Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MPW | ||
Entity Registrant Name | MEDICAL PROPERTIES TRUST INC | ||
Entity Central Index Key | 1287865 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 208,698,380 | ||
Entity Public Float | $2,283,300,069 | ||
MPT Operating Partnership, L.P. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MPT Operating Partnership, L.P. | ||
Entity Central Index Key | 1524607 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate assets | ||
Land | $192,551 | $154,858 |
Buildings and improvements | 1,848,176 | 1,578,336 |
Construction in progress and other | 23,163 | 41,771 |
Intangible lease assets | 108,885 | 90,490 |
Net investment in direct financing leases | 439,516 | 431,024 |
Mortgage loans | 397,594 | 388,756 |
Gross investment in real estate assets | 3,009,885 | 2,685,235 |
Accumulated depreciation | -181,441 | -144,235 |
Accumulated amortization | -21,186 | -15,541 |
Net investment in real estate assets | 2,807,258 | 2,525,459 |
Cash and cash equivalents | 144,541 | 45,979 |
Interest and rent receivables | 41,137 | 58,565 |
Straight-line rent receivables | 59,128 | 45,829 |
Other loans | 573,167 | 160,990 |
Other assets | 122,105 | 67,873 |
Total Assets | 3,747,336 | 2,904,695 |
Liabilities | ||
Debt, net | 2,201,654 | 1,421,681 |
Accounts payable and accrued expenses | 112,623 | 94,290 |
Deferred revenue | 27,207 | 24,114 |
Lease deposits and other obligations to tenants | 23,805 | 20,402 |
Total liabilities | 2,365,289 | 1,560,487 |
Commitments and Contingencies | ||
Equity / Capital | ||
Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding | ||
Common stock, $0.001 par value. Authorized 250,000 shares; issued and outstanding - 172,743 shares at December 31, 2014 and 161,310 shares at December 31, 2013 | 172 | 161 |
Limited Partners: | ||
Additional paid-in capital | 1,765,381 | 1,618,054 |
Distributions in excess of net income | -361,330 | -264,804 |
Accumulated other comprehensive loss | -21,914 | -8,941 |
Treasury shares, at cost | -262 | -262 |
Total Equity / Capital | 1,382,047 | 1,344,208 |
Total Liabilities and Equity / Capital | 3,747,336 | 2,904,695 |
MPT Operating Partnership, L.P. [Member] | ||
Real estate assets | ||
Land | 192,551 | 154,858 |
Buildings and improvements | 1,848,176 | 1,578,336 |
Construction in progress and other | 23,163 | 41,771 |
Intangible lease assets | 108,885 | 90,490 |
Net investment in direct financing leases | 439,516 | 431,024 |
Mortgage loans | 397,594 | 388,756 |
Gross investment in real estate assets | 3,009,885 | 2,685,235 |
Accumulated depreciation | -181,441 | -144,235 |
Accumulated amortization | -21,186 | -15,541 |
Net investment in real estate assets | 2,807,258 | 2,525,459 |
Cash and cash equivalents | 144,541 | 45,979 |
Interest and rent receivables | 41,137 | 58,565 |
Straight-line rent receivables | 59,128 | 45,829 |
Other loans | 573,167 | 160,990 |
Other assets | 122,105 | 67,873 |
Total Assets | 3,747,336 | 2,904,695 |
Liabilities | ||
Debt, net | 2,201,654 | 1,421,681 |
Accounts payable and accrued expenses | 74,195 | 58,538 |
Deferred revenue | 27,207 | 24,114 |
Lease deposits and other obligations to tenants | 23,805 | 20,402 |
Payable due to Medical Properties Trust, Inc. | 38,038 | 35,362 |
Total liabilities | 2,364,899 | 1,560,097 |
Commitments and Contingencies | ||
Limited Partners: | ||
Accumulated other comprehensive loss | -21,914 | -8,941 |
Total Equity / Capital | 1,382,437 | 1,344,598 |
Total Liabilities and Equity / Capital | 3,747,336 | 2,904,695 |
MPT Operating Partnership, L.P. [Member] | Common Units [Member] | ||
Limited Partners: | ||
Limited Partners Capital | 1,390,296 | 1,339,998 |
MPT Operating Partnership, L.P. [Member] | General Partner [Member] | ||
Equity / Capital | ||
General partner - issued and outstanding - 1,722 units at December 31, 2014 and 1,608 units at December 31, 2013 | $14,055 | $13,541 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 172,743,000 | 161,310,000 |
Common stock, shares outstanding | 172,743,000 | 161,310,000 |
General Partner [Member] | MPT Operating Partnership, L.P. [Member] | ||
General partner, units issued | 1,722,000 | 1,608,000 |
General partner, units outstanding | 1,722,000 | 1,608,000 |
LTIP Units [Member] | MPT Operating Partnership, L.P. [Member] | ||
LTIP Units, shares issued | 292,000 | 292,000 |
LTIP Units, shares outstanding | 292,000 | 292,000 |
Common Units [Member] | MPT Operating Partnership, L.P. [Member] | ||
Limited Partners, units issued | 171,021,000 | 159,702,000 |
Limited Partners, units outstanding | 171,021,000 | 159,702,000 |
Consolidated_Statements_of_Net
Consolidated Statements of Net Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Rent billed | $187,018 | $132,578 | $119,883 |
Straight-line rent | 13,507 | 10,706 | 7,911 |
Income from direct financing leases | 49,155 | 40,830 | 21,728 |
Interest and fee income | 62,852 | 58,409 | 48,603 |
Total revenues | 312,532 | 242,523 | 198,125 |
Expenses | |||
Real estate depreciation and amortization | 53,938 | 36,978 | 32,815 |
Impairment charges | 50,128 | ||
Property-related | 1,851 | 2,450 | 1,477 |
Acquisition expenses | 26,389 | 19,494 | 5,420 |
General and administrative | 37,274 | 30,063 | 28,562 |
Total operating expense | 169,580 | 88,985 | 68,274 |
Operating income | 142,952 | 153,538 | 129,851 |
Other income (expense) | |||
Interest and other (expense) income | 5,481 | -319 | -1,662 |
Earnings from equity and other interests | 2,559 | 3,554 | 2,943 |
Debt refinancing and unutilized financings expense | -1,698 | ||
Interest expense | -98,156 | -66,746 | -58,243 |
Income tax expense | -340 | -726 | -19 |
Net other expenses | -92,154 | -64,237 | -56,981 |
Income from continuing operations | 50,798 | 89,301 | 72,870 |
Income (loss) from discontinued operations | -2 | 7,914 | 17,207 |
Net income | 50,796 | 97,215 | 90,077 |
Net income attributable to non-controlling interests | -274 | -224 | -177 |
Net income attributable to MPT common stockholders | 50,522 | 96,991 | 89,900 |
Earnings per share / unit - basic | |||
Income from continuing operations attributable to MPT common stockholders | $0.29 | $0.59 | $0.54 |
Income (loss) from discontinued operations attributable to MPT common stockholders | $0.05 | $0.13 | |
Net income attributable to MPT common stockholders | $0.29 | $0.64 | $0.67 |
Weighted average shares (units) outstanding - basic | 169,999 | 151,439 | 132,331 |
Earnings per share / unit - diluted | |||
Income from continuing operations attributable to MPT common stockholders | $0.29 | $0.58 | $0.54 |
Income (loss) from discontinued operations attributable to MPT common stockholders | $0.05 | $0.13 | |
Net income attributable to MPT common stockholders | $0.29 | $0.63 | $0.67 |
Weighted average shares (units) outstanding - diluted | 170,540 | 152,598 | 132,333 |
MPT Operating Partnership, L.P. [Member] | |||
Revenues | |||
Rent billed | 187,018 | 132,578 | 119,883 |
Straight-line rent | 13,507 | 10,706 | 7,911 |
Income from direct financing leases | 49,155 | 40,830 | 21,728 |
Interest and fee income | 62,852 | 58,409 | 48,603 |
Total revenues | 312,532 | 242,523 | 198,125 |
Expenses | |||
Real estate depreciation and amortization | 53,938 | 36,978 | 32,815 |
Impairment charges | 50,128 | ||
Property-related | 1,851 | 2,450 | 1,477 |
Acquisition expenses | 26,389 | 19,494 | 5,420 |
General and administrative | 37,274 | 30,063 | 28,562 |
Total operating expense | 169,580 | 88,985 | 68,274 |
Operating income | 142,952 | 153,538 | 129,851 |
Other income (expense) | |||
Interest and other (expense) income | 5,481 | -319 | -1,662 |
Earnings from equity and other interests | 2,559 | 3,554 | 2,943 |
Debt refinancing and unutilized financings expense | -1,698 | ||
Interest expense | -98,156 | -66,746 | -58,243 |
Income tax expense | -340 | -726 | -19 |
Net other expenses | -92,154 | -64,237 | -56,981 |
Income from continuing operations | 50,798 | 89,301 | 72,870 |
Income (loss) from discontinued operations | -2 | 7,914 | 17,207 |
Net income | 50,796 | 97,215 | 90,077 |
Net income attributable to non-controlling interests | -274 | -224 | -177 |
Net income attributable to MPT common stockholders | $50,522 | $96,991 | $89,900 |
Earnings per share / unit - basic | |||
Income from continuing operations attributable to MPT common stockholders | $0.29 | $0.59 | $0.54 |
Income (loss) from discontinued operations attributable to MPT common stockholders | $0.05 | $0.13 | |
Net income attributable to MPT common stockholders | $0.29 | $0.64 | $0.67 |
Weighted average shares (units) outstanding - basic | 169,999 | 151,439 | 132,331 |
Earnings per share / unit - diluted | |||
Income from continuing operations attributable to MPT common stockholders | $0.29 | $0.58 | $0.54 |
Income (loss) from discontinued operations attributable to MPT common stockholders | $0.05 | $0.13 | |
Net income attributable to MPT common stockholders | $0.29 | $0.63 | $0.67 |
Weighted average shares (units) outstanding - diluted | 170,540 | 152,598 | 132,333 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $50,796 | $97,215 | $90,077 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on interest rate swap | 2,964 | 3,474 | -251 |
Foreign currency translation (loss) gain | -15,937 | 67 | |
Total comprehensive income | 37,823 | 100,756 | 89,826 |
Comprehensive income attributable to non-controlling interests | -274 | -224 | -177 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | 37,549 | 100,532 | 89,649 |
MPT Operating Partnership, L.P. [Member] | |||
Net income | 50,796 | 97,215 | 90,077 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on interest rate swap | 2,964 | 3,474 | -251 |
Foreign currency translation (loss) gain | -15,937 | 67 | |
Total comprehensive income | 37,823 | 100,756 | 89,826 |
Comprehensive income attributable to non-controlling interests | -274 | -224 | -177 |
Comprehensive income attributable to MPT common stockholders (Operating Partnership partners) | $37,549 | $100,532 | $89,649 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity / Capital (USD $) | Total | Additional Paid-in Capital [Member] | Distributions in Excess of Net Income [Member] | Treasury Stock [Member] | Common Par Value [Member] | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interests [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] | MPT Operating Partnership, L.P. [Member] |
In Thousands | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interests [Member] | General Partner [Member] | Limited Partner [Member] | Limited Partner [Member] | ||||||||
Common Par Value [Member] | Long Term Incentive Plan [Member] | ||||||||||||
Beginning balance at Dec. 31, 2011 | $828,815 | $1,055,256 | ($214,059) | ($262) | $111 | ($12,231) | $829,205 | ($12,231) | $8,418 | $833,018 | |||
Beginning balance (in shares) at Dec. 31, 2011 | 110,786 | 1,107 | 109,679 | 150 | |||||||||
Net income | 90,077 | 89,900 | 177 | 90,077 | 177 | 899 | 88,733 | 268 | |||||
Unrealized gain (loss) on interest rate swaps | -251 | -251 | -251 | -251 | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 7,637 | 7,636 | 1 | 7,637 | 76 | 7,561 | |||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 854 | 4 | 850 | 71 | |||||||||
Distributions to non-controlling interests | -177 | -177 | -177 | -177 | |||||||||
Proceeds from offering (net of offering costs) | 233,048 | 233,024 | 24 | 233,048 | 2,331 | 230,717 | |||||||
Proceeds from offering (net of offering costs) (shares) | 24,695 | 246 | 24,449 | ||||||||||
Dividends (Distributions) declared ($0.80 in 2012, $0.81 in 2013 and $0.84 in 20134 per common share / unit) | -109,335 | -109,335 | -109,335 | -1,094 | -107,973 | -268 | |||||||
Ending balance at Dec. 31, 2012 | 1,049,814 | 1,295,916 | -233,494 | -262 | 136 | -12,482 | 1,050,204 | -12,482 | 10,630 | 1,052,056 | |||
Ending balance (in shares) at Dec. 31, 2012 | 136,335 | 1,357 | 134,978 | 221 | |||||||||
Net income | 26,210 | 26,210 | |||||||||||
Ending balance at Mar. 31, 2013 | |||||||||||||
Beginning balance at Dec. 31, 2012 | 1,049,814 | 1,295,916 | -233,494 | -262 | 136 | -12,482 | 1,050,204 | -12,482 | 10,630 | 1,052,056 | |||
Beginning balance (in shares) at Dec. 31, 2012 | 136,335 | 1,357 | 134,978 | 221 | |||||||||
Net income | 97,215 | 96,991 | 224 | 97,215 | 224 | 972 | 95,748 | 271 | |||||
Unrealized gain (loss) on interest rate swaps | 3,474 | 3,474 | 3,474 | 3,474 | |||||||||
Foreign currency translation gain (loss) | 67 | 67 | 67 | 67 | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 8,833 | 8,832 | 1 | 8,833 | 88 | 8,745 | |||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 811 | 9 | 802 | 71 | |||||||||
Distributions to non-controlling interests | -224 | -224 | -224 | -224 | |||||||||
Proceeds from offering (net of offering costs) | 313,330 | 313,306 | 24 | 313,330 | 3,133 | 310,197 | |||||||
Proceeds from offering (net of offering costs) (shares) | 24,164 | 242 | 23,922 | ||||||||||
Dividends (Distributions) declared ($0.80 in 2012, $0.81 in 2013 and $0.84 in 20134 per common share / unit) | -128,301 | -128,301 | -128,301 | -1,282 | -126,748 | -271 | |||||||
Ending balance at Dec. 31, 2013 | 1,344,208 | 1,618,054 | -264,804 | -262 | 161 | -8,941 | 1,344,598 | -8,941 | 13,541 | 1,339,998 | |||
Ending balance (in shares) at Dec. 31, 2013 | 161,310 | 1,608 | 159,702 | 292 | |||||||||
Beginning balance at Sep. 30, 2013 | |||||||||||||
Net income | 17,897 | 17,897 | |||||||||||
Ending balance at Dec. 31, 2013 | 1,344,208 | -262 | 1,344,598 | ||||||||||
Net income | 7,307 | 7,307 | |||||||||||
Ending balance at Mar. 31, 2014 | |||||||||||||
Beginning balance at Dec. 31, 2013 | 1,344,208 | 1,618,054 | -264,804 | -262 | 161 | -8,941 | 1,344,598 | -8,941 | 13,541 | 1,339,998 | |||
Beginning balance (in shares) at Dec. 31, 2013 | 161,310 | 1,608 | 159,702 | 292 | |||||||||
Net income | 50,796 | 50,522 | 274 | 50,796 | 274 | 508 | 49,769 | 245 | |||||
Unrealized gain (loss) on interest rate swaps | 2,964 | 2,964 | 2,964 | 2,964 | |||||||||
Foreign currency translation gain (loss) | -15,937 | -15,937 | -15,937 | -15,937 | |||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation | 9,165 | 9,165 | 9,165 | 92 | 9,073 | ||||||||
Stock (Unit) vesting and amortization of stock (unit)-based compensation (shares) | 777 | 8 | 769 | ||||||||||
Distributions to non-controlling interests | -274 | -274 | -274 | -274 | |||||||||
Proceeds from offering (net of offering costs) | 138,173 | 138,162 | 11 | 138,173 | 1,382 | 136,791 | |||||||
Proceeds from offering (net of offering costs) (shares) | 10,656 | 106 | 10,550 | ||||||||||
Dividends (Distributions) declared ($0.80 in 2012, $0.81 in 2013 and $0.84 in 20134 per common share / unit) | -147,048 | -147,048 | -147,048 | -1,468 | -145,335 | -245 | |||||||
Ending balance at Dec. 31, 2014 | 1,382,047 | 1,765,381 | -361,330 | -262 | 172 | -21,914 | 1,382,437 | -21,914 | 14,055 | 1,390,296 | |||
Ending balance (in shares) at Dec. 31, 2014 | 172,743 | 1,722 | 171,021 | 292 | |||||||||
Beginning balance at Sep. 30, 2014 | |||||||||||||
Net income | 15,029 | 15,029 | |||||||||||
Ending balance at Dec. 31, 2014 | $1,382,047 | ($262) | $1,382,437 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity / Capital (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends (Distributions) declared per common share / unit | $0.84 | $0.81 | $0.80 |
MPT Operating Partnership, L.P. [Member] | |||
Dividends (Distributions) declared per common share / unit | $0.84 | $0.81 | $0.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income (loss) | $50,796 | $97,215 | $90,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 55,162 | 38,818 | 35,593 |
Amortization and write-off of deferred financing costs and debt discount | 5,105 | 3,559 | 3,457 |
Direct financing lease interest accretion | -6,701 | -5,774 | -3,104 |
Straight-line rent revenue | -16,325 | -11,265 | -8,309 |
Share (Unit)-based compensation expense | 9,165 | 8,833 | 7,637 |
(Gain) loss from sale of real estate | -2,857 | -7,659 | -16,369 |
Impairment charges | 50,128 | ||
Straight-line rent write-off | 2,818 | 1,457 | 6,456 |
Other adjustments | 520 | -70 | 538 |
Decrease (increase) in: | |||
Interest and rent receivable | -3,856 | -13,211 | -17,261 |
Other assets | 764 | 1,855 | 91 |
Accounts payable and accrued expenses | 6,209 | 23,867 | 9,201 |
Deferred revenue | -485 | 3,177 | -2,698 |
Net cash provided by operating activities | 150,443 | 140,802 | 105,309 |
Investing activities | |||
Cash paid for acquisitions and other related investments | -767,696 | -654,922 | -621,490 |
Net proceeds from sale of real estate | 34,649 | 32,409 | 71,202 |
Principal received on loans receivable | 11,265 | 7,249 | 10,931 |
Investment in loans receivable | -12,782 | -3,746 | -1,293 |
Construction in progress | -102,333 | -41,452 | -44,570 |
Other investments, net | -13,126 | -52,115 | -31,908 |
Net cash (used for) provided by investing activities | -850,023 | -712,577 | -617,128 |
Financing activities | |||
Additions to term debt | 425,000 | 424,580 | 300,000 |
Payments of term debt | -100,266 | -11,249 | -232 |
Payment of deferred financing costs | -14,496 | -9,760 | -6,247 |
Revolving credit facilities, net | 490,625 | -20,000 | 35,400 |
Distributions paid | -144,365 | -120,309 | -103,952 |
Lease deposits and other obligations to tenants | 7,892 | 3,231 | -11,436 |
Proceeds from sale of common shares/units, net of offering costs | 138,173 | 313,330 | 233,048 |
Other | -177 | ||
Net cash provided by financing activities | 802,563 | 579,823 | 446,404 |
Increase (decrease) in cash and cash equivalents for the year | 102,983 | 8,048 | -65,415 |
Effect of exchange rate changes | -4,421 | 620 | |
Cash and cash equivalents at beginning of year | 45,979 | 37,311 | 102,726 |
Cash and cash equivalents at end of year | 144,541 | 45,979 | 37,311 |
Interest paid, including capitalized interest of $1,860 in 2014, $1,729 in 2013, and $1,596 in 2012 | 91,890 | 58,110 | 51,440 |
Supplemental schedule of non-cash investing activities: | |||
Loan conversion to equity interest | 1,648 | ||
Mortgage loan issued from sale of real estate | 12,500 | 3,650 | |
Supplemental schedule of non-cash financing activities: | |||
Dividends declared, not paid | 38,461 | 35,778 | 27,786 |
MPT Operating Partnership, L.P. [Member] | |||
Operating activities | |||
Net income (loss) | 50,796 | 97,215 | 90,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 55,162 | 38,818 | 35,593 |
Amortization and write-off of deferred financing costs and debt discount | 5,105 | 3,559 | 3,457 |
Direct financing lease interest accretion | -6,701 | -5,774 | -3,104 |
Straight-line rent revenue | -16,325 | -11,265 | -8,309 |
Share (Unit)-based compensation expense | 9,165 | 8,833 | 7,637 |
(Gain) loss from sale of real estate | -2,857 | -7,659 | -16,369 |
Impairment charges | 50,128 | ||
Straight-line rent write-off | 2,818 | 1,457 | 6,456 |
Other adjustments | 520 | -70 | 538 |
Decrease (increase) in: | |||
Interest and rent receivable | -3,856 | -13,211 | -17,261 |
Other assets | 764 | 1,855 | 91 |
Accounts payable and accrued expenses | 6,209 | 23,867 | 9,201 |
Deferred revenue | -485 | 3,177 | -2,698 |
Net cash provided by operating activities | 150,443 | 140,802 | 105,309 |
Investing activities | |||
Cash paid for acquisitions and other related investments | -767,696 | -654,922 | -621,490 |
Net proceeds from sale of real estate | 34,649 | 32,409 | 71,202 |
Principal received on loans receivable | 11,265 | 7,249 | 10,931 |
Investment in loans receivable | -12,782 | -3,746 | -1,293 |
Construction in progress | -102,333 | -41,452 | -44,570 |
Other investments, net | -13,126 | -52,115 | -31,908 |
Net cash (used for) provided by investing activities | -850,023 | -712,577 | -617,128 |
Financing activities | |||
Additions to term debt | 425,000 | 424,580 | 300,000 |
Payments of term debt | -100,266 | -11,249 | -232 |
Payment of deferred financing costs | -14,496 | -9,760 | -6,247 |
Revolving credit facilities, net | 490,625 | -20,000 | 35,400 |
Distributions paid | -144,365 | -120,309 | -103,952 |
Lease deposits and other obligations to tenants | 7,892 | 3,231 | -11,436 |
Proceeds from sale of common shares/units, net of offering costs | 138,173 | 313,330 | 233,048 |
Other | -177 | ||
Net cash provided by financing activities | 802,563 | 579,823 | 446,404 |
Increase (decrease) in cash and cash equivalents for the year | 102,983 | 8,048 | -65,415 |
Effect of exchange rate changes | -4,421 | 620 | |
Cash and cash equivalents at beginning of year | 45,979 | 37,311 | 102,726 |
Cash and cash equivalents at end of year | 144,541 | 45,979 | 37,311 |
Interest paid, including capitalized interest of $1,860 in 2014, $1,729 in 2013, and $1,596 in 2012 | 91,890 | 58,110 | 51,440 |
Supplemental schedule of non-cash investing activities: | |||
Loan conversion to equity interest | 1,648 | ||
Mortgage loan issued from sale of real estate | 12,500 | 3,650 | |
Supplemental schedule of non-cash financing activities: | |||
Dividends declared, not paid | $38,461 | $35,778 | $27,786 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest paid, capitalized | $1,860 | $1,729 | $1,596 |
MPT Operating Partnership, L.P. [Member] | |||
Interest paid, capitalized | $1,860 | $1,729 | $1,596 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Organization | 1 | Organization |
Medical Properties Trust, Inc., a Maryland corporation, was formed on August 27, 2003, under the General Corporation Law of Maryland for the purpose of engaging in the business of investing in, owning, and leasing healthcare real estate. Our operating partnership subsidiary, MPT Operating Partnership, L.P., (the “Operating Partnership”) through which we conduct all of our operations, was formed in September 2003. Through another wholly-owned subsidiary, Medical Properties Trust, LLC, we are the sole general partner of the Operating Partnership. At present, we directly own substantially all of the limited partnership interests in the Operating Partnership and have elected to report our required disclosures and that of the Operating Partnership on a combined basis except where material differences exist. | ||
We have operated as a real estate investment trust (“REIT”) since April 6, 2004, and accordingly, elected REIT status upon the filing in September 2005 of the calendar year 2004 federal income tax return. Accordingly, we will generally not be subject to U.S. federal income tax, provided that we continue to qualify as a REIT and our distributions to our stockholders equal or exceed our taxable income. | ||
Our primary business strategy is to acquire and develop real estate and improvements, primarily for long-term lease to providers of healthcare services such as operators of general acute care hospitals, inpatient physical rehabilitation hospitals, long-term acute care hospitals, surgery centers, centers for treatment of specific conditions such as cardiac, pulmonary, cancer, and neurological hospitals, and other healthcare-oriented facilities. We also make mortgage and other loans to operators of similar facilities. In addition, we may obtain profits or equity interests in our tenants, from time to time, in order to enhance our overall return. We manage our business as a single business segment. All of our properties are located in the United States and Europe. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Principles of Consolidation: Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which we own less than 100% of the equity interest, we consolidate the property if we have the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, we record a non-controlling interest representing equity held by non-controlling interests. | |||||||||||
We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. | |||||||||||
At December 31, 2014, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest and Vibra). We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2014 (in thousands): | |||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $257,208 | Mortgage and other loans | $ | 207,617 | |||||||
Equity investments | $ 53,542 | Other assets | $ | 5,490 | |||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | ||||||||||
For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 2014, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. | |||||||||||
See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. | |||||||||||
Investments in Unconsolidated Entities: Investments in entities in which we have the ability to influence (but not control) are typically accounted for by the equity method. Under the equity method of accounting, our share of the investee’s earnings or losses are included in our consolidated results of operations, and we have elected to record our share of such investee’s earnings or losses on a 90-day lag basis. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the interest in the investee entity. Subsequently, our investments are increased by the equity in our investee earnings and decreased by cash distributions from our investees. To the extent that our cost basis is different from the basis reflected at the investee entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the investee. We evaluate our equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. If we determine a decline in the fair value of an investment in an unconsolidated investee entity below its carrying value is other - than - temporary, an impairment is recorded. | |||||||||||
Cash and Cash Equivalents: Certificates of deposit, short-term investments with original maturities of three months or less and money-market mutual funds are considered cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. We have not experienced any losses to date on our invested cash. Cash and cash equivalents which have been restricted as to its use are recorded in other assets. | |||||||||||
Revenue Recognition: We receive income from operating leases based on the fixed, minimum required rents (base rents) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method over the terms of the related lease agreements for new leases and the remaining terms of existing leases for those acquired as part of a property acquisition. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The straight-line method typically has the effect of recording more rent revenue from a lease than a tenant is required to pay early in the term of the lease. During the later parts of a lease term, this effect reverses with less rent revenue recorded than a tenant is required to pay. Rent revenue, as recorded on the straight-line method, in the consolidated statements of income is presented as two amounts: billed rent revenue and straight-line revenue. Billed rent revenue is the amount of base rent actually billed to the customer each period as required by the lease. Straight-line rent revenue is the difference between rent revenue earned based on the straight-line method and the amount recorded as billed rent revenue. We record the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to straight-line rent receivable. | |||||||||||
Certain leases may provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as billed rent revenue in the period earned. | |||||||||||
We use direct finance lease accounting (“DFL”) to record rent on certain leases deemed to be financing leases, per accounting rules, rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. The difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. | |||||||||||
In instances where we have a profits or equity interest in our tenant’s operations, we record income equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. | |||||||||||
We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable with a corresponding offset to deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the deferred construction period revenue on the straight-line method over the remaining term of the lease. | |||||||||||
We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. | |||||||||||
Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue initially and recognized as income over the life of the loan using the interest method. | |||||||||||
Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or related vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. | |||||||||||
Acquired Real Estate Purchase Price Allocation: For existing properties acquired for leasing purposes, we account for such acquisitions based on business combination accounting rules. We allocate the purchase price of acquired properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase prices of acquired real estate, we may utilize a number of sources, from time to time, including available real estate broker data, independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, internal data from previous acquisitions or developments, and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. | |||||||||||
We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. | |||||||||||
We measure the aggregate value of other lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||
Other intangible assets acquired, may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. | |||||||||||
We amortize the value of lease intangibles to expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the lease intangibles are charged to expense. | |||||||||||
Real Estate and Depreciation: Real estate, consisting of land, buildings and improvements, are maintained at cost. Although typically paid by our tenants, any expenditure for ordinary maintenance and repairs that we pay are expensed to operations as incurred. Significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets, including an estimated liquidation amount, during the expected holding periods are less than the carrying amounts of those assets. Impairment losses are measured as the difference between carrying value and fair value of assets. For assets held for sale, we cease recording depreciation expense and adjust the assets’ value to the lower of its carrying value or fair value, less cost of disposal. Fair value is based on estimated cash flows discounted at a risk-adjusted rate of interest. We classify real estate assets as held for sale when we have commenced an active program to sell the assets, and in the opinion of management, it is probable the asset will be sold within the next 12 months. | |||||||||||
Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. | |||||||||||
Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2014 are as follows: | |||||||||||
Buildings and improvements | 37.9 years | ||||||||||
Tenant lease intangibles | 17.9 years | ||||||||||
Leasehold improvements | 22.3 years | ||||||||||
Furniture, equipment and other | 6.5 years | ||||||||||
Losses from Rent Receivables: For all leases, we continuously monitor the performance of our existing tenants including, but not limited to: admission levels and surgery/procedure volumes by type; current operating margins; ratio of our tenant’s operating margins both to facility rent and to facility rent plus other fixed costs; trends in revenue and patient mix; and the effect of evolving healthcare regulations on tenant’s profitability and liquidity. | |||||||||||
Losses from Operating Lease Receivables: We utilize the information above along with the tenant’s payment and default history in evaluating (on a property-by-property basis) whether or not a provision for losses on outstanding rent receivables is needed. A provision for losses on rent receivables (including straight-line rent receivables) is ultimately recorded when it becomes probable that the receivable will not be collected in full. The provision is an amount which reduces the receivable to its estimated net realizable value based on a determination of the eventual amounts to be collected either from the debtor or from existing collateral, if any. | |||||||||||
Losses on DFL Receivables: Allowances are established for DFLs based upon an estimate of probable losses for the individual DFLs deemed to be impaired. DFLs are impaired when it is deemed probable that we will be unable to collect all amounts due in accordance with the contractual terms of the lease. Like operating lease receivables, the need for an allowance is based upon our assessment of the lessee’s overall financial condition; economic resources and payment record; the prospects for support from any financially responsible guarantors; and, if appropriate, the realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the DFL’s effective interest rate, fair value of collateral, and other relevant factors, as appropriate. DFLs are placed on non-accrual status when we determine that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, we generally account for the DFLs on a cash basis, in which income is recognized only upon receipt of cash. | |||||||||||
Loans: Loans consist of mortgage loans, working capital loans and other long-term loans. Mortgage loans are collateralized by interests in real property. Working capital and other long-term loans are generally collateralized by interests in receivables and corporate and individual guarantees. We record loans at cost. We evaluate the collectability of both interest and principal on a loan-by-loan basis (using the same process as we do for assessing the collectability of rents) to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. When a loan is deemed to be impaired, we generally place the loan on non-accrual status and record interest income only upon receipt of cash. | |||||||||||
Earnings Per Share/Units: Basic earnings per common share/unit is computed by dividing net income applicable to common shares/units by the weighted number of shares/units of common stock/units outstanding during the period. Diluted earnings per common share/units is calculated by including the effect of dilutive securities. | |||||||||||
Our unvested restricted stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. | |||||||||||
Income Taxes: We conduct our business as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to stockholders at least 90% of our REIT’s ordinary taxable income. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost, unless the Internal Revenue Service (“IRS”) grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. | |||||||||||
Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with around 30 others, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. | |||||||||||
With the property acquisitions in Germany and the United Kingdom, we will be subject to income taxes internationally. However, we do not expect to incur any additional income taxes in the United States as such income from our international properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in our deferred tax receivables/liabilities that results from a change in circumstances and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. | |||||||||||
Stock-Based Compensation: We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013. Awards of restricted stock, stock options and other equity-based awards with service conditions are amortized to compensation expense over the vesting periods (typically three years), using the straight-line method. Awards of deferred stock units vest when granted and are charged to expense at the date of grant. Awards that contain market conditions are amortized to compensation expense over the derived vesting periods, which correspond to the periods over which we estimate the awards will be earned, which generally range from three to five years, using the straight-line method. Awards with performance conditions are amortized using the straight-line method over the service period in which the performance conditions are measured, adjusted for the probability of achieving the performance conditions. | |||||||||||
Deferred Costs: Costs incurred prior to the completion of offerings of stock or debt that directly relate to the offerings are deferred and netted against proceeds received from the offering. External costs incurred in connection with anticipated financings and refinancings of debt are generally capitalized as deferred financing costs in other assets and amortized over the lives of the related debt as an addition to interest expense. For debt with defined principal re-payment terms, the deferred costs are amortized to produce a constant effective yield on the loan (interest method). For debt without defined principal repayment terms, such as revolving credit agreements, the deferred costs are amortized on the straight-line method over the term of the debt. Leasing commissions and other leasing costs directly attributable to tenant leases are capitalized as deferred leasing costs and amortized on the straight-line method over the terms of the related lease agreements. Costs identifiable with loans made to borrowers are recognized as a reduction in interest income over the life of the loan. | |||||||||||
Foreign Currency Translation and Transactions: Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity on our consolidated balance sheets. | |||||||||||
Certain of our U.S. subsidiaries will enter into short-term transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income in the consolidated statements of income. | |||||||||||
Derivative Financial Investments and Hedging Activities: During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and/or foreign currency risk. We record our derivative and hedging instruments at fair value on the balance sheet. Changes in the estimated fair value of derivative instruments that are not designated as hedges or that do not meet the criteria for hedge accounting are recognized in earnings. For derivatives designated as cash flow hedges, the change in the estimated fair value of the effective portion of the derivative is recognized in accumulated other comprehensive income (loss), whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. For derivatives designated as fair value hedges, the change in the estimated fair value of the effective portion of the derivatives offsets the change in the estimated fair value of the hedged item, whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. | |||||||||||
To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. | |||||||||||
Fair Value Measurement: We measure and disclose the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: | |||||||||||
• | Level 1 — quoted prices for identical instruments in active markets; | ||||||||||
• | Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||
• | Level 3 — fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||
We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. | |||||||||||
If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. | |||||||||||
Fair Value Option Election: For our equity interest in Ernest and related loans (as more fully described in Note 3), we have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other equity interest or loans. | |||||||||||
Recent Accounting Developments: In 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. We adopted ASU 2014-08 for the quarter ended March 31, 2014. The application of this guidance is prospective from the date of adoption and should result in our not generally having to reflect property disposals as discontinued operations in the future — such as with the La Palma and Bucks property disposals in 2014. | |||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). 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 a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position and results of operations. | |||||||||||
In January 2015, the FASB issued ASU No. 2015-1, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”). ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years and interim periods beginning after December 15, 2015. We early adopted ASU 2015-01 as of December 31, 2014; the adoption of ASU 2015-01 did not have a material impact on our consolidated financial position or results of operations. | |||||||||||
Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2014 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. |
Real_Estate_and_Loans_Receivab
Real Estate and Loans Receivable | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Real Estate and Loans Receivable | 3 | Real Estate and Loans Receivable | |||||||||||||||
Acquisitions | |||||||||||||||||
We acquired the following assets: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assets Acquired | (in thousands) | ||||||||||||||||
Land | $ | 22,569 | $ | 41,473 | $ | 518 | |||||||||||
Building | 241,242 | 439,030 | 8,942 | ||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life of 18.2 years in 2014, 21.0 years in 2013 and 15.0 years in 2012) | 22,513 | 38,589 | 1,040 | ||||||||||||||
Net investments in direct financing leases | — | 110,580 | 310,000 | ||||||||||||||
Mortgage loans | — | 20,000 | 200,000 | ||||||||||||||
Other loans | 447,664 | 5,250 | 95,690 | ||||||||||||||
Other assets | 33,708 | — | 5,300 | ||||||||||||||
Total assets acquired | $ | 767,696 | $ | 654,922 | $ | 621,490 | |||||||||||
2014 Activity | |||||||||||||||||
Median Transaction | |||||||||||||||||
On October 15, 2014, we entered into definitive agreements pursuant to which we will acquire substantially all the real estate assets of Median Kliniken S.à r.l. (“Median”), a German provider of post-acute and acute rehabilitation services, for an aggregate purchase price of approximately €705 million, (or $881 million based on exchange rates at that time). The portfolio includes 38 rehabilitation hospitals and two acute care hospitals located across 11 states in the Federal Republic of Germany. | |||||||||||||||||
The transaction is structured using a two step process in partnership with affiliates of Waterland Private Equity Fund V C.V. (“Waterland”). In the first step, which was completed on December 15, 2014, an affiliate of Waterland acquired 94.9% of the outstanding equity interest in Median pursuant to a stock purchase agreement with Median’s current owners. We indirectly acquired the remaining 5.1% of the outstanding equity interest and provided or committed to provide interim acquisition loans to Waterland and Median in aggregate amounts of approximately €425 million ($531 million), of which €349 million had been advanced at December 31, 2014. These interim loans we make will bear interest at a rate similar to the initial lease rate under the planned sale and leaseback transactions described below. | |||||||||||||||||
In a series of transactions we expect will be completed in early 2015, we will acquire substantially all of Median’s real estate assets under a sale and leaseback transaction. We will either assume or novate any third party debt attributable to the real estate assets acquired or provide the cash required to repay the third party debt. The purchase price we are required to pay for the real estate assets will be offset, pro rata, against amounts of debt that we assume or have provided cash to repay, and/or against the amounts of loans previously made. The sale and leaseback transactions are subject to customary real estate, regulatory and other closing conditions, including waiver of any statutory pre-emption rights by local municipalities. To the extent we are unable to acquire the entire Median portfolio as contemplated, we will have a right of first refusal with regard to any new real estate properties owned or acquired by Median. | |||||||||||||||||
Upon our acquisition of the real estate assets, we will lease them back to Median under a 27 year master lease, with annual escalators at the greater of one percent or 70% of the German consumer price index. | |||||||||||||||||
An affiliate of Waterland controls RHM Klinik-und Altenheimbetriebe GmbH & Co. KG (“RHM”), the operator and lessee of the other German facilities that we own. | |||||||||||||||||
In the fourth quarter of 2014, we acquired three RHM rehabilitation facilities in Germany for an aggregate purchase price of €63.6 million (approximately $81 million) including approximately €3.0 million (or approximately $3.6 million) of transfer and other taxes that have been expensed as acquisition costs. These facilities include: Bad Mergentheim (211 beds), Bad Tolz (248 beds), and Bad Liebenstein (271 beds). All three properties are included under our existing master lease agreement with RHM as described below. | |||||||||||||||||
On October 31, 2014, we acquired a 237-bed acute care hospital, associated medical office buildings, and a behavioral health facility in Sherman, Texas for $32.5 million. Alecto Healthcare Services (“Alecto”) is the tenant and operator pursuant to a 15-year lease agreement with three five-year extension options. In addition we agreed to fund a working capital loan up to $7.5 million, all of which was funded at December 31, 2014, and we obtained a 20% interest in the operator of the facility. | |||||||||||||||||
On September 19, 2014, we acquired an acute care hospital in Fairmont, West Virginia for an aggregate purchase price of $15 million from Alecto. The facility was simultaneously leased back to the seller under a 15-year initial term with three five-year extension options. In addition, we made a $5 million working capital loan to the tenant with a five year term and a commitment to fund up to $5 million in capital improvements. Finally, we obtained a 20% interest in the operator of this facility. | |||||||||||||||||
On July 1, 2014, we acquired an acute care hospital in Peasedown St. John, United Kingdom from Circle Health Ltd., through its subsidiary Circle Hospital (Bath) Ltd. The sale/leaseback transaction, excluding any transfer taxes, is valued at approximately £28.3 million (or approximately $48.0 million based on exchange rates at that time). The lease has an initial term of 15-years with a tenant option to extend the lease for an additional 15 years. The lease includes annual rent increases, which will equal the year-over-year change in the retail price index with a floor of 2% and a cap of 5%. With the transaction, we incurred approximately £1.1 million (approximately $1.9 million) of transfer and other taxes that have been expensed as acquisition costs. | |||||||||||||||||
On March 31, 2014, we acquired a general acute care hospital and an adjacent parcel of land for an aggregate purchase price of $115 million from a joint venture of LHP Hospital Group, Inc. and Hackensack University Medical Center Mountainside. The facility was simultaneously leased back to the seller under a lease with a 15-year initial term with a 3-year extension option, followed by a further 12-year extension option at fair market value. The lease provides for consumer price-indexed annual rent increases, subject to a specified floor and ceiling. The lease includes a customary right of first refusal with respect to a subsequent proposed sale of the facility. | |||||||||||||||||
From the respective acquisition dates in 2014 through that year end, the 2014 acquisitions contributed $12.4 million and $8.7 million of revenue and income (excluding related acquisition and financing expenses) for the period ended December 31, 2014. In addition, we incurred $26.4 million of acquisition related expenses in 2014, of which $25.2 million (including $5.8 million in transfer taxes as part of our RHM, Circle, and Median transactions) related to acquisitions consummated as of December 31, 2014. | |||||||||||||||||
The purchase price allocations attributable to the 2014 acquisitions are preliminary. When all relevant information is obtained, resulting changes, if any, to our provisional purchase price allocation will be retrospectively adjusted to reflect new information obtained about the facts and circumstances that existed as of the respective acquisition dates that, if known, would have affected the measurement of the amounts recognized as of those dates. | |||||||||||||||||
2013 Activity | |||||||||||||||||
RHM Portfolio Acquisition | |||||||||||||||||
On November 29, 2013, we acquired 11 rehabilitation facilities in the Federal Republic of Germany from RHM for an aggregate purchase price, excluding €9 million applicable transfer taxes, of €175 million (or $237.8 million based on exchange rates at that time). Each of the facilities are leased to RHM under a master lease providing for a term of 27 years and for annual rent increases of 2.0% from 2015 through 2017, and of 0.5% thereafter. On December 31, 2020 and every three years thereafter, rent will be increased to reflect 70% of cumulative increases in the German consumer price index. | |||||||||||||||||
On December 12, 2013, we acquired the real estate of Dallas Medical Center in Dallas, Texas from affiliates of Prime for a purchase price of $25 million and leased the facility to Prime with an initial 10-year lease term under the master lease agreement, plus two renewal options of five years each. This lease is accounted for as a direct financing lease. | |||||||||||||||||
On September 26, 2013, we acquired three general acute care hospitals from affiliates of IASIS for a combined purchase price of $281.3 million. Each of the facilities were leased back to IASIS under leases with initial 15-year terms plus two renewal options of five years each, and consumer price-indexed rent increases limited to a 2.5% ceiling annually. The lessees have a right of first refusal option with respect to subsequent proposed sales of the facilities. All of our leases with affiliates of IASIS will be cross-defaulted with each other. In addition to the IASIS acquisitions transactions, we amended our lease with IASIS for the Pioneer Valley Hospital in West Valley City, Utah, which extended the lease to 2028 from 2019 and adjusted the rent. | |||||||||||||||||
On July 18, 2013, we acquired the real estate of Esplanade Rehab Hospital in Corpus Christi, Texas (now operating as Corpus Christi Rehabilitation Hospital). The total purchase price was $10.5 million including $0.5 million for adjacent land. The facility is leased to an affiliate of Ernest under the master lease agreement entered into in 2012 that initially provided for a 20-year term with three five-year extension options, plus consumer price-indexed rent increases, limited to a 2% floor and 5% ceiling annually. This lease is accounted for as a DFL. In addition, we made a $5.3 million loan on this property with terms similar to the lease terms. | |||||||||||||||||
On June 11, 2013, we acquired the real estate of two acute care hospitals in Kansas from affiliates of Prime for a combined purchase price of $75 million and leased the facilities to the operator under a master lease agreement. The master lease is for 10 years and contains two renewal options of five years each, and the rent increases annually based on the greater of the consumer price-index or 2%. This lease is accounted for as a DFL. | |||||||||||||||||
On December 31, 2013, we provided a $20 million mortgage financing to Alecto for the 204-bed Olympia Medical Center. | |||||||||||||||||
From the respective acquisition dates, in 2013 through that year-end, the 2013 acquisitions contributed $13.6 million and $10.6 million of revenue and income (excluding related acquisition and financing expenses) for the period ended December 31, 2013. In addition, we incurred $19.5 million of acquisition related expenses in 2013, of which $18.0 million (including $12 million in transfer taxes as a part of the RHM acquisition) related to acquisitions consummated as of December 31, 2013. | |||||||||||||||||
2012 Activity | |||||||||||||||||
On February 29, 2012, we made loans to and acquired assets from Ernest for a combined purchase price and investment of $396.5 million (“Ernest Transaction”). | |||||||||||||||||
Real Estate Acquisition and Mortgage Loan Financing | |||||||||||||||||
Pursuant to a definitive real property asset purchase agreement, we acquired from Ernest and certain of its subsidiaries (i) a portfolio of five rehabilitation facilities (including a ground lease interest relating to a community-based acute rehabilitation facility in Wyoming), (ii) seven long-term acute care facilities located in seven states and (iii) undeveloped land in Provo, Utah (collectively, the “Acquired Facilities”) for an aggregate purchase price of $200 million. The Acquired Facilities are leased to subsidiaries of Ernest pursuant to a master lease agreement. The master lease agreement has a 20-year term with three five-year extension options and provided for an initial rental rate of 9%, with consumer price-indexed increases, limited to a 2% floor and 5% ceiling annually thereafter. In addition, we made Ernest a $100 million loan secured by a first mortgage interest in four subsidiaries of Ernest, which has terms similar to the leasing terms described above. | |||||||||||||||||
Acquisition Loan and Equity Contribution | |||||||||||||||||
Through an affiliate of one of our TRSs, we made investments of approximately $96.5 million in Ernest Health Holdings, LLC, which is the owner of Ernest. These investments are structured as a $93.2 million acquisition loan and a $3.3 million equity contribution. | |||||||||||||||||
The interest rate on the acquisition loan is 15%. Ernest is required to pay us a minimum of 6% and 7% of the loan amount in years one and two, respectively, and 10% thereafter, although there are provisions in the loan agreement that are expected to result in full payment of the 15% preference when funds are sufficient. Any of the 15% in excess of the minimum that is not paid may be accrued, interest compounded, and paid upon the occurrence of a capital or liquidity event and is payable at maturity. The loan may be prepaid without penalty at any time. | |||||||||||||||||
On July 3, 2012, we funded a $100 million mortgage loan secured by the real property of Centinela Hospital Medical Center. Centinela is a 369 bed acute care facility that is operated by Prime. This mortgage loan is cross-defaulted with other mortgage loans to Prime and certain master lease agreements. The initial term of this mortgage loan runs through 2022. | |||||||||||||||||
On September 19, 2012, we acquired the real estate of the 380 bed St. Mary’s Regional Medical Center, an acute care hospital in Reno, Nevada for $80 million and the real estate of the 140 bed Roxborough Memorial Hospital in Pennsylvania for $30 million. The acquired facilities are leased to Prime pursuant to a master lease agreement, which is more fully described below in the Leasing Operations section. | |||||||||||||||||
On December 14, 2012, we acquired the real estate of a 40 bed long-term acute care hospital in Hammond, Louisiana for $10.5 million and leased the facility to the operator under a 15-year lease, with three five-year extension options. The rent escalates annually based on consumer price indexed increases. As part of this transaction, we made a secured working capital loan of $2.5 million as well as a revolving loan of up to $2.0 million. In addition, we made a $2.0 million equity investment for a 25% equity ownership in the operator of this facility. | |||||||||||||||||
From the respective acquisition dates in 2012 through that year end, these 2012 acquisitions contributed $46.3 million and $46.1 million of revenue and income (excluding related acquisition expenses) for the period ended December 31, 2012. In addition, we incurred $5.4 million of acquisition related expenses in 2012, of which $5.1 million related to acquisitions consummated as of December 31, 2012. | |||||||||||||||||
Pro Forma Information | |||||||||||||||||
The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2014 and 2012, as if each acquisition was completed on January 1, 2013. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods (in thousands, except per share amounts). | |||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
(Unaudited) | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total revenues | $ | 329,258 | $ | 315,780 | |||||||||||||
Net income | 67,150 | 144,545 | |||||||||||||||
Net income per share/unit | $ | 0.38 | $ | 0.84 | |||||||||||||
Development Activities | |||||||||||||||||
During 2014, we completed construction and began recording rental income on the following facilities: | |||||||||||||||||
• | Northern Utah Rehabilitation Hospital — This $19 million inpatient rehabilitation facility located in South Ogden, Utah is leased to Ernest pursuant to the 2012 master lease. | ||||||||||||||||
• | Oakleaf Surgical Hospital — This $30.5 million acute care facility located in Altoona, Wisconsin. This facility is leased to National Surgical Hospitals for 15 years and contains two renewal options of five years each plus an additional option for nearly another five years, and the rent increases annually based on changes in the consumer price-index. | ||||||||||||||||
• | First Choice ER (a subsidiary of Adeptus Health) — We completed 17 acute care facilities for this tenant during 2014 totaling approximately $83.0 million. These facilities are leased pursuant to the master lease entered into in 2013. | ||||||||||||||||
On August 15, 2014 we executed a binding $8.7 million agreement with Health Care Authority for University of Alabama Birmingham (UAB) Medical West, an Affiliate of UAB Health System for the development of a freestanding emergency department and a medical office building. The facilities will be leased to Medical West under 15 year initial lease terms with four extension options of five years each. | |||||||||||||||||
On July 29, 2014, we executed a binding $150 million agreement with Adeptus Health for the development of acute care hospitals and free-standing emergency departments. These facilities will be leased to Adeptus Health pursuant to a new master lease agreement that has a 15-year initial term with three extension options of five years each that provides for annual rent increases based on changes in the consumer price index with a 2% minimum. This new master lease agreement is cross-defaulted with the original master lease executed with First Choice ER in 2013. We began construction on seven of these facilities in the 2014 second half pursuant to the master funding and development agreement. | |||||||||||||||||
See table below for a status update on our current development projects (in thousands): | |||||||||||||||||
Property | Location | Property Type | Operator | Commitment | Costs Incurred | Estimated | |||||||||||
as of | Completion | ||||||||||||||||
12/31/14 | Date | ||||||||||||||||
UAB Medical West | Hoover, AL | Acute Care Hospital & MOB | Medical West, an | $ | 8,653 | $ | 1,973 | 2Q 2015 | |||||||||
affiliate of UAB | |||||||||||||||||
First Choice ER- Summerwood | Houston, TX | Acute Care Hospital | Adeptus Health | 6,015 | 2,560 | 2Q 2015 | |||||||||||
First Choice ER- Ft. Worth Avondale – Haslet | Ft. Worth, TX | Acute Care Hospital | Adeptus Health | 4,780 | 871 | 2Q 2015 | |||||||||||
First Choice ER- Carrollton | Carrollton, TX | Acute Care Hospital | Adeptus Health | 35,820 | 15,629 | 3Q 2015 | |||||||||||
First Choice ER- Chandler | Chandler, AZ | Acute Care Hospital | Adeptus Health | 5,049 | 895 | 3Q 2015 | |||||||||||
First Choice ER- Converse | Converse, TX | Acute Care Hospital | Adeptus Health | 5,754 | 1,141 | 3Q 2015 | |||||||||||
First Choice ER- Denver 48th | Denver, CO | Acute Care Hospital | Adeptus Health | 5,123 | 44 | 3Q 2015 | |||||||||||
First Choice ER- McKinney | McKinney, TX | Acute Care Hospital | Adeptus Health | 4,750 | 50 | 3Q 2015 | |||||||||||
First Choice Emergency Rooms | Various | Acute Care Hospital | Adeptus Health | 84,423 | — | Various | |||||||||||
$ | 160,367 | $ | 23,163 | ||||||||||||||
Disposals | |||||||||||||||||
2014 Activity | |||||||||||||||||
On December 31, 2014, we sold our La Palma facility for $12.5 million, resulting in a gain of $2.9 million. Due to this sale, we wrote-off $1.3 million of straight-line rent receivables. | |||||||||||||||||
On May 20, 2014, the tenant of our Bucks facility gave notice of their intent to exercise the lease’s purchase option. Pursuant to this purchase option, the tenant acquired the facility on August 6, 2014 for $35 million. We wrote down this facility to fair market value less cost to sell, resulting in a $3.1 million real estate impairment charge in the 2014 second quarter. | |||||||||||||||||
The sale of the Bucks and La Palma facilities was not a strategic shift in our operations, and therefore the results of the Bucks and La Palma operations have not been reclassified as discontinued operations. | |||||||||||||||||
2013 Activity | |||||||||||||||||
On November 27, 2013, we sold the real estate of an inpatient rehabilitation facility, Warm Springs Rehabilitation Hospital of San Antonio, for $14 million, resulting in a gain on sale of $5.6 million. | |||||||||||||||||
On April 17, 2013, we sold two long-term acute care hospitals, Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas, for total proceeds of $18.5 million, resulting in a gain of $2.1 million. | |||||||||||||||||
2012 Activity | |||||||||||||||||
On December 27, 2012, we sold our Huntington Beach facility for $12.5 million, resulting in a gain of $1.9 million. Due to this sale, we wrote-off $0.7 million of straight-line rent receivable. Due to this sale, we wrote-off $1.3 million of straight line rent receivables. | |||||||||||||||||
During the third quarter of 2012, we entered into a definitive agreement to sell the real estate of two LTACH facilities, Thornton and New Bedford, to Vibra for total cash proceeds of $42 million. The sale of Thornton was completed on September 28, 2012, resulting in a gain of $8.4 million. Due to this sale, we wrote-off $1.6 million in straight-line rent receivables. The sale of New Bedford was completed on October 22, 2012, resulting in a gain of $7.2 million. Associated with this sale, we wrote-off $4.1 million in straight-line rent receivables in the fourth quarter 2012. | |||||||||||||||||
On August 21, 2012, we sold our Denham Springs facility for $5.2 million, resulting in a gain of $0.3 million. | |||||||||||||||||
On June 15, 2012, we sold the HealthSouth Rehabilitation Hospital of Fayetteville in Fayetteville, Arkansas for $16 million, resulting in a loss of $1.4 million. In connection with this sale, HealthSouth Corporation agreed to extend the lease on our Wichita, Kansas property, which is now set to end in March 2022. | |||||||||||||||||
For each of the disposals in 2013 and 2012 (which occurred prior to the accounting changed discussed in Note 1 under the heading “Recent Accounting Developments”), the operating results of these facilities for the current and all prior periods have been included in discontinued operations. | |||||||||||||||||
Intangible Assets | |||||||||||||||||
At December 31, 2014 and 2013, our intangible lease assets were $108.9 million ($87.7 million, net of accumulated amortization) and $90.5 million ($74.9 million, net of accumulated amortization), respectively. | |||||||||||||||||
We recorded amortization expense related to intangible lease assets of $7.0 million, $4.0 million, and $3.9 million in 2014, 2013, and 2012, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands) | |||||||||||||||||
For the Year Ended December 31: | |||||||||||||||||
2015 | $ | 6,438 | |||||||||||||||
2016 | 6,397 | ||||||||||||||||
2017 | 6,387 | ||||||||||||||||
2018 | 6,326 | ||||||||||||||||
2019 | 6,271 | ||||||||||||||||
As of December 31, 2014, capitalized lease intangibles have a weighted average remaining life of 17.9 years. | |||||||||||||||||
Leasing Operations | |||||||||||||||||
All of our leases are accounted for as operating leases except we are accounting for 14 Ernest facilities and five Prime facilities as DFLs. The components of our net investment in DFLs consisted of the following (dollars in thousands): | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | |||||||||||||||||
Minimum lease payments receivable | $ | 1,607,024 | |||||||||||||||
Estimated residual values | 211,888 | ||||||||||||||||
Less unearned income | (1,379,396 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 439,516 | |||||||||||||||
Minimum rental payments due to us in future periods under operating leases and DFLs, which have non-cancelable terms extending beyond one year at December 31, 2014, are as follows: (amounts in thousands) | |||||||||||||||||
Total Under | Total Under | Total | |||||||||||||||
Operating Leases | DFLs | ||||||||||||||||
2015 | $ | 196,864 | $ | 43,386 | $ | 240,250 | |||||||||||
2016 | 198,265 | 44,254 | 242,519 | ||||||||||||||
2017 | 198,807 | 45,139 | 243,946 | ||||||||||||||
2018 | 199,728 | 46,041 | 245,769 | ||||||||||||||
2019 | 199,857 | 46,962 | 246,819 | ||||||||||||||
Thereafter | 1,838,346 | 380,743 | 2,219,089 | ||||||||||||||
$ | 2,831,867 | $ | 606,525 | $ | 3,438,392 | ||||||||||||
On July 3, 2012, we entered into master lease agreements with certain subsidiaries of Prime, which replaced the then current leases with the same tenants covering the same properties. The master leases are for 10 years and contain two renewal options of five years each. The initial lease rate is generally consistent with the blended average rate of the prior lease agreements. However, the annual escalators, which in the prior leases were limited, have been increased to 100% of consumer price index increases, along with a minimum floor. The master leases include repurchase options substantially similar to those in the prior leases, including provisions establishing minimum repurchase prices equal to our total investment. | |||||||||||||||||
Monroe Facility | |||||||||||||||||
As of December 31, 2014 and 2013, our net investment (exclusive of the related real estate) in Monroe was as follows: | |||||||||||||||||
As of | As of | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Loans | $ | — | $ | 31,341 | |||||||||||||
Less: Loan impairment reserve | — | (12,000 | ) | ||||||||||||||
Loans, net | — | 19,341 | |||||||||||||||
Interest, rent and other receivables | — | 20,972 | |||||||||||||||
Net investment | $ | — | $ | 40,313 | |||||||||||||
Due to the performance and cash flow shortages of the previous tenant, we stopped recording interest income on the Monroe loan and unbilled rent revenue in 2010. In addition, we stopped recording billed rental revenue on this property in April 1, 2013. During 2014, the previous operator of our Monroe facility continued to underperform and became further behind on payments to us as required by the real estate lease agreement and working capital loan agreement. In August 2014, this operator filed for bankruptcy. As part of the bankruptcy process and to help with a smoother transition of the property to a new operator, we agreed to provide up to $5 million in debtor-in-possession financing of which all was funded by December 31, 2014. Based on these new developments and the fair value of our real estate and the underlying collateral of our loan (using Level 2 inputs), we recorded a $47.0 million impairment charge in 2014. | |||||||||||||||||
Effective December 31, 2014, the bankruptcy court approved the purchase by Prime of the assets of the prior operator. Prime, will lease the facility from us pursuant to terms under an existing master lease. The initial annual lease payment is approximately $2.5 million, and Prime is current on its rent through February 2015. At December 31, 2014, our investment in Monroe is approximately $36 million, which we believe is fully recoverable. | |||||||||||||||||
Florence facility | |||||||||||||||||
On March 6, 2013, the tenant of our $27.4 million facility in Phoenix, Arizona filed for Chapter 11 bankruptcy. At December 31, 2014, we have approximately $1.0 million of receivables outstanding but the tenant continues to pay us in accordance with bankruptcy orders. In addition, we have a letter of credit for approximately $1.2 million to cover any rent and other monetary payments not paid. We have entered into a non-binding letter of intent with the stalking horse bidder for the assumption of the existing lease, with certain non-monetary amendments. Although no assurances can be made that we will not have any impairment charges in the future, we believe our investment in Florence at December 31, 2014, is fully recoverable. | |||||||||||||||||
Gilbert facility | |||||||||||||||||
In the first quarter of 2014, the tenant of our facility in Gilbert, Arizona filed for Chapter 11 bankruptcy; however, we sent notice of termination of the lease prior to the bankruptcy filing. As a result of the lease terminating, we recorded a charge of approximately $1 million to reserve against the straight-line rent receivables. In addition, we accelerated the amortization of the related lease intangible asset resulting in $1.1 million of additional expense in the 2014 first quarter. The tenant has continued to perform its monetary obligations and we have agreed to the terms of an amended lease upon the tenant’s bankruptcy exit. At December 31, 2014, we have no outstanding receivables. Although no assurances can be made that we will not have any impairment charges or write-offs of receivables in the future, we believe our real estate investment in Gilbert of $14.1 million at December 31, 2014, is fully recoverable. | |||||||||||||||||
Loans | |||||||||||||||||
The following is a summary of our loans ($ amounts in thousands): | |||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Balance | Weighted Average | Balance | Weighted Average | ||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Mortgage loans | $ | 397,594 | 10.5 | % | $ | 388,756 | 10 | % | |||||||||
Acquisition loans | 525,136 | 9.3 | % | 109,655 | 14.7 | % | |||||||||||
Working capital and other loans | 48,031 | 10.4 | % | 51,335 | 10.8 | % | |||||||||||
$ | 970,761 | $ | 549,746 | ||||||||||||||
Our mortgage loans cover eight of our properties with three operators. | |||||||||||||||||
Other loans typically consist of loans to our tenants for acquisitions and working capital purposes. At December 31, 2014, acquisition loans includes our $97.5 million loan to Ernest plus $422.5 million related to the Median transaction in 2014. | |||||||||||||||||
On March 1, 2012, pursuant to our convertible note agreement, we converted $1.6 million of our $5.0 million convertible note into a 9.9% equity interest in the operator of our Hoboken University Medical Center facility. At December 31, 2014, $3.4 million remains outstanding on the convertible note, and we retain the option, to convert this remainder into an additional 15.1% equity interest in the operator. | |||||||||||||||||
Concentration of Credit Risks | |||||||||||||||||
For the years ended December 31, 2014 and 2013, revenue from affiliates of Prime (including rent and interest from mortgage loans) accounted for 26.9% and 32.0%, respectively, of total revenue. From an investment concentration perspective, Prime represented 20.0% and 24.5% of our total assets at December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
For the year ended December 31, 2014 and 2013, revenue from affiliates of Ernest (including rent and interest from mortgage and acquisition loans) accounted for 18.3% and 20.2% of total revenue, respectively. From an investment concentration perspective, Ernest represented 13.0% and 15.9% of our total assets at December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||
For the year ended December 31, 2014, Median represented 11.3% of our total assets at December 31, 2014. | |||||||||||||||||
On an individual property basis, we had no investment of any single property greater than 4% of our total assets as of December 31, 2014. | |||||||||||||||||
From a global geographic perspective, approximately 80% of our total assets are in the United States while 20% reside in Europe as of December 31, 2014, up from 9% in 2013. Revenue from our European investments was $26.0 million and $1.8 million in 2014 and 2013, respectively. | |||||||||||||||||
From a United States geographic perspective, investments located in California represented 14.6% of our total assets at December 31, 2014, down from 18.7% in the prior year. Investments located in Texas represented 20.2% of our total assets at December 31, 2014, down from 22.7% in the prior year. | |||||||||||||||||
Related Party Transactions | |||||||||||||||||
Lease and interest revenue earned from tenants in which we have an equity interest in were $101.8 million, $70.0 million and $54.3 million in 2014, 2013 and 2012, respectively. |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt | 4 | Debt | |||||||||||||||
The following is a summary of debt ($ amounts in thousands): | |||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 593,490 | Variable | $ | 105,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 350,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,522 | 2,873 | |||||||||||||||
352,522 | 352,873 | ||||||||||||||||
2013 Senior Unsecured Notes(A) | 241,960 | 5.75 | % | 274,860 | 5.75 | % | |||||||||||
2014 Senior Unsecured Notes | 300,000 | 5.5 | % | — | |||||||||||||
Term loans | 138,682 | Various | 113,948 | Various | |||||||||||||
$ | 2,201,654 | $ | 1,421,681 | ||||||||||||||
As of December 31, 2014, principal payments due on our debt (which exclude the effects of any discounts or premiums recorded) are as follows: | |||||||||||||||||
2015 | $ | 283 | |||||||||||||||
2016 | 125,298 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 606,271 | ||||||||||||||||
2019 | 125,000 | ||||||||||||||||
Thereafter | 1,341,960 | ||||||||||||||||
Total | $ | 2,199,132 | |||||||||||||||
(A) | These notes are Euro-denominated and reflect the exchange rates at December 31, 2014 and 2013, respectively. | ||||||||||||||||
Revolving Credit Facility | |||||||||||||||||
On June 19, 2014, we closed on a $900 million senior unsecured credit facility (the “Credit Facility”). The Credit Facility was comprised of a $775 million senior unsecured revolving credit facility (the “Revolving credit facility”) and a $125 million senior unsecured term loan facility (the “Term Loan”). The Credit Facility had an accordion feature that allowed us to expand the size of the facility by up to $250 million through increases to the Revolving credit facility, Term Loan, both or as a separate term loan tranche. The Credit Facility replaced our previous $400 million unsecured revolving credit facility and $100 million unsecured term loan. This transaction resulted in a refinancing charge of approximately $0.3 million in the 2014 second quarter. | |||||||||||||||||
On October 17, 2014, we entered into an amendment to our Credit Facility to exercise the $250 million accordion on the Revolving credit facility. This amendment increased the Credit Facility to $1.15 billion and added a new accordion feature that allows us to expand our credit facility by another $400 million. | |||||||||||||||||
The Revolving credit facility matures in June 2018 and can be extended for an additional 12 months at our option. The Revolving credit facility’s interest rate was (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread that was adjustable from 0.70% to 1.25% based on current total leverage, or (2) LIBOR plus a spread that was adjustable from 1.70% to 2.25% based on current total leverage. In addition to interest expense, we were required to pay a quarterly commitment fee on the undrawn portion of the revolving credit facility, ranging from 0.25% to 0.35% per year. | |||||||||||||||||
In November 2014, we received an upgrade to our credit rating resulting in an improvement in our interest rate spreads and commitment fee rates. Effective December 10, 2014, the Revolving credit facility’s interest rate is (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00% plus a fixed spread of 0.40% or (2) LIBOR plus a fixed spread of 1.40%. In regards to commitment fees, we now pay based on the total facility at a rate of 0.30% per year. | |||||||||||||||||
At December 31, 2014 and 2013, we had $593.5 million and $105.0 million, respectively, outstanding on the Revolving credit facility. | |||||||||||||||||
At December 31, 2014, our availability under our Revolving credit facility was approximately $432 million. The weighted average interest rate on this facility was 2.2% and 3.2% for 2014 and 2013, respectively. | |||||||||||||||||
2014 Senior Unsecured Notes | |||||||||||||||||
On April 17, 2014, we completed a $300 million senior unsecured notes offering (“2014 Senior Unsecured Notes”). Interest on the notes is payable semi-annually on May 1 and November 1 of each year. The 2014 Senior Unsecured Notes pay interest in cash at a rate of 5.50% per year. The notes mature on May 1, 2024. We may redeem some or all of the 2014 Senior Unsecured Notes at any time prior to May 1, 2019 at a “make-whole” redemption price. On or after May 1, 2019, we may redeem some or all of the notes at a premium that will decrease over time. In addition, at any time prior to May 1, 2017, we may redeem up to 35% of the aggregate principal amount of the 2014 Senior Unsecured Notes using the proceeds of one or more equity offerings. In the event of a change of control, each holder of the 2014 Senior Unsecured Notes may require us to repurchase some or all of our 2014 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2014 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2013 Senior Unsecured Notes | |||||||||||||||||
On October 10, 2013, we completed the 2013 Senior Unsecured Notes offering for €200 million. Interest on the Notes is payable semi-annually on April 1 and October 1 of each year. The 2013 Senior Unsecured Notes pay interest in cash at a rate of 5.750% per year. The notes mature on October 1, 2020. We may redeem some or all of the 2013 Senior Unsecured Notes at any time prior to October 1, 2016 at a “make-whole” redemption price. On or after October 1, 2016, we may redeem some or all of the Notes at a premium that will decrease over time. In addition, at any time prior to October 1, 2016, we may redeem up to 35% of the aggregate principal amount of the 2013 Senior Unsecured Notes using the proceeds of one or more equity offerings. In the event of a change of control, each holder of the 2013 Senior Unsecured Notes may require us to repurchase some or all of our 2013 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount of the 2013 Senior Unsecured Notes plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2012 Senior Unsecured Notes | |||||||||||||||||
On February 17, 2012, we completed a $200 million offering of senior unsecured notes (“2012 Senior Unsecured Notes”) (resulting in net proceeds of $196.5 million, after underwriting discount). On August 20, 2013, we completed a $150 million tack on to the notes (resulting in net proceeds of $150.4 million, after underwriting discount). These 2012 Senior Unsecured Notes accrue interest at a fixed rate of 6.375% per year and mature on February 15, 2022. The 2013 tack on offering, was issued at a premium (price of 102%), resulting in an effective rate of 5.998%. Interest on these notes is payable semi-annually on February 15 and August 15 of each year. We may redeem some or all of the 2012 Senior Unsecured Notes at any time prior to February 15, 2017 at a “make-whole” redemption price. On or after February 15, 2017, we may redeem some or all of the 2012 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. In the event of a change of control, each holder of the 2012 Senior Unsecured Notes may require us to repurchase some or all of its 2012 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2011 Senior Unsecured Notes | |||||||||||||||||
On April 26, 2011, we closed on a private placement of $450 million aggregate principal amount of 6.875% Senior Notes due 2021 (the “2011 Senior Unsecured Notes”) to qualified institutional buyers in reliance on Rule 144A under the Securities Act. The 2011 Senior Unsecured Notes were subsequently registered under the Securities Act pursuant to an exchange offer. Interest on the 2011 Senior Unsecured Notes is payable semi-annually on May 1 and November 1 of each year. The 2011 Senior Unsecured Notes pay interest in cash at a rate of 6.875% per year and mature on May 1, 2021. We may redeem some or all of the 2011 Senior Unsecured Notes at any time prior to May 1, 2016 at a “make-whole” redemption price. On or after May 1, 2016, we may redeem some or all of the 2011 Senior Unsecured Notes at a premium that will decrease over time, plus accrued and unpaid interest to, but not including, the redemption date. In the event of a change of control, each holder of the 2011 Senior Unsecured Notes may require us to repurchase some or all of its 2011 Senior Unsecured Notes at a repurchase price equal to 101% of the aggregate principal amount plus accrued and unpaid interest to the date of purchase. | |||||||||||||||||
2006 Senior Unsecured Notes | |||||||||||||||||
During 2006, we issued $125.0 million of Senior Unsecured Notes (the “2006 Senior Unsecured Notes”). The 2006 Senior Unsecured Notes were placed in private transactions exempt from registration under the Securities Act. One of the issuances of the 2006 Senior Unsecured Notes totaling $65.0 million pays interest quarterly at a floating annual rate of three-month LIBOR plus 2.30% and can be called at par value by us at any time. This portion of the 2006 Senior Unsecured Notes matures in July 2016. The remaining issuances of 2006 Senior Unsecured Notes pays interest quarterly at a floating annual rate of three-month LIBOR plus 2.30% and can also be called at par value by us at any time. These remaining notes mature in October 2016. | |||||||||||||||||
During the second quarter 2010, we entered into an interest rate swap to manage our exposure to variable interest rates by fixing $65 million of our $125 million 2006 Senior Unsecured Notes, which started July 31, 2011 (date on which the interest rate turned variable) through maturity date (or July 2016), at a rate of 5.507%. We also entered into an interest rate swap to fix $60 million of 2006 Senior Unsecured Notes which started October 31, 2011 (date on which the related interest rate turned variable) through the maturity date (or October 2016) at a rate of 5.675%. At December 31, 2014 and 2013, the fair value of the interest rate swaps was $6.0 million and $9.0 million, respectively, which is reflected in accounts payable and accrued expenses on the consolidated balance sheets. | |||||||||||||||||
We account for our interest rate swaps as cash flow hedges. Accordingly, the effective portion of changes in the fair value of our swaps is recorded as a component of accumulated other comprehensive income/loss on the balance sheet and reclassified into earnings in the same period, or periods, during which the hedged transactions effects earnings, while any ineffective portion is recorded through earnings immediately. We did not have any hedge ineffectiveness from inception of our interest rate swaps through December 31, 2014 and therefore, there was no income statement effect recorded during the years ended December 31, 2014, 2013, and 2012. We do not expect any of the current losses included in accumulated other comprehensive loss to be reclassified into earnings in the next 12 months. At December 31, 2014 and 2013, we have posted $3.3 million and $5.0 million of collateral related to our interest rate swaps, respectively, which is reflected in other assets on our consolidated balance sheets. | |||||||||||||||||
Term Loans | |||||||||||||||||
As noted previously, we closed on the 2014 Term Loan for $125 million in the second quarter of 2014. The Term Loan matures in June 2019. The Term Loan’s initial interest rate was (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Eurodollar rate plus 1.00%, plus a spread that was adjustable from 0.60% to 1.20% based on current total leverage, or (2) LIBOR plus a spread that was adjustable from 1.60% to 2.20% based on current total leverage. With the upgrade to our credit rating as discussed above, the Term Loan’s interest rate, effective December 10, 2014, improved to (1) the higher of the “prime rate”, federal funds rate plus 0.50%, or Euro dollar rate plus 1.00% plus a fixed spread of 0.65%, or (2) LIBOR plus a fixed spread of 1.65%. At December 31, 2014 and 2013, the interest rate in effect was 1.82% and 2.43%, respectively. | |||||||||||||||||
In connection with our acquisition of the Northland LTACH Hospital on February 14, 2011, we assumed a $14.6 million mortgage. The Northland mortgage loan requires monthly principal and interest payments based on a 30-year amortization period. The Northland mortgage loan has a fixed interest rate of 6.2%, matures on January 1, 2018 and can be prepaid after January 1, 2013, subject to a certain prepayment premium. At December 31, 2014, the remaining balance on this term loan was $13.7 million. The loan was collateralized by the real estate of the Northland LTACH Hospital, which had a net book value of $17.5 million and $18.0 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Other Commitments | |||||||||||||||||
At December 31, 2014, we had commitments from a syndicate of lenders for a senior unsecured interim bridge loan facility with availability of up to $215 million. This facility served as a back stop for the partial financing of step 1 of the Median transaction. We recorded $1.4 million of expense in 2014 related to the fees incurred on this facility that was never utilized and expired in January 2015. | |||||||||||||||||
Covenants | |||||||||||||||||
Our debt facilities impose certain restrictions on us, including restrictions on our ability to: incur debts; create or incur liens; provide guarantees in respect of obligations of any other entity; make redemptions and repurchases of our capital stock; prepay, redeem or repurchase debt; engage in mergers or consolidations; enter into affiliated transactions; dispose of real estate or other assets; and change our business. In addition, the credit agreements governing our revolving credit facility and Term Loan limit the amount of dividends we can pay as a percentage of normalized adjusted funds from operations, as defined in the agreements, on a rolling four quarter basis. At December 31, 2014, the dividend restriction was 95% of normalized adjusted FFO. The indentures governing our senior unsecured notes also limit the amount of dividends we can pay based on the sum of 95% of funds from operations, proceeds of equity issuances and certain other net cash proceeds. Finally, our senior unsecured notes require us to maintain total unencumbered assets (as defined in the related indenture) of not less than 150% of our unsecured indebtedness. | |||||||||||||||||
In addition to these restrictions, the revolving credit facility and Term Loan contain customary financial and operating covenants, including covenants relating to our total leverage ratio, fixed charge coverage ratio, mortgage secured leverage ratio, recourse mortgage secured leverage ratio, consolidated adjusted net worth, facility leverage ratio, and unsecured interest coverage ratio. This facility also contains customary events of default, including among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with our covenants. If an event of default occurs and is continuing under the facility, the entire outstanding balance may become immediately due and payable. At December 31, 2014, we were in compliance with all such financial and operating covenants. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 5 | Income Taxes | |||||||||||
Medical Properties Trust, Inc. | |||||||||||||
We have maintained and intend to maintain our election as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our taxable income to our stockholders. As a REIT, we generally will not be subject to federal income tax if we distribute 100% of our taxable income to our stockholders and satisfy certain other requirements. Income tax is paid directly by our stockholders on the dividends distributed to them. If our taxable income exceeds our dividends in a tax year, REIT tax rules allow us to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax. Taxable income from non-REIT activities managed through our taxable REIT subsidiaries is subject to applicable United States federal, state and local income taxes. Our international subsidiaries are also subject to income taxes in the jurisdictions in which they operate. | |||||||||||||
From our taxable REIT subsidiaries and our foreign operations, we incurred income tax expenses as follows (in thousands): | |||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax (benefit) expense: | |||||||||||||
Domestic | $ | 114 | $ | 358 | $ | (44 | ) | ||||||
Foreign | 225 | 158 | — | ||||||||||
339 | 516 | (44 | ) | ||||||||||
Deferred income tax (benefit) expense | |||||||||||||
Domestic | (23 | ) | 210 | 63 | |||||||||
Foreign | 24 | — | — | ||||||||||
1 | 210 | 63 | |||||||||||
Income tax (benefit) expense | $ | 340 | $ | 726 | $ | 19 | |||||||
The foreign provision (benefit) for income taxes is based on foreign loss before income taxes of $7.5 million in 2014 as compared with foreign loss before income taxes of $12.9 million in 2013 (primarily due to the real estate transfer taxes expensed in these periods). | |||||||||||||
The domestic provision (benefit) for income taxes is based on loss before income taxes of $20.9 million in 2014 from our taxable REIT subsidiaries (primarily due to impairment charges related to Monroe working capital loan) as compared with income before income taxes of $7.6 million in 2013 from our taxable REIT subsidiaries, and income before income taxes of $0.1 million in 2012 from our taxable REIT subsidiaries. | |||||||||||||
At December 31, 2014 and 2013, components of our deferred tax assets and liabilities were as follows (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | — | $ | (2,560 | ) | ||||||||
Unbilled rent | (2,070 | ) | (610 | ) | |||||||||
Partnership investments | (3,468 | ) | — | ||||||||||
Other | (3,759 | ) | (2,313 | ) | |||||||||
Total deferred tax liabilities | $ | (9,297 | ) | $ | (5,483 | ) | |||||||
Deferred tax assets: | |||||||||||||
Loan loss and other reserves | $ | — | $ | 7.751 | |||||||||
Operating loss and interest deduction carry forwards | 19,546 | 2,283 | |||||||||||
Property and equipment | 2,373 | — | |||||||||||
Partnership investments | — | 805 | |||||||||||
Other | 3,971 | 2,256 | |||||||||||
Total deferred tax assets | 25,890 | 13,095 | |||||||||||
Valuation allowance | (16,831 | ) | (7,843 | ) | |||||||||
Total net deferred tax assets | $ | 9,059 | $ | 5,252 | |||||||||
Net deferred tax (liability) | $ | (238 | ) | $ | (231 | ) | |||||||
At December 31, 2014, we had U.S. federal and state NOLs of $50.7 million and $121.8 million, respectively, that expire in 2021 through 2034. At December 31, 2014, we had foreign NOLs of $6.7 million that may be carried forward indefinitely. | |||||||||||||
At December 31, 2014, we had U.S. federal alternative minimum tax credits of $0.1 million that may be carried forward indefinitely. | |||||||||||||
In 2014, our valuation allowance increased by $8.9 million as a result of book losses sustained by both our foreign subsidiaries as the result of significant acquisition expenses incurred and certain of our domestic taxable REIT subsidiaries. We believe (based on cumulative losses and potential of future taxable income) that we should reserve for our net deferred tax assets. We will continue to monitor this valuation allowance and, if circumstances change (such as entering into new transactions including working capital loans, equity investments, etc), we will adjust this valuation allowance accordingly. | |||||||||||||
A reconciliation of the income tax expense at the statutory income tax rate and the effective tax rate for income from continuing operations before income taxes for the years ended December 31, 2014, 2013, and 2012 is as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations (before-tax) | $ | 51,138 | $ | 90,027 | $ | 72,889 | |||||||
Income tax at the US statutory federal rate (35%) | 17,898 | 31,509 | 25,511 | ||||||||||
Rate differential | 1,145 | 2,380 | — | ||||||||||
State income taxes, net of federal benefit | (337 | ) | 271 | (8 | ) | ||||||||
Dividends paid deduction | (27,873 | ) | (33,345 | ) | (25,454 | ) | |||||||
Change in valuation allowance | 8.988 | (697 | ) | — | |||||||||
Other items, net | 519 | 608 | (30 | ) | |||||||||
Total income tax expense | $ | 340 | $ | 726 | $ | 19 | |||||||
We have no liabilities for uncertain tax positions as of December 31, 2014 and 2013. We recognize interest and penalties related to unrecognized tax positions in income tax expense. We do not currently anticipate that the total amount of unrecognized tax positions will significantly increase or decrease in the next twelve months. | |||||||||||||
We have met the annual REIT distribution requirements by payment of at least 90% of our estimated taxable income in 2014, 2013, and 2012. Earnings and profits, which determine the taxability of such distributions, will differ from net income reported for financial reporting purposes due primarily to differences in cost basis, differences in the estimated useful lives used to compute depreciation, and differences between the allocation of our net income and loss for financial reporting purposes and for tax reporting purposes. | |||||||||||||
A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common share distribution | $ | 0.84 | $ | 0.8 | $ | 0.8 | |||||||
Ordinary income | 0.520692 | 0.599384 | 0.601216 | ||||||||||
Capital gains(1) | 0.000276 | 0.04638 | 0.117584 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.000276 | 0.026512 | 0.086976 | ||||||||||
Return of capital | 0.319032 | 0.154236 | 0.0812 | ||||||||||
Allocable to next year | — | — | — | ||||||||||
-1 | Capital gains include unrecaptured Sec. 1250 gains. | ||||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
As a partnership, the allocated share of income of the Operating Partnership is included in the income tax returns of the general and limited partners. Accordingly, no accounting for income taxes is generally required for such income of the Operating Partnership. However, the Operating Partnership has formed taxable REIT subsidiaries on behalf of Medical Properties Trust, Inc., which are subject to federal, state and local income taxes at regular corporate rates, and its international subsidiaries are subject to income taxes in the jurisdictions in which they operate. See discussion above under Medical Properties Trust, Inc. for more details of income taxes associated with our taxable REIT subsidiaries and international operations. |
Earnings_Per_ShareUnit
Earnings Per Share/Unit | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share/Unit | 6 | Earnings Per Share/Unit | |||||||||||
Medical Properties Trust, Inc. | |||||||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 50,798 | $ | 89,301 | $ | 72,870 | |||||||
Non-controlling interests’ share in continuing operations | (274 | ) | (224 | ) | (177 | ) | |||||||
Participating securities’ share in earnings | (894 | ) | (729 | ) | (887 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 49,630 | 88,348 | 71,806 | ||||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2 | ) | 7,914 | 17,207 | |||||||||
Net income, less participating securities’ share in earnings | $ | 49,628 | $ | 96,262 | $ | 89,013 | |||||||
Denominator: | |||||||||||||
Basic weighted-average common shares | 169,999 | 151,439 | 132,331 | ||||||||||
Dilutive potential common shares | 541 | 1,159 | 2 | ||||||||||
Diluted weighted-average common shares | 170,540 | 152,598 | 132,333 | ||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
Our earnings per unit were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 50,798 | $ | 89,301 | $ | 72,870 | |||||||
Non-controlling interests’ share in continuing operations | (274 | ) | (224 | ) | (177 | ) | |||||||
Participating securities’ share in earnings | (894 | ) | (729 | ) | (887 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 49,630 | 88,348 | 71,806 | ||||||||||
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners | (2 | ) | 7,914 | 17,207 | |||||||||
Net income, less participating securities’ share in earnings | $ | 49,628 | $ | 96,262 | $ | 89,013 | |||||||
Denominator: | |||||||||||||
Basic weighted-average units | 169,999 | 151,439 | 132,331 | ||||||||||
Dilutive potential units | 541 | 1,159 | 2 | ||||||||||
Diluted weighted-average units | 170,540 | 152,598 | 132,333 | ||||||||||
For the year ended December 31, 2012, approximately 0.1 million of options were excluded from the diluted earnings per share/unit calculation as they were not determined to be dilutive. |
Stock_Awards
Stock Awards | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Awards | 7 | Stock Awards | |||||||||||||||
Stock Awards | |||||||||||||||||
Our Equity Incentive Plan authorizes the issuance of common stock options, restricted stock, restricted stock units, deferred stock units, stock appreciation rights, performance units and awards of interests in our Operating Partnership. Our Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors. We have reserved 7,643,651 shares of common stock for awards under the Equity Incentive Plan and 6,316,151 shares remain available for future stock awards as of December 31, 2014. The Equity Incentive Plan contains a limit of 5,000,000 shares as the maximum number of shares of common stock that may be awarded to an individual in any fiscal year. Awards under the Equity Incentive Plan are subject to forfeiture due to termination of employment prior to vesting. In the event of a change in control, outstanding and unvested options will immediately vest, unless otherwise provided in the participant’s award or employment agreement, and restricted stock, restricted stock units, deferred stock units and other stock-based awards will vest if so provided in the participant’s award agreement. The term of the awards is set by the Compensation Committee, though Incentive Stock Options may not have terms of more than ten years. Forfeited awards are returned to the Equity Incentive Plan and are then available to be re-issued as future awards. For each share of common stock issued by Medical Properties Trust, Inc. pursuant to its Equity Incentive Plan, the Operating Partnership issues a corresponding number of operating partnership units. | |||||||||||||||||
The following awards have been granted pursuant to our Equity Incentive Plan (and its predecesor plan): | |||||||||||||||||
Stock Options | |||||||||||||||||
At December 31, 2014, we had no options outstanding and exercisable. In 2014, 20,000 options were exercised. No options were granted in 2014, 2013, or 2012. | |||||||||||||||||
Restricted Equity Awards | |||||||||||||||||
These stock-based awards are in the form of service-based awards and performance-based awards. The service-based awards vest as the employee provides the required service (typically three to five years). Service based awards are valued at the average price per share of common stock on the date of grant. In 2014, 2013, and 2012, the Compensation Committee granted awards to employees which vest based on us achieving certain total shareholder returns or comparisons of our total shareholder returns to peer total return indices. Generally, dividends are not paid on these performance awards until the award is earned. See below for details of such grants: | |||||||||||||||||
- | 2014 performance awards - The 2014 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 40% of the 2014 performance awards were based on us achieving a simple 9.0% annual total shareholder return over a three year period; however, the award contained both carry forward and carry back provisions through December 31, 2018. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 1.7%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 3 years. | ||||||||||||||||
2) | Approximately 30% of the 2014 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2014 to December 31, 2016. The minimum total shareholder return needed to earn a portion of this award is 27.0% with 100% of the award earned if our total shareholder return reaches 35.0%. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2016, 2017 and 2018. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.8%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2014 performance awards will be earned if our total shareholder return outpaces that of the MSCI U.S. REIT Index (“Index”) over the cumulative period from January 1, 2014 to December 31, 2016. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2016, 2017 and 2018. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.8%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
There were 108,261 of the 2014 performance awards earned and vested in 2014. At December 31, 2014, we have 776,562 of 2014 performance awards remaining to be earned. | |||||||||||||||||
- | 2013 performance awards - The 2013 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 27% of the 2013 performance awards were based on us achieving a simple 8.5% annual total shareholder return over a three year period; however, the award contained both carry forward and carry back provisions through December 31, 2017. None of these shares may be sold for two years after they have vested. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.72%; expected volatility of 27%; expected dividend yield of 8.0%; and expected service period of 3 years. | ||||||||||||||||
2) | Approximately 36% of the 2013 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2013 to December 31, 2015. The minimum total shareholder return needed to earn a portion of this award is 25.5% with 100% of the award earned if our total shareholder return reaches 33.5%. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2013 performance awards will be earned if our total shareholder return outpaces that of the Index over the cumulative period from January 1, 2013 to December 31, 2015. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on December 31, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.38%; expected volatility of 28%; expected dividend yield of 8.0%; and expected service period of 5 years. | ||||||||||||||||
There were 80,293 of the 2013 performance awards earned and vested in 2014. There were 68,086 of the 2013 performance awards earned and vested in 2013. At December 31, 2014, we have 624,187 of 2013 performance awards remaining to be earned. | |||||||||||||||||
- | 2012 performance awards - The 2012 performance awards were granted in three parts: | ||||||||||||||||
1) | Approximately 30% of the 2012 performance awards were based on us achieving a simple 9.0% annual total shareholder return over a three year period; however, the award contains both carry forward and carry back provisions through December 31, 2016. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.93%; expected volatility of 34%; expected dividend yield of 8.6%; and expected service period of 4 years. | ||||||||||||||||
2) | Approximately 35% of the 2012 performance awards were based on us achieving a cumulative total shareholder return from January 1, 2012 to December 31, 2014. The minimum total shareholder return needed to earn a portion of this award is 27% with 100% of the award earned if our total shareholder return reaches 35%. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.43%; expected volatility of 35%; expected dividend yield of 8.6%; and expected service period of 5 years. | ||||||||||||||||
3) | The remainder of the 2012 performance awards will be earned if our total shareholder return outpaces that of the Index over the cumulative period from January 1, 2012 to December 31, 2014. Our total shareholder return must exceed that of the Index to earn the minimum number of shares under this award, while it must exceed the Index by 6% to earn 100% of the award. If any shares are earned from this award, the shares will vest in equal annual amounts on January 1, 2015, 2016 and 2017. The fair value of this award was estimated on the date of grant using a Monte Carlo valuation model that assumed the following: risk free interest rate of 0.43%; expected volatility of 35%; expected dividend yield of 8.6%; and expected service period of 5 years. | ||||||||||||||||
There were 84,190 of the 2012 performance awards earned and vested in 2014. There were 84,188 of the 2012 performance awards earned and vested in 2013 and 2,599 forfeited in 2013. There were 84,188 of the 2012 performance awards earned and vested in 2012 and 5,718 forfeited in 2012. At December 31, 2014, we have 641,476 of 2012 performance awards remaining to be earned. | |||||||||||||||||
The following summarizes restricted equity award activity in 2014 and 2013 (which includes awards granted in 2014, 2013, 2012, and any applicable prior years), respectively: | |||||||||||||||||
For the Year Ended December 31, 2014: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 | |||||||||||
Awarded | 424,366 | $ | 12.21 | 903,134 | $ | 7.57 | |||||||||||
Vested | (298,102 | ) | $ | 11.43 | (473,795 | ) | $ | 7.6 | |||||||||
Forfeited | — | $ | — | — | $ | — | |||||||||||
Nonvested awards at end of year | 452,263 | $ | 12.11 | 2,428,518 | $ | 5.81 | |||||||||||
For the Year Ended December 31, 2013: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
Awarded | 240,425 | $ | 12.26 | 754,255 | $ | 6.13 | |||||||||||
Vested | (381,309 | ) | $ | 11.15 | (386,446 | ) | $ | 8.27 | |||||||||
Forfeited | — | $ | — | (248,519 | ) | $ | 11.03 | ||||||||||
Nonvested awards at end of year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 | |||||||||||
The value of stock-based awards is charged to compensation expense over the vesting periods. In the years ended December 31, 2014, 2013 and 2012, we recorded $9.2 million, $8.8 million, and $7.6 million, respectively, of non-cash compensation expense. The remaining unrecognized cost from restricted equity awards at December 31, 2014, is $12.4 million and will be recognized over a weighted average period of 2.4 years. Restricted equity awards which vested in 2014, 2013 and 2012 had a value of $10.2 million, $9.2 million, and $9.2 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | . | Commitments and Contingencies | |||
Commitments | |||||
Our operating leases primarily consist of ground leases on which certain of our facilities or other related property reside along with corporate office and equipment leases. These ground leases are long-term leases (almost all having terms for approximately 50 years or more), some contain escalation provisions and one contains a purchase option. Properties subject to these ground leases are subleased to our tenants. Lease and rental expense (which is recorded on the straight-line method) for 2014, 2013 and 2012, respectively, were $2,321,790, $2,304,461, and $2,195,835, which was offset by sublease rental income of $192,098, $512,503, and $492,095 for 2014, 2013, and 2012, respectively. | |||||
Fixed minimum payments due under operating leases with non-cancelable terms of more than one year at December 31, 2014 are as follows: (amounts in thousands) | |||||
2015 | $ | 3,415 | |||
2016 | 3,434 | ||||
2017 | 3,443 | ||||
2018 | 3,436 | ||||
2019 | 3,055 | ||||
Thereafter | 84,759 | ||||
$ | 101,542 | ||||
The total amount to be received in the future from non-cancellable subleases at December 31, 2014, is $86.5 million. | |||||
Contingencies | |||||
We are a party to various legal proceedings incidental to our business. In the opinion of management, after consultation with legal counsel, the ultimate liability, if any, with respect to those proceedings is not presently expected to materially affect our financial position, results of operations or cash flows. |
Common_StockPartners_Capital
Common Stock/Partner's Capital | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Common Stock/Partner's Capital | 9 | Common Stock/Partner’s Capital |
2014 Activity | ||
Medical Properties Trust, Inc. | ||
On March 11, 2014, we completed an underwritten public offering of 7.7 million shares of our common stock, resulting in net proceeds of approximately $100.2 million, after deducting estimated offering expenses. We also granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock. The option, which was exercised in full, closed on April 8, 2014 and resulted in additional net proceeds of approximately $16 million. | ||
In January 2014, we put an at-the-market equity offering program in place, giving us the ability to sell up to $250 million of stock with a commission of 1.25%. During 2014, we sold 1.7 million shares of our common stock under our at-the-market equity offering program, at an average price of $13.56 per share resulting in total proceeds, net of commission, of $22.6 million. | ||
2013 Activity | ||
On August 20, 2013, we completed an offering of 11.5 million shares of common stock (including 1.5 million shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a price of $12.75 per share, resulting in net proceeds (after underwriting discount and expenses) of $140.4 million. | ||
On February 28, 2013, we completed an offering of 12.7 million shares of our common stock (including 1.7 million shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a price of $14.25 per share, resulting in net proceeds (after underwriting discount and expenses) of $172.9 million. | ||
MPT Operating Partnership, L.P. | ||
The Operating Partnership is made up of a general partner, Medical Properties Trust, LLC (“General Partner”) and limited partners, including the Company (which owns 100% of the General Partner) and three other partners. By virtue of its ownership of the General Partner, the Company has a 99.8% ownership interest in Operating Partnership via its ownership of all the common units. The remaining ownership interest is held by the two employees and one director via their ownership of LTIP units. These LTIP units were issued to the employees pursuant to the 2007 Multi-Year Incentive Plan, which is now part of the Equity Incentive Plan discussed in Note 7 and once vested in accordance with their award agreement, may be converted to common units per the Second Amended and Restated Agreement of Limited Partnership of MPT Operating Partnership, L.P. (“Operating Partnership Agreement”). | ||
In regards to distributions, the Operating Partnership shall distribute cash at such times and in such amounts as are determined by the General Partner in its sole and absolute discretion, to common unit holders who are common unit holders on the record date. However, per the Operating Partnership Agreement, the General Partner shall use its reasonable efforts to cause the Operating Partnership to distribute amounts sufficient to enable the Company to pay stockholder dividends that will allow the Company to (i) meet its distribution requirement for qualification as a REIT and (ii) avoid any federal income or excise tax liability imposed by the Internal Revenue Code, other than to the extent the Company elects to retain and pay income tax on its net capital gain. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for distribution purposes. | ||
The Operating Partnership’s net income will generally be allocated first to the General Partner to the extent of any cumulative losses and then to the limited partners in accordance with their respective percentage interests in the common units issued by the Operating Partnership. Any losses of the Operating Partnership will generally be allocated first to the limited partners until their capital account is zero and then to the General Partner. In accordance with the Operating Partnership Agreement, LTIP units are treated as common units for purposes of income and loss allocations. Limited partners have the right to require the Operating Partnership to redeem part or all of their common units. It is at the Operating Partnership’s discretion to redeem such common units for cash based on the fair market value of an equivalent number of shares of the Company’s common stock at the time of redemption or, alternatively, redeem the common units for shares of the Company’s common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, or similar events. In order for LTIP units to be redeemed, they must first be converted to common units and then must wait two years from the issuance of the LTIP units to be redeemed. | ||
For each share of common stock issued by Medical Properties Trust, Inc., the Operating Partnership issues a corresponding number of operating partnership units. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 10 | Fair Value of Financial Instruments | |||||||||||||||
We have various assets and liabilities that are considered financial instruments. We estimate that the carrying value of cash and cash equivalents, and accounts payable and accrued expenses approximate their fair values. Included in our accounts payable and accrued expenses are our interest rate swaps, which are recorded at fair value based on Level 2 observable market assumptions using standardized derivative pricing models. We estimate the fair value of our interest and rent receivables using Level 2 inputs such as discounting the estimated future cash flows using the current rates at which similar receivables would be made to others with similar credit ratings and for the same remaining maturities. The fair value of our mortgage loans and working capital loans are estimated by using Level 2 inputs (except for the Monroe loan in 2013 for which we use Level 3 inputs) such as discounting the estimated future cash flows using the current rates which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. We determine the fair value of our senior unsecured notes, using Level 2 inputs such as quotes from securities dealers and market makers. We estimate the fair value of our 2006 Senior Unsecured Notes, revolving credit facilities, and term loans using Level 2 inputs based on the present value of future payments, discounted at a rate which we consider appropriate for such debt. | |||||||||||||||||
Fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision. The following table summarizes fair value estimates for our financial instruments (in thousands): | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 41,137 | $ | 41,005 | $ | 58,565 | $ | 44,415 | |||||||||
Loans(1) | 773,311 | 803,824 | 351,713 | 358,383 | |||||||||||||
Debt, net | (2,201,654 | ) | (2,285,727 | ) | (1,421,681 | ) | (1,486,090 | ) | |||||||||
-1 | Excludes loans related to Ernest Transaction since they are recorded at fair value and discussed below. | ||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||
Our equity interest in Ernest and related loans, as discussed in Note 2, are being measured at fair value on a recurring basis as we elected to account for these investments using the fair value option method. We have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other equity interests or loans in or prior to 2014. | |||||||||||||||||
At December 31, 2014, these amounts were as follows (in thousands): | |||||||||||||||||
Asset (Liability) | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loan | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loans | 97,450 | 97,450 | Other loans | ||||||||||||||
Equity investment | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 200,750 | $ | 200,750 | ||||||||||||||
Our mortgage loans with Ernest are recorded at fair value based on Level 3 inputs by discounting the estimated cash flows using the market rates which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities. Our acquisition loans and equity investments in Ernest are recorded at fair value based on Level 3 inputs, by using a discounted cash flow model, which requires significant estimates of our investee such as projected revenue and expenses and appropriate consideration of the underlying risk profile of the forecast assumptions associated with the investee. We classify these loans and equity investments as Level 3, as we use certain unobservable inputs to the valuation methodology that are significant to the fair value measurement, and the valuation requires management judgment due to the absence of quoted market prices. For these cash flow models, our observable inputs include use of a capitalization rate, discount rate (which is based on a weighted-average cost of capital), and market interest rates, and our unobservable input includes an adjustment for a marketability discount (“DLOM”) on our equity investment of 40% at December 31, 2014. | |||||||||||||||||
In regards to the underlying projection of revenues and expenses used in the discounted cash flow model, such projections are provided by Ernest. However, we will modify such projections (including underlying assumptions used) as needed based on our review and analysis of Ernest’s historical results, meetings with key members of management, and our understanding of trends and developments within the healthcare industry. | |||||||||||||||||
In arriving at the DLOM, we started with a DLOM range based on the results of studies supporting valuation discounts for other transactions or structures without a public market. To select the appropriate DLOM within the range, we then considered many qualitative factors including the percent of control, the nature of the underlying investee’s business along with our rights as an investor pursuant to the operating agreement, the size of investment, expected holding period, number of shareholders, access to capital marketplace, etc. To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): | |||||||||||||||||
Basis Point | Estimated Increase (Decrease) | ||||||||||||||||
Change in | In Fair Value | ||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | $ | (451 | ) | ||||||||||||||
- 100 basis points | $ | 451 | |||||||||||||||
Because the fair value of Ernest investments noted above approximate their original cost, we did not recognize any unrealized gains/losses during 2014, 2013, or 2012. To date, we have not received any distribution payments from our equity investment in Ernest. | |||||||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 11 | Discontinued Operations | |||||||||||
The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of prior to 2014 for the year ended December 31, 2014, 2013, and 2012 ( amounts in thousands except per share/unit data): | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | — | $ | 988 | $ | 3,470 | |||||||
Gain on sale | — | 7,659 | 16,369 | ||||||||||
Income (loss) from discontinued operations | (2 | ) | 7,914 | 17,207 | |||||||||
Income from discontinued operations — diluted per share/unit | $ | — | $ | 0.05 | $ | 0.13 | |||||||
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Other Assets | 12 | Other Assets | |||||||
The following is a summary of our other assets (in thousands): | |||||||||
At December 31, | |||||||||
2014 | 2013 | ||||||||
Debt issue costs, net | $ | 35,324 | $ | 27,180 | |||||
Other corporate assets | 28,197 | 20,337 | |||||||
Prepaids and other assets | 58,584 | 20,356 | |||||||
Total other assets | $ | 122,105 | $ | 67,873 | |||||
Other corporate assets include leasehold improvements associated with our corporate office space, furniture and fixtures, equipment, software, deposits, etc. Included in prepaids and other assets is prepaid insurance, prepaid taxes, lease inducements made to tenants (such as the $5 million inducement made to Prime in 2014 related to their taking over the management of the Monroe facility), and our equity interests in our tenants (which is up this year due to new investments made along with income earned from these equity interests — see Note 3 for further details). |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (unaudited) | 13. Quarterly Financial Data (unaudited) | ||||||||||||||||
Medical Properties Trust, Inc. | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013: (amounts in thousands, except for per share data) | |||||||||||||||||
For the Three Month Periods in 2014 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 73,089 | $ | 76,560 | $ | 80,777 | $ | 82,106 | |||||||||
Income (loss) from continuing operations | 7,309 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Income (loss) from discontinued operations | (2 | ) | — | — | — | ||||||||||||
Net income | 7,307 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Net income attributable to MPT common stockholders | 7,241 | (203 | ) | 28,537 | 14,947 | ||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average shares outstanding — basic | 163,973 | 171,718 | 171,893 | 172,411 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average shares outstanding — diluted | 164,549 | 171,718 | 172,639 | 172,604 | |||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT common stockholders | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
MPT Operating Partnership, L.P. | |||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013: (amounts in thousands, except for per unit data) | |||||||||||||||||
For the Three Month Periods in 2014 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 73,089 | $ | 76,560 | $ | 80,777 | $ | 82,106 | |||||||||
Income (loss) from continuing operations | 7,309 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Income (loss) from discontinued operations | (2 | ) | — | — | — | ||||||||||||
Net income (loss) | 7,307 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Net income attributable to MPT Operating Partnership partners | 7,241 | (203 | ) | 28,537 | 14,948 | ||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average units outstanding — basic | 163,973 | 171,718 | 171,893 | 172,411 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average units outstanding — diluted | 164,549 | 171,718 | 172,639 | 172,604 | |||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 14 | Subsequent Events |
On January 14, 2015, we completed an underwritten public offering of 34.5 million shares (including the exercise of the underwriters’ 30-day option to purchase an additional 4.5 million shares) of our common stock, resulting in net proceeds of approximately $480 million, after deducting estimated offering expenses. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. | ||||||||||||||||
Schedule II: Valuation and Qualifying Accounts | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Additions | Deductions, | ||||||||||||||||
Year Ended December 31, | Balance at | Charged | Net | Balance at | |||||||||||||
Beginning of | Against | Recoveries/ | End of Year(1) | ||||||||||||||
Year(1) | Operations(1) | Writeoffs(1) | |||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 41,573 | $ | 65,512 | (2) | $ | (86,956 | )(5) | $ | 20,129 | |||||||
2013 | $ | 34,769 | $ | 9,397 | (3) | $ | (2,593 | ) | $ | 41,573 | |||||||
2012 | $ | 32,618 | $ | 4,540 | (4) | $ | (2,389 | ) | $ | 34,769 | |||||||
-1 | Includes allowance for doubtful accounts, straight-line rent reserves, allowance for loan losses, tax valuation allowances and other reserves. | ||||||||||||||||
-2 | Includes the $47 million of impairment charges related to the Monroe property, $9.5 million of rent and interest reserves primarily related to the Monroe property (prior to change in operators — see note 3 to Item 8 of the Form 10-K for further details), and approximately $9 million increase in the valuation allowance to fully reserve our net deferred tax assets. | ||||||||||||||||
-3 | Includes $4.8 million and $2.7 million in rent and interest reserves, respectively, related to our Monroe properties along with $1.9 million to fully reserve for the net deferred tax asset of certain German subsidiaries. | ||||||||||||||||
-4 | Includes $1.6 million and $2.9 million in rent and interest reserves, respectively, related to our Monroe properties. | ||||||||||||||||
-5 | Writeoffs of loans and other receivables related to the Monroe facility due to change in operators. |
SCHEDULE_III_REAL_ESTATE_INVES
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | SCHEDULE III — REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Additions | Cost at December 31, | Accumu- | Encum- | Date of | Date | Life on | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | 2014 | lated | brances | Constr- | Acquired | which | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Depreci- | uction | depreci- | ||||||||||||||||||||||||||||||||||||||||||||||||
ation | ation in | ||||||||||||||||||||||||||||||||||||||||||||||||||
latest | |||||||||||||||||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||||||||||||||||
state- | |||||||||||||||||||||||||||||||||||||||||||||||||||
ments is | |||||||||||||||||||||||||||||||||||||||||||||||||||
computed | |||||||||||||||||||||||||||||||||||||||||||||||||||
Location | Type of | Land | Buildings | Improv- | Carrying | Land | Buildings | Total | (Years) | ||||||||||||||||||||||||||||||||||||||||||
Property | ements | Costs | |||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baden-Wurttemburg, Germany | Rehabilitation | $— | $10,536 | $— | $— | $— | $10,536 | $10,536 | $285 | $— | 1994 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Saxony, Germany | Rehabilitation | 415 | 22,849 | — | — | 415 | 22,849 | 23,264 | 619 | — | 1996 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation | 3,536 | 16,716 | — | — | 3,536 | 16,716 | 20,252 | 453 | — | 1960 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brandenburg, Germany | Rehabilitation | 386 | 19,908 | — | — | 386 | 19,908 | 20,294 | 539 | — | 1994 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hesse, Germany | Rehabilitation | 102 | 5,832 | — | — | 102 | 5,832 | 5,934 | 158 | — | 1981 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hesse, Germany | Rehabilitation | 3,428 | 16,488 | — | — | 3,428 | 16,488 | 19,916 | 447 | — | 1977 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation | — | 33,081 | — | — | — | 33,081 | 33,081 | 896 | — | 1992 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Saxony, Germany | Rehabilitation | 600 | 16,644 | — | — | 600 | 16,644 | 17,244 | 451 | — | 1904, 1995 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation | 811 | 7,290 | — | — | 811 | 7,290 | 8,101 | 197 | — | 1980 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rhineland-Pflaz, Germany | Rehabilitation | 6,498 | 17,942 | — | — | 6,498 | 17,942 | 24,440 | 486 | — | 1930 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Baden-Wurttemburg, Germany | Rehabilitation | 3,809 | 6,490 | — | — | 3,809 | 6,490 | 10,299 | 176 | — | 1986 | November 30, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bavaria, Germany | Rehabilitation | 2,455 | 10,352 | 216 | — | 2,455 | 10,568 | 13,023 | 22 | — | 1974 | November 19, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Thuringia, Germany | Rehabilitation | 1,788 | 37,772 | — | — | 1,788 | 37,772 | 39,560 | 157 | — | 1954, 1992 | November 5, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Baden-Wurttemburg, Germany | Rehabilitation | 382 | 13,806 | 250 | — | 382 | 14,056 | 14,438 | 29 | — | 1988, 1995 | December 11, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bath, UK | Acute care | 3,232 | 36,614 | — | — | 3,232 | 36,614 | 39,846 | 458 | — | 2008, 2009 | July 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | Acute care | 3,501 | 34,530 | 8,477 | 12,468 | 3,274 | 55,702 | 58,976 | 6,432 | — | 1960 | August 10, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allen, TX | Freestanding | 1,550 | 3,847 | — | — | 1,550 | 3,847 | 5,397 | 47 | — | 2014 | July 14, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | Acute care | 12,663 | 52,432 | — | — | 12,663 | 52,432 | 65,095 | 5,134 | — | 1973 | February 9, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Alvin, TX | Freestanding | 105 | 4,087 | — | — | 105 | 4,087 | 4,192 | 53 | — | 2014 | March 19, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bayonne, NJ | Acute care | 2,003 | 51,495 | — | — | 2,003 | 51,495 | 53,498 | 10,084 | — | 1918 | February 4, | 20 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bennettsville, SC | Acute care | 794 | 15,772 | — | — | 794 | 15,772 | 16,566 | 2,662 | — | 1984 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bossier City, LA | Long term | 900 | 17,818 | — | — | 900 | 17,818 | 18,718 | 3,004 | — | 1982 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bristol, CT | Wellness | 485 | 2,267 | — | — | 485 | 2,267 | 2,752 | 1,253 | — | 1975 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Austin, TX | Freestanding | 1,140 | 3,909 | — | — | 1,140 | 3,909 | 5,049 | 64 | — | 2014 | May 29, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Broomfield, CO | Freestanding | 825 | 3,116 | — | — | 825 | 3,116 | 3,941 | 39 | — | 2014 | July 3, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cedar Hill. TX | Freestanding | 1,122 | 3,583 | — | — | 1,122 | 3,583 | 4,705 | 50 | — | 2014 | June 23, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Spring, TX | Freestanding | 1,310 | 3,513 | — | — | 1,310 | 3,513 | 4,823 | 40 | — | 2014 | July 15, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cheraw, SC | Acute care | 657 | 19,576 | — | — | 657 | 19,576 | 20,233 | 3,303 | — | 1982 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Webster, TX | Long term | 663 | 33,751 | — | — | 663 | 33,751 | 34,414 | 3,375 | — | 2004 | December 21, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commerce City, TX | Freestanding | 707 | 3,518 | — | — | 707 | 3,518 | 4,225 | 6 | — | 2014 | December 11, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corinth, TX | Long term | 1,288 | 21,175 | 313 | — | 1,601 | 21,175 | 22,776 | 2,120 | — | 2008 | January 31, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Covington, LA | Long term acute | 821 | 10,238 | — | 14 | 821 | 10,252 | 11,073 | 2,456 | — | 1984 | June 9, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas, TX | Long term acute | 1,000 | 13,589 | — | 368 | 1,421 | 13,536 | 14,957 | 2,820 | — | 2006 | September 5, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
DeSoto, TX | Long term acute | 1,067 | 10,701 | 86 | 8 | 1,161 | 10,701 | 11,862 | 929 | — | 2008 | July 18, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Detroit, MI | Long term acute | 1,220 | 8,687 | — | (365 | ) | 1,220 | 8,322 | 9,542 | 1,449 | — | 1956 | May 22, | 40 | |||||||||||||||||||||||||||||||||||||
care hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dulles, TX | Freestanding ER | 1,076 | 3,384 | — | — | 1,076 | 3,384 | 4,460 | 28 | — | 2014 | September 12, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | Freestanding ER | 1,345 | 3,668 | — | — | 1,345 | 3,668 | 5,013 | 53 | — | 2014 | June 20, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Enfield, CT | Wellness Center | 384 | 2,257 | — | — | 384 | 2,257 | 2,641 | 1,248 | — | 1974 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
East Providence, RI | Wellness Center | 209 | 1,265 | — | — | 209 | 1,265 | 1,474 | 701 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fairmont, CA | Acute care | 1,000 | 12,301 | 277 | — | 1,277 | 12,301 | 13,578 | 95 | — | 1939, 1972, 1985 | September 19, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Firestone, TX | Freestanding ER | 495 | 3,951 | — | — | 495 | 3,951 | 4,446 | 58 | — | 2014 | June 6, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Florence, AZ | Acute care | 900 | 28,462 | — | — | 900 | 28,462 | 29,362 | 1,947 | — | 2012 | November 4, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Lauderdale, FL | Rehabilitation | 3,499 | 21,939 | — | 1 | 3,499 | 21,940 | 25,439 | 3,664 | — | 1985 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fountain, CO | Freestanding ER | 1,508 | 4,020 | — | — | 1,508 | 4,020 | 5,528 | 42 | — | 2014 | July 31, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Frisco, TX | Freestanding ER | 1,500 | 3,863 | — | — | 1,500 | 3,863 | 5,363 | 52 | — | 2014 | June 13, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Grove, CA | Acute care | 5,502 | 10,748 | — | 51 | 5,502 | 10,799 | 16,301 | 1,655 | — | 1982 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Grove, CA | Medical Office | 862 | 7,888 | — | 28 | 862 | 7,916 | 8,778 | 1,206 | — | 1982 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
Building | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gilbert, AZ | Acute care | 150 | 15,553 | — | — | 150 | 15,553 | 15,703 | 1,555 | — | 2005 | January 4, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hammond, LA | Long term acute | 519 | 8,941 | — | — | 519 | 8,941 | 9,460 | 466 | — | 2003 | December 14, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hausman, TX | Acute care | 1,500 | 8,958 | — | — | 1,500 | 8,958 | 10,458 | 386 | — | 2013 | March 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hill County, TX | Acute care | 1,120 | 17,882 | — | — | 1,120 | 17,882 | 19,002 | 5,095 | — | 1980 | September 17, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hoboken, NJ | Acute care | 1,387 | 44,351 | — | — | 1,387 | 44,351 | 45,738 | 6,951 | — | 1863 | November 4, | 20 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Idaho Falls, ID | Acute care | 1,822 | 37,467 | — | 4,665 | 1,822 | 42,132 | 43,954 | 6,971 | — | 2002 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lafayette, IN | Rehabilitation | 800 | 14,968 | (25 | ) | — | 800 | 14,943 | 15,743 | 702 | — | 2013 | February 1, | 40 | |||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Little Elm, TX | Freestanding ER | 1,241 | 3,491 | — | — | 1,241 | 3,491 | 4,732 | 91 | — | 2013 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Luling, TX | Long term | 811 | 9,345 | — | — | 811 | 9,345 | 10,156 | 1,889 | — | 2002 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care hospital | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mesa, AZ | Acute care | 4,900 | 97,980 | 2,242 | — | 7,142 | 97,980 | 105,122 | 3,249 | — | 2007 | September 26, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bloomington, IN | Acute care | 2,392 | 28,212 | 5,000 | 408 | 2,392 | 33,620 | 36,012 | 6,599 | — | 2006 | August 8, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Montclair, NJ | Acute care | 7,900 | 99,632 | 585 | — | 8,485 | 99,632 | 108,117 | 1,897 | — | 1920-2000 | April 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | Freestanding ER | 351 | 3,952 | — | — | 351 | 3,952 | 4,303 | 73 | — | 2014 | January 1, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Houston, TX | Acute care | 4,757 | 56,238 | (37 | ) | 1,259 | 5,427 | 56,790 | 62,217 | 11,427 | 41,200 | 2006 | December 1, | 40 | |||||||||||||||||||||||||||||||||||||
general hospital | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Braunfels, TX | Long term acute | 1,100 | 7,883 | — | — | 1,100 | 7,883 | 8,983 | 640 | — | 2007 | September 30, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Newington, CT | Wellness Center | 270 | 1,615 | — | — | 270 | 1,615 | 1,885 | 894 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
2008 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shenandoah, TX | Rehabilitation | 2,033 | 21,943 | — | — | 2,033 | 21,943 | 23,976 | 2,469 | — | 2008 | June 17, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Springs, CO | Freestanding ER | 600 | 4,222 | — | — | 600 | 4,222 | 4,822 | 62 | — | 2014 | June 5, | 40 | ||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northland, MO | Long term acute | 834 | 17,182 | — | — | 834 | 17,182 | 18,016 | 1,683 | — | 2007 | February 14, | 40 | ||||||||||||||||||||||||||||||||||||||
care hospital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Altoona, WI | Acute care | — | 27,650 | — | — | — | 27,650 | 27,650 | 241 | — | 2014 | August 31, | 40 | ||||||||||||||||||||||||||||||||||||||
general hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ogden, UT | Rehabilitation | 1,759 | 16,414 | — | — | 1,759 | 16,414 | 18,173 | 328 | — | 2014 | March 1, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Overlook, TX | Acute care | 2,452 | 9,666 | 7 | — | 2,452 | 9,673 | 12,125 | 440 | — | 2012 | February 1, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | Acute care | 6,550 | 15,653 | — | 77 | 6,550 | 15,730 | 22,280 | 3,013 | — | 1964 | May 9, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pearland, TX | Freestanding | 1,075 | 3,272 | — | — | 1,075 | 3,272 | 4,347 | 27 | — | 2014 | September 8, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Petersburg, VA | Rehabilitation | 1,302 | 9,121 | — | — | 1,302 | 9,121 | 10,423 | 1,482 | — | 2006 | July 1, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Poplar Bluff, MO | Acute care | 2,659 | 38,694 | — | 1 | 2,660 | 38,694 | 41,354 | 6,462 | — | 1980 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Port Arthur, TX | Acute care | 3,000 | 72,341 | 1,062 | — | 4,062 | 72,341 | 76,403 | 2,349 | — | 2005 | September 26, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portland, OR | Long term | 3,085 | 17,859 | — | 2,559 | 3,071 | 20,432 | 23,503 | 3,869 | — | 1964 | April 18, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Post Falls, ID | Rehabilitation | 417 | 12,175 | 1,905 | — | 767 | 13,730 | 14,497 | 352 | — | 2013 | December 31, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redding, CA | Acute care | 1,555 | 53,863 | — | 13 | 1,555 | 53,876 | 55,431 | 9,999 | — | 1974 | August 10, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Redding, CA | Long term | — | 19,952 | — | 4,361 | 1,629 | 22,684 | 24,313 | 5,189 | — | 1991 | June 30, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Richardson, TX | Rehabilitation | 2,219 | 17,419 | — | — | 2,219 | 17,419 | 19,638 | 1,960 | — | 2008 | June 17, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Addison, TX | Rehabilitation | 2,013 | 22,531 | — | — | 2,013 | 22,531 | 24,544 | 2,535 | — | 2008 | June 17, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
San Dimas, CA | Acute care | 6,160 | 6,839 | — | 34 | 6,160 | 6,873 | 13,033 | 1,046 | — | 1972 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Dimas, CA | Medical | 1,915 | 5,085 | — | 18 | 1,915 | 5,103 | 7,018 | 778 | — | 1979 | November 25, | 40 | ||||||||||||||||||||||||||||||||||||||
Office | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Building | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sherman, TX | Acute care | 4,491 | 24,802 | — | — | 4,491 | 24,802 | 29,293 | 109 | — | 1913, 1960-2010 | October 31, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sienna, TX | Freestanding | 999 | 3,562 | — | — | 999 | 3,562 | 4,561 | 37 | — | 2014 | August 20, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Spartanburg, SC | Rehabilitation | 1,135 | 15,717 | — | — | 1,135 | 15,717 | 16,852 | 538 | — | 2013 | August 1, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Thornton, CO | Freestanding | 1,350 | 3,793 | — | — | 1,350 | 3,793 | 5,143 | 32 | — | 2014 | August 29, | 40 | ||||||||||||||||||||||||||||||||||||||
ER | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tomball, TX | Long term | 1,299 | 23,982 | — | — | 1,299 | 23,982 | 25,281 | 2,398 | — | 2005 | December 21, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Victoria, TX | Long term | 625 | 7,197 | — | — | 625 | 7,197 | 7,822 | 1,454 | — | 1998 | December 1, | 40 | ||||||||||||||||||||||||||||||||||||||
acute care | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Victoria, TX | Rehabilitation | — | 10,412 | — | — | — | 10,412 | 10,412 | 254 | — | 2013 | December 31, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Anaheim, CA | Acute care | 1,875 | 21,814 | — | 10 | 1,875 | 21,824 | 23,699 | 4,455 | — | 1964 | November 8, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Warwick, RI | Wellness | 1,265 | 759 | — | — | 1,265 | 759 | 2,024 | 420 | — | 1979 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
West Monroe, LA | Acute care | 12,000 | 69,433 | 552 | — | 12,552 | 69,433 | 81,985 | 2,216 | — | 1962 | September 26, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio, TX | Acute care | 2,248 | 5,880 | — | — | 2,248 | 5,880 | 8,128 | 314 | — | 2012 | October 14, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
West Valley City, UT | Acute care | 5,516 | 58,314 | — | — | 5,516 | 58,314 | 63,830 | 9,738 | — | 1980 | April 22, | 40 | ||||||||||||||||||||||||||||||||||||||
general | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
hospital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Wichita, KS | Rehabilitation | 1,019 | 18,373 | — | 1 | 1,019 | 18,374 | 19,393 | 3,100 | 8,678 | 1992 | April 4, | 40 | ||||||||||||||||||||||||||||||||||||||
hospital | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
West Springfield, MA | Wellness | 583 | 3,185 | — | — | 583 | 3,185 | 3,768 | 1,765 | — | 1976 | April 22, | 10 | ||||||||||||||||||||||||||||||||||||||
Center | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 184,596 | $ | 1,809,242 | $ | 20,910 | $ | 25,979 | $ | 192,551 | $ | 1,848,176 | $ | 2,040,727 | $ | 181,441 | $ | 49,878 | ||||||||||||||||||||||||||||||||||
The changes in total real estate assets excluding construction in progress, intangible lease asset, investment in direct financing leases, and mortgage loans were as follows for the years ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
COST | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,733,194 | $ | 1,189,552 | $ | 1,191,096 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 263,811 | 480,503 | 9,460 | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from construction in progress | 41,772 | 81,347 | 37,174 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additions | 84,831 | 7,749 | 19,971 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | (56,590 | ) | (28,616 | ) | (68,149 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other | (26,291 | ) | 2659 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 2,040,727 | $ | 1,733,194 | $ | 1,189,552 | |||||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation were as follows for the years ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 144,235 | $ | 114,399 | $ | 93,430 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 46,935 | 33,349 | 31,026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation on disposed property | (9,213 | ) | (3,513 | ) | (10,057 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other | (516 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 181,441 | $ | 144,235 | $ | 114,399 | |||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE_IV_MORTGAGE_LOANS_ON_
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | ||||||||||||||||||||||||||
MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P. | |||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G(3) | Column H | ||||||||||||||||||||
Description | Interest | Final | Periodic Payment | Prior | Face | Carrying | Principal | ||||||||||||||||||||
Rate | Maturity | Terms | Liens | Amount of | Amount of | Amount of | |||||||||||||||||||||
Date | Mortgages | Mortgages | Loans | ||||||||||||||||||||||||
Subject to | |||||||||||||||||||||||||||
Delinquent | |||||||||||||||||||||||||||
Principal or | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||
Long-term first mortgage loan: | Payable in monthly | ||||||||||||||||||||||||||
installments of | |||||||||||||||||||||||||||
interest plus | |||||||||||||||||||||||||||
principal payable | |||||||||||||||||||||||||||
in full at maturity | |||||||||||||||||||||||||||
Desert Valley Hospital | 10.9 | % | 2022 | (1 | ) | $ | 70,000 | $ | 70,000 | (2 | ) | ||||||||||||||||
Desert Valley Hospital | 11.5 | % | 2022 | (1 | ) | 20,000 | 20,000 | (2 | ) | ||||||||||||||||||
Desert Valley Hospital | 11.5 | % | 2015 | (1 | ) | 12,500 | 12,500 | (2 | ) | ||||||||||||||||||
Chino Valley Medical Center | 10.9 | % | 2022 | (1 | ) | 50,000 | 50,000 | (2 | ) | ||||||||||||||||||
Paradise Valley Hospital | 10.4 | % | 2022 | (1 | ) | 25,000 | 25,000 | (2 | ) | ||||||||||||||||||
Ernest Mortgage Loan(4) | 9.4 | % | 2032 | (1 | ) | 100,000 | 100,000 | (2 | ) | ||||||||||||||||||
Centinela Hospital Medical Center | 10.8 | % | 2022 | (1 | ) | 100,000 | 100,000 | (2 | ) | ||||||||||||||||||
Olympia Medical Center | 11 | % | 2024 | (1 | ) | 20,000 | 20,000 | (2 | ) | ||||||||||||||||||
$ | 397,500 | $ | 397,500 | (5 | ) | ||||||||||||||||||||||
-1 | There were no prior liens on loans as of December 31, 2014. | ||||||||||||||||||||||||||
-2 | The mortgage loan was not delinquent with respect to principal or interest. | ||||||||||||||||||||||||||
-3 | The aggregate cost for Federal income tax purposes is $397,500. | ||||||||||||||||||||||||||
-4 | Mortgage loans covering four properties. | ||||||||||||||||||||||||||
-5 | Excludes unamortized loan issue costs of $0.1 million at December 31, 2014. | ||||||||||||||||||||||||||
Changes in mortgage loans (excluding unamortized loan issue costs) for the years ended December 31, 2014, 2013, and 2012 are summarized as follows: | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 388,650 | $ | 368,650 | $ | 165,000 | |||||||||||||||||||||
Additions during year: | |||||||||||||||||||||||||||
New mortgage loans and additional advances on existing loans | 12,500 | 20,000 | 203,650 | ||||||||||||||||||||||||
401,150 | 388,650 | 368,650 | |||||||||||||||||||||||||
Deductions during year: | |||||||||||||||||||||||||||
Collection of principal | (3,650 | ) | — | — | |||||||||||||||||||||||
(3,650 | ) | — | — | ||||||||||||||||||||||||
Balance at end of year | $ | 397,500 | $ | 388,650 | $ | 368,650 | |||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||
Principles of Consolidation | Principles of Consolidation: Property holding entities and other subsidiaries of which we own 100% of the equity or have a controlling financial interest evidenced by ownership of a majority voting interest are consolidated. All inter-company balances and transactions are eliminated. For entities in which we own less than 100% of the equity interest, we consolidate the property if we have the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, we record a non-controlling interest representing equity held by non-controlling interests. | ||||||||||
We continually evaluate all of our transactions and investments to determine if they represent variable interests in a variable interest entity (“VIE”). If we determine that we have a variable interest in a VIE, we then evaluate if we are the primary beneficiary of the VIE. The evaluation is a qualitative assessment as to whether we have the ability to direct the activities of a VIE that most significantly impact the entity’s economic performance. We consolidate each VIE in which we, by virtue of or transactions with our investments in the entity, are considered to be the primary beneficiary. | |||||||||||
At December 31, 2014, we had loans and/or equity investments in certain VIEs, which are also tenants of our facilities (including but not limited to Ernest and Vibra). We have determined that we are not the primary beneficiary of these VIEs. The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2014 (in thousands): | |||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $257,208 | Mortgage and other loans | $ | 207,617 | |||||||
Equity investments | $ 53,542 | Other assets | $ | 5,490 | |||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | ||||||||||
For the VIE types above, we do not consolidate the VIE because we do not have the ability to control the activities (such as the day-to-day healthcare operations of our borrowers or investees) that most significantly impact the VIE’s economic performance. As of December 31, 2014, we were not required to provide financial support through a liquidity arrangement or otherwise to our unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash short falls). | |||||||||||
Typically, our loans are collateralized by assets of the borrower (some assets of which are on the premises of facilities owned by us) and further supported by limited guarantees made by certain principals of the borrower. | |||||||||||
See Note 3 for additional description of the nature, purpose and activities of our more significant VIEs and interests therein. | |||||||||||
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities: Investments in entities in which we have the ability to influence (but not control) are typically accounted for by the equity method. Under the equity method of accounting, our share of the investee’s earnings or losses are included in our consolidated results of operations, and we have elected to record our share of such investee’s earnings or losses on a 90-day lag basis. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the interest in the investee entity. Subsequently, our investments are increased by the equity in our investee earnings and decreased by cash distributions from our investees. To the extent that our cost basis is different from the basis reflected at the investee entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the investee. We evaluate our equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. If we determine a decline in the fair value of an investment in an unconsolidated investee entity below its carrying value is other - than - temporary, an impairment is recorded. | ||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents: Certificates of deposit, short-term investments with original maturities of three months or less and money-market mutual funds are considered cash equivalents. The majority of our cash and cash equivalents are held at major commercial banks which at times may exceed the Federal Deposit Insurance Corporation limit. We have not experienced any losses to date on our invested cash. Cash and cash equivalents which have been restricted as to its use are recorded in other assets. | ||||||||||
Revenue Recognition | Revenue Recognition: We receive income from operating leases based on the fixed, minimum required rents (base rents) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method over the terms of the related lease agreements for new leases and the remaining terms of existing leases for those acquired as part of a property acquisition. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The straight-line method typically has the effect of recording more rent revenue from a lease than a tenant is required to pay early in the term of the lease. During the later parts of a lease term, this effect reverses with less rent revenue recorded than a tenant is required to pay. Rent revenue, as recorded on the straight-line method, in the consolidated statements of income is presented as two amounts: billed rent revenue and straight-line revenue. Billed rent revenue is the amount of base rent actually billed to the customer each period as required by the lease. Straight-line rent revenue is the difference between rent revenue earned based on the straight-line method and the amount recorded as billed rent revenue. We record the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to straight-line rent receivable. | ||||||||||
Certain leases may provide for additional rents contingent upon a percentage of the tenant’s revenue in excess of specified base amounts/thresholds (percentage rents). Percentage rents are recognized in the period in which revenue thresholds are met. Rental payments received prior to their recognition as income are classified as deferred revenue. We also receive additional rent (contingent rent) under some leases based on increases in the consumer price index or when the consumer price index exceeds the annual minimum percentage increase in the lease. Contingent rents are recorded as billed rent revenue in the period earned. | |||||||||||
We use direct finance lease accounting (“DFL”) to record rent on certain leases deemed to be financing leases, per accounting rules, rather than operating leases. For leases accounted for as DFLs, the future minimum lease payments are recorded as a receivable. The difference between the future minimum lease payments and the estimated residual values less the cost of the properties is recorded as unearned income. Unearned income is deferred and amortized to income over the lease terms to provide a constant yield when collectability of the lease payments is reasonably assured. Investments in DFLs are presented net of unamortized and unearned income. | |||||||||||
In instances where we have a profits or equity interest in our tenant’s operations, we record income equal to our percentage interest of the tenant’s profits, as defined in the lease or tenant’s operating agreements, once annual thresholds, if any, are met. | |||||||||||
We begin recording base rent income from our development projects when the lessee takes physical possession of the facility, which may be different from the stated start date of the lease. Also, during construction of our development projects, we are generally entitled to accrue rent based on the cost paid during the construction period (construction period rent). We accrue construction period rent as a receivable with a corresponding offset to deferred revenue during the construction period. When the lessee takes physical possession of the facility, we begin recognizing the deferred construction period revenue on the straight-line method over the remaining term of the lease. | |||||||||||
We receive interest income from our tenants/borrowers on mortgage loans, working capital loans, and other long-term loans. Interest income from these loans is recognized as earned based upon the principal outstanding and terms of the loans. | |||||||||||
Commitment fees received from development and leasing services for lessees are initially recorded as deferred revenue and recognized as income over the initial term of a lease to produce a constant effective yield on the lease (interest method). Commitment and origination fees from lending services are also recorded as deferred revenue initially and recognized as income over the life of the loan using the interest method. | |||||||||||
Tenant payments for certain taxes, insurance, and other operating expenses related to our facilities (most of which are paid directly by our tenants to the government or related vendor) are recorded net of the respective expense as generally our leases are “triple-net” leases, with terms requiring such expenses to be paid by our tenants. Failure on the part of our tenants to pay such expense or to pay late would result in a violation of the lease agreement, which could lead to an event of default, if not cured. | |||||||||||
Acquired Real Estate Purchase Price Allocation | Acquired Real Estate Purchase Price Allocation: For existing properties acquired for leasing purposes, we account for such acquisitions based on business combination accounting rules. We allocate the purchase price of acquired properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase prices of acquired real estate, we may utilize a number of sources, from time to time, including available real estate broker data, independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, internal data from previous acquisitions or developments, and other market data. We also consider information obtained about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. | ||||||||||
We record above-market and below-market in-place lease values, if any, for our facilities, which are based on the present value of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize any resulting capitalized above-market lease values as a reduction of rental income over the lease term. We amortize any resulting capitalized below-market lease values as an increase to rental income over the lease term. | |||||||||||
We measure the aggregate value of other lease intangible assets acquired based on the difference between (i) the property valued with new or in-place leases adjusted to market rental rates and (ii) the property valued as if vacant. Management’s estimates of value are made using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis). Factors considered by management in our analysis include an estimate of carrying costs during hypothetical expected lease-up periods, considering current market conditions, and costs to execute similar leases. We also consider information obtained about each targeted facility as a result of our pre-acquisition due diligence, marketing, and leasing activities in estimating the fair value of the intangible assets acquired. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which we expect to be about six months depending on specific local market conditions. Management also estimates costs to execute similar leases including leasing commissions, legal costs, and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||
Other intangible assets acquired, may include customer relationship intangible values which are based on management’s evaluation of the specific characteristics of each prospective tenant’s lease and our overall relationship with that tenant. Characteristics to be considered by management in allocating these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, including those existing under the terms of the lease agreement, among other factors. | |||||||||||
We amortize the value of lease intangibles to expense over the initial term of the respective leases. If a lease is terminated, the unamortized portion of the lease intangibles are charged to expense. | |||||||||||
Real Estate and Depreciation | Real Estate and Depreciation: Real estate, consisting of land, buildings and improvements, are maintained at cost. Although typically paid by our tenants, any expenditure for ordinary maintenance and repairs that we pay are expensed to operations as incurred. Significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful lives. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by those assets, including an estimated liquidation amount, during the expected holding periods are less than the carrying amounts of those assets. Impairment losses are measured as the difference between carrying value and fair value of assets. For assets held for sale, we cease recording depreciation expense and adjust the assets’ value to the lower of its carrying value or fair value, less cost of disposal. Fair value is based on estimated cash flows discounted at a risk-adjusted rate of interest. We classify real estate assets as held for sale when we have commenced an active program to sell the assets, and in the opinion of management, it is probable the asset will be sold within the next 12 months. | ||||||||||
Construction in progress includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress. We commence capitalization of costs associated with a development project when the development of the future asset is probable and activities necessary to get the underlying property ready for its intended use have been initiated. We stop the capitalization of costs when the property is substantially complete and ready for its intended use. | |||||||||||
Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2014 are as follows: | |||||||||||
Buildings and improvements | 37.9 years | ||||||||||
Tenant lease intangibles | 17.9 years | ||||||||||
Leasehold improvements | 22.3 years | ||||||||||
Furniture, equipment and other | 6.5 years | ||||||||||
Losses from Rent Receivables | Losses from Rent Receivables: For all leases, we continuously monitor the performance of our existing tenants including, but not limited to: admission levels and surgery/procedure volumes by type; current operating margins; ratio of our tenant’s operating margins both to facility rent and to facility rent plus other fixed costs; trends in revenue and patient mix; and the effect of evolving healthcare regulations on tenant’s profitability and liquidity. | ||||||||||
Losses from Operating Lease Receivables: We utilize the information above along with the tenant’s payment and default history in evaluating (on a property-by-property basis) whether or not a provision for losses on outstanding rent receivables is needed. A provision for losses on rent receivables (including straight-line rent receivables) is ultimately recorded when it becomes probable that the receivable will not be collected in full. The provision is an amount which reduces the receivable to its estimated net realizable value based on a determination of the eventual amounts to be collected either from the debtor or from existing collateral, if any. | |||||||||||
Losses on DFL Receivables: Allowances are established for DFLs based upon an estimate of probable losses for the individual DFLs deemed to be impaired. DFLs are impaired when it is deemed probable that we will be unable to collect all amounts due in accordance with the contractual terms of the lease. Like operating lease receivables, the need for an allowance is based upon our assessment of the lessee’s overall financial condition; economic resources and payment record; the prospects for support from any financially responsible guarantors; and, if appropriate, the realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows discounted at the DFL’s effective interest rate, fair value of collateral, and other relevant factors, as appropriate. DFLs are placed on non-accrual status when we determine that the collectability of contractual amounts is not reasonably assured. While on non-accrual status, we generally account for the DFLs on a cash basis, in which income is recognized only upon receipt of cash. | |||||||||||
Loans | Loans: Loans consist of mortgage loans, working capital loans and other long-term loans. Mortgage loans are collateralized by interests in real property. Working capital and other long-term loans are generally collateralized by interests in receivables and corporate and individual guarantees. We record loans at cost. We evaluate the collectability of both interest and principal on a loan-by-loan basis (using the same process as we do for assessing the collectability of rents) to determine whether they are impaired. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of the allowance is calculated by comparing the recorded investment to either the value determined by discounting the expected future cash flows using the loan’s effective interest rate or to the fair value of the collateral if the loan is collateral dependent. When a loan is deemed to be impaired, we generally place the loan on non-accrual status and record interest income only upon receipt of cash. | ||||||||||
Earnings Per Share/Units | Earnings Per Share/Units: Basic earnings per common share/unit is computed by dividing net income applicable to common shares/units by the weighted number of shares/units of common stock/units outstanding during the period. Diluted earnings per common share/units is calculated by including the effect of dilutive securities. | ||||||||||
Our unvested restricted stock/unit awards contain non-forfeitable rights to dividends, and accordingly, these awards are deemed to be participating securities. These participating securities are included in the earnings allocation in computing both basic and diluted earnings per common share/unit. | |||||||||||
Income Taxes | Income Taxes: We conduct our business as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to stockholders at least 90% of our REIT’s ordinary taxable income. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost, unless the Internal Revenue Service (“IRS”) grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. | ||||||||||
Our financial statements include the operations of taxable REIT subsidiaries (“TRS”), including MPT Development Services, Inc. (“MDS”) and MPT Covington TRS, Inc. (“CVT”), along with around 30 others, which are single member LLCs that are disregarded for tax purposes and are reflected in the tax returns of MDS. Our TRS entities are not entitled to a dividends paid deduction and are subject to federal, state, and local income taxes. Our TRS entities are authorized to provide property development, leasing, and management services for third-party owned properties, and they make loans to and/or investments in our lessees. | |||||||||||
With the property acquisitions in Germany and the United Kingdom, we will be subject to income taxes internationally. However, we do not expect to incur any additional income taxes in the United States as such income from our international properties will flow through our REIT income tax returns. For our TRS and international subsidiaries, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in our deferred tax receivables/liabilities that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is reflected in our tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is reflected in our tax provision when such changes occur. | |||||||||||
Stock-Based Compensation | Stock-Based Compensation: We adopted the 2013 Equity Incentive Plan (the “Equity Incentive Plan”) during the second quarter of 2013. Awards of restricted stock, stock options and other equity-based awards with service conditions are amortized to compensation expense over the vesting periods (typically three years), using the straight-line method. Awards of deferred stock units vest when granted and are charged to expense at the date of grant. Awards that contain market conditions are amortized to compensation expense over the derived vesting periods, which correspond to the periods over which we estimate the awards will be earned, which generally range from three to five years, using the straight-line method. Awards with performance conditions are amortized using the straight-line method over the service period in which the performance conditions are measured, adjusted for the probability of achieving the performance conditions. | ||||||||||
Deferred Costs | Deferred Costs: Costs incurred prior to the completion of offerings of stock or debt that directly relate to the offerings are deferred and netted against proceeds received from the offering. External costs incurred in connection with anticipated financings and refinancings of debt are generally capitalized as deferred financing costs in other assets and amortized over the lives of the related debt as an addition to interest expense. For debt with defined principal re-payment terms, the deferred costs are amortized to produce a constant effective yield on the loan (interest method). For debt without defined principal repayment terms, such as revolving credit agreements, the deferred costs are amortized on the straight-line method over the term of the debt. Leasing commissions and other leasing costs directly attributable to tenant leases are capitalized as deferred leasing costs and amortized on the straight-line method over the terms of the related lease agreements. Costs identifiable with loans made to borrowers are recognized as a reduction in interest income over the life of the loan. | ||||||||||
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions: Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity on our consolidated balance sheets. | ||||||||||
Certain of our U.S. subsidiaries will enter into short-term transactions denominated in foreign currency from time to time. Gains or losses resulting from these foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income in the consolidated statements of income. | |||||||||||
Derivative Financial Investments and Hedging Activities | Derivative Financial Investments and Hedging Activities: During our normal course of business, we may use certain types of derivative instruments for the purpose of managing interest rate and/or foreign currency risk. We record our derivative and hedging instruments at fair value on the balance sheet. Changes in the estimated fair value of derivative instruments that are not designated as hedges or that do not meet the criteria for hedge accounting are recognized in earnings. For derivatives designated as cash flow hedges, the change in the estimated fair value of the effective portion of the derivative is recognized in accumulated other comprehensive income (loss), whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. For derivatives designated as fair value hedges, the change in the estimated fair value of the effective portion of the derivatives offsets the change in the estimated fair value of the hedged item, whereas the change in the estimated fair value of the ineffective portion is recognized in earnings. | ||||||||||
To qualify for hedge accounting, we formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedge prior to entering into a derivative transaction. This process includes specific identification of the hedging instrument and the hedge transaction, the nature of the risk being hedged and how the hedging instrument’s effectiveness in hedging the exposure to the hedged transaction’s variability in cash flows attributable to the hedged risk will be assessed. Both at the inception of the hedge and on an ongoing basis, we assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. In addition, for cash flow hedges, we assess whether the underlying forecasted transaction will occur. We discontinue hedge accounting if a derivative is not determined to be highly effective as a hedge or that it is probable that the underlying forecasted transaction will not occur. | |||||||||||
Fair Value Measurement | Fair Value Measurement: We measure and disclose the estimated fair value of financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: | ||||||||||
• | Level 1 — quoted prices for identical instruments in active markets; | ||||||||||
• | Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and | ||||||||||
• | Level 3 — fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | ||||||||||
We measure fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at their estimated fair value on either a recurring or non-recurring basis. When available, we utilize quoted market prices from an independent third party source to determine fair value and classify such items in Level 1. In some instances where a market price is available, but the instrument is in an inactive or over-the-counter market, we consistently apply the dealer (market maker) pricing estimate and classify the asset or liability in Level 2. | |||||||||||
If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, market capitalization rates, etc. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by us include discounted cash flow and Monte Carlo valuation models. We also consider our counterparty’s and own credit risk on derivatives and other liabilities measured at their estimated fair value. | |||||||||||
Fair Value Option Election: For our equity interest in Ernest and related loans (as more fully described in Note 3), we have elected to account for these investments at fair value due to the size of the investments and because we believe this method is more reflective of current values. We have not made a similar election for other equity interest or loans. | |||||||||||
Recent Accounting Developments | Recent Accounting Developments: In 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. We adopted ASU 2014-08 for the quarter ended March 31, 2014. The application of this guidance is prospective from the date of adoption and should result in our not generally having to reflect property disposals as discontinued operations in the future — such as with the La Palma and Bucks property disposals in 2014. | ||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). 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 a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position and results of operations. | |||||||||||
In January 2015, the FASB issued ASU No. 2015-1, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”). ASU 2015-01 eliminates from GAAP the concept of extraordinary items. ASU 2015-01 is effective for fiscal years and interim periods beginning after December 15, 2015. We early adopted ASU 2015-01 as of December 31, 2014; the adoption of ASU 2015-01 did not have a material impact on our consolidated financial position or results of operations. | |||||||||||
Reclassifications | Reclassifications: Certain reclassifications have been made to the condensed consolidated financial statements to conform to the 2014 consolidated financial statement presentation. These reclassifications had no impact on stockholders’ equity or net income. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Carrying Value and Classification of Related Assets and Maximum Exposure to Loss | The carrying value and classification of the related assets and maximum exposure to loss as a result of our involvement with these VIEs are presented below at December 31, 2014 (in thousands): | ||||||||||
VIE | Maximum Loss | Asset Type | Carrying | ||||||||
Type | Exposure(1) | Classification | Amount(2) | ||||||||
Loans, net | $257,208 | Mortgage and other loans | $ | 207,617 | |||||||
Equity investments | $ 53,542 | Other assets | $ | 5,490 | |||||||
-1 | Our maximum loss exposure related to loans with VIEs represents our current aggregate gross carrying value of the loan plus accrued interest and any other related assets (such as rents receivable), less any liabilities. Our maximum loss exposure related to our equity investment in VIEs represent the current carrying values of such investment plus any other related assets (such as rent receivables) less any liabilities. | ||||||||||
-2 | Carrying amount reflects the net book value of our loan or equity interest only in the VIE. | ||||||||||
Weighted Average Useful Lives of Related Real Estate and Other Assets | Depreciation is calculated on the straight-line method over the useful lives of the related real estate and other assets. Our weighted-average useful lives at December 31, 2014 are as follows: | ||||||||||
Buildings and improvements | 37.9 years | ||||||||||
Tenant lease intangibles | 17.9 years | ||||||||||
Leasehold improvements | 22.3 years | ||||||||||
Furniture, equipment and other | 6.5 years |
Real_Estate_and_Loans_Receivab1
Real Estate and Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Assets Acquired | We acquired the following assets: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Assets Acquired | (in thousands) | ||||||||||||||||
Land | $ | 22,569 | $ | 41,473 | $ | 518 | |||||||||||
Building | 241,242 | 439,030 | 8,942 | ||||||||||||||
Intangible lease assets — subject to amortization (weighted average useful life of 18.2 years in 2014, 21.0 years in 2013 and 15.0 years in 2012) | 22,513 | 38,589 | 1,040 | ||||||||||||||
Net investments in direct financing leases | — | 110,580 | 310,000 | ||||||||||||||
Mortgage loans | — | 20,000 | 200,000 | ||||||||||||||
Other loans | 447,664 | 5,250 | 95,690 | ||||||||||||||
Other assets | 33,708 | — | 5,300 | ||||||||||||||
Total assets acquired | $ | 767,696 | $ | 654,922 | $ | 621,490 | |||||||||||
Schedule of Unaudited Supplemental Pro Forma Operating Data | The following unaudited supplemental pro forma operating data is presented for the year ended December 31, 2014 and 2012, as if each acquisition was completed on January 1, 2013 | ||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||
(Unaudited) | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total revenues | $ | 329,258 | $ | 315,780 | |||||||||||||
Net income | 67,150 | 144,545 | |||||||||||||||
Net income per share/unit | $ | 0.38 | $ | 0.84 | |||||||||||||
Summary of Status Update on Current Development Projects | See table below for a status update on our current development projects (in thousands): | ||||||||||||||||
Property | Location | Property Type | Operator | Commitment | Costs Incurred | Estimated | |||||||||||
as of | Completion | ||||||||||||||||
12/31/14 | Date | ||||||||||||||||
UAB Medical West | Hoover, AL | Acute Care Hospital & MOB | Medical West, an | $ | 8,653 | $ | 1,973 | 2Q 2015 | |||||||||
affiliate of UAB | |||||||||||||||||
First Choice ER- Summerwood | Houston, TX | Acute Care Hospital | Adeptus Health | 6,015 | 2,560 | 2Q 2015 | |||||||||||
First Choice ER- Ft. Worth Avondale – Haslet | Ft. Worth, TX | Acute Care Hospital | Adeptus Health | 4,780 | 871 | 2Q 2015 | |||||||||||
First Choice ER- Carrollton | Carrollton, TX | Acute Care Hospital | Adeptus Health | 35,820 | 15,629 | 3Q 2015 | |||||||||||
First Choice ER- Chandler | Chandler, AZ | Acute Care Hospital | Adeptus Health | 5,049 | 895 | 3Q 2015 | |||||||||||
First Choice ER- Converse | Converse, TX | Acute Care Hospital | Adeptus Health | 5,754 | 1,141 | 3Q 2015 | |||||||||||
First Choice ER- Denver 48th | Denver, CO | Acute Care Hospital | Adeptus Health | 5,123 | 44 | 3Q 2015 | |||||||||||
First Choice ER- McKinney | McKinney, TX | Acute Care Hospital | Adeptus Health | 4,750 | 50 | 3Q 2015 | |||||||||||
First Choice Emergency Rooms | Various | Acute Care Hospital | Adeptus Health | 84,423 | — | Various | |||||||||||
$ | 160,367 | $ | 23,163 | ||||||||||||||
Amortization Expense from Existing Lease Intangible Assets | We recorded amortization expense related to intangible lease assets of $7.0 million, $4.0 million, and $3.9 million in 2014, 2013, and 2012, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows: (amounts in thousands) | ||||||||||||||||
For the Year Ended December 31: | |||||||||||||||||
2015 | $ | 6,438 | |||||||||||||||
2016 | 6,397 | ||||||||||||||||
2017 | 6,387 | ||||||||||||||||
2018 | 6,326 | ||||||||||||||||
2019 | 6,271 | ||||||||||||||||
Components of Net Investment in Direct Financing Leases | The components of our net investment in DFLs consisted of the following (dollars in thousands): | ||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | |||||||||||||||||
Minimum lease payments receivable | $ | 1,607,024 | |||||||||||||||
Estimated residual values | 211,888 | ||||||||||||||||
Less unearned income | (1,379,396 | ) | |||||||||||||||
Net investment in direct financing leases | $ | 439,516 | |||||||||||||||
Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms | Minimum rental payments due to us in future periods under operating leases and DFL, which have non-cancelable terms extending beyond one year at December 31, 2014, are as follows: (amounts in thousands) | ||||||||||||||||
Total Under | Total Under | Total | |||||||||||||||
Operating Leases | DFLs | ||||||||||||||||
2015 | $ | 196,864 | $ | 43,386 | $ | 240,250 | |||||||||||
2016 | 198,265 | 44,254 | 242,519 | ||||||||||||||
2017 | 198,807 | 45,139 | 243,946 | ||||||||||||||
2018 | 199,728 | 46,041 | 245,769 | ||||||||||||||
2019 | 199,857 | 46,962 | 246,819 | ||||||||||||||
Thereafter | 1,838,346 | 380,743 | 2,219,089 | ||||||||||||||
$ | 2,831,867 | $ | 606,525 | $ | 3,438,392 | ||||||||||||
Net Investment Under Monroe Facility | As of December 31, 2014 and 2013, our net investment (exclusive of the related real estate) in Monroe was as follows: | ||||||||||||||||
As of | As of | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Loans | $ | — | $ | 31,341 | |||||||||||||
Less: Loan impairment reserve | — | (12,000 | ) | ||||||||||||||
Loans, net | — | 19,341 | |||||||||||||||
Interest, rent and other receivables | — | 20,972 | |||||||||||||||
Net investment | $ | — | $ | 40,313 | |||||||||||||
Summary of Loans | The following is a summary of our loans ($ amounts in thousands): | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Balance | Weighted Average | Balance | Weighted Average | ||||||||||||||
Interest Rate | Interest Rate | ||||||||||||||||
Mortgage loans | $ | 397,594 | 10.5 | % | $ | 388,756 | 10 | % | |||||||||
Acquisition loans | 525,136 | 9.3 | % | 109,655 | 14.7 | % | |||||||||||
Working capital and other loans | 48,031 | 10.4 | % | 51,335 | 10.8 | % | |||||||||||
$ | 970,761 | $ | 549,746 | ||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Summary of Debt | The following is a summary of debt ($ amounts in thousands): | ||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||
Balance | Interest Rate | Balance | Interest Rate | ||||||||||||||
Revolving credit facility | $ | 593,490 | Variable | $ | 105,000 | Variable | |||||||||||
2006 Senior Unsecured Notes | 125,000 | Various | 125,000 | Various | |||||||||||||
2011 Senior Unsecured Notes | 450,000 | 6.875 | % | 450,000 | 6.875 | % | |||||||||||
2012 Senior Unsecured Notes: | |||||||||||||||||
Principal amount | 350,000 | 6.375 | % | 350,000 | 6.375 | % | |||||||||||
Unamortized premium | 2,522 | 2,873 | |||||||||||||||
352,522 | 352,873 | ||||||||||||||||
2013 Senior Unsecured Notes(A) | 241,960 | 5.75 | % | 274,860 | 5.75 | % | |||||||||||
2014 Senior Unsecured Notes | 300,000 | 5.5 | % | — | |||||||||||||
Term loans | 138,682 | Various | 113,948 | Various | |||||||||||||
$ | 2,201,654 | $ | 1,421,681 | ||||||||||||||
Principal Payments Due for Debt | As of December 31, 2014, principal payments due on our debt (which exclude the effects of any discounts or premiums recorded) are as follows: | ||||||||||||||||
2015 | $ | 283 | |||||||||||||||
2016 | 125,298 | ||||||||||||||||
2017 | 320 | ||||||||||||||||
2018 | 606,271 | ||||||||||||||||
2019 | 125,000 | ||||||||||||||||
Thereafter | 1,341,960 | ||||||||||||||||
Total | $ | 2,199,132 | |||||||||||||||
(A) | These notes are Euro-denominated and reflect the exchange rates at December 31, 2014 and 2013, respectively. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Income Tax Expense | From our taxable REIT subsidiaries and our foreign operations (which realized a $7.5 million loss before income taxes in 2014 primarily due to the real estate transfer taxes), we incurred income tax expenses as follows (in thousands): | ||||||||||||
For the years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax (benefit) expense: | |||||||||||||
Domestic | $ | 114 | $ | 358 | $ | (44 | ) | ||||||
Foreign | 225 | 158 | — | ||||||||||
339 | 516 | (44 | ) | ||||||||||
Deferred income tax (benefit) expense | |||||||||||||
Domestic | (23 | ) | 210 | 63 | |||||||||
Foreign | 24 | — | — | ||||||||||
1 | 210 | 63 | |||||||||||
Income tax (benefit) expense | $ | 340 | $ | 726 | $ | 19 | |||||||
Schedule of Deferred Tax Assets and Liablities | At December 31, 2014 and 2013, components of our deferred tax assets and liabilities were as follows (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | — | $ | (2,560 | ) | ||||||||
Unbilled rent | (2,070 | ) | (610 | ) | |||||||||
Partnership investments | (3,468 | ) | — | ||||||||||
Other | (3,759 | ) | (2,313 | ) | |||||||||
Total deferred tax liabilities | $ | (9,297 | ) | $ | (5,483 | ) | |||||||
Deferred tax assets: | |||||||||||||
Loan loss and other reserves | $ | — | $ | 7751 | |||||||||
Operating loss and interest deduction carry forwards | 19,546 | 2,283 | |||||||||||
Property and equipment | 2,373 | — | |||||||||||
Partnership investments | — | 805 | |||||||||||
Other | 3,971 | 2,256 | |||||||||||
Total deferred tax assets | 25,890 | 13,095 | |||||||||||
Valuation allowance | (16,831 | ) | (7,843 | ) | |||||||||
Total net deferred tax assets | $ | 9,059 | $ | 5,252 | |||||||||
Net deferred tax (liability) | $ | (238 | ) | $ | (231 | ) | |||||||
Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes | A reconciliation of the income tax expense at the statutory income tax rate and the effective tax rate for income from continuing operations before income taxes for the years ended December 31, 2014, 2013, and 2012 is as follows (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations (before-tax) | $ | 51,138 | $ | 90,027 | $ | 72,889 | |||||||
Income tax at the US statutory federal rate (35%) | 17,898 | 31,509 | 25,511 | ||||||||||
Rate differential | 1,145 | 2,380 | — | ||||||||||
State income taxes, net of federal benefit | (337 | ) | 271 | (8 | ) | ||||||||
Dividends paid deduction | (27,873 | ) | (33,345 | ) | (25,454 | ) | |||||||
Change in valuation allowance | 8.988 | (697 | ) | — | |||||||||
Other items, net | 519 | 608 | (30 | ) | |||||||||
Total income tax expense | $ | 340 | $ | 726 | $ | 19 | |||||||
Schedule of Per Share Distributions to Stockholders | A schedule of per share distributions we paid and reported to our stockholders is set forth in the following: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Common share distribution | $ | 0.84 | $ | 0.8 | $ | 0.8 | |||||||
Ordinary income | 0.520692 | 0.599384 | 0.601216 | ||||||||||
Capital gains(1) | 0.000276 | 0.04638 | 0.117584 | ||||||||||
Unrecaptured Sec. 1250 gain | 0.000276 | 0.026512 | 0.086976 | ||||||||||
Return of capital | 0.319032 | 0.154236 | 0.0812 | ||||||||||
Allocable to next year | — | — | — | ||||||||||
-1 | Capital gains include unrecaptured Sec. 1250 gains. |
Earnings_Per_ShareUnit_Tables
Earnings Per Share/Unit (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Calculation of Earnings Per Share | Medical Properties Trust, Inc. | ||||||||||||
Our earnings per share were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 50,798 | $ | 89,301 | $ | 72,870 | |||||||
Non-controlling interests’ share in continuing operations | (274 | ) | (224 | ) | (177 | ) | |||||||
Participating securities’ share in earnings | (894 | ) | (729 | ) | (887 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 49,630 | 88,348 | 71,806 | ||||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | (2 | ) | 7,914 | 17,207 | |||||||||
Net income, less participating securities’ share in earnings | $ | 49,628 | $ | 96,262 | $ | 89,013 | |||||||
Denominator: | |||||||||||||
Basic weighted-average common shares | 169,999 | 151,439 | 132,331 | ||||||||||
Dilutive potential common shares | 541 | 1,159 | 2 | ||||||||||
Diluted weighted-average common shares | 170,540 | 152,598 | 132,333 | ||||||||||
MPT Operating Partnership, L.P. | |||||||||||||
Our earnings per unit were calculated based on the following (amounts in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 50,798 | $ | 89,301 | $ | 72,870 | |||||||
Non-controlling interests’ share in continuing operations | (274 | ) | (224 | ) | (177 | ) | |||||||
Participating securities’ share in earnings | (894 | ) | (729 | ) | (887 | ) | |||||||
Income from continuing operations, less participating securities’ share in earnings | 49,630 | 88,348 | 71,806 | ||||||||||
Income (loss) from discontinued operations attributable to MPT Operating Partnership partners | (2 | ) | 7,914 | 17,207 | |||||||||
Net income, less participating securities’ share in earnings | $ | 49,628 | $ | 96,262 | $ | 89,013 | |||||||
Denominator: | |||||||||||||
Basic weighted-average units | 169,999 | 151,439 | 132,331 | ||||||||||
Dilutive potential units | 541 | 1,159 | 2 | ||||||||||
Diluted weighted-average units | 170,540 | 152,598 | 132,333 | ||||||||||
Stock_Awards_Tables
Stock Awards (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Restricted Equity Awards Activity | The following summarizes restricted equity award activity in 2014 and 2013 (which includes awards granted in 2014, 2013, 2012, and any applicable prior years), respectively: | ||||||||||||||||
For the Year Ended December 31, 2014: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 | |||||||||||
Awarded | 424,366 | $ | 12.21 | 903,134 | $ | 7.57 | |||||||||||
Vested | (298,102 | ) | $ | 11.43 | (473,795 | ) | $ | 7.6 | |||||||||
Forfeited | — | $ | — | — | $ | — | |||||||||||
Nonvested awards at end of year | 452,263 | $ | 12.11 | 2,428,518 | $ | 5.81 | |||||||||||
For the Year Ended December 31, 2013: | |||||||||||||||||
Vesting Based | Vesting Based on | ||||||||||||||||
on Service | Market/Performance | ||||||||||||||||
Conditions | |||||||||||||||||
Shares | Weighted Average | Shares | Weighted Average | ||||||||||||||
Value at Award Date | Value at Award Date | ||||||||||||||||
Nonvested awards at beginning of the year | 466,883 | $ | 10.72 | 1,879,889 | $ | 6.48 | |||||||||||
Awarded | 240,425 | $ | 12.26 | 754,255 | $ | 6.13 | |||||||||||
Vested | (381,309 | ) | $ | 11.15 | (386,446 | ) | $ | 8.27 | |||||||||
Forfeited | — | $ | — | (248,519 | ) | $ | 11.03 | ||||||||||
Nonvested awards at end of year | 325,999 | $ | 11.36 | 1,999,179 | $ | 5.44 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Fixed Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms | Fixed minimum payments due under operating leases with non-cancelable terms of more than one year at December 31, 2014 are as follows: (amounts in thousands) | ||||
2015 | $ | 3,415 | |||
2016 | 3,434 | ||||
2017 | 3,443 | ||||
2018 | 3,436 | ||||
2019 | 3,055 | ||||
Thereafter | 84,759 | ||||
$ | 101,542 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Fair Value Information of Financial Instruments | The following table summarizes fair value estimates for our financial instruments (in thousands): | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (Liability) | Book | Fair | Book | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
Interest and rent receivables | $ | 41,137 | $ | 41,005 | $ | 58,565 | $ | 44,415 | |||||||||
Loans(1) | 773,311 | 803,824 | 351,713 | 358,383 | |||||||||||||
Debt, net | (2,201,654 | ) | (2,285,727 | ) | (1,421,681 | ) | (1,486,090 | ) | |||||||||
-1 | Excludes loans related to Ernest Transaction since they are recorded at fair value and discussed below. | ||||||||||||||||
Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis | At December 31, 2014, these amounts were as follows (in thousands): | ||||||||||||||||
Asset (Liability) | Fair | Cost | Asset Type | ||||||||||||||
Value | Classification | ||||||||||||||||
Mortgage loan | $ | 100,000 | $ | 100,000 | Mortgage loans | ||||||||||||
Acquisition loans | 97,450 | 97,450 | Other loans | ||||||||||||||
Equity investment | 3,300 | 3,300 | Other assets | ||||||||||||||
$ | 200,750 | $ | 200,750 | ||||||||||||||
Summary Showing Sensitivity Analysis by Using Basis Point Variations | To illustrate the effect of movements in the DLOM, we performed a sensitivity analysis below by using basis point variations (dollars in thousands): | ||||||||||||||||
Basis Point | Estimated Increase (Decrease) | ||||||||||||||||
Change in | In Fair Value | ||||||||||||||||
Marketability Discount | |||||||||||||||||
+100 basis points | $ | (451 | ) | ||||||||||||||
- 100 basis points | $ | 451 |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | The following table presents the results of discontinued operations, which include the revenue and expenses of facilities disposed of prior to 2014 for the year ended December 31, 2014, 2013, and 2012 (amounts in thousands except per share/unit data) : | ||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenues | $ | — | $ | 988 | $ | 3,470 | |||||||
Gain on sale | — | 7,659 | 16,369 | ||||||||||
Income (loss) from discontinued operations | (2 | ) | 7,914 | 17,207 | |||||||||
Income from discontinued operations — diluted per share/unit | $ | — | $ | 0.05 | $ | 0.13 |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Summary of Other Assets | The following is a summary of our other assets (in thousands): | ||||||||
At December 31, | |||||||||
2014 | 2013 | ||||||||
Debt issue costs, net | $ | 35,324 | $ | 27,180 | |||||
Other corporate assets | 28,197 | 20,337 | |||||||
Prepaids and other assets | 58,584 | 20,356 | |||||||
Total other assets | $ | 122,105 | $ | 67,873 | |||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Medical Properties Trust, Inc. [Member] | |||||||||||||||||
Unaudited Quarterly Financial Information | The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013: (amounts in thousands, except for per share data) | ||||||||||||||||
For the Three Month Periods in 2014 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 73,089 | $ | 76,560 | $ | 80,777 | $ | 82,106 | |||||||||
Income (loss) from continuing operations | 7,309 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Income (loss) from discontinued operations | (2 | ) | — | — | — | ||||||||||||
Net income | 7,307 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Net income attributable to MPT common stockholders | 7,241 | (203 | ) | 28,537 | 14,947 | ||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average shares outstanding — basic | 163,973 | 171,718 | 171,893 | 172,411 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average shares outstanding — diluted | 164,549 | 171,718 | 172,639 | 172,604 | |||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT common stockholders | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT common stockholders per share — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT common stockholders per share — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average shares outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 | |||||||||||||
MPT Operating Partnership, L.P. [Member] | |||||||||||||||||
Unaudited Quarterly Financial Information | The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2014 and 2013: (amounts in thousands, except for per unit data) | ||||||||||||||||
For the Three Month Periods in 2014 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 73,089 | $ | 76,560 | $ | 80,777 | $ | 82,106 | |||||||||
Income (loss) from continuing operations | 7,309 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Income (loss) from discontinued operations | (2 | ) | — | — | — | ||||||||||||
Net income (loss) | 7,307 | (203 | ) | 28,663 | 15,029 | ||||||||||||
Net income attributable to MPT Operating Partnership partners | 7,241 | (203 | ) | 28,537 | 14,948 | ||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average units outstanding — basic | 163,973 | 171,718 | 171,893 | 172,411 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.04 | $ | — | $ | 0.16 | $ | 0.08 | |||||||||
Weighted average units outstanding — diluted | 164,549 | 171,718 | 172,639 | 172,604 | |||||||||||||
For the Three Month Periods in 2013 Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 57,614 | $ | 57,124 | $ | 60,106 | $ | 67,679 | |||||||||
Income from continuing operations | 25,570 | 25,031 | 25,391 | 13,309 | |||||||||||||
Income from discontinued operations | 640 | 2,374 | 312 | 4,588 | |||||||||||||
Net income | 26,210 | 27,405 | 25,703 | 17,897 | |||||||||||||
Net income attributable to MPT Operating Partnership partners | 26,156 | 27,348 | 25,648 | 17,839 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — basic | $ | 0.19 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — basic | 140,347 | 149,509 | 154,758 | 161,143 | |||||||||||||
Net income attributable to MPT Operating Partnership partners per unit — diluted | $ | 0.18 | $ | 0.18 | $ | 0.16 | $ | 0.11 | |||||||||
Weighted average units outstanding — diluted | 141,526 | 151,056 | 155,969 | 161,840 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Y | |||
M | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Equity method investment, ownership percentage | 100.00% | ||
Expected lease-up periods for estimating lost rentals, in months | 6 | ||
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Number of years of federal income tax at corporate rates on failure to qualify as REIT | 4 | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years, maximum | 10 years | ||
Time-Based Awards [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years, maximum | 3 years | ||
Market Conditions Based Awards [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years, maximum | 3 years | ||
Market Conditions Based Awards [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Stock award vesting period in years, maximum | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Carrying Value and Classification of Related Assets and Maximum Exposure to Loss (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Mortgage and other loans [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Amount | $207,617 |
Loans, net [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | 257,208 |
Other assets [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Amount | 5,490 |
Equity investments [Member] | |
Variable Interest Entity [Line Items] | |
Maximum Loss Exposure | $53,542 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Weighted Average Useful Lives of Related Real Estate and Other Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 37 years 10 months 24 days |
Tenant lease intangibles [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 17 years 10 months 24 days |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 22 years 3 months 18 days |
Furniture, equipment and other [Member] | |
Property, Plant and Equipment [Line Items] | |
Weighted average useful lives of related real estate and other assets | 6 years 6 months |
Real_Estate_and_Loans_Receivab2
Real Estate and Loans Receivable - Assets Acquired (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | $767,696 | $654,922 | $621,490 |
Land [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 22,569 | 41,473 | 518 |
Building [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 241,242 | 439,030 | 8,942 |
Intangible lease assets - subject to amortization [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 22,513 | 38,589 | 1,040 |
Net investments in direct financing leases [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 110,580 | 310,000 | |
Other loans [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 447,664 | 5,250 | 95,690 |
Mortgage loans [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | 20,000 | 200,000 | |
Other assets [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Total assets acquired | $33,708 | $5,300 |
Real_Estate_and_Loans_Receivab3
Real Estate and Loans Receivable - Assets Acquired (Parenthetical) (Detail) (Intangible lease assets - subject to amortization [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible lease assets - subject to amortization [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Weighted average useful life of acquired intangible lease assets (in years) | 18 years 2 months 12 days | 21 years | 15 years |
Real_Estate_and_Loans_Receivab4
Real Estate and Loans Receivable - 2014 Activity - Additional Information (Detail) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 15, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 15, 2014 | Dec. 15, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 15, 2014 | Oct. 15, 2014 | Oct. 15, 2014 | Oct. 15, 2014 | Dec. 15, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Dec. 31, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 19, 2014 | Dec. 31, 2014 | Sep. 19, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
USD ($) | USD ($) | USD ($) | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | |
Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Median And Waterland [Member] | Median And Waterland [Member] | Median And Waterland [Member] | Minimum [Member] | Maximum [Member] | Median Transaction [Member] | Median Transaction [Member] | Median Transaction [Member] | Median Transaction [Member] | Median Transaction [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | West Virginia [Member] | West Virginia [Member] | West Virginia [Member] | Germany [Member] | Germany [Member] | Germany [Member] | Germany [Member] | Germany [Member] | Sherman TX [Member] | Sherman TX [Member] | Sherman TX [Member] | Sherman TX [Member] | Sherman TX [Member] | ||||||
USD ($) | Fair value market [Member] | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | Acute Care Hospital [Member] | Rehabilitation Hospital [Member] | Waterland [Member] | Circle Health Ltd. [Member] | Circle Health Ltd. [Member] | Circle Health Ltd. [Member] | Circle Health Ltd. [Member] | Circle Health Ltd. [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | RHM Rehabilitation Facilities [Member] | RHM Rehabilitation Facilities [Member] | Bad Mergentheim [Member] | Bad Tolz [Member] | Bad Liebenstein [Member] | USD ($) | Alecto Healthcare Services [Member] | Alecto Healthcare Services [Member] | Alecto Healthcare Services [Member] | Acute Care Hospital [Member] | |||||||||
State | Facility | Facility | USD ($) | GBP (£) | USD ($) | GBP (£) | Alecto Healthcare Services [Member] | Alecto Healthcare Services [Member] | Alecto Healthcare Services [Member] | USD ($) | EUR (€) | RHM Rehabilitation Facilities [Member] | RHM Rehabilitation Facilities [Member] | RHM Rehabilitation Facilities [Member] | USD ($) | Bed | ||||||||||||||||||||
USD ($) | RenewalOptions | Facility | Facility | Bed | Bed | Bed | ||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase price of acquisition | $881,000,000 | € 705,000,000 | $81,000,000 | € 63,600,000 | $32,500,000 | |||||||||||||||||||||||||||||||
Number of facilities acquired | 2 | 38 | 3 | 3 | ||||||||||||||||||||||||||||||||
Number of states | 11 | 11 | ||||||||||||||||||||||||||||||||||
Acquired percentage of the outstanding equity interest | 5.10% | 94.90% | ||||||||||||||||||||||||||||||||||
Interim acquisition loans aggregate amount | 531,000,000 | 425,000,000 | ||||||||||||||||||||||||||||||||||
Interim acquisition loans advanced | 349,000,000 | |||||||||||||||||||||||||||||||||||
Initial leaseback term | 27 years | 15 years | ||||||||||||||||||||||||||||||||||
Lease annual escalator percentage | 1.00% | 70.00% | ||||||||||||||||||||||||||||||||||
Applicable transfer taxes on purchase price | 3,600,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
Number of beds | 211 | 248 | 271 | 237 | ||||||||||||||||||||||||||||||||
Working capital loan | 7,500,000 | |||||||||||||||||||||||||||||||||||
Ownership interest, percentage | 20.00% | 20.00% | ||||||||||||||||||||||||||||||||||
Acquisition costs | 115,000,000 | 15,000,000 | ||||||||||||||||||||||||||||||||||
Term of lease, years | 15 years | 15 years | ||||||||||||||||||||||||||||||||||
Term of lease extension, years | 3 years | 12 years | 5 years | |||||||||||||||||||||||||||||||||
Number of lease extension options in current lease contract | 3 | |||||||||||||||||||||||||||||||||||
Working capital loan to the tenant | 5,000,000 | |||||||||||||||||||||||||||||||||||
Additional lease period | 5 years | |||||||||||||||||||||||||||||||||||
Additional fund committed to the tenant for capital improvements | 5,000,000 | |||||||||||||||||||||||||||||||||||
Acquired facility, carrying value of sale/leaseback transaction | 48,000,000 | 28,300,000 | ||||||||||||||||||||||||||||||||||
Sale/leaseback transaction, initial term period | 15 years | |||||||||||||||||||||||||||||||||||
Sale/leaseback transaction, additional term period | 15 years | |||||||||||||||||||||||||||||||||||
Percentage change in annual retail price index, floor rate | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||
Percentage change in annual retail price index, cap rate | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||
Acquisition related expenses | $26,389,000 | $19,494,000 | $5,420,000 | $1,900,000 | £ 1,100,000 |
Real_Estate_and_Loans_Receivab5
Real Estate and Loans Receivable - 2013 Activity - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 29, 2013 | Dec. 31, 2014 | Nov. 29, 2013 | Nov. 29, 2013 | Dec. 31, 2014 | Dec. 12, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 18, 2013 | Jul. 18, 2013 | Dec. 31, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 11, 2013 | Dec. 31, 2014 | Jun. 11, 2013 | Sep. 26, 2013 | Dec. 31, 2014 | Sep. 26, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | |
USD ($) | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | Dallas Medical Center [Member] | Dallas Medical Center [Member] | Ernest Health, Inc [Member] | Term Loans [Member] | Corpus Christi Rehabilitation Hospital [Member] | Corpus Christi Rehabilitation Hospital [Member] | Business Acquisitions [Member] | From 2015 through 2017 [Member] | After 2017 [Member] | Maximum [Member] | Minimum [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Acute Care Hospital [Member] | Olympia Medical Center [Member] | ||||
Facility | USD ($) | EUR (€) | USD ($) | Ernest Health, Inc [Member] | USD ($) | Commitment [Member] | USD ($) | RHM Portfolio Acquisition [Member] | RHM Portfolio Acquisition [Member] | Ernest Health, Inc [Member] | Ernest Health, Inc [Member] | Kansas [Member] | Kansas [Member] | Kansas [Member] | Isasis Healthcare LLC [Member] | Isasis Healthcare LLC [Member] | Isasis Healthcare LLC [Member] | Maximum [Member] | Bed | ||||||||
RenewalOptions | USD ($) | USD ($) | USD ($) | RenewalOptions | Facility | USD ($) | Isasis Healthcare LLC [Member] | ||||||||||||||||||||
Facility | Contract | Contract | |||||||||||||||||||||||||
RenewalOptions | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||||||||
Purchase price of acquisition | $237,800,000 | € 175,000,000 | $25,000,000 | $10,500,000 | $500,000 | $281,300,000 | |||||||||||||||||||||
Number of facilities acquired | 11 | 2 | 3 | ||||||||||||||||||||||||
Applicable transfer taxes on purchase price | 9,000,000 | ||||||||||||||||||||||||||
Term of lease, years | 27 years | 10 years | 20 years | 10 years | |||||||||||||||||||||||
Rent escalations percentage | 2.00% | 0.50% | |||||||||||||||||||||||||
Cumulative increases in the German consumer price index | 70.00% | ||||||||||||||||||||||||||
Number of lease extension options in current lease contract | 2 | 2 | 2 | ||||||||||||||||||||||||
Term of lease extension, years | 5 years | 5 years | 3 years | 5 years | |||||||||||||||||||||||
Initial leaseback term | 15 years | ||||||||||||||||||||||||||
Maximum rent increase percent | 5.00% | 2.00% | 2.00% | 2.50% | |||||||||||||||||||||||
Lease renewal option | 5 years | ||||||||||||||||||||||||||
Lease maturity year | 2019 | ||||||||||||||||||||||||||
Extended lease maturity year | 2028 | ||||||||||||||||||||||||||
Loan on property | 5,300,000 | ||||||||||||||||||||||||||
Acquisition costs | 75,000,000 | ||||||||||||||||||||||||||
Mortgage financing | 12,500,000 | 20,000,000 | 203,650,000 | 20,000,000 | |||||||||||||||||||||||
Number of beds | 204 | ||||||||||||||||||||||||||
Revenue contributed by the acquired entity | 13,600,000 | ||||||||||||||||||||||||||
Income contributed by the acquired entity | 67,150,000 | 144,545,000 | 10,600,000 | ||||||||||||||||||||||||
Acquisition related costs | 26,389,000 | 19,494,000 | 5,420,000 | 19,500,000 | |||||||||||||||||||||||
Acquisition-related costs on consummated deals | 18,000,000 | ||||||||||||||||||||||||||
Acquisition related costs - transfer taxes on consummated deals | $12,000,000 |
Real_Estate_and_Loans_Receivab6
Real Estate and Loans Receivable - 2012 Activity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 14, 2012 | Jul. 03, 2012 | Sep. 19, 2012 | Feb. 29, 2012 | |
Property | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
New mortgage loan funded | ($3,650,000) | ||||||
Ownership interest in equity | 100.00% | ||||||
Income contributed by the acquired entity | 67,150,000 | 144,545,000 | |||||
Acquisition related costs | 26,389,000 | 19,494,000 | 5,420,000 | ||||
2012 [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Aggregate purchase price | 200,000,000 | ||||||
Term of lease, years | 20 years | ||||||
Number of lease extension options in current lease contract | 3 | ||||||
Term of lease extension, years | 5 years | ||||||
Percentage of rental rate | 9.00% | ||||||
Loan secured by mortgage interest | 100,000,000 | ||||||
2012 [Member] | Maximum [Member] | Ceiling [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Percentage of rental rate | 5.00% | ||||||
2012 [Member] | Minimum [Member] | Floor Rate [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Percentage of rental rate | 2.00% | ||||||
2012 [Member] | Rehabilitation Hospital [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Number of facilities acquired | 5 | ||||||
2012 [Member] | Business Acquisitions [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Revenue contributed by the acquired entity | 46,300,000 | ||||||
Income contributed by the acquired entity | 46,100,000 | ||||||
Acquisition related costs | 5,400,000 | ||||||
Acquisition-related costs on consummated deals | 5,100,000 | ||||||
2012 [Member] | Ernest Health, Inc [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Combined purchase price and investment amount | 396,500,000 | ||||||
Total investment | 96,500,000 | ||||||
Acquisition loan made | 93,200,000 | ||||||
Preferential rate of return on loan amount | 15.00% | ||||||
Coupon payable in cash in, thereafter | 10.00% | ||||||
Agreement terms | Although there are provisions in the loan agreement that are expected to result in full payment of the 15% preference when funds are sufficient. Any of the 15% in excess of the minimum that is not paid may be accrued, interest compounded, and paid upon the occurrence of a capital or liquidity event and is payable at maturity. The loan may be prepaid without penalty at any time. | ||||||
2012 [Member] | Ernest Health, Inc [Member] | Key Management Personnel [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Capital contribution | 3,300,000 | ||||||
2012 [Member] | Ernest Health, Inc [Member] | Minimum [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Coupon payable in cash, year one | 6.00% | ||||||
Coupon payable in cash, year two | 7.00% | ||||||
2012 [Member] | Acute Care Facility [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Number of facilities acquired | 7 | ||||||
Number of states | 7 | ||||||
Term of lease, years | 15 years | ||||||
Number of lease extension options in current lease contract | 3 | ||||||
Term of lease extension, years | 5 years | ||||||
Number of beds acquired | 40 | ||||||
Business acquisition cost of acquired entity | 10,500,000 | ||||||
Payments to acquire equity method investments | 2,000,000 | ||||||
Ownership interest in equity | 25.00% | ||||||
Working capital loan to the joint venture | 2,500,000 | ||||||
Date of properties acquired | 14-Dec-12 | ||||||
2012 [Member] | Acute Care Facility [Member] | Maximum [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Revolving loan | 2,000,000 | ||||||
2012 [Member] | Prime Health Care Services [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Number of beds at Centinela Hospital Medical Center used to secure loan | 369 | ||||||
Maturity of mortgage loan | 31-Dec-22 | ||||||
2012 [Member] | Prime Health Care Services [Member] | Loans, net [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
New mortgage loan funded | 100,000,000 | ||||||
2012 [Member] | St. Mary's Regional Medical Center [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Number of beds acquired | 380 | ||||||
Business acquisition cost of acquired entity | 80,000,000 | ||||||
2012 [Member] | Roxborough Memorial Hospital [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Significant Acquisitions and Disposals [Line Items] | |||||||
Number of beds acquired | 140 | ||||||
Business acquisition cost of acquired entity | $30,000,000 |
Real_Estate_and_Loans_Receivab7
Real Estate and Loans Receivable - Schedule of Unaudited Supplemental Pro Forma Operating Data (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Total revenues | $329,258 | $315,780 |
Net income | $67,150 | $144,545 |
Net income per share/unit | $0.38 | $0.84 |
Real_Estate_and_Loans_Receivab8
Real Estate and Loans Receivable - Development Activities - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended |
Aug. 15, 2014 | Dec. 31, 2014 | Jul. 29, 2014 | |
RenewalOptions | |||
Significant Acquisitions and Disposals [Line Items] | |||
Current development project | $160,367,000 | ||
Healthcare [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Term of lease, years | 15 years | ||
Number of lease extension options in current lease contract | 4 | ||
Term of lease extension, years | 5 years | ||
Agreement amount related to acquisition | 8,700,000 | ||
Development Activities [Member] | Oakleaf Surgical Hospital [Member] | Acute Care Hospital [Member] | Altoona, WI [Member] | National Surgical Hospitals [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Current development project | 30,500,000 | ||
Term of lease, years | 15 years | ||
Number of lease extension options in current lease contract | 2 | ||
Term of lease extension, years | 5 years | ||
Development Activities [Member] | Northern Utah Rehabilitation Hospital [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Estimated total development cost | 19,000,000 | ||
Development Activities [Member] | First Choice [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Estimated total development cost | 83,000,000 | ||
Number of facilities leased | 17 | ||
Number of facilities under construction | 1 | ||
Development Activities [Member] | First Choice [Member] | Minimum [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Percentage increase in consumer price index | 2.00% | ||
Development Activities [Member] | Adeptus Health [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Business acquisition, cost of acquired entity | 150,000,000 | ||
Sale/leaseback transaction, initial term period | 15 years | ||
Sale/leaseback transaction, additional term period | 5 years |
Real_Estate_and_Loans_Receivab9
Real Estate and Loans Receivable - Summary of Status Update on Current Development Projects (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Business Acquisition [Line Items] | |
Commitment | $160,367 |
Costs Incurred as of 12/31/2014 | 23,163 |
UAB Medical West [Member] | Hoover AL [Member] | Acute Care Hospital And MOB [Member] | Medical West, an Affiliate of UAB [Member] | |
Business Acquisition [Line Items] | |
Commitment | 8,653 |
Costs Incurred as of 12/31/2014 | 1,973 |
Estimated Completion Date | 2Q 2015 |
First Choice ER- Summerwood [Member] | Houston, TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 6,015 |
Costs Incurred as of 12/31/2014 | 2,560 |
Estimated Completion Date | 2Q 2015 |
First Choice ER- Ft. Worth Avondale - Haslet [Member] | Ft Worth TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 4,780 |
Costs Incurred as of 12/31/2014 | 871 |
Estimated Completion Date | 2Q 2015 |
First Choice ER- Carrollton [Member] | Carrollton TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 35,820 |
Costs Incurred as of 12/31/2014 | 15,629 |
Estimated Completion Date | 3Q 2015 |
First Choice ER- Chandler [Member] | Chandler AZ [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 5,049 |
Costs Incurred as of 12/31/2014 | 895 |
Estimated Completion Date | 3Q 2015 |
First Choice ER- Converse [Member] | Converse TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 5,754 |
Costs Incurred as of 12/31/2014 | 1,141 |
Estimated Completion Date | 3Q 2015 |
First Choice ER- Denver 48th [Member] | Denver, CO [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 5,123 |
Costs Incurred as of 12/31/2014 | 44 |
Estimated Completion Date | 3Q 2015 |
First Choice ER- McKinney [Member] | McKinney TX [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | 4,750 |
Costs Incurred as of 12/31/2014 | 50 |
Estimated Completion Date | 3Q 2015 |
First Choice Emergency Rooms [Member] | Various [Member] | Acute Care Hospital [Member] | Adeptus Health [Member] | |
Business Acquisition [Line Items] | |
Commitment | $84,423 |
Estimated Completion Date | Various |
Recovered_Sheet1
Real Estate and Loans Receivable - Disposals - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 20-May-14 | Sep. 30, 2012 | Nov. 27, 2013 | Apr. 17, 2013 | Sep. 28, 2012 | Oct. 22, 2012 | Dec. 31, 2012 | Aug. 21, 2012 | Jun. 15, 2012 | Dec. 27, 2012 | |
Hospital | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | $34,649,000 | $32,409,000 | $71,202,000 | ||||||||||
Disposals [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 42,000,000 | ||||||||||||
Acquisition costs | 35,000,000 | ||||||||||||
Real estate impairment charge | 3,100,000 | ||||||||||||
Disposals [Member] | San Antonio, TX [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 14,000,000 | ||||||||||||
Gain (loss) on sale of real estate | 5,600,000 | ||||||||||||
Disposals [Member] | Summit Hospital of Southeast Arizona and Summit Hospital of Southeast Texas [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 18,500,000 | ||||||||||||
Gain (loss) on sale of real estate | 2,100,000 | ||||||||||||
Number of hospitals sold | 2 | ||||||||||||
Disposals [Member] | Thornton CO [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Gain (loss) on sale of real estate | 8,400,000 | ||||||||||||
Straight-line rent write-off | 1,600,000 | ||||||||||||
Disposals [Member] | New Bedford [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Gain (loss) on sale of real estate | 7,200,000 | ||||||||||||
Straight-line rent write-off | 4,100,000 | ||||||||||||
Disposals [Member] | Denham Springs LTACH [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 5,200,000 | ||||||||||||
Gain (loss) on sale of real estate | 300,000 | ||||||||||||
Disposals [Member] | HealthSouth Rehabilitation Hospital of Fayetteville [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 16,000,000 | ||||||||||||
Gain (loss) on sale of real estate | 1,400,000 | ||||||||||||
Disposals [Member] | Huntington Beach facility [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 12,500,000 | ||||||||||||
Gain (loss) on sale of real estate | 1,900,000 | ||||||||||||
Straight-line rent write-off | 700,000 | ||||||||||||
Disposals [Member] | La Palma Facility [Member] | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||
Proceeds from sale of real estate | 12,500,000 | ||||||||||||
Gain (loss) on sale of real estate | 2,900,000 | ||||||||||||
Straight-line rent write-off | $1,300,000 |
Recovered_Sheet2
Real Estate and Loans Receivable - Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Acquisitions and Disposals [Line Items] | |||
Intangible lease assets | $108,885,000 | $90,490,000 | |
Intangible Assets [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Intangible lease assets | 108,900,000 | 90,500,000 | |
Accumulated amortization, net | 87,700,000 | 74,900,000 | |
Amortization expense related to intangible lease assets | $7,000,000 | $4,000,000 | $3,900,000 |
Capitalized lease intangibles, weighted average life (in years) | 17 years 10 months 24 days |
Recovered_Sheet3
Real Estate and Loans Receivable - Amortization Expense from Existing Lease Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | |
2015 | $6,438 |
2016 | 6,397 |
2017 | 6,387 |
2018 | 6,326 |
2019 | $6,271 |
Recovered_Sheet4
Real Estate and Loans Receivable - Leasing Operations - Additional Information (Detail) | 0 Months Ended | 12 Months Ended |
Jul. 03, 2012 | Dec. 31, 2014 | |
Ernest Health, Inc [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Number of direct financing leases | 14 | |
Prime Facilities [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Number of direct financing leases | 5 | |
Prime Health Care Services [Member] | Leasing Operations [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Master lease term | 10 years | |
Master lease agreements, number of renewal options | 2 | |
Master lease, optional lease term | 5 years | |
Lease escalation percentage | 100.00% |
Recovered_Sheet5
Real Estate and Loans Receivable - Components of Net Investment in Direct Financing Leases (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ||
Minimum lease payments receivable | $1,607,024 | |
Estimated residual values | 211,888 | |
Less unearned income | -1,379,396 | |
Net investment in direct financing leases | $439,516 | $431,024 |
Recovered_Sheet6
Real Estate and Loans Receivable - Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases User Charges And Commitments [Line Items] | |
2015 | $3,415 |
2016 | 3,434 |
2017 | 3,443 |
2018 | 3,436 |
2019 | 3,055 |
Thereafter | 84,759 |
Minimum rental payments, total | 101,542 |
Minimum Rental Payments [Member] | |
Leases User Charges And Commitments [Line Items] | |
2015 | 240,250 |
2016 | 242,519 |
2017 | 243,946 |
2018 | 245,769 |
2019 | 246,819 |
Thereafter | 219,089 |
Minimum rental payments, total | 3,438,392 |
Minimum Rental Payments [Member] | Operating Leases [Member] | |
Leases User Charges And Commitments [Line Items] | |
2015 | 196,864 |
2016 | 198,265 |
2017 | 198,807 |
2018 | 199,728 |
2019 | 199,857 |
Thereafter | 1,838,346 |
Minimum rental payments, total | 2,831,867 |
Minimum Rental Payments [Member] | Direct Financing Leases [Member] | |
Leases User Charges And Commitments [Line Items] | |
2015 | 43,386 |
2016 | 44,254 |
2017 | 45,139 |
2018 | 46,041 |
2019 | 46,962 |
Thereafter | 380,743 |
Minimum rental payments, total | $606,525 |
Real_Estate_and_Lending_Activi
Real Estate and Lending Activities - Net Investment Under Monroe Facility (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ||
Loans | $31,341 | |
Less: Loan impairment reserve | -12,000 | |
Loans, net | 19,341 | |
Interest, rent and other receivables | 20,972 | |
Net investment | $40,313 |
Recovered_Sheet7
Real Estate and Loans Receivable - Monroe Facility - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Significant Acquisitions and Disposals [Line Items] | |
Impairment charges | $50,128,000 |
Monroe Properties [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Impairment charges | 47,000,000 |
Lease inducements to tenants | 5,000,000 |
Amount paid in settlement of bankruptcy claims | 2,500,000 |
Net investment | $36,000,000 |
Recovered_Sheet8
Real Estate and Loans Receivable - Florence Facility - Additional Information (Detail) (Florence acute care facility [Member], USD $) | Mar. 06, 2013 | Dec. 31, 2014 |
Significant Acquisitions and Disposals [Line Items] | ||
Business acquisition cost of acquired entity | $27,400,000 | |
Outstanding rent receivables | 1,000,000 | |
Letter of Credit [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Letter of credit outstanding | $1,200,000 |
Real_Estate_and_Lending_Activi1
Real Estate and Lending Activities - Gilbert Facility - Additional Information (Detail) (Gilbert, AZ [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2014 | |
Gilbert, AZ [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Amortization of the related lease intangible asset | $1,000,000 | |
Outstanding rent receivables | 0 | |
Straight line rent receivables write-off | 1,100,000 | |
Real estate investment | $14,100,000 |
Recovered_Sheet9
Real Estate and Loans Receivable - Summary of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans [Line Items] | ||
Loans, Balance | $970,761 | $549,746 |
Mortgage loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | 397,594 | 388,756 |
Loans, Weighted Average Interest Rate | 10.50% | 10.00% |
Working capital and other loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | 48,031 | 51,335 |
Loans, Weighted Average Interest Rate | 10.40% | 10.80% |
Acquisition loans [Member] | ||
Loans [Line Items] | ||
Loans, Balance | $525,136 | $109,655 |
Loans, Weighted Average Interest Rate | 9.30% | 14.70% |
Recovered_Sheet10
Real Estate and Loans Receivable - Loans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Mar. 01, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2012 | Dec. 31, 2011 | |
Significant Acquisitions and Disposals [Line Items] | ||||||
Existing mortgage loan | $397,500,000 | $388,650,000 | $368,650,000 | $165,000,000 | ||
Amount of convertible note converted into equity interest | 1,600,000 | |||||
Convertible note | 5,000,000 | 5,000,000 | ||||
Percentage of equity shares from convertible debt | 9.90% | 15.10% | ||||
Remaining convertible debt after conversion of part of debt | 3,400,000 | |||||
Ernest Transaction and Other Acquisitions [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Existing mortgage loan | 97,500,000 | |||||
Median Transaction [Member] | ||||||
Significant Acquisitions and Disposals [Line Items] | ||||||
Existing mortgage loan | $422,500,000 |
Recovered_Sheet11
Real Estate and Loans Receivable - Concentration of Credit Risks and Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Revenues | $82,106,000 | $80,777,000 | $76,560,000 | $73,089,000 | $67,679,000 | $60,106,000 | $57,124,000 | $57,614,000 | $312,532,000 | $242,523,000 | $198,125,000 |
European [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Revenues | 26,000,000 | 1,800,000 | |||||||||
Related Party Transactions [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Lease and interest revenue earned from tenants | $101,800,000 | $70,000,000 | $54,300,000 | ||||||||
Concentration of Credit Risks [Member] | Median Transaction [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of total assets accounted | 11.30% | ||||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Ernest Health, Inc [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 18.30% | 20.20% | |||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Prime Health Care Services [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 26.90% | 32.00% | |||||||||
Assets, Total [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Number of investment in property | 0 | 0 | |||||||||
Maximum percentage of entity's total assets invested on single property | 4.00% | 4.00% | |||||||||
Assets, Total [Member] | Customer Concentration Risk [Member] | Ernest Health, Inc [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 13.00% | 15.90% | |||||||||
Assets, Total [Member] | Customer Concentration Risk [Member] | Prime Health Care Services [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 20.00% | 24.50% | |||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | California [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 14.60% | 18.70% | |||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | Texas [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 20.20% | 22.70% | |||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | European [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 20.00% | 9.00% | |||||||||
Assets, Total [Member] | Geographic Concentration Risk [Member] | United States | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Percentage of entity revenue from affiliates | 80.00% |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2014 |
Debt Instrument [Line Items] | |||
Principal amount | $2,199,132 | ||
Debt | 2,201,654 | 1,421,681 | |
2011 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, interest rate | 6.88% | 6.88% | |
Debt | 450,000 | 450,000 | |
Revolving credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | Variable | Variable | |
Debt | 593,490 | 105,000 | |
2006 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | Various | Various | |
Debt | 125,000 | 125,000 | |
2012 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, interest rate | 6.38% | 6.38% | |
Principal amount | 350,000 | 350,000 | |
Unamortized premium | 2,522 | 2,873 | |
Debt | 352,522 | 352,873 | |
2013 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, interest rate | 5.75% | 5.75% | |
Debt | 241,960 | 274,860 | |
2014 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, interest rate | 5.50% | 5.50% | |
Debt | 300,000 | ||
Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | Various | Various | |
Debt | $138,682 | $113,948 |
Debt_Principal_Payments_Due_fo
Debt - Principal Payments Due for Debt (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $283 |
2016 | 125,298 |
2017 | 320 |
2018 | 606,271 |
2019 | 125,000 |
Thereafter | 1,341,960 |
Total | $2,199,132 |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
Jun. 19, 2014 | Dec. 31, 2014 | Oct. 17, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Aggregate commited size of credit facility | $215,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of senior unsecured credit facility paid off | 900,000,000 | ||||
Accordion to existing credit facility | 250,000,000 | ||||
Aggregate commited size of credit facility | 1,150,000,000 | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Accordion to existing credit facility | 400,000,000 | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of senior unsecured debt | 775,000,000 | ||||
Credit facilities, amount outstanding | 593,500,000 | 105,000,000 | |||
Refinancing charge | 300,000 | ||||
Aggregate commited size of credit facility | 432,000,000 | ||||
Debt instrument, basis spread of interest rate | 0.40% | ||||
Credit facilities, percentage of commitment fee on unused capacity | 0.30% | ||||
Credit facilities, weighted average interest rate | 2.90% | 3.20% | |||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.50% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Euro Dollar Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.00% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.40% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, amount outstanding | 400,000,000 | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facilities, amount outstanding | 100,000,000 | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.50% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Euro Dollar Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.00% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 0.70% | ||||
Credit facilities, percentage of commitment fee on unused capacity | 0.25% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Minimum [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.70% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 1.25% | ||||
Credit facilities, percentage of commitment fee on unused capacity | 0.35% | ||||
Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Revolving Credit Facility Matures in June 2018 [Member] | Maximum [Member] | London Interbank Offered Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread of interest rate | 2.25% | ||||
Revolving Credit Facility [Member] | Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount of senior unsecured credit facility paid off | 250,000,000 | ||||
Amount of senior unsecured debt | $125,000,000 |
Debt_2014_Senior_Unsecured_Not
Debt - 2014 Senior Unsecured Notes - Additional Information (Detail) (2014 Senior Unsecured Notes [Member], USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Apr. 17, 2014 | Dec. 31, 2014 | Apr. 17, 2014 |
2014 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, value of offering | $300 | $300 | |
Senior notes frequency of periodic payment | Semi-annually | ||
Senior unsecured notes, interest rate | 5.50% | 5.50% | 5.50% |
Debt instrument, maturity date | 1-May-14 | ||
Senior notes, earliest redemption date | 1-May-19 | ||
Senior unsecured notes, redemption percentage on principal amount | 35.00% | ||
Senior unsecured notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt_2013_Senior_Unsecured_Not
Debt - 2013 Senior Unsecured Notes - Additional Information (Detail) (2013 Senior Unsecured Notes [Member], EUR €) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 10, 2013 |
2013 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes, value of offering | € 200 | ||
Senior unsecured notes, interest rate | 5.75% | 5.75% | |
Senior notes frequency of periodic payment | Semi-annually | ||
Debt instrument, maturity date | 1-Oct-20 | ||
Senior notes, earliest redemption date | 1-Oct-16 | ||
Senior unsecured notes, redemption percentage on principal amount | 35.00% | ||
Senior unsecured notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt_2012_Senior_Unsecured_Not
Debt - 2012 Senior Unsecured Notes - Additional Information (Detail) (2012 Senior Unsecured Notes [Member], USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 20, 2013 | Feb. 17, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 20, 2013 | Feb. 17, 2012 |
2012 Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured notes, value of offering | $150 | $200 | $150 | $200 | ||
Senior unsecured notes, interest rate | 6.38% | 6.38% | ||||
Debt instrument, maturity date | 15-Feb-22 | |||||
Senior notes frequency of periodic payment | Semi-annually | |||||
Net proceeds, after underwriting discount | $150.40 | $196.50 | ||||
Senior notes, earliest redemption date | 15-Feb-17 | |||||
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% | |||||
Debt instrument redemption price | 102.00% | |||||
Debt instrument effective rate | 6.00% |
Debt_2011_Senior_Unsecured_Not
Debt - 2011 Senior Unsecured Notes - Additional Information (Detail) (2011 Senior Unsecured Notes [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 26, 2011 |
2011 Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $450 | ||
Senior unsecured notes, interest rate | 6.88% | 6.88% | |
Debt instrument, maturity date | 1-May-21 | ||
Senior notes frequency of periodic payment | Semi-annually | ||
Senior notes, earliest redemption date | 1-May-16 | ||
Senior notes, repurchase price percentage on principal amount plus accrued and unpaid interest | 101.00% |
Debt_2006_Senior_Unsecured_Not
Debt - 2006 Senior Unsecured Notes - Additional Information (Detail) (2006 Senior Unsecured Notes [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2006 |
Debt Instrument [Line Items] | ||
Senior unsecured notes, value of offering | $125 | |
Credit facilities, periodic payments of interest | $65 | |
Senior notes frequency of periodic payment | Quarterly | |
Unsecured senior notes, year of maturity | 2016-07 | |
London Interbank Offered Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread of interest rate | 2.30% |
Debt_Interest_Rate_Swap_Additi
Debt - Interest Rate Swap - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Oct. 31, 2011 | |
Interest Rate Contract [Member] | |||||
Debt Instrument [Line Items] | |||||
Fair value of the interest rate swaps | 6,000,000 | $9,000,000 | |||
Interest Rate Contract One [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate of interest rate derivative instrument | 5.51% | ||||
Maturity date of interest rate swap | Jul-16 | ||||
Interest Rate Contract Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date of interest rate swap | Oct-16 | ||||
Interest rate swap, amount fixed | 60,000,000 | ||||
Interest rate of derivative instrument | 5.68% | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Hedge ineffectiveness and income statement effect in period | 0 | 0 | 0 | ||
Other assets, collateral | 3,300,000 | 5,000,000 | |||
2006 Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Portion of debt instrument face amount | $65,000,000 |
Debt_Term_Loans_Additional_Inf
Debt - Term Loans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Feb. 14, 2011 | Dec. 31, 2013 |
2014 Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Paid off term loan | $125 | |||
Debt instrument maturity date | 30-Jun-19 | |||
Interest rate at end of period | 1.82% | 2.43% | ||
2014 Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 0.60% | |||
2014 Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 1.20% | |||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 1.65% | |||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 1.60% | |||
2014 Term Loan [Member] | London Interbank Offered Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 2.20% | |||
2014 Term Loan [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 0.50% | 0.50% | ||
2014 Term Loan [Member] | Eurodollar Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 1.00% | 1.00% | ||
2014 Term Loan [Member] | Initial Spread [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread of interest rate | 0.65% | |||
Mortgages [Member] | Northland Ltach Hospital [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | 1-Jan-18 | |||
Liabilities acquired | 14.6 | |||
Amortization period | 30 years | |||
Interest rate | 6.20% | |||
Debt instrument earliest prepayment date | 1-Jan-13 | |||
Collateralized real estate property | 17.5 | 18 | ||
Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face amount | 13.7 |
Debt_Other_Commitments_Additio
Debt - Other Commitments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
Unsecured interim bridge loan facility | $215 |
Fees incurred on available but unused facility | $1.40 |
Debt_Covenants_Additional_Info
Debt - Covenants - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Percentage of dividends which could be paid from adjusted operating funds | 95.00% |
Percentage of dividends which could be paid from operation funds | 95.00% |
Maximum percentage of total unencumbered assets | 150.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Percentage of ordinary taxable income to be distributed for real estate investment trust qualification | 90.00% | 90.00% | 90.00% |
Percentage of taxable income to be distributed for federal income tax assumption | 100.00% | ||
Amount of foreign loss before income taxes | $7.50 | $12.90 | |
Amount of domestic loss before income taxes | 20.9 | 7.6 | 0.1 |
U.S federal NOLs | 50.7 | ||
U.S. state NOLs | 121.8 | ||
Foreign NOLs | 6.7 | ||
U.S. federal and state NOLs, expiration period | 2021 through 2034 | ||
U.S federal alternative minimum tax credits carry forward | 0.1 | ||
Increased Valuation Allowances [Member] | |||
Income Taxes [Line Items] | |||
Acquisition-related costs on consummated deals | $8.90 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income tax (benefit) expense: | |||
Domestic | $114 | $358 | ($44) |
Foreign | 225 | 158 | |
Total income tax expense | 339 | 516 | -44 |
Deferred income tax (benefit) expense | |||
Domestic | -23 | 210 | 63 |
Foreign | 24 | ||
Total income tax expense | 1 | 210 | 63 |
Income tax (benefit) expense | $340 | $726 | $19 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ||
Property and equipment | ($2,560) | |
Unbilled rent | -2,070 | -610 |
Partnership investments | -3,468 | |
Other | -3,759 | -2,313 |
Total deferred tax liabilities | -9,297 | -5,483 |
Deferred tax assets: | ||
Loan loss and other reserves | 7,751 | |
Operating loss and interest deduction carry forwards | 19,546 | 2,283 |
Property and equipment | 2,373 | |
Partnership investments | 805 | |
Other | 3,971 | 2,256 |
Total deferred tax assets | 25,890 | 13,095 |
Valuation allowance | -16,831 | -7,843 |
Total net deferred tax assets | 9,059 | 5,252 |
Net deferred tax (liability) | ($238) | ($231) |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income from continuing operations (before-tax) | $51,138,000 | $90,027,000 | $72,889,000 |
Income tax at the US statutory federal rate (35%) | 17,898,000 | 31,509,000 | 25,511,000 |
Rate differential | 1,145,000 | 2,380,000 | |
State income taxes, net of federal benefit | -337,000 | 271,000 | -8,000 |
Dividends paid deduction | -27,873,000 | -33,345,000 | -25,454,000 |
Change in valuation allowance | 8,988 | -697,000 | |
Other items, net | 519,000 | 608,000 | -30,000 |
Total income tax expense | $340,000 | $726,000 | $19,000 |
Income_Taxes_Summary_of_Reconc1
Income Taxes - Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax at the US statutory federal rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Schedule_of_Per_S
Income Taxes - Schedule of Per Share Distributions to Stockholders (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Common share distribution | $0.84 | $0.80 | $0.80 |
Ordinary income | $0.52 | $0.60 | $0.60 |
Capital gains | $0.00 | $0.05 | $0.12 |
Unrecaptured Sec. 1250 gain | $0.00 | $0.03 | $0.09 |
Return of capital | $0.32 | $0.15 | $0.08 |
Allocable to next year | $0 | $0 | $0 |
Earnings_Per_ShareUnit_Calcula
Earnings Per Share/Unit - Calculation of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | $15,029 | $28,663 | ($203) | $7,309 | $13,309 | $25,391 | $25,031 | $25,570 | $50,798 | $89,301 | $72,870 |
Non-controlling interests' share in continuing operations | -274 | -224 | -177 | ||||||||
Participating securities' share in earnings | -894 | -729 | -887 | ||||||||
Income from continuing operations, less participating securities' share in earnings | 49,630 | 88,348 | 71,806 | ||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | -2 | 7,914 | 17,207 | ||||||||
Net income, less participating securities' share in earnings | 49,628 | 96,262 | 89,013 | ||||||||
Basic weighted-average common shares | 172,411 | 171,893 | 171,718 | 163,973 | 161,143 | 154,758 | 149,509 | 140,347 | 169,999 | 151,439 | 132,331 |
Dilutive potential common shares | 541 | 1,159 | 2 | ||||||||
Diluted weighted-average common shares | 172,604 | 172,639 | 171,718 | 164,549 | 161,840 | 155,969 | 151,056 | 141,526 | 170,540 | 152,598 | 132,333 |
MPT Operating Partnership, L.P. [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Income from continuing operations | 15,029 | 28,663 | -203 | 7,309 | 13,309 | 25,391 | 25,031 | 25,570 | 50,798 | 89,301 | 72,870 |
Non-controlling interests' share in continuing operations | -274 | -224 | -177 | ||||||||
Participating securities' share in earnings | -894 | -729 | -887 | ||||||||
Income from continuing operations, less participating securities' share in earnings | 49,630 | 88,348 | 71,806 | ||||||||
Income (loss) from discontinued operations attributable to MPT common stockholders | -2 | 7,914 | 17,207 | ||||||||
Net income, less participating securities' share in earnings | $49,628 | $96,262 | $89,013 | ||||||||
Basic weighted-average common shares | 172,411 | 171,893 | 171,718 | 163,973 | 161,143 | 154,758 | 149,509 | 140,347 | 169,999 | 151,439 | 132,331 |
Dilutive potential common shares | 541 | 1,159 | 2 | ||||||||
Diluted weighted-average common shares | 172,604 | 172,639 | 171,718 | 164,549 | 161,840 | 155,969 | 151,056 | 141,526 | 170,540 | 152,598 | 132,333 |
Earnings_Per_ShareUnit_Additio
Earnings Per Share/Unit - Additional Information (Detail) (Stock Options [Member]) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Stock Options [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Options excluded from earnings per share/unit | 0.1 |
Stock_Awards_Additional_Inform
Stock Awards - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options outstanding | 0 | ||
Number of stock options exercisable | 0 | ||
Stock options exercised | 20,000 | ||
Stock options granted | 0 | 0 | 0 |
Number of performance awards earned and vested | 108,261 | ||
Number of performance awards to be earned | 776,562 | ||
Stock-based compensation expense | $9.20 | $8.80 | $7.60 |
Stock-based compensation expense, unrecognized cost | 12.4 | ||
Stock-based compensation expense, unrecognized cost, reorganization period (in years) | 2 years 4 months 24 days | ||
Restricted equity awards, fair value | $10.20 | $9.20 | $9.20 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance award vesting period in years | 10 years | ||
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved shares of common stock for awards under the Equity Incentive Plan | 7,643,651 | ||
Common stock remaining for future stock awards transferred to the equity incentive plan | 6,316,151 | ||
Maximum number of shares of common stock that may be awarded | 5,000,000 | ||
Service-Based Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award required service period (in years) | 5 years | ||
Service-Based Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award required service period (in years) | 3 years | ||
40% of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 40.00% | ||
Stock-based awards expiration date | 31-Dec-18 | ||
Share based payment award, weighted average risk-free rate of return | 1.70% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 27.00% | ||
Percentage of shareholder return annually | 9.00% | ||
Percentage of shareholder return annually achieving period (in years) | 3 | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 3 years | ||
30% of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 27.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.80% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 30.00% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
30% of 2014 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2016, 2017 | ||
30% of 2014 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 35.00% | ||
30% of 2014 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 27.00% | ||
Remaining % of 2014 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 27.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.80% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2014 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2016, 2017 and 2018 | ||
27% of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance award vesting period in years | 2 years | ||
Share based payment award, expected volatility rate | 27.00% | ||
Stock-based awards expiration date | 31-Dec-17 | ||
Share based payment award, weighted average risk-free rate of return | 0.72% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 27.00% | ||
Percentage of shareholder return annually | 8.50% | ||
Percentage of shareholder return annually achieving period (in years) | 3 | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 3 years | ||
Number of shares sold under performance awards | 0 | ||
36% of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 28.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.38% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Percentage of performance award grant in period | 36.00% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
36% of 2013 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ||
36% of 2013 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 33.50% | ||
36% of 2013 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 25.50% | ||
Remaining % of 2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 28.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.38% | ||
Common stock options awarded, dividend yield | 8.00% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2013 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on December 31, 2015, 2016 and 2017 | ||
30% of 2012 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 34.00% | ||
Stock-based awards expiration date | 31-Dec-16 | ||
Share based payment award, weighted average risk-free rate of return | 0.93% | ||
Common stock options awarded, dividend yield | 8.60% | ||
Percentage of performance award grant in period | 30.00% | ||
Percentage of shareholder return annually | 9.00% | ||
Percentage of shareholder return annually achieving period (in years) | 3 | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 4 years | ||
35% of 2012 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 35.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.43% | ||
Common stock options awarded, dividend yield | 8.60% | ||
Percentage of performance award grant in period | 35.00% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
35% of 2012 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on January 1, 2015, 2016 and 2017 | ||
35% of 2012 Performance Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 35.00% | ||
35% of 2012 Performance Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shareholder return to be earned | 27.00% | ||
Remaining % of 2012 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based payment award, expected volatility rate | 35.00% | ||
Share based payment award, weighted average risk-free rate of return | 0.43% | ||
Common stock options awarded, dividend yield | 8.60% | ||
Share-based compensation arrangement by share based payment award, expected term (in years) | 5 years | ||
Percentage of performance award to be earned of shareholder return reaches shareholder limit | 100.00% | ||
Percentage of shareholder return to be earned | 6.00% | ||
Remaining % of 2012 Performance Awards [Member] | If any shares are earned from this award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation award vesting rights | Vest in equal annual amounts on January 1, 2015, 2016 and 2017 | ||
2013 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance awards earned and vested | 80,293 | 68,086 | |
Number of performance awards to be earned | 624,187 | ||
2012 Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance awards earned and vested | 84,190 | 84,188 | 84,188 |
Number of performance awards to be earned | 641,476 | ||
Number of performance awards forfeited | 2,599 | 5,718 |
Stock_Awards_Restricted_Equity
Stock Awards - Restricted Equity Awards Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Vesting Based on Service [Member] | ||
Employee Restricted Equity Awards Vesting Activity [Line Items] | ||
Nonvested awards at beginning of the year, Shares | 325,999 | 466,883 |
Awarded, Shares | 424,366 | 240,425 |
Vested, Shares | -298,102 | -381,309 |
Nonvested awards at end of year, Shares | 452,263 | 325,999 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $11.36 | $10.72 |
Awarded, Weighted Average Value at Award Date | $12.21 | $12.26 |
Vested, Weighted Average Value at Award Date | $11.43 | $11.15 |
Nonvested awards at end of year, Weighted Average Value at Award Date | $12.11 | $11.36 |
Vesting Based on Market/Performance Conditions [Member] | ||
Employee Restricted Equity Awards Vesting Activity [Line Items] | ||
Nonvested awards at beginning of the year, Shares | 1,999,179 | 1,879,889 |
Awarded, Shares | 903,134 | 754,255 |
Vested, Shares | -473,795 | -386,446 |
Forfeited, Shares | -248,519 | |
Nonvested awards at end of year, Shares | 2,428,518 | 1,999,179 |
Nonvested awards at beginning of the year, Weighted Average Value at Award Date | $5.44 | $6.48 |
Awarded, Weighted Average Value at Award Date | $7.57 | $6.13 |
Vested, Weighted Average Value at Award Date | $7.60 | $8.27 |
Forfeited, Weighted Average Value at Award Date | $11.03 | |
Nonvested awards at end of year, Weighted Average Value at Award Date | $5.81 | $5.44 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Term of lease period | 50 years or more | ||
Lease and Rental Expenses | $2,321,790 | $2,304,461 | $2,195,835 |
Sublease rental income | 192,098 | 512,503 | 492,095 |
Total amount to be received in the future from non-cancellable subleases | $86,500,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Fixed Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $3,415 |
2016 | 3,434 |
2017 | 3,443 |
2018 | 3,436 |
2019 | 3,055 |
Thereafter | 84,759 |
Minimum rental payments, total | $101,542 |
Common_StockPartners_Capital_A
Common Stock/Partner's Capital - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2014 | Aug. 20, 2013 | Feb. 28, 2013 | Jan. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Common stock, issued | 172,743,000 | 161,310,000 | |||||
Net proceed from issuance of common stock | $138,173,000 | $313,330,000 | $233,048,000 | ||||
Ownership interest in equity | 100.00% | ||||||
MPT Operating Partnership, L.P. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Net proceed from issuance of common stock | 138,173,000 | 313,330,000 | 233,048,000 | ||||
Percentage of ownership of general partner | 100.00% | ||||||
Ownership interest in equity | 99.80% | ||||||
Number of other partners | 3 | ||||||
Employee [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of partners shared remaining ownership percentage | 2 | ||||||
Director [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of partners shared remaining ownership percentage | 1 | ||||||
Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, issued | 7,700,000 | 11,500,000 | 12,700,000 | ||||
Net proceed from issuance of common stock | 100,200,000 | 140,400,000 | 172,900,000 | ||||
Time granted to underwriters to purchase shares | 30 days | ||||||
Additional shares purchased by underwritters | 1,200,000 | 1,500,000 | 1,700,000 | ||||
Net proceeds from additional issuance of shares | 16,000,000 | ||||||
Public offering price for common stock per share | $12.75 | $14.25 | |||||
Market Equity Offering Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, issued | 1,700,000 | ||||||
Net proceed from issuance of common stock | 22,600,000 | ||||||
Sales commission percentage | 1.25% | ||||||
Market Equity Offering Program [Member] | IPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Public offering price for common stock per share | $13.56 | ||||||
Market Equity Offering Program [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares can be sold out | 250,000,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Fair Value Information of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Interest and rent receivables, Book value | $41,137 | $58,565 |
Loans, Book value | 773,311 | 351,713 |
Debt, net Book value | -2,201,654 | -1,421,681 |
Interest and rent receivables, Fair value | 41,005 | 44,415 |
Loans, Fair value | 803,824 | 358,383 |
Debt, net Fair value | ($2,285,727) | ($1,486,090) |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Equity Interest in Ernest and Related Loans Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | $200,750 |
Cost | 200,750 |
Fair Value Measurements, Recurring [Member] | Acquisition loans [Member] | Other loans [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 97,450 |
Cost | 97,450 |
Fair Value Measurements, Recurring [Member] | Equity investments [Member] | Other assets [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 3,300 |
Cost | 3,300 |
Fair Value Measurements, Recurring [Member] | Mortgage loans [Member] | Mortgage loans [Member] | |
Financial Instruments Measured At Fair Value On Recurring Basis [Line Items] | |
Fair Value | 100,000 |
Cost | $100,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Adjustment for marketability discount | 40.00% |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Summary Showing Sensitivity Analysis by Using Basis Point Variations (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
+100 basis points [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | ($451) |
- 100 basis points [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated Increase (Decrease) In Fair Value of Financial Instruments | $451 |
Discontinued_Operations_Discon
Discontinued Operations - Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Revenues | $988 | $3,470 | ||||||
Gain on sale | 7,659 | 16,369 | ||||||
Income (loss) from discontinued operations | ($2) | $4,588 | $312 | $2,374 | $640 | ($2) | $7,914 | $17,207 |
Income from discontinued operations - diluted per share/unit | $0.05 | $0.13 |
Other_Assets_Summary_of_Other_
Other Assets - Summary of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ||
Debt issue costs, net | $35,324 | $27,180 |
Other corporate assets | 28,197 | 20,337 |
Prepaids and other assets | 58,584 | 20,356 |
Total other assets | $122,105 | $67,873 |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (Monroe Properties [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Monroe Properties [Member] | |
Other Assets [Line Items] | |
Lease inducements to tenants | $5 |
Recovered_Sheet12
Quarterly Financial Data (Unaudited) - Unaudited Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $82,106 | $80,777 | $76,560 | $73,089 | $67,679 | $60,106 | $57,124 | $57,614 | $312,532 | $242,523 | $198,125 |
Income (loss) from continuing operations | 15,029 | 28,663 | -203 | 7,309 | 13,309 | 25,391 | 25,031 | 25,570 | 50,798 | 89,301 | 72,870 |
Income (loss) from discontinued operations | -2 | 4,588 | 312 | 2,374 | 640 | -2 | 7,914 | 17,207 | |||
Net income | 15,029 | 28,663 | -203 | 7,307 | 17,897 | 25,703 | 27,405 | 26,210 | 50,796 | 97,215 | 90,077 |
Net income attributable to MPT common stockholders | 14,947 | 28,537 | -203 | 7,241 | 17,839 | 25,648 | 27,348 | 26,156 | 50,522 | 96,991 | 89,900 |
Net income attributable to MPT common stockholders per share - basic | $0.08 | $0.16 | $0.04 | $0.11 | $0.16 | $0.18 | $0.19 | $0.29 | $0.64 | $0.67 | |
Weighted average shares outstanding - basic | 172,411 | 171,893 | 171,718 | 163,973 | 161,143 | 154,758 | 149,509 | 140,347 | 169,999 | 151,439 | 132,331 |
Net income attributable to MPT common stockholders per share - diluted | $0.08 | $0.16 | $0.04 | $0.11 | $0.16 | $0.18 | $0.18 | $0.29 | $0.63 | $0.67 | |
Weighted average shares outstanding - diluted | 172,604 | 172,639 | 171,718 | 164,549 | 161,840 | 155,969 | 151,056 | 141,526 | 170,540 | 152,598 | 132,333 |
MPT Operating Partnership, L.P. [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | 82,106 | 80,777 | 76,560 | 73,089 | 67,679 | 60,106 | 57,124 | 57,614 | 312,532 | 242,523 | 198,125 |
Income (loss) from continuing operations | 15,029 | 28,663 | -203 | 7,309 | 13,309 | 25,391 | 25,031 | 25,570 | 50,798 | 89,301 | 72,870 |
Income (loss) from discontinued operations | -2 | 4,588 | 312 | 2,374 | 640 | -2 | 7,914 | 17,207 | |||
Net income | 15,029 | 28,663 | -203 | 7,307 | 17,897 | 25,703 | 27,405 | 26,210 | 50,796 | 97,215 | 90,077 |
Net income attributable to MPT common stockholders | $14,948 | $28,537 | ($203) | $7,241 | $17,839 | $25,648 | $27,348 | $26,156 | $50,522 | $96,991 | $89,900 |
Net income attributable to MPT common stockholders per share - basic | $0.08 | $0.16 | $0.04 | $0.11 | $0.16 | $0.18 | $0.19 | $0.29 | $0.64 | $0.67 | |
Weighted average shares outstanding - basic | 172,411 | 171,893 | 171,718 | 163,973 | 161,143 | 154,758 | 149,509 | 140,347 | 169,999 | 151,439 | 132,331 |
Net income attributable to MPT common stockholders per share - diluted | $0.08 | $0.16 | $0.04 | $0.11 | $0.16 | $0.18 | $0.18 | $0.29 | $0.63 | $0.67 | |
Weighted average shares outstanding - diluted | 172,604 | 172,639 | 171,718 | 164,549 | 161,840 | 155,969 | 151,056 | 141,526 | 170,540 | 152,598 | 132,333 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 14, 2015 | Jan. 14, 2015 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Shares issued | 34.5 | |
Number of shares that can be called in by option exercises | 4.5 | 4.5 |
Proceeds from issuance of shares | $480 |
Schedule_II_Schedule_of_Valuat
Schedule II - Schedule of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Valuation and Qualifying Accounts [Abstract] | ||||||
Balance at Beginning of Year | $41,573 | [1] | $34,769 | [1] | $32,618 | [1] |
Additions charged against operations | 65,512 | [1],[2] | 9,397 | [1],[3] | 4,540 | [1],[4] |
Deductions,Net recoveries/write offs | -86,956 | [1],[5] | -2,593 | [1] | -2,389 | [1] |
Balance at end of year | $20,129 | [1] | $41,573 | [1] | $34,769 | [1] |
[1] | Includes allowance for doubtful accounts, straight-line rent reserves, allowance for loan losses, tax valuation allowances and other reserves. | |||||
[2] | Includes the $47 million of impairment charges related to the Monroe property, $9.5 million of rent and interest reserves primarily related to the Monroe property (prior to change in operators - see note 3 to Item 8 of the Form 10-K for further details), and approximately $9 million increase in the valuation allowance to fully reserve our net deferred tax assets. | |||||
[3] | Includes $4.8 million and $2.7 million in rent and interest reserves, respectively, related to our Monroe properties along with $1.9 million to fully reserve for the net deferred tax asset of certain German subsidiaries. | |||||
[4] | Includes $1.6 million and $2.9 million in rent and interest reserves, respectively, related to our Monroe properties. | |||||
[5] | Writeoffs of loans and other receivables, related to the Monroe facility due to change in operators. |
Schedule_II_Schedule_of_Valuat1
Schedule II - Schedule of Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Impairment charges | $50,128,000 | ||
Monroe Properties [Member] | |||
Rent & interest reserves | 4,800,000 | 1,600,000 | |
Interest reserves | 2,700,000 | 2,900,000 | |
Germany [Member] | |||
Full reserve for net deferred tax asset | 1,900,000 | ||
Monroe Properties [Member] | |||
Impairment charges | 47,000,000 | ||
Rent & interest reserves | 9,500,000 | ||
Increase in valuation allowance | $9,000,000 |
Recovered_Sheet13
Schedule III - Real Estate Investments and Accumulated Depreciation (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $49,878 | |||
Initial costs, land | 184,596 | |||
Initial costs, buildings | 1,809,242 | |||
Additions subsequent to acquisition, Improvements | 20,910 | |||
Additions subsequent to acquisition, carrying costs | 25,979 | |||
Land at cost | 192,551 | |||
Buildings at cost | 1,848,176 | |||
Total at cost | 2,040,727 | 1,733,194 | 1,189,552 | 1,191,096 |
Accumulated Depreciation | 181,441 | 144,235 | 114,399 | 93,430 |
Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 382 | |||
Initial costs, buildings | 13,806 | |||
Additions subsequent to acquisition, Improvements | 250 | |||
Land at cost | 382 | |||
Buildings at cost | 14,056 | |||
Total at cost | 14,438 | |||
Accumulated Depreciation | 29 | |||
Date of Construction | 1988 | |||
Date Acquired | 11-Dec-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 600 | |||
Initial costs, buildings | 16,644 | |||
Land at cost | 600 | |||
Buildings at cost | 16,644 | |||
Total at cost | 17,244 | |||
Accumulated Depreciation | 451 | |||
Date of Construction | 1995 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 6,498 | |||
Initial costs, buildings | 17,942 | |||
Land at cost | 6,498 | |||
Buildings at cost | 17,942 | |||
Total at cost | 24,440 | |||
Accumulated Depreciation | 486 | |||
Date of Construction | 1930 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Brandenburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 386 | |||
Initial costs, buildings | 19,908 | |||
Land at cost | 386 | |||
Buildings at cost | 19,908 | |||
Total at cost | 20,294 | |||
Accumulated Depreciation | 539 | |||
Date of Construction | 1994 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hesse, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 3,428 | |||
Initial costs, buildings | 16,488 | |||
Land at cost | 3,428 | |||
Buildings at cost | 16,488 | |||
Total at cost | 19,916 | |||
Accumulated Depreciation | 447 | |||
Date of Construction | 1977 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bavaria Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 2,455 | |||
Initial costs, buildings | 10,352 | |||
Additions subsequent to acquisition, Improvements | 216 | |||
Land at cost | 2,455 | |||
Buildings at cost | 10,568 | |||
Total at cost | 13,023 | |||
Accumulated Depreciation | 22 | |||
Date of Construction | 1974 | |||
Date Acquired | 19-Nov-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Thuringia Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,788 | |||
Initial costs, buildings | 37,772 | |||
Land at cost | 1,788 | |||
Buildings at cost | 37,772 | |||
Total at cost | 39,560 | |||
Accumulated Depreciation | 157 | |||
Date of Construction | 1954 | |||
Date Acquired | 5-Nov-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bath, UK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 3,232 | |||
Initial costs, buildings | 36,614 | |||
Land at cost | 3,232 | |||
Buildings at cost | 36,614 | |||
Total at cost | 39,846 | |||
Accumulated Depreciation | 458 | |||
Date of Construction | 2008 | |||
Date Acquired | 1-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 4,757 | |||
Initial costs, buildings | 56,238 | |||
Additions subsequent to acquisition, Improvements | -37 | |||
Additions subsequent to acquisition, carrying costs | 1,259 | |||
Land at cost | 5,427 | |||
Buildings at cost | 56,790 | |||
Total at cost | 62,217 | |||
Accumulated Depreciation | 11,427 | |||
Date of Construction | 2006 | |||
Date Acquired | 1-Dec-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Allen TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,550 | |||
Initial costs, buildings | 3,847 | |||
Land at cost | 1,550 | |||
Buildings at cost | 3,847 | |||
Total at cost | 5,397 | |||
Accumulated Depreciation | 47 | |||
Date of Construction | 2014 | |||
Date Acquired | 14-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Diego, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 6,550 | |||
Initial costs, buildings | 15,653 | |||
Additions subsequent to acquisition, carrying costs | 77 | |||
Land at cost | 6,550 | |||
Buildings at cost | 15,730 | |||
Total at cost | 22,280 | |||
Accumulated Depreciation | 3,013 | |||
Date of Construction | 1964 | |||
Date Acquired | 9-May-07 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Alvin TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 105 | |||
Initial costs, buildings | 4,087 | |||
Land at cost | 105 | |||
Buildings at cost | 4,087 | |||
Total at cost | 4,192 | |||
Accumulated Depreciation | 53 | |||
Date of Construction | 2014 | |||
Date Acquired | 19-Mar-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bayonne, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 2,003 | |||
Initial costs, buildings | 51,495 | |||
Land at cost | 2,003 | |||
Buildings at cost | 51,495 | |||
Total at cost | 53,498 | |||
Accumulated Depreciation | 10,084 | |||
Date of Construction | 1918 | |||
Date Acquired | 4-Feb-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 20 years | |||
Bennettsville, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 794 | |||
Initial costs, buildings | 15,772 | |||
Land at cost | 794 | |||
Buildings at cost | 15,772 | |||
Total at cost | 16,566 | |||
Accumulated Depreciation | 2,662 | |||
Date of Construction | 1984 | |||
Date Acquired | 1-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bossier City, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 900 | |||
Initial costs, buildings | 17,818 | |||
Land at cost | 900 | |||
Buildings at cost | 17,818 | |||
Total at cost | 18,718 | |||
Accumulated Depreciation | 3,004 | |||
Date of Construction | 1982 | |||
Date Acquired | 1-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bristol, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 485 | |||
Initial costs, buildings | 2,267 | |||
Land at cost | 485 | |||
Buildings at cost | 2,267 | |||
Total at cost | 2,752 | |||
Accumulated Depreciation | 1,253 | |||
Date of Construction | 1975 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
Austin TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,140 | |||
Initial costs, buildings | 3,909 | |||
Land at cost | 1,140 | |||
Buildings at cost | 3,909 | |||
Total at cost | 5,049 | |||
Accumulated Depreciation | 64 | |||
Date of Construction | 2014 | |||
Date Acquired | 29-May-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Broomfield, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 825 | |||
Initial costs, buildings | 3,116 | |||
Land at cost | 825 | |||
Buildings at cost | 3,116 | |||
Total at cost | 3,941 | |||
Accumulated Depreciation | 39 | |||
Date of Construction | 2014 | |||
Date Acquired | 3-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Cedar Hill TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,122 | |||
Initial costs, buildings | 3,583 | |||
Land at cost | 1,122 | |||
Buildings at cost | 3,583 | |||
Total at cost | 4,705 | |||
Accumulated Depreciation | 50 | |||
Date of Construction | 2014 | |||
Date Acquired | 23-Jun-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Spring, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,310 | |||
Initial costs, buildings | 3,513 | |||
Land at cost | 1,310 | |||
Buildings at cost | 3,513 | |||
Total at cost | 4,823 | |||
Accumulated Depreciation | 40 | |||
Date of Construction | 2014 | |||
Date Acquired | 15-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Cheraw, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 657 | |||
Initial costs, buildings | 19,576 | |||
Land at cost | 657 | |||
Buildings at cost | 19,576 | |||
Total at cost | 20,233 | |||
Accumulated Depreciation | 3,303 | |||
Date of Construction | 1982 | |||
Date Acquired | 1-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Webster, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 663 | |||
Initial costs, buildings | 33,751 | |||
Land at cost | 663 | |||
Buildings at cost | 33,751 | |||
Total at cost | 34,414 | |||
Accumulated Depreciation | 3,375 | |||
Date of Construction | 2004 | |||
Date Acquired | 21-Dec-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Commerce City TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 707 | |||
Initial costs, buildings | 3,518 | |||
Land at cost | 707 | |||
Buildings at cost | 3,518 | |||
Total at cost | 4,225 | |||
Accumulated Depreciation | 6 | |||
Date of Construction | 2014 | |||
Date Acquired | 11-Dec-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Corinth, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,288 | |||
Initial costs, buildings | 21,175 | |||
Additions subsequent to acquisition, Improvements | 313 | |||
Land at cost | 1,601 | |||
Buildings at cost | 21,175 | |||
Total at cost | 22,776 | |||
Accumulated Depreciation | 2,120 | |||
Date of Construction | 2008 | |||
Date Acquired | 31-Jan-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Covington, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 821 | |||
Initial costs, buildings | 10,238 | |||
Additions subsequent to acquisition, carrying costs | 14 | |||
Land at cost | 821 | |||
Buildings at cost | 10,252 | |||
Total at cost | 11,073 | |||
Accumulated Depreciation | 2,456 | |||
Date of Construction | 1984 | |||
Date Acquired | 9-Jun-05 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Dallas, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,000 | |||
Initial costs, buildings | 13,589 | |||
Additions subsequent to acquisition, carrying costs | 368 | |||
Land at cost | 1,421 | |||
Buildings at cost | 13,536 | |||
Total at cost | 14,957 | |||
Accumulated Depreciation | 2,820 | |||
Date of Construction | 2006 | |||
Date Acquired | 5-Sep-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
DeSoto, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,067 | |||
Initial costs, buildings | 10,701 | |||
Additions subsequent to acquisition, Improvements | 86 | |||
Additions subsequent to acquisition, carrying costs | 8 | |||
Land at cost | 1,161 | |||
Buildings at cost | 10,701 | |||
Total at cost | 11,862 | |||
Accumulated Depreciation | 929 | |||
Date of Construction | 2008 | |||
Date Acquired | 18-Jul-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Detroit, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,220 | |||
Initial costs, buildings | 8,687 | |||
Additions subsequent to acquisition, carrying costs | -365 | |||
Land at cost | 1,220 | |||
Buildings at cost | 8,322 | |||
Total at cost | 9,542 | |||
Accumulated Depreciation | 1,449 | |||
Date of Construction | 1956 | |||
Date Acquired | 22-May-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Dulles TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,076 | |||
Initial costs, buildings | 3,384 | |||
Land at cost | 1,076 | |||
Buildings at cost | 3,384 | |||
Total at cost | 4,460 | |||
Accumulated Depreciation | 28 | |||
Date of Construction | 2014 | |||
Date Acquired | 12-Sep-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Enfield, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 384 | |||
Initial costs, buildings | 2,257 | |||
Land at cost | 384 | |||
Buildings at cost | 2,257 | |||
Total at cost | 2,641 | |||
Accumulated Depreciation | 1,248 | |||
Date of Construction | 1974 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
East Providence, RI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 209 | |||
Initial costs, buildings | 1,265 | |||
Land at cost | 209 | |||
Buildings at cost | 1,265 | |||
Total at cost | 1,474 | |||
Accumulated Depreciation | 701 | |||
Date of Construction | 1979 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 277 | |||
Land at cost | 1,277 | |||
Buildings at cost | 12,301 | |||
Total at cost | 13,578 | |||
Accumulated Depreciation | 95 | |||
Date of Construction | 1939 | |||
Date Acquired | 19-Sep-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Firestone TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 495 | |||
Initial costs, buildings | 3,951 | |||
Land at cost | 495 | |||
Buildings at cost | 3,951 | |||
Total at cost | 4,446 | |||
Accumulated Depreciation | 58 | |||
Date of Construction | 2014 | |||
Date Acquired | 6-Jun-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Florence, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 900 | |||
Initial costs, buildings | 28,462 | |||
Land at cost | 900 | |||
Buildings at cost | 28,462 | |||
Total at cost | 29,362 | |||
Accumulated Depreciation | 1,947 | |||
Date of Construction | 2012 | |||
Date Acquired | 4-Nov-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Fort Lauderdale, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 3,499 | |||
Initial costs, buildings | 21,939 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 3,499 | |||
Buildings at cost | 21,940 | |||
Total at cost | 25,439 | |||
Accumulated Depreciation | 3,664 | |||
Date of Construction | 1985 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Fountain, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,508 | |||
Initial costs, buildings | 4,020 | |||
Land at cost | 1,508 | |||
Buildings at cost | 4,020 | |||
Total at cost | 5,528 | |||
Accumulated Depreciation | 42 | |||
Date of Construction | 2014 | |||
Date Acquired | 31-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Frisco TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,500 | |||
Initial costs, buildings | 3,863 | |||
Land at cost | 1,500 | |||
Buildings at cost | 3,863 | |||
Total at cost | 5,363 | |||
Accumulated Depreciation | 52 | |||
Date of Construction | 2014 | |||
Date Acquired | 13-Jun-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Garden Grove, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 5,502 | |||
Initial costs, buildings | 10,748 | |||
Additions subsequent to acquisition, carrying costs | 51 | |||
Land at cost | 5,502 | |||
Buildings at cost | 10,799 | |||
Total at cost | 16,301 | |||
Accumulated Depreciation | 1,655 | |||
Date of Construction | 1982 | |||
Date Acquired | 25-Nov-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Garden Grove, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Medical Office Building | |||
Initial costs, land | 862 | |||
Initial costs, buildings | 7,888 | |||
Additions subsequent to acquisition, carrying costs | 28 | |||
Land at cost | 862 | |||
Buildings at cost | 7,916 | |||
Total at cost | 8,778 | |||
Accumulated Depreciation | 1,206 | |||
Date of Construction | 1982 | |||
Date Acquired | 25-Nov-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Gilbert, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 150 | |||
Initial costs, buildings | 15,553 | |||
Land at cost | 150 | |||
Buildings at cost | 15,553 | |||
Total at cost | 15,703 | |||
Accumulated Depreciation | 1,555 | |||
Date of Construction | 2005 | |||
Date Acquired | 4-Jan-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hammond LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 519 | |||
Initial costs, buildings | 8,941 | |||
Land at cost | 519 | |||
Buildings at cost | 8,941 | |||
Total at cost | 9,460 | |||
Accumulated Depreciation | 466 | |||
Date of Construction | 2003 | |||
Date Acquired | 14-Dec-12 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hausman, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,500 | |||
Initial costs, buildings | 8,958 | |||
Land at cost | 1,500 | |||
Buildings at cost | 8,958 | |||
Total at cost | 10,458 | |||
Accumulated Depreciation | 386 | |||
Date of Construction | 2013 | |||
Date Acquired | 1-Mar-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hill County, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,120 | |||
Initial costs, buildings | 17,882 | |||
Land at cost | 1,120 | |||
Buildings at cost | 17,882 | |||
Total at cost | 19,002 | |||
Accumulated Depreciation | 5,095 | |||
Date of Construction | 1980 | |||
Date Acquired | 17-Sep-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Hoboken, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,387 | |||
Initial costs, buildings | 44,351 | |||
Land at cost | 1,387 | |||
Buildings at cost | 44,351 | |||
Total at cost | 45,738 | |||
Accumulated Depreciation | 6,951 | |||
Date of Construction | 1863 | |||
Date Acquired | 4-Nov-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 20 years | |||
Idaho Falls, ID [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,822 | |||
Initial costs, buildings | 37,467 | |||
Additions subsequent to acquisition, carrying costs | 4,665 | |||
Land at cost | 1,822 | |||
Buildings at cost | 42,132 | |||
Total at cost | 43,954 | |||
Accumulated Depreciation | 6,971 | |||
Date of Construction | 2002 | |||
Date Acquired | 1-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Lafayette, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 800 | |||
Initial costs, buildings | 14,968 | |||
Additions subsequent to acquisition, Improvements | -25 | |||
Land at cost | 800 | |||
Buildings at cost | 14,943 | |||
Total at cost | 15,743 | |||
Accumulated Depreciation | 702 | |||
Date of Construction | 2013 | |||
Date Acquired | 1-Feb-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Little Elm, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,241 | |||
Initial costs, buildings | 3,491 | |||
Land at cost | 1,241 | |||
Buildings at cost | 3,491 | |||
Total at cost | 4,732 | |||
Accumulated Depreciation | 91 | |||
Date of Construction | 2013 | |||
Date Acquired | 1-Dec-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Luling, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 811 | |||
Initial costs, buildings | 9,345 | |||
Land at cost | 811 | |||
Buildings at cost | 9,345 | |||
Total at cost | 10,156 | |||
Accumulated Depreciation | 1,889 | |||
Date of Construction | 2002 | |||
Date Acquired | 1-Dec-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Mesa - AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 4,900 | |||
Initial costs, buildings | 97,980 | |||
Additions subsequent to acquisition, Improvements | 2,242 | |||
Land at cost | 7,142 | |||
Buildings at cost | 97,980 | |||
Total at cost | 105,122 | |||
Accumulated Depreciation | 3,249 | |||
Date of Construction | 2007 | |||
Date Acquired | 26-Sep-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Bloomington, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 2,392 | |||
Initial costs, buildings | 28,212 | |||
Additions subsequent to acquisition, Improvements | 5,000 | |||
Additions subsequent to acquisition, carrying costs | 408 | |||
Land at cost | 2,392 | |||
Buildings at cost | 33,620 | |||
Total at cost | 36,012 | |||
Accumulated Depreciation | 6,599 | |||
Date of Construction | 2006 | |||
Date Acquired | 8-Aug-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Montclair NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 7,900 | |||
Initial costs, buildings | 99,632 | |||
Additions subsequent to acquisition, Improvements | 585 | |||
Land at cost | 8,485 | |||
Buildings at cost | 99,632 | |||
Total at cost | 108,117 | |||
Accumulated Depreciation | 1,897 | |||
Date of Construction | 1920 | |||
Date Acquired | 1-Apr-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Antonio, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 351 | |||
Initial costs, buildings | 3,952 | |||
Land at cost | 351 | |||
Buildings at cost | 3,952 | |||
Total at cost | 4,303 | |||
Accumulated Depreciation | 73 | |||
Date of Construction | 2014 | |||
Date Acquired | 1-Jan-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
New Braunfels, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,100 | |||
Initial costs, buildings | 7,883 | |||
Land at cost | 1,100 | |||
Buildings at cost | 7,883 | |||
Total at cost | 8,983 | |||
Accumulated Depreciation | 640 | |||
Date of Construction | 2007 | |||
Date Acquired | 30-Sep-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Newington, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 270 | |||
Initial costs, buildings | 1,615 | |||
Land at cost | 270 | |||
Buildings at cost | 1,615 | |||
Total at cost | 1,885 | |||
Accumulated Depreciation | 894 | |||
Date of Construction | 1979 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
Shenandoah, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 2,033 | |||
Initial costs, buildings | 21,943 | |||
Land at cost | 2,033 | |||
Buildings at cost | 21,943 | |||
Total at cost | 23,976 | |||
Accumulated Depreciation | 2,469 | |||
Date of Construction | 2008 | |||
Date Acquired | 17-Jun-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Colorado Springs CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 600 | |||
Initial costs, buildings | 4,222 | |||
Land at cost | 600 | |||
Buildings at cost | 4,222 | |||
Total at cost | 4,822 | |||
Accumulated Depreciation | 62 | |||
Date of Construction | 2014 | |||
Date Acquired | 5-Jun-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Northland, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 834 | |||
Initial costs, buildings | 17,182 | |||
Land at cost | 834 | |||
Buildings at cost | 17,182 | |||
Total at cost | 18,016 | |||
Accumulated Depreciation | 1,683 | |||
Date of Construction | 2007 | |||
Date Acquired | 14-Feb-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Altoona, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, buildings | 27,650 | |||
Buildings at cost | 27,650 | |||
Total at cost | 27,650 | |||
Accumulated Depreciation | 241 | |||
Date of Construction | 2014 | |||
Date Acquired | 31-Aug-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Ogden UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,759 | |||
Initial costs, buildings | 16,414 | |||
Land at cost | 1,759 | |||
Buildings at cost | 16,414 | |||
Total at cost | 18,173 | |||
Accumulated Depreciation | 328 | |||
Date of Construction | 2014 | |||
Date Acquired | 1-Mar-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Overlook, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 2,452 | |||
Initial costs, buildings | 9,666 | |||
Additions subsequent to acquisition, Improvements | 7 | |||
Land at cost | 2,452 | |||
Buildings at cost | 9,673 | |||
Total at cost | 12,125 | |||
Accumulated Depreciation | 440 | |||
Date of Construction | 2012 | |||
Date Acquired | 1-Feb-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Pearland, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,075 | |||
Initial costs, buildings | 3,272 | |||
Land at cost | 1,075 | |||
Buildings at cost | 3,272 | |||
Total at cost | 4,347 | |||
Accumulated Depreciation | 27 | |||
Date of Construction | 2014 | |||
Date Acquired | 8-Sep-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Petersburg, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,302 | |||
Initial costs, buildings | 9,121 | |||
Land at cost | 1,302 | |||
Buildings at cost | 9,121 | |||
Total at cost | 10,423 | |||
Accumulated Depreciation | 1,482 | |||
Date of Construction | 2006 | |||
Date Acquired | 1-Jul-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Poplar Bluff, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 2,659 | |||
Initial costs, buildings | 38,694 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 2,660 | |||
Buildings at cost | 38,694 | |||
Total at cost | 41,354 | |||
Accumulated Depreciation | 6,462 | |||
Date of Construction | 1980 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Port Arthur, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 3,000 | |||
Initial costs, buildings | 72,341 | |||
Additions subsequent to acquisition, Improvements | 1,062 | |||
Land at cost | 4,062 | |||
Buildings at cost | 72,341 | |||
Total at cost | 76,403 | |||
Accumulated Depreciation | 2,349 | |||
Date of Construction | 2005 | |||
Date Acquired | 26-Sep-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Portland, OR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 3,085 | |||
Initial costs, buildings | 17,859 | |||
Additions subsequent to acquisition, carrying costs | 2,559 | |||
Land at cost | 3,071 | |||
Buildings at cost | 20,432 | |||
Total at cost | 23,503 | |||
Accumulated Depreciation | 3,869 | |||
Date of Construction | 1964 | |||
Date Acquired | 18-Apr-07 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Post Falls, ID [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 417 | |||
Initial costs, buildings | 12,175 | |||
Additions subsequent to acquisition, Improvements | 1,905 | |||
Land at cost | 767 | |||
Buildings at cost | 13,730 | |||
Total at cost | 14,497 | |||
Accumulated Depreciation | 352 | |||
Date of Construction | 2013 | |||
Date Acquired | 31-Dec-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Redding, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, buildings | 19,952 | |||
Additions subsequent to acquisition, carrying costs | 4,361 | |||
Land at cost | 1,629 | |||
Buildings at cost | 22,684 | |||
Total at cost | 24,313 | |||
Accumulated Depreciation | 5,189 | |||
Date of Construction | 1991 | |||
Date Acquired | 30-Jun-05 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Richardson, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 2,219 | |||
Initial costs, buildings | 17,419 | |||
Land at cost | 2,219 | |||
Buildings at cost | 17,419 | |||
Total at cost | 19,638 | |||
Accumulated Depreciation | 1,960 | |||
Date of Construction | 2008 | |||
Date Acquired | 17-Jun-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Addison, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 2,013 | |||
Initial costs, buildings | 22,531 | |||
Land at cost | 2,013 | |||
Buildings at cost | 22,531 | |||
Total at cost | 24,544 | |||
Accumulated Depreciation | 2,535 | |||
Date of Construction | 2008 | |||
Date Acquired | 17-Jun-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Dimas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Medical Office Building | |||
Initial costs, land | 1,915 | |||
Initial costs, buildings | 5,085 | |||
Additions subsequent to acquisition, carrying costs | 18 | |||
Land at cost | 1,915 | |||
Buildings at cost | 5,103 | |||
Total at cost | 7,018 | |||
Accumulated Depreciation | 778 | |||
Date of Construction | 1979 | |||
Date Acquired | 25-Nov-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | 109 | |||
Date of Construction | 1913 | |||
Date Acquired | 31-Oct-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Sienna, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 999 | |||
Initial costs, buildings | 3,562 | |||
Land at cost | 999 | |||
Buildings at cost | 3,562 | |||
Total at cost | 4,561 | |||
Accumulated Depreciation | 37 | |||
Date of Construction | 2014 | |||
Date Acquired | 20-Aug-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Spartanburg, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,135 | |||
Initial costs, buildings | 15,717 | |||
Land at cost | 1,135 | |||
Buildings at cost | 15,717 | |||
Total at cost | 16,852 | |||
Accumulated Depreciation | 538 | |||
Date of Construction | 2013 | |||
Date Acquired | 1-Aug-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Thornton CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,350 | |||
Initial costs, buildings | 3,793 | |||
Land at cost | 1,350 | |||
Buildings at cost | 3,793 | |||
Total at cost | 5,143 | |||
Accumulated Depreciation | 32 | |||
Date of Construction | 2014 | |||
Date Acquired | 29-Aug-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Tomball, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 1,299 | |||
Initial costs, buildings | 23,982 | |||
Land at cost | 1,299 | |||
Buildings at cost | 23,982 | |||
Total at cost | 25,281 | |||
Accumulated Depreciation | 2,398 | |||
Date of Construction | 2005 | |||
Date Acquired | 21-Dec-10 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Victoria, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Long term acute care hospital | |||
Initial costs, land | 625 | |||
Initial costs, buildings | 7,197 | |||
Land at cost | 625 | |||
Buildings at cost | 7,197 | |||
Total at cost | 7,822 | |||
Accumulated Depreciation | 1,454 | |||
Date of Construction | 1998 | |||
Date Acquired | 1-Dec-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Anaheim, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,875 | |||
Initial costs, buildings | 21,814 | |||
Additions subsequent to acquisition, carrying costs | 10 | |||
Land at cost | 1,875 | |||
Buildings at cost | 21,824 | |||
Total at cost | 23,699 | |||
Accumulated Depreciation | 4,455 | |||
Date of Construction | 1964 | |||
Date Acquired | 8-Nov-06 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Warwick, RI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 1,265 | |||
Initial costs, buildings | 759 | |||
Land at cost | 1,265 | |||
Buildings at cost | 759 | |||
Total at cost | 2,024 | |||
Accumulated Depreciation | 420 | |||
Date of Construction | 1979 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
West Monroe, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 12,000 | |||
Initial costs, buildings | 69,433 | |||
Additions subsequent to acquisition, Improvements | 552 | |||
Land at cost | 12,552 | |||
Buildings at cost | 69,433 | |||
Total at cost | 81,985 | |||
Accumulated Depreciation | 2,216 | |||
Date of Construction | 1962 | |||
Date Acquired | 26-Sep-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
San Antonio, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 2,248 | |||
Initial costs, buildings | 5,880 | |||
Land at cost | 2,248 | |||
Buildings at cost | 5,880 | |||
Total at cost | 8,128 | |||
Accumulated Depreciation | 314 | |||
Date of Construction | 2012 | |||
Date Acquired | 14-Oct-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
West Valley City, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 5,516 | |||
Initial costs, buildings | 58,314 | |||
Land at cost | 5,516 | |||
Buildings at cost | 58,314 | |||
Total at cost | 63,830 | |||
Accumulated Depreciation | 9,738 | |||
Date of Construction | 1980 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Wichita, KS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,678 | |||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,019 | |||
Initial costs, buildings | 18,373 | |||
Additions subsequent to acquisition, carrying costs | 1 | |||
Land at cost | 1,019 | |||
Buildings at cost | 18,374 | |||
Total at cost | 19,393 | |||
Accumulated Depreciation | 3,100 | |||
Date of Construction | 1992 | |||
Date Acquired | 4-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
West Springfield, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Wellness Center | |||
Initial costs, land | 583 | |||
Initial costs, buildings | 3,185 | |||
Land at cost | 583 | |||
Buildings at cost | 3,185 | |||
Total at cost | 3,768 | |||
Accumulated Depreciation | 1,765 | |||
Date of Construction | 1976 | |||
Date Acquired | 22-Apr-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 10 years | |||
1994 [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | 10,536 | |||
Buildings at cost | 10,536 | |||
Total at cost | 10,536 | |||
Accumulated Depreciation | 285 | |||
Date of Construction | 1994 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1996 [Member] | Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 415 | |||
Initial costs, buildings | 22,849 | |||
Land at cost | 415 | |||
Buildings at cost | 22,849 | |||
Total at cost | 23,264 | |||
Accumulated Depreciation | 619 | |||
Date of Construction | 1996 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 3,536 | |||
Initial costs, buildings | 16,716 | |||
Land at cost | 3,536 | |||
Buildings at cost | 16,716 | |||
Total at cost | 20,252 | |||
Accumulated Depreciation | 453 | |||
Date of Construction | 1960 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 3,501 | |||
Initial costs, buildings | 34,530 | |||
Additions subsequent to acquisition, Improvements | 8,477 | |||
Additions subsequent to acquisition, carrying costs | 12,468 | |||
Land at cost | 3,274 | |||
Buildings at cost | 55,702 | |||
Total at cost | 58,976 | |||
Accumulated Depreciation | 6,432 | |||
Date of Construction | 1960 | |||
Date Acquired | 10-Aug-07 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1960 [Member] | Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | 109 | |||
Date of Construction | 1960 | |||
Date Acquired | 31-Oct-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1981 [Member] | Hesse, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 102 | |||
Initial costs, buildings | 5,832 | |||
Land at cost | 102 | |||
Buildings at cost | 5,832 | |||
Total at cost | 5,934 | |||
Accumulated Depreciation | 158 | |||
Date of Construction | 1981 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1992 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | 33,081 | |||
Buildings at cost | 33,081 | |||
Total at cost | 33,081 | |||
Accumulated Depreciation | 896 | |||
Date of Construction | 1992 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1992 [Member] | Thuringia Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 1,788 | |||
Initial costs, buildings | 37,772 | |||
Land at cost | 1,788 | |||
Buildings at cost | 37,772 | |||
Total at cost | 39,560 | |||
Accumulated Depreciation | 157 | |||
Date of Construction | 1992 | |||
Date Acquired | 5-Nov-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1904 [Member] | Saxony, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 600 | |||
Initial costs, buildings | 16,644 | |||
Land at cost | 600 | |||
Buildings at cost | 16,644 | |||
Total at cost | 17,244 | |||
Accumulated Depreciation | 451 | |||
Date of Construction | 1904 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1980 [Member] | Rhineland-Pflaz, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 811 | |||
Initial costs, buildings | 7,290 | |||
Land at cost | 811 | |||
Buildings at cost | 7,290 | |||
Total at cost | 8,101 | |||
Accumulated Depreciation | 197 | |||
Date of Construction | 1980 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Nineteen Eighty Six [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 3,809 | |||
Initial costs, buildings | 6,490 | |||
Land at cost | 3,809 | |||
Buildings at cost | 6,490 | |||
Total at cost | 10,299 | |||
Accumulated Depreciation | 176 | |||
Date of Construction | 1986 | |||
Date Acquired | 30-Nov-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1995 [Member] | Baden-Wurttemburg, Germany [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, land | 382 | |||
Initial costs, buildings | 13,806 | |||
Additions subsequent to acquisition, Improvements | 250 | |||
Land at cost | 382 | |||
Buildings at cost | 14,056 | |||
Total at cost | 14,438 | |||
Accumulated Depreciation | 29 | |||
Date of Construction | 1995 | |||
Date Acquired | 11-Dec-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2009 [Member] | Bath, UK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 3,232 | |||
Initial costs, buildings | 36,614 | |||
Land at cost | 3,232 | |||
Buildings at cost | 36,614 | |||
Total at cost | 39,846 | |||
Accumulated Depreciation | 458 | |||
Date of Construction | 2009 | |||
Date Acquired | 1-Jul-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1973 [Member] | San Diego, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 12,663 | |||
Initial costs, buildings | 52,432 | |||
Land at cost | 12,663 | |||
Buildings at cost | 52,432 | |||
Total at cost | 65,095 | |||
Accumulated Depreciation | 5,134 | |||
Date of Construction | 1973 | |||
Date Acquired | 9-Feb-11 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2014 [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Freestanding ER | |||
Initial costs, land | 1,345 | |||
Initial costs, buildings | 3,668 | |||
Land at cost | 1,345 | |||
Buildings at cost | 3,668 | |||
Total at cost | 5,013 | |||
Accumulated Depreciation | 53 | |||
Date of Construction | 2014 | |||
Date Acquired | 20-Jun-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1972 [Member] | Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 277 | |||
Land at cost | 1,277 | |||
Buildings at cost | 12,301 | |||
Total at cost | 13,578 | |||
Accumulated Depreciation | 95 | |||
Date of Construction | 1972 | |||
Date Acquired | 19-Sep-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1972 [Member] | San Dimas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 6,160 | |||
Initial costs, buildings | 6,839 | |||
Additions subsequent to acquisition, carrying costs | 34 | |||
Land at cost | 6,160 | |||
Buildings at cost | 6,873 | |||
Total at cost | 13,033 | |||
Accumulated Depreciation | 1,046 | |||
Date of Construction | 1972 | |||
Date Acquired | 25-Nov-08 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1985 [Member] | Fairmont CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,000 | |||
Initial costs, buildings | 12,301 | |||
Additions subsequent to acquisition, Improvements | 277 | |||
Land at cost | 1,277 | |||
Buildings at cost | 12,301 | |||
Total at cost | 13,578 | |||
Accumulated Depreciation | 95 | |||
Date of Construction | 1985 | |||
Date Acquired | 19-Sep-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2000 [Member] | Montclair NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 7,900 | |||
Initial costs, buildings | 99,632 | |||
Additions subsequent to acquisition, Improvements | 585 | |||
Land at cost | 8,485 | |||
Buildings at cost | 99,632 | |||
Total at cost | 108,117 | |||
Accumulated Depreciation | 1,897 | |||
Date of Construction | 2000 | |||
Date Acquired | 1-Apr-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
1974 [Member] | Redding, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 1,555 | |||
Initial costs, buildings | 53,863 | |||
Additions subsequent to acquisition, carrying costs | 13 | |||
Land at cost | 1,555 | |||
Buildings at cost | 53,876 | |||
Total at cost | 55,431 | |||
Accumulated Depreciation | 9,999 | |||
Date of Construction | 1974 | |||
Date Acquired | 10-Aug-07 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2010 [Member] | Sherman TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Acute care general hospital | |||
Initial costs, land | 4,491 | |||
Initial costs, buildings | 24,802 | |||
Land at cost | 4,491 | |||
Buildings at cost | 24,802 | |||
Total at cost | 29,293 | |||
Accumulated Depreciation | 109 | |||
Date of Construction | 2010 | |||
Date Acquired | 31-Oct-14 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
2013 [Member] | Victoria, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Type of property | Rehabilitation hospital | |||
Initial costs, buildings | 10,412 | |||
Buildings at cost | 10,412 | |||
Total at cost | 10,412 | |||
Accumulated Depreciation | 254 | |||
Date of Construction | 2013 | |||
Date Acquired | 31-Dec-13 | |||
Life on which depreciation in latest income statements is computed (Years) | 40 years | |||
Two Thousand And Six [Member] | Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $41,200 |
Schedule_III_Changes_in_Total_
Schedule III - Changes in Total Real Estate Assets Including Real Estate Held for Sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $1,733,194 | $1,189,552 | $1,191,096 |
Acquisitions | 263,811 | 480,503 | 9,460 |
Transfers from construction in progress | 41,772 | 81,347 | 37,174 |
Additions | 84,831 | 7,749 | 19,971 |
Dispositions | -56,590 | -28,616 | -68,149 |
Other | -26,291 | 2,659 | |
Balance at end of period | $2,040,727 | $1,733,194 | $1,189,552 |
Schedule_III_Changes_in_Accumu
Schedule III - Changes in Accumulated Depreciation Including Real Estate Assets Held for Sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $144,235 | $114,399 | $93,430 |
Depreciation | 46,935 | 33,349 | 31,026 |
Depreciation on disposed property | -9,213 | -3,513 | -10,057 |
Other | -516 | ||
Balance at end of period | $181,441 | $144,235 | $114,399 |
Schedule_IV_Schedule_of_Mortga
Schedule IV - Schedule of Mortgage Loan on Real Estate (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | |
Prior Liens | 0 |
Face Amount of Mortgages | 397,500 |
Carrying Amount of Mortgages | 397,500 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Periodic Payment Terms | Payable in monthly installments of interest plus principal payable in full at maturity |
Long-Term First Mortgage Loan [Member] | Ernest Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 9.40% |
Final Maturity Date | 2032 |
Prior Liens | 0 |
Face Amount of Mortgages | 100,000 |
Carrying Amount of Mortgages | 100,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 10.90% |
Final Maturity Date | 2022 |
Prior Liens | 0 |
Face Amount of Mortgages | 70,000 |
Carrying Amount of Mortgages | 70,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.50% |
Final Maturity Date | 2022 |
Prior Liens | 0 |
Face Amount of Mortgages | 20,000 |
Carrying Amount of Mortgages | 20,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Desert Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.50% |
Final Maturity Date | 2015 |
Prior Liens | 0 |
Face Amount of Mortgages | 12,500 |
Carrying Amount of Mortgages | 12,500 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Chino Valley Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 10.90% |
Final Maturity Date | 2022 |
Prior Liens | 0 |
Face Amount of Mortgages | 50,000 |
Carrying Amount of Mortgages | 50,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Paradise Valley Hospital [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 10.40% |
Final Maturity Date | 2022 |
Prior Liens | 0 |
Face Amount of Mortgages | 25,000 |
Carrying Amount of Mortgages | 25,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Centinela Hospital Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 10.80% |
Final Maturity Date | 2022 |
Prior Liens | 0 |
Face Amount of Mortgages | 100,000 |
Carrying Amount of Mortgages | 100,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Long-Term First Mortgage Loan [Member] | Olympia Medical Center [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Interest rate | 11.00% |
Final Maturity Date | 2024 |
Prior Liens | 0 |
Face Amount of Mortgages | 20,000 |
Carrying Amount of Mortgages | 20,000 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 |
Schedule_IV_Schedule_of_Mortga1
Schedule IV - Schedule of Mortgage Loan on Real Estate (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | |
Carrying amount of mortgages, federal income tax purposes | $397,500,000 |
Unamortized loan issue costs | $100,000 |
Long-Term First Mortgage Loan [Member] | Ernest Mortgage Loan [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Number of properties | 4 |
Schedule_IV_Changes_in_Mortgag
Schedule IV - Changes in Mortgage Loans Excluding Unamortized Loan Issue Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans on Real Estate [Abstract] | |||
Balance at beginning of year | $388,650 | $368,650 | $165,000 |
New mortgage loans and additional advances on existing loans | 12,500 | 20,000 | 203,650 |
Mortgage loans on real estate including additions during year | 401,150 | 388,650 | 368,650 |
Collection of principal | -3,650 | ||
Deductions during year | -3,650 | ||
Balance at end of year | $397,500 | $388,650 | $368,650 |