Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | HEALTHCARE TRUST OF AMERICA, INC. | |
Entity Central Index Key | 1,360,604 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 127,037,807 | |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Healthcare Trust of America Holdings, LP | |
Entity Central Index Key | 1,495,491 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Real estate investments: | ||
Land | $ 298,515 | $ 287,755 |
Building and improvements | 2,871,512 | 2,665,777 |
Lease intangibles | 430,678 | 419,288 |
Real estate investments, gross | 3,600,705 | 3,372,820 |
Accumulated depreciation and amortization | (641,619) | (549,976) |
Real estate investments, net ($0 and $80,419 from consolidated VIEs) | 2,959,086 | 2,822,844 |
Cash and cash equivalents | 11,146 | 10,413 |
Restricted cash and escrow deposits | 17,714 | 20,799 |
Receivables and other assets, net | 148,447 | 144,106 |
Other intangibles, net | 43,193 | 43,488 |
Total assets | 3,179,586 | 3,041,650 |
Liabilities: | ||
Debt | 1,575,965 | 1,412,461 |
Accounts payable and accrued liabilities | 95,029 | 101,042 |
Derivative financial instruments - interest rate swaps | 4,254 | 2,888 |
Security deposits, prepaid rent and other liabilities | 39,261 | 32,687 |
Intangible liabilities, net | 26,970 | 12,425 |
Total liabilities | $ 1,741,479 | $ 1,561,503 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | $ 3,756 | $ 3,726 |
Equity/Partners' Capital: | ||
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Class A common stock, $0.01 par value; 1,000,000,000 shares authorized; 127,037,807 and 125,087,268 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | 1,270 | 1,251 |
Additional paid-in capital | 2,328,702 | 2,281,932 |
Cumulative dividends in excess of earnings | (923,556) | (836,044) |
Total stockholders’ equity | 1,406,416 | 1,447,139 |
Noncontrolling interests | 27,935 | 29,282 |
Total equity | 1,434,351 | 1,476,421 |
Total liabilities and equity/partners' capital | 3,179,586 | 3,041,650 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Real estate investments: | ||
Land | 298,515 | 287,755 |
Building and improvements | 2,871,512 | 2,665,777 |
Lease intangibles | 430,678 | 419,288 |
Real estate investments, gross | 3,600,705 | 3,372,820 |
Accumulated depreciation and amortization | (641,619) | (549,976) |
Real estate investments, net ($0 and $80,419 from consolidated VIEs) | 2,959,086 | 2,822,844 |
Cash and cash equivalents | 11,146 | 10,413 |
Restricted cash and escrow deposits | 17,714 | 20,799 |
Receivables and other assets, net | 148,447 | 144,106 |
Other intangibles, net | 43,193 | 43,488 |
Total assets | 3,179,586 | 3,041,650 |
Liabilities: | ||
Debt | 1,575,965 | 1,412,461 |
Accounts payable and accrued liabilities | 95,029 | 101,042 |
Derivative financial instruments - interest rate swaps | 4,254 | 2,888 |
Security deposits, prepaid rent and other liabilities | 39,261 | 32,687 |
Intangible liabilities, net | 26,970 | 12,425 |
Total liabilities | $ 1,741,479 | $ 1,561,503 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | $ 3,756 | $ 3,726 |
Equity/Partners' Capital: | ||
Limited partners’ capital, 1,929,942 and 2,154,942 units issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | 27,665 | 29,012 |
General partners’ capital, 127,037,807 and 125,087,268 units issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | 1,406,686 | 1,447,409 |
Total partners’ capital | 1,434,351 | 1,476,421 |
Total liabilities and equity/partners' capital | $ 3,179,586 | $ 3,041,650 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Equity: | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock | ||
Equity: | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 127,037,807 | 125,087,268 |
Common stock, shares outstanding | 127,037,807 | 125,087,268 |
Variable Interest Entity, Primary Beneficiary | ||
Real estate investments, VIE | $ 0 | $ 80,419 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Partners’ Capital: | ||
Limited partner's capital, units issued | 1,929,942 | 2,154,942 |
Limited partner's capital, units outstanding | 1,929,942 | 2,154,942 |
General partner's capital, units issued | 127,037,807 | 125,087,268 |
General partner's capital, units outstanding | 127,037,807 | 125,087,268 |
Healthcare Trust of America Holdings, LP (HTALP) | Variable Interest Entity, Primary Beneficiary | ||
Real estate investments, VIE | $ 0 | $ 80,419 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Revenues: | |||||||
Rental income | $ 103,875 | $ 95,277 | $ 301,570 | $ 274,675 | |||
Interest and other operating income | 67 | 257 | 203 | 1,834 | |||
Total revenues | 103,942 | 95,534 | 301,773 | 276,509 | |||
Expenses: | |||||||
Rental | 32,921 | 28,526 | 92,855 | 85,179 | |||
General and administrative | 6,430 | 5,935 | 19,229 | 18,137 | |||
Acquisition-related | 907 | 2,802 | 3,365 | 8,647 | |||
Depreciation and amortization | 40,518 | 35,802 | 115,179 | 104,346 | |||
Impairment | 0 | 0 | 1,655 | 0 | |||
Total expenses | 80,776 | 73,065 | 232,283 | 216,309 | |||
Income before other income (expense) | 23,166 | 22,469 | 69,490 | 60,200 | |||
Interest expense: | |||||||
Interest related to derivative financial instruments | (903) | (1,433) | (2,278) | (4,148) | |||
(Loss) gain on change in fair value of derivative financial instruments, net | (2,383) | 2,564 | (3,079) | (857) | |||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments | (3,286) | 1,131 | (5,357) | (5,005) | |||
Interest related to debt | (13,536) | (14,119) | (41,499) | (37,802) | |||
Gain on sales of real estate, net | 152 | 11,766 | 152 | 11,766 | |||
(Loss) gain on extinguishment of debt, net | (14) | (5,028) | 107 | (4,663) | |||
Other income | 72 | 1 | 91 | 41 | |||
Net income | 6,554 | 16,220 | 22,984 | 24,537 | |||
Net income attributable to noncontrolling interests | [1] | (91) | (188) | (425) | (358) | ||
Net income attributable to common stockholders/unitholders | $ 6,463 | $ 16,032 | $ 22,559 | $ 24,179 | |||
Earnings per common share/unit - basic: | |||||||
Net income attributable to common stockholders/unitholders (usd per share) | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | |
Earnings per common share/unit - diluted: | |||||||
Net income attributable to common stockholders/unitholders (usd per share) | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | |
Weighted average number of common shares/units outstanding: | |||||||
Basic (in shares/units) | 126,863 | 119,484 | [2] | 125,750 | 119,049 | [2] | |
Diluted (in shares/units) | 128,793 | 120,716 | [2] | 127,680 | 120,304 | [2] | |
Dividends/Distributions declared per common share/unit (usd per share) | $ 0.30 | $ 0.29 | [2] | $ 0.88 | $ 0.87 | [2] | |
Healthcare Trust of America Holdings, LP (HTALP) | |||||||
Revenues: | |||||||
Rental income | $ 103,875 | $ 95,277 | $ 301,570 | $ 274,675 | |||
Interest and other operating income | 67 | 257 | 203 | 1,834 | |||
Total revenues | 103,942 | 95,534 | 301,773 | 276,509 | |||
Expenses: | |||||||
Rental | 32,921 | 28,526 | 92,855 | 85,179 | |||
General and administrative | 6,430 | 5,935 | 19,229 | 18,137 | |||
Acquisition-related | 907 | 2,802 | 3,365 | 8,647 | |||
Depreciation and amortization | 40,518 | 35,802 | 115,179 | 104,346 | |||
Impairment | 0 | 0 | 1,655 | 0 | |||
Total expenses | 80,776 | 73,065 | 232,283 | 216,309 | |||
Income before other income (expense) | 23,166 | 22,469 | 69,490 | 60,200 | |||
Interest expense: | |||||||
Interest related to derivative financial instruments | (903) | (1,433) | (2,278) | (4,148) | |||
(Loss) gain on change in fair value of derivative financial instruments, net | (2,383) | 2,564 | (3,079) | (857) | |||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments | (3,286) | 1,131 | (5,357) | (5,005) | |||
Interest related to debt | (13,536) | (14,119) | (41,499) | (37,802) | |||
Gain on sales of real estate, net | 152 | 11,766 | 152 | 11,766 | |||
(Loss) gain on extinguishment of debt, net | (14) | (5,028) | 107 | (4,663) | |||
Other income | 72 | 1 | 91 | 41 | |||
Net income | 6,554 | 16,220 | 22,984 | 24,537 | |||
Net income attributable to noncontrolling interests | (20) | (28) | (77) | (106) | |||
Net income attributable to common stockholders/unitholders | $ 6,534 | $ 16,192 | $ 22,907 | $ 24,431 | |||
Earnings per common share/unit - basic: | |||||||
Net income attributable to common stockholders/unitholders (usd per share) | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | |
Earnings per common share/unit - diluted: | |||||||
Net income attributable to common stockholders/unitholders (usd per share) | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | |
Weighted average number of common shares/units outstanding: | |||||||
Basic (in shares/units) | 128,793 | 120,974 | [2] | 127,781 | 120,562 | [2] | |
Diluted (in shares/units) | 128,793 | 120,974 | [2] | 127,781 | 120,562 | [2] | |
Dividends/Distributions declared per common share/unit (usd per share) | $ 0.30 | $ 0.29 | [2] | $ 0.88 | $ 0.87 | [2] | |
[1] | Includes amounts attributable to redeemable noncontrolling interests. | ||||||
[2] | For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Parenthetical) (Unaudited) | Dec. 15, 2014 |
Reverse stock split conversion ratio | 0.5 |
Healthcare Trust of America Holdings, LP (HTALP) | |
Reverse stock split conversion ratio | 0.5 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A Common Stock | Common StockClass A Common Stock | Additional Paid-In Capital | Cumulative Dividends in Excess of Earnings | Total Stockholders’ Equity | Noncontrolling Interests | |||
Beginning balance, shares at Dec. 31, 2013 | [1] | 118,440,000 | ||||||||
Beginning balance at Dec. 31, 2013 | $ 1,399,749 | $ 1,184 | [1] | $ 2,128,082 | [1] | $ (742,060) | $ 1,387,206 | $ 12,543 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Issuance of common stock (in shares) | [1] | 771,000 | ||||||||
Issuance of common stock | 17,742 | $ 8 | [1] | 17,734 | [1] | 17,742 | ||||
Share-based award transactions, net (in shares) | [1] | 254,000 | ||||||||
Share-based award transactions, net | 3,279 | $ 3 | [1] | 3,276 | [1] | 3,279 | ||||
Repurchase and cancellation of common stock (in shares) | [1] | (29,000) | ||||||||
Repurchase and cancellation of common stock | (572) | $ (1) | [1] | (571) | [1] | (572) | ||||
Redemption of noncontrolling interest (in shares) | [1] | 36,000 | ||||||||
Redemption of noncontrolling interest | 0 | 362 | [1] | 362 | (362) | |||||
Dividends | (103,951) | (103,097) | (103,097) | (854) | ||||||
Net income | 24,415 | 24,179 | 24,179 | 236 | ||||||
Ending balance, shares at Sep. 30, 2014 | [1] | 119,472,000 | ||||||||
Ending balance at Sep. 30, 2014 | 1,340,662 | $ 1,194 | [1] | 2,148,883 | [1] | (820,978) | 1,329,099 | 11,563 | ||
Beginning balance, shares at Dec. 31, 2014 | 125,087,268 | 125,087,000 | ||||||||
Beginning balance at Dec. 31, 2014 | 1,476,421 | $ 1,251 | 2,281,932 | (836,044) | 1,447,139 | 29,282 | ||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Issuance of common stock (in shares) | 1,800,000 | |||||||||
Issuance of common stock | 43,649 | $ 18 | 43,631 | 43,649 | ||||||
Share-based award transactions, net (in shares) | 200,000 | |||||||||
Share-based award transactions, net | 4,462 | $ 2 | 4,460 | 4,462 | ||||||
Repurchase and cancellation of common stock (in shares) | (49,000) | |||||||||
Repurchase and cancellation of common stock | (1,322) | $ (1) | (1,321) | (1,322) | ||||||
Dividends | (111,766) | (110,071) | (110,071) | (1,695) | ||||||
Net income | 22,907 | 22,559 | 22,559 | 348 | ||||||
Ending balance, shares at Sep. 30, 2015 | 127,037,807 | 127,038,000 | ||||||||
Ending balance at Sep. 30, 2015 | $ 1,434,351 | $ 1,270 | $ 2,328,702 | $ (923,556) | $ 1,406,416 | $ 27,935 | ||||
[1] | For the nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) | Dec. 15, 2014 |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split conversion ratio | 0.5 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Changes In Partners' Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Healthcare Trust of America Holdings, LP (HTALP) | Healthcare Trust of America Holdings, LP (HTALP)General Partner' Capital | Healthcare Trust of America Holdings, LP (HTALP)Limited Partners' Capital | |
Balance as of beginning of period (in units) at Dec. 31, 2013 | [1] | 118,440 | 1,527 | ||
Balance as of beginning of period at Dec. 31, 2013 | $ 1,401,294 | $ 1,387,476 | $ 13,818 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Issuance of general partner units (in units) | [1] | 771 | |||
Issuance of general partner units | 17,742 | $ 17,742 | |||
Share-based award transactions, net (in units) | [1] | 254 | (3) | ||
Share-based award transactions, net | 3,279 | $ 3,279 | |||
Redemptions of general partner units (in units) | [1] | (29) | |||
Redemptions of general partner units | (572) | $ (572) | |||
Redemption of limited partner units (in units) | [1] | 36 | (37) | ||
Redemption of limited partner units | 0 | $ 362 | $ (362) | ||
Distributions | (104,019) | (103,097) | (922) | ||
Net income | $ 24,179 | 24,431 | $ 24,179 | $ 252 | |
Balance as of end of period (in units) at Sep. 30, 2014 | [1] | 119,472 | 1,487 | ||
Balance as of end of period at Sep. 30, 2014 | 1,342,155 | $ 1,329,369 | $ 12,786 | ||
Balance as of beginning of period (in units) at Dec. 31, 2014 | 125,087 | 2,155 | |||
Balance as of beginning of period at Dec. 31, 2014 | 1,476,421 | $ 1,447,409 | $ 29,012 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Issuance of general partner units (in units) | 1,800 | ||||
Issuance of general partner units | 43,649 | $ 43,649 | |||
Share-based award transactions, net (in units) | 200 | (225) | |||
Share-based award transactions, net | 4,462 | $ 4,462 | |||
Redemptions of general partner units (in units) | (49) | ||||
Redemptions of general partner units | (1,322) | $ (1,322) | |||
Distributions | (111,766) | (110,071) | $ (1,695) | ||
Net income | $ 22,559 | 22,907 | $ 22,559 | $ 348 | |
Balance as of end of period (in units) at Sep. 30, 2015 | 127,038 | 1,930 | |||
Balance as of end of period at Sep. 30, 2015 | $ 1,434,351 | $ 1,406,686 | $ 27,665 | ||
[1] | For the nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Changes In Partners' Capital (Parenthetical) (Unaudited) | Dec. 15, 2014 |
Reverse stock split conversion ratio | 0.5 |
Healthcare Trust of America Holdings, LP (HTALP) | |
Reverse stock split conversion ratio | 0.5 |
Condensed Consolidated Statem10
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 22,984 | $ 24,537 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other | 112,711 | 101,168 |
Share-based compensation expense | 4,462 | 3,279 |
Bad debt expense | 743 | 485 |
Gain on sales of real estate, net | (152) | (11,766) |
Impairment | 1,655 | 0 |
(Gain) loss on extinguishment of debt, net | (107) | 4,663 |
Change in fair value of derivative financial instruments | 3,079 | 857 |
Changes in operating assets and liabilities: | ||
Receivables and other assets, net | (6,021) | (4,443) |
Accounts payable and accrued liabilities | (4,124) | 13,212 |
Security deposits, prepaid rent and other liabilities | 3,429 | (2,442) |
Net cash provided by operating activities | 138,659 | 129,550 |
Cash flows from investing activities: | ||
Investments in real estate | (253,107) | (229,644) |
Proceeds from sales of real estate | 33,279 | 40,148 |
Capital expenditures | (17,330) | (24,167) |
Collection of real estate notes receivable | 0 | 20,000 |
Restricted cash, escrow deposits and other assets | 2,994 | (29,318) |
Net cash used in investing activities | (234,164) | (222,981) |
Cash flows from financing activities: | ||
Proceeds from unsecured senior notes | 0 | 297,615 |
Borrowings on unsecured revolving credit facility | 387,000 | 213,000 |
Payments on unsecured revolving credit facility | (247,000) | (233,000) |
Borrowings on unsecured term loans | 100,000 | 0 |
Payments on secured real estate term loan and mortgage loans | (76,149) | (90,389) |
Deferred financing costs | (289) | (6,093) |
Security deposits | 145 | (1,245) |
Proceeds from issuance of common stock, net | 44,324 | 18,016 |
Repurchase and cancellation of common stock | (1,322) | (572) |
Dividends | (108,891) | (102,506) |
Distributions to noncontrolling interest of limited partners | (1,580) | (1,061) |
Net cash provided by financing activities | 96,238 | 93,765 |
Net change in cash and cash equivalents | 733 | 334 |
Cash and cash equivalents - beginning of period | 10,413 | 18,081 |
Cash and cash equivalents - end of period | 11,146 | 18,415 |
Healthcare Trust of America Holdings, LP (HTALP) | ||
Cash flows from operating activities: | ||
Net income | 22,984 | 24,537 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other | 112,711 | 101,168 |
Share-based compensation expense | 4,462 | 3,279 |
Bad debt expense | 743 | 485 |
Gain on sales of real estate, net | (152) | (11,766) |
Impairment | 1,655 | 0 |
(Gain) loss on extinguishment of debt, net | (107) | 4,663 |
Change in fair value of derivative financial instruments | 3,079 | 857 |
Changes in operating assets and liabilities: | ||
Receivables and other assets, net | (6,021) | (4,443) |
Accounts payable and accrued liabilities | (4,124) | 13,212 |
Security deposits, prepaid rent and other liabilities | 3,429 | (2,442) |
Net cash provided by operating activities | 138,659 | 129,550 |
Cash flows from investing activities: | ||
Investments in real estate | (253,107) | (229,644) |
Proceeds from sales of real estate | 33,279 | 40,148 |
Capital expenditures | (17,330) | (24,167) |
Collection of real estate notes receivable | 0 | 20,000 |
Restricted cash, escrow deposits and other assets | 2,994 | (29,318) |
Net cash used in investing activities | (234,164) | (222,981) |
Cash flows from financing activities: | ||
Proceeds from unsecured senior notes | 0 | 297,615 |
Borrowings on unsecured revolving credit facility | 387,000 | 213,000 |
Payments on unsecured revolving credit facility | (247,000) | (233,000) |
Borrowings on unsecured term loans | 100,000 | 0 |
Payments on secured real estate term loan and mortgage loans | (76,149) | (90,389) |
Deferred financing costs | (289) | (6,093) |
Security deposits | 145 | (1,245) |
Proceeds from issuance of general partner units, net | 44,324 | 18,016 |
Repurchase and cancellation of general partner units | (1,322) | (572) |
Distributions to general partner | (108,891) | (102,506) |
Distributions to limited partners and redeemable noncontrolling interests | (1,580) | (1,061) |
Net cash provided by financing activities | 96,238 | 93,765 |
Net change in cash and cash equivalents | 733 | 334 |
Cash and cash equivalents - beginning of period | 10,413 | 18,081 |
Cash and cash equivalents - end of period | $ 11,146 | $ 18,415 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business HTA, a Maryland corporation, and HTALP , a Delaware limited partnership, were incorporated or formed, as applicable, on April 20, 2006 . HTA operates as a REIT and is the general partner of HTALP , which is the operating partnership. As of September 30, 2015 , HTA owned a 98.5% partnership interest and other limited partners, including some of HTA’s directors, executive officers and their affiliates, owned the remaining partnership interest (including the LTIP units) in HTALP . As the sole general partner of HTALP , HTA has the full, exclusive and complete responsibility for HTALP ’s day-to-day management and control. HTA operates in an umbrella partnership REIT structure in which HTALP and its subsidiaries hold substantially all of the assets. HTA’s only material asset is its ownership of partnership interests of HTALP . As a result, HTA does not conduct business itself, other than acting as the sole general partner of HTALP , issuing public equity from time to time and guaranteeing certain debts of HTALP . HTALP conducts the operations of the business and issues publicly-traded debt, but has no publicly-traded equity. HTA is one of the largest publicly-traded REITs focused on medical office buildings (“MOBs”) in the United States (“U.S.”) based on gross leasable area (“GLA”). We are primarily focused on acquiring, owning and operating high quality MOBs that are predominantly located on the campuses of, or aligned with, nationally or regionally recognized healthcare systems. In addition, we have strong industry relationships, a stable and diversified tenant mix and an extensive and active acquisition network. Our primary objective is to maximize stockholder value with disciplined growth through strategic investments that provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we: (i) seek internal growth through proactive asset management, leasing and property management oversight; (ii) target mid-sized acquisitions of MOBs in markets with dominant healthcare systems, and with attractive demographics that complement our existing portfolio; and (iii) actively manage our balance sheet to maintain flexibility with conservative leverage. HTA has qualified to be taxed as a REIT for federal income tax purposes and intends to continue to be taxed as a REIT. We primarily invest in MOBs that are located on health system campuses, in community-core locations, or around university medical centers which we believe are core, critical real estate. We also focus on our key markets that have certain demographic and macro-economic trends and where we can utilize our institutional property management and leasing platform to generate strong tenant relationships and operating cost efficiencies. Our portfolio consists of MOBs and other facilities that serve the healthcare industry with an aggregate purchase price of $3.6 billion through September 30, 2015 . Effective December 15, 2014, HTA completed a reverse stock split (the “Reverse Stock Split”) of its common stock. As a result of the Reverse Stock Split, every two issued and outstanding shares of common stock were converted into one share of common stock. HTA’s par value and shares authorized remained unchanged. Concurrently with the Reverse Stock Split, HTALP effected a corresponding Reverse Stock Split of its outstanding units of limited partnership interests. The weighted average shares/units outstanding and per share/unit amounts for the three and nine months ended September 30, 2014 have been adjusted retroactively to reflect the Reverse Stock Split. Our principal executive office is located at 16435 North Scottsdale Road, Suite 320, Scottsdale, Arizona, 85254. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to U.S. generally accepted accounting principles (“GAAP”) in all material respects and have been consistently applied in preparing our accompanying condensed consolidated financial statements. Basis of Presentation Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2014 Annual Report on Form 10-K. Variable Interest Entities During 2014, we made loans totaling $80.5 million to five entities to acquire MOBs in order to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (the “Exchanges”). As of December 31, 2014 , our consolidated financial statements included the five VIEs as we were deemed to be the primary beneficiary. During the second quarter of 2015, we elected not to consummate the five outstanding Exchanges and, accordingly, the rights to the title and interests of the MOBs were transferred to us. Real Estate Investments Depreciation expense of buildings and improvements for the three months ended September 30, 2015 and 2014 , was $26.9 million and $22.6 million , respectively. Depreciation expense of buildings and improvements for the nine months ended September 30, 2015 and 2014 , was $74.9 million and $65.0 million , respectively. Recoverability of Real Estate Investments Real estate investments are evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded when indicators of impairment are present and the carrying amount of the asset is greater than the sum of future undiscounted cash flows expected to be generated by that asset over the remaining expected holding period. We would recognize an impairment loss when the carrying amount is not recoverable to the extent the carrying amount exceeds the fair value of the property. The fair value is generally based on discounted cash flow analyses. In performing the analysis we consider executed sales agreements or management’s best estimate of market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital requirements. See Note 4 for further discussion. Recently Issued or Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (i.e., payment) to which the company expects to be entitled in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. In July 2015, the FASB deferred the effective date of ASU 2014-09 to the first interim period within annual reporting periods beginning after December 15, 2017 along with the ability to early adopt as of the original effective date. We do not anticipate early adoption and we are evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in ASU 2015-02 affect the following areas: (i) limited partnerships and similar legal entities; (ii) evaluating fees paid to a decision maker or a service provider as a variable interest; (iii) the effect of fee arrangements on the primary beneficiary determination; (iv) the effect of related parties on the primary beneficiary determination; and (v) certain investment funds. ASU 2015-02 is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. We are evaluating this guidance, however, we do not believe ASU 2015-02 will have a significant impact on our consolidated financial statements, however, we believe ASU 2015-02 will likely increase our disclosure. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the presentation of debt issuance costs by requiring these costs related to a recognized debt liability to be presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by these amendments. In August 2015, the FASB issued ASU 2015-15 to include the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. ASU 2015-03 and 2015-15 are effective for the fiscal years beginning after December 15, 2015, and requires retrospective application. We do not believe the adoption of ASU 2015-03 and 2015-15 will have a significant impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination has to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amount of the adjustment, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. We are evaluating this guidance, however, we do not believe the adoption of ASU 2015-16 will have a significant impact on our consolidated financial statements. |
Investments in Real Estate
Investments in Real Estate | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Investments in Real Estate | For the nine months ended September 30, 2015 , our investments had an aggregate purchase price of $254.6 million . We incurred $1.2 million of costs attributable to these investments, which were recorded in acquisition-related expenses in the accompanying condensed consolidated statements of operations. Since the investments were determined to be individually not significant, but significant on a collective basis, the allocations for the 2015 investments are set forth below in the aggregate (in thousands): September 30, 2015 Land $ 13,286 Building and improvements 229,386 Below market leasehold interests 2,698 Above market leases 1,254 In place leases 22,414 Below market leases (8,206 ) Above market leasehold interests (7,725 ) Net assets acquired 253,107 Other, net 1,503 Aggregate purchase price $ 254,610 The acquired intangible assets and liabilitie s referenced above had weighted average lives of 26.8 years and 52.4 years , respectively. The investments during the nine months ended September 30, 2014 were determined to be individually not significant, but significant on a collective basis. The allocations for these investments are set forth below in the aggregate (in thousands): September 30, 2014 Land $ 70,609 Building and improvements 227,458 Below market leasehold interests 98 Above market leases 1,708 In place leases 22,233 Below market leases (953 ) Above market debt, net (2,664 ) Net assets acquired 318,489 Other, net (939 ) Aggregate purchase price $ 317,550 The acquired intangible assets and liabilities referenced above had weighted average lives of 9.1 years and 8.5 years , respectively. |
Dispositions
Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |
Dispositions | Dispositions During the three months ended September 30, 2015 , we completed dispositions of six MOBs for an aggregate gross sales price of $35.7 million , generating a gain of $0.2 million . These dispositions consisted of non-core buildings or buildings located outside of our key markets. During the second quarter of 2015, we recorded an impairment charge of $1.7 million on a MOB that we ultimately disposed of during the three months ended September 30, 2015 . |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Identified Intangibles, Net [Abstract] | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands, except weighted average remaining amortization): September 30, 2015 December 31, 2014 Balance Weighted Average Remaining Amortization in Years Balance Weighted Average Remaining Amortization in Years Assets: In place leases $ 248,648 11.0 $ 231,370 8.8 Tenant relationships 182,030 10.4 187,918 10.3 Above market leases 24,983 6.1 26,676 5.5 Below market leasehold interests 34,606 63.2 32,950 67.3 490,267 478,914 Accumulated amortization (209,404 ) (182,149 ) Total $ 280,863 16.5 $ 296,765 15.2 Liabilities: Below market leases $ 22,125 27.1 $ 14,188 11.5 Above market leasehold interests 11,582 53.9 3,857 32.1 33,707 18,045 Accumulated amortization (6,737 ) (5,620 ) Total $ 26,970 38.0 $ 12,425 17.1 In place leases and tenant relationships are included in lease intangibles in our condensed consolidated balance sheets. Above market leases and below market leasehold interests are included in other intangibles, net in our condensed consolidated balance sheets. Below market leases and above market leasehold interests are included in intangible liabilities, net in our condensed consolidated balance sheets. The following is a summary of the net intangible amortization for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amortization recorded against rental income related to above or below market leases $ 509 $ 505 $ 1,428 $ 1,534 Rental expense related to above or below market leasehold interests 94 112 327 358 Amortization expense related to in place leases and tenant relationships 12,266 12,066 36,371 36,247 |
Receivables and Other Assets
Receivables and Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Tenant receivables, net $ 8,639 $ 11,896 Other receivables, net 7,090 5,539 Deferred financing costs, net 14,753 16,929 Deferred leasing costs, net 17,566 17,281 Straight-line rent receivables, net 63,427 56,433 Prepaid expenses, deposits, equipment and other, net 36,972 34,314 Derivative financial instruments - interest rate swaps — 1,714 Total $ 148,447 $ 144,106 The following is a summary of the amortization of deferred leasing costs and deferred financing costs for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amortization expense related to deferred leasing costs $ 1,013 $ 957 $ 2,941 $ 2,646 Interest expense related to deferred financing costs 774 724 2,457 2,319 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Unsecured revolving credit facility $ 176,000 $ 36,000 Unsecured term loans 455,000 355,000 Unsecured senior notes 600,000 600,000 Fixed rate mortgages 316,611 392,399 Variable rate mortgages 29,113 29,474 1,576,724 1,412,873 Net discount (759 ) (412 ) Total $ 1,575,965 $ 1,412,461 Unsecured Credit Agreement Unsecured Revolving Credit Facility On February 11, 2015 , HTA and HTALP executed an amendment to the unsecured revolving credit and term loan facility (the “Unsecured Credit Agreement”) which added an additional lender and increased the amount available under the unsecured revolving credit facility from $800.0 million to $850.0 million . The other existing terms of the Unsecured Credit Agreement were unchanged. The actual amount of credit available to us is a function of certain loan-to-value and debt service coverage ratios set forth in the unsecured revolving credit facility. The maximum principal amount of the unsecured revolving credit facility may be increased, subject to additional financing being provided by our existing lenders or new lenders being added to the unsecured revolving credit facility. The unsecured revolving credit facility matures on January 31, 2020 . Borrowings under the unsecured revolving credit facility accrue interest equal to adjusted LIBOR , plus a margin ranging from 0.875% to 1.55% per annum based on our credit rating. We also pay a facility fee ranging from 0.125% to 0.30% per annum on the aggregate commitments under the unsecured revolving credit facility. As of September 30, 2015 , the margin associated with our borrowings was 1.05% per annum and the facility fee was 0.20% per annum. Unsecured Term Loan As of September 30, 2015 , we had a $300.0 million unsecured term loan outstanding that was guaranteed by HTA. During the nine months ended September 30, 2015 , we borrowed $100.0 million on the unsecured term loan. Borrowings accrue interest equal to adjusted LIBOR , plus a margin ranging from 0.90% to 1.80% per annum based on our credit rating. The margin associated with our borrowings as of September 30, 2015 was 1.15% per annum. Including the impact of the interest rate swaps associated with our unsecured term loan, the interest rate was 1.56% per annum, based on our current credit rating. The unsecured term loan matures on January 31, 2019 , and includes a one -year extension exercisable at the option of the borrower, subject to certain conditions. $155.0 Million Unsecured Term Loan As of September 30, 2015 , HTALP had a $155.0 million unsecured term loan outstanding that is guaranteed by HTA. The loan matures on July 19, 2019 , and the interest rate thereon is equal to LIBOR, plus a margin ranging from 1.55% to 2.40% per annum based on our credit rating. The margin associated with our borrowings as of September 30, 2015 was 1.70% per annum. We have interest rate swaps in place that fix the interest rate at 2.99% per annum, based on our current credit rating. The maximum principal amount under this unsecured term loan may be increased by us, subject to such additional financing being provided by our existing lender. $300.0 Million Unsecured Senior Notes due 2021 As of September 30, 2015 , HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by HTA and mature on July 15, 2021 . The unsecured senior notes are registered under the Securities Act of 1933, as amended (the “Securities Act”), bear interest at 3.38% per annum and are payable semi-annually. The unsecured senior notes were offered at 99.21% of the principal amount thereof, with an effective yield to maturity of 3.50% per annum. $300.0 Million Unsecured Senior Notes due 2023 As of September 30, 2015 , HTALP had $300.0 million of unsecured senior notes outstanding that are guaranteed by HTA and mature on April 15, 2023 . The unsecured senior notes are registered under the Securities Act, bear interest at 3.70% per annum and are payable semi-annually. The unsecured senior notes were offered at 99.19% of the principal amount thereof, with an effective yield to maturity of 3.80% per annum. Fixed and Variable Rate Mortgages As of September 30, 2015 , HTALP and its subsidiaries had fixed and variable rate mortgages with interest rates ranging from 1.64% to 6.49% per annum and a weighted average interest rate of 5.33% per annum. Including the impact of the interest rate swap associated with our variable rate mortgage, the weighted average interest rate was 5.61% per annum. Future Debt Maturities The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of September 30, 2015 (in thousands): Year Amount 2015 $ 1,824 2016 69,657 2017 116,626 2018 14,429 2019 464,280 Thereafter 909,908 Total $ 1,576,724 The above scheduled debt maturities do not include the extension available to us under the Unsecured Credit Agreement as discussed above. We are required by the terms of our applicable debt agreements to meet various affirmative and negative covenants that we believe are customary for these types of facilities, such as limitations on the incurrence of debt by us and our subsidiaries that own unencumbered assets, limitations on the nature of HTALP ’s business, and limitations on distributions by HTALP and its subsidiaries that own unencumbered assets. Our debt agreements also impose various financial covenants on us, such as a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a minimum tangible net worth covenant, a maximum ratio of unsecured indebtedness to unencumbered asset value, rent coverage ratios and a minimum ratio of unencumbered net operating income to unsecured interest expense. As of September 30, 2015 , we believe that we were in compliance with all such financial covenants and reporting requirements. In addition, certain of our debt agreements include events of default provisions that we believe are customary for these types of facilities, including restricting HTA from making dividend distributions to its stockholders in the event HTA is in default thereunder, except to the extent necessary for HTA to maintain its REIT status. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table lists the derivative financial instrument assets and (liabilities) held by us as of September 30, 2015 (in thousands): Notional Amount Index Rate Fair Value Instrument Maturity $ 100,000 LIBOR 0.86 % $ (353 ) Swap 6/15/2016 50,000 LIBOR 1.39 (622 ) Swap 7/17/2019 105,000 LIBOR 1.24 (689 ) Swap 7/17/2019 26,291 LIBOR + 1.45% 4.98 (2,590 ) Swap 5/1/2020 The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2014 (in thousands): Notional Amount Index Rate Fair Value Instrument Maturity $ 100,000 LIBOR 0.86 % $ (443 ) Swap 6/15/2016 50,000 LIBOR 1.39 317 Swap 7/17/2019 105,000 LIBOR 1.24 1,397 Swap 7/17/2019 26,874 LIBOR + 1.45% 4.98 (2,445 ) Swap 5/1/2020 As of September 30, 2015 and December 31, 2014 , the gross fair value of our derivative financial instruments was as follows (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value Derivatives Not Designated as Hedging Instruments: Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Interest rate swaps Receivables and other assets $ — $ 1,714 Derivative financial instruments $ 4,254 $ 2,888 There were no derivatives offset in our accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 . As of September 30, 2015 and December 31, 2014 , we had derivatives subject to enforceable master netting arrangements which allowed for net cash settlement with the respective counterparties (in thousands): September 30, 2015 December 31, 2014 Gross Amounts Amounts Subject to Enforceable Master Netting Arrangements Net Amounts Gross Amounts Amounts Subject to Enforceable Master Netting Arrangements Net Amounts Asset derivatives $ — $ — $ — $ 1,714 $ — $ 1,714 Liability derivatives 4,254 — 4,254 2,888 — 2,888 We have agreements with each of our interest rate swap derivative counterparties that provide that 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, 2015 , there have been no termination events or events of default related to our interest rate swaps. |
Stockholders' Equity and Partne
Stockholders' Equity and Partners' Capital | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity and Partners' Capital | Stockholders’ Equity and Partners’ Capital HTALP ’s partnership agreement provides that it will distribute cash flows from operations and net sale proceeds to its partners in accordance with their overall ownership interests at such times and in such amounts as the general partner determines. Dividend distributions are made such that a holder of one partnership unit in HTALP will receive distributions from HTALP in an amount equal to the dividend distributions paid to the holder of one share of HTA’s common stock. In addition, for each share of common stock issued or redeemed by HTA, HTALP issues or redeems a corresponding number of partnership units. Common Stock Offerings In February 2014, HTA amended the at-the-market (“ATM”) offering program of its common stock with an aggregate sales price of up to $300.0 million , primarily to add sales agents to the program. During the nine months ended September 30, 2015 , HTA issued and sold 1,800,000 shares of common stock, at an average price of $25.00 per share and as of September 30, 2015 , $211.6 million remained available for issuance under the ATM. Common Stock Dividends See our accompanying condensed consolidated statements of operations for the dividends declared during three and nine months ended September 30, 2015 and 2014 . On October 27, 2015 , HTA declared a quarterly cash dividend of $0.295 to be paid on January 6, 2016 to stockholders of record for its common stock on December 31, 2015 . Incentive Plan HTA’s Amended and Restated 2006 Incentive Plan (the “Plan”) permits the grant of incentive awards to our employees, officers, non-employee directors and consultants as selected by our Board of Directors. The Plan authorizes the granting of awards in any of the following forms: options; stock appreciation rights; restricted stock; restricted or deferred stock units; performance awards; dividend equivalents; other stock-based awards, including units in HTALP ; and cash-based awards. Subject to adjustment as provided in the Plan, the aggregate number of awards reserved and available for issuance under the Plan is 5,000,000 . As of September 30, 2015 , there were 2,316,162 awards available for grant under the Plan. LTIP Units Awards under the LTIP consist of Series C units in HTALP , and were subject to the achievement of certain performance and market conditions in order to vest. Once vested, the Series C units were converted into common units of HTALP , which may be converted into shares o f HTA’s common stock. T he LTIP awards were fully expensed in 2013, except for 225,000 units with a grant date fair value of $20.00 per unit that would only vest in the eve nt of a change in control prior to May 16, 2015. These units were forfeited in May 2015. Restricted Common Stock For the three and nine months ended September 30, 2015 , we recognized compensation expense of $1.4 million and $4.5 million , respectively. For the three and nine months ended September 30, 2014 , we recognized compensation expense of $1.0 million and $3.3 million , respectively. Compensation expense for the three and nine months ended September 30, 2015 and 2014 were recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations. As of September 30, 2015 , there was $5.3 million of unrecognized compensation expense net of estimated forfeitures, which will be recognized over a remaining weighted average period of 1.4 years. The following is a summary of the activity in our restricted common stock during 2015 : Restricted Common Stock Weighted Average Grant Date Fair Value Balance as of December 31, 2014 463,050 $ 20.90 Granted 221,076 26.57 Vested (135,213 ) 21.89 Forfeited (21,378 ) 22.70 Balance as of September 30, 2015 527,535 $ 22.88 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial Instruments Reported at Fair Value - Recurring The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 , aggregated by the applicable level in the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 4,254 $ — $ 4,254 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 , aggregated by the applicable level in the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ 1,714 $ — $ 1,714 Liabilities: Derivative financial instruments $ — $ 2,888 $ — $ 2,888 There have been no transfers of assets or liabilities between levels. We will record any such transfers at the end of the reporting period in which a change of event occurs that results in a transfer. Although we have determined that the majority of the inputs used to value our interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our interest rate swap derivative positions and have determined that the credit valuation adjustments are not significant to their overall valuation. As a result, we have determined that our interest rate swap derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Financial Instruments Disclosed at Fair Value We consider the carrying values of cash and cash equivalents, tenant and other receivables, restricted cash and escrow deposits and accounts payable and accrued liabilities to approximate fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization. All of these financial instruments are considered Level 2. The fair value of debt is estimated using borrowing rates available to us with similar terms and maturities which is considered a Level 2 input. As of September 30, 2015 , the fair value of the debt was $1,608.2 million compared to the carrying value of $1,576.0 million . As of December 31, 2014 , the fair value of the debt was $1,447.4 million compared to the carrying value of $1,412.5 million . |
Per Share Data of HTA
Per Share Data of HTA | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Per Share Data of HTA | Per Share Data of HTA HTA includes unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents as “participating securities” pursuant to the two-class method. The resulting classes are our common stock and restricted stock. For the three and nine months ended September 30, 2015 and 2014 , all of HTA’s earnings were distributed and the calculated earnings per share amount would be the same for all classes. The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 6,554 $ 16,220 $ 22,984 $ 24,537 Net income attributable to noncontrolling interests (91 ) (188 ) (425 ) (358 ) Net income attributable to common stockholders $ 6,463 $ 16,032 $ 22,559 $ 24,179 Denominator: (1) Weighted average shares outstanding - basic 126,863 119,484 125,750 119,049 Dilutive shares 1,930 1,232 1,930 1,255 Weighted average shares outstanding - diluted 128,793 120,716 127,680 120,304 Earnings per common share - basic (1) Net income attributable to common stockholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 Earnings per common share - diluted (1) Net income attributable to common stockholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 (1) For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Per Unit Data of HTALP
Per Unit Data of HTALP | 9 Months Ended |
Sep. 30, 2015 | |
Healthcare Trust of America Holdings, LP (HTALP) | |
Earnings Per Share | |
Per Unit Data of HTALP | Per Unit Data of HTALP The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 6,554 $ 16,220 $ 22,984 $ 24,537 Net income attributable to noncontrolling interests (20 ) (28 ) (77 ) (106 ) Net income attributable to common unitholders $ 6,534 $ 16,192 $ 22,907 $ 24,431 Denominator: (1) Weighted average units outstanding - basic 128,793 120,974 127,781 120,562 Dilutive units — — — — Weighted average units outstanding - diluted 128,793 120,974 127,781 120,562 Earnings per common unit - basic: (1) Net income attributable to common unitholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 Earnings per common unit - diluted: (1) Net income attributable to common unitholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 (1) For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 (in thousands): Nine Months Ended September 30, 2015 2014 Interest paid $ 39,570 $ 29,758 Income taxes paid 790 757 Supplemental Disclosure of Noncash Activities: Investing Activities: Accrued capital expenditures $ 1,833 $ 1,564 Debt and interest rate swaps assumed in acquisitions — 88,845 Financing Activities: Dividend distributions declared, but not paid $ 37,712 $ 34,652 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. |
Interim Unaudited Financial Data | Interim Unaudited Financial Data Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2014 Annual Report on Form 10-K. |
Variable Interest Entities | Variable Interest Entities During 2014, we made loans totaling $80.5 million to five entities to acquire MOBs in order to facilitate potential Internal Revenue Code Section 1031 tax-deferred exchanges (the “Exchanges”). As of December 31, 2014 , our consolidated financial statements included the five VIEs as we were deemed to be the primary beneficiary. During the second quarter of 2015, we elected not to consummate the five outstanding Exchanges and, accordingly, the rights to the title and interests of the MOBs were transferred to us. |
Real Estate Investments | Real Estate Investments Depreciation expense of buildings and improvements for the three months ended September 30, 2015 and 2014 , was $26.9 million and $22.6 million , respectively. Depreciation expense of buildings and improvements for the nine months ended September 30, 2015 and 2014 , was $74.9 million and $65.0 million , respectively. |
Recoverability of Real Estate Investments | Recoverability of Real Estate Investments Real estate investments are evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded when indicators of impairment are present and the carrying amount of the asset is greater than the sum of future undiscounted cash flows expected to be generated by that asset over the remaining expected holding period. We would recognize an impairment loss when the carrying amount is not recoverable to the extent the carrying amount exceeds the fair value of the property. The fair value is generally based on discounted cash flow analyses. In performing the analysis we consider executed sales agreements or management’s best estimate of market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital requirements. See Note 4 for further discussion. |
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (i.e., payment) to which the company expects to be entitled in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. In July 2015, the FASB deferred the effective date of ASU 2014-09 to the first interim period within annual reporting periods beginning after December 15, 2017 along with the ability to early adopt as of the original effective date. We do not anticipate early adoption and we are evaluating the impact of adopting ASU 2014-09 on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in ASU 2015-02 affect the following areas: (i) limited partnerships and similar legal entities; (ii) evaluating fees paid to a decision maker or a service provider as a variable interest; (iii) the effect of fee arrangements on the primary beneficiary determination; (iv) the effect of related parties on the primary beneficiary determination; and (v) certain investment funds. ASU 2015-02 is effective for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. We are evaluating this guidance, however, we do not believe ASU 2015-02 will have a significant impact on our consolidated financial statements, however, we believe ASU 2015-02 will likely increase our disclosure. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 changes the presentation of debt issuance costs by requiring these costs related to a recognized debt liability to be presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by these amendments. In August 2015, the FASB issued ASU 2015-15 to include the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. ASU 2015-03 and 2015-15 are effective for the fiscal years beginning after December 15, 2015, and requires retrospective application. We do not believe the adoption of ASU 2015-03 and 2015-15 will have a significant impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 eliminates the requirement that an acquirer in a business combination has to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amount of the adjustment, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015 with early adoption permitted. We are evaluating this guidance, however, we do not believe the adoption of ASU 2015-16 will have a significant impact on our consolidated financial statements. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Schedule of Purchase Price Allocation | The allocations for these investments are set forth below in the aggregate (in thousands): September 30, 2014 Land $ 70,609 Building and improvements 227,458 Below market leasehold interests 98 Above market leases 1,708 In place leases 22,233 Below market leases (953 ) Above market debt, net (2,664 ) Net assets acquired 318,489 Other, net (939 ) Aggregate purchase price $ 317,550 Since the investments were determined to be individually not significant, but significant on a collective basis, the allocations for the 2015 investments are set forth below in the aggregate (in thousands): September 30, 2015 Land $ 13,286 Building and improvements 229,386 Below market leasehold interests 2,698 Above market leases 1,254 In place leases 22,414 Below market leases (8,206 ) Above market leasehold interests (7,725 ) Net assets acquired 253,107 Other, net 1,503 Aggregate purchase price $ 254,610 |
Intangible Assets and Liabili26
Intangible Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Identified Intangibles, Net [Abstract] | |
Schedule of Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands, except weighted average remaining amortization): September 30, 2015 December 31, 2014 Balance Weighted Average Remaining Amortization in Years Balance Weighted Average Remaining Amortization in Years Assets: In place leases $ 248,648 11.0 $ 231,370 8.8 Tenant relationships 182,030 10.4 187,918 10.3 Above market leases 24,983 6.1 26,676 5.5 Below market leasehold interests 34,606 63.2 32,950 67.3 490,267 478,914 Accumulated amortization (209,404 ) (182,149 ) Total $ 280,863 16.5 $ 296,765 15.2 Liabilities: Below market leases $ 22,125 27.1 $ 14,188 11.5 Above market leasehold interests 11,582 53.9 3,857 32.1 33,707 18,045 Accumulated amortization (6,737 ) (5,620 ) Total $ 26,970 38.0 $ 12,425 17.1 |
Summary of Net Intangible Amortization | The following is a summary of the net intangible amortization for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amortization recorded against rental income related to above or below market leases $ 509 $ 505 $ 1,428 $ 1,534 Rental expense related to above or below market leasehold interests 94 112 327 358 Amortization expense related to in place leases and tenant relationships 12,266 12,066 36,371 36,247 |
Receivables and Other Assets (T
Receivables and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables and Other Assets [Abstract] | |
Schedule of Receivables and Other Assets | Receivables and other assets consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Tenant receivables, net $ 8,639 $ 11,896 Other receivables, net 7,090 5,539 Deferred financing costs, net 14,753 16,929 Deferred leasing costs, net 17,566 17,281 Straight-line rent receivables, net 63,427 56,433 Prepaid expenses, deposits, equipment and other, net 36,972 34,314 Derivative financial instruments - interest rate swaps — 1,714 Total $ 148,447 $ 144,106 |
Summary of Amortization of Deferred Leasing Costs and Deferred Financing Costs | The following is a summary of the amortization of deferred leasing costs and deferred financing costs for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amortization expense related to deferred leasing costs $ 1,013 $ 957 $ 2,941 $ 2,646 Interest expense related to deferred financing costs 774 724 2,457 2,319 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Unsecured revolving credit facility $ 176,000 $ 36,000 Unsecured term loans 455,000 355,000 Unsecured senior notes 600,000 600,000 Fixed rate mortgages 316,611 392,399 Variable rate mortgages 29,113 29,474 1,576,724 1,412,873 Net discount (759 ) (412 ) Total $ 1,575,965 $ 1,412,461 |
Summary of Debt Maturities and Scheduled Principal Debt Repayments | The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of September 30, 2015 (in thousands): Year Amount 2015 $ 1,824 2016 69,657 2017 116,626 2018 14,429 2019 464,280 Thereafter 909,908 Total $ 1,576,724 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instrument Assets and (Liabilities) Held | The following table lists the derivative financial instrument assets and (liabilities) held by us as of September 30, 2015 (in thousands): Notional Amount Index Rate Fair Value Instrument Maturity $ 100,000 LIBOR 0.86 % $ (353 ) Swap 6/15/2016 50,000 LIBOR 1.39 (622 ) Swap 7/17/2019 105,000 LIBOR 1.24 (689 ) Swap 7/17/2019 26,291 LIBOR + 1.45% 4.98 (2,590 ) Swap 5/1/2020 The following table lists the derivative financial instrument assets and (liabilities) held by us as of December 31, 2014 (in thousands): Notional Amount Index Rate Fair Value Instrument Maturity $ 100,000 LIBOR 0.86 % $ (443 ) Swap 6/15/2016 50,000 LIBOR 1.39 317 Swap 7/17/2019 105,000 LIBOR 1.24 1,397 Swap 7/17/2019 26,874 LIBOR + 1.45% 4.98 (2,445 ) Swap 5/1/2020 |
Gross Fair Value of Derivative Financial Instruments | As of September 30, 2015 and December 31, 2014 , the gross fair value of our derivative financial instruments was as follows (in thousands): Asset Derivatives Liability Derivatives Fair Value Fair Value Derivatives Not Designated as Hedging Instruments: Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Interest rate swaps Receivables and other assets $ — $ 1,714 Derivative financial instruments $ 4,254 $ 2,888 |
Schedule of Derivatives Subject to Master Netting Arrangements | As of September 30, 2015 and December 31, 2014 , we had derivatives subject to enforceable master netting arrangements which allowed for net cash settlement with the respective counterparties (in thousands): September 30, 2015 December 31, 2014 Gross Amounts Amounts Subject to Enforceable Master Netting Arrangements Net Amounts Gross Amounts Amounts Subject to Enforceable Master Netting Arrangements Net Amounts Asset derivatives $ — $ — $ — $ 1,714 $ — $ 1,714 Liability derivatives 4,254 — 4,254 2,888 — 2,888 |
Stockholders' Equity and Part30
Stockholders' Equity and Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of Restricted Common Stock Activity | The following is a summary of the activity in our restricted common stock during 2015 : Restricted Common Stock Weighted Average Grant Date Fair Value Balance as of December 31, 2014 463,050 $ 20.90 Granted 221,076 26.57 Vested (135,213 ) 21.89 Forfeited (21,378 ) 22.70 Balance as of September 30, 2015 527,535 $ 22.88 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents our assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 , aggregated by the applicable level in the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ — $ — $ — Liabilities: Derivative financial instruments $ — $ 4,254 $ — $ 4,254 The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 , aggregated by the applicable level in the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Derivative financial instruments $ — $ 1,714 $ — $ 1,714 Liabilities: Derivative financial instruments $ — $ 2,888 $ — $ 2,888 |
Per Share Data of HTA (Tables)
Per Share Data of HTA (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 6,554 $ 16,220 $ 22,984 $ 24,537 Net income attributable to noncontrolling interests (91 ) (188 ) (425 ) (358 ) Net income attributable to common stockholders $ 6,463 $ 16,032 $ 22,559 $ 24,179 Denominator: (1) Weighted average shares outstanding - basic 126,863 119,484 125,750 119,049 Dilutive shares 1,930 1,232 1,930 1,255 Weighted average shares outstanding - diluted 128,793 120,716 127,680 120,304 Earnings per common share - basic (1) Net income attributable to common stockholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 Earnings per common share - diluted (1) Net income attributable to common stockholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 (1) For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Per Unit Data of HTALP (Tables)
Per Unit Data of HTALP (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Healthcare Trust of America Holdings, LP (HTALP) | |
Earnings Per Share | |
Schedule of Earnings Per Unit, Basic and Diluted | The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per unit data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net income $ 6,554 $ 16,220 $ 22,984 $ 24,537 Net income attributable to noncontrolling interests (20 ) (28 ) (77 ) (106 ) Net income attributable to common unitholders $ 6,534 $ 16,192 $ 22,907 $ 24,431 Denominator: (1) Weighted average units outstanding - basic 128,793 120,974 127,781 120,562 Dilutive units — — — — Weighted average units outstanding - diluted 128,793 120,974 127,781 120,562 Earnings per common unit - basic: (1) Net income attributable to common unitholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 Earnings per common unit - diluted: (1) Net income attributable to common unitholders $ 0.05 $ 0.13 $ 0.18 $ 0.20 (1) For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Supplemental Cash Flow Inform34
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following is the supplemental cash flow information for the nine months ended September 30, 2015 and 2014 (in thousands): Nine Months Ended September 30, 2015 2014 Interest paid $ 39,570 $ 29,758 Income taxes paid 790 757 Supplemental Disclosure of Noncash Activities: Investing Activities: Accrued capital expenditures $ 1,833 $ 1,564 Debt and interest rate swaps assumed in acquisitions — 88,845 Financing Activities: Dividend distributions declared, but not paid $ 37,712 $ 34,652 |
Organization and Description 35
Organization and Description of Business (Details) $ in Billions | Dec. 15, 2014 | Sep. 30, 2015USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General partnership interest percentage | 98.50% | |
Purchased property inception to current date | $ 3.6 | |
Reverse stock split conversion ratio | 0.5 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)entity | |
Accounting Policies [Line Items] | |||||
VIEs, total loans | $ 80.5 | ||||
Number of VIEs | entity | 5 | ||||
Building and Improvements | |||||
Accounting Policies [Line Items] | |||||
Depreciation expense | $ 26.9 | $ 22.6 | $ 74.9 | $ 65 |
Investments in Real Estate (Det
Investments in Real Estate (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Investments [Abstract] | ||
Closing costs | $ 1,200 | |
Business Acquisition, Purchase Price Allocation, Real Estate [Abstract] | ||
Land | 13,286 | $ 70,609 |
Building and improvements | 229,386 | 227,458 |
Below market leasehold interests | 2,698 | 98 |
Above market leases | 1,254 | 1,708 |
In place leases | 22,414 | 22,233 |
Below market leases | (8,206) | (953) |
Above market leasehold interests | (7,725) | |
Above market debt, net | (2,664) | |
Net assets acquired | 253,107 | 318,489 |
Other, net | 1,503 | (939) |
Aggregate purchase price | $ 254,610 | $ 317,550 |
Weighted average lives of acquired intangible assets | 26 years 9 months 21 days | 9 years 1 month 6 days |
Weighted average lives of acquired intangible liabilities | 52 years 5 months 8 days | 8 years 6 months |
Dispositions (Details)
Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)building | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract] | |||||
Number of MOBs disposed | building | 6 | ||||
Aggregate gross sales price of disposed medical office buildings | $ 35,700 | ||||
Gain from sale of disposed medical office buildings | 152 | $ 11,766 | $ 152 | $ 11,766 | |
Impairment charge on medical office building marketed for sale | $ 0 | $ 1,655 | $ 0 | $ 1,655 | $ 0 |
Intangible Assets and Liabili39
Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | ||
Gross | $ 490,267 | $ 478,914 |
Accumulated amortization | (209,404) | (182,149) |
Total | $ 280,863 | $ 296,765 |
Weighted Average Remaining Amortization in Years | 16 years 6 months | 15 years 2 months 12 days |
Liabilities: | ||
Gross | $ 33,707 | $ 18,045 |
Accumulated amortization | (6,737) | (5,620) |
Total | $ 26,970 | $ 12,425 |
Weighted Average Remaining Amortization in Years | 37 years 11 months 26 days | 17 years 1 month 6 days |
Below Market Leases | ||
Liabilities: | ||
Gross | $ 22,125 | $ 14,188 |
Weighted Average Remaining Amortization in Years | 27 years 1 month 13 days | 11 years 6 months |
Above Market Leasehold Interests | ||
Liabilities: | ||
Gross | $ 11,582 | $ 3,857 |
Weighted Average Remaining Amortization in Years | 53 years 11 months 8 days | 32 years 1 month 6 days |
In Place Leases | ||
Assets: | ||
Gross | $ 248,648 | $ 231,370 |
Weighted Average Remaining Amortization in Years | 11 years 14 days | 8 years 9 months 18 days |
Tenant Relationships | ||
Assets: | ||
Gross | $ 182,030 | $ 187,918 |
Weighted Average Remaining Amortization in Years | 10 years 4 months 20 days | 10 years 3 months 18 days |
Above Market Leases | ||
Assets: | ||
Gross | $ 24,983 | $ 26,676 |
Weighted Average Remaining Amortization in Years | 6 years 25 days | 5 years 6 months |
Below Market Leasehold Interests | ||
Assets: | ||
Gross | $ 34,606 | $ 32,950 |
Weighted Average Remaining Amortization in Years | 63 years 2 months 1 day | 67 years 3 months 18 days |
Intangible Assets and Liabili40
Intangible Assets and Liabilities - Summary of Intangible Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Amortization recorded against rental income related to above or below market leases | ||||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||
Amortization of intangible assets and liabilities | $ 509 | $ 505 | $ 1,428 | $ 1,534 |
Rental expense related to above or below market leasehold interests | ||||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||
Amortization of intangible assets and liabilities | 94 | 112 | 327 | 358 |
Amortization expense related to in place leases and tenant relationships | ||||
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items] | ||||
Amortization of intangible assets and liabilities | $ 12,266 | $ 12,066 | $ 36,371 | $ 36,247 |
Receivables and Other Assets -
Receivables and Other Assets - Schedule of Receivables and Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables and Other Assets [Abstract] | ||
Tenant receivables, net | $ 8,639 | $ 11,896 |
Other receivables, net | 7,090 | 5,539 |
Deferred financing costs, net | 14,753 | 16,929 |
Deferred leasing costs, net | 17,566 | 17,281 |
Straight-line rent receivables, net | 63,427 | 56,433 |
Prepaid expenses, deposits, equipment and other, net | 36,972 | 34,314 |
Derivative financial instruments - interest rate swaps | 0 | 1,714 |
Total | $ 148,447 | $ 144,106 |
Receivables and Other Assets 42
Receivables and Other Assets - Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Receivables and Other Assets [Abstract] | ||||
Amortization expense related to deferred leasing costs | $ 1,013 | $ 957 | $ 2,941 | $ 2,646 |
Interest expense related to deferred financing costs | $ 774 | $ 724 | $ 2,457 | $ 2,319 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument | ||
Total debt, gross | $ 1,576,724 | $ 1,412,873 |
Net discount | (759) | (412) |
Total | 1,575,965 | 1,412,461 |
Unsecured Term Loans | ||
Debt Instrument | ||
Total debt, gross | 455,000 | 355,000 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Total debt, gross | 600,000 | 600,000 |
Mortgages | Fixed Rate Mortgages | ||
Debt Instrument | ||
Total debt, gross | 316,611 | 392,399 |
Mortgages | Variable Rate Mortgages | ||
Debt Instrument | ||
Total debt, gross | 29,113 | 29,474 |
Unsecured Revolving Credit Facility | ||
Debt Instrument | ||
Line of credit facility, amount outstanding | $ 176,000 | $ 36,000 |
Debt - Textuals (Details)
Debt - Textuals (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | Nov. 19, 2014 | |
Debt Instrument | ||||
Outstanding amount | $ 1,576,724,000 | $ 1,412,873,000 | ||
Unsecured Term Loans | ||||
Debt Instrument | ||||
Outstanding amount | $ 455,000,000 | 355,000,000 | ||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.15% | |||
Outstanding amount | $ 300,000,000 | |||
Additional borrowings | $ 100,000,000 | |||
Weighted average interest rate with interest rate swap impact | 1.56% | |||
Unsecured credit agreement, extension option period | 1 year | |||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.90% | |||
Unsecured Term Loans | $300.0 Million Unsecured Term Loan | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.80% | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.70% | |||
Weighted average interest rate with interest rate swap impact | 2.99% | |||
Debt instrument, face amount | $ 155,000,000 | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.55% | |||
Unsecured Term Loans | $155.0 Million Unsecured Term Loan | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 2.40% | |||
Unsecured Senior Notes | ||||
Debt Instrument | ||||
Outstanding amount | $ 600,000,000 | $ 600,000,000 | ||
Unsecured Senior Notes | $300.0 Million Unsecured Senior Notes Due 2021 | ||||
Debt Instrument | ||||
Debt instrument, face amount | $ 300,000,000 | |||
Debt instrument, stated interest rate | 3.38% | |||
Debt instrument, percentage of principal amount received | 99.21% | |||
Debt instrument, effective interest rate | 3.50% | |||
Unsecured Senior Notes | $300.0 Million Unsecured Senior Notes Due 2023 | ||||
Debt Instrument | ||||
Debt instrument, face amount | $ 300,000,000 | |||
Debt instrument, stated interest rate | 3.70% | |||
Debt instrument, percentage of principal amount received | 99.19% | |||
Debt instrument, effective interest rate | 3.80% | |||
Mortgages | ||||
Debt Instrument | ||||
Weighted average interest rate with interest rate swap impact | 5.61% | |||
Effective percentage rate range, minimum | 1.64% | |||
Effective percentage rate range, maximum | 6.49% | |||
Weighted average interest rate | 5.33% | |||
Unsecured Revolving Credit Facility | ||||
Debt Instrument | ||||
Line of credit facility, borrowing capacity | $ 850,000,000 | $ 800,000,000 | ||
Basis spread on variable rate | 1.05% | |||
Line of credit facility, commitment fee percentage | 0.20% | |||
Unsecured Revolving Credit Facility | Minimum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 0.875% | |||
Line of credit facility, commitment fee percentage | 0.125% | |||
Unsecured Revolving Credit Facility | Maximum | ||||
Debt Instrument | ||||
Basis spread on variable rate | 1.55% | |||
Line of credit facility, commitment fee percentage | 0.30% |
Debt - Principal Maturity Sched
Debt - Principal Maturity Schedule (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,015 | $ 1,824 | |
2,016 | 69,657 | |
2,017 | 116,626 | |
2,018 | 14,429 | |
2,019 | 464,280 | |
Thereafter | 909,908 | |
Total | $ 1,576,724 | $ 1,412,873 |
Derivative Financial Instrume46
Derivative Financial Instruments - Table of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative | ||
Fair value, liability | $ (4,254) | $ (2,888) |
Fair value, asset | 0 | 1,714 |
Interest Rate Swap | 0.86% | ||
Derivative | ||
Notional Amount | $ 100,000 | $ 100,000 |
Index | LIBOR | LIBOR |
Rate | 0.86% | 0.86% |
Fair value, liability | $ (353) | $ (443) |
Interest Rate Swap | 1.39% | ||
Derivative | ||
Notional Amount | $ 50,000 | $ 50,000 |
Index | LIBOR | LIBOR |
Rate | 1.39% | 1.39% |
Fair value, liability | $ (622) | |
Fair value, asset | $ 317 | |
Interest Rate Swap | 1.24% | ||
Derivative | ||
Notional Amount | $ 105,000 | $ 105,000 |
Index | LIBOR | LIBOR |
Rate | 1.24% | 1.24% |
Fair value, liability | $ (689) | |
Fair value, asset | $ 1,397 | |
Interest Rate Swap | 4.98% | ||
Derivative | ||
Notional Amount | $ 26,291 | $ 26,874 |
Index | LIBOR + 1.45% | LIBOR + 1.45% |
Rate | 4.98% | 4.98% |
Fair value, liability | $ (2,590) | $ (2,445) |
Basis spread on variable rate | 1.45% | 1.45% |
Derivative Financial Instrume47
Derivative Financial Instruments - Derivative Instruments Fair Value Table (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value | ||
Derivative financial instruments, asset | $ 0 | $ 1,714 |
Derivative financial instruments, liability | 4,254 | 2,888 |
Interest Rate Swap | Not Designated as Hedging Instrument | Receivables and Other Assets | ||
Derivatives, Fair Value | ||
Derivative financial instruments, asset | 0 | 1,714 |
Interest Rate Swap | Not Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value | ||
Derivative financial instruments, liability | $ 4,254 | $ 2,888 |
Derivative Financial Instrume48
Derivative Financial Instruments - Derivative Offsetting (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative financial instruments, asset | $ 0 | $ 1,714 |
Derivative assets, amounts subject to enforceable master netting arrangements | 0 | 0 |
Derivative assets, net amounts | 0 | 1,714 |
Derivative liabilities | 4,254 | 2,888 |
Derivative liabilities, amounts subject to enforceable master netting arrangements | 0 | 0 |
Derivative liabilities, net amounts | $ 4,254 | $ 2,888 |
Stockholders' Equity and Part49
Stockholders' Equity and Partners' Capital - Textuals (Details) | Oct. 27, 2015$ / shares | May. 31, 2015$ / sharesshares | Feb. 28, 2014USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / shares | ||
Common Stock Dividends | |||||||||
Dividends declared (in usd per share) | $ 0.30 | $ 0.29 | [1] | $ 0.88 | $ 0.87 | [1] | |||
LTIP Units | |||||||||
Incentive Plan | |||||||||
Number of forfeited units/shares | shares | 225,000 | ||||||||
Weighted average grant date fair value of units forfeited (in usd per share) | $ 20 | ||||||||
Restricted Common Stock | |||||||||
Incentive Plan | |||||||||
Number of forfeited units/shares | shares | 21,378 | ||||||||
Weighted average grant date fair value of units forfeited (in usd per share) | $ 22.70 | ||||||||
Allocated share-based compensation expense | $ | $ 1,400,000 | $ 1,000,000 | $ 4,500,000 | $ 3,300,000 | |||||
Nonvested awards, total compensation cost not yet recognized | $ | $ 5,300,000 | $ 5,300,000 | |||||||
Period for recognition | 1 year 4 months 24 days | ||||||||
2006 Incentive Plan | |||||||||
Incentive Plan | |||||||||
Number of shares authorized | shares | 5,000,000 | 5,000,000 | |||||||
Number of shares available for grant | shares | 2,316,162 | 2,316,162 | |||||||
Subsequent Event | |||||||||
Common Stock Dividends | |||||||||
Dividends declared (in usd per share) | $ 0.295 | ||||||||
At the Market | |||||||||
Common Stock Offerings | |||||||||
Number of shares issued and sold | shares | 1,800,000 | ||||||||
Sale of stock, average price per share (in usd per share) | $ 25 | ||||||||
Remaining available amount of common stock for issuance | $ | $ 211,600,000 | ||||||||
At the Market | Maximum | |||||||||
Common Stock Offerings | |||||||||
Maximum amount of common stock authorized | $ | $ 300,000,000 | ||||||||
Healthcare Trust of America Holdings, LP (HTALP) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividend distribution ratio | 1 | ||||||||
Common Stock Dividends | |||||||||
Dividends declared (in usd per share) | $ 0.30 | $ 0.29 | [1] | $ 0.88 | $ 0.87 | [1] | |||
[1] | For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Stockholders' Equity and Part50
Stockholders' Equity and Partners' Capital - Restricted Common Stock Activity (Details) - Restricted Common Stock | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Restricted Common Stock | |
Balance as of beginning of period (in shares) | 463,050 |
Granted (in shares) | 221,076 |
Vested (in shares) | (135,213) |
Forfeited (in shares) | (21,378) |
Balance as of end of period (in shares) | 527,535 |
Weighted Average Grant Date Fair Value | |
Balance as of beginning of period (in usd per share) | $ / shares | $ 20.90 |
Granted (in usd per share) | $ / shares | 26.57 |
Vested (in usd per share) | $ / shares | 21.89 |
Forfeited (in usd per share) | $ / shares | 22.70 |
Balance as of end of period (in usd per share) | $ / shares | $ 22.88 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Derivative financial instruments, asset | $ 0 | $ 1,714 |
Liabilities: | ||
Derivative financial instruments, liability | 4,254 | 2,888 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative financial instruments, asset | 0 | 1,714 |
Liabilities: | ||
Derivative financial instruments, liability | 4,254 | 2,888 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Derivative financial instruments, asset | 0 | 0 |
Liabilities: | ||
Derivative financial instruments, liability | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Derivative financial instruments, asset | 0 | 1,714 |
Liabilities: | ||
Derivative financial instruments, liability | 4,254 | 2,888 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Derivative financial instruments, asset | 0 | 0 |
Liabilities: | ||
Derivative financial instruments, liability | $ 0 | $ 0 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments - Textuals (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Debt, fair value | $ 1,608,200 | $ 1,447,400 |
Debt, carrying value | $ 1,575,965 | $ 1,412,461 |
Per Share Data of HTA (Details)
Per Share Data of HTA (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 15, 2014 | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |||
Numerator: | ||||||||
Net income | $ | $ 6,554 | $ 16,220 | $ 22,984 | $ 24,537 | ||||
Net income attributable to noncontrolling interests | $ | [1] | (91) | (188) | (425) | (358) | |||
Net income attributable to common stockholders/unitholders | $ | $ 6,463 | $ 16,032 | $ 22,559 | $ 24,179 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 126,863 | 119,484 | [2] | 125,750 | 119,049 | [2] | ||
Dilutive shares | [2] | 1,930 | 1,232 | 1,930 | 1,255 | |||
Weighted average number of shares/units outstanding — diluted | 128,793 | 120,716 | [2] | 127,680 | 120,304 | [2] | ||
Earnings per common share - basic | ||||||||
Net income attributable to common stockholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Earnings per common share - diluted | ||||||||
Net income attributable to common stockholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Reverse stock split conversion ratio | 0.5 | |||||||
[1] | Includes amounts attributable to redeemable noncontrolling interests. | |||||||
[2] | For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Per Unit Data of HTALP (Details
Per Unit Data of HTALP (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 15, 2014 | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |||
Numerator: | ||||||||
Net income | $ | $ 6,554 | $ 16,220 | $ 22,984 | $ 24,537 | ||||
Net income attributable to noncontrolling interests | $ | [1] | (91) | (188) | (425) | (358) | |||
Net income attributable to common stockholders/unitholders | $ | $ 6,463 | $ 16,032 | $ 22,559 | $ 24,179 | ||||
Denominator: | ||||||||
Weighted average units outstanding - basic | 126,863 | 119,484 | [2] | 125,750 | 119,049 | [2] | ||
Dilutive units | [2] | 1,930 | 1,232 | 1,930 | 1,255 | |||
Weighted average number of shares/units outstanding — diluted | 128,793 | 120,716 | [2] | 127,680 | 120,304 | [2] | ||
Earnings per common unit - basic: | ||||||||
Net income attributable to common unitholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Earnings per common unit - diluted: | ||||||||
Net income attributable to common unitholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Reverse stock split conversion ratio | 0.5 | |||||||
Healthcare Trust of America Holdings, LP (HTALP) | ||||||||
Numerator: | ||||||||
Net income | $ | $ 6,554 | $ 16,220 | $ 22,984 | $ 24,537 | ||||
Net income attributable to noncontrolling interests | $ | (20) | (28) | (77) | (106) | ||||
Net income attributable to common stockholders/unitholders | $ | $ 6,534 | $ 16,192 | $ 22,907 | $ 24,431 | ||||
Denominator: | ||||||||
Weighted average units outstanding - basic | 128,793 | 120,974 | [2] | 127,781 | 120,562 | [2] | ||
Dilutive units | [2] | 0 | 0 | 0 | 0 | |||
Weighted average number of shares/units outstanding — diluted | 128,793 | 120,974 | [2] | 127,781 | 120,562 | [2] | ||
Earnings per common unit - basic: | ||||||||
Net income attributable to common unitholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Earnings per common unit - diluted: | ||||||||
Net income attributable to common unitholders (usd per share) | $ / shares | $ 0.05 | $ 0.13 | [2] | $ 0.18 | $ 0.20 | [2] | ||
Reverse stock split conversion ratio | 0.5 | |||||||
[1] | Includes amounts attributable to redeemable noncontrolling interests. | |||||||
[2] | For the three and nine months ended September 30, 2014, amounts have been adjusted retroactively to reflect a 1-for-2 reverse stock split effected on December 15, 2014. |
Supplemental Cash Flow Inform55
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | $ 39,570 | $ 29,758 |
Income taxes paid | 790 | 757 |
Investing Activities: | ||
Accrued capital expenditures | 1,833 | 1,564 |
Debt and interest rate swaps assumed in acquisitions | 0 | 88,845 |
Financing Activities: | ||
Dividend distributions declared, but not paid | $ 37,712 | $ 34,652 |