Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
Class A | Class B | Healthcare Trust of America Holdings, LP (HTALP) | ||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'HEALTHCARE TRUST OF AMERICA, INC. | ' | ' | 'Healthcare Trust of America Holdings, LP |
Entity Central Index Key | '0001360604 | ' | ' | '0001495491 |
Document Type | '10-Q | ' | ' | '10-Q |
Document Period End Date | 30-Sep-13 | ' | ' | 30-Sep-13 |
Amendment Flag | 'false | ' | ' | 'false |
Document Fiscal Year Focus | '2013 | ' | ' | '2013 |
Document Fiscal Period Focus | 'Q3 | ' | ' | 'Q3 |
Current Fiscal Year End Date | '--12-31 | ' | ' | '--12-31 |
Entity Filer Category | 'Accelerated Filer | ' | ' | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | ' | 179,640,980 | 57,268,109 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ' | ' |
Land | $195,115 | $183,651 |
Building and improvements | 2,215,513 | 2,044,113 |
Lease intangibles | 386,801 | 352,884 |
Property held for sale, net | 21,138 | 0 |
Real estate investments, gross | 2,818,567 | 2,580,648 |
Accumulated depreciation and amortization | -415,615 | -349,118 |
Real estate investments, net | 2,402,952 | 2,231,530 |
Real estate notes receivable | 28,520 | 20,000 |
Cash and cash equivalents | 82,181 | 15,956 |
Restricted cash and escrow deposits | 20,068 | 17,623 |
Receivables and other assets, net | 104,996 | 84,970 |
Other intangibles, net | 41,794 | 44,011 |
Non-real estate assets of property held for sale, net | 1,009 | 0 |
Total assets | 2,681,520 | 2,414,090 |
Liabilities: | ' | ' |
Debt, net | 1,125,792 | 1,037,359 |
Accounts payable and accrued liabilities | 86,795 | 63,443 |
Derivative financial instruments - interest rate swaps | 3,258 | 9,370 |
Security deposits, prepaid rent and other liabilities | 32,327 | 24,450 |
Intangible liabilities, net | 11,262 | 11,309 |
Total liabilities | 1,259,434 | 1,145,931 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest of limited partners | 3,375 | 3,564 |
Equity/Partners' Capital: | ' | ' |
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 2,115,596 | 1,885,836 |
Cumulative dividends in excess of earnings | -712,148 | -633,717 |
Total stockholdersb equity | 1,405,806 | 1,254,266 |
Noncontrolling interest | 12,905 | 10,329 |
Total equity | 1,418,711 | 1,264,595 |
Total liabilities and equity/partners' capital | 2,681,520 | 2,414,090 |
Class A | ' | ' |
Equity/Partners' Capital: | ' | ' |
Common stock, $0.01 par value | 1,785 | 1,001 |
Class B | ' | ' |
Equity/Partners' Capital: | ' | ' |
Common stock, $0.01 par value | 573 | 1,146 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Real estate investments: | ' | ' |
Land | 195,115 | 183,651 |
Building and improvements | 2,215,513 | 2,044,113 |
Lease intangibles | 386,801 | 352,884 |
Property held for sale, net | 21,138 | 0 |
Real estate investments, gross | 2,818,567 | 2,580,648 |
Accumulated depreciation and amortization | -415,615 | -349,118 |
Real estate investments, net | 2,402,952 | 2,231,530 |
Real estate notes receivable | 28,520 | 20,000 |
Cash and cash equivalents | 82,181 | 15,956 |
Restricted cash and escrow deposits | 20,068 | 17,623 |
Receivables and other assets, net | 104,996 | 84,970 |
Other intangibles, net | 41,794 | 44,011 |
Non-real estate assets of property held for sale, net | 1,009 | 0 |
Total assets | 2,681,520 | 2,414,090 |
Liabilities: | ' | ' |
Debt, net | 1,125,792 | 1,037,359 |
Accounts payable and accrued liabilities | 86,795 | 63,443 |
Derivative financial instruments - interest rate swaps | 3,258 | 9,370 |
Security deposits, prepaid rent and other liabilities | 32,327 | 24,450 |
Intangible liabilities, net | 11,262 | 11,309 |
Total liabilities | 1,259,434 | 1,145,931 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interest of limited partners | 1,807 | 1,960 |
Equity/Partners' Capital: | ' | ' |
Limited partnersb capital, 3,053,618 and 3,055,718 units issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 14,203 | 11,663 |
General partnersb capital, 235,743,189 and 214,652,641 units issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 1,406,076 | 1,254,536 |
Total partnersb capital | 1,420,279 | 1,266,199 |
Total liabilities and equity/partners' capital | $2,681,520 | $2,414,090 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Equity: | ' | ' |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A | ' | ' |
Equity: | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 700,000,000 |
Common stock, shares issued | 178,475,080 | 100,086,387 |
Common stock, shares outstanding | 178,475,080 | 100,086,387 |
Class B | ' | ' |
Equity: | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 300,000,000 |
Common stock, shares issued | 57,268,109 | 114,566,254 |
Common stock, shares outstanding | 57,268,109 | 114,566,254 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Partnersb Capital: | ' | ' |
Limited partner's capital, units issued | 3,053,618 | 3,055,718 |
Limited partner's capital, units outstanding | 3,053,618 | 3,055,718 |
General partner's capital, units issued | 235,743,189 | 214,652,641 |
General partner's capital, units outstanding | 235,743,189 | 214,652,641 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (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 |
Revenues: | ' | ' | ' | ' |
Rental income | $81,906 | $76,465 | $234,338 | $220,222 |
Interest income from real estate notes receivable and other income | 635 | 1,067 | 1,874 | 3,683 |
Total revenues | 82,541 | 77,532 | 236,212 | 223,905 |
Expenses: | ' | ' | ' | ' |
Rental | 25,774 | 25,744 | 72,235 | 73,038 |
General and administrative | 5,980 | 5,164 | 18,645 | 16,079 |
Non-traded REIT | 0 | 350 | 0 | 4,197 |
Acquisition-related | 1,403 | 1,341 | 3,086 | 6,633 |
Depreciation and amortization | 29,581 | 29,228 | 87,554 | 87,091 |
Listing | 0 | 4,751 | 4,405 | 17,295 |
Total expenses | 62,738 | 66,578 | 185,925 | 204,333 |
Income (loss) before other income (expense) | 19,803 | 10,954 | 50,287 | 19,572 |
Interest expense: | ' | ' | ' | ' |
Interest related to debt | -12,146 | -10,172 | -35,543 | -30,648 |
Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | -3,042 | -3,832 | 5,125 | -10,066 |
Debt extinguishment costs | 0 | 0 | 0 | -1,886 |
Other income (expense) | 10 | -24 | 28 | 67 |
Income (loss) from continuing operations | 4,625 | -3,074 | 19,897 | -22,961 |
Income from discontinued operations | 380 | 143 | 725 | 410 |
Net income (loss) | 5,005 | -2,931 | 20,622 | -22,551 |
Net income attributable to noncontrolling interests | -182 | -21 | -423 | -37 |
Net income (loss) attributable to controlling interest | 4,823 | -2,952 | 20,199 | -22,588 |
Earnings (losses) per share/unit attributable to controlling interest - basic: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Earnings (losses) per share/unit attributable to controlling interest - diluted: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Weighted average number of shares/units outstanding: | ' | ' | ' | ' |
Basic (in shares/units) | 232,514 | 218,264 | 225,132 | 225,501 |
Diluted (in shares/units) | 235,023 | 218,264 | 226,771 | 225,501 |
Dividends declared per common share (usd per share/unit) | $0.14 | $0.14 | $0.43 | $0.49 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 81,906 | 76,465 | 234,338 | 220,222 |
Interest income from real estate notes receivable and other income | 635 | 1,067 | 1,874 | 3,683 |
Total revenues | 82,541 | 77,532 | 236,212 | 223,905 |
Expenses: | ' | ' | ' | ' |
Rental | 25,774 | 25,744 | 72,235 | 73,038 |
General and administrative | 5,980 | 5,164 | 18,645 | 16,079 |
Non-traded REIT | 0 | 350 | 0 | 4,197 |
Acquisition-related | 1,403 | 1,341 | 3,086 | 6,633 |
Depreciation and amortization | 29,581 | 29,228 | 87,554 | 87,091 |
Listing | 0 | 4,751 | 4,405 | 17,295 |
Total expenses | 62,738 | 66,578 | 185,925 | 204,333 |
Income (loss) before other income (expense) | 19,803 | 10,954 | 50,287 | 19,572 |
Interest expense: | ' | ' | ' | ' |
Interest related to debt | -12,146 | -10,172 | -35,543 | -30,648 |
Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | -3,042 | -3,832 | 5,125 | -10,066 |
Debt extinguishment costs | 0 | 0 | 0 | -1,886 |
Other income (expense) | 10 | -24 | 28 | 67 |
Income (loss) from continuing operations | 4,625 | -3,074 | 19,897 | -22,961 |
Income from discontinued operations | 380 | 143 | 725 | 410 |
Net income (loss) | 5,005 | -2,931 | 20,622 | -22,551 |
Net income attributable to noncontrolling interests | -9 | -20 | -39 | -28 |
Net income (loss) attributable to controlling interest | $4,996 | ($2,951) | $20,583 | ($22,579) |
Earnings (losses) per share/unit attributable to controlling interest - basic: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Earnings (losses) per share/unit attributable to controlling interest - diluted: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Weighted average number of shares/units outstanding: | ' | ' | ' | ' |
Basic (in shares/units) | 235,570 | 221,413 | 228,188 | 227,105 |
Diluted (in shares/units) | 235,570 | 221,413 | 228,188 | 227,105 |
Dividends declared per common share (usd per share/unit) | $0.14 | $0.14 | $0.43 | $0.49 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Cumulative Dividends in Excess of Earnings | Total Stockholdersb Equity | Noncontrolling Interest | Class A | Class A | Class B | Class B |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock | Common Stock | ||
Beginning balance at Dec. 31, 2011 | $1,567,340 | $2,284 | $2,032,305 | ($467,249) | $1,567,340 | $0 | ' | ' | ' | ' |
Beginning balance, shares at Dec. 31, 2011 | ' | 228,491,000 | ' | ' | ' | ' | ' | 0 | ' | 0 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based award transactions, net (in shares) | ' | 626,000 | ' | ' | ' | ' | ' | 41,000 | ' | 12,000 |
Share-based award transactions, net | 12,290 | 7 | 6,358 | 0 | 6,365 | 5,925 | ' | ' | ' | ' |
Issuance of common stock under the DRIP (in shares) | ' | 3,362,000 | ' | ' | ' | ' | ' | 0 | ' | 0 |
Issuance of common stock under the DRIP | 31,915 | 33 | 31,882 | 0 | 31,915 | 0 | ' | ' | ' | ' |
Repurchase and cancellation of common stock (in shares) | ' | -3,070,000 | ' | ' | ' | ' | ' | -14,936,000 | ' | -144,000 |
Repurchase and cancellation of common stock | -185,278 | -181 | -185,097 | 0 | -185,278 | 0 | ' | ' | ' | ' |
Conversion (in shares) | ' | -229,409,000 | ' | ' | ' | ' | ' | 57,429,000 | ' | 171,980,000 |
Dividends | -111,238 | 0 | 0 | -111,165 | -111,165 | -73 | ' | ' | ' | ' |
Net income (loss) | -22,588 | 0 | 0 | -22,588 | -22,588 | 0 | ' | ' | ' | ' |
Ending balance at Sep. 30, 2012 | 1,292,441 | 2,143 | 1,885,448 | -601,002 | 1,286,589 | 5,852 | ' | ' | ' | ' |
Ending balance, shares at Sep. 30, 2012 | ' | 0 | ' | ' | ' | ' | ' | 42,534,000 | ' | 171,848,000 |
Beginning balance at Dec. 31, 2012 | 1,264,595 | 2,147 | 1,885,836 | -633,717 | 1,254,266 | 10,329 | ' | ' | ' | ' |
Beginning balance, shares at Dec. 31, 2012 | ' | 0 | ' | ' | ' | ' | 100,086,387 | 100,086,000 | 114,566,254 | 114,566,000 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 0 | ' | ' | ' | ' | ' | 20,707,000 | ' | 0 |
Issuance of common stock | 228,306 | 207 | 228,099 | 0 | 228,306 | 0 | ' | ' | ' | ' |
Share-based award transactions, net (in shares) | ' | 0 | ' | ' | ' | ' | ' | 427,000 | ' | -15,000 |
Share-based award transactions, net | 5,129 | 4 | 1,948 | 0 | 1,952 | 3,177 | ' | ' | ' | ' |
Issuance of common stock under the DRIP | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase and cancellation of common stock (in shares) | ' | 0 | ' | ' | ' | ' | ' | -28,000 | ' | 0 |
Repurchase and cancellation of common stock | -287 | 0 | -287 | 0 | -287 | 0 | ' | ' | ' | ' |
Conversion (in shares) | ' | ' | ' | ' | ' | ' | ' | 57,283,000 | ' | -57,283,000 |
Dividends | -99,584 | 0 | 0 | -98,630 | -98,630 | -954 | ' | ' | ' | ' |
Net income (loss) | 20,552 | 0 | 0 | 20,199 | 20,199 | 353 | ' | ' | ' | ' |
Ending balance at Sep. 30, 2013 | $1,418,711 | $2,358 | $2,115,596 | ($712,148) | $1,405,806 | $12,905 | ' | ' | ' | ' |
Ending balance, shares at Sep. 30, 2013 | ' | 0 | ' | ' | ' | ' | 178,475,080 | 178,475,000 | 57,268,109 | 57,268,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $20,622 | ($22,551) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation, amortization and other | 86,654 | 85,941 |
Share-based compensation expense | 5,129 | 12,290 |
Bad debt expense | 107 | 578 |
Change in fair value of derivative financial instruments | -8,573 | 7,815 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets | -13,569 | -4,370 |
Accounts payable and accrued liabilities | 21,928 | 6,560 |
Security deposits, prepaid rent and other liabilities | 6,377 | -2,460 |
Net cash provided by operating activities | 118,675 | 83,803 |
Cash flows from investing activities: | ' | ' |
Acquisition of real estate operating properties and other assets | -223,839 | -230,636 |
Capital expenditures | -16,486 | -18,341 |
Issuance of real estate notes receivable | -8,520 | 0 |
Restricted cash, escrow deposits and notes receivable | -2,446 | -4,840 |
Release of restricted cash | 0 | 580 |
Real estate deposits paid | 0 | -3,810 |
Real estate deposits used | 0 | 4,810 |
Net cash used in investing activities | -251,291 | -252,237 |
Cash flows from financing activities: | ' | ' |
Proceeds from unsecured senior notes | 297,558 | 0 |
Borrowings on unsecured revolving credit facility | 103,000 | 281,000 |
Payments on unsecured revolving credit facility | -175,000 | -268,000 |
Borrowings on unsecured term loans | 0 | 455,000 |
Payments on secured real estate term loan and mortgage loans | -155,302 | -106,532 |
Deferred financing costs | -3,471 | -6,439 |
Derivative financial instrument termination payments | -1,195 | 0 |
Security deposits | 967 | 551 |
Proceeds from issuance of common stock, net | 229,498 | 0 |
Repurchase and cancellation of common stock | -287 | -182,397 |
Payment of offering costs | 0 | -2,884 |
Dividends | -95,597 | -62,457 |
Payment on earnout liability | -92 | -328 |
Distributions to noncontrolling interest of limited partners | -1,238 | -231 |
Net cash provided by financing activities | 198,841 | 107,283 |
Net change in cash and cash equivalents | 66,225 | -61,151 |
Cash and cash equivalents - beginning of period | 15,956 | 69,491 |
Cash and cash equivalents - end of period | 82,181 | 8,340 |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 20,622 | -22,551 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation, amortization and other | 86,654 | 85,941 |
Share-based compensation expense | 5,129 | 12,290 |
Bad debt expense | 107 | 578 |
Change in fair value of derivative financial instruments | -8,573 | 7,815 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and other assets | -13,569 | -4,370 |
Accounts payable and accrued liabilities | 21,928 | 6,560 |
Security deposits, prepaid rent and other liabilities | 6,377 | -2,460 |
Net cash provided by operating activities | 118,675 | 83,803 |
Cash flows from investing activities: | ' | ' |
Acquisition of real estate operating properties and other assets | -223,839 | -230,636 |
Capital expenditures | -16,486 | -18,341 |
Issuance of real estate notes receivable | -8,520 | 0 |
Restricted cash, escrow deposits and notes receivable | -2,446 | -4,840 |
Release of restricted cash | 0 | 580 |
Real estate deposits paid | 0 | -3,810 |
Real estate deposits used | 0 | 4,810 |
Net cash used in investing activities | -251,291 | -252,237 |
Cash flows from financing activities: | ' | ' |
Proceeds from unsecured senior notes | 297,558 | 0 |
Borrowings on unsecured revolving credit facility | 103,000 | 281,000 |
Payments on unsecured revolving credit facility | -175,000 | -268,000 |
Borrowings on unsecured term loans | 0 | 455,000 |
Payments on secured real estate term loan and mortgage loans | -155,302 | -106,532 |
Deferred financing costs | -3,471 | -6,439 |
Derivative financial instrument termination payments | -1,195 | 0 |
Security deposits | 967 | 551 |
Proceeds from issuance of general partner units, net | 229,498 | 0 |
Repurchase and cancellation of general partner units | -287 | -182,397 |
Payment of offering costs | 0 | -2,884 |
Distributions to general partner | -95,597 | -62,457 |
Payment on earnout liability | -92 | -328 |
Distributions to limited partners and redeemable noncontrolling interests | -1,238 | -231 |
Net cash provided by financing activities | 198,841 | 107,283 |
Net change in cash and cash equivalents | 66,225 | -61,151 |
Cash and cash equivalents - beginning of period | 15,956 | 69,491 |
Cash and cash equivalents - end of period | $82,181 | $8,340 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes In Partners' Capital - HTALP (Unaudited) (USD $) | Total | General Partner | Limited Partner | Healthcare Trust of America Holdings, LP (HTALP) |
In Thousands, unless otherwise specified | ||||
Balance as of beginning of period at Dec. 31, 2011 | ' | $1,567,510 | $1,417 | $1,568,927 |
Balance as of beginning of period (in units) at Dec. 31, 2011 | ' | 228,491 | 156 | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Issuance of units under the DRIP (in units) | ' | 3,362 | ' | ' |
Issuances under the DRIP | ' | 31,915 | ' | 31,915 |
Redemptions of general partner units (in units) | ' | -18,150 | ' | ' |
Redemptions of general partner units | ' | -185,278 | ' | -185,278 |
Share-based award transactions, net (in units) | ' | 679 | 2,875 | ' |
Share-based award transactions, net | ' | 6,365 | 5,925 | 12,290 |
Distributions | ' | -111,165 | -73 | -111,238 |
Net income (loss) attributable to controlling interest | -22,588 | -22,588 | 9 | -22,579 |
Balance as of end of period at Sep. 30, 2012 | ' | 1,286,759 | 7,278 | 1,294,037 |
Balance as of end of period (in units) at Sep. 30, 2012 | ' | 214,382 | 3,031 | ' |
Balance as of beginning of period at Jun. 30, 2012 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Net income (loss) attributable to controlling interest | -2,952 | ' | ' | -2,951 |
Balance as of end of period at Sep. 30, 2012 | ' | ' | ' | 1,294,037 |
Balance as of beginning of period at Dec. 31, 2012 | ' | 1,254,536 | 11,663 | 1,266,199 |
Balance as of beginning of period (in units) at Dec. 31, 2012 | ' | 214,652 | 3,056 | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Issuance of general partner units (in units) | ' | 20,707 | ' | ' |
Issuance of general partner units | ' | 228,306 | ' | 228,306 |
Redemptions of general partner units (in units) | ' | -28 | ' | ' |
Redemptions of general partner units | ' | -287 | ' | -287 |
Share-based award transactions, net (in units) | ' | 412 | -2 | ' |
Share-based award transactions, net | ' | 1,952 | 3,177 | 5,129 |
Distributions | ' | -98,630 | -1,021 | -99,651 |
Net income (loss) attributable to controlling interest | 20,199 | 20,199 | 384 | 20,583 |
Balance as of end of period at Sep. 30, 2013 | ' | 1,406,076 | 14,203 | 1,420,279 |
Balance as of end of period (in units) at Sep. 30, 2013 | ' | 235,743 | 3,054 | ' |
Balance as of beginning of period at Jun. 30, 2013 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' |
Net income (loss) attributable to controlling interest | 4,823 | ' | ' | 4,996 |
Balance as of end of period at Sep. 30, 2013 | ' | ' | ' | $1,420,279 |
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 | |
Healthcare Trust of America, Inc., a Maryland corporation, and Healthcare Trust of America Holdings, LP, a Delaware limited partnership, were incorporated or formed, as applicable, on April 20, 2006. Healthcare Trust of America, Inc. (“HTA”) operates as a real estate investment trust, or REIT, and is the general partner of Healthcare Trust of America Holdings, LP (“HTALP”) which is the operating partnership. As of September 30, 2013, HTA owned an approximate 98.94% partnership interest and other limited partners, including some of HTA’s directors, executive officers and their affiliates, owned the remaining partnership interest (including long term incentive plan units) in HTALP. As the sole general partner of HTALP, HTA has the full, exclusive and complete responsibility for HTALP’s day-to-day management and control. HTA’s only material asset is its ownership of partnership interests of HTALP. As a result, HTA does not conduct business itself, other than acting as the sole general partner of HTALP, issuing public equity from time to time and guaranteeing certain debt of HTALP. HTALP holds substantially all of the assets of the Company. HTALP conducts the operations of the business of the Company and is structured as a limited partnership with no publicly traded equity. | |
HTA is a fully integrated, self-administered and internally managed REIT and conducts substantially all of its operations through HTALP. We are primarily focused on acquiring, owning and operating high-quality medical office buildings that are predominantly located on, or aligned with, campuses of nationally or regionally recognized healthcare systems. HTA is one of the largest public REITs focused on medical office buildings in the United States based on gross leasable area, or GLA, and has strong industry relationships, a stable and diversified tenant mix, and an extensive and active acquisition network. Our primary objective is to maximize stockholder value with disciplined growth through strategic investments and to provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we (i) target mid-sized acquisitions of high-quality medical office buildings in markets with dominant healthcare systems, attractive demographics and that complement our existing portfolio, (ii) actively manage our balance sheet to maintain flexibility with conservative leverage, and (iii) seek internal growth through proactive asset management, leasing and property management oversight. HTA has qualified to be taxed as a REIT for federal income tax purposes and intends to continue to be taxed as a REIT. | |
We invest primarily in high-quality medical office buildings in our target markets, and have acquired high-quality medical office buildings and other facilities that serve the healthcare industry with an aggregate purchase price of $2.8 billion through September 30, 2013. As of September 30, 2013, our portfolio consisted of 260 medical office buildings and 19 other facilities that serve the healthcare industry, as well as real estate notes receivable secured by medical office buildings. | |
On June 6, 2012, HTA listed its Class A common stock on the New York Stock Exchange, or the NYSE, or the Listing. In accordance with an amendment to HTA’s charter approved by stockholders on December 20, 2010, all of the common stock was converted into Class A, Class B-1, Class B-2 and Class B-3 common stock. The Class B common stock is identical to the Class A common stock except that the Class B common stock is not currently listed on a national securities exchange. The shares of the Class B-1 and Class B-2 common stock converted into shares of our Class A common stock on December 6, 2012 and June 6, 2013, respectively, and are now listed on the NYSE. On November 4, 2013, HTA’s Board of Directors announced that the Class B-3 common stock will convert to Class A common stock after the market closes on November 7, 2013 and be eligible for trading on the NYSE. | |
Our principal executive offices are located at 16435 N. Scottsdale Road, Suite 320, Scottsdale, Arizona, 85254. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 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 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. | |||||||||
Reclassifications | |||||||||
To better present our real estate related balances, we have chosen to break out the details of real estate investments (net) in our balance sheet as opposed to disclosing the details in a footnote. In addition, we have reclassified certain accounts, as further discussed below, in HTA’s previously issued balance sheet to conform to current period presentation. In place leases and tenant relationship intangibles are now included in real estate investments (net) as lease intangibles. In addition, accounts and other receivables (net) have been combined with receivables and other assets (net). None of the revised reclassifications reflect corrections of any amounts. The following table presents the previously reported balances of and the reclassified balances for the impacted line items of the December 31, 2012 balance sheet (in thousands): | |||||||||
December 31, 2012 | |||||||||
As Previously Reported | As Reclassified | ||||||||
Real estate investments: | |||||||||
Land | $ | — | $ | 183,651 | |||||
Building and improvements | — | 2,044,113 | |||||||
Lease intangibles | — | 352,884 | |||||||
— | 2,580,648 | ||||||||
Accumulated depreciation and amortization | — | (349,118 | ) | ||||||
Real estate investments, net | 1,992,607 | 2,231,530 | |||||||
Accounts and other receivables, net | 13,317 | — | |||||||
Receivables and other assets, net | 71,653 | 84,970 | |||||||
Other intangibles, net | 282,934 | 44,011 | |||||||
Real Estate Depreciation | |||||||||
Depreciation expense of buildings and improvements for the three months ended September 30, 2013 and 2012, was $18.9 million and $17.8 million, respectively. Depreciation expense of buildings and improvements for the nine months ended September 30, 2013 and 2012, was $55.5 million and $53.0 million, respectively. | |||||||||
Listing Expenses | |||||||||
Listing expenses primarily include fees associated with the Listing and share-based compensation expense associated with the long term incentive program, or LTIP, awards that we granted in connection with the Listing. | |||||||||
Noncontrolling Interests | |||||||||
HTA’s net income attributable to noncontrolling interests in its accompanying condensed consolidated statements of operations relate to both noncontrolling interest reflected within equity and redeemable noncontrolling interest of limited partners reflected outside of equity in our accompanying condensed consolidated balance sheets. Limited partner units in HTALP are accounted for as partners’ capital in HTALP’s condensed consolidated balance sheets and as noncontrolling interest reflected within equity or redeemable noncontrolling interest of limited partners reflected outside of equity in HTA’s condensed consolidated balance sheets. | |||||||||
Interim Unaudited Financial Data | |||||||||
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the 2012 Annual Report on Form 10-K for HTA and the Registration Statement on Form S-4 for HTALP, as amended, that was declared effective by the SEC on October 22, 2013 (File No. 333-190916). | |||||||||
Recently Issued or Adopted Accounting Pronouncements | |||||||||
In January 2013, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, or ASU 2013-01, which clarifies the scope of ASU 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 requires entities to disclose both gross and net information about derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse purchase agreements and securities borrowing and securities lending transactions that are subject to an agreement similar to a master netting arrangement. Entities are required to apply these disclosures for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity must provide the disclosures required by those amendments retrospectively for all comparative periods presented. We adopted ASU 2011-11 and ASU 2013-01 in the first quarter of fiscal 2013 and have reflected the adoption in our disclosures to our interim condensed consolidated financial statements. |
Business_Combinations
Business Combinations | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
Business Combinations | |||||
For the nine months ended September 30, 2013, we have completed seven acquisitions for an aggregate purchase price of $241.9 million, in addition to closing costs attributable to these acquisitions of $1.4 million. Results of operations for these acquisitions are reflected in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013, for the periods subsequent to the acquisition dates. | |||||
The aggregate net purchase price of the 2013 acquisitions was allocated in the amounts set forth in the table below. Due to the recent timing of certain acquisitions, we have not yet finalized our purchase price allocation. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2013 Acquisitions | Total | ||||
Land | $ | 13,415 | |||
Building and improvements | 175,039 | ||||
Below market leasehold interests | 1,836 | ||||
Above market leases | 1,987 | ||||
In place leases | 32,205 | ||||
Tenant relationships | 16,541 | ||||
Below market leases | (1,167 | ) | |||
Above market debt | (241 | ) | |||
Net assets acquired | 239,615 | ||||
Other, net | 2,299 | ||||
Aggregate purchase price | $ | 241,914 | |||
The weighted average lives of the above acquired intangible assets and liabilities were 7.4 years and 5.7 years, respectively. | |||||
The property acquisitions completed during the nine months ended September 30, 2013, were all cash transactions except for the acquisition on September 20, 2013 and we acquired a 100% ownership interest in each property acquisition. See below for a brief description of each of the acquisitions. | |||||
• | On March 11, 2013, we completed the acquisition of a medical office building located in Dallas, Texas for $48.7 million. | ||||
• | On March 22, 2013, we completed the acquisition of a medical office building located in Bryan - College Station, Texas for $39.8 million. | ||||
• | On June 18, 2013, we completed the acquisition of a medical office building located in Atlanta, Georgia for $5.6 million. | ||||
• | On July 12, 2013, we completed the acquisition of a medical office property located in Monroeville, Pennsylvania for $15.1 million. | ||||
• | On July 29, 2013, we completed the acquisition of a medical office building located in Denver, Colorado for $42.0 million. | ||||
• | On August 30, 2013, we completed the acquisition of a medical office building located in Dallas, Texas for $27.7 million. | ||||
• | On September 20, 2013, we completed the acquisition of a portfolio of medical office buildings located in South Florida for $62.9 million. As part of the acquisition, we assumed approximately $18.0 million of mortgage loans. | ||||
In addition, we have entered into two definitive purchase agreements for the acquisition of medical office buildings located in Austin, Texas totaling approximately $30.0 million. The closing of these acquisitions are subject to the satisfaction of customary closing conditions. | |||||
The aggregate net purchase price of the 2012 acquisitions was allocated in the amounts set forth in the table below. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2012 Acquisitions | Total | ||||
Land | $ | 3,809 | |||
Building and improvements | 214,772 | ||||
Below market leasehold interests | 3,284 | ||||
Above market leases | 4,199 | ||||
In place leases | 23,388 | ||||
Tenant relationships | 19,863 | ||||
Below market leases | (1,415 | ) | |||
Net assets acquired | 267,900 | ||||
Other, net | 287 | ||||
Aggregate purchase price | $ | 268,187 | |||
The weighted average lives of the above acquired intangible assets and liabilities were 14.8 years and 7.5 years, respectively. |
Real_Estate_Notes_Receivable
Real Estate Notes Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate Notes Receivable, Net [Abstract] | ' |
Real Estate Notes Receivable | ' |
Real Estate Notes Receivable | |
Real estate notes receivable includes four promissory notes totaling $20.0 million as of September 30, 2013 and December 31, 2012. The promissory notes are secured by medical office buildings, with interest rates ranging from 10.85% to 10.95% per annum. The weighted average effective interest rate based on the purchase price of the notes was 14.57% per annum as of September 30, 2013. The promissory notes matured on November 1, 2013 and we expect to receive payment on the principal balance or extend the maturity date during the quarter ending December 31, 2013. The promissory notes have sufficient collateral coverage based on the value of the medical office buildings. The promissory notes will continue to accrue interest as the same per annum rates and as of September 30, 2013 all interest payments were current. | |
In addition, we originated two promissory notes in September 2013 totaling $8.5 million. The promissory notes are secured by medical office buildings in South Florida, each with an interest rate of 7.0% per annum. The properties are being actively marketed for sale and the notes will be repaid upon any sale. The promissory notes mature on October 1, 2016. | |
We monitor the credit quality of our real estate notes receivable on an ongoing basis by tracking possible credit quality indicators. As of September 30, 2013, all of our real estate notes receivable are current and we have not provided for any allowance for losses or recorded any impairments with respect to our notes receivable. We made no purchases or sales of real estate notes receivable during the nine months ended September 30, 2013. |
Intangibles_Assets_and_Liabili
Intangibles Assets and Liabilities | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Identified Intangibles, Net [Abstract] | ' | |||||||||||||||
Intangibles Assets and Liabilities | ' | |||||||||||||||
Intangible Assets and Liabilities | ||||||||||||||||
Intangible assets and liabilities consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands, except weighted average remaining amortization period): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||||
Assets: | ||||||||||||||||
In place leases | $ | 197,185 | 8.7 | $ | 174,615 | 9.7 | Lease intangibles | |||||||||
Tenant relationships | 189,616 | 10.6 | 178,269 | 11.6 | Lease intangibles | |||||||||||
Above market leases | 25,878 | 6.3 | 25,387 | 6.9 | Other intangibles, net | |||||||||||
Below market leasehold interests | 29,128 | 63.9 | 30,587 | 69.4 | Other intangibles, net | |||||||||||
441,807 | 408,858 | |||||||||||||||
Accumulated amortization | (143,160 | ) | (125,924 | ) | ||||||||||||
Total | $ | 298,647 | $ | 282,934 | ||||||||||||
Liabilities: | ||||||||||||||||
Below market leases | $ | 13,548 | 13 | $ | 12,823 | 13.7 | Intangible liabilities, net | |||||||||
Above market leasehold interests | 3,827 | 33.3 | 3,827 | 34 | Intangible liabilities, net | |||||||||||
17,375 | 16,650 | |||||||||||||||
Accumulated amortization | (6,113 | ) | (5,341 | ) | ||||||||||||
Total | $ | 11,262 | $ | 11,309 | ||||||||||||
The following is a summary of the net intangible amortization for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 417 | $ | 470 | $ | 1,298 | $ | 1,185 | ||||||||
Rental expense related to above or below market leasehold interests | 89 | 106 | 278 | 413 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 9,955 | 10,705 | 29,912 | 32,151 | ||||||||||||
Receivables_and_Other_Assets
Receivables and Other Assets | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Receivables and Other Assets [Abstract] | ' | |||||||||||||||
Receivables and Other Assets | ' | |||||||||||||||
Receivables and Other Assets | ||||||||||||||||
Receivables and other assets consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Accounts and other receivables, net | $ | 19,595 | $ | 13,317 | ||||||||||||
Tenant note receivable | 3,202 | 3,287 | ||||||||||||||
Deferred financing costs, net | 11,395 | 11,006 | ||||||||||||||
Deferred leasing costs, net | 12,223 | 10,554 | ||||||||||||||
Lease inducements, net | 762 | 880 | ||||||||||||||
Straight-line rent receivables, net | 44,861 | 39,095 | ||||||||||||||
Prepaid expenses, deposits, equipment and other | 9,302 | 6,831 | ||||||||||||||
Derivative financial instruments - interest rate swaps | 3,656 | — | ||||||||||||||
Total | $ | 104,996 | $ | 84,970 | ||||||||||||
The tenant note receivable is for a loan to a tenant for building improvements. The interest rate thereon is 9.0% per annum and requires monthly principal and interest payments from the tenant through July 2027. As of September 30, 2013, this tenant note receivable is current and we have not provided any allowance for losses, and we have had no impairment with respect to this note receivable. | ||||||||||||||||
The following is a summary of amortization of deferred leasing costs, deferred financing costs, and lease inducements for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization expense related to deferred leasing costs | $ | 686 | $ | 568 | $ | 1,844 | $ | 1,436 | ||||||||
Interest expense related to deferred financing costs | 805 | 896 | 3,030 | 2,987 | ||||||||||||
Amortization recorded against rental income related to lease inducements | 56 | 54 | 156 | 220 | ||||||||||||
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||||||
Assets Held for Sale and Discontinued Operations | ||||||||||||||||
During 2013 we classified one of our properties as held for sale as we committed to an approved plan to seek to dispose of the property. The sale of the property is expected to occur within one year. As of December 31, 2012, there were no properties held for sale. The following table represents the major classes of assets and liabilities, and the balance sheet classification as of September 30, 2013 (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Land | $ | 5,109 | ||||||||||||||
Building and improvements, net | 15,181 | |||||||||||||||
Lease intangibles, net | 848 | |||||||||||||||
Property held for sale, net | $ | 21,138 | ||||||||||||||
Receivables and other assets, net | $ | 1,009 | ||||||||||||||
Non-real estate assets of property held for sale, net | $ | 1,009 | ||||||||||||||
Security deposits, prepaid rent and other liabilities | $ | 181 | ||||||||||||||
Security deposits, prepaid rent and other liabilities | $ | 181 | ||||||||||||||
The table below reflects the results of operations of the property classified as held for sale, which are included in discontinued operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 443 | $ | 566 | $ | 1,257 | $ | 1,697 | ||||||||
Expenses: | ||||||||||||||||
Rental | 63 | 65 | 200 | 216 | ||||||||||||
Depreciation and amortization | — | 230 | 171 | 688 | ||||||||||||
Total expenses | 63 | 295 | 371 | 904 | ||||||||||||
Income before other income (expense) | 380 | 271 | 886 | 793 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense related to debt | — | (128 | ) | (161 | ) | (383 | ) | |||||||||
Income from discontinued operations | $ | 380 | $ | 143 | $ | 725 | $ | 410 | ||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Debt consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Unsecured revolving credit facility | $ | — | $ | 72,000 | |||||
Unsecured term loans | 455,000 | 455,000 | |||||||
Unsecured senior notes | 300,000 | — | |||||||
Fixed rate mortgages | 370,636 | 382,456 | |||||||
Secured real estate term loan | — | 125,500 | |||||||
1,125,636 | 1,034,956 | ||||||||
Net premium | 156 | 2,403 | |||||||
Total | $ | 1,125,792 | $ | 1,037,359 | |||||
Unsecured Credit Agreement | |||||||||
On March 29, 2012, we entered into an unsecured credit agreement to obtain a $575.0 million unsecured revolving credit facility and a $300.0 million unsecured term loan. On March 7, 2013, we executed an amendment to the unsecured credit agreement pursuant to an existing provision therein to increase the principal amount of the unsecured revolving credit facility. This amendment added an additional lender and increased the unsecured revolving credit facility by $75.0 million to $650.0 million. The other existing terms of the unsecured credit agreement were unchanged. The unsecured credit agreement matures on March 29, 2016 and includes a one-year extension option, subject to certain conditions. | |||||||||
The actual amount of credit available under our unsecured credit agreement is a function of certain loan-to-value and debt service coverage ratios. The maximum principal amount may be increased; subject to such additional financing being provided by our existing lenders or new lenders added to the unsecured revolving credit facility. | |||||||||
Borrowings under the $650.0 million unsecured revolving credit facility accrue interest equal to adjusted LIBOR plus a margin ranging from 1.10% to 1.75% per annum based on our credit rating. We also pay a facility fee ranging from 0.20% to 0.50% per annum on the aggregate commitments under the unsecured revolving credit facility. As of September 30, 2013, the margin associated with borrowings was 1.55% per annum and the facility fee was 0.35% per annum. As of September 30, 2013, no amount was outstanding on our unsecured revolving credit facility. | |||||||||
Borrowings under the $300.0 million unsecured term loan accrue interest equal to adjusted LIBOR plus a margin ranging from 1.30% to 2.25% per annum based on our credit rating. The margin associated with borrowings as of September 30, 2013 was 1.85% per annum. We have interest rate swaps in place that fix the interest rate at 2.95% per annum, based on our current credit rating. | |||||||||
$155.0 million Unsecured Term Loan | |||||||||
On July 20, 2012, we entered into a $155.0 million unsecured term loan that matures on July 19, 2019. The interest rate thereon is equal to LIBOR plus a margin ranging from 1.55% to 2.40% per annum based on our credit rating. The margin associated with the borrowings as of September 30, 2013 was 2.00% per annum. We have interest rate swaps in place that fix the interest rate at 3.29% per annum, based on our current credit rating. The maximum principal amount may be increased by us, subject to such additional financing being provided by our existing lender. | |||||||||
$300.0 million Unsecured Senior Notes | |||||||||
On March 28, 2013, we issued $300.0 million of unsecured senior notes that mature on April 15, 2023. The unsecured senior notes bear interest at 3.70% per annum payable semi-annually and were offered at 99.186% of the principal amount thereof. The unsecured senior notes include registration rights to the holders, pursuant to which we filed an exchange offer on Form S-4 on October 22, 2013. | |||||||||
Fixed Rate Mortgages | |||||||||
As of September 30, 2013, we had fixed rate mortgages with interest rates ranging from 4.55% to 12.75% per annum and a weighted average interest rate of 5.86% per annum. As part of an acquisition, we assumed two mortgage loans; see Note 3, Business Combinations. | |||||||||
Secured Real Estate Term Loan | |||||||||
On March 28, 2013, we repaid in full the $125.5 million secured real estate term loan. In connection with that repayment, we terminated the secured real estate term loan (and the commitments thereunder) and the related security documents and guarantees. In addition, we terminated the $75.0 million interest rate swap associated with the secured real estate term loan. | |||||||||
Future Debt Maturities | |||||||||
As of September 30, 2013, the principal payments due on our debt for the three months ending December 31, 2013, for each of the next four years ending December 31 and thereafter, is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2013 | $ | 1,722 | |||||||
2014 | 6,872 | ||||||||
2015 | 73,128 | ||||||||
2016 | 421,578 | ||||||||
2017 | 99,963 | ||||||||
Thereafter | 522,373 | ||||||||
Total | $ | 1,125,636 | |||||||
The above scheduled debt maturities do not include the available extension under the unsecured credit agreement as discussed above. | |||||||||
We are required by the terms of our applicable credit agreements to meet various affirmative and negative covenants that we believe are customary for these types of facilities, such as limitations on the incurrence of debt by us, and our subsidiaries that own unencumbered assets, limitations on the nature of HTALP’s business, and limitations on distributions by HTALP and its subsidiaries that own unencumbered assets. Our credit agreements also impose various financial covenants on us, such as a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a minimum tangible net worth covenant, a maximum ratio of unsecured indebtedness to unencumbered asset value, rent coverage ratios, and a minimum ratio of unencumbered net operating income to unsecured interest expense. As of September 30, 2013, we believe that we were in compliance with all such financial covenants and reporting requirements. In addition, certain of our credit agreements include events of default provisions that we believe are customary for these types of facilities, including restricting HTA from making dividend distributions to our stockholders in the event we are in default, except to the extent necessary for HTA to maintain its REIT status. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (2,490 | ) | Swap | 3/29/17 | |||||||||||||||
100,000 | LIBOR | 0.86 | (768 | ) | Swap | 6/15/16 | ||||||||||||||||||
50,000 | LIBOR | 1.39 | 882 | Swap | 7/17/19 | |||||||||||||||||||
105,000 | LIBOR | 1.24 | 2,774 | Swap | 7/17/19 | |||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 17,304 | (a) | LIBOR | 3.79 | % | $ | (459 | ) | Swap | 9/28/13 | ||||||||||||||
75,000 | (a) | LIBOR | 1.07 | (659 | ) | Swap | 12/31/13 | |||||||||||||||||
200,000 | LIBOR | 1.23 | (5,180 | ) | Swap | 3/29/17 | ||||||||||||||||||
100,000 | LIBOR | 0.86 | (1,310 | ) | Swap | 6/15/16 | ||||||||||||||||||
50,000 | LIBOR | 1.39 | (909 | ) | Swap | 7/17/19 | ||||||||||||||||||
105,000 | LIBOR | 1.24 | (853 | ) | Swap | 7/17/19 | ||||||||||||||||||
(a) We terminated the interest rate swaps in March 2013. | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the gross fair value of our derivative financial instruments was as follows (in thousands): | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 3,656 | n/a | n/a | Derivative | $ | 3,258 | Derivative | $ | 9,370 | |||||||||||||
financial | financial | |||||||||||||||||||||||
instruments | instruments | |||||||||||||||||||||||
There were no derivatives offset in our balance sheet as of September 30, 2013 and December 31, 2012. As of September 30, 2013 and December 31, 2012, we had derivatives subject to enforceable master netting arrangements which allow for net cash settlement with the respective counterparties (in thousands): | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | |||||||||||||||||||
Asset derivatives | $ | 3,656 | $ | (2,490 | ) | $ | 1,166 | $ | — | $ | — | $ | — | |||||||||||
Liability derivatives | 3,258 | (2,490 | ) | 768 | 9,370 | — | 9,370 | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, the derivative financial instruments had the following effect on our condensed consolidated statements of operations (in thousands): | ||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
Recognized | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | $ | (1,955 | ) | $ | (2,520 | ) | $ | 8,573 | $ | (7,726 | ) | ||||||||||||
Interest rate cap | Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | — | — | — | (89 | ) | ||||||||||||||||||
We have agreements with each of our interest rate swap derivative counterparties that contain a provision whereby if we default on certain of our unsecured indebtedness, then our counterparties could declare us in default on our interest rate swap derivative obligations resulting in an acceleration of the indebtedness. In addition, we are exposed to credit risk in the event of non-performance by our derivative counterparties. We believe we mitigate the credit risk by entering into agreements with credit-worthy counterparties. We record counterparty credit risk valuation adjustments on interest rate swap derivative assets in order to properly reflect the credit quality of the counterparty. In addition, our fair value of interest rate swap derivative liabilities is adjusted to reflect the impact of our credit quality. As of September 30, 2013, there have been no termination events or events of default related to our interest rate swaps, except for our voluntary termination as discussed above. |
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 effect on our condensed consolidated financial position, results of operations or cash flows. | |
Environmental Matters | |
We follow the policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our condensed consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability at our properties that we believe would require additional disclosure or the recording of a loss contingency. | |
Other | |
Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In our opinion, these matters are not expected to have a material effect on our condensed consolidated financial position, results of operations or cash flows. |
Stockholders_Equity_and_Partne
Stockholders' Equity and Partners' Capital | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Stockholders' Equity and Partners' Capital | ' | ||||||||
Stockholders’ Equity and Partners’ Capital | |||||||||
HTALP’s partnership agreement provides that it will distribute cash flows from operations and net sale proceeds to its partners in accordance with their overall ownership interests at such times and in such amounts as the general partner determines. Except for certain LTIP units that have not vested, dividend distributions are made such that a holder of one unit will receive annual dividend distributions from HTALP in an amount equal to the annual dividends paid to the holder of one of HTA’s shares. In addition, for each share of common stock issued or redeemed by HTA, HTALP issues or redeems a corresponding number of units. | |||||||||
Common Stock Offerings | |||||||||
On January 7, 2013, HTA commenced an equity at-the-market, or ATM, offering of its Class A common stock with an aggregate sales price of up to $250.0 million. During the nine months ended September 30, 2013, HTA issued and sold 20,707,113 shares, at an average price of $11.24 per share. On November 1, 2013, HTA terminated this ATM offering and commenced a new ATM offering of its Class A common stock with an aggregate sales price of up to $300.0 million. | |||||||||
Common Stock Dividends | |||||||||
The following are the cash dividends declared by HTA on all Class A and B common stock during 2013: | |||||||||
Declaration Date | Record Date | Amount Per Share | Payment Date | ||||||
18-Jan-13 | 29-Mar-13 | $ | 0.14375 | 4-Apr-13 | |||||
26-Apr-13 | 27-Jun-13 | 0.14375 | 3-Jul-13 | ||||||
1-Aug-13 | 27-Sep-13 | 0.14375 | 4-Oct-13 | ||||||
4-Nov-13 | 27-Dec-13 | 0.14375 | 3-Jan-14 | ||||||
Incentive Plan | |||||||||
Our Amended and Restated 2006 Plan, or the Plan, permits the grant of incentive awards to our employees, officers, non-employee directors, and consultants as selected by our Board of Directors or the Compensation Committee. The Plan authorizes the granting of awards in any of the following forms: options; stock appreciation rights; restricted stock; restricted or deferred stock units; performance awards; dividend equivalents; other stock-based awards, including units in HTALP; and cash-based awards. The service period is generally three or four years. Subject to adjustment as provided in the Plan, the aggregate number of awards reserved and available for issuance under the Plan is 10,000,000. As of September 30, 2013, there were 5,096,100 awards available for grant under the Plan. | |||||||||
Long Term Incentive Program of OP Units | |||||||||
Awards under the LTIP consist of Series C units in HTALP, and are subject to the achievement of certain performance and market conditions in order to vest. Once vested, the Series C units are converted into common units of HTALP, which may be converted into shares of HTA’s common stock. | |||||||||
For the three and nine months ended September 30, 2013, we recognized compensation expense related to LTIP awards of $0.0 million and $3.1 million, respectively, which was recorded in listing expenses. For the three and nine months ended September 30, 2012, we recognized compensation expense related to LTIP awards of $4.5 million and $5.9 million, respectively, which was recorded in listing expenses. As of September 30, 2013, there was approximately $4.5 million of unrecognized expense associated with 450,000 units that will only vest as a result of a change in control. We will not recognize any expense associated with these units until such event occurs or is probable. | |||||||||
The following is a summary of the activity in our LTIP units during 2013: | |||||||||
LTIP Units | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Balance as of December 31, 2012 | 2,900,000 | $ | 6.25 | ||||||
Granted | — | — | |||||||
Vested | (2,380,700 | ) | 5.56 | ||||||
Forfeited | (2,100 | ) | 5.62 | ||||||
Balance as of September 30, 2013 | 517,200 | $ | 9.42 | ||||||
Restricted Common Stock | |||||||||
For the three months ended September 30, 2013, we recognized compensation expense of $0.5 million, which was recorded in general and administrative expenses. For the nine months ended September 30, 2013, we recognized compensation expense of $2.0 million, of which $1.4 million was recorded in general and administrative expenses and $0.6 million was recorded in listing expenses. For the three months ended September 30, 2012, we recognized compensation expense of $0.2 million, which was recorded in general and administrative expenses. For the nine months ended September 30, 2012, we recognized compensation expense of $6.4 million, of which $0.2 million was recorded in general and administrative expenses, $4.7 million was recorded in listing expenses, and $1.5 million was recorded in non-traded REIT expenses. | |||||||||
As of September 30, 2013, there was approximately $4.2 million of unrecognized compensation expense net of estimated forfeitures, related to nonvested shares of restricted common stock which will be recognized over a remaining weighted average period of 2.3 years. | |||||||||
The following is a summary of the activity in our restricted common stock during 2013: | |||||||||
Restricted Common Stock | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Balance as of December 31, 2012 | 376,500 | $ | 9.98 | ||||||
Granted | 475,500 | 10.56 | |||||||
Vested | (92,500 | ) | 10.1 | ||||||
Forfeited | (63,500 | ) | 10 | ||||||
Balance as of September 30, 2013 | 696,000 | $ | 10.35 | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||
Financial Instruments Reported at Fair Value | ||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||
Currently, we use interest rate swaps to manage interest rate risk associated with variable rate debt. The valuation of these instruments is determined with the assistance of an independent valuation specialist using a proprietary model that utilizes widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and observable inputs. As such, we classify these inputs as Level 2. The proprietary model reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of interest rate swaps 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 (forward curves) derived from observable market interest rate curves. | ||||||||||||||||||
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 swap derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate swap derivative positions and have determined that the credit valuation adjustments are not significant to their overall valuation. As a result, we have determined that our interest rate swap derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||||
Assets and Liabilities 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 (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,656 | $ | — | $ | 3,656 | ||||||||||
Total assets at fair value | $ | — | $ | 3,656 | $ | — | $ | 3,656 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,258 | $ | — | $ | 3,258 | ||||||||||
Total liabilities at fair value | $ | — | $ | 3,258 | $ | — | $ | 3,258 | ||||||||||
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 (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total assets at fair value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 9,370 | $ | — | $ | 9,370 | ||||||||||
Total liabilities at fair value | $ | — | $ | 9,370 | $ | — | $ | 9,370 | ||||||||||
There have been no transfers of assets or liabilities between levels. We will record any such transfers at the end of the reporting period in which a change of event occurs that results in a transfer. | ||||||||||||||||||
Financial Instruments Disclosed at Fair Value | ||||||||||||||||||
We consider the carrying values of cash and cash equivalents, accounts and other receivables (net), restricted cash and escrow deposits, and accounts payable and accrued liabilities to approximate fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization. All of these financial instruments are considered Level 2. The following table sets forth the carrying value and fair value of our real estate notes receivable, tenant note receivable and debt (net) (in thousands): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Real estate notes receivable | 2 | $ | 28,520 | $ | 28,520 | $ | 20,000 | $ | 20,000 | |||||||||
Tenant note receivable | 2 | 3,202 | 3,098 | 3,287 | 3,337 | |||||||||||||
Debt, net | 2 | 1,125,792 | 1,149,460 | 1,037,359 | 1,087,168 | |||||||||||||
Per_Share_Data
Per Share Data | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Per Share Data | ' | |||||||||||||||
Per Share Data | ||||||||||||||||
We include unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as “participating securities” pursuant to the two-class method. The resulting classes are our common stock and restricted stock. For the three and nine months ended September 30, 2013 and 2012, all of our earnings were distributed and the calculated earnings (losses) per share amount would be the same for all classes. | ||||||||||||||||
For the three and nine months ended September 30, 2012, approximately 156,000 shares of HTA were excluded from the computation of diluted shares as their impact would have been anti-dilutive. The following is the reconciliation of the numerator and denominator used in basic and diluted earnings (losses) per share of HTA (in thousands, except per share data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Income (loss) from continuing operations attributable to controlling interest | $ | 4,443 | $ | (3,095 | ) | $ | 19,474 | $ | (22,998 | ) | ||||||
Discontinued operations | 380 | 143 | 725 | 410 | ||||||||||||
Net income (loss) attributable to controlling interest | $ | 4,823 | $ | (2,952 | ) | $ | 20,199 | $ | (22,588 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average number of shares outstanding - basic | 232,514 | 218,264 | 225,132 | 225,501 | ||||||||||||
Dilutive shares | 2,509 | — | 1,639 | — | ||||||||||||
Weighted average number of shares outstanding - diluted | 235,023 | 218,264 | 226,771 | 225,501 | ||||||||||||
Earnings (losses) per share attributable to controlling interest - basic: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Earnings (losses) per share attributable to controlling interest - diluted: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Per_Unit_Data
Per Unit Data | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Per Unit Data | ' | |||||||||||||||
Per Unit Data | ||||||||||||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings (losses) per unit of HTALP (in thousands, except per unit data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Income (loss) from continuing operations attributable to controlling interest | $ | 4,616 | $ | (3,094 | ) | $ | 19,858 | $ | (22,989 | ) | ||||||
Discontinued operations | 380 | 143 | 725 | 410 | ||||||||||||
Net income (loss) attributable to controlling interest | $ | 4,996 | $ | (2,951 | ) | $ | 20,583 | $ | (22,579 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average number of units outstanding - basic | 235,570 | 221,413 | 228,188 | 227,105 | ||||||||||||
Dilutive units | — | — | — | — | ||||||||||||
Weighted average number of units outstanding - diluted | 235,570 | 221,413 | 228,188 | 227,105 | ||||||||||||
Earnings (losses) per unit attributable to controlling interest - basic: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Earnings (losses) per unit attributable to controlling interest - diluted: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental Cash Flow Information | ||||||||
The following is the supplemental cash flow information for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Interest paid | $ | 27,743 | $ | 30,681 | ||||
Income taxes paid | 904 | 840 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 2,227 | $ | 1,508 | ||||
Note receivable included in the consideration for the acquisition of a building | — | 37,264 | ||||||
The following represents the significant increase (decrease) in certain assets and liabilities in connection with our acquisition of operating properties: | ||||||||
Debt | $ | 17,982 | $ | — | ||||
Financing Activities: | ||||||||
Issuances under the DRIP | $ | — | $ | 31,915 | ||||
Dividend distributions declared, but not paid, including under the DRIP | 34,238 | 30,959 | ||||||
Offering costs transferred to equity/partners’ capital | 1,192 | — | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
To better present our real estate related balances, we have chosen to break out the details of real estate investments (net) in our balance sheet as opposed to disclosing the details in a footnote. In addition, we have reclassified certain accounts, as further discussed below, in HTA’s previously issued balance sheet to conform to current period presentation. In place leases and tenant relationship intangibles are now included in real estate investments (net) as lease intangibles. In addition, accounts and other receivables (net) have been combined with receivables and other assets (net). None of the revised reclassifications reflect corrections of any amounts. | |
Listing Expenses | ' |
Listing Expenses | |
Listing expenses primarily include fees associated with the Listing and share-based compensation expense associated with the long term incentive program, or LTIP, awards that we granted in connection with the Listing. | |
Noncontrolling Interests | ' |
Noncontrolling Interests | |
HTA’s net income attributable to noncontrolling interests in its accompanying condensed consolidated statements of operations relate to both noncontrolling interest reflected within equity and redeemable noncontrolling interest of limited partners reflected outside of equity in our accompanying condensed consolidated balance sheets. Limited partner units in HTALP are accounted for as partners’ capital in HTALP’s condensed consolidated balance sheets and as noncontrolling interest reflected within equity or redeemable noncontrolling interest of limited partners reflected outside of equity in HTA’s condensed consolidated balance sheets. | |
Recently Issued or Adopted Accounting Pronouncements | ' |
Recently Issued or Adopted Accounting Pronouncements | |
In January 2013, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, or ASU 2013-01, which clarifies the scope of ASU 2011-11, Balance Sheet (Topic 210) - Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 requires entities to disclose both gross and net information about derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse purchase agreements and securities borrowing and securities lending transactions that are subject to an agreement similar to a master netting arrangement. Entities are required to apply these disclosures for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity must provide the disclosures required by those amendments retrospectively for all comparative periods presented. We adopted ASU 2011-11 and ASU 2013-01 in the first quarter of fiscal 2013 and have reflected the adoption in our disclosures to our interim condensed consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Reclassifications | ' | ||||||||
The following table presents the previously reported balances of and the reclassified balances for the impacted line items of the December 31, 2012 balance sheet (in thousands): | |||||||||
December 31, 2012 | |||||||||
As Previously Reported | As Reclassified | ||||||||
Real estate investments: | |||||||||
Land | $ | — | $ | 183,651 | |||||
Building and improvements | — | 2,044,113 | |||||||
Lease intangibles | — | 352,884 | |||||||
— | 2,580,648 | ||||||||
Accumulated depreciation and amortization | — | (349,118 | ) | ||||||
Real estate investments, net | 1,992,607 | 2,231,530 | |||||||
Accounts and other receivables, net | 13,317 | — | |||||||
Receivables and other assets, net | 71,653 | 84,970 | |||||||
Other intangibles, net | 282,934 | 44,011 | |||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Purchase Price Allocation | ' | ||||
The aggregate net purchase price of the 2013 acquisitions was allocated in the amounts set forth in the table below. Due to the recent timing of certain acquisitions, we have not yet finalized our purchase price allocation. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2013 Acquisitions | Total | ||||
Land | $ | 13,415 | |||
Building and improvements | 175,039 | ||||
Below market leasehold interests | 1,836 | ||||
Above market leases | 1,987 | ||||
In place leases | 32,205 | ||||
Tenant relationships | 16,541 | ||||
Below market leases | (1,167 | ) | |||
Above market debt | (241 | ) | |||
Net assets acquired | 239,615 | ||||
Other, net | 2,299 | ||||
Aggregate purchase price | $ | 241,914 | |||
The aggregate net purchase price of the 2012 acquisitions was allocated in the amounts set forth in the table below. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands): | |||||
2012 Acquisitions | Total | ||||
Land | $ | 3,809 | |||
Building and improvements | 214,772 | ||||
Below market leasehold interests | 3,284 | ||||
Above market leases | 4,199 | ||||
In place leases | 23,388 | ||||
Tenant relationships | 19,863 | ||||
Below market leases | (1,415 | ) | |||
Net assets acquired | 267,900 | ||||
Other, net | 287 | ||||
Aggregate purchase price | $ | 268,187 | |||
Intangibles_Assets_and_Liabili1
Intangibles Assets and Liabilities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Identified Intangibles, Net [Abstract] | ' | |||||||||||||||
Schedule of Identified Intangible Assets and Liabilities, Net | ' | |||||||||||||||
Intangible assets and liabilities consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands, except weighted average remaining amortization period): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Balance | Weighted Average Remaining Amortization Period in Years | Balance | Weighted Average Remaining Amortization Period in Years | Balance Sheet Classification | ||||||||||||
Assets: | ||||||||||||||||
In place leases | $ | 197,185 | 8.7 | $ | 174,615 | 9.7 | Lease intangibles | |||||||||
Tenant relationships | 189,616 | 10.6 | 178,269 | 11.6 | Lease intangibles | |||||||||||
Above market leases | 25,878 | 6.3 | 25,387 | 6.9 | Other intangibles, net | |||||||||||
Below market leasehold interests | 29,128 | 63.9 | 30,587 | 69.4 | Other intangibles, net | |||||||||||
441,807 | 408,858 | |||||||||||||||
Accumulated amortization | (143,160 | ) | (125,924 | ) | ||||||||||||
Total | $ | 298,647 | $ | 282,934 | ||||||||||||
Liabilities: | ||||||||||||||||
Below market leases | $ | 13,548 | 13 | $ | 12,823 | 13.7 | Intangible liabilities, net | |||||||||
Above market leasehold interests | 3,827 | 33.3 | 3,827 | 34 | Intangible liabilities, net | |||||||||||
17,375 | 16,650 | |||||||||||||||
Accumulated amortization | (6,113 | ) | (5,341 | ) | ||||||||||||
Total | $ | 11,262 | $ | 11,309 | ||||||||||||
Summary of Intangible Asset and Liabilties Amortization | ' | |||||||||||||||
The following is a summary of the net intangible amortization for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization recorded against rental income related to above or below market leases | $ | 417 | $ | 470 | $ | 1,298 | $ | 1,185 | ||||||||
Rental expense related to above or below market leasehold interests | 89 | 106 | 278 | 413 | ||||||||||||
Amortization expense related to in place leases and tenant relationships | 9,955 | 10,705 | 29,912 | 32,151 | ||||||||||||
Receivables_and_Other_Assets_T
Receivables and Other Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Receivables and Other Assets [Abstract] | ' | |||||||||||||||
Schedule of Receivables and Other Assets | ' | |||||||||||||||
Receivables and other assets consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Accounts and other receivables, net | $ | 19,595 | $ | 13,317 | ||||||||||||
Tenant note receivable | 3,202 | 3,287 | ||||||||||||||
Deferred financing costs, net | 11,395 | 11,006 | ||||||||||||||
Deferred leasing costs, net | 12,223 | 10,554 | ||||||||||||||
Lease inducements, net | 762 | 880 | ||||||||||||||
Straight-line rent receivables, net | 44,861 | 39,095 | ||||||||||||||
Prepaid expenses, deposits, equipment and other | 9,302 | 6,831 | ||||||||||||||
Derivative financial instruments - interest rate swaps | 3,656 | — | ||||||||||||||
Total | $ | 104,996 | $ | 84,970 | ||||||||||||
Schedule of Receivables and Other Assets Amortization Expense | ' | |||||||||||||||
The following is a summary of amortization of deferred leasing costs, deferred financing costs, and lease inducements for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Amortization expense related to deferred leasing costs | $ | 686 | $ | 568 | $ | 1,844 | $ | 1,436 | ||||||||
Interest expense related to deferred financing costs | 805 | 896 | 3,030 | 2,987 | ||||||||||||
Amortization recorded against rental income related to lease inducements | 56 | 54 | 156 | 220 | ||||||||||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
The following table represents the major classes of assets and liabilities, and the balance sheet classification as of September 30, 2013 (in thousands): | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Land | $ | 5,109 | ||||||||||||||
Building and improvements, net | 15,181 | |||||||||||||||
Lease intangibles, net | 848 | |||||||||||||||
Property held for sale, net | $ | 21,138 | ||||||||||||||
Receivables and other assets, net | $ | 1,009 | ||||||||||||||
Non-real estate assets of property held for sale, net | $ | 1,009 | ||||||||||||||
Security deposits, prepaid rent and other liabilities | $ | 181 | ||||||||||||||
Security deposits, prepaid rent and other liabilities | $ | 181 | ||||||||||||||
The table below reflects the results of operations of the property classified as held for sale, which are included in discontinued operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Rental income | $ | 443 | $ | 566 | $ | 1,257 | $ | 1,697 | ||||||||
Expenses: | ||||||||||||||||
Rental | 63 | 65 | 200 | 216 | ||||||||||||
Depreciation and amortization | — | 230 | 171 | 688 | ||||||||||||
Total expenses | 63 | 295 | 371 | 904 | ||||||||||||
Income before other income (expense) | 380 | 271 | 886 | 793 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense related to debt | — | (128 | ) | (161 | ) | (383 | ) | |||||||||
Income from discontinued operations | $ | 380 | $ | 143 | $ | 725 | $ | 410 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Debt consisted of the following as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Unsecured revolving credit facility | $ | — | $ | 72,000 | |||||
Unsecured term loans | 455,000 | 455,000 | |||||||
Unsecured senior notes | 300,000 | — | |||||||
Fixed rate mortgages | 370,636 | 382,456 | |||||||
Secured real estate term loan | — | 125,500 | |||||||
1,125,636 | 1,034,956 | ||||||||
Net premium | 156 | 2,403 | |||||||
Total | $ | 1,125,792 | $ | 1,037,359 | |||||
Schedule of maturities of long-term debt | ' | ||||||||
As of September 30, 2013, the principal payments due on our debt for the three months ending December 31, 2013, for each of the next four years ending December 31 and thereafter, is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2013 | $ | 1,722 | |||||||
2014 | 6,872 | ||||||||
2015 | 73,128 | ||||||||
2016 | 421,578 | ||||||||
2017 | 99,963 | ||||||||
Thereafter | 522,373 | ||||||||
Total | $ | 1,125,636 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of September 30, 2013 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 200,000 | LIBOR | 1.23 | % | $ | (2,490 | ) | Swap | 3/29/17 | |||||||||||||||
100,000 | LIBOR | 0.86 | (768 | ) | Swap | 6/15/16 | ||||||||||||||||||
50,000 | LIBOR | 1.39 | 882 | Swap | 7/17/19 | |||||||||||||||||||
105,000 | LIBOR | 1.24 | 2,774 | Swap | 7/17/19 | |||||||||||||||||||
The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2012 (in thousands): | ||||||||||||||||||||||||
Notional Amount | Index | Rate | Fair Value | Instrument | Maturity | |||||||||||||||||||
$ | 17,304 | (a) | LIBOR | 3.79 | % | $ | (459 | ) | Swap | 9/28/13 | ||||||||||||||
75,000 | (a) | LIBOR | 1.07 | (659 | ) | Swap | 12/31/13 | |||||||||||||||||
200,000 | LIBOR | 1.23 | (5,180 | ) | Swap | 3/29/17 | ||||||||||||||||||
100,000 | LIBOR | 0.86 | (1,310 | ) | Swap | 6/15/16 | ||||||||||||||||||
50,000 | LIBOR | 1.39 | (909 | ) | Swap | 7/17/19 | ||||||||||||||||||
105,000 | LIBOR | 1.24 | (853 | ) | Swap | 7/17/19 | ||||||||||||||||||
(a) We terminated the interest rate swaps in March 2013. | ||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the gross fair value of our derivative financial instruments was as follows (in thousands): | ||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||||||||
Location | Location | Location | Location | |||||||||||||||||||||
Interest rate swaps | Receivables and other assets | $ | 3,656 | n/a | n/a | Derivative | $ | 3,258 | Derivative | $ | 9,370 | |||||||||||||
financial | financial | |||||||||||||||||||||||
instruments | instruments | |||||||||||||||||||||||
There were no derivatives offset in our balance sheet as of September 30, 2013 and December 31, 2012. As of September 30, 2013 and December 31, 2012, we had derivatives subject to enforceable master netting arrangements which allow for net cash settlement with the respective counterparties (in thousands): | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | Gross Amounts | Amounts Subject to Enforceable Master Netting Arrangements | Net Amounts | |||||||||||||||||||
Asset derivatives | $ | 3,656 | $ | (2,490 | ) | $ | 1,166 | $ | — | $ | — | $ | — | |||||||||||
Liability derivatives | 3,258 | (2,490 | ) | 768 | 9,370 | — | 9,370 | |||||||||||||||||
For the three and nine months ended September 30, 2013 and 2012, the derivative financial instruments had the following effect on our condensed consolidated statements of operations (in thousands): | ||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | Location of Gain (Loss) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
Recognized | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate swaps | Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | $ | (1,955 | ) | $ | (2,520 | ) | $ | 8,573 | $ | (7,726 | ) | ||||||||||||
Interest rate cap | Interest related to derivative financial instruments and net change in fair value of derivative financial instruments | — | — | — | (89 | ) | ||||||||||||||||||
Stockholders_Equity_and_Partne1
Stockholders' Equity and Partners' Capital (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Class of Stock | ' | ||||||||
Dividends Declared | ' | ||||||||
The following are the cash dividends declared by HTA on all Class A and B common stock during 2013: | |||||||||
Declaration Date | Record Date | Amount Per Share | Payment Date | ||||||
18-Jan-13 | 29-Mar-13 | $ | 0.14375 | 4-Apr-13 | |||||
26-Apr-13 | 27-Jun-13 | 0.14375 | 3-Jul-13 | ||||||
1-Aug-13 | 27-Sep-13 | 0.14375 | 4-Oct-13 | ||||||
4-Nov-13 | 27-Dec-13 | 0.14375 | 3-Jan-14 | ||||||
Long Term Incentive Program | ' | ||||||||
Class of Stock | ' | ||||||||
Schedule of Nonvested Share Activity | ' | ||||||||
The following is a summary of the activity in our LTIP units during 2013: | |||||||||
LTIP Units | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Balance as of December 31, 2012 | 2,900,000 | $ | 6.25 | ||||||
Granted | — | — | |||||||
Vested | (2,380,700 | ) | 5.56 | ||||||
Forfeited | (2,100 | ) | 5.62 | ||||||
Balance as of September 30, 2013 | 517,200 | $ | 9.42 | ||||||
Restricted Stock | ' | ||||||||
Class of Stock | ' | ||||||||
Schedule of Nonvested Share Activity | ' | ||||||||
The following is a summary of the activity in our restricted common stock during 2013: | |||||||||
Restricted Common Stock | Weighted | ||||||||
Average Grant | |||||||||
Date Fair Value | |||||||||
Balance as of December 31, 2012 | 376,500 | $ | 9.98 | ||||||
Granted | 475,500 | 10.56 | |||||||
Vested | (92,500 | ) | 10.1 | ||||||
Forfeited | (63,500 | ) | 10 | ||||||
Balance as of September 30, 2013 | 696,000 | $ | 10.35 | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||
The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2013, aggregated by the level in the fair value hierarchy (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,656 | $ | — | $ | 3,656 | ||||||||||
Total assets at fair value | $ | — | $ | 3,656 | $ | — | $ | 3,656 | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 3,258 | $ | — | $ | 3,258 | ||||||||||
Total liabilities at fair value | $ | — | $ | 3,258 | $ | — | $ | 3,258 | ||||||||||
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 (in thousands): | ||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||
Active Markets for | Observable Inputs | Unobservable Inputs | ||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
and Liabilities | ||||||||||||||||||
(Level 1 ) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | — | $ | — | $ | — | ||||||||||
Total assets at fair value | $ | — | $ | — | $ | — | $ | — | ||||||||||
Liabilities: | ||||||||||||||||||
Derivative financial instruments | $ | — | $ | 9,370 | $ | — | $ | 9,370 | ||||||||||
Total liabilities at fair value | $ | — | $ | 9,370 | $ | — | $ | 9,370 | ||||||||||
Schedule of Fair Value of Financial Instruments | ' | |||||||||||||||||
The following table sets forth the carrying value and fair value of our real estate notes receivable, tenant note receivable and debt (net) (in thousands): | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
Fair Value Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Real estate notes receivable | 2 | $ | 28,520 | $ | 28,520 | $ | 20,000 | $ | 20,000 | |||||||||
Tenant note receivable | 2 | 3,202 | 3,098 | 3,287 | 3,337 | |||||||||||||
Debt, net | 2 | 1,125,792 | 1,149,460 | 1,037,359 | 1,087,168 | |||||||||||||
Per_Share_Data_Tables
Per Share Data (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings (losses) per share of HTA (in thousands, except per share data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Income (loss) from continuing operations attributable to controlling interest | $ | 4,443 | $ | (3,095 | ) | $ | 19,474 | $ | (22,998 | ) | ||||||
Discontinued operations | 380 | 143 | 725 | 410 | ||||||||||||
Net income (loss) attributable to controlling interest | $ | 4,823 | $ | (2,952 | ) | $ | 20,199 | $ | (22,588 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average number of shares outstanding - basic | 232,514 | 218,264 | 225,132 | 225,501 | ||||||||||||
Dilutive shares | 2,509 | — | 1,639 | — | ||||||||||||
Weighted average number of shares outstanding - diluted | 235,023 | 218,264 | 226,771 | 225,501 | ||||||||||||
Earnings (losses) per share attributable to controlling interest - basic: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Earnings (losses) per share attributable to controlling interest - diluted: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Per_Unit_Data_Tables
Per Unit Data (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Unit, Basic and Diluted | ' | |||||||||||||||
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings (losses) per unit of HTALP (in thousands, except per unit data): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Income (loss) from continuing operations attributable to controlling interest | $ | 4,616 | $ | (3,094 | ) | $ | 19,858 | $ | (22,989 | ) | ||||||
Discontinued operations | 380 | 143 | 725 | 410 | ||||||||||||
Net income (loss) attributable to controlling interest | $ | 4,996 | $ | (2,951 | ) | $ | 20,583 | $ | (22,579 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average number of units outstanding - basic | 235,570 | 221,413 | 228,188 | 227,105 | ||||||||||||
Dilutive units | — | — | — | — | ||||||||||||
Weighted average number of units outstanding - diluted | 235,570 | 221,413 | 228,188 | 227,105 | ||||||||||||
Earnings (losses) per unit attributable to controlling interest - basic: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Earnings (losses) per unit attributable to controlling interest - diluted: | ||||||||||||||||
Continuing operations | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) | $ | 0.02 | $ | (0.01 | ) | $ | 0.09 | $ | (0.10 | ) | ||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||
The following is the supplemental cash flow information for the nine months ended September 30, 2013 and 2012 (in thousands): | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Interest paid | $ | 27,743 | $ | 30,681 | ||||
Income taxes paid | 904 | 840 | ||||||
Supplemental Disclosure of Noncash Activities: | ||||||||
Investing Activities: | ||||||||
Accrued capital expenditures | $ | 2,227 | $ | 1,508 | ||||
Note receivable included in the consideration for the acquisition of a building | — | 37,264 | ||||||
The following represents the significant increase (decrease) in certain assets and liabilities in connection with our acquisition of operating properties: | ||||||||
Debt | $ | 17,982 | $ | — | ||||
Financing Activities: | ||||||||
Issuances under the DRIP | $ | — | $ | 31,915 | ||||
Dividend distributions declared, but not paid, including under the DRIP | 34,238 | 30,959 | ||||||
Offering costs transferred to equity/partners’ capital | 1,192 | — | ||||||
Organization_and_Description_o1
Organization and Description of Business (Details) (USD $) | 9 Months Ended |
In Billions, unless otherwise specified | Sep. 30, 2013 |
Significant Acquisitions and Disposals | ' |
General partnership interest percentage | 98.94% |
Purchased property inception to current date | $2.80 |
Medical Office Buildings | ' |
Significant Acquisitions and Disposals | ' |
Number of real estate properties | 260 |
Healthcare Industry Facilities | ' |
Significant Acquisitions and Disposals | ' |
Number of real estate properties | 19 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Depreciation expense | $18.90 | $17.80 | $55.50 | $53 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Reclassifications (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ' | ' |
Land | $195,115 | $183,651 |
Building and improvements | 2,215,513 | 2,044,113 |
Lease intangibles | 386,801 | 352,884 |
Real estate investments, gross | 2,818,567 | 2,580,648 |
Accumulated depreciation and amortization | -415,615 | -349,118 |
Real estate investments, net | 2,402,952 | 2,231,530 |
Accounts and other receivables, net | 19,595 | 13,317 |
Receivables and other assets, net | 104,996 | 84,970 |
Other intangibles, net | 41,794 | 44,011 |
As Previously Reported | ' | ' |
Real estate investments: | ' | ' |
Land | ' | 0 |
Building and improvements | ' | 0 |
Lease intangibles | ' | 0 |
Real estate investments, gross | ' | 0 |
Accumulated depreciation and amortization | ' | 0 |
Real estate investments, net | ' | 1,992,607 |
Accounts and other receivables, net | ' | 13,317 |
Receivables and other assets, net | ' | 71,653 |
Other intangibles, net | ' | 282,934 |
As Reclassified | ' | ' |
Real estate investments: | ' | ' |
Land | ' | 183,651 |
Building and improvements | ' | 2,044,113 |
Lease intangibles | ' | 352,884 |
Real estate investments, gross | ' | 2,580,648 |
Accumulated depreciation and amortization | ' | -349,118 |
Real estate investments, net | ' | 2,231,530 |
Accounts and other receivables, net | ' | 0 |
Receivables and other assets, net | ' | 84,970 |
Other intangibles, net | ' | $44,011 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2013 | Aug. 30, 2013 | Mar. 11, 2013 | Mar. 22, 2013 | Jun. 18, 2013 | Jul. 12, 2013 | Jul. 29, 2013 | Sep. 20, 2013 | Sep. 30, 2012 | Nov. 05, 2013 | |
2013 Acquisitions | Dallas, Texas | Dallas, Texas | Bryan - College Station, Texas | Atlanta, Georgia | Monroeville, Pennsylvania | Denver, Colorado | South Florida | 2012 Acquisitions | Subsequent Event | |
Acquisitions | Austin, Texas | |||||||||
agreement | ||||||||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of businesses acquired | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related expenses | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 13,415,000 | ' | ' | ' | ' | ' | ' | ' | 3,809,000 | ' |
Building and improvements | 175,039,000 | ' | ' | ' | ' | ' | ' | ' | 214,772,000 | ' |
Below market leasehold interests | 1,836,000 | ' | ' | ' | ' | ' | ' | ' | 3,284,000 | ' |
Above market leases | 1,987,000 | ' | ' | ' | ' | ' | ' | ' | 4,199,000 | ' |
In place leases | 32,205,000 | ' | ' | ' | ' | ' | ' | ' | 23,388,000 | ' |
Tenant relationships | 16,541,000 | ' | ' | ' | ' | ' | ' | ' | 19,863,000 | ' |
Below market leases | -1,167,000 | ' | ' | ' | ' | ' | ' | ' | -1,415,000 | ' |
Above market debt | -241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | 239,615,000 | ' | ' | ' | ' | ' | ' | ' | 267,900,000 | ' |
Other, net | 2,299,000 | ' | ' | ' | ' | ' | ' | ' | 287,000 | ' |
Aggregate purchase price | 241,914,000 | 27,700,000 | 48,700,000 | 39,800,000 | 5,600,000 | 15,100,000 | 42,000,000 | 62,900,000 | 268,187,000 | ' |
Weighted average lives of acquired intangible assets | '7 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | '14 years 9 months 18 days | ' |
Weighted average lives of acquired intangible liabilities | '5 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | '7 years 6 months | ' |
Percentage of voting interests acquired | ' | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ' | ' |
Acquisition, assumed mortgage loans | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' |
Number of definitive purchase agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Value of acquisitions under definitive purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,000,000 |
Real_Estate_Notes_Receivable_D
Real Estate Notes Receivable (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
promissory_notes | ||
Portfolio One | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of promissory notes secured by office buildings | 4 | ' |
Total real estate notes receivable | $20 | $20 |
Interest rate, minimum | 10.85% | ' |
Interest rate, maximum | 10.95% | ' |
Interest rate | 14.57% | ' |
Portfolio Two | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of promissory notes secured by office buildings | 2 | ' |
Total real estate notes receivable | $8.50 | ' |
Interest rate | 7.00% | ' |
Intangibles_Assets_and_Liabili2
Intangibles Assets and Liabilities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible assets, gross | $441,807 | $408,858 |
Accumulated amortization | -143,160 | -125,924 |
Assets Total | 298,647 | 282,934 |
Finite-lived intangible liabilities, gross | 17,375 | 16,650 |
Accumulated amortization | -6,113 | -5,341 |
Liabilities Total | 11,262 | 11,309 |
Below Market Leases | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible liabilities, gross | 13,548 | 12,823 |
Liabilities, Weighted average remaining amortization period in years | '13 years | '13 years 8 months 12 days |
Above Market Leasehold Interests | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible liabilities, gross | 3,827 | 3,827 |
Liabilities, Weighted average remaining amortization period in years | '33 years 3 months 18 days | '34 years |
In Place Leases | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible assets, gross | 197,185 | 174,615 |
Assets, Weighted average remaining amortization period in years | '8 years 8 months 12 days | '9 years 8 months 12 days |
Tenant Relationships | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible assets, gross | 189,616 | 178,269 |
Assets, Weighted average remaining amortization period in years | '10 years 7 months 6 days | '11 years 7 months 6 days |
Above Market Leases | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible assets, gross | 25,878 | 25,387 |
Assets, Weighted average remaining amortization period in years | '6 years 3 months 18 days | '6 years 10 months 24 days |
Below Market Leasehold Interests | ' | ' |
Finite-Lived Intangibles | ' | ' |
Finite-lived intangible assets, gross | $29,128 | $30,587 |
Assets, Weighted average remaining amortization period in years | '63 years 10 months 24 days | '69 years 4 months 24 days |
Intangibles_Assets_and_Liabili3
Intangibles Assets and Liabilities - Summary of Intangible Amortization (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization recorded against rental income related to above or below market leases | ' | ' | ' | ' |
Acquired Finite-Lived Intangibles | ' | ' | ' | ' |
Amortization of intangible assets and liabilties | $417 | $470 | $1,298 | $1,185 |
Rental expense related to above or below market leasehold interests | ' | ' | ' | ' |
Acquired Finite-Lived Intangibles | ' | ' | ' | ' |
Amortization of intangible assets and liabilties | 89 | 106 | 278 | 413 |
Amortization expense related to in place leases and tenant relationships | ' | ' | ' | ' |
Acquired Finite-Lived Intangibles | ' | ' | ' | ' |
Amortization of intangible assets and liabilties | $9,955 | $10,705 | $29,912 | $32,151 |
Receivables_and_Other_Assets_D
Receivables and Other Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Receivables and Other Assets [Abstract] | ' | ' | ' | ' | ' |
Accounts and other receivables, net | $19,595 | ' | $19,595 | ' | $13,317 |
Tenant note receivable | 3,202 | ' | 3,202 | ' | 3,287 |
Deferred financing costs, net | 11,395 | ' | 11,395 | ' | 11,006 |
Deferred leasing costs, net | 12,223 | ' | 12,223 | ' | 10,554 |
Lease inducements, net | 762 | ' | 762 | ' | 880 |
Straight-line rent receivables, net | 44,861 | ' | 44,861 | ' | 39,095 |
Prepaid expenses, deposits, equipment and other | 9,302 | ' | 9,302 | ' | 6,831 |
Derivative financial instruments - interest rate swaps | 3,656 | ' | 3,656 | ' | 0 |
Total | 104,996 | ' | 104,996 | ' | 84,970 |
Tenant note receivable, interest rate | ' | ' | 9.00% | ' | ' |
Amortization expense related to deferred leasing costs | 686 | 568 | 1,844 | 1,436 | ' |
Interest expense related to deferred financing costs | 805 | 896 | 3,030 | 2,987 | ' |
Amortization recorded against rental income related to lease inducements | $56 | $54 | $156 | $220 | ' |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
property | property | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' |
Number of properties held-for-sale | 1 | ' | 1 | ' | ' |
Assets Held-for-sale, period of sale | ' | ' | '1 year | ' | ' |
Land | $5,109 | ' | $5,109 | ' | ' |
Building and improvements, net | 15,181 | ' | 15,181 | ' | ' |
Lease intangibles, net | 848 | ' | 848 | ' | ' |
Property held for sale, net | 21,138 | ' | 21,138 | ' | 0 |
Receivables and other assets, net | 1,009 | ' | 1,009 | ' | ' |
Security deposits, prepaid rent and other liabilities | 181 | ' | 181 | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Rental income | 443 | 566 | 1,257 | 1,697 | ' |
Expenses: | ' | ' | ' | ' | ' |
Rental | 63 | 65 | 200 | 216 | ' |
Depreciation and amortization | 0 | 230 | 171 | 688 | ' |
Total expenses | 63 | 295 | 371 | 904 | ' |
Income before other income (expense) | 380 | 271 | 886 | 793 | ' |
Other income (expense): | ' | ' | ' | ' | ' |
Interest expense related to debt | 0 | -128 | -161 | -383 | ' |
Income from discontinued operations | $380 | $143 | $725 | $410 | ' |
Debt_Textuals_Details
Debt - Textuals (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 28, 2013 | Mar. 29, 2012 | Mar. 07, 2013 | Sep. 30, 2013 | Mar. 29, 2012 | Mar. 07, 2013 | Mar. 07, 2013 | Sep. 30, 2013 | Mar. 29, 2012 | Sep. 30, 2013 | Mar. 29, 2012 | Mar. 29, 2012 | Sep. 30, 2013 | Jul. 20, 2012 | Jul. 20, 2012 | Jul. 20, 2012 | Sep. 30, 2013 | Mar. 28, 2013 |
Fixed rate mortgages | Fixed rate mortgages | Secured real estate term loan | Secured real estate term loan | Secured real estate term loan | Interest Rate Swap | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured revolving credit facility | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured term loans | Unsecured senior notes | |||
JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc., With Interest Rate Swap | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | JPMorgan Securities, LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo | Wells Fargo, With Interest Rate Swap | |||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $650,000,000 | ' | $575,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,125,636,000 | 1,034,956,000 | 370,636,000 | 382,456,000 | ' | 0 | 125,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | 155,000,000 | ' | ' | ' | 300,000,000 |
Line of credit facility, maximum borrowing capacity, increase in capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured credit agreement, extension option period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.55% | ' | 1.10% | 1.75% | ' | ' | 1.85% | 1.30% | 2.25% | 2.00% | ' | 1.55% | 2.40% | ' | ' |
Line of credit facility, unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | 0.20% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.95% | ' | ' | ' | ' | ' | ' | ' | ' | 3.29% | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.70% |
Debt instrument, percentage of principal amount received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.19% |
Effective percentage rate range, minimum | ' | ' | 4.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective percentage rate range, maximum | ' | ' | 12.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | 5.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | 125,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount terminated | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Net_Details
Debt - Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument | ' | ' |
Total debt, gross | $1,125,636,000 | $1,034,956,000 |
Net premium | 156,000 | 2,403,000 |
Total | 1,125,792,000 | 1,037,359,000 |
Unsecured term loans | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 455,000,000 | 455,000,000 |
Unsecured senior notes | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 300,000,000 | 0 |
Fixed rate mortgages | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 370,636,000 | 382,456,000 |
Secured real estate term loan | ' | ' |
Debt Instrument | ' | ' |
Total debt, gross | 0 | 125,500,000 |
Unsecured revolving credit facility | ' | ' |
Debt Instrument | ' | ' |
Line of credit facility, amount outstanding | $0 | $72,000,000 |
Debt_Principal_Maturity_Schedu
Debt - Principal Maturity Schedule (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2013 | $1,722 | ' |
2014 | 6,872 | ' |
2015 | 73,128 | ' |
2016 | 421,578 | ' |
2017 | 99,963 | ' |
Thereafter | 522,373 | ' |
Total | $1,125,636 | $1,034,956 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Table of Derivative Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Derivative | ' | ' | |
Fair value, asset | $3,656 | $0 | |
Fair value, liability | -3,258 | -9,370 | |
Interest Rate Swap | 3.79% | ' | ' | |
Derivative | ' | ' | |
Notional amount | ' | 17,304 | [1] |
Index | ' | 'LIBOR | [1] |
Interest Rate | ' | 3.79% | [1] |
Fair value, liability | ' | -459 | [1] |
Interest Rate Swap | 1.07% | ' | ' | |
Derivative | ' | ' | |
Notional amount | ' | 75,000 | [1] |
Index | ' | 'LIBOR | [1] |
Interest Rate | ' | 1.07% | [1] |
Fair value, liability | ' | -659 | [1] |
Interest Rate Swap | 1.23% | ' | ' | |
Derivative | ' | ' | |
Notional amount | 200,000 | 200,000 | |
Index | 'LIBOR | 'LIBOR | |
Interest Rate | 1.23% | 1.23% | |
Fair value, liability | -2,490 | -5,180 | |
Interest Rate Swap | 0.86% | ' | ' | |
Derivative | ' | ' | |
Notional amount | 100,000 | 100,000 | |
Index | 'LIBOR | 'LIBOR | |
Interest Rate | 0.86% | 0.86% | |
Fair value, liability | -768 | -1,310 | |
Interest Rate Swap | 1.39% | ' | ' | |
Derivative | ' | ' | |
Notional amount | 50,000 | 50,000 | |
Index | 'LIBOR | 'LIBOR | |
Interest Rate | 1.39% | 1.39% | |
Fair value, asset | 882 | ' | |
Fair value, liability | ' | -909 | |
Interest Rate Swap | 1.24% | ' | ' | |
Derivative | ' | ' | |
Notional amount | 105,000 | 105,000 | |
Index | 'LIBOR | 'LIBOR | |
Interest Rate | 1.24% | 1.24% | |
Fair value, asset | 2,774 | ' | |
Fair value, liability | ' | ($853) | |
[1] | We terminated the interest rate swaps in March 2013. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments Fair Value Table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value | ' | ' |
Fair value, asset | $3,656 | $0 |
Derivative financial instruments, liability | 3,258 | 9,370 |
Interest Rate Swap | Not Designated as Hedging Instrument | Receivables and Other Assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Fair value, asset | 3,656 | ' |
Interest Rate Swap | Not Designated as Hedging Instrument | Derivative Financial Instruments | ' | ' |
Derivatives, Fair Value | ' | ' |
Derivative financial instruments, liability | $3,258 | $9,370 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Derivative Offsetting (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative financial instruments, asset | $3,656 | $0 |
Derivative assets, amounts subject to enforceable master netting arrangements | -2,490 | 0 |
Derivative assets, net amounts | 1,166 | 0 |
Derivative liabilities | 3,258 | 9,370 |
Derivative liabilities, amounts subject to enforceable master netting arrangements | -2,490 | 0 |
Derivative liabilities, net amounts | $768 | $9,370 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Recognized Gain (Loss) (Details) (Not Designated as Hedging Instrument, Interest Expense, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Rate Swap | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Interest expense related to derivative financial instruments and net change in fair value of derivative financial instruments | ($1,955) | ($2,520) | $8,573 | ($7,726) |
Interest Rate Cap | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Interest expense related to derivative financial instruments and net change in fair value of derivative financial instruments | $0 | $0 | $0 | ($89) |
Stockholders_Equity_and_Partne2
Stockholders' Equity and Partners' Capital (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Jan. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Nov. 01, 2013 | |
Restricted Stock | Restricted Stock | Restricted Stock | 2006 Incentive Plan | General and Administrative Expense | General and Administrative Expense | General and Administrative Expense | Listing Expenses | Listing Expenses | Non Traded REIT Expenses | Common Stock Offering | Common Stock Offering | Long Term Incentive Program | Long Term Incentive Program | Long Term Incentive Program | Long Term Incentive Program | Long Term Incentive Program | Subsequent Event | |
Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Listing Expenses | Listing Expenses | Listing Expenses | Listing Expenses | Change in Control of Company | Maximum | |||||||
Common Stock Offering | ||||||||||||||||||
Common Stock Offerings [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of common stock authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | $300,000,000 |
Issuance of common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,707,113 | ' | ' | ' | ' | ' | ' |
Average share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.24 | ' | ' | ' | ' | ' | ' |
Long-Term Incentive Program [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized (in shares) | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant (in shares) | ' | ' | ' | 5,096,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated share-based compensation expense | 200,000 | 2,000,000 | 6,400,000 | ' | 500,000 | 1,400,000 | 200,000 | 600,000 | 4,700,000 | 1,500,000 | ' | ' | 0 | 4,500,000 | 3,100,000 | 5,900,000 | ' | ' |
Nonvested awards, total compensation cost not yet recognized | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500,000 | ' |
Contingent units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000 | ' |
Period for recognition | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_and_Partne3
Stockholders' Equity and Partners' Capital - Nonvested Rollforward (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Long Term Incentive Program | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' |
Balance as of December 31, 2012 (in shares) | 2,900,000 |
Granted (in shares) | 0 |
Vested (in shares) | -2,380,700 |
Forfeited (in shares) | -2,100 |
Balance as of September 30, 2013 (in shares) | 517,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' |
Balance as of December 31, 2012, Weighted Average Grant Date Fair Value (usd per share) | $6.25 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $0 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $5.56 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $5.62 |
Balance as of September 30, 2013, Weighted Average Grant Date Fair Value (usd per share) | $9.42 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares | ' |
Balance as of December 31, 2012 (in shares) | 376,500 |
Granted (in shares) | 475,500 |
Vested (in shares) | -92,500 |
Forfeited (in shares) | -63,500 |
Balance as of September 30, 2013 (in shares) | 696,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' |
Balance as of December 31, 2012, Weighted Average Grant Date Fair Value (usd per share) | $9.98 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $10.56 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $10.10 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $10 |
Balance as of September 30, 2013, Weighted Average Grant Date Fair Value (usd per share) | $10.35 |
Stockholders_Equity_and_Partne4
Stockholders' Equity and Partners' Capital - Dividends (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
Aug. 01, 2013 | Apr. 26, 2013 | Jan. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 04, 2013 | |
Subsequent Event | ||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share (usd per share/unit) | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.43 | $0.49 | $0.14 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | $3,656 | $0 |
Derivative financial instruments, liability | 3,258 | 9,370 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 ) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative financial instruments, liability | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 3,656 | 0 |
Total assets at fair value | 3,656 | 0 |
Derivative financial instruments, liability | 3,258 | 9,370 |
Total liabilities at fair value | 3,258 | 9,370 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative financial instruments, liability | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Derivative financial instruments, asset | 3,656 | 0 |
Total assets at fair value | 3,656 | 0 |
Derivative financial instruments, liability | 3,258 | 9,370 |
Total liabilities at fair value | $3,258 | $9,370 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | $28,520 | $20,000 |
Tenant note receivable | 3,202 | 3,287 |
Debt, net | 1,125,792 | 1,037,359 |
Carrying Amount | Fair Value Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | 28,520 | 20,000 |
Tenant note receivable | 3,202 | 3,287 |
Debt, net | 1,125,792 | 1,037,359 |
Fair Value | Fair Value Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' |
Real estate notes receivable | 28,520 | 20,000 |
Tenant note receivable | 3,098 | 3,337 |
Debt, net | $1,149,460 | $1,087,168 |
Per_Share_Data_Details
Per Share Data (Details) (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 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Number anti-diluted shares outstanding adjustment (in shares) | ' | 156 | ' | 156 |
Numerator: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to controlling interest | $4,443 | ($3,095) | $19,474 | ($22,998) |
Discontinued operations | 380 | 143 | 725 | 410 |
Net income (loss) attributable to controlling interest | $4,823 | ($2,952) | $20,199 | ($22,588) |
Denominator: | ' | ' | ' | ' |
Weighted average number of shares outstanding b basic (in shares/units) | 232,514 | 218,264 | 225,132 | 225,501 |
Dilutive shares (in shares/units) | 2,509 | 0 | 1,639 | 0 |
Weighted average number of shares outstanding b diluted (in shares/units) | 235,023 | 218,264 | 226,771 | 225,501 |
Earnings (losses) per share attributable to controlling interest - basic: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Earnings (losses) per share attributable to controlling interest - diluted: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Per_Unit_Data_Details
Per Unit Data (Details) (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 |
Numerator: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to controlling interest | $4,443 | ($3,095) | $19,474 | ($22,998) |
Discontinued operations | 380 | 143 | 725 | 410 |
Net income (loss) attributable to controlling interest | 4,823 | -2,952 | 20,199 | -22,588 |
Denominator: | ' | ' | ' | ' |
Weighted average number of shares outstanding b basic (in shares/units) | 232,514 | 218,264 | 225,132 | 225,501 |
Dilutive shares (in shares/units) | 2,509 | 0 | 1,639 | 0 |
Weighted average number of shares outstanding b diluted (in shares/units) | 235,023 | 218,264 | 226,771 | 225,501 |
Earnings (losses) per share/unit attributable to controlling interest - basic: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Earnings (losses) per share/unit attributable to controlling interest - diluted: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Healthcare Trust of America Holdings, LP (HTALP) | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to controlling interest | 4,616 | -3,094 | 19,858 | -22,989 |
Discontinued operations | 380 | 143 | 725 | 410 |
Net income (loss) attributable to controlling interest | $4,996 | ($2,951) | $20,583 | ($22,579) |
Denominator: | ' | ' | ' | ' |
Weighted average number of shares outstanding b basic (in shares/units) | 235,570 | 221,413 | 228,188 | 227,105 |
Dilutive shares (in shares/units) | 0 | 0 | 0 | 0 |
Weighted average number of shares outstanding b diluted (in shares/units) | 235,570 | 221,413 | 228,188 | 227,105 |
Earnings (losses) per share/unit attributable to controlling interest - basic: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Earnings (losses) per share/unit attributable to controlling interest - diluted: | ' | ' | ' | ' |
Continuing operations (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Discontinued operations (usd per share/unit) | $0 | $0 | $0 | $0 |
Net income (loss) (usd per share/unit) | $0.02 | ($0.01) | $0.09 | ($0.10) |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Interest paid | $27,743 | $30,681 |
Income taxes paid | 904 | 840 |
Investing Activities: | ' | ' |
Accrued capital expenditures | 2,227 | 1,508 |
Note receivable included in the consideration for the acquisition of a building | 0 | 37,264 |
The following represents the significant increase (decrease) in certain assets and liabilities in connection with our acquisition of operating properties: | ' | ' |
Debt | 17,982 | 0 |
Financing Activities: | ' | ' |
Issuances under the DRIP | 0 | 31,915 |
Dividend distributions declared, but not paid, including under the DRIP | 34,238 | 30,959 |
Offering costs transferred to equity/partnersb capital | $1,192 | $0 |