net income attributable to common stockholders/unitholders (usd per share) | $0.05 | $0.04 | [2] | |
Weighted average number of common shares/units outstanding: | ||||
Basic (in shares/units) | 126,330 | 120,170 | [2] | |
Diluted (in shares/units) | 126,330 | 120,170 | [2] | |
Dividends declared per common share/unit (usd per share) | $0.29 | $0.29 | [2] | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. | |||
[2] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 stock split effected December 15, 2014. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) | 0 Months Ended |
Dec. 15, 2014 | |
Reverse stock split conversion ratio | 0.5 |
Healthcare Trust of America Holdings, LP (HTALP) | |
Reverse stock split conversion ratio | 0.5 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Equity (Unaudited) (USD $) | Total | Class A Common Stock | Common Stock | Additional Paid-In Capital | Cumulative Dividends in Excess of Earnings | Total Stockholders’ Equity | Noncontrolling Interest | |||
In Thousands, except Share data, unless otherwise specified | USD ($) | Class A Common Stock | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | ||||||||||
Beginning balance at Dec. 31, 2013 | $1,399,749 | $1,184 | [1] | $2,128,082 | [1] | ($742,060) | $1,387,206 | $12,543 | ||
Beginning balance, shares at Dec. 31, 2013 | [1] | 118,440,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Share-based award transactions, net (in shares) | [1] | 235,000 | ||||||||
Share-based award transactions, net | 1,388 | 3 | [1] | 1,385 | [1] | 1,388 | ||||
Repurchase and cancellation of common stock (in shares) | [1] | -29,000 | ||||||||
Repurchase and cancellation of common stock | -572 | -1 | [1] | -571 | [1] | -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 | 1,186 | [1] | 2,128,896 | [1] | -770,878 | 1,359,204 | 12,292 | ||
Ending balance, shares at Mar. 31, 2014 | [1] | 118,646,000 | ||||||||
Beginning balance at Dec. 31, 2014 | 1,476,421 | 1,251 | 2,281,932 | -836,044 | 1,447,139 | 29,282 | ||||
Beginning balance, shares at Dec. 31, 2014 | 125,087,268 | 125,087,000 | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Share-based award transactions, net (in shares) | 164,000 | |||||||||
Share-based award transactions, net | 1,914 | 1 | 1,913 | 1,914 | ||||||
Repurchase and cancellation of common stock (in shares) | -48,000 | |||||||||
Repurchase and cancellation of common stock | -1,292 | -1,292 | -1,292 | |||||||
Dividends | -36,873 | -36,309 | -36,309 | -564 | ||||||
Net income | 6,909 | 6,804 | 6,804 | 105 | ||||||
Ending balance at Mar. 31, 2015 | $1,447,079 | $1,252 | $2,282,553 | ($865,549) | $1,418,256 | $28,823 | ||||
Ending balance, shares at Mar. 31, 2015 | 125,203,393 | 125,203,000 | ||||||||
[1] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) | 0 Months Ended |
Dec. 15, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split conversion ratio | 0.5 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes In Partners' Capital (Unaudited) (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, 2013 | $1,401,294 | $1,387,476 | $13,818 | ||
Balance as of beginning of period (in units) at Dec. 31, 2013 | [1] | 118,440 | 1,527 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Share-based award transactions, net (in units) | [1] | 235 | |||
Share-based award transactions, net | 1,388 | 1,388 | |||
Redemptions of general partner units (in units) | [1] | -29 | |||
Redemptions of general partner units | -572 | -572 | |||
Distributions | -34,482 | -34,110 | -372 | ||
Net income | 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 | [1] | 118,646 | 1,527 | ||
Balance as of beginning of period at Dec. 31, 2014 | 1,476,421 | 1,447,409 | 29,012 | ||
Balance as of beginning of period (in units) at Dec. 31, 2014 | 125,087 | 2,155 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Share-based award transactions, net (in units) | 164 | ||||
Share-based award transactions, net | 1,914 | 1,914 | |||
Redemptions of general partner units (in units) | -48 | ||||
Redemptions of general partner units | -1,292 | -1,292 | |||
Distributions | -36,873 | -36,309 | -564 | ||
Net income | 6,804 | 6,909 | 6,804 | 105 | |
Balance as of end of period at Mar. 31, 2015 | $1,447,079 | $1,418,526 | $28,553 | ||
Balance as of end of period (in units) at Mar. 31, 2015 | 125,203 | 2,155 | |||
[1] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Changes In Partners' Capital (Parenthetical) (Unaudited) | 0 Months Ended |
Dec. 15, 2014 | |
Reverse stock split conversion ratio | 0.5 |
Healthcare Trust of America Holdings, LP (HTALP) | |
Reverse stock split conversion ratio | 0.5 |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $6,942 | $5,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other | 35,788 | 34,111 |
Share-based compensation expense | 1,914 | 1,388 |
Bad debt expense | 146 | 99 |
Change in fair value of derivative financial instruments | 2,010 | 841 |
Changes in operating assets and liabilities: | ||
Receivables and other assets, net | -723 | -1,739 |
Accounts payable and accrued liabilities | -13,172 | -4,168 |
Security deposits, prepaid rent and other liabilities | 4,290 | -2,517 |
Net cash provided by operating activities | 37,195 | 33,449 |
Cash flows from investing activities: | ||
Acquisition of real estate operating properties | -35,300 | 0 |
Capital expenditures | -6,524 | -5,570 |
Restricted cash, escrow deposits and other assets | -321 | -396 |
Net cash used in investing activities | -42,145 | -5,966 |
Cash flows from financing activities: | ||
Borrowings on unsecured revolving credit facility | 82,000 | 30,000 |
Payments on unsecured revolving credit facility | -81,000 | -10,000 |
Borrowings on unsecured term loans | 65,000 | 0 |
Payments on secured real estate term loan and mortgage loans | -19,960 | -1,901 |
Deferred financing costs | -31 | -1,077 |
Security deposits | -17 | 247 |
Repurchase and cancellation of common stock | -1,292 | -572 |
Dividends | -36,275 | -34,052 |
Payment on earnout liability | 0 | -375 |
Distributions to noncontrolling interest of limited partners | -371 | -475 |
Net cash provided by (used in) financing activities | 8,054 | -18,205 |
Net change in cash and cash equivalents | 3,104 | 9,278 |
Cash and cash equivalents - beginning of period | 10,413 | 18,081 |
Cash and cash equivalents - end of period | 13,517 | 27,359 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Cash flows from operating activities: | ||
Net income | 6,942 | 5,434 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other | 35,788 | 34,111 |
Share-based compensation expense | 1,914 | 1,388 |
Bad debt expense | 146 | 99 |
Change in fair value of derivative financial instruments | 2,010 | 841 |
Changes in operating assets and liabilities: | ||
Receivables and other assets, net | -723 | -1,739 |
Accounts payable and accrued liabilities | -13,172 | -4,168 |
Security deposits, prepaid rent and other liabilities | 4,290 | -2,517 |
Net cash provided by operating activities | 37,195 | 33,449 |
Cash flows from investing activities: | ||
Acquisition of real estate operating properties | -35,300 | 0 |
Capital expenditures | -6,524 | -5,570 |
Restricted cash, escrow deposits and other assets | -321 | -396 |
Net cash used in investing activities | -42,145 | -5,966 |
Cash flows from financing activities: | ||
Borrowings on unsecured revolving credit facility | 82,000 | 30,000 |
Payments on unsecured revolving credit facility | -81,000 | -10,000 |
Borrowings on unsecured term loans | 65,000 | 0 |
Payments on secured real estate term loan and mortgage loans | -19,960 | -1,901 |
Deferred financing costs | -31 | -1,077 |
Security deposits | -17 | 247 |
Repurchase and cancellation of general partner units | -1,292 | -572 |
Distributions to general partner | -36,275 | -34,052 |
Payment on earnout liability | 0 | -375 |
Distributions to limited partners and redeemable noncontrolling interests | -371 | -475 |
Net cash provided by (used in) financing activities | 8,054 | -18,205 |
Net change in cash and cash equivalents | 3,104 | 9,278 |
Cash and cash equivalents - beginning of period | 10,413 | 18,081 |
Cash and cash equivalents - end of period | $13,517 | $27,359 |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business |
HTA, a Maryland corporation, and HTALP, a Delaware limited partnership, were incorporated or formed, as applicable, on April 20, 2006. HTA operates as a REIT and is the general partner of HTALP, which is the operating partnership. As of March 31, 2015, HTA owned a 98.5% partnership interest and other limited partners, including some of HTA’s directors, executive officers and their affiliates, owned the remaining partnership interest (including the 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 issues publicly-traded debt, but has no publicly-traded equity. | |
HTA is one of the largest publicly-traded REITs focused on medical office buildings (“MOBs”) in the United States (“U.S.”) based on gross leaseable area (“GLA”). We are primarily focused on acquiring, owning and operating high quality MOBs that are predominantly located on the campuses of, or aligned with, 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 that provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we (i) seek internal growth through proactive asset management, leasing and property management oversight, (ii) target mid-sized acquisitions of MOBs in markets with dominant healthcare systems, and with attractive demographics that complement our existing portfolio, and (iii) actively manage our balance sheet to maintain flexibility with conservative leverage. 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 MOBs in our target markets, and have acquired MOBs and other facilities that serve the healthcare industry with an aggregate purchase price of $3.4 billion through March 31, 2015. | |
Effective December 15, 2014, HTA completed a reverse stock split (the “Reverse Stock Split”) of its common stock. As a result of the Reverse Stock Split, every two issued and outstanding shares of common stock were converted into one share of common stock. HTA’s par value and shares authorized remained unchanged. Concurrently with the Reverse Stock Split, HTALP effected a corresponding Reverse Stock Split of its outstanding units of limited partnership interests. The weighted average number of shares/units and per share/unit amounts for the three months ended March 31, 2014 have been adjusted retroactively to reflect the Reverse Stock Split. | |
Our principal executive office is located at 16435 North Scottsdale Road, Suite 320, Scottsdale, Arizona, 85254. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 U.S. (“GAAP”), in all material respects, and have been consistently applied in preparing our accompanying condensed 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 (“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 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 periods. 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 our 2014 Annual Report on Form 10-K. | |
Variable Interest Entities | |
As of March 31, 2015 and December 31, 2014, we had loans totaling $80.5 million to five entities to acquire MOBs in order to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (the “Exchanges”). As of March 31, 2015 and December 31, 2014, our condensed consolidated financial statements included five VIEs, as we are deemed to be the primary beneficiary. We operate each of the MOBs and have all the risk and rewards of ownership. The Exchange must be completed within 180 days after the acquisition date of the MOB in accordance with the applicable provisions of the Internal Revenue Code. | |
The assets of the VIEs primarily consist of real estate assets which have no restrictions on our use. We receive all the assets generated by the operating activities of the VIEs. The impact of consolidating the VIEs had an immaterial impact on our total assets at March 31, 2015 and December 31, 2014. The $80.5 million as of March 31, 2015 and December 31, 2014, represents our maximum risk of loss as the VIEs have no debt. | |
Real Estate Investments | |
Depreciation expense of buildings and improvements for the three months ended March 31, 2015 and 2014, was $23.3 million and $21.4 million, respectively. | |
Recently Issued or Adopted Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (i.e., payment) to which the company expects to be entitled in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are still evaluating the impact of adopting ASU 2014-09 on our financial statements. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation - Amendments to the Consolidation Analysis (Topic 810). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in ASU 2015-02 affect the following areas: (i) limited partnerships and similar legal entities; (ii) evaluating fees paid to a decision maker or a service provider as a variable interest; (iii) the effect of fee arrangements on the primary beneficiary determination; (iv) the effect of related parties on the primary beneficiary determination; and (v) certain investment funds. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. We do not believe ASU 2015-02 will have a significant impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs by requiring these costs related to a recognized debt liability to be presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by these amendments. ASU 2015-03 is effective for the fiscal years beginning after December 15, 2015, and requires retrospective application. We are still evaluating the impact of adopting ASU 2015-03 on our financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combinations | Business Combinations | ||||
For the three months ended March 31, 2015, we had acquisitions with an aggregate purchase price of $35.3 million. We incurred $0.2 million of costs attributable to these acquisitions, which were recorded in acquisition-related expenses in the accompanying condensed consolidated statements of operations. | |||||
Since the acquisitions were determined to be individually not significant, but significant on a collective basis, the allocations for the 2015 acquisitions are set forth below in the aggregate (in thousands): | |||||
Acquisitions through March 31, 2015 | Total | ||||
Land | $ | 748 | |||
Building and improvements | 30,086 | ||||
Below market leasehold interests | 2,350 | ||||
Above market leases | 398 | ||||
In place leases | 2,181 | ||||
Below market leases | (463 | ) | |||
Aggregate purchase price | $ | 35,300 | |||
The acquired intangible assets and liabilities, referenced above, had weighted average lives of 16.9 years and 9.9 years, respectively. | |||||
During the three months ended March 31, 2015, we acquired $35.3 million of MOBs in Atlanta, Georgia. | |||||
During the three months ended March 31, 2014, we completed no acquisitions. | |||||
Subsequent to March 31, 2015, we completed acquisitions with an aggregate purchase price of $67.3 million. The following is a preliminary allocation of the aggregate purchase price of such acquisitions (in thousands): | |||||
Acquisitions Subsequent to March 31, 2015 | Total | ||||
Land | $ | 6,239 | |||
Building and improvements | 55,769 | ||||
Lease and other intangibles, net | 4,372 | ||||
Net assets acquired | 66,380 | ||||
Other, net | 940 | ||||
Aggregate purchase price | $ | 67,320 | |||
Intangibles_Assets_and_Liabili
Intangibles Assets and Liabilities | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Identified Intangibles, Net [Abstract] | ||||||||||||||
Intangibles Assets and Liabilities | Intangible Assets and Liabilities | |||||||||||||
Intangible assets and liabilities consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands, except weighted average remaining amortization period): | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||
Assets: | ||||||||||||||
In place leases | $ | 233,112 | 8.4 | $ | 231,370 | 8.8 | Lease intangibles | |||||||
Tenant relationships | 186,982 | 10.4 | 187,918 | 10.3 | Lease intangibles | |||||||||
Above market leases | 27,063 | 5.6 | 26,676 | 5.5 | Other intangibles, net | |||||||||
Below market leasehold interests | 35,300 | 64.3 | 32,950 | 67.3 | Other intangibles, net | |||||||||
482,457 | 478,914 | |||||||||||||
Accumulated amortization | (193,723 | ) | (182,149 | ) | ||||||||||
Total | $ | 288,734 | 15.3 | $ | 296,765 | 15.2 | ||||||||
Liabilities: | ||||||||||||||
Below market leases | $ | 14,600 | 11.4 | $ | 14,188 | 11.5 | Intangible liabilities, net | |||||||
Above market leasehold interests | 3,857 | 31.9 | 3,857 | 32.1 | Intangible liabilities, net | |||||||||
18,457 | 18,045 | |||||||||||||
Accumulated amortization | (5,993 | ) | (5,620 | ) | ||||||||||
Total | $ | 12,464 | 16.9 | $ | 12,425 | 17.1 | ||||||||
The following is a summary of the net intangible amortization for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 475 | $ | 520 | ||||||||||
Rental expense related to above or below market leasehold interests | 105 | 148 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 11,956 | 12,482 | ||||||||||||
Receivables_and_Other_Assets
Receivables and Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts receivables, net | $ | 16,435 | $ | 16,468 | ||||
Other receivables | 7,989 | 10,639 | ||||||
Deferred financing costs, net | 16,393 | 16,929 | ||||||
Deferred leasing costs, net | 17,614 | 17,281 | ||||||
Straight-line rent receivables, net | 59,102 | 56,433 | ||||||
Prepaid expenses, deposits, equipment and other, net | 26,081 | 24,642 | ||||||
Derivative financial instruments - interest rate swaps | 194 | 1,714 | ||||||
Total | $ | 143,808 | $ | 144,106 | ||||
The following is a summary of amortization of deferred leasing costs and deferred financing costs for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Amortization expense related to deferred leasing costs | $ | 986 | $ | 874 | ||||
Interest expense related to deferred financing costs | 842 | 966 | ||||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Debt | ||||||||
Debt consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Unsecured revolving credit facility | $ | 37,000 | $ | 36,000 | |||||
Unsecured term loans | 420,000 | 355,000 | |||||||
Unsecured senior notes | 600,000 | 600,000 | |||||||
Fixed rate mortgages | 372,554 | 392,399 | |||||||
Variable rate mortgages | 29,359 | 29,474 | |||||||
1,458,913 | 1,412,873 | ||||||||
Net discount | (315 | ) | (412 | ) | |||||
Total | $ | 1,458,598 | $ | 1,412,461 | |||||
Unsecured Credit Agreement | |||||||||
Unsecured Revolving Credit Facility | |||||||||
On February 11, 2015, HTA and HTALP executed an amendment to the unsecured revolving credit and term loan facility (the “Unsecured Credit Agreement”) which added an additional lender and increased the amount available under the unsecured revolving credit facility from $800.0 million to $850.0 million. The other existing terms of the Unsecured Credit Agreement were unchanged. The actual amount of credit available to us 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 additional financing being provided by our existing lenders or new lenders being added to the unsecured revolving credit facility. The unsecured revolving credit facility matures on January 31, 2020. | |||||||||
Borrowings under the unsecured revolving credit facility accrue interest equal to adjusted LIBOR, plus a margin ranging from 0.875% to 1.55% per annum based on our credit rating. We also pay a facility fee ranging from 0.125% to 0.30% per annum on the aggregate commitments under the unsecured revolving credit facility. As of March 31, 2015, the margin associated with our borrowings was 1.05% per annum and the facility fee was 0.20% per annum. | |||||||||
Unsecured Term Loan | |||||||||
During the three months ended March 31, 2015, we borrowed an additional $65.0 million, increasing the amount outstanding to $265.0 million. We may borrow an additional $35.0 million through May 2015. Borrowings accrue interest equal to adjusted LIBOR, plus a margin ranging from 0.90% to 1.80% per annum based on our credit rating. The margin associated with our borrowings as of March 31, 2015 was 1.15% per annum. Including the impact of the interest rate swaps associated with our unsecured term loan, the interest rate was 1.58% per annum, based on our current credit rating. The unsecured term loan matures on January 31, 2019 and includes a one-year extension, at the option of the borrower, subject to certain conditions. | |||||||||
$155.0 million Unsecured Term Loan | |||||||||
As of March 31, 2015, HTALP had a $155.0 million unsecured term loan outstanding 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 our borrowings as of March 31, 2015 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 under this unsecured term loan may be increased by us, subject to such additional financing being provided by our existing lender. | |||||||||
$300.0 million Unsecured Senior Notes due 2021 | |||||||||
As of March 31, 2015, HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by HTA and mature on July 15, 2021. The unsecured senior notes are registered under the Securities Act of 1933, as amended (the “Securities Act”), bear interest at 3.375% per annum and are payable semi-annually. The unsecured senior notes were offered at 99.205% of the principal amount thereof, with an effective yield to maturity of 3.50% per annum. | |||||||||
$300.0 million Unsecured Senior Notes due 2023 | |||||||||
As of March 31, 2015, HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by HTA and mature on April 15, 2023. The unsecured senior notes are registered under the Securities Act, bear interest at 3.70% per annum and are payable semi-annually. The unsecured senior 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, 2015, HTALP and its subsidiaries had fixed and variable rate mortgages with interest rates ranging from 1.63% to 12.75% per annum and a weighted average interest rate of 5.35% per annum. Including the impact of the interest rate swap associated with our variable rate mortgage, the weighted average interest rate was 5.59% per annum. | |||||||||
Future Debt Maturities | |||||||||
The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of March 31, 2015 (in thousands): | |||||||||
Year | Amount | ||||||||
2015 | $ | 53,835 | |||||||
2016 | 69,985 | ||||||||
2017 | 116,977 | ||||||||
2018 | 14,803 | ||||||||
2019 | 429,680 | ||||||||
Thereafter | 773,633 | ||||||||
Total | $ | 1,458,913 | |||||||
The above scheduled debt maturities do not include the extension available to us 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 (“NOI”) to unsecured interest expense. As of March 31, 2015, 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 its stockholders in the event HTA is in default thereunder, except to the extent necessary for HTA to maintain its REIT status. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 100,000 | LIBOR | 0.86 | % | $ | (508 | ) | Swap | 6/15/16 | |||||||||||||||
50,000 | LIBOR | 1.39 | (239 | ) | Swap | 7/17/19 | ||||||||||||||||||
105,000 | LIBOR | 1.24 | 194 | Swap | 7/17/19 | |||||||||||||||||||
26,683 | LIBOR + 145 bps | 4.98 | (2,631 | ) | Swap | 5/1/20 | ||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 100,000 | LIBOR | 0.86 | % | $ | (443 | ) | Swap | 6/15/16 | |||||||||||||||
50,000 | LIBOR | 1.39 | 317 | Swap | 7/17/19 | |||||||||||||||||||
105,000 | LIBOR | 1.24 | 1,397 | Swap | 7/17/19 | |||||||||||||||||||
26,874 | LIBOR + 145 bps | 4.98 | (2,445 | ) | Swap | 5/1/20 | ||||||||||||||||||
As of March 31, 2015 and December 31, 2014, the gross fair value of our derivative financial instruments was as follows (in thousands): | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | 31-Mar-15 | 31-Dec-14 | Balance Sheet | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 194 | $ | 1,714 | Derivative financial instruments | $ | 3,378 | $ | 2,888 | ||||||||||||||
There were no derivatives offset in our accompanying condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014. As of March 31, 2015 and December 31, 2014, we had derivatives subject to enforceable master netting arrangements which allowed for net cash settlement with the respective counterparties (in thousands): | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | |||||||||||||||||||
Asset derivatives | $ | 194 | $ | (194 | ) | $ | — | $ | 1,714 | $ | — | $ | 1,714 | |||||||||||
Liability derivatives | 3,378 | (194 | ) | 3,184 | 2,888 | — | 2,888 | |||||||||||||||||
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, 2015, 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, 2015 | |
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 condensed consolidated financial position, results of operations or cash flows. |
Stockholders_Equity_and_Partne
Stockholders' Equity and Partners' Capital | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
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 partnership unit will receive distributions from HTALP in an amount equal to the 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 partnership units. | |||||||
Common Stock Offerings | |||||||
On February 28, 2014, HTA amended the at-the-market (“ATM”) offering program 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, 2015, HTA did not issue and sell any shares of its common stock under the ATM offering program and as of March 31, 2015, $256.6 million remained available for issuance under the ATM. | |||||||
Common Stock Dividends | |||||||
See our accompanying condensed consolidated statements of operations for the dividends declared during three months ended March 31, 2015 and 2014. On May 5, 2015, HTA declared a quarterly cash dividend of $0.29 per share to be paid on July 3, 2015 to stockholders of record of its common stock on June 26, 2015. | |||||||
Incentive Plan | |||||||
HTA’s Amended and Restated 2006 Incentive Plan (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 5,000,000. As of March 31, 2015, there were 2,126,745 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. The LTIP awards were fully expensed in 2013, except for $4.5 million of expense associated with 225,000 units that will only vest in the event of a change in control prior to May 16, 2015. We will not recognize any expense associated with these units until such time as a change in control event occurs or is probable. As of March 31, 2015 and December 31, 2014, we had 225,000 LTIP units outstanding with a weighted average grant date fair value of $20.00 | |||||||
. | |||||||
Restricted Common Stock | |||||||
For the three months ended March 31, 2015 and 2014, we recognized compensation expense of $1.9 million and $1.4 million, respectively, which was recorded in general and administrative expenses. | |||||||
As of March 31, 2015, there was $7.1 million of unrecognized compensation expense net of estimated forfeitures, which will be recognized over a remaining weighted average period of 2.1 years. | |||||||
The following is a summary of the activity in our restricted common stock during 2015: | |||||||
Restricted Common Stock | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2014 | 463,050 | $ | 20.9 | ||||
Granted | 172,115 | 26.98 | |||||
Vested | (113,029 | ) | 21.99 | ||||
Forfeited | (8,000 | ) | 22.08 | ||||
Balance as of March 31, 2015 | 514,136 | $ | 22.6 | ||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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, 2015, aggregated by the applicable 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 | $ | — | $ | 194 | $ | — | $ | 194 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,378 | $ | — | $ | 3,378 | ||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, aggregated by the applicable 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 | $ | — | $ | 1,714 | $ | — | $ | 1,714 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,888 | $ | — | $ | 2,888 | ||||||||||
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, 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 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 debt (in thousands): | ||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Debt | 2 | $ | 1,458,598 | $ | 1,507,720 | $ | 1,412,461 | $ | 1,447,432 | |||||||||
Per_Share_Data_of_HTA
Per Share Data of HTA | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Per Share Data of HTA | 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, 2015 and 2014, 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 common stock for the three months ended March 31, 2015 and 2014 (in thousands, except per share data): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 6,942 | $ | 5,434 | ||||
Net income attributable to noncontrolling interests | (138 | ) | (142 | ) | ||||
Net income attributable to common stockholders | $ | 6,804 | $ | 5,292 | ||||
Denominator: (1) | ||||||||
Weighted average number of shares outstanding - basic | 125,175 | 118,644 | ||||||
Dilutive shares | 1,930 | 1,268 | ||||||
Weighted average number of shares outstanding - diluted | 127,105 | 119,912 | ||||||
Earnings per common share - basic (1) | ||||||||
Net income attributable to common stockholders | $ | 0.05 | $ | 0.04 | ||||
Earnings per common share - diluted (1) | ||||||||
Net income attributable to common stockholders | $ | 0.05 | $ | 0.04 | ||||
(1) For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Per_Unit_Data_of_HTALP
Per Unit Data of HTALP (Healthcare Trust of America Holdings, LP (HTALP)) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Healthcare Trust of America Holdings, LP (HTALP) | ||||||||
Earnings Per Share | ||||||||
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, 2015 and 2014 (in thousands, except per unit data): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 6,942 | $ | 5,434 | ||||
Net income attributable to noncontrolling interests | (33 | ) | (38 | ) | ||||
Net income attributable to common unitholders | $ | 6,909 | $ | 5,396 | ||||
Denominator: (1) | ||||||||
Weighted average number of units outstanding - basic | 126,330 | 120,170 | ||||||
Dilutive units | — | — | ||||||
Weighted average number of units outstanding - diluted | 126,330 | 120,170 | ||||||
Earnings per common unit - basic: (1) | ||||||||
Net income attributable to common unitholders | $ | 0.05 | $ | 0.04 | ||||
Earnings per common unit - diluted: (1) | ||||||||
Net income attributable to common unitholders | $ | 0.05 | $ | 0.04 | ||||
(1) For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest paid | $ | 13,238 | $ | 8,235 | ||||
Income taxes paid | 99 | 58 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 1,464 | $ | 2,272 | ||||
Financing Activities: | ||||||||
Dividend distributions declared, but not paid | $ | 36,309 | $ | 34,148 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 (“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 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 periods. 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 our 2014 Annual Report on Form 10-K. | |
Variable Interest Entities | Variable Interest Entities |
As of March 31, 2015 and December 31, 2014, we had loans totaling $80.5 million to five entities to acquire MOBs in order to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (the “Exchanges”). As of March 31, 2015 and December 31, 2014, our condensed consolidated financial statements included five VIEs, as we are deemed to be the primary beneficiary. We operate each of the MOBs and have all the risk and rewards of ownership. The Exchange must be completed within 180 days after the acquisition date of the MOB in accordance with the applicable provisions of the Internal Revenue Code. | |
The assets of the VIEs primarily consist of real estate assets which have no restrictions on our use. We receive all the assets generated by the operating activities of the VIEs. The impact of consolidating the VIEs had an immaterial impact on our total assets at March 31, 2015 and December 31, 2014. The $80.5 million as of March 31, 2015 and December 31, 2014, represents our maximum risk of loss as the VIEs have no debt. | |
Real Estate Investments | Real Estate Investments |
Depreciation expense of buildings and improvements for the three months ended March 31, 2015 and 2014, was $23.3 million and $21.4 million, respectively. | |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (i.e., payment) to which the company expects to be entitled in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are still evaluating the impact of adopting ASU 2014-09 on our financial statements. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation - Amendments to the Consolidation Analysis (Topic 810). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in ASU 2015-02 affect the following areas: (i) limited partnerships and similar legal entities; (ii) evaluating fees paid to a decision maker or a service provider as a variable interest; (iii) the effect of fee arrangements on the primary beneficiary determination; (iv) the effect of related parties on the primary beneficiary determination; and (v) certain investment funds. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. We do not believe ASU 2015-02 will have a significant impact on our financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs by requiring these costs related to a recognized debt liability to be presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by these amendments. ASU 2015-03 is effective for the fiscal years beginning after December 15, 2015, and requires retrospective application. We are still evaluating the impact of adopting ASU 2015-03 on our financial statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Purchase Price Allocation | Since the acquisitions were determined to be individually not significant, but significant on a collective basis, the allocations for the 2015 acquisitions are set forth below in the aggregate (in thousands): | ||||
Acquisitions through March 31, 2015 | Total | ||||
Land | $ | 748 | |||
Building and improvements | 30,086 | ||||
Below market leasehold interests | 2,350 | ||||
Above market leases | 398 | ||||
In place leases | 2,181 | ||||
Below market leases | (463 | ) | |||
Aggregate purchase price | $ | 35,300 | |||
The following is a preliminary allocation of the aggregate purchase price of such acquisitions (in thousands): | |||||
Acquisitions Subsequent to March 31, 2015 | Total | ||||
Land | $ | 6,239 | |||
Building and improvements | 55,769 | ||||
Lease and other intangibles, net | 4,372 | ||||
Net assets acquired | 66,380 | ||||
Other, net | 940 | ||||
Aggregate purchase price | $ | 67,320 | |||
Intangibles_Assets_and_Liabili1
Intangibles Assets and Liabilities (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Identified Intangibles, Net [Abstract] | ||||||||||||||
Schedule of Identified Intangible Assets and Liabilities, Net | Intangible assets and liabilities consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands, except weighted average remaining amortization period): | |||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||
Assets: | ||||||||||||||
In place leases | $ | 233,112 | 8.4 | $ | 231,370 | 8.8 | Lease intangibles | |||||||
Tenant relationships | 186,982 | 10.4 | 187,918 | 10.3 | Lease intangibles | |||||||||
Above market leases | 27,063 | 5.6 | 26,676 | 5.5 | Other intangibles, net | |||||||||
Below market leasehold interests | 35,300 | 64.3 | 32,950 | 67.3 | Other intangibles, net | |||||||||
482,457 | 478,914 | |||||||||||||
Accumulated amortization | (193,723 | ) | (182,149 | ) | ||||||||||
Total | $ | 288,734 | 15.3 | $ | 296,765 | 15.2 | ||||||||
Liabilities: | ||||||||||||||
Below market leases | $ | 14,600 | 11.4 | $ | 14,188 | 11.5 | Intangible liabilities, net | |||||||
Above market leasehold interests | 3,857 | 31.9 | 3,857 | 32.1 | Intangible liabilities, net | |||||||||
18,457 | 18,045 | |||||||||||||
Accumulated amortization | (5,993 | ) | (5,620 | ) | ||||||||||
Total | $ | 12,464 | 16.9 | $ | 12,425 | 17.1 | ||||||||
Summary of Intangible Asset and Liabilities Amortization | The following is a summary of the net intangible amortization for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 475 | $ | 520 | ||||||||||
Rental expense related to above or below market leasehold interests | 105 | 148 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 11,956 | 12,482 | ||||||||||||
Receivables_and_Other_Assets_T
Receivables and Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables and Other Assets [Abstract] | ||||||||
Schedule of Receivables and Other Assets | Receivables and other assets consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts receivables, net | $ | 16,435 | $ | 16,468 | ||||
Other receivables | 7,989 | 10,639 | ||||||
Deferred financing costs, net | 16,393 | 16,929 | ||||||
Deferred leasing costs, net | 17,614 | 17,281 | ||||||
Straight-line rent receivables, net | 59,102 | 56,433 | ||||||
Prepaid expenses, deposits, equipment and other, net | 26,081 | 24,642 | ||||||
Derivative financial instruments - interest rate swaps | 194 | 1,714 | ||||||
Total | $ | 143,808 | $ | 144,106 | ||||
Schedule of Receivables and Other Assets Amortization Expense | The following is a summary of amortization of deferred leasing costs and deferred financing costs for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Amortization expense related to deferred leasing costs | $ | 986 | $ | 874 | ||||
Interest expense related to deferred financing costs | 842 | 966 | ||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Debt | Debt consisted of the following as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Unsecured revolving credit facility | $ | 37,000 | $ | 36,000 | |||||
Unsecured term loans | 420,000 | 355,000 | |||||||
Unsecured senior notes | 600,000 | 600,000 | |||||||
Fixed rate mortgages | 372,554 | 392,399 | |||||||
Variable rate mortgages | 29,359 | 29,474 | |||||||
1,458,913 | 1,412,873 | ||||||||
Net discount | (315 | ) | (412 | ) | |||||
Total | $ | 1,458,598 | $ | 1,412,461 | |||||
Schedule of Maturities of Long-term Debt | The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of March 31, 2015 (in thousands): | ||||||||
Year | Amount | ||||||||
2015 | $ | 53,835 | |||||||
2016 | 69,985 | ||||||||
2017 | 116,977 | ||||||||
2018 | 14,803 | ||||||||
2019 | 429,680 | ||||||||
Thereafter | 773,633 | ||||||||
Total | $ | 1,458,913 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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, 2015 (in thousands): | |||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 100,000 | LIBOR | 0.86 | % | $ | (508 | ) | Swap | 6/15/16 | |||||||||||||||
50,000 | LIBOR | 1.39 | (239 | ) | Swap | 7/17/19 | ||||||||||||||||||
105,000 | LIBOR | 1.24 | 194 | Swap | 7/17/19 | |||||||||||||||||||
26,683 | LIBOR + 145 bps | 4.98 | (2,631 | ) | Swap | 5/1/20 | ||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 100,000 | LIBOR | 0.86 | % | $ | (443 | ) | Swap | 6/15/16 | |||||||||||||||
50,000 | LIBOR | 1.39 | 317 | Swap | 7/17/19 | |||||||||||||||||||
105,000 | LIBOR | 1.24 | 1,397 | Swap | 7/17/19 | |||||||||||||||||||
26,874 | LIBOR + 145 bps | 4.98 | (2,445 | ) | 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, 2015 and December 31, 2014, the gross fair value of our derivative financial instruments was as follows (in thousands): | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | 31-Mar-15 | 31-Dec-14 | Balance Sheet | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Location | Location | |||||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 194 | $ | 1,714 | Derivative financial instruments | $ | 3,378 | $ | 2,888 | ||||||||||||||
Schedule of Offsetting Derivative Assets and Liabilities | As of March 31, 2015 and December 31, 2014, we had derivatives subject to enforceable master netting arrangements which allowed for net cash settlement with the respective counterparties (in thousands): | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | |||||||||||||||||||
Asset derivatives | $ | 194 | $ | (194 | ) | $ | — | $ | 1,714 | $ | — | $ | 1,714 | |||||||||||
Liability derivatives | 3,378 | (194 | ) | 3,184 | 2,888 | — | 2,888 | |||||||||||||||||
Stockholders_Equity_and_Partne1
Stockholders' Equity and Partners' Capital (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Equity [Abstract] | |||||||
Schedule of Restricted Common Stock Activity | The following is a summary of the activity in our restricted common stock during 2015: | ||||||
Restricted Common Stock | Weighted | ||||||
Average Grant | |||||||
Date Fair Value | |||||||
Balance as of December 31, 2014 | 463,050 | $ | 20.9 | ||||
Granted | 172,115 | 26.98 | |||||
Vested | (113,029 | ) | 21.99 | ||||
Forfeited | (8,000 | ) | 22.08 | ||||
Balance as of March 31, 2015 | 514,136 | $ | 22.6 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
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, 2015, aggregated by the applicable 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 | $ | — | $ | 194 | $ | — | $ | 194 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,378 | $ | — | $ | 3,378 | ||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, aggregated by the applicable 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 | $ | — | $ | 1,714 | $ | — | $ | 1,714 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 2,888 | $ | — | $ | 2,888 | ||||||||||
Schedule of Fair Value of Financial Instruments | The following table sets forth the carrying value and fair value of our debt (in thousands): | |||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Debt | 2 | $ | 1,458,598 | $ | 1,507,720 | $ | 1,412,461 | $ | 1,447,432 | |||||||||
Per_Share_Data_of_HTA_Tables
Per Share Data of HTA (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 common stock for the three months ended March 31, 2015 and 2014 (in thousands, except per share data): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 6,942 | $ | 5,434 | ||||
Net income attributable to noncontrolling interests | (138 | ) | (142 | ) | ||||
Net income attributable to common stockholders | $ | 6,804 | $ | 5,292 | ||||
Denominator: (1) | ||||||||
Weighted average number of shares outstanding - basic | 125,175 | 118,644 | ||||||
Dilutive shares | 1,930 | 1,268 | ||||||
Weighted average number of shares outstanding - diluted | 127,105 | 119,912 | ||||||
Earnings per common share - basic (1) | ||||||||
Net income attributable to common stockholders | $ | 0.05 | $ | 0.04 | ||||
Earnings per common share - diluted (1) | ||||||||
Net income attributable to common stockholders | $ | 0.05 | $ | 0.04 | ||||
(1) For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Per_Unit_Data_of_HTALP_Tables
Per Unit Data of HTALP (Tables) (Healthcare Trust of America Holdings, LP (HTALP)) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Healthcare Trust of America Holdings, LP (HTALP) | ||||||||
Earnings Per Share | ||||||||
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, 2015 and 2014 (in thousands, except per unit data): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income | $ | 6,942 | $ | 5,434 | ||||
Net income attributable to noncontrolling interests | (33 | ) | (38 | ) | ||||
Net income attributable to common unitholders | $ | 6,909 | $ | 5,396 | ||||
Denominator: (1) | ||||||||
Weighted average number of units outstanding - basic | 126,330 | 120,170 | ||||||
Dilutive units | — | — | ||||||
Weighted average number of units outstanding - diluted | 126,330 | 120,170 | ||||||
Earnings per common unit - basic: (1) | ||||||||
Net income attributable to common unitholders | $ | 0.05 | $ | 0.04 | ||||
Earnings per common unit - diluted: (1) | ||||||||
Net income attributable to common unitholders | $ | 0.05 | $ | 0.04 | ||||
(1) For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected December 15, 2014. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, 2015 and 2014 (in thousands): | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Interest paid | $ | 13,238 | $ | 8,235 | ||||
Income taxes paid | 99 | 58 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 1,464 | $ | 2,272 | ||||
Financing Activities: | ||||||||
Dividend distributions declared, but not paid | $ | 36,309 | $ | 34,148 | ||||
Organization_and_Description_o1
Organization and Description of Business (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Billions, unless otherwise specified | Dec. 15, 2014 | Mar. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General partnership interest percentage | 98.50% | |
Purchased property inception to current date | $3.40 | |
Reverse stock split conversion ratio | 0.5 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
entity | |||
Accounting Policies [Line Items] | |||
VIEs, total loans | $80.50 | $80.50 | |
Number of VIEs | 5 | 5 | |
VIEs, maximum risk of loss | 80.5 | 80.5 | |
Building and Improvements | |||
Accounting Policies [Line Items] | |||
Depreciation expense | $23.30 | $21.40 |
Business_Combinations_Acquisit
Business Combinations - Acquisitions (Details) (USD $) | 1 Months Ended | 3 Months Ended |
6-May-15 | Mar. 31, 2015 | |
Subsequent Event | ||
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ||
Land | $6,239,000 | |
Building and improvements | 55,769,000 | |
Lease and other intangibles, net | 4,372,000 | |
Net assets acquired | 66,380,000 | |
Other, net | 940,000 | |
Aggregate purchase price | 67,320,000 | |
2015 Acquisitions | ||
Business Acquisition [Line Items] | ||
Closing costs | 200,000 | |
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ||
Land | 748,000 | |
Building and improvements | 30,086,000 | |
Below market leasehold interests | 2,350,000 | |
Above market leases | 398,000 | |
In place leases | 2,181,000 | |
Below market leases | -463,000 | |
Aggregate purchase price | 35,300,000 | |
Weighted average lives of acquired intangible assets | 16 years 10 months 24 days | |
Weighted average lives of acquired intangible liabilities | 9 years 10 months 24 days | |
MOB in Atlanta, Georgia | ||
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ||
Aggregate purchase price | $35,300,000 |
Intangibles_Assets_and_Liabili2
Intangibles Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Gross | $482,457 | $478,914 |
Accumulated amortization | -193,723 | -182,149 |
Total | 288,734 | 296,765 |
Weighted average remaining amortization period in years | 15 years 3 months | 15 years 2 months 12 days |
Liabilities | ||
Gross | 18,457 | 18,045 |
Accumulated amortization | -5,993 | -5,620 |
Total | 12,464 | 12,425 |
Weighted average remaining amortization period in years | 16 years 10 months 17 days | 17 years 1 month 6 days |
Below Market Leases | ||
Liabilities | ||
Gross | 14,600 | 14,188 |
Weighted average remaining amortization period in years | 11 years 5 months 12 days | 11 years 6 months |
Above Market Leasehold Interests | ||
Liabilities | ||
Gross | 3,857 | 3,857 |
Weighted average remaining amortization period in years | 31 years 10 months 27 days | 32 years 1 month 6 days |
In Place Leases | ||
Assets | ||
Gross | 233,112 | 231,370 |
Weighted average remaining amortization period in years | 8 years 4 months 9 days | 8 years 9 months 18 days |
Tenant Relationships | ||
Assets | ||
Gross | 186,982 | 187,918 |
Weighted average remaining amortization period in years | 10 years 4 months 24 days | 10 years 3 months 18 days |
Above Market Leases | ||
Assets | ||
Gross | 27,063 | 26,676 |
Weighted average remaining amortization period in years | 5 years 7 months 2 days | 5 years 6 months |
Below Market Leasehold Interests | ||
Assets | ||
Gross | $35,300 | $32,950 |
Weighted average remaining amortization period in years | 64 years 3 months | 67 years 3 months 18 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, 2015 | Mar. 31, 2014 |
Amortization recorded against rental income related to above or below market leases | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
Amortization of intangible assets and liabilities | $475 | $520 |
Rental expense related to above or below market leasehold interests | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
Amortization of intangible assets and liabilities | 105 | 148 |
Amortization expense related to in place leases and tenant relationships | ||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||
Amortization of intangible assets and liabilities | $11,956 | $12,482 |
Receivables_and_Other_Assets_D
Receivables and Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables and Other Assets [Abstract] | ||
Accounts receivables, net | $16,435 | $16,468 |
Other receivables | 7,989 | 10,639 |
Deferred financing costs, net | 16,393 | 16,929 |
Deferred leasing costs, net | 17,614 | 17,281 |
Straight-line rent receivables, net | 59,102 | 56,433 |
Prepaid expenses, deposits, equipment and other, net | 26,081 | 24,642 |
Derivative financial instruments - interest rate swaps | 194 | 1,714 |
Total | $143,808 | $144,106 |
Receivables_and_Other_Assets_A
Receivables and Other Assets (Amortization) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables and Other Assets [Abstract] | ||
Amortization expense related to deferred leasing costs | $986 | $874 |
Interest expense related to deferred financing costs | $842 | $966 |
Debt_Net_Details
Debt - Net (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument | ||
Total debt, gross | $1,458,913 | $1,412,873 |
Net discount | -315 | -412 |
Total | 1,458,598 | 1,412,461 |
Unsecured Term Loans | ||
Debt Instrument | ||
Total debt, gross | 420,000 | 355,000 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Total debt, gross | 600,000 | 600,000 |
Mortgages | Fixed Rate Mortgages | ||
Debt Instrument | ||
Total debt, gross | 372,554 | 392,399 |
Mortgages | Variable Rate Mortgages | ||
Debt Instrument | ||
Total debt, gross | 29,359 | 29,474 |
Unsecured Revolving Credit Facility | ||
Debt Instrument | ||
Line of credit facility, amount outstanding | $37,000 | $36,000 |
Debt_Principal_Maturity_Schedu
Debt - Principal Maturity Schedule (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $53,835 | |
2016 | 69,985 | |
2017 | 116,977 | |
2018 | 14,803 | |
2019 | 429,680 | |
Thereafter | 773,633 | |
Total | $1,458,913 | $1,412,873 |
Debt_Textuals_Details
Debt - Textuals (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | Feb. 11, 2015 | Nov. 19, 2014 | |
Debt Instrument | ||||
Outstanding amount | $1,458,913,000 | $1,412,873,000 | ||
Unsecured Term Loans | ||||
Debt Instrument | ||||
Outstanding amount | 420,000,000 | 355,000,000 | ||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.15% | |||
Additional borrowings | 65,000,000 | |||
Outstanding amount | 265,000,000 | |||
Additional amount that can be borrowed | 35,000,000 | |||
Weighted average interest rate with interest rate swap impact | 1.58% | |||
Unsecured credit agreement, extension option period | 1 year | |||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.90% | |||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.80% | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.70% | |||
Weighted average interest rate with interest rate swap impact | 2.99% | |||
Debt instrument, face amount | 155,000,000 | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.55% | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 2.40% | |||
Unsecured Senior Notes | ||||
Debt Instrument | ||||
Outstanding amount | 600,000,000 | 600,000,000 | ||
Unsecured Senior Notes | Unsecured Senior Notes Due 2021 | ||||
Debt Instrument | ||||
Debt instrument, face amount | 300,000,000 | |||
Debt instrument, stated interest rate | 3.38% | |||
Debt instrument, percentage of principal amount received | 99.21% | |||
Debt instrument, effective interest rate | 3.50% | |||
Unsecured Senior Notes | Unsecured Senior Notes Due 2023 | ||||
Debt Instrument | ||||
Debt instrument, face amount | 300,000,000 | |||
Debt instrument, stated interest rate | 3.70% | |||
Debt instrument, percentage of principal amount received | 99.19% | |||
Debt instrument, effective interest rate | 3.80% | |||
Mortgages | ||||
Debt Instrument | ||||
Weighted average interest rate with interest rate swap impact | 5.59% | |||
Effective percentage rate range, minimum | 1.63% | |||
Effective percentage rate range, maximum | 12.75% | |||
Weighted average interest rate | 5.35% | |||
Unsecured Revolving Credit Facility | ||||
Debt Instrument | ||||
Line of credit facility, borrowing capacity | $850,000,000 | $800,000,000 | ||
Basis spread on variable rate | 1.05% | |||
Line of credit facility, commitment fee percentage | 0.20% | |||
Unsecured Revolving Credit Facility | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.88% | |||
Line of credit facility, commitment fee percentage | 0.13% | |||
Unsecured Revolving Credit Facility | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.55% | |||
Line of credit facility, commitment fee percentage | 0.30% |
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, 2015 | Dec. 31, 2014 |
Derivative | ||
Fair value, liability | ($3,378) | ($2,888) |
Fair value, asset | 194 | 1,714 |
Interest Rate Swap | 0.86% | ||
Derivative | ||
Notional Amount | 100,000 | 100,000 |
Index | LIBOR | LIBOR |
Rate | 0.86% | 0.86% |
Fair value, liability | -508 | -443 |
Interest Rate Swap | 1.39% | ||
Derivative | ||
Notional Amount | 50,000 | 50,000 |
Index | LIBOR | LIBOR |
Rate | 1.39% | 1.39% |
Fair value, liability | -239 | |
Fair value, asset | 317 | |
Interest Rate Swap | 1.24% | ||
Derivative | ||
Notional Amount | 105,000 | 105,000 |
Index | LIBOR | LIBOR |
Rate | 1.24% | 1.24% |
Fair value, asset | 194 | 1,397 |
Interest Rate Swap | 4.98% | ||
Derivative | ||
Notional Amount | 26,683 | 26,874 |
Index | LIBOR + 145 bps | LIBOR + 145 bps |
Rate | 4.98% | 4.98% |
Fair value, liability | ($2,631) | ($2,445) |
Basis spread on variable rate | 1.45% | 1.45% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments Fair Value Table (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ||
Derivative financial instruments, asset | $194 | $1,714 |
Derivative financial instruments, liability | 3,378 | 2,888 |
Interest Rate Swap | Not Designated as Hedging Instrument | Receivables and Other Assets | ||
Derivatives, Fair Value | ||
Derivative financial instruments, asset | 194 | 1,714 |
Interest Rate Swap | Not Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value | ||
Derivative financial instruments, liability | $3,378 | $2,888 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Derivative Offsetting (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative financial instruments, asset | $194 | $1,714 |
Derivative assets, amounts subject to enforceable master netting arrangements | -194 | 0 |
Derivative assets, net amounts | 0 | 1,714 |
Derivative liabilities | 3,378 | 2,888 |
Derivative liabilities, amounts subject to enforceable master netting arrangements | -194 | 0 |
Derivative liabilities, net amounts | $3,184 | $2,888 |
Stockholders_Equity_and_Partne2
Stockholders' Equity and Partners' Capital (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | 5-May-15 | Feb. 28, 2014 | Dec. 31, 2014 | ||
Common Stock Dividends | ||||||
Dividends declared per common share (in usd per share) | $0.29 | $0.29 | [1] | |||
LTIP Units | ||||||
Incentive Plan | ||||||
Nonvested awards, total compensation cost not yet recognized | $4,500,000 | |||||
Contingent units | 225,000 | |||||
Number of units outstanding (in shares) | 225,000 | 225,000 | ||||
Weighted average grant date fair value of units outstanding (in usd per share) | $20 | $20 | ||||
Restricted Stock Common Stock | ||||||
Incentive Plan | ||||||
Nonvested awards, total compensation cost not yet recognized | 7,100,000 | |||||
Number of units outstanding (in shares) | 514,136 | 463,050 | ||||
Weighted average grant date fair value of units outstanding (in usd per share) | $22.60 | $20.90 | ||||
Allocated share-based compensation expense | 1,900,000 | 1,400,000 | ||||
Period for recognition | 2 years 1 month 6 days | |||||
2006 Incentive Plan | ||||||
Incentive Plan | ||||||
Number of shares authorized | 5,000,000 | |||||
Number of shares available for grant | 2,126,745 | |||||
Subsequent Event | ||||||
Common Stock Dividends | ||||||
Dividends declared per common share (in usd per share) | $0.29 | |||||
At the Market | ||||||
Common Stock Offerings | ||||||
Remaining available amount of common stock for issuance | 256,600,000 | |||||
At the Market | Maximum | ||||||
Common Stock Offerings | ||||||
Maximum amount of common stock authorized | $300,000,000 | |||||
[1] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 stock split effected December 15, 2014. |
Stockholders_Equity_and_Partne3
Stockholders' Equity and Partners' Capital - Restricted Common Stock Activity (Details) (Restricted Stock Common Stock, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Common Stock | |
Restricted Common Stock | |
Balance as of beginning of period (in shares) | 463,050 |
Granted (in shares) | 172,115 |
Vested (in shares) | -113,029 |
Forfeited (in shares) | -8,000 |
Balance as of end of period (in shares) | 514,136 |
Weighted Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $20.90 |
Granted (in usd per share) | $26.98 |
Vested (in usd per share) | $21.99 |
Forfeited (in usd per share) | $22.08 |
Balance as of end of period (in usd per share) | $22.60 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative financial instruments, asset | $194 | $1,714 |
Derivative financial instruments, liability | 3,378 | 2,888 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Derivative financial instruments, asset | 194 | 1,714 |
Derivative financial instruments, liability | 3,378 | 2,888 |
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 |
Derivative financial instruments, liability | 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 | 194 | 1,714 |
Derivative financial instruments, liability | 3,378 | 2,888 |
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 |
Derivative financial instruments, liability | $0 | $0 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt | $1,458,598 | $1,412,461 |
Fair Value Level 2 | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt | 1,458,598 | 1,412,461 |
Fair Value Level 2 | Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Debt | $1,507,720 | $1,447,432 |
Per_Share_Data_of_HTA_Details
Per Share Data of HTA (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 15, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Numerator: | |||||
Net income | $6,942 | $5,434 | |||
Net income attributable to noncontrolling interests | -138 | [1] | -142 | [1] | |
Net income attributable to common stockholders/unitholders | $6,804 | $5,292 | |||
Denominator: | |||||
Weighted average number of shares/units outstanding — basic | 125,175 | 118,644 | [2] | ||
Dilutive shares | 1,930 | 1,268 | [2] | ||
Weighted average number of shares/units outstanding — diluted | 127,105 | 119,912 | [2] | ||
Earnings per common share - basic | |||||
Net income attributable to common stockholders (usd per share) | $0.05 | $0.04 | [2] | ||
Earnings per common share - diluted | |||||
Net income attributable to common stockholders (usd per share) | $0.05 | $0.04 | [2] | ||
Reverse stock split conversion ratio | 0.5 | ||||
[1] | Includes amounts attributable to redeemable noncontrolling interests. | ||||
[2] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 stock split effected December 15, 2014. |
Per_Unit_Data_of_HTALP_Details
Per Unit Data of HTALP (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 15, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||
Numerator: | |||||
Net income | $6,942 | $5,434 | |||
Net income attributable to noncontrolling interests | -138 | [1] | -142 | [1] | |
Net income attributable to common stockholders/unitholders | 6,804 | 5,292 | |||
Denominator: | |||||
Weighted average number of shares/units outstanding — basic | 125,175 | 118,644 | [2] | ||
Dilutive units | 1,930 | 1,268 | [2] | ||
Weighted average number of shares/units outstanding — diluted | 127,105 | 119,912 | [2] | ||
Earnings per common unit - basic: | |||||
Net income attributable to common unitholders (usd per share) | $0.05 | $0.04 | [2] | ||
Earnings per common unit - diluted: | |||||
Net income attributable to common unitholders (usd per share) | $0.05 | $0.04 | [2] | ||
Reverse stock split conversion ratio | 0.5 | ||||
Healthcare Trust of America Holdings, LP (HTALP) | |||||
Numerator: | |||||
Net income | 6,942 | 5,434 | |||
Net income attributable to noncontrolling interests | -33 | -38 | |||
Net income attributable to common stockholders/unitholders | $6,909 | $5,396 | |||
Denominator: | |||||
Weighted average number of shares/units outstanding — basic | 126,330 | 120,170 | [2] | ||
Dilutive units | 0 | 0 | [2] | ||
Weighted average number of shares/units outstanding — diluted | 126,330 | 120,170 | [2] | ||
Earnings per common unit - basic: | |||||
Net income attributable to common unitholders (usd per share) | $0.05 | $0.04 | [2] | ||
Earnings per common unit - diluted: | |||||
Net income attributable to common unitholders (usd per share) | $0.05 | $0.04 | [2] | ||
Reverse stock split conversion ratio | 0.5 | ||||
[1] | Includes amounts attributable to redeemable noncontrolling interests. | ||||
[2] | For the three months ended March 31, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 stock split effected December 15, 2014. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | $13,238 | $8,235 |
Income taxes paid | 99 | 58 |
Investing Activities: | ||
Accrued capital expenditures | 1,464 | 2,272 |
Financing Activities: | ||
Dividend distributions declared, but not paid | $36,309 | $34,148 |