Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36007 | ||
Entity Registrant Name | PHYSICIANS REALTY TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-2519850 | ||
Entity Address, Address Line One | 309 N. Water Street, Suite 500 | ||
Entity Address, City or Town | Milwaukee, | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53202 | ||
City Area Code | 414 | ||
Local Phone Number | 367-5600 | ||
Title of 12(b) Security | Common Shares, $0.01 par value | ||
Trading Symbol | DOC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,297,969,026 | ||
Entity Common Stock, Shares Outstanding (in shares) | 238,911,308 | ||
Entity Central Index Key | 0001574540 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Location | Milwaukee, Wisconsin |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investment properties: | ||
Land and improvements | $ 249,470 | $ 241,559 |
Building and improvements | 4,705,870 | 4,659,780 |
Construction in progress | 53,319 | 18,497 |
Tenant improvements | 100,834 | 88,640 |
Acquired lease intangibles | 509,468 | 505,335 |
Gross real estate property | 5,618,961 | 5,513,811 |
Accumulated depreciation | (1,187,952) | (996,888) |
Net real estate property | 4,431,009 | 4,516,923 |
Right-of-use lease assets, net | 226,824 | 231,225 |
Real estate loans receivable, net | 98,277 | 104,973 |
Investments in unconsolidated entities | 78,218 | 77,716 |
Net real estate investments | 4,834,328 | 4,930,837 |
Cash and cash equivalents | 156,779 | 7,730 |
Tenant receivables, net | 11,955 | 11,503 |
Other assets | 152,559 | 146,807 |
Total assets | 5,155,621 | 5,096,877 |
Liabilities: | ||
Credit facility | 393,718 | 188,328 |
Notes payable | 1,451,905 | 1,465,437 |
Mortgage debt | 127,413 | 164,352 |
Accounts payable | 8,364 | 4,391 |
Dividends and distributions payable | 61,186 | 60,148 |
Accrued expenses and other liabilities | 96,087 | 87,720 |
Lease liabilities | 104,844 | 105,011 |
Acquired lease intangibles, net | 22,578 | 24,381 |
Total liabilities | 2,266,095 | 2,099,768 |
Redeemable noncontrolling interests - partially owned properties | 3,008 | 3,258 |
Equity: | ||
Common shares, $0.01 par value, 500,000,000 common shares authorized, 238,519,554 and 233,292,030 common shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 2,385 | 2,333 |
Additional paid-in capital | 3,821,718 | 3,743,876 |
Accumulated deficit | (1,061,293) | (881,672) |
Accumulated other comprehensive income | 717 | 5,183 |
Total shareholders’ equity | 2,763,527 | 2,869,720 |
Noncontrolling interests: | ||
Operating Partnership | 113,662 | 123,015 |
Partially owned properties | 9,329 | 1,116 |
Total noncontrolling interests | 122,991 | 124,131 |
Total equity | 2,886,518 | 2,993,851 |
Total liabilities and equity | $ 5,155,621 | $ 5,096,877 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
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 outstanding (in shares) | 238,519,554 | 233,292,030 |
Common stock, shares issued (in shares) | 238,519,554 | 233,292,030 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues: | ||||
Rental and related revenues | $ 528,093 | $ 515,373 | $ 440,198 | |
Interest income on real estate loans and other | 15,370 | 11,262 | 17,501 | |
Total revenues | 543,463 | 526,635 | 457,699 | |
Expenses: | ||||
Interest expense | 81,351 | 72,234 | 60,136 | |
General and administrative | 38,756 | 40,209 | 37,757 | |
Operating expenses | 182,661 | 171,100 | 137,408 | |
Depreciation and amortization | 191,091 | 189,641 | 157,870 | |
Merger and transaction-related expense | [1] | 6,934 | 0 | |
Impairment loss | 0 | 0 | 340 | |
Total expenses | 500,793 | 473,184 | 393,511 | |
Income before equity in income (loss) of unconsolidated entities and gain on sale of investment properties, net: | 42,670 | 53,451 | 64,188 | |
Equity in income (loss) of unconsolidated entities | 1,084 | (790) | (1,570) | |
Gain on sale of investment properties, net | 13 | 57,375 | 24,165 | |
Net income | 43,767 | 110,036 | 86,783 | |
Net income attributable to noncontrolling interests: | ||||
Operating Partnership | (1,722) | (5,240) | (2,211) | |
Partially owned properties | [2] | (169) | (430) | (607) |
Net income attributable to controlling interest | 41,876 | 104,366 | 83,965 | |
Preferred distributions | 0 | 0 | (13) | |
Net income attributable to common shareholders | $ 41,876 | $ 104,366 | $ 83,952 | |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.18 | $ 0.46 | $ 0.39 | |
Diluted (in dollars per share) | $ 0.17 | $ 0.46 | $ 0.39 | |
Weighted average common shares: | ||||
Basic (in shares) | 238,216,847 | 226,598,474 | 216,135,385 | |
Diluted (in shares) | 249,344,713 | 239,610,285 | 223,060,556 | |
Dividends and distributions declared per common share (in dollars per share) | $ 0.92 | $ 0.92 | $ 0.92 | |
[1] During the year ended December 31, 2023, the Company recorded merger and transaction-related expense of $6.9 million related to the proposed merger with Healthpeak, which are primarily comprised of legal, accounting, tax, and other costs incurred prior to year-end. Includes amounts attributable to redeemable noncontrolling interests. |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Statement of Financial Position [Abstract] | ||||
Merger and transaction-related expense | [1] | $ 0 | $ 6,934 | $ 0 |
[1] During the year ended December 31, 2023, the Company recorded merger and transaction-related expense of $6.9 million related to the proposed merger with Healthpeak, which are primarily comprised of legal, accounting, tax, and other costs incurred prior to year-end. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 43,767 | $ 110,036 | $ 86,783 |
Other comprehensive (loss) income: | |||
Change in fair value of interest rate swap agreements, net | (2,703) | 6,075 | 1,672 |
Reclassification of accumulated losses on interest rate swap to earnings | (1,763) | 0 | 3,295 |
Total other comprehensive (loss) income | (4,466) | 6,075 | 4,967 |
Comprehensive income | 39,301 | 116,111 | 91,750 |
Comprehensive income attributable to noncontrolling interests - Operating Partnership | (1,546) | (5,490) | (2,461) |
Comprehensive income attributable to noncontrolling interests - partially owned properties | (169) | (430) | (607) |
Comprehensive income attributable to common shareholders | $ 37,586 | $ 110,191 | $ 88,682 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total Shareholders’ Equity | Par Value | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Noncontrolling Interests | Operating Partnership Noncontrolling interest | Partially Owned Properties Noncontrolling Interest |
Shareholders' equity, beginning balance at Dec. 31, 2020 | $ 2,715,002 | $ 2,641,297 | $ 2,096 | $ 3,303,231 | $ (658,171) | $ (5,859) | $ 73,705 | $ 73,302 | $ 403 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 268,126 | 268,126 | 147 | 267,979 | |||||
Restricted share award grants, net | 9,414 | 9,414 | 4 | 10,722 | (1,312) | ||||
Purchase of OP Units | (6,237) | (6,237) | (6,237) | ||||||
Dividends/distributions declared | (207,383) | (200,926) | (200,926) | (6,457) | (6,457) | ||||
Preferred distributions | (13) | (13) | (13) | ||||||
Issuance of OP Units in connection with acquisitions | 116,467 | 116,467 | 116,467 | ||||||
Distributions | (224) | (224) | (224) | ||||||
Change in market value of Redeemable Noncontrolling Interests | 433 | 433 | (23) | 456 | |||||
Derecognition of cash flow hedge | 3,295 | 3,295 | 3,295 | ||||||
Change in fair value of interest rate swap agreements | 1,672 | 1,672 | 1,672 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | 29,045 | 29,045 | (29,045) | (29,045) | ||||
Net income | 86,481 | 83,965 | 83,965 | 2,516 | 2,211 | 305 | |||
Shareholders' equity, ending balance at Dec. 31, 2021 | 2,987,033 | 2,836,308 | 2,247 | 3,610,954 | (776,001) | (892) | 150,725 | 150,241 | 484 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 106,019 | 106,019 | 67 | 105,952 | |||||
Restricted share award grants, net | 8,813 | 8,813 | 4 | 11,277 | (2,468) | ||||
Purchase of OP Units | (6,741) | (6,741) | (6,741) | ||||||
Conversion of OP Units | 0 | 23,088 | 15 | 23,073 | (23,088) | (23,088) | |||
Dividends/distributions declared | (220,343) | (210,326) | (210,326) | (10,017) | (10,017) | ||||
Contributions | 569 | 569 | 569 | ||||||
Distributions | (238) | (238) | (238) | ||||||
Change in market value of Redeemable Noncontrolling Interests | 2,757 | 2,757 | 2,757 | ||||||
Derecognition of cash flow hedge | 0 | ||||||||
Change in fair value of interest rate swap agreements | 6,075 | 6,075 | 6,075 | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | (7,380) | (7,380) | 7,380 | 7,380 | ||||
Net income | 109,907 | 104,366 | 104,366 | 5,541 | 5,240 | 301 | |||
Shareholders' equity, ending balance at Dec. 31, 2022 | 2,993,851 | 2,869,720 | 2,333 | 3,743,876 | (881,672) | 5,183 | 124,131 | 123,015 | 1,116 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net proceeds from sale of common shares | 66,255 | 66,255 | 43 | 66,212 | |||||
Restricted share award grants, net | 7,897 | 7,897 | 7 | 9,638 | (1,748) | ||||
Purchase of OP Units | (72) | (72) | (72) | ||||||
Conversion of OP Units | 2 | 2,771 | 2 | 2,769 | (2,769) | (2,769) | |||
Dividends/distributions declared | (228,760) | (219,749) | (219,749) | (9,011) | (9,011) | ||||
Contributions | 8,171 | 8,171 | 8,171 | ||||||
Distributions | (213) | (213) | (213) | ||||||
Derecognition of cash flow hedge | (1,763) | (1,763) | (1,763) | ||||||
Change in fair value of interest rate swap agreements | (2,703) | (2,703) | (2,703) | ||||||
Adjustment for Noncontrolling Interests ownership in Operating Partnership | 0 | (777) | (777) | 777 | 777 | ||||
Net income | 43,853 | 41,876 | 41,876 | 1,977 | 1,722 | 255 | |||
Shareholders' equity, ending balance at Dec. 31, 2023 | $ 2,886,518 | $ 2,763,527 | $ 2,385 | $ 3,821,718 | $ (1,061,293) | $ 717 | $ 122,991 | $ 113,662 | $ 9,329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net income | $ 43,767 | $ 110,036 | $ 86,783 |
Depreciation and amortization | 191,091 | 189,641 | 157,870 |
Amortization of deferred financing costs | 2,791 | 2,314 | 2,325 |
Amortization of lease inducements and above/below-market lease intangibles | 5,354 | 5,834 | 4,678 |
Straight-line rental (revenue) expense, net | (3,232) | (6,847) | (8,671) |
Amortization of discount on unsecured senior notes | 1,104 | 1,064 | 737 |
Amortization of above market assumed debt | 0 | (10) | (62) |
(Gain) loss on extinguishment of debt | (1,763) | 0 | 3,295 |
Loss on extinguishment of deferred financing costs | 0 | 0 | 730 |
Gain on sale of investment properties, net | (13) | (57,375) | (24,165) |
Equity in (income) loss of unconsolidated entities | (1,084) | 790 | 1,570 |
Distributions from unconsolidated entities | 7,657 | 7,874 | 6,928 |
Change in fair value of derivatives | 660 | 0 | 0 |
Provision for bad debts | 1,270 | 180 | (90) |
Non-cash share compensation | 15,676 | 15,672 | 15,032 |
Impairment on investment properties | 0 | 0 | 340 |
Change in operating assets and liabilities: | |||
Tenant receivables | (540) | (7,652) | (2,863) |
Other assets | (850) | (2,317) | 3,404 |
Accounts payable | 3,973 | (2,260) | (356) |
Accrued expenses and other liabilities | 7,569 | 1,456 | (711) |
Net cash provided by operating activities | 273,430 | 258,400 | 246,774 |
Cash Flows from Investing Activities: | |||
Proceeds on sale of investment properties | 2,553 | 123,179 | 92,711 |
Acquisition of investment properties, net | (39,346) | (112,455) | (718,179) |
Investment in unconsolidated entities | (13,053) | (13,587) | (9,069) |
Returns of investment in unconsolidated entities | 3,737 | 0 | 0 |
Development of real estate | (21,604) | 0 | 0 |
Capital expenditures on investment properties | (41,905) | (39,869) | (32,566) |
Issuances of mezzanine and real estate loans receivable | (51,400) | (30,611) | (16,213) |
Repayments of mezzanine and real estate loans receivable | 51,528 | 38,994 | 84,874 |
Leasing commissions | (4,132) | (3,623) | (3,997) |
Lease inducements | (399) | (500) | 0 |
Net cash used in investing activities | (114,021) | (38,472) | (602,439) |
Cash Flows from Financing Activities: | |||
Net proceeds from sale of common shares | 66,255 | 106,019 | 268,126 |
Proceeds from credit facility borrowings | 513,000 | 294,000 | 710,541 |
Repayments on credit facility borrowings | (306,000) | (375,000) | (852,541) |
Repayment of senior unsecured notes | (15,000) | 0 | 0 |
Proceeds from issuance of mortgage debt | 0 | 0 | 136,050 |
Proceeds from issuance of senior unsecured notes | 0 | 0 | 495,695 |
Principal payments on mortgage debt | (37,058) | (16,094) | (13,027) |
Debt issuance costs | (3,917) | (74) | (7,380) |
Payments made on financing leases | 0 | 0 | (8,300) |
Dividends paid - shareholders | (220,429) | (209,417) | (198,541) |
Distributions to noncontrolling interests - Operating Partnership | (9,041) | (10,493) | (5,024) |
Preferred distributions paid - OP Unit holders | 0 | 0 | (303) |
Contributions to noncontrolling interests | 8,171 | 569 | 0 |
Distributions to noncontrolling interests - partially owned properties | (378) | (588) | (648) |
Payments of employee taxes for withheld stock-based compensation shares | (5,891) | (4,255) | (4,183) |
Purchases of Series A Preferred Units | 0 | 0 | (151,202) |
Purchases of OP Units | (72) | (6,741) | (6,237) |
Net cash (used in) provided by financing activities | (10,360) | (222,074) | 363,026 |
Net increase (decrease) in cash and cash equivalents | 149,049 | (2,146) | 7,361 |
Cash and cash equivalents, beginning of year | 7,730 | 9,876 | 2,515 |
Cash and cash equivalents, end of year | 156,779 | 7,730 | 9,876 |
Supplemental cash flow information: | |||
Supplemental disclosure of cash flow information - interest paid during the year | 80,502 | 70,207 | 50,814 |
Supplemental disclosure of noncash activity—settlement of note receivable in exchange for Series A Preferred Units | 0 | 0 | 20,646 |
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements | (2,703) | 6,075 | 1,672 |
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions | 0 | 0 | 263,008 |
Supplemental disclosure of noncash activity—Conversion of loan receivable in connection to the acquisition of investment property | $ 5,397 | $ 5,700 | $ 15,500 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business The Trust was organized in the state of Maryland on April 9, 2013. As of December 31, 2023, the Trust was authorized to issue up to 500,000,000 common shares of beneficial interest, par value $0.01 per share. 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 the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity, and the Trust has no significant assets other than its investment in 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. Therefore, the assets and liabilities of the Trust and the Operating Partnership are the same. The Trust is a self-managed REIT formed primarily to acquire, selectively develop, own, and manage health care properties that are leased to physicians, hospitals, and health care delivery systems. Merger Agreement On October 29, 2023, the Trust and the Operating Partnership entered into the Merger Agreement with Healthpeak and certain subsidiaries of Healthpeak, pursuant to which, among other things, and through the Mergers, (i) each outstanding common share of the Trust (other than Trust common shares to be canceled in accordance with the Merger Agreement) will be automatically converted into the right to receive 0.674 shares of Healthpeak common stock, and (ii) each outstanding OP Unit will be automatically converted into and become common units in the successor entity to the Operating Partnership equal to the Exchange Ratio. In connection with the Mergers, Healthpeak filed a Registration Statement on Form S-4 with the SEC on December 15, 2023, as amended on January 9, 2024. The Trust and Healthpeak filed a definitive joint proxy statement/prospectus on January 11, 2024 in connection with our respective special meetings of shareholders and stockholders, as applicable, which were held on February 21, 2024. On February 21, 2024, our shareholders voted on and approved the merger with Healthpeak. The Mergers are expected to close on or about March 1, 2024. Consummation of the Mergers are subject to the satisfaction or waiver of customary closing conditions. ATM Programs In May 2021, the Trust and the Operating Partnership entered into an At Market Issuance Sales Agreement (the “2021 Sales Agreement”) with KeyBanc Capital Markets Inc., Credit Agricole Securities (USA) Inc., BMO Capital Markets Corp., and Raymond James & Associates, Inc. in their capacity as agents for the Company and/or forward sellers and Stifel, Nicolaus & Company, Incorporated in its capacity as sales agent for the Company (collectively, the “2021 Agents”) and Bank of Montreal, Credit Agricole Corporate and Investments Bank, KeyBanc Capital Markets Inc., and Raymond James & Associates, Inc. as forward purchasers for the Company (the “2021 Forward Purchasers”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $500 million through the 2021 Agents (the “2021 ATM Program”). The 2021 Sales Agreement contemplates that, in addition to the issuance and sale of the Trust’s common shares through the 2021 Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of the 2021 Forward Purchasers. In August 2023, the Trust and the Operating Partnership entered into an At Market Issuance Sales Agreement (the “2023 Sales Agreement”) with BMO Capital Markets Corp., Credit Agricole Securities (USA) Inc., KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., Regions Securities LLC and Stifel, Nicolaus & Company, Incorporated as sales agents for the Company and/or forward sellers (collectively, “2023 Agents”), and Bank of Montreal, Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., Regions Securities LLC and Stifel, Nicolaus & Company, Incorporated (collectively, “2023 Forward Purchasers”), pursuant to which the Trust may issue and sell, from time to time, its common shares having an aggregate offering price of up to $600 million through the 2023 Agents (the “2023 ATM Program”). The 2023 Sales Agreement contemplates that, in addition to the issuance and sale of the Trust’s common shares through the 2023 Agents, the Trust may also enter into one or more forward sales agreements from time to time in the future with each of the 2023 Forward Purchasers. Upon entry into the 2023 Sales Agreement, we terminated the 2021 ATM Program. As of February 16, 2024, the Trust had $600.0 million remaining available under the 2023 ATM Program which was suspended in connection with the Merger Agreement. The Trust plans to terminate the 2023 ATM Program upon the closing of the Mergers. During 2023 and 2022, the Trust’s issuance and sale of common shares pursuant to the ATM Programs was as follows (in thousands, except common shares and price): 2023 2022 Common Weighted Net Common Weighted Net Quarterly period ended March 31 4,400,000 $ 15.10 $ 65,776 259,977 $ 18.93 $ 4,871 Quarterly period ended June 30 — — — 977,800 18.61 18,020 Quarterly period ended September 30 — — — 440,400 18.15 7,913 Quarterly period ended December 31 — — — 5,000,000 15.00 74,250 Year ended December 31 4,400,000 $ 15.10 $ 65,776 6,678,177 $ 15.89 $ 105,054 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation GAAP requires identification of 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”). ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (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 receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company 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 Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which 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. Noncontrolling Interests The Company 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 Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Noncontrolling interests in the Company include OP Units held by other investors. Net income or loss is allocated to noncontrolling interests (limited partners) 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. As of December 31, 2023 and 2022, the Trust held a 96.1% and 95.9% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations 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 to the respective holders, 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 investors other than the Trust as noncontrolling interests within equity in the consolidated balance sheets. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the consolidated balance sheets for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income. Redeemable Noncontrolling Interests - Partially Owned Properties In connection with the Company’s acquisitions of the outpatient medical facility, ambulatory surgery center, and hospital located on the Great Falls Hospital campus in Great Falls, Montana, physicians affiliated with the sellers retained non-controlling interests which were, at the holders’ option, able to be redeemed at any time after May 1, 2023. Due to the redemption provision, which was outside of the control of the Trust, the Trust classified the investment in the mezzanine section of its consolidated balance sheets. On July 14, 2022, the Company disposed of these three properties and removed the related redeemable noncontrolling interest from its consolidated balance sheets. Through a consolidated joint venture with MedProperties Realty Advisors, LLC (“MedProperties”), the Company acquired Calko Medical Center in Brooklyn, New York. As part of the joint venture, MedProperties can redeem its interest, at their option, at any time after September 9, 2025. Due to the redemption provision, which is outside of the control of the Company, the Company classifies the noncontrolling interests in the mezzanine section of its consolidated balance sheets. The Company 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 for the years ended December 31, 2023, 2022, and 2021 are as follows: Declaration Date Record Date Payment Date Cash Dividend December 21, 2023 January 3, 2024 January 18, 2024 $ 0.23 September 21, 2023 October 3, 2023 October 17, 2023 $ 0.23 June 16, 2023 July 5, 2023 July 18, 2023 $ 0.23 March 17, 2023 April 4, 2023 April 18, 2023 $ 0.23 December 22, 2022 January 4, 2023 January 18, 2023 $ 0.23 September 23, 2022 October 4, 2022 October 14, 2022 $ 0.23 June 17, 2022 July 5, 2022 July 19, 2022 $ 0.23 March 18, 2022 March 31, 2022 April 14, 2022 $ 0.23 December 22, 2021 January 4, 2022 January 18, 2022 $ 0.23 September 22, 2021 October 4, 2021 October 15, 2021 $ 0.23 June 18, 2021 July 2, 2021 July 16, 2021 $ 0.23 March 19, 2021 April 2, 2021 April 16, 2021 $ 0.23 The Company’s shareholders are entitled to reinvest all or a portion of any cash distribution on their shares of the Company’s common stock by participating in the DRIP, subject to the terms of the plan. The Company plans to terminate the DRIP upon the closing of the Mergers. Tax Status of Dividends and Distributions The Company’s distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. Any cash distributions received by an OP Unit holder in respect of its OP Units generally will not be taxable to such OP Unit holder for U.S. federal income tax purposes, to the extent that such distribution does not exceed the OP Unit holder’s basis in its OP Units. Any such distribution will instead reduce the OP Unit holder’s basis in its OP Units (and OP Unit holders will be subject to tax on the taxable income allocated to them by the Operating Partnership in respect of their OP Units when such income is earned by the Operating Partnership, with such income allocation increasing the OP Unit holders’ basis in their OP Units). The following table sets forth the federal income tax status of distributions per common share and OP Unit for the periods presented: Year Ended December 31, 2023 2022 2021 Per common share and OP Unit: Ordinary dividends $ — $ — $ — Section 199A Qualified REIT Dividend 0.4726 0.4724 0.4856 Qualified dividends — — — Long-term capital gain (1) — 0.1999 — Unrecaptured Section 1250 gain — 0.0544 — Non-dividend distributions 0.4474 0.1933 0.4344 Total $ 0.9200 $ 0.9200 $ 0.9200 (1) For distributions classified as Long-Term Capital Gain, the One Year Amounts Disclosure is $0, the Three Year Amounts Disclosure is $0, and $0.1999 is Section 1231 gain for purposes of Internal Revenue Code Section 1061. Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, the Company’s acquisitions of investment properties and the majority of its future investments will be accounted for as asset acquisitions. This is because substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, and will result in the capitalization of acquisition costs. The purchase price, inclusive of acquisition costs, will be allocated to tangible and intangible assets and liabilities based on their relative fair values. Tangible assets primarily consist of land, buildings, and improvements. Intangible assets primarily consist of above-market or below-market leases, in-place leases, above-market or below-market debt assumed, right-of-use assets, and lease liabilities. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires the Company to make certain estimates and assumptions. The determination of fair value involves the use of significant judgment and estimation. The Company 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 generally includes the assistance of a third party appraiser. The Company estimates the fair value of an acquired asset on an “as-if-vacant” basis and its value is depreciated in equal amounts over the course of its estimated remaining useful life. The Company 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 an internal analysis of recently acquired and existing comparable properties within the Company’s portfolio. The value of above-market or below-market leases is estimated based on the present value (using a discount 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 plus the term of any renewal options that the lessee would be economically compelled to exercise. 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 to amortization expense 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, net of any required lease termination payments. The Company 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 Company approximates based on the rate it would expect to incur on a replacement instrument on the date of acquisition, and recognizes 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 Company recognizes the acquired assets and assumed liabilities based on 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. Impairment of Intangible and Long-Lived Assets The Company 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 Company 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 evaluation of anticipated cash flows is subjective and is based on assumptions regarding future occupancy, lease rates, and cap rates that could differ materially from actual results. The Company 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 Company recognizes an impairment loss at the time it makes any such determination. If the Company 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. With the adoption of ASC 842 , on January 1, 2019, the Company periodically evaluates the right-of-use assets for impairment as detailed above. The Company record an impairment charge of $0.3 million on one outpatient medical facility in Traverse City, Michigan during the year ended December 31, 2021. The Company did not record any impairment for the years ended December 31, 2023 and 2022. Assets Held for Sale and Discontinued Operations The Company may sell properties from time to time for various reasons, including favorable market conditions. The Company classifies certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. The Company classifies a real estate property, or portfolio, as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. Following the classification of a property as “held for sale,” no further depreciation or amortization is recorded on the assets and the assets are written down to the lower of carrying value or fair market value, less cost to sell. There were no properties classified as held for sale as of December 31, 2023 and 2022. Dispositions during the years ended December 31, 2023, 2022, and 2021 did not qualify as discontinued operations. Investments in Unconsolidated Entities The Company 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 Company’s share of the investee’s earnings or losses is included in its consolidated statements of income. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. If indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment and to the extent that any decline in value is considered other than temporary. On November 22, 2019, the Company contributed two properties valued at $39.0 million and paid additional consideration of $17.0 million for a 12.3% equity interest in the PMAK MOB JV REOC, LLC (“PMAK Joint Venture”). As of December 31, 2023 this joint venture owned 58 medical office facilities located in 18 states. Since December 11, 2020, the Company contributed $46.6 million, to acquire a membership interest in Davis Medical Investors, LLC (“Davis Joint Venture”). As of December 31, 2023, the Company holds a 49.0% membership interest in the Davis Joint Venture, which owns 15 medical office facilities located in seven states. Real Estate Loans Receivable, Net Real estate loans receivable consists of ten mezzanine loans, four construction loans, and five term loans as of December 31, 2023. Typically, each mezzanine loan is collateralized by an ownership interest in the respective borrower, each term loan is secured by a mortgage on a related outpatient medical facility, and each construction loans is secured by a mortgage on the land and improvements as constructed, generally with guarantees from the borrowers. Interest income on loans is recognized as earned based on the terms of the loans subject to evaluation of collectability risks and is included in the Company’s consolidated statements of income. On a quarterly basis, the Company evaluates the collectability of its loan portfolio, including related interest income receivable, and establishes a reserve for loan losses, if necessary. For the years ended December 31, 2023 and December 31, 2022, the Company’s loan loss reserves were $1.0 million and $0.2 million, respectively. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with maturities of three months or fewer from the date of purchase. The Company is subject to concentrations of credit risk as a result of its temporary cash investments. The Company places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk. Rental and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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 $105.8 million and $101.3 million as of December 31, 2023 and December 31, 2022, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASC 842, Leases , Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental revenues was $1.1 million, $0.2 million, and $0.4 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. The Company has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and the Company does not recognize expense recoveries. Tenant Receivables, Net Tenant receivables primarily represent amounts accrued and unpaid from tenants in accordance with the terms of the respective leases, subject to the Company’s revenue recognition policy. The Company reviews receivables monthly and writes-off the remaining balance when, in the opinion of management, collection of substantially all remaining payments is not probable. When the Company determines substantially all remaining lease payments are not probable of collection, it recognizes a reduction of rental revenues and expense recoveries for all outstanding balances, including accrued straight-line rent receivables. Any subsequent receipts are recognized as rental revenues and expense recoveries in the period received. Derivative Instruments When the Company has derivative instruments, it records them either as an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sale exception. When specific hedge accounting criteria are not met or if the Company does not elect to apply for hedge accounting, changes in the Company’s derivative instruments’ fair value are recognized currently in earnings. If hedge accounting is applied to a derivative instrument, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2023, the Company had three outstanding interest rate swaps designated as cash flow hedges of interest rate risk, and one interest rate swap that was de-designated as a hedging instrument during the year ended December 31, 2023 but remains outstanding. Further detail is provided in Note 7 (Derivatives). 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. Although the Trust continues to qualify for taxation as a REIT, in various instances, the Trust is subject to state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. As discussed in Note 1 (Organization and Business), the Trust conducts substantially all of its operations through the Operating Partnership. As a partnership, the Operating Partnership generally is not liable for federal income taxes. The income and loss from the operations of the Operating Partnership is included in the tax returns of its partners, including the Trust, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income taxes has been made on the accompanying consolidated financial statements. Management Estimates The preparation of consolidated 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 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. Commitments Certain of the Company’s acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the earn-out related to asset acquisitions only if certain parameters or other substantive contingencies are met, at which time the consideration becomes payable. Certain of the Company’s leases also provide for consideration available to tenants as a tenant improvement allowance. Based on existing leases as of December 31, 2023, committed but unspent tenant related obligations were $65.0 million. Related Parties The Company recognized rental revenues totaling $8.7 million in 2023, $8.3 million in 2022, and $7.9 million in 2021 from Baylor Scott and White Health, a health care system affiliated with a member of the Trust’s Board of Trustees. 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 health care properties. New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional relief to applying reference rate reform to changing reference rates, contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The amendments in this update may be applied through December 31, 2024. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Third Amended and Restated Credit Agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), as the reference rate for the purpose of calculating interest under the agreement. The Company also amended its fixed interest rate swap agreement on its mortgage debt to update the reference rate from LIBOR to SOFR. As a result, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Investment and Disposition Acti
Investment and Disposition Activity | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Investment and Disposition Activity | Investment and Disposition Activity During 2023, the Company executed contractual commitments related to a $40.5 million development project, with $21.6 million spent on construction in progress thus far, completed the acquisition of three outpatient medical facilities and three medical condominium units for an investment of $38.5 million, completed the acquisition of two parcels of land adjacent to existing outpatient medical facilities for $1.7 million, and paid $2.2 million of additional purchase consideration under six earn-out agreements for prior acquisitions. The Company also closed four construction loans for an aggregate of $126.4 million, and has funded $31.9 million in the aggregate for those loans to date. Additionally, the Company funded an aggregate of $21.2 million related to the closing of three new term loans, previously announced loan commitments, and other investments, including a $1.3 million investment in IJRI Properties, LLC, which is an entity constructing and operating an outpatient medical facility in Indiana. The Company contributed $11.3 million to the Davis Joint Venture to fund acquisitions and additional purchase consideration and under an earn-out agreement. Investment activity totaled approximately $128.4 million during the twelve months ended December 31, 2023. As part of these investments, the Company incurred approximately $2.0 million of capitalized acquisition costs. Investment activity for the year ending December 31, 2023 is summarized below: Investment Location Acquisition Investment Amount Emory Dunwoody ASC Dunwoody, GA May 16, 2023 $ 5,250 CVA Building Birmingham, AL May 31, 2023 28,000 Palos Heights Surgery Center Palos Heights, IL July 20, 2023 2,600 IJRI Properties Investment (1) Indianapolis, IN September 30, 2023 1,250 Atlanta Medical Condominium Investments Atlanta, GA Various 2,620 Davis Joint Venture Investments Woodbury, MN Various 11,314 Adjacent Land Various Various 1,717 Development Costs Buford, GA Various 21,604 Earnouts Various Various 2,201 Private Equity Fund Investment (2) N/A Various 434 Loan Investments Various Various 51,400 $ 128,390 (1) The Company invested 15.9% in a joint venture that is developing a single outpatient medical facility located in Indiana. (2) The Company invested additional funds managed by a venture capital firm specializing in real estate technology. During 2023, the Company recorded revenues and net income of $2.7 million and $0.5 million, respectively, from its 2023 acquisitions. During 2022, the Company completed the acquisition of two outpatient medical facilities and one medical condominium unit for an investment of $109.6 million and acquired indirect ownership interests in additional assets through acquisitions by Davis Joint Venture for an aggregate purchase price of $8.0 million. The Company also paid $6.4 million of additional purchase consideration under five earn-out agreements and funded one mezzanine loan for $5.8 million, three term loans for $22.7 million, and $2.1 million of previous construction loan commitments. Additionally, the Company invested $5.0 million in funds managed by a venture capital firm specializing in real estate technology, resulting in total investment activity of approximately $159.7 million as of December 31, 2022 As part of these investments, the Company incurred approximately $2.3 million of capitalized transaction costs. Investment activity for the year ending December 31, 2022 is summarized below: Investment Location Acquisition Investment Amount City Place Portfolio - Davis Joint Venture (1) Woodbury, MN January 12, 2022 $ 8,032 New Albany Medical Center II New Albany, OH April 26, 2022 27,688 Calko Medical Center Brooklyn, NY September 9, 2022 81,500 Atlanta Medical Condominium Investment Atlanta, GA December 5, 2022 400 Earnouts Various Various 6,401 Private Equity Fund Investment (2) N/A Various 5,049 Loan Investments Various Various 30,609 $ 159,679 (1) The Company acquired a 49% membership interest in three properties through the Davis Joint Venture representing 107,886 square feet at an aggregate valuation of $43.9 million, including an $8.0 million equity contribution and a $14.0 million pro rata share of joint venture debt. On November 21, 2022, the Davis Joint Venture acquired a property representing 42,467 square feet at an aggregate valuation of $16.4 million. The Company did not make an equity contribution towards this property but did acquire a $4.6 million pro rata share of joint venture debt. (2) The Company invested in funds managed by a venture capital firm specializing in real estate technology. For 2022, the Company recorded revenues and net loss of $3.6 million and $0.2 million, respectively, from its 2022 acquisitions. The following table summarizes the preliminary purchase price allocations of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands): December 31, 2023 December 31, 2022 Land $ 8,719 $ 9,260 Building and improvements 32,167 98,433 In-place lease intangibles 4,410 12,845 Above market in-place lease intangibles — 2,768 Below market in-place lease intangibles (553) (4,923) Right-of-use asset — 79 Net assets acquired $ 44,743 $ 118,462 NCI-redeemable — (3,307) Satisfaction of real estate loans receivable (5,397) (2,700) Cash used in acquisition of investment property $ 39,346 $ 112,455 Dispositions For the year ended December 31, 2023, the Company sold one outpatient medical facility for approximately $2.6 million, realizing an insignificant net gain. For the year ended December 31, 2022, the Company sold five medical facilities, which included four outpatient medical facilities and one hospital, representing 212,295 square feet for approximately $124.7 million, realizing an aggregate net gain of approximately $57.4 million. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | Intangibles The following is a summary of the carrying amount of intangible assets and liabilities as of December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 449,716 $ (282,285) $ 167,431 $ 445,583 $ (241,643) $ 203,940 Above-market leases 59,752 (35,622) 24,130 59,752 (30,096) 29,656 Liabilities Below-market leases $ 36,962 $ (14,384) $ 22,578 $ 37,002 $ (12,621) $ 24,381 The following is a summary of the Company’s acquired lease intangible amortization for the years ended December 31, 2023, 2022, and 2021 (in thousands): December 31, 2023 2022 2021 Amortization expense related to in-place leases $ 40,920 $ 43,526 $ 34,570 Decrease of rental income related to above-market leases 5,526 5,824 3,808 Increase of rental income related to below-market leases 2,356 2,111 1,398 Future aggregate net amortization of the Company’s acquired lease intangibles as of December 31, 2023, is as follows (in thousands): Net Decrease (Increase) Net Increase in 2024 $ 2,887 $ 35,184 2025 2,316 29,663 2026 1,161 23,548 2027 994 20,625 2028 922 16,941 Thereafter (6,728) 41,470 Total $ 1,552 $ 167,431 For the year ended December 31, 2023, the weighted average amortization periods for asset lease intangibles and liability lease intangibles are 7 years and 15 years, respectively. Further detail is provided in Note 2 (Summary of Significant Accounting Policies). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Unclassified [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Straight-line rent receivable, net $ 105,773 $ 101,306 Leasing commissions, net 14,962 13,231 Prepaid expenses 10,416 11,009 Lease inducements, net 7,332 7,894 Escrows 1,715 1,565 Interest rate swap 1,103 2,045 Notes receivable, net 324 370 Other 10,934 9,387 Total $ 152,559 $ 146,807 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of debt as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Fixed interest mortgage notes (1) $ 23,194 $ 59,776 Variable interest mortgage notes (2) 104,678 105,153 Total mortgage debt 127,872 164,929 $1.0 billion unsecured revolving credit facility due September 2025 (3) — 193,000 $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 (4) 400,000 — $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 500,000 Senior unsecured notes (5) 135,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 1,987,872 1,832,929 Unamortized deferred financing costs (8,580) (7,453) Unamortized discounts (6,255) (7,359) Total debt $ 1,973,037 $ 1,818,117 (1) As of December 31, 2023, one fixed interest mortgage note bears interest of 4.63%, due in 2024, and is collateralized by one property with a net book value of $37.1 million. As of December 31, 2022, fixed interest mortgage notes bear interest from 3.33% to 4.63%, due in 2024, with a weighted average interest rate of 3.85% and the notes are collateralized by two properties with a net book value of $94.9 million. One mortgage bears interest at LIBOR + 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the variable component at 1.43% as of December 31, 2022. (2) Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and PRIME for a weighted average interest rate of 7.29% as of December 31, 2023. Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and LIBOR plus 2.75% for a weighted average interest rate of 6.20% as of December 31, 2022. The notes are due in 2026 and 2028 and collateralized by four properties with a net book value of $282.0 million as of December 31, 2023 and $295.5 million as of December 31, 2022. (3) The unsecured revolving credit facility bears variable interest of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment, as of December 31, 2023 and LIBOR plus 0.85% as of December 31, 2022. (4) The Company’s borrowings under the term loan feature of the Credit Agreement (as defined herein) bear interest at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as of December 31, 2023 based on the Company’s current credit rating. The Company entered into fixed-for-floating interest rate swaps for the full borrowing amount, fixing the SOFR component of this rate at 3.59%, and a current all-in fixed rate of 4.69%. (5) As of December 31, 2023, $135.0 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031. As of December 31, 2022, $150.0 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031. On September 24, 2021, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Third Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) which extended the maturity date of the revolving credit facility under the Credit Agreement to September 24, 2025 and reduced the interest rate margin applicable to borrowings. The Credit Agreement includes an unsecured revolving credit facility of $1.0 billion and contains a term loan feature of $250.0 million, bringing total borrowing capacity to $1.3 billion. The Credit Agreement also includes a swingline loan commitment for up to 10% of the maximum principal amount and provides an accordion feature allowing the Operating Partnership to increase borrowing capacity by up to an additional $500.0 million, subject to customary terms and conditions, resulting in a maximum borrowing capacity of $1.75 billion. The revolving credit facility under the Credit Agreement also includes two, six-month extension options. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Credit Agreement which expanded the accordion feature allowing the Operating Partnership to increase borrowing capacity by up to an additional $500.0 million, and replaced the LIBOR-based benchmark rates applicable to borrowings under the Credit Agreement with SOFR based benchmark rates plus a SOFR index adjustment of 0.10%. On May 24, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a Second Amendment to the Credit Agreement, which added a new $400.0 million unsecured term loan with a scheduled maturity date of May 24, 2028 and expanded the accordion feature, which allows the Operating Partnership to increase borrowing capacity under the Credit Agreement by up to an additional $500.0 million, subject to customary terms and conditions, for a maximum aggregate principal amount of all revolving commitments and term loans under the Credit Agreement of $1.9 billion. On the same day, the Operating Partnership borrowed $400.0 million under the term loan feature of the Credit Agreement. Borrowings under the term loan feature of the Credit Agreement bear interest on the outstanding principal amount at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as defined in the Credit Agreement. The Company simultaneously entered into fixed-for-floating interest rate swaps for the full borrowing amount under the term loan, fixing the Daily Simple SOFR component of the borrowing rate at 3.593%, for a current all-in fixed rate of 4.693%. Both the borrowing and the fixed-for-floating interest rate swaps have a maturity date of May 24, 2028. As of December 31, 2023, the borrower had investment grade ratings of BBB from S&P and Baa2 from Moody’s. As such, borrowings under the revolving credit facility of the Credit Agreement accrue interest on the outstanding principal at a rate of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment. The Credit Agreement includes a facility fee equal to 0.20% per annum, which is also determined by the borrower’s investment grade rating. 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: Credit Rating Applicable Margin for Revolving Loans: LIBOR Rate Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: LIBOR Rate Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.725% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.775% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.85% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.05% 0.05 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.40% 0.40 % LIBOR + 1.65% 0.65 % 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, grant liens, or make distributions. Subject to the restrictions in the Merger Agreement, the Company may voluntarily prepay any revolving or term loan under the Credit Agreement in whole or in part without premium or penalty. As of December 31, 2023, the Company was in compliance with all financial covenants related to the Credit Agreement. The Credit Agreement includes customary representations and warranties by the Trust and the Operating Partnership and imposes customary covenants on the Operating Partnership and the Trust. 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. As of December 31, 2023, the Company did not have any borrowings outstanding under its $1.0 billion unsecured revolving credit facility feature or the $500.0 million accordion feature of the Credit Agreement and had $400.0 million of borrowings outstanding under the term loan feature of the Credit Agreement. Notes Payable On January 7, 2016, the Operating Partnership issued and sold $150.0 million aggregate principal amount of senior notes (the “January 2016 Notes”), comprised of (i) $45.0 million aggregate principal amount of 4.43% Senior Notes, Series B, due January 7, 2026, (ii) $45.0 million aggregate principal amount of 4.57% Senior Notes, Series C, due January 7, 2028, (iii) $45.0 million aggregate principal amount of 4.74% Senior Notes, Series D, due January 7, 2031, and (iv) $15.0 million of 4.03% Senior Notes, Series A, which was paid off during the year ended December 31, 2023. On August 11, 2016, the note agreement for these notes was amended to make certain changes to its terms, including certain changes to affirmative covenants, negative covenants, and definitions contained therein. Interest on each respective series of the January 2016 Senior Notes is payable semi-annually. On August 11, 2016, the Operating Partnership issued and sold $75.0 million aggregate principal amount of senior notes (the “August 2016 Notes”), comprised of (i) $25.0 million aggregate principal amount of 4.09% Senior Notes, Series A, due August 11, 2025, (ii) $25.0 million aggregate principal amount of 4.18% Senior Notes, Series B, due August 11, 2026, and (iii) $25.0 million aggregate principal amount of 4.24% Senior Notes, Series C, due August 11, 2027. Interest on each respective series of the August 2016 Senior Notes is payable semi-annually. On March 7, 2017, the Operating Partnership issued and sold $400.0 million aggregate principal amount of 4.30% Senior Notes which will mature on March 15, 2027. The Senior Notes were sold at an issue price of 99.68% of their face value, before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $396.1 million. On December 1, 2017, the Operating Partnership issued and sold $350.0 million aggregate principal amount of 3.95% Senior Notes which will mature on January 15, 2028. The Senior Notes were sold at an issue price of 99.78% of their face value, before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $347.0 million. On October 13, 2021, the Operating Partnership issued and sold $500.0 million aggregate principal amount of 2.625% Senior Notes which will mature on November 1, 2031. The Senior Notes were sold at an issue price of 99.79% of their face value, before the underwriters’ discount. The Company’s net proceeds from the offering, after deducting underwriting discounts and expenses, were approximately $495.1 million. Certain properties have mortgage debt that contains financial covenants. As of December 31, 2023, the Trust was in compliance with all senior notes and mortgage debt financial covenants. Scheduled principal payments due on debt as of December 31, 2023, are as follows (in thousands): 2024 $ 23,669 2025 25,476 2026 170,476 2027 425,476 2028 797,775 Thereafter 545,000 Total Payments $ 1,987,872 As of December 31, 2023 and 2022, the Company had total consolidated indebtedness of approximately $2.0 billion and $1.8 billion, respectively. The weighted average interest rate on consolidated indebtedness was 4.07% as of December 31, 2023 (based on the 30-day SOFR rate of 5.38% and a PRIME rate of 8.50% as of December 31, 2023). As of December 31, 2023, we had approximately 5.0% and 0.2% of our outstanding long-term debt exposed to fluctuations in SOFR and PRIME, respectively. The weighted average interest rate on consolidated indebtedness was 3.98% as of December 31, 2022 (based on the 30-day LIBOR rate of 4.33% and a SOFR rate of 4.30% as of December 31, 2022). |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instrument Detail [Abstract] | |
Derivatives | Derivatives In the normal course of business, a variety of financial instruments are used to manage or hedge interest rate risk. When specific hedge accounting criteria are not met, changes in a derivative’s fair value are recognized currently in earnings. Changes in the fair market values of the Company’s derivative instruments are recorded in the consolidated statements of income if such derivatives do not qualify for, or the Company does not elect to apply for, hedge accounting. As a result of the Company’s adoption of ASU 2017-12 as of January 1, 2019, the change in the fair value of our derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. During the twelve months ended December 31, 2023, the Company de-designated an interest rate swap upon the repayment of the related debt instrument and reclassified the $1.8 million accumulated gain from other comprehensive income to earnings. This derivative instrument has a fair value of $1.1 million as of December 31, 2023, and is classified in other assets. Future changes in value on this derivative instrument, which matures on October 31, 2024, will be recorded directly in earnings. As of December 31, 2023, the Company had three outstanding interest rate swaps designated as cash flow hedges of interest rate risk. See Note 2 (Summary of Significant Accounting Policies) for further discussion of our derivatives. In addition, the Company recognizes its share of other comprehensive income related to derivative instruments held by unconsolidated entities. The following table summarizes the location and aggregate fair value of the interest rate swap on the Company’s consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): Derivative Instruments as of December 31, 2023 Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Cash flow hedge interest rate swaps 5/24/2028 3 $ 400,000 3.59 % Accrued expenses and other liabilities $ (260) Interest rate swap 10/31/2024 1 36,050 1.37 % Other assets 1,103 Derivative Instruments as of December 31, 2022 Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Cash flow hedge interest rate swap 10/31/2024 1 $ 36,050 3.33 % Other assets $ 2,045 The following tables provide a summary of the effect of interest rate swaps on the Company’s accompanying consolidated statements of income and comprehensive income for the twelve months ended December 31, 2023 and 2022, respectively (amounts in thousands): Derivative Instruments as of December 31, 2023 Maturity Date Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Cash flow hedge interest rate swaps 5/24/2028 $ (260) Interest expense $ — Interest rate swap 10/31/2024 — Interest expense 1,763 Total $ (260) $ 1,763 Derivative Instruments as of December 31, 2022 Maturity Date Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Interest rate swap 10/31/2024 $ 2,498 Interest expense $ — |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Prepaid rent $ 25,303 $ 21,062 Real estate taxes payable 23,993 23,303 Accrued interest 18,196 18,196 Accrued expenses 9,935 7,920 Security deposits 4,660 4,338 Accrued incentive compensation 1,713 2,700 Tenant improvement allowances 1,688 1,831 Interest rate swap 260 — Other 10,339 8,370 Total $ 96,087 $ 87,720 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company 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. Any common shares issued pursuant to the Company's incentive equity compensation and employee stock purchase plans will result in the Operating Partnership issuing OP Units to the Trust on a one-for-one basis, with the Operating Partnership receiving the net cash proceeds of such issuances. Certain of the Company’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 Company’s determination of the amount of stock compensation expense requires judgment in estimating the probability of achievement of these performance targets. Subsequent changes in actual experience are monitored and estimates are updated as information is available. In connection with the IPO, the Trust adopted the Physicians Realty Trust 2013 Equity Incentive Plan, which made shares available for awards for participants (the “2013 Plan”). At the Company’s Annual Meeting of Shareholders held on May 3, 2023, shareholders approved the Amended and Restated Physicians Realty Trust 2013 Equity Incentive Plan (the “Amended and Restated 2013 Plan”). The Amended and Restated 2013 Plan increased the number of common shares authorized for issuance to a total of 11,000,000. The Amended and Restated 2013 Plan also extended the term of the plan from 2029 to 2033, among other changes. Restricted Common Shares Restricted common shares granted under the 2013 Plan are eligible for dividends as well as the right to vote. During 2021, the Trust granted a total of 224,163 restricted common shares with a total value of $3.9 million to the Company’s officers and certain of its employees, which have a one-year vesting period for senior management award-recipients and a three-year vesting period for employee award-recipients. During 2022, the Trust granted a total of 247,579 restricted common shares with a total value of $4.1 million to the Company’s officers and certain of its employees, which have a one-year vesting period for senior management award-recipients and a three-year vesting period for employee award-recipients. During 2023, the Trust granted a total of 342,939 restricted common shares with a total value of $5.0 million to the Company’s officers and certain of its employees, which have a one-year vesting period for senior management award-recipients and a three-year vesting period for employee award-recipients. In January 2023, under the 2013 Plan, the Company granted restricted common shares to certain of its officers under a salary deferral program, part of which vests after one year, with the remainder vesting after two years. The following is summary of the status of the Trust’s non-vested restricted common shares during 2023, 2022, and 2021: Common Shares Weighted Non-vested at December 31, 2020 215,822 $ 18.73 Granted 224,163 17.42 Vested (185,968) 18.94 Forfeited (6,570) 18.05 Non-vested at December 31, 2021 247,447 17.41 Granted 247,579 16.53 Vested (213,572) 17.29 Forfeited (8,556) 17.98 Non-vested at December 31, 2022 272,898 16.69 Granted 342,939 14.57 Vested (239,602) 16.54 Forfeited (2,277) 14.75 Non-vested at December 31, 2023 373,958 $ 14.85 For all service awards, the Company records compensation expense for the entire award on a straight-line basis over the requisite service period. For the years ended December 31, 2023, 2022, and 2021 the Company recognized non-cash share compensation of $4.7 million, $3.9 million, and $3.7 million, respectively. Unrecognized compensation expense at December 31, 2023, 2022, and 2021 was $1.6 million, $1.4 million, and $1.4 million, respectively. Restricted Share Units Under the 2013 Plan, the Company granted 11,274, 7,800, and 13,343 restricted share units in January 2023, 2022 and 2021, respectively, to certain of its trustees in lieu of all or a portion of such trustee’s annual cash retainer. These units are subject to certain timing conditions and a one-year service period. Each restricted share unit contains one dividend equivalent. Each 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. With respect to the performance and timing conditions of the January 2023, 2022 and 2021 grants, the grant date fair value of $14.47, $18.83, and $17.80 per unit, respectively, was based on the share price at the date of grant. In March 2023, March 2022, and March 2021 under the Trust’s 2013 Plan, the Trust granted (i) restricted share units at a target level of 355,388, 299,019, and 265,275 respectively, to the Trust’s management, which are subject to certain performance and market conditions and three-year service periods and (ii) 62,586, 56,204, and 43,582 restricted share units, respectively, to the members of the Board of Trustees, which are subject to certain timing conditions and a two-year vesting period. 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 30%, 30%, and 40% of the restricted share units issued to the Trust’s management in 2023, 2022, and 2021, respectively, vest based on certain market conditions. The market conditions were valued with the assistance of independent valuation specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $18.71 in 2023, $30.17 in 2022, and $29.18 in 2021 per unit, respectively, using the following assumptions: 2023 2022 2021 Volatility 23.4 % 33.9 % 33.3 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 4.70 % 1.44 % 0.25 % Stock price (per share) $ 14.70 $ 16.37 $ 17.21 The remaining 70%, 70%, and 60% of the restricted share units issued to the Trust’s management in 2023, 2022, and 2021, respectively, vest based upon certain performance or timing conditions. With respect to the performance and timing conditions of the March 2023 grant issued to the Trust’s management, the grant date fair value of $14.70 per unit is based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2023 restricted share units issued to management is $15.90 per unit. With respect to the performance conditions of the March 2022 grant, the grant date fair value of $16.37 per unit is based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2022 restricted share units issued to management is $20.51 per unit. With respect to the performance conditions of the March 2021 grant, the grant date fair value of $17.21 per unit is based on the share price at the date of grant. The combined weighted average grant date fair value of the March 2021 restricted share units issued to management is $22.00 per unit. The following is a summary of the activity in the Trust’s restricted share units during 2023, 2022, and 2021: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted December 31, 2020 964,139 $ 21.17 59,820 $ 18.81 Granted 265,275 22.00 56,925 17.35 Vested (252,844) (1) 16.58 (53,737) 18.38 Non-vested at December 31, 2021 976,570 22.59 63,008 17.85 Granted 299,019 20.51 64,004 16.67 Vested (228,649) (2) 25.27 (49,020) 18.30 Non-vested at December 31, 2022 1,046,940 21.41 77,992 16.60 Granted 355,388 15.90 73,860 14.66 Vested (223,579) (3) 24.36 (61,164) 16.32 Non-vested at December 31, 2023 1,178,749 $ 19.19 90,688 $ 15.22 (1) Restricted units vested by Company management in 2021 resulted in the issuance of 399,165 common shares, less 162,173 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company management in 2022 resulted in the issuance of 361,679 common shares, less 160,573 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (3) Restricted units vested by Company executives in 2023 resulted in the issuance of 652,851 common shares, less 290,380 common shares withheld to cover minimum withholding tax obligations, for multiple employees. The Company recognized $10.8 million, $11.7 million, and $11.2 million of non-cash share unit compensation expense for the years ended December 31, 2023, 2022, and 2021, respectively. Unrecognized compensation expense at December 31, 2023, 2022, and 2021 was $8.8 million, $10.0 million, and $12.0 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 Company 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. As part of the Company’s acquisition process, Level 3 inputs are used to measure the fair value of the assets acquired and liabilities assumed. The Company’s derivative instruments as of December 31, 2023 consist of four interest rate swaps, of which three are designated as cash flow hedges of interest rate risk, as detailed in the Derivative Instruments section of Note 7 (Derivatives) and Note 2 (Summary of Significant Accounting Policies) of this report. The interest rate swap is not traded on an exchange. The Company’s derivative assets and 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 Company measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivatives. The Company 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 assets measured at fair value as of December 31, 2023 and 2022. 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. At December 31, 2023, cash equivalents includes a US Treasury Bill with an original maturity to the Company of approximately one week with a fair value based upon Level 1 inputs. 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 primarily on Level 2 inputs. The following table presents the fair value of the Company’s financial instruments (in thousands): December 31, 2023 2022 Carrying Fair Carrying Fair Assets: Cash equivalents - US Treasuries $ 149,060 $ 149,060 $ — $ — Real estate loans receivable, net $ 98,277 $ 96,702 $ 104,973 $ 102,162 Derivative asset $ 1,103 $ 1,103 $ 2,045 $ 2,045 Notes receivable, net $ 324 $ 324 $ 370 $ 370 Liabilities: Credit facility $ (400,000) $ (400,000) $ (193,000) $ (193,000) Notes payable $ (1,460,000) $ (1,334,631) $ (1,475,000) $ (1,302,767) Mortgage debt $ (127,872) $ (127,664) $ (164,929) $ (163,129) Derivative liabilities $ (260) $ (260) $ — $ — |
Tenant Operating Leases
Tenant Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Tenant Operating Leases | Tenant Operating Leases The Company is a lessor of outpatient medical facilities and other health care facilities. Leases have expirations from 2024 through 2042. As of December 31, 2023, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2024 $ 367,377 2025 352,182 2026 296,359 2027 244,764 2028 208,242 Thereafter 657,911 Total $ 2,126,835 The following presents rental and related revenues for the years ended 2023, 2022, and 2021, of which expense recoveries represent our variable lease payments (in thousands): 2023 2022 2021 Rental revenues $ 376,762 $ 371,727 $ 328,144 Expense recoveries 151,331 143,646 112,054 Rental and related revenues $ 528,093 $ 515,373 $ 440,198 |
Rent Expense
Rent Expense | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Rent Expense | Rent Expense The Company leases the rights to parking structures at two of its properties, the air in which one property occupies, and the land upon which 97 of its properties are located from third party landowners pursuant to separate leases. In addition, the Company has eleven corporate leases, primarily for office space. The Company’s leases include both fixed and variable rental payments and may also include escalation clauses and renewal options. These leases have terms of up to 91 years remaining, excluding extension options, with a weighted average remaining term of 43 years. Effective January 1, 2019, the Company adopted ASC 842, Leases which requires the operating leases mentioned above to be included in right-of-use lease assets, net on the Company’s December 31, 2023 and 2022 consolidated balance sheets, which represents the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make the lease payments are included in lease liabilities on the Company’s December 31, 2023 and 2022 consolidated balance sheets. As of December 31, 2023, total right-of-use assets and operating lease liabilities, net of accumulated amortization, were approximately $226.8 million and $104.8 million, respectively. The Company has entered into various short-term operating leases, primarily for office spaces, with an initial term of twelve months or less. These leases are not recorded on the Company's consolidated balance sheets. At the inception of a new lease, the Company establishes an operating lease asset and operating lease liability calculated as the present value of future minimum lease payments. As the Company’s leases do not provide an implicit rate, the Company calculates a discount rate that approximates the Company’s incremental borrowing rate available at lease commencement to determine the present value of future minimum lease payments. The approximated weighted average discount rate was 4.4% as of December 31, 2023. There are no operating leases that have not yet commenced that would have a significant impact on the Company’s consolidated balance sheets. As of December 31, 2023, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases were as follows (in thousands): 2024 $ 5,166 2025 5,179 2026 5,168 2027 5,182 2028 5,209 Thereafter 243,320 Total undiscounted lease payments $ 269,224 Less: Interest (164,380) Present value of lease liabilities $ 104,844 During the years ended December 31, 2023 and 2022, operating lease expense totaled $4.7 million and $4.6 million, respectively, substantially all of which represented fixed lease payments. |
Credit Concentration
Credit Concentration | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Credit Concentration | Credit Concentration The Company uses annualized base rent (“ABR”) as its credit concentration metric. ABR is calculated by multiplying contractual base rent for the month ended December 31, 2023 by 12, excluding the impact of concessions and straight-line rent. The following table summarizes certain information about the Company’s top five tenant credit concentrations as of December 31, 2023 (in thousands): Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 18,667 5.1 % Northside Hospital 16,953 4.6 % UofL Health - Louisville, Inc. 14,987 4.1 % US Oncology 10,925 3.0 % HonorHealth 10,244 2.8 % Remaining portfolio 297,302 80.4 % Total $ 369,078 100.0 % ABR collected from the Company’s top five tenant relationships comprises 19.6% of its total ABR as of December 31, 2023. Total ABR from CommonSpirit Health affiliated tenants totals 14.9%, including the affiliates disclosed above. The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2023 (in thousands): State Total ABR Percent of ABR Texas $ 49,329 13.4 % Georgia 27,676 7.5 % Florida 24,756 6.7 % Indiana 23,580 6.4 % Arizona 21,286 5.8 % Other 222,451 60.2 % Total $ 369,078 100.0 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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, 2023 2022 2021 Numerator for earnings per share - basic: Net income $ 43,767 $ 110,036 $ 86,783 Net income attributable to noncontrolling interests: Operating Partnership (1,722) (5,240) (2,211) Partially owned properties (169) (430) (607) Preferred distributions — — (13) Numerator for earnings per share - basic: $ 41,876 $ 104,366 $ 83,952 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 41,876 104,366 83,952 Operating Partnership net income 1,722 5,240 2,211 Numerator for earnings per share - diluted $ 43,598 $ 109,606 $ 86,163 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 238,216,847 226,598,474 216,135,385 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 9,827,483 11,402,684 5,693,333 Restricted common shares 146,239 116,825 113,438 Restricted share units 1,154,144 1,492,302 1,118,400 Denominator for earnings per share - diluted 249,344,713 239,610,285 223,060,556 Earnings per share - basic $ 0.18 $ 0.46 $ 0.39 Earnings per share - diluted $ 0.17 $ 0.46 $ 0.39 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation Relating to the Mergers As of February 21, 2024, four purported holders of the Trust’s common shares have filed complaints against the Company and/or the members of the Company’s Board of Trustees, captioned: Mark Frascarelli, et al. v. Physicians Realty Trust, et al. (United States District Court for the Southern District of New York - Case No. 1:24-cv-00047); Gerhard Kramer v. Physicians Realty Trust, et al. (Circuit Court for the City of Baltimore, Maryland – Case No. 24C24000330); Nassim Abd v. Physicians Realty Trust, et al. (United States District Court for the Southern District of New York – Case No. 1:24-cv-00343); and Jose Faustino v. Physicians Realty Trust, et al. (United States District Court for the Southern District of New York - Case No. 1:24-cv-00538). In addition, the Company was named as a defendant in a complaint filed by a purported shareholder of Healthpeak, captioned Dean Drulias v. Brinker, et al. (Colo. Dist. Ct. Denver County – Case No. 2024CV30251) (collectively, the “Actions”). In general, the plaintiffs in the Actions who purport to be holders of the Trust’s common shares alleged in their complaints that the Company and its Trustees named as defendants violated the U.S. federal securities laws or their duties under Maryland law as trustees by allegedly omitting or misstating material information in the proxy statement filed with the SEC on January 11, 2024, with respect to the special meeting of the Trust’s shareholders held on February 21, 2024, which was called to approve, among other things, the Company Merger (the “Proxy Statement”). The plaintiffs assert that these misstatements or omissions rendered the Proxy Statement materially deficient. Further, the plaintiff who purports to be a Healthpeak shareholder alleged that the Company aided and abetted fiduciary breaches by Healthpeak's board of directors. The plaintiffs in the Actions have sought various forms of relief, including among other things to enjoin the Company from proceeding with or consummating the Mergers unless and until the defendants disclose the allegedly omitted or misstated material information. In addition to the Actions, certain purported Trust shareholders have delivered demand letters (the “Demand Letters,” and together with the Actions, the “Matters”) alleging similar claims based on purported misstatements and/or omissions regarding the disclosures made in the Proxy Statement. The Company believes that the Matters are without merit. The Company denies that any further disclosure beyond that already contained in the Proxy Statement is required under applicable law. Nonetheless, to avoid the risk that the Matters may delay or otherwise adversely affect the consummation of the Mergers and to minimize the expense of defending the Matters, and without admitting any liability or wrongdoing, the Company has voluntarily made certain supplemental disclosures in its Current Report on Form 8-K filed with the SEC on February 8, 2024 (the “Supplemental Disclosures”). In connection with the Supplemental Disclosure and the Current Report on Form 8-K filed by Healthpeak pursuant to Rule 425 under the Securities Act on February 8, 2024, the Drulias Action was resolved and voluntarily dismissed. It is possible that additional complaints may be filed in connection with the Mergers, the complaints in the Actions may be amended, or additional demand letters may be delivered. The Company cannot predict the outcome of any of these proceedings or reasonably estimate any potential loss at this time. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 9, 2024, the Trust and the Operating Partnership entered into amendments to the note agreements governing the January 2016 Notes and the August 2016 Notes. The amendments to each of the note agreements shortened the time period for delivering the notice required to redeem the January 2016 Notes and the August 2016 Notes in connection with the Mergers. On February 21, 2024, the Company delivered a notice of redemption to the respective noteholders with its intent to redeem the January 2016 Notes and the August 2016 Notes, respectively, in connection with the closing of the Mergers. On February 12, 2024, Healthpeak announced that, in connection with the Mergers, Healthpeak and Healthpeak OP had commenced a consent solicitation of the holders of the 4.30% Senior Notes which will mature on March 15, 2027, 3.95% Senior Notes which will mature on January 15, 2028 and 2.625% Senior Notes which will mature on November 1, 2031 (collectively, the “DOC Notes”) issued by the Operating Partnership to certain proposed amendments to the supplemental indentures to the senior indenture (each an “Indenture”) under which the DOC Notes were issued and to offer a guarantee from each of Healthpeak and Healthpeak OP of the DOC Notes and a cash payment in respect of consents delivered in the consent solicitation. Healthpeak and Healthpeak OP are soliciting the consent of the holders of each series of DOC Notes as of the record date of 5:00 p.m., New York City time, on February 9, 2024. In order to adopt the proposed amendments to an Indenture with respect to a series of DOC Notes, consents must be received from holders as of the record date of the DOC Notes in respect of at least a majority in aggregate principal amount of such series of DOC Notes outstanding under such Indenture (the “Required Consents”). If the Required Consents are obtained with respect to an Indenture and the Mergers are completed, (i) each of the Healthpeak and Healthpeak OP will issue an unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the DOC Notes under such DOC Notes and such Indenture and any other amounts due pursuant to such Indenture and (ii) Healthpeak will make a payment equal to $1.00 for each $1,000 principal amount of DOC Notes to the holders of DOC Notes under such Indenture who provide valid and unrevoked consents prior to the Expiration Time (as defined below). The expiration time of the consent solicitation and offers to guarantee is 5:00 p.m., New York City time, on February 26, 2024, unless extended by the Company in its sole discretion (such time and date, as it may be extended, the “Expiration Time”). Consents delivered may be validly revoked at any time at or prior to the earlier of (i) the Expiration Time and (ii) the time at which the Required Consents have been received. The proposed amendments would amend the following sections contained in the Indentures: (i) the limitation on incurrence of total debt, limitation on incurrence of secured debt, debt service coverage test for incurrence, maintenance of unencumbered assets and insurance covenants would be conformed to the corresponding covenants in Healthpeak’s and Healthpeak OP’s existing indentures, (ii) the maintenance of properties covenant, which is not contained in Healthpeak’s and Healthpeak OP’s existing indentures, would be eliminated from the Indentures, (iii) the financial reporting covenant would be amended to replace the Operating Partnership’s reporting obligations with Healthpeak’s reporting obligations and (iv) the events of default section would be conformed to the corresponding events of default section in Healthpeak’s and Healthpeak OP’s existing indentures. On February 21, 2024, our shareholders voted on and approved the merger with Healthpeak. The Mergers are expected to close on or about March 1, 2024. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Del Sol Medical Center Outpatient Medical Facility El Paso, TX $ — $ 860 $ 2,866 $ 1,036 $ 860 $ 3,902 $ 4,762 $ (2,788) 1987 8/24/2006 21 MeadowView Professional Kingsport, TN — 2,270 11,344 3,248 2,270 14,592 16,862 (6,630) 2005 5/10/2007 30 Firehouse Square Milwaukee, WI — 1,120 2,768 10 1,120 2,778 3,898 (1,518) 2002 8/15/2007 30 Valley West Hospital Outpatient Medical Facility Chicago, IL — — 6,275 815 — 7,090 7,090 (3,776) 2007 11/1/2007 30 Mid Coast Hospital Outpatient Medical Facility Portland, ME 4,678 — 11,247 503 — 11,750 11,750 (6,033) 2008 5/1/2008 42 Arrowhead Commons Phoenix, AZ — 740 2,551 764 740 3,315 4,055 (1,346) 2004 5/31/2008 46 Remington Medical Commons Chicago, IL — 895 6,499 1,555 895 8,054 8,949 (4,056) 2008 6/1/2008 30 Aurora Outpatient Medical Facility - Shawano Green Bay, WI — 500 1,566 — 500 1,566 2,066 (431) 2010 4/15/2010 50 East El Paso Physicians Medical Center El Paso, TX — 710 4,500 1,313 710 5,813 6,523 (1,452) 2004 8/30/2013 35 Crescent City Surgical Centre New Orleans, LA — — 34,208 — — 34,208 34,208 (7,305) 2010 9/30/2013 48 Foundation Surgical Affiliates Medical Building Oklahoma City, OK — 1,300 12,724 259 1,300 12,983 14,283 (3,118) 2004 9/30/2013 43 Eastwind Surgical Center Columbus, OH — 981 7,620 142 981 7,762 8,743 (1,773) 2007 11/27/2013 44 Foundation Surgical Hospital of San Antonio San Antonio, TX — 2,230 23,346 112 2,230 23,458 25,688 (7,491) 2007 2/19/2014 35 21st Century Radiation Oncology - Sarasota Sarasota, FL — 633 6,557 67 633 6,624 7,257 (2,475) 1975 2/26/2014 27 21st Century Radiation Oncology - Venice Venice, FL — 814 2,952 — 814 2,952 3,766 (935) 1987 2/26/2014 35 21st Century Radiation Oncology - Englewood Englewood, FL — 350 1,878 163 350 2,041 2,391 (540) 1992 2/26/2014 38 Foundation Healthplex of San Antonio San Antonio, TX — 911 4,189 133 911 4,322 5,233 (1,241) 2007 2/28/2014 35 Peachtree Dunwoody Medical Center Atlanta, GA — — 52,481 3,399 — 55,880 55,880 (19,903) 1987 2/28/2014 25 Pinnacle Health Medical Building - Wormleysburg Harrisburg, PA — 795 4,601 31 795 4,632 5,427 (1,919) 1990 4/22/2014 25 Pinnacle Health Medical Building - Carlisle Carlisle, PA — 424 2,232 — 424 2,232 2,656 (672) 2002 4/22/2014 35 South Bend Orthopaedics Outpatient Medical Facility Mishawaka, IN — 2,418 11,355 — 2,418 11,355 13,773 (3,150) 2007 4/30/2014 40 Grenada Medical Complex Grenada, MS — 185 5,820 449 185 6,269 6,454 (2,476) 1975 4/30/2014 30 Mississippi Sports Medicine & Orthopedics Jackson, MS — 1,272 14,177 626 1,272 14,803 16,075 (4,463) 1987 5/23/2014 35 Carmel Medical Pavilion Carmel, IN — — 3,917 693 — 4,610 4,610 (1,694) 1993 5/28/2014 25 Renaissance ASC Oshkosh, WI — 228 7,658 61 228 7,719 7,947 (1,903) 2007 6/30/2014 40 Summit Urology Bloomington, IN — 125 4,792 — 125 4,792 4,917 (1,556) 1996 6/30/2014 30 IU Health - 500 Landmark Bloomington, IN — 627 3,549 36 627 3,585 4,212 (1,003) 2000 7/1/2014 35 IU Health - 550 Landmark Bloomington, IN — 2,717 15,224 — 2,717 15,224 17,941 (4,305) 2000 7/1/2014 35 IU Health - 574 Landmark Bloomington, IN — 418 1,493 26 418 1,519 1,937 (436) 2004 7/1/2014 35 Carlisle II Outpatient Medical Facility Carlisle, PA — 412 3,962 96 412 4,058 4,470 (886) 1996 7/25/2014 45 Surgical Institute of Monroe Monroe, MI — 410 5,743 — 410 5,743 6,153 (1,817) 2010 7/28/2014 35 Oaks Medical Building Lady Lake, FL — 1,065 8,642 148 1,065 8,790 9,855 (1,992) 2011 7/31/2014 42 Mansfield ASC Mansfield, TX — 1,491 6,471 23 1,491 6,494 7,985 (1,449) 2010 9/2/2014 46 Eye Center of Southern Indiana Bloomington, IN — 910 11,477 — 910 11,477 12,387 (3,174) 1995 9/5/2014 35 Zangmeister Cancer Center Columbus, OH — 1,610 31,120 499 1,610 31,619 33,229 (7,584) 2007 9/30/2014 40 Orthopedic One - Columbus Columbus, OH — — 16,234 84 — 16,318 16,318 (3,737) 2009 9/30/2014 45 Orthopedic One - Westerville Columbus, OH — 362 3,944 55 362 3,999 4,361 (939) 2007 9/30/2014 43 South Point Medical Center Columbus, OH — — 5,950 358 — 6,308 6,308 (1,674) 2007 9/30/2014 38 3100 Lee Trevino Drive El Paso, TX — 2,294 11,316 1,842 2,294 13,158 15,452 (4,302) 1983 9/30/2014 30 1755 Curie El Paso, TX — 2,283 24,543 3,432 2,283 27,975 30,258 (9,152) 1970 9/30/2014 30 9999 Kenworthy El Paso, TX — 728 2,178 674 728 2,852 3,580 (933) 1983 9/30/2014 35 32 Northeast Outpatient Medical Facility Harrisburg, PA — 408 3,232 394 408 3,626 4,034 (1,079) 1994 10/29/2014 33 4518 Union Deposit Outpatient Medical Facility Harrisburg, PA — 617 7,305 44 617 7,349 7,966 (2,335) 2000 10/29/2014 31 4520 Union Deposit Outpatient Medical Facility Harrisburg, PA — 169 2,055 432 169 2,487 2,656 (810) 1997 10/29/2014 28 240 Grandview Outpatient Medical Facility Harrisburg, PA — 321 4,242 269 321 4,511 4,832 (1,237) 1980 10/29/2014 35 Middletown Medical - Maltese Middletown, NY — 670 9,921 37 670 9,958 10,628 (2,679) 1988 11/28/2014 35 Middletown Medical - Edgewater Middletown, NY — 200 2,966 11 200 2,977 3,177 (801) 1992 11/28/2014 35 Napoleon Outpatient Medical Facility New Orleans, LA — 1,202 7,412 7,366 1,202 14,778 15,980 (3,654) 1974 12/19/2014 25 West Tennessee ASC Jackson, TN — 1,661 2,960 7,116 1,661 10,076 11,737 (2,738) 1991 12/30/2014 44 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Southdale Place Edina MN — 504 10,006 3,596 504 13,602 14,106 (4,808) 1979 1/22/2015 24 Crystal Outpatient Medical Facility Crystal, MN — 945 11,862 268 945 12,130 13,075 (2,540) 2012 1/22/2015 47 Savage Outpatient Medical Facility Savage, MN — 1,281 10,021 503 1,281 10,524 11,805 (2,340) 2011 1/22/2015 48 Dell Outpatient Medical Facility Chanhassen, MN — 800 4,520 400 800 4,920 5,720 (1,177) 2008 1/22/2015 43 Methodist Sports Greenwood, IN — 1,050 8,556 — 1,050 8,556 9,606 (2,429) 2008 1/28/2015 33 Vadnais Heights Outpatient Medical Facility Vadnais Heights, MN — 2,751 12,233 2,965 2,751 15,198 17,949 (2,928) 2013 1/29/2015 43 Minnetonka Outpatient Medical Facility Minnetonka, MN — 1,770 19,797 174 1,770 19,971 21,741 (4,478) 2014 2/5/2015 49 Jamestown Jamestown, ND — 656 9,440 477 656 9,917 10,573 (2,567) 2013 2/5/2015 43 Indiana American 3 Greenwood, IN — 862 6,901 2,746 862 9,647 10,509 (2,724) 2008 2/13/2015 38 Indiana American 2 Greenwood, IN — 741 1,846 943 741 2,789 3,530 (1,052) 2001 2/13/2015 31 Indiana American 4 Greenwood, IN — 771 1,928 364 771 2,292 3,063 (873) 2001 2/13/2015 31 8920 Southpointe Indianapolis, IN — 563 1,741 941 563 2,682 3,245 (1,271) 1993 2/13/2015 27 Minnesota Eye Outpatient Medical Facility Minnetonka, MN — 1,143 7,470 — 1,143 7,470 8,613 (1,748) 2014 2/17/2015 44 Baylor Cancer Center- Carrollton Dallas, TX — 855 6,007 104 855 6,111 6,966 (1,357) 2001 2/27/2015 43 Bridgeport Medical Center Lakewood, WA — 1,397 10,435 1,006 1,397 11,441 12,838 (3,180) 2004 2/27/2015 35 Renaissance Office Building Milwaukee, WI — 1,379 4,182 8,637 1,379 12,819 14,198 (5,684) 1896 3/27/2015 15 Calkins 125 Rochester, NY — 534 10,164 1,257 534 11,421 11,955 (3,326) 1997 3/31/2015 32 Calkins 200 Rochester, NY — 210 3,317 75 210 3,392 3,602 (977) 2000 3/31/2015 38 Calkins 300 Rochester, NY — 372 6,645 670 372 7,315 7,687 (1,753) 2002 3/31/2015 39 Calkins 400 Rochester, NY — 353 8,226 872 353 9,098 9,451 (2,253) 2007 3/31/2015 39 Calkins 500 Rochester, NY — 282 7,074 418 282 7,492 7,774 (1,873) 2008 3/31/2015 41 Premier Surgery Center of Louisville Louisville, KY — 1,106 5,437 — 1,106 5,437 6,543 (1,189) 2013 4/10/2015 43 Baton Rouge Surgery Center Baton Rouge, LA — 711 7,720 51 711 7,771 8,482 (2,036) 2003 4/15/2015 35 Healthpark Surgery Center Grand Blanc, MI — — 17,624 307 — 17,931 17,931 (4,730) 2006 4/30/2015 36 University of Michigan Center for Specialty Care Livonia, MI — 2,200 8,627 359 2,200 8,986 11,186 (2,756) 1988 5/29/2015 30 Coon Rapids Medical Center Coon Rapids, MN — 607 5,857 762 607 6,619 7,226 (1,764) 2007 6/1/2015 35 Premier RPM Bloomington, IN — 942 10,537 — 942 10,537 11,479 (2,425) 2008 6/5/2015 39 Palm Beach ASC Palm Beach, FL — 2,576 7,675 — 2,576 7,675 10,251 (1,723) 2003 6/26/2015 40 Hillside Medical Center Hanover, PA — 812 13,217 414 812 13,631 14,443 (3,580) 2003 6/30/2015 35 Randall Road Outpatient Medical Facility Elgin, IL — 1,124 15,404 1,973 1,124 17,377 18,501 (3,902) 2006 6/30/2015 38 JFK Medical Center Medical Building Atlantis, FL — — 7,560 6 — 7,566 7,566 (1,886) 2002 7/24/2015 37 Grove City Health Center Grove City, OH — 1,363 8,516 224 1,363 8,740 10,103 (2,228) 2001 7/31/2015 37 Trios Health Outpatient Medical Facility Kennewick, WA — 1,492 55,178 3,795 1,492 58,973 60,465 (11,252) 2015 7/31/2015 45 Abrazo Scottsdale Outpatient Medical Facility Phoenix, AZ — — 25,893 1,627 — 27,520 27,520 (5,991) 2004 8/14/2015 43 Avondale Outpatient Medical Facility Avondale, AZ — 2,694 18,108 1,027 2,694 19,135 21,829 (3,783) 2006 8/19/2015 45 Palm Valley Outpatient Medical Facility Goodyear, AZ — 2,666 28,655 1,706 2,666 30,361 33,027 (6,359) 2006 8/19/2015 43 North Mountain Outpatient Medical Facility Phoenix, AZ — — 42,877 4,455 — 47,332 47,332 (9,607) 2008 8/31/2015 47 Katy Medical Complex Katy, TX — 822 6,797 222 822 7,019 7,841 (1,590) 2005 9/1/2015 39 Katy Medical Complex Surgery Center Katy, TX — 1,560 25,601 564 1,560 26,165 27,725 (5,725) 2006 9/1/2015 40 New Albany Medical Center New Albany, OH — 1,600 8,505 2,690 1,600 11,195 12,795 (2,974) 2005 9/9/2015 37 Fountain Hills Medical Campus Fountain Hills, AZ — 2,593 7,635 1,077 2,593 8,712 11,305 (2,108) 1995 9/30/2015 39 Fairhope Outpatient Medical Facility Fairhope, AL — 1,669 5,227 1,675 1,669 6,902 8,571 (1,882) 2005 10/13/2015 38 Foley Outpatient Medical Facility Foley, AL — 365 732 — 365 732 1,097 (176) 1997 10/13/2015 40 Foley Venture Foley, AL — 420 1,118 339 420 1,457 1,877 (485) 2002 10/13/2015 38 North Okaloosa Outpatient Medical Facility Crestview, FL — 190 1,010 — 190 1,010 1,200 (223) 2005 10/13/2015 41 Commons on North Davis Pensacola, FL — 380 1,237 15 380 1,252 1,632 (276) 2009 10/13/2015 41 Sorrento Road Outpatient Medical Facility Pensacola, FL — 170 894 5 170 899 1,069 (202) 2010 10/13/2015 41 Panama City Beach Outpatient Medical Facility Panama City, FL — — 739 50 — 789 789 (161) 2012 10/13/2015 42 Perdido Medical Park Pensacola, FL — 100 1,147 — 100 1,147 1,247 (253) 2010 10/13/2015 41 Ft. Walton Beach Outpatient Medical Facility Ft. Walton Beach, FL — 230 914 — 230 914 1,144 (231) 1979 10/13/2015 35 Panama City Outpatient Medical Facility Panama City, FL — — 661 39 — 700 700 (178) 2003 10/13/2015 38 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Pensacola Outpatient Medical Facility Pensacola, FL — 220 1,685 78 220 1,763 1,983 (395) 2001 10/13/2015 39 Arete Surgical Center Johnstown, CO — 399 6,667 — 399 6,667 7,066 (1,270) 2013 10/19/2015 45 Cambridge Professional Center Waldorf, MD — 590 8,520 1,042 590 9,562 10,152 (2,451) 1999 10/30/2015 35 HonorHealth - 44th Street Outpatient Medical Facility Phoenix, AZ — 515 3,884 1,354 515 5,238 5,753 (1,862) 1988 11/13/2015 28 Mercy Medical Center Fenton, MO — 1,201 6,778 754 1,201 7,532 8,733 (1,591) 1999 12/1/2015 40 8 C1TY Blvd Nashville, TN — 1,555 39,713 676 1,555 40,389 41,944 (7,255) 2015 12/17/2015 45 Treasure Coast Center for Surgery Stuart, FL — 380 5,064 70 380 5,134 5,514 (995) 2013 2/1/2016 42 Park Nicollet Clinic Chanhassen, MN — 1,941 14,555 182 1,941 14,737 16,678 (3,151) 2005 2/8/2016 40 HEB Cancer Center Bedford, TX — — 11,839 11 — 11,850 11,850 (2,264) 2014 2/12/2016 44 Riverview Medical Center Lancaster, OH — 1,313 10,243 1,512 1,313 11,755 13,068 (3,036) 1997 2/26/2016 33 St. Luke's Cornwall Outpatient Medical Facility Cornwall, NY — — 13,017 193 — 13,210 13,210 (3,176) 2006 2/26/2016 35 HonorHealth - Glendale Glendale, AZ — 1,770 8,089 — 1,770 8,089 9,859 (1,505) 2015 3/15/2016 45 Columbia Outpatient Medical Facility Hudson, NY — — 16,550 47 — 16,597 16,597 (3,718) 2006 3/21/2016 35 St Vincent POB 1 Birmingham, AL — — 10,172 837 — 11,009 11,009 (5,836) 1975 3/23/2016 15 Emerson Medical Building Creve Coeur, MO — 1,590 9,853 341 1,590 10,194 11,784 (2,443) 1989 3/24/2016 35 Eye Associates of NM - Santa Fe Santa Fe, NM — 900 6,604 40 900 6,644 7,544 (1,564) 2002 3/31/2016 35 Eye Associates of NM - Albuquerque Albuquerque, NM — 1,020 7,832 13 1,020 7,845 8,865 (1,653) 2007 3/31/2016 40 Gardendale Surgery Center Gardendale, AL — 200 5,732 — 200 5,732 5,932 (1,108) 2011 4/11/2016 42 M Health Fairview - Curve Crest Stillwater, MN — 409 3,279 23 409 3,302 3,711 (655) 2011 4/14/2016 43 M Health Fairview - Victor Gardens Hugo, MN — 572 4,400 395 572 4,795 5,367 (954) 2008 4/14/2016 41 Cardwell Professional Building Lufkin, TX — — 8,348 704 — 9,052 9,052 (1,848) 1999 5/11/2016 42 Dacono Neighborhood Health Clinic Dacono, CO — 2,258 2,911 20 2,258 2,931 5,189 (804) 2014 5/11/2016 44 Grand Island Specialty Clinic Grand Island, NE — 102 2,802 202 102 3,004 3,106 (677) 1978 5/11/2016 42 Hot Springs Village Medical Building Hot Springs Village, AR — 305 3,309 151 305 3,460 3,765 (1,007) 1988 5/11/2016 30 UofL Health - East Louisville, KY — — 81,248 809 — 82,057 82,057 (14,732) 2003 5/11/2016 45 UofL Health - South Shepherdsville, KY — — 15,861 9,391 — 25,252 25,252 (3,701) 2005 5/11/2016 39 UofL Health - Plaza I Louisville, KY — — 8,808 745 — 9,553 9,553 (2,301) 1970 5/11/2016 35 UofL Health - Plaza II Louisville, KY — — 5,216 2,736 — 7,952 7,952 (3,237) 1964 5/11/2016 15 UofL Health - OCC Louisville, KY — — 35,703 2,492 — 38,195 38,195 (8,573) 1985 5/11/2016 34 Lexington Surgery Center Lexington, KY — 1,229 18,914 675 1,229 19,589 20,818 (5,141) 2000 5/11/2016 30 Medical Arts Pavilion Lufkin, TX — — 6,215 1,256 — 7,471 7,471 (1,987) 2004 5/11/2016 33 Memorial Outpatient Therapy Center Lufkin, TX — — 4,808 100 — 4,908 4,908 (960) 1990 5/11/2016 45 Midlands Two Professional Center Papillion, NE — — 587 1,159 — 1,746 1,746 (911) 1976 5/11/2016 5 Parkview Outpatient Medical Facility Little Rock, AR — 705 4,343 76 705 4,419 5,124 (1,095) 1988 5/11/2016 35 Peak One ASC Frisco, CO — — 5,763 317 — 6,080 6,080 (1,173) 2006 5/11/2016 44 Physicians Medical Center Tacoma, WA — — 5,862 3,289 — 9,151 9,151 (2,295) 1977 5/11/2016 27 St. Alexius - Minot Medical Plaza Minot, ND — — 26,078 214 — 26,292 26,292 (4,752) 2015 5/11/2016 49 St. Clare Medical Pavilion Lakewood, WA — — 9,005 678 — 9,683 9,683 (2,581) 1989 5/11/2016 33 St. Joseph Medical Pavilion Tacoma, WA — — 11,497 1,088 — 12,585 12,585 (2,864) 1989 5/11/2016 35 St. Joseph Office Park Lexington, KY — 3,722 12,675 5,432 3,722 18,107 21,829 (8,673) 1992 5/11/2016 14 UofL Health - Mary & Elizabeth MOB II Louisville, KY — — 5,587 747 — 6,334 6,334 (1,389) 1979 5/11/2016 34 UofL Health - Mary & Elizabeth MOB III Louisville, KY — — 383 558 — 941 941 (610) 1974 5/11/2016 2 Thornton Neighborhood Health Clinic Thornton, CO — 1,609 2,287 1,679 1,609 3,966 5,575 (1,436) 2014 5/11/2016 43 St. Francis Outpatient Medical Facility Federal Way, WA — — 12,817 255 — 13,072 13,072 (2,980) 1987 6/2/2016 38 Children's Wisconsin - Brookfield Milwaukee, WI — 476 4,897 — 476 4,897 5,373 (942) 2016 6/3/2016 45 UofL Health - South Medical Building Shepherdsville, KY — 27 3,827 30 27 3,857 3,884 (738) 2006 6/8/2016 40 Good Samaritan North Annex Building Kearney, NE — — 2,734 — — 2,734 2,734 (619) 1984 6/28/2016 37 NE Heart Institute Medical Building Lincoln, NE — — 19,738 199 — 19,937 19,937 (3,199) 2004 6/28/2016 47 St. Vincent West Outpatient Medical Facility Little Rock, AR — — 13,453 — — 13,453 13,453 (2,237) 2012 6/29/2016 49 Meridan Englewood, CO — 1,608 15,774 137 1,608 15,911 17,519 (3,627) 2002 6/29/2016 38 UofL Health - Mary & Elizabeth MOB I Louisville, KY — — 8,774 1,424 — 10,198 10,198 (2,976) 1991 6/29/2016 25 St. Alexius - Medical Arts Pavilion Bismarck, ND — — 12,902 1,246 — 14,148 14,148 (3,278) 1974 6/29/2016 32 St. Alexius - Mandan Clinic Mandan, ND — 708 7,700 363 708 8,063 8,771 (1,573) 2014 6/29/2016 43 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building St. Alexius - Orthopaedic Center Bismarck, ND — — 13,881 1,240 — 15,121 15,121 (3,078) 1997 6/29/2016 39 St. Alexius - Rehab Center Bismarck, ND — — 5,920 641 — 6,561 6,561 (2,027) 1997 6/29/2016 25 St. Alexius - Tech & Ed Bismarck, ND — — 16,688 715 — 17,403 17,403 (3,479) 2011 6/29/2016 38 Good Samaritan Medical Building Kearney, NE — — 24,154 3,141 — 27,295 27,295 (4,630) 1999 6/29/2016 45 Lakeside Two Professional Center Omaha, NE — — 13,358 2,935 — 16,293 16,293 (3,102) 2000 6/29/2016 38 Lakeside Wellness Center Omaha, NE — — 10,177 438 — 10,615 10,615 (2,137) 2000 6/29/2016 39 McAuley Center Omaha, NE — 1,427 17,020 1,280 1,427 18,300 19,727 (4,819) 1988 6/29/2016 30 Memorial Health Center Grand Island, NE — — 33,967 3,492 — 37,459 37,459 (8,165) 1955 6/29/2016 35 Missionary Ridge Outpatient Medical Facility Chattanooga, TN — — 7,223 3,936 — 11,159 11,159 (6,612) 1976 6/29/2016 10 Pilot Medical Center Birmingham, AL — 1,419 14,528 99 1,419 14,627 16,046 (3,336) 2005 6/29/2016 35 St. Joseph Medical Clinic Tacoma, WA — — 16,427 981 — 17,408 17,408 (4,190) 1991 6/30/2016 30 Woodlands Medical Arts Center The Woodlands, TX — — 19,168 3,363 — 22,531 22,531 (5,578) 2001 6/30/2016 35 FESC Outpatient Medical Facility Tacoma, WA — — 12,702 324 — 13,026 13,026 (4,800) 1980 6/30/2016 22 PrairieCare Outpatient Medical Facility Maplewood, MN — 525 3,099 — 525 3,099 3,624 (567) 2016 7/6/2016 45 Springwoods Outpatient Medical Facility Spring, TX — 3,821 14,830 5,127 3,821 19,957 23,778 (5,818) 2015 7/21/2016 44 Unity ASC, Imaging & Outpatient Medical Facility West Lafayette, IN — 960 9,991 — 960 9,991 10,951 (2,248) 2001 8/8/2016 35 Unity Medical Pavilion West Lafayette, IN — 1,070 12,454 — 1,070 12,454 13,524 (2,801) 2001 8/8/2016 35 Unity Faith, Hope & Love West Lafayette, IN — 280 1,862 — 280 1,862 2,142 (420) 2001 8/8/2016 35 Unity Immediate Care and OCC West Lafayette, IN — 300 1,833 — 300 1,833 2,133 (395) 2004 8/8/2016 37 Medical Village at Maitland Orlando, FL — 2,393 18,543 370 2,393 18,913 21,306 (3,480) 2006 8/23/2016 44 Tri-State Orthopaedics Outpatient Medical Facility Evansville, IN — 1,580 14,162 — 1,580 14,162 15,742 (3,042) 2004 8/30/2016 37 Maury Regional Health Complex Spring Hill, TN — — 15,619 507 — 16,126 16,126 (3,138) 2012 9/30/2016 41 Spring Ridge Medical Center Wyomissing, PA — 28 4,943 44 28 4,987 5,015 (1,031) 2002 9/30/2016 37 Doctors Community Hospital POB Lanham, MD — — 23,034 156 — 23,190 23,190 (3,548) 2009 9/30/2016 48 Gig Harbor Medical Pavilion Gig Harbor, WA — — 4,791 2,245 — 7,036 7,036 (1,973) 1991 9/30/2016 30 Midlands One Professional Center Papillion, NE — — 14,922 134 — 15,056 15,056 (2,952) 2010 9/30/2016 37 Northwest Michigan Surgery Center Traverse City, MI — 2,748 30,005 — 2,748 30,005 32,753 (5,584) 2004 10/28/2016 40 Northeast Medical Center Fayetteville, NY — 4,011 25,564 1,003 4,011 26,567 30,578 (6,894) 1998 11/23/2016 33 North Medical Center Liverpool, NY — 1,337 18,680 1,056 1,337 19,736 21,073 (4,499) 1989 11/23/2016 35 Cincinnati Eye Institute Cincinnati, OH — 2,050 32,546 — 2,050 32,546 34,596 (6,961) 1985 11/23/2016 35 HonorHealth - Scottsdale Outpatient Medical Facility Scottsdale, AZ — 3,340 4,288 5,811 3,340 10,099 13,439 (2,614) 2000 12/2/2016 45 Fox Valley Hematology & Oncology Appleton, WI — 1,590 26,666 — 1,590 26,666 28,256 (4,520) 2015 12/8/2016 44 Flower Mound Outpatient Medical Facility Flower Mound, TX — 1,945 8,312 86 1,945 8,398 10,343 (1,518) 2011 12/16/2016 43 Carrollton Outpatient Medical Facility Flower Mound, TX — 2,183 10,461 192 2,183 10,653 12,836 (2,035) 2002 12/16/2016 40 HonorHealth - Scottsdale IRF Scottsdale, AZ — — 19,331 — — 19,331 19,331 (3,370) 2000 12/22/2016 42 Orthopedic Associates Flower Mound, TX — 2,915 12,791 243 2,915 13,034 15,949 (2,273) 2011 1/5/2017 43 Medical Arts Center at Hartford Plainville, CT — 1,499 24,627 932 1,499 25,559 27,058 (4,481) 2015 1/11/2017 44 CareMount Medical - Lake Katrine Lake Katrine, NY 23,194 1,941 27,434 — 1,941 27,434 29,375 (4,800) 2013 2/14/2017 42 CareMount Medical - Rhinebeck Rhinebeck, NY — 869 12,220 — 869 12,220 13,089 (2,230) 1965 2/14/2017 41 Monterey Medical Center Stuart, FL — 2,292 13,376 1,910 2,292 15,286 17,578 (2,697) 2003 3/7/2017 37 Creighton University Medical Center Omaha, NE — — 32,487 105 — 32,592 32,592 (4,725) 2017 3/28/2017 49 Strictly Pediatrics Specialty Center Austin, TX — 4,457 62,527 1,363 4,457 63,890 68,347 (11,324) 2006 3/31/2017 40 MedStar Stephen's Crossing Brandywine, MD — 1,975 14,810 65 1,975 14,875 16,850 (2,484) 2015 6/16/2017 43 Health Clinic Building Omaha, NE — — 50,177 16 — 50,193 50,193 (6,743) 2017 6/29/2017 49 Family Medical Center Little Falls, MN — — 4,944 9,608 — 14,552 14,552 (2,477) 1990 6/29/2017 30 Craven-Hagan Clinic Williston, ND — — 8,739 2,351 — 11,090 11,090 (1,921) 1984 6/29/2017 40 Chattanooga Heart Institute Chattanooga, TN — — 18,639 1,101 — 19,740 19,740 (3,797) 1993 6/29/2017 37 St. Vincent Mercy Heart and Vascular Center Hot Springs, AR — — 11,688 215 — 11,903 11,903 (1,923) 1998 6/29/2017 45 South Campus Medical Building Hot Springs, AR — — 13,369 1,255 — 14,624 14,624 (2,534) 2009 6/29/2017 42 St. Vincent Mercy Cancer Center Hot Springs, AR — — 5,090 180 — 5,270 5,270 (990) 2001 6/29/2017 39 St. Joseph Professional Office Building Bryan, TX — — 11,169 653 — 11,822 11,822 (1,787) 1996 6/29/2017 46 St. Vincent Carmel Women's Center Carmel, IN — — 31,720 668 — 32,388 32,388 (4,651) 2014 6/29/2017 48 St. Vincent Fishers Medical Center Fishers, IN — — 62,870 1,697 — 64,567 64,567 (9,987) 2008 6/29/2017 45 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Baylor Charles A. Sammons Cancer Center Dallas, TX — — 256,886 2,936 — 259,822 259,822 (39,924) 2011 6/30/2017 43 Orthopedic & Sports Institute of the Fox Valley Appleton, WI — 2,003 26,394 100 2,003 26,494 28,497 (4,585) 2005 6/30/2017 40 Clearview Cancer Institute Huntsville, AL — 2,736 43,220 339 2,736 43,559 46,295 (8,557) 2006 8/4/2017 34 Northside Cherokee-Town Lake Atlanta, GA — — 30,627 1,667 — 32,294 32,294 (5,651) 2013 8/15/2017 46 HonorHealth - Mesa Mesa, AZ — 362 3,059 8 362 3,067 3,429 (500) 2013 8/15/2017 43 Little Falls Orthopedics Little Falls, MN — 246 1,977 146 246 2,123 2,369 (774) 1999 8/24/2017 28 Unity Specialty Center Little Falls, MN — — 2,885 998 — 3,883 3,883 (1,715) 1959 8/24/2017 15 Immanuel One Professional Center Omaha, NE — — 16,598 1,377 — 17,975 17,975 (3,544) 1993 8/24/2017 35 SJRHC Cancer Center Bryan, TX — — 5,065 977 — 6,042 6,042 (1,120) 1997 8/24/2017 40 St. Vincent Women's Center Hot Springs, AR — — 4,789 225 — 5,014 5,014 (888) 2001 8/31/2017 40 Legends Park Medical Building & ASC Midland, TX — 1,658 24,178 — 1,658 24,178 25,836 (3,691) 2003 9/27/2017 44 Franklin Medical Building & ASC Franklin, TN — 1,001 7,902 319 1,001 8,221 9,222 (1,235) 2014 10/12/2017 42 Eagle Point Outpatient Medical Facility Lake Elmo, MN — 1,011 9,009 26 1,011 9,035 10,046 (1,332) 2015 10/31/2017 48 Edina East Outpatient Medical Facility Edina, MN — 2,360 4,135 772 2,360 4,907 7,267 (1,210) 1962 10/31/2017 30 Northside Center Pointe Atlanta, GA — — 118,430 9,543 — 127,973 127,973 (26,135) 2009 11/10/2017 31 Gwinnett 500 Building Lawrenceville, GA — — 22,753 1,640 — 24,393 24,393 (3,613) 1995 11/17/2017 45 Hudgens Professional Building Duluth, GA — — 21,779 1,552 — 23,331 23,331 (3,893) 1994 11/17/2017 40 St. Vincent Building Indianapolis, IN — 5,854 42,382 5,718 5,854 48,100 53,954 (9,398) 2007 11/17/2017 45 Gwinnett Physicians Center Lawrenceville, GA — — 48,304 1,322 — 49,626 49,626 (6,968) 2010 12/1/2017 47 Apple Valley Medical Center Apple Valley, MN — 1,587 14,929 2,952 1,587 17,881 19,468 (4,173) 1974 12/18/2017 33 Desert Cove Outpatient Medical Facility Scottsdale, AZ — 1,689 5,207 334 1,689 5,541 7,230 (884) 1991 12/18/2017 38 Westgate Outpatient Medical Facility Glendale, AZ — — 13,379 2,101 — 15,480 15,480 (3,057) 2016 12/21/2017 45 M Health Fairview Clinics and Specialty Center - Maplewood Maplewood, MN — 3,292 57,390 6,113 3,292 63,503 66,795 (8,788) 2017 1/9/2018 45 Lee's Hill Medical Plaza Fredericksburg, VA — 1,052 24,790 1,063 1,052 25,853 26,905 (3,977) 2006 1/23/2018 40 HMG Medical Plaza Kingsport, TN — — 64,204 — — 64,204 64,204 (9,663) 2010 4/3/2018 40 Jacksonville MedPlex (Building B) Jacksonville, FL — 3,259 5,988 926 3,259 6,914 10,173 (1,220) 2010 7/26/2018 37 Jacksonville MedPlex (Building C) Jacksonville, FL — 2,168 6,467 302 2,168 6,769 8,937 (981) 2010 7/26/2018 40 Northside Medical Midtown Atlanta, GA — — 55,483 8,678 — 64,161 64,161 (7,506) 2018 9/14/2018 50 Doctors United ASC Pasadena, TX — 1,603 11,827 — 1,603 11,827 13,430 (1,241) 2018 4/4/2019 54 Atlanta Medical Condominium Investments Atlanta, GA — 5,648 2,201 4,086 5,648 6,287 11,935 (1,168) 1986 6/28/2019 24 Rockwall II Outpatient Medical Facility Rockwall, TX — — 19,904 1,190 — 21,094 21,094 (2,321) 2017 7/26/2019 44 Shell Ridge Plaza - Bldg 106 Walnut Creek, CA — 1,296 9,007 16 1,296 9,023 10,319 (1,391) 1984 9/27/2019 30 Shell Ridge Plaza - Bldg 108 Walnut Creek, CA — 1,105 2,600 19 1,105 2,619 3,724 (414) 1984 9/27/2019 30 Shell Ridge Plaza - Bldg 110 Walnut Creek, CA — 1,105 2,786 — 1,105 2,786 3,891 (438) 1984 9/27/2019 30 Shell Ridge Plaza - Bldg 112 Walnut Creek, CA — 3,097 9,639 8 3,097 9,647 12,744 (1,772) 1984 9/27/2019 25 Shell Ridge Plaza - Bldg 114 Walnut Creek, CA — 1,392 4,624 — 1,392 4,624 6,016 (557) 1984 9/27/2019 40 ProHealth Outpatient Medical Facility Manchester, CT — 1,032 9,418 2 1,032 9,420 10,452 (1,121) 2012 10/15/2019 38 Murdock Surgery Center Port Charlotte, FL — 1,643 9,527 4 1,643 9,531 11,174 (1,170) 2006 12/2/2019 35 Westerville Outpatient Medical Facility Westerville, OH — 995 7,713 2,609 995 10,322 11,317 (1,716) 2003 2/28/2020 35 TOPA Fort Worth Fort Worth, TX — — 42,753 1,675 — 44,428 44,428 (4,486) 2017 3/16/2020 39 Ascension St. Vincent Cancer Center Newburgh, IN — 1,031 16,319 68 1,031 16,387 17,418 (1,599) 2008 9/11/2020 36 Health Center at Easton Easton, PA — 952 13,375 80 952 13,455 14,407 (1,223) 2017 11/23/2020 38 Hartford HealthCare Cancer Center Manchester, CT — 1,603 14,487 — 1,603 14,487 16,090 (1,224) 2017 12/8/2020 39 Sacred Heart Summit Medical Office and ASC Pensacola, FL — 2,119 27,334 27 2,119 27,361 29,480 (2,229) 2020 12/18/2020 40 Westerville II Outpatient Medical Facility Westerville, OH — 606 4,133 1,878 606 6,011 6,617 (555) 2003 12/23/2020 31 AdventHealth Wesley Chapel Medical Building II Wesley Chapel, FL — — 32,958 6,126 — 39,084 39,084 (2,650) 2021 4/21/2021 40 TOPA Denton Denton, TX — 2,256 11,211 — 2,256 11,211 13,467 (818) 2019 6/11/2021 38 Allegheny West Mifflin Medical Building West Mifflin, PA — 967 5,930 — 967 5,930 6,897 (574) 1992 8/30/2021 27 Forsgate Cancer Center Monroe Township, NJ — 1,986 8,170 — 1,986 8,170 10,156 (744) 1992 8/30/2021 28 Mill Run Medical Center I Hilliard, OH — 812 4,597 95 812 4,692 5,504 (404) 1998 8/30/2021 31 Mill Run Medical Center II Hilliard, OH — 2,802 15,288 373 2,802 15,661 18,463 (1,301) 1998 8/30/2021 31 New Britain Medical Building Plainville, CT — 1,209 6,798 47 1,209 6,845 8,054 (606) 1998 8/30/2021 29 HonorHealth - Sonoran Ambulatory Center Phoenix, AZ — — 26,347 900 — 27,247 27,247 (1,617) 2020 9/23/2021 40 Initial Cost to Company Gross Amount at Which Carried as of Close of Period Description Location Encumbrances Land Buildings and Cost Capitalized Land Buildings and Total (1) Accumulated Year Date Life on Which Building Eden Hill Medical Center Dover, DE — — 48,686 486 — 49,172 49,172 (4,683) 2008 10/15/2021 25 HonorHealth - Neuroscience Institute Scottsdale, AZ — — 53,452 1,640 — 55,092 55,092 (3,156) 2021 10/27/2021 40 University of Florida Health North Jacksonville, FL 60,000 — 148,419 233 — 148,652 148,652 (8,463) 2015 12/20/2021 38 TGH Brandon Healthplex Tampa, FL — — 66,864 697 — 67,561 67,561 (3,813) 2017 12/20/2021 38 Yulee Outpatient Medical Facility Yulee, FL — — 17,286 28 — 17,314 17,314 (960) 2020 12/20/2021 39 James Devin Moncus Medical Building Lafayette, LA — — 28,739 44 — 28,783 28,783 (1,812) 2010 12/20/2021 36 Bay City Outpatient Medical Facility Bay City, MI — — 31,649 498 — 32,147 32,147 (1,951) 2016 12/20/2021 36 Beaumont Grosse Pointe Outpatient Medical Facility Grosse Pointe, MI — — 21,883 316 — 22,199 22,199 (1,337) 2016 12/20/2021 38 Burns POB Petoskey, MI — — 44,152 1,832 — 45,984 45,984 (3,073) 1993 12/20/2021 32 Beaumont Health & Wellness Center Rochester Hills, MI — — 40,849 457 — 41,306 41,306 (2,558) 2011 12/20/2021 36 Beaumont POB Sterling Heights, MI — — 39,501 593 — 40,094 40,094 (2,685) 2009 12/20/2021 36 Hospital Hill Medical Building I Kansas City, MO — — — — — — — — 2015 12/20/2021 0 Jackson Baptist Medical Center - Belhaven Jackson, MS 20,000 — 56,424 397 — 56,821 56,821 (3,509) 2013 12/20/2021 37 Old Bridge Outpatient Medical Facility Old Bridge, NJ 20,000 — 65,290 101 — 65,391 65,391 (3,931) 2014 12/20/2021 36 Saint Vincent Outpatient Medical Facility Erie, PA — — 39,833 58 — 39,891 39,891 (2,327) 2007 12/20/2021 36 Riverside Outpatient Medical Facility Hampton, VA — 4,808 24,502 43 4,808 24,545 29,353 (1,982) 2007 12/20/2021 29 New Albany Medical Center II New Albany, OH — 1,400 23,098 243 1,400 23,341 24,741 (1,268) 2010 4/26/2022 36 Calko Medical Center Brooklyn, NY — 7,685 67,568 146 7,685 67,714 75,399 (2,102) 2013 9/9/2022 43 Emory Dunwoody ASC Dunwoody, GA — 2,531 2,334 — 2,531 2,334 4,865 (136) 1975 5/16/2023 12 CVA Building Birmingham, AL — 2,965 23,150 49 2,965 23,199 26,164 (533) 2012 5/31/2023 31 Palos Heights Surgery Center Palos Heights, IL — 318 2,179 — 318 2,179 2,497 (89) 1985 7/20/2023 13 $ 127,872 $ 249,470 $ 4,563,676 $ 274,735 $ 249,470 $ 4,838,411 $ 5,087,881 $ (870,045) Developments: Northside Buford Buford, GA — — 21,612 — — 21,612 21,612 — Total $ 127,872 $ 249,470 $ 4,585,288 $ 274,735 $ 249,470 $ 4,860,023 $ 5,109,493 $ (870,045) (1) Excludes acquired lease intangibles. The aggregate cost for federal income tax purposes of the real estate as of December 31, 2023 is $5.2 billion, with accumulated tax depreciation of $1.0 billion. The cost, net of accumulated depreciation, is approximately $4.2 billion (unaudited). The cost capitalized subsequent to acquisition is net of dispositions. The changes in total real estate for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Balance as of the beginning of the year $ 5,008,476 $ 4,934,032 $ 4,129,562 Acquisitions and developments 62,498 107,693 856,088 Additions 41,767 41,951 31,731 Impairment — — (340) Real estate held for sale — — (2,282) Dispositions (3,248) (75,200) (80,727) Balance as of the end of the year $ 5,109,493 $ 5,008,476 $ 4,934,032 The changes in accumulated depreciation for the years ended December 31, 2023, 2022, and 2021 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Balance as of the beginning of the year $ 725,149 $ 594,714 $ 492,660 Depreciation 145,609 142,225 119,901 Real estate held for sale — — 318 Dispositions (713) (11,790) (18,165) Balance as of the end of the year $ 870,045 $ 725,149 $ 594,714 |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | (in thousands) Description Interest Rate Fixed / Variable Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Loans Subject to Delinquent Principal or Interest First mortgages relating to 1 property located in: Davie, FL 7.0 % Fixed 2024 (1) $ — $ 11,625 $ 11,621 $ — Cudahy, WI 8.0 % Fixed 2024 (1) — 100 101 — Nashville, TN 9.1 % Fixed 2024 (2) — 10,000 10,630 — Roswell, GA 8.0 % Fixed 2025 (3) — 4,075 4,137 — Buckeye, AZ 10.0 % Fixed 2026 (4) — 4,450 4,520 — Construction loans relating to 1 property located in: Dunwoody, GA 6.8 % Fixed 2024 (1) — 14,149 13,540 — Dallas, TX 7.8 % Fixed 2026 (1) — 5,752 5,710 — Buckeye, AZ 7.6 % Fixed 2026 (1) — — — — Scottsdale, AZ 7.5 % Fixed 2027 (1) — 12,031 12,079 — $ — $ 62,182 $ 62,338 $ — (1) Interest is due monthly and outstanding principal and accrued interest are due at maturity. (2) Interest is due semi-annually and outstanding principal and accrued interest are due at maturity. (3) A portion of interest is due monthly with remaining interest added to the outstanding principal balance. (4) Principal balance and accrued interest are due in one lump sum at maturity. Year Ended December 31, (in thousands) 2023 2022 2021 Reconciliation of mortgage loans: Balance at beginning of year $ 74,629 $ 49,409 $ 66,586 Additions: New mortgage loans 41,881 22,732 7,323 Draws on existing mortgage loans 3,979 2,129 — Interest added 113 376 980 Total additions 45,973 25,237 8,303 Deductions: Collection of principal (51,528) — (10,000) Collection of additional fees due at payoff (552) — — Conversion of loan receivable in connection to the acquisition of investment property (5,397) — (15,500) Change in reserve for loan losses (787) (17) 20 Total deductions (58,264) (17) (25,480) Balance at end of year $ 62,338 $ 74,629 $ 49,409 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation GAAP requires identification of 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”). ASC 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (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 receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company 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 Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which 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. |
Noncontrolling Interests | Noncontrolling Interests The Company 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 Company’s total shareholders’ equity, on the consolidated balance sheets. Operating Partnership: Noncontrolling interests in the Company include OP Units held by other investors. Net income or loss is allocated to noncontrolling interests (limited partners) 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. As of December 31, 2023 and 2022, the Trust held a 96.1% and 95.9% interest in the Operating Partnership, respectively. As the sole general partner and the majority interest holder, the Trust consolidates the financial position and results of operations 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 to the respective holders, 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 investors other than the Trust as noncontrolling interests within equity in the consolidated balance sheets. Partially Owned Properties: The Trust reflects noncontrolling interests in partially owned properties on the consolidated balance sheets for the portion of consolidated properties that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of income. Redeemable Noncontrolling Interests - Partially Owned Properties In connection with the Company’s acquisitions of the outpatient medical facility, ambulatory surgery center, and hospital located on the Great Falls Hospital campus in Great Falls, Montana, physicians affiliated with the sellers retained non-controlling interests which were, at the holders’ option, able to be redeemed at any time after May 1, 2023. Due to the redemption provision, which was outside of the control of the Trust, the Trust classified the investment in the mezzanine section of its consolidated balance sheets. On July 14, 2022, the Company disposed of these three properties and removed the related redeemable noncontrolling interest from its consolidated balance sheets. |
Dividends and Distributions | The Company’s shareholders are entitled to reinvest all or a portion of any cash distribution on their shares of the Company’s common stock by participating in the DRIP, subject to the terms of the plan. The Company plans to terminate the DRIP upon the closing of the Mergers. |
Tax Status of Dividends and Distributions | Tax Status of Dividends and Distributions The Company’s distributions of current and accumulated earnings and profits for U.S. federal income tax purposes generally are taxable to shareholders as ordinary income. Distributions in excess of these earnings and profits generally are treated as a non-taxable reduction of the shareholders’ basis in the shares to the extent thereof (non-dividend distributions) and thereafter as taxable gain. Any cash distributions received by an OP Unit holder in respect of its OP Units generally will not be taxable to such OP Unit holder for U.S. federal income tax purposes, to the extent that such distribution does not exceed the OP Unit holder’s basis in its OP Units. Any such distribution will instead reduce the OP Unit holder’s basis in its OP Units (and OP Unit holders will be subject to tax on the taxable income allocated to them by the Operating Partnership in respect of their OP Units when such income is earned by the Operating Partnership, with such income allocation increasing the OP Unit holders’ basis in their OP Units). |
Purchase of Investment Properties | Purchases of Investment Properties With the adoption of ASU 2017-01 in January 2018, the Company’s acquisitions of investment properties and the majority of its future investments will be accounted for as asset acquisitions. This is because substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, and will result in the capitalization of acquisition costs. The purchase price, inclusive of acquisition costs, will be allocated to tangible and intangible assets and liabilities based on their relative fair values. Tangible assets primarily consist of land, buildings, and improvements. Intangible assets primarily consist of above-market or below-market leases, in-place leases, above-market or below-market debt assumed, right-of-use assets, and lease liabilities. Any future contingent consideration will be recorded when the contingency is resolved. The determination of the fair value requires the Company to make certain estimates and assumptions. The determination of fair value involves the use of significant judgment and estimation. The Company 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 generally includes the assistance of a third party appraiser. The Company estimates the fair value of an acquired asset on an “as-if-vacant” basis and its value is depreciated in equal amounts over the course of its estimated remaining useful life. The Company 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 an internal analysis of recently acquired and existing comparable properties within the Company’s portfolio. The value of above-market or below-market leases is estimated based on the present value (using a discount 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 plus the term of any renewal options that the lessee would be economically compelled to exercise. 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 to amortization expense 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, net of any required lease termination payments. The Company 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 Company approximates based on the rate it would expect to incur on a replacement instrument on the date of acquisition, and recognizes 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 Company recognizes the acquired assets and assumed liabilities based on 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. |
Impairment of Intangible and Long-Lived Assets | Impairment of Intangible and Long-Lived Assets The Company 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 Company 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 evaluation of anticipated cash flows is subjective and is based on assumptions regarding future occupancy, lease rates, and cap rates that could differ materially from actual results. The Company 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 Company recognizes an impairment loss at the time it makes any such determination. If the Company 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. With the adoption of ASC 842 , on January 1, 2019, the Company periodically evaluates the right-of-use assets for impairment as detailed above. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities The Company 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 Company’s share of the investee’s earnings or losses is included in its consolidated statements of income. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the equity interest. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its equity method investments may not be recoverable or realized. If indicators of potential impairment are identified, the Company evaluates its equity method investments for impairment based on a comparison of the fair value of the investment to its carrying value. The fair value is estimated based on discounted cash flows that include all estimated cash inflows and outflows over a specified holding period and any estimated debt premiums or discounts. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of its equity method investment, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of its equity method investment and to the extent that any decline in value is considered other than temporary. |
Real Estate Loans Receivable | Real Estate Loans Receivable, Net |
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 fewer from the date of purchase. The Company is subject to concentrations of credit risk as a result of its temporary cash investments. The Company places its temporary cash investments with high credit quality financial institutions in order to mitigate that risk. |
Rental Revenue | Rental and Related Revenues Rental revenue is recognized on a straight-line basis over the terms of the related leases when collectability is probable. 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 $105.8 million and $101.3 million as of December 31, 2023 and December 31, 2022, respectively. If the Company determines that collectability of straight-line rents is not probable, income recognition is limited to the lesser of cash collected, or lease income reflected on a straight-line basis, plus variable rent when it becomes accruable. In accordance with ASC 842, Leases , Topic 842, if the collectability of a lease changes after the commencement date, any difference between lease income that would have been recognized and the lease payments shall be recognized as an adjustment to lease income. Bad debt recognized as an adjustment to rental revenues was $1.1 million, $0.2 million, and $0.4 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. Rental revenue is adjusted by the amortization of lease inducements and above-market or below-market rents on certain leases. Lease inducements and above-market or below-market rents are amortized on a straight-line basis over the remaining lease term. Rental and related revenues also include expense recoveries, which relate to tenant reimbursement of real estate taxes, insurance, and other operating expenses that are recognized in the period the applicable expenses are incurred. The reimbursements are recorded gross, as these costs are incurred by the Company and reimbursed by the tenants. The Company has certain tenants with absolute net leases. Under these lease agreements, the tenant is responsible for operating and building expenses and the Company does not recognize expense recoveries. |
Tenant Receivables, Net | Tenant Receivables, Net |
Derivative Instruments | Derivative Instruments When the Company has derivative instruments, it records them either as an asset or a liability measured at their fair value unless they qualify for a normal purchase or normal sale exception. When specific hedge accounting criteria are not met or if the Company does not elect to apply for hedge accounting, changes in the Company’s derivative instruments’ fair value are recognized currently in earnings. If hedge accounting is applied to a derivative instrument, the entire change in the fair value of its derivatives designated and qualified as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) on the consolidated balance sheets and are subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. To manage interest rate risk for certain of its variable-rate debt, the Company uses interest rate swaps as part of its risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by providing a fixed interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2023, the Company had three outstanding interest rate swaps designated as cash flow hedges of interest rate risk, and one interest rate swap that was de-designated as a hedging instrument during the year ended December 31, 2023 but remains outstanding. Further detail is provided in Note 7 (Derivatives). |
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. Although the Trust continues to qualify for taxation as a REIT, in various instances, the Trust is subject to state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. As discussed in Note 1 (Organization and Business), the Trust conducts substantially all of its operations through the Operating Partnership. As a partnership, the Operating Partnership generally is not liable for federal income taxes. The income and loss from the operations of the Operating Partnership is included in the tax returns of its partners, including the Trust, who are responsible for reporting their allocable share of the partnership income and loss. Accordingly, no provision for income taxes has been made on the accompanying consolidated financial statements. |
Management Estimates | Management Estimates The preparation of consolidated 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 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. |
Commitments | Commitments Certain of the Company’s acquisitions provide for additional consideration to the seller in the form of an earn-out associated with lease-up contingencies. The Company recognizes the earn-out related to asset acquisitions only if certain parameters or other substantive contingencies are met, at which time the consideration becomes payable. |
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 health care properties. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional relief to applying reference rate reform to changing reference rates, contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The amendments in this update may be applied through December 31, 2024. On March 31, 2023, the Operating Partnership, as borrower, and the Trust, as guarantor, executed a First Amendment to the Third Amended and Restated Credit Agreement to update the benchmark provisions to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”), as the reference rate for the purpose of calculating interest under the agreement. The Company also amended its fixed interest rate swap agreement on its mortgage debt to update the reference rate from LIBOR to SOFR. As a result, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Fair Value Measurement | 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 Company 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. As part of the Company’s acquisition process, Level 3 inputs are used to measure the fair value of the assets acquired and liabilities assumed. The Company’s derivative instruments as of December 31, 2023 consist of four interest rate swaps, of which three are designated as cash flow hedges of interest rate risk, as detailed in the Derivative Instruments section of Note 7 (Derivatives) and Note 2 (Summary of Significant Accounting Policies) of this report. The interest rate swap is not traded on an exchange. The Company’s derivative assets and 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 Company measures its derivatives at fair value on a recurring basis. The fair values are based on Level 2 inputs described above. The Company considers its own credit risk, as well as the credit risk of its counterparties, when evaluating the fair value of its derivatives. The Company 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 assets measured at fair value as of December 31, 2023 and 2022. 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. At December 31, 2023, cash equivalents includes a US Treasury Bill with an original maturity to the Company of approximately one week with a fair value based upon Level 1 inputs. 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 primarily on Level 2 inputs. |
Organization and Business - (Ta
Organization and Business - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Trust's common shares issuance and sale | During 2023 and 2022, the Trust’s issuance and sale of common shares pursuant to the ATM Programs was as follows (in thousands, except common shares and price): 2023 2022 Common Weighted Net Common Weighted Net Quarterly period ended March 31 4,400,000 $ 15.10 $ 65,776 259,977 $ 18.93 $ 4,871 Quarterly period ended June 30 — — — 977,800 18.61 18,020 Quarterly period ended September 30 — — — 440,400 18.15 7,913 Quarterly period ended December 31 — — — 5,000,000 15.00 74,250 Year ended December 31 4,400,000 $ 15.10 $ 65,776 6,678,177 $ 15.89 $ 105,054 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of dividends declared | Dividends and distributions for the years ended December 31, 2023, 2022, and 2021 are as follows: Declaration Date Record Date Payment Date Cash Dividend December 21, 2023 January 3, 2024 January 18, 2024 $ 0.23 September 21, 2023 October 3, 2023 October 17, 2023 $ 0.23 June 16, 2023 July 5, 2023 July 18, 2023 $ 0.23 March 17, 2023 April 4, 2023 April 18, 2023 $ 0.23 December 22, 2022 January 4, 2023 January 18, 2023 $ 0.23 September 23, 2022 October 4, 2022 October 14, 2022 $ 0.23 June 17, 2022 July 5, 2022 July 19, 2022 $ 0.23 March 18, 2022 March 31, 2022 April 14, 2022 $ 0.23 December 22, 2021 January 4, 2022 January 18, 2022 $ 0.23 September 22, 2021 October 4, 2021 October 15, 2021 $ 0.23 June 18, 2021 July 2, 2021 July 16, 2021 $ 0.23 March 19, 2021 April 2, 2021 April 16, 2021 $ 0.23 |
Dividends and distributions per share | The following table sets forth the federal income tax status of distributions per common share and OP Unit for the periods presented: Year Ended December 31, 2023 2022 2021 Per common share and OP Unit: Ordinary dividends $ — $ — $ — Section 199A Qualified REIT Dividend 0.4726 0.4724 0.4856 Qualified dividends — — — Long-term capital gain (1) — 0.1999 — Unrecaptured Section 1250 gain — 0.0544 — Non-dividend distributions 0.4474 0.1933 0.4344 Total $ 0.9200 $ 0.9200 $ 0.9200 (1) For distributions classified as Long-Term Capital Gain, the One Year Amounts Disclosure is $0, the Three Year Amounts Disclosure is $0, and $0.1999 is Section 1231 gain for purposes of Internal Revenue Code Section 1061. |
Investment and Disposition Ac_2
Investment and Disposition Activity - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of acquisitions and aggregate purchase price | Investment activity for the year ending December 31, 2023 is summarized below: Investment Location Acquisition Investment Amount Emory Dunwoody ASC Dunwoody, GA May 16, 2023 $ 5,250 CVA Building Birmingham, AL May 31, 2023 28,000 Palos Heights Surgery Center Palos Heights, IL July 20, 2023 2,600 IJRI Properties Investment (1) Indianapolis, IN September 30, 2023 1,250 Atlanta Medical Condominium Investments Atlanta, GA Various 2,620 Davis Joint Venture Investments Woodbury, MN Various 11,314 Adjacent Land Various Various 1,717 Development Costs Buford, GA Various 21,604 Earnouts Various Various 2,201 Private Equity Fund Investment (2) N/A Various 434 Loan Investments Various Various 51,400 $ 128,390 (1) The Company invested 15.9% in a joint venture that is developing a single outpatient medical facility located in Indiana. (2) The Company invested additional funds managed by a venture capital firm specializing in real estate technology. Investment activity for the year ending December 31, 2022 is summarized below: Investment Location Acquisition Investment Amount City Place Portfolio - Davis Joint Venture (1) Woodbury, MN January 12, 2022 $ 8,032 New Albany Medical Center II New Albany, OH April 26, 2022 27,688 Calko Medical Center Brooklyn, NY September 9, 2022 81,500 Atlanta Medical Condominium Investment Atlanta, GA December 5, 2022 400 Earnouts Various Various 6,401 Private Equity Fund Investment (2) N/A Various 5,049 Loan Investments Various Various 30,609 $ 159,679 (1) The Company acquired a 49% membership interest in three properties through the Davis Joint Venture representing 107,886 square feet at an aggregate valuation of $43.9 million, including an $8.0 million equity contribution and a $14.0 million pro rata share of joint venture debt. On November 21, 2022, the Davis Joint Venture acquired a property representing 42,467 square feet at an aggregate valuation of $16.4 million. The Company did not make an equity contribution towards this property but did acquire a $4.6 million pro rata share of joint venture debt. (2) The Company invested in funds managed by a venture capital firm specializing in real estate technology. |
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 Company determined using Level 2 and Level 3 inputs (in thousands): December 31, 2023 December 31, 2022 Land $ 8,719 $ 9,260 Building and improvements 32,167 98,433 In-place lease intangibles 4,410 12,845 Above market in-place lease intangibles — 2,768 Below market in-place lease intangibles (553) (4,923) Right-of-use asset — 79 Net assets acquired $ 44,743 $ 118,462 NCI-redeemable — (3,307) Satisfaction of real estate loans receivable (5,397) (2,700) Cash used in acquisition of investment property $ 39,346 $ 112,455 |
Intangibles - (Tables)
Intangibles - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Cost Accumulated Net Cost Accumulated Net Assets In-place leases $ 449,716 $ (282,285) $ 167,431 $ 445,583 $ (241,643) $ 203,940 Above-market leases 59,752 (35,622) 24,130 59,752 (30,096) 29,656 Liabilities Below-market leases $ 36,962 $ (14,384) $ 22,578 $ 37,002 $ (12,621) $ 24,381 |
Summary of the carrying amount of acquired lease intangibles | The following is a summary of the Company’s acquired lease intangible amortization for the years ended December 31, 2023, 2022, and 2021 (in thousands): December 31, 2023 2022 2021 Amortization expense related to in-place leases $ 40,920 $ 43,526 $ 34,570 Decrease of rental income related to above-market leases 5,526 5,824 3,808 Increase of rental income related to below-market leases 2,356 2,111 1,398 |
Schedule of future amortization of the acquired lease intangibles | Future aggregate net amortization of the Company’s acquired lease intangibles as of December 31, 2023, is as follows (in thousands): Net Decrease (Increase) Net Increase in 2024 $ 2,887 $ 35,184 2025 2,316 29,663 2026 1,161 23,548 2027 994 20,625 2028 922 16,941 Thereafter (6,728) 41,470 Total $ 1,552 $ 167,431 |
Other Assets - (Tables)
Other Assets - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Unclassified [Abstract] | |
Schedule of other assets | Other assets consisted of the following as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Straight-line rent receivable, net $ 105,773 $ 101,306 Leasing commissions, net 14,962 13,231 Prepaid expenses 10,416 11,009 Lease inducements, net 7,332 7,894 Escrows 1,715 1,565 Interest rate swap 1,103 2,045 Notes receivable, net 324 370 Other 10,934 9,387 Total $ 152,559 $ 146,807 |
Debt - (Tables)
Debt - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following is a summary of debt as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Fixed interest mortgage notes (1) $ 23,194 $ 59,776 Variable interest mortgage notes (2) 104,678 105,153 Total mortgage debt 127,872 164,929 $1.0 billion unsecured revolving credit facility due September 2025 (3) — 193,000 $400 million unsecured term borrowing bearing fixed interest of 4.693%, due May 2028 (4) 400,000 — $400 million senior unsecured notes bearing fixed interest of 4.30%, due March 2027 400,000 400,000 $350 million senior unsecured notes bearing fixed interest of 3.95%, due January 2028 350,000 350,000 $500 million senior unsecured notes bearing fixed interest of 2.625%, due November 2031 500,000 500,000 Senior unsecured notes (5) 135,000 150,000 $75 million senior unsecured notes bearing fixed interest of 4.09% to 4.24%, due August 2025 to 2027 75,000 75,000 Total principal 1,987,872 1,832,929 Unamortized deferred financing costs (8,580) (7,453) Unamortized discounts (6,255) (7,359) Total debt $ 1,973,037 $ 1,818,117 (1) As of December 31, 2023, one fixed interest mortgage note bears interest of 4.63%, due in 2024, and is collateralized by one property with a net book value of $37.1 million. As of December 31, 2022, fixed interest mortgage notes bear interest from 3.33% to 4.63%, due in 2024, with a weighted average interest rate of 3.85% and the notes are collateralized by two properties with a net book value of $94.9 million. One mortgage bears interest at LIBOR + 1.90% and the Trust entered into a pay-fixed receive-variable interest rate swap, fixing the variable component at 1.43% as of December 31, 2022. (2) Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and PRIME for a weighted average interest rate of 7.29% as of December 31, 2023. Variable interest mortgage notes bear variable interest of SOFR plus 1.85% and LIBOR plus 2.75% for a weighted average interest rate of 6.20% as of December 31, 2022. The notes are due in 2026 and 2028 and collateralized by four properties with a net book value of $282.0 million as of December 31, 2023 and $295.5 million as of December 31, 2022. (3) The unsecured revolving credit facility bears variable interest of SOFR plus 0.95%, inclusive of a 0.10% SOFR index adjustment, as of December 31, 2023 and LIBOR plus 0.85% as of December 31, 2022. (4) The Company’s borrowings under the term loan feature of the Credit Agreement (as defined herein) bear interest at a rate equal to 1.10%, inclusive of a 0.10% SOFR index adjustment, plus Daily Simple SOFR as of December 31, 2023 based on the Company’s current credit rating. The Company entered into fixed-for-floating interest rate swaps for the full borrowing amount, fixing the SOFR component of this rate at 3.59%, and a current all-in fixed rate of 4.69%. (5) As of December 31, 2023, $135.0 million senior unsecured notes bearing fixed interest of 4.43% to 4.74%, due January 2026 to 2031. As of December 31, 2022, $150.0 million senior unsecured notes bearing fixed interest of 4.03% to 4.74%, due January 2023 to 2031. |
Schedule of consolidated leverage ratios | 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: Credit Rating Applicable Margin for Revolving Loans: LIBOR Rate Loans Applicable Margin for Revolving Loans: Base Rate Loans Applicable Margin for Term Loans: LIBOR Rate Loans Applicable Margin for Term Loans: Base Rate Loans At Least A- or A3 LIBOR + 0.725% — % LIBOR + 0.85% — % At Least BBB+ or Baa1 LIBOR + 0.775% — % LIBOR + 0.90% — % At Least BBB or Baa2 LIBOR + 0.85% — % LIBOR + 1.00% — % At Least BBB- or Baa3 LIBOR + 1.05% 0.05 % LIBOR + 1.25% 0.25 % Below BBB- or Baa3 LIBOR + 1.40% 0.40 % LIBOR + 1.65% 0.65 % |
Schedule of principal payments due on debt | Scheduled principal payments due on debt as of December 31, 2023, are as follows (in thousands): 2024 $ 23,669 2025 25,476 2026 170,476 2027 425,476 2028 797,775 Thereafter 545,000 Total Payments $ 1,987,872 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instrument Detail [Abstract] | |
Schedule of Interest Rate Derivatives | The following table summarizes the location and aggregate fair value of the interest rate swap on the Company’s consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): Derivative Instruments as of December 31, 2023 Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Cash flow hedge interest rate swaps 5/24/2028 3 $ 400,000 3.59 % Accrued expenses and other liabilities $ (260) Interest rate swap 10/31/2024 1 36,050 1.37 % Other assets 1,103 Derivative Instruments as of December 31, 2022 Maturity Date Number of Instruments Total Notional Amount Interest Rate Balance Sheet Location Fair Value Cash flow hedge interest rate swap 10/31/2024 1 $ 36,050 3.33 % Other assets $ 2,045 The following tables provide a summary of the effect of interest rate swaps on the Company’s accompanying consolidated statements of income and comprehensive income for the twelve months ended December 31, 2023 and 2022, respectively (amounts in thousands): Derivative Instruments as of December 31, 2023 Maturity Date Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Cash flow hedge interest rate swaps 5/24/2028 $ (260) Interest expense $ — Interest rate swap 10/31/2024 — Interest expense 1,763 Total $ (260) $ 1,763 Derivative Instruments as of December 31, 2022 Maturity Date Amount of Gain/(Loss) Recognized in OCI on Derivative Location of Gain/(Loss) Reclassified from Accumulated OCI into Income Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income Interest rate swap 10/31/2024 $ 2,498 Interest expense $ — |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of accrued expenses and other liabilities | Accrued expenses and other liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Prepaid rent $ 25,303 $ 21,062 Real estate taxes payable 23,993 23,303 Accrued interest 18,196 18,196 Accrued expenses 9,935 7,920 Security deposits 4,660 4,338 Accrued incentive compensation 1,713 2,700 Tenant improvement allowances 1,688 1,831 Interest rate swap 260 — Other 10,339 8,370 Total $ 96,087 $ 87,720 |
Stock-based Compensation - (Tab
Stock-based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of non-vested restricted common shares | The following is summary of the status of the Trust’s non-vested restricted common shares during 2023, 2022, and 2021: Common Shares Weighted Non-vested at December 31, 2020 215,822 $ 18.73 Granted 224,163 17.42 Vested (185,968) 18.94 Forfeited (6,570) 18.05 Non-vested at December 31, 2021 247,447 17.41 Granted 247,579 16.53 Vested (213,572) 17.29 Forfeited (8,556) 17.98 Non-vested at December 31, 2022 272,898 16.69 Granted 342,939 14.57 Vested (239,602) 16.54 Forfeited (2,277) 14.75 Non-vested at December 31, 2023 373,958 $ 14.85 |
Schedule of weighted average grant date fair value assumptions | The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $18.71 in 2023, $30.17 in 2022, and $29.18 in 2021 per unit, respectively, using the following assumptions: 2023 2022 2021 Volatility 23.4 % 33.9 % 33.3 % Dividend assumption reinvested reinvested reinvested Expected term in years 2.8 years 2.8 years 2.8 years Risk-free rate 4.70 % 1.44 % 0.25 % Stock price (per share) $ 14.70 $ 16.37 $ 17.21 |
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 2023, 2022, and 2021: Executive Awards Trustee Awards Restricted Share Weighted Restricted Share Weighted December 31, 2020 964,139 $ 21.17 59,820 $ 18.81 Granted 265,275 22.00 56,925 17.35 Vested (252,844) (1) 16.58 (53,737) 18.38 Non-vested at December 31, 2021 976,570 22.59 63,008 17.85 Granted 299,019 20.51 64,004 16.67 Vested (228,649) (2) 25.27 (49,020) 18.30 Non-vested at December 31, 2022 1,046,940 21.41 77,992 16.60 Granted 355,388 15.90 73,860 14.66 Vested (223,579) (3) 24.36 (61,164) 16.32 Non-vested at December 31, 2023 1,178,749 $ 19.19 90,688 $ 15.22 (1) Restricted units vested by Company management in 2021 resulted in the issuance of 399,165 common shares, less 162,173 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (2) Restricted units vested by Company management in 2022 resulted in the issuance of 361,679 common shares, less 160,573 common shares withheld to cover minimum withholding tax obligations, for multiple employees. (3) Restricted units vested by Company executives in 2023 resulted in the issuance of 652,851 common shares, less 290,380 common shares withheld to cover minimum withholding tax obligations, for multiple employees. |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of other financial instruments | The following table presents the fair value of the Company’s financial instruments (in thousands): December 31, 2023 2022 Carrying Fair Carrying Fair Assets: Cash equivalents - US Treasuries $ 149,060 $ 149,060 $ — $ — Real estate loans receivable, net $ 98,277 $ 96,702 $ 104,973 $ 102,162 Derivative asset $ 1,103 $ 1,103 $ 2,045 $ 2,045 Notes receivable, net $ 324 $ 324 $ 370 $ 370 Liabilities: Credit facility $ (400,000) $ (400,000) $ (193,000) $ (193,000) Notes payable $ (1,460,000) $ (1,334,631) $ (1,475,000) $ (1,302,767) Mortgage debt $ (127,872) $ (127,664) $ (164,929) $ (163,129) Derivative liabilities $ (260) $ (260) $ — $ — |
Tenant Operating Leases - (Tabl
Tenant Operating Leases - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of future minimum rental payments on non-cancelable leases, exclusive of expense recoveries | As of December 31, 2023, the future minimum rental payments on non-cancelable leases, exclusive of expense recoveries, were as follows (in thousands): 2024 $ 367,377 2025 352,182 2026 296,359 2027 244,764 2028 208,242 Thereafter 657,911 Total $ 2,126,835 |
Operating Lease, Lease Income | The following presents rental and related revenues for the years ended 2023, 2022, and 2021, of which expense recoveries represent our variable lease payments (in thousands): 2023 2022 2021 Rental revenues $ 376,762 $ 371,727 $ 328,144 Expense recoveries 151,331 143,646 112,054 Rental and related revenues $ 528,093 $ 515,373 $ 440,198 |
Rent Expense - (Tables)
Rent Expense - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | As of December 31, 2023, the future minimum lease obligations under non-cancelable parking, air, ground, and corporate leases were as follows (in thousands): 2024 $ 5,166 2025 5,179 2026 5,168 2027 5,182 2028 5,209 Thereafter 243,320 Total undiscounted lease payments $ 269,224 Less: Interest (164,380) Present value of lease liabilities $ 104,844 |
Credit Concentration - (Tables)
Credit Concentration - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedules of concentration of risk, by risk factor | Tenant Total ABR Percent of ABR CommonSpirit - CHI - Nebraska $ 18,667 5.1 % Northside Hospital 16,953 4.6 % UofL Health - Louisville, Inc. 14,987 4.1 % US Oncology 10,925 3.0 % HonorHealth 10,244 2.8 % Remaining portfolio 297,302 80.4 % Total $ 369,078 100.0 % The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2023 (in thousands): State Total ABR Percent of ABR Texas $ 49,329 13.4 % Georgia 27,676 7.5 % Florida 24,756 6.7 % Indiana 23,580 6.4 % Arizona 21,286 5.8 % Other 222,451 60.2 % Total $ 369,078 100.0 % |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Numerator for earnings per share - basic: Net income $ 43,767 $ 110,036 $ 86,783 Net income attributable to noncontrolling interests: Operating Partnership (1,722) (5,240) (2,211) Partially owned properties (169) (430) (607) Preferred distributions — — (13) Numerator for earnings per share - basic: $ 41,876 $ 104,366 $ 83,952 Numerator for earnings per share - diluted: Numerator for earnings per share - basic: 41,876 104,366 83,952 Operating Partnership net income 1,722 5,240 2,211 Numerator for earnings per share - diluted $ 43,598 $ 109,606 $ 86,163 Denominator for earnings per share - basic and diluted: Weighted average number of shares outstanding - basic 238,216,847 226,598,474 216,135,385 Effect of dilutive securities: Noncontrolling interest - Operating Partnership units 9,827,483 11,402,684 5,693,333 Restricted common shares 146,239 116,825 113,438 Restricted share units 1,154,144 1,492,302 1,118,400 Denominator for earnings per share - diluted 249,344,713 239,610,285 223,060,556 Earnings per share - basic $ 0.18 $ 0.46 $ 0.39 Earnings per share - diluted $ 0.17 $ 0.46 $ 0.39 |
Organization and Business - (De
Organization and Business - (Details) | 1 Months Ended | |||||
May 30, 2021 USD ($) | Mar. 01, 2024 | Feb. 16, 2024 USD ($) | Dec. 31, 2023 $ / shares shares | Aug. 31, 2023 USD ($) | Dec. 31, 2022 $ / shares shares | |
Organization and Business | ||||||
Common stock, shares authorized (in shares) | shares | 500,000,000 | 500,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Forecast | ||||||
Organization and Business | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares Issued Per Acquiree Share | 0.674 | |||||
ATM Program | Private Placement | Maximum | ||||||
Organization and Business | ||||||
Aggregate offering price of common stock | $ 500,000,000 | |||||
Operating Partnership | ATM Program | Private Placement | ||||||
Organization and Business | ||||||
Stock Repurchase Program, Authorized Amount | $ 600,000,000 | |||||
Operating Partnership | ATM Program | Private Placement | Subsequent Events | ||||||
Organization and Business | ||||||
Amount remaining available | $ 600,000,000 |
Organization and Business - Sch
Organization and Business - Schedule of Issuance and Sale of Common Stock (Details) - ATM Program - Private Placement - Operating Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||||||||
Common shares sold (in shares) | 0 | 0 | 0 | 4,400,000 | 5,000,000 | 440,400 | 977,800 | 259,977 | 4,400,000 | 6,678,177 |
Weighted average price (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 15.10 | $ 15 | $ 18.15 | $ 18.61 | $ 18.93 | $ 15.10 | $ 15.89 |
Net proceeds | $ 0 | $ 0 | $ 0 | $ 65,776 | $ 74,250 | $ 7,913 | $ 18,020 | $ 4,871 | $ 65,776 | $ 105,054 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Principals of Consolidation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Physicians Realty Trust | |
Variable Interest Entity [Line Items] | |
Subsidiary of limited liability company or limited partnership, ownership interest | 100% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Noncontrolling Interests (Details) - facility | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 14, 2022 | |
Business Acquisition [Line Items] | |||
Conversion ratio | 1 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||
Business Acquisition [Line Items] | |||
Number of real estate properties | 3 | ||
Physicians Realty Trust | |||
Business Acquisition [Line Items] | |||
Percentage of interest held | 96.10% | 95.90% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Dividends and Distributions (Details) - $ / shares | 12 Months Ended | ||||||||||||||
Dec. 21, 2023 | Sep. 21, 2023 | Jun. 16, 2023 | Mar. 17, 2023 | Dec. 22, 2022 | Sep. 23, 2022 | Jun. 17, 2022 | Mar. 18, 2022 | Dec. 22, 2021 | Sep. 22, 2021 | Jun. 18, 2021 | Mar. 19, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||||||||||||||
Dividends and distributions declared per common share and unit (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.92 | $ 0.92 | $ 0.92 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Tax Status of Dividends and Distributions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Ordinary dividends (dollars per share) | $ 0 | $ 0 | $ 0 |
Section 199A Qualified REIT Dividend (dollars per share) | 0.4726 | 0.4724 | 0.4856 |
Qualified dividends (dollars per share) | 0 | 0 | 0 |
Capital gain distribution (dollars per share) | 0 | 0.1999 | 0 |
Unrecaptured Section 1250 gain (dollars per share) | 0 | 0.0544 | 0 |
Non-dividend distributions (dollars per share) | 0.4474 | 0.1933 | 0.4344 |
Total (dollars per share) | $ 0.9200 | $ 0.9200 | $ 0.9200 |
Capital distribution amount, year one | $ 0 | ||
Capital distribution amount, year three | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Impairment of Intangible and Long-Lived Assets (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property | |
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 0 | $ 0 | $ 340 |
Medical Office Building, Traverse City, Michigan | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss | $ 300 | ||
Number of medical office buildings | property | 1 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Assets Held for Sale and Discontinued Operations (Details) - property | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Number of real estate properties held for sale | 0 | 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Investment in Unconsolidated Entities (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 11, 2020 USD ($) | Nov. 22, 2019 USD ($) property | Dec. 31, 2023 USD ($) property state | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Payments to acquire equity method investments | $ 13,053 | $ 13,587 | $ 9,069 | ||
Asset acquisition, consideration transferred | $ 128,390 | $ 159,679 | |||
PMAK MOB JV REOC, LLC | |||||
Business Acquisition [Line Items] | |||||
Number of contributed properties | property | 2 | ||||
Contribution of property | $ 39,000 | ||||
Payments to acquire equity method investments | $ 17,000 | ||||
Ownership percentage | 12.30% | ||||
Number of medical office buildings | property | 58 | ||||
Number of states in which operating healthcare properties and land parcel located | state | 18 | ||||
Davis Medical Investors, LLC | |||||
Business Acquisition [Line Items] | |||||
Number of medical office buildings | property | 15 | ||||
Number of states in which operating healthcare properties and land parcel located | property | 7 | ||||
Asset acquisition, consideration transferred | $ 46,600 | ||||
Noncontrolling interest, ownership in joint venture | 49% |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Real Estate Loans Receivable, Net (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) mezzanine_loan | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loss on sale of real estate loans receivable | $ | $ 1 | $ 0.2 |
Mezzanine Loan Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 10 | |
Construction Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 4 | |
Term Loan Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | 5 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Rental and Related Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Straight-line rent receivable, net | $ 105,773 | $ 101,306 | |
Operating lease , bad debt expense | $ 1,100 | $ 200 | $ 400 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Derivative Instruments (Details) - Cash flow hedge interest rate swaps - instrument | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Number of Instruments | 3 | 1 |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Number of Instruments | 4 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of Instruments | 3 | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of Instruments | 1 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Commitments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Accounting Policies [Abstract] | |
Unspent tenant related obligations | $ 65 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies - Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 543,463 | $ 526,635 | $ 457,699 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenues | $ 8,700 | $ 8,300 | $ 7,900 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Investment and Disposition Ac_3
Investment and Disposition Activity - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) medicalFacility earn-outAgreement construction_loan condominiumUnit land loan | Dec. 31, 2022 USD ($) loan condominiumUnit property healthcareproperty mezzanine_loan | Dec. 31, 2021 USD ($) | |
Asset Acquisition [Line Items] | |||
Contractual obligation, development project | $ 40,500 | ||
Construction in progress | 21,600 | ||
Number of medical condominium units | condominiumUnit | 1 | ||
Asset acquisition, consideration transferred | 128,390 | $ 159,679 | |
Number of earn-out agreements | property | 5 | ||
Asset acquisition, capitalized costs | 2,000 | $ 2,300 | |
Payments to acquire real estate, payments for loans receivable and payments for real estate investments | 128,400 | 159,700 | |
Revenues | 543,463 | 526,635 | $ 457,699 |
Net income | 43,767 | 110,036 | $ 86,783 |
Health Care Properties And Medical Condominiums | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 38,500 | ||
Outpatient Medical Facilities | |||
Asset Acquisition [Line Items] | |||
Number of outpatient medical facilities | medicalFacility | 3 | ||
Medical Condominium Units | |||
Asset Acquisition [Line Items] | |||
Number of medical condominium units | condominiumUnit | 3 | ||
Adjacent Land | |||
Asset Acquisition [Line Items] | |||
Number of land parcels acquired | land | 2 | ||
Asset acquisition, consideration transferred | $ 1,717 | ||
Earnouts | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 2,201 | 6,401 | |
Number of earn-out agreements | earn-outAgreement | 6 | ||
IJRI Properties Investment | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 1,250 | ||
One Medical Office Facility Acquired in 2022 | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 109,600 | ||
Number of operating healthcare properties | healthcareproperty | 2 | ||
City Place Portfolio - Davis Joint Venture | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 11,314 | $ 8,032 | |
Total Asset Acquisitions | |||
Asset Acquisition [Line Items] | |||
Revenues | 2,700 | 3,600 | |
Net income | 500 | (200) | |
Construction Loans | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 31,900 | ||
Number of loans | construction_loan | 4 | ||
Construction loan | $ 126,400 | ||
Payments for (proceeds from) loans receivable | $ 2,100 | ||
Term Loan | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 21,200 | ||
Number of loans | loan | 3 | 3 | |
Payments for (proceeds from) loans receivable | $ 22,700 | ||
Real Estate Loan | |||
Asset Acquisition [Line Items] | |||
Number of loans | mezzanine_loan | 1 | ||
Payments for (proceeds from) loans receivable | $ 5,800 | ||
Private Equity Funds | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 434 | 5,049 | |
Payments to acquire investments | $ 5,000 |
Investment and Disposition Ac_4
Investment and Disposition Activity - Summary of Current Year Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 128,390 | $ 159,679 | |
Private Equity Funds | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 434 | 5,049 | |
Emory Dunwoody ASC | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 5,250 | ||
CVA Building | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 28,000 | ||
Palos Heights Surgery Center | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 2,600 | ||
IJRI Properties Investment | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 1,250 | ||
IJRI Properties Investment | Physicians Realty Trust | |||
Asset Acquisition [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 15.90% | ||
Atlanta Medical Condominium Investments | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 2,620 | ||
Davis Joint Venture Investments | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 11,314 | 8,032 | |
Davis Joint Venture Investments | Physicians Realty Trust | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 16,400 | $ 43,900 | |
Noncontrolling interest, ownership percentage by parent | 49% | ||
Adjacent Land | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 1,717 | ||
Development Costs | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 21,604 | ||
Earnouts | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 2,201 | $ 6,401 | |
Loan Investments | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 51,400 | $ 30,609 |
Investment and Disposition Ac_5
Investment and Disposition Activity - Summary of Prior Year Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Nov. 21, 2022 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) ft² healthcareproperty | |
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 128,390 | $ 159,679 | |
Private Equity Funds | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 434 | 5,049 | |
Davis Joint Venture Investments | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 11,314 | 8,032 | |
Davis Joint Venture Investments | Physicians Realty Trust | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 16,400 | $ 43,900 | |
Noncontrolling interest, ownership percentage by parent | 49% | ||
Number of operating healthcare properties | healthcareproperty | 3 | ||
Area of land | ft² | 42,467 | 107,886 | |
Asset acquisition, consideration transferred, equity interest issued and issuable | $ 8,000 | ||
Asset acquisition, debt assumed | $ 4,600 | 14,000 | |
New Albany Medical Center II | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 27,688 | ||
Calko Medical Center | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 81,500 | ||
Atlanta Medical Condominium Investment | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 400 | ||
Earnouts | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | 2,201 | 6,401 | |
Loan Investments | |||
Asset Acquisition [Line Items] | |||
Asset acquisition, consideration transferred | $ 51,400 | $ 30,609 |
Investment and Disposition Ac_6
Investment and Disposition Activity - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Acquisition [Line Items] | ||
Land | $ 8,719 | $ 9,260 |
Building and improvements | 32,167 | 98,433 |
Right-of-use asset | 0 | 79 |
Net assets acquired | 44,743 | 118,462 |
NCI-redeemable | 0 | (3,307) |
Satisfaction of real estate loans receivable | (5,397) | (2,700) |
Cash used in acquisition of investment property | 39,346 | 112,455 |
In-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
In-place lease intangibles and above market in-place lease intangibles | 4,410 | 12,845 |
Above market in-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
In-place lease intangibles and above market in-place lease intangibles | 0 | 2,768 |
Below market in-place lease intangibles | ||
Asset Acquisition [Line Items] | ||
Below market in-place lease intangibles | $ (553) | $ (4,923) |
Investment and Disposition Ac_7
Investment and Disposition Activity - Dispositions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) medicalFacility | Dec. 31, 2022 USD ($) ft² medicalFacility medicalOfficeBuilding hospital | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||
Gain on sale of investment properties, net | $ 13 | $ 57,375 | $ 24,165 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Business Acquisition [Line Items] | |||
Number of real estate properties sold | medicalFacility | 1 | 5 | |
Proceeds from divestiture of businesses | $ 2,600 | $ 124,700 | |
Number of medical office buildings | medicalOfficeBuilding | 4 | ||
Number of hospitals | hospital | 1 | ||
Area of land | ft² | 212,295 | ||
Gain on sale of investment properties, net | $ 57,400 |
Intangibles - Carrying Amount o
Intangibles - Carrying Amount of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Net | $ 22,578 | $ 24,381 |
In-place leases | ||
Assets | ||
Cost | 449,716 | 445,583 |
Accumulated Amortization | (282,285) | (241,643) |
Net | 167,431 | 203,940 |
Above-market leases | ||
Assets | ||
Cost | 59,752 | 59,752 |
Accumulated Amortization | (35,622) | (30,096) |
Net | 24,130 | 29,656 |
Below-market leases | ||
Liabilities | ||
Cost | 36,962 | 37,002 |
Accumulated Amortization | (14,384) | (12,621) |
Net | $ 22,578 | $ 24,381 |
Intangibles - Acquired Lease In
Intangibles - Acquired Lease Intangible Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to in-place leases | $ 40,920 | $ 43,526 | $ 34,570 |
Above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Decrease of rental income | 5,526 | 5,824 | 3,808 |
Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Increase of rental income related to below-market leases | $ 2,356 | $ 2,111 | $ 1,398 |
Intangibles - (Details)
Intangibles - (Details) | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Net [Abstract] | |
Weighted average amortization period for lease intangibles | 7 years |
Weighted average amortization period for lease intangible liability | 15 years |
Intangibles - Amortization of A
Intangibles - Amortization of Acquired Lease Intangibles (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future aggregate net amortization of acquired lease intangibles (Net decrease in Revenue) | |
2024 | $ 2,887 |
2025 | 2,316 |
2026 | 1,161 |
2027 | 994 |
2028 | 922 |
Thereafter | (6,728) |
Total | 1,552 |
Future aggregate net amortization of acquired lease intangibles (Net Increase in Expenses) | |
2024 | 35,184 |
2025 | 29,663 |
2026 | 23,548 |
2027 | 20,625 |
2028 | 16,941 |
Thereafter | 41,470 |
Total | $ 167,431 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Unclassified [Abstract] | ||
Straight-line rent receivable, net | $ 105,773 | $ 101,306 |
Leasing commissions, net | 14,962 | 13,231 |
Prepaid expenses | 10,416 | 11,009 |
Lease inducements, net | 7,332 | 7,894 |
Escrows | 1,715 | 1,565 |
Interest rate swap | 1,103 | 2,045 |
Notes receivable, net | 324 | 370 |
Other | 10,934 | 9,387 |
Total | $ 152,559 | $ 146,807 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) debtInstrument healthcareproperty | Dec. 31, 2022 USD ($) healthcareproperty debtInstrument | May 24, 2023 USD ($) | Dec. 01, 2017 USD ($) | Mar. 07, 2017 USD ($) | Aug. 11, 2016 USD ($) | Jan. 07, 2016 USD ($) | |
Debt | |||||||
Debt, gross | $ 1,987,872,000 | $ 1,832,929,000 | |||||
Unamortized deferred financing costs | (8,580,000) | (7,453,000) | |||||
Unamortized discounts | (6,255,000) | (7,359,000) | |||||
Total debt | 1,973,037,000 | 1,818,117,000 | |||||
Mortgages | |||||||
Debt | |||||||
Debt, gross | 127,872,000 | 164,929,000 | |||||
Senior Notes | |||||||
Debt | |||||||
Debt instrument, face amount | $ 350,000,000 | $ 400,000,000 | $ 75,000,000 | $ 150,000,000 | |||
Interest Rate | 3.95% | 4.30% | |||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2024 | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 23,194,000 | $ 59,776,000 | |||||
Effective fixed interest rate | 1.43% | ||||||
Weighted average interest rate (as a percent) | 3.85% | ||||||
Number of properties included in collateralized | healthcareproperty | 1 | 2 | |||||
Number Of Long-Term Debt Instruments | debtInstrument | 1 | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2024 | Mortgages | Asset Pledged as Collateral | |||||||
Debt | |||||||
Financial instruments, owned, at fair value | $ 37,100,000 | $ 94,900,000 | |||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2024 | Mortgages | London Interbank Offered Rate | |||||||
Debt | |||||||
Reference rate (as a percent) | 1.90% | ||||||
Number Of Long-Term Debt Instruments | debtInstrument | 1 | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2024 | Mortgages | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 3.33% | ||||||
Mortgage Notes Bearing Fixed Interest Rate Due In 2024 | Mortgages | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.63% | 4.63% | |||||
Mortgage Notes Bearing Variable Interest Due 2026 and 2028 | Mortgages | |||||||
Debt | |||||||
Debt, gross | $ 104,678,000 | $ 105,153,000 | |||||
Weighted average interest rate (as a percent) | 6.20% | ||||||
Number of properties included in collateralized | healthcareproperty | 4 | ||||||
Mortgage Notes Bearing Variable Interest Due 2026 and 2028 | Mortgages | Asset Pledged as Collateral | |||||||
Debt | |||||||
Financial instruments, owned, at fair value | $ 282,000,000 | $ 295,500,000 | |||||
Mortgage Notes Bearing Variable Interest Due 2026 and 2028 | Mortgages | London Interbank Offered Rate | |||||||
Debt | |||||||
Reference rate (as a percent) | 2.75% | ||||||
Mortgage Notes Bearing Variable Interest Due 2026 and 2028 | Mortgages | Prime Rate | |||||||
Debt | |||||||
Weighted average interest rate (as a percent) | 7.29% | ||||||
Mortgage Notes Bearing Variable Interest Due 2026 and 2028 | Mortgages | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt | |||||||
Reference rate (as a percent) | 1.85% | 1.85% | |||||
Revolving Credit Facility Due September 2025 | Credit Agreement | |||||||
Debt | |||||||
Debt, gross | $ 0 | $ 193,000,000 | |||||
Debt instrument, face amount | 1,000,000,000 | ||||||
Unsecured Term Loan Bearing Fixed Interest Due May 2028 | Term Loan | |||||||
Debt | |||||||
Debt, gross | 400,000,000 | 0 | $ 400,000,000 | ||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | |||||
Effective fixed interest rate | 4.693% | ||||||
Debt Instrument, Interest Rate, Before Index Rate Adjustment | 1.10% | ||||||
Unsecured Term Loan Bearing Fixed Interest Due May 2028 | Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt | |||||||
Interest Rate | 3.59% | 3.593% | |||||
Unsecured Notes Bearing Fixed Interest Due March 2027 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 400,000,000 | 400,000,000 | |||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Effective fixed interest rate | 4.30% | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2028 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 350,000,000 | 350,000,000 | |||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Effective fixed interest rate | 3.95% | ||||||
Unsecured Notes Bearing Fixed Interest Due November 2031 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 500,000,000 | 500,000,000 | |||||
Debt instrument, face amount | $ 500,000,000 | ||||||
Effective fixed interest rate | 2.625% | ||||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 135,000,000 | 150,000,000 | |||||
Debt instrument, face amount | $ 135,000,000 | $ 150,000,000 | |||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.43% | 4.03% | |||||
Unsecured Notes Bearing Fixed Interest Due January 2023 to 2031 | Senior Notes | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.74% | 4.74% | |||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | |||||||
Debt | |||||||
Debt, gross | $ 75,000,000 | $ 75,000,000 | |||||
Debt instrument, face amount | $ 75,000,000 | ||||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | Minimum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.09% | ||||||
Senior Unsecured Notes Due August 2025 to 2027 | Senior Notes | Maximum | |||||||
Debt | |||||||
Effective fixed interest rate | 4.24% | ||||||
2021 Third Amended and Restated Credit Agreement | Credit Agreement | London Interbank Offered Rate | |||||||
Debt | |||||||
Reference rate (as a percent) | 0.85% | ||||||
2021 Third Amended and Restated Credit Agreement | Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt | |||||||
Reference rate (as a percent) | 0.95% |
Debt - (Details)
Debt - (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 USD ($) | Dec. 01, 2017 USD ($) | Mar. 07, 2017 USD ($) | Oct. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) extensionOption | Dec. 31, 2022 USD ($) | May 24, 2023 USD ($) | Oct. 13, 2021 USD ($) | Sep. 24, 2021 USD ($) | Aug. 11, 2016 USD ($) | Jan. 07, 2016 USD ($) | |
Debt | |||||||||||
Debt, gross | $ 1,987,872,000 | $ 1,832,929,000 | |||||||||
Cash flow hedge interest rate swaps | |||||||||||
Debt | |||||||||||
Fixed interest rate | 3.59% | 3.33% | |||||||||
Total notional amount | $ 400,000,000 | $ 36,050,000 | |||||||||
Interest Rate Swap, May 24, 2028 | |||||||||||
Debt | |||||||||||
Total notional amount | $ 400,000,000 | ||||||||||
2021 Third Amended and Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Current borrowing capacity | $ 1,300,000,000 | ||||||||||
Maximum borrowing capacity as a percentage of maximum principal amount | 10% | ||||||||||
Increase in maximum borrowing capacity | $ 500,000,000 | ||||||||||
Maximum borrowing capacity | 1,750,000,000 | ||||||||||
Number of extension options | extensionOption | 2 | ||||||||||
Term of extension option | 6 months | ||||||||||
Series A | |||||||||||
Debt | |||||||||||
Effective fixed interest rate | 4.09% | 4.03% | |||||||||
Series B | |||||||||||
Debt | |||||||||||
Effective fixed interest rate | 4.18% | 4.43% | |||||||||
Series C | |||||||||||
Debt | |||||||||||
Effective fixed interest rate | 4.57% | ||||||||||
Series D | |||||||||||
Debt | |||||||||||
Effective fixed interest rate | 4.74% | ||||||||||
2023 First Amendment To The Third Amended And Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Increase in maximum borrowing capacity | $ 500,000,000 | ||||||||||
Unused fee (as a percent) | 0.20% | ||||||||||
Second Amendment To The Credit Agreement | |||||||||||
Debt | |||||||||||
Increase in maximum borrowing capacity | $ 500,000,000 | ||||||||||
Line of credit facility, accordion feature, high borrowing capacity option | 1,900,000,000 | ||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt | |||||||||||
Long-term debt exposed to variable rates, percentage | 5% | ||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 2023 First Amendment To The Third Amended And Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Debt instrument, variable rate, index adjustment | 0.10% | 0.10% | |||||||||
Reference rate (as a percent) | 0.95% | ||||||||||
Prime Rate | |||||||||||
Debt | |||||||||||
Long-term debt exposed to variable rates, percentage | 0.20% | ||||||||||
Credit Agreement | 2021 Third Amended and Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Current borrowing capacity | 1,000,000,000 | ||||||||||
Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 2021 Third Amended and Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Debt instrument, variable rate, index adjustment | 0.10% | ||||||||||
Reference rate (as a percent) | 0.95% | ||||||||||
Credit Agreement | London Interbank Offered Rate | 2021 Third Amended and Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Reference rate (as a percent) | 0.85% | ||||||||||
Term Loan | 2021 Third Amended and Restated Credit Agreement | |||||||||||
Debt | |||||||||||
Current borrowing capacity | $ 250,000,000 | ||||||||||
Term Loan | Unsecured Term Loan Bearing Fixed Interest Due May 2028 | |||||||||||
Debt | |||||||||||
Total mortgage debt | $ 400,000,000 | 400,000,000 | |||||||||
Debt, gross | $ 400,000,000 | $ 0 | $ 400,000,000 | ||||||||
Effective fixed interest rate | 4.693% | ||||||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Term Loan Bearing Fixed Interest Due May 2028 | |||||||||||
Debt | |||||||||||
Debt instrument, variable rate, index adjustment | 0.10% | ||||||||||
Fixed interest rate | 3.59% | 3.593% | |||||||||
Senior Notes | |||||||||||
Debt | |||||||||||
Total mortgage debt | $ 350,000,000 | $ 400,000,000 | $ 75,000,000 | $ 150,000,000 | |||||||
Fixed interest rate | 3.95% | 4.30% | |||||||||
Proceeds from issuance of debt | $ 347,000,000 | $ 396,100,000 | |||||||||
Debt instrument, redemption price, percentage | 99.78% | 99.68% | |||||||||
Senior Notes | Series A | |||||||||||
Debt | |||||||||||
Total mortgage debt | 25,000,000 | 15,000,000 | |||||||||
Senior Notes | Series B | |||||||||||
Debt | |||||||||||
Total mortgage debt | 25,000,000 | 45,000,000 | |||||||||
Senior Notes | Series C | |||||||||||
Debt | |||||||||||
Total mortgage debt | $ 25,000,000 | 45,000,000 | |||||||||
Effective fixed interest rate | 4.24% | ||||||||||
Senior Notes | Series D | |||||||||||
Debt | |||||||||||
Total mortgage debt | $ 45,000,000 | ||||||||||
Senior Notes | 2.625% Senior Notes, Due November 2031 | |||||||||||
Debt | |||||||||||
Total mortgage debt | $ 500,000,000 | ||||||||||
Effective fixed interest rate | 2.625% | ||||||||||
Proceeds from issuance of long-term debt | $ 495,100,000 | ||||||||||
Debt instrument, redemption price, percentage | 99.79% | ||||||||||
Operating Partnership | Credit Agreement | |||||||||||
Debt | |||||||||||
Debt instrument, interest rate, effective percentage | 4.07% | 3.98% | |||||||||
Operating Partnership | Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Debt | |||||||||||
Reference rate (as a percent) | 5.38% | 4.30% | |||||||||
Operating Partnership | Credit Agreement | Prime Rate | |||||||||||
Debt | |||||||||||
Reference rate (as a percent) | 8.50% | ||||||||||
Operating Partnership | Credit Agreement | London Interbank Offered Rate | |||||||||||
Debt | |||||||||||
Reference rate (as a percent) | 4.33% |
Debt - Investment Grade Rating
Debt - Investment Grade Rating Schedule (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
At Least A- or A3 | Adjusted LIBOR Rate Loans and Letter of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.725% | |
At Least A- or A3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.85% | |
At Least BBB+ or Baa1 | Adjusted LIBOR Rate Loans and Letter of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.775% | |
At Least BBB+ or Baa1 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.90% | |
At Least BBB or Baa2 | Adjusted LIBOR Rate Loans and Letter of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.85% | |
At Least BBB or Baa2 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 1% | |
At Least BBB- or Baa3 | Adjusted LIBOR Rate Loans and Letter of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 1.05% | |
At Least BBB- or Baa3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 1.25% | |
Below BBB- or Baa3 | Adjusted LIBOR Rate Loans and Letter of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 1.40% | |
Below BBB- or Baa3 | Adjusted LIBOR Rate Term Loans and Letter Of Credit | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 1.65% | |
Applicable Margin for Revolving Loans: Base Rate Loans | 2021 Third Amended and Restated Credit Agreement | London Interbank Offered Rate | ||
Debt | ||
Reference rate (as a percent) | 0.85% | |
Applicable Margin for Revolving Loans: Base Rate Loans | At Least A- or A3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB+ or Baa1 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB or Baa2 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Revolving Loans: Base Rate Loans | At Least BBB- or Baa3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0.05% | |
Applicable Margin for Revolving Loans: Base Rate Loans | Below BBB- or Baa3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0.40% | |
Applicable Margin for Term Loans: Base Rate Loans | At Least A- or A3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Term Loans: Base Rate Loans | At Least BBB+ or Baa1 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Term Loans: Base Rate Loans | At Least BBB or Baa2 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0% | |
Applicable Margin for Term Loans: Base Rate Loans | At Least BBB- or Baa3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0.25% | |
Applicable Margin for Term Loans: Base Rate Loans | Below BBB- or Baa3 | Base Rate Loans | Base Rate | ||
Debt | ||
Reference rate (as a percent) | 0.65% |
Debt - Principal Payments Due o
Debt - Principal Payments Due on Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Scheduled principal payments | ||
2024 | $ 23,669 | |
2025 | 25,476 | |
2026 | 170,476 | |
2027 | 425,476 | |
2028 | 797,775 | |
Thereafter | 545,000 | |
Total Payments | $ 1,987,872 | $ 1,832,929 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | ||
Amount of gain reclassified from AOCI to earnings | $ 1,763 | |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative asset | $ 1,103 | |
Number of Instruments | instrument | 1 | |
Interest rate swap | Interest expense | ||
Derivative [Line Items] | ||
Amount of gain reclassified from AOCI to earnings | $ 1,763 | $ 0 |
Derivatives - Location and Aggr
Derivatives - Location and Aggregate Fair Value of Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (260) | |
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ 1,763 | |
Cash flow hedge interest rate swaps | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 3 | 1 |
Total Notional Amount | $ 400,000 | $ 36,050 |
Interest Rate | 3.59% | 3.33% |
Fair Value | $ (260) | $ 2,045 |
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ (260) | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Other Assets |
Cash flow hedge interest rate swaps | Interest expense | ||
Derivative [Line Items] | ||
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ 0 | |
Interest rate swap | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 1 | |
Total Notional Amount | $ 36,050 | |
Interest Rate | 1.37% | |
Fair Value | $ 1,103 | |
Amount of Gain/(Loss) Recognized in OCI on Derivative | $ 0 | $ 2,498 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | |
Interest rate swap | Interest expense | ||
Derivative [Line Items] | ||
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income | $ 1,763 | $ 0 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Prepaid rent | $ 25,303 | $ 21,062 |
Real estate taxes payable | 23,993 | 23,303 |
Accrued interest | 18,196 | 18,196 |
Accrued expenses | 9,935 | 7,920 |
Security deposits | 4,660 | 4,338 |
Accrued incentive compensation | 1,713 | 2,700 |
Tenant improvement allowances | 1,688 | 1,831 |
Interest rate swap | 260 | 0 |
Other | 10,339 | 8,370 |
Total | $ 96,087 | $ 87,720 |
Stock-based Compensation - (Det
Stock-based Compensation - (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 | Jan. 31, 2023 | Mar. 31, 2022 | Jan. 31, 2022 | Mar. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 03, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Non-cash share compensation | $ 15,676 | $ 15,672 | $ 15,032 | |||||||
2013 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 11,000,000 | |||||||||
2013 Plan | Restricted common shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 342,939 | 247,579 | 224,163 | |||||||
Non-cash share compensation | $ 4,700 | $ 3,900 | $ 3,700 | |||||||
Unrecognized compensation expense | $ 1,600 | $ 1,400 | $ 1,400 | |||||||
Grant date value (in dollars per share) | $ 14.57 | $ 16.53 | $ 17.42 | |||||||
2013 Plan | Restricted Share Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 355,388 | 299,019 | 265,275 | |||||||
Non-cash share compensation | $ 10,800 | $ 11,700 | $ 11,200 | |||||||
Unrecognized compensation expense | $ 8,800 | $ 10,000 | $ 12,000 | |||||||
Number of dividend equivalent included in award (in shares) | 1 | |||||||||
2013 Plan | Market Based RSU | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date value (in dollars per share) | $ 18.71 | $ 30.17 | $ 29.18 | |||||||
2013 Plan | Performance based restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value (in dollars per share) | 14.70 | 16.37 | 17.21 | |||||||
Grant date value (in dollars per share) | $ 15.90 | $ 20.51 | $ 22 | |||||||
Officers and Certain Employees | 2013 Plan | Restricted common shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 342,939 | 247,579 | 224,163 | |||||||
Share-based compensation, gross | $ 5,000 | $ 4,100 | $ 3,900 | |||||||
Officers and Certain Employees | 2013 Plan | Restricted Share Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
Officers and Certain Employees | 2013 Plan | Market Based RSU | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of shares awarded | 30% | 30% | 40% | |||||||
Officers and Certain Employees | 2013 Plan | Performance based restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of shares awarded | 70% | 70% | 60% | |||||||
Senior Management | 2013 Plan | Restricted common shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | 1 year | 1 year | |||||||
Senior Management | 2013 Plan | Restricted Share Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Employee | 2013 Plan | Restricted common shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | 3 years | 3 years | |||||||
Officer | 2013 Plan | Restricted common shares | Share-Based Payment Arrangement, Tranche One | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
Officer | 2013 Plan | Restricted common shares | Share-Based Payment Arrangement, Tranche Two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Vesting period | 2 years | |||||||||
Trustees | 2013 Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 11,274 | 7,800 | 13,343 | |||||||
Trustees | 2013 Plan | Restricted Share Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 62,586 | 56,204 | 43,582 | |||||||
Vesting period | 2 years | |||||||||
Number of dividend equivalent included in award (in shares) | 1 | |||||||||
Trustees | 2013 Plan | Performance based restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date fair value (in dollars per share) | $ 14.47 | $ 18.83 | $ 17.80 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Non-Vested Restricted Common Shares (Details) - 2013 Plan - Restricted common shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Shares | |||
Non-vested at the beginning of the period (in shares) | 272,898 | 247,447 | 215,822 |
Granted (in shares) | 342,939 | 247,579 | 224,163 |
Vested (in shares) | (239,602) | (213,572) | (185,968) |
Forfeited (in shares) | (2,277) | (8,556) | (6,570) |
Non-vested at the end of the period (in shares) | 373,958 | 272,898 | 247,447 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 16.69 | $ 17.41 | $ 18.73 |
Granted (in dollars per share) | 14.57 | 16.53 | 17.42 |
Vested (in dollars per share) | 16.54 | 17.29 | 18.94 |
Forfeited (in dollars per share) | 14.75 | 17.98 | 18.05 |
Non-vested at end of period (in dollars per share) | $ 14.85 | $ 16.69 | $ 17.41 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted Average Grant Date Fair Value Assumptions (Details) - 2013 Plan - Restricted Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 23.40% | 33.90% | 33.30% |
Expected term in years | 2 years 9 months 18 days | 2 years 9 months 18 days | 2 years 9 months 18 days |
Risk-free rate | 4.70% | 1.44% | 0.25% |
Stock price (per share) | $ 14.70 | $ 16.37 | $ 17.21 |
Stock-based Compensation - Trus
Stock-based Compensation - Trust Restricted Share Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Grant Date Fair Value | |||
Common stock, shares issued (in shares) | 238,519,554 | 233,292,030 | |
2013 Plan | Executive Awards | |||
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) | 1,046,940 | 976,570 | 964,139 |
Granted (in shares) | 355,388 | 299,019 | 265,275 |
Vested (in shares) | (223,579) | (228,649) | (252,844) |
Non-vested at the end of the period (in shares) | 1,178,749 | 1,046,940 | 976,570 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 21.41 | $ 22.59 | $ 21.17 |
Granted (in dollars per share) | 15.90 | 20.51 | 22 |
Vested (in dollars per share) | 24.36 | 25.27 | 16.58 |
Non-vested at end of period (in dollars per share) | $ 19.19 | $ 21.41 | $ 22.59 |
Common stock, shares issued (in shares) | 652,851 | 361,679 | 399,165 |
Restricted stock, shares issued net of shares for tax withholdings (in shares) | 290,380 | 160,573 | 162,173 |
2013 Plan | Trustee Awards | |||
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) | 77,992 | 63,008 | 59,820 |
Granted (in shares) | 73,860 | 64,004 | 56,925 |
Vested (in shares) | (61,164) | (49,020) | (53,737) |
Non-vested at the end of the period (in shares) | 90,688 | 77,992 | 63,008 |
Weighted Average Grant Date Fair Value | |||
Non-vested at beginning of period (in dollars per share) | $ 16.60 | $ 17.85 | $ 18.81 |
Granted (in dollars per share) | 14.66 | 16.67 | 17.35 |
Vested (in dollars per share) | 16.32 | 18.30 | 18.38 |
Non-vested at end of period (in dollars per share) | $ 15.22 | $ 16.60 | $ 17.85 |
Fair Value Measurements - (Deta
Fair Value Measurements - (Details) | Dec. 31, 2023 instrument asset | Dec. 31, 2022 asset instrument |
Cash flow hedge interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of Instruments | 3 | 1 |
Cash flow hedge interest rate swaps | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of Instruments | 3 | |
Cash Flow Hedging | Cash flow hedge interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of Instruments | 4 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets subject to impairment | asset | 0 | 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Notes receivable, net | $ 324 | $ 370 |
Liabilities: | ||
Credit facility | (393,718) | (188,328) |
Notes payable | (1,451,905) | (1,465,437) |
Secured Debt | (127,413) | (164,352) |
Cash flow hedge interest rate swaps | ||
Assets: | ||
Derivative asset | (260) | 2,045 |
Carrying Amount | ||
Assets: | ||
Cash equivalents - US Treasuries | 149,060 | 0 |
Real estate loans receivable, net | 98,277 | 104,973 |
Notes receivable, net | 324 | 370 |
Liabilities: | ||
Credit facility | (400,000) | (193,000) |
Notes payable | (1,460,000) | (1,475,000) |
Secured Debt | (127,872) | (164,929) |
Carrying Amount | Derivative liabilities | ||
Liabilities: | ||
Derivative liabilities | (260) | 0 |
Carrying Amount | Cash flow hedge interest rate swaps | ||
Assets: | ||
Derivative asset | 1,103 | 2,045 |
Fair Value | ||
Assets: | ||
Cash equivalents - US Treasuries | 149,060 | 0 |
Real estate loans receivable, net | 96,702 | 102,162 |
Notes receivable, net | 324 | 370 |
Liabilities: | ||
Credit facility | (400,000) | (193,000) |
Notes payable | (1,334,631) | (1,302,767) |
Secured Debt | (127,664) | (163,129) |
Fair Value | Derivative liabilities | ||
Liabilities: | ||
Derivative liabilities | (260) | 0 |
Fair Value | Cash flow hedge interest rate swaps | ||
Assets: | ||
Derivative asset | $ 1,103 | $ 2,045 |
Tenant Operating Leases - (Deta
Tenant Operating Leases - (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future minimum rental payments on non-cancelable leases | |
2024 | $ 367,377 |
2025 | 352,182 |
2026 | 296,359 |
2027 | 244,764 |
2028 | 208,242 |
Thereafter | 657,911 |
Total | $ 2,126,835 |
Tenant Operating Leases - Summa
Tenant Operating Leases - Summary of Rental and Related Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Rental revenues | $ 376,762 | $ 371,727 | $ 328,144 |
Expense recoveries | 151,331 | 143,646 | 112,054 |
Rental and related revenues | $ 528,093 | $ 515,373 | $ 440,198 |
Rent Expense - (Details)
Rent Expense - (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | |
Leases [Abstract] | ||
Number of properties pursuant to parking lease | 2 | |
Number of properties subject to air space lease | 1 | |
Number of properties pursuant to ground leases | 97 | |
Number of office space leases | 11 | |
Maximum lease terms | 91 years | |
Weighted average remaining lease term | 43 years | |
Operating lease, right-of-use asset | $ | $ 226,824 | $ 231,225 |
Operating lease, liability | $ | $ 104,844 | $ 105,011 |
Weighted average discount rate, percent | 4.40% | |
Number of real estate properties held for sale | 0 | 0 |
Operating lease cost | $ | $ 4,700 | $ 4,600 |
Rent Expense - Schedule of Mini
Rent Expense - Schedule of Minimum Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Future minimum lease obligations under non-cancelable ground leases | ||
Lessee, operating lease, liability, to be paid, year one | $ 5,166 | |
Lessee, operating lease, liability, to be paid, year two | 5,179 | |
Lessee, operating lease, liability, to be paid, year three | 5,168 | |
Lessee, operating lease, liability, to be paid, year four | 5,182 | |
Lessee, operating lease, liability, to be paid, year five | 5,209 | |
Thereafter | 243,320 | |
Total undiscounted lease payments | 269,224 | |
Less: Interest | (164,380) | |
Lease liabilities | $ 104,844 | $ 105,011 |
Credit Concentration - (Details
Credit Concentration - (Details) - property | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Number of real estate properties held for sale | 0 | 0 |
Revenue benchmark | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 100% | |
Revenue benchmark | Top five tenant relationships | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19.60% | |
Revenue benchmark | CHI Portfolio | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 14.90% |
Credit Concentration - Top Five
Credit Concentration - Top Five Tenant Credit Concentrations (Details) - Revenue benchmark - Customer Concentration Risk $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) Rate | |
Concentration Risk [Line Items] | |
Total ABR | $ 369,078 |
Percent of ABR | Rate | 100% |
CommonSpirit - CHI - Nebraska | |
Concentration Risk [Line Items] | |
Total ABR | $ 18,667 |
Percent of ABR | 5.10% |
Northside Hospital | |
Concentration Risk [Line Items] | |
Total ABR | $ 16,953 |
Percent of ABR | 4.60% |
UofL Health - Louisville, Inc. | |
Concentration Risk [Line Items] | |
Total ABR | $ 14,987 |
Percent of ABR | 4.10% |
US Oncology | |
Concentration Risk [Line Items] | |
Total ABR | $ 10,925 |
Percent of ABR | 3% |
HonorHealth | |
Concentration Risk [Line Items] | |
Total ABR | $ 10,244 |
Percent of ABR | 2.80% |
Remaining portfolio | |
Concentration Risk [Line Items] | |
Total ABR | $ 297,302 |
Percent of ABR | Rate | 80.40% |
Credit Concentration - Top Fi_2
Credit Concentration - Top Five Geographic Concentrations (Details) - Revenue benchmark - Geographic Concentration Risk $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Concentration Risk [Line Items] | |
Total ABR | $ 369,078 |
Percent of ABR | 100% |
Texas | |
Concentration Risk [Line Items] | |
Total ABR | $ 49,329 |
Percent of ABR | 13.40% |
Georgia | |
Concentration Risk [Line Items] | |
Total ABR | $ 27,676 |
Percent of ABR | 7.50% |
Florida | |
Concentration Risk [Line Items] | |
Total ABR | $ 24,756 |
Percent of ABR | 6.70% |
Indiana | |
Concentration Risk [Line Items] | |
Total ABR | $ 23,580 |
Percent of ABR | 6.40% |
Arizona | |
Concentration Risk [Line Items] | |
Total ABR | $ 21,286 |
Percent of ABR | 5.80% |
Other | |
Concentration Risk [Line Items] | |
Total ABR | $ 222,451 |
Percent of ABR | 60.20% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Numerator for earnings per share - basic: | ||||
Net income | $ 43,767 | $ 110,036 | $ 86,783 | |
Net income attributable to noncontrolling interests: | ||||
Operating Partnership | (1,722) | (5,240) | (2,211) | |
Partially owned properties | [1] | (169) | (430) | (607) |
Preferred distributions | 0 | 0 | (13) | |
Net income attributable to common shareholders | 41,876 | 104,366 | 83,952 | |
Numerator for earnings per share - diluted: | ||||
Numerator for earnings per share - basic | 41,876 | 104,366 | 83,952 | |
Operating Partnership net income | 1,722 | 5,240 | 2,211 | |
Numerator for earnings per share - diluted | $ 43,598 | $ 109,606 | $ 86,163 | |
Denominator for earnings per share - basic and diluted: | ||||
Weighted average number of shares outstanding - basic (in shares) | 238,216,847 | 226,598,474 | 216,135,385 | |
Effect of dilutive securities: | ||||
Noncontrolling interest - Operating Partnership units (in shares) | 9,827,483 | 11,402,684 | 5,693,333 | |
Denominator for earnings per share - diluted (in shares) | 249,344,713 | 239,610,285 | 223,060,556 | |
Earnings per share - basic (in dollars per share) | $ 0.18 | $ 0.46 | $ 0.39 | |
Earnings per share - diluted (in dollars per share) | $ 0.17 | $ 0.46 | $ 0.39 | |
Restricted common shares | ||||
Effect of dilutive securities: | ||||
Restricted common shares/units (in shares) | 146,239 | 116,825 | 113,438 | |
Restricted share units | ||||
Effect of dilutive securities: | ||||
Restricted common shares/units (in shares) | 1,154,144 | 1,492,302 | 1,118,400 | |
[1] Includes amounts attributable to redeemable noncontrolling interests. |
Commitment and Contingencies (D
Commitment and Contingencies (Details) | Feb. 21, 2024 plaintiff |
Subsequent Events | |
Loss Contingencies [Line Items] | |
Loss contingency, number of plaintiffs | 4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 12, 2024 | Feb. 09, 2024 | Dec. 31, 2023 |
Unsecured Notes Bearing Fixed Interest Due March 2027 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 4.30% | ||
Unsecured Notes Bearing Fixed Interest Due January 2028 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 3.95% | ||
Unsecured Notes Bearing Fixed Interest Due November 2031 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 2.625% | ||
Subsequent Events | |||
Subsequent Event [Line Items] | |||
Debt instrument, covenant, payment per $1,000 principal amount | $ 1 | ||
Subsequent Events | Unsecured Notes Bearing Fixed Interest Due March 2027 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 4.30% | ||
Subsequent Events | Unsecured Notes Bearing Fixed Interest Due January 2028 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 3.95% | ||
Subsequent Events | Unsecured Notes Bearing Fixed Interest Due November 2031 | Senior Notes | |||
Subsequent Event [Line Items] | |||
Effective fixed interest rate | 2.625% |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross Amount at Which Carried as of Close of Period, Total | $ 5,109,493 | $ 5,008,476 | $ 4,934,032 | $ 4,129,562 |
Accumulated Depreciation | (870,045) | $ (725,149) | $ (594,714) | $ (492,660) |
Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 127,872 | |||
Initial Cost to Company, Land | 249,470 | |||
Initial Cost to Company, Buildings and Improvements | 4,563,676 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 274,735 | |||
Gross Amount at Which Carried as of Close of Period, Land | 249,470 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,838,411 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,087,881 | |||
Accumulated Depreciation | (870,045) | |||
Developed and Undeveloped | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 127,872 | |||
Initial Cost to Company, Land | 249,470 | |||
Initial Cost to Company, Buildings and Improvements | 4,585,288 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 274,735 | |||
Gross Amount at Which Carried as of Close of Period, Land | 249,470 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,860,023 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,109,493 | |||
Accumulated Depreciation | (870,045) | |||
Del Sol Medical Center Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,036 | |||
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 | 3,902 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,762 | |||
Accumulated Depreciation | $ (2,788) | |||
Life on Which Building Depreciation in Income Statement is Computed | 21 years | |||
MeadowView Professional | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 3,248 | |||
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 | 14,592 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,862 | |||
Accumulated Depreciation | $ (6,630) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Firehouse Square | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 10 | |||
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 | 2,778 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,898 | |||
Accumulated Depreciation | $ (1,518) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Valley West Hospital Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 6,275 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 815 | |||
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 | 7,090 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,090 | |||
Accumulated Depreciation | $ (3,776) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mid Coast Hospital Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,678 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,247 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 503 | |||
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 | 11,750 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,750 | |||
Accumulated Depreciation | $ (6,033) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Arrowhead Commons | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 764 | |||
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 | 3,315 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,055 | |||
Accumulated Depreciation | $ (1,346) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Remington Medical Commons | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 895 | |||
Initial Cost to Company, Buildings and Improvements | 6,499 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,555 | |||
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 | 8,054 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,949 | |||
Accumulated Depreciation | $ (4,056) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Aurora Outpatient Medical Facility - Shawano | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (431) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
East El Paso Physicians Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,313 | |||
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 | 5,813 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,523 | |||
Accumulated Depreciation | $ (1,452) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Crescent City Surgical Centre | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | $ (7,305) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Foundation Surgical Affiliates Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 259 | |||
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 | 12,983 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,283 | |||
Accumulated Depreciation | $ (3,118) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Eastwind Surgical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 142 | |||
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 | 7,762 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,743 | |||
Accumulated Depreciation | $ (1,773) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Foundation Surgical Hospital of San Antonio | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 112 | |||
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 | 23,458 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,688 | |||
Accumulated Depreciation | $ (7,491) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology - Sarasota | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 67 | |||
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 | 6,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,257 | |||
Accumulated Depreciation | $ (2,475) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
21st Century Radiation Oncology - Venice | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (935) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
21st Century Radiation Oncology - Englewood | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 163 | |||
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 | 2,041 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,391 | |||
Accumulated Depreciation | $ (540) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foundation Healthplex of San Antonio | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 133 | |||
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 | 4,322 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,233 | |||
Accumulated Depreciation | $ (1,241) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peachtree Dunwoody Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 52,481 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,399 | |||
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 | 55,880 | |||
Gross Amount at Which Carried as of Close of Period, Total | 55,880 | |||
Accumulated Depreciation | $ (19,903) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health Medical Building - Wormleysburg | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 31 | |||
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 | 4,632 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,427 | |||
Accumulated Depreciation | $ (1,919) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Pinnacle Health Medical Building - Carlisle | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (672) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
South Bend Orthopaedics Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (3,150) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Grenada Medical Complex | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 449 | |||
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 | 6,269 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,454 | |||
Accumulated Depreciation | $ (2,476) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Mississippi Sports Medicine & Orthopedics | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (4,463) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carmel Medical Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 693 | |||
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 | 4,610 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,610 | |||
Accumulated Depreciation | $ (1,694) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Renaissance ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 61 | |||
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 | 7,719 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,947 | |||
Accumulated Depreciation | $ (1,903) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Summit Urology | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,556) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
IU Health - 500 Landmark | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 36 | |||
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 | 3,585 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,212 | |||
Accumulated Depreciation | $ (1,003) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
IU Health - 550 Landmark | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (4,305) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
IU Health - 574 Landmark | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 26 | |||
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 | 1,519 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,937 | |||
Accumulated Depreciation | $ (436) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Carlisle II Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 96 | |||
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 | 4,058 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,470 | |||
Accumulated Depreciation | $ (886) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Surgical Institute of Monroe | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,817) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Oaks Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 148 | |||
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 | 8,790 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,855 | |||
Accumulated Depreciation | $ (1,992) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Mansfield ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 23 | |||
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 | 6,494 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,985 | |||
Accumulated Depreciation | $ (1,449) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
Eye Center of Southern Indiana | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (3,174) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Zangmeister Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 499 | |||
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 | 31,619 | |||
Gross Amount at Which Carried as of Close of Period, Total | 33,229 | |||
Accumulated Depreciation | $ (7,584) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Orthopedic One - Columbus | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 84 | |||
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 | 16,318 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,318 | |||
Accumulated Depreciation | $ (3,737) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Orthopedic One - Westerville | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 55 | |||
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 | 3,999 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,361 | |||
Accumulated Depreciation | $ (939) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
South Point Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 358 | |||
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 | 6,308 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,308 | |||
Accumulated Depreciation | $ (1,674) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
3100 Lee Trevino Drive | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,842 | |||
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 | 13,158 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,452 | |||
Accumulated Depreciation | $ (4,302) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
1755 Curie | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,432 | |||
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 | 27,975 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,258 | |||
Accumulated Depreciation | $ (9,152) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
9999 Kenworthy | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 674 | |||
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 | 2,852 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,580 | |||
Accumulated Depreciation | $ (933) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
32 Northeast Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 394 | |||
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 | 3,626 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,034 | |||
Accumulated Depreciation | $ (1,079) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
4518 Union Deposit Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 44 | |||
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 | 7,349 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,966 | |||
Accumulated Depreciation | $ (2,335) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
4520 Union Deposit Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 432 | |||
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 | 2,487 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,656 | |||
Accumulated Depreciation | $ (810) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
240 Grandview Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 269 | |||
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 | 4,511 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,832 | |||
Accumulated Depreciation | $ (1,237) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - Maltese | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (2,679) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Middletown Medical - Edgewater | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (801) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Napoleon Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 7,366 | |||
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 | 14,778 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,980 | |||
Accumulated Depreciation | $ (3,654) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
West Tennessee ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,661 | |||
Initial Cost to Company, Buildings and Improvements | 2,960 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 7,116 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,661 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,076 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,737 | |||
Accumulated Depreciation | $ (2,738) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Southdale Place | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 3,596 | |||
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 | 13,602 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,106 | |||
Accumulated Depreciation | $ (4,808) | |||
Life on Which Building Depreciation in Income Statement is Computed | 24 years | |||
Crystal Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 268 | |||
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 | 12,130 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,075 | |||
Accumulated Depreciation | $ (2,540) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Savage Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
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 | 503 | |||
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 | 10,524 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,805 | |||
Accumulated Depreciation | $ (2,340) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Dell Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 400 | |||
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 | 4,920 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,720 | |||
Accumulated Depreciation | $ (1,177) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Methodist Sports | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (2,429) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Vadnais Heights Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 2,965 | |||
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 | 15,198 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,949 | |||
Accumulated Depreciation | $ (2,928) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Minnetonka Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 174 | |||
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 | 19,971 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,741 | |||
Accumulated Depreciation | $ (4,478) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Jamestown | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 477 | |||
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 | 9,917 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,573 | |||
Accumulated Depreciation | $ (2,567) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Indiana American 3 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 2,746 | |||
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 | 9,647 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,509 | |||
Accumulated Depreciation | $ (2,724) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Indiana American 2 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 943 | |||
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 | 2,789 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,530 | |||
Accumulated Depreciation | $ (1,052) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Indiana American 4 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 364 | |||
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 | 2,292 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,063 | |||
Accumulated Depreciation | $ (873) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
8920 Southpointe | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 941 | |||
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 | 2,682 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,245 | |||
Accumulated Depreciation | $ (1,271) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Minnesota Eye Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,748) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Baylor Cancer Center- Carrollton | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 104 | |||
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 | 6,111 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,966 | |||
Accumulated Depreciation | $ (1,357) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Bridgeport Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,006 | |||
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 | 11,441 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,838 | |||
Accumulated Depreciation | $ (3,180) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Renaissance Office Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 8,637 | |||
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 | 12,819 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,198 | |||
Accumulated Depreciation | $ (5,684) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Calkins 125 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,257 | |||
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 | 11,421 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,955 | |||
Accumulated Depreciation | $ (3,326) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Calkins 200 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 75 | |||
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 | 3,392 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,602 | |||
Accumulated Depreciation | $ (977) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Calkins 300 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 670 | |||
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 | 7,315 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,687 | |||
Accumulated Depreciation | $ (1,753) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 400 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 872 | |||
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 | 9,098 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,451 | |||
Accumulated Depreciation | $ (2,253) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Calkins 500 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 418 | |||
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 | 7,492 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,774 | |||
Accumulated Depreciation | $ (1,873) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Premier Surgery Center of Louisville | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,189) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Baton Rouge Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 51 | |||
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 | 7,771 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,482 | |||
Accumulated Depreciation | $ (2,036) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Healthpark Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 307 | |||
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 | 17,931 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,931 | |||
Accumulated Depreciation | $ (4,730) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
University of Michigan Center for Specialty Care | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 359 | |||
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 | 8,986 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,186 | |||
Accumulated Depreciation | $ (2,756) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Coon Rapids Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 762 | |||
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 | 6,619 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,226 | |||
Accumulated Depreciation | $ (1,764) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Premier RPM | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 942 | |||
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 | 942 | |||
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 | 11,479 | |||
Accumulated Depreciation | $ (2,425) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Palm Beach ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,723) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Hillside Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 414 | |||
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 | 13,631 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,443 | |||
Accumulated Depreciation | $ (3,580) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Randall Road Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,124 | |||
Initial Cost to Company, Buildings and Improvements | 15,404 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,973 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,124 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 17,377 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,501 | |||
Accumulated Depreciation | $ (3,902) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
JFK Medical Center Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 6 | |||
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 | 7,566 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,566 | |||
Accumulated Depreciation | $ (1,886) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Grove City Health Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 224 | |||
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 | 8,740 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,103 | |||
Accumulated Depreciation | $ (2,228) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Trios Health Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,492 | |||
Initial Cost to Company, Buildings and Improvements | 55,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,795 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,492 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 58,973 | |||
Gross Amount at Which Carried as of Close of Period, Total | 60,465 | |||
Accumulated Depreciation | $ (11,252) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Abrazo Scottsdale Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,627 | |||
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 | 27,520 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,520 | |||
Accumulated Depreciation | $ (5,991) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Avondale Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,694 | |||
Initial Cost to Company, Buildings and Improvements | 18,108 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,027 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,694 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,135 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,829 | |||
Accumulated Depreciation | $ (3,783) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Palm Valley Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,706 | |||
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 | 30,361 | |||
Gross Amount at Which Carried as of Close of Period, Total | 33,027 | |||
Accumulated Depreciation | $ (6,359) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
North Mountain Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 4,455 | |||
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 | 47,332 | |||
Gross Amount at Which Carried as of Close of Period, Total | 47,332 | |||
Accumulated Depreciation | $ (9,607) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Katy Medical Complex | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 222 | |||
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 | 7,019 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,841 | |||
Accumulated Depreciation | $ (1,590) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Katy Medical Complex Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 564 | |||
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 | 26,165 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,725 | |||
Accumulated Depreciation | $ (5,725) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
New Albany Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 2,690 | |||
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 | 11,195 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,795 | |||
Accumulated Depreciation | $ (2,974) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Fountain Hills Medical Campus | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,077 | |||
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 | 8,712 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,305 | |||
Accumulated Depreciation | $ (2,108) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Fairhope Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,669 | |||
Initial Cost to Company, Buildings and Improvements | 5,227 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,675 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,669 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,902 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,571 | |||
Accumulated Depreciation | $ (1,882) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Foley Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (176) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Foley Venture | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 339 | |||
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 | 1,457 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,877 | |||
Accumulated Depreciation | $ (485) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
North Okaloosa Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (223) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Commons on North Davis | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 15 | |||
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 | 1,252 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,632 | |||
Accumulated Depreciation | $ (276) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Sorrento Road Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 5 | |||
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 | 899 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,069 | |||
Accumulated Depreciation | $ (202) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Panama City Beach Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 50 | |||
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 | 789 | |||
Gross Amount at Which Carried as of Close of Period, Total | 789 | |||
Accumulated Depreciation | $ (161) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Perdido Medical Park | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (253) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Ft. Walton Beach Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (231) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Panama City Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 39 | |||
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 | 700 | |||
Gross Amount at Which Carried as of Close of Period, Total | 700 | |||
Accumulated Depreciation | $ (178) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Pensacola Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 78 | |||
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 | 1,763 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,983 | |||
Accumulated Depreciation | $ (395) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Arete Surgical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | $ (1,270) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Cambridge Professional Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,042 | |||
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 | 9,562 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,152 | |||
Accumulated Depreciation | $ (2,451) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - 44th Street Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 1,354 | |||
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 | 5,238 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,753 | |||
Accumulated Depreciation | $ (1,862) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mercy Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 754 | |||
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 | 7,532 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,733 | |||
Accumulated Depreciation | $ (1,591) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
8 C1TY Blvd | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 | 676 | |||
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 | 40,389 | |||
Gross Amount at Which Carried as of Close of Period, Total | 41,944 | |||
Accumulated Depreciation | $ (7,255) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Treasure Coast Center for Surgery | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 380 | |||
Initial Cost to Company, Buildings and Improvements | 5,064 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 70 | |||
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 | 5,134 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,514 | |||
Accumulated Depreciation | $ (995) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Park Nicollet Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,941 | |||
Initial Cost to Company, Buildings and Improvements | 14,555 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 182 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,941 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,737 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,678 | |||
Accumulated Depreciation | $ (3,151) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HEB Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,839 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 11 | |||
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 | 11,850 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,850 | |||
Accumulated Depreciation | $ (2,264) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Riverview Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,313 | |||
Initial Cost to Company, Buildings and Improvements | 10,243 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,512 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,313 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,755 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,068 | |||
Accumulated Depreciation | $ (3,036) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Luke's Cornwall Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,017 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 193 | |||
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 | 13,210 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,210 | |||
Accumulated Depreciation | $ (3,176) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - Glendale | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,770 | |||
Initial Cost to Company, Buildings and Improvements | 8,089 | |||
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 | 8,089 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,859 | |||
Accumulated Depreciation | $ (1,505) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Columbia Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,550 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 47 | |||
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 | 16,597 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,597 | |||
Accumulated Depreciation | $ (3,718) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St Vincent POB 1 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 10,172 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 837 | |||
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 | 11,009 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,009 | |||
Accumulated Depreciation | $ (5,836) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Emerson Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,590 | |||
Initial Cost to Company, Buildings and Improvements | 9,853 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 341 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,194 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,784 | |||
Accumulated Depreciation | $ (2,443) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Santa Fe | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 900 | |||
Initial Cost to Company, Buildings and Improvements | 6,604 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 40 | |||
Gross Amount at Which Carried as of Close of Period, Land | 900 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,644 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,544 | |||
Accumulated Depreciation | $ (1,564) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Eye Associates of NM - Albuquerque | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,020 | |||
Initial Cost to Company, Buildings and Improvements | 7,832 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 13 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,020 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 7,845 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,865 | |||
Accumulated Depreciation | $ (1,653) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Gardendale Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 200 | |||
Initial Cost to Company, Buildings and Improvements | 5,732 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
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 | 5,732 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,932 | |||
Accumulated Depreciation | $ (1,108) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
M Health Fairview - Curve Crest | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 409 | |||
Initial Cost to Company, Buildings and Improvements | 3,279 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 23 | |||
Gross Amount at Which Carried as of Close of Period, Land | 409 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,302 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,711 | |||
Accumulated Depreciation | $ (655) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
M Health Fairview - Victor Gardens | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 572 | |||
Initial Cost to Company, Buildings and Improvements | 4,400 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 395 | |||
Gross Amount at Which Carried as of Close of Period, Land | 572 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,795 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,367 | |||
Accumulated Depreciation | $ (954) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Cardwell Professional Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,348 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 704 | |||
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 | 9,052 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,052 | |||
Accumulated Depreciation | $ (1,848) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Dacono Neighborhood Health Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,258 | |||
Initial Cost to Company, Buildings and Improvements | 2,911 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 20 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,258 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,931 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,189 | |||
Accumulated Depreciation | $ (804) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Grand Island Specialty Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 102 | |||
Initial Cost to Company, Buildings and Improvements | 2,802 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 202 | |||
Gross Amount at Which Carried as of Close of Period, Land | 102 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,004 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,106 | |||
Accumulated Depreciation | $ (677) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Hot Springs Village Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 305 | |||
Initial Cost to Company, Buildings and Improvements | 3,309 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 151 | |||
Gross Amount at Which Carried as of Close of Period, Land | 305 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,460 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,765 | |||
Accumulated Depreciation | $ (1,007) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
UofL Health - East | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 81,248 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 809 | |||
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 | 82,057 | |||
Gross Amount at Which Carried as of Close of Period, Total | 82,057 | |||
Accumulated Depreciation | $ (14,732) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
UofL Health - South | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 15,861 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 9,391 | |||
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 | 25,252 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,252 | |||
Accumulated Depreciation | $ (3,701) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
UofL Health - Plaza I | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,808 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 745 | |||
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 | 9,553 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,553 | |||
Accumulated Depreciation | $ (2,301) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
UofL Health - Plaza II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,216 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,736 | |||
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 | 7,952 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,952 | |||
Accumulated Depreciation | $ (3,237) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
UofL Health - OCC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 35,703 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,492 | |||
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 | 38,195 | |||
Gross Amount at Which Carried as of Close of Period, Total | 38,195 | |||
Accumulated Depreciation | $ (8,573) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Lexington Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,229 | |||
Initial Cost to Company, Buildings and Improvements | 18,914 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 675 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,229 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,589 | |||
Gross Amount at Which Carried as of Close of Period, Total | 20,818 | |||
Accumulated Depreciation | $ (5,141) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Medical Arts Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 6,215 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,256 | |||
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 | 7,471 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,471 | |||
Accumulated Depreciation | $ (1,987) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Memorial Outpatient Therapy Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,808 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
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 | 4,908 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,908 | |||
Accumulated Depreciation | $ (960) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Midlands Two Professional Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 587 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,159 | |||
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 | 1,746 | |||
Gross Amount at Which Carried as of Close of Period, Total | 1,746 | |||
Accumulated Depreciation | $ (911) | |||
Life on Which Building Depreciation in Income Statement is Computed | 5 years | |||
Parkview Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 705 | |||
Initial Cost to Company, Buildings and Improvements | 4,343 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 76 | |||
Gross Amount at Which Carried as of Close of Period, Land | 705 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,419 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,124 | |||
Accumulated Depreciation | $ (1,095) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Peak One ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,763 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 317 | |||
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 | 6,080 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,080 | |||
Accumulated Depreciation | $ (1,173) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Physicians Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,289 | |||
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 | 9,151 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,151 | |||
Accumulated Depreciation | $ (2,295) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
St. Alexius - Minot Medical Plaza | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 26,078 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 214 | |||
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 | 26,292 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,292 | |||
Accumulated Depreciation | $ (4,752) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
St. Clare Medical Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 9,005 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 678 | |||
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 | 9,683 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,683 | |||
Accumulated Depreciation | $ (2,581) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
St. Joseph Medical Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,497 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,088 | |||
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 | 12,585 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,585 | |||
Accumulated Depreciation | $ (2,864) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Office Park | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,722 | |||
Initial Cost to Company, Buildings and Improvements | 12,675 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,432 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,722 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,107 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,829 | |||
Accumulated Depreciation | $ (8,673) | |||
Life on Which Building Depreciation in Income Statement is Computed | 14 years | |||
UofL Health - Mary & Elizabeth MOB II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,587 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 747 | |||
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 | 6,334 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,334 | |||
Accumulated Depreciation | $ (1,389) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
UofL Health - Mary & Elizabeth MOB III | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 383 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 558 | |||
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 | 941 | |||
Gross Amount at Which Carried as of Close of Period, Total | 941 | |||
Accumulated Depreciation | $ (610) | |||
Life on Which Building Depreciation in Income Statement is Computed | 2 years | |||
Thornton Neighborhood Health Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,609 | |||
Initial Cost to Company, Buildings and Improvements | 2,287 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,679 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,609 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,966 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,575 | |||
Accumulated Depreciation | $ (1,436) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Francis Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,817 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 255 | |||
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 | 13,072 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,072 | |||
Accumulated Depreciation | $ (2,980) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Children's Wisconsin - Brookfield | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 476 | |||
Initial Cost to Company, Buildings and Improvements | 4,897 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 476 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,897 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,373 | |||
Accumulated Depreciation | $ (942) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
UofL Health - South Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 27 | |||
Initial Cost to Company, Buildings and Improvements | 3,827 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 30 | |||
Gross Amount at Which Carried as of Close of Period, Land | 27 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,857 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,884 | |||
Accumulated Depreciation | $ (738) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Good Samaritan North Annex Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 2,734 | |||
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 | 2,734 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,734 | |||
Accumulated Depreciation | $ (619) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
NE Heart Institute Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,738 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 199 | |||
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 | 19,937 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,937 | |||
Accumulated Depreciation | $ (3,199) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
St. Vincent West Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,453 | |||
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 | 13,453 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,453 | |||
Accumulated Depreciation | $ (2,237) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Meridan | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,608 | |||
Initial Cost to Company, Buildings and Improvements | 15,774 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 137 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,608 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,911 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,519 | |||
Accumulated Depreciation | $ (3,627) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
UofL Health - Mary & Elizabeth MOB I | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,774 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,424 | |||
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 | 10,198 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,198 | |||
Accumulated Depreciation | $ (2,976) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Medical Arts Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,902 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,246 | |||
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 | 14,148 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,148 | |||
Accumulated Depreciation | $ (3,278) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
St. Alexius - Mandan Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 708 | |||
Initial Cost to Company, Buildings and Improvements | 7,700 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 363 | |||
Gross Amount at Which Carried as of Close of Period, Land | 708 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,063 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,771 | |||
Accumulated Depreciation | $ (1,573) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
St. Alexius - Orthopaedic Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,881 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,240 | |||
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 | 15,121 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,121 | |||
Accumulated Depreciation | $ (3,078) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Alexius - Rehab Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,920 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 641 | |||
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 | 6,561 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,561 | |||
Accumulated Depreciation | $ (2,027) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
St. Alexius - Tech & Ed | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,688 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 715 | |||
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 | 17,403 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,403 | |||
Accumulated Depreciation | $ (3,479) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Good Samaritan Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 24,154 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,141 | |||
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 | 27,295 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,295 | |||
Accumulated Depreciation | $ (4,630) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lakeside Two Professional Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,358 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,935 | |||
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 | 16,293 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,293 | |||
Accumulated Depreciation | $ (3,102) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Lakeside Wellness Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 10,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 438 | |||
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 | 10,615 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,615 | |||
Accumulated Depreciation | $ (2,137) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
McAuley Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,427 | |||
Initial Cost to Company, Buildings and Improvements | 17,020 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,280 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,427 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,300 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,727 | |||
Accumulated Depreciation | $ (4,819) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Memorial Health Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 33,967 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,492 | |||
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 | 37,459 | |||
Gross Amount at Which Carried as of Close of Period, Total | 37,459 | |||
Accumulated Depreciation | $ (8,165) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Missionary Ridge Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 7,223 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,936 | |||
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 | 11,159 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,159 | |||
Accumulated Depreciation | $ (6,612) | |||
Life on Which Building Depreciation in Income Statement is Computed | 10 years | |||
Pilot Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,419 | |||
Initial Cost to Company, Buildings and Improvements | 14,528 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 99 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,419 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,627 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,046 | |||
Accumulated Depreciation | $ (3,336) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
St. Joseph Medical Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,427 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 981 | |||
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 | 17,408 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,408 | |||
Accumulated Depreciation | $ (4,190) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Woodlands Medical Arts Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,168 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 3,363 | |||
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 | 22,531 | |||
Gross Amount at Which Carried as of Close of Period, Total | 22,531 | |||
Accumulated Depreciation | $ (5,578) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
FESC Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 12,702 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 324 | |||
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 | 13,026 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,026 | |||
Accumulated Depreciation | $ (4,800) | |||
Life on Which Building Depreciation in Income Statement is Computed | 22 years | |||
PrairieCare Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 525 | |||
Initial Cost to Company, Buildings and Improvements | 3,099 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 525 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 3,099 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,624 | |||
Accumulated Depreciation | $ (567) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Springwoods Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,821 | |||
Initial Cost to Company, Buildings and Improvements | 14,830 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,127 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,821 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,957 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,778 | |||
Accumulated Depreciation | $ (5,818) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Unity ASC, Imaging & Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 960 | |||
Initial Cost to Company, Buildings and Improvements | 9,991 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 960 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,991 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,951 | |||
Accumulated Depreciation | $ (2,248) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Medical Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,070 | |||
Initial Cost to Company, Buildings and Improvements | 12,454 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,070 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,454 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,524 | |||
Accumulated Depreciation | $ (2,801) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Faith, Hope & Love | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 280 | |||
Initial Cost to Company, Buildings and Improvements | 1,862 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 280 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,862 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,142 | |||
Accumulated Depreciation | $ (420) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Unity Immediate Care and OCC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 300 | |||
Initial Cost to Company, Buildings and Improvements | 1,833 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 300 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 1,833 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,133 | |||
Accumulated Depreciation | $ (395) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Medical Village at Maitland | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,393 | |||
Initial Cost to Company, Buildings and Improvements | 18,543 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 370 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,393 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 18,913 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,306 | |||
Accumulated Depreciation | $ (3,480) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Tri-State Orthopaedics Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,580 | |||
Initial Cost to Company, Buildings and Improvements | 14,162 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,580 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,162 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,742 | |||
Accumulated Depreciation | $ (3,042) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Maury Regional Health Complex | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 15,619 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 507 | |||
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 | 16,126 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,126 | |||
Accumulated Depreciation | $ (3,138) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Spring Ridge Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28 | |||
Initial Cost to Company, Buildings and Improvements | 4,943 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 44 | |||
Gross Amount at Which Carried as of Close of Period, Land | 28 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,987 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,015 | |||
Accumulated Depreciation | $ (1,031) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Doctors Community Hospital POB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 23,034 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 156 | |||
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 | 23,190 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,190 | |||
Accumulated Depreciation | $ (3,548) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Gig Harbor Medical Pavilion | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,791 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,245 | |||
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 | 7,036 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,036 | |||
Accumulated Depreciation | $ (1,973) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Midlands One Professional Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 14,922 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 134 | |||
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 | 15,056 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,056 | |||
Accumulated Depreciation | $ (2,952) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Northwest Michigan Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,748 | |||
Initial Cost to Company, Buildings and Improvements | 30,005 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,748 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 30,005 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,753 | |||
Accumulated Depreciation | $ (5,584) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northeast Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,011 | |||
Initial Cost to Company, Buildings and Improvements | 25,564 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,003 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,011 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,567 | |||
Gross Amount at Which Carried as of Close of Period, Total | 30,578 | |||
Accumulated Depreciation | $ (6,894) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
North Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,337 | |||
Initial Cost to Company, Buildings and Improvements | 18,680 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,056 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,337 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 19,736 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,073 | |||
Accumulated Depreciation | $ (4,499) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Cincinnati Eye Institute | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,050 | |||
Initial Cost to Company, Buildings and Improvements | 32,546 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,050 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 32,546 | |||
Gross Amount at Which Carried as of Close of Period, Total | 34,596 | |||
Accumulated Depreciation | $ (6,961) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
HonorHealth - Scottsdale Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,340 | |||
Initial Cost to Company, Buildings and Improvements | 4,288 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,811 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,340 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,099 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,439 | |||
Accumulated Depreciation | $ (2,614) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Fox Valley Hematology & Oncology | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,590 | |||
Initial Cost to Company, Buildings and Improvements | 26,666 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,590 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,666 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,256 | |||
Accumulated Depreciation | $ (4,520) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Flower Mound Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,945 | |||
Initial Cost to Company, Buildings and Improvements | 8,312 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 86 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,945 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,398 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,343 | |||
Accumulated Depreciation | $ (1,518) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Carrollton Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,183 | |||
Initial Cost to Company, Buildings and Improvements | 10,461 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 192 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,183 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,653 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,836 | |||
Accumulated Depreciation | $ (2,035) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HonorHealth - Scottsdale IRF | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,331 | |||
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 | 19,331 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,331 | |||
Accumulated Depreciation | $ (3,370) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Orthopedic Associates | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,915 | |||
Initial Cost to Company, Buildings and Improvements | 12,791 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 243 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,915 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,034 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,949 | |||
Accumulated Depreciation | $ (2,273) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Medical Arts Center at Hartford | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,499 | |||
Initial Cost to Company, Buildings and Improvements | 24,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 932 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,499 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,559 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,058 | |||
Accumulated Depreciation | $ (4,481) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
CareMount Medical - Lake Katrine | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,194 | |||
Initial Cost to Company, Land | 1,941 | |||
Initial Cost to Company, Buildings and Improvements | 27,434 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,941 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,434 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,375 | |||
Accumulated Depreciation | $ (4,800) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
CareMount Medical - Rhinebeck | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 869 | |||
Initial Cost to Company, Buildings and Improvements | 12,220 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 869 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 12,220 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,089 | |||
Accumulated Depreciation | $ (2,230) | |||
Life on Which Building Depreciation in Income Statement is Computed | 41 years | |||
Monterey Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,292 | |||
Initial Cost to Company, Buildings and Improvements | 13,376 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,910 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,292 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,286 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,578 | |||
Accumulated Depreciation | $ (2,697) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Creighton University Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 32,487 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 105 | |||
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 | 32,592 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,592 | |||
Accumulated Depreciation | $ (4,725) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Strictly Pediatrics Specialty Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,457 | |||
Initial Cost to Company, Buildings and Improvements | 62,527 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,363 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,457 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 63,890 | |||
Gross Amount at Which Carried as of Close of Period, Total | 68,347 | |||
Accumulated Depreciation | $ (11,324) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
MedStar Stephen's Crossing | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,975 | |||
Initial Cost to Company, Buildings and Improvements | 14,810 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 65 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,975 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,875 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,850 | |||
Accumulated Depreciation | $ (2,484) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Health Clinic Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 50,177 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 16 | |||
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 | 50,193 | |||
Gross Amount at Which Carried as of Close of Period, Total | 50,193 | |||
Accumulated Depreciation | $ (6,743) | |||
Life on Which Building Depreciation in Income Statement is Computed | 49 years | |||
Family Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,944 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 9,608 | |||
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 | 14,552 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,552 | |||
Accumulated Depreciation | $ (2,477) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Craven-Hagan Clinic | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 8,739 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,351 | |||
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 | 11,090 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,090 | |||
Accumulated Depreciation | $ (1,921) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Chattanooga Heart Institute | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 18,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,101 | |||
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 | 19,740 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,740 | |||
Accumulated Depreciation | $ (3,797) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
St. Vincent Mercy Heart and Vascular Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,688 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 215 | |||
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 | 11,903 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,903 | |||
Accumulated Depreciation | $ (1,923) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
South Campus Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,369 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,255 | |||
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 | 14,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,624 | |||
Accumulated Depreciation | $ (2,534) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
St. Vincent Mercy Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,090 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 180 | |||
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 | 5,270 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,270 | |||
Accumulated Depreciation | $ (990) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
St. Joseph Professional Office Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 11,169 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 653 | |||
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 | 11,822 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,822 | |||
Accumulated Depreciation | $ (1,787) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
St. Vincent Carmel Women's Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 31,720 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 668 | |||
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 | 32,388 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,388 | |||
Accumulated Depreciation | $ (4,651) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
St. Vincent Fishers Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 62,870 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,697 | |||
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 | 64,567 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,567 | |||
Accumulated Depreciation | $ (9,987) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Baylor Charles A. Sammons Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 256,886 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,936 | |||
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 | 259,822 | |||
Gross Amount at Which Carried as of Close of Period, Total | 259,822 | |||
Accumulated Depreciation | $ (39,924) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Orthopedic & Sports Institute of the Fox Valley | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,003 | |||
Initial Cost to Company, Buildings and Improvements | 26,394 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 100 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,003 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 26,494 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,497 | |||
Accumulated Depreciation | $ (4,585) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Clearview Cancer Institute | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,736 | |||
Initial Cost to Company, Buildings and Improvements | 43,220 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 339 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,736 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 43,559 | |||
Gross Amount at Which Carried as of Close of Period, Total | 46,295 | |||
Accumulated Depreciation | $ (8,557) | |||
Life on Which Building Depreciation in Income Statement is Computed | 34 years | |||
Northside Cherokee-Town Lake | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 30,627 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,667 | |||
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 | 32,294 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,294 | |||
Accumulated Depreciation | $ (5,651) | |||
Life on Which Building Depreciation in Income Statement is Computed | 46 years | |||
HonorHealth - Mesa | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 362 | |||
Initial Cost to Company, Buildings and Improvements | 3,059 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 8 | |||
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 | 3,067 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,429 | |||
Accumulated Depreciation | $ (500) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Little Falls Orthopedics | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 246 | |||
Initial Cost to Company, Buildings and Improvements | 1,977 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 146 | |||
Gross Amount at Which Carried as of Close of Period, Land | 246 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,123 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,369 | |||
Accumulated Depreciation | $ (774) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Unity Specialty Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 2,885 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 998 | |||
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 | 3,883 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,883 | |||
Accumulated Depreciation | $ (1,715) | |||
Life on Which Building Depreciation in Income Statement is Computed | 15 years | |||
Immanuel One Professional Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 16,598 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,377 | |||
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 | 17,975 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,975 | |||
Accumulated Depreciation | $ (3,544) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
SJRHC Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 5,065 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 977 | |||
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 | 6,042 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,042 | |||
Accumulated Depreciation | $ (1,120) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Women's Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 4,789 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 225 | |||
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 | 5,014 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,014 | |||
Accumulated Depreciation | $ (888) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Legends Park Medical Building & ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,658 | |||
Initial Cost to Company, Buildings and Improvements | 24,178 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,658 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,178 | |||
Gross Amount at Which Carried as of Close of Period, Total | 25,836 | |||
Accumulated Depreciation | $ (3,691) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Franklin Medical Building & ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,001 | |||
Initial Cost to Company, Buildings and Improvements | 7,902 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 319 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,001 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,221 | |||
Gross Amount at Which Carried as of Close of Period, Total | 9,222 | |||
Accumulated Depreciation | $ (1,235) | |||
Life on Which Building Depreciation in Income Statement is Computed | 42 years | |||
Eagle Point Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,011 | |||
Initial Cost to Company, Buildings and Improvements | 9,009 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 26 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,011 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,035 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,046 | |||
Accumulated Depreciation | $ (1,332) | |||
Life on Which Building Depreciation in Income Statement is Computed | 48 years | |||
Edina East Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,360 | |||
Initial Cost to Company, Buildings and Improvements | 4,135 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 772 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,360 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,907 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,267 | |||
Accumulated Depreciation | $ (1,210) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Northside Center Pointe | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 118,430 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 9,543 | |||
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 | 127,973 | |||
Gross Amount at Which Carried as of Close of Period, Total | 127,973 | |||
Accumulated Depreciation | $ (26,135) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Gwinnett 500 Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 22,753 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,640 | |||
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 | 24,393 | |||
Gross Amount at Which Carried as of Close of Period, Total | 24,393 | |||
Accumulated Depreciation | $ (3,613) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Hudgens Professional Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 21,779 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,552 | |||
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 | 23,331 | |||
Gross Amount at Which Carried as of Close of Period, Total | 23,331 | |||
Accumulated Depreciation | $ (3,893) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
St. Vincent Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,854 | |||
Initial Cost to Company, Buildings and Improvements | 42,382 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 5,718 | |||
Gross Amount at Which Carried as of Close of Period, Land | 5,854 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 48,100 | |||
Gross Amount at Which Carried as of Close of Period, Total | 53,954 | |||
Accumulated Depreciation | $ (9,398) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Gwinnett Physicians Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 48,304 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,322 | |||
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 | 49,626 | |||
Gross Amount at Which Carried as of Close of Period, Total | 49,626 | |||
Accumulated Depreciation | $ (6,968) | |||
Life on Which Building Depreciation in Income Statement is Computed | 47 years | |||
Apple Valley Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,587 | |||
Initial Cost to Company, Buildings and Improvements | 14,929 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,952 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,587 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 17,881 | |||
Gross Amount at Which Carried as of Close of Period, Total | 19,468 | |||
Accumulated Depreciation | $ (4,173) | |||
Life on Which Building Depreciation in Income Statement is Computed | 33 years | |||
Desert Cove Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,689 | |||
Initial Cost to Company, Buildings and Improvements | 5,207 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 334 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,689 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,541 | |||
Gross Amount at Which Carried as of Close of Period, Total | 7,230 | |||
Accumulated Depreciation | $ (884) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Westgate Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 13,379 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,101 | |||
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 | 15,480 | |||
Gross Amount at Which Carried as of Close of Period, Total | 15,480 | |||
Accumulated Depreciation | $ (3,057) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
M Health Fairview Clinics and Specialty Center - Maplewood | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,292 | |||
Initial Cost to Company, Buildings and Improvements | 57,390 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6,113 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,292 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 63,503 | |||
Gross Amount at Which Carried as of Close of Period, Total | 66,795 | |||
Accumulated Depreciation | $ (8,788) | |||
Life on Which Building Depreciation in Income Statement is Computed | 45 years | |||
Lee's Hill Medical Plaza | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,052 | |||
Initial Cost to Company, Buildings and Improvements | 24,790 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,063 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,052 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 25,853 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,905 | |||
Accumulated Depreciation | $ (3,977) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
HMG Medical Plaza | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 64,204 | |||
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 | 64,204 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,204 | |||
Accumulated Depreciation | $ (9,663) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Jacksonville MedPlex (Building B) | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,259 | |||
Initial Cost to Company, Buildings and Improvements | 5,988 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 926 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,259 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,914 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,173 | |||
Accumulated Depreciation | $ (1,220) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Jacksonville MedPlex (Building C) | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,168 | |||
Initial Cost to Company, Buildings and Improvements | 6,467 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 302 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,168 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,769 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,937 | |||
Accumulated Depreciation | $ (981) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Northside Medical Midtown | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 55,483 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 8,678 | |||
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 | 64,161 | |||
Gross Amount at Which Carried as of Close of Period, Total | 64,161 | |||
Accumulated Depreciation | $ (7,506) | |||
Life on Which Building Depreciation in Income Statement is Computed | 50 years | |||
Doctors United ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,603 | |||
Initial Cost to Company, Buildings and Improvements | 11,827 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,603 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,827 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,430 | |||
Accumulated Depreciation | $ (1,241) | |||
Life on Which Building Depreciation in Income Statement is Computed | 54 years | |||
Atlanta Medical Condominium Investments | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,648 | |||
Initial Cost to Company, Buildings and Improvements | 2,201 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4,086 | |||
Gross Amount at Which Carried as of Close of Period, Land | 5,648 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,287 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,935 | |||
Accumulated Depreciation | $ (1,168) | |||
Life on Which Building Depreciation in Income Statement is Computed | 24 years | |||
Rockwall II Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 19,904 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,190 | |||
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 | 21,094 | |||
Gross Amount at Which Carried as of Close of Period, Total | 21,094 | |||
Accumulated Depreciation | $ (2,321) | |||
Life on Which Building Depreciation in Income Statement is Computed | 44 years | |||
Shell Ridge Plaza - Bldg 106 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,296 | |||
Initial Cost to Company, Buildings and Improvements | 9,007 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 16 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,296 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,023 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,319 | |||
Accumulated Depreciation | $ (1,391) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 108 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 2,600 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 19 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,105 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,619 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,724 | |||
Accumulated Depreciation | $ (414) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 110 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,105 | |||
Initial Cost to Company, Buildings and Improvements | 2,786 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,105 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,786 | |||
Gross Amount at Which Carried as of Close of Period, Total | 3,891 | |||
Accumulated Depreciation | $ (438) | |||
Life on Which Building Depreciation in Income Statement is Computed | 30 years | |||
Shell Ridge Plaza - Bldg 112 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,097 | |||
Initial Cost to Company, Buildings and Improvements | 9,639 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 8 | |||
Gross Amount at Which Carried as of Close of Period, Land | 3,097 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,647 | |||
Gross Amount at Which Carried as of Close of Period, Total | 12,744 | |||
Accumulated Depreciation | $ (1,772) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
Shell Ridge Plaza - Bldg 114 | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,392 | |||
Initial Cost to Company, Buildings and Improvements | 4,624 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,392 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 4,624 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,016 | |||
Accumulated Depreciation | $ (557) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
ProHealth Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,032 | |||
Initial Cost to Company, Buildings and Improvements | 9,418 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,032 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,420 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,452 | |||
Accumulated Depreciation | $ (1,121) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Murdock Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,643 | |||
Initial Cost to Company, Buildings and Improvements | 9,527 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 4 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,643 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 9,531 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,174 | |||
Accumulated Depreciation | $ (1,170) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
Westerville Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 995 | |||
Initial Cost to Company, Buildings and Improvements | 7,713 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 2,609 | |||
Gross Amount at Which Carried as of Close of Period, Land | 995 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 10,322 | |||
Gross Amount at Which Carried as of Close of Period, Total | 11,317 | |||
Accumulated Depreciation | $ (1,716) | |||
Life on Which Building Depreciation in Income Statement is Computed | 35 years | |||
TOPA Fort Worth | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 42,753 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,675 | |||
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 | 44,428 | |||
Gross Amount at Which Carried as of Close of Period, Total | 44,428 | |||
Accumulated Depreciation | $ (4,486) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Ascension St. Vincent Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,031 | |||
Initial Cost to Company, Buildings and Improvements | 16,319 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 68 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,031 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 16,387 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,418 | |||
Accumulated Depreciation | $ (1,599) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Health Center at Easton | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 952 | |||
Initial Cost to Company, Buildings and Improvements | 13,375 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 80 | |||
Gross Amount at Which Carried as of Close of Period, Land | 952 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 13,455 | |||
Gross Amount at Which Carried as of Close of Period, Total | 14,407 | |||
Accumulated Depreciation | $ (1,223) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Hartford HealthCare Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,603 | |||
Initial Cost to Company, Buildings and Improvements | 14,487 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,603 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 14,487 | |||
Gross Amount at Which Carried as of Close of Period, Total | 16,090 | |||
Accumulated Depreciation | $ (1,224) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
Sacred Heart Summit Medical Office and ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,119 | |||
Initial Cost to Company, Buildings and Improvements | 27,334 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 27 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,119 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 27,361 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,480 | |||
Accumulated Depreciation | $ (2,229) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Westerville II Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 606 | |||
Initial Cost to Company, Buildings and Improvements | 4,133 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,878 | |||
Gross Amount at Which Carried as of Close of Period, Land | 606 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,011 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,617 | |||
Accumulated Depreciation | $ (555) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
AdventHealth Wesley Chapel Medical Building II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 32,958 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 6,126 | |||
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 | 39,084 | |||
Gross Amount at Which Carried as of Close of Period, Total | 39,084 | |||
Accumulated Depreciation | $ (2,650) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
TOPA Denton | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,256 | |||
Initial Cost to Company, Buildings and Improvements | 11,211 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,256 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 11,211 | |||
Gross Amount at Which Carried as of Close of Period, Total | 13,467 | |||
Accumulated Depreciation | $ (818) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Allegheny West Mifflin Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 967 | |||
Initial Cost to Company, Buildings and Improvements | 5,930 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 967 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 5,930 | |||
Gross Amount at Which Carried as of Close of Period, Total | 6,897 | |||
Accumulated Depreciation | $ (574) | |||
Life on Which Building Depreciation in Income Statement is Computed | 27 years | |||
Forsgate Cancer Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,986 | |||
Initial Cost to Company, Buildings and Improvements | 8,170 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,986 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 8,170 | |||
Gross Amount at Which Carried as of Close of Period, Total | 10,156 | |||
Accumulated Depreciation | $ (744) | |||
Life on Which Building Depreciation in Income Statement is Computed | 28 years | |||
Mill Run Medical Center I | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 812 | |||
Initial Cost to Company, Buildings and Improvements | 4,597 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 95 | |||
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 | 4,692 | |||
Gross Amount at Which Carried as of Close of Period, Total | 5,504 | |||
Accumulated Depreciation | $ (404) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Mill Run Medical Center II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,802 | |||
Initial Cost to Company, Buildings and Improvements | 15,288 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 373 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,802 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 15,661 | |||
Gross Amount at Which Carried as of Close of Period, Total | 18,463 | |||
Accumulated Depreciation | $ (1,301) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
New Britain Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,209 | |||
Initial Cost to Company, Buildings and Improvements | 6,798 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 47 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,209 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 6,845 | |||
Gross Amount at Which Carried as of Close of Period, Total | 8,054 | |||
Accumulated Depreciation | $ (606) | |||
Life on Which Building Depreciation in Income Statement is Computed | 29 years | |||
HonorHealth - Sonoran Ambulatory Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 26,347 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 900 | |||
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 | 27,247 | |||
Gross Amount at Which Carried as of Close of Period, Total | 27,247 | |||
Accumulated Depreciation | $ (1,617) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
Eden Hill Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 48,686 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 486 | |||
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 | 49,172 | |||
Gross Amount at Which Carried as of Close of Period, Total | 49,172 | |||
Accumulated Depreciation | $ (4,683) | |||
Life on Which Building Depreciation in Income Statement is Computed | 25 years | |||
HonorHealth - Neuroscience Institute | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 53,452 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,640 | |||
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 | 55,092 | |||
Gross Amount at Which Carried as of Close of Period, Total | 55,092 | |||
Accumulated Depreciation | $ (3,156) | |||
Life on Which Building Depreciation in Income Statement is Computed | 40 years | |||
University of Florida Health North | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 60,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 148,419 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 233 | |||
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 | 148,652 | |||
Gross Amount at Which Carried as of Close of Period, Total | 148,652 | |||
Accumulated Depreciation | $ (8,463) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
TGH Brandon Healthplex | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 66,864 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 697 | |||
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 | 67,561 | |||
Gross Amount at Which Carried as of Close of Period, Total | 67,561 | |||
Accumulated Depreciation | $ (3,813) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Yulee Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 17,286 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 28 | |||
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 | 17,314 | |||
Gross Amount at Which Carried as of Close of Period, Total | 17,314 | |||
Accumulated Depreciation | $ (960) | |||
Life on Which Building Depreciation in Income Statement is Computed | 39 years | |||
James Devin Moncus Medical Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 28,739 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 44 | |||
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 | 28,783 | |||
Gross Amount at Which Carried as of Close of Period, Total | 28,783 | |||
Accumulated Depreciation | $ (1,812) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Bay City Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 31,649 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 498 | |||
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 | 32,147 | |||
Gross Amount at Which Carried as of Close of Period, Total | 32,147 | |||
Accumulated Depreciation | $ (1,951) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Beaumont Grosse Pointe Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 21,883 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 316 | |||
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 | 22,199 | |||
Gross Amount at Which Carried as of Close of Period, Total | 22,199 | |||
Accumulated Depreciation | $ (1,337) | |||
Life on Which Building Depreciation in Income Statement is Computed | 38 years | |||
Burns POB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 44,152 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 1,832 | |||
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 | 45,984 | |||
Gross Amount at Which Carried as of Close of Period, Total | 45,984 | |||
Accumulated Depreciation | $ (3,073) | |||
Life on Which Building Depreciation in Income Statement is Computed | 32 years | |||
Beaumont Health & Wellness Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 40,849 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 457 | |||
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 | 41,306 | |||
Gross Amount at Which Carried as of Close of Period, Total | 41,306 | |||
Accumulated Depreciation | $ (2,558) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Beaumont POB | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 39,501 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 593 | |||
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 | 40,094 | |||
Gross Amount at Which Carried as of Close of Period, Total | 40,094 | |||
Accumulated Depreciation | $ (2,685) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Hospital Hill Medical Building I | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 0 | |||
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 | 0 | |||
Gross Amount at Which Carried as of Close of Period, Total | 0 | |||
Accumulated Depreciation | $ 0 | |||
Life on Which Building Depreciation in Income Statement is Computed | 0 years | |||
Jackson Baptist Medical Center - Belhaven | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 56,424 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 397 | |||
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 | 56,821 | |||
Gross Amount at Which Carried as of Close of Period, Total | 56,821 | |||
Accumulated Depreciation | $ (3,509) | |||
Life on Which Building Depreciation in Income Statement is Computed | 37 years | |||
Old Bridge Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,000 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 65,290 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 101 | |||
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 | 65,391 | |||
Gross Amount at Which Carried as of Close of Period, Total | 65,391 | |||
Accumulated Depreciation | $ (3,931) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Saint Vincent Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 39,833 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 58 | |||
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 | 39,891 | |||
Gross Amount at Which Carried as of Close of Period, Total | 39,891 | |||
Accumulated Depreciation | $ (2,327) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Riverside Outpatient Medical Facility | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,808 | |||
Initial Cost to Company, Buildings and Improvements | 24,502 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 43 | |||
Gross Amount at Which Carried as of Close of Period, Land | 4,808 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 24,545 | |||
Gross Amount at Which Carried as of Close of Period, Total | 29,353 | |||
Accumulated Depreciation | $ (1,982) | |||
Life on Which Building Depreciation in Income Statement is Computed | 29 years | |||
New Albany Medical Center II | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,400 | |||
Initial Cost to Company, Buildings and Improvements | 23,098 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 243 | |||
Gross Amount at Which Carried as of Close of Period, Land | 1,400 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,341 | |||
Gross Amount at Which Carried as of Close of Period, Total | 24,741 | |||
Accumulated Depreciation | $ (1,268) | |||
Life on Which Building Depreciation in Income Statement is Computed | 36 years | |||
Calko Medical Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,685 | |||
Initial Cost to Company, Buildings and Improvements | 67,568 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 146 | |||
Gross Amount at Which Carried as of Close of Period, Land | 7,685 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 67,714 | |||
Gross Amount at Which Carried as of Close of Period, Total | 75,399 | |||
Accumulated Depreciation | $ (2,102) | |||
Life on Which Building Depreciation in Income Statement is Computed | 43 years | |||
Emory Dunwoody ASC | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,531 | |||
Initial Cost to Company, Buildings and Improvements | 2,334 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,531 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,334 | |||
Gross Amount at Which Carried as of Close of Period, Total | 4,865 | |||
Accumulated Depreciation | $ (136) | |||
Life on Which Building Depreciation in Income Statement is Computed | 12 years | |||
CVA Building | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,965 | |||
Initial Cost to Company, Buildings and Improvements | 23,150 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 49 | |||
Gross Amount at Which Carried as of Close of Period, Land | 2,965 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 23,199 | |||
Gross Amount at Which Carried as of Close of Period, Total | 26,164 | |||
Accumulated Depreciation | $ (533) | |||
Life on Which Building Depreciation in Income Statement is Computed | 31 years | |||
Palos Heights Surgery Center | Developed Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 318 | |||
Initial Cost to Company, Buildings and Improvements | 2,179 | |||
Initial Cost to Company, Cost Capitalized Subsequent to Acquisitions | 0 | |||
Gross Amount at Which Carried as of Close of Period, Land | 318 | |||
Gross Amount at Which Carried as of Close of Period, Buildings and Improvements | 2,179 | |||
Gross Amount at Which Carried as of Close of Period, Total | 2,497 | |||
Accumulated Depreciation | $ (89) | |||
Life on Which Building Depreciation in Income Statement is Computed | 13 years | |||
Northside Buford | Developments | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Buildings and Improvements | 21,612 | |||
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, Total | 21,612 | |||
Accumulated Depreciation | $ 0 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Aggregate cost for federal Income tax purposes | $ 5,200,000 | ||
Accumulated tax depreciation | 1,000,000 | ||
Aggregate cost for federal income tax purposes, net of accumulated tax depreciation | 4,200,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance as of the beginning of the year | 5,008,476 | $ 4,934,032 | $ 4,129,562 |
Acquisitions and developments | 62,498 | 107,693 | 856,088 |
Additions | 41,767 | 41,951 | 31,731 |
Impairment | 0 | 0 | (340) |
Real estate held for sale | 0 | 0 | (2,282) |
Dispositions | (3,248) | (75,200) | (80,727) |
Balance as of the end of the year | 5,109,493 | 5,008,476 | 4,934,032 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance as of the beginning of the year | 725,149 | 594,714 | 492,660 |
Depreciation | 145,609 | 142,225 | 119,901 |
Real estate held for sale | 0 | 0 | 318 |
Dispositions | (713) | (11,790) | (18,165) |
Balance as of the end of the year | $ 870,045 | $ 725,149 | $ 594,714 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 62,182 | |||
Carrying Amount of Mortgages | 62,338 | $ 74,629 | $ 49,409 | $ 66,586 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Davie, FL | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 11,625 | |||
Carrying Amount of Mortgages | 11,621 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Cudahy, WI | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 100 | |||
Carrying Amount of Mortgages | 101 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Nashville, TN | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.10% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 10,000 | |||
Carrying Amount of Mortgages | 10,630 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Roswell, GA | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 8% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 4,075 | |||
Carrying Amount of Mortgages | 4,137 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Buckeye, AZ | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 4,450 | |||
Carrying Amount of Mortgages | 4,520 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Buckeye, AZ | Construction Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.60% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 0 | |||
Carrying Amount of Mortgages | 0 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Dunwoody, GA | Construction Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6.80% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 14,149 | |||
Carrying Amount of Mortgages | 13,540 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Dallas, TX | Construction Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.80% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 5,752 | |||
Carrying Amount of Mortgages | 5,710 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |||
Scottsdale, AZ | Construction Loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Face Amount of Mortgages | 12,031 | |||
Carrying Amount of Mortgages | 12,079 | |||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans on Real Estate - Roll forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of mortgage loans: | |||
Balance at beginning of year | $ 74,629 | $ 49,409 | $ 66,586 |
Additions: | |||
New mortgage loans | 41,881 | 22,732 | 7,323 |
Draws on existing mortgage loans | 3,979 | 2,129 | 0 |
Interest added | 113 | 376 | 980 |
Total additions | 45,973 | 25,237 | 8,303 |
Deductions: | |||
Collection of principal | (51,528) | 0 | (10,000) |
Collection of additional fees due at payoff | (552) | 0 | 0 |
Conversion of loan receivable in connection to the acquisition of investment property | (5,397) | 0 | (15,500) |
Change in reserve for loan losses | (787) | (17) | 20 |
Total deductions | (58,264) | (17) | (25,480) |
Balance at end of year | $ 62,338 | $ 74,629 | $ 49,409 |