Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35568 | ||
Entity Registrant Name | HEALTHCARE REALTY TRUST INCORPORATED | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-4738467 | ||
Entity Address, Address Line One | 3310 West End Avenue | ||
Entity Address, Address Line Two | Suite 700 | ||
Entity Address, City or Town | Nashville | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37203 | ||
City Area Code | 615 | ||
Local Phone Number | 269-8175 | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | ||
Trading Symbol | HR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,130,838,614 | ||
Entity Common Stock, Shares Outstanding | 381,180,874 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement relating to the Annual Meeting of Stockholders to be held on May 21, 2024, are incorporated by reference into Part III of this Report . | ||
Entity Central Index Key | 0001360604 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | BDO USA, P.C. |
Auditor Location | Nashville, TN |
Auditor Firm ID | 243 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate properties | ||
Land | $ 1,343,265 | $ 1,439,798 |
Buildings and improvements | 10,881,373 | 11,332,037 |
Lease intangibles | 836,302 | 959,998 |
Personal property | 12,718 | 11,907 |
Investment in financing receivables, net | 122,602 | 120,236 |
Financing lease right-of-use assets | 82,209 | 83,824 |
Construction in progress | 60,727 | 35,560 |
Land held for development | 59,871 | 74,265 |
Total real estate investments | 13,399,067 | 14,057,625 |
Less accumulated depreciation | (2,226,853) | (1,645,271) |
Total real estate investments, net | 11,172,214 | 12,412,354 |
Cash and cash equivalents | 25,699 | 60,961 |
Assets held for sale, net | 8,834 | 18,893 |
Operating lease right-of-use assets | 275,975 | 336,983 |
Investments in unconsolidated joint ventures | 311,511 | 327,248 |
Goodwill | 250,530 | 223,202 |
Other assets, net | 592,368 | 469,990 |
Total assets | 12,637,131 | 13,849,631 |
Liabilities | ||
Notes and bonds payable | 4,994,859 | 5,351,827 |
Accounts payable and accrued liabilities | 211,994 | 244,033 |
Liabilities of properties held for sale | 295 | 437 |
Operating lease liabilities | 229,714 | 279,895 |
Financing lease liabilities | 74,503 | 72,939 |
Other liabilities | 202,984 | 218,668 |
Total liabilities | 5,714,349 | 6,167,799 |
Commitments and contingencies (See Footnote 15) | ||
Redeemable non-controlling interests | 3,868 | 2,014 |
Stockholders' equity | ||
Preferred stock, $0.01 par value; 200,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,000,000 shares authorized; 380,964 and 380,590 shares issued and outstanding at December 31, 2023 and 2022, respectively. | 3,810 | 3,806 |
Additional paid-in capital | 9,602,592 | 9,587,637 |
Accumulated other comprehensive (loss) income | (10,741) | 2,140 |
Cumulative net income attributable to common stockholders | 1,028,794 | 1,307,055 |
Cumulative dividends | (3,801,793) | (3,329,562) |
Total stockholders’ equity | 6,822,662 | 7,571,076 |
Non-controlling interest | 96,252 | 108,742 |
Total equity | 6,918,914 | 7,679,818 |
Total liabilities, redeemable non-controlling interests, and stockholders' equity | $ 12,637,131 | $ 13,849,631 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 380,964,000 | 380,590,000 |
Common stock, outstanding (in shares) | 380,964,000 | 380,590,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Rental income | $ 1,309,184 | $ 907,451 | $ 520,334 |
Interest income | 17,134 | 11,480 | 4,192 |
Other operating | 17,451 | 13,706 | 10,291 |
Total Revenue | 1,343,769 | 932,637 | 534,817 |
Expenses | |||
Property operating | 500,437 | 344,038 | 212,273 |
General and administrative | 58,405 | 52,734 | 34,152 |
Acquisition and pursuit costs | 2,026 | 3,229 | 3,930 |
Merger-related costs | (1,952) | 103,380 | 0 |
Depreciation and amortization | 730,709 | 453,082 | 202,714 |
Total expenses | 1,289,625 | 956,463 | 453,069 |
Other income (expense) | |||
Gain on sales of real estate properties | 77,546 | 270,271 | 55,940 |
Interest expense | (258,584) | (146,691) | (53,124) |
Gain (loss) on extinguishment of debt | 62 | (2,401) | 0 |
Impairment of real estate properties and credit loss reserves | (154,912) | (54,427) | (17,101) |
Equity loss from unconsolidated joint ventures | (1,682) | (687) | (795) |
Interest and other income (expense), net | 1,343 | (1,546) | (9) |
Total other income (expense) | (336,227) | 64,519 | (15,089) |
Net (loss) income | (282,083) | 40,693 | 66,659 |
Net loss attributable to non-controlling interests | 3,822 | 204 | 0 |
Net (loss) income attributable to common stockholders | $ (278,261) | $ 40,897 | $ 66,659 |
Basic and diluted earnings per share: | |||
Basic earnings per common share (in dollars per share) | $ (0.74) | $ 0.15 | $ 0.45 |
Diluted earnings per common share (in dollars per share) | $ (0.74) | $ 0.15 | $ 0.45 |
Weighted average number of shares outstanding, basic and diluted: | |||
Weighted average common shares outstanding - basic (in shares) | 378,927,871 | 252,356,203 | 142,637,166 |
Weighted average common shares outstanding - diluted (in shares) | 378,927,871 | 253,873,321 | 142,710,228 |
Revenue, Product and Service [Extensible List] | Service [Member] | Service [Member] | Service [Member] |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (282,083) | $ 40,693 | $ 66,659 |
Interest rate swaps | |||
Reclassification adjustment for (gains) losses included in net income (interest expense) | (14,488) | 1,527 | 4,472 |
Gains arising during the period on interest rate swaps | 1,463 | 10,630 | 3,379 |
Net current-period other comprehensive (loss) income | (13,025) | 12,157 | 7,851 |
Comprehensive (loss) income | (295,108) | 52,850 | 74,510 |
Less: Comprehensive loss attributable to non-controlling interests | 3,966 | 168 | 0 |
Comprehensive (loss) income attributable to common stockholders | $ (291,142) | $ 53,018 | $ 74,510 |
Consolidated Statements of Equi
Consolidated Statements of Equity and Redeemable Non-Controlling Interests - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Cumulative Net Income | Cumulative Dividends | Total Stockholders’ Equity | Non- controlling Interests |
Beginning Balance at Dec. 31, 2020 | $ 1,948,376 | $ 0 | $ 1,395 | $ 3,635,341 | $ (17,832) | $ 1,199,499 | $ (2,870,027) | $ 1,948,376 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of costs | 331,042 | 109 | 330,933 | 331,042 | |||||
Common stock redemption | (4,085) | (1) | (4,084) | (4,085) | |||||
Share-based compensation | 10,729 | 2 | 10,727 | 10,729 | |||||
Net (loss) income | 66,659 | 66,659 | 66,659 | ||||||
Loss on interest rate swaps and treasury locks | 7,851 | 7,851 | 7,851 | ||||||
Reclassification adjustments for losses (gains) included in net income (interest expense) | 4,472 | ||||||||
Gains (losses) arising during the period on interest rate swaps and treasury locks | 3,379 | ||||||||
Dividends to common stockholders | (175,456) | (175,456) | (175,456) | ||||||
Ending Balance at Dec. 31, 2021 | 2,185,116 | 0 | 1,505 | 3,972,917 | (9,981) | 1,266,158 | (3,045,483) | 2,185,116 | $ 0 |
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2020 | 0 | ||||||||
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2021 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of costs | 22,907 | 6 | 22,901 | 22,907 | |||||
Merger consideration transferred | 5,687,165 | 2,289 | 5,574,174 | 5,576,463 | 110,702 | ||||
Common stock redemption | (2,792) | (1) | (2,791) | (2,792) | |||||
Share-based compensation | 20,346 | 7 | 20,339 | 20,346 | |||||
Redemption of non-controlling interest | 0 | 97 | 97 | (97) | |||||
Net (loss) income | 40,693 | 40,897 | 40,897 | (204) | |||||
Loss on interest rate swaps and treasury locks | 12,157 | ||||||||
Reclassification adjustments for losses (gains) included in net income (interest expense) | 1,527 | 1,531 | 1,531 | (4) | |||||
Gains (losses) arising during the period on interest rate swaps and treasury locks | 10,630 | 10,590 | 10,590 | 40 | |||||
Dividends to common stockholders | (285,774) | (284,079) | (284,079) | (1,695) | |||||
Ending Balance at Dec. 31, 2022 | 7,679,818 | 0 | 3,806 | 9,587,637 | 2,140 | 1,307,055 | (3,329,562) | 7,571,076 | 108,742 |
Redeemable Non-controlling Interests | |||||||||
Contributions from redeemable non-controlling interests | 2,014 | ||||||||
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2022 | 2,014 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of costs | 130 | 130 | 130 | ||||||
Common stock redemption | (2,235) | (1) | (2,234) | (2,235) | |||||
Conversion of OP Units to common stock | 0 | 2 | 2,774 | 2,776 | (2,776) | ||||
Share-based compensation | 14,288 | 3 | 14,285 | 14,288 | |||||
Net (loss) income | (282,083) | (278,261) | (278,261) | (3,822) | |||||
Loss on interest rate swaps and treasury locks | (13,025) | ||||||||
Reclassification adjustments for losses (gains) included in net income (interest expense) | (14,488) | (14,315) | (14,315) | (173) | |||||
Gains (losses) arising during the period on interest rate swaps and treasury locks | 1,463 | 1,434 | 1,434 | 29 | |||||
Dividends to common stockholders | (477,979) | (472,231) | (472,231) | (5,748) | |||||
Ending Balance at Dec. 31, 2023 | 6,918,914 | $ 0 | $ 3,810 | $ 9,602,592 | $ (10,741) | $ 1,028,794 | $ (3,801,793) | $ 6,822,662 | $ 96,252 |
Redeemable Non-controlling Interests | |||||||||
Contributions from redeemable non-controlling interests | 1,889 | ||||||||
Adjustments to redemption value of redeemable non-controlling interests | (35) | ||||||||
Redeemable Non-controlling Interests, ending balance at Dec. 31, 2023 | $ 3,868 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity and Redeemable Non-Controlling Interests (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends to common stockholders (in dollars per share) | $ 1.24 | $ 1.24 | $ 1.21 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (282,083) | $ 40,693 | $ 66,659 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 730,709 | 453,082 | 202,714 |
Other amortization | 45,181 | 24,695 | 3,793 |
Share-based compensation | 14,288 | 20,346 | 10,729 |
Amortization of straight-line rent receivable (lessor) | (38,676) | (23,498) | (5,801) |
Amortization of straight-line rent on operating leases (lessee) | 6,084 | 3,374 | 1,498 |
Gain on sales of real estate properties | (77,546) | (270,271) | (55,940) |
(Gain) loss on extinguishment of debt | (62) | 2,401 | 0 |
Impairment of real estate properties and credit loss reserves | 154,912 | 54,427 | 17,101 |
Equity loss from unconsolidated joint ventures | 1,682 | 687 | 795 |
Distributions from unconsolidated joint ventures | 17,880 | 1,881 | 0 |
Non-cash interest from financing and real estate notes receivable | (1,654) | (2,257) | (391) |
Changes in operating assets and liabilities: | |||
Other assets, including right-of-use-assets | (55,946) | (26,098) | (11,436) |
Accounts payable and accrued liabilities | (18,775) | 24,191 | (839) |
Other liabilities | 3,826 | (30,906) | 3,747 |
Net cash provided by operating activities | 499,820 | 272,747 | 232,629 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate | (49,171) | (402,529) | (365,943) |
Development of real estate | (41,058) | (37,862) | (4,029) |
Additional long-lived assets | (231,026) | (163,544) | (100,689) |
Funding of mortgages and notes receivable | (26,803) | (23,325) | 0 |
Investments in unconsolidated joint ventures | (3,824) | (99,967) | (89,600) |
Investment in financing receivable | (1,801) | (1,002) | (186,433) |
Proceeds from sales of real estate properties and additional long-lived assets | 701,434 | 1,201,068 | 184,221 |
Contributions from redeemable non-controlling interests | 1,389 | 0 | 0 |
Proceeds from notes receivable repayments | 0 | 1,688 | 0 |
Cash assumed in Merger, including restricted cash for special dividend payment | 0 | 1,159,837 | |
Net cash provided by (used in) investing activities | 349,140 | 1,634,364 | (562,473) |
FINANCING ACTIVITIES | |||
Net (repayments) borrowing on unsecured credit facility | (385,000) | 40,000 | 210,000 |
Borrowings on term loans | 0 | 666,500 | 0 |
Repayment on term loan | 0 | (1,141,500) | 0 |
Repayments of notes and bonds payable | (19,143) | (20,042) | (24,557) |
Redemption of notes and bonds payable | 0 | (2,184) | 0 |
Dividends paid | (472,242) | (283,713) | (175,456) |
Special dividend paid in relation to the Merger | 0 | (1,123,648) | 0 |
Net proceeds from issuance of common stock | 130 | 22,902 | 331,119 |
Common stock redemptions | (2,298) | (3,192) | (3,803) |
Distributions to non-controlling interest of limited partners | (5,123) | (1,695) | 0 |
Debt issuance and assumption costs | (529) | (12,753) | (405) |
Payments made on finance leases | (17) | 0 | (9,182) |
Net cash (used in) provided by financing activities | (884,222) | (1,859,325) | 327,716 |
(Decrease) increase in cash and cash equivalents | (35,262) | 47,786 | (2,128) |
Cash and cash equivalents cash at beginning of period | 60,961 | 13,175 | 15,303 |
Cash and cash equivalents at end of period | 25,699 | 60,961 | 13,175 |
Supplemental Cash Flow Information | |||
Interest paid | 216,033 | 112,692 | 49,443 |
Mortgage notes payable assumed in connection with acquisition of real estate, net | 5,284 | 0 | 11,790 |
Invoices accrued for construction, tenant improvements and other capitalized costs | 31,469 | 48,292 | 17,655 |
Capitalized interest | 2,961 | 1,410 | 221 |
Mortgage note receivables taken in connection with sale of real estate | 51,000 | 0 | 0 |
Real estate notes receivable assumed in Merger (adjusted to fair value) | 0 | 74,819 | 0 |
Unsecured credit facility and term loans assumed in Merger (adjusted to fair value) | 0 | 1,758,650 | 0 |
Senior notes assumed in Merger (adjusted to fair value) | 0 | 2,232,650 | 0 |
Consideration transferred in relation to the Merger | $ 0 | $ 5,576,463 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business Overview Healthcare Realty Trust Incorporated is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States of America. Except as otherwise provided in the Notes to the Company’s Consolidated Financial Statements, references herein to the "Company" mean Healthcare Realty Trust Incorporated and its consolidated subsidiaries, including Healthcare Realty Holdings, L.P. (formerly known as Healthcare Trust of America Holdings, LP) (the "OP"), after giving effect to the Merger discussed in more detail in Note 2 below. As of December 31, 2023, the Company had gross investments of approximately $13.4 billion in 655 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development, corporate property and excluding held for sale assets. The Company’s real estate properties are located in 35 states and total approximately 38.5 million square feet. In addition, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. See Note 5 below for more details regarding the Company's joint ventures. Square footage and property count disclosures in these Notes to the Company's Consolidated Financial Statements are unaudited. Principles of Consolidation The Company’s Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). ASC Topic 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary, with any minority interests reflected as non-controlling interests or redeemable non-controlling interests in the accompanying Consolidated Financial Statements. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk, the disposition of all or a portion of an interest held by the primary beneficiary, or changes in facts and circumstances that impact the power to direct activities of the VIE that most significantly impacts economic performance. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. The OP is 98.8% owned by the Company. Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of December 31, 2023, there were approximately 4.5 million , or 1.2%, of OP Units issued and outstanding held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates its interests in the OP. As of December 31, 2023, the Company had four consolidated VIEs in addition to the OP, consisting of joint venture investments in which the Company is the primary beneficiary of the VIE based on the combination of operational control and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate: (dollars in thousands) DECEMBER 31, 2023 Assets: Net real estate investments $ 85,752 Cash and cash equivalents 2,144 Receivables and other assets 2,704 Total assets $ 90,600 Liabilities: Accrued expenses and other liabilities $ 17,835 Total equity 72,765 Total liabilities and equity $ 90,600 As of December 31, 2023, the Company had three unconsolidated VIEs consisting of two notes receivables and one joint venture. It was determined that the Company was not the primary beneficiary of the unconsolidated VIEs because the Company does not have the power or economics to direct the activities of the VIEs on a stand-alone basis. Therefore, the Company accounts for the two notes receivables as amortized cost and a joint venture arrangement under the equity method. See below for additional information regarding the Company's unconsolidated VIEs: (dollars in thousands) ORIGINATION DATE LOCATION SOURCE CARRYING AMOUNT MAXIMUM EXPOSURE TO LOSS 2021 Houston, TX 1 Note receivable $ 31,150 $ 31,150 2021 Charlotte, NC 1 Note receivable 5,796 6,000 2022 Texas 2 Equity method 61,801 61,801 1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties. As of December 31, 2023, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. See Note 5 for more details regarding the Company's unconsolidated joint ventures. Use of Estimates in the Consolidated Financial Statements Preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates and assumptions. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, collectability of tenant receivables, and fair value measurements, as applicable. Segment Reporting The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare-related properties. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. Real Estate Properties Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under ASC Topic 805, Business Combinations . Cost or fair value at the time of acquisition is allocated among land, buildings, tenant improvements, lease and other intangibles, and personal property as applicable. During 2023 and 2022, the Company eliminated against accumulated depreciation approximately $51.7 million and $19.6 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. During 2022, approximately $4.1 million of fully depreciated tenant and capital improvements that were no longer in service were eliminated against accumulated depreciation. Depreciation expense of real estate properties for the three years ended December 31, 2023, 2022 and 2021 was $518.6 million, $320.8 million and $170.0 million, respectively. Depreciation and amortization of real estate assets in place as of December 31, 2023, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 2.0 to 39.0 years Buildings and improvements 3.3 to 49.0 years Lease intangibles (including ground lease intangibles) 1.0 to 99.0 years Personal property 3.0 to 20.0 years The Company capitalizes direct costs, including costs such as construction costs and professional services, and indirect costs, including capitalized interest and overhead costs, associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. Capitalized interest cost is calculated using the weighted average interest rate of the Company's unsecured debt or the interest rate on project specific debt, if applicable. The Company continues to capitalize interest on the unoccupied portion of the properties in stabilization for up to one year after the buildings have been placed into service, at which time the capitalization of interest must cease. Asset Impairment The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its tenants. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualty losses, such as tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. Acquisitions of Real Estate Properties with In-Place Leases The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if-vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. The Company considers whether any of the in-place lease rental rates are above- or below-market. An asset (if the actual rental rate is above-market) or a liability (if the actual rental rate is below-market) is calculated and recorded in an amount equal to the present value of the future cash flows that represent the difference between the actual lease rate and the estimated market rate. If an in-place lease is identified as a below-market rental rate, the Company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods. The values related to above- or below-market in-place lease intangibles are amortized over the remaining term of the leases upon acquisition to rental income where the Company is the lessor and to property operating expense where the Company is the lessee. The Company also estimates an absorption period, which can vary by property, assuming the building is vacant and must be leased up to the actual level of occupancy when acquired. During that absorption period, the owner would incur direct costs, such as tenant improvements, and would suffer lost rental income. Likewise, the owner would have acquired a measurable asset in that, assuming the building was vacant, certain fixed costs would be avoided because the actual in-place lessees would reimburse a certain portion of fixed costs through expense reimbursements during the absorption period. These assets (above- or below-market lease, tenant improvement, leasing costs avoided, rental income lost, and expenses recovered through in-place lessee reimbursements) are estimated and recorded in amounts equal to the present value of estimated future cash flows. The actual purchase price is allocated based on the various relative asset fair values described above. The building and tenant improvement components of the purchase price are depreciated over the estimated useful life of the building or the weighted average remaining term of the in-place leases. The at-market, in-place lease intangibles are amortized to depreciation and amortization expense over the weighted average remaining term of the leases, and customer relationship assets are amortized to depreciation amortization expense over terms applicable to each acquisition. Any goodwill recorded through a business combination would be reviewed for impairment at least annually and is not amortized. See Note 9 for more details on the Company’s intangible assets. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. A hierarchy of valuation techniques is defined to determine whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1 – quoted prices for identical instruments in active markets; • Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Executed purchase and sale agreements, which are binding agreements, are categorized as level one inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level three as they are nonbinding in nature. Fair Value of Derivative Financial Instruments Derivative financial instruments are recorded at fair value on the Company's Consolidated Balance Sheets as other assets or other liabilities. The valuation of derivative instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. Fair values of derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of the Company's forward starting interest rate swap contracts are estimated by pricing models that consider foreign trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. For derivatives designated in qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive income (loss). Gains and losses are reclassified from accumulated other comprehensive income (loss) into earnings once the underlying hedged transaction is recognized in earnings. As of December 31, 2023 and 2022, the Company had $10.7 million recorded in accumulated other comprehensive loss and $2.1 million recorded in accumulated other comprehensive (loss) income, respectively, related to forward starting interest rate swaps entered into and settled during 2015 and 2020 and a hedge of the Company's variable rate debt. See Note 11 for additional information. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company did not have any restricted cash for the years ended December 31, 2023 or 2022. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. Identifiable intangible assets of the Company are comprised of enterprise goodwill, in-place lease intangible assets, customer relationship intangible assets, and debt issuance costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Debt issuance costs are amortized over the term of the debt instrument on the effective interest method or the straight-line method when the effective interest method is not applicable. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. The Company's goodwill asset increased $27.3 million to $250.5 million in 2023 compared to $223.2 million in 2022, as a result of the final purchase price allocation adjustments related to the Merger. The 2023 impairment evaluation indicated that no impairment had occurred with respect to the Company's goodwill asset. See Note 9 for more detail on the Company’s intangible assets. Contingent Liabilities From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. Share-Based Compensation The Company has various employee and director share-based awards outstanding. These awards include non-vested common stock or other stock-based awards, including units in the OP, pursuant to the Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 ("the Incentive Plan"). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the requisite service period based on the fair value of the award on the measurement date. The Company recognizes the impact of forfeitures as they occur. See Note 13 for details on the Company’s share-based awards. Accumulated Other Comprehensive (Loss) Income Certain items must be included in comprehensive (loss) income, including items such as foreign currency translation adjustments, minimum pension liability adjustments, changes in the fair value of derivative instruments and unrealized gains or losses on available-for-sale securities. As of December 31, 2023, the Company’s accumulated other comprehensive (loss) income consists of the loss for changes in the fair value of active derivatives designated as cash flow hedges and the loss on the unamortized settlement of forward starting swaps and treasury hedges. See Note 11 for more details on the Company's derivative financial instruments. Revenue from Contracts with Customers (Topic 606) The Company recognizes certain revenue under the core principle of Topic 606. This requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance. Revenue that is accounted for under Topic 606 is segregated on the Company’s Consolidated Statements of Operations in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income. Below is a detail of the amounts by category: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Type of Revenue Parking income $ 9,903 $ 8,513 $ 7,859 Management fee income/other 1 7,548 5,193 2,432 $ 17,451 $ 13,706 $ 10,291 1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement. The Company’s two major types of revenue that are accounted for under Topic 606 are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time and the Company recognizes revenue monthly based on this principle. In most cases, the revenue is due and payable on a monthly basis. The Company had a receivable balance of $1.9 million and $1.5 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management fee income includes property management services provided to third parties and certain of the properties in the Company's unconsolidated joint ventures and is generally calculated, accrued and billed monthly based on a percentage of cash collections of tenant receivables for the month or a stated amount per square foot. Management fee income also includes amounts paid to the Company for its asset management services for certain of its unconsolidated joint ventures. Internal management fee income, where the Company manages its owned properties, is eliminated in consolidation. Rental Income Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. For lessors, the standard requires a lessor to classify leases as either sales-type, direct-financing or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Nonlease components, such as common area maintenance, are generally accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. The combined component is accounted for under Accounting Standards Codification, Topic 842. The components of rental income are as follows: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Property operating income $ 1,270,508 $ 883,953 $ 514,533 Straight-line rent 38,676 23,498 5,801 Rental income $ 1,309,184 $ 907,451 $ 520,334 Federal Income Taxes The Company believes it has qualified to be taxed as a REIT and intends at all times to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. As a REIT, the Company is generally not subject to federal income tax on net income it distributes to its stockholders, but may be subject to certain state and local taxes and fees. See Note 16 for further discussion. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes on its taxable income and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which the qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could have a material adverse effect on its business, financial condition, results of operations and net cash available for dividend distributions to its stockholders. The Company conducts substantially all of its operations through the OP. As a partnership, the OP generally is not liable for federal income taxes. The income and loss from the operations of the OP is included in the tax returns of its partners, including the Company, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income tax has been made in the accompanying consolidated financial statements. The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2023. Federal tax returns for the years 2020, 2021, 2022 and 2023 are currently subject to examination by taxing authorities. State Income Taxes The Company must pay certain state income taxes and the provisions for such taxes are generally included in general and administrative expenses on the Company’s Consolidated Statements of Operations. See Note 16 for further discussion. Sales and Use Taxes The Company must pay sales and use taxes to certain state tax authorities based on rents collected from tenants in properties located in those states. The Company is generally reimbursed for these taxes by the tenant. The Company accounts for the payments to the taxing authority and subsequent reimbursement from the tenant on a net basis in rental income in the Company’s Consolidated Statements of Operations. Assets Held for Sale Long-lived assets held for sale are reported at the lower of their carrying amount or their fair value less estimated cost to sell. Further, depreciation of these assets ceases at the time the assets are classified as held for sale. Losses resulting from the sale of such properties are characterized as impairment losses in the Consolidated Statements of Operations. See Note 6 for more detail on assets held for sale. Earnings per Share The Company uses the two-class method of computing net earnings per common share. Earnings per common share is calculated by considering share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents as participating securities. Undistributed earnings (excess net income over dividend payments) are allocated on a pro rata basis to common shareholders and restricted shareholders. Undistributed losses (dividends in excess of net income) do not get allocated to restricted stockholders as they do not have the contractual obligation to share in losses. The amount of undistributed losses that applies to the restricted stockholders is allocated to the common stockholders. Basic earnings per common share is calculated using weighted average shares outstanding less issued and outstanding non-vested shares of common stock. Diluted earnings per common share is calculated using weighted average shares outstanding plus the dilutive effect of the outstanding stock options from the Legacy HR Employee Stock Purchase Plan using the treasury stock method and the average stock price during the period. Additionally, net income (loss) allocated to OP units has been included in the numerator and common stock related to redeemable OP units have been included in the denominator for the purpose of computing diluted earnings per share. See Note 14 for the calculations of earnings per share. Redeemable Non-Controlling Interests The Company accounts for redeemable equity securities in accordance with Accounting Standards Update ("ASU") 2009-04 Liabilities (Topic 480): Accounting for Redeemable Equity Instruments, which requires that equity securities contingently redeemable at the option of the holder, not solely within our control, be classified outside permanent stockholders’ equity. The Company classifies redeemable equity securities as redeemable non-controlling interests in the accompanying Consolidated Balance Sheet. Accordingly, the Company records the carrying amount at the greater of the initial carrying amount (increased or decreased for the non-controlling interest’s share of net income or loss and distributions) or the redemption value. We measure the redemption value and record an adjustment to the carrying value of the equity securities as a component of redeemable non-controlling interest. As of December 31, 2023, the Company had redeemable non-controlling interests of $3.9 million. Investments in Leases - Financing Receivables, Net In accordance with ASC Topic 842: Leases, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale-leaseback transaction), control of the asset is not considered to have tran |
Merger with HTA
Merger with HTA | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Merger with HTA | Merger with HTA On July 20, 2022 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated as of February 28, 2022 (the “Merger Agreement”), by and among Healthcare Realty Trust Incorporated (now known as HRTI, LLC,) (“Legacy HR”), Healthcare Trust of America, Inc. (now known as Healthcare Realty Trust Incorporated) (“Legacy HTA”), the OP, and HR Acquisition 2, LLC (“Merger Sub”), Merger Sub merged with and into Legacy HR, with Legacy HR continuing as the surviving entity and a wholly-owned subsidiary of Legacy HTA (the “Merger”). On the Closing Date, each outstanding share of Legacy HR common stock, $0.01 par value per share (the “Legacy HR Common Stock”), was cancelled and converted into the right to receive one share of Legacy HTA class A common stock at a fixed ratio of 1.00 to 1.00. Per the terms of the Merger Agreement, Legacy HTA declared a special dividend of $4.82 (the “Special Dividend”) for each outstanding share of Legacy HTA class A common stock, $0.01 par value per share ( the “Legacy HTA Common Stock”), and the OP declared a corresponding distribution to the holders of its partnership units, payable to Legacy HTA stockholders and OP unitholders of record on July 19, 2022. Immediately following the Merger, Legacy HR converted to a Maryland limited liability company and changed its name to HRTI, LLC and Legacy HTA changed its name to “Healthcare Realty Trust Incorporated”. In addition, the equity interests of Legacy HR were contributed by Legacy HTA by means of a contribution and assignment agreement to the OP, and Legacy HR became a wholly-owned subsidiary of the OP. The Company operates under the name “Healthcare Realty Trust Incorporated” and its shares of class A common stock, $0.01 par value per share, trade on the New York Stock Exchange under the ticker symbol “HR”. For accounting purposes, the Merger was treated as a “reverse acquisition” in which Legacy HTA was considered the legal acquirer and Legacy HR was considered the accounting acquirer based on various factors, including, but not limited to: (i) the composition of the board of directors of the combined company following the Merger, (ii) the composition of senior management of the combined company following the Merger, and (iii) the premium transferred to the Legacy HTA stockholders. As a result, the historical financial statements of the accounting acquirer, Legacy HR, became the historical financial statements of the Company. The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires, among other things, the assets acquired and the liabilities assumed and non-controlling interests, if any, to be recognized at their acquisition date fair value. The implied consideration transferred on the Closing Date is as follows: Dollars in thousands, except for per share data Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (a) 228,520,990 Exchange ratio 1.00 Implied shares of Legacy HR Common Stock issued 228,520,990 Adjusted closing price of Legacy HR Common Stock on July 20, 2022 (b) $ 24.37 Value of implied Legacy HR Common Stock issued $ 5,569,057 Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services (c) 7,406 Consideration transferred $ 5,576,463 (a) The number of shares of Legacy HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 Legacy HTA fractional shares that were cancelled in lieu of cash and less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 share of Legacy HR Common Stock per share of Legacy HTA Common Stock. (b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022. (c) Represents the fair value of Legacy HTA restricted shares which fully vested prior to the closing of the Merger or became fully vested as a result of the closing of the Merger and which are attributable to pre-combination services. Final Purchase Price Allocation The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date: Dollars in thousands PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS AMOUNTS RECOGNIZED ON THE CLOSING DATE ASSETS Real estate investments Land $ 985,926 $ 18,359 $ 1,004,285 Buildings and improvements 6,960,418 (119,135) 6,841,283 Lease intangible assets (a) 831,920 1,839 833,759 Financing lease right-of-use assets 9,874 3,146 13,020 Construction in progress 10,071 (6,744) 3,327 Land held for development 46,538 — 46,538 Total real estate investments $ 8,844,747 $ (102,535) $ 8,742,212 Assets held for sale, net 707,442 (7,946) 699,496 Investments in unconsolidated joint ventures 67,892 — 67,892 Cash and cash equivalents 26,034 11,403 37,437 Restricted cash 1,123,647 (1,247) 1,122,400 Operating lease right-of-use assets 198,261 16,370 214,631 Other assets, net (b) (c) 209,163 (3,840) 205,323 Total assets acquired $ 11,177,186 $ (87,795) $ 11,089,391 LIABILITIES Notes and bonds payable $ 3,991,300 $ — $ 3,991,300 Accounts payable and accrued liabilities 1,227,570 17,374 1,244,944 Liabilities of assets held for sale 28,677 (3,939) 24,738 Operating lease liabilities 173,948 10,173 184,121 Financing lease liabilities 10,720 (855) 9,865 Other liabilities 203,210 (8,909) 194,301 Total liabilities assumed $ 5,635,425 $ 13,844 $ 5,649,269 Net identifiable assets acquired $ 5,541,761 $ (101,639) $ 5,440,122 Non-controlling interest $ 110,702 $ — $ 110,702 Goodwill $ 145,404 $ 101,639 $ 247,043 (a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years. (b) Includes $15.9 million of contractual accounts receivable, which approximates fair value. (c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date. The cumulative measurement period adjustments recorded through June 30, 2023 are final and primarily resulted from updated valuations related to the Company’s real estate assets and liabilities and additional information obtained by the Company related to the properties acquired in the Merger and their respective tenants, and resulted in an increase to goodwill of $101.6 million. Based on the final purchase price allocation of fair value, approximately $247.0 million has been allocated to goodwill. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. The recognized goodwill is attributable to expected synergies and benefits arising from the Merger, including anticipated general and administrative cost savings and potential economies of scale benefits in both tenant and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes. Merger-related Costs The Company incurred Merger-related costs of $(2.0) million and $103.4 million, respectively, for the years ended December 31, 2023 and 2022, which were included within Merger-related costs in results of operations. The Merger-related costs primarily consisted of legal, consulting, severance, and banking services and for the year ended December 31, 2023, including a refund of $17.8 million for transfer taxes paid during the year ended December 31, 2022. |
Property Investments
Property Investments | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investment Property, Net [Abstract] | |
Property Investments | Property Investments The Company invests in healthcare-related properties located throughout the United States. The Company provides management, leasing, development and redevelopment services, and capital for the construction of new facilities as well as for the acquisition of existing properties. The following table summarizes the Company’s consolidated investments at December 31, 2023. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS AND IMPROVEMENTS LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Dallas, TX 43 $ 90,168 $ 1,004,810 $ 68,139 $ 550 $ 1,163,667 $ (221,375) Houston, TX 31 76,959 614,531 60,651 57 752,198 (97,793) Seattle, WA 29 64,295 631,438 9,921 715 706,369 (186,903) Denver, CO 33 76,698 501,994 43,268 610 622,570 (94,906) Charlotte, NC 32 35,465 463,461 26,971 110 526,007 (116,578) Phoenix, AZ 35 20,262 437,804 36,384 425 494,875 (59,449) Atlanta, GA 27 49,095 417,112 28,204 100 494,511 (79,569) Boston, MA 17 127,447 299,742 41,183 14 468,386 (37,569) Raleigh, NC 28 56,620 371,932 36,411 9 464,972 (38,879) Nashville, TN 13 43,347 397,192 10,206 7,427 458,172 (115,979) Los Angeles, CA 20 72,086 360,330 16,481 453 449,350 (145,875) Miami, FL 19 53,994 326,343 35,014 178 415,529 (74,470) Tampa, FL 19 31,121 351,879 27,438 33 410,471 (36,726) Indianapolis, IN 36 54,899 285,806 32,780 13 373,498 (42,273) Austin, TX 13 27,063 274,229 18,568 142 320,002 (55,891) New York, NY 14 64,402 170,304 26,430 — 261,136 (15,887) Chicago, IL 6 13,804 216,473 13,011 81 243,369 (39,671) Memphis, TN 11 13,901 189,941 4,211 322 208,375 (71,813) Honolulu, HI 6 9,527 188,772 6,319 169 204,787 (61,575) Hartford, CT 30 29,381 138,713 21,848 — 189,942 (15,883) Other (49 markets) 193 332,731 3,238,567 272,864 1,310 3,845,472 (617,789) 655 1,343,265 10,881,373 836,302 12,718 13,073,658 (2,226,853) Investment in financing receivables, net — — — — 122,602 — Financing lease right-of-use assets — — — — — 82,209 — Construction in progress — — — — — 60,727 — Land held for development — — — — — 59,871 — Total real estate investments 655 $ 1,343,265 $ 10,881,373 $ 836,302 $ 12,718 $ 13,399,067 $ (2,226,853) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessor Accounting Under ASC 842 The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2052. Some leases provide tenants with fixed rent renewal terms while others have market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property. The Company's leases typically have escalators that are either based on a stated percentage or an index such as the CPI. In addition, most of the Company's leases include nonlease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the years ended December 31, 2023 and 2022 was $1.3 billion and $907.5 million, respectively. Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2023 were as follows: In thousands 2024 $ 894,442 2025 801,973 2026 701,615 2027 582,028 2028 469,549 2029 and thereafter 1,579,010 $ 5,028,617 Revenue Concentrations The Company’s real estate portfolio is leased to a diverse tenant base. The Company did not have any customers that account for 10% or more of the Company's revenues for the years ended December 31, 2023, 2022 and 2021. Purchase Option Provisions Certain of the Company’s leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property covered by the agreement at fair market value or an amount equal to the Company’s gross investment. The Company expects that the purchase price from its purchase options will be greater than its net investment in the properties at the time of potential exercise by the lessee. The Company had investments of approximately $111.1 million in six real estate properties as of December 31, 2023 that were subject to purchase options that were exercisable. Lessee Accounting Under ASC 842 As of December 31, 2023, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. Contracts evaluated and treated as leases are those that convey the right to control the use of identified assets for a period of time in exchange for consideration. ASC 842 requires the recording of these leases based on the aggregate future cash flows, discounted utilizing the implicit rate in the lease, or, if not readily determinable, based upon the lessee's incremental borrowing rate, to which the Company utilizes market inputs that are both similar to the Company's credit profile and corresponding term of the leases. As of December 31, 2023, the Company had 232 properties totaling 16.9 million square feet that were held under ground leases. Some of the ground leases include fixed rent renewal terms and others have market rent renewal terms. The ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on the CPI. The Company had 75 prepaid ground leases as of December 31, 2023. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $1.3 million, $1.1 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 20,623 $ 12,699 Variable lease expense 8,979 4,529 Finance lease cost Amortization of right-of-use assets 1,564 1,288 Interest on lease liabilities 3,718 2,876 Total lease expense $ 34,884 $ 21,392 Other information Operating cash flows outflows related to operating leases $ 19,222 $ 12,816 Operating cash flows outflows related to financing leases $ 2,122 $ 1,838 Financing cash flows outflows related to financing leases $ 17 $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 53,765 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,758 $ 216,047 Weighted-average remaining lease term (excluding renewal options) - operating leases 45.8 47.5 Weighted-average remaining lease term (excluding renewal options) - finance leases 57.9 58.9 Weighted-average discount rate - operating leases 5.7 % 5.8 % Weighted-average discount rate - finance leases 5.0 % 5.0 % |
Leases | Leases Lessor Accounting Under ASC 842 The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2052. Some leases provide tenants with fixed rent renewal terms while others have market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property. The Company's leases typically have escalators that are either based on a stated percentage or an index such as the CPI. In addition, most of the Company's leases include nonlease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the years ended December 31, 2023 and 2022 was $1.3 billion and $907.5 million, respectively. Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2023 were as follows: In thousands 2024 $ 894,442 2025 801,973 2026 701,615 2027 582,028 2028 469,549 2029 and thereafter 1,579,010 $ 5,028,617 Revenue Concentrations The Company’s real estate portfolio is leased to a diverse tenant base. The Company did not have any customers that account for 10% or more of the Company's revenues for the years ended December 31, 2023, 2022 and 2021. Purchase Option Provisions Certain of the Company’s leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property covered by the agreement at fair market value or an amount equal to the Company’s gross investment. The Company expects that the purchase price from its purchase options will be greater than its net investment in the properties at the time of potential exercise by the lessee. The Company had investments of approximately $111.1 million in six real estate properties as of December 31, 2023 that were subject to purchase options that were exercisable. Lessee Accounting Under ASC 842 As of December 31, 2023, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. Contracts evaluated and treated as leases are those that convey the right to control the use of identified assets for a period of time in exchange for consideration. ASC 842 requires the recording of these leases based on the aggregate future cash flows, discounted utilizing the implicit rate in the lease, or, if not readily determinable, based upon the lessee's incremental borrowing rate, to which the Company utilizes market inputs that are both similar to the Company's credit profile and corresponding term of the leases. As of December 31, 2023, the Company had 232 properties totaling 16.9 million square feet that were held under ground leases. Some of the ground leases include fixed rent renewal terms and others have market rent renewal terms. The ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on the CPI. The Company had 75 prepaid ground leases as of December 31, 2023. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $1.3 million, $1.1 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 20,623 $ 12,699 Variable lease expense 8,979 4,529 Finance lease cost Amortization of right-of-use assets 1,564 1,288 Interest on lease liabilities 3,718 2,876 Total lease expense $ 34,884 $ 21,392 Other information Operating cash flows outflows related to operating leases $ 19,222 $ 12,816 Operating cash flows outflows related to financing leases $ 2,122 $ 1,838 Financing cash flows outflows related to financing leases $ 17 $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 53,765 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,758 $ 216,047 Weighted-average remaining lease term (excluding renewal options) - operating leases 45.8 47.5 Weighted-average remaining lease term (excluding renewal options) - finance leases 57.9 58.9 Weighted-average discount rate - operating leases 5.7 % 5.8 % Weighted-average discount rate - finance leases 5.0 % 5.0 % |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Mortgage Repayments | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions, Dispositions and Mortgage Repayments | Acquisitions, Dispositions and Mortgage Repayments 2023 Acquisition Activity The following table details the Company's real estate acquisition activity for the year ended December 31, 2023: Dollars in thousands DATE ACQUIRED PURCHASE PRICE MORTGAGE NOTES PAYABLE, NET CASH 1 REAL OTHER 2 SQUARE FOOTAGE Tampa, FL 3/10/23 $ 31,500 $ — $ 30,499 $ 30,596 $ (97) 115,867 Colorado Springs, CO 7/28/23 11,450 (5,284) 6,024 11,416 (108) 42,770 Total real estate acquisitions $ 42,950 $ (5,284) $ 36,523 $ 42,012 $ (205) 158,637 1. Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 2. Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. In the second quarter of 2023, the Company entered into a joint venture agreement for the development of a medical office building in Scottsdale, Arizona. The Company holds a 90% interest in the joint venture and determined the arrangement meets the criteria to be consolidated. The joint venture acquired an $8.8 million land parcel to be developed with the Company contributing cash of $8.3 million. In the third quarter of 2023, the Company acquired the fee interest in a parcel of land previously held under a ground lease for $0.8 million and an additional interest in an operating property for $0.6 million. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date: ESTIMATED ESTIMATED Building $ 27.5 17.0 - 30.0 Tenant Improvements 3.4 5.1 - 5.9 Land 5.5 — Land Improvements 1.1 6.0 - 10.0 Intangibles At-market lease intangibles 4.5 5.1 - 5.9 Above-market lease intangibles (lessor) 0.2 1.8 - 4.9 Below-market lease intangibles (lessor) (0.2) 6.4 - 13.9 Mortgage notes payable assumed, including fair value adjustments (5.3) Other assets acquired 0.1 Accounts payable, accrued liabilities and other liabilities assumed (0.3) Total cash paid $ 36.5 Unconsolidated Joint Ventures As of December 31, 2023, the Company had a weighted average ownership interest of approximately 43% in 33 real estate properties held in unconsolidated joint ventures. The Company recognizes distributions from unconsolidated joint ventures utilizing the nature of distribution approach and classifies the distributions based on the nature of the underlying activity that generated the distribution. The distributions from unconsolidated joint ventures for the years ended December 31, 2023 and 2022 were classified as operating activities. The Company's investment in and loss recognized for the years ended December 31, 2023 and 2022 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2023 2022 Investments in unconsolidated joint ventures, beginning of period $ 327.2 $ 161.9 New investments during the period 3.8 167.9 Equity loss recognized during the period (1.7) (0.7) Owner distributions (17.8) (1.9) Investments in unconsolidated joint ventures, end of period $ 311.5 $ 327.2 2022 Acquisitions The following table details the Company's acquisitions, exclusive of the Merger, for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE Dallas, TX 4 MOB 2/11/22 $ 8,175 $ 8,185 $ 8,202 $ (17) 18,000 San Francisco, CA 5 MOB 3/7/22 114,000 112,986 108,687 4,299 166,396 Atlanta, GA MOB 4/7/22 6,912 7,054 7,178 (124) 21,535 Denver, CO MOB 4/13/22 6,320 5,254 5,269 (15) 12,207 Colorado Springs, CO 6 MOB 4/13/22 13,680 13,686 13,701 (15) 25,800 Seattle, WA MOB 4/28/22 8,350 8,334 8,370 (36) 13,256 Houston, TX MOB 4/28/22 36,250 36,299 36,816 (517) 76,781 Los Angeles, CA MOB 4/29/22 35,000 35,242 25,400 9,842 34,282 Oklahoma City, OK MOB 4/29/22 11,100 11,259 11,334 (75) 34,944 Raleigh, NC 5 MOB 5/31/22 27,500 26,710 27,127 (417) 85,113 Tampa, FL 6 MOB 6/9/22 18,650 18,619 18,212 407 55,788 Seattle, WA MOB 8/1/22 4,850 4,806 4,882 (76) 10,593 Raleigh, NC MOB 8/9/22 3,783 3,878 3,932 (54) 11,345 Jacksonville, FL MOB 8/9/22 18,195 18,508 18,583 (75) 34,133 Atlanta, GA MOB 8/10/22 11,800 11,525 12,038 (513) 43,496 Denver, CO MOB 8/11/22 14,800 13,902 13,918 (16) 34,785 Raleigh, NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville, TN MOB 9/15/22 21,000 20,764 20,572 192 61,932 Austin, TX MOB 9/29/22 5,450 5,449 5,572 (123) 15,000 Jacksonville, FL 4 MOB 10/12/22 3,600 3,530 3,609 (79) 6,200 Houston, TX MOB 11/21/22 5,500 5,469 5,513 (44) 28,369 Austin, TX 7 MOB 12/28/22 888 890 889 1 2,219 Denver, CO MOB 12/28/22 16,400 16,170 16,467 (297) 39,692 $ 403,578 $ 399,189 $ 386,818 $ 12,371 863,184 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Represents a single-tenant property. 5 Includes three properties. 6 Includes two properties. 7 The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2022 as of the acquisition date: ESTIMATED ESTIMATED Building $ 250.7 14.0 - 38.0 Tenant Improvements 20.7 1.5 - 13.4 Land 76.1 — Land Improvements 11.2 5.0 - 14.0 Intangibles At-market lease intangibles 28.1 1.5 - 13.4 Above-market lease intangibles (lessor) 15.9 1.3 - 15.6 Below-market lease intangibles (lessor) (2.2) 1.3 - 19.3 Below-market lease intangibles (lessee) 1.2 13.1 Other assets acquired 0.4 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 399.2 Unconsolidated Joint Ventures The following table details the joint venture acquisitions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE San Francisco, CA 4 MOB 3/7/22 $ 67,175 $ 66,789 $ 65,179 $ 1,610 110,865 Los Angeles, CA 5 MOB 3/7/22 33,800 32,384 32,390 (6) 103,259 $ 100,975 $ 99,173 $ 97,569 $ 1,604 214,124 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes three properties. 5 Includes two properties. 2023 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2023: Dollars in thousands Type 1 DATE DISPOSED SALE PRICE CLOSING ADJ COMPANY-FINANCED NOTES NET PROCEEDS NET REAL ESTATE OTHER (INCLUDING RECEIVABLES) 2 GAIN/(IMPAIR-MENT) SQUARE FOOTAGE Tampa/Miami, FL 3 MOB 1/12/23 $ 93,250 $ (5,875) $ — $ 87,375 $ 87,302 $ (888) $ 961 224,037 Dallas, TX 4 MOB 1/30/23 19,210 (141) — 19,069 18,986 43 40 36,691 St. Louis, MO MOB 2/10/23 350 (18) — 332 398 — (66) 6,500 Los Angeles, CA MOB 3/23/23 21,000 (526) — 20,474 20,610 52 (188) 37,165 Los Angeles, CA 5 MOB 3/30/23 75,000 (8,079) (45,000) 21,921 88,624 (803) (20,900) 147,078 Los Angeles, CA 6 LAND 5/12/23 3,300 (334) — 2,966 3,268 — (302) — Albany, NY MOB 6/30/23 10,000 (1,229) — 8,771 2,613 (1,040) 7,198 40,870 Houston, TX MOB 8/2/23 8,320 (285) — 8,035 4,567 194 3,274 57,170 Atlanta, GA MOB 8/22/23 25,140 (66) — 25,074 23,226 (536) 2,386 55,195 Dallas, TX INPATIENT 9/15/23 115,000 (1,504) — 113,496 64,183 6,094 43,219 161,264 Houston, TX MOB 9/18/23 250 (24) — 226 1,998 — (1,772) 52,040 Chicago, IL MOB 9/27/23 59,950 (870) — 59,080 74,710 (380) (15,250) 104,912 Evansville, IN 7 MOB 11/13/23 18,500 (63) — 18,437 17,807 (149) 779 260,520 Houston, TX HOSPITAL 12/1/23 4,100 (6) — 4,094 3,486 — 608 83,223 Charleston, SC 8 OFFICE 12/15/23 6,200 (401) — 5,799 3,415 — 2,384 15,014 Dallas, TX MOB 12/20/23 43,295 (764) — 42,531 33,882 (3,782) 12,431 77,827 Los Angeles, CA OFFICE 12/21/23 19,000 (1,311) — 17,689 17,787 — (98) 104,377 Tucson, AZ 9,10 MOB 12/22/23 43,230 (3,770) (6,000) 33,460 39,786 (26) (300) 215,471 Miami, FL MOB 12/22/23 18,250 (756) — 17,494 17,354 643 (503) 48,000 Sebring, FL MOB 12/27/23 9,500 (81) — 9,419 10,438 (512) (507) 38,949 Boston, MA MOB 12/28/23 117,197 (2,079) — 115,118 107,803 9,828 (2,513) 161,254 Jacksonville/Orlando/Miami, FL 11 SNF 12/29/23 77,000 (8,678) (7,700) 60,622 65,839 (294) 2,777 354,500 Total dispositions $ 787,042 $ (36,860) $ (58,700) $ 691,482 $ 708,082 $ 8,444 $ 33,658 2,282,057 1. MOB = medical outpatient building; SNF = skilled nursing facility. 2. Includes straight-line rent receivables, leasing commissions and lease inducements. 3. Includes two properties sold in two separate transactions to the same buyer on the same date. 4. The Company sold this property to a joint venture in which it retained a 40% interest. Sales price and square footage reflect the total sales price paid by the joint venture and total square footage of the property. 5. The Company entered into a mortgage loan agreement with the buyer for $45.0 million. 6. The Company sold a land parcel totaling 0.34 acres. 7. Includes five properties sold in three separate transactions to the same buyer on the same date. 8. The Company sold a corporate office in Charleston, SC that was 100% occupied by the Company. 9. Includes 12 properties sold in one transaction to the same buyer. 10. The Company entered into a mezzanine loan with the buyer for $6.0 million. 11. Includes three properties sold in one transaction to the same buyer. The Company entered into a separate note receivable for $7.7 million related to this sale. 2022 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Loveland, CO 3, 4 MOB 2/24/22 $ 84,950 $ (45) $ 84,905 $ 40,095 $ 4 $ 44,806 150,291 San Antonio, TX 3 MOB 4/15/22 25,500 (2,272) 23,228 14,381 284 8,563 201,523 GA, FL, PA 5, 11 MOB 7/29/22 133,100 (8,109) 124,991 124,991 — — 316,739 GA, FL, TX 7, 11 MOB 8/4/22 160,917 (5,893) 155,024 151,819 3,205 — 343,545 Los Angeles, CA 5, 9, 11 MOB 8/5/22 134,845 (3,102) 131,743 131,332 411 — 283,780 Dallas, TX 7, 10, 11 MOB 8/30/22 114,290 (682) 113,608 113,608 — — 189,385 Indianapolis, IN 6, 12 MOB 8/31/22 238,845 (5,846) 232,999 84,767 4,324 143,908 506,406 Dallas, TX 3 MOB 10/4/22 104,025 (5,883) 98,142 38,872 6,436 52,834 291,328 Houston, TX MOB 10/21/22 32,000 (280) 31,720 10,762 744 20,214 134,910 College Station, TX MOB 11/10/22 49,177 (3,755) 45,422 44,918 475 28 122,942 El Paso, TX MOB 12/22/22 55,326 (4,002) 51,324 56,427 (1,897) (3,205) 110,465 Atlanta, GA 8 MOB 12/22/22 91,243 (4,326) 86,917 109,051 235 (22,369) 348,416 St. Louis, MO MOB 12/28/22 18,000 (1,471) 16,529 18,340 4 (1,815) 69,394 $ 1,242,218 $ (45,666) $ 1,196,552 $ 939,363 $ 14,225 $ 242,964 3,069,124 1 MOB = medical outpatient building 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes two properties. 4 The Company deferred the tax gain through a 1031 exchange and reinvested the proceeds. 5 Includes four properties. 6 Includes five properties. 7 Includes six properties. 8 Includes nine properties. 9 Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture with an unrelated third party that purchased these properties. 10 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture with an unrelated third party that purchased these properties. 11 These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation. 12 |
Held for Sale
Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale | Held for Sale The Company had one property classified as assets held for sale as of December 31, 2023. The net real estate assets held for sale includes the impact of $5.9 million of impairment charges for the year ended December 31, 2023. The Company had one property classified as assets held for sale as of December 31, 2022, which was sold in the first quarter of 2023. The table below reflects the assets and liabilities classified as held for sale as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Balance Sheet data Land $ 1,850 $ 1,700 Buildings and improvements 6,779 15,164 Lease intangibles 1,017 1,986 9,646 18,850 Accumulated depreciation (913) — Real estate assets held for sale, net 8,733 18,850 Other assets, net 101 43 Assets held for sale, net $ 8,834 $ 18,893 Accounts payable and accrued liabilities $ 23 $ 282 Other liabilities 272 155 Liabilities of properties held for sale $ 295 $ 437 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Impairment Charges | Impairment Charges An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, which indicate that the recorded value might not be fully recoverable. The Company recorded impairment charges on 31 properties sold and six additional properties associated with planned disposition activity for the year ended December 31, 2023, totaling $149.7 million. The Company recorded impairment charges on 12 properties sold and three additional properties associated with planned disposition activity for the year ended December 31, 2022, totaling $54.4 million. Both level 1 and level 3 fair value techniques were used to derive these impairment charges. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consist primarily of intangible assets, prepaid assets, real estate notes receivable, straight-line rent receivables, accounts receivable, additional long-lived assets and interest rate swaps. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 are detailed in the table below: Dollars in thousands December 31, 2023 December 31, 2022 Real estate notes receivable, net $ 173,614 $ 99,643 Straight-line rent receivables 116,866 88,868 Prepaid assets 116,455 81,900 Above-market intangible assets, net 66,695 80,720 Accounts receivable, net 1 63,203 54,667 Additional long-lived assets, net 20,717 21,446 Interest rate swap assets 4,634 14,512 Investment in securities 2 6,011 6,011 Debt issuance costs, net 3,867 5,977 Project costs 6,187 4,337 Net investment in lease 2,112 1,828 Customer relationship intangible assets, net 1,066 1,120 Other 10,941 8,961 $ 592,368 $ 469,990 1 The amounts for December 31, 2023 and 2022 are net of allowance for doubtful accounts of $8.4 million and $4.0 million, respectively. The amount for December 31, 2022 includes $7,169 of other receivables, net. 2 This amount represents the value of the Company's preferred stock investment in a data analytics platform. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities The Company has several types of intangible assets and liabilities included in its Consolidated Balance Sheets, including goodwill, debt issuance costs, above-, below-, and at-market lease intangibles, and customer relationship intangibles. For additional details on the Company's debt issuance costs, see Note 10 to the Consolidated Financial Statements. The Company’s intangible assets and liabilities, including assets held for sale and certain debt issuance costs, as of December 31, 2023 and 2022 consisted of the following: GROSS BALANCE ACCUMULATED AMORTIZATION WEIGHTED AVG. BALANCE SHEET CLASSIFICATION Dollars in millions 2023 2022 2023 2022 Goodwill $ 250.5 $ 223.2 $ — $ — N/A Goodwill Credit facility debt issuance costs 6.9 6.9 3.1 0.9 1.9 Other assets, net Above-market lease intangibles (lessor) 98.0 91.5 31.3 10.7 5.3 Other assets, net Customer relationship intangibles (lessor) 2.1 2.1 1.1 1.0 19.6 Other assets, net Below-market lease intangibles (lessor) (112.5) (112.5) (35.7) (14.6) 5.8 Other liabilities At-market lease intangibles 837.3 1,067.4 301.7 188.3 4.0 Real estate properties $ 1,082.3 $ 1,278.6 $ 301.5 $ 186.3 4.3 For the years ended December 31, 2023 and 2022, the Company recognized approximately $214.8 million and $133.6 million of intangible amortization, respectively. The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION OF INTANGIBLES, NET 2024 $ 206.7 2025 109.1 2026 84.3 2027 53.0 2028 31.9 |
Notes and Bonds Payable
Notes and Bonds Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes and Bonds Payable | Notes and Bonds Payable DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES EFFECTIVE INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTS Dollars in thousands 2023 2022 $1.5B Unsecured Credit Facility — 385,000 10/25 SOFR + 0.95% 6.24 % At maturity Monthly $350M Unsecured Term Loan 1 349,798 349,114 7/24 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,903 199,670 5/24 SOFR + 1.05% 6.30 % At maturity Monthly $150M Unsecured Term Loan 1 149,643 149,495 6/26 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 299,958 299,936 10/25 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,502 199,362 7/27 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 298,288 297,869 1/28 SOFR + 1.05% 6.30 % At maturity Monthly Senior Notes due 2025 1 249,484 249,115 5/25 3.88 % 4.12 % At maturity Semi-annual Senior Notes due 2026 1 579,017 571,587 8/26 3.50 % 4.94 % At maturity Semi-annual Senior Notes due 2027 1 483,727 479,553 7/27 3.75 % 4.76 % At maturity Semi-annual Senior Notes due 2028 1 297,429 296,852 1/28 3.63 % 3.85 % At maturity Semi-annual Senior Notes due 2030 1 575,443 565,402 2/30 3.10 % 5.30 % At maturity Semi-annual Senior Notes due 2030 1 296,780 296,385 3/30 2.40 % 2.72 % At maturity Semi-annual Senior Notes due 2031 1 295,832 295,547 3/31 2.05 % 2.25 % At maturity Semi-annual Senior Notes due 2031 1 649,521 632,693 3/31 2.00 % 5.13 % At maturity Semi-annual Mortgage notes payable 2 70,534 84,247 1/24-12/26 3.6%-4.77% 3.57%-6.88% Monthly Monthly $ 4,994,859 $ 5,351,827 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2023, the Company was in compliance with its financial covenant provisions under its various debt instruments. Senior Notes The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Senior notes principal balance $ 3,699,285 $ 3,699,500 Unaccreted discount (265,852) (304,919) Debt issuance costs (6,200) (7,447) Senior notes carrying amount $ 3,427,233 $ 3,387,134 Term Loans The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Term loan principal balances $ 1,500,000 $ 1,500,000 Debt issuance costs (2,908) (4,554) Term Loans carrying amount $ 1,497,092 $ 1,495,446 Mortgage Notes Payable The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Mortgage notes payable principal balance $ 70,752 $ 84,122 Unamortized premium 285 486 Unaccreted discount (237) (38) Debt issuance costs (266) (323) Mortgage notes payable carrying amount $ 70,534 $ 84,247 Mortgage Activity On July 28, 2023, the Company assumed a mortgage note payable of $5.6 million in connection with the acquisition of a 42,770 square foot property in Colorado Springs, Colorado. The note bears interest at a rate of 4.5% per annum and matures on April 1, 2026. On August 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 3.31% per annum with an outstanding principal of $9.8 million. The mortgage note encumbered a 66,984 square foot property in Marietta, Georgia. On December 1, 2023, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.51% per annum with an outstanding principal of $6.6 million. The mortgage note encumbered a 93,992 square foot property in Lakewood, Colorado. Subsequent Changes in Debt Structure On January 6, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.77% per annum with an outstanding principal of $11.3 million. The mortgage note encumbered a 63,012 square foot property in California . On February 1, 2024, the Company repaid in full at maturity a mortgage note payable bearing interest at a rate of 4.12% per annum with an outstanding principal of $5.6 million. T he mortgage note encumbered a 40,324 squ are foot property in Georgia . The following table details the Company’s mortgage notes payable, with related collateral. ORIGINAL BALANCE EFFECTIVE INTEREST RATE 9 MATURITY COLLATERAL 10 PRINCIPAL AND INTEREST PAYMENTS 8 INVESTMENT IN COLLATERAL BALANCE Dollars in millions 2023 2023 2022 Life Insurance Co. 1 12.3 3.86 % 8/23 MOB Monthly/7-yr amort. — — 10.0 Life Insurance Co. 2 9.0 4.84 % 12/23 MOB,OFC Monthly/10-yr amort. — — 6.8 Life Insurance Co. 3 13.3 4.13 % 1/24 MOB Monthly/10-yr amort. 24.4 11.3 11.7 Life Insurance Co. 4 6.8 3.96 % 2/24 MOB Monthly/7-yr amort. 12.6 5.6 5.8 Financial Services 5 9.7 4.32 % 9/24 MOB Monthly/10-yr amort. 16.9 7.2 7.5 Life Insurance Co. 6 16.5 3.43 % 12/25 MOB,OFC Monthly/7-yr amort. 49.2 15.9 16.2 Financial Services 11.5 3.71 % 1/26 MOB Monthly/10-yr amort. 41.7 7.8 8.3 Life Insurance Co. 7 6.0 6.88 % 4/26 MOB Monthly/7-yr amort. 11.6 5.2 — Life Insurance Co. 19.2 4.08 % 12/26 MOB Monthly/10-yr amort. 45.7 17.5 17.9 $ 202.1 $ 70.5 $ 84.2 1 The Company repaid this loan in August 2023. The Company's unencumbered gross investment was $26.0 million at December 31, 2023. 2 The Company repaid this loan in December 2023. The Company's unencumbered gross investment was $24.5 million at December 31, 2023. 3 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 4 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 5 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 6 The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. 7 The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above. 8 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 9 The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023. 10 MOB-Medical office building; OFC-Office Other Long-Term Debt Information Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND % 2024 $ 575,473 $ (41,050) $ (2,438) $ 531,985 10.7 % 2025 566,375 (43,163) (1,916) 521,296 10.4 % 2026 778,904 (41,837) (1,650) 735,417 14.7 % 2027 700,000 (36,192) (1,519) 662,289 13.3 % 2028 600,000 (35,179) (707) 564,114 11.3 % 2029 and thereafter 2,049,285 (68,382) (1,145) 1,979,758 39.6 % $ 5,270,037 $ (265,803) $ (9,375) $ 4,994,859 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable. 2 Excludes approximate ly $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2023, 2022, and 2021, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. On February 16, 2023, the Company entered into a swap transaction with a notional amount of $50.0 million and a fixed rate of 4.16%. The swap agreement has an effective date of March 1, 2023 and a termination date of June 1, 2026. On March 28, 2023, the Company entered into a swap transaction with a notional amount of $100.0 million and a fixed rate of 3.67%. The swap agreement has an effective date of April 3, 2023 and a termination date of June 1, 2026. On October 19, 2023, the Company entered into two swap transactions totaling $100.0 million. The notional amounts were $50.0 million each with fixed rates of 4.71% and 4.67%. The swap agreements have effective dates of November 1, 2023 and termination dates of June 1, 2027 and December 1, 2027, respectively. On October 23, 2023, the Company entered into two swap transactions totaling $100.0 million with an aggregate fixed rate of 4.73%. The swap agreements have effective dates of November 1, 2023 and termination dates of May 31, 2026. On November 9, 2023, the Company entered into a swap transaction totaling $75.0 million with a fixed rate of 4.54%. The swap agreement has an effective date of December 1, 2023 and a termination date of May 31, 2026. As of December 31, 2023, the Company had interest rate derivatives that were designated as cash flow hedges of interest rate risk. The table below presents the notional value and weighted average rates of the Company's derivative financial instruments as of December 31, 2023 and 2022: NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE EXPIRATION DECEMBER 31, 2023 EXPIRATION DECEMBER 31, 2022 January 2024 $ 200,000 1.21 % January 2023 $ 300,000 1.42 % May 2026 275,000 3.74 % January 2024 200,000 1.21 % June 2026 150,000 3.83 % May 2026 100,000 2.15 % December 2026 150,000 3.84 % December 2026 150,000 3.84 % June 2027 200,000 4.27 % June 2027 150,000 4.13 % December 2027 300,000 3.93 % December 2027 250,000 3.79 % $ 1,275,000 3.49 % $ 1,150,000 2.63 % Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022. AS OF DECEMBER 31, 2023 AS OF DECEMBER 31, 2022 Dollars in thousands BALANCE SHEET LOCATION FAIR BALANCE SHEET LOCATION FAIR Interest rate swaps 2019 Other Assets $ 4,214 Other Assets $ 13,603 Interest rate swaps 2022 Other Assets 909 Interest rate swaps 2022 Other Liabilities (5,067) Other Liabilities (4,269) Interest rate swaps 2023 Other Assets 411 Interest rate swaps 2023 Other Liabilities (7,357) Total derivatives designated as hedging instruments $ (7,799) $ 10,243 Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 related to the Company's outstanding interest rate swaps. AMOUNT OF GAIN/(LOSS) RECOGNIZED AMOUNT OF (GAIN)/LOSS RECLASSIFIED Dollars in thousands 2023 2022 2023 2022 Interest rate swaps 2017 $ — $ 302 Interest expense $ — $ 118 Interest rate swaps 2018 — 616 Interest expense — 361 Interest rate swaps 2019 1,995 12,964 Interest expense (6,964) 563 Interest rate swaps 2022 4,583 (3,252) Interest expense (6,289) (109) Interest rate swaps 2023 (5,115) — Interest expense (1,829) — Settled treasury hedges — — Interest expense 426 426 Settled interest rate swaps — — Interest expense 168 168 $ 1,463 $ 10,630 Total interest expense $ (14,488) $ 1,527 The Company estimates that an additional $7.3 million will be reclassified from accumulated other comprehensive loss as a net decrease to interest expense over the next 12 months. Tabular Disclosure Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets Offsetting of Derivative Assets GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF ASSETS GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ 4,625 $ — $ 4,625 $ (4,625) $ — $ — Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (12,424) $ — $ (12,424) $ 4,625 $ — $ (7,799) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Common Stock The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2023, 2022, and 2021 as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Balance, beginning of year 380,589,894 150,457,433 139,487,375 Issuance of common stock 8,627 229,618,304 10,899,301 Conversion of OP units to common stock 190,544 — — Non-vested share-based awards, net of withheld shares and forfeitures 175,368 514,157 70,757 Balance, end of year 380,964,433 380,589,894 150,457,433 At-The-Market Equity Offering Program The Company has in place an ATM equity offering program to sell shares of the Company’s common stock from time to time in at-the-market sales transactions. The Company has equity distribution agreements with various sales agents with respect to the ATM offering program of common stock with an aggregate sales amount of up to $750.0 million. As of December 31, 2023, $750.0 million remained available for issuance under the current ATM offering program. Dividends Declared During 2023, the Company declared and paid common stock dividends aggregating $1.24 per share ($0.31 per share per quarter). On February 13, 2024, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on March 14, 2024, to stockholders of record on February 26 , 2024. Authorization to Repurchase Common Stock On May 31, 2023, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. As of the date of these Consolidated Financial Statements, the Company has not repurchased any shares of its common stock under this authorization. Accumulated Other Comprehensive (Loss) Income The following table represents the changes in accumulated other comprehensive income (loss) during the years ended December 31, 2023 and 2022: INTEREST RATE SWAPS Dollars in thousands 2023 2022 Beginning balance $ 2,140 $ (9,981) Other comprehensive income (loss) before reclassifications 1,434 1,531 Amounts reclassified from accumulated other comprehensive (loss) income (14,315) 10,590 Net current-period other comprehensive (loss) income (12,881) 12,121 Ending balance $ (10,741) $ 2,140 The following table represents the details regarding the reclassifications from accumulated other comprehensive income (loss) during the year ended December 31, 2023 (dollars in thousands): DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE AMOUNT RECLASSIFIED AFFECTED LINE ITEM Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps $ 594 Interest Expense Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps (15,082) Interest Expense $ (14,488) |
Stock and Other Incentive Plans
Stock and Other Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock and Other Incentive Plans | Stock and Other Incentive Plans Stock Incentive Plan The Company's Incentive Plan permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP. The Incentive Plan replaced the Legacy HR Incentive Plan as of the merger date. Unvested awards under the Legacy HR Incentive Plan were assumed according to their existing terms by the Company in connection with the Merger. As of the Merger date, 9,647,839 share-based awards were available for grant under the Incentive Plan. As of December 31, 2023 and 2022, the Company had share-based awards available for grant under the Incentive Plan of 8,102,861 and 9,432,388 shares, respectively. Non-vested shares issued to employees under the Incentive Plan are generally subject to fixed vesting periods varying from three $14.6 million , $13.9 million and $10.4 million, respectively. The following table represents expected amortization of the Company's non-vested shares issued as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION 2024 $ 12.2 2025 9.7 2026 6.9 2027 2.1 2028 and thereafter 0.5 Total $ 31.4 Executive Incentive Plan The Compensation Committee has adopted an executive incentive plan pursuant to the Incentive Plan (the "Executive Incentive Plan") to provide specific award criteria with respect to incentive awards made under the Incentive Plan subject to the discretion of the Compensation Committee. Under the terms of the Executive Incentive Plan, the Company's named executive officers and certain other members of senior management may earn incentive awards in the form of cash, non-vested stock, restricted stock units ("RSUs"), and units in the OP ("OP Units"). For 2023, 2022 and 2021, compensation expense, included in general and administrative expense, resulting from the amortization of the Executive Incentive Plan non-vested share, RSU, and OP Unit grants to officers was approximately $9.0 million , $9.8 million, and $6.6 million, respectively. Details of equity awards that have been issued under this plan are as follows: • On January 4, 2023, the Company granted non-vested stock awards to its named executive officers, senior vice presidents, and first vice presidents with a grant date fair value of $4.1 million , which consisted of an aggregate of 205,264 shares with a ratable five-year vesting period, which will result in an annual compensation expense of $0.8 million for 2024, 2025, 2026 and 2027. • On January 4, 2023, the Company granted 165,174 RSUs to certain of its non-executive senior officers. These award are subject to a three-year performance period and if the performance criteria is met, the awards are then subject to two additional years with ratable vesting of 50% in year four and 50% in year five. The expense will be recognized on the straight-line basis over the five-year vesting period. ◦ Approximately 43% of the RSU awards are subject to two market performance conditions: relative and absolute total shareholder return ("TSR"). These components were valued using independent specialists utilizing a Monte Carlo simulation to calculate the weighted average grant date fair values of $24.23 for the absolute TSR component and $27.84 for the relative TSR component for the January 2023 grant using the following assumptions: Volatility 34.0 % Dividend Assumption Accrued Expected term in years 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 ◦ The remaining 57% of the RSU awards are subject to certain operating performance conditions. With respect to the operating performance conditions of these awards, the grant date fair value was $20.21 based on the Company's share price on the date of grant. The Company records amortization expense based on the probability of achieving certain operating performance conditions, which is evaluated throughout the performance period. ◦ The combined weighted average grant date fair value of the January 2023 RSUs was $22.55 per share. LTIP Series C Units In January 2023, the Company modified its incentive compensation structure to award LTIP Series C units ("LTIP-C units) in the OP to named executive officers in lieu of RSUs. The LTIP-C units were granted with three-year forward-looking performance targets, with a grant date fair value of $7.1 million, which consisted of an aggregate 627,547 LTIP-C units with a five-year vesting period. LTIP-C units are granted notionally at the maximum value of the award. • Approximately 43% of the LTIP-C units vest based on two market performance conditions. Relative and absolute TSR awards containing these market performance conditions were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $12.24 for the absolute TSR component and $13.98 for the relative TSR component for the January 2023 grant using the following assumption: Volatility 34.0 % Dividend assumption Accrued Expected term 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 • The remaining 57% of the LTIP-C units vest based upon certain operating performance conditions. With respect to the operating performance conditions of the January 4, 2023 grant, the grant date fair value was $20.21 based on the Company's share price on the date of grant. The Company records amortization expense based on the probability of achieving certain operating performance conditions, which is evaluated throughout the performance period. • The combined weighted average grant date fair value of the January LTIP-C units was $15.85 per share. For 2023, compensation expense resulting from the amortization of LTIP-C units awarded to officers was approximately $1.2 million. Officer Incentive Program In the first quarter of 2023 the Company granted a performance-based award to certain non-executive officers totaling approximately $0.7 million, which was granted in the form of 33,438 non-vested shares. The shares have vesting periods ranging from three For 2023, 2022 and 2021, compensation expense resulting from the amortization of these non-vested share grants awarded to officers was approximately $0.6 million, $0.9 million, and $1.0 million, respectively. Salary Deferral Plan The Company's salary deferral plan allows certain of its officers to elect to defer up to 50% of their base salary in the form of non-vested shares subject to long-term vesting. The number of shares will be increased through a Company match depending on the length of the vesting period selected by the officer. The officer's vesting period choices are: three years for a 30% match; five years for a 50% match; and eight years for a 100% match. During 2023, 2022 and 2021, the Company issued 31,792 shares, 17,381 shares and 21,396 shares, respectively, to its officers through the salary deferral plan. For 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share grants to officers was approximately $0.9 million for each year , respectively. Non-employee Directors Incentive Plan The Company grants non-vested share-based awards to its non-employee directors under the Incentive Plan. The directors’ awards typically have a one-year vesting period and are subject to forfeiture prior to such date upon termination of the director’s service, at no cost to the Company. For each of the years 2023, 2022 and 2021, compensation expense resulting from the amortization of non-vested share-based grants to directors was approximately $2.1 million , $1.5 million, and $1.2 million, respectively. • On June 5, 2023, the Company granted a non-vested stock award to six of its directors, with a grant date fair value of $0.7 million, which consisted of an aggregate of 42,768 non-vested shares, with a one-year vesting period. • On June 5, 2023, the Company also granted LTIP-D units in the OP to six of its directors, with a grant fair value of $1.1 million, which consisted of an aggregate of 57,868 non-vested units, with a one-year vesting period. The following table represents the summary of non-vested share-based awards (including restricted stock, RSUs, LTIP-C units and LTIP-D units) under the Incentive Plans and related information for the three years ended December 31, 2023: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Share-based awards, beginning of year 2,090,060 1,562,028 1,766,061 Granted 1 1,164,359 952,407 203,701 Vested (403,266) (418,949) (404,777) Change in awards based on performance assessment 2 (205,668) — — Forfeited (29,923) (5,426) (2,957) Share-based awards, end of year 2,615,562 2,090,060 1,562,028 Weighted-average grant date fair value of Share-based awards, beginning of year $ 30.35 $ 31.10 $ 30.51 Share-based awards granted during the year $ 18.70 $ 29.64 $ 30.86 Share-based awards vested during the year $ 28.38 $ 31.52 $ 28.38 Share-based awards change in performance assessment during the year $ 29.05 $ — $ — Stock-based awards forfeited during the year $ 31.16 $ 31.48 $ 33.04 Share-based awards, end of year $ 25.56 $ 30.35 $ 31.10 Grant date fair value of shares granted during the year $ 22,171 $ 28,225 $ 6,286 1 LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance period has been satisfied and the exact number of awards are determinable. 2 The Company's RSUs that are based on operating performance metrics are evaluated on the probability of those performance metrics being achieved. During 2023, the Company determined that the operating performance goals related to the RSUs issued in 2022 are not probable of being achieved and reversed all of the outstanding amortization expense for that grant. In addition, the Company lowered the probability of achieving the operating performance goals related to the RSUs issued in 2023. The vesting periods for the non-vested shares granted during 2023 ranged from one with a weighted-average amortization period remaining as of December 31, 2023 of approximately 4.8 years . During 2023, 2022 and 2021, the Company withheld 126,085 s hares, 137,892 shares and 129,987 shares, respectively, of common stock from its officers to pay estimated withholding taxes related to the vesting of shares. 401(k) Plan The Company maintains a 401(k) plan that allows eligible employees to defer salary, subject to certain limitations imposed by the Internal Revenue Code. The Company provides a matching contribution up to $2,800 per employee, subject to certain limitations. The Company’s matching contributions were approximately $1.5 million for the year ended December 31, 2023, $1.2 million for 2022 and $0.7 million for 2021. Employee Stock Purchase Plan The outstanding options relate only to the Legacy HR Employee Stock Purchase Plan, which was terminated in November 2022. No new options will be issued under the Legacy HR Employee Stock Purchase Plan and existing options will expire in March 2024. During the years ended December 31, 2022 and 2021, the Company recognized in general and administrative expenses approximately $0.4 million, and $0.4 million, respectively, of compensation expense related to the annual grant of options to its employees to purchase shares under the Legacy HR Employee Stock Purchase Plan. Cash received from employees upon exercising options under the Legacy HR Employee Stock Purchase Plan was approximately $0.2 million for the year ended December 31, 2023, $0.4 million for the year ended December 31, 2022, and $0.8 million for the year ended December 31, 2021. A summary of the Legacy HR Employee Stock Purchase Plan activity and related information for the three years ended December 31, 2023 is as follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Options outstanding, beginning of year 340,976 348,514 341,647 Granted — 255,960 253,200 Exercised (8,627) (20,246) (30,281) Forfeited (43,737) (102,619) (71,630) Expired (132,999) (140,633) (144,422) Options outstanding and exercisable, end of year 155,613 340,976 348,514 Weighted-average exercise price of Options outstanding, beginning of year $ 16.38 $ 25.38 $ 24.70 Options granted during the year $ — $ 26.89 $ 25.16 Options exercised during the year $ 15.07 $ 20.97 $ 25.03 Options forfeited during the year $ 15.50 $ 21.88 $ 25.45 Options expired during the year $ 16.43 $ 23.36 $ 24.17 Options outstanding, end of year $ 12.98 $ 16.38 $ 25.38 Weighted-average fair value of options granted during the year (calculated as of the grant date) $ — $ 9.91 $ 9.05 Intrinsic value of options exercised during the year $ 23 $ 75 $ 165 Intrinsic value of options outstanding and exercisable (calculated as of December 31) $ 401 $ 985 $ 1,997 Exercise prices of options outstanding (calculated as of December 31) $ 14.65 $ 16.38 $ 25.91 Weighted-average contractual life of outstanding options (calculated as of December 31, in years) 0.3 0.8 0.8 The fair values for these options were estimated at the date of grant using a Black-Scholes options pricing model with the weighted-average assumptions for the options granted during the period noted in the following table. The risk- free interest rate was based on the U.S. Treasury constant maturity-nominal two-year rate whose maturity is nearest to the date of the expiration of the latest option outstanding and exercisable; the expected dividend yield was based on the expected dividends of the current year as a percentage of the average stock price of the prior year; the expected life of each option was estimated using the historical exercise behavior of employees; expected volatility was based on historical volatility of the Company’s common stock; and expected forfeitures were based on historical forfeiture rates within the look-back period. 2023 2022 2021 Risk-free interest rates — % 0.73 % 0.13 % Expected dividend yields — % 3.97 % 4.11 % Expected life (in years) 0 1.44 1.43 Expected volatility — % 49.0 % 48.2 % Expected forfeiture rates — % 85 % 85 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method. The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the year ended December 31, 2021 included the effect from the assumed issuance of 0.7 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds of approximately $23.1 million, adjusted for costs to borrow. For the year ended December 31, 2021, 1,682 weighted-average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted, as the impact was anti-dilutive. As of and for the year ended December 31, 2022, these forward equity agreements settled and consequently, the Company did not have any remaining shares subject to unsettled forward sale agreements. The table below sets forth the computation of basic and diluted earnings per common share for the three years ended December 31, 2023. YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Weighted average common shares outstanding Weighted average common shares outstanding 380,850,967 254,296,810 144,411,835 Non-vested shares (1,923,096) (1,940,607) (1,774,669) Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Dilutive effect of forward equity shares — — — Dilutive effect of OP Units — 1,451,599 — Dilutive effect of employee stock purchase plan — 65,519 73,062 Weighted average common shares outstanding - diluted 378,927,871 253,873,321 142,710,228 Net (loss) income $ (282,083) $ 40,693 $ 66,659 Net loss attributable to non-controlling interest 3,822 204 — Net (loss) income attributable to common stockholders $ (278,261) $ 40,897 $ 66,659 Income allocated to participating securities (2,504) (2,437) (2,154) Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units (851) — — Net (loss) income applicable to common stockholders - basic $ (281,616) $ 38,460 $ 64,505 Net income attributable to OP Units — 81 — Net income applicable to common stockholders - diluted $ (281,616) $ 38,541 $ 64,505 Basic earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 Diluted earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 The effect of OP units convertible into shares totaling 4,023,679 shares and options to purchase 31,997 shares under the Company's Employee Stock Purchase Plan for the year ended December 31, 2023 were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during the year. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Re/development Activity During the year ended December 31, 2023, the Company invested $69.1 million and $20.5 million toward active development and redevelopment of properties, respectively, and $22.6 million toward recently completed development and redevelopment projects. Tenant Improvements The Company may provide a tenant improvement allowance in new or renewal leases for the purpose of refurbishing or renovating tenant space. As of December 31, 2023, the Company had commitments of approximately $222.4 million that are expected to be spent on tenant improvements throughout the portfolio, excluding development properties currently under construction. Land Held for Development Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own outpatient healthcare facilities. The Company's land held for development included 17 parcels as of December 31, 2023 and 20 parcels as of December 31, 2022. The Company’s investments in land held for development totaled approximately $59.9 million as of December 31, 2023 and $74.3 million as of December 31, 2022. The current land held for development is located adjacent to certain of the Company's existing medical office buildings in Colorado, Connecticut, Florida, Georgia, Massachusetts, New York, Tennessee, Texas, and Washington. Security Deposits and Letters of Credit As of December 31, 2023, the Company held approximately $38.5 million in letters of credit and security deposits for the benefit of the Company in the event the obligated tenant fails to perform under the terms of its respective lease. Generally, the Company may, at its discretion and upon notification to the tenant, draw upon these instruments if there are any defaults under the leases. |
Other Data
Other Data | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Other Data | Other Data Taxable Income (unaudited) The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders. As a REIT, the Company generally will not be subject to federal income tax on taxable income it distributes currently to its stockholders. Accordingly, no provision for federal income taxes has been made in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT for any taxable year, then it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise tax on its undistributed taxable income. Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of different depreciation recovery periods, depreciation methods, and other items. While Legacy HR was considered the accounting acquirer in the Merger for GAAP purposes, Legacy HR’s separate tax existence ceased with the Merger and Legacy HTA continues as the tax successor. On a tax basis, the Company’s gross real estate assets totaled approximately $12.6 billion and $13.0 billion as of December 31, 2023 and 2022, respectively. As of December 31, 2021, gross real estate assets on a tax basis were $5.0 billion for Legacy HR and $8.2 billion for Legacy HTA, respectively. Characterization of Distributions (unaudited) Distributions in excess of earnings and profits generally constitute a return of capital. The following table gives the characterization of the distributions of the Company’s common stock for the three years ended December 31, 2023. For the three years ended December 31, 2023, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. YEAR ENDED DECEMBER 31, 2023 2022 2021 PER SHARE PER SHARE PER SHARE Tax Treatment of Dividends Pre-Merger Healthcare Trust of America Ordinary income 1 $ — $ 0.5862 $ 0.7920 Return of capital — 4.0162 0.4930 Capital gain — 1.2216 — Common stock distributions $ — $ 5.8240 $ 1.2850 Tax Treatment of Dividends Pre-Merger Healthcare Realty Ordinary income 1 $ — $ 0.2655 $ 0.7500 Return of capital — 0.5555 0.3600 Capital gain — — 0.0964 Common stock distributions $ — $ 0.8210 $ 1.2064 Tax Treatment of Dividends Post-Merger Healthcare Realty Ordinary income 1 $ 0.5482 $ 0.0422 $ — Return of capital 0.5031 0.2889 — Capital gain 0.1887 0.0879 — Common stock distributions $ 1.2400 $ 0.4190 $ — 1 Reporting year ordinary income is also Code Section 199A eligible per the The Tax Cut and Jobs Act of 2017. State Income Taxes The Company must pay certain state income taxes, which are typically included in general and administrative expense on the Company’s Consolidated Statements of Operations. The State of Texas gross margins tax on gross receipts from operations is disclosed in the table below as an income tax. State income tax expense and state income tax payments for the three years ended December 31, 2023 are detailed in the table below: YEAR ENDED DECEMBER 31, Dollars in thousands 2023 2022 2021 State income tax expense Texas gross margins tax $ 1,206 $ 1,693 $ 564 Other 133 151 8 Total state income tax expense $ 1,339 $ 1,844 $ 572 State income tax payments, net of refunds and collections $ 1,324 $ 1,834 $ 560 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practical to estimate that value. • Cash, cash equivalents and restricted cash - The carrying amount approximates fair value. • Borrowings under the Unsecured Credit Facility, Unsecured Term Loan due 2024 and Unsecured Term Loan due 2026 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates. • Senior unsecured notes payable - The fair value of notes and bonds payable is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements. • Mortgage notes payable - The fair value is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements. • Interest rate swap agreements - Interest rate swap agreements are recorded in other assets on the Company's Consolidated Balance Sheets at fair value. Fair value, using level 2 inputs, is estimated by utilizing pricing models that consider forward yield curves and discount rates. The table below details the fair value and carrying values for our other financial instruments as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1, 2 $ 4,994.9 $ 4,872.7 $ 5,351.8 $ 5,149.6 Real estate notes receivable 1 $ 173.6 $ 172.5 $ 99.6 $ 99.6 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. 2 Fair value for senior notes includes accrued interest as of December 31, 2023. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions In the ordinary course of conducting its business, the Company enters into agreements with affiliates in relation to the management and leasing of its real estate assets, including real estate assets owned through joint ventures. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2023, 2022 and 2021 Dollars in thousands ADDITIONS AND DEDUCTIONS DESCRIPTION BALANCE CHARGED/(CREDITED) TO COSTS AND EXPENSES CHARGED UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF BALANCE 2023 Accounts receivable allowance $ 3,954 $ 5,119 $ — $ 669 $ 8,404 2022 Accounts receivable allowance $ 654 $ 3,306 $ — $ 6 $ 3,954 2021 Accounts receivable allowance $ 604 $ 72 $ — $ 22 $ 654 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2023 Dollars in thousands LAND 1 BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 MARKET NUMBER OF PROP. INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL PERSONAL PROPERTY 2, 3, 5 1, 3 ACCUMULATED DEPRECIATION 4 ENCUMBRANCES 5 DATE CONST. Dallas, TX 43 $ 72,772 $ 17,396 $ 90,168 $ 925,170 $ 147,779 $ 1,072,949 $ 550 $ 1,163,667 $ 221,375 $ — 2003-2022 1974-2021 Houston, TX 31 63,942 13,018 76,960 642,626 32,557 675,183 57 752,200 97,793 — 2007-2022 1974-2018 Seattle, WA 29 59,412 4,883 64,295 551,328 90,031 641,359 715 706,369 186,903 — 2008-2022 1977-2018 Denver, CO 33 62,172 14,526 76,698 488,764 56,499 545,263 610 622,571 94,906 — 2007-2022 1942-2022 Charlotte, NC 32 28,119 7,345 35,464 451,251 39,182 490,433 110 526,007 116,578 — 2008-2020 1961-2018 Phoenix, AZ 35 12,205 8,057 20,262 447,753 26,436 474,189 425 494,876 59,449 — 2007-2017 1971-2008 Atlanta, GA 27 40,227 8,868 49,095 429,729 15,587 445,316 100 494,511 79,569 5,572 2007-2022 1974-2014 Boston, MA 17 117,857 9,590 127,447 336,670 4,255 340,925 14 468,386 37,569 — 2012-2016 1860-2011 Raleigh, NC 28 44,530 12,090 56,620 393,245 15,098 408,343 9 464,972 38,879 — 2010-2022 1977-2020 Nashville, TN 13 40,673 2,674 43,347 309,400 97,997 407,397 7,427 458,171 115,979 7,841 2004-2022 1976-2022 Los Angeles, CA 20 68,225 3,861 72,086 305,221 71,590 376,811 453 449,350 145,875 28,870 1994-2022 1964-2008 Miami, FL 19 47,092 6,902 53,994 325,814 35,543 361,357 178 415,529 74,470 — 1994-2021 1954-2021 Tampa, FL 19 23,491 7,631 31,122 363,588 15,729 379,317 33 410,472 36,726 — 1994-2023 1975-2015 Indianapolis, IN 36 45,914 8,985 54,899 308,044 10,542 318,586 13 373,498 42,273 — 2007-2019 1988-2013 Austin, TX 13 22,178 4,885 27,063 261,585 31,211 292,796 142 320,001 55,891 — 2007-2022 1972-2015 New York, NY 14 58,719 5,683 64,402 192,029 4,705 196,734 — 261,136 15,887 — 2014-2019 1920-2014 Chicago, IL 6 11,250 2,554 13,804 212,170 17,314 229,484 81 243,369 39,671 — 2004-2019 1970-2017 Memphis, TN 11 12,253 1,648 13,901 118,427 75,725 194,152 322 208,375 71,813 — 1999-2020 1982-2014 Honolulu, HI 6 8,314 1,213 9,527 147,422 47,669 195,091 169 204,787 61,575 — 2003-2014 1975-2010 Hartford, CT 30 24,167 5,214 29,381 159,178 1,383 160,561 — 189,942 15,883 — 2016-2019 1955-2017 Other (49 markets) 194 272,785 61,795 334,580 3,308,020 211,205 3,519,225 1,310 3,855,115 618,702 28,251 1993-2023 Total real estate 656 1,136,297 208,818 1,345,115 10,677,434 1,048,037 11,725,471 12,718 13,083,304 2,227,766 70,534 Land held for develop. — 59,871 — 59,871 — — — — 59,871 — Construction in Progress — — — — 60,727 — 60,727 — 60,727 — — Financing lease right-of-use assets — — — — — — — — 82,209 — — Investment in financing receivables, net — — — — — — — — 122,602 — — Total properties 656 1,196,168 $ 208,818 $ 1,404,986 $ 10,738,161 $ 1,048,037 $ 11,786,198 $ 12,718 $ 13,408,713 $ 2,227,766 $ 70,534 1 Includes one asset held for sale as of December 31, 2023 with gross real estate investments of approximately $9.6 million. 2 Total properties as of December 31, 2023 have an estimated aggregate total cost of $12.6 billion for federal income tax purposes. 3 Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 49.0 years, lease intangibles over 1.0 to 99.0 years, personal property over 3.0 to 20.0 years, and land improvements over 2.0 to 39.0 years. 4 Includes unamortized premium of $0.3 million and unaccreted discount of $0.2 million and debt issuance costs of $0.3 million as of December 31, 2023. 5 Includes merger of Healthcare Trust of America, Inc. buildings, acquired in 2022. 6 Rollforward of Total Property and Accumulated Depreciation, including assets held for sale, for the year ended December 31, 2023, 2022 and 2021 follows: YEAR ENDED DEC. 31, 2023 YEAR ENDED DEC. 31, 2022 YEAR ENDED DEC. 31, 2021 Dollars in thousands TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION Beginning balance $ 14,076,475 $ 1,645,271 $ 5,104,942 $ 1,338,743 $ 4,670,226 $ 1,249,679 Additions during the period Real estate acquired 54,024 2,322 9,780,070 241,285 374,912 7,668 Other improvements 28,521 668,069 219,783 205,703 103,035 191,875 Land held for development — 49,416 — 2,021 — Construction in progress 49,901 — 31,586 — 3,974 — Investment in financing receivable, net 2,366 — (66,509) — 186,745 — Financing lease right-of-use assets, net (1,616) — 52,249 — 11,909 — Corporate Properties — — 3,640 236 — — Retirement/dispositions Real estate (800,958) (87,896) (1,098,702) (140,696) (247,880) (110,479) Ending balance $ 13,408,713 $ 2,227,766 $ 14,076,475 $ 1,645,271 $ 5,104,942 $ 1,338,743 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate Assets | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate Assets | Schedule IV – Mortgage Loans on Real Estate Assets as of December 31, 2023 Dollars in thousands Final Maturity Date Payment Terms Prior Liens Face Amount Carrying Amount Principal Amount of Loans Subject to Delinquent Principal or Interest Mortgage loan on real estate located in: Texas 7.00 % 7/1/2024 (1) $ — $ 31,150 $ 31,150 $ — North Carolina 8.00 % 12/22/2024 (2) — 6,000 5,796 Florida 6.00 % 2/27/2026 (3) — 32,156 32,112 — California 6.00 % 3/29/2026 (4) — 45,000 45,000 — Florida 9.00 % 12/28/2026 (5) — 7,700 7,700 — Mezzanine loans on real estate located in: Texas 8.00 % 6/24/2024 (6) — 54,119 45,856 54,119 Arizona 9.00 % 12/20/2026 (4) — 6,000 6,000 — Total real estate notes receivable $ — $ 182,125 $ 173,614 $ 54,119 1 Twelve-month prefunded interest reserve, with principal sum and interest on unpaid principal due on the maturity date. 2 Capitalized interest through maturity, with outstanding principal and accrued interest due on the maturity date. 3 Construction loan up to $65 million with periodic disbursements. Interest only payments due with principal and any unpaid interest due on the maturity date. 4 Interest only payments due with principal and any unpaid interest due on the maturity date. 5 Monthly installment payments of principal and interest in the amount of $152,069. 6 Interest only payments due with principal and any unpaid interest due on the maturity date. Loan on non-accrual status as of December 31, 2023. The following shows changes in the carrying amounts of mortgage loans on real estate assets during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Balance as of the beginning of the year $ 99,643 $ — $ — Additions: Fair value real estate notes assumed — 74,819 — New real estate notes 58,700 23,325 — Draws on existing real estate notes 19,103 Capitalized interest — 1,499 — Accretion of fees and other items 1,364 — — Deductions: Collection of real estate loans — — — Deferred fees and other items — — — Allowance for credit loss $ (5,196) Balance as of the end of the year $ 173,614 $ 99,643 $ — All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are omitted because they are not required under the related instructions or are not applicable, or because the required information is shown in the consolidated financial statements or notes thereto. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (278,261) | $ 40,897 | $ 66,659 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business Overview | Business Overview |
Principles of Consolidation | Principles of Consolidation The Company’s Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). ASC Topic 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary, with any minority interests reflected as non-controlling interests or redeemable non-controlling interests in the accompanying Consolidated Financial Statements. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk, the disposition of all or a portion of an interest held by the primary beneficiary, or changes in facts and circumstances that impact the power to direct activities of the VIE that most significantly impacts economic performance. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. The OP is 98.8% owned by the Company. Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of December 31, 2023, there were approximately 4.5 million , or 1.2%, |
Variable Interest Entities | As of December 31, 2023, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. |
Use of Estimates in the Consolidated Financial Statements | Use of Estimates in the Consolidated Financial Statements Preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates and assumptions. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, impairments, collectability of tenant receivables, and fair value measurements, as applicable. |
Segment Reporting | Segment Reporting The Company owns, leases, acquires, manages, finances, develops and redevelops outpatient and other healthcare-related properties. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. |
Real Estate Properties | Real Estate Properties Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under ASC Topic 805, Business Combinations |
Asset Impairment | Asset Impairment The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its tenants. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualty losses, such as tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. |
Acquisitions of Real Estate Properties with In-Place Leases | Acquisitions of Real Estate Properties with In-Place Leases The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if-vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. The Company considers whether any of the in-place lease rental rates are above- or below-market. An asset (if the actual rental rate is above-market) or a liability (if the actual rental rate is below-market) is calculated and recorded in an amount equal to the present value of the future cash flows that represent the difference between the actual lease rate and the estimated market rate. If an in-place lease is identified as a below-market rental rate, the Company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods. The values related to above- or below-market in-place lease intangibles are amortized over the remaining term of the leases upon acquisition to rental income where the Company is the lessor and to property operating expense where the Company is the lessee. The Company also estimates an absorption period, which can vary by property, assuming the building is vacant and must be leased up to the actual level of occupancy when acquired. During that absorption period, the owner would incur direct costs, such as tenant improvements, and would suffer lost rental income. Likewise, the owner would have acquired a measurable asset in that, assuming the building was vacant, certain fixed costs would be avoided because the actual in-place lessees would reimburse a certain portion of fixed costs through expense reimbursements during the absorption period. These assets (above- or below-market lease, tenant improvement, leasing costs avoided, rental income lost, and expenses recovered through in-place lessee reimbursements) are estimated and recorded in amounts equal to the present value of estimated future cash flows. The actual purchase price is allocated based on the various relative asset fair values described above. The building and tenant improvement components of the purchase price are depreciated over the estimated useful life of the building or the weighted average remaining term of the in-place leases. The at-market, in-place lease intangibles are amortized to depreciation and amortization expense over the weighted average remaining term of the leases, and customer relationship assets are amortized to depreciation amortization expense over terms applicable to each acquisition. Any goodwill recorded through a business combination would be reviewed for impairment at least annually and is not amortized. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. A hierarchy of valuation techniques is defined to determine whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1 – quoted prices for identical instruments in active markets; • Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Executed purchase and sale agreements, which are binding agreements, are categorized as level one inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level three as they are nonbinding in nature. |
Fair Value of Derivative Financial Instruments | Fair Value of Derivative Financial Instruments Derivative financial instruments are recorded at fair value on the Company's Consolidated Balance Sheets as other assets or other liabilities. The valuation of derivative instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. Fair values of derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of the Company's forward starting interest |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company did not have any restricted cash for the years ended December 31, 2023 or 2022. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. |
Contingent Liabilities | Contingent Liabilities From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. |
Stock-based Compensation | Share-Based Compensation The Company has various employee and director share-based awards outstanding. These awards include non-vested common stock or other stock-based awards, including units in the OP, pursuant to the Company's Amended and Restated 2006 Incentive Plan, dated April 29, 2021 ("the Incentive Plan"). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income |
Revenue from Contracts with Customers (Topic 606) | Revenue from Contracts with Customers (Topic 606) The Company recognizes certain revenue under the core principle of Topic 606. This requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five-step model specified in the guidance. The Company’s two major types of revenue that are accounted for under Topic 606 are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time and the Company recognizes revenue monthly based on this principle. In most cases, the revenue is due and payable on a monthly basis. The Company had a receivable balance of $1.9 million and $1.5 million, and $1.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Management fee income includes property management services provided to third parties and certain of the properties in the Company's unconsolidated joint ventures and is generally calculated, accrued and billed monthly based on a percentage of cash collections of tenant receivables for the month or a stated amount per square foot. Management fee income also includes amounts paid to the Company for its asset management services for certain of its unconsolidated joint ventures. Internal management fee income, where the Company manages its owned properties, is eliminated in consolidation. Rental Income Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. For lessors, the standard requires a lessor to classify leases as either sales-type, direct-financing or operating. A lease will be treated as a sale if it is considered to transfer control of the underlying asset to the lessee. A lease will be classified as direct-financing if risks and rewards are conveyed without the transfer of control. Otherwise, the lease is treated as an operating lease. Nonlease components, such as common area maintenance, are generally accounted for under Topic 606 and separated from the lease payments. However, the Company elected the lessor practical expedient allowing the Company to not separate these components when certain conditions are met. The combined component is accounted for under Accounting Standards Codification, Topic 842. |
Federal Income Taxes | Federal Income Taxes The Company believes it has qualified to be taxed as a REIT and intends at all times to continue to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code. The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. As a REIT, the Company is generally not subject to federal income tax on net income it distributes to its stockholders, but may be subject to certain state and local taxes and fees. See Note 16 for further discussion. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes on its taxable income and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which the qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could have a material adverse effect on its business, financial condition, results of operations and net cash available for dividend distributions to its stockholders. The Company conducts substantially all of its operations through the OP. As a partnership, the OP generally is not liable for federal income taxes. The income and loss from the operations of the OP is included in the tax returns of its partners, including the Company, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income tax has been made in the accompanying consolidated financial statements. The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2023. Federal tax returns for the years 2020, 2021, 2022 and 2023 are currently subject to examination by taxing authorities. |
State Income Taxes | State Income Taxes |
Sales and Use Taxes | Sales and Use Taxes The Company must pay sales and use taxes to certain state tax authorities based on rents collected from tenants in properties located in those states. The Company is generally reimbursed for these taxes by the tenant. The Company accounts for the payments to the taxing authority and subsequent reimbursement from the tenant on a net basis in rental income in the Company’s Consolidated Statements of Operations. |
Assets Held for Sale | Assets Held for Sale |
Earnings Per Share | Earnings per Share The Company uses the two-class method of computing net earnings per common share. Earnings per common share is calculated by considering share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents as participating securities. Undistributed earnings (excess net income over dividend payments) are allocated on a pro rata basis to common shareholders and restricted shareholders. Undistributed losses (dividends in excess of net income) do not get allocated to restricted stockholders as they do not have the contractual obligation to share in losses. The amount of undistributed losses that applies to the restricted stockholders is allocated to the common stockholders. |
Redeemable Non-Controlling Interests | Redeemable Non-Controlling Interests |
Investments in Leases - Financing Receivables, Net and Real Estate Notes Receivable and Interest Income | Investments in Leases - Financing Receivables, Net Real Estate Notes Receivable Allowance for Credit Losses Pursuant to ASC Topic 326, Financial Instruments - Credit Losses, the Company adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under ASC Topic 326. The Company utilizes a probability of default method approach for estimating current expected credit losses and evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis to determine whether any updates to the future expected losses recognized upon inception are necessary. The Company’s evaluation considers industry and economic conditions, credit enhancements, liquidity, and other factors. The determination of the credit allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectability of loan payments. The Company evaluates the collectability of loan receivables based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that the Company will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans identified as having deteriorated credit quality, the amount of credit loss is determined on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual status are Interest Income Income from Lease Finance Receivables The Company recognized the related income from two financing receivables totaling $8.3 million and $8.1 million, respectively, for the years ended December 31, 2023 and 2022, based on an imputed interest rate over the terms of the applicable lease. As a result, the interest recognized from the financing receivable in any particular period will not equal the cash payments from the lease agreement in that period. Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to Interest income over the life of the lease. |
New Accounting Pronouncements | New Accounting Pronouncements On November 27, 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting ( Topic 280) . Some of the main provisions of this update to segment reporting include; (i) a requirement to disclose significant segment expenses, on an annual and interim basis, that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss; (ii) a requirement to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (iii) a requirement that an entity that has a single reportable segment provide all the disclosures required by the amendments in this update. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of consolidated balance sheets | Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIEs, excluding the OP, in the aggregate: (dollars in thousands) DECEMBER 31, 2023 Assets: Net real estate investments $ 85,752 Cash and cash equivalents 2,144 Receivables and other assets 2,704 Total assets $ 90,600 Liabilities: Accrued expenses and other liabilities $ 17,835 Total equity 72,765 Total liabilities and equity $ 90,600 |
Schedule of variable interest entity | Therefore, the Company accounts for the two notes receivables as amortized cost and a joint venture arrangement under the equity method. See below for additional information regarding the Company's unconsolidated VIEs: (dollars in thousands) ORIGINATION DATE LOCATION SOURCE CARRYING AMOUNT MAXIMUM EXPOSURE TO LOSS 2021 Houston, TX 1 Note receivable $ 31,150 $ 31,150 2021 Charlotte, NC 1 Note receivable 5,796 6,000 2022 Texas 2 Equity method 61,801 61,801 1 Assumed mortgage note receivable in connection with the Merger. 2 Includes investments in seven properties. |
Schedule of assets' estimated useful life | Depreciation and amortization of real estate assets in place as of December 31, 2023, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 2.0 to 39.0 years Buildings and improvements 3.3 to 49.0 years Lease intangibles (including ground lease intangibles) 1.0 to 99.0 years Personal property 3.0 to 20.0 years |
Schedule of disaggregation of revenue | Below is a detail of the amounts by category: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Type of Revenue Parking income $ 9,903 $ 8,513 $ 7,859 Management fee income/other 1 7,548 5,193 2,432 $ 17,451 $ 13,706 $ 10,291 |
Schedule of rental income | The components of rental income are as follows: YEAR ENDED DECEMBER 31, in thousands 2023 2022 2021 Property operating income $ 1,270,508 $ 883,953 $ 514,533 Straight-line rent 38,676 23,498 5,801 Rental income $ 1,309,184 $ 907,451 $ 520,334 |
Schedule of notes receivable | See below for additional information regarding the Company's financing receivables as of December 31, 2023. (dollars in thousands) ORIGINATION DATE LOCATION INTEREST RATE CARRYING VALUE as of DECEMBER 31, 2023 May 2021 Poway, CA 5.71% $ 115,239 November 2021 Columbus, OH 6.48% 7,363 $ 122,602 (dollars in thousands) ORIGINATION MATURITY STATED INTEREST RATE MAXIMUM LOAN COMMITMENT OUTSTANDING as of ALLOWANCE FOR CREDIT LOSSES FAIR VALUE DISCOUNT AND FEES CARRYING VALUE as of DEC 31, 2023 Mezzanine loans Texas 6/24/2021 6/24/2024 8.00 % $ 54,119 $ 54,119 $ (5,196) $ (3,067) $ 45,856 Arizona 12/21/2023 12/20/2026 9.00 % 6,000 6,000 — — 6,000 60,119 60,119 (5,196) (3,067) 51,856 Mortgage loans Texas 6/30/2021 7/01/2024 7.00 % 31,150 31,150 — — 31,150 North Carolina 12/22/2021 12/22/2024 8.00 % 6,000 6,000 — (204) 5,796 Florida 5/17/2022 2/27/2026 6.00 % 65,000 32,156 — (44) 32,112 California 3/30/2023 3/29/2026 6.00 % 45,000 45,000 — — 45,000 Florida 12/28/2023 12/28/2026 9.00 % 7,700 7,700 — — 7,700 154,850 122,006 — (248) 121,758 $ 214,969 $ 182,125 $ (5,196) $ (3,315) $ 173,614 |
Schedule of company's allowance for credit losses | The following table summarizes the Company's allowance for credit losses on real estate notes receivable: Dollars in thousands TWELVE MONTHS ENDED DECEMBER 31, 2023 TWELVE MONTHS ENDED DECEMBER 31, 2022 Allowance for credit losses, beginning of period $ — $ — Credit loss reserves 5,196 — Allowance for credit losses, end of period $ 5,196 $ — |
Merger with HTA (Tables)
Merger with HTA (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of consideration transferred | The implied consideration transferred on the Closing Date is as follows: Dollars in thousands, except for per share data Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (a) 228,520,990 Exchange ratio 1.00 Implied shares of Legacy HR Common Stock issued 228,520,990 Adjusted closing price of Legacy HR Common Stock on July 20, 2022 (b) $ 24.37 Value of implied Legacy HR Common Stock issued $ 5,569,057 Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services (c) 7,406 Consideration transferred $ 5,576,463 (a) The number of shares of Legacy HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 Legacy HTA fractional shares that were cancelled in lieu of cash and less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 share of Legacy HR Common Stock per share of Legacy HTA Common Stock. (b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022. |
Schedule of fair values of the assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date: Dollars in thousands PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS AMOUNTS RECOGNIZED ON THE CLOSING DATE ASSETS Real estate investments Land $ 985,926 $ 18,359 $ 1,004,285 Buildings and improvements 6,960,418 (119,135) 6,841,283 Lease intangible assets (a) 831,920 1,839 833,759 Financing lease right-of-use assets 9,874 3,146 13,020 Construction in progress 10,071 (6,744) 3,327 Land held for development 46,538 — 46,538 Total real estate investments $ 8,844,747 $ (102,535) $ 8,742,212 Assets held for sale, net 707,442 (7,946) 699,496 Investments in unconsolidated joint ventures 67,892 — 67,892 Cash and cash equivalents 26,034 11,403 37,437 Restricted cash 1,123,647 (1,247) 1,122,400 Operating lease right-of-use assets 198,261 16,370 214,631 Other assets, net (b) (c) 209,163 (3,840) 205,323 Total assets acquired $ 11,177,186 $ (87,795) $ 11,089,391 LIABILITIES Notes and bonds payable $ 3,991,300 $ — $ 3,991,300 Accounts payable and accrued liabilities 1,227,570 17,374 1,244,944 Liabilities of assets held for sale 28,677 (3,939) 24,738 Operating lease liabilities 173,948 10,173 184,121 Financing lease liabilities 10,720 (855) 9,865 Other liabilities 203,210 (8,909) 194,301 Total liabilities assumed $ 5,635,425 $ 13,844 $ 5,649,269 Net identifiable assets acquired $ 5,541,761 $ (101,639) $ 5,440,122 Non-controlling interest $ 110,702 $ — $ 110,702 Goodwill $ 145,404 $ 101,639 $ 247,043 (a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years. (b) Includes $15.9 million of contractual accounts receivable, which approximates fair value. (c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date: ESTIMATED ESTIMATED Building $ 27.5 17.0 - 30.0 Tenant Improvements 3.4 5.1 - 5.9 Land 5.5 — Land Improvements 1.1 6.0 - 10.0 Intangibles At-market lease intangibles 4.5 5.1 - 5.9 Above-market lease intangibles (lessor) 0.2 1.8 - 4.9 Below-market lease intangibles (lessor) (0.2) 6.4 - 13.9 Mortgage notes payable assumed, including fair value adjustments (5.3) Other assets acquired 0.1 Accounts payable, accrued liabilities and other liabilities assumed (0.3) Total cash paid $ 36.5 The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2022 as of the acquisition date: ESTIMATED ESTIMATED Building $ 250.7 14.0 - 38.0 Tenant Improvements 20.7 1.5 - 13.4 Land 76.1 — Land Improvements 11.2 5.0 - 14.0 Intangibles At-market lease intangibles 28.1 1.5 - 13.4 Above-market lease intangibles (lessor) 15.9 1.3 - 15.6 Below-market lease intangibles (lessor) (2.2) 1.3 - 19.3 Below-market lease intangibles (lessee) 1.2 13.1 Other assets acquired 0.4 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 399.2 |
Property Investments (Tables)
Property Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate Investment Property, Net [Abstract] | |
Schedule of property investment | The following table summarizes the Company’s consolidated investments at December 31, 2023. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS AND IMPROVEMENTS LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Dallas, TX 43 $ 90,168 $ 1,004,810 $ 68,139 $ 550 $ 1,163,667 $ (221,375) Houston, TX 31 76,959 614,531 60,651 57 752,198 (97,793) Seattle, WA 29 64,295 631,438 9,921 715 706,369 (186,903) Denver, CO 33 76,698 501,994 43,268 610 622,570 (94,906) Charlotte, NC 32 35,465 463,461 26,971 110 526,007 (116,578) Phoenix, AZ 35 20,262 437,804 36,384 425 494,875 (59,449) Atlanta, GA 27 49,095 417,112 28,204 100 494,511 (79,569) Boston, MA 17 127,447 299,742 41,183 14 468,386 (37,569) Raleigh, NC 28 56,620 371,932 36,411 9 464,972 (38,879) Nashville, TN 13 43,347 397,192 10,206 7,427 458,172 (115,979) Los Angeles, CA 20 72,086 360,330 16,481 453 449,350 (145,875) Miami, FL 19 53,994 326,343 35,014 178 415,529 (74,470) Tampa, FL 19 31,121 351,879 27,438 33 410,471 (36,726) Indianapolis, IN 36 54,899 285,806 32,780 13 373,498 (42,273) Austin, TX 13 27,063 274,229 18,568 142 320,002 (55,891) New York, NY 14 64,402 170,304 26,430 — 261,136 (15,887) Chicago, IL 6 13,804 216,473 13,011 81 243,369 (39,671) Memphis, TN 11 13,901 189,941 4,211 322 208,375 (71,813) Honolulu, HI 6 9,527 188,772 6,319 169 204,787 (61,575) Hartford, CT 30 29,381 138,713 21,848 — 189,942 (15,883) Other (49 markets) 193 332,731 3,238,567 272,864 1,310 3,845,472 (617,789) 655 1,343,265 10,881,373 836,302 12,718 13,073,658 (2,226,853) Investment in financing receivables, net — — — — 122,602 — Financing lease right-of-use assets — — — — — 82,209 — Construction in progress — — — — — 60,727 — Land held for development — — — — — 59,871 — Total real estate investments 655 $ 1,343,265 $ 10,881,373 $ 836,302 $ 12,718 $ 13,399,067 $ (2,226,853) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of future minimum lease payments due to the Company under property operating agreements | Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2023 were as follows: In thousands 2024 $ 894,442 2025 801,973 2026 701,615 2027 582,028 2028 469,549 2029 and thereafter 1,579,010 $ 5,028,617 |
Schedule of future minimum operating lease payments | The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 |
Schedule of future minimum finance lease payments | The Company’s future lease payments (primarily for its 157 non-prepaid ground leases) as of December 31, 2023 were as follows: In thousands OPERATING FINANCING 2024 $ 12,263 $ 2,182 2025 12,428 2,218 2026 12,516 2,254 2027 12,703 2,294 2028 12,822 2,326 2029 and thereafter 698,905 394,072 Total undiscounted lease payments $ 761,637 $ 405,346 Discount (531,923) (330,843) Lease liabilities $ 229,714 $ 74,503 |
Schedule of lease cost | The following table provides details of the Company's total lease expense for the years ended December 31, 2023 and 2022: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 20,623 $ 12,699 Variable lease expense 8,979 4,529 Finance lease cost Amortization of right-of-use assets 1,564 1,288 Interest on lease liabilities 3,718 2,876 Total lease expense $ 34,884 $ 21,392 Other information Operating cash flows outflows related to operating leases $ 19,222 $ 12,816 Operating cash flows outflows related to financing leases $ 2,122 $ 1,838 Financing cash flows outflows related to financing leases $ 17 $ — Right-of-use assets obtained in exchange for new finance lease liabilities $ — $ 53,765 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,758 $ 216,047 Weighted-average remaining lease term (excluding renewal options) - operating leases 45.8 47.5 Weighted-average remaining lease term (excluding renewal options) - finance leases 57.9 58.9 Weighted-average discount rate - operating leases 5.7 % 5.8 % Weighted-average discount rate - finance leases 5.0 % 5.0 % |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Mortgage Repayments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of acquisitions | The following table details the Company's real estate acquisition activity for the year ended December 31, 2023: Dollars in thousands DATE ACQUIRED PURCHASE PRICE MORTGAGE NOTES PAYABLE, NET CASH 1 REAL OTHER 2 SQUARE FOOTAGE Tampa, FL 3/10/23 $ 31,500 $ — $ 30,499 $ 30,596 $ (97) 115,867 Colorado Springs, CO 7/28/23 11,450 (5,284) 6,024 11,416 (108) 42,770 Total real estate acquisitions $ 42,950 $ (5,284) $ 36,523 $ 42,012 $ (205) 158,637 1. Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 2. Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. The following table details the Company's acquisitions, exclusive of the Merger, for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE Dallas, TX 4 MOB 2/11/22 $ 8,175 $ 8,185 $ 8,202 $ (17) 18,000 San Francisco, CA 5 MOB 3/7/22 114,000 112,986 108,687 4,299 166,396 Atlanta, GA MOB 4/7/22 6,912 7,054 7,178 (124) 21,535 Denver, CO MOB 4/13/22 6,320 5,254 5,269 (15) 12,207 Colorado Springs, CO 6 MOB 4/13/22 13,680 13,686 13,701 (15) 25,800 Seattle, WA MOB 4/28/22 8,350 8,334 8,370 (36) 13,256 Houston, TX MOB 4/28/22 36,250 36,299 36,816 (517) 76,781 Los Angeles, CA MOB 4/29/22 35,000 35,242 25,400 9,842 34,282 Oklahoma City, OK MOB 4/29/22 11,100 11,259 11,334 (75) 34,944 Raleigh, NC 5 MOB 5/31/22 27,500 26,710 27,127 (417) 85,113 Tampa, FL 6 MOB 6/9/22 18,650 18,619 18,212 407 55,788 Seattle, WA MOB 8/1/22 4,850 4,806 4,882 (76) 10,593 Raleigh, NC MOB 8/9/22 3,783 3,878 3,932 (54) 11,345 Jacksonville, FL MOB 8/9/22 18,195 18,508 18,583 (75) 34,133 Atlanta, GA MOB 8/10/22 11,800 11,525 12,038 (513) 43,496 Denver, CO MOB 8/11/22 14,800 13,902 13,918 (16) 34,785 Raleigh, NC MOB 8/18/22 11,375 10,670 10,547 123 31,318 Nashville, TN MOB 9/15/22 21,000 20,764 20,572 192 61,932 Austin, TX MOB 9/29/22 5,450 5,449 5,572 (123) 15,000 Jacksonville, FL 4 MOB 10/12/22 3,600 3,530 3,609 (79) 6,200 Houston, TX MOB 11/21/22 5,500 5,469 5,513 (44) 28,369 Austin, TX 7 MOB 12/28/22 888 890 889 1 2,219 Denver, CO MOB 12/28/22 16,400 16,170 16,467 (297) 39,692 $ 403,578 $ 399,189 $ 386,818 $ 12,371 863,184 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Represents a single-tenant property. 5 Includes three properties. 6 Includes two properties. 7 The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 71.4%. |
Schedule of assets acquired and liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Closing Date: Dollars in thousands PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS AMOUNTS RECOGNIZED ON THE CLOSING DATE ASSETS Real estate investments Land $ 985,926 $ 18,359 $ 1,004,285 Buildings and improvements 6,960,418 (119,135) 6,841,283 Lease intangible assets (a) 831,920 1,839 833,759 Financing lease right-of-use assets 9,874 3,146 13,020 Construction in progress 10,071 (6,744) 3,327 Land held for development 46,538 — 46,538 Total real estate investments $ 8,844,747 $ (102,535) $ 8,742,212 Assets held for sale, net 707,442 (7,946) 699,496 Investments in unconsolidated joint ventures 67,892 — 67,892 Cash and cash equivalents 26,034 11,403 37,437 Restricted cash 1,123,647 (1,247) 1,122,400 Operating lease right-of-use assets 198,261 16,370 214,631 Other assets, net (b) (c) 209,163 (3,840) 205,323 Total assets acquired $ 11,177,186 $ (87,795) $ 11,089,391 LIABILITIES Notes and bonds payable $ 3,991,300 $ — $ 3,991,300 Accounts payable and accrued liabilities 1,227,570 17,374 1,244,944 Liabilities of assets held for sale 28,677 (3,939) 24,738 Operating lease liabilities 173,948 10,173 184,121 Financing lease liabilities 10,720 (855) 9,865 Other liabilities 203,210 (8,909) 194,301 Total liabilities assumed $ 5,635,425 $ 13,844 $ 5,649,269 Net identifiable assets acquired $ 5,541,761 $ (101,639) $ 5,440,122 Non-controlling interest $ 110,702 $ — $ 110,702 Goodwill $ 145,404 $ 101,639 $ 247,043 (a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years. (b) Includes $15.9 million of contractual accounts receivable, which approximates fair value. (c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2023 as of the acquisition date: ESTIMATED ESTIMATED Building $ 27.5 17.0 - 30.0 Tenant Improvements 3.4 5.1 - 5.9 Land 5.5 — Land Improvements 1.1 6.0 - 10.0 Intangibles At-market lease intangibles 4.5 5.1 - 5.9 Above-market lease intangibles (lessor) 0.2 1.8 - 4.9 Below-market lease intangibles (lessor) (0.2) 6.4 - 13.9 Mortgage notes payable assumed, including fair value adjustments (5.3) Other assets acquired 0.1 Accounts payable, accrued liabilities and other liabilities assumed (0.3) Total cash paid $ 36.5 The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2022 as of the acquisition date: ESTIMATED ESTIMATED Building $ 250.7 14.0 - 38.0 Tenant Improvements 20.7 1.5 - 13.4 Land 76.1 — Land Improvements 11.2 5.0 - 14.0 Intangibles At-market lease intangibles 28.1 1.5 - 13.4 Above-market lease intangibles (lessor) 15.9 1.3 - 15.6 Below-market lease intangibles (lessor) (2.2) 1.3 - 19.3 Below-market lease intangibles (lessee) 1.2 13.1 Other assets acquired 0.4 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 399.2 |
Schedule of equity method investments | The Company's investment in and loss recognized for the years ended December 31, 2023 and 2022 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2023 2022 Investments in unconsolidated joint ventures, beginning of period $ 327.2 $ 161.9 New investments during the period 3.8 167.9 Equity loss recognized during the period (1.7) (0.7) Owner distributions (17.8) (1.9) Investments in unconsolidated joint ventures, end of period $ 311.5 $ 327.2 |
Schedule of Joint Venture Transactions | The following table details the joint venture acquisitions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE San Francisco, CA 4 MOB 3/7/22 $ 67,175 $ 66,789 $ 65,179 $ 1,610 110,865 Los Angeles, CA 5 MOB 3/7/22 33,800 32,384 32,390 (6) 103,259 $ 100,975 $ 99,173 $ 97,569 $ 1,604 214,124 1 MOB = medical outpatient building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes three properties. 5 Includes two properties. |
Schedule of dispositions | The following table details the Company's dispositions for the year ended December 31, 2023: Dollars in thousands Type 1 DATE DISPOSED SALE PRICE CLOSING ADJ COMPANY-FINANCED NOTES NET PROCEEDS NET REAL ESTATE OTHER (INCLUDING RECEIVABLES) 2 GAIN/(IMPAIR-MENT) SQUARE FOOTAGE Tampa/Miami, FL 3 MOB 1/12/23 $ 93,250 $ (5,875) $ — $ 87,375 $ 87,302 $ (888) $ 961 224,037 Dallas, TX 4 MOB 1/30/23 19,210 (141) — 19,069 18,986 43 40 36,691 St. Louis, MO MOB 2/10/23 350 (18) — 332 398 — (66) 6,500 Los Angeles, CA MOB 3/23/23 21,000 (526) — 20,474 20,610 52 (188) 37,165 Los Angeles, CA 5 MOB 3/30/23 75,000 (8,079) (45,000) 21,921 88,624 (803) (20,900) 147,078 Los Angeles, CA 6 LAND 5/12/23 3,300 (334) — 2,966 3,268 — (302) — Albany, NY MOB 6/30/23 10,000 (1,229) — 8,771 2,613 (1,040) 7,198 40,870 Houston, TX MOB 8/2/23 8,320 (285) — 8,035 4,567 194 3,274 57,170 Atlanta, GA MOB 8/22/23 25,140 (66) — 25,074 23,226 (536) 2,386 55,195 Dallas, TX INPATIENT 9/15/23 115,000 (1,504) — 113,496 64,183 6,094 43,219 161,264 Houston, TX MOB 9/18/23 250 (24) — 226 1,998 — (1,772) 52,040 Chicago, IL MOB 9/27/23 59,950 (870) — 59,080 74,710 (380) (15,250) 104,912 Evansville, IN 7 MOB 11/13/23 18,500 (63) — 18,437 17,807 (149) 779 260,520 Houston, TX HOSPITAL 12/1/23 4,100 (6) — 4,094 3,486 — 608 83,223 Charleston, SC 8 OFFICE 12/15/23 6,200 (401) — 5,799 3,415 — 2,384 15,014 Dallas, TX MOB 12/20/23 43,295 (764) — 42,531 33,882 (3,782) 12,431 77,827 Los Angeles, CA OFFICE 12/21/23 19,000 (1,311) — 17,689 17,787 — (98) 104,377 Tucson, AZ 9,10 MOB 12/22/23 43,230 (3,770) (6,000) 33,460 39,786 (26) (300) 215,471 Miami, FL MOB 12/22/23 18,250 (756) — 17,494 17,354 643 (503) 48,000 Sebring, FL MOB 12/27/23 9,500 (81) — 9,419 10,438 (512) (507) 38,949 Boston, MA MOB 12/28/23 117,197 (2,079) — 115,118 107,803 9,828 (2,513) 161,254 Jacksonville/Orlando/Miami, FL 11 SNF 12/29/23 77,000 (8,678) (7,700) 60,622 65,839 (294) 2,777 354,500 Total dispositions $ 787,042 $ (36,860) $ (58,700) $ 691,482 $ 708,082 $ 8,444 $ 33,658 2,282,057 1. MOB = medical outpatient building; SNF = skilled nursing facility. 2. Includes straight-line rent receivables, leasing commissions and lease inducements. 3. Includes two properties sold in two separate transactions to the same buyer on the same date. 4. The Company sold this property to a joint venture in which it retained a 40% interest. Sales price and square footage reflect the total sales price paid by the joint venture and total square footage of the property. 5. The Company entered into a mortgage loan agreement with the buyer for $45.0 million. 6. The Company sold a land parcel totaling 0.34 acres. 7. Includes five properties sold in three separate transactions to the same buyer on the same date. 8. The Company sold a corporate office in Charleston, SC that was 100% occupied by the Company. 9. Includes 12 properties sold in one transaction to the same buyer. 10. The Company entered into a mezzanine loan with the buyer for $6.0 million. 11. Includes three properties sold in one transaction to the same buyer. The Company entered into a separate note receivable for $7.7 million related to this sale. The following table details the Company's dispositions for the year ended December 31, 2022: Dollars in thousands TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Loveland, CO 3, 4 MOB 2/24/22 $ 84,950 $ (45) $ 84,905 $ 40,095 $ 4 $ 44,806 150,291 San Antonio, TX 3 MOB 4/15/22 25,500 (2,272) 23,228 14,381 284 8,563 201,523 GA, FL, PA 5, 11 MOB 7/29/22 133,100 (8,109) 124,991 124,991 — — 316,739 GA, FL, TX 7, 11 MOB 8/4/22 160,917 (5,893) 155,024 151,819 3,205 — 343,545 Los Angeles, CA 5, 9, 11 MOB 8/5/22 134,845 (3,102) 131,743 131,332 411 — 283,780 Dallas, TX 7, 10, 11 MOB 8/30/22 114,290 (682) 113,608 113,608 — — 189,385 Indianapolis, IN 6, 12 MOB 8/31/22 238,845 (5,846) 232,999 84,767 4,324 143,908 506,406 Dallas, TX 3 MOB 10/4/22 104,025 (5,883) 98,142 38,872 6,436 52,834 291,328 Houston, TX MOB 10/21/22 32,000 (280) 31,720 10,762 744 20,214 134,910 College Station, TX MOB 11/10/22 49,177 (3,755) 45,422 44,918 475 28 122,942 El Paso, TX MOB 12/22/22 55,326 (4,002) 51,324 56,427 (1,897) (3,205) 110,465 Atlanta, GA 8 MOB 12/22/22 91,243 (4,326) 86,917 109,051 235 (22,369) 348,416 St. Louis, MO MOB 12/28/22 18,000 (1,471) 16,529 18,340 4 (1,815) 69,394 $ 1,242,218 $ (45,666) $ 1,196,552 $ 939,363 $ 14,225 $ 242,964 3,069,124 1 MOB = medical outpatient building 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes two properties. 4 The Company deferred the tax gain through a 1031 exchange and reinvested the proceeds. 5 Includes four properties. 6 Includes five properties. 7 Includes six properties. 8 Includes nine properties. 9 Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture with an unrelated third party that purchased these properties. 10 Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture with an unrelated third party that purchased these properties. 11 These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation. 12 |
Held for Sale (Tables)
Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of disposal groups, including discontinued operations, income statement, balance sheet and additional disclosures | The table below reflects the assets and liabilities classified as held for sale as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Balance Sheet data Land $ 1,850 $ 1,700 Buildings and improvements 6,779 15,164 Lease intangibles 1,017 1,986 9,646 18,850 Accumulated depreciation (913) — Real estate assets held for sale, net 8,733 18,850 Other assets, net 101 43 Assets held for sale, net $ 8,834 $ 18,893 Accounts payable and accrued liabilities $ 23 $ 282 Other liabilities 272 155 Liabilities of properties held for sale $ 295 $ 437 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other assets | Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 are detailed in the table below: Dollars in thousands December 31, 2023 December 31, 2022 Real estate notes receivable, net $ 173,614 $ 99,643 Straight-line rent receivables 116,866 88,868 Prepaid assets 116,455 81,900 Above-market intangible assets, net 66,695 80,720 Accounts receivable, net 1 63,203 54,667 Additional long-lived assets, net 20,717 21,446 Interest rate swap assets 4,634 14,512 Investment in securities 2 6,011 6,011 Debt issuance costs, net 3,867 5,977 Project costs 6,187 4,337 Net investment in lease 2,112 1,828 Customer relationship intangible assets, net 1,066 1,120 Other 10,941 8,961 $ 592,368 $ 469,990 1 The amounts for December 31, 2023 and 2022 are net of allowance for doubtful accounts of $8.4 million and $4.0 million, respectively. The amount for December 31, 2022 includes $7,169 of other receivables, net. 2 This amount represents the value of the Company's preferred stock investment in a data analytics platform. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite lived intangible assets and liabilities | The Company’s intangible assets and liabilities, including assets held for sale and certain debt issuance costs, as of December 31, 2023 and 2022 consisted of the following: GROSS BALANCE ACCUMULATED AMORTIZATION WEIGHTED AVG. BALANCE SHEET CLASSIFICATION Dollars in millions 2023 2022 2023 2022 Goodwill $ 250.5 $ 223.2 $ — $ — N/A Goodwill Credit facility debt issuance costs 6.9 6.9 3.1 0.9 1.9 Other assets, net Above-market lease intangibles (lessor) 98.0 91.5 31.3 10.7 5.3 Other assets, net Customer relationship intangibles (lessor) 2.1 2.1 1.1 1.0 19.6 Other assets, net Below-market lease intangibles (lessor) (112.5) (112.5) (35.7) (14.6) 5.8 Other liabilities At-market lease intangibles 837.3 1,067.4 301.7 188.3 4.0 Real estate properties $ 1,082.3 $ 1,278.6 $ 301.5 $ 186.3 4.3 |
Schedule of expected net future amortization expense | The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION OF INTANGIBLES, NET 2024 $ 206.7 2025 109.1 2026 84.3 2027 53.0 2028 31.9 |
Notes and Bonds Payable (Tables
Notes and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of debt | DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES EFFECTIVE INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTS Dollars in thousands 2023 2022 $1.5B Unsecured Credit Facility — 385,000 10/25 SOFR + 0.95% 6.24 % At maturity Monthly $350M Unsecured Term Loan 1 349,798 349,114 7/24 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,903 199,670 5/24 SOFR + 1.05% 6.30 % At maturity Monthly $150M Unsecured Term Loan 1 149,643 149,495 6/26 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 299,958 299,936 10/25 SOFR + 1.05% 6.30 % At maturity Monthly $200M Unsecured Term Loan 1 199,502 199,362 7/27 SOFR + 1.05% 6.30 % At maturity Monthly $300M Unsecured Term Loan 1 298,288 297,869 1/28 SOFR + 1.05% 6.30 % At maturity Monthly Senior Notes due 2025 1 249,484 249,115 5/25 3.88 % 4.12 % At maturity Semi-annual Senior Notes due 2026 1 579,017 571,587 8/26 3.50 % 4.94 % At maturity Semi-annual Senior Notes due 2027 1 483,727 479,553 7/27 3.75 % 4.76 % At maturity Semi-annual Senior Notes due 2028 1 297,429 296,852 1/28 3.63 % 3.85 % At maturity Semi-annual Senior Notes due 2030 1 575,443 565,402 2/30 3.10 % 5.30 % At maturity Semi-annual Senior Notes due 2030 1 296,780 296,385 3/30 2.40 % 2.72 % At maturity Semi-annual Senior Notes due 2031 1 295,832 295,547 3/31 2.05 % 2.25 % At maturity Semi-annual Senior Notes due 2031 1 649,521 632,693 3/31 2.00 % 5.13 % At maturity Semi-annual Mortgage notes payable 2 70,534 84,247 1/24-12/26 3.6%-4.77% 3.57%-6.88% Monthly Monthly $ 4,994,859 $ 5,351,827 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. |
Schedule of mortgage notes payable | The following table details the Company’s mortgage notes payable, with related collateral. ORIGINAL BALANCE EFFECTIVE INTEREST RATE 9 MATURITY COLLATERAL 10 PRINCIPAL AND INTEREST PAYMENTS 8 INVESTMENT IN COLLATERAL BALANCE Dollars in millions 2023 2023 2022 Life Insurance Co. 1 12.3 3.86 % 8/23 MOB Monthly/7-yr amort. — — 10.0 Life Insurance Co. 2 9.0 4.84 % 12/23 MOB,OFC Monthly/10-yr amort. — — 6.8 Life Insurance Co. 3 13.3 4.13 % 1/24 MOB Monthly/10-yr amort. 24.4 11.3 11.7 Life Insurance Co. 4 6.8 3.96 % 2/24 MOB Monthly/7-yr amort. 12.6 5.6 5.8 Financial Services 5 9.7 4.32 % 9/24 MOB Monthly/10-yr amort. 16.9 7.2 7.5 Life Insurance Co. 6 16.5 3.43 % 12/25 MOB,OFC Monthly/7-yr amort. 49.2 15.9 16.2 Financial Services 11.5 3.71 % 1/26 MOB Monthly/10-yr amort. 41.7 7.8 8.3 Life Insurance Co. 7 6.0 6.88 % 4/26 MOB Monthly/7-yr amort. 11.6 5.2 — Life Insurance Co. 19.2 4.08 % 12/26 MOB Monthly/10-yr amort. 45.7 17.5 17.9 $ 202.1 $ 70.5 $ 84.2 1 The Company repaid this loan in August 2023. The Company's unencumbered gross investment was $26.0 million at December 31, 2023. 2 The Company repaid this loan in December 2023. The Company's unencumbered gross investment was $24.5 million at December 31, 2023. 3 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 4 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 5 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 6 The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. 7 The unaccreted portion of the $0.3 million discount recorded on this note upon acquisition is included in the balance above. 8 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 9 The contractual interest rates for the seven outstanding mortgage notes ranged from 3.6% to 4.8% as of December 31, 2023. 10 MOB-Medical office building; OFC-Office |
Schedule of future contractual maturities of the company's notes and bonds payable | Future maturities of the Company’s notes and bonds payable as of December 31, 2023, were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND % 2024 $ 575,473 $ (41,050) $ (2,438) $ 531,985 10.7 % 2025 566,375 (43,163) (1,916) 521,296 10.4 % 2026 778,904 (41,837) (1,650) 735,417 14.7 % 2027 700,000 (36,192) (1,519) 662,289 13.3 % 2028 600,000 (35,179) (707) 564,114 11.3 % 2029 and thereafter 2,049,285 (68,382) (1,145) 1,979,758 39.6 % $ 5,270,037 $ (265,803) $ (9,375) $ 4,994,859 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes and four mortgage notes payable. 2 Excludes approximate ly $3.9 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. |
Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of senior notes assumed with the merger | The following table reconciles the Company’s aggregate Senior notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Senior notes principal balance $ 3,699,285 $ 3,699,500 Unaccreted discount (265,852) (304,919) Debt issuance costs (6,200) (7,447) Senior notes carrying amount $ 3,427,233 $ 3,387,134 |
Term Loan Net | Term Loan | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the Company’s aggregate term loan principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Term loan principal balances $ 1,500,000 $ 1,500,000 Debt issuance costs (2,908) (4,554) Term Loans carrying amount $ 1,497,092 $ 1,495,446 |
Mortgage Notes Payable | Mortgage Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022. DECEMBER 31, Dollars in thousands 2023 2022 Mortgage notes payable principal balance $ 70,752 $ 84,122 Unamortized premium 285 486 Unaccreted discount (237) (38) Debt issuance costs (266) (323) Mortgage notes payable carrying amount $ 70,534 $ 84,247 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | As of December 31, 2023, the Company had interest rate derivatives that were designated as cash flow hedges of interest rate risk. The table below presents the notional value and weighted average rates of the Company's derivative financial instruments as of December 31, 2023 and 2022: NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE NOTIONAL VALUE AS OF WEIGHTED AVERAGE RATE EXPIRATION DECEMBER 31, 2023 EXPIRATION DECEMBER 31, 2022 January 2024 $ 200,000 1.21 % January 2023 $ 300,000 1.42 % May 2026 275,000 3.74 % January 2024 200,000 1.21 % June 2026 150,000 3.83 % May 2026 100,000 2.15 % December 2026 150,000 3.84 % December 2026 150,000 3.84 % June 2027 200,000 4.27 % June 2027 150,000 4.13 % December 2027 300,000 3.93 % December 2027 250,000 3.79 % $ 1,275,000 3.49 % $ 1,150,000 2.63 % Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2023 and 2022 related to the Company's outstanding interest rate swaps. AMOUNT OF GAIN/(LOSS) RECOGNIZED AMOUNT OF (GAIN)/LOSS RECLASSIFIED Dollars in thousands 2023 2022 2023 2022 Interest rate swaps 2017 $ — $ 302 Interest expense $ — $ 118 Interest rate swaps 2018 — 616 Interest expense — 361 Interest rate swaps 2019 1,995 12,964 Interest expense (6,964) 563 Interest rate swaps 2022 4,583 (3,252) Interest expense (6,289) (109) Interest rate swaps 2023 (5,115) — Interest expense (1,829) — Settled treasury hedges — — Interest expense 426 426 Settled interest rate swaps — — Interest expense 168 168 $ 1,463 $ 10,630 Total interest expense $ (14,488) $ 1,527 |
Schedule of derivative instruments in statement of financial position, fair value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022. AS OF DECEMBER 31, 2023 AS OF DECEMBER 31, 2022 Dollars in thousands BALANCE SHEET LOCATION FAIR BALANCE SHEET LOCATION FAIR Interest rate swaps 2019 Other Assets $ 4,214 Other Assets $ 13,603 Interest rate swaps 2022 Other Assets 909 Interest rate swaps 2022 Other Liabilities (5,067) Other Liabilities (4,269) Interest rate swaps 2023 Other Assets 411 Interest rate swaps 2023 Other Liabilities (7,357) Total derivatives designated as hedging instruments $ (7,799) $ 10,243 |
Schedule of offsetting assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets Offsetting of Derivative Assets GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF ASSETS GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ 4,625 $ — $ 4,625 $ (4,625) $ — $ — Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (12,424) $ — $ (12,424) $ 4,625 $ — $ (7,799) |
Schedule of offsetting liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2023. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets Offsetting of Derivative Assets GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF ASSETS GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ 4,625 $ — $ 4,625 $ (4,625) $ — $ — Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (12,424) $ — $ (12,424) $ 4,625 $ — $ (7,799) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of reconciliation of the beginning and ending common stock outstanding | The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2023, 2022, and 2021 as follows: YEAR ENDED DECEMBER 31, 2023 2022 2021 Balance, beginning of year 380,589,894 150,457,433 139,487,375 Issuance of common stock 8,627 229,618,304 10,899,301 Conversion of OP units to common stock 190,544 — — Non-vested share-based awards, net of withheld shares and forfeitures 175,368 514,157 70,757 Balance, end of year 380,964,433 380,589,894 150,457,433 |
Schedule of reconciliation of beginning and ending balances of accumulated other comprehensive income (loss) | The following table represents the changes in accumulated other comprehensive income (loss) during the years ended December 31, 2023 and 2022: INTEREST RATE SWAPS Dollars in thousands 2023 2022 Beginning balance $ 2,140 $ (9,981) Other comprehensive income (loss) before reclassifications 1,434 1,531 Amounts reclassified from accumulated other comprehensive (loss) income (14,315) 10,590 Net current-period other comprehensive (loss) income (12,881) 12,121 Ending balance $ (10,741) $ 2,140 |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | The following table represents the details regarding the reclassifications from accumulated other comprehensive income (loss) during the year ended December 31, 2023 (dollars in thousands): DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE AMOUNT RECLASSIFIED AFFECTED LINE ITEM Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps $ 594 Interest Expense Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps (15,082) Interest Expense $ (14,488) |
Stock and Other Incentive Pla_2
Stock and Other Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of unrecognized compensation cost, nonvested awards | The following table represents expected amortization of the Company's non-vested shares issued as of December 31, 2023: Dollars in millions FUTURE AMORTIZATION 2024 $ 12.2 2025 9.7 2026 6.9 2027 2.1 2028 and thereafter 0.5 Total $ 31.4 |
Schedule of other than stock options, valuation assumptions | a Monte Carlo simulation to calculate the weighted average grant date fair values of $24.23 for the absolute TSR component and $27.84 for the relative TSR component for the January 2023 grant using the following assumptions: Volatility 34.0 % Dividend Assumption Accrued Expected term in years 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 Volatility 34.0 % Dividend assumption Accrued Expected term 3 years Risk-free rate 4.42 % Stock price (per share) $20.21 |
Schedule of the activity under the incentive plans the previous directors' plan | The following table represents the summary of non-vested share-based awards (including restricted stock, RSUs, LTIP-C units and LTIP-D units) under the Incentive Plans and related information for the three years ended December 31, 2023: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Share-based awards, beginning of year 2,090,060 1,562,028 1,766,061 Granted 1 1,164,359 952,407 203,701 Vested (403,266) (418,949) (404,777) Change in awards based on performance assessment 2 (205,668) — — Forfeited (29,923) (5,426) (2,957) Share-based awards, end of year 2,615,562 2,090,060 1,562,028 Weighted-average grant date fair value of Share-based awards, beginning of year $ 30.35 $ 31.10 $ 30.51 Share-based awards granted during the year $ 18.70 $ 29.64 $ 30.86 Share-based awards vested during the year $ 28.38 $ 31.52 $ 28.38 Share-based awards change in performance assessment during the year $ 29.05 $ — $ — Stock-based awards forfeited during the year $ 31.16 $ 31.48 $ 33.04 Share-based awards, end of year $ 25.56 $ 30.35 $ 31.10 Grant date fair value of shares granted during the year $ 22,171 $ 28,225 $ 6,286 1 LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance period has been satisfied and the exact number of awards are determinable. 2 The Company's RSUs that are based on operating performance metrics are evaluated on the probability of those performance metrics being achieved. During 2023, the Company determined that the operating performance goals related to the RSUs issued in 2022 are not probable of being achieved and reversed all of the outstanding amortization expense for that grant. In addition, the Company lowered the probability of achieving the operating performance goals related to the RSUs issued in 2023. |
Schedule of the employee stock purchase plan activity | A summary of the Legacy HR Employee Stock Purchase Plan activity and related information for the three years ended December 31, 2023 is as follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Options outstanding, beginning of year 340,976 348,514 341,647 Granted — 255,960 253,200 Exercised (8,627) (20,246) (30,281) Forfeited (43,737) (102,619) (71,630) Expired (132,999) (140,633) (144,422) Options outstanding and exercisable, end of year 155,613 340,976 348,514 Weighted-average exercise price of Options outstanding, beginning of year $ 16.38 $ 25.38 $ 24.70 Options granted during the year $ — $ 26.89 $ 25.16 Options exercised during the year $ 15.07 $ 20.97 $ 25.03 Options forfeited during the year $ 15.50 $ 21.88 $ 25.45 Options expired during the year $ 16.43 $ 23.36 $ 24.17 Options outstanding, end of year $ 12.98 $ 16.38 $ 25.38 Weighted-average fair value of options granted during the year (calculated as of the grant date) $ — $ 9.91 $ 9.05 Intrinsic value of options exercised during the year $ 23 $ 75 $ 165 Intrinsic value of options outstanding and exercisable (calculated as of December 31) $ 401 $ 985 $ 1,997 Exercise prices of options outstanding (calculated as of December 31) $ 14.65 $ 16.38 $ 25.91 Weighted-average contractual life of outstanding options (calculated as of December 31, in years) 0.3 0.8 0.8 |
Schedule of stock options, valuation assumptions | 2023 2022 2021 Risk-free interest rates — % 0.73 % 0.13 % Expected dividend yields — % 3.97 % 4.11 % Expected life (in years) 0 1.44 1.43 Expected volatility — % 49.0 % 48.2 % Expected forfeiture rates — % 85 % 85 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Common Share | The table below sets forth the computation of basic and diluted earnings per common share for the three years ended December 31, 2023. YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2023 2022 2021 Weighted average common shares outstanding Weighted average common shares outstanding 380,850,967 254,296,810 144,411,835 Non-vested shares (1,923,096) (1,940,607) (1,774,669) Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Weighted average common shares outstanding - basic 378,927,871 252,356,203 142,637,166 Dilutive effect of forward equity shares — — — Dilutive effect of OP Units — 1,451,599 — Dilutive effect of employee stock purchase plan — 65,519 73,062 Weighted average common shares outstanding - diluted 378,927,871 253,873,321 142,710,228 Net (loss) income $ (282,083) $ 40,693 $ 66,659 Net loss attributable to non-controlling interest 3,822 204 — Net (loss) income attributable to common stockholders $ (278,261) $ 40,897 $ 66,659 Income allocated to participating securities (2,504) (2,437) (2,154) Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units (851) — — Net (loss) income applicable to common stockholders - basic $ (281,616) $ 38,460 $ 64,505 Net income attributable to OP Units — 81 — Net income applicable to common stockholders - diluted $ (281,616) $ 38,541 $ 64,505 Basic earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 Diluted earnings per common share - net income $ (0.74) $ 0.15 $ 0.45 |
Other Data (Tables)
Other Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of characterization of distributions on common stock | For the three years ended December 31, 2023, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. YEAR ENDED DECEMBER 31, 2023 2022 2021 PER SHARE PER SHARE PER SHARE Tax Treatment of Dividends Pre-Merger Healthcare Trust of America Ordinary income 1 $ — $ 0.5862 $ 0.7920 Return of capital — 4.0162 0.4930 Capital gain — 1.2216 — Common stock distributions $ — $ 5.8240 $ 1.2850 Tax Treatment of Dividends Pre-Merger Healthcare Realty Ordinary income 1 $ — $ 0.2655 $ 0.7500 Return of capital — 0.5555 0.3600 Capital gain — — 0.0964 Common stock distributions $ — $ 0.8210 $ 1.2064 Tax Treatment of Dividends Post-Merger Healthcare Realty Ordinary income 1 $ 0.5482 $ 0.0422 $ — Return of capital 0.5031 0.2889 — Capital gain 0.1887 0.0879 — Common stock distributions $ 1.2400 $ 0.4190 $ — 1 |
Schedule of state income taxes | State income tax expense and state income tax payments for the three years ended December 31, 2023 are detailed in the table below: YEAR ENDED DECEMBER 31, Dollars in thousands 2023 2022 2021 State income tax expense Texas gross margins tax $ 1,206 $ 1,693 $ 564 Other 133 151 8 Total state income tax expense $ 1,339 $ 1,844 $ 572 State income tax payments, net of refunds and collections $ 1,324 $ 1,834 $ 560 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value and carrying values for notes and bonds payable, mortgage notes receivable and notes receivable | The table below details the fair value and carrying values for our other financial instruments as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1, 2 $ 4,994.9 $ 4,872.7 $ 5,351.8 $ 5,149.6 Real estate notes receivable 1 $ 173.6 $ 172.5 $ 99.6 $ 99.6 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. 2 Fair value for senior notes includes accrued interest as of December 31, 2023. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) shares in Millions, ft² in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² reporting_unit financing_receivable property note_receivable variable_interest_entity state joint_venture shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2023 USD ($) | Jul. 20, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Business Overview: | |||||||
Gross investment, amount, total | $ 13,400,000,000 | ||||||
Number of owned real estate properties | property | 655 | ||||||
Number of states that the Company owns real estate in | state | 35 | ||||||
Approximate square feet invested in by company | ft² | 38.5 | ||||||
Number of properties | property | 33 | ||||||
Principles of Consolidation: | |||||||
Equity ownership for consolidation (percent) | 100% | ||||||
Number of entities | variable_interest_entity | 4 | ||||||
Segment Reporting: | |||||||
Number of reporting units | reporting_unit | 1 | ||||||
Real Estate Properties: | |||||||
Elimination of real estate lease intangibles against accumulated depreciation | $ 214,800,000 | $ 133,600,000 | |||||
Depreciation | $ 518,600,000 | 320,800,000 | $ 170,000,000 | ||||
Maximum period up to which interest capitalize on properties in stabilization | 1 year | ||||||
Goodwill and Other Intangible Assets: | |||||||
Goodwill | $ 250,530,000 | 223,202,000 | $ 247,043,000 | ||||
Revenue from Contracts with Customers (Topic 606): | |||||||
Revenue Received | $ 1,900,000 | 1,500,000 | 1,400,000 | ||||
Federal Income Taxes: | |||||||
Percentage of distribution of taxable income for qualify as REIT | 90% | ||||||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | 0 | 0 | ||||
Redeemable Non-Controlling Interests: | |||||||
Redeemable non-controlling interests | 3,868,000 | 2,014,000 | 0 | $ 0 | |||
Real Estate Notes Receivable: | |||||||
Real estate notes receivable, net | 173,614,000 | 99,643,000 | |||||
Allowance for Credit Losses, Interest Income, Income from Real Estate Notes Receivable: | |||||||
Carrying value | 173,614,000 | ||||||
Credit loss reserves | $ 5,200,000 | $ 5,196,000 | 0 | ||||
Number of recognized lease financial receivables | financing_receivable | 2 | ||||||
Income from financing receivables | $ 8,300,000 | 8,100,000 | |||||
Financing receivable, nonaccrual | $ 48,900,000 | ||||||
Notes Receivable | |||||||
Allowance for Credit Losses, Interest Income, Income from Real Estate Notes Receivable: | |||||||
Interest income | $ 8,800,000 | 3,400,000 | $ 0 | ||||
Variable Interest Entity | |||||||
Principles of Consolidation: | |||||||
Number of entities | variable_interest_entity | 3 | ||||||
Number of notes receivable | note_receivable | 2 | ||||||
Number of joint ventures | joint_venture | 1 | ||||||
Healthcare Trustof America Holdings L P | Non-Controlling Interest Holders | |||||||
Principles of Consolidation: | |||||||
Limited partners capital account outstanding (in units) | shares | 4.5 | ||||||
Limited partners ownership interest (in percent) | 1.20% | ||||||
Property Entities Not Determined to be VIEs | |||||||
Principles of Consolidation: | |||||||
Equity interest owned (percent) | 100% | ||||||
Healthcare Trustof America Holdings L P | |||||||
Principles of Consolidation: | |||||||
Equity interest owned (percent) | 98.80% | ||||||
Minimum | |||||||
Goodwill and Other Intangible Assets: | |||||||
Goodwill, purchase accounting adjustments | $ 27,300,000 | ||||||
Maximum | |||||||
Goodwill and Other Intangible Assets: | |||||||
Goodwill | 250,500,000 | 223,200,000 | |||||
Interest Rate Swap | |||||||
Fair Value of Derivative Financial Instruments: | |||||||
Accumulated other comprehensive income (loss), net of tax | (10,700,000) | 2,100,000 | |||||
Tenant and Capital Improvements | |||||||
Real Estate Properties: | |||||||
Fully depreciated tenant and capital improvements eliminated against accumulated depreciation | 4,100,000 | ||||||
At Market Lease Intangibles | |||||||
Real Estate Properties: | |||||||
Elimination of real estate lease intangibles against accumulated depreciation | $ 51,700,000 | $ 19,600,000 | |||||
Real Estate Properties Held In Joint Ventures Member | |||||||
Business Overview: | |||||||
Weighted average ownership interest (percent) | 43% | ||||||
Number of properties | property | 33 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Consolidated balance sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Net real estate investments | $ 11,172,214 | $ 12,412,354 |
Cash and cash equivalents | 25,699 | 60,961 |
Total assets | 12,637,131 | 13,849,631 |
Liabilities: | ||
Total equity | 6,822,662 | 7,571,076 |
Total liabilities, redeemable non-controlling interests, and stockholders' equity | 12,637,131 | $ 13,849,631 |
Variable interest entity | ||
Assets: | ||
Net real estate investments | 85,752 | |
Cash and cash equivalents | 2,144 | |
Receivables and other assets | 2,704 | |
Total assets | 90,600 | |
Liabilities: | ||
Accrued expenses and other liabilities | 17,835 | |
Total equity | 72,765 | |
Total liabilities, redeemable non-controlling interests, and stockholders' equity | $ 90,600 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Variable interest entity (Details) $ in Thousands | Dec. 31, 2023 USD ($) note_receivable property |
Variable Interest Entity [Line Items] | |
Number of owned real estate properties | property | 655 |
Variable Interest Entity | |
Variable Interest Entity [Line Items] | |
Number of notes receivable | note_receivable | 2 |
Houston, TX | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Notes receivable, carrying amount | $ 31,150 |
MAXIMUM EXPOSURE TO LOSS | 31,150 |
Charlotte, NC | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Notes receivable, carrying amount | 5,796 |
MAXIMUM EXPOSURE TO LOSS | 6,000 |
Texas | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Joint venture, carrying amount | 61,801 |
MAXIMUM EXPOSURE TO LOSS | $ 61,801 |
Number of owned real estate properties | property | 7 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Useful lives of real estate assets and liabilities (Details) | Dec. 31, 2023 |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 2 years |
Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 39 years |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 3 years 3 months 18 days |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 49 years |
Lease intangibles (including ground lease intangibles) | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 1 year |
Intangible asset useful life | 1 year |
Lease intangibles (including ground lease intangibles) | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 99 years |
Intangible asset useful life | 99 years |
Personal property | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 3 years |
Personal property | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 20 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Other operating | $ 17,451 | $ 13,706 | $ 10,291 |
Parking income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | 9,903 | 8,513 | 7,859 |
Management fee income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | $ 7,548 | $ 5,193 | $ 2,432 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Components of rental income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Property operating income | $ 1,270,508 | $ 883,953 | $ 514,533 |
Straight-line rent | 38,676 | 23,498 | 5,801 |
Rental income | $ 1,309,184 | $ 907,451 | $ 520,334 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing receivable, carrying value | $ 122,602 | ||
MAXIMUM LOAN COMMITMENT | 214,969 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 182,125 | ||
ALLOWANCE FOR CREDIT LOSSES | (5,196) | $ 0 | $ 0 |
FAIR VALUE DISCOUNT AND FEES | (3,315) | ||
CARRYING VALUE | 173,614 | ||
Mezzanine loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
MAXIMUM LOAN COMMITMENT | 60,119 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 60,119 | ||
ALLOWANCE FOR CREDIT LOSSES | (5,196) | ||
FAIR VALUE DISCOUNT AND FEES | (3,067) | ||
CARRYING VALUE | 51,856 | ||
Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
MAXIMUM LOAN COMMITMENT | 154,850 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 122,006 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | (248) | ||
CARRYING VALUE | $ 121,758 | ||
Poway, CA | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 5.71% | ||
Financing receivable, carrying value | $ 115,239 | ||
Columbus, OH | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 6.48% | ||
Financing receivable, carrying value | $ 7,363 | ||
Texas | Mezzanine loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 8% | ||
MAXIMUM LOAN COMMITMENT | $ 54,119 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 54,119 | ||
ALLOWANCE FOR CREDIT LOSSES | (5,196) | ||
FAIR VALUE DISCOUNT AND FEES | (3,067) | ||
CARRYING VALUE | $ 45,856 | ||
Texas | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 7% | ||
MAXIMUM LOAN COMMITMENT | $ 31,150 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 31,150 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | 0 | ||
CARRYING VALUE | $ 31,150 | ||
Arizona | Mezzanine loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 9% | ||
MAXIMUM LOAN COMMITMENT | $ 6,000 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 6,000 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | 0 | ||
CARRYING VALUE | $ 6,000 | ||
North Carolina | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 8% | ||
MAXIMUM LOAN COMMITMENT | $ 6,000 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 6,000 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | (204) | ||
CARRYING VALUE | $ 5,796 | ||
Florida | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 6% | ||
MAXIMUM LOAN COMMITMENT | $ 65,000 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 32,156 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | (44) | ||
CARRYING VALUE | $ 32,112 | ||
California | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 6% | ||
MAXIMUM LOAN COMMITMENT | $ 45,000 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 45,000 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | 0 | ||
CARRYING VALUE | $ 45,000 | ||
Florida | Mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
STATED INTEREST RATE | 9% | ||
MAXIMUM LOAN COMMITMENT | $ 7,700 | ||
REAL ESTATE NOTES RECEIVABLE, GROSS | 7,700 | ||
ALLOWANCE FOR CREDIT LOSSES | 0 | ||
FAIR VALUE DISCOUNT AND FEES | 0 | ||
CARRYING VALUE | $ 7,700 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Company's Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit losses, beginning of period | $ 0 | $ 0 | $ 0 |
Credit loss reserves | $ 5,200 | 5,196 | 0 |
Allowance for credit losses, end of period | $ 5,196 | $ 0 |
Merger with HTA - Narrative (De
Merger with HTA - Narrative (Details) - USD ($) | 12 Months Ended | |||
Jul. 20, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Goodwill | $ 247,043,000 | $ 250,530,000 | $ 223,202,000 | |
Goodwill expected to be tax deductible | 0 | |||
Merger-related costs | (1,952,000) | $ 103,380,000 | $ 0 | |
Refund of transfer taxes paid | $ 17,800,000 | |||
Revision of Prior Period, Adjustment | ||||
Business Acquisition [Line Items] | ||||
Goodwill adjustment incomplete | $ 101,600,000 | |||
HealthCare Realty Trust Incorporated | Common Class A | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
HealthCare Realty Trust, Inc. | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | 0.01 | |||
Healthcare Trust Of America, Inc | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Conversion ratio | 1 | |||
Dividends per share to common stockholders, declared (in USD per share) | $ 4.82 |
Merger with HTA - Schedule of C
Merger with HTA - Schedule of Consideration Transferred (Details) | 12 Months Ended | ||
Jul. 20, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 shares | |
Business Acquisition [Line Items] | |||
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) | 228,857,717 | 380,964,000 | 380,590,000 |
Implied shares of Legacy HR Common Stock issued (in shares) | 228,520,990 | ||
Adjusted closing price of Legacy HR Common Stock on July 20, 2022 (in dollars per share) | $ / shares | $ 24.37 | ||
Value of implied Legacy HR Common Stock issued | $ | $ 5,569,057,000 | ||
Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services | $ | $ 7,406,000 | ||
Consideration transferred | $ | $ 5,576,463,000 | ||
Healthcare Trust Of America, Inc | |||
Business Acquisition [Line Items] | |||
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) | 228,520,990 | ||
Exchange ratio | 1 | ||
Common Stock, fractional (in shares) | 192 | ||
Healthcare Trust Of America, Inc | Restricted Stock | |||
Business Acquisition [Line Items] | |||
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) | 336,535 | ||
Common Stock, withheld (in shares) | 215,764 |
Merger with HTA - Schedule of F
Merger with HTA - Schedule of Fair Values of the Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 20, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate investments | |||
Land | $ 1,004,285 | ||
Buildings and improvements | 6,841,283 | ||
Lease intangible assets | 833,759 | ||
Financing lease right-of-use assets | 13,020 | ||
Construction in progress | 3,327 | ||
Land held for development | 46,538 | ||
Total real estate investments | 8,742,212 | ||
Assets held for sale, net | 699,496 | ||
Investments in unconsolidated joint ventures | 67,892 | ||
Cash and cash equivalents | 37,437 | ||
Restricted cash | 1,122,400 | ||
Operating lease right-of-use assets | 214,631 | ||
Other assets, net | 205,323 | $ 100 | $ 400 |
Total assets acquired | 11,089,391 | ||
LIABILITIES | |||
Notes and bonds payable | 3,991,300 | ||
Accounts payable and accrued liabilities | 1,244,944 | ||
Liabilities of assets held for sale | 24,738 | ||
Operating lease liabilities | 184,121 | ||
Financing lease liabilities | 9,865 | ||
Other liabilities | 194,301 | ||
Total liabilities assumed | 5,649,269 | ||
Net identifiable assets acquired | 5,440,122 | 36,500 | 399,200 |
Non-controlling interest | 110,702 | ||
Goodwill | 247,043 | $ 250,530 | $ 223,202 |
Weighted average amortization period for the acquired lease intangible assets | 6 years | ||
Gross contractual accounts receivable | 15,900 | ||
Gross contractual real estate notes receivable | 78,700 | ||
Gross contractual real estate notes receivable at fair value | 74,800 | ||
CUMULATIVE MEASUREMENT PERIOD ADJUSTMENTS | |||
Land | 18,359 | ||
Buildings and improvements | (119,135) | ||
Lease intangible assets | 1,839 | ||
Financing lease right-of-use assets | 3,146 | ||
Construction in progress | (6,744) | ||
Total real estate investments | (102,535) | ||
Assets held for sale, net | (7,946) | ||
Cash and cash equivalents | 11,403 | ||
Restricted cash | (1,247) | ||
Operating lease right-of-use assets | 16,370 | ||
Other assets, net | (3,840) | ||
Total assets acquired | (87,795) | ||
Accounts payable and accrued liabilities | 17,374 | ||
Liabilities of assets held for sale | (3,939) | ||
Operating lease liabilities | 10,173 | ||
Financing lease liabilities | (855) | ||
Other liabilities | (8,909) | ||
Total liabilities assumed | 13,844 | ||
Net identifiable assets acquired | (101,639) | ||
Goodwill | 101,639 | ||
Previously Reported | |||
Real estate investments | |||
Land | 985,926 | ||
Buildings and improvements | 6,960,418 | ||
Lease intangible assets | 831,920 | ||
Financing lease right-of-use assets | 9,874 | ||
Construction in progress | 10,071 | ||
Land held for development | 46,538 | ||
Total real estate investments | 8,844,747 | ||
Assets held for sale, net | 707,442 | ||
Investments in unconsolidated joint ventures | 67,892 | ||
Cash and cash equivalents | 26,034 | ||
Restricted cash | 1,123,647 | ||
Operating lease right-of-use assets | 198,261 | ||
Other assets, net | 209,163 | ||
Total assets acquired | 11,177,186 | ||
LIABILITIES | |||
Notes and bonds payable | 3,991,300 | ||
Accounts payable and accrued liabilities | 1,227,570 | ||
Liabilities of assets held for sale | 28,677 | ||
Operating lease liabilities | 173,948 | ||
Financing lease liabilities | 10,720 | ||
Other liabilities | 203,210 | ||
Total liabilities assumed | 5,635,425 | ||
Net identifiable assets acquired | 5,541,761 | ||
Non-controlling interest | 110,702 | ||
Goodwill | $ 145,404 |
Property Investments (Details)
Property Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) |
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 655 | |
LAND | $ 1,343,265 | |
BUILDINGS AND IMPROVEMENTS | 10,881,373 | $ 11,332,037 |
LEASE INTANGIBLES | 836,302 | |
PERSONAL PROPERTY | 12,718 | 11,907 |
Total real estate investments | 13,399,067 | 14,057,625 |
ACCUMULATED DEPRECIATION | $ (2,226,853) | $ (1,645,271) |
Investment in financing receivables, net | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 0 | |
BUILDINGS AND IMPROVEMENTS | 0 | |
LEASE INTANGIBLES | ||
PERSONAL PROPERTY | 0 | |
Total real estate investments | 122,602 | |
ACCUMULATED DEPRECIATION | $ 0 | |
Financing lease right-of-use assets | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 0 | |
BUILDINGS AND IMPROVEMENTS | 0 | |
LEASE INTANGIBLES | 0 | |
PERSONAL PROPERTY | 0 | |
Total real estate investments | 82,209 | |
ACCUMULATED DEPRECIATION | $ 0 | |
Construction in progress | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 0 | |
BUILDINGS AND IMPROVEMENTS | 0 | |
LEASE INTANGIBLES | 0 | |
PERSONAL PROPERTY | 0 | |
Total real estate investments | 60,727 | |
ACCUMULATED DEPRECIATION | $ 0 | |
Land held for development | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 0 | |
BUILDINGS AND IMPROVEMENTS | 0 | |
LEASE INTANGIBLES | 0 | |
PERSONAL PROPERTY | 0 | |
Total real estate investments | 59,871 | |
ACCUMULATED DEPRECIATION | $ 0 | |
Medical office/outpatient | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 655 | |
LAND | $ 1,343,265 | |
BUILDINGS AND IMPROVEMENTS | 10,881,373 | |
LEASE INTANGIBLES | 836,302 | |
PERSONAL PROPERTY | 12,718 | |
Total real estate investments | 13,073,658 | |
ACCUMULATED DEPRECIATION | $ (2,226,853) | |
Medical office/outpatient | Dallas, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 43 | |
LAND | $ 90,168 | |
BUILDINGS AND IMPROVEMENTS | 1,004,810 | |
LEASE INTANGIBLES | 68,139 | |
PERSONAL PROPERTY | 550 | |
Total real estate investments | 1,163,667 | |
ACCUMULATED DEPRECIATION | $ (221,375) | |
Medical office/outpatient | Houston, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 31 | |
LAND | $ 76,959 | |
BUILDINGS AND IMPROVEMENTS | 614,531 | |
LEASE INTANGIBLES | 60,651 | |
PERSONAL PROPERTY | 57 | |
Total real estate investments | 752,198 | |
ACCUMULATED DEPRECIATION | $ (97,793) | |
Medical office/outpatient | Seattle, WA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 29 | |
LAND | $ 64,295 | |
BUILDINGS AND IMPROVEMENTS | 631,438 | |
LEASE INTANGIBLES | 9,921 | |
PERSONAL PROPERTY | 715 | |
Total real estate investments | 706,369 | |
ACCUMULATED DEPRECIATION | $ (186,903) | |
Medical office/outpatient | Denver, CO | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 33 | |
LAND | $ 76,698 | |
BUILDINGS AND IMPROVEMENTS | 501,994 | |
LEASE INTANGIBLES | 43,268 | |
PERSONAL PROPERTY | 610 | |
Total real estate investments | 622,570 | |
ACCUMULATED DEPRECIATION | $ (94,906) | |
Medical office/outpatient | Charlotte, NC | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 32 | |
LAND | $ 35,465 | |
BUILDINGS AND IMPROVEMENTS | 463,461 | |
LEASE INTANGIBLES | 26,971 | |
PERSONAL PROPERTY | 110 | |
Total real estate investments | 526,007 | |
ACCUMULATED DEPRECIATION | $ (116,578) | |
Medical office/outpatient | Phoenix, AZ | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 35 | |
LAND | $ 20,262 | |
BUILDINGS AND IMPROVEMENTS | 437,804 | |
LEASE INTANGIBLES | 36,384 | |
PERSONAL PROPERTY | 425 | |
Total real estate investments | 494,875 | |
ACCUMULATED DEPRECIATION | $ (59,449) | |
Medical office/outpatient | Atlanta, GA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 27 | |
LAND | $ 49,095 | |
BUILDINGS AND IMPROVEMENTS | 417,112 | |
LEASE INTANGIBLES | 28,204 | |
PERSONAL PROPERTY | 100 | |
Total real estate investments | 494,511 | |
ACCUMULATED DEPRECIATION | $ (79,569) | |
Medical office/outpatient | Boston, MA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 17 | |
LAND | $ 127,447 | |
BUILDINGS AND IMPROVEMENTS | 299,742 | |
LEASE INTANGIBLES | 41,183 | |
PERSONAL PROPERTY | 14 | |
Total real estate investments | 468,386 | |
ACCUMULATED DEPRECIATION | $ (37,569) | |
Medical office/outpatient | Raleigh, NC | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 28 | |
LAND | $ 56,620 | |
BUILDINGS AND IMPROVEMENTS | 371,932 | |
LEASE INTANGIBLES | 36,411 | |
PERSONAL PROPERTY | 9 | |
Total real estate investments | 464,972 | |
ACCUMULATED DEPRECIATION | $ (38,879) | |
Medical office/outpatient | Nashville, TN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 13 | |
LAND | $ 43,347 | |
BUILDINGS AND IMPROVEMENTS | 397,192 | |
LEASE INTANGIBLES | 10,206 | |
PERSONAL PROPERTY | 7,427 | |
Total real estate investments | 458,172 | |
ACCUMULATED DEPRECIATION | $ (115,979) | |
Medical office/outpatient | Los Angeles, CA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 20 | |
LAND | $ 72,086 | |
BUILDINGS AND IMPROVEMENTS | 360,330 | |
LEASE INTANGIBLES | 16,481 | |
PERSONAL PROPERTY | 453 | |
Total real estate investments | 449,350 | |
ACCUMULATED DEPRECIATION | $ (145,875) | |
Medical office/outpatient | Miami, FL | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 19 | |
LAND | $ 53,994 | |
BUILDINGS AND IMPROVEMENTS | 326,343 | |
LEASE INTANGIBLES | 35,014 | |
PERSONAL PROPERTY | 178 | |
Total real estate investments | 415,529 | |
ACCUMULATED DEPRECIATION | $ (74,470) | |
Medical office/outpatient | Tampa, FL | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 19 | |
LAND | $ 31,121 | |
BUILDINGS AND IMPROVEMENTS | 351,879 | |
LEASE INTANGIBLES | 27,438 | |
PERSONAL PROPERTY | 33 | |
Total real estate investments | 410,471 | |
ACCUMULATED DEPRECIATION | $ (36,726) | |
Medical office/outpatient | Indianapolis, IN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 36 | |
LAND | $ 54,899 | |
BUILDINGS AND IMPROVEMENTS | 285,806 | |
LEASE INTANGIBLES | 32,780 | |
PERSONAL PROPERTY | 13 | |
Total real estate investments | 373,498 | |
ACCUMULATED DEPRECIATION | $ (42,273) | |
Medical office/outpatient | Austin, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 13 | |
LAND | $ 27,063 | |
BUILDINGS AND IMPROVEMENTS | 274,229 | |
LEASE INTANGIBLES | 18,568 | |
PERSONAL PROPERTY | 142 | |
Total real estate investments | 320,002 | |
ACCUMULATED DEPRECIATION | $ (55,891) | |
Medical office/outpatient | New York, NY | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 14 | |
LAND | $ 64,402 | |
BUILDINGS AND IMPROVEMENTS | 170,304 | |
LEASE INTANGIBLES | 26,430 | |
PERSONAL PROPERTY | 0 | |
Total real estate investments | 261,136 | |
ACCUMULATED DEPRECIATION | $ (15,887) | |
Medical office/outpatient | Chicago, IL | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 6 | |
LAND | $ 13,804 | |
BUILDINGS AND IMPROVEMENTS | 216,473 | |
LEASE INTANGIBLES | 13,011 | |
PERSONAL PROPERTY | 81 | |
Total real estate investments | 243,369 | |
ACCUMULATED DEPRECIATION | $ (39,671) | |
Medical office/outpatient | Memphis, TN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 11 | |
LAND | $ 13,901 | |
BUILDINGS AND IMPROVEMENTS | 189,941 | |
LEASE INTANGIBLES | 4,211 | |
PERSONAL PROPERTY | 322 | |
Total real estate investments | 208,375 | |
ACCUMULATED DEPRECIATION | $ (71,813) | |
Medical office/outpatient | Honolulu, HI | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 6 | |
LAND | $ 9,527 | |
BUILDINGS AND IMPROVEMENTS | 188,772 | |
LEASE INTANGIBLES | 6,319 | |
PERSONAL PROPERTY | 169 | |
Total real estate investments | 204,787 | |
ACCUMULATED DEPRECIATION | $ (61,575) | |
Medical office/outpatient | Hartford, CT | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 30 | |
LAND | $ 29,381 | |
BUILDINGS AND IMPROVEMENTS | 138,713 | |
LEASE INTANGIBLES | 21,848 | |
PERSONAL PROPERTY | 0 | |
Total real estate investments | 189,942 | |
ACCUMULATED DEPRECIATION | $ (15,883) | |
Medical office/outpatient | Other (49 markets) | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 193 | |
LAND | $ 332,731 | |
BUILDINGS AND IMPROVEMENTS | 3,238,567 | |
LEASE INTANGIBLES | 272,864 | |
PERSONAL PROPERTY | 1,310 | |
Total real estate investments | 3,845,472 | |
ACCUMULATED DEPRECIATION | $ (617,789) |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) renewal_option | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases [Abstract] | |||
Rental income | $ 1,309,184 | $ 907,451 | $ 520,334 |
Approximate Investment in real estate properties subject to outstanding contractual option to purchase | $ 111,100 | ||
Number of exercisable purchase options | renewal_option | 6 |
Leases - Non-cancelable Operati
Leases - Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 894,442 |
2025 | 801,973 |
2026 | 701,615 |
2027 | 582,028 |
2028 | 469,549 |
2029 and thereafter | 1,579,010 |
Lease payments receivable | $ 5,028,617 |
Leases - Ground Leases (Details
Leases - Ground Leases (Details) ft² in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² lease property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate [Line Items] | |||
Number of properties subject to ground leases | property | 232 | ||
Square feet subject to ground leases | ft² | 16.9 | ||
Number of ground leases prepaid | 75 | ||
Amortization of prepaid rent | $ | $ 1.3 | $ 1.1 | $ 0.6 |
Number of ground leases, excluding prepaid leases | 157 | ||
Minimum | |||
Real Estate [Line Items] | |||
Ground leases, initial term | 40 years | ||
Maximum | |||
Real Estate [Line Items] | |||
Ground leases, initial term | 99 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OPERATING | ||
2024 | $ 12,263 | |
2025 | 12,428 | |
2026 | 12,516 | |
2027 | 12,703 | |
2028 | 12,822 | |
2029 and thereafter | 698,905 | |
Total undiscounted lease payments | 761,637 | |
Discount | (531,923) | |
Lease liabilities | 229,714 | $ 279,895 |
FINANCING | ||
2024 | 2,182 | |
2025 | 2,218 | |
2026 | 2,254 | |
2027 | 2,294 | |
2028 | 2,326 | |
2029 and thereafter | 394,072 | |
Total undiscounted lease payments | 405,346 | |
Discount | (330,843) | |
Lease liabilities | $ 74,503 | $ 72,939 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | |||
Operating lease expense | $ 20,623 | $ 12,699 | |
Variable lease expense | 8,979 | 4,529 | |
Finance lease cost | |||
Amortization of right-of-use assets | 1,564 | 1,288 | |
Interest on lease liabilities | 3,718 | 2,876 | |
Total lease expense | 34,884 | 21,392 | |
Other information | |||
Operating cash flows outflows related to operating leases | 19,222 | 12,816 | |
Operating cash flows outflows related to financing leases | 2,122 | 1,838 | |
Financing cash flows outflows related to financing leases | 17 | 0 | $ 9,182 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 53,765 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,758 | $ 216,047 | |
Weighted-average remaining lease term (excluding renewal options) - operating leases | 45 years 9 months 18 days | 47 years 6 months | |
Weighted-average remaining lease term (excluding renewal options) - finance leases | 57 years 10 months 24 days | 58 years 10 months 24 days | |
Weighted-average discount rate - operating leases | 5.70% | 5.80% | |
Weighted-average discount rate - finance leases | 5% | 5% |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Mortgage Repayments - Real Estate Acquisitions (Details) $ in Thousands | 12 Months Ended | ||||
Jul. 28, 2023 USD ($) ft² | Mar. 10, 2023 USD ($) ft² | Jun. 09, 2022 USD ($) ft² | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) ft² | |
Business Acquisition [Line Items] | |||||
PURCHASE PRICE | $ 5,576,463 | ||||
MORTGAGE NOTES PAYABLE, NET | (5,300) | ||||
Total real estate acquisitions | |||||
Business Acquisition [Line Items] | |||||
PURCHASE PRICE | 42,950 | ||||
MORTGAGE NOTES PAYABLE, NET | (5,284) | ||||
CASH CONSIDERATION | 36,523 | ||||
REAL ESTATE | 42,012 | ||||
OTHER | $ (205) | ||||
SQUARE FOOTAGE | ft² | 158,637 | ||||
Medical Office Building | |||||
Business Acquisition [Line Items] | |||||
PURCHASE PRICE | $ 403,578 | ||||
CASH CONSIDERATION | 399,189 | ||||
REAL ESTATE | 386,818 | ||||
OTHER | $ 12,371 | ||||
SQUARE FOOTAGE | ft² | 863,184 | ||||
Tampa, FL | Medical Office Building | |||||
Business Acquisition [Line Items] | |||||
PURCHASE PRICE | $ 31,500 | $ 18,650 | |||
MORTGAGE NOTES PAYABLE, NET | 0 | ||||
CASH CONSIDERATION | 30,499 | 18,619 | |||
REAL ESTATE | 30,596 | 18,212 | |||
OTHER | $ (97) | $ 407 | |||
SQUARE FOOTAGE | ft² | 115,867 | 55,788 | |||
Colorado Springs, CO | Medical Office Building | |||||
Business Acquisition [Line Items] | |||||
PURCHASE PRICE | $ 11,450 | ||||
MORTGAGE NOTES PAYABLE, NET | (5,284) | ||||
CASH CONSIDERATION | 6,024 | ||||
REAL ESTATE | 11,416 | ||||
OTHER | $ (108) | ||||
SQUARE FOOTAGE | ft² | 42,770 |
Acquisitions, Dispositions an_4
Acquisitions, Dispositions and Mortgage Repayments - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 property | |
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ||||
Payments to acquired a parcel of land | $ 800 | |||
Payments to acquire additional interest in an operating property | $ 600 | |||
Number of properties | property | 33 | |||
Real Estate Properties Held In Joint Ventures Member | ||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ||||
Weighted average ownership interest (percent) | 43% | |||
Number of properties | property | 33 | |||
Medical Office Building | ||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ||||
Cash consideration | $ 399,189 | |||
Medical Office Building | Scottsdale, Arizona | ||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ||||
Joint venture, ownership (in percentage) | 90% | |||
Payments to acquired a parcel of land | $ 8,800 | |||
Cash consideration | $ 8,300 |
Acquisitions, Dispositions an_5
Acquisitions, Dispositions and Mortgage Repayments - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 20, 2022 | |
Business Acquisition [Line Items] | |||
Building | $ 6,841,283 | ||
Land | 1,004,285 | ||
MORTGAGE NOTES PAYABLE, NET | $ (5,300) | ||
Other assets acquired | 100 | $ 400 | 205,323 |
Accounts payable, accrued liabilities and other liabilities assumed | (300) | (2,900) | |
Total cash paid | 36,500 | 399,200 | $ 5,440,122 |
At-market lease intangibles | |||
Business Acquisition [Line Items] | |||
Intangibles | 4,500 | 28,100 | |
Above-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Intangibles | 200 | 15,900 | |
Below-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Below-market lease intangibles (lessor) | (200) | (2,200) | |
Below-market lease intangibles (lessee) | |||
Business Acquisition [Line Items] | |||
Intangibles | $ 1,200 | ||
Intangible asset useful life | 13 years 1 month 6 days | ||
Building | |||
Business Acquisition [Line Items] | |||
Building | 27,500 | $ 250,700 | |
Tenant Improvements | |||
Business Acquisition [Line Items] | |||
Tenant Improvements | 3,400 | 20,700 | |
Land | |||
Business Acquisition [Line Items] | |||
Land | 5,500 | 76,100 | |
Land Improvements | |||
Business Acquisition [Line Items] | |||
Land Improvements | $ 1,100 | $ 11,200 | |
Minimum | At-market lease intangibles | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 5 years 1 month 6 days | 1 year 6 months | |
Minimum | Above-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 1 year 9 months 18 days | 1 year 3 months 18 days | |
Minimum | Below-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 6 years 4 months 24 days | 1 year 3 months 18 days | |
Minimum | Building | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 17 years | 14 years | |
Minimum | Tenant Improvements | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 5 years 1 month 6 days | 1 year 6 months | |
Minimum | Land Improvements | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 6 years | 5 years | |
Maximum | At-market lease intangibles | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 5 years 10 months 24 days | 13 years 4 months 24 days | |
Maximum | Above-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 4 years 10 months 24 days | 15 years 7 months 6 days | |
Maximum | Below-market lease intangibles (lessor) | |||
Business Acquisition [Line Items] | |||
Intangible asset useful life | 13 years 10 months 24 days | 19 years 3 months 18 days | |
Maximum | Building | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 30 years | 38 years | |
Maximum | Tenant Improvements | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 5 years 10 months 24 days | 13 years 4 months 24 days | |
Maximum | Land Improvements | |||
Business Acquisition [Line Items] | |||
Asset estimated useful life | 10 years | 14 years |
Acquisitions, Dispositions an_6
Acquisitions, Dispositions and Mortgage Repayments - Joint Ventures (Details) $ in Thousands | 12 Months Ended | |||
Mar. 07, 2022 USD ($) ft² property | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) ft² property | Dec. 31, 2021 USD ($) | |
Equity Method Investments [Roll Forward] | ||||
Equity loss recognized during the period | $ (1,682) | $ (687) | $ (795) | |
PURCHASE PRICE | 100,975 | |||
CASH CONSIDERATION | 99,173 | |||
REAL ESTATE | 97,569 | |||
OTHER | $ 1,604 | |||
SQUARE FOOTAGE unaudited | ft² | 214,124 | |||
San Francisco, CA | ||||
Equity Method Investments [Roll Forward] | ||||
PURCHASE PRICE | $ 67,175 | |||
CASH CONSIDERATION | 66,789 | |||
REAL ESTATE | 65,179 | |||
OTHER | $ 1,610 | |||
SQUARE FOOTAGE unaudited | ft² | 110,865 | |||
Number of buildings acquired | property | 3 | 3 | ||
Los Angeles, CA | ||||
Equity Method Investments [Roll Forward] | ||||
PURCHASE PRICE | $ 33,800 | |||
CASH CONSIDERATION | 32,384 | |||
REAL ESTATE | 32,390 | |||
OTHER | $ (6) | |||
SQUARE FOOTAGE unaudited | ft² | 103,259 | |||
Number of buildings acquired | property | 2 | |||
Parking Garages | ||||
Equity Method Investments [Roll Forward] | ||||
Investments in unconsolidated joint ventures, beginning of period | 327,200 | $ 161,900 | ||
New investments during the period | 3,800 | 167,900 | ||
Equity loss recognized during the period | (1,700) | (700) | ||
Owner distributions | (17,800) | (1,900) | ||
Investments in unconsolidated joint ventures, end of period | $ 311,500 | $ 327,200 | $ 161,900 |
Acquisitions, Dispositions an_7
Acquisitions, Dispositions and Mortgage Repayments - Acquisitions (Details) $ in Thousands | 12 Months Ended | ||||||||||||||||||||
Mar. 10, 2023 USD ($) ft² | Dec. 28, 2022 USD ($) ft² | Nov. 21, 2022 USD ($) ft² | Oct. 12, 2022 USD ($) ft² | Sep. 29, 2022 USD ($) ft² | Sep. 15, 2022 USD ($) ft² | Aug. 18, 2022 USD ($) ft² | Aug. 11, 2022 USD ($) ft² | Aug. 10, 2022 USD ($) ft² | Aug. 09, 2022 USD ($) ft² | Aug. 01, 2022 USD ($) ft² | Jun. 09, 2022 USD ($) ft² property | May 31, 2022 USD ($) ft² property | Apr. 29, 2022 USD ($) ft² | Apr. 28, 2022 USD ($) ft² | Apr. 13, 2022 USD ($) ft² property | Apr. 07, 2022 USD ($) ft² | Mar. 07, 2022 USD ($) ft² property | Feb. 11, 2022 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) ft² property | |
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 5,576,463 | ||||||||||||||||||||
San Francisco, CA | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
Number of properties acquired | property | 3 | 3 | |||||||||||||||||||
Colorado Springs, CO | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||
Charlotte, NC | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
Number of properties acquired | property | 3 | ||||||||||||||||||||
Tampa, FL | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||
Austin, TX | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
Additional of ownership existing | 71.40% | ||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 403,578 | ||||||||||||||||||||
CASH CONSIDERATION | 399,189 | ||||||||||||||||||||
REAL ESTATE | 386,818 | ||||||||||||||||||||
OTHER | $ 12,371 | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 863,184 | ||||||||||||||||||||
Medical Office Building | Dallas, TX | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 8,175 | ||||||||||||||||||||
CASH CONSIDERATION | 8,185 | ||||||||||||||||||||
REAL ESTATE | 8,202 | ||||||||||||||||||||
OTHER | $ (17) | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 18,000 | ||||||||||||||||||||
Medical Office Building | San Francisco, CA | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 114,000 | ||||||||||||||||||||
CASH CONSIDERATION | 112,986 | ||||||||||||||||||||
REAL ESTATE | 108,687 | ||||||||||||||||||||
OTHER | $ 4,299 | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 166,396 | ||||||||||||||||||||
Medical Office Building | Atlanta, GA | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 11,800 | $ 6,912 | |||||||||||||||||||
CASH CONSIDERATION | 11,525 | 7,054 | |||||||||||||||||||
REAL ESTATE | 12,038 | 7,178 | |||||||||||||||||||
OTHER | $ (513) | $ (124) | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 43,496 | 21,535 | |||||||||||||||||||
Medical Office Building | Denver, CO | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 16,400 | $ 14,800 | $ 6,320 | ||||||||||||||||||
CASH CONSIDERATION | 16,170 | 13,902 | 5,254 | ||||||||||||||||||
REAL ESTATE | 16,467 | 13,918 | 5,269 | ||||||||||||||||||
OTHER | $ (297) | $ (16) | $ (15) | ||||||||||||||||||
SQUARE FOOTAGE | ft² | 39,692 | 34,785 | 12,207 | ||||||||||||||||||
Medical Office Building | Colorado Springs, CO | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 13,680 | ||||||||||||||||||||
CASH CONSIDERATION | 13,686 | ||||||||||||||||||||
REAL ESTATE | 13,701 | ||||||||||||||||||||
OTHER | $ (15) | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 25,800 | ||||||||||||||||||||
Medical Office Building | Seattle, WA | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 4,850 | $ 8,350 | |||||||||||||||||||
CASH CONSIDERATION | 4,806 | 8,334 | |||||||||||||||||||
REAL ESTATE | 4,882 | 8,370 | |||||||||||||||||||
OTHER | $ (76) | $ (36) | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 10,593 | 13,256 | |||||||||||||||||||
Medical Office Building | Houston, TX | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 5,500 | $ 36,250 | |||||||||||||||||||
CASH CONSIDERATION | 5,469 | 36,299 | |||||||||||||||||||
REAL ESTATE | 5,513 | 36,816 | |||||||||||||||||||
OTHER | $ (44) | $ (517) | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 28,369 | 76,781 | |||||||||||||||||||
Medical Office Building | Los Angeles, CA | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 35,000 | ||||||||||||||||||||
CASH CONSIDERATION | 35,242 | ||||||||||||||||||||
REAL ESTATE | 25,400 | ||||||||||||||||||||
OTHER | $ 9,842 | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 34,282 | ||||||||||||||||||||
Medical Office Building | Oklahoma City, OK | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 11,100 | ||||||||||||||||||||
CASH CONSIDERATION | 11,259 | ||||||||||||||||||||
REAL ESTATE | 11,334 | ||||||||||||||||||||
OTHER | $ (75) | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 34,944 | ||||||||||||||||||||
Medical Office Building | Charlotte, NC | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 11,375 | $ 3,783 | $ 27,500 | ||||||||||||||||||
CASH CONSIDERATION | 10,670 | 3,878 | 26,710 | ||||||||||||||||||
REAL ESTATE | 10,547 | 3,932 | 27,127 | ||||||||||||||||||
OTHER | $ 123 | $ (54) | $ (417) | ||||||||||||||||||
SQUARE FOOTAGE | ft² | 31,318 | 11,345 | 85,113 | ||||||||||||||||||
Medical Office Building | Tampa, FL | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 31,500 | $ 18,650 | |||||||||||||||||||
CASH CONSIDERATION | 30,499 | 18,619 | |||||||||||||||||||
REAL ESTATE | 30,596 | 18,212 | |||||||||||||||||||
OTHER | $ (97) | $ 407 | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 115,867 | 55,788 | |||||||||||||||||||
Medical Office Building | Florida | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 3,600 | $ 18,195 | |||||||||||||||||||
CASH CONSIDERATION | 3,530 | 18,508 | |||||||||||||||||||
REAL ESTATE | 3,609 | 18,583 | |||||||||||||||||||
OTHER | $ (79) | $ (75) | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 6,200 | 34,133 | |||||||||||||||||||
Medical Office Building | Nashville, TN | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 21,000 | ||||||||||||||||||||
CASH CONSIDERATION | 20,764 | ||||||||||||||||||||
REAL ESTATE | 20,572 | ||||||||||||||||||||
OTHER | $ 192 | ||||||||||||||||||||
SQUARE FOOTAGE | ft² | 61,932 | ||||||||||||||||||||
Medical Office Building | Austin, TX | |||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||
PURCHASE PRICE | $ 888 | $ 5,450 | |||||||||||||||||||
CASH CONSIDERATION | 890 | 5,449 | |||||||||||||||||||
REAL ESTATE | 889 | 5,572 | |||||||||||||||||||
OTHER | $ 1 | $ (123) | |||||||||||||||||||
SQUARE FOOTAGE | ft² | 2,219 | 15,000 |
Acquisitions, Dispositions an_8
Acquisitions, Dispositions and Mortgage Repayments - Dispositions (Details) $ in Thousands | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 29, 2023 USD ($) ft² disposition_transaction property | Dec. 28, 2023 USD ($) ft² | Dec. 27, 2023 USD ($) ft² | Dec. 22, 2023 USD ($) ft² property disposition_transaction | Dec. 21, 2023 USD ($) ft² | Dec. 20, 2023 USD ($) ft² | Dec. 15, 2023 USD ($) ft² | Dec. 01, 2023 USD ($) ft² | Nov. 13, 2023 USD ($) ft² disposition_transaction property | Sep. 27, 2023 USD ($) ft² | Sep. 18, 2023 USD ($) ft² | Sep. 15, 2023 USD ($) ft² | Aug. 22, 2023 USD ($) ft² | Aug. 02, 2023 USD ($) ft² | Jun. 30, 2023 USD ($) ft² | May 12, 2023 USD ($) ft² a | Mar. 30, 2023 USD ($) ft² | Mar. 23, 2023 USD ($) ft² | Feb. 10, 2023 USD ($) ft² | Jan. 30, 2023 USD ($) ft² | Jan. 12, 2023 USD ($) ft² property disposition_transaction | Dec. 28, 2022 USD ($) ft² | Dec. 22, 2022 USD ($) ft² property | Nov. 10, 2022 USD ($) ft² | Oct. 21, 2022 USD ($) ft² | Oct. 04, 2022 USD ($) ft² property | Aug. 31, 2022 USD ($) ft² property | Aug. 30, 2022 USD ($) ft² property | Aug. 05, 2022 USD ($) ft² property | Aug. 04, 2022 USD ($) ft² property | Jul. 29, 2022 USD ($) ft² property | Apr. 15, 2022 USD ($) ft² property | Feb. 24, 2022 USD ($) ft² property | Dec. 31, 2023 USD ($) ft² property | Dec. 31, 2022 USD ($) ft² | |
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 1,242,218 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (45,666) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 1,196,552 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 939,363 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 14,225 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 242,964 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 3,069,124 | ||||||||||||||||||||||||||||||||||
Number of owned real estate properties | property | 655 | ||||||||||||||||||||||||||||||||||
Tampa FL & Miami FL | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 93,250 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (5,875) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 87,375 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 87,302 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (888) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 961 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 224,037 | ||||||||||||||||||||||||||||||||||
Number of owned real estate properties | property | 2 | ||||||||||||||||||||||||||||||||||
Number of Property Dispositions | disposition_transaction | 2 | ||||||||||||||||||||||||||||||||||
Dallas, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 43,295 | $ 115,000 | $ 19,210 | $ 104,025 | $ 114,290 | ||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (764) | (1,504) | (141) | (5,883) | (682) | ||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
NET PROCEEDS | 42,531 | 113,496 | 19,069 | 98,142 | 113,608 | ||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 33,882 | 64,183 | 18,986 | 38,872 | 113,608 | ||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (3,782) | 6,094 | 43 | 6,436 | 0 | ||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 12,431 | $ 43,219 | $ 40 | $ 52,834 | $ 0 | ||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 77,827 | 161,264 | 36,691 | 291,328 | 189,385 | ||||||||||||||||||||||||||||||
Joint venture, ownership (in percentage) | 40% | 40% | |||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 2 | 6 | |||||||||||||||||||||||||||||||||
Values and square feet, represented percentage (in percent) | 100% | ||||||||||||||||||||||||||||||||||
St. Louis, MO | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 350 | $ 18,000 | |||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (18) | (1,471) | |||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 332 | 16,529 | |||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 398 | 18,340 | |||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 0 | 4 | |||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (66) | $ (1,815) | |||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 6,500 | 69,394 | |||||||||||||||||||||||||||||||||
Los Angeles, CA | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 19,000 | $ 3,300 | $ 75,000 | $ 21,000 | $ 134,845 | ||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (1,311) | (334) | (8,079) | (526) | (3,102) | ||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | 0 | (45,000) | 0 | |||||||||||||||||||||||||||||||
NET PROCEEDS | 17,689 | 2,966 | 21,921 | 20,474 | 131,743 | ||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 17,787 | 3,268 | 88,624 | 20,610 | 131,332 | ||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 0 | 0 | (803) | 52 | 411 | ||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (98) | $ (302) | $ (20,900) | $ (188) | $ 0 | ||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 104,377 | 0 | 147,078 | 37,165 | 283,780 | ||||||||||||||||||||||||||||||
Joint venture, ownership (in percentage) | 20% | ||||||||||||||||||||||||||||||||||
Mortgage Note | $ 45,000 | ||||||||||||||||||||||||||||||||||
Area of land | a | 0.34 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 4 | ||||||||||||||||||||||||||||||||||
Values and square feet, represented percentage (in percent) | 100% | ||||||||||||||||||||||||||||||||||
Albany, NY | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 10,000 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (1,229) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 8,771 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 2,613 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (1,040) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 7,198 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 40,870 | ||||||||||||||||||||||||||||||||||
Houston, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 4,100 | $ 250 | $ 8,320 | $ 32,000 | |||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (6) | (24) | (285) | (280) | |||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
NET PROCEEDS | 4,094 | 226 | 8,035 | 31,720 | |||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 3,486 | 1,998 | 4,567 | 10,762 | |||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 0 | 0 | 194 | 744 | |||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 608 | $ (1,772) | $ 3,274 | $ 20,214 | |||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 83,223 | 52,040 | 57,170 | 134,910 | |||||||||||||||||||||||||||||||
Atlanta, GA | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 25,140 | $ 91,243 | |||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (66) | (4,326) | |||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 25,074 | 86,917 | |||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 23,226 | 109,051 | |||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (536) | 235 | |||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2,386 | $ (22,369) | |||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 55,195 | 348,416 | |||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 9 | ||||||||||||||||||||||||||||||||||
Chicago, IL | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 59,950 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (870) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 59,080 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 74,710 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (380) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (15,250) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 104,912 | ||||||||||||||||||||||||||||||||||
Evansville, IN | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 18,500 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (63) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 18,437 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 17,807 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (149) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 779 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 260,520 | ||||||||||||||||||||||||||||||||||
Number of owned real estate properties | property | 5 | ||||||||||||||||||||||||||||||||||
Number of Property Dispositions | disposition_transaction | 3 | ||||||||||||||||||||||||||||||||||
Charleston, SC | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 6,200 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (401) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 5,799 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 3,415 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 0 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2,384 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 15,014 | ||||||||||||||||||||||||||||||||||
Joint venture, ownership (in percentage) | 100% | ||||||||||||||||||||||||||||||||||
Tucson, AZ | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 43,230 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (3,770) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | (6,000) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 33,460 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 39,786 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (26) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (300) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 215,471 | ||||||||||||||||||||||||||||||||||
Number of owned real estate properties | property | 12 | ||||||||||||||||||||||||||||||||||
Number of Property Dispositions | disposition_transaction | 1 | ||||||||||||||||||||||||||||||||||
Mortgage Note | $ 6,000 | ||||||||||||||||||||||||||||||||||
Miami, FL | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | 18,250 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (756) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 17,494 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 17,354 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 643 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (503) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 48,000 | ||||||||||||||||||||||||||||||||||
Sebring, FL | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 9,500 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (81) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 9,419 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 10,438 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (512) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (507) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 38,949 | ||||||||||||||||||||||||||||||||||
Boston, MA | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 117,197 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (2,079) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | 0 | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 115,118 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 107,803 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 9,828 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (2,513) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 161,254 | ||||||||||||||||||||||||||||||||||
Jacksonville/Orlando/Miami, FL | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 77,000 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (8,678) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | (7,700) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 60,622 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 65,839 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (294) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2,777 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 354,500 | ||||||||||||||||||||||||||||||||||
Number of owned real estate properties | property | 3 | ||||||||||||||||||||||||||||||||||
Number of Property Dispositions | disposition_transaction | 1 | ||||||||||||||||||||||||||||||||||
Mortgage Note | $ 7,700 | ||||||||||||||||||||||||||||||||||
Loveland, CO | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 84,950 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (45) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 84,905 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 40,095 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 4 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 44,806 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 150,291 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 2 | ||||||||||||||||||||||||||||||||||
San Antonio, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 25,500 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (2,272) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 23,228 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 14,381 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 284 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 8,563 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 201,523 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 2 | ||||||||||||||||||||||||||||||||||
GA, FL, PA | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 133,100 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (8,109) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 124,991 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 124,991 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 0 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 0 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 316,739 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 4 | ||||||||||||||||||||||||||||||||||
GA, FL, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 160,917 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (5,893) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 155,024 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 151,819 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 3,205 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 0 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 343,545 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 6 | ||||||||||||||||||||||||||||||||||
Indianapolis, IN | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 238,845 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (5,846) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 232,999 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 84,767 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 4,324 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 143,908 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 506,406 | ||||||||||||||||||||||||||||||||||
Number of buildings acquired | property | 5 | ||||||||||||||||||||||||||||||||||
Number of properties acquired in the merger | property | 2 | ||||||||||||||||||||||||||||||||||
College Station, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 49,177 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (3,755) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 45,422 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 44,918 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 475 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 28 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 122,942 | ||||||||||||||||||||||||||||||||||
El Paso, TX | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 55,326 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (4,002) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 51,324 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 56,427 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | (1,897) | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ (3,205) | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 110,465 | ||||||||||||||||||||||||||||||||||
Real Estate Dispositions | |||||||||||||||||||||||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||||||||||||||||||||||
SALES PRICE | $ 787,042 | ||||||||||||||||||||||||||||||||||
CLOSING ADJUSTMENTS | (36,860) | ||||||||||||||||||||||||||||||||||
COMPANY-FINANCED NOTES | (58,700) | ||||||||||||||||||||||||||||||||||
NET PROCEEDS | 691,482 | ||||||||||||||||||||||||||||||||||
NET REAL ESTATE INVESTMENT | 708,082 | ||||||||||||||||||||||||||||||||||
OTHER (INCLUDING RECEIVABLES) | 8,444 | ||||||||||||||||||||||||||||||||||
GAIN/ (IMPAIRMENT) | $ 33,658 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 2,282,057 |
Held for Sale - Narrative (Deta
Held for Sale - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 property | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Number of properties classified as held for sale | property | 1 | 1 |
Impairment charges on net real estate assets held for sale | $ | $ 5.9 |
Held for - Sale Assets Held for
Held for - Sale Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Balance Sheet data | ||
Land | $ 1,343,265 | $ 1,439,798 |
Buildings and improvements | 10,881,373 | 11,332,037 |
Total real estate investments | 13,399,067 | 14,057,625 |
Less accumulated depreciation | (2,226,853) | (1,645,271) |
Total real estate investments, net | 11,172,214 | 12,412,354 |
Assets held for sale, net | 8,834 | 18,893 |
Liabilities of properties held for sale | 295 | 437 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Balance Sheet data | ||
Land | 1,850 | 1,700 |
Buildings and improvements | 6,779 | 15,164 |
Lease intangibles | 1,017 | 1,986 |
Total real estate investments | 9,646 | 18,850 |
Less accumulated depreciation | (913) | 0 |
Total real estate investments, net | 8,733 | 18,850 |
Other assets, net | 101 | 43 |
Assets held for sale, net | 8,834 | 18,893 |
Accounts payable and accrued liabilities | 23 | 282 |
Other liabilities | 272 | 155 |
Liabilities of properties held for sale | $ 295 | $ 437 |
Impairment Charges (Details)
Impairment Charges (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of properties sold | 31 | 12 |
Number of properties redeveloped | 6 | 3 |
Impairment charges | $ | $ 149.7 | $ 54.4 |
Number of owned real estate properties | 655 | |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of owned real estate properties | 6 | |
Fair value | $ | $ 53.6 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Real estate notes receivable, net | $ 173,614 | $ 99,643 |
Straight-line rent receivables | 116,866 | 88,868 |
Prepaid assets | 116,455 | 81,900 |
Above-market intangible assets, net | 66,695 | 80,720 |
Accounts receivable, net | 63,203 | 54,667 |
Additional long-lived assets, net | 20,717 | 21,446 |
Interest rate swap assets | 4,634 | 14,512 |
Investment in securities | 6,011 | 6,011 |
Debt issuance costs, net | 3,867 | 5,977 |
Project costs | 6,187 | 4,337 |
Net investment in lease | 2,112 | 1,828 |
Customer relationship intangible assets, net | 1,066 | 1,120 |
Other | 10,941 | 8,961 |
Other assets | 592,368 | 469,990 |
Allowance for doubtful accounts | $ 8,400 | 4,000 |
Other receivables, net | $ 7,169 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Components of intangible assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of finite lived intangible assets and liabilities | ||
Intangible assets and liabilities, gross | $ 1,082.3 | $ 1,278.6 |
Intangible assets and liabilities, accumulated amortization | $ 301.5 | 186.3 |
Assets and liabilities, weighted avg. life (years) | 4 years 3 months 18 days | |
Below-market lease intangibles (lessor) | Other liabilities | ||
Schedule of finite lived intangible assets and liabilities | ||
Liabilities gross balance | $ (112.5) | (112.5) |
Liabilities accumulated amortization | $ (35.7) | (14.6) |
Liabilities, weighted avg. life (years) | 5 years 9 months 18 days | |
Goodwill | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 250.5 | 223.2 |
Assets accumulated amortization | 0 | 0 |
Credit facility debt issuance costs | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | 6.9 | 6.9 |
Assets accumulated amortization | $ 3.1 | 0.9 |
Assets, weighted avg. life (years) | 1 year 10 months 24 days | |
Above-market lease intangibles (lessor) | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 98 | 91.5 |
Assets accumulated amortization | $ 31.3 | 10.7 |
Assets, weighted avg. life (years) | 5 years 3 months 18 days | |
Customer relationship intangibles (lessor) | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 2.1 | 2.1 |
Assets accumulated amortization | $ 1.1 | 1 |
Assets, weighted avg. life (years) | 19 years 7 months 6 days | |
At-market lease intangibles | At-market lease intangibles | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 837.3 | 1,067.4 |
Assets accumulated amortization | $ 301.7 | $ 188.3 |
Assets, weighted avg. life (years) | 4 years |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Expected future amortization expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 214.8 | $ 133.6 |
Future Amortization of Intangibles, Net [Abstract] | ||
2024 | 206.7 | |
2025 | 109.1 | |
2026 | 84.3 | |
2027 | 53 | |
2028 | $ 31.9 |
Notes and Bonds Payable (Detail
Notes and Bonds Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 4,994,859,000 | $ 5,351,827,000 |
Line of Credit | $1.5B Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility | 1,500,000,000 | |
Senior notes carrying amount | $ 0 | 385,000,000 |
EFFECTIVE INTEREST RATES | 6.24% | |
Line of Credit | $1.5B Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 0.95% | |
Medium-term Notes | $350 million Unsecured Term Loan due 2023, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 350,000,000 | |
Senior notes carrying amount | $ 349,798,000 | 349,114,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $350 million Unsecured Term Loan due 2023, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Medium-term Notes | $200 million Unsecured Term Loan due 2024, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 200,000,000 | |
Senior notes carrying amount | $ 199,903,000 | 199,670,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $200 million Unsecured Term Loan due 2024, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Medium-term Notes | $150 million Unsecured Term Loan due 2026, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 150,000,000 | |
Senior notes carrying amount | $ 149,643,000 | 149,495,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $150 million Unsecured Term Loan due 2026, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Medium-term Notes | $300 million Unsecured Term Loan due 2025, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 300,000,000 | |
Senior notes carrying amount | $ 299,958,000 | 299,936,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $300 million Unsecured Term Loan due 2025, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Medium-term Notes | $200 million Unsecured Term Loan due 2027, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 200,000,000 | |
Senior notes carrying amount | $ 199,502,000 | 199,362,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $200 million Unsecured Term Loan due 2027, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Medium-term Notes | $300 million Unsecured Term Loan due 2028, net of issuance costs | ||
Debt Instrument [Line Items] | ||
Face value | $ 300,000,000 | |
Senior notes carrying amount | $ 298,288,000 | 297,869,000 |
EFFECTIVE INTEREST RATES | 6.30% | |
Medium-term Notes | $300 million Unsecured Term Loan due 2028, net of issuance costs | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Contractual interest rates, basis spread on variable rate | 1.05% | |
Senior Notes | Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 249,484,000 | 249,115,000 |
Contractual interest rates | 3.88% | |
EFFECTIVE INTEREST RATES | 4.12% | |
Senior Notes | Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 579,017,000 | 571,587,000 |
Contractual interest rates | 3.50% | |
EFFECTIVE INTEREST RATES | 4.94% | |
Senior Notes | Senior Notes Due 2027 | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 483,727,000 | 479,553,000 |
Contractual interest rates | 3.75% | |
EFFECTIVE INTEREST RATES | 4.76% | |
Senior Notes | Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 297,429,000 | 296,852,000 |
Contractual interest rates | 3.63% | |
EFFECTIVE INTEREST RATES | 3.85% | |
Senior Notes | Senior Notes Due 2030 One | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 575,443,000 | 565,402,000 |
Contractual interest rates | 3.10% | |
EFFECTIVE INTEREST RATES | 5.30% | |
Senior Notes | Senior Notes Due 2030 Two | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 296,780,000 | 296,385,000 |
Contractual interest rates | 2.40% | |
EFFECTIVE INTEREST RATES | 2.72% | |
Senior Notes | Senior Notes Due 2031 One | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 295,832,000 | 295,547,000 |
Contractual interest rates | 2.05% | |
EFFECTIVE INTEREST RATES | 2.25% | |
Senior Notes | Senior Notes Due 2031 Two | ||
Debt Instrument [Line Items] | ||
Senior notes carrying amount | $ 649,521,000 | 632,693,000 |
Contractual interest rates | 2% | |
EFFECTIVE INTEREST RATES | 5.13% | |
Mortgage Notes | Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Face value | $ 70,752,000 | 84,122,000 |
Senior notes carrying amount | $ 70,534,000 | $ 84,247,000 |
Minimum | Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 3.60% | |
Minimum | Mortgage Notes | Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 3.60% | |
EFFECTIVE INTEREST RATES | 3.57% | |
Maximum | Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 4.80% | |
Maximum | Mortgage Notes | Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 4.77% | |
EFFECTIVE INTEREST RATES | 6.88% |
Notes and Bonds Payable - Senio
Notes and Bonds Payable - Senior and Term Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (3,867) | $ (5,977) |
Senior notes carrying amount | 4,994,859 | 5,351,827 |
Healthcare Trust Of America, Inc | ||
Debt Instrument [Line Items] | ||
Principal balance | 3,699,285 | 3,699,500 |
Unaccreted discount | (265,852) | (304,919) |
Debt issuance costs | (6,200) | (7,447) |
Senior notes carrying amount | $ 3,427,233 | $ 3,387,134 |
Notes and Bonds Payable - Mortg
Notes and Bonds Payable - Mortgage Notes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (3,867,000) | $ (5,977,000) |
NOTES AND BONDS PAYABLE | 4,994,859,000 | 5,351,827,000 |
Term Loan Net | Term Loan | ||
Debt Instrument [Line Items] | ||
Face value | 1,500,000,000 | 1,500,000,000 |
Debt issuance costs | (2,908,000) | (4,554,000) |
NOTES AND BONDS PAYABLE | 1,497,092,000 | 1,495,446,000 |
Mortgage Notes Payable | Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Face value | 70,752,000 | 84,122,000 |
Unamortized premium | 285,000 | 486,000 |
Unaccreted discount | (237,000) | (38,000) |
Debt issuance costs | (266,000) | (323,000) |
NOTES AND BONDS PAYABLE | $ 70,534,000 | $ 84,247,000 |
Notes and Bonds Payable - Narra
Notes and Bonds Payable - Narrative (Details) $ in Thousands | Feb. 01, 2024 USD ($) ft² | Jan. 06, 2024 USD ($) ft² | Dec. 01, 2023 USD ($) ft² | Aug. 01, 2023 USD ($) ft² | Dec. 31, 2023 USD ($) | Jul. 28, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||||||
Senior notes carrying amount | $ | $ 4,994,859 | $ 5,351,827 | |||||
Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
EFFECTIVE INTEREST RATES | 4.51% | 3.31% | |||||
Amount of debt repaid | $ | $ 6,600 | $ 9,800 | |||||
Mortgage Notes | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
EFFECTIVE INTEREST RATES | 4.12% | 4.77% | |||||
Amount of debt repaid | $ | $ 5,600 | $ 11,300 | |||||
Mortgage Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of interest-bearing in mortgage notes payable | 4.50% | ||||||
Mortgage Notes Payable | Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes carrying amount | $ | $ 70,534 | $ 84,247 | |||||
Colorado Springs, CO | Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered square footage | ft² | 93,992 | ||||||
Colorado Springs, CO | Mortgage Notes Payable | Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes carrying amount | $ | $ 5,600 | ||||||
Square feet subject to mortgage notes payable | ft² | 42,770 | ||||||
Atlanta, GA | Mortgage Notes | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered square footage | ft² | 66,984 | ||||||
Atlanta, GA | Mortgage Notes | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered square footage | ft² | 40,324 | ||||||
California | Mortgage Notes | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Encumbered square footage | ft² | 63,012 |
Notes and Bonds Payable - Detai
Notes and Bonds Payable - Details of Mortgage Notes (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) mortage_note_payable | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Number of outstanding mortgage notes | mortage_note_payable | 4 | |
Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Investment in collateral | $ 202,100,000 | |
Mortgage notes payable carrying amount | $ 70,500,000 | $ 84,200,000 |
Number of outstanding mortgage notes | mortage_note_payable | 7 | |
Mortgage Notes | Minimum | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 3.60% | |
Mortgage Notes | Maximum | ||
Debt Instrument [Line Items] | ||
Contractual interest rates | 4.80% | |
Mortgage Notes | Mortgage Notes 3.86% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 12,300,000 | |
Effective interest rate | 3.86% | |
Collateral | MOB | |
Principal and interest amortization period | 7 years | |
Investment in collateral | $ 0 | |
Mortgage notes payable carrying amount | 0 | 10,000,000 |
Unencumbered gross investment | 26,000,000 | |
Mortgage Notes | Mortgage Notes 4.84% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 9,000,000 | |
Effective interest rate | 4.84% | |
Collateral | MOB,OFC | |
Principal and interest amortization period | 10 years | |
Investment in collateral | $ 0 | |
Mortgage notes payable carrying amount | 0 | 6,800,000 |
Unencumbered gross investment | 24,500,000 | |
Mortgage Notes | Mortgage Notes 4.13% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 13,300,000 | |
Effective interest rate | 4.13% | |
Collateral | MOB | |
Principal and interest amortization period | 10 years | |
Investment in collateral | $ 24,400,000 | |
Mortgage notes payable carrying amount | 11,300,000 | 11,700,000 |
Unamortized premium | 800,000 | |
Mortgage Notes | Mortgage Notes 3.96% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 6,800,000 | |
Effective interest rate | 3.96% | |
Collateral | MOB | |
Principal and interest amortization period | 7 years | |
Investment in collateral | $ 12,600,000 | |
Mortgage notes payable carrying amount | 5,600,000 | 5,800,000 |
Unamortized premium | 200,000 | |
Mortgage Notes | Mortgage Notes 4.32% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Mortgage notes payable carrying amount | 7,500,000 | |
Mortgage Notes | Mortgage Notes 4.32% | Financial Services | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 9,700,000 | |
Effective interest rate | 4.32% | |
Collateral | MOB | |
Principal and interest amortization period | 10 years | |
Investment in collateral | $ 16,900,000 | |
Mortgage notes payable carrying amount | 7,200,000 | |
Unamortized premium | 100,000 | |
Mortgage Notes | Mortgage Notes 3.43% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 16,500,000 | |
Effective interest rate | 3.43% | |
Collateral | MOB,OFC | |
Principal and interest amortization period | 7 years | |
Investment in collateral | $ 49,200,000 | |
Mortgage notes payable carrying amount | 15,900,000 | 16,200,000 |
Unamortized premium | 700,000 | |
Mortgage Notes | Mortgage Notes 3.71% | Financial Services | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 11,500,000 | |
Effective interest rate | 3.71% | |
Collateral | MOB | |
Principal and interest amortization period | 10 years | |
Investment in collateral | $ 41,700,000 | |
Mortgage notes payable carrying amount | 7,800,000 | 8,300,000 |
Mortgage Notes | Mortgage Notes 6.883% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 6,000,000 | |
Effective interest rate | 6.88% | |
Principal and interest amortization period | 7 years | |
Unaccreted discount | $ 300,000 | |
Mortgage Notes | Mortgage Notes 6.883% | Financial Services | ||
Debt Instrument [Line Items] | ||
Investment in collateral | 11,600,000 | |
Mortgage notes payable carrying amount | 5,200,000 | 0 |
Mortgage Notes | Mortgage Notes 4.08% | Life Insurance Co. | ||
Debt Instrument [Line Items] | ||
Principal balance | $ 19,200,000 | |
Effective interest rate | 4.08% | |
Collateral | MOB | |
Principal and interest amortization period | 10 years | |
Investment in collateral | $ 45,700,000 | |
Mortgage notes payable carrying amount | $ 17,500,000 | $ 17,900,000 |
Notes and Bonds Payable - Futur
Notes and Bonds Payable - Future Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) mortage_note_payable | Dec. 31, 2022 USD ($) |
Long Term Debt Maturities [Line Items] | ||
Number of outstanding mortgage notes | mortage_note_payable | 4 | |
Excluded debt issuance costs | $ 3,900 | |
Future contractual maturities of the Company's notes and bonds payable | ||
Debt issuance costs | (3,867) | $ (5,977) |
NOTES AND BONDS PAYABLE | 4,994,859 | $ 5,351,827 |
2024 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | 575,473 | |
Net Accretion/Amortization | (41,050) | |
Debt issuance costs | (2,438) | |
NOTES AND BONDS PAYABLE | $ 531,985 | |
% | 10.70% | |
2025 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 566,375 | |
Net Accretion/Amortization | (43,163) | |
Debt issuance costs | (1,916) | |
NOTES AND BONDS PAYABLE | $ 521,296 | |
% | 10.40% | |
2026 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 778,904 | |
Net Accretion/Amortization | (41,837) | |
Debt issuance costs | (1,650) | |
NOTES AND BONDS PAYABLE | $ 735,417 | |
% | 14.70% | |
2027 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 700,000 | |
Net Accretion/Amortization | (36,192) | |
Debt issuance costs | (1,519) | |
NOTES AND BONDS PAYABLE | $ 662,289 | |
% | 13.30% | |
2028 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 600,000 | |
Net Accretion/Amortization | (35,179) | |
Debt issuance costs | (707) | |
NOTES AND BONDS PAYABLE | $ 564,114 | |
% | 11.30% | |
2029 and thereafter | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 2,049,285 | |
Net Accretion/Amortization | (68,382) | |
Debt issuance costs | (1,145) | |
NOTES AND BONDS PAYABLE | $ 1,979,758 | |
% | 39.60% | |
Net of Unsecured Credit Facility | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 5,270,037 | |
Net Accretion/Amortization | (265,803) | |
Debt issuance costs | (9,375) | |
NOTES AND BONDS PAYABLE | $ 4,994,859 | |
% | 100% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) | Nov. 09, 2023 USD ($) | Oct. 23, 2023 USD ($) transaction | Oct. 19, 2023 USD ($) transaction | Mar. 28, 2023 USD ($) | Feb. 16, 2023 USD ($) |
Derivative [Line Items] | ||||||
Reclassified from accumulated other comprehensive loss | $ 7.3 | |||||
Fair value of derivatives in a net liability position | $ 11 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, Expiring June 1, 2026 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 100 | $ 50 | ||||
Derivative, fixed interest rate | 3.67% | 4.16% | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, Effective November 1, 2023 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 100 | |||||
Number of swap transactions | transaction | 2 | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, Expiring June 1, 2027 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 50 | |||||
Derivative, fixed interest rate | 4.71% | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, Expiring December 1, 2027 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 50 | |||||
Derivative, fixed interest rate | 4.67% | |||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap, Expiring May 31, 2026 | ||||||
Derivative [Line Items] | ||||||
Derivative notional amount | $ 75 | $ 100 | ||||
Derivative, fixed interest rate | 4.54% | 4.73% | ||||
Number of swap transactions | transaction | 2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 1,275,000 | $ 1,150,000 |
Derivative, fixed interest rate | 3.49% | 2.63% |
Interest Rate Swap, Expiring January 2023 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 300,000 | |
Derivative, fixed interest rate | 1.42% | |
Interest Rate Swap, Expiring January 2024 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000 | $ 200,000 |
Derivative, fixed interest rate | 1.21% | 1.21% |
Interest Rate Swap, Expiring May 2026 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 275,000 | $ 100,000 |
Derivative, fixed interest rate | 3.74% | 2.15% |
Interest Rate Swap, Expiring June 2026 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 150,000 | |
Derivative, fixed interest rate | 3.83% | |
Interest Rate Swap, Expiring December 2026 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 150,000 | $ 150,000 |
Derivative, fixed interest rate | 3.84% | 3.84% |
Interest Rate Swap, Expiring June 2027 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 200,000 | $ 150,000 |
Derivative, fixed interest rate | 4.27% | 4.13% |
Interest Rate Swap, Expiring December 2027 | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 300,000 | $ 250,000 |
Derivative, fixed interest rate | 3.93% | 3.79% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized assets | $ 4,625 | |
GROSS AMOUNTS of recognized liabilities | (12,424) | |
Interest rate swaps 2019 | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized assets | 4,214 | $ 13,603 |
Interest rate swaps 2022 | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized assets | 909 | |
Interest rate swaps 2022 | Designated as Hedging Instrument | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized liabilities | (5,067) | (4,269) |
Interest rate swaps 2023 | Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized assets | 411 | |
Interest rate swaps 2023 | Designated as Hedging Instrument | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized liabilities | (7,357) | |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
GROSS AMOUNTS of recognized assets | $ 10,243 | |
GROSS AMOUNTS of recognized liabilities | $ (7,799) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Cash Flow Hedging on AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | $ 1,463 | $ 10,630 | $ 3,379 |
Amount of (gain)/loss reclassified from AOCI into income | 14,488 | (1,527) | $ (4,472) |
Interest rate swaps 2017 | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 0 | 302 | |
Interest rate swaps 2018 | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 0 | 616 | |
Interest rate swaps 2019 | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 1,995 | 12,964 | |
Interest rate swaps 2022 | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 4,583 | (3,252) | |
Interest rate swaps 2023 | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | (5,115) | 0 | |
Settled treasury hedges | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 0 | 0 | |
Settled interest rate swaps | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in AOCI on derivative | 0 | 0 | |
Interest expense | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | (14,488) | 1,527 | |
Interest expense | Interest rate swaps 2017 | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | 0 | 118 | |
Interest expense | Interest rate swaps 2018 | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | 0 | 361 | |
Interest expense | Interest rate swaps 2019 | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | (6,964) | 563 | |
Interest expense | Interest rate swaps 2022 | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | (6,289) | (109) | |
Interest expense | Interest rate swaps 2023 | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | (1,829) | 0 | |
Interest expense | Settled treasury hedges | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | 426 | 426 | |
Interest expense | Settled interest rate swaps | |||
Derivative [Line Items] | |||
Amount of (gain)/loss reclassified from AOCI into income | $ 168 | $ 168 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Offsetting Derivatives (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Offsetting of Derivative Assets | |
GROSS AMOUNTS of recognized assets | $ 4,625 |
GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | 0 |
NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets | 4,625 |
FINANCIAL INSTRUMENTS | (4,625) |
CASH COLLATERAL | 0 |
NET AMOUNT | $ 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets |
Offsetting of Derivative Liabilities | |
GROSS AMOUNTS of recognized liabilities | $ (12,424) |
GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | 0 |
NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets | (12,424) |
FINANCIAL INSTRUMENTS | 4,625 |
CASH COLLATERAL | 0 |
NET AMOUNT | $ (7,799) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |
Stockholders' Equity - Common s
Stockholders' Equity - Common shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Preferred stock, outstanding (in shares) | 0 | 0 | |
Reconciliation of the beginning and ending common stock outstanding | |||
Balance, beginning of year (in shares) | 380,590,000 | ||
Balance, end of year (in shares) | 380,964,000 | 380,590,000 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, outstanding (in shares) | 0 | 0 | 0 |
Reconciliation of the beginning and ending common stock outstanding | |||
Balance, beginning of year (in shares) | 380,589,894 | 150,457,433 | 139,487,375 |
Issuance of common stock (in shares) | 8,627 | 229,618,304 | 10,899,301 |
Conversion of OP units to common stock (in shares) | 190,544 | 0 | 0 |
Non-vested share-based awards, net of withheld shares and forfeitures (in shares) | 175,368 | 514,157 | 70,757 |
Balance, end of year (in shares) | 380,964,433 | 380,589,894 | 150,457,433 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | ||
Feb. 13, 2024 | Dec. 31, 2023 | May 31, 2023 | |
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, paid per quarter (in USD per share) | $ 0.31 | ||
Stock repurchase, amount authorized | $ 500,000,000 | ||
Subsequent Event | |||
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, declared (in USD per share) | $ 0.31 | ||
Dividend Declared | |||
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, declared (in USD per share) | $ 1.24 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Equity offering program of common stock | $ 750,000,000 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net current-period other comprehensive (loss) income | $ (13,025) | $ 12,157 | $ 7,851 |
Forward Starting Swaps | Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 2,140 | (9,981) | |
Other comprehensive income (loss) before reclassifications | 1,434 | 1,531 | |
Amounts reclassified from accumulated other comprehensive (loss) income | (14,315) | 10,590 | |
Net current-period other comprehensive (loss) income | (12,881) | 12,121 | |
Balance, end of period | $ (10,741) | $ 2,140 | $ (9,981) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | $ 258,584 | $ 146,691 | $ 53,124 |
Net (loss) income | 282,083 | $ (40,693) | $ (66,659) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net (loss) income | (14,488) | ||
Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | 594 | ||
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | $ (15,082) |
Stock and Other Incentive Pla_3
Stock and Other Incentive Plans - Stock Incentive Plan Narrative (Details) - Restricted Stock - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 20, 2022 | |
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant (in shares) | 8,102,861 | 9,432,388 | 9,647,839 | |
Accelerated stock compensation expense | $ 14.6 | $ 13.9 | $ 10.4 | |
Legacy HR Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Legacy HR Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 8 years |
Stock and Other Incentive Pla_4
Stock and Other Incentive Plans - Amortization of Compensation for Nonvested Shares (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Share-Based Payment Arrangement [Abstract] | |
2024 | $ 12.2 |
2025 | 9.7 |
2026 | 6.9 |
2027 | 2.1 |
2028 and thereafter | 0.5 |
Total | $ 31.4 |
Stock and Other Incentive Pla_5
Stock and Other Incentive Plans - Executive Incentive Plan Narrative (Details) - Executive Incentive Plan - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||
Jan. 04, 2027 | Jan. 04, 2026 | Jan. 04, 2025 | Jan. 04, 2024 | Jan. 04, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested grant date fair value (in dollars per share) | $ 22.55 | |||||||
At the Market Equity Offering Program | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of RSUnits | 43% | |||||||
Market Condition 1 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, fair value (in dollars per share) | $ 24.23 | |||||||
Market Condition 2 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, fair value (in dollars per share) | $ 27.84 | |||||||
Performance Conditions | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of RSUnits | 57% | |||||||
Vested grant date fair value (in dollars per share) | $ 20.21 | |||||||
Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Accelerated stock compensation expense | $ 9 | $ 9.8 | $ 6.6 | |||||
Performance Shares | Share-Based Payment Arrangement, Nonemployee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Non Vested Stock Award | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted in period | $ 4.1 | |||||||
Shares issued under the plan (in shares) | 205,264 | |||||||
Award vesting period | 5 years | |||||||
Non Vested Stock Award | Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Accelerated stock compensation expense | $ 0.8 | |||||||
Non Vested Stock Award | Forecast | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Accelerated stock compensation expense | $ 0.8 | $ 0.8 | $ 0.8 | |||||
Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 5 years | |||||||
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Nonemployee | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued under the plan (in shares) | 165,174 | |||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 50% | |||||||
Restricted Stock Units (RSUs) | Share-Based Payment Arrangement, Tranche Three | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting percentage | 50% |
Stock and Other Incentive Pla_6
Stock and Other Incentive Plans - Schedule of Stock Options, Valuation Assumptions (Details) - $ / shares | 1 Months Ended | |
Jan. 04, 2023 | Jan. 31, 2023 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Volatility | 34% | |
Expected term in years | 3 years | |
Risk-free rate | 4.42% | |
Stock price (in dollar per share) | $ 20.21 | |
Operating Partnership Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Volatility | 34% | |
Expected term in years | 3 years | |
Risk-free rate | 4.42% | |
Stock price (in dollar per share) | $ 20.21 |
Stock and Other Incentive Pla_7
Stock and Other Incentive Plans - LTIP Series C Units Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Dec. 31, 2023 | |
Operating Partnership Performance Units | Market Condition 1 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, fair value (in dollars per share) | $ 12.24 | |
Operating Partnership Performance Units | Market Condition 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, fair value (in dollars per share) | $ 13.98 | |
LTIP Series C Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award performance period | 3 years | |
LTIP Series C Units | Operating Partnership Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of RSUnits | 43% | |
Granted, fair value (in dollars per share) | $ 15.85 | |
LTIP Series C Units | Operating Partnership Performance Units | Performance Conditions | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of RSUnits | 57% | |
Granted, fair value (in dollars per share) | $ 20.21 | |
LTIP Series C Units | Share-Based Payment Arrangement, Employee | Operating Partnership Performance Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted in period (in shares) | 627,547 | |
Award vesting period | 5 years | |
LTIP Series C Units | Directors | Share-Based Payment Arrangement, Employee | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date fair value | $ 7.1 | |
LTIP Series C Units | Officer | LTIP-C Unit Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Accelerated stock compensation expense | $ 1.2 |
Stock and Other Incentive Pla_8
Stock and Other Incentive Plans - Officer Incentive Program Narrative (Details) - Officer Incentive Program $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Non-Executive Officers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of performance based awards released | $ 0.7 | |||
Number of executive officers granted awards (in shares) | shares | 33,438 | |||
Non-Executive Officers | Minimum | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Non-Executive Officers | Maximum | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 8 years | |||
Non-Executive Officers | Weighted Average | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated stock compensation expense | $ 0.6 | $ 0.9 | $ 1 |
Stock and Other Incentive Pla_9
Stock and Other Incentive Plans - Salary Deferral Plan Narrative (Details) - Salary Deferral Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum salary deferral for officers under the plan, percent | 50% | ||
Shares issued under the plan (in shares) | 31,792 | 17,381 | 21,396 |
Accelerated stock compensation expense | $ 0.9 | $ 0.9 | $ 0.9 |
Deferral Option One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Employer matching contribution, percent | 30% | ||
Deferral Option Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Employer matching contribution, percent | 50% | ||
Deferral Option Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 8 years | ||
Employer matching contribution, percent | 100% |
Stock and Other Incentive Pl_10
Stock and Other Incentive Plans - Non-employee Directors Incentive Plan Narrative (Details) - Non-Employee Directors Incentive Plan $ in Millions | 12 Months Ended | ||||
Jun. 05, 2023 USD ($) director shares | May 13, 2022 | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Non Vested Stock Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Granted in period | $ | $ 0.7 | ||||
Granted in period (in shares) | shares | 42,768 | ||||
LTIP-D units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Granted in period | $ | $ 1.1 | ||||
Granted in period (in shares) | shares | 57,868 | ||||
Restricted Stock and Performance Based Awards | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Restricted Stock and Performance Based Awards | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 8 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average remaining contractual terms | 4 years 9 months 18 days | ||||
Withheld of common stock (in shares) | shares | 126,085 | 137,892 | 129,987 | ||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Accelerated stock compensation expense | $ | $ 2.1 | $ 1.5 | $ 1.2 | ||
Director | Non Vested Stock Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of directors | director | 6 | ||||
Director | LTIP-D units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of directors | director | 6 |
Stock and Other Incentive Pl_11
Stock and Other Incentive Plans - 2015 Incentive Plan and related information (Details) - Stock Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of the activity under the incentive plans | |||
Share-based awards, beginning of year (in shares) | 2,090,060 | 1,562,028 | 1,766,061 |
Granted (in shares) | 1,164,359 | 952,407 | 203,701 |
Vested (in shares) | (403,266) | (418,949) | (404,777) |
Change in awards based on performance assessment (in shares) | (205,668) | 0 | 0 |
Forfeited (in shares) | (29,923) | (5,426) | (2,957) |
Share-based awards, end of year (in shares) | 2,615,562 | 2,090,060 | 1,562,028 |
Weighted-average grant date fair value of: | |||
Share-based awards, beginning of year (in dollars per share) | $ 30.35 | $ 31.10 | $ 30.51 |
Share-based awards granted during the year (in dollars per share) | 18.70 | 29.64 | 30.86 |
Share-based awards vested during the years (in dollars per share) | 28.38 | 31.52 | 28.38 |
Share-based awards change in performance assessment during the year (in dollars per share) | 29.05 | 0 | 0 |
Share-based awards forfeitures during the year (in dollars per share) | 31.16 | 31.48 | 33.04 |
Share-based awards, end of year (in dollars per share) | $ 25.56 | $ 30.35 | $ 31.10 |
Grant date fair value of shares granted during the year | $ 22,171 | $ 28,225 | $ 6,286 |
Stock and Other Incentive Pl_12
Stock and Other Incentive Plans - 401(k) Plan/Employee Stock Purchase Plan Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
401(k) Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Defined contribution plan, employer matching contribution, amount of employees gross pay | $ 2,800 | ||
Value of matching contribution | 1,500,000 | $ 1,200,000 | $ 700,000 |
Employee Stock Purchase Plan | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from employees upon exercising options | $ 200,000 | 400,000 | 800,000 |
Employee Stock Purchase Plan | Employee Stock Purchase Plan | General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accelerated stock compensation expense | $ 400,000 | $ 400,000 |
Stock and Other Incentive Pl_13
Stock and Other Incentive Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options Outstanding: | |||
Options outstanding, beginning of year (in shares) | 340,976 | 348,514 | 341,647 |
Granted (in shares) | 0 | 255,960 | 253,200 |
Exercised (in shares) | (8,627) | (20,246) | (30,281) |
Forfeited (in shares) | (43,737) | (102,619) | (71,630) |
Expired (in shares) | (132,999) | (140,633) | (144,422) |
Outstanding, end of period (in shares) | 155,613 | 340,976 | 348,514 |
Weighted-average exercise price: | |||
Options outstanding, beginning of year (in dollars per share) | $ 16.38 | $ 25.38 | $ 24.70 |
Options granted during the year (in dollars per share) | 0 | 26.89 | 25.16 |
Options exercised during the year (in dollars per share) | 15.07 | 20.97 | 25.03 |
Options forfeited during the year (in dollars per share) | 15.50 | 21.88 | 25.45 |
Options expired during the year (in dollars per share) | 16.43 | 23.36 | 24.17 |
Options outstanding, end of year (in dollars per share) | 12.98 | 16.38 | 25.38 |
Weighted-average fair value of options granted during the year (calculated as of the grant date) (in dollars per share) | $ 0 | $ 9.91 | $ 9.05 |
Intrinsic value of options exercised during the year | $ 23 | $ 75 | $ 165 |
Intrinsic value of options outstanding (calculated as of December 31) | $ 401 | $ 985 | $ 1,997 |
Exercise prices of options outstanding (calculated as of December 31) (in dollars per share) | $ 14.65 | $ 16.38 | $ 25.91 |
Weighted-average contractual life of outstanding options (calculated as of December 31, in years) | 3 months 18 days | 9 months 18 days | 9 months 18 days |
Stock and Other Incentive Pl_14
Stock and Other Incentive Plans - Black-Scholes Options Pricing Model (Details) - Employee Stock Purchase Plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value of options issued based on weighted-average assumptions | |||
Risk-free interest rates | 0% | 0.73% | 0.13% |
Expected dividend yields | 0% | 3.97% | 4.11% |
Expected life (in years) | 1 year 5 months 8 days | 1 year 5 months 4 days | |
Expected volatility | 0% | 49% | 48.20% |
Expected forfeiture rates | 0% | 85% | 85% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Dilutive effect of forward equity (in shares) | 0 | 0 | 0 |
Proceeds from issuance of common stock, adjusted for costs to borrow | $ 23.1 | ||
Weighted-average incremental shares of common stock excluded from the computation (in shares) | 1,682 | ||
Employee Stock Option | |||
Class of Stock [Line Items] | |||
Weighted-average incremental shares of common stock excluded from the computation (in shares) | 31,997 | ||
Employee Stock Option | Operating Partnership Performance Units | |||
Class of Stock [Line Items] | |||
Nonvested shares (in shares) | 4,023,679 | ||
At the Market Equity Offering Program | |||
Class of Stock [Line Items] | |||
Dilutive effect of forward equity (in shares) | 700,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average common shares outstanding | |||
Weighted average common shares outstanding (in shares) | 380,850,967 | 254,296,810 | 144,411,835 |
Non-vested shares (in shares) | (1,923,096) | (1,940,607) | (1,774,669) |
Weighted average common shares outstanding - Basic (in shares) | 378,927,871 | 252,356,203 | 142,637,166 |
Dilutive effect of forward equity (in shares) | 0 | 0 | 0 |
Dilutive effect of OP Units (in shares) | 0 | 1,451,599 | 0 |
Dilutive effect of employee stock purchase plan (in shares) | 0 | 65,519 | 73,062 |
Weighted average common shares outstanding - diluted (in shares) | 378,927,871 | 253,873,321 | 142,710,228 |
Net (loss) income | $ (282,083) | $ 40,693 | $ 66,659 |
Net loss attributable to non-controlling interest | 3,822 | 204 | 0 |
Net (loss) income attributable to common stockholders | (278,261) | 40,897 | 66,659 |
Income allocated to participating securities | (2,504) | (2,437) | (2,154) |
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units | (851) | 0 | 0 |
Net (loss) income applicable to common stockholders - basic | (281,616) | 38,460 | 64,505 |
Net income attributable to OP Units | 0 | 81 | 0 |
Net income applicable to common stockholders - diluted | $ (281,616) | $ 38,541 | $ 64,505 |
Basic earnings per common share - net income (in dollars per share) | $ (0.74) | $ 0.15 | $ 0.45 |
Diluted earnings per common share- net income (in dollars per share) | $ (0.74) | $ 0.15 | $ 0.45 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | |
Property, Plant and Equipment [Line Items] | ||
Number of land parcels held for development | property | 17 | 20 |
Investment in land held for development | $ 59.9 | $ 74.3 |
Letter of Credit | ||
Property, Plant and Equipment [Line Items] | ||
Deposits | 38.5 | |
Active Development Properties | ||
Property, Plant and Equipment [Line Items] | ||
Construction activity and development properties | 69.1 | |
Redevelopment Properties | ||
Property, Plant and Equipment [Line Items] | ||
Construction activity and development properties | 20.5 | |
Completed Develpoment and Redevelopment Properties | ||
Property, Plant and Equipment [Line Items] | ||
Construction activity and development properties | 22.6 | |
First and Second Generation Leases | Tenant Improvement Allowances | ||
Property, Plant and Equipment [Line Items] | ||
Anticipated amount of investment | $ 222.4 |
Other Data - Narrative (Details
Other Data - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Credit Carryforward [Line Items] | |||
Number of preferred shares outstanding (in shares) | 0 | 0 | |
Dividends distributed to preferred shares | $ 0 | ||
Legacy HR | |||
Tax Credit Carryforward [Line Items] | |||
Estimated aggregate total cost of total assets for federal income tax purposes | $ 12,600,000,000 | $ 13,000,000,000 | $ 5,000,000,000 |
Legacy HTA | |||
Tax Credit Carryforward [Line Items] | |||
Estimated aggregate total cost of total assets for federal income tax purposes | $ 8,200,000,000 |
Other Data - Characterization o
Other Data - Characterization of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Treatment of Dividends Pre-Merger Healthcare Trust of America | |||
Characterization of distributions on common stock | |||
Ordinary income (in dollars per share) | $ 0 | $ 0.5862 | $ 0.7920 |
Return of capital (in dollars per share) | 0 | 4.0162 | 0.4930 |
Capital gain (in dollars per share) | 0 | 1.2216 | 0 |
Common stock distributions (in dollars per share) | 0 | 5.8240 | 1.2850 |
Tax Treatment of Dividends Pre-Merger Healthcare Realty | |||
Characterization of distributions on common stock | |||
Ordinary income (in dollars per share) | 0 | 0.2655 | 0.7500 |
Return of capital (in dollars per share) | 0 | 0.5555 | 0.3600 |
Capital gain (in dollars per share) | 0 | 0 | 0.0964 |
Common stock distributions (in dollars per share) | 0 | 0.8210 | 1.2064 |
Tax Treatment of Dividends Post-Merger Healthcare Realty | |||
Characterization of distributions on common stock | |||
Ordinary income (in dollars per share) | 0.5482 | 0.0422 | 0 |
Return of capital (in dollars per share) | 0.5031 | 0.2889 | 0 |
Capital gain (in dollars per share) | 0.1887 | 0.0879 | 0 |
Common stock distributions (in dollars per share) | $ 1.2400 | $ 0.4190 | $ 0 |
Other Data - State Income Taxes
Other Data - State Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
State income tax expense | |||
Texas gross margins tax | $ 1,206 | $ 1,693 | $ 564 |
Other | 133 | 151 | 8 |
Total state income tax expense | 1,339 | 1,844 | 572 |
State income tax payments, net of refunds and collections | $ 1,324 | $ 1,834 | $ 560 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and bonds payable | $ 4,994.9 | $ 5,351.8 |
Real estate notes receivable | 173.6 | 99.6 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and bonds payable | 4,872.7 | 5,149.6 |
Real estate notes receivable | $ 172.5 | $ 99.6 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Accounts receivable allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 3,954 | $ 654 | $ 604 |
Charged/(Credited) to costs and expenses, additions and deductions | 5,119 | 3,306 | 72 |
Charged to other accounts, additions and deductions | 0 | 0 | 0 |
Uncollectible accounts written-off | 669 | 6 | 22 |
Balance at end of period | $ 8,404 | $ 3,954 | $ 654 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 655 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
Gross real estate asset, Total | $ 13,408,713 | $ 14,076,475 | $ 5,104,942 | $ 4,670,226 |
Accumulated depreciation | $ 2,227,766 | $ 1,645,271 | $ 1,338,743 | $ 1,249,679 |
Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 656 | |||
Land | ||||
INITIAL INVESTMENT | $ 1,136,297 | |||
COST CAPITALIZED subsequent to acquisition | 208,818 | |||
TOTAL | 1,345,115 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 10,677,434 | |||
COST CAPITALIZED subsequent to acquisition | 1,048,037 | |||
TOTAL | 11,725,471 | |||
PERSONAL PROPERTY | 12,718 | |||
Gross real estate asset, Total | 13,083,304 | |||
Accumulated depreciation | 2,227,766 | |||
Encumbrances | $ 70,534 | |||
Land held for develop. | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 0 | |||
Land | ||||
INITIAL INVESTMENT | $ 59,871 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 59,871 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 59,871 | |||
Accumulated depreciation | ||||
Encumbrances | $ 0 | |||
Construction in progress | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 0 | |||
Land | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 60,727 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 60,727 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 60,727 | |||
Accumulated depreciation | 0 | |||
Encumbrances | $ 0 | |||
Financing lease right-of-use assets | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 0 | |||
Land | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 82,209 | |||
Accumulated depreciation | 0 | |||
Encumbrances | $ 0 | |||
Investment in financing receivables, net | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 0 | |||
Land | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 122,602 | |||
Accumulated depreciation | 0 | |||
Encumbrances | $ 0 | |||
Total properties | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 656 | |||
Land | ||||
INITIAL INVESTMENT | $ 1,196,168 | |||
COST CAPITALIZED subsequent to acquisition | 208,818 | |||
TOTAL | 1,404,986 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 10,738,161 | |||
COST CAPITALIZED subsequent to acquisition | 1,048,037 | |||
TOTAL | 11,786,198 | |||
PERSONAL PROPERTY | 12,718 | |||
Gross real estate asset, Total | 13,408,713 | |||
Accumulated depreciation | 2,227,766 | |||
Encumbrances | $ 70,534 | |||
Dallas, TX | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 43 | |||
Land | ||||
INITIAL INVESTMENT | $ 72,772 | |||
COST CAPITALIZED subsequent to acquisition | 17,396 | |||
TOTAL | 90,168 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 925,170 | |||
COST CAPITALIZED subsequent to acquisition | 147,779 | |||
TOTAL | 1,072,949 | |||
PERSONAL PROPERTY | 550 | |||
Gross real estate asset, Total | 1,163,667 | |||
Accumulated depreciation | 221,375 | |||
Encumbrances | $ 0 | |||
Houston, TX | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 31 | |||
Land | ||||
INITIAL INVESTMENT | $ 63,942 | |||
COST CAPITALIZED subsequent to acquisition | 13,018 | |||
TOTAL | 76,960 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 642,626 | |||
COST CAPITALIZED subsequent to acquisition | 32,557 | |||
TOTAL | 675,183 | |||
PERSONAL PROPERTY | 57 | |||
Gross real estate asset, Total | 752,200 | |||
Accumulated depreciation | 97,793 | |||
Encumbrances | $ 0 | |||
Seattle, WA | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 29 | |||
Land | ||||
INITIAL INVESTMENT | $ 59,412 | |||
COST CAPITALIZED subsequent to acquisition | 4,883 | |||
TOTAL | 64,295 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 551,328 | |||
COST CAPITALIZED subsequent to acquisition | 90,031 | |||
TOTAL | 641,359 | |||
PERSONAL PROPERTY | 715 | |||
Gross real estate asset, Total | 706,369 | |||
Accumulated depreciation | 186,903 | |||
Encumbrances | $ 0 | |||
Denver, CO | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 33 | |||
Land | ||||
INITIAL INVESTMENT | $ 62,172 | |||
COST CAPITALIZED subsequent to acquisition | 14,526 | |||
TOTAL | 76,698 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 488,764 | |||
COST CAPITALIZED subsequent to acquisition | 56,499 | |||
TOTAL | 545,263 | |||
PERSONAL PROPERTY | 610 | |||
Gross real estate asset, Total | 622,571 | |||
Accumulated depreciation | 94,906 | |||
Encumbrances | $ 0 | |||
Charlotte, NC | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 32 | |||
Land | ||||
INITIAL INVESTMENT | $ 28,119 | |||
COST CAPITALIZED subsequent to acquisition | 7,345 | |||
TOTAL | 35,464 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 451,251 | |||
COST CAPITALIZED subsequent to acquisition | 39,182 | |||
TOTAL | 490,433 | |||
PERSONAL PROPERTY | 110 | |||
Gross real estate asset, Total | 526,007 | |||
Accumulated depreciation | 116,578 | |||
Encumbrances | $ 0 | |||
Phoenix, AZ | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 35 | |||
Land | ||||
INITIAL INVESTMENT | $ 12,205 | |||
COST CAPITALIZED subsequent to acquisition | 8,057 | |||
TOTAL | 20,262 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 447,753 | |||
COST CAPITALIZED subsequent to acquisition | 26,436 | |||
TOTAL | 474,189 | |||
PERSONAL PROPERTY | 425 | |||
Gross real estate asset, Total | 494,876 | |||
Accumulated depreciation | 59,449 | |||
Encumbrances | $ 0 | |||
Atlanta, GA | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 27 | |||
Land | ||||
INITIAL INVESTMENT | $ 40,227 | |||
COST CAPITALIZED subsequent to acquisition | 8,868 | |||
TOTAL | 49,095 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 429,729 | |||
COST CAPITALIZED subsequent to acquisition | 15,587 | |||
TOTAL | 445,316 | |||
PERSONAL PROPERTY | 100 | |||
Gross real estate asset, Total | 494,511 | |||
Accumulated depreciation | 79,569 | |||
Encumbrances | $ 5,572 | |||
Boston, MA | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 17 | |||
Land | ||||
INITIAL INVESTMENT | $ 117,857 | |||
COST CAPITALIZED subsequent to acquisition | 9,590 | |||
TOTAL | 127,447 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 336,670 | |||
COST CAPITALIZED subsequent to acquisition | 4,255 | |||
TOTAL | 340,925 | |||
PERSONAL PROPERTY | 14 | |||
Gross real estate asset, Total | 468,386 | |||
Accumulated depreciation | 37,569 | |||
Encumbrances | $ 0 | |||
Raleigh, NC | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 28 | |||
Land | ||||
INITIAL INVESTMENT | $ 44,530 | |||
COST CAPITALIZED subsequent to acquisition | 12,090 | |||
TOTAL | 56,620 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 393,245 | |||
COST CAPITALIZED subsequent to acquisition | 15,098 | |||
TOTAL | 408,343 | |||
PERSONAL PROPERTY | 9 | |||
Gross real estate asset, Total | 464,972 | |||
Accumulated depreciation | 38,879 | |||
Encumbrances | $ 0 | |||
Nashville, TN | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 13 | |||
Land | ||||
INITIAL INVESTMENT | $ 40,673 | |||
COST CAPITALIZED subsequent to acquisition | 2,674 | |||
TOTAL | 43,347 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 309,400 | |||
COST CAPITALIZED subsequent to acquisition | 97,997 | |||
TOTAL | 407,397 | |||
PERSONAL PROPERTY | 7,427 | |||
Gross real estate asset, Total | 458,171 | |||
Accumulated depreciation | 115,979 | |||
Encumbrances | $ 7,841 | |||
Los Angeles, CA | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 20 | |||
Land | ||||
INITIAL INVESTMENT | $ 68,225 | |||
COST CAPITALIZED subsequent to acquisition | 3,861 | |||
TOTAL | 72,086 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 305,221 | |||
COST CAPITALIZED subsequent to acquisition | 71,590 | |||
TOTAL | 376,811 | |||
PERSONAL PROPERTY | 453 | |||
Gross real estate asset, Total | 449,350 | |||
Accumulated depreciation | 145,875 | |||
Encumbrances | $ 28,870 | |||
Miami, FL | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 19 | |||
Land | ||||
INITIAL INVESTMENT | $ 47,092 | |||
COST CAPITALIZED subsequent to acquisition | 6,902 | |||
TOTAL | 53,994 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 325,814 | |||
COST CAPITALIZED subsequent to acquisition | 35,543 | |||
TOTAL | 361,357 | |||
PERSONAL PROPERTY | 178 | |||
Gross real estate asset, Total | 415,529 | |||
Accumulated depreciation | 74,470 | |||
Encumbrances | $ 0 | |||
Tampa, FL | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 19 | |||
Land | ||||
INITIAL INVESTMENT | $ 23,491 | |||
COST CAPITALIZED subsequent to acquisition | 7,631 | |||
TOTAL | 31,122 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 363,588 | |||
COST CAPITALIZED subsequent to acquisition | 15,729 | |||
TOTAL | 379,317 | |||
PERSONAL PROPERTY | 33 | |||
Gross real estate asset, Total | 410,472 | |||
Accumulated depreciation | 36,726 | |||
Encumbrances | $ 0 | |||
Indianapolis, IN | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 36 | |||
Land | ||||
INITIAL INVESTMENT | $ 45,914 | |||
COST CAPITALIZED subsequent to acquisition | 8,985 | |||
TOTAL | 54,899 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 308,044 | |||
COST CAPITALIZED subsequent to acquisition | 10,542 | |||
TOTAL | 318,586 | |||
PERSONAL PROPERTY | 13 | |||
Gross real estate asset, Total | 373,498 | |||
Accumulated depreciation | 42,273 | |||
Encumbrances | $ 0 | |||
Austin, TX | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 13 | |||
Land | ||||
INITIAL INVESTMENT | $ 22,178 | |||
COST CAPITALIZED subsequent to acquisition | 4,885 | |||
TOTAL | 27,063 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 261,585 | |||
COST CAPITALIZED subsequent to acquisition | 31,211 | |||
TOTAL | 292,796 | |||
PERSONAL PROPERTY | 142 | |||
Gross real estate asset, Total | 320,001 | |||
Accumulated depreciation | 55,891 | |||
Encumbrances | $ 0 | |||
New York, NY | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 14 | |||
Land | ||||
INITIAL INVESTMENT | $ 58,719 | |||
COST CAPITALIZED subsequent to acquisition | 5,683 | |||
TOTAL | 64,402 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 192,029 | |||
COST CAPITALIZED subsequent to acquisition | 4,705 | |||
TOTAL | 196,734 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 261,136 | |||
Accumulated depreciation | 15,887 | |||
Encumbrances | $ 0 | |||
Chicago, IL | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 6 | |||
Land | ||||
INITIAL INVESTMENT | $ 11,250 | |||
COST CAPITALIZED subsequent to acquisition | 2,554 | |||
TOTAL | 13,804 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 212,170 | |||
COST CAPITALIZED subsequent to acquisition | 17,314 | |||
TOTAL | 229,484 | |||
PERSONAL PROPERTY | 81 | |||
Gross real estate asset, Total | 243,369 | |||
Accumulated depreciation | 39,671 | |||
Encumbrances | $ 0 | |||
Memphis, TN | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 11 | |||
Land | ||||
INITIAL INVESTMENT | $ 12,253 | |||
COST CAPITALIZED subsequent to acquisition | 1,648 | |||
TOTAL | 13,901 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 118,427 | |||
COST CAPITALIZED subsequent to acquisition | 75,725 | |||
TOTAL | 194,152 | |||
PERSONAL PROPERTY | 322 | |||
Gross real estate asset, Total | 208,375 | |||
Accumulated depreciation | 71,813 | |||
Encumbrances | $ 0 | |||
Honolulu, HI | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 6 | |||
Land | ||||
INITIAL INVESTMENT | $ 8,314 | |||
COST CAPITALIZED subsequent to acquisition | 1,213 | |||
TOTAL | 9,527 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 147,422 | |||
COST CAPITALIZED subsequent to acquisition | 47,669 | |||
TOTAL | 195,091 | |||
PERSONAL PROPERTY | 169 | |||
Gross real estate asset, Total | 204,787 | |||
Accumulated depreciation | 61,575 | |||
Encumbrances | $ 0 | |||
Hartford, CT | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 30 | |||
Land | ||||
INITIAL INVESTMENT | $ 24,167 | |||
COST CAPITALIZED subsequent to acquisition | 5,214 | |||
TOTAL | 29,381 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 159,178 | |||
COST CAPITALIZED subsequent to acquisition | 1,383 | |||
TOTAL | 160,561 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 189,942 | |||
Accumulated depreciation | 15,883 | |||
Encumbrances | $ 0 | |||
Other (49 markets) | Real estate acquired | ||||
Summary of real estate properties | ||||
NUMBER OF PROPERTIES | property | 194 | |||
Land | ||||
INITIAL INVESTMENT | $ 272,785 | |||
COST CAPITALIZED subsequent to acquisition | 61,795 | |||
TOTAL | 334,580 | |||
Buildings, Improvements, Lease Intangibles, and CIP | ||||
INITIAL INVESTMENT | 3,308,020 | |||
COST CAPITALIZED subsequent to acquisition | 211,205 | |||
TOTAL | 3,519,225 | |||
PERSONAL PROPERTY | 1,310 | |||
Gross real estate asset, Total | 3,855,115 | |||
Accumulated depreciation | 618,702 | |||
Encumbrances | $ 28,251 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Federal income tax purposes | $ 12,600,000 | |
Issuance costs | 3,867 | $ 5,977 |
Mortgage Notes Payable | Mortgage Notes | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Unamortized premium | 285 | 486 |
Unaccreted discount | 237 | 38 |
Issuance costs | $ 266 | $ 323 |
Minimum | Buildings and improvements | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 3 years 3 months 18 days | |
Minimum | Lease intangibles | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 1 year | |
Minimum | Personal Property | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 3 years | |
Minimum | Land improvements | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 2 years | |
Maximum | Buildings and improvements | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 49 years | |
Maximum | Lease intangibles | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 99 years | |
Maximum | Personal Property | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 20 years | |
Maximum | Land improvements | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Asset estimated useful life | 39 years | |
Asset Held-for-sale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of real estate assets held for sale | property | 1 | |
Amount of assets held for sale | $ 9,600 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Beginning Balance, Total Property | $ 14,076,475 | $ 5,104,942 | $ 4,670,226 |
Retirement/dispositions | |||
Ending Balance, Total Property | 13,408,713 | 14,076,475 | 5,104,942 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Beginning Balance, Accumulated Depreciation | 1,645,271 | 1,338,743 | 1,249,679 |
Retirement/dispositions | |||
Ending Balance, Accumulated Depreciation | 2,227,766 | 1,645,271 | 1,338,743 |
Real estate acquired | |||
Additions during the period | |||
Total Property | 54,024 | 9,780,070 | 374,912 |
Retirement/dispositions | |||
TOTAL PROPERTY | (800,958) | (1,098,702) | (247,880) |
Ending Balance, Total Property | 13,083,304 | ||
Additions during the period | |||
ACCUMULATED DEPRECIATION | 2,322 | 241,285 | 7,668 |
Retirement/dispositions | |||
Accumulated Depreciation | (87,896) | (140,696) | (110,479) |
Ending Balance, Accumulated Depreciation | 2,227,766 | ||
Other improvements | |||
Additions during the period | |||
Total Property | 28,521 | 219,783 | 103,035 |
Additions during the period | |||
ACCUMULATED DEPRECIATION | 668,069 | 205,703 | 191,875 |
Land held for development | |||
Additions during the period | |||
Total Property | 49,416 | 2,021 | |
Additions during the period | |||
ACCUMULATED DEPRECIATION | 0 | 0 | 0 |
Construction in progress | |||
Additions during the period | |||
Total Property | 49,901 | 31,586 | 3,974 |
Retirement/dispositions | |||
Ending Balance, Total Property | 60,727 | ||
Additions during the period | |||
ACCUMULATED DEPRECIATION | 0 | 0 | 0 |
Retirement/dispositions | |||
Ending Balance, Accumulated Depreciation | 0 | ||
Investment in financing receivables, net | |||
Additions during the period | |||
Total Property | 2,366 | 186,745 | |
Total Property Reclassified | (66,509) | ||
Additions during the period | |||
ACCUMULATED DEPRECIATION | 0 | 0 | 0 |
Financing lease right-of-use assets | |||
Additions during the period | |||
Total Property | 52,249 | 11,909 | |
Total Property Reclassified | (1,616) | ||
Retirement/dispositions | |||
Ending Balance, Total Property | 82,209 | ||
Additions during the period | |||
ACCUMULATED DEPRECIATION | 0 | 0 | 0 |
Retirement/dispositions | |||
Ending Balance, Accumulated Depreciation | 0 | ||
Corporate Properties | |||
Additions during the period | |||
Total Property | 0 | 3,640 | 0 |
Additions during the period | |||
ACCUMULATED DEPRECIATION | $ 0 | $ 236 | $ 0 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Prior Liens | $ 0 | ||
Face Amount | 182,125,000 | ||
Carrying Amount | 173,614,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 54,119,000 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance as of the beginning of the year | 99,643,000 | $ 0 | $ 0 |
Additions: | |||
Fair value real estate notes assumed | 0 | 74,819,000 | 0 |
New real estate notes | 58,700,000 | 23,325,000 | 0 |
Draws on existing real estate notes | 19,103,000 | ||
Capitalized interest | 0 | 1,499,000 | 0 |
Accretion of fees and other items | 1,364,000 | 0 | 0 |
Deductions: | |||
Collection of real estate loans | 0 | 0 | 0 |
Deferred fees and other items | 0 | 0 | 0 |
Allowance for credit loss | (5,196,000) | ||
Balance as of the end of the year | $ 173,614,000 | $ 99,643,000 | $ 0 |
Texas | Medical Real Estate, Maturing in July 2024 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 7% | ||
Prior Liens | $ 0 | ||
Face Amount | 31,150,000 | ||
Carrying Amount | 31,150,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | ||
Texas | Property 1 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 8% | ||
Prior Liens | $ 0 | ||
Face Amount | 54,119,000 | ||
Carrying Amount | 45,856,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 54,119,000 | ||
North Carolina | Medical Real Estate, Maturing in December 2024 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 8% | ||
Prior Liens | $ 0 | ||
Face Amount | 6,000,000 | ||
Carrying Amount | 5,796,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | |||
Florida | Medical Real Estate Maturing in February 2026 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 6% | ||
Prior Liens | $ 0 | ||
Face Amount | 32,156,000 | ||
Carrying Amount | 32,112,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Construction loan, maximum | $ 65,000,000 | ||
Florida | Medical Real Estate, Maturing in December 2026 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 9% | ||
Prior Liens | $ 0 | ||
Face Amount | 7,700,000 | ||
Carrying Amount | 7,700,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Monthly installment payments of principal and interest amount | $ 152,069 | ||
California | Medical Real Estate, Maturing in March 2026 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 6% | ||
Prior Liens | $ 0 | ||
Face Amount | 45,000,000 | ||
Carrying Amount | 45,000,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | ||
Arizona | Property 2 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest rate | 9% | ||
Prior Liens | $ 0 | ||
Face Amount | 6,000,000 | ||
Carrying Amount | 6,000,000 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |