Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | Physicians Realty Trust | ||
Entity Central Index Key | 1,574,540 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 108,596,965 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,081,225,866 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment properties: | ||
Land and improvements | $ 130,788 | $ 79,334 |
Building and improvements | 1,284,863 | 644,086 |
Tenant improvements | 9,243 | 5,614 |
Acquired lease intangibles | 205,168 | 72,985 |
Gross real estate property | 1,630,062 | 802,019 |
Accumulated depreciation | (91,250) | (45,569) |
Net real estate property | 1,538,812 | 756,450 |
Real estate loans receivable | 39,349 | 15,876 |
Investment in unconsolidated entity | 1,322 | 1,324 |
Net real estate investments | 1,579,483 | 773,650 |
Cash and cash equivalents | 3,143 | 15,923 |
Tenant receivables, net | 2,977 | 1,324 |
Deferred costs, net | 7,037 | 4,870 |
Other assets | 52,231 | 15,806 |
Total assets | 1,644,871 | 811,573 |
Liabilities: | ||
Credit facility | 395,000 | 138,000 |
Mortgage debt | 94,600 | 78,105 |
Accounts payable | 644 | 700 |
Dividends payable | 20,783 | 16,548 |
Accrued expenses and other liabilities | 24,473 | 6,140 |
Acquired lease intangibles, net | 5,950 | 2,871 |
Total liabilities | 541,450 | 242,364 |
Redeemable noncontrolling interest – Operating Partnership and partially owned properties | 26,960 | 0 |
Equity: | ||
Common shares, $0.01 par value, 500,000,000 common shares authorized, 86,864,063 and 50,640,863 common shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively. | 872 | 510 |
Additional paid-in capital | 1,129,284 | 586,017 |
Accumulated deficit | (109,024) | (51,797) |
Total shareholders’ equity | 1,021,132 | 534,730 |
Noncontrolling interests: | ||
Operating Partnership | 45,451 | 33,727 |
Partially owned properties | 9,878 | 752 |
Total noncontrolling interests | 55,329 | 34,479 |
Total equity | 1,076,461 | 569,209 |
Total liabilities and equity | $ 1,644,871 | $ 811,573 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares outstanding (in shares) | 86,864,063 | 50,640,863 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 86,864,063 | 50,640,863 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental revenues | $ 103,974 | $ 46,397 | $ 13,565 |
Expense recoveries | 21,587 | 5,871 | 3,234 |
Interest income on real estate loans and other | 3,880 | 1,066 | 246 |
Total revenues | 129,441 | 53,334 | 17,045 |
Expenses: | |||
Interest expense | 10,636 | 6,907 | 4,295 |
General and administrative | 14,908 | 11,440 | 3,214 |
Operating expenses | 31,026 | 10,154 | 4,650 |
Depreciation and amortization | 45,471 | 16,731 | 5,107 |
Acquisition expenses | 14,893 | 10,897 | 1,938 |
Management fees | 0 | 0 | 475 |
Impairment loss | 0 | 1,750 | 0 |
Total expenses | 116,934 | 57,879 | 19,679 |
Income (loss) before equity in income of unconsolidated entity, gain (loss) on sale of investment properties and noncontrolling interests: | 12,507 | (4,545) | (2,634) |
Equity in income of unconsolidated entity | 104 | 95 | 0 |
Gain (loss) on sale of investment properties | 130 | 32 | (2) |
Net income (loss) | 12,741 | (4,418) | (2,636) |
Net (income) loss attributable to noncontrolling interests: | |||
Predecessor | 0 | 0 | 576 |
Operating Partnership | (576) | 695 | 470 |
Partially owned properties | (377) | (314) | (71) |
Net income (loss) attributable to controlling interest | 11,788 | (4,037) | (1,661) |
Preferred distributions | (1,189) | 0 | 0 |
Net income (loss) attributable to common shareholders | $ 10,599 | $ (4,037) | $ (1,661) |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.15 | $ (0.12) | $ (0.13) |
Diluted (in dollars per share) | $ 0.15 | $ (0.12) | $ (0.13) |
Weighted average common shares: | |||
Basic (in shares) | 72,750,724 | 33,063,093 | 12,883,917 |
Diluted (in shares) | 76,792,073 | 33,063,093 | 12,883,917 |
Dividends and distributions declared per common share and unit (in dollars per share) | $ 0.9 | $ 0.9 | $ 0.41 |
Consolidated and Combined Stat5
Consolidated and Combined Statement of Equity - USD ($) $ in Thousands | Total | Par Value | Additional Paid in Capital | Accumulated Deficit | Predecessor Equity | Total Shareholders’ and Predecessor Equity | Operating Partnership Noncontrolling interest | Partially Owned Properties Noncontrolling Interest | Total Non- Controlling Interests |
Balance (Predecessor) at Dec. 31, 2012 | $ 19,097 | $ 19,068 | $ 19,068 | $ 29 | $ 29 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net (loss) income | Predecessor | (576) | (712) | (712) | 136 | 136 | ||||
Transfer | Predecessor | 36 | 36 | (36) | (36) | |||||
Distributions | Predecessor | (420) | (211) | (211) | (209) | (209) | ||||
Balance (Predecessor) at Jul. 24, 2013 | 18,101 | 18,181 | 18,181 | (80) | (80) | ||||
Balance (Predecessor) at Dec. 31, 2012 | 19,097 | 19,068 | 19,068 | 29 | 29 | ||||
Increase (Decrease) in stockholders' Equity | |||||||||
Net income | (2,636) | ||||||||
Preferred distributions | 0 | ||||||||
Balance at Dec. 31, 2013 | 240,837 | $ 215 | $ 213,359 | $ (8,670) | 204,904 | $ 35,310 | 623 | 35,933 | |
Balance (Predecessor) at Jul. 24, 2013 | 18,101 | 18,181 | 18,181 | (80) | (80) | ||||
Increase (Decrease) in stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 225,920 | 213 | 225,707 | 225,920 | |||||
Formation transactions | (354) | 35 | $ (18,181) | (18,146) | 18,181 | (389) | 17,792 | ||
Restricted share award grants | 433 | 2 | 431 | 433 | |||||
Dividends declared | (8,335) | (7,009) | (7,009) | (1,326) | (1,326) | ||||
Adjustment for noncontrolling interests ownership in Operating Partnership | (7,391) | (7,391) | 7,391 | 7,391 | |||||
Contributions | 7,387 | (5,423) | (5,423) | 11,534 | 1,276 | 12,810 | |||
Distributions | (255) | (255) | (255) | ||||||
Net income | (2,060) | (1,661) | (1,661) | (470) | 71 | (399) | |||
Balance at Dec. 31, 2013 | 240,837 | 215 | 213,359 | (8,670) | 204,904 | 35,310 | 623 | 35,933 | |
Increase (Decrease) in stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 350,385 | 272 | 350,113 | 350,385 | |||||
Restricted share award grants | 2,060 | 2 | 2,100 | (42) | 2,060 | ||||
Issuance of common shares in connection with the Ziegler shared service amendment payment | 1,800 | 1 | 1,799 | 1,800 | |||||
Dividends declared | (42,313) | (39,048) | (39,048) | (3,265) | (3,265) | ||||
Adjustment for noncontrolling interests ownership in Operating Partnership | 5,380 | 5,380 | (5,380) | (5,380) | |||||
Distributions | (185) | (185) | (185) | ||||||
Net income | (4,418) | (4,037) | (4,037) | (695) | 314 | (381) | |||
Purchase of OP Units | (7,546) | (7,546) | (7,546) | ||||||
Conversion of OP Units | 20 | 13,266 | 13,286 | (13,286) | (13,286) | ||||
Preferred distributions | 0 | ||||||||
Issuance of OP Units in connection with acquisitions | 28,589 | 28,589 | 28,589 | ||||||
Balance at Dec. 31, 2014 | 569,209 | 510 | 586,017 | (51,797) | 534,730 | 33,727 | 752 | 34,479 | |
Increase (Decrease) in stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 545,117 | 361 | 544,756 | 545,117 | |||||
Restricted share award grants | 2,908 | 1 | 3,191 | (284) | 2,908 | ||||
Dividends declared | (70,886) | (67,542) | (67,542) | (3,344) | (3,344) | ||||
Adjustment for noncontrolling interests ownership in Operating Partnership | 0 | (4,778) | (4,778) | 4,778 | 4,778 | ||||
Contributions | 8,962 | 8,962 | 8,962 | ||||||
Distributions | (213) | (213) | (213) | ||||||
Net income | 12,741 | 11,788 | 11,788 | 576 | 377 | 953 | |||
Purchase of OP Units | (1,088) | (1,088) | (1,088) | ||||||
Conversion of OP Units | 0 | 171 | 171 | (171) | (171) | ||||
Preferred distributions | (1,189) | (1,189) | (1,189) | ||||||
Issuance of OP Units in connection with acquisitions | 10,973 | 10,973 | 10,973 | ||||||
Change in market value of Redeemable Noncontrolling Interest in Operating Partnership | (73) | (73) | (73) | ||||||
Balance at Dec. 31, 2015 | $ 1,076,461 | $ 872 | $ 1,129,284 | $ (109,024) | $ 1,021,132 | $ 45,451 | $ 9,878 | $ 55,329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 12,741 | $ (4,418) | $ (2,636) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 45,471 | 16,731 | 5,107 |
Amortization of deferred financing costs | 1,373 | 1,097 | 510 |
Amortization of lease inducements and above/below market lease intangibles | 2,577 | 571 | 141 |
Straight-line rental revenue/expense | (9,000) | (4,366) | (675) |
Amortization of above market assumed debt | (173) | 0 | 0 |
(Gain) loss on sale of investment properties | (130) | (32) | 2 |
Equity in income of unconsolidated entity | (104) | (95) | 0 |
Distribution from unconsolidated entity | 106 | 71 | 0 |
Change in fair value of derivatives | (166) | (161) | (246) |
Provision for bad debts | 69 | 9 | 30 |
Non-cash share compensation | 3,798 | 2,422 | 433 |
Ziegler shared service amendment payment | 0 | 1,800 | 0 |
Impairment on investment properties | 0 | 1,750 | 0 |
Change in operating assets and liabilities: | |||
Tenant receivables | (2,836) | (986) | (184) |
Other assets | (630) | (3,518) | (1,074) |
Accounts payable to related parties | 0 | 0 | (1,530) |
Accounts payable | (56) | (136) | 34 |
Accrued expenses and other liabilities | 8,312 | 2,556 | 1,256 |
Net cash provided by operating activities | 61,352 | 13,295 | 1,168 |
Cash Flows from Investing Activities: | |||
Proceeds on sales of investment properties | 3,039 | 235 | 448 |
Acquisition of investment properties, net | (752,807) | (501,127) | (125,728) |
Capital expenditures on existing investment properties | (4,988) | (900) | 0 |
Pay down of contingent consideration | (999) | 0 | 0 |
Real estate loans receivable | (22,359) | (15,386) | 0 |
Note receivable | (20,545) | 0 | 0 |
Leasing commissions | (579) | (100) | (163) |
Lease inducements | (2,478) | (1,532) | (1,000) |
Net cash used in investing activities | (801,716) | (518,810) | (126,443) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common shares | 545,117 | 350,384 | 225,920 |
Formation transactions | 0 | 0 | (354) |
Proceeds from credit facility borrowings | 620,000 | 395,200 | 52,350 |
Payment on credit facility borrowings | (363,000) | (257,200) | (52,350) |
Proceeds from issuance of mortgage debt | 0 | 26,550 | 162 |
Principal payments on mortgage debt | (2,022) | (6,549) | (41,832) |
Debt issuance costs | (3,105) | (3,887) | (1,428) |
Dividends paid – shareholders | (63,720) | (28,104) | (2,161) |
Distributions to noncontrolling interest – Operating Partnership | (3,216) | (3,382) | (493) |
Distributions to members and partners | (563) | 0 | (211) |
Distributions to noncontrolling interest – partially owned properties | (213) | (185) | (464) |
Purchase of OP Units | (1,088) | (7,546) | 0 |
Common shares repurchased and retired | (606) | (321) | 0 |
Net cash provided by financing activities | 727,584 | 464,960 | 179,139 |
Net (decrease) increase in cash and cash equivalents | (12,780) | (40,555) | 53,864 |
Cash and cash equivalents, beginning of period | 15,923 | 56,478 | 2,614 |
Cash and cash equivalents, end of period | 3,143 | 15,923 | 56,478 |
Supplemental disclosure of cash flow information – interest paid during the year | 9,550 | 5,606 | 3,942 |
Supplemental disclosure of noncash activity – assumed debt | 18,690 | 15,283 | 0 |
Supplemental disclosure of noncash activity – issuance of OP Units and Series A Preferred Units in connection with acquisitions | 40,376 | 28,589 | 11,535 |
Supplemental disclosure of noncash activity – contingent consideration | $ 2,718 | $ 840 | $ 0 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Note 1. Organization and Business Physicians Realty Trust (the “Trust”) was organized in the state of Maryland on April 9, 2013. As of December 31, 2015 , the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share (“common shares”). The Trust filed a Registration Statement on Form S-11 with the Securities and Exchange Commission (the “Commission”) with respect to a proposed underwritten initial public offering (the “IPO”) and completed the IPO of its common shares and commenced operations on July 24, 2013. The Trust contributed the net proceeds from the IPO to Physicians Realty L.P. (the “Operating Partnership”), a Delaware limited partnership, and is the sole general partner of the Operating Partnership. The Trust’s operations are conducted through the Operating Partnership and wholly-owned and majority-owned subsidiaries of the Operating Partnership. The Trust, as the general partner of the Operating Partnership, controls the Operating Partnership and consolidates the assets, liabilities and results of operations of the Operating Partnership. The Trust is a self-managed real estate investment trust (“REIT”) formed primarily to acquire, selectively develop, own and manage healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. Initial Public Offering and Formation Transactions Pursuant to the IPO, the Trust issued an aggregate of 11,753,597 common shares, including common shares issued upon exercise of the underwriters’ overallotment option, and received approximately $123.8 million of net proceeds (after deducting the underwriting discount and expenses of the IPO and the formation transactions payable by the Trust). The Trust contributed the net proceeds of the IPO to the Operating Partnership in exchange for 11,753,597 common units of partnership interest (“OP Units”) on July 24, 2013. Concurrently with the completion of the IPO, the Trust acquired, through a series of contribution transactions, the entities that own the 19 properties that comprised the Trust’s initial properties from four healthcare real estate funds (the “Ziegler Funds”), as well as certain operating assets and liabilities, including the assumption of approximately $84.3 million of debt related to such properties. The Trust determined that the Ziegler Funds constitute the Trust’s accounting predecessor (the “Predecessor”). The Predecessor, which is not a legal entity, is comprised of the four Ziegler Funds that owned directly or indirectly interests in entities that owned the initial 19 properties in the Trust’s portfolio. The combined historical data for the Predecessor is not necessarily indicative of the Trust’s future financial position or results of operations. In addition, at the completion of the IPO, the Trust entered into a shared services agreement with B.C. Ziegler & Company (“Ziegler”) pursuant to which Ziegler provided office space, IT support, accounting support and other services to the Trust in exchange for an annual fee. The Trust elected to terminate the shared services agreement effective July 23, 2015 in conjunction with completed renovations of the Renaissance Office Building. To acquire the ownership interests in the entities that own the 19 properties included in the Trust’s initial properties, and certain other operating assets and liabilities, from the Ziegler Funds, the Operating Partnership issued to the Ziegler Funds an aggregate of 2,744,000 OP Units, having an aggregate value of approximately $31.6 million based on the price per share to the public in the IPO. These formation transactions were effected concurrently with the completion of the IPO. Upon closing of the IPO, the Trust owned a 79.6% interest in the Operating Partnership. The Operating Partnership used a portion of the IPO proceeds received from the Trust to purchase the 50% interest in the Arrowhead Commons property not owned by the Ziegler Funds for approximately $850,000 , after which the Operating Partnership became the 100% owner of the property, and to pay certain expenses related to debt assumptions and the Trust’s former senior secured revolving credit facility. The balance of the net proceeds was subsequently invested in healthcare properties. Because the IPO and the formation transactions were completed on July 24, 2013, the Trust had no operations prior to that date. References in these notes to the consolidated and combined financial statements of Physicians Realty Trust signify the Trust for the period from July 24, 2013, the date of completion of the IPO and the formation transactions, and of the Predecessor for all prior periods. Equity Offerings On December 11, 2013, the Trust completed a public offering of 9,545,000 common shares, including 1,245,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $103.1 million . The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 9,545,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions. On May 27, 2014, the Trust completed a public offering of 12,650,000 common shares, including 1,650,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $149.9 million . The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 12,650,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions. On September 12, 2014, the Trust completed a public offering of 10,925,000 common shares, including 1,425,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $145.7 million . The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 10,925,000 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the former senior secured revolving credit facility and for general corporate and working capital purposes and funding acquisitions. On January 21, 2015, the Trust completed a follow-on public offering of 18,975,000 common shares at $16.40 per share, including 2,475,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $297.3 million . The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 18,975,000 partnership interests in the Operating Partnership (“OP Units”), and the Operating Partnership used the net proceeds of the public offering to repay borrowings under the unsecured revolving credit facility and for general corporate purposes, including working capital and investment in real estate. On June 17, 2015, the Trust filed an automatic shelf registration statement on Form S-3 with the Commission covering an indeterminate amount of common shares, preferred shares, convertible shares, debt securities, convertible debt securities or other types of securities from time to time. On October 19, 2015, the Trust completed a follow-on public offering of 15,812,500 common shares at $15.00 per share, including 2,062,500 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to the Trust of approximately $226.8 million . The Trust contributed the net proceeds of this offering to the Operating Partnership in exchange for 15,812,500 OP Units, and the Operating Partnership used the net proceeds of the public offering to repay a portion of the outstanding indebtedness under the unsecured revolving credit facility and for general corporate purposes, including working capital and investment in real estate. On August 19, 2014, the Trust and the Operating Partnership entered into separate At Market Issuance Sales Agreements (the “Sales Agreements”) with each of MLV & Co. LLC, KeyBanc Capital Markets Inc., JMP Securities LLC, and RBC Capital Markets, LLC (the “Agents”), pursuant to which the Trust may issue and sell common shares having an aggregate offering price of up to $150 million , from time to time, through the Agents pursuant to a shelf registration statement on Form S-3 (the “ATM Program”). During 2015 and 2014, the Trust’s issuance and sale of common shares pursuant to the ATM Program is as follows (in thousands, except common shares and price): 2015 2014 Common shares sold Weighted average price Net proceeds Common shares sold Weighted average price Net proceeds Quarterly period ended March 31 247,397 $ 16.96 $ 4,139 — $ — $ — Quarterly period ended June 30 1,007,695 16.56 16,439 — — — Quarterly period ended September 30 — — — — — — Quarterly period ended December 31 — — — 3,576,010 15.54 54,789 Year ended December 31 1,255,092 $ 16.63 $ 20,578 3,576,010 $ 15.54 $ 54,789 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation GAAP requires the Trust to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Trust consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Trust may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Trust identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Trust performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Trust consolidates such entities in which the Trust or the Operating Partnership owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Trust owns less than 100% of the equity interest, the Trust consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Trust records a noncontrolling interest representing equity held by noncontrolling interests. Noncontrolling Interests The Trust presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Trust’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Net income or loss is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions. In connection with the closing of the IPO, the Trust and the Operating Partnership completed related formation transactions pursuant to which the Operating Partnership acquired from the Ziegler Funds, the Ziegler Funds’ ownership interests in 19 medical office buildings located in ten states in exchange for an aggregate of 2,744,000 OP Units and the payment of approximately $36.9 million of debt related to such properties. During the year ended December 31, 2013, the Operating Partnership partially funded one property acquisition by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance. The acquisition had a total purchase price of approximately $37.5 million. During the year ended December 31, 2014, the Operating Partnership partially funded five property acquisitions by issuing an aggregate of 2,042,313 OP Units valued at approximately $28.6 million on the date of issuance. The five acquisitions had a total purchase price of approximately $103.6 million . During the year ended December 31, 2015, the Operating Partnership partially funded three property acquisitions by issuing an aggregate of 648,649 OP Units valued at approximately $11.0 million on the date of issuance. The three acquisitions had a total purchase price of approximately $32.5 million. Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of December 31, 2015 , the Trust held a 95.7% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operation of the Operating Partnership. Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership. Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or for unregistered common shares on a one -for-one basis. Such selection to pay cash or issue common shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust. Accordingly, the Trust presents the OP Units of the Operating Partnership held by the Predecessor’s prior investors and other investors as noncontrolling interests within equity in the consolidated balance sheet. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated and combined statement of operations. Redeemable Noncontrolling Interests - Operating Partnership and Partially Owned Properties On February 5, 2015, the Trust entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the newly designated Series A Participating Redeemable Preferred Units of the Operating Partnership (“Series A Preferred Units”). Series A Preferred Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. Holders of Series A Preferred Units are entitled to a 5% cumulative return and upon redemption, the receipt of one common share and $200 . The holders of the Series A Preferred Units have agreed not to cause the Operating Partnership to redeem their Series A Preferred Units prior to one year from the issuance date. In addition, Series A Preferred Units are redeemable at the option of the holders which redemption obligation may be satisfied, at the Trust’s option, in cash or registered common shares. Instruments that require settlement in registered common shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered common shares. Due to the redemption rights associated with the Series A Preferred Units, the Trust classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheet. On February 5, 2015, the acquisition of the Minnetonka MOB was partially funded with the issuance of 44,685 Series A Preferred Units which are valued at $9.7 million . On December 17, 2015, the acquisition of the Nashville MOB was partially funded with the issuance of 91,236 Series A Preferred Units which are valued at $19.7 million . The Series A Preferred Units were evaluated for embedded features that should be bifurcated and separately accounted for as a freestanding derivative. The Trust determined that the Series A Preferred Units contained features that require bifurcation. The fair value of the embedded derivative is $8.1 million and is included on the Trust’s consolidated balance sheets in accrued expenses and other liabilities. In connection with the acquisition of the Minnetonka MOB, the Trust received a $5 million equity investment from a third party, effective March 1, 2015. This investment earns a 15% cumulative preferred return. At any point subsequent to the third anniversary of the investment, the holder can require the Trust to redeem the instrument at a price for which the investor will realize a 15% internal rate of return. Due to the redemption provision, which is outside of the control of the Trust, the Trust classifies the investment in the mezzanine section of its consolidated balance sheet. The Trust records the carrying amount of the redeemable noncontrolling interests at the greater of the carrying value or redemption value. Dividends and Distributions Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 31, 2015 January 15, 2016 January 29, 2016 $ 0.225 September 28, 2015 October 16, 2015 October 30, 2015 $ 0.225 July 1, 2015 July 17, 2015 July 31, 2015 $ 0.225 April 6, 2015 April 17, 2015 May 1, 2015 $ 0.225 December 30, 2014 January 23, 2015 February 6, 2015 $ 0.225 September 26, 2014 October 17, 2014 October 30, 2014 $ 0.225 June 26, 2014 July 18, 2014 August 1, 2014 $ 0.225 March 27, 2014 April 11, 2014 April 25, 2014 $ 0.225 December 30, 2013 January 24, 2014 February 7, 2014 $ 0.225 September 30, 2013 October 18, 2013 November 1, 2013 $ 0.180 (1) (1) Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre. Purchase of Investment Properties A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between the acquired tangible assets and assumed liabilities based upon their relative fair values at the date of acquisition. A property acquired with an existing lease is accounted for as a business combination pursuant to the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”), and assets acquired and liabilities assumed, including identified intangible assets and liabilities, are recorded at fair value. The determination of fair value involves the use of significant judgment and estimation. The Trust makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and may include the assistance of a third party appraiser. The Trust estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over the estimated remaining life of the building. The Trust determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within the Trust’s portfolio. In recognizing identified intangible assets and liabilities in connection with a business combination, the value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases are amortized over the estimated remaining term of the lease. The values assigned to all lease intangible assets and liabilities are amortized over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off. The Trust calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Trust approximates based on the rate at which it would expect to incur on a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Based on these estimates, the Trust recognizes the acquired assets and assumed liabilities at their estimated fair values, which are generally determined using Level 3 inputs, such as market rental rates, capitalization rates, discount rates, or other available market data. Initial valuations are subject to change until the information is finalized, no later than 12 months from the acquisition date. The Trust expenses transaction costs associated with acquisitions accounted for as business combinations in the period incurred. Impairment of Intangible and Long-Lived Assets The Trust periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Trust evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations. In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Trust adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Trust recognizes an impairment loss at the time it makes any such determination. If the Trust determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques, which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates or other available market data. The Trust recorded real estate impairment charges of $1.8 million year ended December 31, 2014. Assets Held for Sale and Discontinued Operations The Trust may sell properties from time to time for various reasons, including favorable market conditions. The Trust classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. In 2014, the FASB issued Accounting Standards Update 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. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in the Trust’s previously issued financial statements. The Trust early adopted ASU 2014-08 for the quarter ended March 31, 2014. Such adoption has had no impact on the Trust’s financial statements as no dispositions that qualify as discontinued operations occurred during the year ended December 31, 2015 and 2014. Investments in Unconsolidated Entities The Trust reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Trust’s share of the investee’s earnings or losses is included in its consolidated and combined statements of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest. During 2014, the Trust completed the acquisition of a 40% limited liability company membership interest in Jeff-Orleans Medical Development Real Estate, L.L.C., the entity that owns and leases to the Trust the land on which the Crescent City Surgical Centre is situated, for $1.3 million. Real Estate Loans Receivable Real estate loans receivable consists of seven mezzanine loans and a term loan. Each mezzanine loan is collateralized by an ownership interest in the respective borrower, while the term loan is secured by an equity interest in one medical office building development. Interest income on the loans are recognized as earned based on the terms of the loans subject to evaluation of collectability risks and are included in the Trust’s consolidated statement of operations. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less from the date of purchase. The Trust is subject to concentrations of credit risk as a result of its temporary cash investments. The Trust places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk. Escrow reserves The Trust is required to maintain various escrow reserves on certain notes payable to cover future property taxes and insurance and tenant improvements costs as defined in each loan agreement. The total reserves as of December 31, 2015 and 2014 are $4.8 million and $1.9 million , respectively, which are included in other assets in the consolidated balance sheets. Deferred costs Deferred costs consist primarily of fees paid to obtain financing and costs associated with the origination of long-term leases on real estate properties. After the purchase of a property, lease commissions incurred to extend in-place leases or generate new lease are added to deferred lease costs. Deferred lease costs are amortized on a straight-line basis over the terms of their respective agreements. The Trust amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Derivatives Derivatives consist of two embedded derivatives and an interest rate swap and are recognized as liabilities on the consolidated balance sheets in accrued expenses and other liabilities and are measured at fair value. For the interest rate swap any change in the fair value is recognized immediately in earnings unless the derivative qualified as a hedge and for the embedded derivatives any change in fair value is recognized in Redeemable noncontrolling interest – Operating Partnership and partially owned properties. No derivatives have been designated as hedges. The Trust is exposed to certain risks in the normal course of its business operations. One risk relating to the variability of interest on variable rate debt is managed through the use of derivatives. All derivative financial instruments are measured and reported in the consolidated balance sheets at fair value. The Trust has elected not to apply hedge accounting to its derivative financial instruments and as such, any changes in the fair values of its derivatives are recognized immediately in earnings. Generally, the Trust enters into swap relationships such that changes in the fair value or cash flows of items and transactions being hedged are expected to be offset by corresponding changes in the values of the derivatives. Tenant receivables, net Tenant accounts receivable are stated net of the applicable allowance. Rental payments under these contracts are primarily due monthly. The Trust assesses the collectability of tenant receivables, including straight-line rent receivables, and defers recognition of revenue if collectability is not reasonably assured. The Trust bases its assessment of the collectability of rent receivables on several factors, including, among other things, payment history, the financial strength of the tenant and current economic conditions. If management’s evaluation of these factors indicates it is probable that the Trust will be unable to recover the full value of the receivable, the Trust provides a reserve against the portion of the receivable that it estimates may not be recovered. At December 31, 2015 and 2014 , the allowance for doubtful accounts was $0.1 million. Rental Revenue Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants are included in other assets and were approximately $15.6 million and $6.4 million as of December 31, 2015 and 2014 , respectively. If the Trust determines that collectability of straight-line rents is not reasonably assured, the Trust limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses. Rental revenue is adjusted by amortization of lease inducements and above or below market rents on certain leases. Lease inducements and above or below market rents are amortized over the average remaining life of the lease. Expense Recoveries Expense recoveries relate to tenant reimbursement of real estate taxes, insurance and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded at gross, as the Trust is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers and has discretion in selecting the supplier and bears the credit risk of tenant reimbursement. The Trust has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses. For absolute net leases, the Trust does not recognize expense recoveries. Income Taxes The Trust elected to be taxed as a REIT for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to continue to operate in such a manner as to continue qualifying for treatment as a REIT. Even if the Trust continues to qualify for taxation as a REIT, the Trust may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income. Management Estimates The preparation of consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the amounts of revenue and expenses reported in the period. Significant estimates are made for the fair value assessments with respect to purchase price allocations, impairment assessments, and the valuation of financial instruments. Actual results could differ from these estimates. Contingent Liability The Trust records a liability for contingent consideration (included in accrued expenses and other liabilities on its consolidated balance sheets) at fair value as of the acquisition date and reassess the fair value at the end of each reporting period, with any changes being recognized in earnings. Increases or decreases in the fair value of contingent consideration can result from changes in discount periods, discount rates and probabilities that contingencies will be met. Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the previously reported consolidated financial position or consolidated and combined results of operations. Segment Reporting Under the provision of Codification Topic 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to leasing and managing healthcare properties. New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is permitted for reporting periods beginning after December 15, 2016. While the Trust is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements, we do not expect its adoption to have a significant impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. In February 2015, the FASB issued ASU 2015-2, Amendments to the Consolidation Analysis . This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process and by placing more emphasis on risk of loss when determining a controlling financial interest. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The Company will adopt ASU 2015-2 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company will adopt ASU 2015-3 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015. The Company will adopt ASU 2015-16 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases . The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of adopting the new leases standard on our consolidated financial statements. |
Acquisitions and Disposition
Acquisitions and Disposition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Disposition | Note 3. Acquisitions and Dispositions During 2015 , the Trust completed acquisitions of 66 properties located in 22 states for an aggregate purchase price of approximately $ 818.6 million . In addition, the Trust completed loan investments totaling $ 22.4 million . Acquisition activity for the year ending December 31, 2015 is summarized below: Property (1) Location Acquisition Date Purchase Price (in thousands) Minnesota Portfolio (2) Edina MOB (5) Edina MN January 22, 2015 $ 14,190 Crystal MOB (5) Crystal, MN January 22, 2015 14,782 Savage MOB (5) Savage, MN January 22, 2015 12,800 Dell Road MOB (5) Chanhassen, MN January 22, 2015 6,410 Vadnais Heights MOB (5) Vadnais Heights, MN January 29, 2015 18,422 Minnetonka MOB (3) (5) Minnetonka, MN February 5, 2015 26,000 Jamestown MOB (5) Jamestown, ND February 5, 2015 12,819 Minnesota Eye MOB (5) Minnetonka, MN February 17, 2015 10,882 Columbus MOB (5) Columbus, GA January 23, 2015 6,540 Methodist Sports MOB (4) (6) Greenwood, IN January 28, 2015 10,000 Indianapolis South (4 MOBs) (5) Greenwood, IN February 13, 2015 17,183 Baylor Cancer Center (5) Dallas, TX February 27, 2015 8,200 Bridgeport Medical Center (5) Lakewood, WA February 27, 2015 13,750 Renaissance Office Building (5) Milwaukee, WI March 27, 2015 6,500 University of Rochester Strong Memorial Portfolio (5 MOBs) (5) Rochester, NY March 31, 2015 41,000 Avalon Park Florida Hospital MOB (5) Avalon Park, FL March 31, 2015 14,600 Premier Surgery Center of Louisville (5) Louisville, KY April 10, 2015 8,000 Baton Rouge MOB (5) Baton Rouge, LA April 15, 2015 10,486 Healthpark Medical Center (5) Grand Blanc, MI April 30, 2015 18,913 Plaza HCA MOB (5) Jacksonville, FL April 30, 2015 19,000 Northern Ohio Medical Center (4) Sheffield, OH May 28, 2015 11,236 University of Michigan - Northville MOB (5) Livonia, MI May 29, 2015 14,750 Coon Rapids Medical Center MOB (5) Coon Rapids, MN June 1, 2015 7,298 Mezzanine Loan - UF Health MOB (7) Jacksonville, FL June 1, 2015 9,000 Premier Landmark MOB (4) (8) Bloomington, IN June 5, 2015 11,308 Palm Beach ASC (5) Palm Beach, FL June 26, 2015 14,070 Brookstone Physician Center MOB (5) Jacksonville, AL June 30, 2015 2,800 Jackson Woman's Clinic MOB (5) Jackson, TN June 30, 2015 5,672 Hillside Medical Center MOB (5) Hanover, PA June 30, 2015 11,400 Randall Road MOB (5) Elgin, IL June 30, 2015 13,045 Randall Road MOB - Unit 140 (4) Elgin, IL July 17, 2015 1,750 Medical Specialists of Palm Beach MOB (5) Atlantis, FL July 24, 2015 11,051 OhioHealth - SW Health Center MOB (5) Grove City, OH July 31, 2015 11,460 Trios Health MOB (5) Kennewick, WA July 31, 2015 64,000 Integrated Medical Services (IMS) Portfolio IMS - Paradise Valley MOB (5) Phoenix, AZ August 14, 2015 31,814 IMS - Avondale MOB (5) Avondale, AZ August 19, 2015 22,144 IMS - Palm Valley MOB (5) Goodyear, AZ August 19, 2015 35,184 IMS - North Mountain MOB (5) Phoenix, AZ August 31, 2015 51,740 Property (1) Location Acquisition Date Purchase Price (in thousands) Mezzanine Loan - Warm Springs Rehab Hospital (9) Kyle, TX August 21, 2015 3,138 Memorial Hermann Medical Complex (2 MOBs) (5) Katy, TX September 1, 2015 40,400 Construction Loan - Tinseltown (10) Jacksonville, FL September 4, 2015 1,005 New Albany Medical Center MOB (5) (11) New Albany, OH September 9, 2015 11,200 Fountain Hills Medical Campus MOB (5) Fountain Hills, AZ September 30, 2015 13,250 Catalyst Portfolio (12 MOBs) (5) AL & FL October 13, 2015 23,805 Mezzanine Loan - Truman Medical Center (12) Kansas City, MO October 16, 2015 4,500 Arete Surgical Center (5) Johnstown, CO October 19, 2015 9,100 Cambridge Professional Center MOB (5) Waldorf, MD October 30, 2015 11,550 Mezzanine Loan - Great Falls Replacement Surgical Hospital (13) Great Falls, MT November 2, 2015 4,500 HonorHealth 44th Street MOB (5) Phoenix, AZ November 13, 2015 7,163 Mercy Medical Center MOB (5) Fenton, MO December 1, 2015 9,850 Nashville MOB (5) (14) Nashville, TN December 17, 2015 45,440 Mezzanine Loan - Wilson Surgery Center (15) Wilson, NC December 17, 2015 216 Hillside Medical Center - Suite 100 (4) Hanover, PA December 18, 2015 4,240 Randall Road MOB - Suite 170 (4) Elgin, IL December 21, 2015 408 KSF Orthopaedic MOB (5) Houston, TX December 22, 2015 6,250 Great Falls Clinic MOB (5) (16) Great Falls, MT December 29, 2015 24,244 Randall Road MOB - Suite 320 (4) Elgin, IL December 30, 2015 500 Total $ 840,958 (1) “MOB” means medical office building and “ASC” means ambulatory surgical center. (2) Through subsidiaries of the Operating Partnership, the Trust acquired seven medical office facilities located in the Minneapolis-St. Paul Metropolitan area and one additional medical office facility located in Jamestown, North Dakota from affiliates of The Davis Group and investors associated with The Davis Group. The Davis Group retained a less than 1% minority interest in the property holding entities. (3) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 44,685 Series A Preferred Units valued at approximately $9.7 million in the aggregate on the date of issuance. (4) The Trust accounted for these acquisitions as asset acquisitions and capitalized $ 0.4 million of total acquisition costs to the basis of the properties. (5) The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $14.9 million . (6) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 420,963 OP Units valued at approximately $7.3 million in the aggregate on the date of issuance. (7) The Trust made a $9.0 million mezzanine term loan to fund the development of a MOB in Jacksonville, Florida. The loan is collateralized by an equity interest in the medical building development and accrues interest at a rate of 8.4% per year. (8) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 210,820 OP Units valued at approximately $3.4 million in the aggregate on the date of issuance. (9) The Trust made a $3.1 million mezzanine term loan to partially fund the borrower’s acquisition of the 54,500 square foot Warm Springs Rehabilitation Hospital in Kyle, Texas. The mezzanine loan is collateralized by an equity interest in the property and accrues interest at a rate of 8.5% per year. The Trust has an option to purchase the property. (10) The Trust made additional advances on a construction loan to Tinseltown Partners, LLC to fund the renovations and additions of two re-purposed buildings in Jacksonville, Florida. The additional advances total $1.0 million and accrue at an interest rate of 9.0% per year. (11) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 16,866 OP Units valued at approximately $0.2 million in the aggregate on the date of issuance. (12) The Trust made a $4.5 million mezzanine term loan to partially fund the owner’s permanent financing of the 87,500 square foot Truman Medical Center in Kansas City, Missouri. The loan accrues interest at the rate of 8.02% per year. The Trust has rights of first offer and first refusal to purchase the property. (13) The Trust made a $4.5 million mezzanine term loan to partially fund the construction of the 63,250 square foot Great Falls Hospital in Great Falls, Montana. The loan accrues interest at the rate of 9.0% per year. The Trust has a contract to purchase the property upon completion of construction. (14) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 91,236 Series A Preferred Units valued at approximately $19.7 million in the aggregate on the date of issuance. Holders of the Series A Preferred Units issued in connection with the acquisition of the Nashville MOB are entitled to certain redemption rights under the partnership agreement of the Operating Partnership which allow them to cause the Operating Partnership to redeem the Series A Preferred Units in exchange for cash, or at the Trust’s option, for common shares, pursuant to a formula provided in the partnership agreement. The investors in the Series A Preferred Units have agreed not cause the Operating Partnership to redeem their Series A Preferred Units prior to December 17, 2016. (15) The Trust made a $0.2 million short term mezzanine loan to partially fund the owner’s acquisition of a 9,890 square foot ambulatory surgery center in Wilson, North Carolina. The loan accrues interest at the rate of 8.8% per year. (16) The Trust’s $24.2 million investment represents the acquisition of an approximate 75% membership interest in the entity which owns the Great Falls Clinic. For 2015 , the Trust recorded revenues and net income of $41.4 million and $10.6 million , respectively, from its 2015 acquisitions. During 2014 , the Trust completed acquisitions of 61 properties located in 15 states for an aggregate purchase price of approximately $543.4 million . Acquisition activity for the year ending December 31, 2014 is summarized below: Property (1) Location Acquisition Date Purchase Price (in thousands) Foundations San Antonio Surgical Hospital (2) San Antonio, TX February 19, 2014 $ 25,556 Eagles Landing Family Practice 4 MOBs (2) Atlanta, GA February 19, 2014 20,800 21st Century Oncology 4 MOBs (3) Sarasota, FL February 26, 2014 17,486 Foundations San Antonio MOB (3) San Antonio, TX February 28, 2014 6,800 Peachtree Dunwoody MOB (3) Atlanta, GA February 28, 2014 36,726 LifeCare LTACH (2) Fort Worth, TX March 28, 2014 27,160 LifeCare LTACH (2) Pittsburgh, PA March 28, 2014 12,840 Pinnacle Health Cardiology Portfolio 2 MOBs (3) Carlisle & Wormleyburg, PA April 22, 2014 9,208 South Bend Orthopaedic MOB (3) South Bend, IN April 30, 2014 14,900 Grenada Medical Complex MOB (3) Grenada, MS April 30, 2014 7,100 Mississippi Sports Medicine and Orthopaedics Center MOB (2) (4) Jackson, MS May 23, 2014 16,700 Carmel Medical Pavilion MOB (3) (5) Carmel, IN May 28, 2014 4,664 Summit Urology MOB (2) Bloomington, IN June 30, 2014 4,783 Renaissance Center (3) Oshkosh, WI June 30, 2014 8,500 Presbyterian Medical Plaza MOB (3) Monroe, NC June 30, 2014 7,750 Landmark Medical Portfolio (Premier) 3 MOBs (2) (6) Bloomington, IN July 1, 2014 23,837 Carlisle II MOB (3) Carlisle, PA July 25, 2014 4,500 Surgical Institute of Monroe ASC Monroe, MI July 28, 2014 6,000 The Oaks Medical Building MOB (3) Lady Lake, FL July 31, 2014 10,600 Baylor Surgicare ASC — Mansfield (3) Mansfield, TX September 2, 2014 8,500 Eye Center of Southern Indiana (2) (7) Bloomington, IN September 5, 2014 12,174 Wayne State Medical Center and MOB (2) Troy, MI September 10, 2014 46,500 El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3) (8) El Paso, TX September 30, 2014 46,235 The Mark H. Zangmeister Center (3) Columbus, OH September 30, 2014 36,600 Berger Medical Center (3) Orient, OH September 30, 2014 6,785 Orthopedic One 2 MOBs (3) Columbus, OH Westerville, OH September 30, 2014 24,500 Pinnacle Health Portfolio 5 MOBs (3) Harrisburg, PA October 29, 2014 23,100 Columbus Regional Health Portfolio 12 MOBs (3) Columbus, GA November 20, 2014 27,997 Middletown Medical 2 MOBs (2) Middletown, NY November 26, 2014 14,399 Carle Danville Clinic MOB (3) Danville, IL November 26, 2014 10,300 Napoleon Medical Building MOB (3) New Orleans, LA December 18, 2014 10,500 West Tennessee Bone & Joint 1 MOB 1 ASC (2) Jackson, TN December 30, 2014 9,936 Total $ 543,436 (1) “MOB” means medical office building, “LTACH” means long-term acute care hospital and “ASC” means ambulatory surgical center. (2) The Trust accounted for these acquisitions as asset acquisitions and capitalized $1.7 million of total acquisition costs to the basis of the properties. (3) The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $10.9 million . (4) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 147,659 OP Units valued at approximately $1.9 million in the aggregate on the date of issuance. (5) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 96,099 OP Units valued at approximately $1.2 million in the aggregate on the date of issuance. (6) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 576,040 OP Units valued at approximately $8.3 million in the aggregate on the date of issuance. (7) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 272,191 OP Units valued at approximately $4.0 million in the aggregate on the date of issuance. (8) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 950,324 OP Units valued at approximately $13.2 million in the aggregate on the date of issuance. The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Trust determined using Level 2 and Level 3 inputs (in thousands): December 31, 2015 December 31, 2014 Land $ 52,224 $ 53,687 Building and improvements 643,470 451,691 In-place lease intangibles 99,763 35,720 Above market lease intangibles 19,337 5,270 Below market lease intangibles (3,738 ) (2,330 ) Below market ground lease 13,941 — Above market ground lease — (701 ) Investment in unconsolidated entity — 1,300 Lease inducement 2,478 1,532 Leasehold interest — 759 Derivative liability assumed — (197 ) Contingent consideration (2,718 ) (840 ) Receivable 3,564 640 Debt assumed (18,690 ) (15,283 ) Issuance of OP Units (10,973 ) (28,589 ) Issuance of Series A Preferred Units (29,403 ) — Noncontrolling interest (13,970 ) — Net assets acquired $ 755,285 $ 502,659 These preliminary allocations are subject to revision within the measurement period, not to exceed one year from the date of the acquisitions. Unaudited Pro Forma Financial Information The following table illustrates the pro forma consolidated revenue, net income, and earnings per share as if the Trust had acquired the 2015 acquisitions detailed above as of January 1, 2014 (in thousands, except share and per share amounts): Year Ended December 31, 2015 2014 Revenue $ 168,154 $ 133,411 Net income 38,959 17,512 Net income available to common shareholders 36,938 16,599 Earnings per share $ 0.42 $ 0.19 Common shares outstanding 87,175,904 87,175,904 |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | Note 4. Intangibles The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Assets In-place leases $ 163,728 $ (26,702 ) $ 137,026 $ 64,777 $ (12,213 ) $ 52,564 Above market leases 26,787 (3,174 ) 23,613 7,449 (578 ) 6,871 Leasehold interest 712 (64 ) 648 759 (5 ) 754 Below market ground lease 13,941 (68 ) 13,873 — — — Total $ 205,168 $ (30,008 ) $ 175,160 $ 72,985 $ (12,796 ) $ 60,189 Liability Below market lease $ 6,068 $ (799 ) $ 5,269 $ 2,330 $ (156 ) $ 2,174 Above market ground lease 701 (20 ) 681 701 (4 ) 697 Total $ 6,769 $ (819 ) $ 5,950 $ 3,031 $ (160 ) $ 2,871 The following is a summary of the acquired lease intangible amortization for the years ended December 31, 2015 , 2014 and 2013 (in thousands): December 31, 2015 2014 2013 Amortization expense related to in-place leases $ 15,300 $ 4,133 $ 1,252 Decrease of rental income related to above-market leases 2,596 530 48 Decrease of rental income related to leasehold interests 59 5 — Increase of rental income related to below-market leases 643 156 — Decrease of operating expense related to above market ground leases 16 4 — Increase in operating expense related to below market ground leases 68 — — Future aggregate net amortization of the acquired lease intangibles as of December 31, 2015 , is as follows (in thousands): Net Decrease in Revenue Net Increase in Expenses 2016 $ (3,016 ) $ 20,760 2017 (2,447 ) 18,743 2018 (2,162 ) 17,283 2019 (1,982 ) 14,161 2020 (1,886 ) 12,427 Thereafter (7,499 ) 66,844 Total $ (18,992 ) $ 150,218 For the year ended December 31, 2015 , the weighted average amortization period for asset lease intangibles and liability lease intangibles are 15 years and 12 years, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Unclassified [Abstract] | |
Other Assets | Note 5. Other Assets Other assets consisted of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Straight line rent receivable $ 15,584 $ 6,431 Lease inducements, net 4,970 2,845 Escrows 4,788 1,906 Earnest deposits 343 2,343 Notes receivable 20,620 — Prepaid expenses and other 5,926 2,281 Total $ 52,231 $ 15,806 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt The following is a summary of debt as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Fixed interest mortgage notes $ 89,664 (1) $ 73,706 (2) Variable interest mortgage note 4,262 (3) 4,399 (4) Total mortgage debt 93,926 78,105 $750 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2019. 395,000 138,000 Total principal 488,926 216,105 Unamortized fair value adjustment 674 — Total debt $ 489,600 $ 216,105 (1) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58% , with a weighted average interest rate of 5.40% , and due in 2016, 2017, 2019, 2020, 2021 and 2022 collateralized by 11 properties with a net book value of $145,038 . (2) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58% , with a weighted average interest rate of 5.26% , and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $118,247 . (3) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $5,994 . (4) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249 . Effective September 18, 2014, the Credit Agreement, dated as of August 29, 2013 (as amended, restated, increased, extended, supplemented or otherwise modified from time to time, the “Prior Credit Agreement”), among the Operating Partnership, as borrower, the Trust, certain subsidiaries and other affiliates of the Operating Partnership, as guarantors, Regions Bank, as administrative agent, Regions Capital Markets, as sole lead arranger and sole book runner, and the lenders party thereto, and all commitments provided thereunder, were terminated. All amounts due and outstanding under the Prior Credit Agreement were repaid on or prior to such date. On September 18, 2014, the Operating Partnership, as borrower, and the Trust and certain subsidiaries and other affiliates of the Trust, as guarantors, entered into a Credit Agreement with KeyBank National Association as administrative agent, KeyBanc Capital Markets Inc., Regions Capital Markets and BMO Capital Markets, as joint lead arrangers and joint bookrunners, Regions Capital Markets and BMO Capital Markets, as co-syndication agents, and the lenders party thereto in connection with an unsecured revolving credit facility in the maximum principal amount of $400 million (“Credit Agreement”). The Credit Agreement includes a swingline loan commitment for up to 10% of the maximum principal amount and provides an accordion feature allowing the Trust to increase borrowing capacity by up to an additional $350 million , subject to customary terms and conditions, resulting in a maximum borrowing capacity of $750 million . The Credit Agreement replaced the Trust’s senior secured revolving credit facility in the maximum principal amount of $200 million under the Prior Credit Agreement. On July 22, 2015, the Operating Partnership, as borrower, and the Trust and certain subsidiaries and other affiliates of the Operating Partnership, as guarantors, entered into an amendment to the existing Credit Agreement with KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc., Regions Capital Markets and BMO Capital Markets, as joint lead arrangers and joint bookrunners, Regions Capital Markets and BMO Capital Markets, as co-syndication agents, and the lenders party thereto (as amended, the “Credit Agreement”) which increased the maximum principal amount available under the unsecured revolving credit facility from $400 million to $750 million. The Credit Agreement includes a swingline loan commitment for up to 10% of the maximum principal amount and provides an accordion feature allowing the Trust to increase borrowing capacity by up to an additional $350 million, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.1 billion. The Credit Agreement has a maturity date of September 18, 2019 and includes a one year extension option. Borrowings under the Credit Agreement bear interest on the outstanding principal amount at an adjusted LIBOR rate, which is based on the Trust’s investment grade rating under the Credit Agreement. As of December 31, 2015 , the Trust had an investment grade rating from Moody’s of Baa3 and as such, borrowings under the Credit Agreement accrued interest on the outstanding principal at a rate of LIBOR plus 1.20% . The Credit Agreement includes a facility fee equal to 0.25% per annum, which is also determined by the Trust’s investment grade rating. The Credit Agreement contains financial covenants that, among other things, require compliance with leverage and coverage ratios and maintenance of minimum tangible net worth, as well as covenants that may limit the Trust’s and the Operating Partnership’s ability to incur additional debt or make distributions. The Trust may, at any time, voluntarily prepay any loan under the Credit Agreement in whole or in part without premium or penalty. As of December 31, 2015 , the Trust was in compliance with all financial covenants. The Credit Agreement includes customary representations and warranties by the Operating Partnership, the Trust and each other guarantor and imposes customary covenants on the Operating Partnership, the Trust and each other guarantor. The Credit Agreement also contains customary events of default, and if an event of default occurs and continues, the Operating Partnership is subject to certain actions by the administrative agent, including without limitation, the acceleration of repayment of all amounts outstanding under the Credit Agreement. The Credit Agreement provides for revolving credit loans to the Operating Partnership. Base Rate Loans, Adjusted LIBOR Rate Loans and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the Trust’s investment grade rating as follows: Investment Grade Rating Adjusted LIBOR Rate Loans Base Rate Loans At Least A- or A3 LIBOR + 0.85% — % At Least BBB+ or BAA1 LIBOR + 0.90% — % At Least BBB or BAA2 LIBOR + 1.00% 0.10 % At Least BBB- or BAA3 LIBOR + 1.20% 0.20 % Below BBB- or BAA3 LIBOR + 1.55% 0.60 % As of December 31, 2015 , there were $395.0 million of borrowings outstanding under our unsecured revolving credit facility and $198.7 million available for us to borrow without adding additional properties to the unencumbered borrowing base of assets, as defined by the Credit Agreement. Certain properties have mortgage debt that contains financial covenants. As of December 31, 2015 , the Trust was in compliance with all mortgage debt financial covenants. Scheduled principal payments due on debt as of December 31, 2015 , are as follows (in thousands): 2016 $ 9,748 2017 40,658 2018 1,265 2019 415,081 2020 5,521 Thereafter 16,653 Total Payments $ 488,926 For the years ended December 31, 2015 and 2014 , the Trust incurred interest expense on its debt of $9.3 million and $5.8 million, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Liabilities | Note 7. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Embedded derivatives $ 8,149 $ — Security deposits 4,038 1,191 Prepaid rent 2,778 839 Contingent consideration 2,559 840 Accrued expenses and other 6,949 3,270 Total $ 24,473 $ 6,140 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Note 8. Stock-based Compensation The Trust follows ASC 718, Compensation – Stock Compensation (“ASC 718”), in accounting for its share-based payments. This guidance requires measurement of the cost of employee services received in exchange for stock compensation based on the grant-date fair value of the employee stock awards. This cost is recognized as compensation expense ratably over the employee’s requisite service period. Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized when incurred. Share-based payments classified as liability awards are marked to fair value at each reporting period. Certain of the Trust’s employee stock awards vest only upon the achievement of performance targets. ASC 718 requires recognition of compensation cost only when achievement of performance conditions is considered probable. Consequently, the Trust’s determination of the amount of stock compensation expense requires a significant level of judgment in estimating the probability of achievement of these performance targets. Additionally, the Trust must make estimates regarding employee forfeitures in determining compensation expense. Subsequent changes in actual experience are monitored and estimates are updated as information is available. In connection with the IPO, the Trust adopted the 2013 Equity Incentive Plan (“2013 Plan”), which made available 600,000 common shares to be administered by the Compensation and Nominating Governance Committee of the Board of Trustees. On August 7, 2014, at the Annual Meeting of Shareholders of Physicians Realty Trust, the Trust’s shareholders approved an amendment to the 2013 Plan to increase the number of common shares authorized for issuance under the 2013 Plan by 1,850,000 common shares, for a total of 2,450,000 common shares authorized for issuance. The committee has broad discretion in administering the terms of the 2013 Plan. Restricted shares granted under the 2013 Plan are eligible for dividends as well as the right to vote. The Trust granted to management and the Board of Trustees 250,000 restricted common shares upon completion of the IPO under the Trust’s 2013 Plan at a value per share of $11.50 and total value of $2.9 million with a vesting period of three years. During 2014, a total of 152,987 restricted common shares with a total value of $2.1 million were granted to Trust employees and the Board of Trustees with vesting periods ranging from one to three years. During 2015, a total of 162,522 restricted common shares with a value of $2.6 million were granted to Trust employees with vesting periods ranging from one to three years. A summary of the status of the Trust’s non-vested restricted common shares as of December 31, 2015 and changes during the year then ended follow: Shares Weighted Average Grant Date Fair Value Restricted shares issued in conjunction with our IPO 250,000 $ 11.50 Non-vested at December 31, 2013 250,000 11.50 Granted 152,987 13.79 Vested (83,333 ) 11.50 Non-vested at December 31, 2014 319,654 12.60 Granted 162,522 15.95 Vested (170,337 ) 12.93 Non-vested at December 31, 2015 311,839 $ 14.17 For all service awards, the Trust records compensation expense for the entire award on a straight-line basis (or, if applicable, on the accelerated method) over the requisite service period. For the years ended December 31, 2015 , 2014 , and 2013 the Trust recognized non-cash share compensation of $2.9 million , $2.2 million , and $0.4 million , respectively. Unrecognized compensation expense at December 31, 2015 , 2014 , and 2013 was $2.1 million , $2.4 million , and $2.5 million , respectively. The Trust’s compensation expense recorded in connection with grants of restricted stock reflects an initial estimated cumulative forfeiture rate of 0% over the requisite service period of the awards. That estimate will be revised if subsequent information indicates that the actual number of awards expected to vest is likely to differ from previous estimates. Restricted Share Units: In March 2015 and March 2014, under the Trust’s 2013 Plan, the Trust granted restricted share units at target level of 75,250 and 55,680 , respectively, to its officers, which are subject to certain performance and market conditions and a three year service period. In March 2015, the Trust additionally granted 40,957 restricted share units to the Board of Trustees which are subject to a two year vesting period. In addition, each restricted share unit contains one dividend equivalent. The recipient will accrue dividend equivalents on awarded share units equal to the cash dividend that would have been paid on the awarded share unit had the awarded share unit been an issued and outstanding common share on the record date for the dividend. Approximately 80% of the restricted share units issued to officers in 2015 vest based on certain market conditions. The market conditions were valued with the assistance of independent valuation specialists. The Trust utilized a Monte Carlo simulation to calculate the weighted average grant date fair values in 2015 and 2014 of $20.06 and $19.25 per unit, respectively, using the following assumptions: 2015 2014 Volatility 20.7 % 18.8% - 34.2% Dividend assumption reinvested reinvested Expected term in years 2.8 years 2.8 years Risk-free rate 1.14 % 0.65 % Stock price (per share) $ 15.87 $ 13.47 The remaining 20% of the restricted share units issued to officers in 2015 vest based upon certain performance conditions. With respect to the performance conditions, the grant date fair value of $15.87 per unit was calculated on the grant date. The restricted stock units’ combined weighted average grant date fair value is $19.22 per unit. The following is a summary of the activity in the Trust’s restricted share units during 2014 and 2015 : Restricted Share Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2013 — $ — Granted 55,680 16.94 Non-vested at December 31, 2014 55,680 16.94 Granted 116,207 19.22 Non-vested at December 31, 2015 171,887 $ 18.48 The Trust recognized $0.9 million and $0.3 million of non-cash share unit compensation expense for the year ended December 31, 2015 and 2014 , respectively. Unrecognized compensation expense at December 31, 2015 and 2014 was $1.6 million and $0.7 million , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements ASC Topic 820, Fair Value Measurement (“ASC 820”), requires certain assets and liabilities be reported and/or disclosed at fair value in the financial statements and provides a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the valuation techniques and inputs used to measure fair value. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset or liability. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability. The trust has three derivative instruments at December 31, 2015 , consisting of the two embedded derivatives detailed in the Redeemable Noncontrolling Interests - Operating Partnership and Partially Owned Properties section of Note 2 (Summary of Significant Accounting Policies) and an interest rate swap. Neither the embedded derivatives nor the interest rate swap are traded on an exchange. The Trust’s derivative liabilities are recorded at fair value based on a variety of observable inputs including contractual terms, interest rate curves, yield curves, measure of volatility, and correlations of such inputs. The Trust measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Trust also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. This generally includes assets subject to impairment. There were no such assets measured at fair value as of December 31, 2015 . The carrying amounts of cash and cash equivalents, tenant receivables, payables, and accrued interest are reasonable estimates of fair value because of the short term maturities of these instruments. Fair values for real estate loans receivable and mortgage debt are estimated based on rates currently prevailing for similar instruments of similar maturities and are based on Level 2 inputs. The following table presents the fair value of the Trust’s financial instruments (in thousands). December 31, December 31, Carrying Amount Fair Value Carrying Amount Fair Value Real estate loans receivable $ 39,349 $ 39,349 $ 15,876 $ 15,876 Credit facility $ (395,000 ) $ (395,000 ) $ (138,000 ) $ (138,000 ) Mortgage debt $ (94,600 ) $ (95,275 ) $ (78,105 ) $ (78,642 ) Derivative liabilities $ (8,216 ) $ (8,216 ) $ (233 ) $ (233 ) |
Tenant Operating Leases
Tenant Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Tenant Operating Leases | Note 10. Tenant Operating Leases The Trust is lessor of medical office buildings and other healthcare facilities. Leases have expirations from 2016 through 2045 . As of December 31, 2015 , the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2016 $ 119,218 2017 115,974 2018 110,927 2019 106,196 2020 102,326 Thereafter 724,590 Total $ 1,279,231 |
Rent Expense
Rent Expense | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Rent Expense | Note 11. Rent Expense The Trust leases the land upon which fourteen of its properties are located from third party land owners, pursuant to separate ground leases. In addition, the Trust leases the rights to parking structures at two of its properties, pursuant to separate parking structure leases. The ground and parking leases require fixed annual rental payments and may also include escalation clauses and renewal options. These leases have terms up to 90 years remaining, excluding extension options. As of December 31, 2015 , the future minimum lease obligations under non-cancelable ground and parking leases were as follows (in thousands): 2016 $ 1,316 2017 1,353 2018 1,394 2019 1,437 2020 1,482 Thereafter 16,377 Total $ 23,359 Rent expense for the ground and parking leases of $1.3 million, $0.9 million and $0.02 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively, are reported in operating expenses in the consolidated and combined statements of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12. Earnings Per Share The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2015 2014 2013 Numerator for earnings per share - basic: Net income (loss) $ 12,741 $ (4,418 ) $ (2,636 ) Net (income) loss attributable to Predecessor: — — 576 Net (income) loss attributable to noncontrolling interests: Operating Partnership (576 ) 695 470 Partially owned properties (377 ) (314 ) (71 ) Preferred distributions (1,189 ) — — Numerator for earnings per share - basic: $ 10,599 $ (4,037 ) $ (1,661 ) Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 10,599 (4,037 ) (1,661 ) Operating Partnership net income 576 — — Numerator for earnings per share - diluted $ 11,175 $ (4,037 ) $ (1,661 ) Denominator for EPS - basic and diluted: Weighted average number of shares outstanding - basic 72,750,724 33,063,093 12,883,917 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 3,708,494 — — Restricted shares 190,619 — — Restricted share units 142,236 — — Denominator for EPS - diluted 76,792,073 33,063,093 12,883,917 Earnings per share - basic $ 0.15 $ (0.12 ) $ (0.13 ) Earnings per share - diluted $ 0.15 $ (0.12 ) $ (0.13 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions Effective July 24, 2013, the Trust entered into a Shared Services Agreement with Ziegler pursuant to which Ziegler provided office space, IT support, accounting support, and other services to the Trust in exchange for an annual fee. The shared service fee amounted to $0.4 million and $0.3 million for the years ended December 31, 2014 and 2013, respectively, and was recorded in general and administrative expense in the consolidated and combined statements of operations. The Operating Partnership and the Trust entered into the First Amendment to Shared Services Agreement, dated July 31, 2014 (the “First Amendment”), with Ziegler, which amended certain terms of the Shared Services Agreement. Among other things, the First Amendment reduced the shared services to be provided by Ziegler, the term of the Shared Services Agreement, and the monthly fee to be paid by the Trust for the remainder of the term. In consideration of these changes, the Trust was obligated to make a one-time payment to Ziegler in the amount of $1.8 million (the “Amendment Payment”), which could be paid in cash or in unrestricted common shares of the Trust as determined by the Trust in its sole discretion. On August 19, 2014, the Trust made the Amendment Payment by issuing 124,913 common shares to Ziegler. The $1.8 million one-time payment is included in general and administrative expense in the consolidated statement of operations for the year ended December 31, 2014. The Trust elected to terminate the Agreement effective July 23, 2015 in conjunction with our completed renovations of the Renaissance Office Building. Service fees incurred during the year ended December 31, 2015 were insignificant. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events As of February 22, 2016, the Trust, through subsidiaries of its Operating Partnership, closed on the below acquisitions during 2016: Property(1) Location Acquisition Investment (in thousands) Randall Road MOB - Suite 380 Elgin, IL January 14, 2016 $ 704 Great Falls Hospital Great Falls, MT January 25, 2016 29,043 Monterey Medical Center ASC Stuart, FL February 1, 2016 6,900 Physicians Medical Plaza MOB Indianapolis, IN February 1, 2016 8,500 Mezzanine Loan - Davis Minneapolis, MN February 4, 2016 500 Park Nicollet Clinic Chanhassen, MN February 8, 2016 18,600 HEB Cancer Center Bedford, TX February 12, 2016 14,000 Riverview Medical Center Lancaster, OH February 26, 2016 12,800 St. Luke's Cornwall MOB Cornwall, NY February 26, 2016 14,550 $ 105,597 (1) “MOB” means medical office building and “ASC” means ambulatory surgical center. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Recent Developments” for a further discussion of these acquisitions. On January 7, 2016, the Operating Partnership issued and sold $150 million aggregate principal amount of senior notes, comprised of (i) $15,000,000 aggregate principal amount of 4.03% Senior Notes, Series A, due January 7, 2023 (the “Series A Notes”), (ii) $45,000,000 aggregate principal amount of 4.43% Senior Notes, Series B, due January 7, 2026 (the “Series B Notes”), (iii) $45,000,000 aggregate principal amount of 4.57% Senior Notes, Series C, due January 7, 2028 (the “Series C Notes”) and (iv) $45,000,000 aggregate principal amount of 4.74% Senior Notes, Series D, due January 7, 2031 (the “Series D Notes,” and together with the Series A Notes, the Series B Notes and the Series C Notes, the “Notes”). The proceeds of the Notes were used to repay borrowings under the Trust’s unsecured revolving credit facility and for general corporate and working capital purposes and funding acquisitions. On January 25, 2016, the Trust completed a follow-on public offering of 21,275,000 common shares of beneficial interest, including 2,775,000 common shares issued upon exercise of the underwriters’ overallotment option, resulting in net proceeds to it of approximately $320.9 million . The Trust contributed the net proceeds of this offering to its Operating Partnership in exchange for 21,275,000 OP Units, and its Operating Partnership used the net proceeds of the public offering to repay borrowings under its unsecured revolving credit facility and for general corporate and working capital purposes and funding acquisitions. |
Quarterly Data
Quarterly Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data | Note 15. Quarterly Data The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common share and per share amounts. Quarter Ended 2015 March 31 June 30 September 30 December 31 Total revenues $ 24,484 $ 29,683 $ 34,870 $ 40,404 Operating (loss) income (459 ) 3,271 3,812 5,883 Net (loss) income (448 ) 3,297 3,983 5,909 Net (loss) income attributable to common shareholders (522 ) 2,571 3,404 5,146 Earnings per share – basic: Net (loss) income available to common shareholders $ (0.01 ) $ 0.04 $ 0.05 $ 0.06 Weighted average common shares outstanding 65,649,478 70,376,959 71,034,747 83,761,536 Earnings per share – diluted: Net (loss) income available to common shareholder $ (0.01 ) $ 0.04 $ 0.05 $ 0.06 Weighted average common shares outstanding 65,649,478 74,267,284 75,104,821 87,911,097 As a result of the acquisition activity and equity offerings throughout 2015, the quarterly periods are not comparable quarter over quarter. Quarter Ended 2014 March 31 June 30 September 30 December 31 Total revenues $ 8,032 $ 11,447 $ 14,161 $ 19,694 Operating loss (income) (3,575 ) (626 ) (2,311 ) 1,967 Net loss (income) (3,558 ) (600 ) (2,251 ) 1,991 Net loss (income) available to common shareholders (3,093 ) (561 ) (2,094 ) 1,711 Earnings per share – basic: Net (loss) income available to common shareholders $ (0.15 ) $ (0.02 ) $ (0.06 ) $ 0.04 Weighted average common shares outstanding 21,298,597 26,163,982 36,313,644 48,145,409 Earnings per share – diluted: Net (loss) income available to common shareholders $ (0.15 ) $ (0.02 ) $ (0.06 ) $ 0.04 Weighted average common shares outstanding 21,298,597 26,163,982 36,313,644 48,354,493 |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Building Depreciation in Income Statement is Computed Arrowhead Commons Phoenix, AZ $ — $ 740 $ 2,551 $ 420 $ 740 $ 2,971 $ 3,711 $ (427 ) 2004 5/31/2008 46 Aurora Medical Office Building Green Bay, WI — 500 1,566 — 500 1,566 2,066 (180 ) 2010 4/15/2010 50 Austell Medical Office Building Atlanta, GA — 289 1,992 334 289 2,326 2,615 (482 ) 1971 6/30/2008 36 Canton Medical Office Building Atlanta, GA 6,099 710 7,225 114 710 7,339 8,049 (2,095 ) 1994 5/25/2007 35 Decatur Medical Office Building Atlanta, GA — 740 2,604 44 740 2,648 3,388 (774 ) 1974 10/12/2007 28 El Paso Medical Office Building El Paso, TX — 860 2,866 369 860 3,235 4,095 (1,465 ) 1987 8/24/2006 21 Farmington Professional Pavilion Detroit, MI — 580 1,793 110 580 1,903 2,483 (1,204 ) 1972 1/5/2006 15 Firehouse Square Milwaukee, WI 2,699 1,120 2,768 — 1,120 2,768 3,888 (777 ) 2002 8/15/2007 30 Hackley Medical Center Grand Rapids, MI 5,283 1,840 6,402 36 1,840 6,438 8,278 (1,908 ) 1968 12/22/2006 30 MeadowView Professional Center Kingsport, TN 10,225 2,270 11,344 — 2,270 11,344 13,614 (3,300 ) 2005 5/10/2007 30 Mid Coast Hospital MOB Portland, ME 7,656 — 11,247 20 — 11,267 11,267 (2,854 ) 2008 5/1/2008 42 New Albany Professional Building Columbus, OH — 237 2,767 317 237 3,084 3,321 (550 ) 2000 1/4/2008 42 Northpark Trail Atlanta, GA — 839 1,245 235 839 1,480 2,319 (582 ) 2001 12/28/2005 35 Remington Medical Commons Chicago, IL 4,262 895 6,499 319 895 6,818 7,713 (1,719 ) 2008 6/1/2008 30 Summit Healthplex Atlanta, GA — 2,633 15,576 5,012 2,633 20,588 23,221 (4,311 ) 2002 7/3/2008 44 Valley West Hospital MOB Chicago, IL 4,768 — 6,275 611 — 6,886 6,886 (1,845 ) 2007 11/1/2007 30 East El Paso Medical Office Building El Paso, TX — 710 4,500 — 710 4,500 5,210 (300 ) 2004 8/30/2013 35 East El Paso Surgical Hospital El Paso, TX — 3,070 23,627 — 3,070 23,627 26,697 (1,531 ) 2004 8/30/2013 36 LifeCare Plano LTACH Plano, TX — 3,370 11,689 455 3,370 12,144 15,514 (1,115 ) 1987 9/18/2013 25 Crescent City Surgical Centre New Orleans, LA 18,750 — 34,208 — — 34,208 34,208 (1,604 ) 2010 9/30/2013 48 Foundation Surgical Affiliates Medical Office Building Oklahoma City, OK 7,474 1,300 12,724 — 1,300 12,724 14,024 (666 ) 2004 9/30/2013 43 Pensacola Medical Office Building Pensacola, FL — 990 5,005 15 990 5,020 6,010 (230 ) 2012 10/4/2013 49 Central Ohio Neurosurgical Surgeons Medical Office Columbus, OH — 981 7,620 — 981 7,620 8,601 (361 ) 2007 11/27/2013 44 Great Falls Ambulatory Surgery Center Great Falls, MT — 203 3,224 — 203 3,224 3,427 (199 ) 1999 12/11/2013 33 Eagles Landing Family Practice Medical Office Building McDonough, GA — 800 3,345 1,548 800 4,893 5,693 (254 ) 2007 2/19/2014 36 Eagles Landing Family Practice Medical Office Building Jackson, GA — 800 3,345 1,255 800 4,600 5,400 (227 ) 2006 2/19/2014 38 Eagles Landing Family Practice Medical Office Building Conyers, GA — 1,000 3,345 — 1,000 3,345 4,345 (172 ) 2008 2/19/2014 37 Eagles Landing Family Practice Medical Office Building McDonough, GA — 400 3,345 1,741 400 5,086 5,486 (254 ) 2010 2/19/2014 37 Foundation San Antonio Surgical Hospital San Antonio, TX 9,120 2,230 23,346 23 2,230 23,369 25,599 (1,395 ) 2007 2/19/2014 35 21st Century Radiation Oncology Centers — Sarasota Sarasota, FL — 633 6,557 — 633 6,557 7,190 (464 ) 1975 2/26/2014 27 21st Century Radiation Oncology Centers - Venice Venice, FL — 814 2,952 — 814 2,952 3,766 (174 ) 1987 2/26/2014 35 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Building Depreciation in Income Statement is Computed 21st Century Radiation Oncology Centers - Engelwood Engelwood, FL — 350 1,878 — 350 1,878 2,228 (100 ) 1992 2/26/2014 38 21st Century Radiation Oncology Centers — Port Charlotte Port Charlotte, FL — 269 2,326 — 269 2,326 2,595 (125 ) 1996 2/26/2014 36 Foundation San Antonio Healthplex San Antonio, TX — 911 4,189 — 911 4,189 5,100 (230 ) 2007 2/28/2014 35 Peachtree Dunwoody Medical Center Atlanta, GA — 6,046 27,435 54 6,046 27,489 33,535 (2,063 ) 1987 2/28/2014 25 LifeCare LTACH — Fort Worth Fort Worth, TX — 2,730 24,639 — 2,730 24,639 27,369 (1,476 ) 1985 3/28/2014 30 LifeCare LTACH — Pittsburgh Pittsburgh, PA — 1,142 11,737 — 1,142 11,737 12,879 (735 ) 1987 3/28/2014 30 PinnacleHealth Medical Office Building Harrisburg, PA — 795 4,601 — 795 4,601 5,396 (332 ) 1990 4/22/2014 25 Pinnacle Health Medical Office Building Carlisle, PA — 424 2,232 — 424 2,232 2,656 (116 ) 2002 4/22/2014 35 South Bend Orthopaedics Medical Office Building Mishawaka, IN — 2,418 11,355 — 2,418 11,355 13,773 (543 ) 2007 4/30/2014 40 Grenada Medical Complex Grenada, MS — 185 5,820 50 185 5,870 6,055 (381 ) 1975 4/30/2014 30 Mississippi Ortho Medical Office Building Jackson, MS — 1,272 14,177 626 1,272 14,803 16,075 (713 ) 1987 5/23/2014 35 Carmel Medical Pavilion Carmel, IN — — 3,917 — — 3,917 3,917 (262 ) 1993 5/28/2014 25 Renaissance Ambulatory Surgery Center Oshkosh, WI — 228 7,658 — 228 7,658 7,886 (298 ) 2007 6/30/2014 40 Presbyterian Medical Plaza Monroe, NC — 1,195 5,681 6 1,195 5,687 6,882 (202 ) 2008 6/30/2014 15 Summit Urology Bloomington, IN — 125 4,792 — 125 4,792 4,917 (246 ) 1996 6/30/2014 30 500 Landmark Bloomington, IN — 627 3,549 — 627 3,549 4,176 (158 ) 2000 7/1/2014 35 550 Landmark Bloomington, IN — 2,717 15,224 — 2,717 15,224 17,941 (680 ) 2000 7/1/2014 35 574 Landmark Bloomington, IN — 418 1,493 — 418 1,493 1,911 (68 ) 2004 7/1/2014 35 Carlisle II MOB Carlisle, PA — 412 3,962 — 412 3,962 4,374 (131 ) 1996 7/25/2014 45 Surgical Institute of Monroe Monroe, MI — 410 5,743 — 410 5,743 6,153 (273 ) 2010 7/28/2014 35 The Oaks Lady Lake Lady Lake, FL — 1,065 8,642 — 1,065 8,642 9,707 (294 ) 2011 7/31/2014 42 Mansfield ASC Mansfield, TX — 1,491 6,471 — 1,491 6,471 7,962 (207 ) 2010 9/2/2014 46 Eye Center of Southern Indiana Bloomington, IN — 910 11,477 — 910 11,477 12,387 (453 ) 1995 9/5/2014 35 Wayne State Troy, MI — 3,560 43,052 — 3,560 43,052 46,612 (1,568 ) 1986 9/10/2014 38 Zangmeister Columbus, OH — 1,610 31,120 — 1,610 31,120 32,730 (1,017 ) 2007 9/30/2014 40 Orthopedic One - Columbus Columbus, OH — — 16,234 7 — 16,241 16,241 (503 ) 2009 9/30/2014 45 Orthopedic One - Westerville Columbus, OH — 362 3,944 — 362 3,944 4,306 (126 ) 2007 9/30/2014 43 Berger Medical Center Columbus, OH — — 5,950 — — 5,950 5,950 (216 ) 2007 9/30/2014 38 El Paso - Lee Trevino El Paso, TX — 2,294 11,316 365 2,294 11,681 13,975 (514 ) 1983 9/30/2014 30 El Paso - Murchison El Paso, TX — 2,283 24,543 27 2,283 24,570 26,853 (1,055 ) 1970 9/30/2014 30 El Paso - Kenworthy El Paso, TX — 728 2,178 — 728 2,178 2,906 (87 ) 1983 9/30/2014 35 Pinnacle - 32 Northeast Harrisburg, PA — 408 3,232 12 408 3,244 3,652 (128 ) 1994 10/29/2014 33 Pinnacle - 4518 Union Deposit Harrisburg, PA — 617 7,305 — 617 7,305 7,922 (295 ) 2000 10/29/2014 31 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Building Depreciation in Income Statement is Computed Pinnacle - 4520 Union Deposit Harrisburg, PA — 169 2,055 — 169 2,055 2,224 (90 ) 1997 10/29/2014 28 Pinnacle - 240 Grandview Harrisburg, PA — 321 4,242 — 321 4,242 4,563 (151 ) 1980 10/29/2014 35 Pinnacle - Market Place Way Harrisburg, PA — 808 2,383 6 808 2,389 3,197 (115 ) 2004 10/29/2014 35 CRHS - 2000 10th Avenue Columbus, GA — 380 2,737 — 380 2,737 3,117 (152 ) 1989 11/20/2014 22 CRHS - 1942 North Avenue Columbus, GA — 91 273 — 91 273 364 (26 ) 1971 11/20/2014 12 CRHS - 920 18th Street Columbus, GA — 110 281 — 110 281 391 (40 ) 1982 11/20/2014 8 CRHS - 1900 10th Avenue Columbus, GA — 474 5,580 5 474 5,585 6,059 (247 ) 1976 11/20/2014 26 CRHS - 1800 10th Avenue Columbus, GA — 539 5,238 — 539 5,238 5,777 (216 ) 1980 11/20/2014 28 CRHS - 705 17th Street Columbus, GA — 372 2,346 278 372 2,624 2,996 (189 ) 1994 11/20/2014 15 CRHS - 615 19th Street Columbus, GA — 75 113 — 75 113 188 (39 ) 1976 11/20/2014 3 CRHS - 1968 North Avenue Columbus, GA — 89 32 — 89 32 121 (9 ) 1966 11/20/2014 4 CRHS - 633 19th Street Columbus, GA — 99 255 — 99 255 354 (33 ) 1972 11/20/2014 9 CRHS - 500 18th Street Columbus, GA — 430 170 — 430 170 600 (39 ) 1982 11/20/2014 8 CRHS - 2200 Hamilton Road Columbus, GA — 267 1,579 — 267 1,579 1,846 (86 ) 1992 11/20/2014 22 CRHS - 1810 Stadium Drive Phenix City, AL — 202 149 19 202 168 370 (31 ) 1999 11/20/2014 30 Carle Danville MOB Danville, IL — 607 7,136 — 607 7,136 7,743 (250 ) 2007 11/26/2014 33 Middletown Medical - 111 Maltese Middletown, NY — 670 9,921 37 670 9,958 10,628 (319 ) 1988 11/28/2014 35 Middletown Medical - 2 Edgewater Middletown, NY — 200 2,966 11 200 2,977 3,177 (96 ) 1992 11/28/2014 35 Napoleon Medical Office Building New Orleans, LA — 1,202 7,412 79 1,202 7,491 8,693 (318 ) 1974 12/19/2014 25 West TN Bone & Joint - Physicians Drive Jackson, TN — 650 2,960 — 650 2,960 3,610 (90 ) 1991 12/30/2014 35 West TN Bone & Joint Jackson, TN — 1,250 5,210 — 1,250 5,210 6,460 (181 ) 1996 12/30/2014 31 Edina MOB Edina MN — 504 10,006 208 504 10,214 10,718 (513 ) 1979 1/22/2015 24 Crystal MOB Crystal, MN — 945 11,862 1 945 11,863 12,808 (276 ) 2012 1/22/2015 47 Savage MOB Savage, MN 5,753 1,281 10,021 — 1,281 10,021 11,302 (242 ) 2011 1/22/2015 48 Dell Road MOB Chanhassen, MN — 800 4,520 — 800 4,520 5,320 (120 ) 2008 1/22/2015 43 Columbus MOB Columbus, GA — 845 2,708 — 845 2,708 3,553 (148 ) 1980 1/23/2015 22 Methodist Sports MOB Greenwood, IN — 1,050 8,556 — 1,050 8,556 9,606 (250 ) 2008 1/28/2015 33 Vadnais Heights MOB Vadnais Heights, MN — 2,751 12,233 — 2,751 12,233 14,984 (336 ) 2013 1/29/2015 43 Minnetonka MOB Minnetonka, MN — 1,770 19,797 — 1,770 19,797 21,567 (458 ) 2014 2/5/2015 49 Jamestown MOB Jamestown, ND — 656 9,440 — 656 9,440 10,096 (269 ) 2013 2/5/2015 43 Indiana American II Greenwood, IN — 862 6,901 — 862 6,901 7,763 (185 ) 2008 2/13/2015 38 Indiana American III Greenwood, IN — 741 1,846 185 741 2,031 2,772 (93 ) 2001 2/13/2015 31 Indiana American IV Greenwood, IN — 771 1,928 3 771 1,931 2,702 (63 ) 2001 2/13/2015 31 Southpointe Indianapolis, IN — 563 1,741 1 563 1,742 2,305 (77 ) 1993 2/13/2015 27 Minnesota Eye MOB Minnetonka, MN — 1,143 7,470 — 1,143 7,470 8,613 (174 ) 2014 2/17/2015 44 Baylor Cancer Center Dallas, TX — 855 6,007 — 855 6,007 6,862 (125 ) 2001 2/27/2015 43 Bridgeport Medical Center Lakewood, WA — 1,397 10,435 — 1,397 10,435 11,832 (264 ) 2004 2/27/2015 35 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Building Depreciation in Income Statement is Computed Renaissance Office Building Milwaukee, WI — 1,379 4,182 1,178 1,379 5,360 6,739 (240 ) 1896 3/27/2015 15 Calkins 125 Rochester, NY — 534 10,164 — 534 10,164 10,698 (315 ) 1997 3/31/2015 32 Calkins 200 Rochester, NY — 210 3,317 — 210 3,317 3,527 (88 ) 2000 3/31/2015 38 Calkins 300 Rochester, NY — 372 6,645 — 372 6,645 7,017 (178 ) 2002 3/31/2015 39 Calkins 400 Rochester, NY — 353 8,226 — 353 8,226 8,579 (235 ) 2007 3/31/2015 39 Calkins 500 Rochester, NY — 282 7,074 5 282 7,079 7,361 (160 ) 2008 3/31/2015 41 Avalon Park Florida Hospital MOB Avalon Park, FL — 1,041 10,685 — 1,041 10,685 11,726 (213 ) 2009 3/31/2015 41 Premier Surgery Center of Louisville Louisville, KY — 1,106 5,437 — 1,106 5,437 6,543 (102 ) 2013 4/10/2015 43 Baton Rouge MOB Baton Rouge, LA — 711 7,720 — 711 7,720 8,431 (173 ) 2003 4/15/2015 35 Healthpark Medical Center Grand Blanc, MI — — 17,624 — — 17,624 17,624 (358 ) 2006 4/30/2015 36 Plaza HCA MOB Jacksonville, FL 11,837 1,112 12,553 — 1,112 12,553 13,665 (226 ) 2007 4/30/2015 39 Northern Ohio Medical Center Sheffield, OH — 644 9,162 — 644 9,162 9,806 (277 ) 1999 5/28/2015 20 University of Michigan - Northville MOB Livonia, MI — 2,200 8,627 31 2,200 8,658 10,858 (180 ) 1988 5/29/2015 30 Coon Rapids Medical Center MOB Coon Rapids, MN — 607 5,857 — 607 5,857 6,464 (106 ) 2007 6/1/2015 35 Premier Landmark MOB Bloomington, IN — 872 10,537 — 872 10,537 11,409 (165 ) 2008 6/5/2015 39 Palm Beach ASC Palm Beach, FL — 2,576 7,675 — 2,576 7,675 10,251 (101 ) 2003 6/26/2015 40 Brookstone Physician Center MOB Jacksonville, AL — — 1,913 — — 1,913 1,913 (33 ) 2007 6/30/2015 31 Jackson Woman's Clinic MOB Jackson, TN — 555 3,800 — 555 3,800 4,355 (58 ) 1998 6/30/2015 35 Hillside Medical Center MOB Hanover, PA — 812 13,217 — 812 13,217 14,029 (138 ) 2003 6/30/2015 35 Randall Road MOB Elgin, IL — — 15,404 — — 15,404 15,404 (191 ) 2006 6/30/2015 38 Medical Specialists of Palm Beach MOB Atlantis, FL — — 7,560 — — 7,560 7,560 (91 ) 2002 7/24/2015 37 OhioHealth - SW Health Center MOB Grove City, OH — 1,363 8,516 — 1,363 8,516 9,879 (110 ) 2001 7/31/2015 37 Trios Health MOB Kennewick, WA — — 55,178 — — 55,178 55,178 (525 ) 2015 7/31/2015 45 IMS - Paradise Valley MOB Phoenix, AZ — — 25,893 — — 25,893 25,893 (282 ) 2004 8/14/2015 43 IMS - Avondale MOB Avondale, AZ — 1,818 18,108 — 1,818 18,108 19,926 (145 ) 2006 8/19/2015 45 IMS - Palm Valley MOB Goodyear, AZ — 2,666 28,655 — 2,666 28,655 31,321 (240 ) 2006 8/19/2015 43 IMS - North Mountain MOB Phoenix, AZ — — 42,877 — — 42,877 42,877 (335 ) 2008 8/31/2015 47 Memorial Hermann - Phase I Katy, TX — 822 6,797 — 822 6,797 7,619 (62 ) 2005 9/1/2015 39 Memorial Hermann - Phase II Katy, TX — 1,560 25,601 — 1,560 25,601 27,161 (224 ) 2006 9/1/2015 40 New Albany Medical Center MOB New Albany, OH — 1,600 8,505 — 1,600 8,505 10,105 (87 ) 2005 9/9/2015 37 Fountain Hills Medical Campus MOB Fountain Hills, AZ — 2,593 7,635 — 2,593 7,635 10,228 (55 ) 1995 9/30/2015 39 Fairhope MOB Fairhope, AL — 640 5,227 — 640 5,227 5,867 (39 ) 2005 10/13/2015 38 Foley MOB Foley, AL — 365 732 — 365 732 1,097 (5 ) 1997 10/13/2015 40 Foley Venture Foley, AL — 420 1,118 — 420 1,118 1,538 (8 ) 2002 10/13/2015 38 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Improvements Cost Capitalized Subsequent to Acquisitions Land Buildings and Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Building Depreciation in Income Statement is Computed North Okaloosa MOB Crestview, FL — 190 1,010 — 190 1,010 1,200 (7 ) 2005 10/13/2015 41 Commons on North Davis Pensacola, FL — 380 1,237 — 380 1,237 1,617 (8 ) 2009 10/13/2015 41 Sorrento Road Pensacola, FL — 170 894 — 170 894 1,064 (6 ) 2010 10/13/2015 41 Breakfast Point Medical Park Panama City, FL — — 817 — — 817 817 (5 ) 2012 10/13/2015 42 Panama City Beach Panama City, FL — — 739 — — 739 739 (5 ) 2012 10/13/2015 42 Perdido Medical Park Pensacola, FL — 100 1,147 — 100 1,147 1,247 (8 ) 2010 10/13/2015 41 Ft. Walton Beach Ft. Walton Beach, FL — 230 914 — 230 914 1,144 (7 ) 1979 10/13/2015 35 Panama City Panama City, FL — — 661 — — 661 661 (5 ) 2003 10/13/2015 38 Pensacola - Catalyst Pensacola, FL — 220 1,685 — 220 1,685 1,905 (12 ) 2001 10/13/2015 39 Arete Surgical Center Johnstown, CO — 399 6,667 — 399 6,667 7,066 (26 ) 2013 10/19/2015 45 Cambridge Professional Center MOB Waldorf, MD — 590 8,520 — 590 8,520 9,110 (45 ) 1999 10/30/2015 35 HonorHealth 44th Street MOB Phoenix, AZ — 515 3,884 — 515 3,884 4,399 (24 ) 1988 11/13/2015 28 Mercy Medical Center MOB Fenton, MO — 1,201 6,778 — 1,201 6,778 7,979 (15 ) 1999 12/1/2015 40 Nashville MOB Nashville, TN — 1,555 39,713 — 1,555 39,713 41,268 — 2015 12/17/2015 45 KSF Orthopaedic MOB Houston, TX — 530 3,712 — 530 3,712 4,242 — 1984 12/22/2015 19 Great Falls Clinic MOB Great Falls, MT — — 27,402 — — 27,402 27,402 — 2004 12/29/2015 40 $ 93,926 $ 130,788 $ 1,277,934 $ 16,172 $ 130,788 $ 1,294,106 $ 1,424,894 $ (61,242 ) The cost capitalized subsequent to acquisitions is net of dispositions. The changes in total real estate for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Balance as of the beginning of the year $ 729,034 $ 224,730 $ 111,149 Acquisitions 695,693 505,379 113,225 Additions 4,440 900 806 Impairment — (1,750 ) — Dispositions (4,273 ) (225 ) (450 ) Balance as of the end of the year $ 1,424,894 $ 729,034 $ 224,730 The changes in accumulated depreciation for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Balance as of the beginning of the year $ 32,772 $ 20,299 $ 16,495 Acquisitions 9,512 6,575 694 Additions 20,446 5,898 3,110 Dispositions (1,488 ) — — Balance as of the end of the year $ 61,242 $ 32,772 $ 20,299 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation GAAP requires the Trust to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Trust consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Trust may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Trust identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Trust performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Trust consolidates such entities in which the Trust or the Operating Partnership owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Trust owns less than 100% of the equity interest, the Trust consolidates the property if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. For these entities, the Trust records a noncontrolling interest representing equity held by noncontrolling interests. |
Noncontrolling Interests | Noncontrolling Interests The Trust presents the portion of any equity it does not own in entities that it controls (and thus consolidates) as noncontrolling interests and classifies such interests as a component of consolidated equity, separate from the Trust’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Net income or loss is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and the Trust. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and the Trust. Such transactions and the related proceeds are treated as capital transactions. In connection with the closing of the IPO, the Trust and the Operating Partnership completed related formation transactions pursuant to which the Operating Partnership acquired from the Ziegler Funds, the Ziegler Funds’ ownership interests in 19 medical office buildings located in ten states in exchange for an aggregate of 2,744,000 OP Units and the payment of approximately $36.9 million of debt related to such properties. During the year ended December 31, 2013, the Operating Partnership partially funded one property acquisition by issuing 954,877 OP Units valued at approximately $11.5 million on the date of issuance. The acquisition had a total purchase price of approximately $37.5 million. During the year ended December 31, 2014, the Operating Partnership partially funded five property acquisitions by issuing an aggregate of 2,042,313 OP Units valued at approximately $28.6 million on the date of issuance. The five acquisitions had a total purchase price of approximately $103.6 million . During the year ended December 31, 2015, the Operating Partnership partially funded three property acquisitions by issuing an aggregate of 648,649 OP Units valued at approximately $11.0 million on the date of issuance. The three acquisitions had a total purchase price of approximately $32.5 million. Noncontrolling interests in the Trust represent OP Units held by the Predecessor’s prior investors and other investors. As of December 31, 2015 , the Trust held a 95.7% interest in the Operating Partnership. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operation of the Operating Partnership. Holders of OP Units may not transfer their units without the Trust’s prior written consent, as general partner of the Operating Partnership. Beginning on the first anniversary of the issuance of OP Units, OP Unit holders may tender their units for redemption by the Operating Partnership in exchange for cash equal to the market price of the Trust’s common shares at the time of redemption or for unregistered common shares on a one -for-one basis. Such selection to pay cash or issue common shares to satisfy an OP Unit holder’s redemption request is solely within the control of the Trust. Accordingly, the Trust presents the OP Units of the Operating Partnership held by the Predecessor’s prior investors and other investors as noncontrolling interests within equity in the consolidated balance sheet. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Trust that are not wholly owned by the Trust. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated and combined statement of operations. Redeemable Noncontrolling Interests - Operating Partnership and Partially Owned Properties On February 5, 2015, the Trust entered into a Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) which provides for the designation and issuance of the newly designated Series A Participating Redeemable Preferred Units of the Operating Partnership (“Series A Preferred Units”). Series A Preferred Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation. Holders of Series A Preferred Units are entitled to a 5% cumulative return and upon redemption, the receipt of one common share and $200 . The holders of the Series A Preferred Units have agreed not to cause the Operating Partnership to redeem their Series A Preferred Units prior to one year from the issuance date. In addition, Series A Preferred Units are redeemable at the option of the holders which redemption obligation may be satisfied, at the Trust’s option, in cash or registered common shares. Instruments that require settlement in registered common shares may not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered common shares. Due to the redemption rights associated with the Series A Preferred Units, the Trust classifies the Series A Preferred Units in the mezzanine section of its consolidated balance sheet. On February 5, 2015, the acquisition of the Minnetonka MOB was partially funded with the issuance of 44,685 Series A Preferred Units which are valued at $9.7 million . On December 17, 2015, the acquisition of the Nashville MOB was partially funded with the issuance of 91,236 Series A Preferred Units which are valued at $19.7 million . The Series A Preferred Units were evaluated for embedded features that should be bifurcated and separately accounted for as a freestanding derivative. The Trust determined that the Series A Preferred Units contained features that require bifurcation. The fair value of the embedded derivative is $8.1 million and is included on the Trust’s consolidated balance sheets in accrued expenses and other liabilities. In connection with the acquisition of the Minnetonka MOB, the Trust received a $5 million equity investment from a third party, effective March 1, 2015. This investment earns a 15% cumulative preferred return. At any point subsequent to the third anniversary of the investment, the holder can require the Trust to redeem the instrument at a price for which the investor will realize a 15% internal rate of return. Due to the redemption provision, which is outside of the control of the Trust, the Trust classifies the investment in the mezzanine section of its consolidated balance sheet. The Trust records the carrying amount of the redeemable noncontrolling interests at the greater of the carrying value or redemption value. |
Dividends and Distributions | Dividends and Distributions Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 31, 2015 January 15, 2016 January 29, 2016 $ 0.225 September 28, 2015 October 16, 2015 October 30, 2015 $ 0.225 July 1, 2015 July 17, 2015 July 31, 2015 $ 0.225 April 6, 2015 April 17, 2015 May 1, 2015 $ 0.225 December 30, 2014 January 23, 2015 February 6, 2015 $ 0.225 September 26, 2014 October 17, 2014 October 30, 2014 $ 0.225 June 26, 2014 July 18, 2014 August 1, 2014 $ 0.225 March 27, 2014 April 11, 2014 April 25, 2014 $ 0.225 December 30, 2013 January 24, 2014 February 7, 2014 $ 0.225 September 30, 2013 October 18, 2013 November 1, 2013 $ 0.180 (1) (1) Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre. |
Purchase of Investment Properties | Purchase of Investment Properties A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between the acquired tangible assets and assumed liabilities based upon their relative fair values at the date of acquisition. A property acquired with an existing lease is accounted for as a business combination pursuant to the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”), and assets acquired and liabilities assumed, including identified intangible assets and liabilities, are recorded at fair value. The determination of fair value involves the use of significant judgment and estimation. The Trust makes estimates of the fair value of the tangible and intangible acquired assets and assumed liabilities using information obtained from multiple sources as a result of pre-acquisition due diligence and may include the assistance of a third party appraiser. The Trust estimates the fair value of buildings acquired on an as-if-vacant basis and depreciates the building value over the estimated remaining life of the building. The Trust determines the allocated value of other fixed assets, such as site improvements, based upon the replacement cost and depreciates such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. The fair value of land is determined either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within the Trust’s portfolio. In recognizing identified intangible assets and liabilities in connection with a business combination, the value of above-or-below market leases is estimated based on the present value (using an interest rate which reflected the risks associated with the leases acquired) of the difference between contractual amounts to be received pursuant to the leases and management’s estimate of market lease rates measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market lease intangibles are amortized as a reduction or addition to rental income over the estimated remaining term of the respective leases. In determining the value of in-place leases, management considers current market conditions and costs to execute similar leases in arriving at an estimate of the carrying costs during the expected lease-up period from vacant to existing occupancy. In estimating carrying costs, management includes real estate taxes, insurance, other operating expenses, estimates of lost rental revenue during the expected lease-up periods, and costs to execute similar leases, including leasing commissions, tenant improvements, legal, and other related costs based on current market demand. The values assigned to in-place leases are amortized over the estimated remaining term of the lease. The values assigned to all lease intangible assets and liabilities are amortized over the estimated remaining term of the lease. If a lease terminates prior to its scheduled expiration, all unamortized costs related to that lease are written off. The Trust calculates the fair value of any long-term debt assumed by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which the Trust approximates based on the rate at which it would expect to incur on a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Based on these estimates, the Trust recognizes the acquired assets and assumed liabilities at their estimated fair values, which are generally determined using Level 3 inputs, such as market rental rates, capitalization rates, discount rates, or other available market data. Initial valuations are subject to change until the information is finalized, no later than 12 months from the acquisition date. The Trust expenses transaction costs associated with acquisitions accounted for as business combinations in the period incurred. |
Impairment of Intangible and Long-Lived Assets | Impairment of Intangible and Long-Lived Assets The Trust periodically evaluates its long-lived assets, primarily consisting of investments in real estate, for impairment indicators or whenever events or changes in circumstances indicate that the recorded amount of an asset may not be fully recoverable. If indicators of impairment are present, the Trust evaluates the carrying value of the related real estate properties in relation to the undiscounted expected future cash flows of the underlying operations. In performing this evaluation, management considers market conditions and current intentions with respect to holding or disposing of the real estate property. The Trust adjusts the net book value of real estate properties to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. The Trust recognizes an impairment loss at the time it makes any such determination. If the Trust determines that an asset is impaired, the impairment to be recognized is measured as the amount by which the recorded amount of the asset exceeds its fair value. Fair value is typically determined using a discounted future cash flow analysis or other acceptable valuation techniques, which are based, in turn, upon Level 3 inputs, such as revenue and expense growth rates, capitalization rates, discount rates or other available market data. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Trust may sell properties from time to time for various reasons, including favorable market conditions. The Trust classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. In 2014, the FASB issued Accounting Standards Update 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. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations in the Trust’s previously issued financial statements. The Trust early adopted ASU 2014-08 for the quarter ended March 31, 2014. Such adoption has had no impact on the Trust’s financial statements as no dispositions that qualify as discontinued operations occurred during the year ended December 31, 2015 and 2014. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The Trust reports investments in unconsolidated entities over whose operating and financial policies it has the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, the Trust’s share of the investee’s earnings or losses is included in its consolidated and combined statements of operations. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest. |
Real Estate Loans Receivable | Real Estate Loans Receivable Real estate loans receivable consists of seven mezzanine loans and a term loan. Each mezzanine loan is collateralized by an ownership interest in the respective borrower, while the term loan is secured by an equity interest in one medical office building development. Interest income on the loans are recognized as earned based on the terms of the loans subject to evaluation of collectability risks and are included in the Trust’s consolidated statement of operations. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or less from the date of purchase. The Trust is subject to concentrations of credit risk as a result of its temporary cash investments. The Trust places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk. |
Escrow Reserves | Escrow reserves The Trust is required to maintain various escrow reserves on certain notes payable to cover future property taxes and insurance and tenant improvements costs as defined in each loan agreement. |
Deferred Costs | Deferred costs Deferred costs consist primarily of fees paid to obtain financing and costs associated with the origination of long-term leases on real estate properties. After the purchase of a property, lease commissions incurred to extend in-place leases or generate new lease are added to deferred lease costs. Deferred lease costs are amortized on a straight-line basis over the terms of their respective agreements. The Trust amortizes deferred financing costs as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. |
Derivatives | Derivatives Derivatives consist of two embedded derivatives and an interest rate swap and are recognized as liabilities on the consolidated balance sheets in accrued expenses and other liabilities and are measured at fair value. For the interest rate swap any change in the fair value is recognized immediately in earnings unless the derivative qualified as a hedge and for the embedded derivatives any change in fair value is recognized in Redeemable noncontrolling interest – Operating Partnership and partially owned properties. No derivatives have been designated as hedges. The Trust is exposed to certain risks in the normal course of its business operations. One risk relating to the variability of interest on variable rate debt is managed through the use of derivatives. All derivative financial instruments are measured and reported in the consolidated balance sheets at fair value. The Trust has elected not to apply hedge accounting to its derivative financial instruments and as such, any changes in the fair values of its derivatives are recognized immediately in earnings. Generally, the Trust enters into swap relationships such that changes in the fair value or cash flows of items and transactions being hedged are expected to be offset by corresponding changes in the values of the derivatives. |
Tenant Receivables, Net | Tenant receivables, net Tenant accounts receivable are stated net of the applicable allowance. Rental payments under these contracts are primarily due monthly. The Trust assesses the collectability of tenant receivables, including straight-line rent receivables, and defers recognition of revenue if collectability is not reasonably assured. The Trust bases its assessment of the collectability of rent receivables on several factors, including, among other things, payment history, the financial strength of the tenant and current economic conditions. If management’s evaluation of these factors indicates it is probable that the Trust will be unable to recover the full value of the receivable, the Trust provides a reserve against the portion of the receivable that it estimates may not be recovered. |
Rental Revenue | Rental Revenue Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis for leases may result in recognizing revenue for amounts more or less than amounts currently due from tenants. Amounts recognized in excess of amounts currently due from tenants are included in other assets and were approximately $15.6 million and $6.4 million as of December 31, 2015 and 2014 , respectively. If the Trust determines that collectability of straight-line rents is not reasonably assured, the Trust limits future recognition to amounts contractually owed and, where appropriate, establishes an allowance for estimated losses. Rental revenue is adjusted by amortization of lease inducements and above or below market rents on certain leases. Lease inducements and above or below market rents are amortized over the average remaining life of the lease. |
Expense Recoveries | Expense Recoveries Expense recoveries relate to tenant reimbursement of real estate taxes, insurance and other operating expenses that are recognized as expense recovery revenue in the period the applicable expenses are incurred. The reimbursements are recorded at gross, as the Trust is generally the primary obligor with respect to real estate taxes and purchasing goods and services from third-party suppliers and has discretion in selecting the supplier and bears the credit risk of tenant reimbursement. The Trust has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses. For absolute net leases, the Trust does not recognize expense recoveries. |
Income Taxes | Income Taxes The Trust elected to be taxed as a REIT for federal tax purposes commencing with the filing of its tax return for the short taxable year ending December 31, 2013. The Trust had no taxable income prior to electing REIT status. To qualify as a REIT, the Trust must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Trust generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its shareholders. If the Trust fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Trust relief under certain statutory provisions. Such an event could materially adversely affect the Trust’s net income and net cash available for distribution to shareholders. However, the Trust intends to continue to operate in such a manner as to continue qualifying for treatment as a REIT. Even if the Trust continues to qualify for taxation as a REIT, the Trust may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income. |
Management Estimates | Management Estimates The preparation of consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated and combined financial statements and the amounts of revenue and expenses reported in the period. Significant estimates are made for the fair value assessments with respect to purchase price allocations, impairment assessments, and the valuation of financial instruments. Actual results could differ from these estimates. |
Contingent Liabilities | Contingent Liability The Trust records a liability for contingent consideration (included in accrued expenses and other liabilities on its consolidated balance sheets) at fair value as of the acquisition date and reassess the fair value at the end of each reporting period, with any changes being recognized in earnings. Increases or decreases in the fair value of contingent consideration can result from changes in discount periods, discount rates and probabilities that contingencies will be met. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the previously reported consolidated financial position or consolidated and combined results of operations. |
Segment Reporting | Segment Reporting Under the provision of Codification Topic 280, Segment Reporting , the Company has determined that it has one reportable segment with activities related to leasing and managing healthcare properties. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers , which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is permitted for reporting periods beginning after December 15, 2016. While the Trust is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements, we do not expect its adoption to have a significant impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. In February 2015, the FASB issued ASU 2015-2, Amendments to the Consolidation Analysis . This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process and by placing more emphasis on risk of loss when determining a controlling financial interest. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The Company will adopt ASU 2015-2 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued ASU 2015-3, Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. ASU 2015-3 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company will adopt ASU 2015-3 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments . The update requires that acquiring entities in a business combination recognize adjustments to provisional amounts identified in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. Adjustments related to previous reporting periods must be disclosed by income statement line item, either on the face of the income statement or in the notes, in the period for which the adjustment was identified. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015. The Company will adopt ASU 2015-16 on January 1, 2016, and it is not expected to have a material impact on the Company’s consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, Leases . The update amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of adopting the new leases standard on our consolidated financial statements. |
Organization and Business (Tabl
Organization and Business (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trust's common shares issuance and sale | During 2015 and 2014, the Trust’s issuance and sale of common shares pursuant to the ATM Program is as follows (in thousands, except common shares and price): 2015 2014 Common shares sold Weighted average price Net proceeds Common shares sold Weighted average price Net proceeds Quarterly period ended March 31 247,397 $ 16.96 $ 4,139 — $ — $ — Quarterly period ended June 30 1,007,695 16.56 16,439 — — — Quarterly period ended September 30 — — — — — — Quarterly period ended December 31 — — — 3,576,010 15.54 54,789 Year ended December 31 1,255,092 $ 16.63 $ 20,578 3,576,010 $ 15.54 $ 54,789 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of dividends declared | Declaration Date Record Date Payment Date Cash Dividend per Share/Unit December 31, 2015 January 15, 2016 January 29, 2016 $ 0.225 September 28, 2015 October 16, 2015 October 30, 2015 $ 0.225 July 1, 2015 July 17, 2015 July 31, 2015 $ 0.225 April 6, 2015 April 17, 2015 May 1, 2015 $ 0.225 December 30, 2014 January 23, 2015 February 6, 2015 $ 0.225 September 26, 2014 October 17, 2014 October 30, 2014 $ 0.225 June 26, 2014 July 18, 2014 August 1, 2014 $ 0.225 March 27, 2014 April 11, 2014 April 25, 2014 $ 0.225 December 30, 2013 January 24, 2014 February 7, 2014 $ 0.225 September 30, 2013 October 18, 2013 November 1, 2013 $ 0.180 (1) (1) Prorated cash dividend of $0.18 per share for the quarterly period from July 19, 2013 (the date of the IPO) through September 30, 2013, which was equivalent to a full quarterly dividend of $0.225 per share. The dividend was paid on November 1, 2013 to common shareholders and common OP Unit holders of record on October 18, 2013, with the exception of the OP Units issued in the acquisition of Crescent City Surgical Centre. |
Acquisitions and Disposition (T
Acquisitions and Disposition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of acquisitions and aggregate purchase price | Acquisition activity for the year ending December 31, 2015 is summarized below: Property (1) Location Acquisition Date Purchase Price (in thousands) Minnesota Portfolio (2) Edina MOB (5) Edina MN January 22, 2015 $ 14,190 Crystal MOB (5) Crystal, MN January 22, 2015 14,782 Savage MOB (5) Savage, MN January 22, 2015 12,800 Dell Road MOB (5) Chanhassen, MN January 22, 2015 6,410 Vadnais Heights MOB (5) Vadnais Heights, MN January 29, 2015 18,422 Minnetonka MOB (3) (5) Minnetonka, MN February 5, 2015 26,000 Jamestown MOB (5) Jamestown, ND February 5, 2015 12,819 Minnesota Eye MOB (5) Minnetonka, MN February 17, 2015 10,882 Columbus MOB (5) Columbus, GA January 23, 2015 6,540 Methodist Sports MOB (4) (6) Greenwood, IN January 28, 2015 10,000 Indianapolis South (4 MOBs) (5) Greenwood, IN February 13, 2015 17,183 Baylor Cancer Center (5) Dallas, TX February 27, 2015 8,200 Bridgeport Medical Center (5) Lakewood, WA February 27, 2015 13,750 Renaissance Office Building (5) Milwaukee, WI March 27, 2015 6,500 University of Rochester Strong Memorial Portfolio (5 MOBs) (5) Rochester, NY March 31, 2015 41,000 Avalon Park Florida Hospital MOB (5) Avalon Park, FL March 31, 2015 14,600 Premier Surgery Center of Louisville (5) Louisville, KY April 10, 2015 8,000 Baton Rouge MOB (5) Baton Rouge, LA April 15, 2015 10,486 Healthpark Medical Center (5) Grand Blanc, MI April 30, 2015 18,913 Plaza HCA MOB (5) Jacksonville, FL April 30, 2015 19,000 Northern Ohio Medical Center (4) Sheffield, OH May 28, 2015 11,236 University of Michigan - Northville MOB (5) Livonia, MI May 29, 2015 14,750 Coon Rapids Medical Center MOB (5) Coon Rapids, MN June 1, 2015 7,298 Mezzanine Loan - UF Health MOB (7) Jacksonville, FL June 1, 2015 9,000 Premier Landmark MOB (4) (8) Bloomington, IN June 5, 2015 11,308 Palm Beach ASC (5) Palm Beach, FL June 26, 2015 14,070 Brookstone Physician Center MOB (5) Jacksonville, AL June 30, 2015 2,800 Jackson Woman's Clinic MOB (5) Jackson, TN June 30, 2015 5,672 Hillside Medical Center MOB (5) Hanover, PA June 30, 2015 11,400 Randall Road MOB (5) Elgin, IL June 30, 2015 13,045 Randall Road MOB - Unit 140 (4) Elgin, IL July 17, 2015 1,750 Medical Specialists of Palm Beach MOB (5) Atlantis, FL July 24, 2015 11,051 OhioHealth - SW Health Center MOB (5) Grove City, OH July 31, 2015 11,460 Trios Health MOB (5) Kennewick, WA July 31, 2015 64,000 Integrated Medical Services (IMS) Portfolio IMS - Paradise Valley MOB (5) Phoenix, AZ August 14, 2015 31,814 IMS - Avondale MOB (5) Avondale, AZ August 19, 2015 22,144 IMS - Palm Valley MOB (5) Goodyear, AZ August 19, 2015 35,184 IMS - North Mountain MOB (5) Phoenix, AZ August 31, 2015 51,740 Property (1) Location Acquisition Date Purchase Price (in thousands) Mezzanine Loan - Warm Springs Rehab Hospital (9) Kyle, TX August 21, 2015 3,138 Memorial Hermann Medical Complex (2 MOBs) (5) Katy, TX September 1, 2015 40,400 Construction Loan - Tinseltown (10) Jacksonville, FL September 4, 2015 1,005 New Albany Medical Center MOB (5) (11) New Albany, OH September 9, 2015 11,200 Fountain Hills Medical Campus MOB (5) Fountain Hills, AZ September 30, 2015 13,250 Catalyst Portfolio (12 MOBs) (5) AL & FL October 13, 2015 23,805 Mezzanine Loan - Truman Medical Center (12) Kansas City, MO October 16, 2015 4,500 Arete Surgical Center (5) Johnstown, CO October 19, 2015 9,100 Cambridge Professional Center MOB (5) Waldorf, MD October 30, 2015 11,550 Mezzanine Loan - Great Falls Replacement Surgical Hospital (13) Great Falls, MT November 2, 2015 4,500 HonorHealth 44th Street MOB (5) Phoenix, AZ November 13, 2015 7,163 Mercy Medical Center MOB (5) Fenton, MO December 1, 2015 9,850 Nashville MOB (5) (14) Nashville, TN December 17, 2015 45,440 Mezzanine Loan - Wilson Surgery Center (15) Wilson, NC December 17, 2015 216 Hillside Medical Center - Suite 100 (4) Hanover, PA December 18, 2015 4,240 Randall Road MOB - Suite 170 (4) Elgin, IL December 21, 2015 408 KSF Orthopaedic MOB (5) Houston, TX December 22, 2015 6,250 Great Falls Clinic MOB (5) (16) Great Falls, MT December 29, 2015 24,244 Randall Road MOB - Suite 320 (4) Elgin, IL December 30, 2015 500 Total $ 840,958 (1) “MOB” means medical office building and “ASC” means ambulatory surgical center. (2) Through subsidiaries of the Operating Partnership, the Trust acquired seven medical office facilities located in the Minneapolis-St. Paul Metropolitan area and one additional medical office facility located in Jamestown, North Dakota from affiliates of The Davis Group and investors associated with The Davis Group. The Davis Group retained a less than 1% minority interest in the property holding entities. (3) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 44,685 Series A Preferred Units valued at approximately $9.7 million in the aggregate on the date of issuance. (4) The Trust accounted for these acquisitions as asset acquisitions and capitalized $ 0.4 million of total acquisition costs to the basis of the properties. (5) The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $14.9 million . (6) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 420,963 OP Units valued at approximately $7.3 million in the aggregate on the date of issuance. (7) The Trust made a $9.0 million mezzanine term loan to fund the development of a MOB in Jacksonville, Florida. The loan is collateralized by an equity interest in the medical building development and accrues interest at a rate of 8.4% per year. (8) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 210,820 OP Units valued at approximately $3.4 million in the aggregate on the date of issuance. (9) The Trust made a $3.1 million mezzanine term loan to partially fund the borrower’s acquisition of the 54,500 square foot Warm Springs Rehabilitation Hospital in Kyle, Texas. The mezzanine loan is collateralized by an equity interest in the property and accrues interest at a rate of 8.5% per year. The Trust has an option to purchase the property. (10) The Trust made additional advances on a construction loan to Tinseltown Partners, LLC to fund the renovations and additions of two re-purposed buildings in Jacksonville, Florida. The additional advances total $1.0 million and accrue at an interest rate of 9.0% per year. (11) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 16,866 OP Units valued at approximately $0.2 million in the aggregate on the date of issuance. (12) The Trust made a $4.5 million mezzanine term loan to partially fund the owner’s permanent financing of the 87,500 square foot Truman Medical Center in Kansas City, Missouri. The loan accrues interest at the rate of 8.02% per year. The Trust has rights of first offer and first refusal to purchase the property. (13) The Trust made a $4.5 million mezzanine term loan to partially fund the construction of the 63,250 square foot Great Falls Hospital in Great Falls, Montana. The loan accrues interest at the rate of 9.0% per year. The Trust has a contract to purchase the property upon completion of construction. (14) The Operating Partnership partially funded the purchase price of this acquisition by issuing a total of 91,236 Series A Preferred Units valued at approximately $19.7 million in the aggregate on the date of issuance. Holders of the Series A Preferred Units issued in connection with the acquisition of the Nashville MOB are entitled to certain redemption rights under the partnership agreement of the Operating Partnership which allow them to cause the Operating Partnership to redeem the Series A Preferred Units in exchange for cash, or at the Trust’s option, for common shares, pursuant to a formula provided in the partnership agreement. The investors in the Series A Preferred Units have agreed not cause the Operating Partnership to redeem their Series A Preferred Units prior to December 17, 2016. (15) The Trust made a $0.2 million short term mezzanine loan to partially fund the owner’s acquisition of a 9,890 square foot ambulatory surgery center in Wilson, North Carolina. The loan accrues interest at the rate of 8.8% per year. (16) The Trust’s $24.2 million investment represents the acquisition of an approximate 75% membership interest in the entity which owns the Great Falls Clinic. For 2015 , the Trust recorded revenues and net income of $41.4 million and $10.6 million , respectively, from its 2015 acquisitions. During 2014 , the Trust completed acquisitions of 61 properties located in 15 states for an aggregate purchase price of approximately $543.4 million . Acquisition activity for the year ending December 31, 2014 is summarized below: Property (1) Location Acquisition Date Purchase Price (in thousands) Foundations San Antonio Surgical Hospital (2) San Antonio, TX February 19, 2014 $ 25,556 Eagles Landing Family Practice 4 MOBs (2) Atlanta, GA February 19, 2014 20,800 21st Century Oncology 4 MOBs (3) Sarasota, FL February 26, 2014 17,486 Foundations San Antonio MOB (3) San Antonio, TX February 28, 2014 6,800 Peachtree Dunwoody MOB (3) Atlanta, GA February 28, 2014 36,726 LifeCare LTACH (2) Fort Worth, TX March 28, 2014 27,160 LifeCare LTACH (2) Pittsburgh, PA March 28, 2014 12,840 Pinnacle Health Cardiology Portfolio 2 MOBs (3) Carlisle & Wormleyburg, PA April 22, 2014 9,208 South Bend Orthopaedic MOB (3) South Bend, IN April 30, 2014 14,900 Grenada Medical Complex MOB (3) Grenada, MS April 30, 2014 7,100 Mississippi Sports Medicine and Orthopaedics Center MOB (2) (4) Jackson, MS May 23, 2014 16,700 Carmel Medical Pavilion MOB (3) (5) Carmel, IN May 28, 2014 4,664 Summit Urology MOB (2) Bloomington, IN June 30, 2014 4,783 Renaissance Center (3) Oshkosh, WI June 30, 2014 8,500 Presbyterian Medical Plaza MOB (3) Monroe, NC June 30, 2014 7,750 Landmark Medical Portfolio (Premier) 3 MOBs (2) (6) Bloomington, IN July 1, 2014 23,837 Carlisle II MOB (3) Carlisle, PA July 25, 2014 4,500 Surgical Institute of Monroe ASC Monroe, MI July 28, 2014 6,000 The Oaks Medical Building MOB (3) Lady Lake, FL July 31, 2014 10,600 Baylor Surgicare ASC — Mansfield (3) Mansfield, TX September 2, 2014 8,500 Eye Center of Southern Indiana (2) (7) Bloomington, IN September 5, 2014 12,174 Wayne State Medical Center and MOB (2) Troy, MI September 10, 2014 46,500 El Paso Portfolio (specialty surgical hospital and 2 MOBs) (3) (8) El Paso, TX September 30, 2014 46,235 The Mark H. Zangmeister Center (3) Columbus, OH September 30, 2014 36,600 Berger Medical Center (3) Orient, OH September 30, 2014 6,785 Orthopedic One 2 MOBs (3) Columbus, OH Westerville, OH September 30, 2014 24,500 Pinnacle Health Portfolio 5 MOBs (3) Harrisburg, PA October 29, 2014 23,100 Columbus Regional Health Portfolio 12 MOBs (3) Columbus, GA November 20, 2014 27,997 Middletown Medical 2 MOBs (2) Middletown, NY November 26, 2014 14,399 Carle Danville Clinic MOB (3) Danville, IL November 26, 2014 10,300 Napoleon Medical Building MOB (3) New Orleans, LA December 18, 2014 10,500 West Tennessee Bone & Joint 1 MOB 1 ASC (2) Jackson, TN December 30, 2014 9,936 Total $ 543,436 (1) “MOB” means medical office building, “LTACH” means long-term acute care hospital and “ASC” means ambulatory surgical center. (2) The Trust accounted for these acquisitions as asset acquisitions and capitalized $1.7 million of total acquisition costs to the basis of the properties. (3) The Trust accounted for these acquisitions as business combinations pursuant to the acquisition method and expensed total acquisition costs of $10.9 million . (4) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 147,659 OP Units valued at approximately $1.9 million in the aggregate on the date of issuance. (5) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 96,099 OP Units valued at approximately $1.2 million in the aggregate on the date of issuance. (6) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 576,040 OP Units valued at approximately $8.3 million in the aggregate on the date of issuance. (7) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 272,191 OP Units valued at approximately $4.0 million in the aggregate on the date of issuance. (8) The Operating Partnership partially funded the purchase price of these acquisitions by issuing a total of 950,324 OP Units valued at approximately $13.2 million in the aggregate on the date of issuance. |
Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed | The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Trust determined using Level 2 and Level 3 inputs (in thousands): December 31, 2015 December 31, 2014 Land $ 52,224 $ 53,687 Building and improvements 643,470 451,691 In-place lease intangibles 99,763 35,720 Above market lease intangibles 19,337 5,270 Below market lease intangibles (3,738 ) (2,330 ) Below market ground lease 13,941 — Above market ground lease — (701 ) Investment in unconsolidated entity — 1,300 Lease inducement 2,478 1,532 Leasehold interest — 759 Derivative liability assumed — (197 ) Contingent consideration (2,718 ) (840 ) Receivable 3,564 640 Debt assumed (18,690 ) (15,283 ) Issuance of OP Units (10,973 ) (28,589 ) Issuance of Series A Preferred Units (29,403 ) — Noncontrolling interest (13,970 ) — Net assets acquired $ 755,285 $ 502,659 |
Schedule of pro forma combined revenue, net income, and earnings per share-basic and diluted | The following table illustrates the pro forma consolidated revenue, net income, and earnings per share as if the Trust had acquired the 2015 acquisitions detailed above as of January 1, 2014 (in thousands, except share and per share amounts): Year Ended December 31, 2015 2014 Revenue $ 168,154 $ 133,411 Net income 38,959 17,512 Net income available to common shareholders 36,938 16,599 Earnings per share $ 0.42 $ 0.19 Common shares outstanding 87,175,904 87,175,904 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Summary of the carrying amount of intangible assets and liabilities | The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Assets In-place leases $ 163,728 $ (26,702 ) $ 137,026 $ 64,777 $ (12,213 ) $ 52,564 Above market leases 26,787 (3,174 ) 23,613 7,449 (578 ) 6,871 Leasehold interest 712 (64 ) 648 759 (5 ) 754 Below market ground lease 13,941 (68 ) 13,873 — — — Total $ 205,168 $ (30,008 ) $ 175,160 $ 72,985 $ (12,796 ) $ 60,189 Liability Below market lease $ 6,068 $ (799 ) $ 5,269 $ 2,330 $ (156 ) $ 2,174 Above market ground lease 701 (20 ) 681 701 (4 ) 697 Total $ 6,769 $ (819 ) $ 5,950 $ 3,031 $ (160 ) $ 2,871 |
Summary of the carrying amount of acquired lease intangibles | The following is a summary of the acquired lease intangible amortization for the years ended December 31, 2015 , 2014 and 2013 (in thousands): December 31, 2015 2014 2013 Amortization expense related to in-place leases $ 15,300 $ 4,133 $ 1,252 Decrease of rental income related to above-market leases 2,596 530 48 Decrease of rental income related to leasehold interests 59 5 — Increase of rental income related to below-market leases 643 156 — Decrease of operating expense related to above market ground leases 16 4 — Increase in operating expense related to below market ground leases 68 — — |
Schedule of future amortization of the acquired lease intangibles | Future aggregate net amortization of the acquired lease intangibles as of December 31, 2015 , is as follows (in thousands): Net Decrease in Revenue Net Increase in Expenses 2016 $ (3,016 ) $ 20,760 2017 (2,447 ) 18,743 2018 (2,162 ) 17,283 2019 (1,982 ) 14,161 2020 (1,886 ) 12,427 Thereafter (7,499 ) 66,844 Total $ (18,992 ) $ 150,218 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets, Unclassified [Abstract] | |
Schedule of other assets | Other assets consisted of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Straight line rent receivable $ 15,584 $ 6,431 Lease inducements, net 4,970 2,845 Escrows 4,788 1,906 Earnest deposits 343 2,343 Notes receivable 20,620 — Prepaid expenses and other 5,926 2,281 Total $ 52,231 $ 15,806 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following is a summary of debt as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Fixed interest mortgage notes $ 89,664 (1) $ 73,706 (2) Variable interest mortgage note 4,262 (3) 4,399 (4) Total mortgage debt 93,926 78,105 $750 million unsecured revolving credit facility bearing variable interest of LIBOR plus 1.20%, due September 2019. 395,000 138,000 Total principal 488,926 216,105 Unamortized fair value adjustment 674 — Total debt $ 489,600 $ 216,105 (1) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58% , with a weighted average interest rate of 5.40% , and due in 2016, 2017, 2019, 2020, 2021 and 2022 collateralized by 11 properties with a net book value of $145,038 . (2) Fixed interest mortgage notes, bearing interest from 4.71% to 6.58% , with a weighted average interest rate of 5.26% , and due in 2016, 2017, 2018, 2019, 2021 and 2022 collateralized by nine properties with a net book value of $118,247 . (3) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $5,994 . (4) Variable interest mortgage note bearing variable interest of LIBOR plus 2.75% and due in 2017, collateralized by one property with a net book value of $6,249 . |
Schedule of consolidated leverage ratios | The Credit Agreement provides for revolving credit loans to the Operating Partnership. Base Rate Loans, Adjusted LIBOR Rate Loans and Letters of Credit (each, as defined in the Credit Agreement) will be subject to interest rates, based upon the Trust’s investment grade rating as follows: Investment Grade Rating Adjusted LIBOR Rate Loans Base Rate Loans At Least A- or A3 LIBOR + 0.85% — % At Least BBB+ or BAA1 LIBOR + 0.90% — % At Least BBB or BAA2 LIBOR + 1.00% 0.10 % At Least BBB- or BAA3 LIBOR + 1.20% 0.20 % Below BBB- or BAA3 LIBOR + 1.55% 0.60 % |
Schedule of principal payments due on debt | Scheduled principal payments due on debt as of December 31, 2015 , are as follows (in thousands): 2016 $ 9,748 2017 40,658 2018 1,265 2019 415,081 2020 5,521 Thereafter 16,653 Total Payments $ 488,926 |
Accrued Expenses and Other Li30
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2015 and 2014 (in thousands): December 31, 2015 2014 Embedded derivatives $ 8,149 $ — Security deposits 4,038 1,191 Prepaid rent 2,778 839 Contingent consideration 2,559 840 Accrued expenses and other 6,949 3,270 Total $ 24,473 $ 6,140 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of non-vested restricted common shares | A summary of the status of the Trust’s non-vested restricted common shares as of December 31, 2015 and changes during the year then ended follow: Shares Weighted Average Grant Date Fair Value Restricted shares issued in conjunction with our IPO 250,000 $ 11.50 Non-vested at December 31, 2013 250,000 11.50 Granted 152,987 13.79 Vested (83,333 ) 11.50 Non-vested at December 31, 2014 319,654 12.60 Granted 162,522 15.95 Vested (170,337 ) 12.93 Non-vested at December 31, 2015 311,839 $ 14.17 |
Schedule of weighted average grant date fair value assumptions | The Trust utilized a Monte Carlo simulation to calculate the weighted average grant date fair values in 2015 and 2014 of $20.06 and $19.25 per unit, respectively, using the following assumptions: 2015 2014 Volatility 20.7 % 18.8% - 34.2% Dividend assumption reinvested reinvested Expected term in years 2.8 years 2.8 years Risk-free rate 1.14 % 0.65 % Stock price (per share) $ 15.87 $ 13.47 |
Summary of the activity in the restricted share units | The following is a summary of the activity in the Trust’s restricted share units during 2014 and 2015 : Restricted Share Units Weighted Average Grant Date Fair Value Non-vested at December 31, 2013 — $ — Granted 55,680 16.94 Non-vested at December 31, 2014 55,680 16.94 Granted 116,207 19.22 Non-vested at December 31, 2015 171,887 $ 18.48 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of other financial instruments | The following table presents the fair value of the Trust’s financial instruments (in thousands). December 31, December 31, Carrying Amount Fair Value Carrying Amount Fair Value Real estate loans receivable $ 39,349 $ 39,349 $ 15,876 $ 15,876 Credit facility $ (395,000 ) $ (395,000 ) $ (138,000 ) $ (138,000 ) Mortgage debt $ (94,600 ) $ (95,275 ) $ (78,105 ) $ (78,642 ) Derivative liabilities $ (8,216 ) $ (8,216 ) $ (233 ) $ (233 ) |
Tenant Operating Leases (Tables
Tenant Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries | As of December 31, 2015 , the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2016 $ 119,218 2017 115,974 2018 110,927 2019 106,196 2020 102,326 Thereafter 724,590 Total $ 1,279,231 |
Rent Expense (Tables)
Rent Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of future minimum lease obligations under non-cancelable ground leases | As of December 31, 2015 , the future minimum lease obligations under non-cancelable ground and parking leases were as follows (in thousands): 2016 $ 1,316 2017 1,353 2018 1,394 2019 1,437 2020 1,482 Thereafter 16,377 Total $ 23,359 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of amounts used in computing basic and diluted earnings per share | The following table shows the amounts used in computing the Trust’s basic and diluted earnings per share (in thousands, except share and per share data): Year Ended December 31, 2015 2014 2013 Numerator for earnings per share - basic: Net income (loss) $ 12,741 $ (4,418 ) $ (2,636 ) Net (income) loss attributable to Predecessor: — — 576 Net (income) loss attributable to noncontrolling interests: Operating Partnership (576 ) 695 470 Partially owned properties (377 ) (314 ) (71 ) Preferred distributions (1,189 ) — — Numerator for earnings per share - basic: $ 10,599 $ (4,037 ) $ (1,661 ) Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 10,599 (4,037 ) (1,661 ) Operating Partnership net income 576 — — Numerator for earnings per share - diluted $ 11,175 $ (4,037 ) $ (1,661 ) Denominator for EPS - basic and diluted: Weighted average number of shares outstanding - basic 72,750,724 33,063,093 12,883,917 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 3,708,494 — — Restricted shares 190,619 — — Restricted share units 142,236 — — Denominator for EPS - diluted 76,792,073 33,063,093 12,883,917 Earnings per share - basic $ 0.15 $ (0.12 ) $ (0.13 ) Earnings per share - diluted $ 0.15 $ (0.12 ) $ (0.13 ) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Schedule of acquisitions through subsidiaries of operating partnership | As of February 22, 2016, the Trust, through subsidiaries of its Operating Partnership, closed on the below acquisitions during 2016: Property(1) Location Acquisition Investment (in thousands) Randall Road MOB - Suite 380 Elgin, IL January 14, 2016 $ 704 Great Falls Hospital Great Falls, MT January 25, 2016 29,043 Monterey Medical Center ASC Stuart, FL February 1, 2016 6,900 Physicians Medical Plaza MOB Indianapolis, IN February 1, 2016 8,500 Mezzanine Loan - Davis Minneapolis, MN February 4, 2016 500 Park Nicollet Clinic Chanhassen, MN February 8, 2016 18,600 HEB Cancer Center Bedford, TX February 12, 2016 14,000 Riverview Medical Center Lancaster, OH February 26, 2016 12,800 St. Luke's Cornwall MOB Cornwall, NY February 26, 2016 14,550 $ 105,597 (1) “MOB” means medical office building and “ASC” means ambulatory surgical center. |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Data | The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for common share and per share amounts. Quarter Ended 2015 March 31 June 30 September 30 December 31 Total revenues $ 24,484 $ 29,683 $ 34,870 $ 40,404 Operating (loss) income (459 ) 3,271 3,812 5,883 Net (loss) income (448 ) 3,297 3,983 5,909 Net (loss) income attributable to common shareholders (522 ) 2,571 3,404 5,146 Earnings per share – basic: Net (loss) income available to common shareholders $ (0.01 ) $ 0.04 $ 0.05 $ 0.06 Weighted average common shares outstanding 65,649,478 70,376,959 71,034,747 83,761,536 Earnings per share – diluted: Net (loss) income available to common shareholder $ (0.01 ) $ 0.04 $ 0.05 $ 0.06 Weighted average common shares outstanding 65,649,478 74,267,284 75,104,821 87,911,097 As a result of the acquisition activity and equity offerings throughout 2015, the quarterly periods are not comparable quarter over quarter. Quarter Ended 2014 March 31 June 30 September 30 December 31 Total revenues $ 8,032 $ 11,447 $ 14,161 $ 19,694 Operating loss (income) (3,575 ) (626 ) (2,311 ) 1,967 Net loss (income) (3,558 ) (600 ) (2,251 ) 1,991 Net loss (income) available to common shareholders (3,093 ) (561 ) (2,094 ) 1,711 Earnings per share – basic: Net (loss) income available to common shareholders $ (0.15 ) $ (0.02 ) $ (0.06 ) $ 0.04 Weighted average common shares outstanding 21,298,597 26,163,982 36,313,644 48,145,409 Earnings per share – diluted: Net (loss) income available to common shareholders $ (0.15 ) $ (0.02 ) $ (0.06 ) $ 0.04 Weighted average common shares outstanding 21,298,597 26,163,982 36,313,644 48,354,493 |
Organization and Business - Nar
Organization and Business - Narrative (Details) | Oct. 19, 2015USD ($)$ / sharesshares | Feb. 05, 2015USD ($) | Jan. 21, 2015USD ($)$ / sharesshares | Sep. 12, 2014USD ($)shares | Aug. 19, 2014USD ($) | May. 27, 2014USD ($)shares | Dec. 11, 2013USD ($)shares | Jul. 24, 2013USD ($)propertieshealthcarepropertyshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)shares | Jun. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Jun. 30, 2014USD ($)shares | Mar. 31, 2014USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Organization and Business | ||||||||||||||||||
Common stock, shares authorized (in shares) | shares | 10,925,000 | 12,650,000 | 9,545,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Common shares sold (in shares) | shares | 15,812,500 | 18,975,000 | 11,753,597 | |||||||||||||||
Proceeds from issuance initial public offering | $ 123,800,000 | |||||||||||||||||
Number of medical office buildings | properties | 19 | |||||||||||||||||
Number of healthcare real estate funds | healthcareproperty | 4 | |||||||||||||||||
Debt assumed | $ 84,300,000 | $ 18,690,000 | $ 15,283,000 | $ 18,690,000 | $ 15,283,000 | |||||||||||||
Number of partnership units issued | shares | 15,812,500 | 18,975,000 | 2,744,000 | |||||||||||||||
Value of Preferred Units | $ 9,700,000 | $ 31,600,000 | ||||||||||||||||
Percentage of interest held | 79.60% | 95.70% | ||||||||||||||||
Aggregate purchase price | $ 818,600,000 | |||||||||||||||||
Shares issued upon exercise of the underwriters' overallotment option | shares | 2,062,500 | 2,475,000 | 1,425,000 | 1,650,000 | 1,245,000 | |||||||||||||
Net proceeds from issuance of common stock | $ 226,800,000 | $ 297,300,000 | $ 145,700,000 | $ 149,900,000 | $ 103,100,000 | |||||||||||||
Common share price (in dollars per share) | $ / shares | $ 15 | $ 16.40 | ||||||||||||||||
ATM Program | Operating Partnership | ||||||||||||||||||
Organization and Business | ||||||||||||||||||
Common shares sold (in shares) | shares | 0 | 0 | 1,007,695 | 247,397 | 3,576,010 | 0 | 0 | 0 | 1,255,092 | 3,576,010 | ||||||||
Net proceeds from issuance of common stock | $ 0 | $ 0 | $ 16,439,000 | $ 4,139,000 | $ 54,789,000 | $ 0 | $ 0 | $ 0 | $ 20,578,000 | $ 54,789,000 | ||||||||
ATM Program | Maximum | ||||||||||||||||||
Organization and Business | ||||||||||||||||||
Aggregate offering price of common stock | $ 150,000,000 | |||||||||||||||||
Ziegler Arizona 23 LLC | ||||||||||||||||||
Organization and Business | ||||||||||||||||||
Percentage of interest acquired | 50.00% | |||||||||||||||||
Aggregate purchase price | $ 850,000 | |||||||||||||||||
Percentage of ownership after transaction | 100.00% |
Organization and Business - Sch
Organization and Business - Schedule of Issuance and Sale of Common Stock (Details 2) - USD ($) $ / shares in Units, $ in Thousands | Oct. 19, 2015 | Jan. 21, 2015 | Sep. 12, 2014 | May. 27, 2014 | Dec. 11, 2013 | Jul. 24, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||||||||||
Common shares sold (in shares) | 15,812,500 | 18,975,000 | 11,753,597 | |||||||||||||
Net proceeds from issuance of common stock | $ 226,800 | $ 297,300 | $ 145,700 | $ 149,900 | $ 103,100 | |||||||||||
ATM Program | Operating Partnership | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common shares sold (in shares) | 0 | 0 | 1,007,695 | 247,397 | 3,576,010 | 0 | 0 | 0 | 1,255,092 | 3,576,010 | ||||||
Weighted average price (in dollars per share) | $ 0 | $ 0 | $ 16.56 | $ 16.96 | $ 15.54 | $ 0 | $ 0 | $ 0 | $ 16.63 | $ 15.54 | ||||||
Net proceeds from issuance of common stock | $ 0 | $ 0 | $ 16,439 | $ 4,139 | $ 54,789 | $ 0 | $ 0 | $ 0 | $ 20,578 | $ 54,789 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - (Details) $ / shares in Units, $ in Thousands | Dec. 17, 2015USD ($)shares | Mar. 01, 2015USD ($) | Feb. 05, 2015USD ($)shares | Jul. 24, 2013USD ($)propertiesstatesshares | Dec. 31, 2015USD ($)properties$ / sharesshares | Dec. 31, 2014USD ($)propertiesshares | Dec. 31, 2013USD ($)propertiesshares | Oct. 19, 2015shares | Jan. 21, 2015shares |
Business Acquisition [Line Items] | |||||||||
Ownership interest in consolidated subsidiaries (as a percent) | 100.00% | ||||||||
Number of medical office buildings | properties | 19 | ||||||||
Number of partnership units issued | shares | 2,744,000 | 15,812,500 | 18,975,000 | ||||||
Principal payments on mortgage debt | $ 2,022 | $ 6,549 | $ 41,832 | ||||||
Acquisition price | $ 840,958 | 543,436 | |||||||
Percentage of interest held | 79.60% | 95.70% | |||||||
Conversion ratio | 1 | ||||||||
Value of Preferred Units | $ 9,700 | $ 31,600 | |||||||
Embedded derivatives | $ 8,149 | $ 0 | |||||||
Minnetonka MOB | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units issued for funding purchase price (in shares) | shares | 44,685 | ||||||||
Acquisition price | $ 26,000 | ||||||||
Cumulative preferred return | 15.00% | ||||||||
Equity investment | $ 5,000 | ||||||||
Internal rate of return | 15.00% | ||||||||
Nashville MOB | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units issued for funding purchase price (in shares) | shares | 91,236 | ||||||||
Acquisition price | $ 45,440 | ||||||||
Value of Preferred Units | $ 19,700 | ||||||||
Series A Preferred units | |||||||||
Business Acquisition [Line Items] | |||||||||
Cumulative preferred return | 5.00% | ||||||||
Shares issued upon conversion | 1 | ||||||||
Redemption value per share | $ / shares | $ 200 | ||||||||
Period of time before redeemable | 1 year | ||||||||
Operating Partnership | Ziegler Funds Property Interests | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of medical office buildings | properties | 19 | ||||||||
Number of states | states | 10 | ||||||||
Number of partnership units issued | shares | 2,744,000 | ||||||||
Principal payments on mortgage debt | $ 36,900 | ||||||||
Operating Partnership | Units | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of additional acquisitions | properties | 3 | 5 | 1 | ||||||
Number of units issued for funding purchase price (in shares) | shares | 648,649 | 2,042,313 | 954,877 | ||||||
Value of units issued for funding purchase price | $ 11,000 | $ 28,600 | $ 11,500 | ||||||
Acquisition price | $ 32,500 | $ 103,600 | $ 37,500 | ||||||
Operating Partnership | Series A Preferred units | Units | Minnetonka MOB | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units issued for funding purchase price (in shares) | shares | 44,685 | ||||||||
Operating Partnership | Series A Preferred units | Units | Nashville MOB | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of units issued for funding purchase price (in shares) | shares | 91,236 | ||||||||
Value of units issued for funding purchase price | $ 19,700 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - (Details 2) - $ / shares | Jan. 29, 2016 | Dec. 31, 2015 | Oct. 30, 2015 | Sep. 28, 2015 | Jul. 31, 2015 | Jul. 01, 2015 | May. 01, 2015 | Apr. 06, 2015 | Feb. 06, 2015 | Dec. 30, 2014 | Oct. 30, 2014 | Sep. 26, 2014 | Aug. 01, 2014 | Jun. 26, 2014 | Apr. 25, 2014 | Mar. 27, 2014 | Feb. 07, 2014 | Dec. 30, 2013 | Nov. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||||||||||||||||||||||||
Dividends and distributions declared per common share and unit (in dollars per share) | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.18 | $ 0.9 | $ 0.9 | $ 0.41 | |||||||||||
Dividends and distributions paid per common share and unit (in dollars per share) | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.18 | |||||||||||||||
Dividends and distributions declared per common share and unit, quarterly equivalent (in dollars per share) | $ 0.225 | |||||||||||||||||||||||
Subsequent Events | ||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||
Dividends and distributions paid per common share and unit (in dollars per share) | $ 0.225 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - (Details 3) $ in Thousands | Jul. 24, 2013 | Dec. 31, 2015USD ($)mezzanine_loan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||
Impairment loss | $ 0 | $ 1,750 | $ 0 | |
Percentage of interest held | 79.60% | 95.70% | ||
Acquisition price | $ 840,958 | 543,436 | ||
Escrows | 4,788 | 1,906 | ||
Allowance for doubtful accounts | 100 | 100 | ||
Rental revenue due in excess of amounts currently due from tenants | $ 15,600 | $ 6,400 | ||
Jeff Orleans Medical Development Real Estate L L C | ||||
Business Acquisition [Line Items] | ||||
Percentage of interest held | 40.00% | |||
Acquisition price | $ 1,300 | |||
Mezzanine loan | ||||
Business Acquisition [Line Items] | ||||
Number of loans | mezzanine_loan | 7 | |||
Term loan | ||||
Business Acquisition [Line Items] | ||||
Number of loans | mezzanine_loan | 1 |
Acquisitions and Disposition -
Acquisitions and Disposition - 2015 Acquisitions (Details) $ in Thousands | Dec. 30, 2015USD ($) | Dec. 29, 2015USD ($) | Dec. 22, 2015USD ($) | Dec. 21, 2015USD ($) | Dec. 18, 2015USD ($) | Dec. 17, 2015USD ($)ft²shares | Dec. 01, 2015USD ($) | Nov. 13, 2015USD ($) | Nov. 02, 2015USD ($)ft² | Oct. 30, 2015USD ($) | Oct. 19, 2015USD ($) | Oct. 16, 2015USD ($)ft² | Oct. 13, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 09, 2015USD ($)shares | Sep. 04, 2015USD ($)buildings | Sep. 01, 2015USD ($) | Aug. 31, 2015USD ($) | Aug. 21, 2015USD ($)ft² | Aug. 19, 2015USD ($) | Aug. 14, 2015USD ($) | Jul. 31, 2015USD ($) | Jul. 24, 2015USD ($) | Jul. 17, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 26, 2015USD ($) | Jun. 05, 2015USD ($)shares | Jun. 01, 2015USD ($) | May. 29, 2015USD ($) | May. 28, 2015USD ($) | Apr. 30, 2015USD ($) | Apr. 15, 2015USD ($) | Apr. 10, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 27, 2015USD ($) | Feb. 27, 2015USD ($) | Feb. 17, 2015USD ($) | Feb. 13, 2015USD ($) | Feb. 05, 2015USD ($)propertiesshares | Jan. 29, 2015USD ($) | Jan. 28, 2015USD ($)shares | Jan. 23, 2015USD ($) | Jan. 22, 2015USD ($) | Jul. 24, 2013properties | Feb. 17, 2015properties | Dec. 31, 2015USD ($)stateshealthcarepropertybuildingsshares | Dec. 31, 2014USD ($)propertiesstatesshares | Dec. 31, 2013USD ($)shares |
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of operating healthcare properties | 66 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of states in which operating healthcare properties and land parcel located | states | 22 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 818,600 | |||||||||||||||||||||||||||||||||||||||||||||||
Loan investments | 22,400 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 840,958 | $ 543,436 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | properties | 19 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs capitalized | 400 | 1,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 14,893 | 10,897 | $ 1,938 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue of acquired since acquisition | 41,400 | |||||||||||||||||||||||||||||||||||||||||||||||
Income of acquiree since acquisition | $ 10,600 | |||||||||||||||||||||||||||||||||||||||||||||||
Edina MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 14,190 | |||||||||||||||||||||||||||||||||||||||||||||||
Crystal MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 14,782 | |||||||||||||||||||||||||||||||||||||||||||||||
Savage MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 12,800 | |||||||||||||||||||||||||||||||||||||||||||||||
Dell Road MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 6,410 | |||||||||||||||||||||||||||||||||||||||||||||||
Vadnais Heights MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 18,422 | |||||||||||||||||||||||||||||||||||||||||||||||
Minnetonka MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 26,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 44,685 | |||||||||||||||||||||||||||||||||||||||||||||||
Jamestown MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 12,819 | |||||||||||||||||||||||||||||||||||||||||||||||
Minnesota Eye MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 10,882 | |||||||||||||||||||||||||||||||||||||||||||||||
Columbus MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 6,540 | |||||||||||||||||||||||||||||||||||||||||||||||
Methodist Sports MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Indianapolis South (4 MOBs) | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 17,183 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | buildings | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Baylor Cancer Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 8,200 | |||||||||||||||||||||||||||||||||||||||||||||||
Bridgeport Medical Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 13,750 | |||||||||||||||||||||||||||||||||||||||||||||||
Renaissance Office Building | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 6,500 | |||||||||||||||||||||||||||||||||||||||||||||||
University of Rochester Strong Memorial Portfolio (5 MOBs) | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 41,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | buildings | 5 | |||||||||||||||||||||||||||||||||||||||||||||||
Avalon Park Florida Hospital MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 14,600 | |||||||||||||||||||||||||||||||||||||||||||||||
Premier Surgery Center of Louisville | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 8,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Baton Rouge MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 10,486 | |||||||||||||||||||||||||||||||||||||||||||||||
Healthpark Medical Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 18,913 | |||||||||||||||||||||||||||||||||||||||||||||||
Plaza HCA MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 19,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Northern Ohio Medical Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,236 | |||||||||||||||||||||||||||||||||||||||||||||||
University of Michigan - Northville MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 14,750 | |||||||||||||||||||||||||||||||||||||||||||||||
Coon Rapids Medical Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 7,298 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - UF Health MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 9,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - UF Health MOB | Mezzanine loan | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 9,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 8.40% | |||||||||||||||||||||||||||||||||||||||||||||||
Premier Landmark MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,308 | |||||||||||||||||||||||||||||||||||||||||||||||
Palm Beach ASC | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 14,070 | |||||||||||||||||||||||||||||||||||||||||||||||
Brookstone Physician Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 2,800 | |||||||||||||||||||||||||||||||||||||||||||||||
Jackson Woman's Clinic MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 5,672 | |||||||||||||||||||||||||||||||||||||||||||||||
Hillside Medical Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | 11,400 | |||||||||||||||||||||||||||||||||||||||||||||||
Randall Road MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 13,045 | |||||||||||||||||||||||||||||||||||||||||||||||
Randall Road MOB - Unit 140 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 1,750 | |||||||||||||||||||||||||||||||||||||||||||||||
Medical Specialists of Palm Beach MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,051 | |||||||||||||||||||||||||||||||||||||||||||||||
OhioHealth - SW Health Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,460 | |||||||||||||||||||||||||||||||||||||||||||||||
Trios Health MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 64,000 | |||||||||||||||||||||||||||||||||||||||||||||||
IMS - Paradise Valley MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 31,814 | |||||||||||||||||||||||||||||||||||||||||||||||
IMS - Avondale MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 22,144 | |||||||||||||||||||||||||||||||||||||||||||||||
IMS - Palm Valley MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 35,184 | |||||||||||||||||||||||||||||||||||||||||||||||
IMS - North Mountain MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 51,740 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Warm Springs Rehab Hospital | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 3,138 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Warm Springs Rehab Hospital | Mezzanine loan | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 3,100 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 8.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Memorial Hermann Medical Complex (2 MOBs) | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 40,400 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | buildings | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction Loan - Tinseltown | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 1,005 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | buildings | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 9.00% | |||||||||||||||||||||||||||||||||||||||||||||||
New Albany Medical Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,200 | |||||||||||||||||||||||||||||||||||||||||||||||
Fountain Hills Medical Campus MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 13,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Catalyst Portfolio (12 MOBs) | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 23,805 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | buildings | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Truman Medical Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Area of property (in square feet) | ft² | 87,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 8.02% | |||||||||||||||||||||||||||||||||||||||||||||||
Arete Surgical Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 9,100 | |||||||||||||||||||||||||||||||||||||||||||||||
Cambridge Professional Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 11,550 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Great Falls Replacement Surgical Hospital | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Area of property (in square feet) | ft² | 63,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Great Falls Replacement Surgical Hospital | Mezzanine loan | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 9.00% | |||||||||||||||||||||||||||||||||||||||||||||||
HonorHealth 44th Street MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 7,163 | |||||||||||||||||||||||||||||||||||||||||||||||
Mercy Medical Center MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 9,850 | |||||||||||||||||||||||||||||||||||||||||||||||
Nashville MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 45,440 | |||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 91,236 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Wilson Surgery Center | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 216 | |||||||||||||||||||||||||||||||||||||||||||||||
Area of property (in square feet) | ft² | 9,890 | |||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Loan - Wilson Surgery Center | Mezzanine loan | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine term loan | $ 200 | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan interest rate | 8.80% | |||||||||||||||||||||||||||||||||||||||||||||||
Hillside Medical Center - Suite 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 4,240 | |||||||||||||||||||||||||||||||||||||||||||||||
Randall Road MOB - Suite 170 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 408 | |||||||||||||||||||||||||||||||||||||||||||||||
KSF Orthopaedic MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 6,250 | |||||||||||||||||||||||||||||||||||||||||||||||
Great Falls Clinic MOB | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 24,244 | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest acquired | 75.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Randall Road MOB - Suite 320 | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 500 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition price | $ 32,500 | $ 103,600 | $ 37,500 | |||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 648,649 | 2,042,313 | 954,877 | |||||||||||||||||||||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 11,000 | $ 28,600 | $ 11,500 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Minnesota Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of medical office buildings | properties | 1 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage by noncontrolling owners | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Minnetonka MOB | Series A Preferred units | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 44,685 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | $ 9,700 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Methodist Sports MOB | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 420,963 | |||||||||||||||||||||||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 7,300 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Premier Landmark MOB | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 210,820 | |||||||||||||||||||||||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 3,400 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Mezzanine Loan - Warm Springs Rehab Hospital | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Area of property (in square feet) | ft² | 54,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | New Albany Medical Center MOB | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 16,866 | |||||||||||||||||||||||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 200 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Partnership | Nashville MOB | Series A Preferred units | Units | ||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 91,236 | |||||||||||||||||||||||||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 19,700 |
Acquisitions and Disposition 44
Acquisitions and Disposition - 2014 Acquisitions (Details) $ in Thousands | Dec. 30, 2014USD ($)buildings | Dec. 18, 2014USD ($) | Nov. 26, 2014USD ($)buildings | Nov. 20, 2014USD ($)buildings | Oct. 29, 2014USD ($)buildings | Sep. 30, 2014USD ($)buildingsshares | Sep. 10, 2014USD ($) | Sep. 05, 2014USD ($)shares | Sep. 02, 2014USD ($) | Jul. 31, 2014USD ($) | Jul. 28, 2014USD ($) | Jul. 25, 2014USD ($) | Jul. 01, 2014USD ($)buildingsshares | Jun. 30, 2014USD ($) | May. 28, 2014USD ($)shares | May. 23, 2014USD ($)shares | Apr. 30, 2014USD ($) | Apr. 22, 2014USD ($)buildings | Mar. 28, 2014USD ($) | Feb. 28, 2014USD ($) | Feb. 26, 2014USD ($)buildings | Feb. 19, 2014USD ($)buildings | Jul. 24, 2013properties | Dec. 31, 2015USD ($)stateshealthcareproperty | Dec. 31, 2014USD ($)propertiesstates |
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of operating healthcare properties | 66 | 61 | |||||||||||||||||||||||
Number of states in which operating healthcare properties and land parcel located | states | 22 | 15 | |||||||||||||||||||||||
Number of medical office buildings | properties | 19 | ||||||||||||||||||||||||
Acquisition price | $ 840,958 | $ 543,436 | |||||||||||||||||||||||
Foundations San Antonio Surgical Hospital | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 25,556 | ||||||||||||||||||||||||
Eagles Landing Family Practice 4 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 4 | ||||||||||||||||||||||||
Acquisition price | $ 20,800 | ||||||||||||||||||||||||
21st Century Oncology 4 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 4 | ||||||||||||||||||||||||
Acquisition price | $ 17,486 | ||||||||||||||||||||||||
Foundations San Antonio MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 6,800 | ||||||||||||||||||||||||
Peachtree Dunwoody MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 36,726 | ||||||||||||||||||||||||
LifeCare LTACH | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 27,160 | ||||||||||||||||||||||||
LifeCare LTACH | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 12,840 | ||||||||||||||||||||||||
Pinnacle Health Cardiology Portfolio 2 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 2 | ||||||||||||||||||||||||
Acquisition price | $ 9,208 | ||||||||||||||||||||||||
South Bend Orthopaedic MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 14,900 | ||||||||||||||||||||||||
Grenada Medical Complex MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 7,100 | ||||||||||||||||||||||||
Mississippi Sports Medicine and Orthopaedics Center MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 16,700 | ||||||||||||||||||||||||
Carmel Medical Pavilion MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 4,664 | ||||||||||||||||||||||||
Summit Urology MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 4,783 | ||||||||||||||||||||||||
Renaissance Center | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | 8,500 | ||||||||||||||||||||||||
Presbyterian Medical Plaza MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 7,750 | ||||||||||||||||||||||||
Landmark Medical Portfolio (Premier) 3 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 3 | ||||||||||||||||||||||||
Acquisition price | $ 23,837 | ||||||||||||||||||||||||
Carlisle II MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 4,500 | ||||||||||||||||||||||||
Surgical Institute of Monroe ASC | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 6,000 | ||||||||||||||||||||||||
The Oaks Medical Building MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 10,600 | ||||||||||||||||||||||||
Baylor Surgicare ASC — Mansfield | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 8,500 | ||||||||||||||||||||||||
Eye Center of Southern Indiana | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 12,174 | ||||||||||||||||||||||||
Wayne State Medical Center and MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 46,500 | ||||||||||||||||||||||||
El Paso Portfolio (specialty surgical hospital and 2 MOBs) | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 2,000 | ||||||||||||||||||||||||
Acquisition price | $ 46,235 | ||||||||||||||||||||||||
The Mark H. Zangmeister Center | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | 36,600 | ||||||||||||||||||||||||
Berger Medical Center | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 6,785 | ||||||||||||||||||||||||
Orthopedic One 2 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 2 | ||||||||||||||||||||||||
Acquisition price | $ 24,500 | ||||||||||||||||||||||||
Pinnacle Health Portfolio 5 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 5 | ||||||||||||||||||||||||
Acquisition price | $ 23,100 | ||||||||||||||||||||||||
Columbus Regional Health Portfolio 12 MOBs Columbus Regional Health Portfolio 1 MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 27,997 | ||||||||||||||||||||||||
Middletown Medical 2 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 2 | ||||||||||||||||||||||||
Acquisition price | $ 14,399 | ||||||||||||||||||||||||
Carle Danville Clinic MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 10,300 | ||||||||||||||||||||||||
Napoleon Medical Building MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquisition price | $ 10,500 | ||||||||||||||||||||||||
West Tennessee Bone & Joint 1 MOB 1 ASC | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 1 | ||||||||||||||||||||||||
Number of ambulatory surgical centers | buildings | 1,000 | ||||||||||||||||||||||||
Acquisition price | $ 9,936 | ||||||||||||||||||||||||
Operating Partnership | Mississippi Sports Medicine and Orthopaedics Center MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 147,659 | ||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 1,900 | ||||||||||||||||||||||||
Operating Partnership | Carmel Medical Pavilion MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 96,099 | ||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 1,200 | ||||||||||||||||||||||||
Operating Partnership | Landmark Medical Portfolio (Premier) 3 MOBs | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 576,040 | ||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 8,300 | ||||||||||||||||||||||||
Operating Partnership | Eye Center of Southern Indiana | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 272,191 | ||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 4,000 | ||||||||||||||||||||||||
Operating Partnership | El Paso Portfolio (specialty surgical hospital and 2 MOBs) | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of units issued for funding purchase price (in shares) | shares | 950,324 | ||||||||||||||||||||||||
Value of units issued for funding purchase price | $ 13,200 | ||||||||||||||||||||||||
Georgia | Columbus Regional Health Portfolio 12 MOBs Columbus Regional Health Portfolio 1 MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 12 | ||||||||||||||||||||||||
Alabama | Columbus Regional Health Portfolio 12 MOBs Columbus Regional Health Portfolio 1 MOB | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of medical office buildings | buildings | 1,000 |
Acquisitions and Disposition 45
Acquisitions and Disposition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 24, 2013 |
Fair values of the assets acquired and the liabilities assumed | |||
Land | $ 52,224 | $ 53,687 | |
Building and improvements | 643,470 | 451,691 | |
Investment in unconsolidated entity | 0 | 1,300 | |
Lease inducement | 2,478 | 1,532 | |
Leasehold interest | 0 | 759 | |
Derivative liability assumed | 0 | (197) | |
Contingent consideration | (2,718) | (840) | |
Receivable | 3,564 | 640 | |
Debt assumed | (18,690) | (15,283) | $ (84,300) |
Issuance of OP Units | (10,973) | (28,589) | |
Issuance of Series A Preferred Units | (29,403) | 0 | |
Noncontrolling interest | (13,970) | 0 | |
Net assets acquired | 755,285 | 502,659 | |
In-place lease intangibles | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible assets | 99,763 | 35,720 | |
Above market lease intangibles | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible assets | 19,337 | 5,270 | |
Below market lease intangibles | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible liabilities | (3,738) | (2,330) | |
Below market ground lease | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible assets | 13,941 | 0 | |
Above market ground lease | |||
Fair values of the assets acquired and the liabilities assumed | |||
Intangible liabilities | $ 0 | $ (701) |
Acquisitions and Disposition 46
Acquisitions and Disposition - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unaudited Pro Forma Financial Information | ||
Revenue | $ 168,154 | $ 133,411 |
Net income | 38,959 | 17,512 |
Net income available to common shareholders | $ 36,938 | $ 16,599 |
Earnings per share basic (in dollars per share) | $ 0.42 | $ 0.19 |
Earnings per share diluted (in dollars per share) | $ 0.42 | $ 0.19 |
Common shares outstanding | 87,175,904 | 87,175,904 |
Intangibles - Carrying Amount o
Intangibles - Carrying Amount of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 205,168 | $ 72,985 |
Accumulated Amortization | (30,008) | (12,796) |
Net | 175,160 | 60,189 |
Liability | ||
Cost | 6,769 | 3,031 |
Accumulated Amortization | (819) | (160) |
Net | 5,950 | 2,871 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 163,728 | 64,777 |
Accumulated Amortization | (26,702) | (12,213) |
Net | 137,026 | 52,564 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 26,787 | 7,449 |
Accumulated Amortization | (3,174) | (578) |
Net | 23,613 | 6,871 |
Leasehold interest | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 712 | 759 |
Accumulated Amortization | (64) | (5) |
Net | 648 | 754 |
Below Market Ground Lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 13,941 | 0 |
Accumulated Amortization | (68) | 0 |
Net | 13,873 | 0 |
Below market in-place lease | ||
Liability | ||
Below market lease, cost | 6,068 | 2,330 |
Below market lease, accumulated amortization | (799) | (156) |
Below Market Lease, Net | 5,269 | 2,174 |
Above market ground lease | ||
Liability | ||
Cost | 701 | 701 |
Accumulated Amortization | (20) | (4) |
Net | $ 681 | $ 697 |
Intangibles - Acquired Lease In
Intangibles - Acquired Lease Intangible Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to in-place leases | $ 15,300 | $ 4,133 | $ 1,252 |
Above market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 2,596 | 530 | 48 |
Leasehold interest | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 59 | 5 | 0 |
Below market in-place lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase of rental income | 643 | 156 | 0 |
Above market ground lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease (increase) of operating expense | 16 | 4 | 0 |
Below Market Ground Lease | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease (increase) of operating expense | $ 68 | $ 0 | $ 0 |
Intangibles - Amortization of A
Intangibles - Amortization of Acquired Lease Intangibles (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue) | |
2,016 | $ (3,016) |
2,017 | (2,447) |
2,018 | (2,162) |
2,019 | (1,982) |
2,020 | (1,886) |
Thereafter | (7,499) |
Total | (18,992) |
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses) | |
2,016 | 20,760 |
2,017 | 18,743 |
2,018 | 17,283 |
2,019 | 14,161 |
2,020 | 12,427 |
Thereafter | 66,844 |
Total | $ 150,218 |
Weighted average amortization period for lease intangibles | 15 years |
Weighted average amortization period for lease intangible liability | 12 years |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets, Unclassified [Abstract] | ||
Straight line rent receivable | $ 15,584 | $ 6,431 |
Lease inducements, net | 4,970 | 2,845 |
Escrows | 4,788 | 1,906 |
Earnest deposits | 343 | 2,343 |
Notes receivable | 20,620 | 0 |
Prepaid expenses and other | 5,926 | 2,281 |
Total | $ 52,231 | $ 15,806 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($)properties | Jul. 22, 2015USD ($) | Sep. 18, 2014USD ($) | |
Debt | ||||
Total mortgage debt | $ 93,926,000 | $ 78,105,000 | ||
Unsecured Debt | 395,000,000 | 138,000,000 | ||
Total principal | 488,926,000 | 216,105,000 | ||
Unamortized fair value adjustment | 674,000 | 0 | ||
Total debt | 489,600,000 | 216,105,000 | ||
Mortgage notes, bearing fixed interest from 4.71% to 6.58% | ||||
Debt | ||||
Total mortgage debt | $ 89,664,000 | $ 73,706,000 | ||
Weighted average interest rate (as a percent) | 5.40% | 5.26% | ||
Number of properties included in collateralized | properties | 11 | 9 | ||
Net book value of properties included in the collateralized | $ 145,038,000 | $ 118,247,000 | ||
Mortgage notes, bearing fixed interest from 4.71% to 6.58% | Minimum | ||||
Debt | ||||
Interest rate (as a percent) | 4.71% | 4.71% | ||
Mortgage notes, bearing fixed interest from 4.71% to 6.58% | Maximum | ||||
Debt | ||||
Interest rate (as a percent) | 6.58% | 6.58% | ||
Mortgage note, bearing variable interest of LIBOR plus 2.75% | ||||
Debt | ||||
Total mortgage debt | $ 4,262,000 | $ 4,399,000 | ||
Number of properties included in collateralized | properties | 1 | 1 | ||
Net book value of properties included in the collateralized | $ 5,994,000 | $ 6,249,000 | ||
Mortgage note, bearing variable interest of LIBOR plus 2.75% | LIBOR | ||||
Debt | ||||
Reference rate (as a percent) | 2.75% | 2.75% | ||
Credit Agreement | ||||
Debt | ||||
Unsecured Debt | $ 395,000,000 | $ 138,000,000 | ||
Maximum borrowing capacity | $ 750,000,000 | $ 400,000,000 | $ 400,000,000 | |
Credit Agreement | LIBOR | ||||
Debt | ||||
Reference rate (as a percent) | 1.20% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jul. 22, 2015 | Sep. 18, 2014 | |
LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, 35% | |||
Debt | |||
Reference rate (as a percent) | 0.85% | ||
LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >35% and 45% | |||
Debt | |||
Reference rate (as a percent) | 0.90% | ||
LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >45% and 45% | |||
Debt | |||
Reference rate (as a percent) | 1.00% | ||
LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >45% and 50% | |||
Debt | |||
Reference rate (as a percent) | 1.20% | ||
LIBOR | Adjusted LIBOR Rate Loans and Letter of Credit | Consolidated Leverage Ratio, >50% and 55% | |||
Debt | |||
Reference rate (as a percent) | 1.55% | ||
Base Rate | Base Rate Loans | Consolidated Leverage Ratio, 35% | |||
Debt | |||
Reference rate (as a percent) | 0.00% | ||
Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >35% and 45% | |||
Debt | |||
Reference rate (as a percent) | 0.00% | ||
Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >45% and 45% | |||
Debt | |||
Reference rate (as a percent) | 0.10% | ||
Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >45% and 50% | |||
Debt | |||
Reference rate (as a percent) | 0.20% | ||
Base Rate | Base Rate Loans | Consolidated Leverage Ratio, >50% and 55% | |||
Debt | |||
Reference rate (as a percent) | 0.60% | ||
Credit Agreement | |||
Debt | |||
Maximum borrowing capacity | $ 750,000,000 | $ 400,000,000 | $ 400,000,000 |
Maximum borrowing capacity as a percentage of maximum principal amount | 10.00% | ||
Increase in maximum borrowing capacity | $ 350,000,000 | ||
Maximum borrowing capacity under accordion feature | 750,000,000 | ||
Term of extension option | 1 year | ||
Unused fee (as a percent) | 0.25% | ||
Amount outstanding | $ 395,000,000 | ||
Current borrowing capacity | $ 198,700,000 | ||
Credit Agreement | Credit Agreement Amendment | |||
Debt | |||
Maximum borrowing capacity | $ 750,000,000 | ||
Maximum borrowing capacity as a percentage of maximum principal amount | 10.00% | ||
Increase in maximum borrowing capacity | $ 350,000,000 | ||
Maximum borrowing capacity under accordion feature | $ 1,100,000,000 | ||
Credit Agreement | LIBOR | |||
Debt | |||
Reference rate (as a percent) | 1.20% | ||
Prior Credit Facility | |||
Debt | |||
Maximum borrowing capacity | $ 200,000,000 |
Debt - Principal Payments Due o
Debt - Principal Payments Due on Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Scheduled principal payments | ||
2,016 | $ 9,748 | |
2,017 | 40,658 | |
2,018 | 1,265 | |
2,019 | 415,081 | |
2,020 | 5,521 | |
Thereafter | 16,653 | |
Total Payments | 488,926 | $ 216,105 |
Interest expense | $ 9,300 | $ 5,800 |
Accrued Expenses and Other Li54
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Embedded derivatives | $ 8,149 | $ 0 |
Security deposits | 4,038 | 1,191 |
Prepaid rent | 2,778 | 839 |
Contingent consideration | 2,559 | 840 |
Accrued expenses and other | 6,949 | 3,270 |
Total | $ 24,473 | $ 6,140 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 07, 2014 | Jul. 24, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Weighted Average Grant Date Fair Value | |||||
Non-cash share compensation | $ 3,798 | $ 2,422 | $ 433 | ||
2013 Plan | Restricted common shares | |||||
Stock-based compensation | |||||
Maximum number of shares authorized | 2,450,000 | 600,000 | |||
Increase in number of common shares authorized for issuance | 1,850,000 | ||||
Grant date value | $ 2,900 | $ 2,600 | $ 2,100 | ||
Vesting period | 3 years | 3 years | |||
Shares | |||||
Non-vested at the beginning of the period (in shares) | 319,654 | 250,000 | |||
Granted (in shares) | 250,000 | 162,522 | 152,987 | ||
Vested (in shares) | (170,337) | (83,333) | |||
Non-vested at the beginning of the period (in shares) | 250,000 | 311,839 | 319,654 | 250,000 | |
Weighted Average Grant Date Fair Value | |||||
Non-vested at beginning of period (in dollars per share) | $ 12.60 | $ 11.50 | |||
Grant date value (in dollars per share) | $ 11.50 | 15.95 | 13.79 | ||
Vested (in dollars per share) | 12.93 | 11.50 | |||
Non-vested at beginning of period (in dollars per share) | $ 11.50 | $ 14.17 | $ 12.60 | $ 11.50 | |
Non-cash share compensation | $ 2,900 | $ 2,200 | $ 400 | ||
Unrecognized compensation expense | $ 2,100 | $ 2,400 | $ 2,500 | ||
Initial estimated cumulative forfeiture rate (as a percent) | 0.00% | ||||
Minimum | 2013 Plan | Restricted common shares | |||||
Stock-based compensation | |||||
Vesting period | 1 year | 1 year | |||
Maximum | 2013 Plan | Restricted common shares | |||||
Stock-based compensation | |||||
Vesting period | 3 years |
Stock-based Compensation - Re56
Stock-based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation | |||||
Non-cash share compensation | $ 3,798 | $ 2,422 | $ 433 | ||
2013 Plan | Restricted Share Units | |||||
Stock-based compensation | |||||
Non-cash share compensation | 900 | 300 | |||
Unrecognized compensation expense | $ 1,600 | $ 700 | |||
Share based compensation fair value assumptions | |||||
Volatility | 20.70% | ||||
Expected term in years | 2 years 9 months 18 days | 2 years 9 months 18 days | |||
Risk-free rate | 1.14% | 0.65% | |||
Share price (per share) | $ 15.87 | $ 13.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Non-vested at the beginning of the period (in shares) | 55,680 | 0 | |||
Granted (in shares) | 75,250 | 55,680 | 116,207 | 55,680 | |
Non-vested at the beginning of the period (in shares) | 171,887 | 55,680 | 0 | ||
Non-vested at beginning of period (in dollars per share) | $ 16.94 | $ 0 | |||
Grant date value (in dollars per share) | 19.22 | $ 16.94 | |||
Non-vested at beginning of period (in dollars per share) | $ 18.48 | $ 16.94 | $ 0 | ||
2013 Plan | Restricted Share Units | Trustees | |||||
Stock-based compensation | |||||
Vesting period | 2 years | ||||
Number of dividend equivalent included in award | 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (in shares) | 40,957 | ||||
2013 Plan | Market Based RSU | Officer | |||||
Stock-based compensation | |||||
Percentage of shares awarded | 80.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Grant date value (in dollars per share) | $ 20.06 | $ 19.25 | |||
2013 Plan | Performance Based RSU | Officer | |||||
Stock-based compensation | |||||
Percentage of shares awarded | 20.00% | ||||
Performance conditions grant date fair value (in dollars per share) | $ 15.87 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Grant date value (in dollars per share) | $ 19.22 | ||||
Minimum | 2013 Plan | Restricted Share Units | |||||
Share based compensation fair value assumptions | |||||
Volatility | 18.80% | ||||
Maximum | 2013 Plan | Restricted Share Units | |||||
Share based compensation fair value assumptions | |||||
Volatility | 34.20% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2015USD ($)instruments | Dec. 31, 2014USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of derivative instruments | instruments | 3 | |
Real estate loans receivable | $ 39,349 | $ 15,876 |
Credit facility | $ (395,000) | (138,000) |
Embedded Derivative Financial Instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of derivative instruments | instruments | 2 | |
Reported Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans receivable | $ 39,349 | 15,876 |
Credit facility | (395,000) | (138,000) |
Mortgage debt | (94,600) | (78,105) |
Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans receivable | 39,349 | 15,876 |
Credit facility | (395,000) | (138,000) |
Mortgage debt | (95,275) | (78,642) |
Recurring | Reported Value Measurement | Interest Rate Swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (8,216) | (233) |
Recurring | Estimate of Fair Value Measurement | Interest Rate Swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ (8,216) | $ (233) |
Tenant Operating Leases (Detail
Tenant Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future minimum rental payments on non-cancelable leases | |
2,016 | $ 119,218 |
2,017 | 115,974 |
2,018 | 110,927 |
2,019 | 106,196 |
2,020 | 102,326 |
Thereafter | 724,590 |
Total | $ 1,279,231 |
Rent Expense (Details)
Rent Expense (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)properties | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Leases [Abstract] | |||
Number of properties pursuant to ground leases | properties | 14 | ||
Number of properties pursuant to parking lease | properties | 2 | ||
Maximum lease terms | 90 years | ||
Future minimum lease obligations under non-cancelable ground leases | |||
2,016 | $ 1,316 | ||
2,017 | 1,353 | ||
2,018 | 1,394 | ||
2,019 | 1,437 | ||
2,020 | 1,482 | ||
Thereafter | 16,377 | ||
Total | 23,359 | ||
Rent expenses for parking and ground leases | $ 1,300 | $ 900 | $ 20 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator for earnings per share - basic: | ||||||||||||
Net income (loss) | $ 5,909 | $ 3,983 | $ 3,297 | $ (448) | $ 1,991 | $ (2,251) | $ (600) | $ (3,558) | $ (2,060) | $ 12,741 | $ (4,418) | $ (2,636) |
Net (income) loss attributable to Predecessor: | 0 | 0 | 576 | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest [Abstract] | ||||||||||||
Operating Partnership | (576) | 695 | 470 | |||||||||
Partially owned properties | (377) | (314) | (71) | |||||||||
Preferred distributions | (1,189) | 0 | 0 | |||||||||
Net income (loss) attributable to common shareholders | 5,146 | 3,404 | 2,571 | (522) | 1,711 | (2,094) | (561) | (3,093) | 10,599 | (4,037) | (1,661) | |
Numerator for earnings per share - diluted: | ||||||||||||
Net income (loss) attributable to common shareholders | $ 5,146 | $ 3,404 | $ 2,571 | $ (522) | $ 1,711 | $ (2,094) | $ (561) | $ (3,093) | 10,599 | (4,037) | (1,661) | |
Operating Partnership net income | 576 | 0 | 0 | |||||||||
Numerator for earnings per share - diluted | $ 11,175 | $ (4,037) | $ (1,661) | |||||||||
Denominator for EPS - basic and diluted: | ||||||||||||
Denominator for earnings per share - basic (in shares) | 83,761,536 | 71,034,747 | 70,376,959 | 65,649,478 | 48,145,409 | 36,313,644 | 26,163,982 | 21,298,597 | 72,750,724 | 33,063,093 | 12,883,917 | |
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ||||||||||||
Noncontrolling interest - Operating Partnership units | 3,708,494 | 0 | 0 | |||||||||
Denominator for earnings per share - diluted shares | 87,911,097 | 75,104,821 | 74,267,284 | 65,649,478 | 48,354,493 | 36,313,644 | 26,163,982 | 21,298,597 | 76,792,073 | 33,063,093 | 12,883,917 | |
Earnings per share - basic (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.04 | $ (0.01) | $ 0.04 | $ (0.06) | $ (0.02) | $ (0.15) | $ 0.15 | $ (0.12) | $ (0.13) | |
Earnings per share - diluted (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.04 | $ (0.01) | $ 0.04 | $ (0.06) | $ (0.02) | $ (0.15) | $ 0.15 | $ (0.12) | $ (0.13) | |
Restricted common shares | ||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ||||||||||||
Effect of dilutive securities, Restricted shares and RSU | 190,619 | 0 | 0 | |||||||||
Restricted Share Units | ||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ||||||||||||
Effect of dilutive securities, Restricted shares and RSU | 142,236 | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Oct. 19, 2015 | Jan. 21, 2015 | Aug. 19, 2014 | Jul. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 |
Related Party Transaction [Line Items] | |||||||||
Common shares sold (in shares) | 15,812,500 | 18,975,000 | 11,753,597 | ||||||
Common shares sold (in shares) | $ 225,920 | $ 545,117 | $ 350,385 | ||||||
Ziegler | |||||||||
Related Party Transaction [Line Items] | |||||||||
Servicing fee | 400 | $ 300 | |||||||
Amendment payment | $ 1,800 | ||||||||
Common shares sold (in shares) | 124,913 | ||||||||
Selling, General and Administrative Expenses | Ziegler | |||||||||
Related Party Transaction [Line Items] | |||||||||
Servicing fee | $ 1,800 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 26, 2016 | Feb. 12, 2016 | Feb. 08, 2016 | Feb. 04, 2016 | Feb. 01, 2016 | Jan. 25, 2016 | Oct. 19, 2015 | Jan. 21, 2015 | Sep. 12, 2014 | May. 27, 2014 | Dec. 11, 2013 | Jul. 24, 2013 | Feb. 14, 2016 | Feb. 22, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 07, 2016 |
Subsequent events | |||||||||||||||||
Purchase price | $ 840,958,000 | $ 543,436,000 | |||||||||||||||
Common shares sold (in shares) | 15,812,500 | 18,975,000 | 11,753,597 | ||||||||||||||
Shares issued upon exercise of the underwriters' overallotment option | 2,062,500 | 2,475,000 | 1,425,000 | 1,650,000 | 1,245,000 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 226,800,000 | $ 297,300,000 | $ 145,700,000 | $ 149,900,000 | $ 103,100,000 | ||||||||||||
Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 105,597,000 | ||||||||||||||||
Common shares sold (in shares) | 21,275,000 | ||||||||||||||||
Shares issued upon exercise of the underwriters' overallotment option | 2,775,000 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 320,900,000 | ||||||||||||||||
Subsequent Events | Medical Office Building Condominium Unit | Randall Road MOB - Suite 380 | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 704,000 | ||||||||||||||||
Subsequent Events | Medical Office Building Condominium Unit | Physicians Medical Plaza MOB | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 8,500,000 | ||||||||||||||||
Subsequent Events | Medical Office Building Condominium Unit | St. Luke's Cornwall MOB | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 14,550,000 | ||||||||||||||||
Subsequent Events | Medical Building | Great Falls Hospital | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 29,043,000 | ||||||||||||||||
Subsequent Events | Medical Building | Mezzanine Loan - Davis | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 500,000 | ||||||||||||||||
Subsequent Events | Medical Building | Park Nicollet Clinic | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 18,600,000 | ||||||||||||||||
Subsequent Events | Medical Building | HEB Cancer Center | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 14,000,000 | ||||||||||||||||
Subsequent Events | Medical Building | Riverview Medical Center | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 12,800,000 | ||||||||||||||||
Subsequent Events | Ambulatory Surgical Center | Monterey Medical Center ASC | |||||||||||||||||
Subsequent events | |||||||||||||||||
Purchase price | $ 6,900,000 | ||||||||||||||||
Operating Partnership | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Common shares sold (in shares) | 21,275,000 | ||||||||||||||||
Series A | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Interest rate (as a percent) | 4.03% | ||||||||||||||||
Series B | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Interest rate (as a percent) | 4.43% | ||||||||||||||||
Series C | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Interest rate (as a percent) | 4.57% | ||||||||||||||||
Series D | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Interest rate (as a percent) | 4.74% | ||||||||||||||||
Senior Notes | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Total mortgage debt | $ 150,000,000 | ||||||||||||||||
Senior Notes | Series A | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Total mortgage debt | 15,000,000 | ||||||||||||||||
Senior Notes | Series B | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Total mortgage debt | 45,000,000 | ||||||||||||||||
Senior Notes | Series C | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Total mortgage debt | 45,000,000 | ||||||||||||||||
Senior Notes | Series D | Subsequent Events | |||||||||||||||||
Subsequent events | |||||||||||||||||
Total mortgage debt | $ 45,000,000 |
Quarterly Data (Details)
Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Total revenues | $ 40,404 | $ 34,870 | $ 29,683 | $ 24,484 | $ 19,694 | $ 14,161 | $ 11,447 | $ 8,032 | $ 129,441 | $ 53,334 | $ 17,045 | |
Operating (loss) income | 5,883 | 3,812 | 3,271 | (459) | 1,967 | (2,311) | (626) | (3,575) | 12,507 | (4,545) | (2,634) | |
Net income | 5,909 | 3,983 | 3,297 | (448) | 1,991 | (2,251) | (600) | (3,558) | $ (2,060) | 12,741 | (4,418) | (2,636) |
Net (loss) income attributable to common shareholders | $ 5,146 | $ 3,404 | $ 2,571 | $ (522) | $ 1,711 | $ (2,094) | $ (561) | $ (3,093) | $ 10,599 | $ (4,037) | $ (1,661) | |
Earnings per share – basic: | ||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.04 | $ (0.01) | $ 0.04 | $ (0.06) | $ (0.02) | $ (0.15) | $ 0.15 | $ (0.12) | $ (0.13) | |
Basic (in shares) | 83,761,536 | 71,034,747 | 70,376,959 | 65,649,478 | 48,145,409 | 36,313,644 | 26,163,982 | 21,298,597 | 72,750,724 | 33,063,093 | 12,883,917 | |
Earnings per share – diluted: | ||||||||||||
Earnings per share - diluted (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.04 | $ (0.01) | $ 0.04 | $ (0.06) | $ (0.02) | $ (0.15) | $ 0.15 | $ (0.12) | $ (0.13) | |
Diluted (in shares) | 87,911,097 | 75,104,821 | 74,267,284 | 65,649,478 | 48,354,493 | 36,313,644 | 26,163,982 | 21,298,597 | 76,792,073 | 33,063,093 | 12,883,917 |
SCHEDULE III - REAL ESTATE AN64
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 93,926 | |||
Initial Cost to Company, Land | 130,788 | |||
Initial Cost to Company, Buildings and Improvements | 1,277,934 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 16,172 | |||
Gross Amount at Which Carried as of Close of Period, Land | 130,788 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,294,106 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,424,894 | $ 729,034 | $ 224,730 | $ 111,149 |
Accumulated Depreciation | (61,242) | $ (32,772) | $ (20,299) | $ (16,495) |
Arrowhead Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 740 | |||
Initial Cost to Company, Buildings and Improvements | 2,551 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 420 | |||
Gross Amount at Which Carried as of Close of Period, Land | 740 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,971 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,711 | |||
Accumulated Depreciation | $ (427) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Aurora Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 500 | |||
Initial Cost to Company, Buildings and Improvements | 1,566 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 500 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,566 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,066 | |||
Accumulated Depreciation | $ (180) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
Austell Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 289 | |||
Initial Cost to Company, Buildings and Improvements | 1,992 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 334 | |||
Gross Amount at Which Carried as of Close of Period, Land | 289 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,326 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,615 | |||
Accumulated Depreciation | $ (482) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Canton Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,099 | |||
Initial Cost to Company, Land | 710 | |||
Initial Cost to Company, Buildings and Improvements | 7,225 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 114 | |||
Gross Amount at Which Carried as of Close of Period, Land | 710 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,339 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,049 | |||
Accumulated Depreciation | $ (2,095) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Decatur Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 740 | |||
Initial Cost to Company, Buildings and Improvements | 2,604 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 44 | |||
Gross Amount at Which Carried as of Close of Period, Land | 740 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,648 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,388 | |||
Accumulated Depreciation | $ (774) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
El Paso Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 860 | |||
Initial Cost to Company, Buildings and Improvements | 2,866 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 369 | |||
Gross Amount at Which Carried as of Close of Period, Land | 860 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,235 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,095 | |||
Accumulated Depreciation | $ (1,465) | |||
Life on Which Building Depreciation in Income Statement is Computed | 21 years | |||
Farmington Professional Pavilion | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 580 | |||
Initial Cost to Company, Buildings and Improvements | 1,793 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 110 | |||
Gross Amount at Which Carried as of Close of Period, Land | 580 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,903 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,483 | |||
Accumulated Depreciation | $ (1,204) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Firehouse Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,699 | |||
Initial Cost to Company, Land | 1,120 | |||
Initial Cost to Company, Buildings and Improvements | 2,768 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,120 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,768 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,888 | |||
Accumulated Depreciation | $ (777) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Hackley Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,283 | |||
Initial Cost to Company, Land | 1,840 | |||
Initial Cost to Company, Buildings and Improvements | 6,402 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 36 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,840 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,438 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,278 | |||
Accumulated Depreciation | $ (1,908) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
MeadowView Professional Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,225 | |||
Initial Cost to Company, Land | 2,270 | |||
Initial Cost to Company, Buildings and Improvements | 11,344 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,270 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,344 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,614 | |||
Accumulated Depreciation | $ (3,300) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mid Coast Hospital MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,656 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,247 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 20 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,267 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,267 | |||
Accumulated Depreciation | $ (2,854) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
New Albany Professional Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 237 | |||
Initial Cost to Company, Buildings and Improvements | 2,767 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 317 | |||
Gross Amount at Which Carried as of Close of Period, Land | 237 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,084 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,321 | |||
Accumulated Depreciation | $ (550) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Northpark Trail | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 839 | |||
Initial Cost to Company, Buildings and Improvements | 1,245 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 235 | |||
Gross Amount at Which Carried as of Close of Period, Land | 839 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,480 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,319 | |||
Accumulated Depreciation | $ (582) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Remington Medical Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,262 | |||
Initial Cost to Company, Land | 895 | |||
Initial Cost to Company, Buildings and Improvements | 6,499 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 319 | |||
Gross Amount at Which Carried as of Close of Period, Land | 895 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,818 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,713 | |||
Accumulated Depreciation | $ (1,719) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Summit Healthplex | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,633 | |||
Initial Cost to Company, Buildings and Improvements | 15,576 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,012 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,633 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 20,588 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,221 | |||
Accumulated Depreciation | $ (4,311) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Valley West Hospital MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,768 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 6,275 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 611 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,886 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,886 | |||
Accumulated Depreciation | $ (1,845) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
East El Paso Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 710 | |||
Initial Cost to Company, Buildings and Improvements | 4,500 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 710 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,500 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,210 | |||
Accumulated Depreciation | $ (300) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
East El Paso Surgical Hospital | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,070 | |||
Initial Cost to Company, Buildings and Improvements | 23,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,070 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,627 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,697 | |||
Accumulated Depreciation | $ (1,531) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
LifeCare Plano LTACH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,370 | |||
Initial Cost to Company, Buildings and Improvements | 11,689 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 455 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,370 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,144 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,514 | |||
Accumulated Depreciation | $ (1,115) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Crescent City Surgical Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 18,750 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 34,208 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 34,208 | |||
Gross Amount at Which Carried as of Close of Period, Total | 34,208 | |||
Accumulated Depreciation | $ (1,604) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Foundation Surgical Affiliates Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,474 | |||
Initial Cost to Company, Land | 1,300 | |||
Initial Cost to Company, Buildings and Improvements | 12,724 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,300 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,724 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,024 | |||
Accumulated Depreciation | $ (666) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Pensacola Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 990 | |||
Initial Cost to Company, Buildings and Improvements | 5,005 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 15 | |||
Gross Amount at Which Carried as of Close of Period, Land | 990 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,020 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,010 | |||
Accumulated Depreciation | $ (230) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Central Ohio Neurosurgical Surgeons Medical Office | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 981 | |||
Initial Cost to Company, Buildings and Improvements | 7,620 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 981 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,620 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,601 | |||
Accumulated Depreciation | $ (361) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Great Falls Ambulatory Surgery Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 203 | |||
Initial Cost to Company, Buildings and Improvements | 3,224 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 203 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,224 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,427 | |||
Accumulated Depreciation | $ (199) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Eagles Landing Family Practice Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 800 | |||
Initial Cost to Company, Buildings and Improvements | 3,345 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,548 | |||
Gross Amount at Which Carried as of Close of Period, Land | 800 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,893 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,693 | |||
Accumulated Depreciation | $ (254) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Eagles Landing Family Practice Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 800 | |||
Initial Cost to Company, Buildings and Improvements | 3,345 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,255 | |||
Gross Amount at Which Carried as of Close of Period, Land | 800 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,600 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,400 | |||
Accumulated Depreciation | $ (227) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Eagles Landing Family Practice Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,000 | |||
Initial Cost to Company, Buildings and Improvements | 3,345 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,000 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,345 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,345 | |||
Accumulated Depreciation | $ (172) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Eagles Landing Family Practice Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 400 | |||
Initial Cost to Company, Buildings and Improvements | 3,345 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,741 | |||
Gross Amount at Which Carried as of Close of Period, Land | 400 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,086 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,486 | |||
Accumulated Depreciation | $ (254) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Foundation San Antonio Surgical Hospital | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 9,120 | |||
Initial Cost to Company, Land | 2,230 | |||
Initial Cost to Company, Buildings and Improvements | 23,346 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 23 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,230 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,369 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,599 | |||
Accumulated Depreciation | $ (1,395) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology Centers — Sarasota | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 633 | |||
Initial Cost to Company, Buildings and Improvements | 6,557 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 633 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,557 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,190 | |||
Accumulated Depreciation | $ (464) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
21st Century Radiation Oncology Centers - Venice | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 814 | |||
Initial Cost to Company, Buildings and Improvements | 2,952 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 814 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,952 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,766 | |||
Accumulated Depreciation | $ (174) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology Centers - Engelwood | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 350 | |||
Initial Cost to Company, Buildings and Improvements | 1,878 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 350 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,878 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,228 | |||
Accumulated Depreciation | $ (100) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
21st Century Radiation Oncology Centers — Port Charlotte | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 269 | |||
Initial Cost to Company, Buildings and Improvements | 2,326 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 269 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,326 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,595 | |||
Accumulated Depreciation | $ (125) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Foundation San Antonio Healthplex | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 911 | |||
Initial Cost to Company, Buildings and Improvements | 4,189 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 911 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,189 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,100 | |||
Accumulated Depreciation | $ (230) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peachtree Dunwoody Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,046 | |||
Initial Cost to Company, Buildings and Improvements | 27,435 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 54 | |||
Gross Amount at Which Carried as of Close of Period, Land | 6,046 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,489 | |||
Gross Amount at Which Carried as of Close of Period, Total | 33,535 | |||
Accumulated Depreciation | $ (2,063) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
LifeCare LTACH — Fort Worth | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,730 | |||
Initial Cost to Company, Buildings and Improvements | 24,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,730 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,639 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,369 | |||
Accumulated Depreciation | $ (1,476) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
LifeCare LTACH — Pittsburgh | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,142 | |||
Initial Cost to Company, Buildings and Improvements | 11,737 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,142 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,737 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,879 | |||
Accumulated Depreciation | $ (735) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
PinnacleHealth Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 795 | |||
Initial Cost to Company, Buildings and Improvements | 4,601 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 795 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,601 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,396 | |||
Accumulated Depreciation | $ (332) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 424 | |||
Initial Cost to Company, Buildings and Improvements | 2,232 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 424 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,232 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,656 | |||
Accumulated Depreciation | $ (116) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
South Bend Orthopaedics Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,418 | |||
Initial Cost to Company, Buildings and Improvements | 11,355 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,418 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,355 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,773 | |||
Accumulated Depreciation | $ (543) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Grenada Medical Complex | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 185 | |||
Initial Cost to Company, Buildings and Improvements | 5,820 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 50 | |||
Gross Amount at Which Carried as of Close of Period, Land | 185 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,870 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,055 | |||
Accumulated Depreciation | $ (381) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mississippi Ortho Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,272 | |||
Initial Cost to Company, Buildings and Improvements | 14,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 626 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,272 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,803 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,075 | |||
Accumulated Depreciation | $ (713) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carmel Medical Pavilion | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 3,917 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,917 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,917 | |||
Accumulated Depreciation | $ (262) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Renaissance Ambulatory Surgery Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 228 | |||
Initial Cost to Company, Buildings and Improvements | 7,658 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 228 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,658 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,886 | |||
Accumulated Depreciation | $ (298) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Presbyterian Medical Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,195 | |||
Initial Cost to Company, Buildings and Improvements | 5,681 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,195 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,687 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,882 | |||
Accumulated Depreciation | $ (202) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Summit Urology | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 125 | |||
Initial Cost to Company, Buildings and Improvements | 4,792 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 125 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,792 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,917 | |||
Accumulated Depreciation | $ (246) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
500 Landmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 627 | |||
Initial Cost to Company, Buildings and Improvements | 3,549 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 627 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,549 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,176 | |||
Accumulated Depreciation | $ (158) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
550 Landmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,717 | |||
Initial Cost to Company, Buildings and Improvements | 15,224 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,717 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,224 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,941 | |||
Accumulated Depreciation | $ (680) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
574 Landmark | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 418 | |||
Initial Cost to Company, Buildings and Improvements | 1,493 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 418 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,493 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,911 | |||
Accumulated Depreciation | $ (68) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carlisle II MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 412 | |||
Initial Cost to Company, Buildings and Improvements | 3,962 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 412 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,962 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,374 | |||
Accumulated Depreciation | $ (131) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Surgical Institute of Monroe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 410 | |||
Initial Cost to Company, Buildings and Improvements | 5,743 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 410 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,743 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,153 | |||
Accumulated Depreciation | $ (273) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
The Oaks @ Lady Lake | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,065 | |||
Initial Cost to Company, Buildings and Improvements | 8,642 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,065 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,642 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,707 | |||
Accumulated Depreciation | $ (294) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Mansfield ASC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,491 | |||
Initial Cost to Company, Buildings and Improvements | 6,471 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,491 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,471 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,962 | |||
Accumulated Depreciation | $ (207) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Eye Center of Southern Indiana | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 910 | |||
Initial Cost to Company, Buildings and Improvements | 11,477 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 910 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,477 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,387 | |||
Accumulated Depreciation | $ (453) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Wayne State | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,560 | |||
Initial Cost to Company, Buildings and Improvements | 43,052 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,560 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 43,052 | |||
Gross Amount at Which Carried as of Close of Period, Total | 46,612 | |||
Accumulated Depreciation | $ (1,568) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Zangmeister | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,610 | |||
Initial Cost to Company, Buildings and Improvements | 31,120 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,610 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 31,120 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,730 | |||
Accumulated Depreciation | $ (1,017) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Orthopedic One - Columbus | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,234 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 7 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,241 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,241 | |||
Accumulated Depreciation | $ (503) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Orthopedic One - Westerville | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Buildings and Improvements | 3,944 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 362 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,944 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,306 | |||
Accumulated Depreciation | $ (126) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Berger Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,950 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,950 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,950 | |||
Accumulated Depreciation | $ (216) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
El Paso - Lee Trevino | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,294 | |||
Initial Cost to Company, Buildings and Improvements | 11,316 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 365 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,294 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,681 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,975 | |||
Accumulated Depreciation | $ (514) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
El Paso - Murchison | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,283 | |||
Initial Cost to Company, Buildings and Improvements | 24,543 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 27 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,283 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,570 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,853 | |||
Accumulated Depreciation | $ (1,055) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
El Paso - Kenworthy | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 728 | |||
Initial Cost to Company, Buildings and Improvements | 2,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 728 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,178 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,906 | |||
Accumulated Depreciation | $ (87) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Pinnacle - 32 Northeast | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 408 | |||
Initial Cost to Company, Buildings and Improvements | 3,232 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 12 | |||
Gross Amount at Which Carried as of Close of Period, Land | 408 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,244 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,652 | |||
Accumulated Depreciation | $ (128) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Pinnacle - 4518 Union Deposit | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 617 | |||
Initial Cost to Company, Buildings and Improvements | 7,305 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 617 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,305 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,922 | |||
Accumulated Depreciation | $ (295) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Pinnacle - 4520 Union Deposit | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 169 | |||
Initial Cost to Company, Buildings and Improvements | 2,055 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 169 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,055 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,224 | |||
Accumulated Depreciation | $ (90) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Pinnacle - 240 Grandview | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 321 | |||
Initial Cost to Company, Buildings and Improvements | 4,242 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 321 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,242 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,563 | |||
Accumulated Depreciation | $ (151) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Pinnacle - Market Place Way | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 808 | |||
Initial Cost to Company, Buildings and Improvements | 2,383 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6 | |||
Gross Amount at Which Carried as of Close of Period, Land | 808 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,389 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,197 | |||
Accumulated Depreciation | $ (115) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
CRHS - 2000 10th Avenue | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 380 | |||
Initial Cost to Company, Buildings and Improvements | 2,737 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 380 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,737 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,117 | |||
Accumulated Depreciation | $ (152) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
CRHS - 1942 North Avenue | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 91 | |||
Initial Cost to Company, Buildings and Improvements | 273 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 91 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 273 | |||
Gross Amount at Which Carried as of Close of Period, Total | 364 | |||
Accumulated Depreciation | $ (26) | |||
Life on Which Building Depreciation in Income Statement is Computed | 12 years | |||
CRHS - 920 18th Street | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 110 | |||
Initial Cost to Company, Buildings and Improvements | 281 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 110 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 281 | |||
Gross Amount at Which Carried as of Close of Period, Total | 391 | |||
Accumulated Depreciation | $ (40) | |||
Life on Which Building Depreciation in Income Statement is Computed | 8 years | |||
CRHS - 1900 10th Avenue | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 474 | |||
Initial Cost to Company, Buildings and Improvements | 5,580 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5 | |||
Gross Amount at Which Carried as of Close of Period, Land | 474 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,585 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,059 | |||
Accumulated Depreciation | $ (247) | |||
Life on Which Building Depreciation in Income Statement is Computed | 26 years | |||
CRHS - 1800 10th Avenue | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 539 | |||
Initial Cost to Company, Buildings and Improvements | 5,238 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 539 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,238 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,777 | |||
Accumulated Depreciation | $ (216) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
CRHS - 705 17th Street | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 372 | |||
Initial Cost to Company, Buildings and Improvements | 2,346 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 278 | |||
Gross Amount at Which Carried as of Close of Period, Land | 372 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,996 | |||
Accumulated Depreciation | $ (189) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
CRHS - 615 19th Street | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 75 | |||
Initial Cost to Company, Buildings and Improvements | 113 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 75 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 113 | |||
Gross Amount at Which Carried as of Close of Period, Total | 188 | |||
Accumulated Depreciation | $ (39) | |||
Life on Which Building Depreciation in Income Statement is Computed | 3 years | |||
CRHS - 1968 North Avenue | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 89 | |||
Initial Cost to Company, Buildings and Improvements | 32 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 89 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 32 | |||
Gross Amount at Which Carried as of Close of Period, Total | 121 | |||
Accumulated Depreciation | $ (9) | |||
Life on Which Building Depreciation in Income Statement is Computed | 4 years | |||
CRHS - 633 19th Street | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 99 | |||
Initial Cost to Company, Buildings and Improvements | 255 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 99 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 255 | |||
Gross Amount at Which Carried as of Close of Period, Total | 354 | |||
Accumulated Depreciation | $ (33) | |||
Life on Which Building Depreciation in Income Statement is Computed | 9 years | |||
CRHS - 500 18th Street | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 430 | |||
Initial Cost to Company, Buildings and Improvements | 170 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 430 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 170 | |||
Gross Amount at Which Carried as of Close of Period, Total | 600 | |||
Accumulated Depreciation | $ (39) | |||
Life on Which Building Depreciation in Income Statement is Computed | 8 years | |||
CRHS - 2200 Hamilton Road | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 267 | |||
Initial Cost to Company, Buildings and Improvements | 1,579 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 267 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,579 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,846 | |||
Accumulated Depreciation | $ (86) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
CRHS - 1810 Stadium Drive | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 202 | |||
Initial Cost to Company, Buildings and Improvements | 149 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 19 | |||
Gross Amount at Which Carried as of Close of Period, Land | 202 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 168 | |||
Gross Amount at Which Carried as of Close of Period, Total | 370 | |||
Accumulated Depreciation | $ (31) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Carle Danville MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 607 | |||
Initial Cost to Company, Buildings and Improvements | 7,136 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 607 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,136 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,743 | |||
Accumulated Depreciation | $ (250) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Middletown Medical - 111 Maltese | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 670 | |||
Initial Cost to Company, Buildings and Improvements | 9,921 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 37 | |||
Gross Amount at Which Carried as of Close of Period, Land | 670 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,958 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,628 | |||
Accumulated Depreciation | $ (319) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - 2 Edgewater | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 200 | |||
Initial Cost to Company, Buildings and Improvements | 2,966 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 11 | |||
Gross Amount at Which Carried as of Close of Period, Land | 200 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,977 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,177 | |||
Accumulated Depreciation | $ (96) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Napoleon Medical Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,202 | |||
Initial Cost to Company, Buildings and Improvements | 7,412 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 79 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,202 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,491 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,693 | |||
Accumulated Depreciation | $ (318) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
West TN Bone & Joint - Physicians Drive | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 650 | |||
Initial Cost to Company, Buildings and Improvements | 2,960 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 650 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,960 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,610 | |||
Accumulated Depreciation | $ (90) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
West TN Bone & Joint | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,250 | |||
Initial Cost to Company, Buildings and Improvements | 5,210 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,250 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,210 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,460 | |||
Accumulated Depreciation | $ (181) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Edina MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 504 | |||
Initial Cost to Company, Buildings and Improvements | 10,006 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 208 | |||
Gross Amount at Which Carried as of Close of Period, Land | 504 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,214 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,718 | |||
Accumulated Depreciation | $ (513) | |||
Life on Which Building Depreciation in Income Statement is Computed | 24 years | |||
Crystal MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 945 | |||
Initial Cost to Company, Buildings and Improvements | 11,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1 | |||
Gross Amount at Which Carried as of Close of Period, Land | 945 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,863 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,808 | |||
Accumulated Depreciation | $ (276) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Savage MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,753 | |||
Initial Cost to Company, Land | 1,281 | |||
Initial Cost to Company, Buildings and Improvements | 10,021 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,281 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,021 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,302 | |||
Accumulated Depreciation | $ (242) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Dell Road MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 800 | |||
Initial Cost to Company, Buildings and Improvements | 4,520 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 800 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,520 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,320 | |||
Accumulated Depreciation | $ (120) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Columbus MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 845 | |||
Initial Cost to Company, Buildings and Improvements | 2,708 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 845 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,708 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,553 | |||
Accumulated Depreciation | $ (148) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
Methodist Sports MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,050 | |||
Initial Cost to Company, Buildings and Improvements | 8,556 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,050 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,556 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,606 | |||
Accumulated Depreciation | $ (250) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Vadnais Heights MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,751 | |||
Initial Cost to Company, Buildings and Improvements | 12,233 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,751 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,233 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,984 | |||
Accumulated Depreciation | $ (336) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Minnetonka MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,770 | |||
Initial Cost to Company, Buildings and Improvements | 19,797 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,770 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,797 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,567 | |||
Accumulated Depreciation | $ (458) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Jamestown MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 656 | |||
Initial Cost to Company, Buildings and Improvements | 9,440 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 656 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,440 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,096 | |||
Accumulated Depreciation | $ (269) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Indiana American II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 862 | |||
Initial Cost to Company, Buildings and Improvements | 6,901 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 862 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,901 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,763 | |||
Accumulated Depreciation | $ (185) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Indiana American III | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 741 | |||
Initial Cost to Company, Buildings and Improvements | 1,846 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 185 | |||
Gross Amount at Which Carried as of Close of Period, Land | 741 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,031 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,772 | |||
Accumulated Depreciation | $ (93) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Indiana American IV | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 771 | |||
Initial Cost to Company, Buildings and Improvements | 1,928 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3 | |||
Gross Amount at Which Carried as of Close of Period, Land | 771 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,931 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,702 | |||
Accumulated Depreciation | $ (63) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Southpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 563 | |||
Initial Cost to Company, Buildings and Improvements | 1,741 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1 | |||
Gross Amount at Which Carried as of Close of Period, Land | 563 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,742 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,305 | |||
Accumulated Depreciation | $ (77) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Minnesota Eye MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,143 | |||
Initial Cost to Company, Buildings and Improvements | 7,470 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,143 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,470 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,613 | |||
Accumulated Depreciation | $ (174) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Baylor Cancer Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 855 | |||
Initial Cost to Company, Buildings and Improvements | 6,007 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 855 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,007 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,862 | |||
Accumulated Depreciation | $ (125) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Bridgeport Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,397 | |||
Initial Cost to Company, Buildings and Improvements | 10,435 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,397 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,435 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,832 | |||
Accumulated Depreciation | $ (264) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Renaissance Office Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,379 | |||
Initial Cost to Company, Buildings and Improvements | 4,182 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,178 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,379 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,360 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,739 | |||
Accumulated Depreciation | $ (240) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Calkins 125 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 534 | |||
Initial Cost to Company, Buildings and Improvements | 10,164 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 534 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,164 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,698 | |||
Accumulated Depreciation | $ (315) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Calkins 200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 210 | |||
Initial Cost to Company, Buildings and Improvements | 3,317 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 210 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,317 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,527 | |||
Accumulated Depreciation | $ (88) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Calkins 300 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 372 | |||
Initial Cost to Company, Buildings and Improvements | 6,645 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 372 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,645 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,017 | |||
Accumulated Depreciation | $ (178) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 353 | |||
Initial Cost to Company, Buildings and Improvements | 8,226 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 353 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,226 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,579 | |||
Accumulated Depreciation | $ (235) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 500 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 282 | |||
Initial Cost to Company, Buildings and Improvements | 7,074 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5 | |||
Gross Amount at Which Carried as of Close of Period, Land | 282 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,079 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,361 | |||
Accumulated Depreciation | $ (160) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Avalon Park Florida Hospital MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,041 | |||
Initial Cost to Company, Buildings and Improvements | 10,685 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,041 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,685 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,726 | |||
Accumulated Depreciation | $ (213) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Premier Surgery Center of Louisville | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,106 | |||
Initial Cost to Company, Buildings and Improvements | 5,437 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,106 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,437 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,543 | |||
Accumulated Depreciation | $ (102) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Baton Rouge MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 711 | |||
Initial Cost to Company, Buildings and Improvements | 7,720 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 711 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,720 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,431 | |||
Accumulated Depreciation | $ (173) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Healthpark Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 17,624 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 17,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,624 | |||
Accumulated Depreciation | $ (358) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Plaza HCA MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,837 | |||
Initial Cost to Company, Land | 1,112 | |||
Initial Cost to Company, Buildings and Improvements | 12,553 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,112 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,553 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,665 | |||
Accumulated Depreciation | $ (226) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Northern Ohio Medical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 644 | |||
Initial Cost to Company, Buildings and Improvements | 9,162 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 644 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,162 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,806 | |||
Accumulated Depreciation | $ (277) | |||
Life on Which Building Depreciation in Income Statement is Computed | 20 years | |||
University of Michigan - Northville MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,200 | |||
Initial Cost to Company, Buildings and Improvements | 8,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 31 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,200 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,658 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,858 | |||
Accumulated Depreciation | $ (180) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Coon Rapids Medical Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 607 | |||
Initial Cost to Company, Buildings and Improvements | 5,857 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 607 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,857 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,464 | |||
Accumulated Depreciation | $ (106) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Premier Landmark MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 872 | |||
Initial Cost to Company, Buildings and Improvements | 10,537 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 872 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,537 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,409 | |||
Accumulated Depreciation | $ (165) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Palm Beach ASC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,576 | |||
Initial Cost to Company, Buildings and Improvements | 7,675 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,576 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,675 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,251 | |||
Accumulated Depreciation | $ (101) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Brookstone Physician Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 1,913 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,913 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,913 | |||
Accumulated Depreciation | $ (33) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Jackson Woman's Clinic MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 555 | |||
Initial Cost to Company, Buildings and Improvements | 3,800 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 555 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,800 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,355 | |||
Accumulated Depreciation | $ (58) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Hillside Medical Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 812 | |||
Initial Cost to Company, Buildings and Improvements | 13,217 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 812 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,217 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,029 | |||
Accumulated Depreciation | $ (138) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Randall Road MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 15,404 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,404 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,404 | |||
Accumulated Depreciation | $ (191) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Medical Specialists of Palm Beach MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 7,560 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,560 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,560 | |||
Accumulated Depreciation | $ (91) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
OhioHealth - SW Health Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,363 | |||
Initial Cost to Company, Buildings and Improvements | 8,516 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,363 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,516 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,879 | |||
Accumulated Depreciation | $ (110) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Trios Health MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 55,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 55,178 | |||
Gross Amount at Which Carried as of Close of Period, Total | 55,178 | |||
Accumulated Depreciation | $ (525) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
IMS - Paradise Valley MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 25,893 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,893 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,893 | |||
Accumulated Depreciation | $ (282) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
IMS - Avondale MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,818 | |||
Initial Cost to Company, Buildings and Improvements | 18,108 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,818 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,108 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,926 | |||
Accumulated Depreciation | $ (145) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
IMS - Palm Valley MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,666 | |||
Initial Cost to Company, Buildings and Improvements | 28,655 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,666 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 28,655 | |||
Gross Amount at Which Carried as of Close of Period, Total | 31,321 | |||
Accumulated Depreciation | $ (240) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
IMS - North Mountain MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 42,877 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 42,877 | |||
Gross Amount at Which Carried as of Close of Period, Total | 42,877 | |||
Accumulated Depreciation | $ (335) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Memorial Hermann - Phase I | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 822 | |||
Initial Cost to Company, Buildings and Improvements | 6,797 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 822 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,797 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,619 | |||
Accumulated Depreciation | $ (62) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Memorial Hermann - Phase II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,560 | |||
Initial Cost to Company, Buildings and Improvements | 25,601 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,560 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,601 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,161 | |||
Accumulated Depreciation | $ (224) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
New Albany Medical Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,600 | |||
Initial Cost to Company, Buildings and Improvements | 8,505 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,600 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,505 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,105 | |||
Accumulated Depreciation | $ (87) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Fountain Hills Medical Campus MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,593 | |||
Initial Cost to Company, Buildings and Improvements | 7,635 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,593 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,635 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,228 | |||
Accumulated Depreciation | $ (55) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Fairhope MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 640 | |||
Initial Cost to Company, Buildings and Improvements | 5,227 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 640 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,227 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,867 | |||
Accumulated Depreciation | $ (39) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foley MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 365 | |||
Initial Cost to Company, Buildings and Improvements | 732 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 365 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 732 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,097 | |||
Accumulated Depreciation | $ (5) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Foley Venture | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 420 | |||
Initial Cost to Company, Buildings and Improvements | 1,118 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 420 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,118 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,538 | |||
Accumulated Depreciation | $ (8) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
North Okaloosa MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 190 | |||
Initial Cost to Company, Buildings and Improvements | 1,010 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 190 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,010 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,200 | |||
Accumulated Depreciation | $ (7) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Commons on North Davis | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 380 | |||
Initial Cost to Company, Buildings and Improvements | 1,237 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 380 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,237 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,617 | |||
Accumulated Depreciation | $ (8) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Sorrento Road | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 170 | |||
Initial Cost to Company, Buildings and Improvements | 894 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 170 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 894 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,064 | |||
Accumulated Depreciation | $ (6) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Breakfast Point Medical Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 817 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 817 | |||
Gross Amount at Which Carried as of Close of Period, Total | 817 | |||
Accumulated Depreciation | $ (5) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Panama City Beach | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 739 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 739 | |||
Gross Amount at Which Carried as of Close of Period, Total | 739 | |||
Accumulated Depreciation | $ (5) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Perdido Medical Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 100 | |||
Initial Cost to Company, Buildings and Improvements | 1,147 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 100 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,147 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,247 | |||
Accumulated Depreciation | $ (8) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Ft. Walton Beach | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 230 | |||
Initial Cost to Company, Buildings and Improvements | 914 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 230 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 914 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,144 | |||
Accumulated Depreciation | $ (7) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Panama City | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 661 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 661 | |||
Gross Amount at Which Carried as of Close of Period, Total | 661 | |||
Accumulated Depreciation | $ (5) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Pensacola - Catalyst | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 220 | |||
Initial Cost to Company, Buildings and Improvements | 1,685 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 220 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,685 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,905 | |||
Accumulated Depreciation | $ (12) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Arete Surgical Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 399 | |||
Initial Cost to Company, Buildings and Improvements | 6,667 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 399 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,667 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,066 | |||
Accumulated Depreciation | $ (26) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Cambridge Professional Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 590 | |||
Initial Cost to Company, Buildings and Improvements | 8,520 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,520 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,110 | |||
Accumulated Depreciation | $ (45) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth 44th Street MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 515 | |||
Initial Cost to Company, Buildings and Improvements | 3,884 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 515 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,884 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,399 | |||
Accumulated Depreciation | $ (24) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mercy Medical Center MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,201 | |||
Initial Cost to Company, Buildings and Improvements | 6,778 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,201 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,778 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,979 | |||
Accumulated Depreciation | $ (15) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Nashville MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,555 | |||
Initial Cost to Company, Buildings and Improvements | 39,713 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,555 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 39,713 | |||
Gross Amount at Which Carried as of Close of Period, Total | 41,268 | |||
Accumulated Depreciation | $ 0 | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
KSF Orthopaedic MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 530 | |||
Initial Cost to Company, Buildings and Improvements | 3,712 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 530 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,712 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,242 | |||
Accumulated Depreciation | $ 0 | |||
Life on Which Building Depreciation in Income Statement is Computed | 19 years | |||
Great Falls Clinic MOB | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 27,402 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 0 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,402 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,402 | |||
Accumulated Depreciation | $ 0 | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years |
SCHEDULE III - REAL ESTATE AN65
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance as of the beginning of the year | $ 729,034 | $ 224,730 | $ 111,149 |
Acquisitions | 695,693 | 505,379 | 113,225 |
Additions | 4,440 | 900 | 806 |
Impairment | 0 | (1,750) | 0 |
Dispositions | (4,273) | (225) | (450) |
Balance as of the end of the year | 1,424,894 | 729,034 | 224,730 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance as of the beginning of the year | 32,772 | 20,299 | 16,495 |
Acquisitions | 9,512 | 6,575 | 694 |
Additions | 20,446 | 5,898 | 3,110 |
Dispositions | (1,488) | 0 | 0 |
Balance as of the end of the year | $ 61,242 | $ 32,772 | $ 20,299 |