Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'gahr | ' |
Entity Registrant Name | 'Griffin-American Healthcare REIT II, Inc. | ' |
Entity Central Index Key | '0001455271 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 288,968,522 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Real estate investments, net | $2,023,439,000 | $1,112,295,000 |
Real estate notes receivable, net | 11,598,000 | 5,182,000 |
Cash and cash equivalents | 549,293,000 | 94,683,000 |
Accounts and other receivables, net | 7,969,000 | 6,920,000 |
Restricted cash | 13,851,000 | 8,980,000 |
Real estate and escrow deposits | 1,683,000 | 2,900,000 |
Identified intangible assets, net | 237,668,000 | 204,147,000 |
Other assets, net | 33,138,000 | 19,522,000 |
Total assets | 2,878,639,000 | 1,454,629,000 |
Liabilities: | ' | ' |
Mortgage loans payable, net | 343,186,000 | 291,052,000 |
Line of credit | 0 | 200,000,000 |
Accounts payable and accrued liabilities | 38,340,000 | 20,030,000 |
Accounts payable due to affiliates | 2,614,000 | 1,807,000 |
Derivative financial instruments | 10,230,000 | 795,000 |
Identified intangible liabilities, net | 6,316,000 | 5,156,000 |
Security deposits, prepaid rent and other liabilities | 75,428,000 | 75,043,000 |
Total liabilities | 476,114,000 | 593,883,000 |
Commitments and contingencies (Note 11) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 287,183,395 and 113,199,988 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 2,872,000 | 1,132,000 |
Additional paid-in capital | 2,608,226,000 | 1,010,152,000 |
Accumulated deficit | -222,225,000 | -150,977,000 |
Accumulated other comprehensive income | 11,297,000 | 0 |
Total stockholders’ equity | 2,400,170,000 | 860,307,000 |
Noncontrolling interests (Note 13) | 2,355,000 | 439,000 |
Total equity | 2,402,525,000 | 860,746,000 |
Total liabilities and equity | $2,878,639,000 | $1,454,629,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares, issued | 287,183,395 | 113,199,988 |
Common stock, shares outstanding | 287,183,395 | 113,199,988 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenue: | ' | ' | ' | ' |
Real estate revenue | $52,018,000 | $27,134,000 | $137,630,000 | $67,670,000 |
Expenses: | ' | ' | ' | ' |
Rental expenses | 11,487,000 | 5,942,000 | 29,944,000 | 14,014,000 |
General and administrative | 6,237,000 | 2,935,000 | 14,676,000 | 7,753,000 |
Subordinated distribution purchase (Note 2) | 0 | 4,232,000 | 0 | 4,232,000 |
Acquisition related expenses | 2,301,000 | 21,174,000 | 9,580,000 | 32,326,000 |
Depreciation and amortization | 19,211,000 | 10,743,000 | 50,449,000 | 25,707,000 |
Total expenses | 39,236,000 | 45,026,000 | 104,649,000 | 84,032,000 |
Income (loss) from operations | 12,782,000 | -17,892,000 | 32,981,000 | -16,362,000 |
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ' | ' | ' | ' |
Interest expense | -4,760,000 | -3,548,000 | -13,325,000 | -9,747,000 |
Gain (loss) in fair value of derivative financial instruments | 47,000 | 0 | 259,000 | -52,000 |
Foreign currency and derivative loss | -4,723,000 | 0 | -5,053,000 | 0 |
Interest income | 246,000 | 4,000 | 283,000 | 11,000 |
Net income (loss) | 3,592,000 | -21,436,000 | 15,145,000 | -26,150,000 |
Less: income attributable to noncontrolling interests | -3,000 | -2,000 | -16,000 | -2,000 |
Net income (loss) attributable to controlling interest | 3,589,000 | -21,438,000 | 15,129,000 | -26,152,000 |
Net income (loss) per common share allocated to controlling interest — basic and diluted | $0.02 | ($0.27) | $0.09 | ($0.41) |
Weighted average number of common shares outstanding — basic and diluted | 228,053,938 | 78,492,871 | 169,754,464 | 64,418,435 |
Distributions declared per common share | $0.17 | $0.17 | $0.51 | $0.49 |
Gains on intra-entity foreign currency transactions that are of a long-term investment nature | 10,955,000 | 0 | 10,955,000 | 0 |
Foreign currency translation adjustments | 351,000 | 0 | 351,000 | 0 |
Comprehensive income (loss) | 14,898,000 | -21,436,000 | 26,451,000 | -26,150,000 |
Less: comprehensive income attributable to noncontrolling interests | -12,000 | 0 | -25,000 | 0 |
Comprehensive income (loss) attributable to controlling interest | $14,886,000 | ($21,436,000) | $26,426,000 | ($26,150,000) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Total Stockholders' Equity [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Beginning balance at Dec. 31, 2011 | $397,480,000 | $397,357,000 | $489,000 | $435,252,000 | ($38,384,000) | $0 | $123,000 |
Beginning balance, Shares at Dec. 31, 2011 | ' | ' | 48,869,669 | ' | ' | ' | ' |
Issuance of common stock | 383,580,000 | 383,580,000 | 385,000 | 383,195,000 | ' | ' | ' |
Issuance of common stock, shares | ' | ' | 38,457,986 | ' | ' | ' | ' |
Offering costs — common stock | -41,281,000 | -41,281,000 | ' | -41,281,000 | ' | ' | ' |
Issuance of common stock under the DRIP | 14,621,000 | 14,621,000 | 15,000 | 14,606,000 | ' | ' | ' |
Stock issued during period, shares, DRIP | 1,539,068 | ' | 1,539,068 | ' | ' | ' | ' |
Repurchase of common stock | -2,541,000 | -2,541,000 | -3,000 | -2,538,000 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | -261,836 | ' | ' | ' | ' |
Amortization of nonvested common stock compensation | 48,000 | 48,000 | ' | 48,000 | ' | ' | ' |
Contribution from noncontrolling interest | 2,000 | ' | ' | ' | ' | ' | 2,000 |
Distributions to noncontrolling interests | -10,000 | ' | ' | ' | ' | ' | -10,000 |
Distributions declared | -31,841,000 | -31,841,000 | ' | ' | -31,841,000 | ' | ' |
Net income (loss) | -26,150,000 | -26,152,000 | ' | ' | -26,152,000 | ' | 2,000 |
Ending balance at Sep. 30, 2012 | 693,908,000 | 693,791,000 | 886,000 | 789,282,000 | -96,377,000 | 0 | 117,000 |
Ending balance, Shares at Sep. 30, 2012 | ' | ' | 88,604,887 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 860,746,000 | 860,307,000 | 1,132,000 | 1,010,152,000 | -150,977,000 | 0 | 439,000 |
Beginning balance, Shares at Dec. 31, 2012 | ' | ' | 113,199,988 | ' | ' | ' | ' |
Issuance of common stock | 1,736,389,000 | 1,736,389,000 | 1,705,000 | 1,734,684,000 | ' | ' | ' |
Issuance of common stock, shares | ' | ' | 170,497,771 | ' | ' | ' | ' |
Offering costs — common stock | -170,810,000 | -170,810,000 | ' | -170,810,000 | ' | ' | ' |
Issuance of common stock under the DRIP | 41,330,000 | 41,330,000 | 43,000 | 41,287,000 | ' | ' | ' |
Stock issued during period, shares, DRIP | 4,256,434 | ' | 4,256,434 | ' | ' | ' | ' |
Repurchase of common stock | -7,440,000 | -7,440,000 | -8,000 | -7,432,000 | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | -770,798 | ' | ' | ' | ' |
Amortization of nonvested common stock compensation | 80,000 | 80,000 | ' | 80,000 | ' | ' | ' |
Issuance of limited partnership units | 2,271,000 | 288,000 | ' | 288,000 | ' | ' | 1,983,000 |
Offering costs — limited partnership units | -23,000 | -23,000 | ' | -23,000 | ' | ' | ' |
Distributions to noncontrolling interests | -92,000 | ' | ' | ' | ' | ' | -92,000 |
Distributions declared | -86,377,000 | -86,377,000 | ' | ' | -86,377,000 | ' | ' |
Net income (loss) | 15,145,000 | 15,129,000 | ' | ' | 15,129,000 | ' | 16,000 |
Gains on intra-entity foreign currency transactions that are of a long-term investment nature | 10,955,000 | 10,946,000 | ' | ' | ' | 10,946,000 | 9,000 |
Foreign currency translation adjustments | 351,000 | 351,000 | ' | ' | ' | 351,000 | 0 |
Ending balance at Sep. 30, 2013 | $2,402,525,000 | $2,400,170,000 | $2,872,000 | $2,608,226,000 | ($222,225,000) | $11,297,000 | $2,355,000 |
Ending balance, Shares at Sep. 30, 2013 | ' | ' | 287,183,395 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $15,145,000 | ($26,150,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization (including deferred financing costs, above/below market leases, leasehold interests, above market leasehold interests, debt discount/premium, closing costs and origination fees) | 52,187,000 | 27,443,000 |
Contingent consideration related to acquisition of real estate | -51,198,000 | 0 |
Deferred rent | -9,297,000 | -4,785,000 |
Stock based compensation | 80,000 | 48,000 |
Acquisition fees paid in stock | 446,000 | 732,000 |
Bad debt expense | 329,000 | 106,000 |
Unrealized foreign currency gain | -337,000 | 0 |
Change in fair value of contingent consideration | 273,000 | 12,048,000 |
Changes in fair value of derivative financial instruments | 9,435,000 | 52,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts and other receivables | -2,319,000 | -2,005,000 |
Accounts receivable due from affiliate | 0 | 121,000 |
Other assets | -2,758,000 | -1,656,000 |
Accounts payable and accrued liabilities | 8,735,000 | 6,453,000 |
Accounts payable due to affiliates | 758,000 | 423,000 |
Security deposits, prepaid rent and other liabilities | 1,152,000 | -3,194,000 |
Net cash provided by operating activities | 22,631,000 | 9,636,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Acquisition of real estate operating properties | -857,987,000 | -495,944,000 |
Advances on real estate notes receivable | -16,871,000 | 0 |
Principal repayment on real estate notes receivable | 10,882,000 | 0 |
Closing costs and origination fees on real estate notes receivable, net | -303,000 | 99,000 |
Capital expenditures | -3,336,000 | -2,757,000 |
Restricted cash | -4,871,000 | -6,631,000 |
Real estate and escrow deposits | 1,217,000 | 6,306,000 |
Net cash used in investing activities | -871,269,000 | -498,927,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Borrowings on mortgage loans payable | 0 | 22,818,000 |
Payments on mortgage loans payable | -8,839,000 | -29,194,000 |
Borrowings under the lines of credit | 86,900,000 | 498,355,000 |
Payments under the lines of credit | -286,900,000 | -350,255,000 |
Proceeds from issuance of common stock | 1,736,186,000 | 379,835,000 |
Deferred financing costs | -2,754,000 | -4,232,000 |
Contingent consideration related to acquisition of real estate | -4,249,000 | -3,434,000 |
Return of contingent consideration related to acquisition of real estate | 0 | 2,000 |
Repurchase of common stock | -7,440,000 | -2,541,000 |
Contribution from noncontrolling interest to our operating partnership | 0 | 2,000 |
Distributions to noncontrolling interests | -76,000 | -10,000 |
Security deposits | -1,953,000 | 18,000 |
Payments of offering costs — common stock | -170,880,000 | -41,331,000 |
Payments of offering costs — limited partnership units | -87,000 | 0 |
Distributions paid | -36,778,000 | -15,224,000 |
Net cash provided by financing activities | 1,303,130,000 | 454,809,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 454,492,000 | -34,482,000 |
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH AND CASH EQUIVALENTS | 118,000 | 0 |
CASH AND CASH EQUIVALENTS — Beginning of period | 94,683,000 | 44,682,000 |
CASH AND CASH EQUIVALENTS — End of period | 549,293,000 | 10,200,000 |
Cash paid for: | ' | ' |
Interest | 12,677,000 | 8,153,000 |
Income taxes | 174,000 | 40,000 |
Investing Activities: | ' | ' |
Accrued capital expenditures | 1,195,000 | 982,000 |
Accrued acquisition fees — real estate notes receivable | 6,000 | 0 |
Tenant improvement overage | 50,000 | 717,000 |
Receivable for sale of land | 90,000 | 0 |
The following represents the increase in certain assets and liabilities in connection with our acquisitions of operating properties: | ' | ' |
Other receivable | 0 | 3,000 |
Other assets | 616,000 | 349,000 |
Mortgage loans payable, net | 62,712,000 | 163,808,000 |
Accounts payable and accrued liabilities | 2,376,000 | 1,006,000 |
Security deposits, prepaid rent and other liabilities | 55,041,000 | 16,631,000 |
Financing Activities: | ' | ' |
Issuance of common stock under the DRIP | 41,330,000 | 14,621,000 |
Issuance of common stock for acquisitions | 914,000 | 0 |
Distributions declared but not paid | 14,660,000 | 4,635,000 |
Distributions declared but not paid — limited partnership units | 16,000 | 0 |
Issuance of limited partnership units | 2,271,000 | 0 |
Accrued offering costs | 319,000 | 195,000 |
Receivable from transfer agent | 2,255,000 | 2,731,000 |
Accrued deferred financing costs | $21,000 | $0 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business | |
Griffin-American Healthcare REIT II, Inc., a Maryland corporation, was incorporated as Grubb & Ellis Healthcare REIT II, Inc. on January 7, 2009 and therefore we consider that our date of inception. We were initially capitalized on February 4, 2009. Our board of directors adopted an amendment to our charter, which was filed with the Maryland State Department of Assessments and Taxation on January 3, 2012, to change our corporate name from Grubb & Ellis Healthcare REIT II, Inc. to Griffin-American Healthcare REIT II, Inc. We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings and healthcare-related facilities. We may also originate and acquire secured loans and real estate-related investments. We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes beginning with our taxable year ended December 31, 2010 and we intend to continue to be taxed as a REIT. | |
On August 24, 2009, we commenced a best efforts initial public offering, or our initial offering, of up to $3,285,000,000 of shares of our common stock. Until November 6, 2012, we offered to the public up to $3,000,000,000 of shares of our common stock for $10.00 per share in our primary offering and $285,000,000 of shares of our common stock pursuant to our distribution reinvestment plan, or the DRIP, for $9.50 per share. On November 7, 2012, we began selling shares of our common stock in our initial offering at $10.22 per share in our primary offering and issuing shares pursuant to the DRIP for $9.71 per share. | |
On February 14, 2013, we terminated our initial offering. As of February 14, 2013, we had received and accepted subscriptions in our initial offering for 123,179,064 shares of our common stock, or $1,233,333,000, and a total of $40,167,000 in distributions were reinvested and 4,205,920 shares of our common stock were issued pursuant to the DRIP. | |
On February 14, 2013, we commenced a best efforts follow-on public offering, or our follow-on offering, of up to $1,650,000,000 of shares of our common stock, in which we initially offered to the public up to $1,500,000,000 of shares of our common stock for $10.22 per share in our primary offering and $150,000,000 shares of our common stock for $9.71 per share pursuant to the DRIP. We reserved the right to reallocate the shares of common stock we offered in our follow-on offering between the primary offering and the DRIP. As such, during our follow-on offering, we reallocated an aggregate of $107,200,000 of shares from the DRIP to the primary offering. Accordingly, we offered to the public up to $1,607,200,000 of shares of our common stock in our primary offering and up to $42,800,000 of shares of our common stock pursuant to the DRIP. As of September 30, 2013, we had received and accepted subscriptions in our follow-on offering for 157,488,692 shares of our common stock, or $1,603,642,000, excluding shares of our common stock issued pursuant to the DRIP. On October 30, 2013, we terminated our follow-on offering. See Note 19, Subsequent Events — Status of our Follow-On Offering, for a further discussion. | |
On September 9, 2013, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, to register a maximum of $100,000,000 of additional shares of our common stock pursuant to our distribution reinvestment plan, or the Secondary DRIP. The Registration Statement on Form S-3 was automatically effective with the Securities and Exchange Commission, or the SEC, upon its filing; however, we did not commence offering shares pursuant to the Secondary DRIP until October 30, 2013 following the termination of our follow-on offering. | |
We conduct substantially all of our operations through Griffin-American Healthcare REIT II Holdings, LP, or our operating partnership. On January 3, 2012, our operating partnership filed an Amendment to the Certificate of Limited Partnership with the Delaware Department of State to change its name from Grubb & Ellis Healthcare REIT II Holdings, LP to Griffin-American Healthcare REIT II Holdings, LP. Until January 6, 2012, we were externally advised by Grubb & Ellis Healthcare REIT II Advisor, LLC, or our former advisor, pursuant to an advisory agreement, as amended and restated, or the G&E Advisory Agreement, between us and our former advisor. From August 24, 2009 through January 6, 2012, our former advisor supervised and managed our day-to-day operations and selected the properties and real estate-related investments we acquired, subject to the oversight and approval of our board of directors. Our former advisor also provided marketing, sales and client services on our behalf and engaged affiliated entities to provide various services to us. Our former advisor was managed by and was a wholly owned subsidiary of Grubb & Ellis Equity Advisors, LLC, or GEEA, which was a wholly owned subsidiary of Grubb & Ellis Company, or Grubb & Ellis, or our former sponsor. | |
On November 7, 2011, our independent directors determined that it was in the best interests of our company and its stockholders to transition advisory and dealer manager services rendered to us by affiliates of Grubb & Ellis and to engage American Healthcare Investors LLC, or American Healthcare Investors, and Griffin Capital Corporation, or Griffin Capital, as replacement co-sponsors, or our co-sponsors. As a result, on November 7, 2011, we notified our former advisor that we terminated the G&E Advisory Agreement. Pursuant to the G&E Advisory Agreement, either party could terminate the G&E Advisory Agreement without cause or penalty; however, certain rights and obligations of the parties would survive during a 60-day transition period and beyond. | |
In addition, on November 7, 2011, we notified Grubb & Ellis Capital Corporation, our former dealer manager, that we terminated the Amended and Restated Dealer Manager Agreement dated June 1, 2011 between us and Grubb & Ellis Capital Corporation, or the G&E Dealer Manager Agreement, in accordance with the terms thereof. Until January 6, 2012, Grubb & Ellis Capital Corporation remained a non-exclusive agent of our company and distributor of shares of our common stock. | |
As a result of the co-sponsorship arrangement, an affiliate of Griffin Capital, Griffin-American Healthcare REIT Advisor, LLC, or Griffin-American Advisor, or our advisor, began serving as our advisor on January 7, 2012 pursuant to an advisory agreement, or the Advisory Agreement, that took effect upon the expiration of the 60-day transition period provided for in the G&E Advisory Agreement. The Advisory Agreement had a one-year term, but was subject to successive one year renewals upon mutual consent of the parties. The Advisory Agreement was renewed pursuant to the mutual consent of the parties and expires on January 7, 2014. Our advisor delegates advisory duties to Griffin-American Healthcare REIT Sub-Advisor, LLC, or Griffin-American Sub-Advisor, or our sub-advisor. Griffin-American Sub-Advisor is jointly owned by our co-sponsors. Our advisor, through our sub-advisor, uses its best efforts, subject to the oversight, review and approval of our board of directors, to, among other things, research, identify, review and make investments in and dispositions of properties, real estate-related investments and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. Our sub-advisor performs its duties and responsibilities pursuant to a sub-advisory agreement with our advisor and also acts as our fiduciary. Collectively, we refer to our advisor and our sub-advisor as our advisor entities. Griffin Capital Securities, Inc., or Griffin Securities, or our dealer manager, an affiliate of Griffin Capital, serves as our dealer manager pursuant to a dealer manager agreement, or the Dealer Manager Agreement, that also became effective on January 7, 2012. We are not affiliated with Griffin Capital, Griffin-American Advisor or Griffin Securities; however, we are affiliated with Griffin-American Sub-Advisor and American Healthcare Investors. | |
American Healthcare Investors and Griffin Capital paid the majority of the expenses we incurred in connection with the transition to our co-sponsors. | |
We currently operate through four reportable business segments — medical office buildings, hospitals, skilled nursing facilities and senior housing. As of September 30, 2013, we had completed 67 acquisitions comprising 230 buildings and approximately 8,245,000 square feet of gross leasable area, or GLA, for an aggregate purchase price of approximately $2,230,836,000. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The summary of significant accounting policies presented below is designed to assist in understanding our condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying condensed consolidated financial statements. | |
Basis of Presentation | |
Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries and any variable interest entities, or VIEs, as defined in Financial Accounting Standards Boards, or FASB, Accounting Standards Codification, or ASC, Topic 810, Consolidation, or ASC Topic 810, which we have concluded should be consolidated pursuant to ASC Topic 810. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership, will own substantially all of the properties acquired on our behalf. We are the sole general partner of our operating partnership and as of September 30, 2013 and December 31, 2012, we own greater than a 99.90% and 99.96%, respectively, general partnership interest therein. On January 4, 2012, our advisor contributed $2,000 to acquire 200 limited partnership units of our operating partnership and as such, as of September 30, 2013 and December 31, 2012, owns less than a 0.01% noncontrolling limited partnership interest in our operating partnership. Between December 31, 2012 and July 16, 2013, 12 investors contributed their interests in 15 buildings in exchange for 281,600 limited partnership units in our operating partnership. As of September 30, 2013 and December 31, 2012, these investors collectively owned 281,600 and 42,700 limited partnership units, respectively, which represented less than a 0.10% and 0.04%, respectively, noncontrolling limited partnership interest in our operating partnership. Because we are the sole general partner and a limited partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our condensed consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. | |
Interim Unaudited Financial Data | |
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such full year results may be less favorable. | |
In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2012 Annual Report on Form 10-K, as filed with the SEC on March 15, 2013. | |
Use of Estimates | |
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. | |
Allowance for Uncollectible Accounts | |
Tenant receivables and unbilled deferred rent receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. We maintain an allowance for deferred rent receivables arising from the straight line recognition of rents. Such allowance is charged to bad debt expense which is included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant's financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. | |
As of September 30, 2013 and December 31, 2012, we had $289,000 and $78,000, respectively, in allowance for uncollectible accounts which was determined necessary to reduce receivables to our estimate of the amount recoverable. For the three months ended September 30, 2013 and 2012, we recovered $43,000 and $0, respectively, net, of our receivables that had previously been written off to bad debt expense. For the nine months ended September 30, 2013 and 2012, $48,000 and $0, respectively, net, of our receivables were directly written off to bad debt expense. For the three months ended September 30, 2013 and 2012, none of our receivables, and for the nine months ended September 30, 2013 and 2012, $25,000 and $0, respectively, of our receivables were written off against the allowance for uncollectible accounts. As of September 30, 2013 and December 31, 2012, we did not have an allowance for uncollectible accounts for deferred rent receivables. For the three months ended September 30, 2013 and 2012, $26,000 and $1,000, respectively, and for the nine months ended September 30, 2013 and 2012, $44,000 and $9,000, respectively, of our deferred rent receivables were directly written off to bad debt expense. | |
Other Liabilities | |
As of September 30, 2013 and December 31, 2012, included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets was $5,453,000 and $60,204,000, respectively, of contingent consideration obligations in connection with our property acquisitions. Such amounts are due upon certain criteria being met within specified timeframes. For the three months ended September 30, 2013 and 2012, we recorded a net gain (loss) on the change in fair value of contingent consideration of $0 and $(12,446,000), respectively, and for the nine months ended September 30, 2013 and 2012, we recorded a net (loss) on the change in fair value of contingent consideration of $(273,000) and $(12,048,000), respectively, which is included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). See Note 14, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. | |
Also included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets as of September 30, 2013 is a foreign deferred tax liability of approximately £33,100,000 (or approximately $53,573,000 based on the currency exchange rate as of September 30, 2013) related to the temporary difference between the book basis and the tax basis of our real estate investment assets in the United Kingdom. We measure deferred tax liabilities using enacted tax rates as of the end of each reporting period. The deferred tax liability will be remeasured at each reporting period until it is fully recognized and any change in the liability will be recorded in our accompanying condensed consolidated statements of operations and comprehensive income (loss) in the period of change. | |
Subordinated Distribution Purchase | |
On September 14, 2012, we and our operating partnership entered into an agreement, or the settlement agreement, with BGC Partners, Inc., or BGC Partners, which held 200 units of limited partnership interest in our operating partnership and would have been entitled to any subordinated distribution that would have been owed to our former advisor and its affiliates, including our former sponsor. Pursuant to the settlement agreement, BGC Partners transferred certain assets to us, including the 200 units of limited partnership interest held in our operating partnership and any rights to the payment of any subordinated distribution for consideration of $4,300,000. Notwithstanding these transfers to us, in the event of a listing event or other liquidity event, as both terms are defined in the partnership agreement for our operating partnership, or the operating partnership agreement, we will calculate a hypothetical deferred termination amount (as defined in the operating partnership agreement and based on assets acquired by us on or before January 10, 2012) for the payment of the subordinated distribution that would have been owed to our former advisor and its affiliates, including our former sponsor. If such calculation results in an amount that is greater than the $4,300,000 paid by us, then we will pay BGC Partners an amount equal to 10.0% of the difference between such calculation and the $4,300,000 paid by us. In connection with the settlement agreement, BGC Partners has agreed to release all known and unknown claims that they may have had against us and our operating partnership. | |
Of the $4,300,000 paid by us, $4,232,000 is reflected in our accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2012 and $68,000 is in satisfaction of all remaining payments owed by us to our former advisor and its affiliates, including our former sponsor, under the G&E Advisory Agreement. | |
Segment Disclosure | |
ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity's reportable segments. As of September 30, 2013, we operated through four reportable business segments — medical office buildings, hospitals, skilled nursing facilities and senior housing. Prior to June 2013, our senior housing segment was referred to as our assisted living facilities segment. Prior to August 2012, we operated through three reportable business segments; however, with the addition of our first senior housing facilities in August 2012, we felt it was useful to segregate our operations into these four reporting segments to assess the performance of our business in the same way that management intends to review our performance and make operating decisions. | |
See Note 16, Segment Reporting, for a further discussion. | |
Foreign Currency | |
We have real estate investments in the United Kingdom for which the functional currency is the United Kingdom Pound Sterling, or GBP. We translate the results of operations of our foreign real estate investments into U.S. Dollars, or USD, using the average rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are included in accumulated other comprehensive income, or AOCI, a component of stockholders' equity in our accompanying condensed consolidated balance sheets. | |
Gains or losses resulting from foreign currency transactions are remeasured into USD at the rates of exchange prevailing on the date of the transactions. The effects of transaction gains/losses are generally included in foreign currency and derivative loss in our condensed consolidated statements of operations and comprehensive income (loss). In addition to the unrealized loss we recorded on our foreign currency forward contract, we recorded $4,971,000 and $4,641,000 for the three and nine months ended September 30, 2013, respectively, in foreign currency transaction gains. See Note 8, Derivative Financial Instruments — Foreign Currency Forward Contract, for a further discussion of our foreign currency forward contract. | |
Reclassifications | |
Deferred rent for the nine months ended September 30, 2012 has been reclassified on our accompanying condensed consolidated statements of cash flows to conform to the current year presentation. This reclassification has no effect on cash flows provided by operating activities. | |
Recently Issued Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update, or ASU, 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, or ASU 2013-02, to improve the transparency of amounts reclassified out of AOCI. The additional disclosure requirements in ASU 2013-02 include: (1) changes in AOCI balances by component and (2) presentation of significant amounts reclassified out of AOCI to net income (loss) by the specific line item of net income (loss)affected. For public entities, ASU 2013-02 is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. We adopted ASU 2013-02 on January 1, 2013, which did not have a material impact on our consolidated financial statements. |
Real_Estate_Investments_Net
Real Estate Investments, Net | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||||||||||||
Real Estate Investments, Net | ' | |||||||||||||||||||||||||||
Real Estate Investments, Net | ||||||||||||||||||||||||||||
Our investments in our consolidated properties consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Building and improvements | $ | 1,716,683,000 | $ | 1,039,461,000 | ||||||||||||||||||||||||
Land | 374,092,000 | 106,735,000 | ||||||||||||||||||||||||||
Furniture, fixtures and equipment | 2,669,000 | 2,669,000 | ||||||||||||||||||||||||||
2,093,444,000 | 1,148,865,000 | |||||||||||||||||||||||||||
Less: accumulated depreciation | (70,005,000 | ) | (36,570,000 | ) | ||||||||||||||||||||||||
$ | 2,023,439,000 | $ | 1,112,295,000 | |||||||||||||||||||||||||
Depreciation expense for the three months ended September 30, 2013 and 2012 was $12,933,000 and $6,766,000, respectively. For the three months ended September 30, 2013 and 2012, we had capital expenditures of $1,700,000 and $1,534,000, respectively, on our medical office buildings, and $0 and $398,000, respectively, on our skilled nursing facilities. We did not have any capital expenditures on our senior housing facilities or our hospitals for the three months ended September 30, 2013 and 2012. | ||||||||||||||||||||||||||||
Depreciation expense for the nine months ended September 30, 2013 and 2012 was $33,754,000 and $16,839,000, respectively. For the nine months ended September 30, 2013 and 2012, we had capital expenditures of $3,515,000 and $3,155,000, respectively, on our medical office buildings, $0 and $905,000, respectively, on our skilled nursing facilities and $3,000 and $0, respectively, on our senior housing facilities. We did not have any capital expenditures on our hospitals for the nine months ended September 30, 2013 and 2012. In addition, subsequent to the initial purchase of Dixie-Lobo Medical Office Building Portfolio, on May 2, 2013, we purchased the land under the building in Hope, Arkansas for a purchase price of $50,000 plus closing costs and acquisition fees, for which we previously owned a leasehold interest. | ||||||||||||||||||||||||||||
Until January 6, 2012, we reimbursed our former advisor or its affiliates and since January 7, 2012, we reimburse our advisor entities or their affiliates for acquisition expenses related to selecting, evaluating, acquiring and investing in properties. The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the contract purchase price or total development costs, unless fees in excess of such limits are approved by a majority of our directors, including a majority of our independent directors. For the three and nine months ended September 30, 2013 and 2012, such fees and expenses did not exceed 6.0% of the purchase price of our acquisitions, except with respect to our acquisition of land in the Dixie-Lobo Medical Office Building Portfolio noted above. Pursuant to our charter, prior to the acquisition of the land in the Dixie-Lobo Medical Office Building Portfolio, our directors, including a majority of our independent directors, not otherwise interested in the transaction, approved the fees and expenses associated with the acquisition of the land in excess of the 6.0% limit and determined that such fees and expenses were commercially competitive, fair and reasonable to us. | ||||||||||||||||||||||||||||
Acquisitions in 2013 | ||||||||||||||||||||||||||||
For the nine months ended September 30, 2013, we completed 20 property acquisitions comprising 87 buildings from unaffiliated parties. The aggregate purchase price of these properties was $906,190,000 and we incurred $23,344,000 to our advisor entities and their affiliates in acquisition fees in connection with these property acquisitions. The following is a summary of our property acquisitions for the nine months ended September 30, 2013: | ||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Line of | Issuance of Limited Partnership Units(4) | Acquisition Fee(5) | ||||||||||||||||||||
Price | Payable(2) | Credit(3) | ||||||||||||||||||||||||||
A & R Medical Office Building Portfolio | Ruston, LA and Abilene, TX | Medical Office | 2/20/13 | $ | 31,750,000 | $ | — | $ | 29,000,000 | $ | — | $ | 826,000 | |||||||||||||||
Greeley Northern Colorado MOB Portfolio | Greeley, CO | Medical Office | 2/28/13 | 15,050,000 | — | 15,000,000 | — | 391,000 | ||||||||||||||||||||
St. Anthony North Denver MOB II | Westminster, CO | Medical Office | 3/22/13 | 4,100,000 | — | — | — | 107,000 | ||||||||||||||||||||
Eagles Landing GA MOB | Stockbridge, GA | Medical Office | 3/28/13 | 12,400,000 | — | 12,300,000 | — | 322,000 | ||||||||||||||||||||
Eastern Michigan MOB Portfolio | Novi and West Bloomfield, MI | Medical Office | 3/28/13 | 21,600,000 | — | 21,600,000 | — | 562,000 | ||||||||||||||||||||
Central Indiana MOB Portfolio(6) | Avon, Bloomington, Carmel, Fishers, Indianapolis, Muncie and Noblesville, IN | Medical Office | 03/28/13, | 88,750,000 | 59,343,000 | — | 2,012,000 | 2,308,000 | ||||||||||||||||||||
04/26/13 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
05/20/13 | ||||||||||||||||||||||||||||
Pennsylvania SNF Portfolio | Milton and Watsontown, PA | Skilled Nursing | 4/30/13 | 13,000,000 | — | 9,000,000 | — | 338,000 | ||||||||||||||||||||
Rockwall MOB II | Rockwall, TX | Medical Office | 5/23/13 | 5,400,000 | — | — | — | 140,000 | ||||||||||||||||||||
Pittsfield Skilled Nursing Facility | Pittsfield, MA | Skilled Nursing | 5/29/13 | 15,750,000 | — | — | — | 410,000 | ||||||||||||||||||||
Des Plaines Surgical Center | Des Plaines, IL | Medical Office | 5/31/13 | 10,050,000 | — | — | — | 261,000 | ||||||||||||||||||||
Pacific Northwest Senior Care Portfolio(7) | Grants Pass, OR | Skilled Nursing | 5/31/13 | 6,573,000 | — | — | — | 171,000 | ||||||||||||||||||||
Winn MOB Portfolio | Decatur, GA | Medical Office | 6/3/13 | 9,850,000 | — | — | — | 256,000 | ||||||||||||||||||||
Hinsdale MOB Portfolio | Hinsdale, IL | Medical Office | 7/11/13 | 35,500,000 | — | — | — | 923,000 | ||||||||||||||||||||
Johns Creek Medical Office Building | Johns Creek, CA | Medical Office | 8/26/13 | 20,100,000 | — | — | — | 523,000 | ||||||||||||||||||||
Winn MOB II | Decatur, GA | Medical Office | 8/27/13 | 2,800,000 | — | — | — | 73,000 | ||||||||||||||||||||
Greeley Cottonwood MOB | Greeley, CO | Medical Office | 9/6/13 | 7,450,000 | — | — | — | 194,000 | ||||||||||||||||||||
UK Senior Housing Portfolio(8) | England, Scotland and Jersey, UK | Senior Housing | 9/11/13 | 472,167,000 | — | — | — | 12,276,000 | ||||||||||||||||||||
Tiger Eye NY MOB Portfolio | Middletown, Rock Hill and Wallkill, NY | Medical Office | 9/20/13 | 114,700,000 | — | — | — | 2,982,000 | ||||||||||||||||||||
Salt Lake City LTACH | Murray, UT | Hospital | 9/25/13 | 13,700,000 | — | — | — | 138,000 | -9 | |||||||||||||||||||
Lacombe MOB II | Lacombe, LA | Medical Office | 9/27/13 | 5,500,000 | — | — | — | 143,000 | ||||||||||||||||||||
Total | $ | 906,190,000 | $ | 59,343,000 | $ | 86,900,000 | $ | 2,012,000 | $ | 23,344,000 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2013. | |||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us at the time of acquisition. | |||||||||||||||||||||||||||
-3 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-4 | Represents the value of our operating partnership's units issued as part of the consideration paid to acquire the property. | |||||||||||||||||||||||||||
-5 | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||||||||||||||||||
-6 | On March 28, 2013, April 26, 2013 and May 20, 2013, we added a total of 12 additional buildings to our existing Central Indiana MOB Portfolio. | |||||||||||||||||||||||||||
-7 | On May 31, 2013, we purchased the fourteenth skilled nursing facility comprising our existing Pacific Northwest Senior Care Portfolio. | |||||||||||||||||||||||||||
-8 | On September 11, 2013, we purchased UK Senior Housing Portfolio for a net contract purchase price of £298,500,000, or approximately $472,167,000, based on the currency exchange rate on the acquisition date. | |||||||||||||||||||||||||||
-9 | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | |||||||||||||||||||||||||||
Acquisitions in 2012 | ||||||||||||||||||||||||||||
For the nine months ended September 30, 2012, we completed 16 property acquisitions comprising 65 buildings from unaffiliated parties. The aggregate purchase price of these properties was $654,741,000 and we paid $17,274,000 in acquisition fees to our former advisor or its affiliates and to our advisor entities or their affiliates in connection with these property acquisitions. The following is a summary of our property acquisitions for the nine months ended September 30, 2012: | ||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Lines of | Acquisition Fee(5) | |||||||||||||||||||||
Price | Payable(2) | Credit | ||||||||||||||||||||||||||
Southeastern SNF Portfolio | Conyers, Covington, Snellville, Gainesville and Atlanta, GA; Memphis and Millington, TN; Shreveport, LA; and Mobile, AL | Skilled Nursing | 1/10/12 | $ | 166,500,000 | $ | 83,159,000 | $ | 58,435,000 | -3 | $ | 4,579,000 | ||||||||||||||||
FLAGS MOB Portfolio | Boynton Beach, FL; Austell, GA; Okatie, SC; and Tempe, AZ | Medical Office | 1/27/12 | 33,800,000 | 17,354,000 | 15,600,000 | -3 | 879,000 | ||||||||||||||||||||
and | ||||||||||||||||||||||||||||
03/23/12 | ||||||||||||||||||||||||||||
Spokane MOB | Spokane, WA | Medical Office | 1/31/12 | 32,500,000 | 14,482,000 | 19,000,000 | -3 | 845,000 | ||||||||||||||||||||
Centre Medical Plaza | Chula Vista, CA | Medical Office | 4/26/12 | 24,600,000 | 11,933,000 | 6,000,000 | -3 | 640,000 | ||||||||||||||||||||
Gulf Plains MOB Portfolio | Amarillo and Houston, TX | Medical Office | 4/26/12 | 19,250,000 | — | 16,000,000 | -3 | 501,000 | ||||||||||||||||||||
Midwestern MOB Portfolio | Champaign, Lemont, Naperville and Urbana, IL | Medical Office | 05/22/12, | 30,060,000 | 17,728,000 | 6,000,000 | -3 | 782,000 | ||||||||||||||||||||
07/19/12 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
08/14/12 | ||||||||||||||||||||||||||||
Texarkana MOB | Texarkana, TX | Medical Office | 6/14/12 | 6,500,000 | — | — | 169,000 | |||||||||||||||||||||
Greeley MOB | Greeley, CO | Medical Office | 6/22/12 | 13,200,000 | — | — | 343,000 | |||||||||||||||||||||
Columbia MOB | Columbia, SC | Medical Office | 6/26/12 | 6,900,000 | — | — | 179,000 | |||||||||||||||||||||
Ola Nalu MOB Portfolio | Huntsville, AL; New Port Richey, FL; Hilo, HI; Warsaw, IN; Las Vegas, NM; and Rockwall, San Angelo and Schertz, TX | Medical Office | 6/29/12 | 71,000,000 | — | 64,000,000 | -4 | 1,846,000 | ||||||||||||||||||||
and | ||||||||||||||||||||||||||||
07/11/12 | ||||||||||||||||||||||||||||
Silver Star MOB Portfolio | Killeen, Temple, Rowlett, Desoto and Frisco, TX | Medical Office | 07/19/12, | 35,400,000 | — | 32,750,000 | -4 | 920,000 | ||||||||||||||||||||
09/05/12 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
09/27/12 | ||||||||||||||||||||||||||||
Shelbyville MOB | Shelbyville, TN | Medical Office | 7/26/12 | 6,800,000 | — | 6,800,000 | -4 | 177,000 | ||||||||||||||||||||
Jasper MOB | Jasper, GA | Medical Office | 8/8/12 | 13,800,000 | 6,275,000 | — | 359,000 | |||||||||||||||||||||
and | ||||||||||||||||||||||||||||
09/27/12 | ||||||||||||||||||||||||||||
Pacific Northwest Senior Care Portfolio | Bend, Corvallis, Grants Pass, Prineville, Redmond and Salem, OR; and North Bend, Olympia and Tacoma, WA | Skilled Nursing and Senior Housing | 8/24/12 | 58,231,000 | — | 45,000,000 | -4 | 1,514,000 | ||||||||||||||||||||
East Tennessee MOB Portfolio | Knoxville, TN | Medical Office | 9/14/12 | 51,200,000 | — | 50,000,000 | -4 | 1,331,000 | ||||||||||||||||||||
Los Angeles Hospital Portfolio | Los Angeles, Gardena and Norwalk, CA | Hospital | 9/27/12 | 85,000,000 | — | 86,500,000 | -4 | 2,210,000 | ||||||||||||||||||||
Total | $ | 654,741,000 | $ | 150,931,000 | $ | 406,085,000 | $ | 17,274,000 | ||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2012. | |||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. | |||||||||||||||||||||||||||
-3 | Represents borrowings under our secured revolving lines of credit with Bank of America, N.A., or Bank of America, and KeyBank National Association, or KeyBank, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down our secured revolving lines of credit with Bank of America and KeyBank as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-4 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advanced funds and paid down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-5 | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Real_Estate_Note_Receivable_Ne
Real Estate Note Receivable, Net | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Real Estate Notes Receivable [Abstract] | ' | ||||||||||||||||||||
Real Estate Notes Receivable, Net | ' | ||||||||||||||||||||
Real Estate Notes Receivable, Net | |||||||||||||||||||||
Real estate notes receivable, net consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
Outstanding Balance(2) | |||||||||||||||||||||
Notes Receivable | Origination Date | Maturity Date | Contractual Interest Rate(1) | Maximum Advances Available | 30-Sep-13 | 31-Dec-12 | Acquisition Fee(3) | ||||||||||||||
Location of Related Property or Collateral | |||||||||||||||||||||
Salt Lake City Note(4) | |||||||||||||||||||||
Murray, UT | 10/5/12 | 10/5/13 | 5.25% | $12,100,000 | $ | — | $ | 5,213,000 | $ | 218,000 | |||||||||||
UK Development Facility(5) | |||||||||||||||||||||
United Kingdom | 9/11/13 | various | 7.50% | $107,939,000 | 9,953,000 | — | 195,000 | ||||||||||||||
Kissito Note | |||||||||||||||||||||
Roanoke, VA | 9/20/13 | 3/19/15 | 7.25% | $4,400,000 | 1,468,000 | — | 29,000 | ||||||||||||||
$ | 11,421,000 | $ | 5,213,000 | ||||||||||||||||||
Unamortized closing costs and origination fees, net | 177,000 | (31,000 | ) | ||||||||||||||||||
Real estate notes receivable, net | $ | 11,598,000 | $ | 5,182,000 | |||||||||||||||||
___________ | |||||||||||||||||||||
-1 | Represents the per annum interest rate in effect as of September 30, 2013. | ||||||||||||||||||||
-2 | Outstanding balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns. | ||||||||||||||||||||
-3 | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. | ||||||||||||||||||||
-4 | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | ||||||||||||||||||||
-5 | We entered into the UK Development Facility agreement on July 6, 2013, which was effective upon the acquisition of UK Senior Housing Portfolio on September 11, 2013. There are various maturity dates depending upon the timing of advances, however, the maturity date will be no later than March 10, 2022. Based on the currency exchange rate as of September 30, 2013, the maximum amount for advances available was £66,691,000, or approximately $107,939,000, and the outstanding balance as of September 30, 2013 was £6,149,000, or approximately $9,953,000. | ||||||||||||||||||||
The following shows the change in the carrying amount of the real estate notes receivable for the nine months ended September 30, 2013: | |||||||||||||||||||||
Amount | |||||||||||||||||||||
Real estate notes receivable, net — December 31, 2012 | $ | 5,182,000 | |||||||||||||||||||
Additions: | |||||||||||||||||||||
Advances on real estate notes receivable | 16,871,000 | ||||||||||||||||||||
Closing costs and origination fees, net | 293,000 | ||||||||||||||||||||
Unrealized foreign currency gain from remeasurement | 219,000 | ||||||||||||||||||||
Deductions: | |||||||||||||||||||||
Amortization of closing costs and origination fees | (85,000 | ) | |||||||||||||||||||
Settlement of real estate notes receivable | (10,882,000 | ) | |||||||||||||||||||
Real estate notes receivable, net — September 30, 2013 | $ | 11,598,000 | |||||||||||||||||||
Amortization expense on closing costs and origination fees for the three and nine months ended September 30, 2013 was recorded against real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss). We did not record any amortization expense on closing costs and origination fees for the three and nine months ended September 30, 2012. |
Identified_Intangible_Assets_N
Identified Intangible Assets, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||
Identified Intangible Assets, Net | ' | |||||||
Identified Intangible Assets, Net | ||||||||
Identified intangible assets, net consisted of the following as of September 30, 2013 and December 31 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Tenant relationships, net of accumulated amortization of $9,314,000 and $4,662,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 18.8 years and 20.5 years as of September 30, 2013 and December 31, 2012, respectively) | $ | 114,244,000 | $ | 88,304,000 | ||||
In-place leases, net of accumulated amortization of $21,416,000 and $11,532,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 9.9 years and 10.6 years as of September 30, 2013 and December 31, 2012, respectively) | 96,639,000 | 88,110,000 | ||||||
Leasehold interests, net of accumulated amortization of $589,000 and $400,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 63.8 years and 63.1 years as of September 30, 2013 and December 31, 2012, respectively) | 15,641,000 | 15,690,000 | ||||||
Above market leases, net of accumulated amortization of $3,294,000 and $1,805,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 6.8 years and 9.4 years as of September 30, 2013 and December 31, 2012, respectively) | 10,516,000 | 11,190,000 | ||||||
Defeasible interest, net of accumulated amortization of $25,000 and $14,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 40.0 years and 40.8 years as of September 30, 2013 and December 31, 2012, respectively) | 598,000 | 610,000 | ||||||
Master leases, net of accumulated amortization of $208,000 and $616,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 0.2 years and 0.6 years as of September 30, 2013 and December 31, 2012, respectively) | 30,000 | 243,000 | ||||||
$ | 237,668,000 | $ | 204,147,000 | |||||
Amortization expense for the three months ended September 30, 2013 and 2012 was $6,966,000 and $4,451,000, respectively, which included $726,000 and $432,000, respectively, of amortization recorded against real estate revenue for above market leases and $67,000 and $69,000, respectively, of amortization recorded to rental expenses for leasehold interests in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||
Amortization expense for the nine months ended September 30, 2013 and 2012 was $18,651,000 and $10,034,000, respectively, which included $1,972,000 and $1,042,000, respectively, of amortization recorded against real estate revenue for above market leases and $205,000 and $190,000, respectively, of amortization recorded to rental expenses for leasehold interests in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||
The aggregate weighted average remaining life of the identified intangible assets was 17.7 and 18.9 years as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, estimated amortization expense on the identified intangible assets for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 6,649,000 | ||||||
2014 | 23,747,000 | |||||||
2015 | 21,391,000 | |||||||
2016 | 19,388,000 | |||||||
2017 | 17,779,000 | |||||||
Thereafter | 148,714,000 | |||||||
$ | 237,668,000 | |||||||
Other_Assets_Net
Other Assets, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets, Net | ' | |||||||
Other Assets, Net | ||||||||
Other assets, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred rent receivables | $ | 19,476,000 | $ | 10,219,000 | ||||
Deferred financing costs, net of accumulated amortization of $3,045,000 and $1,276,000 as of September 30, 2013 and December 31, 2012, respectively | 7,083,000 | 6,234,000 | ||||||
Prepaid expenses and deposits | 2,016,000 | 1,353,000 | ||||||
Lease commissions, net of accumulated amortization of $286,000 and $122,000 as of September 30, 2013 and December 31, 2012, respectively | 4,563,000 | 1,716,000 | ||||||
$ | 33,138,000 | $ | 19,522,000 | |||||
Amortization expense on lease commissions for the three months ended September 30, 2013 and 2012 was $105,000 and $27,000, respectively, and for the nine months ended September 30, 2013 and 2012 was $221,000 and $66,000, respectively. Amortization expense on deferred financing costs for three months ended September 30, 2013 and 2012 was $779,000 and $437,000, respectively, and for the nine months ended September 30, 2013 and 2012 was $1,860,000 and $1,351,000, respectively. Amortization expense on deferred financing costs is recorded to interest expense in our accompanying condensed consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2013, $56,000 of the $1,860,000 was related to the write-off of deferred financing costs due to the early extinguishment of a mortgage loan payable secured by Hardy Oak Medical Office Building. For the nine months ended September 30, 2012, $31,000 of the $1,351,000 was related to the write-off of deferred financing costs due to the early extinguishment of mortgage loans on Virginia Skilled Nursing Facility Portfolio and Highlands Ranch Medical Pavilion. | ||||||||
Estimated amortization expense on deferred financing costs and lease commissions as of September 30, 2013 for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 879,000 | ||||||
2014 | 3,445,000 | |||||||
2015 | 1,985,000 | |||||||
2016 | 836,000 | |||||||
2017 | 663,000 | |||||||
Thereafter | 3,838,000 | |||||||
$ | 11,646,000 | |||||||
Mortgage_Loans_Payable_Net
Mortgage Loans Payable, Net | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||
Mortgage Loans Payable, Net | ' | |||||||||||||
Mortgage Loans Payable, Net | ||||||||||||||
Mortgage loans payable were $328,748,000 ($343,186,000, net of discount and premium) and $278,245,000 ($291,052,000, net of discount and premium) as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||
As of September 30, 2013, we had 43 fixed rate and three variable rate mortgage loans payable with effective interest rates ranging from 1.28% to 6.60% per annum and a weighted average effective interest rate of 4.91% per annum. As of September 30, 2013, we had $312,555,000 ($327,212,000, net of discount and premium) of fixed rate debt, or 95.1% of mortgage loans payable, at a weighted average effective interest rate of 5.04% per annum and $16,193,000 ($15,974,000, net of discount) of variable rate debt, or 4.9% of mortgage loans payable, at a weighted average effective interest rate of 2.57% per annum. | ||||||||||||||
As of December 31, 2012, we had 33 fixed rate and three variable rate mortgage loans payable with effective interest rates ranging from 1.31% to 6.60% per annum and a weighted average effective interest rate of 4.76% per annum. As of December 31, 2012, we had $261,612,000 ($274,659,000, net of discount and premium) of fixed rate debt, or 94.0% of mortgage loans payable, at a weighted average effective interest rate of 4.90% per annum and $16,633,000 ($16,393,000, net of discount) of variable rate debt, or 6.0% of mortgage loans payable, at a weighted average effective interest rate of 2.60% per annum. | ||||||||||||||
We are required by the terms of certain loan documents to meet certain covenants, such as occupancy ratios, leverage ratios, net worth ratios, debt service coverage ratio, liquidity ratios, operating cash flow to fixed charges ratios, distribution ratios and reporting requirements. As of September 30, 2013 and December 31, 2012, we were in compliance with all such covenants and requirements. | ||||||||||||||
Mortgage loans payable, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||||||||
Interest | September 30, | December 31, | ||||||||||||
Acquisition | Rate(1) | Maturity Date | 2013 | 2012 | ||||||||||
Fixed Rate Debt: | ||||||||||||||
Pocatello East Medical Office Building | 6 | % | 10/1/20 | $ | 7,441,000 | $ | 7,594,000 | |||||||
Monument LTACH Portfolio | 5.79 | % | 5/27/18 | 23,587,000 | 24,134,000 | |||||||||
Hardy Oak Medical Office Building | 6.6 | % | 10/10/16 | — | 5,080,000 | |||||||||
Maxfield Medical Office Building | 5.17 | % | 2/28/15 | 4,745,000 | 4,879,000 | |||||||||
Milestone Medical Office Building Portfolio | 4.5 | % | 2/1/17 | 16,000,000 | 16,000,000 | |||||||||
Southeastern SNF Portfolio (Bell Minor) | 4.57 | % | 8/1/40 | 6,881,000 | 6,977,000 | |||||||||
Southeastern SNF Portfolio (Covington) | 4.6 | % | 8/1/40 | 11,021,000 | 11,174,000 | |||||||||
Southeastern SNF Portfolio (Mobile) | 4.6 | % | 8/1/40 | 4,903,000 | 4,971,000 | |||||||||
Southeastern SNF Portfolio (Shreveport) | 4.6 | % | 8/1/40 | 10,550,000 | 10,696,000 | |||||||||
Southeastern SNF Portfolio (Westminster) | 4.57 | % | 8/1/40 | 4,461,000 | 4,523,000 | |||||||||
Southeastern SNF Portfolio (Buckhead) | 5.25 | % | 3/1/45 | 11,690,000 | 11,797,000 | |||||||||
Southeastern SNF Portfolio (Rockdale) | 5.25 | % | 3/1/45 | 7,888,000 | 7,960,000 | |||||||||
Interest | September 30, | December 31, | ||||||||||||
Acquisition | Rate(1) | Maturity Date | 2013 | 2012 | ||||||||||
Southeastern SNF Portfolio (Millington) | 4.6 | % | 8/1/45 | $ | 4,691,000 | $ | 4,739,000 | |||||||
Southeastern SNF Portfolio (Memphis) | 4.57 | % | 8/1/45 | 6,617,000 | 6,684,000 | |||||||||
FLAGS MOB Portfolio (Okatie) | 5.62 | % | 7/1/14 | 7,532,000 | 7,662,000 | |||||||||
FLAGS MOB Portfolio (Boynton) | 6.31 | % | 8/1/16 | 4,027,000 | 4,084,000 | |||||||||
FLAGS MOB Portfolio (Tempe) | 5.33 | % | 8/1/15 | 5,220,000 | 5,307,000 | |||||||||
Spokane MOB | 5.59 | % | 3/11/35 | 13,983,000 | 14,214,000 | |||||||||
Centre Medical Plaza | 5.95 | % | 3/1/14 | 11,571,000 | 11,767,000 | |||||||||
Midwestern MOB Portfolio (Champaign) | 5.88 | % | 5/11/21 | 3,626,000 | 3,667,000 | |||||||||
Midwestern MOB Portfolio (Naperville) | 5.91 | % | 6/5/16 | 7,092,000 | 7,172,000 | |||||||||
Midwestern MOB Portfolio (Urbana) | 5.46 | % | 6/1/15 | 6,671,000 | 6,773,000 | |||||||||
Southeastern SNF Portfolio (Snellville) | 2.48 | % | 9/1/47 | 13,075,000 | 13,258,000 | |||||||||
Jasper MOB Portfolio | 6.1 | % | 7/6/17 | 6,187,000 | 6,253,000 | |||||||||
Surgical Hospital of Humble | 3.65 | % | 1/1/20 | 6,550,000 | 6,550,000 | |||||||||
St. Anthony North Medical Office Building | 3.65 | % | 1/1/20 | 5,975,000 | 5,975,000 | |||||||||
Parkway Medical Center | 3.65 | % | 1/1/20 | 5,450,000 | 5,450,000 | |||||||||
St. Vincent Medical Office Building | 3.65 | % | 1/1/20 | 5,050,000 | 5,050,000 | |||||||||
Greeley MOB | 3.65 | % | 1/1/20 | 6,600,000 | 6,600,000 | |||||||||
Columbia MOB | 3.65 | % | 1/1/20 | 3,450,000 | 3,450,000 | |||||||||
Ola Nalu MOB Portfolio (Rockwall) | 3.65 | % | 1/1/20 | 11,043,000 | 11,043,000 | |||||||||
Ola Nalu MOB Portfolio (Huntsville) | 3.65 | % | 1/1/20 | 4,667,000 | 4,667,000 | |||||||||
Central Indiana MOB Portfolio (Carmel Penn) | 6.6 | % | 10/15/18 | 5,402,000 | 5,462,000 | |||||||||
Central Indiana MOB Portfolio (Riverview Medical Arts Building) | 6.53 | % | 4/1/18 | 6,273,000 | — | |||||||||
Central Indiana MOB Portfolio (Avon) | 5.64 | % | 4/1/16 | 4,227,000 | — | |||||||||
Central Indiana MOB Portfolio (North Meridian) | 5.73 | % | 6/1/16 | 2,594,000 | — | |||||||||
Central Indiana MOB Portfolio (Bloomington) | 5.84 | % | 5/1/16 | 4,164,000 | — | |||||||||
Central Indiana MOB Portfolio (Noblesville) | 5.89 | % | 5/1/16 | 5,198,000 | — | |||||||||
Central Indiana MOB Portfolio (Muncie) | 5.9 | % | 8/1/16 | 6,214,000 | — | |||||||||
Central Indiana MOB Portfolio (Hazel Dell) | 5.78 | % | 6/1/16 | 2,364,000 | — | |||||||||
Central Indiana MOB Portfolio (8260 Naab Rd) | 5.89 | % | 5/1/16 | 6,139,000 | — | |||||||||
Central Indiana MOB Portfolio (Carmel Physicians) | 5.31 | % | 10/1/15 | 9,747,000 | — | |||||||||
Central Indiana MOB Portfolio (Fishers MOB) | 5.54 | % | 12/1/15 | 3,526,000 | — | |||||||||
Central Indiana MOB Portfolio (Indiana Heart Physicians) | 5.84 | % | 8/1/15 | 8,463,000 | — | |||||||||
312,555,000 | 261,612,000 | |||||||||||||
Variable Rate Debt: | ||||||||||||||
Center for Neurosurgery and Spine(2) | 1.28 | % | 08/15/21 (callable) | 2,547,000 | 2,731,000 | |||||||||
Lawton Medical Office Building Portfolio | 3.04 | % | 1/1/16 | 6,842,000 | 6,970,000 | |||||||||
Muskogee Long-Term Acute Care Hospital | 2.58 | % | 4/8/18 | 6,804,000 | 6,932,000 | |||||||||
16,193,000 | 16,633,000 | |||||||||||||
Total fixed and variable rate debt | 328,748,000 | 278,245,000 | ||||||||||||
Add: premium | 14,662,000 | 13,055,000 | ||||||||||||
Less: discount | (224,000 | ) | (248,000 | ) | ||||||||||
Mortgage loans payable, net | $ | 343,186,000 | $ | 291,052,000 | ||||||||||
__________ | ||||||||||||||
-1 | Represents the per annum interest rate in effect as of September 30, 2013. | |||||||||||||
-2 | The mortgage loan payable requires monthly principal and interest payments and is due August 15, 2021; however, the principal balance is immediately due upon written request from the seller and seller's confirmation that it shall pay any interest rate swap termination amount that is applicable. Additionally, the seller guarantors agreed to retain their guaranty obligations with respect to the mortgage loan and the interest rate swap agreement. We, the seller and the seller guarantors have also agreed to indemnify the other parties for any liability caused by a party's breach or nonperformance of obligations under the loan. | |||||||||||||
As of September 30, 2013, the principal payments due on our mortgage loans payable for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||||||||
Year | Amount | |||||||||||||
2013 | $ | 3,915,000 | ||||||||||||
2014 | 24,368,000 | |||||||||||||
2015 | 41,985,000 | |||||||||||||
2016 | 50,419,000 | |||||||||||||
2017 | 24,779,000 | |||||||||||||
Thereafter | 183,282,000 | |||||||||||||
$ | 328,748,000 | |||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
ASC Topic 815, Derivatives and Hedging, or ASC Topic 815, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. We utilize derivatives such as fixed interest rate swaps to add stability to interest expense and to manage our exposure to interest rate movements. We also use derivative instruments, such as foreign currency forward contracts, to mitigate the effects of the foreign currency fluctuations on future cash flows. Consistent with ASC Topic 815, we record derivative financial instruments in our accompanying condensed consolidated balance sheets as either an asset or a liability measured at fair value. ASC Topic 815 permits special hedge accounting if certain requirements are met. Hedge accounting allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged item or items or to be deferred in other comprehensive income (loss). | ||||||||||||||||
As of September 30, 2013, no derivatives were designated as hedges. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements and foreign currency fluctuations, but do not meet the strict hedge accounting requirements of ASC Topic 815. Changes in the fair value of interest rate derivative financial instruments are recorded as a component of interest expense in gain (loss) in fair value of derivative financial instruments in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Changes in the fair value of foreign currency derivative financial instruments are recorded in foreign currency and derivative loss in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||||||||||
See Note 14, Fair Value Measurements, for a further discussion of the fair value of our derivative financial instruments. | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
For the three months ended September 30, 2013 and 2012, we recorded $47,000 and $0, respectively, and for the nine months ended September 30, 2013 and 2012, we recorded $259,000 and $(52,000), respectively, as a decrease (increase) to interest expense in our accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the change in the fair value of our interest rate swaps. | ||||||||||||||||
The following table lists the interest rate swap contracts held by us as of September 30, 2013: | ||||||||||||||||
Notional Amount | Index | Interest Rate | Fair Value | Instrument | Maturity Date | |||||||||||
$ | 2,547,000 | one month LIBOR | 6 | % | $ | (348,000 | ) | Swap | 8/15/21 | |||||||
6,842,000 | one month LIBOR | 4.41 | % | (24,000 | ) | Swap | 1/1/14 | |||||||||
6,804,000 | one month LIBOR | 4.28 | % | (66,000 | ) | Swap | 5/1/14 | |||||||||
6,784,000 | one month LIBOR | 4.11 | % | (98,000 | ) | Swap | 10/1/15 | |||||||||
$ | 22,977,000 | $ | (536,000 | ) | ||||||||||||
The following table lists the interest rate swap contracts held by us as of December 31, 2012: | ||||||||||||||||
Notional Amount | Index | Interest Rate | Fair Value | Instrument | Maturity Date | |||||||||||
$ | 2,731,000 | one month LIBOR | 6 | % | $ | (470,000 | ) | Swap | 8/15/21 | |||||||
6,970,000 | one month LIBOR | 4.41 | % | (89,000 | ) | Swap | 1/1/14 | |||||||||
6,932,000 | one month LIBOR | 4.28 | % | (147,000 | ) | Swap | 5/1/14 | |||||||||
6,784,000 | one month LIBOR | 4.11 | % | (89,000 | ) | Swap | 10/1/15 | |||||||||
$ | 23,417,000 | $ | (795,000 | ) | ||||||||||||
Foreign Currency Forward Contract | ||||||||||||||||
On September 9, 2013, we entered into a foreign currency forward contract to sell £180,000,000 at the fixed foreign currency exchange rate of 1.5606 on September 10, 2014. For the three and nine months ended September 30, 2013, we recorded an unrealized loss of $9,694,000 to foreign currency and derivative loss in our accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the change in the fair value of our foreign currency forward contract. As of September 30, 2013, the fair value of our foreign currency forward contract was $(9,694,000), which is included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets. For the three and nine months ended September 30, 2012, we did not enter into any foreign currency forward contracts. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Line of Credit | ' |
Line of Credit | |
Bank of America, N.A. | |
On July 19, 2010, we entered into a loan agreement with Bank of America to obtain a secured revolving credit facility with an aggregate maximum principal amount of $25,000,000, or the Bank of America line of credit. On May 4, 2011, we modified the Bank of America line of credit to increase the aggregate maximum principal amount from $25,000,000 to $45,000,000, subject to certain borrowing base conditions. On June 5, 2012, we terminated and currently have no additional obligations under the Bank of America line of credit. | |
KeyBank National Association | |
On June 30, 2011, we entered into a loan agreement with KeyBank to obtain a secured revolving credit facility with an aggregate maximum principal amount of $71,500,000, or the KeyBank line of credit. On October 6, 2011, RBS Citizens, N.A., d/b/a Charter One, or Charter One, was added as a syndication agent to the KeyBank line of credit, whereby $35,750,000 of the aggregate maximum principal amount of the KeyBank line of credit was assigned to Charter One. On June 5, 2012, we terminated and currently have no additional obligations under the KeyBank line of credit. | |
Unsecured Revolving Line of Credit | |
On June 5, 2012, we, our operating partnership and certain of our subsidiaries, or the subsidiary guarantors, entered into a credit agreement, or the Credit Agreement, with Bank of America, as administrative agent, swingline lender and issuer of letters of credit; KeyBank, as syndication agent; Merrill Lynch, Pierce, Fenner & Smith Incorporated and KeyBanc Capital Markets as joint lead arrangers and joint book managers; and the lenders named therein, to obtain an unsecured revolving line of credit, with an aggregate maximum principal amount of $200,000,000, or the unsecured line of credit. On June 5, 2012 and June 7, 2012, we also entered into separate revolving notes, or the Revolving Notes, with each of Bank of America, KeyBank, Comerica Bank and RBS Citizens, N.A., whereby we promised to pay the principal amount of each revolving loan and accrued interest to the respective lender or its registered assigns, in accordance with the terms and conditions of the Credit Agreement. The proceeds of loans made under the unsecured line of credit may be used for working capital, capital expenditures and other general corporate purposes (including, without limitation, property acquisitions and repayment of debt). Our operating partnership may obtain up to 10.0% of the maximum principal amount in the form of standby letters of credit and up to 15.0% of the maximum principal amount in the form of swingline loans. | |
On May 24, 2013, we entered into a Second Amendment to the Credit Agreement, or the Amendment, which increased the aggregate maximum principal amount of the unsecured line of credit to $450,000,000, with Bank of America, KeyBank National Association, RBS Citizens, N.A., and Comerica Bank, as existing lenders, and Barclays Bank PLC, Fifth Third Bank, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank, and Sumitomo Mitsui Banking Corporation, as new lenders. The Amendment also revised the amount that may be obtained by our operating partnership in the form of swingline loans from up to 15.0% of the maximum principal amount to up to $50,000,000. On May 24, 2013, we also entered into separate revolving notes with each of Bank of America, KeyBank, RBS Citizens, N.A., Comerica Bank, Barclays Bank PLC, Fifth Third Bank, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank, and Sumitomo Mitsui Banking Corporation whereby we promised to pay the principal amount of each revolving loan and accrued interest to the respective lender or its registered assigns, in accordance with the terms and conditions of the Credit Agreement. | |
The maximum principal amount of the Credit Agreement, as amended, may be increased by up to $200,000,000, for a total principal amount of $650,000,000, subject to (a) the terms of the Credit Agreement, as amended, and (b) such additional financing amount being offered and provided by existing lenders or new lenders under the Credit Agreement, as amended. | |
At our option, loans under the Credit Agreement, as amended, bear interest at per annum rates equal to (a) (i) the Eurodollar Rate plus (ii) a margin ranging from 2.00% to 3.00% based on our consolidated leverage ratio, or (b) (i) the greater of: (x) the prime rate publicly announced by Bank of America, (y) the Federal Funds Rate (as defined in the Credit Agreement, as amended) plus 0.50% and (z) the one-month Eurodollar Rate (as defined in the Credit Agreement, as amended) plus 1.00%, plus (ii) a margin ranging from 1.00% to 2.00% based on our consolidated leverage ratio. Accrued interest under the Credit Agreement, as amended, is payable monthly. The unsecured line of credit matures on June 5, 2015, and may be extended by one 12-month period subject to satisfaction of certain conditions, including payment of an extension fee. | |
We are required to pay a fee on the unused portion of the lenders' commitments under the Credit Agreement, as amended, at a per annum rate equal to 0.25% if the average daily used amount is greater than 50.0% of the commitments and 0.35% if the average daily used amount is less than 50.0% of the commitments. | |
The Credit Agreement, as amended, contains various affirmative and negative covenants that are customary for credit facilities and transactions of this type, including limitations on the incurrence of debt by our operating partnership and its subsidiaries and limitations on secured recourse indebtedness. The Credit Agreement, as amended, imposes the following financial covenants, which are specifically defined in the Credit Agreement, as amended: (a) a maximum consolidated leverage ratio; (b) a maximum consolidated secured leverage ratio; (c) a minimum consolidated tangible net worth covenant; (d) a minimum consolidated fixed charge coverage ratio; (e) a maximum dividend payout ratio; (f) a maximum consolidated unencumbered leverage ratio; and (g) a minimum consolidated unencumbered interest coverage ratio. As of September 30, 2013 and December 31, 2012, we were in compliance with all such covenants and requirements. | |
The Credit Agreement, as amended, requires us to add additional subsidiaries as guarantors in the event the value of the assets owned by the subsidiary guarantors falls below a certain threshold as set forth in the Credit Agreement, as amended. In the event of default, Bank of America has the right to terminate its obligations under the Credit Agreement, as amended, including the funding of future loans, and to accelerate the payment on any unpaid principal amount of all outstanding loans and interest thereon. | |
The actual amount of credit available under the unsecured line of credit at any given time is a function of, and is subject to, loan to value and debt service coverage ratios based on net operating income as contained in the Credit Agreement, as amended. Based on the value of our borrowing base properties, as such term is used in the Credit Agreement, as amended, our aggregate borrowing capacity under the unsecured line of credit was $450,000,000 and $200,000,000, respectively, as of September 30, 2013 and December 31, 2012. As of September 30, 2013, there were no borrowings outstanding under the unsecured line of credit and $450,000,000 remained available under the unsecured line of credit. As of December 31, 2012, borrowings outstanding under the unsecured line of credit totaled $200,000,000 and $0 remained available under the unsecured line of credit. The weighted average interest rate on borrowings outstanding as of December 31, 2012 was 3.33% per annum. |
Identified_Intangible_Liabilit
Identified Intangible Liabilities, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Intangible Liabilities [Abstract] | ' | |||||||
Identified Intangible Liabilities, Net | ' | |||||||
Identified Intangible Liabilities, Net | ||||||||
Identified intangible liabilities, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Below market leases, net of accumulated amortization of $712,000 and $265,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 7.9 years and 8.2 years as of September 30, 2013 and December 31, 2012, respectively) | $ | 4,065,000 | $ | 3,006,000 | ||||
Above market leasehold interests, net of accumulated amortization of $63,000 and $17,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 45.4 years and 48.8 years as of September 30, 2013 and December 31, 2012, respectively) | 2,251,000 | 2,150,000 | ||||||
$ | 6,316,000 | $ | 5,156,000 | |||||
Amortization expense on below market leases for the three months ended September 30, 2013 and 2012 was $244,000 and $81,000, respectively, and for the nine months ended September 30, 2013 and 2012 was $584,000 and $163,000, respectively. Amortization expense on below market leases is recorded to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||
Amortization expense on above market leasehold interests for the three months ended September 30, 2013 and 2012 was $20,000 and $6,000, respectively, and for the nine months ended September 30, 2013 and 2012 was $46,000 and $7,000, respectively. Amortization expense on above market leasehold interests is recorded against rental expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||
The aggregate weighted average remaining life of the identified intangible liabilities is 21.3 and 25.1 years as of September 30, 2013 and December 31, 2012, respectively. As of September 30, 2013, estimated amortization expense on below market leases and above market leasehold interests for the three months ending December 31, 2013 and each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 210,000 | ||||||
2014 | 779,000 | |||||||
2015 | 696,000 | |||||||
2016 | 635,000 | |||||||
2017 | 533,000 | |||||||
Thereafter | 3,463,000 | |||||||
$ | 6,316,000 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Litigation | |
We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which if determined unfavorably to us, would have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows. | |
Environmental Matters | |
We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our condensed consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. | |
Other Organizational and Offering Expenses | |
During the period from January 7, 2012 until February 14, 2013, our other organizational and offering expenses in connection with our initial offering (other than selling commissions and the dealer manager fee) were paid by our sub-advisor or its affiliates on our behalf. Prior to January 7, 2012, other organizational and offering expenses were paid by our former advisor or its affiliates. Other organizational and offering expenses included all expenses (other than selling commissions and the dealer manager fee which generally represent 7.0% and 3.0%, respectively, of our gross offering proceeds) to be paid by us in connection with our initial offering. These other organizational and offering expenses would only have become our liability to the extent they did not exceed 1.0% of the gross proceeds from the sale of shares of our common stock in our initial offering, other than shares of our common stock sold pursuant to the DRIP. As of February 14, 2013 and December 31, 2012, our sub-advisor, our former advisor and their affiliates had not incurred expenses on our behalf in excess of 1.0% of the gross proceeds of our initial offering. We terminated our initial offering and commenced our follow-on offering on February 14, 2013. | |
Our other organizational and offering expenses incurred in connection with our follow-on offering were paid by our sub-advisor or its affiliates on our behalf. These other organizational and offering expenses included all expenses (other than selling commissions and the dealer manager fee) to be paid by us in connection with our follow-on offering. These expenses only became our liability to the extent these other organizational and offering expenses did not exceed 1.0% of the gross offering proceeds from the sale of shares of our common stock in our follow-on offering. As of December 31, 2012, our sub-advisor and its affiliates had incurred expenses on our behalf of $610,000, in excess of 1.0% of the gross proceeds related to our follow-on offering, and therefore, these expenses were not recorded in our accompanying condensed consolidated financial statements as of December 31, 2012. As of September 30, 2013, our sub-advisor and its affiliates had not incurred expenses on our behalf in excess of 1.0% of the gross proceeds of our follow-on offering. On October 30, 2013, we terminated our follow-on offering. | |
When recorded by us, other organizational expenses will be expensed as incurred, and offering expenses are charged to stockholders' equity as such amounts are reimbursed to our former advisor, our sub-advisor or their affiliates from the gross proceeds of our initial offering or our follow-on offering, or our offerings. See Note 12, Related Party Transactions — Offering Stage, for a further discussion of other organizational and offering expenses. | |
Other | |
Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||||||||||||||
Related Party Transactions | |||||||||||||||||||||||||||||||
Fees and Expenses Paid to Affiliates | |||||||||||||||||||||||||||||||
Until January 6, 2012, all of our executive officers and our non-independent directors were also executive officers and employees and/or holders of a direct or indirect interest in our former advisor, our former sponsor, GEEA or other affiliated entities. | |||||||||||||||||||||||||||||||
Effective as of August 24, 2009, we entered into the G&E Advisory Agreement with our former advisor, and effective as of June 22, 2009, we entered into the G&E Dealer Manager Agreement with Grubb & Ellis Securities, Inc., or Grubb & Ellis Securities. Until April 18, 2011, Grubb & Ellis Securities served as the dealer manager of our initial offering pursuant to the G&E Dealer Manager Agreement. Effective as of April 19, 2011, the G&E Dealer Manager Agreement with Grubb & Ellis Securities was assigned to, and assumed by, Grubb & Ellis Capital Corporation, a wholly owned subsidiary of our former sponsor. Therefore, references to the G&E Dealer Manager shall be deemed to refer to either Grubb & Ellis Securities or Grubb & Ellis Capital Corporation, or both, as applicable, unless otherwise specified. | |||||||||||||||||||||||||||||||
On November 7, 2011, we notified our former advisor of the termination of the G&E Advisory Agreement. Pursuant to the G&E Advisory Agreement, either party could terminate the G&E Advisory Agreement without cause or penalty, subject to a 60-day transition period; however, certain rights and obligations of the parties would survive during the 60-day transition period and beyond. As a result of a new advisory agreement that took effect on January 7, 2012 upon the expiration of the 60-day transition period provided for in the G&E Advisory Agreement, Griffin-American Advisor serves as our advisor and delegates advisory duties to Griffin-American Sub-Advisor. | |||||||||||||||||||||||||||||||
In addition, on November 7, 2011, we notified Grubb & Ellis Capital Corporation of the termination of the G&E Dealer Manager Agreement. Pursuant to the G&E Dealer Manager Agreement, either party could terminate the G&E Dealer Manager Agreement, subject to a 60-day transition period. Until January 6, 2012, Grubb & Ellis Capital Corporation remained a non-exclusive agent of our company and distributor of shares of our common stock. As a result of the Dealer Manager Agreement that took effect on January 7, 2012 upon the expiration of the 60-day transition period provided for in the G&E Dealer Manager Agreement, Griffin Securities serves as our dealer manager. The terms of the Dealer Manager Agreement are substantially the same as the terms of the terminated G&E Dealer Manager Agreement. | |||||||||||||||||||||||||||||||
Upon the termination of the G&E Advisory Agreement and G&E Dealer Manager Agreement and corresponding 60-day transition periods, after January 6, 2012, we are no longer affiliated with Grubb & Ellis and its affiliates. The G&E Advisory Agreement and the G&E Dealer Manager Agreement entitled our former advisor, G&E Dealer Manager and their affiliates to specified compensation for certain services, as well as reimbursement of certain expenses. In the aggregate, for the three and nine months ended September 30, 2012, we incurred $0 and $5,481,000, respectively, in fees and expenses paid to our former advisor or its affiliates as detailed below. | |||||||||||||||||||||||||||||||
We are affiliated with Griffin-American Sub-Advisor and American Healthcare Investors; however, we are not affiliated with Griffin Capital, Griffin-American Advisor or Griffin Securities. In the aggregate, for the three months ended September 30, 2013 and 2012, we incurred $24,062,000 and $11,642,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $41,840,000 and $22,933,000, respectively, in fees and expenses paid to our affiliates as detailed below. As discussed above, our advisor, which is not our affiliate, delegates certain advisory duties pursuant to a sub-advisory agreement to our sub-advisor, which is our affiliate. Therefore, although certain obligations under the Advisory Agreement are contractually performed by or for our advisor, only such obligations pursuant to the sub-advisory agreement that are performed by or for our sub-advisor or its affiliates are disclosed in this related party transactions note. | |||||||||||||||||||||||||||||||
Offering Stage | |||||||||||||||||||||||||||||||
Initial Offering Selling Commissions | |||||||||||||||||||||||||||||||
Until January 6, 2012, G&E Dealer Manager received selling commissions of up to 7.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. G&E Dealer Manager could have re-allowed all or a portion of these fees to participating broker-dealers. For the three and nine months ended September 30, 2012, we incurred $0 and $512,000, respectively, in selling commissions to G&E Dealer Manager. Such commissions were charged to stockholders' equity as such amounts were paid to G&E Dealer Manager from the gross proceeds of our initial offering. | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, selling commissions in connection with our initial offering were paid to Griffin Securities, an unaffiliated entity. See Note 13, Equity — Offering Costs, for a further discussion. | |||||||||||||||||||||||||||||||
Initial Offering Dealer Manager Fee | |||||||||||||||||||||||||||||||
Until January 6, 2012, G&E Dealer Manager received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. G&E Dealer Manager could have re-allowed all or a portion of these fees to participating broker-dealers. For the three and nine months ended September 30, 2012, we incurred $0 and $227,000, respectively, in dealer manager fees to G&E Dealer Manager. Such fees were charged to stockholders' equity as such amounts were paid to G&E Dealer Manager from the gross proceeds of our initial offering. | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, the dealer manager fee in connection with our initial offering was paid to Griffin Securities, an unaffiliated entity. See Note 13, Equity — Offering Costs, for a further discussion. | |||||||||||||||||||||||||||||||
Other Organizational and Offering Expenses | |||||||||||||||||||||||||||||||
Other organizational expenses are expensed as incurred and offering expenses are charged to stockholders' equity as such amounts are paid from the gross proceeds of our offerings. | |||||||||||||||||||||||||||||||
Initial Offering | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our other organizational and offering expenses were paid by our sub-advisor or its affiliates on our behalf. Our sub-advisor or its affiliates were reimbursed for actual expenses incurred up to 1.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. For the three months ended September 30, 2013 and 2012, we incurred $0 and $1,898,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $116,000 and $3,768,000, respectively, in offering expenses to our sub-advisor in connection with our initial offering. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to the same reimbursement. For the three and nine months ended September 30, 2012, we incurred $0 and $76,000, respectively, in offering expenses to our former advisor or its affiliates in connection with our initial offering. | |||||||||||||||||||||||||||||||
Follow-On Offering | |||||||||||||||||||||||||||||||
Pursuant to our follow-on offering, which commenced February 14, 2013 and terminated on October 30, 2013, our other organizational and offering expenses were paid by our sub-advisor or its affiliates on our behalf. Our sub-advisor or its affiliates were reimbursed for actual expenses incurred up to 1.0% of the gross offering proceeds from the sale of shares of our common stock in our follow-on offering other than shares of our common stock sold pursuant to the DRIP. For the three and nine months ended September 30, 2013, we incurred $769,000 and $2,715,000, respectively, in offering expenses to our sub-advisor in connection with our follow-on offering. | |||||||||||||||||||||||||||||||
Acquisition and Development Stage | |||||||||||||||||||||||||||||||
Acquisition Fee | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor or its affiliates receive an acquisition fee of up to 2.60% of the contract purchase price for each property we acquire or 2.0% of the origination or acquisition price for any real estate-related investment we originate or acquire. The acquisition fee for property acquisitions is paid with a combination of shares of our common stock and cash as follows: (i) shares of common stock in an amount equal to 0.15% of the contract purchase price of the properties, at $9.00 or $9.20 per share, as applicable, the then established offering price, net of selling commissions or dealer manager fees, and (ii) the remainder in cash in an amount equal to 2.45% of the contract purchase price of the properties. Our sub-advisor or its affiliates are entitled to receive these acquisition fees for properties and real estate-related investments we acquire with funds raised in our offerings including acquisitions completed after the termination of the Advisory Agreement, or funded with net proceeds from the sale of a property or real estate-related investment, subject to certain conditions. For the three months ended September 30, 2013 and 2012, we incurred $17,484,000 and $7,212,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $23,682,000 and $12,695,000, respectively, in acquisition fees to our sub-advisor or its affiliates, which included 109,576 and 46,233 shares of our common stock for the three months ended September 30, 2013 and 2012, respectively, and 147,789 and 81,374, shares of our common stock for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to a similar fee; however, such fee was up to 2.75% of the contract purchase price for each property we acquired or 2.0% of the origination or acquisition price for any real estate-related investment we originated or acquired, entirely payable in cash. For the three and nine months ended September 30, 2012, we incurred $0 and $4,579,000, respectively, in acquisition fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Acquisition fees in connection with the acquisition of properties are (i) expensed as incurred when they relate to the purchase of a business in accordance with ASC Topic 805, Business Combinations, or ASC Topic 805, and are included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss), or (ii) are capitalized when they relate to the purchase of an asset and included in real estate investments, net, as applicable. Acquisition fees in connection with the acquisition of real estate-related investments are capitalized as part of the associated investment in our accompanying condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Development Fee | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor or its affiliates receive, in the event our sub-advisor or its affiliates provide development-related services, a development fee in an amount that is usual and customary for comparable services rendered for similar projects in the geographic market where the services were provided; however, we will not pay a development fee to our sub-advisor or its affiliates if our sub-advisor or its affiliates elect to receive an acquisition fee based on the cost of such development. For the three and nine months ended September 30, 2013 and 2012, we did not incur any development fees to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates would have been entitled to the same development fee. We did not incur any development fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Reimbursement of Acquisition Expenses | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor or its affiliates are reimbursed for acquisition expenses related to selecting, evaluating and acquiring assets, which is reimbursed regardless of whether an asset is acquired. For the three and nine months ended September 30, 2013 and 2012, we did not incur any acquisition expenses to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to similar reimbursements of acquisition expenses. For the three and nine months ended September 30, 2012, we did not incur any acquisition expenses to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Reimbursements of acquisition expenses are (i) expensed as incurred when they relate to the purchase of a business in accordance with ASC Topic 805 and are included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss), or (ii) are capitalized when they relate to the purchase of an asset and included in real estate investments, net, as applicable. | |||||||||||||||||||||||||||||||
The reimbursement of acquisition expenses, acquisition fees and real estate commissions and other fees paid to unaffiliated parties will not exceed, in the aggregate, 6.0% of the purchase price or total development costs, unless fees in excess of such limits are approved by a majority of our disinterested directors, including a majority of our independent directors, not otherwise interested in the transaction. For the three and nine months ended September 30, 2013 and 2012, such fees and expenses did not exceed 6.0% of the purchase price of our acquisitions, except with respect to our acquisition of land in the Dixie-Lobo Medical Office Building Portfolio on May 2, 2013. Pursuant to our charter, prior to the acquisition of the land in the Dixie-Lobo Medical Office Building Portfolio, our directors, including a majority of our independent directors, not otherwise interested in the transaction, approved the fees and expenses associated with the acquisition of the land in excess of the 6.0% limit and determined that such fees and expenses were commercially competitive, fair and reasonable to us. | |||||||||||||||||||||||||||||||
Operational Stage | |||||||||||||||||||||||||||||||
Asset Management Fee | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor or its affiliates are paid a monthly fee for services rendered in connection with the management of our assets equal to one-twelfth of 0.85% of average invested assets existing as of January 6, 2012 and one-twelfth of 0.75% of the average invested assets acquired after January 6, 2012, subject to our stockholders receiving distributions in an amount equal to 5.0% per annum, cumulative, non-compounded, of average invested capital. For such purposes, average invested assets means the average of the aggregate book value of our assets invested in real estate properties and real estate-related investments, before deducting depreciation, amortization, bad debt and other similar non-cash reserves, computed by taking the average of such values at the end of each month during the period of calculation; and average invested capital means, for a specified period, the aggregate issue price of shares of our common stock purchased by our stockholders, reduced by distributions of net sales proceeds by us to our stockholders and by any amounts paid by us to repurchase shares of our common stock pursuant to our share repurchase plan. For the three months ended September 30, 2013 and 2012, we incurred $3,392,000 and $1,794,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $9,121,000 and $4,438,000, respectively, in asset management fees to our sub-advisor. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to a similar monthly asset management fee; however, such asset management fee was equal to one-twelfth of 0.85% of average invested assets. For the three and nine months ended September 30, 2012, we incurred $0 and $61,000, respectively, in asset management fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Asset management fees are included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||
Property Management Fee | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor or its affiliates are paid a monthly property management fee of up to 4.0% of the gross monthly cash receipts from each property managed by our sub-advisor or its affiliates. Our sub-advisor or its affiliates may sub-contract its duties to any third-party, including for fees less than the property management fees payable to our sub-advisor or its affiliates. In addition to the above property management fee, for each property managed directly by entities other than our sub-advisor or its affiliates, we pay our sub-advisor or its affiliates a monthly oversight fee of up to 1.0% of the gross cash receipts from the property; provided however, that in no event will we pay both a property management fee and an oversight fee to our sub-advisor or its affiliates with respect to the same property. For the three months ended September 30, 2013 and 2012, we incurred $1,214,000 and $608,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $3,072,000 and $1,400,000, respectively, in property management fees and oversight fees to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to similar property management and oversight fees. For the three and nine months ended September 30, 2012, we incurred $0 and $16,000, respectively, in property management fees and oversight fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Property management fees and oversight fees are included in rental expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||
On-site Personnel and Engineering Payroll | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, we did not incur any payroll for on-site personnel and engineering to our sub-advisor or its affiliates nor to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Lease Fees | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, we pay our sub-advisor or its affiliates a separate fee for any leasing activities in an amount not to exceed the fee customarily charged in arm's-length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Such fee is generally expected to range from 3.0% to 8.0% of the gross revenues generated during the initial term of the lease. For the three months ended September 30, 2013 and 2012, we incurred $1,174,000 and $103,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $3,030,000 and $558,000, respectively, in lease fees to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to similar lease fees. For the three and nine months ended September 30, 2012, we did not incur any lease fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Lease fees are capitalized as lease commissions and included in other assets, net in our accompanying condensed consolidated balance sheets. | |||||||||||||||||||||||||||||||
Construction Management Fee | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, in the event that our sub-advisor or its affiliates assist with planning and coordinating the construction of any capital or tenant improvements, our sub-advisor or its affiliates are paid a construction management fee of up to 5.0% of the cost of such improvements. For the three months ended September 30, 2013 and 2012, we incurred $29,000 and $27,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $104,000 and $74,000, respectively, in construction management fees to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to similar construction management fees. For the three and nine months ended September 30, 2012, we did not incur any construction management fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Construction management fees are capitalized as part of the associated asset and included in real estate investments, net in our accompanying condensed consolidated balance sheets or expensed and included in rental expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss), as applicable. | |||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, we reimburse our sub-advisor or its affiliates for operating expenses incurred in rendering services to us, subject to certain limitations. However, we cannot reimburse our sub-advisor or its affiliates at the end of any fiscal quarter for total operating expenses that, in the four consecutive fiscal quarters then ended, exceed the greater of: (i) 2.0% of our average invested assets, as defined in the Advisory Agreement, or (ii) 25.0% of our net income, as defined in the Advisory Agreement, unless our independent directors determined that such excess expenses were justified based on unusual and nonrecurring factors. | |||||||||||||||||||||||||||||||
For the 12 months ended September 30, 2013, our operating expenses did not exceed this limitation. Our operating expenses as a percentage of average invested assets and as a percentage of net income were 1.0% and 35.9%, respectively, for the 12 months ended September 30, 2013. For the three and nine months ended September 30, 2013 and 2012, our sub-advisor or its affiliates did not incur any operating expenses on our behalf. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were entitled to a similar reimbursement of operating expenses. For the three and nine months ended September 30, 2012, our former advisor or its affiliates did not incur any operating expenses on our behalf. | |||||||||||||||||||||||||||||||
Operating expense reimbursements are included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||
Related Party Services Agreement | |||||||||||||||||||||||||||||||
We entered into a services agreement, effective September 21, 2009, or the Transfer Agent Services Agreement, with Grubb & Ellis Equity Advisors, Transfer Agent, LLC, formerly known as Grubb & Ellis Investor Solutions, LLC, or our former transfer agent, for transfer agent and investor services. Since our former transfer agent was an affiliate of our former advisor, the terms of the Transfer Agent Services Agreement were approved and determined by a majority of our directors, including a majority of our independent directors, as fair and reasonable to us and at fees which are no greater than that which would be paid to an unaffiliated party for similar services. | |||||||||||||||||||||||||||||||
On November 7, 2011, we provided notice of termination of the Transfer Agent Services Agreement to our former transfer agent. Under the Transfer Agent Services Agreement, we were required to provide 60 days written notice of termination. Therefore, the Transfer Agent Services Agreement terminated on January 6, 2012. We engaged DST Systems, Inc., an unaffiliated party, to serve as our replacement transfer agent on January 6, 2012. | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2012, we incurred expenses of $0 and $10,000, respectively, for investor services that our former transfer agent provided to us, which is included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2012, GEEA incurred expenses of $0 and $2,000, respectively, for subscription agreement processing services that our former transfer agent provided to us. As an other organizational and offering expense, these subscription agreement processing expenses became our liability since cumulative other organizational and offering expenses did not exceed 1.0% of the gross proceeds from the sale of shares of our common stock in our initial offering, other than shares of our common stock sold pursuant to the DRIP. | |||||||||||||||||||||||||||||||
Compensation for Additional Services | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, our sub-advisor and its affiliates are paid for services performed for us other than those required to be rendered by our sub-advisor or its affiliates under the Advisory Agreement. The rate of compensation for these services has to be approved by a majority of our board of directors, including a majority of our independent directors, and cannot exceed an amount that would be paid to unaffiliated parties for similar services. For the three and nine months ended September 30, 2013 and 2012, our sub-advisor and its affiliates were not compensated for any additional services. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates were also entitled to compensation for additional services under similar conditions. For the three and nine months ended September 30, 2012, our former advisor or its affiliates were not compensated for any additional services. | |||||||||||||||||||||||||||||||
Liquidity Stage | |||||||||||||||||||||||||||||||
Disposition Fees | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, for services relating to the sale of one or more properties, our sub-advisor or its affiliates are paid a disposition fee up to the lesser of 2.0% of the contract sales price or 50.0% of a customary competitive real estate commission given the circumstances surrounding the sale, in each case as determined by our board of directors, including a majority of our independent directors, upon the provision of a substantial amount of the services in the sales effort. The amount of disposition fees paid, when added to the real estate commissions paid to unaffiliated parties, will not exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. For the three and nine months ended September 30, 2013 and 2012, we did not incur any disposition fees to our sub-advisor or its affiliates. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor or its affiliates would have been entitled to similar disposition fees. We did not incur any disposition fees to our former advisor or its affiliates. | |||||||||||||||||||||||||||||||
Subordinated Participation Interest | |||||||||||||||||||||||||||||||
Subordinated Distribution of Net Sales Proceeds | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, in the event of liquidation, our sub-advisor will be paid a subordinated distribution of net sales proceeds. The distribution will be equal to 15.0% of the net proceeds from the sales of properties, subject to certain reductions relating to properties acquired prior to Griffin-American Advisor's appointment as our advisor, as set forth in the operating partnership agreement, after distributions to our stockholders, in the aggregate, of (i) a full return of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) plus (ii) an annual 8.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock, as adjusted for distributions of net sale proceeds. Actual amounts to be received depend on the sale prices of properties upon liquidation. For the three and nine months ended September 30, 2013 and 2012, we did not incur any such distributions to our sub-advisor. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor would have been entitled to a similar subordinated distribution of net sales proceeds. We did not incur any subordinated distribution of net sales proceeds to our former advisor. | |||||||||||||||||||||||||||||||
Subordinated Distribution upon Listing | |||||||||||||||||||||||||||||||
Effective as of January 7, 2012, upon the listing of shares of our common stock on a national securities exchange, our sub-advisor will be paid a distribution equal to 15.0% of the amount by which (i) the market value of our outstanding common stock at listing plus distributions paid prior to listing exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) and the amount of cash that, if distributed to stockholders as of the date of listing, would have provided them an annual 8.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock through the date of listing, subject to certain reductions relating to properties acquired prior to Griffin-American Advisor's appointment as our advisor, as set forth in the operating partnership agreement. Actual amounts to be received depend upon the market value of our outstanding stock at the time of listing among other factors. For the three and nine months ended September 30, 2013 and 2012, we did not incur any such distributions to our sub-advisor. | |||||||||||||||||||||||||||||||
Until January 6, 2012, our former advisor would have been entitled to a similar subordinated distribution upon listing. We did not incur any subordinated distribution upon listing to our former advisor. | |||||||||||||||||||||||||||||||
Subordinated Distribution Upon Termination | |||||||||||||||||||||||||||||||
Upon termination or non-renewal of the Advisory Agreement, our sub-advisor will be entitled to a subordinated distribution from our operating partnership equal to 15.0% of the amount, if any, by which (i) the appraised value of our assets on the termination date, less any indebtedness secured by such assets, plus total distributions paid through the termination date, exceeds (ii) the sum of the total amount of capital raised from stockholders (less amounts paid to repurchase shares of our common stock pursuant to our share repurchase plan) and the total amount of cash that, if distributed to them as of the termination date, will provide them an annual 8.0% cumulative, non-compounded return on the gross proceeds from the sale of shares of our common stock through the termination date, subject to certain reductions relating to properties acquired prior to Griffin-American Advisor's appointment as our advisor. | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, we had not recorded any charges to earnings related to the subordinated distribution upon termination. | |||||||||||||||||||||||||||||||
Executive Stock Purchase Plans | |||||||||||||||||||||||||||||||
On December 30, 2011, our Chief Executive Officer and Chairman of the Board of Directors, Jeffrey T. Hanson, and our President, Chief Operating Officer and Director, Danny Prosky, as well as our Executive Vice President, Mathieu B. Streiff, each executed a stock purchase plan effective January 1, 2012, whereby each executive irrevocably agreed to invest 100%, 50.0% and 50.0%, respectively, of all of their net after-tax salary and cash bonus compensation that was earned on or after February 1, 2012 as employees of American Healthcare Investors directly into our company by purchasing shares of our common stock. In January 2012, our Chief Financial Officer, Shannon K S Johnson; our Senior Vice President of Acquisitions, Stefan K.L. Oh; and our Secretary, Cora Lo also entered into stock purchase plans in which they each irrevocably agreed to invest 15.0%, 15.0% and 10.0%, respectively, of their net after-tax base salaries that were earned on or after February 1, 2012 as employees of American Healthcare Investors directly into our company by purchasing shares of our common stock. Such arrangements terminated on December 31, 2012. The shares were purchased pursuant to our initial offering at a price of $9.00 per share prior to November 7, 2012 and $9.20 per share on or after November 7, 2012 reflecting the offering price in effect on the date of each stock purchase, exclusive of selling commissions and the dealer manager fee. | |||||||||||||||||||||||||||||||
Effective January 1, 2013, Messrs. Hanson, Prosky, Streiff and Oh and Mses. Johnson and Lo each adopted an executive stock purchase plan, or the Executive Stock Purchase Plans, on terms similar to each of the stock purchase plans described above. The Executive Stock Purchase Plans each were to terminate on the earlier of (i) December 31, 2013, (ii) the termination of our offerings, (iii) any suspension of our offerings by our board of directors or a regulatory body, or (iv) the date upon which the number of shares of our common stock owned by such person, when combined with all their other investments in our common stock, exceeds the ownership limits set forth in our charter. See Note 19, Subsequent Events — Status of our Follow-On Offering, for a further discussion of the termination of our follow-on offering and the Executive Stock Purchase Plans. | |||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, our executive officers invested the following amounts and we issued the following shares of our common stock pursuant to the applicable stock purchase plan: | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Officer's Name | Title | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||
Jeffrey T. Hanson | Chairman of the Board of Directors and Chief Executive Officer | $ | 144,000 | 15,671 | $ | 142,000 | 15,814 | $ | 184,000 | 20,010 | $ | 176,000 | 19,531 | ||||||||||||||||||
Danny Prosky | President and Chief Operating Officer | 76,000 | 8,264 | 76,000 | 8,454 | 105,000 | 11,396 | 98,000 | 10,905 | ||||||||||||||||||||||
Mathieu B. Streiff | Executive Vice President | 74,000 | 8,099 | 74,000 | 8,245 | 100,000 | 10,886 | 93,000 | 10,380 | ||||||||||||||||||||||
Shannon K S Johnson | Chief Financial Officer | 5,000 | 590 | 5,000 | 565 | 16,000 | 1,735 | 12,000 | 1,296 | ||||||||||||||||||||||
Stefan K.L. Oh | Senior Vice President of Acquisitions | 6,000 | 630 | 4,000 | 499 | 14,000 | 1,547 | 11,000 | 1,211 | ||||||||||||||||||||||
Cora Lo | Secretary | 3,000 | 355 | 3,000 | 325 | 9,000 | 998 | 7,000 | 783 | ||||||||||||||||||||||
$ | 308,000 | 33,609 | $ | 304,000 | 33,902 | $ | 428,000 | 46,572 | $ | 397,000 | 44,106 | ||||||||||||||||||||
Accounts Payable Due to Affiliates | |||||||||||||||||||||||||||||||
The following amounts were outstanding to our affiliates as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
Fee | 2013 | 2012 | |||||||||||||||||||||||||||||
Asset and property management fees | $ | 1,765,000 | $ | 1,109,000 | |||||||||||||||||||||||||||
Lease commissions | 482,000 | 364,000 | |||||||||||||||||||||||||||||
Offering costs | 319,000 | 277,000 | |||||||||||||||||||||||||||||
Construction management fees | 42,000 | 40,000 | |||||||||||||||||||||||||||||
Acquisition fees | 6,000 | 16,000 | |||||||||||||||||||||||||||||
Operating expenses | — | 1,000 | |||||||||||||||||||||||||||||
$ | 2,614,000 | $ | 1,807,000 | ||||||||||||||||||||||||||||
Equity
Equity | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Equity | ' | ||||||
Equity | |||||||
Preferred Stock | |||||||
Our charter authorizes us to issue 200,000,000 shares of our preferred stock, par value $0.01 per share. As of September 30, 2013 and December 31, 2012, no shares of preferred stock were issued and outstanding. | |||||||
Common Stock | |||||||
Our charter authorizes us to issue 1,000,000,000 shares of our common stock. Until November 6, 2012, we offered to the public up to $3,000,000,000 of shares of our common stock for $10.00 per share in our primary offering and $285,000,000 of shares of our common stock pursuant to our DRIP for $9.50 per share. On November 7, 2012, we began selling shares of our common stock in our initial offering at $10.22 per share in our primary offering and issuing shares pursuant to the DRIP for $9.71 per share. On February 14, 2013, we terminated our initial offering. | |||||||
On February 14, 2013, we commenced our follow-on offering of up to $1,650,000,000 of shares of our common stock, in which we initially offered to the public up to $1,500,000,000 of shares of our common stock for $10.22 per share in our primary offering and up to $150,000,000 of shares of our common stock for $9.71 per share pursuant to the DRIP. We reserved the right to reallocate the shares of common stock we offered in our follow-on offering between the primary offering and the DRIP. As such, during our follow-on offering, we reallocated an aggregate $107,200,000 of shares from the DRIP to the primary offering. Accordingly, we offered to the public $1,607,200,000 in our primary offering and $42,800,000 of shares of our common stock pursuant to the DRIP. On October 30, 2013, we terminated our follow-on offering. See Note 19, Subsequent Events — Status of our Follow-On Offering, for a further discussion. | |||||||
On September 9, 2013, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, to register a maximum of $100,000,000 of additional shares of our common stock pursuant to the Secondary DRIP. The Registration Statement on Form S-3 was automatically effective with the SEC upon its filing; however, we did not commence offering shares pursuant to the Secondary DRIP until October 30, 2013 following the termination of our follow-on offering. | |||||||
On February 4, 2009, our former advisor purchased 20,000 shares of common stock for total cash consideration of $200,000 and was admitted as our initial stockholder. We used the proceeds from the sale of shares of our common stock to our former advisor to make an initial capital contribution to our operating partnership. We subsequently repurchased the 20,000 shares of our common stock from our former advisor in February 2012 in connection with our transition to our co-sponsors. | |||||||
On January 4, 2012, Griffin-American Advisor acquired 22,222 shares of our common stock for $200,000. | |||||||
On October 21, 2009, we granted an aggregate of 15,000 shares of our restricted common stock to our independent directors. On each of June 8, 2010, June 14, 2011 and November 7, 2012, in connection with their re-election, we granted an aggregate of 7,500, 7,500 and 22,500 shares, respectively, of our restricted common stock to our independent directors. Through September 30, 2013, we had issued 280,667,756 shares of our common stock in connection with our offerings and 7,767,854 shares of our common stock pursuant to the DRIP, and we had also repurchased 1,326,937 shares of our common stock under our share repurchase plan. As of September 30, 2013 and December 31, 2012, we had 287,183,395 and 113,199,988 shares of our common stock issued and outstanding, respectively. | |||||||
As of September 30, 2013, we had a receivable of $2,255,000, net of selling commissions and dealer manager fees, from our transfer agent, which was received in October 2013. | |||||||
Offering Costs | |||||||
Selling Commissions | |||||||
Initial Offering | |||||||
Effective as of January 7, 2012, our dealer manager received selling commissions of up to 7.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. Our dealer manager could have re-allowed all or a portion of these fees to participating broker-dealers. For the three months ended September 30, 2013 and 2012, we incurred $0 and $12,765,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $9,102,000 and $25,502,000, respectively, in selling commissions to our dealer manager. Such commissions were charged to stockholders' equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. | |||||||
Follow-On Offering | |||||||
Pursuant to our follow-on offering, which commenced February 14, 2013 and terminated on October 30, 2013, our dealer manager received selling commissions of up to 7.0% of the gross offering proceeds from the sale of shares of our common stock other than shares of our common stock sold pursuant to the DRIP. Our dealer manager could have re-allowed all or a portion of these fees to participating broker-dealers. For the three and nine months ended September 30, 2013, we incurred $69,206,000 and $107,100,000, respectively, in selling commissions to our dealer manager. Such selling commissions were charged to stockholders’ equity as such amounts are reimbursed to our dealer manager from the gross proceeds of our follow-on offering. | |||||||
Dealer Manager Fee | |||||||
Initial Offering | |||||||
Effective as of January 7, 2012, our dealer manager received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of shares of our common stock in our initial offering other than shares of our common stock sold pursuant to the DRIP. Our dealer manager could have re-allowed all or a portion of these fees to participating broker-dealers. For the three months ended September 30, 2013 and 2012, we incurred $0 and $5,625,000, respectively, and for the nine months ended September 30, 2013 and 2012, we incurred $3,981,000 and $11,197,000, respectively, in dealer manager fees to our dealer manager. Such fees were charged to stockholders' equity as such amounts were paid to our dealer manager from the gross proceeds of our initial offering. | |||||||
Follow-On Offering | |||||||
Pursuant to our follow-on offering, which commenced February 14, 2013 and terminated on October 30, 2013, our dealer manager received a dealer manager fee of up to 3.0% of the gross offering proceeds from the sale of shares of our common stock other than shares of our common stock sold pursuant to the DRIP. Our dealer manager could have re-allowed all or a portion of the dealer manager fee to participating broker-dealers. For the three and nine months ended September 30, 2013, we incurred $30,946,000 and $47,796,000, respectively, in dealer manager fees to our dealer manager. Such fees were charged to stockholders' equity as such amounts are paid to our dealer manager from the gross proceeds of our follow-on offering. | |||||||
Noncontrolling Interests | |||||||
On February 4, 2009, our former advisor made an initial capital contribution of $2,000 to our operating partnership in exchange for 200 limited partnership units. On January 4, 2012, Griffin-American Advisor contributed $2,000 to acquire 200 limited partnership units of our operating partnership. On September 14, 2012, we entered into an agreement whereby we purchased all of the limited partnership interests held by our former advisor in our operating partnership. Between December 31, 2012 and July 16, 2013, 12 investors contributed their interests in 15 buildings in exchange for 281,600 limited partnership units in our operating partnership. Pursuant to the operating partnership agreement, each limited partnership unit may be exchanged, at any time on or after the first anniversary date of the issuance, on a one-for-one basis for shares of our common stock, or, at our option, cash equal to the value of an equivalent number of shares of our common stock, or any combination of both. | |||||||
As of September 30, 2013 and 2012, we owned greater than a 99.90% and 99.99%, respectively, general partnership interest in our operating partnership and our limited partners owned less than a 0.10% and 0.01%, respectively, limited partnership interest in our operating partnership. As such, for the nine months ended September 30, 2013 and 2012, less than 0.10% and 0.01%, respectively, of the earnings of our operating partnership were allocated to noncontrolling interests, subject to certain limitations. | |||||||
In addition, as of September 30, 2013 and December 31, 2012, we owned a 98.75% interest in the consolidated limited liability company that owns Pocatello East Medical Office Building, or the Pocatello East MOB property, that was purchased on July 27, 2010. As such, 1.25% of the earnings of the Pocatello East MOB property were allocated to noncontrolling interests. | |||||||
Distribution Reinvestment Plan | |||||||
We adopted the DRIP that allows stockholders to purchase additional shares of our common stock through the reinvestment of distributions at an offering price equal to 95.0% of the primary offering price of our offerings, subject to certain conditions. For the three months ended September 30, 2013 and 2012, $18,500,000 and $5,972,000, respectively, in distributions were reinvested and 1,905,291 and 628,606 shares of our common stock, respectively, were issued pursuant to the DRIP. For the nine months ended September 30, 2013 and 2012, $41,330,000 and $14,621,000, respectively, in distributions were reinvested and 4,256,434 and 1,539,068 shares of our common stock, respectively, were issued pursuant to the DRIP. As of September 30, 2013 and December 31, 2012, a total of $74,754,000 and $33,424,000, respectively, in distributions were reinvested and 7,767,854 and 3,511,420 shares of our common stock, respectively, were issued pursuant to the DRIP. | |||||||
On September 9, 2013, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, to register a maximum of $100,000,000 of additional shares of our common stock pursuant to the Secondary DRIP. We commenced offering shares under the Secondary DRIP on October 30, 2013 following the termination of our follow-on offering. | |||||||
Share Repurchase Plan | |||||||
Our board of directors has approved a share repurchase plan. Our share repurchase plan allows for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases will be made at the sole discretion of our board of directors. All repurchases are subject to a one-year holding period, except for repurchases made in connection with a stockholder’s death or “qualifying disability,” as defined in our share repurchase plan. Subject to the availability of the funds for share repurchases, we will limit the number of shares of our common stock repurchased during any calendar year to 5.0% of the weighted average number of shares of our common stock outstanding during the prior calendar year; provided, however, that shares subject to a repurchase requested upon the death of a stockholder will not be subject to this cap. Funds for the repurchase of shares of our common stock will come exclusively from the cumulative proceeds we receive from the sale of shares of our common stock pursuant to the DRIP and the Secondary DRIP. | |||||||
Until December 7, 2012, under our share repurchase plan, repurchase prices ranged from $9.25, or 92.5% of the price paid per share, following a one-year holding period to an amount not less than 100% of the price paid per share following a four-year holding period. On November 6, 2012, our board of directors approved an Amended and Restated Share Repurchase Plan, whereby all shares repurchased on or after December 7, 2012 would be repurchased at 92.5% to 100% of each stockholder's repurchase amount depending on the period of time their shares have been held. Pursuant to the Amended and Restated Share Repurchase Plan, at any time we are engaged in an offering of shares of our common stock, the repurchase amount for shares repurchased under our share repurchase plan will always be equal to or lower than the applicable per share offering price. However, if shares of our common stock are to be repurchased in connection with a stockholder's death or qualifying disability, the repurchase price will be no less than 100% of the price paid to acquire the shares of our common stock from us. Furthermore, our share repurchase plan provides that if there are insufficient funds to honor all repurchase requests, pending requests will be honored among all requests for repurchase in any given repurchase period, as follows: first, pro rata as to repurchases sought upon a stockholder's death; next, pro rata as to repurchases sought by stockholders with a qualifying disability; and, finally, pro rata as to other repurchase requests. | |||||||
For the three months ended September 30, 2013 and 2012, we received share repurchase requests and repurchased 226,123 and 75,396 shares of our common stock, respectively, for an aggregate of $2,186,000 and $727,000, respectively, at an average repurchase price of $9.67 and $9.64 per share, respectively. For the nine months ended September 30, 2013 and 2012, we received share repurchase requests and repurchased 770,798 and 241,836 shares of our common stock, respectively, for an aggregate of $7,440,000 and $2,341,000, respectively, at an average repurchase price of $9.65 and $9.68 per share, respectively. All shares were repurchased using proceeds we received from the sale of shares of our common stock pursuant to the DRIP. | |||||||
As of September 30, 2013 and December 31, 2012, we had received share repurchase requests and had repurchased 1,326,937 shares of our common stock for an aggregate of $12,801,000 at an average price of $9.65 per share and 556,139 shares of our common stock for an aggregate of $5,361,000 at an average price of $9.64, respectively, using proceeds we received from the sale of shares of our common stock pursuant to the DRIP. | |||||||
2009 Incentive Plan | |||||||
We adopted our incentive plan, pursuant to which our board of directors or a committee of our independent directors may make grants of options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our incentive plan is 2,000,000. | |||||||
On October 21, 2009, we granted an aggregate of 15,000 shares of our restricted common stock, as defined in our incentive plan, to our independent directors in connection with their initial election to our board of directors, of which 20.0% vested on the grant date and 20.0% will vest on each of the first four anniversaries of the date of grant. On each of June 8, 2010, June 14, 2011 and November 7, 2012, in connection with their re-election, we granted an aggregate of 7,500, 7,500 and 15,000 shares, respectively, of our restricted common stock, as defined in our incentive plan, to our independent directors, which will vest over the same period described above. In addition, on November 7, 2012, we granted an aggregate of 7,500 shares of restricted common stock, as defined in our incentive plan, to our independent directors, in consideration of the directors' determination of market compensation for independent directors of similar publicly registered real estate investment trusts, which will vest under the same period described above. The fair value of each share at the date of grant was estimated at $10.00 or $10.22 per share, as applicable, the then current offering price of shares of our common stock; and with respect to the initial 20.0% of shares of our restricted common stock that vested on the date of grant, expensed as compensation immediately, and with respect to the remaining shares of our restricted common stock, amortized on a straight-line basis over the vesting period. Shares of our restricted common stock may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. Such restrictions expire upon vesting. Shares of our restricted common stock have full voting rights and rights to distributions. For the three months ended September 30, 2013 and 2012, we recognized compensation expense of $27,000 and $15,000, respectively, and for the nine months ended September 30, 2013 and 2012, we recognized compensation expense of $80,000 and $48,000, respectively, related to the restricted common stock grants ultimately expected to vest. ASC Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. For the three and nine months ended September 30, 2013 and 2012, we did not assume any forfeitures. Stock compensation expense is included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | |||||||
As of September 30, 2013 and December 31, 2012, there was $180,000 and $260,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to nonvested shares of our restricted common stock. This expense is expected to be recognized over a remaining weighted average period of 2.44 years. | |||||||
As of September 30, 2013 and December 31, 2012, the weighted average grant date fair value of the nonvested shares of our restricted common stock was $259,000 and $289,000, respectively. A summary of the status of the nonvested shares of our restricted common stock as of September 30, 2013 and December 31, 2012, and the changes for the nine months ended September 30, 2013, is presented below: | |||||||
Number of Nonvested | Weighted | ||||||
Shares of our | Average Grant | ||||||
Restricted Common Stock | Date Fair Value | ||||||
Balance — December 31, 2012 | 28,500 | $ | 10.14 | ||||
Granted | — | $ | — | ||||
Vested | (3,000 | ) | $ | 10 | |||
Forfeited | — | $ | — | ||||
Balance — September 30, 2013 | 25,500 | $ | 10.16 | ||||
Expected to vest — September 30, 2013 | 25,500 | $ | 10.16 | ||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Assets and Liabilities Reported at Fair Value | ||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
and Liabilities | (Level 3) | |||||||||||||||
(Level 1) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 536,000 | $ | — | $ | 536,000 | ||||||||
Foreign currency forward contract | — | 9,694,000 | — | 9,694,000 | ||||||||||||
Contingent consideration obligations | — | — | 5,453,000 | 5,453,000 | ||||||||||||
Total liabilities at fair value | $ | — | $ | 10,230,000 | $ | 5,453,000 | $ | 15,683,000 | ||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
and Liabilities | (Level 3) | |||||||||||||||
(Level 1) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 795,000 | $ | — | $ | 795,000 | ||||||||
Contingent consideration obligations | — | — | 60,204,000 | 60,204,000 | ||||||||||||
Total liabilities at fair value | $ | — | $ | 795,000 | $ | 60,204,000 | $ | 60,999,000 | ||||||||
There were no transfers into and out of fair value measurement levels during the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
We use interest rate swaps to manage interest rate risk associated with floating rate debt and foreign currency forward contracts to mitigate the effects of foreign currency fluctuations. The valuation of these instruments is determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility. The fair values of interest rate swaps and foreign currency forward contracts are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates or foreign currency exchange rates (forward curves) derived from observable market interest rate curves and foreign currency exchange rate curves, as applicable. | ||||||||||||||||
To comply with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | ||||||||||||||||
Although we have determined that the majority of the inputs used to value our interest rate swaps and foreign currency forward contracts fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of September 30, 2013 and December 31, 2012, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our interest rate swaps and foreign currency forward contracts. As a result, we have determined that our interest rate swaps and foreign currency forward contracts valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||
Contingent Consideration | ||||||||||||||||
Assets | ||||||||||||||||
On December 22, 2011, we purchased Sierra Providence East Medical Plaza I and, in connection with such purchase, we recognized $115,000 as a contingent consideration asset as of December 31, 2011. We would have received such consideration to the extent a tenant in approximately 2,000 square feet of GLA did not pay their rental payments to us over the remaining term of their lease, which would have expired in April 2014. The range of payment to us was between $0 and up to a maximum of $115,000. In May 2012, a new tenant assumed the existing lease and pursuant to the agreement with the seller, we received $2,000 and the remaining funds held in escrow of $113,000 were released to the seller. | ||||||||||||||||
Obligations | ||||||||||||||||
In connection with our property acquisitions, we have accrued $5,453,000 and $60,204,000 as contingent consideration obligations as of September 30, 2013 and December 31, 2012, respectively. Such consideration will be paid upon various conditions being met, including our tenants achieving certain rent coverage ratios, completing renovation projects or sellers' leasing of unoccupied space. Of the amount accrued as of December 31, 2012, $52,585,000 relates to our acquisition of Philadelphia SNF Portfolio on June 30, 2011, $5,492,000 relates to our acquisition of Pacific Northwest Senior Care Portfolio on August 24, 2012 and $2,127,000 relates to various other property acquisitions. Of the amount accrued as of September 30, 2013, $3,750,000 relates to our acquisition of Pacific Northwest Senior Care Portfolio and $1,703,000 relates to various other property acquisitions. | ||||||||||||||||
We recorded an increase in the obligation related to Philadelphia SNF Portfolio of $458,000 for the nine months ended September 30, 2013. For the nine months ended September 30, 2013, we paid $53,043,000 to settle obligations related to our acquisition of Philadelphia SNF Portfolio. Such payments resulted in an increase in the monthly rent charged to the tenant and additional rental revenue to us. | ||||||||||||||||
We could be required to pay up to $6,525,000 in contingent consideration with respect to our acquisition of Pacific Northwest Senior Care Portfolio. The first $4,700,000 of such contingent consideration can be paid immediately following the acquisition date upon notification that improvements up to such dollar amount have been completed by the tenant. The remaining portion of up to $1,825,000 could be paid within three years from the acquisition date provided that (i) the tenant has achieved a certain specified rent coverage ratio computed in the aggregate for the six most recent calendar months and (ii) the tenant has completed additional improvements in an amount up to $1,825,000. The range of payment is between $0 and up to a maximum of $6,525,000; however, such payment will result in an increase in the monthly rent charged to the tenant and additional rental revenue to us. We have assumed that the tenant will use and request the first $4,700,000 for the improvements and that the tenant will achieve the required rent coverage ratios for six consecutive months to qualify for the additional $1,825,000. As of September 30, 2013, we have made payments of $2,775,000 towards this obligation. | ||||||||||||||||
Unobservable Inputs and Reconciliation | ||||||||||||||||
The fair value of the contingent consideration is determined based on the facts and circumstances existing at each reporting date and the likelihood of the counterparty achieving the necessary conditions based on a probability weighted discounted cash flow analysis based, in part, on significant inputs which are not observable in the market. As a result, we have determined that our contingent consideration valuations are classified in Level 3 of the fair value hierarchy. Our contingent consideration assets are included in other assets, net and our contingent consideration obligations are included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets and any changes in their fair value subsequent to their acquisition date valuations are charged to earnings. Gains and losses recognized on contingent consideration assets and obligations are included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). | ||||||||||||||||
The following table shows quantitative information about unobservable inputs related to Level 3 fair value measurements used as of September 30, 2013 for our most significant contingent consideration obligation: | ||||||||||||||||
Property | Fair Value as of September 30, 2013 | Unobservable Inputs | Range of Inputs/Inputs | |||||||||||||
Pacific Northwest Senior Care Portfolio | $ | 3,750,000 | Achieve Required Lease Coverage Ratios | Yes | ||||||||||||
Total Estimated Cost of Tenant Improvements | $6,525,000 | |||||||||||||||
Percentage of Eligible Payment Requested | 100% | |||||||||||||||
Significant increases or decreases in any of the unobservable inputs in isolation or aggregate would result in a significantly higher or lower fair value measurement to each contingent consideration obligation as of September 30, 2013. Lastly, if the counterparty requests something less than 100% of the eligible payment, which they have the right to do so, then the fair value would decrease. If the lease coverage ratio for Pacific Northwest Senior Care Portfolio is not met, then the fair value would decrease to $1,925,000. A decrease in the total cost of the tenant improvements would decrease the fair value of the tenant improvement allowance. An increase in the total cost of the tenants improvements would have no impact on the payment. | ||||||||||||||||
The following is a reconciliation of the beginning and ending balances of our contingent consideration assets and obligations for the three and nine months ended ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Contingent Consideration Assets: | ||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 115,000 | ||||||||
Realized/unrealized losses recognized in earnings | — | — | — | (113,000 | ) | |||||||||||
Settlement of asset | — | — | — | (2,000 | ) | |||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | ||||||||
Amount of total gains (losses) included in earnings attributable to the change in unrealized gains (losses) related to assets still held | $ | — | $ | — | $ | — | $ | — | ||||||||
Contingent Consideration Obligations: | ||||||||||||||||
Beginning balance | $ | 6,489,000 | $ | 3,580,000 | $ | 60,204,000 | $ | 6,058,000 | ||||||||
Additions to contingent consideration obligations | 395,000 | 7,485,000 | 682,000 | 7,485,000 | ||||||||||||
Realized/unrealized losses recognized in earnings | — | 12,446,000 | 273,000 | 11,935,000 | ||||||||||||
Settlements of obligations | (1,431,000 | ) | (1,467,000 | ) | (55,706,000 | ) | (3,434,000 | ) | ||||||||
Ending balance | $ | 5,453,000 | $ | 22,044,000 | $ | 5,453,000 | $ | 22,044,000 | ||||||||
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held | $ | — | $ | 12,446,000 | $ | — | $ | 12,591,000 | ||||||||
Financial Instruments Disclosed at Fair Value | ||||||||||||||||
ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments, whether or not recognized on the face of the balance sheet. Fair value is defined under ASC Topic 820. | ||||||||||||||||
Our accompanying condensed consolidated balance sheets include the following financial instruments: real estate notes receivable, net, cash and cash equivalents, accounts and other receivables, net, restricted cash, real estate and escrow deposits, accounts payable and accrued liabilities, accounts payable due to affiliates, mortgage loans payable, net and borrowings under the unsecured line of credit. | ||||||||||||||||
We consider the carrying values of real estate notes receivable, net, cash and cash equivalents, accounts and other receivables, net, restricted cash, real estate and escrow deposits, accounts payable and accrued liabilities to approximate the fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization. The fair value of accounts payable due to affiliates is not determinable due to the related party nature of the accounts payable. | ||||||||||||||||
The fair value of the mortgage loans payable and the unsecured line of credit is estimated using a discounted cash flow analysis using borrowing rates available to us for debt instruments with similar terms and maturities. As of September 30, 2013 and December 31, 2012, the fair value of the mortgage loans payable was $339,931,000 and $308,472,000, respectively, compared to the carrying value of $343,186,000 and $291,052,000, respectively. The fair value of the unsecured line of credit as of September 30, 2013 and December 31, 2012 was $0 and $199,780,000, respectively, compared to the carrying value of $0 and $200,000,000, respectively. We have determined that the mortgage loans payable and the unsecured line of credit valuations are classified as Level 2 within the fair value hierarchy. |
Business_Combinations
Business Combinations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Business Combinations | ' | |||||||||||||||
Business Combinations | ||||||||||||||||
2013 | ||||||||||||||||
For the nine months ended September 30, 2013, we completed 15 property acquisitions comprising 34 buildings. The aggregate purchase price was $284,000,000, plus closing costs and acquisition fees of $8,775,000, which are included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). See Note 3, Real Estate Investments, Net, for a listing of the properties acquired, acquisition dates and the amount of financing initially incurred or assumed in connection with such acquisitions. | ||||||||||||||||
Results of operations for the property acquisitions are reflected in our accompanying condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2013 for the period subsequent to the acquisition date of each property through September 30, 2013. For the period from the acquisition date through September 30, 2013, we recognized the following amounts of revenue and net income for the property acquisitions: | ||||||||||||||||
Acquisition | Revenue | Net Income | ||||||||||||||
2013 Acquisitions | $ | 12,200,000 | $ | 1,611,000 | ||||||||||||
The following summarizes the fair value of our 2013 property acquisitions at the time of acquisition: | ||||||||||||||||
2013 Acquisitions | ||||||||||||||||
Land | $ | 22,639,000 | ||||||||||||||
Building and improvements | 208,188,000 | |||||||||||||||
In-place leases | 19,933,000 | |||||||||||||||
Tenant relationships | 30,592,000 | |||||||||||||||
Above market leases | 3,306,000 | |||||||||||||||
Leasehold interests | 467,000 | |||||||||||||||
Total assets acquired | 285,125,000 | |||||||||||||||
Mortgage loans payable, net | (62,712,000 | ) | ||||||||||||||
Below market leases | (1,643,000 | ) | ||||||||||||||
Above market leasehold interest | (147,000 | ) | ||||||||||||||
Other liabilities | (682,000 | ) | -1 | |||||||||||||
Total liabilities assumed | (65,184,000 | ) | ||||||||||||||
Net assets acquired | $ | 219,941,000 | ||||||||||||||
___________ | ||||||||||||||||
-1 | Included in other liabilities is $395,000 and $287,000 accrued for as contingent consideration in connection with the purchase of Lacombe MOB II and a building in the Central Indiana MOB Portfolio, respectively. See Note 14, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. | |||||||||||||||
Assuming the property acquisitions in 2013 discussed above had occurred on January 1, 2012, for the three and nine months ended September 30, 2013 and 2012, pro forma revenue, net income (loss), net income (loss) attributable to controlling interest and net income (loss) per common share attributable to controlling interest — basic and diluted would have been as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 53,134,000 | $ | 36,958,000 | $ | 150,632,000 | $ | 93,562,000 | ||||||||
Net income (loss) | $ | 6,297,000 | $ | (19,262,000 | ) | $ | 25,321,000 | $ | (24,169,000 | ) | ||||||
Net income (loss) attributable to controlling interest | $ | 6,290,000 | $ | (19,218,000 | ) | $ | 25,281,000 | $ | (24,104,000 | ) | ||||||
Net income (loss) per common share attributable to controlling interest — basic and diluted | $ | 0.03 | $ | (0.19 | ) | $ | 0.13 | $ | (0.28 | ) | ||||||
The pro forma adjustments assume that the debt proceeds and the offering proceeds, at a price of $10.00 per share, net of offering costs were raised as of January 1, 2012. In addition, as acquisition related expenses related to the property acquisitions are not expected to have a continuing impact, they have been excluded from the pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the property acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. | ||||||||||||||||
2012 | ||||||||||||||||
For the nine months ended September 30, 2012, we completed 16 property acquisitions comprising 65 buildings. The aggregate purchase price was $654,741,000, plus closing costs and acquisition fees of $20,094,000, which are included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). See Note 3, Real Estate Investments, Net for a listing of the properties acquired, acquisition dates and the amount of financing initially incurred or assumed in connection with such property acquisitions. | ||||||||||||||||
Results of operations for the property acquisitions are reflected in our accompanying condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2012 for the period subsequent to the acquisition date of each property through September 30, 2012. For the period from the acquisition date through September 30, 2012, we recognized the following amounts of revenue and net income for the property acquisitions: | ||||||||||||||||
Acquisition | Revenue | Net Income | ||||||||||||||
Southeastern SNF Portfolio | $ | 13,839,000 | $ | 5,158,000 | ||||||||||||
Other 2012 Acquisitions | $ | 12,833,000 | $ | 1,276,000 | ||||||||||||
The following summarizes the fair value of our 2012 property acquisitions at the time of acquisition. We present separately Southeastern SNF Portfolio, which is the one individually significant property acquisition during the nine months ended September 30, 2012, and aggregate the rest of the property acquisitions during the nine months ended September 30, 2012. | ||||||||||||||||
Southeastern SNF | Other 2012 Acquisitions | |||||||||||||||
Portfolio | ||||||||||||||||
Building and improvements | $ | 123,175,000 | $ | 373,645,000 | ||||||||||||
Land | 15,009,000 | 45,307,000 | ||||||||||||||
Furniture, fixtures and equipment | 1,578,000 | — | ||||||||||||||
In-place leases | 20,919,000 | 37,429,000 | ||||||||||||||
Tenant relationships | 15,271,000 | 36,885,000 | ||||||||||||||
Leasehold interest | — | 3,803,000 | ||||||||||||||
Master lease | — | 42,000 | ||||||||||||||
Defeasible interest | — | 623,000 | ||||||||||||||
Above market leases | — | 5,670,000 | ||||||||||||||
Total assets acquired | 175,952,000 | 503,404,000 | ||||||||||||||
Mortgage loans payable, net | (92,611,000 | ) | (71,197,000 | ) | ||||||||||||
Below market leases | — | (1,119,000 | ) | |||||||||||||
Above market leasehold interest | — | (1,515,000 | ) | |||||||||||||
Other liabilities | — | (11,465,000 | ) | -1 | ||||||||||||
Total liabilities assumed | (92,611,000 | ) | (85,296,000 | ) | ||||||||||||
Net assets acquired | $ | 83,341,000 | $ | 418,108,000 | ||||||||||||
___________ | ||||||||||||||||
-1 | Included in other liabilities is $6,525,000 and $960,000 accrued for as contingent consideration in connection with the purchase of Pacific Northwest Senior Care Portfolio and Silver Star MOB Portfolio, respectively. See Note 14, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. | |||||||||||||||
Assuming the property acquisitions in 2012 discussed above had occurred on January 1, 2011, for the three and nine months ended September 30, 2012, pro forma revenue, net (loss) income, net (loss) income attributable to controlling interest and net (loss) income per common share attributable to controlling interest — basic and diluted would have been as follows: | ||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||
Revenue | $ | 32,691,000 | $ | 96,968,000 | ||||||||||||
Net (loss) income | $ | (10,123,000 | ) | $ | 3,985,000 | |||||||||||
Net (loss) income attributable to controlling interest | $ | (10,125,000 | ) | $ | 3,983,000 | |||||||||||
Net (loss) income per common share attributable to controlling interest — basic and diluted | $ | (0.07 | ) | $ | 0.03 | |||||||||||
The pro forma adjustments assume that the debt proceeds and the offering proceeds, at a price of $10.00 per share, net of offering costs were raised as of January 1, 2011. In addition, as acquisition related expenses related to the acquisitions are not expected to have a continuing impact, they have been excluded from the pro forma results. The pro forma results are not necessarily indicative of the operating results that would have been obtained had the acquisitions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
As of September 30, 2013, we evaluated our business and made resource allocations based on four reportable business segments — medical office buildings, hospitals, skilled nursing facilities and senior housing. Our medical office buildings are typically leased to multiple tenants under separate leases in each building, thus requiring active management and responsibility for many of the associated operating expenses (although many of these are, or can effectively be, passed through to the tenants). Our hospital investments are primarily single tenant properties which lease the facilities to unaffiliated tenants under “triple-net” and generally “master” leases that transfer the obligation for all facility operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. Our skilled nursing facilities and senior housing facilities are acquired and similarly structured as our hospital investments. | ||||||||||||||||||||
We evaluate performance based upon net operating income of the combined properties in each segment. We define net operating income, a non-GAAP financial measure, as total revenues, less rental expenses, which excludes depreciation and amortization, general and administrative expenses, subordinated distribution purchase, acquisition related expenses, interest expense, foreign currency and derivative loss and interest income. We believe that net income (loss), as defined by GAAP, is the most appropriate earnings measurement. However, we believe that segment net operating income serves as a useful supplement to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Segment net operating income should not be considered as an alternative to net income (loss) determined in accordance with GAAP as an indicator of our financial performance, and, accordingly, we believe that in order to facilitate a clear understanding of our consolidated historical operating results, segment operating income should be examined in conjunction with net income (loss) as presented in our accompanying condensed consolidated financial statements. | ||||||||||||||||||||
Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. | ||||||||||||||||||||
Non-segment assets primarily consist of corporate assets including cash and cash equivalents, receivable from our transfer agent, real estate and escrow deposits, deferred financing costs and other assets not attributable to individual properties. | ||||||||||||||||||||
Summary information for the reportable segments during the three and nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Three Months Ended September 30, 2013 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 28,280,000 | $ | 13,226,000 | $ | 5,783,000 | $ | 4,729,000 | $ | 52,018,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 9,680,000 | 908,000 | 713,000 | 186,000 | 11,487,000 | |||||||||||||||
Segment net operating income | $ | 18,600,000 | $ | 12,318,000 | $ | 5,070,000 | $ | 4,543,000 | $ | 40,531,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 6,237,000 | |||||||||||||||||||
Acquisition related expenses | 2,301,000 | |||||||||||||||||||
Depreciation and amortization | 19,211,000 | |||||||||||||||||||
Income from operations | 12,782,000 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (4,760,000 | ) | ||||||||||||||||||
Gain in fair value of derivative financial instruments | 47,000 | |||||||||||||||||||
Foreign currency and derivative loss | (4,723,000 | ) | ||||||||||||||||||
Interest income | 246,000 | |||||||||||||||||||
Net income | $ | 3,592,000 | ||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Three Months Ended | ||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 14,987,000 | $ | 9,612,000 | $ | 2,303,000 | $ | 232,000 | $ | 27,134,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 5,000,000 | 708,000 | 212,000 | 22,000 | 5,942,000 | |||||||||||||||
Segment net operating income | $ | 9,987,000 | $ | 8,904,000 | $ | 2,091,000 | $ | 210,000 | $ | 21,192,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 2,935,000 | |||||||||||||||||||
Subordinated distribution purchase | 4,232,000 | |||||||||||||||||||
Acquisition related expenses | 21,174,000 | |||||||||||||||||||
Depreciation and amortization | 10,743,000 | |||||||||||||||||||
Loss from operations | (17,892,000 | ) | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (3,548,000 | ) | ||||||||||||||||||
Interest income | 4,000 | |||||||||||||||||||
Net loss | $ | (21,436,000 | ) | |||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 74,756,000 | $ | 36,154,000 | $ | 17,271,000 | $ | 9,449,000 | $ | 137,630,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 24,698,000 | 2,527,000 | 2,218,000 | 501,000 | 29,944,000 | |||||||||||||||
Segment net operating income | $ | 50,058,000 | $ | 33,627,000 | $ | 15,053,000 | $ | 8,948,000 | $ | 107,686,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 14,676,000 | |||||||||||||||||||
Acquisition related expenses | 9,580,000 | |||||||||||||||||||
Depreciation and amortization | 50,449,000 | |||||||||||||||||||
Income from operations | 32,981,000 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (13,325,000 | ) | ||||||||||||||||||
Gain in fair value of derivative financial instruments | 259,000 | |||||||||||||||||||
Foreign currency and derivative loss | (5,053,000 | ) | ||||||||||||||||||
Interest income | 283,000 | |||||||||||||||||||
Net income | $ | 15,145,000 | ||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Nine Months Ended | ||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 33,739,000 | $ | 26,999,000 | $ | 6,700,000 | $ | 232,000 | $ | 67,670,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 11,382,000 | 1,989,000 | 621,000 | 22,000 | 14,014,000 | |||||||||||||||
Segment net operating income | $ | 22,357,000 | $ | 25,010,000 | $ | 6,079,000 | $ | 210,000 | $ | 53,656,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 7,753,000 | |||||||||||||||||||
Subordinated distribution purchase | 4,232,000 | |||||||||||||||||||
Acquisition related expenses | 32,326,000 | |||||||||||||||||||
Depreciation and amortization | 25,707,000 | |||||||||||||||||||
Loss from operations | (16,362,000 | ) | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (9,747,000 | ) | ||||||||||||||||||
Loss in fair value of derivative financial instruments | (52,000 | ) | ||||||||||||||||||
Interest income | 11,000 | |||||||||||||||||||
Net loss | $ | (26,150,000 | ) | |||||||||||||||||
Assets by reportable segments as of September 30, 2013 and December 31, 2012, are as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Medical office buildings | $ | 1,057,127,000 | $ | 677,444,000 | ||||||||||||||||
Senior housing | 683,814,000 | 116,871,000 | ||||||||||||||||||
Skilled nursing facilities | 414,712,000 | 374,773,000 | ||||||||||||||||||
Hospitals | 196,722,000 | 190,289,000 | ||||||||||||||||||
All other | 526,264,000 | 95,252,000 | ||||||||||||||||||
Total assets | $ | 2,878,639,000 | $ | 1,454,629,000 | ||||||||||||||||
Our portfolio of properties and other investments are located in the United States and the United Kingdom. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
United States | $ | 49,686,000 | $ | 27,134,000 | $ | 135,298,000 | $ | 67,670,000 | ||||||||||||
United Kingdom | 2,332,000 | — | 2,332,000 | — | ||||||||||||||||
Total revenues | $ | 52,018,000 | $ | 27,134,000 | $ | 137,630,000 | $ | 67,670,000 | ||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Real estate investments, net: | ||||||||||||||||||||
United States | $ | 1,471,240,000 | $ | 1,112,295,000 | ||||||||||||||||
United Kingdom | 552,199,000 | — | ||||||||||||||||||
Total real estate investments, net | $ | 2,023,439,000 | $ | 1,112,295,000 | ||||||||||||||||
Concentration_of_Credit_Risk
Concentration of Credit Risk | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||
Concentration of Credit Risk | |||||||||||||||
Financial instruments that potentially subject us to a concentration of credit risk are primarily real estate notes receivable, cash and cash equivalents, accounts and other receivable, restricted cash and escrow deposits. We are exposed to credit risk with respect to the real estate notes receivable but we believe collection of the outstanding amount is probable and that the risk is further mitigated as the real estate notes receivable are secured by the property and there is a guarantee of completion agreement executed between the parent company of the borrower and us. Cash is generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash in financial institutions that is insured by the Federal Deposit Insurance Corporation, or FDIC. As of September 30, 2013 and December 31, 2012, we had cash and cash equivalents, restricted cash accounts and escrow deposits in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants is limited. We perform credit evaluations of prospective tenants, and security deposits are obtained upon lease execution. | |||||||||||||||
Based on leases in effect as of September 30, 2013, no one state in the United States accounted for 10.0% or more of our annualized base rent. However, we owned UK Senior Housing Portfolio in the United Kingdom, as of September 30, 2013, which accounted for 17.5% of our annualized base rent. Accordingly, there is a geographic concentration of risk subject to fluctuations in the United Kingdom's economy. | |||||||||||||||
Based on leases in effect as of September 30, 2013, our four reportable business segments, medical office buildings, skilled nursing facilities, senior housing and hospitals, accounted for 46.3%, 22.7%, 21.5% and 9.5%, respectively, of our annualized base rent. As of September 30, 2013, rental payments by one of our tenants at our properties accounted for 10.0% or more of our annualized base rent, as follows: | |||||||||||||||
Tenant | 2013 Annualized | Percentage of | Property | GLA | Lease Expiration | ||||||||||
Base Rent(1) | Annualized | (Sq Ft) | Date(2) | ||||||||||||
Base Rent | |||||||||||||||
Myriad Healthcare Limited(3) | £ | 21,610,000 | 17.5 | % | UK Senior Housing Portfolio | 962,000 | 9/10/48 | ||||||||
__________ | |||||||||||||||
-1 | Annualized base rent is based on contractual base rent from leases in effect as of September 30, 2013 and was approximately $34,976,000 based on the currency exchange rate as of September 30, 2013. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. | ||||||||||||||
-2 | UK Senior Housing Portfolio is leased to one tenant under a 35-year absolute net lease with lease termination options on October 1, 2028 and October 1, 2038. | ||||||||||||||
-3 | In addition, as of September 30, 2013, we had advanced £6,149,000, or approximately $9,953,000, under real estate notes receivable, to affiliates of Myriad Healthcare Limited. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. |
Per_Share_Data
Per Share Data | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Per Share Data | ' |
Per Share Data | |
We report earnings (loss) per share pursuant to ASC Topic 260, Earnings per Share. Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) allocated to controlling interest by the weighted average number of shares of our common stock outstanding during the period. Net income (loss) allocated to controlling interest is calculated as net income (loss) attributable to controlling interest less distributions allocated to participating securities of$52,000 and $2,000, respectively, for the three months ended September 30, 2013 and 2012, and $99,000 and $7,000, respectively, for the nine months ended September 30, 2013 and 2012. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all potentially dilutive securities, if any. Nonvested shares of our restricted common stock and exchangeable limited partnership units of our operating partnership are participating securities and give rise to potentially dilutive shares of our common stock. As of September 30, 2013 and 2012, there were 25,500 and 13,500 nonvested shares, respectively, of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. As of September 30, 2013 and 2012, there were 281,600 and 200 units, respectively, of exchangeable limited partnership units of our operating partnership outstanding, but such units were also excluded from the computation of diluted earning per share because such units were anti-dilutive during these periods. |
Subsequent_Events
Subsequent Events | 1 Months Ended | ||||||||||||||
Nov. 13, 2013 | |||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||
Subsequent Events | ' | ||||||||||||||
Subsequent Events | |||||||||||||||
Status of our Follow-On Offering | |||||||||||||||
On October 30, 2013, we terminated our follow-on offering. As of October 30, 2013, we had received and accepted subscriptions in our follow-on offering for 157,630,007 shares of our common stock, or $1,605,083,000, and a total of $42,713,000 in distributions were reinvested and 4,398,862 shares of our common stock were issued pursuant to the DRIP. In connection with the termination of our follow-on offering, the Executive Stock Purchase Plans adopted by Messrs. Hanson, Prosky, Streiff and Oh and Mses. Johnson and Lo were also terminated pursuant to the terms of the plans. | |||||||||||||||
Share Repurchases | |||||||||||||||
We received share repurchase requests and repurchased 154,296 shares of our common stock, for an aggregate amount of $1,498,000, under our share repurchase plan in October 2013. | |||||||||||||||
Property Acquisition | |||||||||||||||
Subsequent to September 30, 2013, we completed one property acquisition comprising two buildings from an unaffiliated party. The aggregate purchase price of the property was $13,600,000 and we paid $354,000 in acquisition fees to our advisor entities or their affiliates in connection with this acquisition. We have not yet measured the fair value of the tangible and identified intangible assets and liabilities of the acquisition. The following is a summary of our property acquisition subsequent to September 30, 2013: | |||||||||||||||
Acquisition(1) | Location | Type | Date | Purchase | Acquisition Fee(2) | ||||||||||
Acquired | Price | ||||||||||||||
Tennessee MOB Portfolio | Memphis and Hendersonville, TN | Medical Office | 10/2/13 | $ | 13,600,000 | $ | 354,000 | ||||||||
______________ | |||||||||||||||
-1 | We own 100% of our property acquired subsequent to September 30, 2013. | ||||||||||||||
-2 | Our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of the property, an acquisition fee of 2.60% of the contract purchase price, which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership, the wholly owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries and any variable interest entities, or VIEs, as defined in Financial Accounting Standards Boards, or FASB, Accounting Standards Codification, or ASC, Topic 810, Consolidation, or ASC Topic 810, which we have concluded should be consolidated pursuant to ASC Topic 810. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership, will own substantially all of the properties acquired on our behalf. We are the sole general partner of our operating partnership and as of September 30, 2013 and December 31, 2012, we own greater than a 99.90% and 99.96%, respectively, general partnership interest therein. On January 4, 2012, our advisor contributed $2,000 to acquire 200 limited partnership units of our operating partnership and as such, as of September 30, 2013 and December 31, 2012, owns less than a 0.01% noncontrolling limited partnership interest in our operating partnership. Between December 31, 2012 and July 16, 2013, 12 investors contributed their interests in 15 buildings in exchange for 281,600 limited partnership units in our operating partnership. As of September 30, 2013 and December 31, 2012, these investors collectively owned 281,600 and 42,700 limited partnership units, respectively, which represented less than a 0.10% and 0.04%, respectively, noncontrolling limited partnership interest in our operating partnership. Because we are the sole general partner and a limited partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our condensed consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. | |
Interim Unaudited Financial Data | ' |
Interim Unaudited Financial Data | |
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such full year results may be less favorable. | |
In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2012 Annual Report on Form 10-K, as filed with the SEC on March 15, 2013. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. | |
Allowance for Uncollectible Accounts | ' |
Allowance for Uncollectible Accounts | |
Tenant receivables and unbilled deferred rent receivables are carried net of an allowance for uncollectible amounts. An allowance is maintained for estimated losses resulting from the inability of certain tenants to meet the contractual obligations under their lease agreements. We maintain an allowance for deferred rent receivables arising from the straight line recognition of rents. Such allowance is charged to bad debt expense which is included in general and administrative in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the tenant's financial condition, security deposits, letters of credit, lease guarantees and current economic conditions and other relevant factors. | |
As of September 30, 2013 and December 31, 2012, we had $289,000 and $78,000, respectively, in allowance for uncollectible accounts which was determined necessary to reduce receivables to our estimate of the amount recoverable. For the three months ended September 30, 2013 and 2012, we recovered $43,000 and $0, respectively, net, of our receivables that had previously been written off to bad debt expense. For the nine months ended September 30, 2013 and 2012, $48,000 and $0, respectively, net, of our receivables were directly written off to bad debt expense. For the three months ended September 30, 2013 and 2012, none of our receivables, and for the nine months ended September 30, 2013 and 2012, $25,000 and $0, respectively, of our receivables were written off against the allowance for uncollectible accounts. As of September 30, 2013 and December 31, 2012, we did not have an allowance for uncollectible accounts for deferred rent receivables. For the three months ended September 30, 2013 and 2012, $26,000 and $1,000, respectively, and for the nine months ended September 30, 2013 and 2012, $44,000 and $9,000, respectively, of our deferred rent receivables were directly written off to bad debt expense. | |
Other Liabilities | ' |
Other Liabilities | |
As of September 30, 2013 and December 31, 2012, included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets was $5,453,000 and $60,204,000, respectively, of contingent consideration obligations in connection with our property acquisitions. Such amounts are due upon certain criteria being met within specified timeframes. For the three months ended September 30, 2013 and 2012, we recorded a net gain (loss) on the change in fair value of contingent consideration of $0 and $(12,446,000), respectively, and for the nine months ended September 30, 2013 and 2012, we recorded a net (loss) on the change in fair value of contingent consideration of $(273,000) and $(12,048,000), respectively, which is included in acquisition related expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). See Note 14, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. | |
Also included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets as of September 30, 2013 is a foreign deferred tax liability of approximately £33,100,000 (or approximately $53,573,000 based on the currency exchange rate as of September 30, 2013) related to the temporary difference between the book basis and the tax basis of our real estate investment assets in the United Kingdom. We measure deferred tax liabilities using enacted tax rates as of the end of each reporting period. The deferred tax liability will be remeasured at each reporting period until it is fully recognized and any change in the liability will be recorded in our accompanying condensed consolidated statements of operations and comprehensive income (loss) in the period of change | |
Subordinated Distribution Purchase | ' |
Subordinated Distribution Purchase | |
On September 14, 2012, we and our operating partnership entered into an agreement, or the settlement agreement, with BGC Partners, Inc., or BGC Partners, which held 200 units of limited partnership interest in our operating partnership and would have been entitled to any subordinated distribution that would have been owed to our former advisor and its affiliates, including our former sponsor. Pursuant to the settlement agreement, BGC Partners transferred certain assets to us, including the 200 units of limited partnership interest held in our operating partnership and any rights to the payment of any subordinated distribution for consideration of $4,300,000. Notwithstanding these transfers to us, in the event of a listing event or other liquidity event, as both terms are defined in the partnership agreement for our operating partnership, or the operating partnership agreement, we will calculate a hypothetical deferred termination amount (as defined in the operating partnership agreement and based on assets acquired by us on or before January 10, 2012) for the payment of the subordinated distribution that would have been owed to our former advisor and its affiliates, including our former sponsor. If such calculation results in an amount that is greater than the $4,300,000 paid by us, then we will pay BGC Partners an amount equal to 10.0% of the difference between such calculation and the $4,300,000 paid by us. In connection with the settlement agreement, BGC Partners has agreed to release all known and unknown claims that they may have had against us and our operating partnership. | |
Of the $4,300,000 paid by us, $4,232,000 is reflected in our accompanying condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2012 and $68,000 is in satisfaction of all remaining payments owed by us to our former advisor and its affiliates, including our former sponsor, under the G&E Advisory Agreement. | |
Segment Disclosure | ' |
Segment Disclosure | |
ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity's reportable segments. As of September 30, 2013, we operated through four reportable business segments — medical office buildings, hospitals, skilled nursing facilities and senior housing. Prior to June 2013, our senior housing segment was referred to as our assisted living facilities segment. Prior to August 2012, we operated through three reportable business segments; however, with the addition of our first senior housing facilities in August 2012, we felt it was useful to segregate our operations into these four reporting segments to assess the performance of our business in the same way that management intends to review our performance and make operating decisions. | |
See Note 16, Segment Reporting, for a further discussion. | |
Foreign Currency Transactions | ' |
Foreign Currency | |
We have real estate investments in the United Kingdom for which the functional currency is the United Kingdom Pound Sterling, or GBP. We translate the results of operations of our foreign real estate investments into U.S. Dollars, or USD, using the average rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are included in accumulated other comprehensive income, or AOCI, a component of stockholders' equity in our accompanying condensed consolidated balance sheets. | |
Gains or losses resulting from foreign currency transactions are remeasured into USD at the rates of exchange prevailing on the date of the transactions. The effects of transaction gains/losses are generally included in foreign currency and derivative loss in our condensed consolidated statements of operations and comprehensive income (loss). In addition to the unrealized loss we recorded on our foreign currency forward contract, we recorded $4,971,000 and $4,641,000 for the three and nine months ended September 30, 2013, respectively, in foreign currency transaction gains. See Note 8, Derivative Financial Instruments — Foreign Currency Forward Contract, for a further discussion of our foreign currency forward contract. | |
Reclassifications | ' |
Reclassifications | |
Deferred rent for the nine months ended September 30, 2012 has been reclassified on our accompanying condensed consolidated statements of cash flows to conform to the current year presentation. This reclassification has no effect on cash flows provided by operating activities. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update, or ASU, 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, or ASU 2013-02, to improve the transparency of amounts reclassified out of AOCI. The additional disclosure requirements in ASU 2013-02 include: (1) changes in AOCI balances by component and (2) presentation of significant amounts reclassified out of AOCI to net income (loss) by the specific line item of net income (loss)affected. For public entities, ASU 2013-02 is effective prospectively for interim and annual reporting periods beginning after December 15, 2012. We adopted ASU 2013-02 on January 1, 2013, which did not have a material impact on our consolidated financial statements. |
Real_Estate_Investments_Net_Ta
Real Estate Investments, Net (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||||||||||||||
Investments in Consolidated Properties | ' | |||||||||||||||||||||||||||
Our investments in our consolidated properties consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Building and improvements | $ | 1,716,683,000 | $ | 1,039,461,000 | ||||||||||||||||||||||||
Land | 374,092,000 | 106,735,000 | ||||||||||||||||||||||||||
Furniture, fixtures and equipment | 2,669,000 | 2,669,000 | ||||||||||||||||||||||||||
2,093,444,000 | 1,148,865,000 | |||||||||||||||||||||||||||
Less: accumulated depreciation | (70,005,000 | ) | (36,570,000 | ) | ||||||||||||||||||||||||
$ | 2,023,439,000 | $ | 1,112,295,000 | |||||||||||||||||||||||||
Summary of Acquisitions | ' | |||||||||||||||||||||||||||
The following is a summary of our property acquisitions for the nine months ended September 30, 2013: | ||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Line of | Issuance of Limited Partnership Units(4) | Acquisition Fee(5) | ||||||||||||||||||||
Price | Payable(2) | Credit(3) | ||||||||||||||||||||||||||
A & R Medical Office Building Portfolio | Ruston, LA and Abilene, TX | Medical Office | 2/20/13 | $ | 31,750,000 | $ | — | $ | 29,000,000 | $ | — | $ | 826,000 | |||||||||||||||
Greeley Northern Colorado MOB Portfolio | Greeley, CO | Medical Office | 2/28/13 | 15,050,000 | — | 15,000,000 | — | 391,000 | ||||||||||||||||||||
St. Anthony North Denver MOB II | Westminster, CO | Medical Office | 3/22/13 | 4,100,000 | — | — | — | 107,000 | ||||||||||||||||||||
Eagles Landing GA MOB | Stockbridge, GA | Medical Office | 3/28/13 | 12,400,000 | — | 12,300,000 | — | 322,000 | ||||||||||||||||||||
Eastern Michigan MOB Portfolio | Novi and West Bloomfield, MI | Medical Office | 3/28/13 | 21,600,000 | — | 21,600,000 | — | 562,000 | ||||||||||||||||||||
Central Indiana MOB Portfolio(6) | Avon, Bloomington, Carmel, Fishers, Indianapolis, Muncie and Noblesville, IN | Medical Office | 03/28/13, | 88,750,000 | 59,343,000 | — | 2,012,000 | 2,308,000 | ||||||||||||||||||||
04/26/13 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
05/20/13 | ||||||||||||||||||||||||||||
Pennsylvania SNF Portfolio | Milton and Watsontown, PA | Skilled Nursing | 4/30/13 | 13,000,000 | — | 9,000,000 | — | 338,000 | ||||||||||||||||||||
Rockwall MOB II | Rockwall, TX | Medical Office | 5/23/13 | 5,400,000 | — | — | — | 140,000 | ||||||||||||||||||||
Pittsfield Skilled Nursing Facility | Pittsfield, MA | Skilled Nursing | 5/29/13 | 15,750,000 | — | — | — | 410,000 | ||||||||||||||||||||
Des Plaines Surgical Center | Des Plaines, IL | Medical Office | 5/31/13 | 10,050,000 | — | — | — | 261,000 | ||||||||||||||||||||
Pacific Northwest Senior Care Portfolio(7) | Grants Pass, OR | Skilled Nursing | 5/31/13 | 6,573,000 | — | — | — | 171,000 | ||||||||||||||||||||
Winn MOB Portfolio | Decatur, GA | Medical Office | 6/3/13 | 9,850,000 | — | — | — | 256,000 | ||||||||||||||||||||
Hinsdale MOB Portfolio | Hinsdale, IL | Medical Office | 7/11/13 | 35,500,000 | — | — | — | 923,000 | ||||||||||||||||||||
Johns Creek Medical Office Building | Johns Creek, CA | Medical Office | 8/26/13 | 20,100,000 | — | — | — | 523,000 | ||||||||||||||||||||
Winn MOB II | Decatur, GA | Medical Office | 8/27/13 | 2,800,000 | — | — | — | 73,000 | ||||||||||||||||||||
Greeley Cottonwood MOB | Greeley, CO | Medical Office | 9/6/13 | 7,450,000 | — | — | — | 194,000 | ||||||||||||||||||||
UK Senior Housing Portfolio(8) | England, Scotland and Jersey, UK | Senior Housing | 9/11/13 | 472,167,000 | — | — | — | 12,276,000 | ||||||||||||||||||||
Tiger Eye NY MOB Portfolio | Middletown, Rock Hill and Wallkill, NY | Medical Office | 9/20/13 | 114,700,000 | — | — | — | 2,982,000 | ||||||||||||||||||||
Salt Lake City LTACH | Murray, UT | Hospital | 9/25/13 | 13,700,000 | — | — | — | 138,000 | -9 | |||||||||||||||||||
Lacombe MOB II | Lacombe, LA | Medical Office | 9/27/13 | 5,500,000 | — | — | — | 143,000 | ||||||||||||||||||||
Total | $ | 906,190,000 | $ | 59,343,000 | $ | 86,900,000 | $ | 2,012,000 | $ | 23,344,000 | ||||||||||||||||||
___________ | ||||||||||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2013. | |||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us at the time of acquisition. | |||||||||||||||||||||||||||
-3 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-4 | Represents the value of our operating partnership's units issued as part of the consideration paid to acquire the property. | |||||||||||||||||||||||||||
-5 | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||||||||||||||||||
-6 | On March 28, 2013, April 26, 2013 and May 20, 2013, we added a total of 12 additional buildings to our existing Central Indiana MOB Portfolio. | |||||||||||||||||||||||||||
-7 | On May 31, 2013, we purchased the fourteenth skilled nursing facility comprising our existing Pacific Northwest Senior Care Portfolio. | |||||||||||||||||||||||||||
-8 | On September 11, 2013, we purchased UK Senior Housing Portfolio for a net contract purchase price of £298,500,000, or approximately $472,167,000, based on the currency exchange rate on the acquisition date. | |||||||||||||||||||||||||||
-9 | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | |||||||||||||||||||||||||||
The following is a summary of our property acquisitions for the nine months ended September 30, 2012: | ||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Lines of | Acquisition Fee(5) | |||||||||||||||||||||
Price | Payable(2) | Credit | ||||||||||||||||||||||||||
Southeastern SNF Portfolio | Conyers, Covington, Snellville, Gainesville and Atlanta, GA; Memphis and Millington, TN; Shreveport, LA; and Mobile, AL | Skilled Nursing | 1/10/12 | $ | 166,500,000 | $ | 83,159,000 | $ | 58,435,000 | -3 | $ | 4,579,000 | ||||||||||||||||
FLAGS MOB Portfolio | Boynton Beach, FL; Austell, GA; Okatie, SC; and Tempe, AZ | Medical Office | 1/27/12 | 33,800,000 | 17,354,000 | 15,600,000 | -3 | 879,000 | ||||||||||||||||||||
and | ||||||||||||||||||||||||||||
03/23/12 | ||||||||||||||||||||||||||||
Spokane MOB | Spokane, WA | Medical Office | 1/31/12 | 32,500,000 | 14,482,000 | 19,000,000 | -3 | 845,000 | ||||||||||||||||||||
Centre Medical Plaza | Chula Vista, CA | Medical Office | 4/26/12 | 24,600,000 | 11,933,000 | 6,000,000 | -3 | 640,000 | ||||||||||||||||||||
Gulf Plains MOB Portfolio | Amarillo and Houston, TX | Medical Office | 4/26/12 | 19,250,000 | — | 16,000,000 | -3 | 501,000 | ||||||||||||||||||||
Midwestern MOB Portfolio | Champaign, Lemont, Naperville and Urbana, IL | Medical Office | 05/22/12, | 30,060,000 | 17,728,000 | 6,000,000 | -3 | 782,000 | ||||||||||||||||||||
07/19/12 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
08/14/12 | ||||||||||||||||||||||||||||
Texarkana MOB | Texarkana, TX | Medical Office | 6/14/12 | 6,500,000 | — | — | 169,000 | |||||||||||||||||||||
Greeley MOB | Greeley, CO | Medical Office | 6/22/12 | 13,200,000 | — | — | 343,000 | |||||||||||||||||||||
Columbia MOB | Columbia, SC | Medical Office | 6/26/12 | 6,900,000 | — | — | 179,000 | |||||||||||||||||||||
Ola Nalu MOB Portfolio | Huntsville, AL; New Port Richey, FL; Hilo, HI; Warsaw, IN; Las Vegas, NM; and Rockwall, San Angelo and Schertz, TX | Medical Office | 6/29/12 | 71,000,000 | — | 64,000,000 | -4 | 1,846,000 | ||||||||||||||||||||
and | ||||||||||||||||||||||||||||
07/11/12 | ||||||||||||||||||||||||||||
Silver Star MOB Portfolio | Killeen, Temple, Rowlett, Desoto and Frisco, TX | Medical Office | 07/19/12, | 35,400,000 | — | 32,750,000 | -4 | 920,000 | ||||||||||||||||||||
09/05/12 | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
09/27/12 | ||||||||||||||||||||||||||||
Shelbyville MOB | Shelbyville, TN | Medical Office | 7/26/12 | 6,800,000 | — | 6,800,000 | -4 | 177,000 | ||||||||||||||||||||
Jasper MOB | Jasper, GA | Medical Office | 8/8/12 | 13,800,000 | 6,275,000 | — | 359,000 | |||||||||||||||||||||
and | ||||||||||||||||||||||||||||
09/27/12 | ||||||||||||||||||||||||||||
Pacific Northwest Senior Care Portfolio | Bend, Corvallis, Grants Pass, Prineville, Redmond and Salem, OR; and North Bend, Olympia and Tacoma, WA | Skilled Nursing and Senior Housing | 8/24/12 | 58,231,000 | — | 45,000,000 | -4 | 1,514,000 | ||||||||||||||||||||
East Tennessee MOB Portfolio | Knoxville, TN | Medical Office | 9/14/12 | 51,200,000 | — | 50,000,000 | -4 | 1,331,000 | ||||||||||||||||||||
Los Angeles Hospital Portfolio | Los Angeles, Gardena and Norwalk, CA | Hospital | 9/27/12 | 85,000,000 | — | 86,500,000 | -4 | 2,210,000 | ||||||||||||||||||||
Total | $ | 654,741,000 | $ | 150,931,000 | $ | 406,085,000 | $ | 17,274,000 | ||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2012. | |||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. | |||||||||||||||||||||||||||
-3 | Represents borrowings under our secured revolving lines of credit with Bank of America, N.A., or Bank of America, and KeyBank National Association, or KeyBank, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down our secured revolving lines of credit with Bank of America and KeyBank as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-4 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advanced funds and paid down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | |||||||||||||||||||||||||||
-5 | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Real_Estate_Notes_Receivable_T
Real Estate Notes Receivable (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Real Estate Notes Receivable [Abstract] | ' | ||||||||||||||||||||
Real Estate Notes Receivable, Net | ' | ||||||||||||||||||||
Real estate notes receivable, net consisted of the following as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
Outstanding Balance(2) | |||||||||||||||||||||
Notes Receivable | Origination Date | Maturity Date | Contractual Interest Rate(1) | Maximum Advances Available | 30-Sep-13 | 31-Dec-12 | Acquisition Fee(3) | ||||||||||||||
Location of Related Property or Collateral | |||||||||||||||||||||
Salt Lake City Note(4) | |||||||||||||||||||||
Murray, UT | 10/5/12 | 10/5/13 | 5.25% | $12,100,000 | $ | — | $ | 5,213,000 | $ | 218,000 | |||||||||||
UK Development Facility(5) | |||||||||||||||||||||
United Kingdom | 9/11/13 | various | 7.50% | $107,939,000 | 9,953,000 | — | 195,000 | ||||||||||||||
Kissito Note | |||||||||||||||||||||
Roanoke, VA | 9/20/13 | 3/19/15 | 7.25% | $4,400,000 | 1,468,000 | — | 29,000 | ||||||||||||||
$ | 11,421,000 | $ | 5,213,000 | ||||||||||||||||||
Unamortized closing costs and origination fees, net | 177,000 | (31,000 | ) | ||||||||||||||||||
Real estate notes receivable, net | $ | 11,598,000 | $ | 5,182,000 | |||||||||||||||||
___________ | |||||||||||||||||||||
-1 | Represents the per annum interest rate in effect as of September 30, 2013. | ||||||||||||||||||||
-2 | Outstanding balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns. | ||||||||||||||||||||
-3 | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. | ||||||||||||||||||||
-4 | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | ||||||||||||||||||||
-5 | We entered into the UK Development Facility agreement on July 6, 2013, which was effective upon the acquisition of UK Senior Housing Portfolio on September 11, 2013. There are various maturity dates depending upon the timing of advances, however, the maturity date will be no later than March 10, 2022. Based on the currency exchange rate as of September 30, 2013, the maximum amount for advances available was £66,691,000, or approximately $107,939,000, and the outstanding balance as of September 30, 2013 was £6,149,000, or approximately $9,953,000. | ||||||||||||||||||||
Change in Carrying Amount of Real Estate Notes Receivable | ' | ||||||||||||||||||||
The following shows the change in the carrying amount of the real estate notes receivable for the nine months ended September 30, 2013: | |||||||||||||||||||||
Amount | |||||||||||||||||||||
Real estate notes receivable, net — December 31, 2012 | $ | 5,182,000 | |||||||||||||||||||
Additions: | |||||||||||||||||||||
Advances on real estate notes receivable | 16,871,000 | ||||||||||||||||||||
Closing costs and origination fees, net | 293,000 | ||||||||||||||||||||
Unrealized foreign currency gain from remeasurement | 219,000 | ||||||||||||||||||||
Deductions: | |||||||||||||||||||||
Amortization of closing costs and origination fees | (85,000 | ) | |||||||||||||||||||
Settlement of real estate notes receivable | (10,882,000 | ) | |||||||||||||||||||
Real estate notes receivable, net — September 30, 2013 | $ | 11,598,000 | |||||||||||||||||||
Identified_Intangible_Assets_N1
Identified Intangible Assets, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||
Identified Intangible Assets, Net | ' | |||||||
Identified intangible assets, net consisted of the following as of September 30, 2013 and December 31 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Tenant relationships, net of accumulated amortization of $9,314,000 and $4,662,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 18.8 years and 20.5 years as of September 30, 2013 and December 31, 2012, respectively) | $ | 114,244,000 | $ | 88,304,000 | ||||
In-place leases, net of accumulated amortization of $21,416,000 and $11,532,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 9.9 years and 10.6 years as of September 30, 2013 and December 31, 2012, respectively) | 96,639,000 | 88,110,000 | ||||||
Leasehold interests, net of accumulated amortization of $589,000 and $400,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 63.8 years and 63.1 years as of September 30, 2013 and December 31, 2012, respectively) | 15,641,000 | 15,690,000 | ||||||
Above market leases, net of accumulated amortization of $3,294,000 and $1,805,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 6.8 years and 9.4 years as of September 30, 2013 and December 31, 2012, respectively) | 10,516,000 | 11,190,000 | ||||||
Defeasible interest, net of accumulated amortization of $25,000 and $14,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 40.0 years and 40.8 years as of September 30, 2013 and December 31, 2012, respectively) | 598,000 | 610,000 | ||||||
Master leases, net of accumulated amortization of $208,000 and $616,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 0.2 years and 0.6 years as of September 30, 2013 and December 31, 2012, respectively) | 30,000 | 243,000 | ||||||
$ | 237,668,000 | $ | 204,147,000 | |||||
Amortization Expense on Identified Intangible Assets | ' | |||||||
As of September 30, 2013, estimated amortization expense on the identified intangible assets for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 6,649,000 | ||||||
2014 | 23,747,000 | |||||||
2015 | 21,391,000 | |||||||
2016 | 19,388,000 | |||||||
2017 | 17,779,000 | |||||||
Thereafter | 148,714,000 | |||||||
$ | 237,668,000 | |||||||
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other assets, net | ' | |||||||
Other assets, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Deferred rent receivables | $ | 19,476,000 | $ | 10,219,000 | ||||
Deferred financing costs, net of accumulated amortization of $3,045,000 and $1,276,000 as of September 30, 2013 and December 31, 2012, respectively | 7,083,000 | 6,234,000 | ||||||
Prepaid expenses and deposits | 2,016,000 | 1,353,000 | ||||||
Lease commissions, net of accumulated amortization of $286,000 and $122,000 as of September 30, 2013 and December 31, 2012, respectively | 4,563,000 | 1,716,000 | ||||||
$ | 33,138,000 | $ | 19,522,000 | |||||
Estimated amortization expense on deferred financing costs and lease commissions | ' | |||||||
Estimated amortization expense on deferred financing costs and lease commissions as of September 30, 2013 for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 879,000 | ||||||
2014 | 3,445,000 | |||||||
2015 | 1,985,000 | |||||||
2016 | 836,000 | |||||||
2017 | 663,000 | |||||||
Thereafter | 3,838,000 | |||||||
$ | 11,646,000 | |||||||
Mortgage_Loans_Payable_Net_Tab
Mortgage Loans Payable, Net (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||
Mortgage Loans Payable, Net | ' | |||||||||||||
Mortgage loans payable, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||||||||
Interest | September 30, | December 31, | ||||||||||||
Acquisition | Rate(1) | Maturity Date | 2013 | 2012 | ||||||||||
Fixed Rate Debt: | ||||||||||||||
Pocatello East Medical Office Building | 6 | % | 10/1/20 | $ | 7,441,000 | $ | 7,594,000 | |||||||
Monument LTACH Portfolio | 5.79 | % | 5/27/18 | 23,587,000 | 24,134,000 | |||||||||
Hardy Oak Medical Office Building | 6.6 | % | 10/10/16 | — | 5,080,000 | |||||||||
Maxfield Medical Office Building | 5.17 | % | 2/28/15 | 4,745,000 | 4,879,000 | |||||||||
Milestone Medical Office Building Portfolio | 4.5 | % | 2/1/17 | 16,000,000 | 16,000,000 | |||||||||
Southeastern SNF Portfolio (Bell Minor) | 4.57 | % | 8/1/40 | 6,881,000 | 6,977,000 | |||||||||
Southeastern SNF Portfolio (Covington) | 4.6 | % | 8/1/40 | 11,021,000 | 11,174,000 | |||||||||
Southeastern SNF Portfolio (Mobile) | 4.6 | % | 8/1/40 | 4,903,000 | 4,971,000 | |||||||||
Southeastern SNF Portfolio (Shreveport) | 4.6 | % | 8/1/40 | 10,550,000 | 10,696,000 | |||||||||
Southeastern SNF Portfolio (Westminster) | 4.57 | % | 8/1/40 | 4,461,000 | 4,523,000 | |||||||||
Southeastern SNF Portfolio (Buckhead) | 5.25 | % | 3/1/45 | 11,690,000 | 11,797,000 | |||||||||
Southeastern SNF Portfolio (Rockdale) | 5.25 | % | 3/1/45 | 7,888,000 | 7,960,000 | |||||||||
Interest | September 30, | December 31, | ||||||||||||
Acquisition | Rate(1) | Maturity Date | 2013 | 2012 | ||||||||||
Southeastern SNF Portfolio (Millington) | 4.6 | % | 8/1/45 | $ | 4,691,000 | $ | 4,739,000 | |||||||
Southeastern SNF Portfolio (Memphis) | 4.57 | % | 8/1/45 | 6,617,000 | 6,684,000 | |||||||||
FLAGS MOB Portfolio (Okatie) | 5.62 | % | 7/1/14 | 7,532,000 | 7,662,000 | |||||||||
FLAGS MOB Portfolio (Boynton) | 6.31 | % | 8/1/16 | 4,027,000 | 4,084,000 | |||||||||
FLAGS MOB Portfolio (Tempe) | 5.33 | % | 8/1/15 | 5,220,000 | 5,307,000 | |||||||||
Spokane MOB | 5.59 | % | 3/11/35 | 13,983,000 | 14,214,000 | |||||||||
Centre Medical Plaza | 5.95 | % | 3/1/14 | 11,571,000 | 11,767,000 | |||||||||
Midwestern MOB Portfolio (Champaign) | 5.88 | % | 5/11/21 | 3,626,000 | 3,667,000 | |||||||||
Midwestern MOB Portfolio (Naperville) | 5.91 | % | 6/5/16 | 7,092,000 | 7,172,000 | |||||||||
Midwestern MOB Portfolio (Urbana) | 5.46 | % | 6/1/15 | 6,671,000 | 6,773,000 | |||||||||
Southeastern SNF Portfolio (Snellville) | 2.48 | % | 9/1/47 | 13,075,000 | 13,258,000 | |||||||||
Jasper MOB Portfolio | 6.1 | % | 7/6/17 | 6,187,000 | 6,253,000 | |||||||||
Surgical Hospital of Humble | 3.65 | % | 1/1/20 | 6,550,000 | 6,550,000 | |||||||||
St. Anthony North Medical Office Building | 3.65 | % | 1/1/20 | 5,975,000 | 5,975,000 | |||||||||
Parkway Medical Center | 3.65 | % | 1/1/20 | 5,450,000 | 5,450,000 | |||||||||
St. Vincent Medical Office Building | 3.65 | % | 1/1/20 | 5,050,000 | 5,050,000 | |||||||||
Greeley MOB | 3.65 | % | 1/1/20 | 6,600,000 | 6,600,000 | |||||||||
Columbia MOB | 3.65 | % | 1/1/20 | 3,450,000 | 3,450,000 | |||||||||
Ola Nalu MOB Portfolio (Rockwall) | 3.65 | % | 1/1/20 | 11,043,000 | 11,043,000 | |||||||||
Ola Nalu MOB Portfolio (Huntsville) | 3.65 | % | 1/1/20 | 4,667,000 | 4,667,000 | |||||||||
Central Indiana MOB Portfolio (Carmel Penn) | 6.6 | % | 10/15/18 | 5,402,000 | 5,462,000 | |||||||||
Central Indiana MOB Portfolio (Riverview Medical Arts Building) | 6.53 | % | 4/1/18 | 6,273,000 | — | |||||||||
Central Indiana MOB Portfolio (Avon) | 5.64 | % | 4/1/16 | 4,227,000 | — | |||||||||
Central Indiana MOB Portfolio (North Meridian) | 5.73 | % | 6/1/16 | 2,594,000 | — | |||||||||
Central Indiana MOB Portfolio (Bloomington) | 5.84 | % | 5/1/16 | 4,164,000 | — | |||||||||
Central Indiana MOB Portfolio (Noblesville) | 5.89 | % | 5/1/16 | 5,198,000 | — | |||||||||
Central Indiana MOB Portfolio (Muncie) | 5.9 | % | 8/1/16 | 6,214,000 | — | |||||||||
Central Indiana MOB Portfolio (Hazel Dell) | 5.78 | % | 6/1/16 | 2,364,000 | — | |||||||||
Central Indiana MOB Portfolio (8260 Naab Rd) | 5.89 | % | 5/1/16 | 6,139,000 | — | |||||||||
Central Indiana MOB Portfolio (Carmel Physicians) | 5.31 | % | 10/1/15 | 9,747,000 | — | |||||||||
Central Indiana MOB Portfolio (Fishers MOB) | 5.54 | % | 12/1/15 | 3,526,000 | — | |||||||||
Central Indiana MOB Portfolio (Indiana Heart Physicians) | 5.84 | % | 8/1/15 | 8,463,000 | — | |||||||||
312,555,000 | 261,612,000 | |||||||||||||
Variable Rate Debt: | ||||||||||||||
Center for Neurosurgery and Spine(2) | 1.28 | % | 08/15/21 (callable) | 2,547,000 | 2,731,000 | |||||||||
Lawton Medical Office Building Portfolio | 3.04 | % | 1/1/16 | 6,842,000 | 6,970,000 | |||||||||
Muskogee Long-Term Acute Care Hospital | 2.58 | % | 4/8/18 | 6,804,000 | 6,932,000 | |||||||||
16,193,000 | 16,633,000 | |||||||||||||
Total fixed and variable rate debt | 328,748,000 | 278,245,000 | ||||||||||||
Add: premium | 14,662,000 | 13,055,000 | ||||||||||||
Less: discount | (224,000 | ) | (248,000 | ) | ||||||||||
Mortgage loans payable, net | $ | 343,186,000 | $ | 291,052,000 | ||||||||||
__________ | ||||||||||||||
-1 | Represents the per annum interest rate in effect as of September 30, 2013. | |||||||||||||
-2 | The mortgage loan payable requires monthly principal and interest payments and is due August 15, 2021; however, the principal balance is immediately due upon written request from the seller and seller's confirmation that it shall pay any interest rate swap termination amount that is applicable. Additionally, the seller guarantors agreed to retain their guaranty obligations with respect to the mortgage loan and the interest rate swap agreement. We, the seller and the seller guarantors have also agreed to indemnify the other parties for any liability caused by a party's breach or nonperformance of obligations under the loan. | |||||||||||||
Principal Payments Due on Mortgage Loans Payable | ' | |||||||||||||
As of September 30, 2013, the principal payments due on our mortgage loans payable for the three months ending December 31, 2013 and for each of the next four years ending December 31 and thereafter was as follows: | ||||||||||||||
Year | Amount | |||||||||||||
2013 | $ | 3,915,000 | ||||||||||||
2014 | 24,368,000 | |||||||||||||
2015 | 41,985,000 | |||||||||||||
2016 | 50,419,000 | |||||||||||||
2017 | 24,779,000 | |||||||||||||
Thereafter | 183,282,000 | |||||||||||||
$ | 328,748,000 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Financial Instruments Held | ' | |||||||||||||||
The following table lists the interest rate swap contracts held by us as of September 30, 2013: | ||||||||||||||||
Notional Amount | Index | Interest Rate | Fair Value | Instrument | Maturity Date | |||||||||||
$ | 2,547,000 | one month LIBOR | 6 | % | $ | (348,000 | ) | Swap | 8/15/21 | |||||||
6,842,000 | one month LIBOR | 4.41 | % | (24,000 | ) | Swap | 1/1/14 | |||||||||
6,804,000 | one month LIBOR | 4.28 | % | (66,000 | ) | Swap | 5/1/14 | |||||||||
6,784,000 | one month LIBOR | 4.11 | % | (98,000 | ) | Swap | 10/1/15 | |||||||||
$ | 22,977,000 | $ | (536,000 | ) | ||||||||||||
The following table lists the interest rate swap contracts held by us as of December 31, 2012: | ||||||||||||||||
Notional Amount | Index | Interest Rate | Fair Value | Instrument | Maturity Date | |||||||||||
$ | 2,731,000 | one month LIBOR | 6 | % | $ | (470,000 | ) | Swap | 8/15/21 | |||||||
6,970,000 | one month LIBOR | 4.41 | % | (89,000 | ) | Swap | 1/1/14 | |||||||||
6,932,000 | one month LIBOR | 4.28 | % | (147,000 | ) | Swap | 5/1/14 | |||||||||
6,784,000 | one month LIBOR | 4.11 | % | (89,000 | ) | Swap | 10/1/15 | |||||||||
$ | 23,417,000 | $ | (795,000 | ) | ||||||||||||
Identified_Intangible_Liabilit1
Identified Intangible Liabilities, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Intangible Liabilities [Abstract] | ' | |||||||
Summary of Identified Intangibles, Net | ' | |||||||
Identified intangible liabilities, net consisted of the following as of September 30, 2013 and December 31, 2012: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Below market leases, net of accumulated amortization of $712,000 and $265,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 7.9 years and 8.2 years as of September 30, 2013 and December 31, 2012, respectively) | $ | 4,065,000 | $ | 3,006,000 | ||||
Above market leasehold interests, net of accumulated amortization of $63,000 and $17,000 as of September 30, 2013 and December 31, 2012, respectively (with a weighted average remaining life of 45.4 years and 48.8 years as of September 30, 2013 and December 31, 2012, respectively) | 2,251,000 | 2,150,000 | ||||||
$ | 6,316,000 | $ | 5,156,000 | |||||
Summary of Amortization Expense on Below Market Leases and Above Market Leasehold Interest | ' | |||||||
As of September 30, 2013, estimated amortization expense on below market leases and above market leasehold interests for the three months ending December 31, 2013 and each of the next four years ending December 31 and thereafter was as follows: | ||||||||
Year | Amount | |||||||
2013 | $ | 210,000 | ||||||
2014 | 779,000 | |||||||
2015 | 696,000 | |||||||
2016 | 635,000 | |||||||
2017 | 533,000 | |||||||
Thereafter | 3,463,000 | |||||||
$ | 6,316,000 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||||||||||||||||
Amounts Invested and Shares of Common Stock Issued Pursuant to the Executive Stock Purchase Plan | ' | ||||||||||||||||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, our executive officers invested the following amounts and we issued the following shares of our common stock pursuant to the applicable stock purchase plan: | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Officer's Name | Title | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||
Jeffrey T. Hanson | Chairman of the Board of Directors and Chief Executive Officer | $ | 144,000 | 15,671 | $ | 142,000 | 15,814 | $ | 184,000 | 20,010 | $ | 176,000 | 19,531 | ||||||||||||||||||
Danny Prosky | President and Chief Operating Officer | 76,000 | 8,264 | 76,000 | 8,454 | 105,000 | 11,396 | 98,000 | 10,905 | ||||||||||||||||||||||
Mathieu B. Streiff | Executive Vice President | 74,000 | 8,099 | 74,000 | 8,245 | 100,000 | 10,886 | 93,000 | 10,380 | ||||||||||||||||||||||
Shannon K S Johnson | Chief Financial Officer | 5,000 | 590 | 5,000 | 565 | 16,000 | 1,735 | 12,000 | 1,296 | ||||||||||||||||||||||
Stefan K.L. Oh | Senior Vice President of Acquisitions | 6,000 | 630 | 4,000 | 499 | 14,000 | 1,547 | 11,000 | 1,211 | ||||||||||||||||||||||
Cora Lo | Secretary | 3,000 | 355 | 3,000 | 325 | 9,000 | 998 | 7,000 | 783 | ||||||||||||||||||||||
$ | 308,000 | 33,609 | $ | 304,000 | 33,902 | $ | 428,000 | 46,572 | $ | 397,000 | 44,106 | ||||||||||||||||||||
Schedule of Amount Outstanding to Affiliates | ' | ||||||||||||||||||||||||||||||
The following amounts were outstanding to our affiliates as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||
Fee | 2013 | 2012 | |||||||||||||||||||||||||||||
Asset and property management fees | $ | 1,765,000 | $ | 1,109,000 | |||||||||||||||||||||||||||
Lease commissions | 482,000 | 364,000 | |||||||||||||||||||||||||||||
Offering costs | 319,000 | 277,000 | |||||||||||||||||||||||||||||
Construction management fees | 42,000 | 40,000 | |||||||||||||||||||||||||||||
Acquisition fees | 6,000 | 16,000 | |||||||||||||||||||||||||||||
Operating expenses | — | 1,000 | |||||||||||||||||||||||||||||
$ | 2,614,000 | $ | 1,807,000 | ||||||||||||||||||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Status and Changes of Nonvested Shares of Restricted Common Stock | ' | ||||||
A summary of the status of the nonvested shares of our restricted common stock as of September 30, 2013 and December 31, 2012, and the changes for the nine months ended September 30, 2013, is presented below: | |||||||
Number of Nonvested | Weighted | ||||||
Shares of our | Average Grant | ||||||
Restricted Common Stock | Date Fair Value | ||||||
Balance — December 31, 2012 | 28,500 | $ | 10.14 | ||||
Granted | — | $ | — | ||||
Vested | (3,000 | ) | $ | 10 | |||
Forfeited | — | $ | — | ||||
Balance — September 30, 2013 | 25,500 | $ | 10.16 | ||||
Expected to vest — September 30, 2013 | 25,500 | $ | 10.16 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
and Liabilities | (Level 3) | |||||||||||||||
(Level 1) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 536,000 | $ | — | $ | 536,000 | ||||||||
Foreign currency forward contract | — | 9,694,000 | — | 9,694,000 | ||||||||||||
Contingent consideration obligations | — | — | 5,453,000 | 5,453,000 | ||||||||||||
Total liabilities at fair value | $ | — | $ | 10,230,000 | $ | 5,453,000 | $ | 15,683,000 | ||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall. | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
and Liabilities | (Level 3) | |||||||||||||||
(Level 1) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | — | $ | 795,000 | $ | — | $ | 795,000 | ||||||||
Contingent consideration obligations | — | — | 60,204,000 | 60,204,000 | ||||||||||||
Total liabilities at fair value | $ | — | $ | 795,000 | $ | 60,204,000 | $ | 60,999,000 | ||||||||
Fair Value Unobservable Inputs | ' | |||||||||||||||
The following table shows quantitative information about unobservable inputs related to Level 3 fair value measurements used as of September 30, 2013 for our most significant contingent consideration obligation: | ||||||||||||||||
Property | Fair Value as of September 30, 2013 | Unobservable Inputs | Range of Inputs/Inputs | |||||||||||||
Pacific Northwest Senior Care Portfolio | $ | 3,750,000 | Achieve Required Lease Coverage Ratios | Yes | ||||||||||||
Total Estimated Cost of Tenant Improvements | $6,525,000 | |||||||||||||||
Percentage of Eligible Payment Requested | 100% | |||||||||||||||
Significant increases or decreases in any of the unobservable inputs in isolation or aggregate would result in a significantly higher or lower fair value measurement to each contingent consideration obligation as of September 30, 2013. Lastly, if the counterparty requests something less than 100% of the eligible payment, which they have the right to do so, then the fair value would decrease. If the lease coverage ratio for Pacific Northwest Senior Care Portfolio is not met, then the fair value would decrease to $1,925,000. A decrease in the total cost of the tenant improvements would decrease the fair value of the tenant improvement allowance. An increase in the total cost of the tenants improvements would have no impact on the payment. | ||||||||||||||||
The following is a reconciliation of the beginning and ending balances of our contingent consideration assets and obligations for the three and nine months ended ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Contingent Consideration Assets: | ||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | 115,000 | ||||||||
Realized/unrealized losses recognized in earnings | — | — | — | (113,000 | ) | |||||||||||
Settlement of asset | — | — | — | (2,000 | ) | |||||||||||
Ending balance | $ | — | $ | — | $ | — | $ | — | ||||||||
Amount of total gains (losses) included in earnings attributable to the change in unrealized gains (losses) related to assets still held | $ | — | $ | — | $ | — | $ | — | ||||||||
Contingent Consideration Obligations: | ||||||||||||||||
Beginning balance | $ | 6,489,000 | $ | 3,580,000 | $ | 60,204,000 | $ | 6,058,000 | ||||||||
Additions to contingent consideration obligations | 395,000 | 7,485,000 | 682,000 | 7,485,000 | ||||||||||||
Realized/unrealized losses recognized in earnings | — | 12,446,000 | 273,000 | 11,935,000 | ||||||||||||
Settlements of obligations | (1,431,000 | ) | (1,467,000 | ) | (55,706,000 | ) | (3,434,000 | ) | ||||||||
Ending balance | $ | 5,453,000 | $ | 22,044,000 | $ | 5,453,000 | $ | 22,044,000 | ||||||||
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses related to obligations still held | $ | — | $ | 12,446,000 | $ | — | $ | 12,591,000 | ||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Revenues and Net Income (Loss) of Properties Acquired | ' | |||||||||||||||
For the period from the acquisition date through September 30, 2013, we recognized the following amounts of revenue and net income for the property acquisitions: | ||||||||||||||||
Acquisition | Revenue | Net Income | ||||||||||||||
2013 Acquisitions | $ | 12,200,000 | $ | 1,611,000 | ||||||||||||
For the period from the acquisition date through September 30, 2012, we recognized the following amounts of revenue and net income for the property acquisitions: | ||||||||||||||||
Acquisition | Revenue | Net Income | ||||||||||||||
Southeastern SNF Portfolio | $ | 13,839,000 | $ | 5,158,000 | ||||||||||||
Other 2012 Acquisitions | $ | 12,833,000 | $ | 1,276,000 | ||||||||||||
Fair Value of Acquisitions | ' | |||||||||||||||
The following summarizes the fair value of our 2013 property acquisitions at the time of acquisition: | ||||||||||||||||
2013 Acquisitions | ||||||||||||||||
Land | $ | 22,639,000 | ||||||||||||||
Building and improvements | 208,188,000 | |||||||||||||||
In-place leases | 19,933,000 | |||||||||||||||
Tenant relationships | 30,592,000 | |||||||||||||||
Above market leases | 3,306,000 | |||||||||||||||
Leasehold interests | 467,000 | |||||||||||||||
Total assets acquired | 285,125,000 | |||||||||||||||
Mortgage loans payable, net | (62,712,000 | ) | ||||||||||||||
Below market leases | (1,643,000 | ) | ||||||||||||||
Above market leasehold interest | (147,000 | ) | ||||||||||||||
Other liabilities | (682,000 | ) | -1 | |||||||||||||
Total liabilities assumed | (65,184,000 | ) | ||||||||||||||
Net assets acquired | $ | 219,941,000 | ||||||||||||||
___________ | ||||||||||||||||
-1 | Included in other liabilities is $395,000 and $287,000 accrued for as contingent consideration in connection with the purchase of Lacombe MOB II and a building in the Central Indiana MOB Portfolio, respectively. See Note 14, Fair Value Measurements — Assets and Liabilities Reported at Fair Value — Contingent Consideration, for a further discussion. | |||||||||||||||
The following summarizes the fair value of our 2012 property acquisitions at the time of acquisition. We present separately Southeastern SNF Portfolio, which is the one individually significant property acquisition during the nine months ended September 30, 2012, and aggregate the rest of the property acquisitions during the nine months ended September 30, 2012. | ||||||||||||||||
Southeastern SNF | Other 2012 Acquisitions | |||||||||||||||
Portfolio | ||||||||||||||||
Building and improvements | $ | 123,175,000 | $ | 373,645,000 | ||||||||||||
Land | 15,009,000 | 45,307,000 | ||||||||||||||
Furniture, fixtures and equipment | 1,578,000 | — | ||||||||||||||
In-place leases | 20,919,000 | 37,429,000 | ||||||||||||||
Tenant relationships | 15,271,000 | 36,885,000 | ||||||||||||||
Leasehold interest | — | 3,803,000 | ||||||||||||||
Master lease | — | 42,000 | ||||||||||||||
Defeasible interest | — | 623,000 | ||||||||||||||
Above market leases | — | 5,670,000 | ||||||||||||||
Total assets acquired | 175,952,000 | 503,404,000 | ||||||||||||||
Mortgage loans payable, net | (92,611,000 | ) | (71,197,000 | ) | ||||||||||||
Below market leases | — | (1,119,000 | ) | |||||||||||||
Above market leasehold interest | — | (1,515,000 | ) | |||||||||||||
Other liabilities | — | (11,465,000 | ) | -1 | ||||||||||||
Total liabilities assumed | (92,611,000 | ) | (85,296,000 | ) | ||||||||||||
Net assets acquired | $ | 83,341,000 | $ | 418,108,000 | ||||||||||||
Business Acquisition Pro Forma Information | ' | |||||||||||||||
Assuming the property acquisitions in 2012 discussed above had occurred on January 1, 2011, for the three and nine months ended September 30, 2012, pro forma revenue, net (loss) income, net (loss) income attributable to controlling interest and net (loss) income per common share attributable to controlling interest — basic and diluted would have been as follows: | ||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||
Revenue | $ | 32,691,000 | $ | 96,968,000 | ||||||||||||
Net (loss) income | $ | (10,123,000 | ) | $ | 3,985,000 | |||||||||||
Net (loss) income attributable to controlling interest | $ | (10,125,000 | ) | $ | 3,983,000 | |||||||||||
Net (loss) income per common share attributable to controlling interest — basic and diluted | $ | (0.07 | ) | $ | 0.03 | |||||||||||
Assuming the property acquisitions in 2013 discussed above had occurred on January 1, 2012, for the three and nine months ended September 30, 2013 and 2012, pro forma revenue, net income (loss), net income (loss) attributable to controlling interest and net income (loss) per common share attributable to controlling interest — basic and diluted would have been as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue | $ | 53,134,000 | $ | 36,958,000 | $ | 150,632,000 | $ | 93,562,000 | ||||||||
Net income (loss) | $ | 6,297,000 | $ | (19,262,000 | ) | $ | 25,321,000 | $ | (24,169,000 | ) | ||||||
Net income (loss) attributable to controlling interest | $ | 6,290,000 | $ | (19,218,000 | ) | $ | 25,281,000 | $ | (24,104,000 | ) | ||||||
Net income (loss) per common share attributable to controlling interest — basic and diluted | $ | 0.03 | $ | (0.19 | ) | $ | 0.13 | $ | (0.28 | ) | ||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Summary Information for Reportable Segments | ' | |||||||||||||||||||
Summary information for the reportable segments during the three and nine months ended September 30, 2013 and 2012 was as follows: | ||||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Three Months Ended September 30, 2013 | ||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 28,280,000 | $ | 13,226,000 | $ | 5,783,000 | $ | 4,729,000 | $ | 52,018,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 9,680,000 | 908,000 | 713,000 | 186,000 | 11,487,000 | |||||||||||||||
Segment net operating income | $ | 18,600,000 | $ | 12,318,000 | $ | 5,070,000 | $ | 4,543,000 | $ | 40,531,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 6,237,000 | |||||||||||||||||||
Acquisition related expenses | 2,301,000 | |||||||||||||||||||
Depreciation and amortization | 19,211,000 | |||||||||||||||||||
Income from operations | 12,782,000 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (4,760,000 | ) | ||||||||||||||||||
Gain in fair value of derivative financial instruments | 47,000 | |||||||||||||||||||
Foreign currency and derivative loss | (4,723,000 | ) | ||||||||||||||||||
Interest income | 246,000 | |||||||||||||||||||
Net income | $ | 3,592,000 | ||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Three Months Ended | ||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 14,987,000 | $ | 9,612,000 | $ | 2,303,000 | $ | 232,000 | $ | 27,134,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 5,000,000 | 708,000 | 212,000 | 22,000 | 5,942,000 | |||||||||||||||
Segment net operating income | $ | 9,987,000 | $ | 8,904,000 | $ | 2,091,000 | $ | 210,000 | $ | 21,192,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 2,935,000 | |||||||||||||||||||
Subordinated distribution purchase | 4,232,000 | |||||||||||||||||||
Acquisition related expenses | 21,174,000 | |||||||||||||||||||
Depreciation and amortization | 10,743,000 | |||||||||||||||||||
Loss from operations | (17,892,000 | ) | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (3,548,000 | ) | ||||||||||||||||||
Interest income | 4,000 | |||||||||||||||||||
Net loss | $ | (21,436,000 | ) | |||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 74,756,000 | $ | 36,154,000 | $ | 17,271,000 | $ | 9,449,000 | $ | 137,630,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 24,698,000 | 2,527,000 | 2,218,000 | 501,000 | 29,944,000 | |||||||||||||||
Segment net operating income | $ | 50,058,000 | $ | 33,627,000 | $ | 15,053,000 | $ | 8,948,000 | $ | 107,686,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 14,676,000 | |||||||||||||||||||
Acquisition related expenses | 9,580,000 | |||||||||||||||||||
Depreciation and amortization | 50,449,000 | |||||||||||||||||||
Income from operations | 32,981,000 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (13,325,000 | ) | ||||||||||||||||||
Gain in fair value of derivative financial instruments | 259,000 | |||||||||||||||||||
Foreign currency and derivative loss | (5,053,000 | ) | ||||||||||||||||||
Interest income | 283,000 | |||||||||||||||||||
Net income | $ | 15,145,000 | ||||||||||||||||||
Medical Office Buildings | Skilled Nursing Facilities | Hospitals | Senior Housing | Nine Months Ended | ||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
Revenue: | ||||||||||||||||||||
Real estate revenue | $ | 33,739,000 | $ | 26,999,000 | $ | 6,700,000 | $ | 232,000 | $ | 67,670,000 | ||||||||||
Expenses: | ||||||||||||||||||||
Rental expenses | 11,382,000 | 1,989,000 | 621,000 | 22,000 | 14,014,000 | |||||||||||||||
Segment net operating income | $ | 22,357,000 | $ | 25,010,000 | $ | 6,079,000 | $ | 210,000 | $ | 53,656,000 | ||||||||||
Expenses: | ||||||||||||||||||||
General and administrative | 7,753,000 | |||||||||||||||||||
Subordinated distribution purchase | 4,232,000 | |||||||||||||||||||
Acquisition related expenses | 32,326,000 | |||||||||||||||||||
Depreciation and amortization | 25,707,000 | |||||||||||||||||||
Loss from operations | (16,362,000 | ) | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense (including amortization of deferred financing costs and debt discount/premium): | ||||||||||||||||||||
Interest expense | (9,747,000 | ) | ||||||||||||||||||
Loss in fair value of derivative financial instruments | (52,000 | ) | ||||||||||||||||||
Interest income | 11,000 | |||||||||||||||||||
Net loss | $ | (26,150,000 | ) | |||||||||||||||||
Assets by reportable segments as of September 30, 2013 and December 31, 2012, are as follows: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Medical office buildings | $ | 1,057,127,000 | $ | 677,444,000 | ||||||||||||||||
Senior housing | 683,814,000 | 116,871,000 | ||||||||||||||||||
Skilled nursing facilities | 414,712,000 | 374,773,000 | ||||||||||||||||||
Hospitals | 196,722,000 | 190,289,000 | ||||||||||||||||||
All other | 526,264,000 | 95,252,000 | ||||||||||||||||||
Total assets | $ | 2,878,639,000 | $ | 1,454,629,000 | ||||||||||||||||
Our portfolio of properties and other investments are located in the United States and the United Kingdom. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
United States | $ | 49,686,000 | $ | 27,134,000 | $ | 135,298,000 | $ | 67,670,000 | ||||||||||||
United Kingdom | 2,332,000 | — | 2,332,000 | — | ||||||||||||||||
Total revenues | $ | 52,018,000 | $ | 27,134,000 | $ | 137,630,000 | $ | 67,670,000 | ||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Real estate investments, net: | ||||||||||||||||||||
United States | $ | 1,471,240,000 | $ | 1,112,295,000 | ||||||||||||||||
United Kingdom | 552,199,000 | — | ||||||||||||||||||
Total real estate investments, net | $ | 2,023,439,000 | $ | 1,112,295,000 | ||||||||||||||||
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||
Schedule of Annualized Base Rent from Tenants at Consolidated Properties | ' | ||||||||||||||
As of September 30, 2013, rental payments by one of our tenants at our properties accounted for 10.0% or more of our annualized base rent, as follows: | |||||||||||||||
Tenant | 2013 Annualized | Percentage of | Property | GLA | Lease Expiration | ||||||||||
Base Rent(1) | Annualized | (Sq Ft) | Date(2) | ||||||||||||
Base Rent | |||||||||||||||
Myriad Healthcare Limited(3) | £ | 21,610,000 | 17.5 | % | UK Senior Housing Portfolio | 962,000 | 9/10/48 | ||||||||
__________ | |||||||||||||||
-1 | Annualized base rent is based on contractual base rent from leases in effect as of September 30, 2013 and was approximately $34,976,000 based on the currency exchange rate as of September 30, 2013. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. | ||||||||||||||
-2 | UK Senior Housing Portfolio is leased to one tenant under a 35-year absolute net lease with lease termination options on October 1, 2028 and October 1, 2038. | ||||||||||||||
-3 | In addition, as of September 30, 2013, we had advanced £6,149,000, or approximately $9,953,000, under real estate notes receivable, to affiliates of Myriad Healthcare Limited. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. |
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Nov. 13, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Summary of Acquisitions | ' | ' | |||||||||||||||||||||||||||||||||||||||||
The following is a summary of our property acquisitions for the nine months ended September 30, 2013: | The following is a summary of our property acquisition subsequent to September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Line of | Issuance of Limited Partnership Units(4) | Acquisition Fee(5) | Acquisition(1) | Location | Type | Date | Purchase | Acquisition Fee(2) | |||||||||||||||||||||||||||||
Price | Payable(2) | Credit(3) | Acquired | Price | |||||||||||||||||||||||||||||||||||||||
A & R Medical Office Building Portfolio | Ruston, LA and Abilene, TX | Medical Office | 2/20/13 | $ | 31,750,000 | $ | — | $ | 29,000,000 | $ | — | $ | 826,000 | Tennessee MOB Portfolio | Memphis and Hendersonville, TN | Medical Office | 10/2/13 | $ | 13,600,000 | $ | 354,000 | ||||||||||||||||||||||
Greeley Northern Colorado MOB Portfolio | Greeley, CO | Medical Office | 2/28/13 | 15,050,000 | — | 15,000,000 | — | 391,000 | ______________ | ||||||||||||||||||||||||||||||||||
St. Anthony North Denver MOB II | Westminster, CO | Medical Office | 3/22/13 | 4,100,000 | — | — | — | 107,000 | -1 | We own 100% of our property acquired subsequent to September 30, 2013. | |||||||||||||||||||||||||||||||||
Eagles Landing GA MOB | Stockbridge, GA | Medical Office | 3/28/13 | 12,400,000 | — | 12,300,000 | — | 322,000 | -2 | Our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of the property, an acquisition fee of 2.60% of the contract purchase price, which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||||||||||||||||||||||||
Eastern Michigan MOB Portfolio | Novi and West Bloomfield, MI | Medical Office | 3/28/13 | 21,600,000 | — | 21,600,000 | — | 562,000 | |||||||||||||||||||||||||||||||||||
Central Indiana MOB Portfolio(6) | Avon, Bloomington, Carmel, Fishers, Indianapolis, Muncie and Noblesville, IN | Medical Office | 03/28/13, | 88,750,000 | 59,343,000 | — | 2,012,000 | 2,308,000 | |||||||||||||||||||||||||||||||||||
04/26/13 | |||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
05/20/13 | |||||||||||||||||||||||||||||||||||||||||||
Pennsylvania SNF Portfolio | Milton and Watsontown, PA | Skilled Nursing | 4/30/13 | 13,000,000 | — | 9,000,000 | — | 338,000 | |||||||||||||||||||||||||||||||||||
Rockwall MOB II | Rockwall, TX | Medical Office | 5/23/13 | 5,400,000 | — | — | — | 140,000 | |||||||||||||||||||||||||||||||||||
Pittsfield Skilled Nursing Facility | Pittsfield, MA | Skilled Nursing | 5/29/13 | 15,750,000 | — | — | — | 410,000 | |||||||||||||||||||||||||||||||||||
Des Plaines Surgical Center | Des Plaines, IL | Medical Office | 5/31/13 | 10,050,000 | — | — | — | 261,000 | |||||||||||||||||||||||||||||||||||
Pacific Northwest Senior Care Portfolio(7) | Grants Pass, OR | Skilled Nursing | 5/31/13 | 6,573,000 | — | — | — | 171,000 | |||||||||||||||||||||||||||||||||||
Winn MOB Portfolio | Decatur, GA | Medical Office | 6/3/13 | 9,850,000 | — | — | — | 256,000 | |||||||||||||||||||||||||||||||||||
Hinsdale MOB Portfolio | Hinsdale, IL | Medical Office | 7/11/13 | 35,500,000 | — | — | — | 923,000 | |||||||||||||||||||||||||||||||||||
Johns Creek Medical Office Building | Johns Creek, CA | Medical Office | 8/26/13 | 20,100,000 | — | — | — | 523,000 | |||||||||||||||||||||||||||||||||||
Winn MOB II | Decatur, GA | Medical Office | 8/27/13 | 2,800,000 | — | — | — | 73,000 | |||||||||||||||||||||||||||||||||||
Greeley Cottonwood MOB | Greeley, CO | Medical Office | 9/6/13 | 7,450,000 | — | — | — | 194,000 | |||||||||||||||||||||||||||||||||||
UK Senior Housing Portfolio(8) | England, Scotland and Jersey, UK | Senior Housing | 9/11/13 | 472,167,000 | — | — | — | 12,276,000 | |||||||||||||||||||||||||||||||||||
Tiger Eye NY MOB Portfolio | Middletown, Rock Hill and Wallkill, NY | Medical Office | 9/20/13 | 114,700,000 | — | — | — | 2,982,000 | |||||||||||||||||||||||||||||||||||
Salt Lake City LTACH | Murray, UT | Hospital | 9/25/13 | 13,700,000 | — | — | — | 138,000 | -9 | ||||||||||||||||||||||||||||||||||
Lacombe MOB II | Lacombe, LA | Medical Office | 9/27/13 | 5,500,000 | — | — | — | 143,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 906,190,000 | $ | 59,343,000 | $ | 86,900,000 | $ | 2,012,000 | $ | 23,344,000 | |||||||||||||||||||||||||||||||||
___________ | |||||||||||||||||||||||||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2013. | ||||||||||||||||||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us at the time of acquisition. | ||||||||||||||||||||||||||||||||||||||||||
-3 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
-4 | Represents the value of our operating partnership's units issued as part of the consideration paid to acquire the property. | ||||||||||||||||||||||||||||||||||||||||||
-5 | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | ||||||||||||||||||||||||||||||||||||||||||
-6 | On March 28, 2013, April 26, 2013 and May 20, 2013, we added a total of 12 additional buildings to our existing Central Indiana MOB Portfolio. | ||||||||||||||||||||||||||||||||||||||||||
-7 | On May 31, 2013, we purchased the fourteenth skilled nursing facility comprising our existing Pacific Northwest Senior Care Portfolio. | ||||||||||||||||||||||||||||||||||||||||||
-8 | On September 11, 2013, we purchased UK Senior Housing Portfolio for a net contract purchase price of £298,500,000, or approximately $472,167,000, based on the currency exchange rate on the acquisition date. | ||||||||||||||||||||||||||||||||||||||||||
-9 | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | ||||||||||||||||||||||||||||||||||||||||||
The following is a summary of our property acquisitions for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||
Acquisition(1) | Location | Type | Date Acquired | Purchase | Mortgage Loans | Lines of | Acquisition Fee(5) | ||||||||||||||||||||||||||||||||||||
Price | Payable(2) | Credit | |||||||||||||||||||||||||||||||||||||||||
Southeastern SNF Portfolio | Conyers, Covington, Snellville, Gainesville and Atlanta, GA; Memphis and Millington, TN; Shreveport, LA; and Mobile, AL | Skilled Nursing | 1/10/12 | $ | 166,500,000 | $ | 83,159,000 | $ | 58,435,000 | -3 | $ | 4,579,000 | |||||||||||||||||||||||||||||||
FLAGS MOB Portfolio | Boynton Beach, FL; Austell, GA; Okatie, SC; and Tempe, AZ | Medical Office | 1/27/12 | 33,800,000 | 17,354,000 | 15,600,000 | -3 | 879,000 | |||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
03/23/12 | |||||||||||||||||||||||||||||||||||||||||||
Spokane MOB | Spokane, WA | Medical Office | 1/31/12 | 32,500,000 | 14,482,000 | 19,000,000 | -3 | 845,000 | |||||||||||||||||||||||||||||||||||
Centre Medical Plaza | Chula Vista, CA | Medical Office | 4/26/12 | 24,600,000 | 11,933,000 | 6,000,000 | -3 | 640,000 | |||||||||||||||||||||||||||||||||||
Gulf Plains MOB Portfolio | Amarillo and Houston, TX | Medical Office | 4/26/12 | 19,250,000 | — | 16,000,000 | -3 | 501,000 | |||||||||||||||||||||||||||||||||||
Midwestern MOB Portfolio | Champaign, Lemont, Naperville and Urbana, IL | Medical Office | 05/22/12, | 30,060,000 | 17,728,000 | 6,000,000 | -3 | 782,000 | |||||||||||||||||||||||||||||||||||
07/19/12 | |||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
08/14/12 | |||||||||||||||||||||||||||||||||||||||||||
Texarkana MOB | Texarkana, TX | Medical Office | 6/14/12 | 6,500,000 | — | — | 169,000 | ||||||||||||||||||||||||||||||||||||
Greeley MOB | Greeley, CO | Medical Office | 6/22/12 | 13,200,000 | — | — | 343,000 | ||||||||||||||||||||||||||||||||||||
Columbia MOB | Columbia, SC | Medical Office | 6/26/12 | 6,900,000 | — | — | 179,000 | ||||||||||||||||||||||||||||||||||||
Ola Nalu MOB Portfolio | Huntsville, AL; New Port Richey, FL; Hilo, HI; Warsaw, IN; Las Vegas, NM; and Rockwall, San Angelo and Schertz, TX | Medical Office | 6/29/12 | 71,000,000 | — | 64,000,000 | -4 | 1,846,000 | |||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
07/11/12 | |||||||||||||||||||||||||||||||||||||||||||
Silver Star MOB Portfolio | Killeen, Temple, Rowlett, Desoto and Frisco, TX | Medical Office | 07/19/12, | 35,400,000 | — | 32,750,000 | -4 | 920,000 | |||||||||||||||||||||||||||||||||||
09/05/12 | |||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
09/27/12 | |||||||||||||||||||||||||||||||||||||||||||
Shelbyville MOB | Shelbyville, TN | Medical Office | 7/26/12 | 6,800,000 | — | 6,800,000 | -4 | 177,000 | |||||||||||||||||||||||||||||||||||
Jasper MOB | Jasper, GA | Medical Office | 8/8/12 | 13,800,000 | 6,275,000 | — | 359,000 | ||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||
09/27/12 | |||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest Senior Care Portfolio | Bend, Corvallis, Grants Pass, Prineville, Redmond and Salem, OR; and North Bend, Olympia and Tacoma, WA | Skilled Nursing and Senior Housing | 8/24/12 | 58,231,000 | — | 45,000,000 | -4 | 1,514,000 | |||||||||||||||||||||||||||||||||||
East Tennessee MOB Portfolio | Knoxville, TN | Medical Office | 9/14/12 | 51,200,000 | — | 50,000,000 | -4 | 1,331,000 | |||||||||||||||||||||||||||||||||||
Los Angeles Hospital Portfolio | Los Angeles, Gardena and Norwalk, CA | Hospital | 9/27/12 | 85,000,000 | — | 86,500,000 | -4 | 2,210,000 | |||||||||||||||||||||||||||||||||||
Total | $ | 654,741,000 | $ | 150,931,000 | $ | 406,085,000 | $ | 17,274,000 | |||||||||||||||||||||||||||||||||||
-1 | We own 100% of our properties acquired in 2012. | ||||||||||||||||||||||||||||||||||||||||||
-2 | Represents the balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. | ||||||||||||||||||||||||||||||||||||||||||
-3 | Represents borrowings under our secured revolving lines of credit with Bank of America, N.A., or Bank of America, and KeyBank National Association, or KeyBank, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down our secured revolving lines of credit with Bank of America and KeyBank as needed. See Note 9, Line of Credit, for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
-4 | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advanced funds and paid down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | ||||||||||||||||||||||||||||||||||||||||||
-5 | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail) (USD $) | 9 Months Ended | 43 Months Ended | 57 Months Ended | 49 Months Ended | 49 Months Ended | 57 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Jan. 01, 2011 | Feb. 14, 2013 | Nov. 07, 2012 | Nov. 06, 2012 | Aug. 24, 2009 | Feb. 14, 2013 | Nov. 07, 2012 | Nov. 06, 2012 | Nov. 06, 2012 | Sep. 30, 2013 | Feb. 14, 2013 | Oct. 30, 2013 | Feb. 14, 2013 | Oct. 30, 2013 | Feb. 14, 2013 | Sep. 09, 2013 | |||
segment | Building | segment | Building | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | DRIP S-3 Public Offering [Member] | ||||
Building | Acquisition | Acquisition | DRIP [Member] | DRIP [Member] | DRIP [Member] | Common Stock [Member] | DRIP [Member] | DRIP [Member] | Common Stock [Member] | Common Stock [Member] | DRIP [Member] | |||||||||||
Acquisition | sqft | |||||||||||||||||||||
sqft | ||||||||||||||||||||||
Date of inception | ' | ' | ' | 7-Jan-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Date of capitalized | ' | ' | ' | 4-Feb-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum dollar amount of common stock issuable under public offering | ' | ' | ' | ' | ' | ' | ' | ' | $3,285,000,000 | ' | ' | $285,000,000 | $3,000,000,000 | ' | $1,650,000,000 | ' | $150,000,000 | ' | $1,500,000,000 | $100,000,000 | ||
Share price | ' | $10 | ' | ' | $10 | ' | $10.22 | $10 | ' | ' | $9.71 | $9.50 | ' | ' | ' | ' | $9.71 | ' | $10.22 | ' | ||
Subscriptions in offering of common stock received and accepted, shares | ' | ' | ' | 280,667,756 | ' | 123,179,064 | ' | ' | ' | 4,205,920 | ' | ' | ' | 157,488,692 | ' | ' | ' | ' | ' | ' | ||
Subscriptions in offering of common stock received and accepted, value | ' | ' | ' | ' | ' | 1,233,333,000 | ' | ' | ' | 40,167,000 | ' | ' | ' | 1,603,642,000 | ' | ' | ' | ' | ' | ' | ||
Amount Of Common Stock Reallocated from DRIP to Primary Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,200,000 | ' | ' | ||
Aggregate Maximum Offering Amount - Reallocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,800,000 | ' | 1,607,200,000 | ' | ' | ||
Minimum termination period of advisory agreement | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reportable business segments | 4 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of acquisitions completed from unaffiliated parties | 20 | 16 | ' | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of buildings acquired from unaffiliated parties | 87 | 65 | ' | 230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Area of acquired property, GLA | 8,245,000 | ' | ' | 8,245,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate purchase price of acquisitions | $906,190,000 | [1] | $654,741,000 | [2] | ' | $2,230,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | We own 100% of our properties acquired in 2013. | |||||||||||||||||||||
[2] | We own 100% of our properties acquired in 2012. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 43 Months Ended | 1 Months Ended | 6 Months Ended | 48 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 04, 2012 | Jul. 16, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 14, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | segment | GBP (£) | USD ($) | Advisor [Member] | Advisor [Member] | Advisor [Member] | Advisor [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | G And E Advisory [Member] | G And E Advisory [Member] | The BGC Partners [Member] | |
segment | USD ($) | Investor | USD ($) | USD ($) | USD ($) | |||||||||||
Property | ||||||||||||||||
Real estate and escrow deposits | $1,683,000 | ' | $1,683,000 | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership interest | 99.90% | 99.99% | 99.90% | 99.99% | ' | ' | 99.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisor contributed to acquire limited partnership units | ' | ' | 0 | 2,000 | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' |
Noncontrolling limited partnership interest in operating partnership | 0.10% | 0.01% | 0.10% | 0.01% | ' | ' | 0.04% | ' | 0.01% | 0.01% | ' | ' | ' | ' | ' | ' |
Number of investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' |
Number of properties exchanged for limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' |
Limited partnership units received in exchange for interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,600 | 42,700 | ' | ' | ' |
Allowance for uncollectible accounts | 289,000 | ' | 289,000 | ' | ' | ' | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery of bad debts previously written off | 43,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct write off of accounts receivable | ' | ' | 48,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables written off against the allowance for uncollectible accounts | 0 | 0 | 25,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct write offs of deferred rent receivables | 26,000 | 1,000 | 44,000 | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration obligations | ' | ' | ' | ' | ' | ' | 60,204,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration gain (loss) | 0 | -12,446,000 | -273,000 | -12,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign deferred tax liability | 53,573,000 | ' | 53,573,000 | ' | ' | 33,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of limited partnership units bought back from non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 |
Amount paid to purchase the subordinated distribution and settle outstanding liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 |
Percentage of difference between subordinated distribution calculation and amount paid | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated distribution purchase (Note 2) | 0 | 4,232,000 | 0 | 4,232,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement payment applied to liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,000 | 68,000 | ' |
Reportable business segments | ' | ' | 4 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency gain (loss) excluding currency derivatives impacts | $4,971,000 | ' | $4,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Investments_Net_In
Real Estate Investments, Net - Investments in Consolidated Properties (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Real estate investments, at cost | $2,093,444 | $1,148,865 |
Less: accumulated depreciation | -70,005 | -36,570 |
Real estate investments, net | 2,023,439 | 1,112,295 |
Building and improvements [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate investments, at cost | 1,716,683 | 1,039,461 |
Land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate investments, at cost | 374,092 | 106,735 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Real estate investments, at cost | $2,669 | $2,669 |
Real_Estate_Investments_Net_Ad
Real Estate Investments, Net - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 57 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 57 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 11, 2013 | Sep. 11, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Medical Office Buildings [Member] | Medical Office Buildings [Member] | Medical Office Buildings [Member] | Medical Office Buildings [Member] | Skilled Nursing Facilities [Member] | Skilled Nursing Facilities [Member] | Skilled Nursing Facilities [Member] | Skilled Nursing Facilities [Member] | Senior Housing [Member] | Senior Housing [Member] | UK Senior Housing Portfolio [Member] | UK Senior Housing Portfolio [Member] | UK Senior Housing Portfolio [Member] | Hope Land [Member] | Medistar Murray LTACH, LLC [Member] | |||||
Building | Acquisition | Acquisition | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | |||||||
Acquisition | Building | Building | ||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Related Parties Transactions Acquisition Fees Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $218 | [1],[2] | |||
Depreciation expense | 12,933 | 6,766 | 33,754 | 16,839 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capital expenditures | ' | ' | ' | ' | ' | 1,700 | 1,534 | 3,515 | 3,155 | 0 | 398 | 0 | 905 | 3 | 0 | ' | ' | ' | ' | ' | ||||
Maximum percentage of fees and expenses associated with the acquisition | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of acquisitions completed from unaffiliated parties | ' | ' | 20 | 16 | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of buildings acquired from unaffiliated parties | ' | ' | 87 | 65 | 230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Aggregate purchase price of acquisitions | ' | ' | 906,190 | [3] | 654,741 | [4] | 2,230,836 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 472,167 | [3],[5] | ' | ' | 50 | ' | |
Acquisition fee | ' | ' | 23,344 | [3],[6],[7] | 17,274 | [4],[8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,276 | [3],[5],[6] | ' | ' | ' | ' | |
Contractual Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $472,167 | £ 298,500 | ' | ' | ||||
[1] | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | |||||||||||||||||||||||
[2] | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. | |||||||||||||||||||||||
[3] | We own 100% of our properties acquired in 2013. | |||||||||||||||||||||||
[4] | We own 100% of our properties acquired in 2012. | |||||||||||||||||||||||
[5] | On September 11, 2013, we purchased UK Senior Housing Portfolio for a net contract purchase price of £298,500,000, or approximately $472,167,000, based on the currency exchange rate on the acquisition date. | |||||||||||||||||||||||
[6] | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||||||||||||||
[7] | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | |||||||||||||||||||||||
[8] | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Real_Estate_Investments_Net_Su
Real Estate Investments, Net - Summary of Acquisitions (Detail) (USD $) | 9 Months Ended | 57 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Aggregate purchase price of acquisitions | $906,190 | [1] | $654,741 | [2] | $2,230,836 |
Mortgage loans payable | 59,343 | [1],[3] | 150,931 | [2],[4] | ' |
Issuance of limited partnership units | 2,271 | ' | ' | ||
Lines of credit | 86,900 | [1],[5] | 406,085 | [2] | ' |
Acquisition fee | 23,344 | [1],[6],[7] | 17,274 | [2],[8] | ' |
A and R Medical Office Building Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '02/20/13 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 31,750 | [1] | ' | ' | |
Lines of credit | 29,000 | [1],[5] | ' | ' | |
Acquisition fee | 826 | [1],[6] | ' | ' | |
Greeley Northern Colorado MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '02/28/13 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 15,050 | [1] | ' | ' | |
Lines of credit | 15,000 | [1],[5] | ' | ' | |
Acquisition fee | 391 | [1],[6] | ' | ' | |
St. Anthony North Denver MOB II [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '3/22/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 4,100 | [1] | ' | ' | |
Acquisition fee | 107 | [1],[6] | ' | ' | |
Eagles Landing GA MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '3/28/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 12,400 | [1] | ' | ' | |
Lines of credit | 12,300 | [1],[5] | ' | ' | |
Acquisition fee | 322 | [1],[6] | ' | ' | |
Eastern Michigan MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '3/28/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 21,600 | [1] | ' | ' | |
Lines of credit | 21,600 | [1],[5] | ' | ' | |
Acquisition fee | 562 | [1],[6] | ' | ' | |
Central Indiana MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1],[9] | ' | ' | |
Date Of Acquisition Of Property | '03/28/13, 04/26/13 and 05/20/13 | [1],[9] | ' | ' | |
Aggregate purchase price of acquisitions | 88,750 | [1],[9] | ' | ' | |
Mortgage loans payable | 59,343 | [1],[3],[9] | ' | ' | |
Issuance of limited partnership units | 2,012 | [1],[10],[9] | ' | ' | |
Acquisition fee | 2,308 | [1],[6],[9] | ' | ' | |
Pennsylvania SNF Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Skilled Nursing | [1] | ' | ' | |
Date Of Acquisition Of Property | '4/30/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 13,000 | [1] | ' | ' | |
Lines of credit | 9,000 | [1],[5] | ' | ' | |
Acquisition fee | 338 | [1],[6] | ' | ' | |
Rockwall MOB II [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '5/23/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 5,400 | [1] | ' | ' | |
Acquisition fee | 140 | [1],[6] | ' | ' | |
Pittsfield MA SNF [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Skilled Nursing | [1] | ' | ' | |
Date Of Acquisition Of Property | '5/29/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 15,750 | [1] | ' | ' | |
Acquisition fee | 410 | [1],[6] | ' | ' | |
Des Plaines Surgical Center [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '5/31/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 10,050 | [1] | ' | ' | |
Acquisition fee | 261 | [1],[6] | ' | ' | |
Pacific Northwest Senior Care Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Skilled Nursing | [1],[11] | 'Skilled Nursing and Senior Housing | [2] | ' |
Date Of Acquisition Of Property | '5/31/2013 | [1],[11] | '08/24/12 | [2] | ' |
Aggregate purchase price of acquisitions | 6,573 | [1],[11] | 58,231 | [2] | ' |
Lines of credit | ' | 45,000 | [12],[2] | ' | |
Acquisition fee | 171 | [1],[11],[6] | 1,514 | [2],[8] | ' |
Winn Medical Center Medical Office Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '6/3/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 9,850 | [1] | ' | ' | |
Acquisition fee | 256 | [1],[6] | ' | ' | |
Hinsdale MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '7/11/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 35,500 | [1] | ' | ' | |
Acquisition fee | 923 | [1],[6] | ' | ' | |
Johns Creek Medical Office Building [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '8/26/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 20,100 | [1] | ' | ' | |
Acquisition fee | 523 | [1],[6] | ' | ' | |
Winn MOB II [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '8/27/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 2,800 | [1] | ' | ' | |
Acquisition fee | 73 | [1],[6] | ' | ' | |
Greeley Cottonwood MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '9/6/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 7,450 | [1] | ' | ' | |
Acquisition fee | 194 | [1],[6] | ' | ' | |
UK Senior Housing Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Senior Housing | [1],[13] | ' | ' | |
Date Of Acquisition Of Property | '9/11/2013 | [1],[13] | ' | ' | |
Aggregate purchase price of acquisitions | 472,167 | [1],[13] | ' | ' | |
Acquisition fee | 12,276 | [1],[13],[6] | ' | ' | |
Tiger Eye NY MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '9/20/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 114,700 | [1] | ' | ' | |
Acquisition fee | 2,982 | [1],[6] | ' | ' | |
Salt Lake City LTACH [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Hospital | [1] | ' | ' | |
Date Of Acquisition Of Property | '9/25/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 13,700 | [1] | ' | ' | |
Acquisition fee | 138 | [1],[7] | ' | ' | |
Lacombe MOB II [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | 'Medical Office | [1] | ' | ' | |
Date Of Acquisition Of Property | '9/27/2013 | [1] | ' | ' | |
Aggregate purchase price of acquisitions | 5,500 | [1] | ' | ' | |
Acquisition fee | 143 | [1],[6] | ' | ' | |
Southeastern SNF Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Skilled Nursing | [2] | ' | |
Date Of Acquisition Of Property | ' | '1/10/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 166,500 | [2] | ' | |
Mortgage loans payable | ' | 83,159 | [2],[4] | ' | |
Lines of credit | ' | 58,435 | [14],[2] | ' | |
Acquisition fee | ' | 4,579 | [2],[8] | ' | |
FLAGS MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '01/27/12 and 03/23/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 33,800 | [2] | ' | |
Mortgage loans payable | ' | 17,354 | [2],[4] | ' | |
Lines of credit | ' | 15,600 | [14],[2] | ' | |
Acquisition fee | ' | 879 | [2],[8] | ' | |
Spokane MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '1/31/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 32,500 | [2] | ' | |
Mortgage loans payable | ' | 14,482 | [2],[4] | ' | |
Lines of credit | ' | 19,000 | [14],[2] | ' | |
Acquisition fee | ' | 845 | [2],[8] | ' | |
Centre Medical Plaza [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '4/26/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 24,600 | [2] | ' | |
Mortgage loans payable | ' | 11,933 | [2],[4] | ' | |
Lines of credit | ' | 6,000 | [14],[2] | ' | |
Acquisition fee | ' | 640 | [2],[8] | ' | |
Gulf Plains Mob Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '4/26/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 19,250 | [2] | ' | |
Lines of credit | ' | 16,000 | [14],[2] | ' | |
Acquisition fee | ' | 501 | [2],[8] | ' | |
Midwestern MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '05/22/12, 07/19/12 and 08/14/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 30,060 | [2] | ' | |
Mortgage loans payable | ' | 17,728 | [2],[4] | ' | |
Lines of credit | ' | 6,000 | [14],[2] | ' | |
Acquisition fee | ' | 782 | [2],[8] | ' | |
Texarkana Mob [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Date Of Acquisition Of Property | ' | '6/14/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 6,500 | [2] | ' | |
Acquisition fee | ' | 169 | [2],[8] | ' | |
Greeley MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '6/22/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 13,200 | [2] | ' | |
Acquisition fee | ' | 343 | [2],[8] | ' | |
Columbia MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '6/26/2012 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 6,900 | [2] | ' | |
Acquisition fee | ' | 179 | [2],[8] | ' | |
Ola Nalu MOB Portfolio (Huntsville) [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '06/29/12 and 07/11/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 71,000 | [2] | ' | |
Lines of credit | ' | 64,000 | [12],[2] | ' | |
Acquisition fee | ' | 1,846 | [2],[8] | ' | |
Silver Star MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '07/19/12, 09/05/12 and 09/27/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 35,400 | [2] | ' | |
Lines of credit | ' | 32,750 | [12],[2] | ' | |
Acquisition fee | ' | 920 | [2],[8] | ' | |
Shelbyville MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '07/26/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 6,800 | [2] | ' | |
Lines of credit | ' | 6,800 | [12],[2] | ' | |
Acquisition fee | ' | 177 | [2],[8] | ' | |
Jasper MOB [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '08/08/12 and 09/27/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 13,800 | [2] | ' | |
Mortgage loans payable | ' | 6,275 | [2],[4] | ' | |
Acquisition fee | ' | 359 | [2],[8] | ' | |
East Tennessee MOB Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Medical Office | [2] | ' | |
Date Of Acquisition Of Property | ' | '09/14/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 51,200 | [2] | ' | |
Lines of credit | ' | 50,000 | [12],[2] | ' | |
Acquisition fee | ' | 1,331 | [2],[8] | ' | |
Los Angeles Hospital Portfolio [Member] | ' | ' | ' | ||
Real Estate Properties [Line Items] | ' | ' | ' | ||
Type | ' | 'Hospital | [2] | ' | |
Date Of Acquisition Of Property | ' | '09/27/12 | [2] | ' | |
Aggregate purchase price of acquisitions | ' | 85,000 | [2] | ' | |
Lines of credit | ' | 86,500 | [12],[2] | ' | |
Acquisition fee | ' | $2,210 | [2],[8] | ' | |
[1] | We own 100% of our properties acquired in 2013. | ||||
[2] | We own 100% of our properties acquired in 2012. | ||||
[3] | Represents the balance of the mortgage loans payable assumed by us at the time of acquisition. | ||||
[4] | Represents the balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. | ||||
[5] | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | ||||
[6] | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | ||||
[7] | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | ||||
[8] | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | ||||
[9] | On March 28, 2013, April 26, 2013 and May 20, 2013, we added a total of 12 additional buildings to our existing Central Indiana MOB Portfolio. | ||||
[10] | Represents the value of our operating partnership's units issued as part of the consideration paid to acquire the property. | ||||
[11] | On May 31, 2013, we purchased the fourteenth skilled nursing facility comprising our existing Pacific Northwest Senior Care Portfolio. | ||||
[12] | Represents borrowings under the unsecured revolving line of credit, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advanced funds and paid down the unsecured revolving line of credit as needed. See Note 9, Line of Credit, for a further discussion. | ||||
[13] | On September 11, 2013, we purchased UK Senior Housing Portfolio for a net contract purchase price of £298,500,000, or approximately $472,167,000, based on the currency exchange rate on the acquisition date. | ||||
[14] | Represents borrowings under our secured revolving lines of credit with Bank of America, N.A., or Bank of America, and KeyBank National Association, or KeyBank, as defined in Note 9, Line of Credit, at the time of acquisition. We periodically advance funds and pay down our secured revolving lines of credit with Bank of America and KeyBank as needed. See Note 9, Line of Credit, for a further discussion. |
Real_Estate_Investments_Net_Su1
Real Estate Investments, Net - Summary of Acquisitions (Parenthetical) (Detail) (USD $) | 9 Months Ended | 57 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Building | Building | Building | ||
Real Estate Properties [Line Items] | ' | ' | ' | |
Property ownership percentage | 100.00% | 100.00% | ' | |
Acquisition fee of contract purchase price | 2.60% | 2.60% | ' | |
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | ' | |
Number of buildings acquired from unaffiliated parties | 87 | 65 | 230 | |
Southeastern SNF Portfolio [Member] | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | |
Acquisition fee of contract purchase price | ' | 2.75% | ' | |
Condition One [Member] | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | |
Percentage of contract purchase price paid for acquisition fee, in shares of common stock | ' | 0.15% | ' | |
Per share amount of shares of common stock in which payment was made | 9 | 9 | 9 | |
Percentage of contract purchase price paid acquisition fee, in cash | ' | 2.45% | ' | |
Condition Two [Member] | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | |
Percentage of contract purchase price paid for acquisition fee, in shares of common stock | 0.15% | ' | ' | |
Per share amount of shares of common stock in which payment was made | 9.2 | ' | 9.2 | |
Percentage of contract purchase price paid acquisition fee, in cash | 2.45% | ' | ' | |
Central Indiana MOB Portfolio [Member] | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | |
Number of buildings acquired from unaffiliated parties | 12 | ' | ' | |
Medistar Murray LTACH, LLC [Member] | ' | ' | ' | |
Real Estate Properties [Line Items] | ' | ' | ' | |
Related Parties Transactions Acquisition Fees Expense | ' | ' | 218 | [1],[2] |
[1] | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | |||
[2] | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. |
Real_Estate_Notes_Receivable_A
Real Estate Notes Receivable - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 57 Months Ended | 9 Months Ended | 57 Months Ended | 9 Months Ended | 57 Months Ended | ||||||||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Medistar Murray LTACH, LLC [Member] | Medistar Murray LTACH, LLC [Member] | Medistar Murray LTACH, LLC [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Kissito Roanoke [Member] | Kissito Roanoke [Member] | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | |||||||||||||||
Real Estate Notes Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real estate note receivable maximum borrowing amount | ' | ' | ' | ' | $12,100,000 | [1] | $12,100,000 | [1] | ' | $107,939,000 | [2] | £ 66,691,000 | $107,939,000 | [2] | $4,400,000 | $4,400,000 | ||||||
Interest rate in effect | ' | ' | ' | ' | 5.25% | [3] | ' | ' | 7.50% | [3] | 7.50% | [3] | ' | 7.25% | [3] | ' | ||||||
Acquisition fee percentage | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Acquisition fee | ' | ' | ' | ' | ' | 218,000 | [1],[4] | ' | ' | ' | 195,000 | [2],[4] | ' | 29,000 | [4] | |||||||
Outstanding balance on real estate notes receivable | ' | 11,421,000 | [5] | ' | 5,213,000 | [5] | ' | ' | 5,213,000 | [1],[5] | 9,953,000 | [2],[5] | 6,149,000 | 9,953,000 | [2],[5] | 1,468,000 | [5] | 1,468,000 | [5] | |||
Amortization of closing costs | $0 | $85,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | |||||||||||||||||||||
[2] | We entered into the UK Development Facility agreement on July 6, 2013, which was effective upon the acquisition of UK Senior Housing Portfolio on September 11, 2013. There are various maturity dates depending upon the timing of advances, however, the maturity date will be no later than March 10, 2022. Based on the currency exchange rate as of September 30, 2013, the maximum amount for advances available was £66,691,000, or approximately $107,939,000, and the outstanding balance as of September 30, 2013 was £6,149,000, or approximately $9,953,000 | |||||||||||||||||||||
[3] | Represents the per annum interest rate in effect as of September 30, 2013. | |||||||||||||||||||||
[4] | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. | |||||||||||||||||||||
[5] | Outstanding balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns. |
Real_Estate_Notes_Receivable_D
Real Estate Notes Receivable (Details) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 57 Months Ended | 9 Months Ended | 57 Months Ended | 9 Months Ended | 57 Months Ended | ||||||||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | Medistar Murray LTACH, LLC [Member] | Medistar Murray LTACH, LLC [Member] | Medistar Murray LTACH, LLC [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | Kissito Roanoke [Member] | Kissito Roanoke [Member] | |||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | |||||||||||||||
Real Estate Notes Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest rate in effect | ' | ' | ' | ' | 5.25% | [1] | ' | ' | 7.50% | [1] | 7.50% | [1] | ' | 7.25% | [1] | ' | ||||||
Acquisition fee | ' | ' | ' | ' | ' | $218,000 | [2],[3] | ' | ' | ' | $195,000 | [2],[4] | ' | $29,000 | [2] | |||||||
Real estate note receivable maximum borrowing amount | ' | ' | ' | ' | 12,100,000 | [3] | 12,100,000 | [3] | ' | 107,939,000 | [4] | 66,691,000 | 107,939,000 | [4] | 4,400,000 | 4,400,000 | ||||||
Outstanding balance on real estate notes receivable | ' | 11,421,000 | [5] | ' | 5,213,000 | [5] | ' | ' | 5,213,000 | [3],[5] | 9,953,000 | [4],[5] | 6,149,000 | 9,953,000 | [4],[5] | 1,468,000 | [5] | 1,468,000 | [5] | |||
Unamortized closing costs and origination fees, net | ' | 177,000 | ' | -31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real estate notes receivable, net | ' | 11,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real Estate Loans Receivable [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real estate notes receivable, net | ' | 5,182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Advances on real estate notes receivable | ' | 16,871,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Closing costs and origination fees, net | ' | 293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Unrealized foreign currency gain (loss) | ' | 219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amortization of closing costs and origination fees | 0 | -85,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Principal repayment on real estate notes receivable | ' | -10,882,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Real estate notes receivable, net | ' | $11,598,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Represents the per annum interest rate in effect as of September 30, 2013. | |||||||||||||||||||||
[2] | Our advisor entities and their affiliates were paid, as compensation for services in connection with real estate-related investments, an acquisition fee of 2.00% of the total amount advanced through September 30, 2013. | |||||||||||||||||||||
[3] | On September 25, 2013, we purchased the property securing the Salt Lake City Note and the note receivable was paid in full. | |||||||||||||||||||||
[4] | We entered into the UK Development Facility agreement on July 6, 2013, which was effective upon the acquisition of UK Senior Housing Portfolio on September 11, 2013. There are various maturity dates depending upon the timing of advances, however, the maturity date will be no later than March 10, 2022. Based on the currency exchange rate as of September 30, 2013, the maximum amount for advances available was £66,691,000, or approximately $107,939,000, and the outstanding balance as of September 30, 2013 was £6,149,000, or approximately $9,953,000 | |||||||||||||||||||||
[5] | Outstanding balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns. |
Identified_Intangible_Assets_N2
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | $237,668 | $204,147 |
Tenant Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | 114,244 | 88,304 |
In Place Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | 96,639 | 88,110 |
Leasehold Interests [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | 15,641 | 15,690 |
Above Market Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | 10,516 | 11,190 |
Defeasible Interest [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | 598 | 610 |
Master Leases [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Identified intangible assets, net | $30 | $243 |
Identified_Intangible_Assets_N3
Identified Intangible Assets, Net - Summary of Identified Intangibles, Net (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defeasible Interest [Member] | Defeasible Interest [Member] | In Place Leases [Member] | In Place Leases [Member] | Leasehold Interests [Member] | Leasehold Interests [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Tenant Relationships [Member] | Tenant Relationships [Member] | Master Leases [Member] | Master Leases [Member] | Leasehold Interests [Member] | Leasehold Interests [Member] | Leasehold Interests [Member] | Leasehold Interests [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | $6,966 | $4,451 | $18,651 | $10,034 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $67 | $69 | $205 | $190 | $726 | $432 | $1,972 | $1,042 |
Finite-lived intangible assets, accumulated amortization | ' | ' | ' | ' | $25 | $14 | $21,416 | $11,532 | $589 | $400 | $3,294 | $1,805 | $9,314 | $4,662 | $208 | $616 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining life | ' | ' | '17 years 8 months 12 days | '18 years 10 months 24 days | '40 years 0 months 0 days | '40 years 9 months 18 days | '9 years 10 months 24 days | '10 years 7 months 6 days | '63 years 9 months 18 days | '63 years 1 month 6 days | '6 years 9 months 18 days | '9 years 4 months 24 days | '18 years 9 months 18 days | '20 years 6 months 1 day | '2 months 12 days | '7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Identified_Intangible_Assets_N4
Identified Intangible Assets, Net - Summary of Amortization Expense on Identified Intangible Assets, Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
2013 | $6,649 | ' |
2014 | 23,747 | ' |
2015 | 21,391 | ' |
2016 | 19,388 | ' |
2017 | 17,779 | ' |
Thereafter | 148,714 | ' |
Identified intangible assets, net | $237,668 | $204,147 |
Other_Assets_Net_Other_Assets_
Other Assets, Net - Other Assets, Net (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Deferred rent receivables | $19,476 | $10,219 |
Deferred financing costs, net of accumulated amortization of $3,045,000 and $1,276,000 as of September 30, 2013 and December 31, 2012, respectively | 7,083 | 6,234 |
Prepaid expenses and deposits | 2,016 | 1,353 |
Lease commissions, net of accumulated amortization of $286,000 and $122,000 as of September 30, 2013 and December 31, 2012, respectively | 4,563 | 1,716 |
Other assets, net | 33,138 | 19,522 |
Accumulated Amortization, Deferred Financing Costs | 3,045 | 1,276 |
Accumulated Amortiztion, Lease Commission | $286 | $122 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Other Assets [Abstract] | ' | ' | ' | ' |
Amortization expense on lease commissions | $105,000 | $27,000 | $221,000 | $66,000 |
Amortization expense on deferred financing costs | 779,000 | 437,000 | 1,860,000 | 1,351,000 |
Write-off of deferred financing costs due to the early extinguishment | ' | ' | $56,000 | $31,000 |
Other_Assets_Net_Estimated_Amo
Other Assets, Net - Estimated Amortization Expense on Deferred Financing Costs and Lease Commissions (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Abstract] | ' |
2013 | $879 |
2014 | 3,445 |
2015 | 1,985 |
2016 | 836 |
2017 | 663 |
Thereafter | 3,838 |
Total | $11,646 |
Mortgage_Loans_Payable_Net_Add
Mortgage Loans Payable, Net - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
MortgageLoan | MortgageLoan | |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Total fixed and variable rate debt | $328,748 | $278,245 |
Mortgage loans payable, net | 343,186 | 291,052 |
Fixed rate mortgage loans payable | 43 | 33 |
Variable rate mortgage loans payable | 3 | 3 |
Mortgage loans payable with effective interest rates minimum | 1.28% | 1.31% |
Mortgage loans payable with effective interest rates maximum | 6.60% | 6.60% |
Weighted average effective interest rate | 4.91% | 4.76% |
Fixed Interest Rate | 95.10% | 94.00% |
Weighted average effective fixed rate | 5.04% | 4.90% |
Variable interest rate | 4.90% | 6.00% |
Weighted average effective variable Rate | 2.57% | 2.60% |
Fixed Rate Debt [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans payable, net | 312,555 | 261,612 |
Fixed rate debt net of discount and premium | 327,212 | 274,659 |
Variable Rate Debt [Member] | ' | ' |
Mortgage Loans on Real Estate [Line Items] | ' | ' |
Mortgage loans payable, net | 16,193 | 16,633 |
Variable rate debt net of discount and premium | $15,974 | $16,393 |
Mortgage_Loans_Payable_Net_Mor
Mortgage Loans Payable, Net - Mortgage Loans Payable (Detail) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage loans payable, net | $343,186 | $291,052 | ||
Total fixed and variable rate debt | 328,748 | 278,245 | ||
Less: discount | -224 | -248 | ||
Add: premium | 14,662 | 13,055 | ||
Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage loans payable, net | 312,555 | 261,612 | ||
Variable Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage loans payable, net | 16,193 | 16,633 | ||
Pocatello East Medical Office Building [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.00% | [1] | ' | |
Maturity Date | 1-Oct-20 | ' | ||
Mortgage loans payable, net | 7,441 | 7,594 | ||
Monument LTACH Portfolio [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.79% | [1] | ' | |
Maturity Date | 27-May-18 | ' | ||
Mortgage loans payable, net | 23,587 | 24,134 | ||
Hardy Oak Medical Office Building [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.60% | [1] | ' | |
Maturity Date | 10-Oct-16 | ' | ||
Mortgage loans payable, net | 0 | 5,080 | ||
Maxfield Medical Office Building [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.17% | [1] | ' | |
Maturity Date | 28-Feb-15 | ' | ||
Mortgage loans payable, net | 4,745 | 4,879 | ||
Milestone Medical Office Building Portfolio [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.50% | [1] | ' | |
Maturity Date | 1-Feb-17 | ' | ||
Mortgage loans payable, net | 16,000 | 16,000 | ||
Southeastern Skilled Nursing Facility Portfolio (Bell Minor) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.57% | [1] | ' | |
Maturity Date | 1-Aug-40 | ' | ||
Mortgage loans payable, net | 6,881 | 6,977 | ||
Southeastern SNF Portfolio (Covington) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.60% | [1] | ' | |
Maturity Date | 1-Aug-40 | ' | ||
Mortgage loans payable, net | 11,021 | 11,174 | ||
Southeastern SNF Portfolio (Mobile) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.60% | [1] | ' | |
Maturity Date | 1-Aug-40 | ' | ||
Mortgage loans payable, net | 4,903 | 4,971 | ||
Southeastern SNF Portfolio (Shreveport) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.60% | [1] | ' | |
Maturity Date | 1-Aug-40 | ' | ||
Mortgage loans payable, net | 10,550 | 10,696 | ||
Southeastern SNF Portfolio (Westminster) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.57% | [1] | ' | |
Maturity Date | 1-Aug-40 | ' | ||
Mortgage loans payable, net | 4,461 | 4,523 | ||
Southeastern SNF Portfolio (Buckhead) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.25% | [1] | ' | |
Maturity Date | 1-Mar-45 | ' | ||
Mortgage loans payable, net | 11,690 | 11,797 | ||
Southeastern SNF Portfolio (Rockdale) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.25% | [1] | ' | |
Maturity Date | 1-Mar-45 | ' | ||
Mortgage loans payable, net | 7,888 | 7,960 | ||
Southeastern SNF Portfolio (Millington) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.60% | [1] | ' | |
Maturity Date | 1-Aug-45 | ' | ||
Mortgage loans payable, net | 4,691 | 4,739 | ||
Southeastern SNF Portfolio (Memphis) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 4.57% | [1] | ' | |
Maturity Date | 1-Aug-45 | ' | ||
Mortgage loans payable, net | 6,617 | 6,684 | ||
FLAGS MOB Portfolio (Okatie) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.62% | [1] | ' | |
Maturity Date | 1-Jul-14 | ' | ||
Mortgage loans payable, net | 7,532 | 7,662 | ||
FLAGS MOB Portfolio (Boynton) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.31% | [1] | ' | |
Maturity Date | 1-Aug-16 | ' | ||
Mortgage loans payable, net | 4,027 | 4,084 | ||
FLAGS MOB Portfolio (Tempe) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.33% | [1] | ' | |
Maturity Date | 1-Aug-15 | ' | ||
Mortgage loans payable, net | 5,220 | 5,307 | ||
Spokane MOB [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.59% | [1] | ' | |
Maturity Date | 11-Mar-35 | ' | ||
Mortgage loans payable, net | 13,983 | 14,214 | ||
Centre Medical Plaza [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.95% | [1] | ' | |
Maturity Date | 1-Mar-14 | ' | ||
Mortgage loans payable, net | 11,571 | 11,767 | ||
Midwestern MOB Portfolio (Champaign) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.88% | [1] | ' | |
Maturity Date | 11-May-21 | ' | ||
Mortgage loans payable, net | 3,626 | 3,667 | ||
Midwestern MOB Portfolio (Naperville) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.91% | [1] | ' | |
Maturity Date | 5-Jun-16 | ' | ||
Mortgage loans payable, net | 7,092 | 7,172 | ||
Midwestern MOB Portfolio (Urbana) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.46% | [1] | ' | |
Maturity Date | 1-Jun-15 | ' | ||
Mortgage loans payable, net | 6,671 | 6,773 | ||
Southeastern SNF Portfolio (Snellville) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 2.48% | [1] | ' | |
Maturity Date | 1-Sep-47 | ' | ||
Mortgage loans payable, net | 13,075 | 13,258 | ||
Jasper MOB [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.10% | [1] | ' | |
Maturity Date | 6-Jul-17 | ' | ||
Mortgage loans payable, net | 6,187 | 6,253 | ||
Surgical Hospital of Humble [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 6,550 | 6,550 | ||
St. Anthony North Medical Office Building [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 5,975 | 5,975 | ||
Parkway Medical Center [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 5,450 | 5,450 | ||
St. Vincent Medical Office Building [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 5,050 | 5,050 | ||
Greeley MOB [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 6,600 | 6,600 | ||
Columbia MOB [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 3,450 | 3,450 | ||
Ola Nalu MOB Portfolio (Rockwell) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 11,043 | 11,043 | ||
Ola Nalu MOB Portfolio (Huntsville) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 3.65% | [1] | ' | |
Maturity Date | 1-Jan-20 | ' | ||
Mortgage loans payable, net | 4,667 | 4,667 | ||
Central Indiana MOB Portfolio (Carmel Penn) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.60% | [1] | ' | |
Maturity Date | 15-Oct-18 | ' | ||
Mortgage loans payable, net | 5,402 | 5,462 | ||
Central Indiana MOB Portfolio (Riverview Medical Arts Building) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 6.53% | [1] | ' | |
Maturity Date | 1-Apr-18 | ' | ||
Mortgage loans payable, net | 6,273 | 0 | ||
Central Indiana MOB Portfolio (Avon) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.64% | [1] | ' | |
Maturity Date | 1-Apr-16 | ' | ||
Mortgage loans payable, net | 4,227 | 0 | ||
Central Indiana MOB Portfolio (North Meridian) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.73% | [1] | ' | |
Maturity Date | 1-Jun-16 | ' | ||
Mortgage loans payable, net | 2,594 | 0 | ||
Central Indiana MOB Portfolio (Bloomington) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.84% | [1] | ' | |
Maturity Date | 1-May-16 | ' | ||
Mortgage loans payable, net | 4,164 | 0 | ||
Central Indiana MOB Portfolio (Noblesville) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.89% | [1] | ' | |
Maturity Date | 1-May-16 | ' | ||
Mortgage loans payable, net | 5,198 | 0 | ||
Central Indiana MOB Portfolio (Muncie) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.90% | [1] | ' | |
Maturity Date | 1-Aug-16 | ' | ||
Mortgage loans payable, net | 6,214 | 0 | ||
Central Indiana MOB Portfolio (Hazel Dell) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.78% | [1] | ' | |
Maturity Date | 1-Jun-16 | ' | ||
Mortgage loans payable, net | 2,364 | 0 | ||
Central Indiana MOB Portfolio (8260 Naab) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.89% | [1] | ' | |
Maturity Date | 1-May-16 | ' | ||
Mortgage loans payable, net | 6,139 | 0 | ||
Central Indiana MOB Portfolio (Carmel Physicians) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.31% | [1] | ' | |
Maturity Date | 1-Oct-15 | ' | ||
Mortgage loans payable, net | 9,747 | 0 | ||
Central Indiana MOB Portfolio (Fishers MOB) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.54% | [1] | ' | |
Maturity Date | 1-Dec-15 | ' | ||
Mortgage loans payable, net | 3,526 | 0 | ||
Central Indiana MOB Portfolio (Indiana Heart Physicians) [Member] | Fixed Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Fixed | 5.84% | [1] | ' | |
Maturity Date | 1-Aug-15 | ' | ||
Mortgage loans payable, net | 8,463 | 0 | ||
Center for Neurosurgery and Spine [Member] | Variable Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage loans payable, net | 2,547 | [2] | 2,731 | [2] |
Interest Rate, Variable | 1.28% | [1],[2] | ' | |
Maturity Date | '08/15/21 (callable) | [2] | ' | |
Lawton Medical Office Building Portfolio [Member] | Variable Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jan-16 | ' | ||
Mortgage loans payable, net | 6,842 | 6,970 | ||
Interest Rate, Variable | 3.04% | [1] | ' | |
Muskogee Long-Term Acute Care Hospital [Member] | Variable Rate Debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 8-Apr-18 | ' | ||
Mortgage loans payable, net | $6,804 | $6,932 | ||
Interest Rate, Variable | 2.58% | [1] | ' | |
[1] | Represents the per annum interest rate in effect as of SeptemberB 30, 2013. | |||
[2] | The mortgage loan payable requires monthly principal and interest payments and is due August 15, 2021; however, the principal balance is immediately due upon written request from the seller and seller's confirmation that it shall pay any interest rate swap termination amount that is applicable. Additionally, the seller guarantors agreed to retain their guaranty obligations with respect to the mortgage loan and the interest rate swap agreement. We, the seller and the seller guarantors have also agreed to indemnify the other parties for any liability caused by a party's breach or nonperformance of obligations under the loan. |
Mortgage_Loans_Payable_Net_Pri
Mortgage Loans Payable, Net - Principal Payments Due on Mortgage Loans Payable (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Mortgage Loans on Real Estate [Abstract] | ' |
2013 | $3,915 |
2014 | 24,368 |
2015 | 41,985 |
2016 | 50,419 |
2017 | 24,779 |
Thereafter | 183,282 |
Long-term Debt, Total | $328,748 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 10, 2014 | Sep. 30, 2013 | |
USD ($) | USD ($) | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Foreign currency forward contract [Member] | Foreign currency forward contract [Member] | Foreign currency forward contract [Member] | Foreign currency forward contract [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Rate | GBP (£) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | $22,977,000 | ' | $22,977,000 | ' | $23,417,000 | ' | ' | ' | £ 180,000,000 |
Derivative, Forward Exchange Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5606 | ' |
Gain (loss) in fair value of derivative financial instruments | -9,435,000 | -52,000 | 47,000 | 0 | 259,000 | -52,000 | ' | -9,694,000 | -9,694,000 | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ' | ' | ($536,000) | ' | ($536,000) | ' | ($795,000) | ($9,694,000) | ($9,694,000) | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Interest Rate Swap One [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $2,547 | $2,731 |
Index | 'oneB monthB LIBOR | 'oneB monthB LIBOR |
Interest Rate | 6.00% | 6.00% |
Derivative Assets (Liabilities), at Fair Value, Net | -348 | -470 |
Instrument | 'Swap | 'Swap |
Maturity Date | 15-Aug-21 | 15-Aug-21 |
Interest Rate Swap Two [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 6,842 | 6,970 |
Index | 'one month LIBOR | 'one month LIBOR |
Interest Rate | 4.41% | 4.41% |
Derivative Assets (Liabilities), at Fair Value, Net | -24 | -89 |
Instrument | 'Swap | 'Swap |
Maturity Date | 1-Jan-14 | 1-Jan-14 |
Interest Rate Swap Three [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 6,804 | 6,932 |
Index | 'one month LIBOR | 'one month LIBOR |
Interest Rate | 4.28% | 4.28% |
Derivative Assets (Liabilities), at Fair Value, Net | -66 | -147 |
Instrument | 'Swap | 'Swap |
Maturity Date | 1-May-14 | 1-May-14 |
Interest Rate Swap Four [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 6,784 | 6,784 |
Index | 'one month LIBOR | 'one month LIBOR |
Interest Rate | 4.11% | 4.11% |
Derivative Assets (Liabilities), at Fair Value, Net | -98 | -89 |
Instrument | 'Swap | 'Swap |
Maturity Date | 1-Oct-15 | 1-Oct-15 |
Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 22,977 | 23,417 |
Derivative Assets (Liabilities), at Fair Value, Net | ($536) | ($795) |
Line_of_Credit_Detail
Line of Credit (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 24-May-13 | Dec. 31, 2012 | Jun. 05, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 4-May-11 | Jul. 19, 2010 | Oct. 06, 2011 | Jun. 30, 2011 |
Unsecured Revolving Line of Credit [Member] | Unsecured Revolving Line of Credit [Member] | Unsecured Revolving Line of Credit [Member] | Unsecured Revolving Line of Credit [Member] | Unsecured Revolving Line of Credit [Member] | Unsecured Revolving Line of Credit [Member] | Bank of America, N.A. [Member] | Bank of America, N.A. [Member] | KeyBank National Association [Member] | KeyBank National Association [Member] | |||
Extension | Minimum [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum principal amount before modification | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' |
Aggregate maximum principal amount | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | 45,000,000 | ' | ' | 71,500,000 |
Aggregate borrowing capacity | ' | ' | 450,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit | 0 | 200,000,000 | 0 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Borrowings remained available | ' | ' | 450,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,750,000 | ' |
Percentage of standby letters of credit | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Percentage of swingline loans | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity -Amended | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility,Swing Line Maximum Borrowing Capacity | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extensions | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Extension period | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' |
Increased maximum principal amount of the Credit Agreement | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total principal amount | ' | ' | ' | $650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of margin in addition to eurodollar rate condition one | ' | ' | 1.00% | ' | ' | ' | 2.00% | 3.00% | ' | ' | ' | ' |
Credit agreement Percentage of margin in addition to federal funds rate | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of margin in addition to eurodollar rate condition two | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' |
Commitment fee Percentage condition one | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average daily used amount condition one | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee Percentage condition two | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average daily used amount condition two | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of borrowings | 4.91% | 4.76% | ' | ' | 3.33% | ' | ' | ' | ' | ' | ' | ' |
Identified_Intangible_Liabilit2
Identified Intangible Liabilities, Net - Summary of Identified Intangibles, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' | ' | ' |
Identified intangible liabilities, net | $6,316 | ' | $6,316 | ' | $5,156 |
Weighted average remaining life | ' | ' | '21 years 3 months 18 days | ' | '25 years 1 month 6 days |
Below Market Lease [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' | ' | ' |
Identified intangible liabilities, net | 4,065 | ' | 4,065 | ' | 3,006 |
Amortization expense on below market leases | 244 | 81 | 584 | 163 | ' |
Finite lived intangible liabilities accumulated amortization | 712 | ' | 712 | ' | 265 |
Weighted average remaining life | ' | ' | '7 years 10 months 24 days | ' | '8 years 2 months 12 days |
Above Market Leasehold Interests [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Liabilities [Line Items] | ' | ' | ' | ' | ' |
Identified intangible liabilities, net | 2,251 | ' | 2,251 | ' | 2,150 |
Amortization of above market leasehold interests | 20 | 6 | 46 | 7 | ' |
Finite lived intangible liabilities accumulated amortization | $63 | ' | $63 | ' | $17 |
Weighted average remaining life | ' | ' | '45 years 4 months 24 days | ' | '48 years 9 months 18 days |
Identified_Intangible_Liabilit3
Identified Intangible Liabilities, Net - Summary of Amortization Expense on Below Market Leases and Above Market Leasehold Interests (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Intangible Liabilities [Abstract] | ' |
2013 | $210 |
2014 | 779 |
2015 | 696 |
2016 | 635 |
2017 | 533 |
Thereafter | 3,463 |
Total | $6,316 |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Selling commissions percentage | 7.00% | ' |
Dealer manager fee percentage | 3.00% | ' |
Collective expenses incurred by sub-advisor in excess of the maximum related to the follow-on offering | ' | $610 |
IPO [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Other organizational and offering expense percentage | 1.00% | ' |
Follow On Public Offering [Member] | ' | ' |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Other organizational and offering expense percentage | 1.00% | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Nov. 07, 2012 | Apr. 07, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 07, 2012 | Jan. 02, 2013 | Jan. 02, 2013 | Jan. 02, 2013 | Jan. 02, 2013 | Jan. 02, 2013 | Jan. 02, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jan. 07, 2012 | Jan. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Former Advisor [Member] | Former Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Chairman of the Board of Directors and Chief Executive Officer [Member] | President and Chief Operating Officer [Member] | Executive Vice President [Member] | Chief Financial Officer [Member] | Senior Vice President [Member] | Secretary [Member] | Investor Services [Member] | Investor Services [Member] | Geea [Member] | Geea [Member] | Subordinated Distribution Of Net Sales Proceeds [Member] | Subordinated DistributionUpon Listing [Member] | Subordinated Distribution Upon Termination [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Follow On Public Offering [Member] | Follow On Public Offering [Member] | Follow On Public Offering [Member] | Condition Two [Member] | Condition One [Member] | Condition One [Member] | IPO [Member] | Follow On Public Offering [Member] | |||||||
Former Advisor [Member] | Former Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | ||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of total operating expenses of net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fees and expenses paid to affiliates | ' | ' | ' | ' | $0 | $5,481,000 | $24,062,000 | $11,642,000 | $41,840,000 | $22,933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Selling commissions as percentage of gross offering costs | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Selling commission paid to dealer manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dealer manager fee as percentage of gross offering proceeds | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 3.00% | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ||
Dealer manager fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other organizational and offering expense percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ||
Offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 76,000 | 0 | 1,898,000 | 116,000 | 3,768,000 | ' | 769,000 | 2,715,000 | ' | ' | ' | ' | ' | ||
Acquisition fee of contract purchase price | ' | ' | ' | ' | ' | 2.75% | ' | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Acquisition price for any real estate-related investment we originate or acquire | 2.00% | ' | ' | ' | 2.00% | 2.00% | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of contract purchase price paid for acquisition fee, in shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.15% | ' | ' | ' | ||
Per share amount of shares of common stock in which payment was made | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.20 | $9 | $9 | ' | ' | ||
Percentage of contract purchase price paid acquisition fee, in cash | ' | ' | ' | ' | ' | ' | ' | ' | 2.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.45% | 2.45% | ' | ' | ' | ||
Acquisition fee | 23,344,000 | [1],[2],[3] | 17,274,000 | [4],[5] | ' | ' | 0 | 4,579,000 | 17,484,000 | 7,212,000 | 23,682,000 | 12,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of fees and expenses associated with the acquisition | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related parties transactions acquisition fees, shares issued | ' | ' | ' | ' | ' | ' | 109,576 | 46,233 | 147,789 | 81,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Monthly fee for asset management for existing assets | ' | ' | ' | ' | 0.85% | 0.85% | ' | ' | ' | ' | 0.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Monthly fee for asset management for newly acquired assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Subordination of asset management fee subject to stockholders receiving distributions percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related parties transactions asset management fee | ' | ' | ' | ' | 0 | 61,000 | 3,392,000 | 1,794,000 | 9,121,000 | 4,438,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of monthly property management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of monthly oversight fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related parties transactions property management fee and oversight fee | ' | ' | ' | ' | 0 | 16,000 | 1,214,000 | 608,000 | 3,072,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum percentage of lease fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of lease fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lease fees to advisor or its affiliates | ' | ' | ' | ' | ' | ' | 1,174,000 | 103,000 | 3,030,000 | 558,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of construction management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Related parties transactions construction management fee expenses | ' | ' | ' | ' | ' | ' | 29,000 | 27,000 | 104,000 | 74,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of total operating expenses of average invested assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of operating expenses of average invested assets | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of operating expenses of net income | 35.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Limitation percentage of offering expenses | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $10,000 | $0 | $2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Disposition Fees as percentage of contract sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Disposition Fees as percentage of customary competitive real estate commission | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of disposition fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of distribution of net proceeds from sales of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual cumulative non compounded return upon listing of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Annual cumulative non compounded return on gross proceeds from sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Distribution rate of partnership amount to sub advisor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investment rate by officer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 50.00% | 50.00% | 15.00% | 15.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price of shares | ' | ' | $9.20 | $9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | ||||||||||||||||||||||||||||||||||||||||
[2] | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | ||||||||||||||||||||||||||||||||||||||||
[3] | We own 100% of our properties acquired in 2013. | ||||||||||||||||||||||||||||||||||||||||
[4] | We own 100% of our properties acquired in 2012. | ||||||||||||||||||||||||||||||||||||||||
[5] | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Related_Party_Transactions_Rel
Related Party Transactions - Related Party Description (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | ' | ' | $1,736,389 | $383,580 |
Chairman of the Board of Directors and Chief Executive Officer [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 144 | 142 | 184 | 176 |
Shares purchased, shares | 15,671 | 15,814 | 20,010 | 19,531 |
President and Chief Operating Officer [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 76 | 76 | 105 | 98 |
Shares purchased, shares | 8,264 | 8,454 | 11,396 | 10,905 |
Executive Vice President [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 74 | 74 | 100 | 93 |
Shares purchased, shares | 8,099 | 8,245 | 10,886 | 10,380 |
Chief Financial Officer [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 5 | 5 | 16 | 12 |
Shares purchased, shares | 590 | 565 | 1,735 | 1,296 |
Senior Vice President of Acquisitions [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 6 | 4 | 14 | 11 |
Shares purchased, shares | 630 | 499 | 1,547 | 1,211 |
Secretary [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | 3 | 3 | 9 | 7 |
Shares purchased, shares | 355 | 325 | 998 | 783 |
Executive Officer [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Value of stock purchased | $308 | $304 | $428 | $397 |
Shares purchased, shares | 33,609 | 33,902 | 46,572 | 44,106 |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Amount Outstanding to Affiliates (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | $2,614 | $1,807 |
Asset and property management fees [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | 1,765 | 1,109 |
Lease commissions [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | 482 | 364 |
Offering costs [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | 319 | 277 |
Construction management fees [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | 42 | 40 |
Acquistion fees [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | 6 | 16 |
Operating exenses [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates | $0 | $1 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 48 Months Ended | 57 Months Ended | 0 Months Ended | 49 Months Ended | 57 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 48 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 49 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 07, 2012 | Dec. 06, 2012 | Jan. 01, 2011 | Nov. 07, 2012 | Jun. 14, 2011 | Jun. 08, 2010 | Oct. 21, 2009 | Feb. 14, 2013 | Nov. 07, 2012 | Nov. 06, 2012 | Aug. 24, 2009 | Sep. 30, 2013 | Feb. 14, 2013 | Feb. 04, 2009 | Feb. 29, 2012 | Jan. 04, 2012 | Nov. 07, 2012 | Jun. 14, 2011 | Jun. 08, 2010 | Nov. 07, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 21, 2009 | Jul. 16, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 07, 2012 | Sep. 30, 2012 | Nov. 06, 2012 | Feb. 14, 2013 | Nov. 07, 2012 | Sep. 09, 2013 | Feb. 14, 2013 | Nov. 07, 2012 | Nov. 06, 2012 | Feb. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 13, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Independent Directors [Member] | Independent Directors [Member] | Independent Directors [Member] | Independent Directors [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Former Advisor [Member] | Former Advisor [Member] | Griffin American Advisor [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | Follow-On-Offering [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Common Stock [Member] | Common Stock [Member] | DRIP [Member] | DRIP [Member] | DRIP [Member] | DRIP [Member] | DRIP [Member] | DRIP [Member] | Condition One [Member] | Condition Two [Member] | Common Stock [Member] | Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Exchangeable Limited Partnership Units [Member] | Exchangeable Limited Partnership Units [Member] | ||||||||||
Independent Directors [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Investor | Former Advisor [Member] | IPO [Member] | Follow-On-Offering [Member] | DRIP S-3 Public Offering [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Follow-On-Offering [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | 2009 Incentive Plan [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||||||
Independent Directors [Member] | Property | Restricted Stock [Member] | Restricted Stock [Member] | Follow-On-Offering [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independent Directors [Member] | Independent Directors [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of shares of preferred stock, authorized to be issued | 200,000,000 | ' | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of preferred stock, authorized to be issued | $0.01 | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000,000 | ' | 1,000,000,000 | ' | 1,000,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum dollar amount of common stock issuable under public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,285,000,000 | ' | $1,650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000,000 | $1,500,000,000 | ' | $100,000,000 | ' | ' | $285,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | $10 | ' | $10 | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | $10.22 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.22 | ' | ' | ' | $9.71 | $9.50 | $9.71 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of offering price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | 22,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,296 | ' | ' | ' |
Granted (in shares) | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 22,500 | 7,500 | 7,500 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 7,500 | 7,500 | 7,500 | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation-share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $10.22 | ' | ' | ' | ' | ' | ' |
Subscriptions in offering of common stock received and accepted, shares | ' | ' | ' | ' | ' | 280,667,756 | ' | ' | ' | ' | ' | ' | ' | 123,179,064 | ' | ' | ' | 157,488,692 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,205,920 | ' | ' | ' | ' | ' | ' | ' | ' | 157,630,007 | ' | ' |
Stock issued during period, shares, DRIP | 1,905,291 | 628,606 | 4,256,434 | 1,539,068 | 3,511,420 | 7,767,854 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,398,862 | ' | ' |
Receivable, net of selling commissions and dealer manager fees | 2,255,000 | ' | 2,255,000 | ' | ' | 2,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of gross offering receives as a selling commission by dealer manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling commission received for selling common stock by dealer manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,206,000 | 107,100,000 | ' | 0 | 12,765,000 | 9,102,000 | 25,502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer manager fee percentage | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | 3.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer manager fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,946,000 | ' | 47,796,000 | ' | 0 | 5,625,000 | 3,981,000 | 11,197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisor contributed to acquire limited partnership units | ' | ' | 0 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties exchanged for limited partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,600 | 200 |
Limited partnership units received in exchange for interest in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,600 | 42,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in operating partnership by parent | 99.90% | 99.99% | 99.90% | 99.99% | 99.96% | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling ownership interest in operating partnership | 0.10% | 0.01% | 0.10% | 0.01% | 0.04% | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in ownership of consolidated limited liability | 98.75% | ' | 98.75% | ' | 98.75% | 98.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of earnings of Pocatello East MOB property allocated to non controlling interest | 1.25% | ' | 1.25% | ' | 1.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under the DRIP | 18,500,000 | 5,972,000 | 41,330,000 | 14,621,000 | 33,424,000 | 74,754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,713,000 | ' | ' |
Maximum percentage of common stock repurchased during the period | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan amount price condition | ' | ' | ' | ' | ' | ' | ' | $9.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan percentage of price per share condition one | ' | ' | ' | ' | ' | ' | 92.50% | 92.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan percentage of price per share condition two | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased during period under share repurchase plan shares | 226,123 | 75,396 | 770,798 | 241,836 | 556,139 | 1,326,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan holding period condition one | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan holding period condition two | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased under the share repurchase plan, value | 2,186,000 | 727,000 | 7,440,000 | 2,341,000 | 5,361,000 | 12,801,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average cost of common stock repurchased | $9.67 | $9.64 | $9.65 | $9.68 | $9.64 | $9.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares of common stock that may be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement by share based payment award equity instruments other than options vesting percentage on anniversary of grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000 | 15,000 | 80,000 | 48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | 180,000 | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated share based unrecognized compensation expense net of estimated forfeitures weighted average remaining period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 9 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the nonvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $259,000 | ' | $259,000 | ' | $289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 287,183,395 | ' | 287,183,395 | ' | 113,199,988 | 287,183,395 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Status_and_Changes_of_N
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Beginning balance (in shares) | 28,500 |
Granted (in shares) | 0 |
Vested (in shares) | -3,000 |
Forfeited (in shares) | 0 |
Ending balance (in shares) | 25,500 |
Beginning balance (in dollars per share) | $10.14 |
Granted (in dollars per share) | $0 |
Vested (in dollars per share) | $10 |
Forfeited (in dollars per share) | $0 |
Ending balance (in dollars per share) | $10.16 |
Expecting to vest (in dollars per share) | $10.16 |
Expected to vest (in shares) | 25,500 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Liabilities: | ' | ' |
Derivative financial instruments | $10,230,000 | $795,000 |
Contingent consideration obligations | ' | 60,204,000 |
Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Contingent consideration obligations | 5,453,000 | 60,204,000 |
Total liabilities at fair value | 15,683,000 | 60,999,000 |
Fair Value, Inputs, (Level 1) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | ' | 0 |
Contingent consideration obligations | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Contingent consideration obligations | 0 | 0 |
Total liabilities at fair value | 10,230,000 | 795,000 |
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 0 | 0 |
Contingent consideration obligations | 5,453,000 | 60,204,000 |
Total liabilities at fair value | 5,453,000 | 60,204,000 |
Interest Rate Swaps [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 536,000 | 795,000 |
Interest Rate Swaps [Member] | Fair Value, Inputs, (Level 1) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 0 | ' |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 536,000 | 795,000 |
Foreign currency forward contract [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 9,694,000 | ' |
Foreign currency forward contract [Member] | Fair Value, Inputs, (Level 1) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 0 | ' |
Foreign currency forward contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | 9,694,000 | ' |
Foreign currency forward contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | $0 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 22, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 22, 2011 | 31-May-12 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | 31-May-12 | Sep. 30, 2012 |
Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Sierra Providence East Medical Plaza I [Member] | Sierra Providence East Medical Plaza I [Member] | Philadelphia SNF Portfolio [Member] | Philadelphia SNF Portfolio [Member] | Pacific Northwest Senior Care Portfolio [Member] | Pacific Northwest Senior Care Portfolio [Member] | Pacific Northwest Senior Care Portfolio [Member] | Pacific Northwest Senior Care Portfolio [Member] | Pacific Northwest Senior Care Portfolio [Member] | Various Property Acquisitions [Member] [Member] | Various Property Acquisitions [Member] [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | Contingent Consideration Asset [Member] | ||||
sqft | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Minimum [Member] | Maximum [Member] | Contingent Consideration Obligation [Member] | Contingent Consideration Obligation [Member] | Sierra Providence East Medical Plaza I [Member] | Sierra Providence East Medical Plaza I [Member] | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $115,000 | ' | ' |
Contingent consideration assets fair value | ' | ' | 115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of acquired property, GLA (in sqft) | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent assets range - Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Contingent assets range - Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 |
Contingent assets settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' |
Escrow funds released to seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration obligations | ' | 60,204,000 | ' | 5,453,000 | ' | 5,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration obligations fair value | ' | ' | ' | ' | ' | ' | ' | 60,204,000 | ' | ' | ' | 52,585,000 | 3,750,000 | 3,750,000 | 5,492,000 | ' | ' | 1,703,000 | 2,127,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in obligation | ' | ' | ' | 0 | 12,446,000 | 273,000 | 11,935,000 | ' | ' | ' | 458,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements of obligations | ' | ' | ' | -1,431,000 | -1,467,000 | -55,706,000 | -3,434,000 | ' | ' | ' | 53,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and renovation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent payment on meeting the criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,775,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration obligation payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'within three years from the acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,825,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the mortgage loans payable | 339,931,000 | 308,472,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans payable, net | 343,186,000 | 291,052,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the lines of credit | 0 | 199,780,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit | $0 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Unobse
Fair Value Measurements - Unobservable Inputs (Details) (Pacific Northwest Senior Care Portfolio [Member], Fair Value, Measurements, Nonrecurring [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Pacific Northwest Senior Care Portfolio [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value at year end | $3,750 |
Estimated cost of tenant improvements | 6,525 |
Percentage of eligible payment requested | 100.00% |
Fair value if required lease coverage ratio not met | $1,925 |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation of Contingent Consideration Asset and Obligations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Contingent Consideration Obligation [Member] | ' | ' | ' | ' |
Contingent Consideration Obligations: | ' | ' | ' | ' |
Beginning balance | $6,489 | $3,580 | $60,204 | $6,058 |
Additions to contingent consideration obigations | 395 | 7,485 | 682 | 7,485 |
Realized/unrealized losses recognized in earnings | 0 | 12,446 | 273 | 11,935 |
Settlements of obligations | -1,431 | -1,467 | -55,706 | -3,434 |
Ending balance | 5,453 | 22,044 | 5,453 | 22,044 |
Amount of total (gains) losses included in earnings attributable to the change in unrealized (gains) losses relating to obligations still held | 0 | 12,446 | 0 | 12,591 |
Contingent Consideration Asset [Member] | ' | ' | ' | ' |
Contingent Consideration Asset: | ' | ' | ' | ' |
Beginning balance | 0 | 0 | 0 | 115 |
Realized/unrealized losses recognized in earnings | 0 | 0 | 0 | -113 |
Settlements of assets | 0 | 0 | 0 | -2 |
Ending balance | 0 | 0 | 0 | 0 |
Amount of total gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets still held | $0 | $0 | $0 | $0 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 9 Months Ended | 57 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 01, 2011 | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Aggregate purchase price of acquisitions | $906,190 | [1] | $654,741 | [2] | $2,230,836 | ' |
Share price | ' | $10 | ' | $10 | ||
2013 Acquisitions [Member] | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Number of acquisitions acquired in business combinations | 15 | ' | ' | ' | ||
Number of buildings acquired in business combinations | 34 | ' | ' | ' | ||
Aggregate purchase price of acquisitions | 284,000 | ' | ' | ' | ||
Total closing cost and acquisition fees | 8,775 | ' | ' | ' | ||
2012 Acquisitions [Member] | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Number of acquisitions acquired in business combinations | ' | 16 | ' | ' | ||
Number of buildings acquired in business combinations | ' | 65 | ' | ' | ||
Aggregate purchase price of acquisitions | ' | 654,741 | ' | ' | ||
Total closing cost and acquisition fees | ' | $20,094 | ' | ' | ||
Individually Significant Acquisitions [Member] | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ||
Number of acquisitions acquired in business combinations | ' | 1 | ' | ' | ||
[1] | We own 100% of our properties acquired in 2013. | |||||
[2] | We own 100% of our properties acquired in 2012. |
Business_Combinations_Schedule
Business Combinations - Schedule of Revenues and Net Income (Loss) of Properties Acquired (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
2013 Acquisitions [Member] | Southeastern SNF Portfolio [Member] | Other 2012 Acquisitions [Member] | |
Business Acquisition [Line Items] | ' | ' | ' |
Revenues | $12,200 | $13,839 | $12,833 |
Net Income | $1,611 | $5,158 | $1,276 |
Business_Combinations_Fair_Val
Business Combinations - Fair Value of Acquisitions (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Acquisitions [Member] | Lacombe MOB II [Member] | Central Indiana MOB Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Southeastern SNF Portfolio [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Other 2012 Acquisitions [Member] | Pacific Northwest Senior Care Portfolio [Member] | Silver Star MOB Portfolio [Member] | ||
Building and improvements [Member] | In-place leases [Member] | Tenant Relationships [Member] | Above Market Lease [Member] | Leasehold Interests [Member] | Mortgage loans payable, net [Domain] | Below Market Lease [Member] | Above Market Leasehold Interests [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Building and improvements [Member] | Furniture, Fixtures and Equipment [Member] | In-place leases [Member] | Tenant Relationships [Member] | Mortgage loans payable, net [Domain] | Below Market Lease [Member] | Above Market Leasehold Interests [Member] | Other Liabilities [Member] | Building and improvements [Member] | In-place leases [Member] | Tenant Relationships [Member] | Above Market Lease [Member] | Mortgage loans payable, net [Domain] | Below Market Lease [Member] | Leasehold Interest [Member] | Defeasible Interest [Member] | Master Leases [Member] | Above Market Leasehold Interests [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Land acquired in business combination | $22,639 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,009 | ' | ' | ' | ' | ' | ' | ' | ' | $45,307 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Building and improvement | ' | 208,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,175 | 1,578 | ' | ' | ' | ' | ' | ' | 0 | 373,645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Intangible assets acquired in business combination | ' | ' | 19,933 | 30,592 | 3,306 | 467 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 20,919 | 15,271 | ' | ' | ' | ' | ' | ' | 37,429 | 36,885 | 5,670 | ' | ' | 3,803 | 623 | 42 | ' | ' | ' | ' | ||
Total assets aquired in business combination | 285,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,952 | ' | ' | ' | ' | ' | ' | ' | ' | 503,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Liabilities assumed in business combination | ' | ' | ' | ' | ' | ' | 62,712 | 1,643 | 147 | 682 | [1] | 395 | 287 | ' | ' | ' | ' | ' | 92,611 | 0 | 0 | 0 | ' | ' | ' | ' | ' | 71,197 | 1,119 | ' | ' | ' | 1,515 | 11,465 | [2] | 6,525 | 960 |
Total liabilities assumed in business combination | 65,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,611 | ' | ' | ' | ' | ' | ' | ' | ' | 85,296 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net assets acquired | $219,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $83,341 | ' | ' | ' | ' | ' | ' | ' | ' | $418,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Included in other liabilities is $395,000 and $287,000 accrued for as contingent consideration in connection with the purchase of Lacombe MOB II and a building in the Central Indiana MOB Portfolio, respectively. See Note 14, Fair Value Measurements b Assets and Liabilities Reported at Fair Value b Contingent Consideration, for a further discussion. | ||||||||||||||||||||||||||||||||||||
[2] | Included in other liabilities is $6,525,000 and $960,000 accrued for as contingent consideration in connection with the purchase of Pacific Northwest Senior Care Portfolio and Silver Star MOB Portfolio, respectively. See Note 14, Fair Value Measurements b Assets and Liabilities Reported at Fair Value b Contingent Consideration, for a further discussion. |
Business_Combinations_Business
Business Combinations - Business Acquisition Pro Forma Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
2012 Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenues | ' | $32,691 | ' | $96,968 |
Net income (loss) | ' | -10,123 | ' | 3,985 |
Net income (loss) attributable to controlling interest | ' | -10,125 | ' | 3,983 |
Net income (loss) per common share attributable to controlling interest - basic and diluted | ' | ($0.07) | ' | $0.03 |
2013 Acquisitions [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Revenues | 53,134 | 36,958 | 150,632 | 93,562 |
Net income (loss) | 6,297 | -19,262 | 25,321 | -24,169 |
Net income (loss) attributable to controlling interest | $6,290 | ($19,218) | $25,281 | ($24,104) |
Net income (loss) per common share attributable to controlling interest - basic and diluted | $0.03 | ($0.19) | $0.13 | ($0.28) |
Segment_Reporting_Summary_Info
Segment Reporting - Summary Information for Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 43 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2012 | |
segment | segment | |||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' | ' |
Reportable business segments | ' | ' | 4 | ' | 3 | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate investments, net | $2,023,439,000 | ' | $2,023,439,000 | ' | ' | $1,112,295,000 |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 52,018,000 | 27,134,000 | 137,630,000 | 67,670,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Rental expenses | 11,487,000 | 5,942,000 | 29,944,000 | 14,014,000 | ' | ' |
Segment net operating income | 40,531,000 | 21,192,000 | 107,686,000 | 53,656,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
General and administrative | 6,237,000 | 2,935,000 | 14,676,000 | 7,753,000 | ' | ' |
Subordinated distribution purchase (Note 2) | 0 | 4,232,000 | 0 | 4,232,000 | ' | ' |
Acquisition related expenses | 2,301,000 | 21,174,000 | 9,580,000 | 32,326,000 | ' | ' |
Depreciation and amortization | 19,211,000 | 10,743,000 | 50,449,000 | 25,707,000 | ' | ' |
Income (loss) from operations | 12,782,000 | -17,892,000 | 32,981,000 | -16,362,000 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Interest expense | -4,760,000 | -3,548,000 | -13,325,000 | -9,747,000 | ' | ' |
Gain (loss) in fair value of derivative financial instruments | 47,000 | 0 | 259,000 | -52,000 | ' | ' |
Foreign currency and derivative loss | -4,723,000 | 0 | -5,053,000 | 0 | ' | ' |
Interest income | 246,000 | 4,000 | 283,000 | 11,000 | ' | ' |
Net income (loss) | 3,592,000 | -21,436,000 | 15,145,000 | -26,150,000 | ' | ' |
Total assets | 2,878,639,000 | ' | 2,878,639,000 | ' | ' | 1,454,629,000 |
Medical Office Buildings [Member] | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 28,280,000 | 14,987,000 | 74,756,000 | 33,739,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Rental expenses | 9,680,000 | 5,000,000 | 24,698,000 | 11,382,000 | ' | ' |
Segment net operating income | 18,600,000 | 9,987,000 | 50,058,000 | 22,357,000 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Total assets | 1,057,127,000 | ' | 1,057,127,000 | ' | ' | 677,444,000 |
Skilled Nursing Facilities [Member] | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 13,226,000 | 9,612,000 | 36,154,000 | 26,999,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Rental expenses | 908,000 | 708,000 | 2,527,000 | 1,989,000 | ' | ' |
Segment net operating income | 12,318,000 | 8,904,000 | 33,627,000 | 25,010,000 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Total assets | 414,712,000 | ' | 414,712,000 | ' | ' | 374,773,000 |
Hospitals [Member] | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 5,783,000 | 2,303,000 | 17,271,000 | 6,700,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Rental expenses | 713,000 | 212,000 | 2,218,000 | 621,000 | ' | ' |
Segment net operating income | 5,070,000 | 2,091,000 | 15,053,000 | 6,079,000 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Total assets | 196,722,000 | ' | 196,722,000 | ' | ' | 190,289,000 |
Senior Housing [Member] | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 4,729,000 | 232,000 | 9,449,000 | 232,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Rental expenses | 186,000 | 22,000 | 501,000 | 22,000 | ' | ' |
Segment net operating income | 4,543,000 | 210,000 | 8,948,000 | 210,000 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Total assets | 683,814,000 | ' | 683,814,000 | ' | ' | 116,871,000 |
All Other [Member] | ' | ' | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' |
Total assets | 526,264,000 | ' | 526,264,000 | ' | ' | 95,252,000 |
UNITED STATES | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 1,471,240,000 | ' | 1,471,240,000 | ' | ' | 1,112,295,000 |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | 49,686,000 | 27,134,000 | 135,298,000 | 67,670,000 | ' | ' |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 552,199,000 | ' | 552,199,000 | ' | ' | 0 |
Revenue: | ' | ' | ' | ' | ' | ' |
Real estate revenue | $2,332,000 | $0 | $2,332,000 | $0 | ' | ' |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) | 9 Months Ended | 43 Months Ended | ||||||||||||
Sep. 30, 2013 | Jul. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||
USD ($) | segment | USD ($) | Medical Office Buildings [Member] | Skilled Nursing Facilities [Member] | Senior Housing [Member] | Hospitals [Member] | UNITED KINGDOM | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | |||||
segment | USD ($) | GBP (£) | ||||||||||||
Person | ||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Outstanding balance on real estate notes receivable | $11,421,000 | [1] | ' | $5,213,000 | [1] | ' | ' | ' | ' | ' | $9,953,000 | [1],[2] | £ 6,149,000 | |
2013 annual base rent | ' | ' | ' | ' | ' | ' | ' | ' | $34,976,000 | £ 21,610,000 | [3],[4] | |||
Minimum percent share of annualized base rent that company accounted | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reportable business segments | 4 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of annualized base rent | ' | ' | ' | 46.30% | 22.70% | 21.50% | 9.50% | 17.50% | 17.50% | 17.50% | ||||
Number of tenants accounting for 10% or more of base rent | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Minimum percent share of annualized base rent accounted by tenants | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Outstanding balance represents the original principal balance, increased by any subsequent advances and decreased by any subsequent principal paydowns. | |||||||||||||
[2] | We entered into the UK Development Facility agreement on July 6, 2013, which was effective upon the acquisition of UK Senior Housing Portfolio on September 11, 2013. There are various maturity dates depending upon the timing of advances, however, the maturity date will be no later than March 10, 2022. Based on the currency exchange rate as of September 30, 2013, the maximum amount for advances available was £66,691,000, or approximately $107,939,000, and the outstanding balance as of September 30, 2013 was £6,149,000, or approximately $9,953,000 | |||||||||||||
[3] | Annualized base rent is based on contractual base rent from leases in effect as of SeptemberB 30, 2013 and was approximately $34,976,000 based on the currency exchange rate as of SeptemberB 30, 2013. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. | |||||||||||||
[4] | In addition, as of September 30, 2013, we had advanced £6,149,000, or approximately $9,953,000, under real estate notes receivable, to affiliates of Myriad Healthcare Limited. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. |
Concentration_of_Credit_Risk_S
Concentration of Credit Risk - Schedule of Annualized Base Rent from Tenants at Consolidated Properties (Detail) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
sqft | Myriad Healthcare Limited (MHL) Group [Member] | Myriad Healthcare Limited (MHL) Group [Member] | |||
USD ($) | GBP (£) | ||||
sqft | |||||
Annualized Base Rent From Tenants At Consolidated Properties [Line Items] | ' | ' | ' | ||
2013 annual base rent | ' | $34,976,000 | £ 21,610,000 | [1],[2] | |
Percentage of annualized base rent | ' | 17.50% | 17.50% | ||
GLA (Sq Ft) | 8,245,000 | 962,000 | 962,000 | ||
Lease Terms | ' | 35 | [3] | 35 | [3] |
Lease expiration date | ' | 10-Sep-48 | [3] | 10-Sep-48 | [3] |
[1] | Annualized base rent is based on contractual base rent from leases in effect as of SeptemberB 30, 2013 and was approximately $34,976,000 based on the currency exchange rate as of SeptemberB 30, 2013. The loss of this tenant or its inability to pay rent could have a material adverse effect on our business and results of operations. | ||||
[2] | In addition, as of September 30, 2013, we had advanced £6,149,000, or approximately $9,953,000, under real estate notes receivable, to affiliates of Myriad Healthcare Limited. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. | ||||
[3] | UK Senior Housing Portfolio is leased to one tenant under a 35-year absolute net lease with lease termination options on October 1, 2028 and October 1, 2038. |
Per_Share_Data_Additional_Info
Per Share Data - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Distribution to Participating Securities | $52,000 | $2,000 | $99,000 | $7,000 |
Restricted Common Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 25,500 | 13,500 |
Exchangeable Limited Partnership Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 281,600 | 200 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 48 Months Ended | 57 Months Ended | 1 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 13, 2013 | Oct. 30, 2013 | |||
Building | Building | Acquisition | Follow-On-Offering [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Acquisition | Acquisition | Building | Acquisition | Follow-On-Offering [Member] | |||||||
Building | Common Stock [Member] | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Subscriptions in offering of common stock received and accepted, shares | ' | ' | ' | ' | ' | 280,667,756 | 157,488,692 | ' | 157,630,007 | ||
Subscriptions in offering of common stock received and accepted, value | ' | ' | ' | ' | ' | ' | $1,603,642,000 | ' | $1,605,083,000 | ||
Issuance of common stock under the DRIP | 18,500,000 | 5,972,000 | 41,330,000 | 14,621,000 | 33,424,000 | 74,754,000 | ' | ' | 42,713,000 | ||
Stock issued during period, shares, DRIP | 1,905,291 | 628,606 | 4,256,434 | 1,539,068 | 3,511,420 | 7,767,854 | ' | ' | 4,398,862 | ||
Repurchase of common stock, shares | ' | ' | ' | ' | ' | ' | ' | 154,296 | ' | ||
Repurchase of common stock | ' | ' | 7,440,000 | 2,541,000 | ' | ' | ' | 1,498,000 | ' | ||
Number of acquisitions completed from unaffiliated parties | ' | ' | 20 | 16 | ' | 67 | ' | 1 | ' | ||
Number of buildings acquired from unaffiliated parties | ' | ' | 87 | 65 | ' | 230 | ' | 2 | ' | ||
Aggregate purchase price of acquisitions | ' | ' | 906,190,000 | [1] | 654,741,000 | [2] | ' | 2,230,836,000 | ' | 13,600,000 | ' |
Acquisition fee | ' | ' | $23,344,000 | [1],[3],[4] | $17,274,000 | [2],[5] | ' | ' | ' | $354,000 | ' |
[1] | We own 100% of our properties acquired in 2013. | ||||||||||
[2] | We own 100% of our properties acquired in 2012. | ||||||||||
[3] | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | ||||||||||
[4] | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | ||||||||||
[5] | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. |
Subsequent_Events_Summary_of_A
Subsequent Events - Summary of Acquisitions of Properties (Detail) (USD $) | 9 Months Ended | 57 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Nov. 13, 2013 | Nov. 13, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Subsequent Event [Member] | Tennessee MOB Portfolio [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | Current Advisor [Member] | |||||||
Subsequent Event [Member] | ||||||||||||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition fee | $23,344 | [1],[2],[3] | $17,274 | [4],[5] | ' | $354 | $354 | [6],[7] | $17,484 | $7,212 | $23,682 | $12,695 |
Type | ' | ' | ' | ' | 'Medical Office | [6] | ' | ' | ' | ' | ||
Date acquired | ' | ' | ' | ' | 2-Oct-13 | [6] | ' | ' | ' | ' | ||
Aggregate purchase price of acquisitions | 906,190 | [3] | 654,741 | [4] | 2,230,836 | 13,600 | 13,600 | [6] | ' | ' | ' | ' |
Mortgage loans payable related to acquisition of properties | $59,343 | [3],[8] | $150,931 | [4],[9] | ' | ' | ' | ' | ' | ' | ' | |
[1] | Unless otherwise noted, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||
[2] | With respect to Salt Lake City LTACH, our advisor entities and their affiliates were paid an acquisition fee which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) in cash equal to 2.45% of the contract purchase price less $218,000 which was previously paid as an acquisition fee for the Salt Lake City Note. See Note 4, Real Estate Notes Receivable, Net, for a further discussion. The total acquisition fee paid for both the Salt Lake City Note and the purchase of Salt Lake City LTACH was 2.60% of the contract purchase price of Salt Lake City LTACH. | |||||||||||
[3] | We own 100% of our properties acquired in 2013. | |||||||||||
[4] | We own 100% of our properties acquired in 2012. | |||||||||||
[5] | Our former advisor or its affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.75% of the contract purchase price of Southeastern SNF Portfolio. Except with respect to Southeastern SNF Portfolio, our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, an acquisition fee of 2.60% of the contract purchase price which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.00 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||
[6] | We own 100% of our property acquired subsequent to SeptemberB 30, 2013. | |||||||||||
[7] | Our advisor entities and their affiliates were paid, as compensation for services rendered in connection with the investigation, selection and acquisition of the property, an acquisition fee of 2.60% of the contract purchase price, which was paid as follows: (i) in shares of our common stock in an amount equal to 0.15% of the contract purchase price, at $9.20 per share, the established offering price as of the date of closing, net of selling commissions and dealer manager fees, and (ii) the remainder in cash equal to 2.45% of the contract purchase price. | |||||||||||
[8] | Represents the balance of the mortgage loans payable assumed by us at the time of acquisition. | |||||||||||
[9] | Represents the balance of the mortgage loans payable assumed by us or newly placed on the property at the time of acquisition. |
Subsequent_Events_Summary_of_A1
Subsequent Events - Summary of Acquisitions of Properties (Parenthetical) (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Nov. 13, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | |
Subsequent Event [Member] | Subsequent Event [Member] | Current Advisor [Member] | |||
Schedule Of Summary Of Acquisitions Of Properties [Line Items] | ' | ' | ' | ' | ' |
Property ownership percentage | 100.00% | 100.00% | 100.00% | ' | ' |
Acquisition fee of contract purchase price | ' | ' | 2.60% | ' | 2.60% |
Percentage of contract purchase price paid for acquisition fee, in shares of common stock | ' | ' | 0.15% | ' | 0.15% |
Per share amount of shares of common stock in which payment was made | ' | ' | ' | $9.20 | ' |
Percentage of contract purchase price paid acquisition fee, in cash | ' | ' | 2.45% | ' | 2.45% |