Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 08, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-08895 | ||
Entity Registrant Name | Healthpeak Properties, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 33-0091377 | ||
Entity Address, Address Line One | 5050 South Syracuse Street | ||
Entity Address, Address Line Two | Suite 800 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80237 | ||
City Area Code | 949 | ||
Local Phone Number | 407-0700 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | PEAK | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12.5 | ||
Entity Common Stock, Shares Outstanding | 538,686,262 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive Proxy Statement for the registrant’s 2021 Annual Meeting of Stockholders have been incorporated by reference into Part III of this Report. | ||
Entity Central Index Key | 0000765880 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate: | ||
Buildings and improvements | $ 11,048,433 | $ 8,112,193 |
Development costs and construction in progress | 613,182 | 654,792 |
Land | 1,867,278 | 1,605,599 |
Accumulated depreciation and amortization | (2,409,135) | (2,141,960) |
Net real estate | 11,119,758 | 8,230,624 |
Net investment in direct financing leases | 44,706 | 84,604 |
Loans receivable, net of reserves of $10,280 and $0 | 195,375 | 190,579 |
Investments in and advances to unconsolidated joint ventures | 402,871 | 774,381 |
Accounts receivable, net of allowance of $3,994 and $387 | 42,269 | 44,842 |
Cash and cash equivalents | 44,226 | 80,398 |
Restricted cash | 67,206 | 13,385 |
Intangible assets, net | 519,917 | 260,204 |
Assets held for sale and discontinued operations, net | 2,626,306 | 3,648,265 |
Right-of-use asset, net | 192,349 | 167,316 |
Other assets, net | 665,106 | 538,293 |
Total assets | 15,920,089 | 14,032,891 |
LIABILITIES AND EQUITY | ||
Bank line of credit and commercial paper | 129,590 | 93,000 |
Term loan | 249,182 | 248,942 |
Senior unsecured notes | 5,697,586 | 5,647,993 |
Mortgage debt | 221,621 | 12,317 |
Intangible liabilities, net | 144,199 | 74,991 |
Liabilities related to assets held for sale and discontinued operations, net | 415,737 | 403,688 |
Lease liability | 179,895 | 152,400 |
Accounts payable, accrued liabilities, and other liabilities | 763,391 | 457,532 |
Deferred revenue | 774,316 | 274,554 |
Total liabilities | 8,575,517 | 7,365,417 |
Commitments and contingencies | ||
Common stock, $1.00 par value: 750,000,000 shares authorized; 538,405,393 and 505,221,643 shares issued and outstanding | 538,405 | 505,222 |
Additional paid-in capital | 10,229,857 | 9,183,892 |
Cumulative dividends in excess of earnings | (3,976,232) | (3,601,199) |
Accumulated other comprehensive income (loss) | (3,685) | (2,857) |
Total stockholders' equity | 6,788,345 | 6,085,058 |
Joint venture partners | 357,069 | 378,061 |
Non-managing member unitholders | 199,158 | 204,355 |
Total noncontrolling interests | 556,227 | 582,416 |
Total equity | 7,344,572 | 6,667,474 |
Total liabilities and equity | $ 15,920,089 | $ 14,032,891 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Loans receivable, net of reserves | $ 10,280 | $ 0 |
Accounts receivable, allowance for credit loss | $ 3,994 | $ 387 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 538,405,393 | 505,221,643 |
Common stock, shares outstanding | 538,405,393 | 505,221,643 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental and related revenues | $ 1,182,108 | $ 1,069,502 | $ 1,020,348 |
Resident fees and services | 436,494 | 144,327 | 144,217 |
Income from direct financing leases | 9,720 | 16,666 | 16,349 |
Interest income | 16,553 | 9,844 | 10,406 |
Total revenues | 1,644,875 | 1,240,339 | 1,191,320 |
Costs and expenses: | |||
Interest expense | 218,336 | 217,612 | 261,280 |
Depreciation and amortization | 553,949 | 435,191 | 404,681 |
Operating | 782,541 | 405,244 | 378,657 |
General and administrative | 93,237 | 92,966 | 96,702 |
Transaction costs | 18,342 | 1,963 | 1,137 |
Impairments and loan loss reserves (recoveries), net | 42,909 | 17,708 | 10,917 |
Total costs and expenses | 1,709,314 | 1,170,684 | 1,153,374 |
Other income (expense): | |||
Gain (loss) on sales of real estate, net | 90,350 | (40) | 831,368 |
Loss on debt extinguishments | (42,912) | (58,364) | (44,162) |
Other income (expense), net | 234,684 | 165,069 | 13,425 |
Total other income (expense), net | 282,122 | 106,665 | 800,631 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 217,683 | 176,320 | 838,577 |
Income tax benefit (expense) | 9,423 | 5,479 | 4,396 |
Equity income (loss) from unconsolidated joint ventures | (66,599) | (6,330) | (5,755) |
Income from continuing operations | 160,507 | 175,469 | 837,218 |
Income (loss) from discontinued operations | 267,746 | (115,408) | 236,256 |
Net income (loss) | 428,253 | 60,061 | 1,073,474 |
Noncontrolling interests' share in continuing operations | (14,394) | (14,558) | (12,294) |
Noncontrolling interests' share in discontinued operations | (296) | 27 | (87) |
Net income (loss) applicable to Healthpeak Properties, Inc. | 413,563 | 45,530 | 1,061,093 |
Participating securities' share in earnings | (2,416) | (1,543) | (2,669) |
Net income (loss) applicable to common shares | $ 411,147 | $ 43,987 | $ 1,058,424 |
Basic earnings (loss) per common share: | |||
Continuing operations (in dollars per share) | $ 0.27 | $ 0.33 | $ 1.75 |
Discontinued operations (in dollars per share) | 0.50 | (0.24) | 0.50 |
Net income (loss) applicable to common shares (in dollars per share) | 0.77 | 0.09 | 2.25 |
Diluted earnings (loss) per common share: | |||
Continuing operations (in dollars per share) | 0.27 | 0.33 | 1.74 |
Discontinued operations (in dollars per share) | 0.50 | (0.24) | 0.50 |
Net income (loss) applicable to common shares (in dollars per share) | $ 0.77 | $ 0.09 | $ 2.24 |
Weighted average shares outstanding: | |||
Basic (in shares) | 530,555 | 486,255 | 470,551 |
Diluted (in shares) | 531,056 | 489,335 | 475,387 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 428,253 | $ 60,061 | $ 1,073,474 |
Other comprehensive income (loss): | |||
Net unrealized gains (losses) on derivatives | (583) | 758 | 6,025 |
Reclassification adjustment realized in net income (loss) | 13 | 1,023 | 18,088 |
Change in Supplemental Executive Retirement Plan obligation and other | (258) | (590) | 561 |
Foreign currency translation adjustment | 0 | 660 | (5,358) |
Total other comprehensive income (loss) | (828) | 1,851 | 19,316 |
Total comprehensive income (loss) | 427,425 | 61,912 | 1,092,790 |
Total comprehensive income (loss) attributable to Healthpeak Properties, Inc. | 412,735 | 47,381 | 1,080,409 |
Continuing Operations | |||
Other comprehensive income (loss): | |||
Total comprehensive (income) loss attributable to noncontrolling interests' | (14,394) | (14,558) | (12,294) |
Discontinued Operations | |||
Other comprehensive income (loss): | |||
Total comprehensive (income) loss attributable to noncontrolling interests' | $ (296) | $ 27 | $ (87) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Cumulative Dividends In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentCumulative Dividends In Excess Of Earnings | Cumulative Effect, Period of Adoption, AdjustmentTotal Stockholders’ Equity | Cumulative Effect, Period of Adoption, Adjusted Balance | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock | Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-In Capital | Cumulative Effect, Period of Adoption, Adjusted BalanceCumulative Dividends In Excess Of Earnings | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjusted BalanceTotal Stockholders’ Equity | Cumulative Effect, Period of Adoption, Adjusted BalanceNoncontrolling Interests | |||
Balance at Dec. 31, 2017 | $ 5,594,938 | $ 469,436 | $ 8,226,113 | $ (3,370,520) | $ (24,024) | $ 5,301,005 | $ 293,933 | $ 79,144 | [1] | $ 79,144 | [1] | $ 79,144 | [1] | $ 5,674,082 | $ 469,436 | $ 8,226,113 | $ (3,291,376) | $ (24,024) | $ 5,380,149 | $ 293,933 |
Balance (in shares) at Dec. 31, 2017 | 469,436 | 469,436 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | 1,073,474 | 1,061,093 | 1,061,093 | 12,381 | ||||||||||||||||
Other comprehensive income (loss) | 19,316 | 19,316 | 19,316 | |||||||||||||||||
Issuance of common stock, net | 215,179 | $ 8,078 | 207,101 | 215,179 | ||||||||||||||||
Issuance of common stock, net (in shares) | 8,078 | |||||||||||||||||||
Conversion of DownREIT units to common stock | 0 | $ 3 | 133 | 136 | (136) | |||||||||||||||
Conversion of DownREIT units to common stock (in shares) | 3 | |||||||||||||||||||
Repurchase of common stock | (3,432) | $ (141) | (3,291) | (3,432) | ||||||||||||||||
Repurchase of common stock (in shares) | (141) | |||||||||||||||||||
Exercise of stock options | 2,477 | $ 120 | 2,357 | 2,477 | ||||||||||||||||
Exercise of stock options (in shares) | 120 | |||||||||||||||||||
Amortization of deferred compensation | 16,563 | 16,563 | 16,563 | |||||||||||||||||
Common dividends | (696,913) | (696,913) | (696,913) | |||||||||||||||||
Distributions to noncontrolling interests | (18,415) | (18,415) | ||||||||||||||||||
Issuances of noncontrolling interests | 299,666 | 299,666 | ||||||||||||||||||
Purchase of noncontrolling interests | (69,406) | (50,129) | (50,129) | (19,277) | ||||||||||||||||
Balance at Dec. 31, 2018 | $ 6,512,591 | $ 477,496 | 8,398,847 | (2,927,196) | (4,708) | 5,944,439 | 568,152 | 590 | [2] | 590 | [2] | 590 | [2] | 6,513,181 | $ 477,496 | 8,398,847 | (2,926,606) | (4,708) | 5,945,029 | 568,152 |
Balance (in shares) at Dec. 31, 2018 | 477,496 | 477,496 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||||||||||
Net income (loss) | $ 60,061 | 45,530 | 45,530 | 14,531 | ||||||||||||||||
Other comprehensive income (loss) | 1,851 | 1,851 | 1,851 | |||||||||||||||||
Issuance of common stock, net | 791,048 | $ 27,523 | 763,525 | 791,048 | ||||||||||||||||
Issuance of common stock, net (in shares) | 27,523 | |||||||||||||||||||
Conversion of DownREIT units to common stock | 0 | $ 213 | 4,932 | 5,145 | (5,145) | |||||||||||||||
Conversion of DownREIT units to common stock (in shares) | 213 | |||||||||||||||||||
Repurchase of common stock | (5,043) | $ (162) | (4,881) | (5,043) | ||||||||||||||||
Repurchase of common stock (in shares) | (162) | |||||||||||||||||||
Exercise of stock options | 4,538 | $ 152 | 4,386 | 4,538 | ||||||||||||||||
Exercise of stock options (in shares) | 152 | |||||||||||||||||||
Amortization of deferred compensation | 18,162 | 18,162 | 18,162 | |||||||||||||||||
Common dividends | (720,123) | (720,123) | (720,123) | |||||||||||||||||
Distributions to noncontrolling interests | (28,301) | (28,301) | ||||||||||||||||||
Issuances of noncontrolling interests | 33,318 | 33,318 | ||||||||||||||||||
Purchase of noncontrolling interests | (1,218) | (1,079) | (1,079) | (139) | ||||||||||||||||
Balance at Dec. 31, 2019 | $ 6,667,474 | $ 505,222 | 9,183,892 | (3,601,199) | (2,857) | 6,085,058 | 582,416 | $ (1,524) | [3] | $ (1,524) | [3] | $ (1,524) | [3] | $ 6,665,950 | $ 505,222 | $ 9,183,892 | $ (3,602,723) | $ (2,857) | $ 6,083,534 | $ 582,416 |
Balance (in shares) at Dec. 31, 2019 | 505,222 | 505,222 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||||
Net income (loss) | $ 428,253 | 413,563 | 413,563 | 14,690 | ||||||||||||||||
Other comprehensive income (loss) | (828) | (828) | (828) | |||||||||||||||||
Issuance of common stock, net | 1,067,071 | $ 33,307 | 1,033,764 | 1,067,071 | ||||||||||||||||
Issuance of common stock, net (in shares) | 33,307 | |||||||||||||||||||
Conversion of DownREIT units to common stock | 0 | $ 120 | 3,957 | 4,077 | $ (4,077) | |||||||||||||||
Conversion of DownREIT units to common stock (in shares) | 120 | 7,000 | ||||||||||||||||||
Repurchase of common stock | (10,529) | $ (298) | (10,231) | (10,529) | ||||||||||||||||
Repurchase of common stock (in shares) | (298) | |||||||||||||||||||
Exercise of stock options | 1,806 | $ 54 | 1,752 | 1,806 | ||||||||||||||||
Exercise of stock options (in shares) | 54 | |||||||||||||||||||
Amortization of deferred compensation | 20,534 | 20,534 | 20,534 | |||||||||||||||||
Common dividends | (787,072) | (787,072) | (787,072) | |||||||||||||||||
Distributions to noncontrolling interests | (36,994) | $ (36,994) | ||||||||||||||||||
Purchase of noncontrolling interests | (3,619) | (3,811) | (3,811) | 192 | ||||||||||||||||
Balance at Dec. 31, 2020 | $ 7,344,572 | $ 538,405 | $ 10,229,857 | $ (3,976,232) | $ (3,685) | $ 6,788,345 | $ 556,227 | |||||||||||||
Balance (in shares) at Dec. 31, 2020 | 538,405 | |||||||||||||||||||
[1] | On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. | |||||||||||||||||||
[2] | On January 1, 2019, the Company adopted a series of ASUs related to accounting for leases, and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. | |||||||||||||||||||
[3] | On January 1, 2020, the Company adopted a series of ASUs related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends, per share (in dollars per share) | $ 1.48 | $ 1.48 | $ 1.48 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 428,253 | $ 60,061 | $ 1,073,474 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization of real estate, in-place lease, and other intangibles | 697,143 | 659,989 | 549,499 |
Amortization of deferred compensation | 17,368 | 18,162 | 16,563 |
Amortization of deferred financing costs | 10,157 | 10,863 | 12,612 |
Straight-line rents | (24,532) | (22,479) | (23,138) |
Amortization of nonrefundable entrance fees and above/below market lease intangibles | (81,914) | 0 | 0 |
Equity loss (income) from unconsolidated joint ventures | 67,787 | 8,625 | 2,594 |
Distributions of earnings from unconsolidated joint ventures | 12,294 | 20,114 | 22,467 |
Loss (gain) on sale of real estate under direct financing leases | (41,670) | 0 | 0 |
Deferred income tax expense (benefit) | (14,573) | (18,253) | (18,525) |
Impairments and loan loss reserves (recoveries), net | 244,253 | 225,937 | 55,260 |
Loss on debt extinguishments | 42,912 | 58,364 | 44,162 |
Loss (gain) on sales of real estate, net | (550,494) | (22,900) | (925,985) |
Loss (gain) upon change of control, net | (159,973) | (168,023) | (9,154) |
Casualty-related loss (recoveries), net | 469 | (3,706) | 0 |
Other non-cash items | 2,175 | (2,569) | 2,569 |
Decrease (increase) in accounts receivable and other assets, net | 15,281 | (49,771) | 5,686 |
Increase (decrease) in accounts payable, accrued liabilities, and deferred revenue | 93,495 | 71,659 | 40,625 |
Net cash provided by (used in) operating activities | 758,431 | 846,073 | 848,709 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (1,170,651) | (1,604,285) | (426,080) |
Development, redevelopment, and other major improvements of real estate | (791,566) | (626,904) | (503,643) |
Leasing costs, tenant improvements, and recurring capital expenditures | (94,121) | (108,844) | (106,193) |
Proceeds from sales of real estate, net | 1,304,375 | 230,455 | 2,044,477 |
Acquisition of CCRC Portfolio | (394,177) | 0 | 0 |
Contributions to unconsolidated joint ventures | (39,118) | (14,956) | (12,203) |
Distributions in excess of earnings from unconsolidated joint ventures | 18,555 | 27,072 | 26,472 |
Proceeds from insurance recovery | 1,802 | 9,359 | 0 |
Proceeds from the RIDEA II transaction, net | 0 | 0 | 335,709 |
Proceeds from the U.K. JV transaction, net | 0 | 89,868 | 393,997 |
Proceeds from the Sovereign Wealth Fund Senior Housing JV transaction, net | 0 | 354,774 | 0 |
Proceeds from sales/principal repayments on debt investments and direct financing leases | 202,763 | 274,150 | 148,024 |
Investments in loans receivable, direct financing leases, and other | (45,562) | (79,467) | (71,281) |
Net cash provided by (used in) investing activities | (1,007,700) | (1,448,778) | 1,829,279 |
Cash flows from financing activities: | |||
Borrowings under bank line of credit and commercial paper | 4,742,600 | 7,607,788 | 1,823,000 |
Repayments under bank line of credit and commercial paper | (4,706,010) | (7,597,047) | (2,755,668) |
Issuance and borrowings of debt, excluding bank line of credit and commercial paper | 594,750 | 2,047,069 | 223,587 |
Repayments and repurchase of debt, excluding bank line of credit and commercial paper | (568,343) | (1,654,142) | (1,604,026) |
Borrowings under term loan | 0 | 250,000 | 0 |
Payments for debt extinguishment and deferred financing costs | (47,210) | (80,616) | (41,552) |
Issuance of common stock and exercise of options | 1,068,877 | 795,586 | 217,656 |
Repurchase of common stock | (10,529) | (5,043) | (3,432) |
Dividends paid on common stock | (787,072) | (720,123) | (696,913) |
Issuance of noncontrolling interests | 0 | 33,318 | 299,666 |
Distributions to and purchase of noncontrolling interests | (40,613) | (29,519) | (82,854) |
Net cash provided by (used in) financing activities | 246,450 | 647,271 | (2,620,536) |
Effect of foreign exchanges on cash, cash equivalents and restricted cash | (153) | 245 | 191 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,972) | 44,811 | 57,643 |
Cash, cash equivalents and restricted cash, beginning of year | 184,657 | 139,846 | 82,203 |
Cash, cash equivalents and restricted cash, end of year | 181,685 | 184,657 | 139,846 |
Less: cash, cash equivalents and restricted cash of discontinued operations | (70,253) | (90,874) | (78,701) |
Cash, cash equivalents and restricted cash of continuing operations, end of year | $ 111,432 | $ 93,783 | $ 61,145 |
Business
Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Overview Healthpeak Properties, Inc., a Standard & Poor’s 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “Healthpeak” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). Healthpeak TM acquires, develops, leases, owns, and manages healthcare real estate. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) life science; (ii) medical office; and (iii) continuing care retirement community (“CCRC”). New Corporate Headquarters In November 2020, the Company established a new corporate headquarters in Denver, CO. With properties in nearly every state, the new headquarters provides a favorable mix of affordability and a centralized geographic location. The Company’s Irvine, CA and Franklin, TN offices will continue to operate. Senior Housing Triple-Net and Senior Housing Operating Portfolio Dispositions During 2020, the Company established and began executing a plan to dispose of its senior housing triple-net and Senior Housing Operating (“SHOP”) properties. The held for sale criteria for all such assets were met either on or before December 31, 2020. As of December 31, 2020, the Company concluded the planned dispositions represented a strategic shift and therefore, the assets are classified as discontinued operations in all periods presented herein. See Note 5 for further information. COVID-19 Update In March 2020, the World Health Organization declared the outbreak caused by the coronavirus (“COVID-19”) to be a global pandemic. While COVID-19 continues to evolve daily and its ultimate outcome is uncertain, it has caused significant disruption to individuals, governments, financial markets, and businesses, including the Company. Global health concerns and increased efforts to reduce the spread of the COVID-19 pandemic prompted federal, state, and local governments to restrict normal daily activities, and resulted in travel bans, quarantines, school closings, “shelter-in-place” orders requiring individuals to remain in their homes other than to conduct essential services or activities, as well as business limitations and shutdowns, which resulted in closure of many businesses deemed to be non-essential. Although some of these restrictions have since been lifted or scaled back, certain restrictions remain in place or have been re-imposed and any future surges of COVID-19 may lead to other restrictions being re-implemented in response to efforts to reduce the spread. In addition, the Company’s tenants, operators and borrowers are facing significant cost increases as a result of increased health and safety measures, including increased staffing demands for patient care and sanitation, as well as increased usage and inventory of critical medical supplies and personal protective equipment. These health and safety measures, which may remain in place for a significant amount of time or be re-imposed from time to time, continue to place a substantial strain on the business operations of many of the Company’s tenants, operators, and borrowers. The Company evaluated the impacts of COVID-19 on its business thus far and incorporated information concerning the impact of COVID-19 into its assessments of liquidity, impairments, and collectibility from tenants, residents, and borrowers as of December 31, 2020. The Company will continue to monitor such impacts and will adjust its estimates and assumptions based on the best available information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. Principles of Consolidation The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, and joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. Revenue Recognition Lease Classification At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. For leases entered into prior to January 1, 2019, a lease arrangement was classified as an operating lease if none of the following criteria were met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) was equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria was met and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease (“DFL”). Concurrent with the Company's adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (“ASU 2016-02”) on January 1, 2019, the Company began classifying a lease entered into subsequent to adoption as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility of future minimum lease payments is probable. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. Resident Fees and Services Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements for SHOP and continuing care retirement community ("CCRC") facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Certain of the Company's CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a nonrefundable entrance fee, it is recorded in deferred revenue in the consolidated balance sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. At December 31, 2020 and 2019, unamortized nonrefundable entrance fee liabilities were $484 million and $68 million, respectively. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Gain (loss) on sales of real estate, net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the year ended December 31, 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of December 31, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will continue to comply with all grant conditions. The following table summarizes information related to government grant income: Year Ended December 31, 2020 2019 2018 Government grant income recorded in other income (expense), net $ 16,198 $ — $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 1,279 — — Government grant income recorded in income (loss) from discontinued operations 15,436 — — Total government grants received $ 32,913 $ — $ — From January 1, 2021 through February 8, 2021, the Company received $3 million in government grants under the CARES Act, which will be recognized during the first quarter of 2021. Credit Losses The Company evaluates the liquidity and creditworthiness of its tenants, operators, and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The Company’s tenants, operators, and borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’, and borrowers’ ability to service their obligations with the Company. If it is no longer probable that substantially all future minimum lease payments under operating leases will be received, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Prior to the adoption of ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) on January 1, 2020, allowances were established for finance receivables on an individual basis utilizing an estimate of probable losses, if they were determined to be impaired. Finance receivables were impaired when it was deemed probable that the Company would be unable to collect all amounts due in accordance with the contractual terms of the finance receivable. An allowance was based upon the Company’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates considered all available evidence, including the expected future cash flows discounted at the finance receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. If a finance receivable was deemed partially or wholly uncollectible, the uncollectible balance was charged off against the allowance in the period in which the uncollectible determination was made. Subsequent to adopting ASU 2016-13 on January 1, 2020, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of a finance receivable at inception of that instrument. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and to rely on counter-party specific information to ensure the most accurate estimate is recognized. Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any. Concurrent with the Company's adoption of ASU 2016-02 on January 1, 2019, the Company elected to recognize expense associated with short-term leases (those with a noncancellable lease term of 12 months or less) under which the Company is the lessee on a straight-line basis and not recognize those leases on its consolidated balance sheets. For leases other than short-term operating leases under which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on its consolidated balance sheet at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and are probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (lease revenue rates, expense rates, growth rates, etc.). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Assets Held for Sale and Discontinued Operations The Company classifies a real estate property 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. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Investments in Unconsolidated Joint Ventures Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s consolidated statements of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates, and credit spreads utilized in these valuation models are based on assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. Share-Based Compensation Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions. Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, t |
Master Transactions and Coopera
Master Transactions and Cooperation Agreement with Brookdale | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Master Transaction and Cooperation Agreement with Brookdale | Master Transactions and Cooperation Agreement with Brookdale 2019 Master Transactions and Cooperation Agreement with Brookdale In October 2019, the Company and Brookdale Senior Living Inc. (“Brookdale”) entered into a Master Transactions and Cooperation Agreement (the “2019 MTCA”), which includes a series of transactions related to its previously jointly owned 15-campus CCRC portfolio (the “CCRC JV”) and the portfolio of senior housing properties Brookdale triple-net leased from the Company, which, at the time, included 43 properties. In connection with the 2019 MTCA, the Company and Brookdale, and certain of their respective subsidiaries, closed the following transactions related to the CCRC JV on January 31, 2020: • The Company, which owned a 49% interest in the CCRC JV, purchased Brookdale’s 51% interest in 13 of the 15 communities in the CCRC JV based on a valuation of $1.06 billion (the “CCRC Acquisition”); • The management agreements related to the CCRC Acquisition communities were terminated and management transitioned (under new management agreements) from Brookdale to Life Care Services LLC (“LCS”); and • The Company paid a $100 million management termination fee to Brookdale. In addition, pursuant to the 2019 MTCA, the Company and Brookdale closed the following transactions related to properties Brookdale triple-net leased from the Company on January 31, 2020: • Brookdale acquired 18 of the properties from the Company (the “Brookdale Acquisition Assets”) for cash proceeds of $385 million; • The remaining 24 properties (excludes one property to be transitioned or sold to a third party, as discussed below) were restructured into a single master lease with 2.4% annual rent escalators and a maturity date of December 31, 2027 (the “2019 Amended Master Lease”); • A portion of annual rent (amount in excess of 6.5% of sales proceeds) related to 14 of the 18 Brookdale Acquisition Assets was reallocated to the remaining properties under the 2019 Amended Master Lease; and • Brookdale paid down $20 million of future rent under the 2019 Amended Master Lease. As agreed to by the Company and Brookdale under the 2019 MTCA, in December 2020, the Company terminated the triple-net lease related to one property and converted it to a RIDEA structure. The 24 assets under the 2019 Amended Master Lease were sold in January 2021 (see Note 5). Additionally, under the 2019 MTCA, the Company and Brookdale agreed to the following transactions which have not yet been completed: • The CCRC JV will sell the remaining two CCRCs, which are being marketed for sale to third parties; • The Company will provide up to $35 million of capital investment in the 2019 Amended Master Lease properties over a five-year term, which will increase rent by 7% of the amount spent, per annum. As of December 31, 2020, the Company had funded $5 million of this capital investment. Upon selling the 24 assets under the 2019 Amended Master Lease in January 2021, the remaining capital investment obligation was transferred to the buyer. As a result of the above transactions, on January 31, 2020, the Company began consolidating the 13 CCRCs in which it acquired Brookdale’s interest. Accordingly, the Company derecognized its investment in the CCRC JV of $323 million and recognized a gain upon change of control of $170 million, which is included in other income (expense), net. In connection with consolidating the 13 CCRCs during the first quarter of 2020, the Company recognized real estate and intangible assets of $1.8 billion, refundable entrance fee liabilities of $308 million, contractual liabilities associated with previously collected non-refundable entrance fees of $436 million, debt assumed of $215 million, other net assets of $48 million, and cash paid of $396 million. Upon sale of the 18 senior housing triple-net assets to Brookdale, the Company recognized an aggregate gain on sales of real estate of $164 million, which is recorded within income (loss) from discontinued operations. Fair Value Measurement Techniques and Quantitative Information At January 31, 2020, the Company performed a fair value assessment of each of the 2019 MTCA components that provided measurable economic benefit or detriment to the Company. Each fair value calculation was based on an income or market approach and relied on historical and forecasted net operating income, actuarial assumptions about the expected resident length of stay, and market data, including, but not limited to, discount rates ranging from 10% to 12%, annual rent escalators ranging from 2% to 3%, and real estate capitalization rates ranging from 7% to 9%. All assumptions were considered to be Level 3 measurements within the fair value hierarchy. 2017 MTCA with Brookdale In November 2017, the Company and Brookdale entered into a Master Transactions and Cooperation Agreement (the “2017 MTCA”) to provide the Company with the ability to significantly reduce its concentration of assets leased to and/or managed by Brookdale. In connection with the overall transaction pursuant to the 2017 MTCA, the Company and Brookdale, and certain of their respective subsidiaries, agreed to the following: • The Company, which owned 90% of the interests in its RIDEA I and RIDEA III joint ventures with Brookdale at the time the 2017 MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each joint venture. At the time the 2017 MTCA was executed, these joint ventures collectively owned and operated 58 independent living, assisted living, memory care, and/or skilled nursing facilities (the “RIDEA Facilities”). The Company completed its acquisitions of the RIDEA III noncontrolling interest for $32 million in December 2017 and the RIDEA I noncontrolling interest for $63 million in March 2018; • The Company received the right to sell, or transition to other operators, 32 of the 78 total assets under an Amended and Restated Master Lease and Security Agreement (the “2017 Amended Master Lease”) with Brookdale and 36 of the RIDEA Facilities (and terminate related management agreements with an affiliate of Brookdale without penalty), certain of which were sold during 2018 and 2019; • The Company provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • Brookdale agreed to purchase two of the assets under the 2017 Amended Master Lease for $35 million and four of the RIDEA Facilities for $240 million, all of which were sold in 2018. During 2018, the Company terminated the previous management agreements or leases with Brookdale on 37 assets contemplated under the 2017 MTCA and completed the transition of 20 SHOP assets and 17 senior housing triple-net assets to other managers. |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Transactions | Real Estate Transactions 2020 Real Estate Investments The Post Acquisition In April 2020, the Company acquired a life science campus in Waltham, Massachusetts for $320 million. Scottsdale Gateway Acquisition In July 2020, the Company acquired one medical office building (“MOB”) in Scottsdale, Arizona for $27 million. Midwest MOB Portfolio Acquisition In October 2020, the Company acquired a portfolio of seven MOBs located in Indiana, Missouri, and Illinois for $169 million. Cambridge Discovery Park Acquisition In December 2020, the Company acquired three life science facilities in Cambridge, Massachusetts for $610 million and a 49% unconsolidated joint venture interest in a fourth property on the same campus for $54 million. If the fourth property is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture. South San Francisco Land Site Acquisition In October 2020, the Company executed a definitive agreement to acquire approximately 12 acres of land for $128 million. The acquisition site is located in South San Francisco, California, adjacent to two sites currently held by the Company as land for future development. The Company made a $10 million nonrefundable deposit upon completing due diligence in November 2020 and expects to close the transaction in 2021. Waldwick JV Interest Purchase In October 2020, the Company acquired the remaining 15% equity interest of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $4 million. Subsequent to acquisition, the Company owned 100% of the equity, began consolidating the facility, and recognized a gain upon change of control of $6 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. In December 2020, the Company sold the property as part of the Atria SHOP Portfolio disposition discussed in Note 5. MBK JV Dissolution In November 2020, as part of the dissolution of a senior housing joint venture, the Company was distributed one property, one land parcel, and $11 million in cash. Upon consolidating the property and land parcel at the time of distribution, the Company recognized a loss upon change of control of $16 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. The property is classified as held-for-sale as of December 31, 2020. In conjunction with the distribution of the property, the Company assumed $36 million of secured mortgage debt which was recorded at its fair value through asset acquisition accounting. Other Real Estate Acquisitions In December 2020, the Company acquired one hospital in Dallas, Texas for $34 million. 2019 Real Estate Investments Cambridge Acquisition During the first quarter of 2019, the Company acquired a life science facility for $71 million and development rights at an adjacent undeveloped land parcel for consideration of up to $27 million. The existing facility and land parcel are located in Cambridge, Massachusetts. Discovery Portfolio Acquisition In April 2019, the Company acquired a portfolio of nine senior housing properties for $445 million. The properties are located across Florida, Georgia, and Texas and are operated by Discovery Senior Living, LLC. Oakmont Portfolio Acquisitions In May 2019, the Company acquired three senior housing communities in California for $113 million and in July 2019, the Company acquired an additional five senior housing communities for $284 million. Both portfolios were acquired from and continue to be operated by Oakmont Senior Living LLC (“Oakmont”). Each portfolio was contributed to a DownREIT joint venture in which the sellers received non-controlling interests in lieu of cash for a portion of the sales price. The Company consolidates each DownREIT joint venture. As part of the May and July 2019 Oakmont transactions, the Company assumed $50 million and $112 million, respectively, of secured mortgage debt, both of which were recorded at their relative fair values through asset acquisition accounting. Sierra Point Towers Acquisition In June 2019, the Company acquired two life science buildings in South San Francisco, California adjacent to the Company’s The Shore at Sierra Point development, for $245 million. Vintage Park JV Interest Purchase In June 2019, the Company acquired the outstanding equity interests of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $24 million. Subsequent to acquisition, the Company owned 100% of the equity. Upon consolidating the facility at acquisition, the Company derecognized the existing investment in the joint venture structure, marked the real estate to fair value (using a relative fair value allocation), and recognized a gain upon change of control of $12 million, net of a tax impact of $1 million. The gain upon change of control is recognized within other income (expense), net and the tax impact is recognized within income tax benefit (expense). Hartwell Innovation Campus Acquisition In July 2019, the Company acquired a life science campus in the suburban Boston submarket of Lexington, Massachusetts, for $228 million. The campus is comprised of four buildings. West Cambridge Acquisition In December 2019, the Company acquired one life science building, adjacent to the Company’s existing properties in Cambridge, Massachusetts, for $333 million. Sovereign Wealth Fund Senior Housing Joint Venture In December 2019, the Company formed a new joint venture (the “SWF SH JV”) with a sovereign wealth fund that owns 19 SHOP assets operated by Brookdale. The Company owns 53.5% of the SWF SH JV and contributed all 19 assets with a fair value of $790 million. The SWF SH JV partner owns the other 46.5% and purchased its interest for $367 million. Upon formation of the SWF SH JV, the Company recognized its retained equity method investment at fair value, deconsolidated the 19 SHOP assets, and recognized a gain upon change of control of $161 million, which is recorded in other income (expense), net. Other Real Estate Acquisitions During the year ended December 31, 2019, the Company acquired one MOB in Kansas for $15 million, one MOB in Texas for $9 million, and one life science building in the Sorrento Mesa submarket of San Diego, California for $16 million. Construction, Tenant, and Other Capital Improvements The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2020 2019 2018 Life science $ 573,999 $ 499,956 $ 396,431 Medical office 173,672 146,466 146,087 CCRC 41,224 — — Other — 30,852 18,357 $ 788,895 $ 677,274 $ 560,875 |
Dispositions of Real Estate and
Dispositions of Real Estate and Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions of Real Estate and Discontinued Operations | Dispositions of Real Estate and Discontinued Operations 2020 Dispositions of Real Estate Aegis NNN Portfolio In December 2020, the Company sold 10 senior housing triple-net assets (the “Aegis NNN Portfolio”) for $358 million, resulting in total gain on sales of $228 million, which is recognized in income (loss) from discontinued operations . Atria SHOP Portfolio In November 2020, the Company entered into definitive agreements to sell a portfolio of 13 SHOP assets (the “Atria SHOP Portfolio”) for $334 million. In December 2020, the Company sold 12 of those assets for $312 million, resulting in total gain on sales of $39 million, which is recognized in income (loss) from discontinued operations. The Company provided the buyer with financing of $61 million on four of the assets sold (see Note 8). The final asset is expected to be sold during the first half of 2021, upon completion of the license transfer process. Sunrise Senior Housing Portfolio In November 2020, the Company entered into a definitive agreement to sell 32 SHOP and 2 senior housing triple-net assets for $744 million (the “Sunrise Senior Housing Portfolio”). The Company received a $35 million nonrefundable deposit upon completion of due diligence in December 2020, sold the 32 SHOP assets in January 2021 for $664 million, and provided the buyer with financing of $410 million (see Note 8) . The two remaining senior housing triple-net assets are expected to be sold during the first half of 2021, upon completion of the license transfer process. SLC SHOP Portfolio In October 2020, the Company entered into a definitive agreement to sell seven SHOP assets for $115 million. The Company received a $3 million nonrefundable deposit and expects to close the transaction during the first half of 2021. Brookdale Triple-Net Portfolio In January 2021, the Company sold 24 senior housing assets in a triple-net lease with Brookdale for $510 million. Additional SHOP Portfolio In January 2021, the Company sold a portfolio of 16 SHOP assets for $230 million and provided the buyer with financing of $150 million (see Note 8) . HRA Triple-Net Portfolio In February 2021, the Company sold eight senior housing assets in a triple-net lease with Harbor Retirement Associates for $132 million. 2020 Other Dispositions In addition to the sales discussed above, during the year ended December 31, 2020, the Company sold the following: (i) 23 SHOP assets for $190 million, (ii) 21 senior housing triple-net assets for $428 million ( inclusive of the 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3) , (iii) 11 MOBs for $136 million (inclusive of the exercise of a purchase option by a tenant to acquire 3 MOBs in San Diego, California), (iv) two MOB land parcels for $3 million, and (v) 1 asset from other non-reportable segments for $1 million, resulting in total gain on sales of $283 million ($193 million of which is reported in income (loss) from discontinued operations). 2019 Dispositions of Real Estate During the year ended December 31, 2019, the Company sold the following: (i) 18 SHOP assets for $181 million, (ii) 2 senior housing triple-net assets for $26 million, (iii) 11 MOBs for $28 million, (vi) 1 life science asset for $7 million, (v) 1 undeveloped life science land parcel for $35 million, and (vi) 1 facility from the other non-reportable segment for $15 million, resulting in total gain on sales of $30 million ($23 million of which is reported in income (loss) from discontinued operations). 2018 Dispositions of Real Estate Shoreline Technology Center In November 2018, the Company sold its Shoreline Technology Center life science campus located in Mountain View, California for $1.0 billion and recognized a gain on sale of $726 million. Brookdale MTCA Dispositions As discussed in Note 3, during the fourth quarter of 2018, the Company sold 19 assets (11 senior housing triple-net assets and 8 SHOP assets) to a third-party for $377 million and recognized a gain on sale of $40 million, which is reported in income (loss) from discontinued operations. Refer to Note 3 for further detail on the Brookdale transactions. RIDEA II Sale Transaction In January 2017, the Company completed the contribution of its ownership interest in RIDEA II to an unconsolidated joint venture owned by Healthpeak and an investor group led by Columbia Pacific Advisors, LLC (“CPA”) (the “Healthpeak/CPA JV”). Also in January 2017, RIDEA II was recapitalized with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by the Company. In return for both transaction elements, the Company received combined proceeds of $480 million from the Healthpeak/CPA JV and $242 million in loans receivable and retained an approximately 40% ownership interest in RIDEA II. This transaction resulted in the Company deconsolidating the net assets of RIDEA II and recognizing a net gain on sale of $99 million. Refer to Note 2 for the impact of adopting the Revenue ASUs on January 1, 2018 to the Company’s partial sale of RIDEA II in the first quarter of 2017. In June 2018, the Company sold its remaining 40% ownership interest in RIDEA II to an investor group led by CPA for $91 million. Additionally, CPA refinanced the Company’s $242 million of loans receivable from RIDEA II, resulting in total proceeds of $332 million. The Company no longer holds an economic interest in RIDEA II. U.K. Portfolio In June 2018, the Company entered into a joint venture with an institutional investor (the “U.K. JV”) through which the Company sold a 51% interest in substantially all United Kingdom (“U.K.”) assets previously owned by the Company (the “U.K. Portfolio”) based on a total value of £382 million ($507 million). The Company retained a 49% noncontrolling interest in the U.K. JV and received gross proceeds of $402 million, including proceeds from the refinancing of the Company’s previously held intercompany loans. Upon closing the U.K. JV, the Company deconsolidated the U.K. Portfolio, recognized its retained noncontrolling interest investment at fair value ($105 million) and recognized a gain on sale of $11 million, net of $17 million of cumulative foreign currency translation reclassified from other comprehensive income recorded in gain (loss) on sales of real estate, net (see Note 22 for the reclassification impact of the Company’s hedge of its net investment in the U.K.). The U.K. JV provides numerous mechanisms by which the joint venture partner can acquire the Company’s remaining interest in the U.K. JV. The fair value of the Company’s retained noncontrolling interest investment was based on Level 2 measurements within the fair value hierarchy. Additionally, in August 2018, the Company sold its remaining £11 million U.K. development loan at par. In December 2019, the Company sold its remaining 49% interest in the U.K. JV (see Note 9). 2018 Other Dispositions Additionally, during the year ended December 31, 2018, the Company sold the following: (i) 4 life science assets for $269 million, (ii) 1 undeveloped land parcel for $3 million, (iii) 2 senior housing triple-net assets for $35 million, (iv) 23 SHOP facilities for $394 million, and (v) 4 MOBs for $25 million, resulting in total gain on sales of $141 million ($55 million of which is reported in income (loss) from discontinued operations). Held for Sale and Discontinued Operations At December 31, 2020, 41 senior housing triple-net facilities, 6 MOBs, 97 SHOP facilities, and 1 SHOP joint venture were classified as held for sale and/or discontinued operations. At December 31, 2019, 90 senior housing triple-net facilities (inclusive of 18 facilities sold to Brookdale under the 2019 MTCA - see Note 3), 115 SHOP facilities, 2 MOBs, and 4 SHOP joint ventures were classified as held for sale and/or discontinued operations. During 2020, the Company established and began executing a plan to dispose of all the assets in its senior housing triple-net and SHOP portfolios. The held for sale criteria for all such assets were met either on or before December 31, 2020 and the Company concluded the dispositions met the requirements to be classified as discontinued operations. The following summarizes the assets and liabilities classified as discontinued operations at December 31, 2020 and 2019, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the consolidated balance sheets (in thousands): December 31, 2020 2019 ASSETS Real estate: Buildings and improvements $ 2,553,254 $ 3,626,665 Development costs and construction in progress 21,509 38,728 Land 355,803 467,956 Accumulated depreciation and amortization (615,708) (861,557) Net real estate 2,314,858 3,271,792 Investments in and advances to unconsolidated joint ventures 5,842 51,134 Accounts receivable, net of allowance of $5,873 and $4,178 20,500 14,575 Cash and cash equivalents 53,085 63,834 Restricted cash 17,168 27,040 Intangible assets, net 24,541 82,071 Right-of-use asset, net 4,109 5,701 Other assets, net (1) 103,965 125,502 Total assets of discontinued operations, net 2,544,068 3,641,649 Total medical office assets held for sale, net (2) 82,238 6,616 Assets held for sale and discontinued operations, net $ 2,626,306 $ 3,648,265 LIABILITIES Mortgage debt 318,876 296,879 Lease liability 3,189 4,871 Accounts payable, accrued liabilities, and other liabilities 79,411 83,392 Deferred revenue 11,442 18,520 Total liabilities of discontinued operations, net 412,918 403,662 Total liabilities related to medical office assets held for sale, net 2,819 26 Liabilities related to assets held for sale and discontinued operations, net $ 415,737 $ 403,688 _______________________________________ (1) Includes goodwill of $29 million and $30 million as of December 31, 2020 and 2019, respectively. (2) Primarily comprised of six MOBs with net real estate assets of $73 million and two MOBs with net real estate assets of $7 million as of December 31, 2020 and 2019, respectively. The results of discontinued operations through December 31, 2020, or the disposal date of each asset or portfolio of assets if they have been sold, are included in the consolidated results for the years ended December 31, 2020, 2019, and 2018. Summarized financial information for discontinued operations for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Revenues: Rental and related revenues $ 97,877 $ 152,576 $ 216,887 Resident fees and services 621,253 583,653 400,557 Income from direct financing leases — 20,815 37,926 Total revenues 719,130 757,044 655,370 Costs and expenses: Interest expense 10,538 8,007 5,062 Depreciation and amortization 143,194 224,798 144,819 Operating 550,226 474,126 326,381 Transaction costs 20,426 6,780 9,635 Impairments and loan loss reserves (recoveries), net 201,344 208,229 44,343 Total costs and expenses 925,728 921,940 530,240 Other income (expense): Gain (loss) on sales of real estate, net 460,144 22,940 94,618 Other income (expense), net 5,475 17,060 (110) Total other income (expense), net 465,619 40,000 94,508 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 259,021 (124,896) 219,638 Income tax benefit (expense) 9,913 11,783 13,459 Equity income (loss) from unconsolidated joint ventures (1,188) (2,295) 3,159 Income (loss) from discontinued operations $ 267,746 $ (115,408) $ 236,256 |
Impairments
Impairments | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairments | Impairments Real Estate During the year ended December 31, 2020, the Company recognized an aggregate impairment charge of $210 million ($201 million of which is reported in income (loss) from discontinued operations) related to 42 SHOP assets, 5 senior housing triple-net assets, 5 MOBs, and 1 undeveloped MOB land parcel as a result of being classified as held for sale and wrote down their aggregate carrying value of $960 million to their aggregate fair value, less estimated costs to sell, of $750 million. Additionally, during the year ended December 31, 2020, the Company recognized an impairment charge of $15 million related to one life science facility that it intends to demolish for a future development project. The fair value of the impaired assets was based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Forecasted sales prices were determined using an income approach and/or a market approach (comparable sales model), which rely on certain assumptions by management, including: (i) market capitalization rates, (ii) comparable market transactions, (iii) estimated prices per unit, (iv) negotiations with prospective buyers, and (v) forecasted cash flow streams (lease revenue rates, expense rates, growth rates, etc.). There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during and as of the year ended December 31, 2020, the Company’s fair value estimates primarily relied on a market approach and utilized prices per unit ranging from $13,000 to $300,000, with a weighted average price per unit of $164,000. When utilizing the income approach, assumptions include, but are not limited to, terminal capitalization rates ranging from 5.5% to 7.5% and discount rates ranging from 8.0% to 9.5%. During the year ended December 31, 2019, the Company recognized an aggregate impairment charge of $194 million ($189 million of which is reported in income (loss) from discontinued operations) related to 8 senior housing triple-net assets, 27 SHOP assets, 3 MOBs, and 1 other non-reportable asset as a result of being classified as held for sale and wrote down their aggregate carrying value of $416 million to their aggregate fair value, less estimated costs to sell, of $223 million. During the year ended December 31, 2019, the Company also recognized an impairment charge of $4 million related to one MOB that it intends to demolish for a future development project. The fair value of the impaired assets was based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. For the Company’s impairment calculations during and as of the year ended December 31, 2019, the Company estimated the fair value of each asset using either (i) market capitalization rates ranging from 4.97% to 8.27%, with a weighted average rate of 6.22% or (ii) prices per unit ranging from $24,000 to $125,000, with a weighted average price of $73,000. Additionally, during the year ended December 31, 2019, the Company determined the carrying value of two MOBs and one SHOP asset that were candidates for potential future sale were no longer recoverable due to the Company’s shortened intended hold period under the held-for-use impairment model. Accordingly, the Company wrote-down the carrying amount of these three assets to their respective fair value, which resulted in an aggregate impairment charge of $18 million ($9 million of which is reported in income (loss) from discontinued operations). The fair value of the assets are considered to be Level 2 measurements within the fair value hierarchy. During the year ended December 31, 2018, in conjunction with classifying the assets as held for sale, the Company determined that 17 underperforming SHOP assets and one undeveloped life science land parcel were impaired. Additionally, the Company determined that three additional underperforming SHOP assets that were candidates for potential future sale were impaired under the held-for-use impairment model. Accordingly, the Company recognized total impairment charges of $52 million ($44 million of which is reported in income (loss) from discontinued operations), during the year ended December 31, 2018 to write-down the carrying value of the assets to their respective fair values (less estimated costs to sell for assets classified as held for sale). The fair value of the assets was based on contracted or forecasted sales prices and expected future cash flows, which are considered to be Level 2 measurements within the fair value hierarchy. Casualty-Related During the year ended December 31, 2019, the Company recognized a $5 million casualty-related gain, net of deferred tax impacts, as a result of insurance proceeds received for property damage and other associated costs related to hurricanes in 2017. Of the total $5 million, $2 million is recorded in other income (expense), net, and $3 million is recorded in income (loss) from discontinued operations. Other See Note 7 for information on the impairment charge related to the write-down of a DFL portfolio to its fair value. See Note 8 for information related to the Company's reserve for loan losses. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (19,138) Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — 2020 Direct Financing Lease Sale During the first quarter of 2020, the Company sold a hospital under a DFL for $82 million and recognized a gain on sale of $42 million, which is included in other income (expense), net. 2019 Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ($331 million) and net intangibles assets ($20 million) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transferred from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. 2019 Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million. Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million (recognized in income (loss) from discontinued operations) to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio was based upon the agreed upon sale price, less estimated costs to sell, which was considered to be a Level 2 measurement within the fair value hierarchy. In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and began recognizing income equal to the amount of cash received. The Company completed the sale of the DFL Sale Portfolio in September 2019. For the DFL Sale Portfolio, during the years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. COVID-19 Rent Deferrals During the second and third quarters of 2020, the Company agreed to defer rent from certain tenants in the medical office segment, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information). |
Leases | Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (19,138) Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — 2020 Direct Financing Lease Sale During the first quarter of 2020, the Company sold a hospital under a DFL for $82 million and recognized a gain on sale of $42 million, which is included in other income (expense), net. 2019 Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ($331 million) and net intangibles assets ($20 million) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transferred from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. 2019 Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million. Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million (recognized in income (loss) from discontinued operations) to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio was based upon the agreed upon sale price, less estimated costs to sell, which was considered to be a Level 2 measurement within the fair value hierarchy. In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and began recognizing income equal to the amount of cash received. The Company completed the sale of the DFL Sale Portfolio in September 2019. For the DFL Sale Portfolio, during the years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. COVID-19 Rent Deferrals During the second and third quarters of 2020, the Company agreed to defer rent from certain tenants in the medical office segment, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information). |
Leases | Leases Lease Income The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (19,138) Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — 2020 Direct Financing Lease Sale During the first quarter of 2020, the Company sold a hospital under a DFL for $82 million and recognized a gain on sale of $42 million, which is included in other income (expense), net. 2019 Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ($331 million) and net intangibles assets ($20 million) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transferred from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. 2019 Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million. Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million (recognized in income (loss) from discontinued operations) to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio was based upon the agreed upon sale price, less estimated costs to sell, which was considered to be a Level 2 measurement within the fair value hierarchy. In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and began recognizing income equal to the amount of cash received. The Company completed the sale of the DFL Sale Portfolio in September 2019. For the DFL Sale Portfolio, during the years ended December 31, 2019 and 2018, income from DFLs was $17 million and $24 million (recognized in income (loss) from discontinued operations), respectively, and cash payments received were $16 million and $20 million, respectively. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. Tenant Purchase Options Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. During the fourth quarter of 2019, one of the Company's tenants exercised its option to acquire from the Company an acute care hospital and adjacent land parcel located in Irvine, California for $226 million. The sale is scheduled to close during the first half of 2021. The annualized base rent associated with the assets covered by this purchase option is included in the table above for 2021. Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of December 31, 2020 and December 31, 2019 is $6 million and $4 million, respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the years ended December 31, 2020, 2019, and 2018 is $2 million, $2 million and $4 million, respectively, of depreciation expense related to corporate assets. COVID-19 Rent Deferrals During the second and third quarters of 2020, the Company agreed to defer rent from certain tenants in the medical office segment, with the requirement that all deferred rent be repaid by the end of 2020. Under this program, through December 31, 2020, approximately $6 million of rent was deferred for the medical office segment, substantially all of which had been collected as of December 31, 2020. Additionally, through December 31, 2020, the Company granted approximately $1 million of rent deferrals to certain tenants in the life science segment, all of which had been collected as of December 31, 2020. The rent deferrals granted do not impact the pattern of revenue recognition or amount of revenue recognized (refer to Note 2 for additional information). |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2020 2019 Secured mortgage loans (1) $ 161,530 $ 161,964 Mezzanine and other 44,347 27,752 Unamortized discounts, fees, and costs (222) 863 Reserve for loan losses (10,280) — Loans receivable, net $ 195,375 $ 190,579 _______________________________________ (1) At December 31, 2020, the Company had $11 million remaining of commitments to fund $81 million of senior housing development and redevelopment projects. At December 31, 2019, the Company had $25 million remaining of commitments to fund $174 million of senior housing development and redevelopment projects. 2020 Loans Receivable Transactions For certain residents that qualify, CCRCs may offer to lend residents the necessary funds to satisfy the entrance fee requirements so that they are able to move into a community while still continuing the process of selling their previous home. The loans are due upon sale of the previous residence. Upon completing the CCRC Acquisition (see Note 3) in January 2020, the Company began consolidating 13 CCRCs, which held approximately $30 million of such notes receivable from various community residents at the time of acquisition. At December 31, 2020, the Company held $23 million of such receivables, which are included in mezzanine and other in the table above. In November 2020, the Company sold one mezzanine loan with a $10 million principal balance for $8 million, resulting in a $2 million loss. In December 2020, the Company sold one secured mortgage loan with a $115 million principal balance for $109 million, resulting in a $6 million loss. SHOP Seller Financing In December 2020, in conjunction with the sale of four SHOP facilities in the Atria SHOP Portfolio for $94 million (see Note 5), the Company provided the buyer with financing of $61 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in the four properties. In conjunction with the sale of 32 SHOP facilities in the Sunrise Senior Housing Portfolio for $664 million in January 2021 (see Note 5), the Company provided the buyer with financing of $410 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in each property. In conjunction with the sale of 16 additional SHOP facilities for $230 million in January 2021 (see Note 5), the Company provided the buyer with financing of $150 million. The remainder of the sales price was received in cash at the time of sale. The financing is secured by the buyer's equity ownership in each property. In December 2019, the Company sold two SHOP facilities in Florida for $56 million and provided the buyer with initial financing of $45 million. The remainder of the sales price was received in cash at the time of sale. Additionally, the Company agreed to provide up to $10 million of redevelopment funding (80% of the estimated cost of redevelopment), $7 million of which has been funded as of December 31, 2020. The initial and redevelopment financings are secured by the buyer's equity ownership in the property. Loans Receivable Internal Ratings In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Loans that are deemed Performing meet all present contractual obligations, and collection and timing of all amounts owed is reasonably assured. Watch List Loans are defined as loans that do not meet the definition of Performing or Workout. Workout Loans are defined as loans in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803 Real Estate Secured Loans The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2020 (dollars in thousands): Final Number Payment Terms Principal Amount (1) Carrying 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Texas $ 2,250 $ 2,250 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Florida 8,289 8,289 2021 4 Monthly interest-only payments, accrues interest at 3.5% and secured by senior housing facilities in Florida and California 61,018 57,861 2022 1 Monthly interest-only payments, accrues interest at 5.5% and secured by equity interests in 11 senior housing facilities in California 25,000 24,462 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in Florida 51,716 51,233 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in California 13,257 13,477 9 $ 161,530 $ 157,572 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. During the years ended December 31, 2020, 2019, and 2018, the Company recognized $13 million, $6 million, and $5 million, respectively, of interest income related to loans secured by real estate. Reserve for Loan Losses The Company evaluates the liquidity and creditworthiness of its borrowers on a quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The Company’s borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis, which the Company utilizes to calculate the debt service coverages used in its assessment of internal ratings, which is a primary credit quality indicator. Debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rates, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. In its assessment of current expected credit losses for loans receivable and unfunded loan commitments, the Company utilizes past payment history of its borrowers, current economic conditions, and forecasted economic conditions through the maturity date of each loan to estimate a probability of default and a resulting loss for each loan receivable. Future economic conditions are based primarily on near-term economic forecasts from the Federal Reserve and reasonable assumptions for long-term economic trends. The following table summarizes the Company’s reserve for loan losses at December 31, 2020 (in thousands): December 31, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, December 31, 2019 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 2,639 6,221 8,860 Reserve for loan losses, December 31, 2020 $ 3,152 $ 7,128 $ 10,280 Additionally, at December 31, 2020, a liability of $1 million related to expected credit losses for unfunded loan commitments was included in accounts payable, accrued liabilities, and other liabilities. Credit loss expenses and recoveries are recorded in impairments and loan loss reserves (recoveries), net. During the year ended December 31, 2020, the net credit loss expense was $18 million. The change in the provision for expected loan losses during the year ended December 31, 2020 is primarily due to the current and anticipated economic impact of COVID-19. Other Secured Loans Tandem Health Care Loan From July 2012 through May 2015, the Company funded, in aggregate, $257 million under a collateralized mezzanine loan facility (the “Mezzanine Loan”) to certain affiliates of Tandem Health Care (together with is affiliates, “Tandem”). In March 2018, the Company sold the Mezzanine Loan to a third party for approximately $112 million, which resulted in an impairment recovery, net of transaction costs and fees, of $3 million included in other income (expense), net. The Company holds no further economic interest in the operations of Tandem. U.K. Bridge Loan In 2016, the Company provided a £105 million ($131 million at closing) bridge loan (the “U.K. Bridge Loan”) to Maria Mallaband Care Group Ltd. ("MMCG") to fund the acquisition of a portfolio of seven care homes in the U.K. Under the U.K. Bridge Loan, the Company retained a three-year call option to acquire those seven care homes at a future date for £105 million, subject to certain conditions precedent being met. In March 2018, upon resolution of all conditions precedent, the Company began the process of exercising its call option to acquire the seven care homes and concluded that it should consolidate the real estate. As a result, the Company derecognized the outstanding loan receivable of £105 million and recognized a £29 million ($41 million) loss on consolidation. Refer to Note 19 for further discussion regarding impact of consolidating the seven care homes during the first quarter of 2018. In June 2018, the Company completed the process of exercising the above-mentioned call option. The seven care homes acquired through the call option were included in the U.K. JV transaction (see Note 5). |
Investments in and Advances to
Investments in and Advances to Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) Other 19 54 $ 357,581 $ 428,258 Life Science JV (5) LS 1 49 24,879 — Medical Office JVs (6) MOB 3 20 - 67 9,673 9,845 Other JVs (7) Other — 41 - 47 9,157 10,372 CCRC JV (8) CCRC 2 49 1,581 325,830 Advances to unconsolidated joint ventures, net — 76 $ 402,871 $ 774,381 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) The property count, ownership percentage, and carrying amount at December 31, 2020 excludes the Otay Ranch JV, which is classified as discontinued operations and has an aggregate carrying value of $6 million at December 31, 2020. The carrying amount at December 31, 2019 excludes the Otay Ranch JV, Waldwick JV, MBK JV, and MBK Development JV, which are classified as discontinued operations and had an aggregate carrying value of $51 million at December 31, 2019. The Otay Ranch JV (90% ownership percentage) is the only one of these joint ventures that remains outstanding at December 31, 2020. (3) Property count and ownership percentage are as of December 31, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) In December 2020, the Company acquired a joint venture interest in a life science facility in Cambridge, Massachusetts (see Note 4). (6) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): (i) Ventures IV (20%); (ii) Ventures III (30%); and (iii) Suburban Properties, LLC (67%). (7) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, the K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million. (8) See Note 3 for a discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020. At December 31, 2020 and 2019, the aggregate unamortized basis difference of the Company's investments in unconsolidated joint ventures of $33 million and $(63) million, respectively, is primarily attributable to the difference between the amount for which the Company purchased its interest in the entity and the historical carrying value of the net assets of the entity. The difference is being amortized over the remaining useful life of the related assets and is included in equity income (loss) from unconsolidated joint ventures. CCRC JV. In January 2020, the Company, which owned a 49% interest in the CCRC JV, purchased Brookdale’s 51% interest in and began consolidating 13 of the 15 communities in the CCRC JV. Refer to Note 3 for a detailed discussion of the 2019 MTCA with Brookdale. During 2019, the CCRC JV recognized an impairment charge of $12 million. Accordingly, the Company recognized its 49% share of the impairment charge ($6 million) through equity income (loss) from unconsolidated joint ventures during the year ended December 31, 2019. U.K. JV. In December 2019, the Company sold its remaining 49% interest in the U.K. JV for proceeds of £70 million ($91 million) and recognized a loss on sale of $7 million (based on exchange rates at the time the transaction was completed), including $1 million of loss in accumulated other comprehensive income (loss) that was reclassified to gain (loss) on sales of real estate. As of December 31, 2019, the Company no longer owned real estate in the U.K. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Intangibles | |
Intangibles | Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands): December 31, Intangible lease assets 2020 2019 Gross intangible lease assets $ 761,328 $ 426,967 Accumulated depreciation and amortization (241,411) (166,763) Intangible assets, net (1) $ 519,917 $ 260,204 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $25 million and $82 million as of December 31, 2020 and December 31, 2019, respectively. Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): December 31, Intangible lease liabilities 2020 2019 Gross intangible lease liabilities $ 194,565 $ 113,213 Accumulated depreciation and amortization (50,366) (38,222) Intangible liabilities, net $ 144,199 $ 74,991 Weighted average remaining amortization period in years 8 7 The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization expense related to amortization of lease-up intangibles (1) $ 89,301 $ 46,828 $ 43,933 Rental and related revenues related to amortization of net below market lease liabilities (1) 11,717 6,319 5,341 _______________________________________ (1) Excludes amortization related to assets classified as discontinued operations. During the year ended December 31, 2020, in conjunction with the Company’s acquisitions of real estate (including the consolidation of 13 CCRCs in which the Company acquired Brookdale’s interest as part of the 2019 Brookdale MTCA - see Note 3), the Company acquired intangible assets of $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 7 years and 9 years, respectively. On January 1, 2019, in conjunction with the adoption of ASU 2016-02 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net. The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter, excluding assets classified as discontinued operations (in thousands): Rental and Related Revenues (1)(3) Depreciation and Amortization (2)(3) 2021 $ 18,093 $ 96,094 2022 17,841 89,217 2023 17,119 85,484 2024 16,159 82,647 2025 15,370 72,373 Thereafter 50,514 84,999 $ 135,096 $ 510,814 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues. (2) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. (3) Excludes estimated annual amortization from assets classified as discontinued operations. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Bank Line of Credit and Term Loans On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two six month extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on credit ratings of the Company's senior unsecured long-term debt. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on those credit ratings at December 31, 2020, the margin on the Revolving Facility was 0.83% and the facility fee was 0.15%. In May 2019, the Company also entered into a $250 million unsecured term loan facility, which the Company fully drew down during the second quarter of 2019 (the “2019 Term Loan” and, together with the Revolving Facility, the “Facilities”). The 2019 Term Loan matures on May 23, 2024. Based on credit ratings for the Company’s senior unsecured long-term debt at December 31, 2020, the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90%, with a weighted average effective interest rate of 1.14%. The Facilities include a feature that allows the Company to increase the borrowing capacity by an aggregate amount of up to $750 million, subject to securing additional commitments. The Facilities also contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60%; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40%; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise Unencumbered Asset Value to 60%; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a minimum Consolidated Tangible Net Worth of $7.0 billion. At December 31, 2020, the Company believes it was in compliance with each of these restrictions and requirements of the Facilities. Commercial Paper Program In September 2019, the Company established an unsecured commercial paper program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured short-term debt securities with varying maturities. Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time, with the maximum aggregate face or principal amount outstanding at any one time not exceeding $1.0 billion. Amounts borrowed under the Commercial Paper Program will be sold on terms that are customary for the U.S. commercial paper market and will be at least equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company intends to use its Revolving Facility as a liquidity backstop for the repayment of unsecured short term debt securities issued under the Commercial Paper Program. At December 31, 2020, the Company had $130 million of notes outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 0.30%. At December 31, 2019, the Company had $93 million of notes outstanding under the Commercial Paper Program, with original maturities of one month and a weighted average interest rate of 2.04%. Senior Unsecured Notes At December 31, 2020, the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.75 billion. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions, and other customary terms. The Company believes it was in compliance with these covenants at December 31, 2020. The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 Year ended December 31, 2019: November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 There were no senior unsecured notes issuances for the year ended December 31, 2018. The following table summarizes the Company’s senior unsecured notes payoffs and repurchases for the periods presented (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 Year ended December 31, 2019: November 21, 2019 (3) $ 350,000 4.00 % 2022 July 22, 2019 (4) $ 800,000 2.63 % 2020 July 8, 2019 (4) $ 250,000 4.00 % 2022 July 8, 2019 (4) $ 250,000 4.25 % 2023 Year ended December 31, 2018: November 8, 2018 $ 450,000 3.75 % 2019 July 16, 2018 (5) $ 700,000 5.38 % 2021 _______________________________________ (1) Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment. (3) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (4) Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 2022, the Company recognized a $35 million loss on debt extinguishment. (5) Upon repurchasing the 5.38% senior unsecured notes due in 2021, the Company recognized a $44 million loss on debt extinguishment. From January 1, 2021 through February 8, 2021, the Company repurchased $112 million aggregate principal amount of its 4.25% senior unsecured notes due in 2023, $201 million aggregate principal amount of its 4.20% senior unsecured notes due in 2024, and $469 million aggregate principal amount of its 3.88% senior unsecured notes due in 2024. Upon completing that repayment, the Company will recognize a $90 million loss on debt extinguishment during the first quarter of 2021. Mortgage Debt At December 31, 2020 and 2019, the Company had $217 million and $12 million, respectively, in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale and discontinued operations), which is secured by six and four healthcare facilities, respectively, with an aggregate carrying value of $517 million and $38 million, respectively. During the year ended December 31, 2020, 2019, and 2018 the Company made aggregate principal repayments of mortgage debt of $18 million, $4 million, and $5 million, respectively. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets, and is generally non-recourse. Mortgage debt typically restricts the transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires insurance on the assets, and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. In November 2020, upon consolidating one property as part of a joint venture dissolution, the Company assumed $36 million of secured mortgage debt (classified as liabilities related to assets held for sale and discontinued operations, net) maturing in 2025 and having a weighted averaged interest rate of 3.87% (see Note 4). In May 2019, upon acquiring three senior housing assets from Oakmont, the Company assumed $50 million of secured mortgage debt (classified as liabilities related to assets held for sale and discontinued operations, net) maturing in 2028 and having a weighted average interest rate of 4.83%. In July 2019, upon acquiring five additional senior housing assets from Oakmont, the Company assumed an additional $112 million of secured mortgage debt with maturity dates ranging from 2027 to 2033 and a weighted average interest rate of 4.89% (see Note 4). Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2020 (in thousands): Senior Unsecured Notes (1) Mortgage Debt (2) Year Bank Line of Credit Commercial Paper Term Loan Amount Interest Rate Amount Interest Rate Total 2021 $ — $ 129,590 $ — $ — — % $ 13,015 5.26 % $ 142,605 2022 — — — — — % 4,843 — % 4,843 2023 — — — 300,000 4.37 % 89,874 3.80 % 389,874 2024 — — 250,000 1,150,000 4.17 % 3,050 — % 1,403,050 2025 — — — 1,350,000 3.93 % 3,209 — % 1,353,209 Thereafter — — — 2,950,000 3.67 % 102,789 3.57 % 3,052,789 — 129,590 250,000 5,750,000 216,780 6,346,370 (Discounts), premium and debt costs, net — — (818) (52,414) 4,841 (48,391) — 129,590 249,182 5,697,586 221,621 6,297,979 Debt on assets held for sale and discontinued operations (3) — — — — 318,876 318,876 $ — $ 129,590 $ 249,182 $ 5,697,586 $ 540,497 $ 6,616,855 _______________________________________ (1) Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% and a weighted average maturity of 7 years. (2) Excluding mortgage debt on assets classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 5 years. (3) Represents mortgage debt on assets held for sale and discontinued operations with interest rates of 1.34% to 5.13% that mature between 2025 and 2044. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship to, legal proceedings, lawsuits, and other claims. Except as described below, the Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company’s policy is to expense legal costs as they are incurred. Class Action. On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al. , Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company, certain of its officers, HCR ManorCare, Inc. (“HCRMC”), and certain of its officers, asserting violations of the federal securities laws. The suit asserted claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and alleged that the Company made certain false or misleading statements relating to the value of and risks concerning its investment in HCRMC by allegedly failing to disclose that HCRMC had engaged in billing fraud, as alleged by the U.S. Department of Justice (“DoJ”) in a suit against HCRMC arising from the False Claims Act that the DoJ voluntarily dismissed with prejudice. On November 22, 2019, the Court granted the class action motion to dismiss. On December 20, 2019, Co-Lead Plaintiffs filed a motion to amend the Court's judgment to permit amendment of the complaint, and on November 30, 2020, the Court denied Co-Lead Plantiff’s motion. Co-Lead Plantiffs have not appealed the dismissal and denial of leave to amend their compliant. Derivative Actions. On June 16, 2016 and July 5, 2016, purported stockholders of the Company filed two derivative actions, Subodh v. HCR ManorCare Inc., et al. , Case No. 30-2016-00858497-CU-PT-CXC and Stearns v. HCR ManorCare, Inc., et al. , Case No. 30-2016-00861646-CU-MC-CJC, in the Superior Court of California, County of Orange, against certain of the Company’s current and former directors and officers and HCC. The Company is named as a nominal defendant. As both derivative actions contained substantially the same allegations, were consolidated into a single action (the “ California derivative action ”). The consolidated action alleges that the defendants engaged in various acts of wrongdoing, including, among other things, breaching fiduciary duties by publicly making false or misleading statements of fact regarding HCRMC’s finances and prospects, and failing to maintain adequate internal controls. On April 18, 2017, the Court approved the parties’ stipulation to stay the case pending disposition of the motion to dismiss the class action litigation. As of February 8, 2021, the California derivative action remained outstanding. On April 10, 2017, a purported stockholder of the Company filed a derivative action, Weldon v. Martin et al. , Case No. 3:17-cv-755, in federal court in the Northern District of Ohio, Western Division, against certain of the Company’s current and former directors and officers and HCRMC. The Company was named as a nominal defendant. The Weldon complaint asserted similar claims to those asserted in the California derivative action. In addition, the complaint asserted a claim under Section 14(a) of the Exchange Act, alleging that the Company made false statements in its 2016 proxy statement by not disclosing that the Company’s performance issues in 2015 were the direct result of alleged billing fraud at HCRMC. On January 5, 2021, the Court dismissed the Weldon case without prejudice. On July 21, 2017, a purported stockholder of the Company filed another derivative action, Kelley v. HCR ManorCare, Inc., et al. , Case No. 8:17-cv-01259, in federal court in the Central District of California, against certain of the Company’s current and former directors and officers and HCRMC. The Company was named as a nominal defendant. The Kelley complaint asserted similar claims to those asserted in Weldon and in the California derivative action. Like Weldon , the Kelley complaint also additionally alleged that the Company made false statements in its 2016 proxy statement, and asserted a claim for a violation of Section 14(a) of the Exchange Act. On November 28, 2017, the federal court in the Central District of California granted Defendants’ motion to transfer the action to the Northern District of Ohio (i.e., the court where the class action and other federal derivative action are pending). On January 5, 2021, the Court dismissed the Kelley case with prejudice. The Company’s Board of Directors received letters dated August 17, 2016, April 19, 2017, and April 20, 2017 from private law firms acting on behalf of clients who are purported stockholders of the Company, each asserting allegations similar to those made in the California derivative action matters discussed above. Each letter demands that the Board of Directors take action to assert the Company’s rights. The Board of Directors completed its evaluation and rejected the demand letters in December of 2017. One of the law firms has more recently requested that the Board of Directors reconsider its determination after a ruling on the motion to dismiss in the class action litigation. In February 2021, the Board of Directors reaffirmed its rejection of the demand letters. The Company believes that the plaintiffs lack standing or the lawsuits and demands are without merit, but cannot predict the outcome of these proceedings or reasonably estimate any potential loss at this time. Accordingly, no loss contingency has been recorded for these matters as of December 31, 2020, as the likelihood of loss is not considered probable or estimable. DownREIT LLCs In connection with the formation of certain DownREIT LLCs, members may contribute appreciated real estate to a DownREIT LLC in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT LLC, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT LLC. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT LLC in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expirations terms that range through 2039 on a total of 24 properties. Commitments The following table summarizes the Company’s material commitments, excluding debt service obligations (see Note 11), obligations as the lessee under operating leases (see Note 7), and commitments related to assets classified as discontinued operations, at December 31, 2020 (in thousands): Amount Construction loan commitments (1) $ 11,137 Lease and other contractual commitments (2) 109,126 Development commitments (3) 196,749 Total $ 317,012 _______________________________________ (1) Represents loan commitments to finance development and redevelopment projects. (2) Represents the Company's commitments, as lessor, under signed leases and contracts for operating properties and includes allowances for tenant improvements and leasing commissions. Excludes allowances for tenant improvements related to developments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development commitments” line). (3) Represents construction and other commitments for developments in progress and includes allowances for tenant improvements of $28 million that the Company has provided as a lessor. Excludes $4 million of commitments related to assets classified as discontinued operations. Credit Enhancement Guarantee Prior to December 31, 2020, certain of the Company’s senior housing facilities served as collateral for debt that was owed by a previous owner of the facilities. This indebtedness was guaranteed by the previous owner who has an investment grade credit rating. In conjunction with certain of the Company’s planned dispositions of SHOP assets, during October 2020, the debt to which the Company’s assets served as collateral was defeased. As part of that defeasance, the Company paid approximately $11 million of the defeasance premium, which was recognized as a transaction cost expense and reported in income (loss) from discontinued operations. Environmental Costs Various environmental laws govern certain aspects of the ongoing management and operation of our facilities, including those related to presence of asbestos-containing materials. The presence of, or the failure to manage and/or remediate, such materials may adversely affect the occupancy and performance of the Company's facilities. The Company monitors its properties for the presence of such hazardous or toxic substances and is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition, or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations, and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage, and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, workers’ compensation, flood, windstorm, earthquake, environmental, cyber, and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits, and deductibles considering the relative risk of loss, the cost of such coverage, and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood, and windstorm occurrences for which the related insurances carry high deductibles and have limits. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Dividends On February 9, 2021, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share. The common stock cash dividend will be paid on March 5, 2021 to stockholders of record as of the close of business on February 22, 2021. During the years ended December 31, 2020, 2019, and 2018, the Company declared and paid common stock cash dividends of $1.48 per share. At-The-Market Equity Offering Program In June 2015, the Company established an at-the-market equity offering program (“ATM Program”) to sell shares of its common stock from time to time through a consortium of banks acting as sales agents or directly to the banks acting as principals. In February 2020, the Company terminated its previous ATM Program (the “2019 ATM Program”) and established a new ATM Program (the “2020 ATM Program”) pursuant to which shares of common stock having an aggregate gross sales price of up to approximately $1.25 billion may be sold (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement allows the Company to lock in a share price on the sale of shares at the time the forward sales agreement is effective, but defer receiving the proceeds from the sale of shares until a later date. ATM forward sale agreements generally have a one year term. At any time during the term, the Company may settle a forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price the Company expects to receive upon settlement of outstanding forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the forward sale agreement. ATM Forward Contracts During the year ended December 31, 2020, the Company did not utilize the forward provisions under the 2020 ATM Program. During the year ended December 31, 2020, the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 2.0 million shares of its common stock at an initial weighted average net price of $35.23 per share, after commissions. During the year ended December 31, 2019, the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 20.3 million shares of its common stock at an initial weighted average net price of $31.44 per share, after commissions. During the three months ended March 31, 2020, the Company settled all 16.8 million shares previously outstanding under ATM forward contracts at a weighted average net price of $31.38 per share, after commissions, resulting in net proceeds of $528 million. No shares were settled subsequent to March 31, 2020 and therefore, at December 31, 2020, no shares remained outstanding under ATM forward contracts. During the year ended December 31, 2019, the Company settled 5.5 million shares at a weighted average net price of $30.91 per share, after commissions, resulting in net proceeds of $171 million. At December 31, 2020, approximately $1.25 billion of the Company’s common stock remained available for sale under the 2020 ATM Program. ATM Direct Issuances During the year ended December 31, 2020, no shares of common stock were issued under the 2019 ATM Program or 2020 ATM Program. During the year ended December 31, 2019, the Company issued 5.9 million shares of common stock under the 2019 ATM Program at a weighted average net price of $31.84 per share, after commissions, resulting in net proceeds of $189 million. During the year ended December 31, 2018, the Company issued 5.4 million shares of common stock under a previous ATM Program at a weighted average net price of $28.27 per share, after commissions, resulting in net proceeds of $154 million. Forward Equity Offerings November 2019 Offering . In November 2019, the Company entered into a forward equity sales agreement (the “2019 forward equity sales agreement”) to sell an aggregate of 15.6 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $34.46 per share, after underwriting discounts and commissions, which was subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the agreement. During the year ended December 31, 2019, no shares were settled under the 2019 forward equity sales agreement. During the three months ended March 31, 2020, the Company settled all 15.6 million shares under the 2019 forward equity sales agreement at a weighted average net price of $34.18 per share, resulting in net proceeds of $534 million (total net proceeds of $1.06 billion, when aggregated with the net proceeds from settling ATM forward contracts, as discussed above). Therefore, at December 31, 2020, no shares remained outstanding under the 2019 forward equity sales agreement. December 2018 Offering. In December 2018, the Company entered into a forward equity sales agreement (the “2018 forward equity sales agreement”) to sell an aggregate of 15.3 million shares of its common stock (including shares sold through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions. The 2018 forward equity sales agreement had a one year term that expired on December 13, 2019 during which time the Company could settle the forward sales agreement by delivery of physical shares of common stock to the forward seller or, at the Company’s election, settle in cash or net shares. During the year ended December 31, 2019, the Company settled all 15.3 million shares under the 2018 forward equity sales agreement at a weighted average net price of $27.66 per share resulting in net proceeds of $422 million. Therefore, at December 31, 2019, no shares remained outstanding under the 2018 forward equity sales agreement. During the year ended December 31, 2018, contemporaneous with the forward equity offering discussed above, the Company completed an offering of 2.0 million shares of common stock at a net price of $28.60 per share, resulting in net proceeds of $57 million. The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2020 2019 2018 Dividend Reinvestment and Stock Purchase Plan 181 336 237 Conversion of DownREIT units 120 213 3 Exercise of stock options 54 152 120 Vesting of restricted stock units 668 468 401 Repurchase of common stock 298 162 141 Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive Income (loss) (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment (1) $ — $ (1,023) Unrealized gains (losses) on derivatives, net (81) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,604) (3,148) Total accumulated other comprehensive income (loss) $ (3,685) $ (2,857) _______________________________________ (1) See Notes 5, 9, and 22 for a discussion of the U.K. JV transactions. Noncontrolling Interests The non-managing member units of the Company’s DownREITs are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. At December 31, 2020, there were five million DownREIT units (seven million shares of Healthpeak common stock are issuable upon conversion) outstanding in seven DownREIT LLCs, all of which the Company is the managing member of. At December 31, 2020, the carrying and market values of the five million DownREIT units were $199 million and $221 million, respectively. See Notes 3, 4, and 5 for transactions involving noncontrolling interests. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic income (loss) per common share (“EPS”) is computed based on the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based on the weighted average number of common shares outstanding plus the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. Only those instruments having a dilutive impact on the Company’s basic income (loss) per share are included in diluted income (loss) per share during the periods presented. Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. Refer to Note 13 for a discussion of the sale of shares under and settlement of forward sales agreements during the periods presented. The Company considered the potential dilution resulting from the forward agreements to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to calculate the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The aggregate effect on the Company’s diluted weighted-average common shares for the year ended December 31, 2020 and 2019 was 0.2 million and 2.8 million weighted-average incremental shares, respectively, from the forward equity sales agreements. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Numerator Income from continuing operations $ 160,507 $ 175,469 $ 837,218 Noncontrolling interests' share in continuing operations (14,394) (14,558) (12,294) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 146,113 160,911 824,924 Less: Participating securities' share in continuing operations (2,416) (1,543) (2,669) Income (loss) from continuing operations applicable to common shares 143,697 159,368 822,255 Income (loss) from discontinued operations 267,746 (115,408) 236,256 Noncontrolling interests' share in discontinued operations (296) 27 (87) Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Numerator - Dilutive Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Add: distributions on dilutive convertible units and other — — 6,919 Dilutive net income (loss) available to common shares $ 411,147 $ 43,987 $ 1,065,343 Denominator Basic weighted average shares outstanding 530,555 486,255 470,551 Dilutive potential common shares - equity awards (1) 300 309 168 Dilutive potential common shares - forward equity agreements (2) 201 2,771 — Dilutive potential common shares - DownREIT conversions — — 4,668 Diluted weighted average common shares 531,056 489,335 475,387 Earnings (loss) per common share Continuing operations $ 0.27 $ 0.33 $ 1.75 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.25 Diluted earnings per common share: Continuing operations $ 0.27 $ 0.33 $ 1.74 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.24 (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). (2) For the year ended December 31, 2020, represents the dilutive impact of 32 million shares that were settled during the year then ended. For the year ended December 31, 2019, represents the dilutive impact of 21 million shares that were settled during the year then ended and 30 million shares of common stock under forward sales agreements that had not been settled as of December 31, 2019. For the years ended December 31, 2020, 2019, and 2018, |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Plans | Compensation Plans Stock Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (“the 2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan (“the 2014 Plan”) (collectively, the “Plans”). Following the adoption of the 2014 Plan, no new awards will be issued under the 2006 Plan. The Plans provide for the granting of stock-based compensation, including stock options, restricted stock, and restricted stock units to officers, employees, and directors in connection with their employment with or services provided to the Company. The maximum number of shares reserved for awards under the 2014 Plan is 33 million shares, and, as of December 31, 2020, 27 million of the reserved shares under the 2014 Plan are available for future awards, of which 18 million shares may be issued as restricted stock or restricted stock units. Total share-based compensation expense recognized during the years ended December 31, 2020, 2019, and 2018 was $21 million, $18 million, and $15 million, respectively. The year ended December 31, 2019 includes a $1 million charge recognized in general and administrative expenses primarily resulting from accelerated vesting of restricted stock units related to the departure of the Company's former Executive Vice President – Senior Housing. The year ended December 31, 2018 includes a $2 million charge recognized in general and administrative expenses primarily resulting from accelerated vesting of restricted stock units related to the departure of the Company's Executive Chairman. As of December 31, 2020, there was $29 million of future expense related to unvested share-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of two years associated with future employee service. Stock Options There have been no grants of stock options since 2014. Stock options outstanding and exercisable were 0.5 million at December 31, 2020 and 0.6 million at December 31, 2019. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2020, 2019, and 2018 were $2 million, $5 million, and $2 million, respectively. Compensation expense related to stock options was immaterial for all periods presented. Restricted Stock Awards Under the Plans, restricted stock awards, including restricted stock units and performance stock units are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. The fair market value of restricted stock awards, both time vesting and those subject to specific performance criteria, are expensed over the period of vesting. Restricted stock units, which vest based solely upon passage of time generally vest over a period of three Upon vesting of restricted stock awards, the participant is required to pay the related tax withholding obligation. Participants can generally elect to have the Company reduce the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2020, 2019, and 2018, the Company withheld 298,000, 162,000, and 141,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the restricted stock and performance restricted stock unit awards. Holders of restricted stock awards, including restricted stock units and performance stock units, are generally entitled to receive dividends equal to the amount that would be paid on an equivalent number of shares of common stock. The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2020 (units in thousands): Restricted Weighted Unvested at January 1, 2020 1,700 $ 28.56 Granted 693 39.79 Vested (668) 31.30 Forfeited (42) 31.55 Unvested at December 31, 2020 1,683 32.02 At December 31, 2020, the weighted average remaining vesting period of restricted stock and performance based units was two years. The total fair value (at vesting) of restricted stock and performance based units which vested for the years ended December 31, 2020, 2019, and 2018 was $20 million, $14 million, and $10 million, respectively. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) life science, (ii) medical office, and (iii) CCRC . The Company has non-reportable segments that are comprised primarily of the Company’s interests in an unconsolidated senior housing joint venture and debt investments. The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). During the first quarter of 2020, primarily as a result of: (i) acquiring 100% ownership interest in 13 of 15 CCRCs previously held by a CCRC joint venture (see discussion of the 2019 MTCA with Brookdale in Note 3) and (ii) deconsolidating 19 SHOP assets into a new joint venture in December 2019, the Company's CODMs began reviewing operating results of CCRCs on a stand-alone basis and financial information for each respective segment inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share on consolidated joint ventures. Therefore, during the first quarter of 2020, the Company began reporting CCRCs as a separate segment and began reporting segment measures inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. All prior period segment information has been recast to conform to the current period presentation. In conjunction with establishing and beginning execution of a plan to dispose of the Company’s senior housing triple-net and SHOP portfolios during 2020, both of these previously reportable segments are now classified as discontinued operations in all periods presented herein. See Note 5 for further information. In December 2020, as a result of a change in how operating results are reported to the Company's CODMs, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments. The Company evaluates performance based on property Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, income from direct financing leases, and government grant income and exclusive of interest income), less property level operating expenses (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss). Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI include the Company’s share of income (loss) from unconsolidated joint ventures and exclude noncontrolling interests’ share of income (loss) from consolidated joint ventures. Management believes Adjusted NOI is an important supplemental measure because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the property level and presenting it on an unlevered basis. Additionally, management believes that net income (loss) is the most directly comparable GAAP measure to NOI and Adjusted NOI. NOI and Adjusted NOI should not be viewed as alternative measures of operating performance to net income (loss) as defined by GAAP since they do not reflect various excluded items. Non-segment assets consist of assets in the Company's other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, loans receivable, marketable equity securities, other assets, real estate assets held for sale and discontinued operations, and liabilities related to assets held for sale. The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 569,296 $ 622,398 $ 436,494 $ 16,687 $ — $ 1,644,875 Government grant income (1) — — 16,198 — — 16,198 Less: Interest income — — — (16,553) — (16,553) Healthpeak's share of unconsolidated joint venture total revenues 448 2,772 35,392 74,023 — 112,635 Healthpeak's share of unconsolidated joint venture government grant income — — 920 359 — 1,279 Noncontrolling interests' share of consolidated joint venture total revenues (239) (34,597) — — — (34,836) Operating expenses (138,005) (204,008) (440,528) — — (782,541) Healthpeak's share of unconsolidated joint venture operating expenses (137) (1,129) (32,125) (53,779) — (87,170) Noncontrolling interests' share of consolidated joint venture operating expenses 72 10,282 — — — 10,354 Adjustments to NOI (2) (20,133) (5,544) 97,072 433 — 71,828 Adjusted NOI 411,302 390,174 113,423 21,170 — 936,069 Plus: Adjustments to NOI (2) 20,133 5,544 (97,072) (433) — (71,828) Interest income — — — 16,553 — 16,553 Interest expense (234) (400) (7,227) — (210,475) (218,336) Depreciation and amortization (217,921) (222,165) (113,851) (12) — (553,949) General and administrative — — — — (93,237) (93,237) Transaction costs (236) — (17,994) (112) — (18,342) Impairments and loan loss reserves (recoveries), net (14,671) (10,208) — (18,030) — (42,909) Gain (loss) on sales of real estate, net — 90,390 — (40) — 90,350 Loss on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 187,844 41,707 5,133 234,684 Less: Government grant income — — (16,198) — — (16,198) Less: Healthpeak's share of unconsolidated joint venture NOI (311) (1,643) (4,187) (20,603) — (26,744) Plus: Noncontrolling interests' share of consolidated joint venture NOI 167 24,315 — — — 24,482 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 198,229 276,007 44,738 40,200 (341,491) 217,683 Income tax benefit (expense) (3) — — — — 9,423 9,423 Equity income (loss) from unconsolidated joint ventures (40) 798 (1,547) (65,810) — (66,599) Income (loss) from continuing operations 198,189 276,805 43,191 (25,610) (332,068) 160,507 Income (loss) from discontinued operations — — — — 267,746 267,746 Net income (loss) $ 198,189 $ 276,805 $ 43,191 $ (25,610) $ (64,322) $ 428,253 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the year ended December 31, 2020 includes: (i) a $51 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3), (ii) a $33 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 17), and (iii) a $3.7 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the year ended December 31, 2019: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 440,784 $ 621,171 $ 3,010 $ 175,374 $ — $ 1,240,339 Less: Interest income — — — (9,844) — (9,844) Healthpeak's share of unconsolidated joint venture total revenues — 2,810 211,377 23,834 — 238,021 Noncontrolling interests' share of consolidated joint venture total revenues (187) (33,998) — 2,355 — (31,830) Operating expenses (107,472) (201,620) (2,215) (93,937) — (405,244) Healthpeak's share of unconsolidated joint venture operating expenses — (1,107) (170,473) (1,996) — (173,576) Noncontrolling interests' share of consolidated joint venture operating expenses 59 10,109 — (1,536) — 8,632 Adjustments to NOI (1) (22,103) (4,602) 16,985 (5,449) — (15,169) Adjusted NOI 311,081 392,763 58,684 88,801 — 851,329 Plus: Adjustments to NOI (1) 22,103 4,602 (16,985) 5,449 — 15,169 Interest income — — — 9,844 — 9,844 Interest expense (277) (434) — — (216,901) (217,612) Depreciation and amortization (168,339) (221,175) — (45,677) — (435,191) General and administrative — — — — (92,966) (92,966) Transaction costs — — — — (1,963) (1,963) Impairments and loan loss reserves (recoveries), net — (17,332) — (376) — (17,708) Gain (loss) on sales of real estate, net 3,651 3,139 — (6,830) — (40) Loss on debt extinguishments — — — — (58,364) (58,364) Other income (expense), net — — (5,665) 161,886 8,848 165,069 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,703) (40,904) (21,838) — (64,445) Plus: Noncontrolling interests' share of consolidated joint venture NOI 128 23,889 — (819) — 23,198 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 168,347 183,749 (4,870) 190,440 (361,346) 176,320 Income tax benefit (expense) — — — — 5,479 5,479 Equity income (loss) from unconsolidated joint ventures — 858 (16,313) 9,125 — (6,330) Income (loss) from continuing operations 168,347 184,607 (21,183) 199,565 (355,867) 175,469 Income (loss) from discontinued operations — — — — (115,408) (115,408) Net income (loss) $ 168,347 $ 184,607 $ (21,183) $ 199,565 $ (471,275) $ 60,061 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the year ended December 31, 2018: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 395,064 $ 596,399 $ — $ 199,857 $ — $ 1,191,320 Less: Interest income — — — (10,406) — (10,406) Healthpeak's share of unconsolidated joint venture total revenues 4,328 2,695 206,221 11,812 — 225,056 Noncontrolling interests' share of consolidated joint venture total revenues (117) (18,042) — 3,927 — (14,232) Operating expenses (91,742) (195,362) — (91,553) — (378,657) Healthpeak's share of unconsolidated joint venture operating expenses (1,131) (1,053) (166,414) (77) — (168,675) Noncontrolling interests' share of consolidated joint venture operating expenses 44 4,591 — (3,020) — 1,615 Adjustments to NOI (1) (9,718) (5,953) 15,504 (5,458) — (5,625) Adjusted NOI 296,728 383,275 55,311 105,082 — 840,396 Plus: Adjustments to NOI (1) 9,718 5,953 (15,504) 5,458 — 5,625 Interest income — — — 10,406 — 10,406 Interest expense (316) (474) — — (260,490) (261,280) Depreciation and amortization (140,480) (206,731) — (57,464) (6) (404,681) General and administrative — — — — (96,702) (96,702) Transaction costs — — — — (1,137) (1,137) Impairments and loan loss reserves (recoveries), net (7,639) (553) — (2,725) — (10,917) Gain (loss) on sales of real estate, net 806,184 4,428 — 20,756 — 831,368 Loss on debt extinguishments — — — — (44,162) (44,162) Other income (expense), net — — — 9,604 3,821 13,425 Less: Healthpeak's share of unconsolidated joint venture NOI (3,197) (1,642) (39,807) (11,735) — (56,381) Plus: Noncontrolling interests' share of consolidated joint venture NOI 73 13,451 — (907) — 12,617 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 961,071 197,707 — 78,475 (398,676) 838,577 Income tax benefit (expense) — — — — 4,396 4,396 Equity income (loss) from unconsolidated joint ventures 575 824 (10,847) 3,693 — (5,755) Income (loss) from continuing operations 961,646 198,531 (10,847) 82,168 (394,280) 837,218 Income (loss) from discontinued operations — — — — 236,256 236,256 Net income (loss) $ 961,646 $ 198,531 $ (10,847) $ 82,168 $ (158,024) $ 1,073,474 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2020 2019 2018 Life science $ 569,296 $ 440,784 $ 395,064 Medical office 622,398 621,171 596,399 CCRC 436,494 3,010 — Other Non-reportable 16,687 175,374 199,857 Total revenues $ 1,644,875 $ 1,240,339 $ 1,191,320 The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segment 2020 2019 Life science $ 7,205,949 $ 5,688,659 Medical office 5,197,777 5,061,351 CCRC 2,179,294 652,114 Reportable segment assets 14,583,020 11,402,124 Accumulated depreciation and amortization (2,658,890) (2,316,724) Net reportable segment assets 11,924,130 9,085,400 Other non-reportable segment assets 584,432 653,746 Assets held for sale and discontinued operations, net 2,626,306 3,648,265 Other non-segment assets 785,221 645,480 Total assets $ 15,920,089 $ 14,032,891 See Notes 3, 4, 5, 6, 7 and 8 for significant transactions impacting the Company's segment assets during the periods presented. The Company completed the required annual goodwill impairment test during the fourth quarter of 2020, 2019, and 2018, and no impairment was recognized. At December 31, 2019, goodwill of $17 million was allocated as follows: (i) medical office—$13 million and (ii) other—$4 million. During the year ended December 31, 2020, as a result of reporting CCRCs as a separate segment, the Company reallocated $2 million of goodwill from other non-reportable segments to the CCRC segment. Additionally, during the year ended December 31, 2020, as a result of reporting hospitals in the medical office segment and reporting a senior housing joint venture in other non-reportable segments, the Company reallocated $1 million of goodwill from other non-reportable segments to the medical office segment and $1 million of goodwill from senior housing properties to other non-reportable segments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as TRSs (the “TRS entities”) which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state, local and foreign income taxes. Distributions with respect to the Company’s common stock can be characterized for federal income tax purposes as ordinary dividends, capital gains, nondividend distributions or a combination thereof. The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2020 2019 2018 Ordinary dividends (1) $ 0.7139 $ 0.7633 $ 0.9578 Capital gains (2) 0.5298 0.2714 0.5222 Nondividend distributions 0.2363 0.4453 — $ 1.4800 $ 1.4800 $ 1.4800 _______________________________________ (1) For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11). (2) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains. The Company’s pretax income (loss) from continuing operations was $151 million, $170 million, and $833 million for the years ended December 31, 2020, 2019, and 2018, respectively, of which $80 million, $200 million, and $852 million was attributable to the REIT entities for the years then ended. The TRS entities subject to tax reported income (losses) before income taxes from continuing operations of $71 million, $(30) million, and $(8) million for the years ended December 31, 2020, 2019, and 2018, respectively. The REIT’s loss from continuing operations before income taxes from the U.K. prior to deconsolidation in June 2018 was $11 million for the year ended December 31, 2018. The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2020 2019 2018 Current Federal $ (9,164) $ 104 $ 973 State 1,431 445 3,883 Foreign — — 84 Total current $ (7,733) $ 549 $ 4,940 Deferred Federal $ (2,849) $ (5,920) $ (2,681) State 1,159 (108) (1,776) Foreign — — (4,879) Total deferred $ (1,690) $ (6,028) $ (9,336) Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) The Company’s income tax benefit from discontinued operations was $10 million, $12 million, and $13 million for the years ended December 31, 2020, 2019, and 2018, respectively (see Note 5). The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands): Year Ended December 31, 2020 2019 2018 Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax $ 15,016 $ (6,169) $ (7,027) State income tax expense (benefit), net of federal tax 4,211 (1,830) 1,209 Gross receipts and margin taxes 980 1,108 1,173 Foreign rate differential — — 301 Effect of permanent differences — 20 (55) Return to provision adjustments 707 54 258 Valuation allowance for deferred tax assets 24,051 22 (255) Tax rate differential ─ NOL carryback under the CARES Act (3,732) — — Change in tax status of TRS (50,656) 1,316 — Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2020 2019 2018 Gross deferred tax assets: Investment in unconsolidated joint ventures $ 2,333 $ 40,466 $ 31,034 Real estate 3,895 — — Net operating loss carryforward 68,444 33,771 20,559 Expense accruals 15,478 3,258 2,424 Deferred revenue 103,713 — — Total gross deferred tax assets 193,863 77,495 54,017 Valuation allowance (33,519) (4,878) (295) Gross deferred tax assets, net of valuation allowance $ 160,344 $ 72,617 $ 53,722 Gross deferred tax liabilities: Real estate $ 72,059 $ — $ — Other 1,094 — — Gross deferred tax liabilities $ 73,153 $ — $ — Net deferred tax assets $ 87,191 $ 72,617 $ 53,722 Net deferred tax assets are included in other assets. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it cannot sustain a conclusion that it is more likely than not that it can realize the deferred tax assets during the periods in which these temporary differences become deductible. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. In conjunction with the Company establishing a plan during the year ended December 31, 2020 to dispose of all of its SHOP assets and classifying such assets as discontinued operations (see Note 5), the Company concluded it was more likely than not that it would no longer realize the future value of certain deferred tax assets generated by the net operating losses of its TRS entities. Accordingly, the Company recognized a deferred tax asset valuation allowance and corresponding income tax expense of $33 million during the year ended December 31, 2020. At December 31, 2020, the Company had a net operating loss (“NOL”) carryforward of $283 million related to the TRS entities. This amount can be used to offset future taxable income, if any. If unused, $22 million will begin to expire in 2035. The remainder, totaling $261 million, may be carried forward indefinitely. The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2020 2019 2018 Total unrecognized tax benefits at January 1 $ 469 $ — $ — Gross amount of increases for prior years' tax positions — 469 — Total unrecognized tax benefits at December 31 $ 469 $ 469 $ — The Company had unrecognized tax benefits of $0.5 million at December 31, 2020 and 2019, that, if recognized, would reduce the annual effective tax rate. As of December 31, 2020, the Company accrued interest of $70 thousand related to the unrecognized tax benefits. The Company files numerous U.S. federal, state and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by taxing authorities for years prior to 2017. For the years ended December 31, 2020, 2019, and 2018 the tax basis of the Company’s net assets was less than the reported amounts by $1.5 billion, $1.2 billion, and $1.4 billion, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 209,843 $ 201,784 $ 275,690 Income taxes paid (refunded) (786) 1,426 4,480 Capitalized interest 27,041 30,459 21,056 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 95,293 126,006 88,826 Retained equity method investment from U.K. JV transaction — — 104,922 Derecognition of U.K. Bridge Loan receivable — — 147,474 Consolidation of net assets related to U.K. Bridge Loan — — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,746 5,614 537 Net noncash impact from the consolidation of previously unconsolidated joint ventures 369,223 17,850 68,293 Mortgages assumed with real estate acquisitions 251,280 172,565 8,457 Refundable entrance fees assumed with real estate acquisitions 307,954 — — Conversion of DFLs to real estate — 350,540 — Retained investment in connection with SWF SH JV — 427,328 — Seller financing provided on disposition of real estate asset 73,498 44,812 — See discussions related to: (i) the impact of the 2019 MTCA with Brookdale on the Company’s consolidated balance sheets and statements of operations in Note 3, (ii) the U.K. JV transaction in Notes 5 and 9, (iii) the U.K. Bridge Loan in Notes 8 and 19, (iv) the conversion of DFLs to real estate in Note 7, and (v) the consolidation of previously unconsolidated joint ventures in Note 4. The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization of real estate, in-place lease, and other intangibles $ 143,194 $ 224,798 $ 144,819 Development, redevelopment, and other major improvements of real estate 30,769 74,919 62,995 Leasing costs, tenant improvements, and recurring capital expenditures 12,695 22,617 1,705 The following table summarizes cash, cash equivalents, and restricted cash (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 44,226 $ 80,398 Restricted cash 67,206 13,385 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities | |
Variable Interest Entities | Variable Interest Entities Unconsolidated Variable Interest Entities At December 31, 2020, the Company had investments in: (i) two properties leased to a VIE tenant, (ii) four unconsolidated VIE joint ventures, (iii) marketable debt securities of one VIE, and (iv) one loan to a VIE borrower. The Company determined it is not the primary beneficiary of and therefore does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact their economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (CCRC OpCo, development investments, and the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. VIE Tenant. The Company leases two properties to one tenant that has been identified as a VIE (“VIE tenant”). The VIE tenant is a “thinly capitalized” entity that relies on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under its leases. CCRC OpCo. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure and has been identified as a VIE. The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale, as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations to CCRC PropCo, debt service payments, capital expenditures, accounts payable, and expense accruals. Assets generated by the operations of CCRC OpCo (primarily rents from CCRC residents) of CCRC OpCo may only be used to settle its contractual obligations (primarily from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). Refer to Note 3 for additional discussion related to transactions impacting CCRC OpCo. LLC Investment. The Company holds a limited partner ownership interest in an unconsolidated LLC that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of those associated with its senior housing real estate and development activities. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development expenses and debt service payments). Development Investments. The Company holds investments (consisting of mezzanine debt and/or preferred equity) in two senior housing development joint ventures. The joint ventures are also capitalized by senior loans from a third party and equity from the third party managing-member, but are considered to be “thinly capitalized” as there is insufficient equity investment at risk. Debt Securities Investment. The Company holds commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie MAC) through a special purpose entity that has been identified as a VIE because it is “thinly capitalized.” The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets. Seller Financing Loan. The Company provided seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five-year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 22,113 Loan - Seller Financing Loans receivable, net 2,288 CMBS and LLC investment Marketable debt and LLC investment 35,453 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 186 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. As of December 31, 2020, the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including under circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 3, 4, 5, 6, 7, 8, and 9 for additional descriptions of the nature, purpose, and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities The Company's consolidated total assets and total liabilities at December 31, 2020 and December 31, 2019 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to the Company. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 2,988,599 $ 2,498,524 Development costs and construction in progress 85,595 67,244 Land 433,574 410,903 Accumulated depreciation and amortization (602,491) (534,339) Net real estate 2,905,277 2,442,332 Accounts receivable, net 12,009 9,508 Cash and cash equivalents 16,550 35,726 Restricted cash 7,977 9,895 Intangible assets, net 179,027 167,022 Assets held for sale and discontinued operations, net 704,966 880,362 Right-of-use asset, net 95,407 92,664 Other assets, net 59,063 48,119 Total assets $ 3,980,276 $ 3,685,628 Liabilities Mortgage debt $ 39,085 $ 44,199 Intangible liabilities, net 56,467 39,545 Liabilities related to assets held for sale and discontinued operations, net 190,919 187,544 Lease liability 97,605 90,875 Accounts payable, accrued liabilities, and other liabilities 102,391 112,301 Deferred revenue 90,183 94,538 Total liabilities $ 576,650 $ 569,002 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 639,759 $ 737,581 Development costs and construction in progress 68 41 Land 106,209 115,673 Accumulated depreciation and amortization (57,235) (34,235) Net real estate 688,801 819,060 Accounts receivable, net 1,700 2,478 Cash and cash equivalents 6,306 11,301 Restricted cash 3,124 3,700 Intangible assets, net — 39,817 Right-of-use asset, net 1,391 — Other assets, net 3,644 4,006 Total assets $ 704,966 $ 880,362 Liabilities Mortgage debt $ 176,702 $ 174,567 Lease liability 1,392 — Accounts payable, accrued liabilities, and other liabilities 11,003 10,531 Deferred revenue 1,822 2,446 Total liabilities $ 190,919 $ 187,544 Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases MOBs (“Ventures V”). The Company classifies Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of Ventures V or kick-out rights over the managing member. The Company consolidates Ventures V as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by Ventures V may only be used to settle its contractual obligations (primarily from capital expenditures). Life Science JVs . The Company holds a 99% ownership interest in multiple joint venture entities that own and lease life science assets (the "Life Science JVs"). The Life Science JVs are VIEs as the members share in control of the entities, but substantially all of the activities are performed on behalf of the Company. The Company consolidates the Life Science JVs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Life Science JVs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Life Science JVs may only be used to settle their contractual obligations (primarily from capital expenditures). MSREI MOB JV . The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases MOBs (the “MSREI JV”). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI JV as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of the MSREI JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the MSREI JV may only be used to settle its contractual obligations (primarily from capital expenditures). Consolidated Lessees. The Company leases seven senior housing properties to lessee entities under cash flow leases through which the Company receives monthly rent equal to the residual cash flows of the properties. The lessee entities are classified as VIEs as they are "thinly capitalized" entities. The Company consolidates the lessee entities as it has the ability to control the activities that most significantly impact the economic performance of the lessee entities. The lessee entities’ assets primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to the Company and operating expenses of the senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) may only be used to settle contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facility and debt costs). DownREITs . The Company holds a controlling ownership interest in and is the managing member of seven DownREITs. The Company classifies the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships . The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). The Company classifies the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Exchange Accommodation Titleholder . During the year ended December 31, 2020, the Company acquired seven MOBs, one hospital, and three life science facilities (the "acquired properties") using reverse like-kind exchange structures pursuant to Section 1031 of the Code (a "reverse 1031 exchange"). As of December 31, 2020, the Company had not completed the reverse 1031 exchanges and as such, the acquired properties remained in the possession of Exchange Accommodation Titleholders ("EATs"). The EATs are classified as VIEs as they are “thinly capitalized” entities. The Company consolidates the EATs because it has the ability to control the activities that most significantly impact the economic performance of the EATs and is, therefore, the primary beneficiary of the EATs. The properties held by the EATs are reflected as real estate with a carrying value of $813 million as of December 31, 2020. The assets of the EATs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of capital expenditures for the properties. Assets generated by the EATs may only be used to settle their contractual obligations (primarily from capital expenditures). U.K. Bridge Loan . In 2016, the Company provided a £105 million ($131 million at closing) bridge loan to MMCG to fund the acquisition of a portfolio of seven care homes in the U.K. MMCG created a special purpose entity to acquire the portfolio and funded it entirely using the Company’s bridge loan. As such, the special purpose entity had historically been identified as a VIE because it was “thinly capitalized.” The Company retained a three-year call option to acquire all the shares of the special purpose entity, which it could only exercise upon the occurrence of certain events. During the quarter ended March 31, 2018, the Company concluded that the conditions required to exercise the call option had been met and initiated the call option process to acquire the special purpose entity. In conjunction with initiating the process to legally exercise its call option and the satisfaction of required contingencies, the Company concluded that it was the primary beneficiary of the special purpose entity and therefore, should consolidate the entity. As such, during the quarter ended March 31, 2018, the Company derecognized the previously outstanding loan receivable, recognized the special purpose entity’s assets and liabilities at their respective fair values, and recognized a £29 million ($41 million) loss on consolidation, net of a tax benefit of £2 million ($3 million), to account for the difference between the carrying value of the loan receivable and the fair value of net assets and liabilities assumed. The loss on consolidation was recognized within other income (expense), net and the tax benefit was recognized within income tax benefit (expense). The fair value of net assets and liabilities consolidated during the first quarter of 2018 consisted of £81 million ($114 million) of net real estate, £4 million ($5 million) of intangible assets, and £9 million ($13 million) of net deferred tax liabilities. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues, excluding assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 30 31 21 22 22 Florida 10 2 14 2 2 The following table provides information regarding the Company’s concentrations with respect to certain states from assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 4 6 6 6 4 Florida 4 6 6 7 7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are immaterial at December 31, 2020. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2020 (3) 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 195,375 $ 201,228 $ 190,579 $ 190,579 Marketable debt securities (2) 20,355 20,355 19,756 19,756 Bank line of credit and commercial paper (2) 129,590 129,590 93,000 93,000 Term loan (2) 249,182 249,182 248,942 248,942 Senior unsecured notes (1) 5,697,586 6,517,650 5,647,993 6,076,150 Mortgage debt (2)(4) 221,621 221,181 12,317 12,201 Interest-rate swap liabilities (2) 81 81 553 553 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, and swaps, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the years ended December 31, 2020 and 2019, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the years ended December 31, 2020 and 2019, excludes mortgage debt on assets held for sale and discontinued operations of $319 million and $297 million, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the Company’s outstanding swap contracts as of December 31, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: August 2020 (2) August 2025 Cash Flow $ 35,627 0.33% USD-SIFMA Municipal Swap Index $ (81) _____________________________ (1) Derivative liabilities are recorded in liabilities related to assets held for sale and discontinued operations, net on the consolidated balance sheets. (2) Represents two interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. The Company uses derivative instruments to mitigate the effects of interest rate fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes. Assuming a one percentage point shift in the underlying interest rate curve, the estimated change in fair value of each of the underlying derivative instruments would not exceed $1 million. In conjunction with the sale of the Aegis NNN Portfolio (see Note 5) in December 2020, the Company paid off $6 million of variable rate secured debt and terminated the related interest-rate swap contract. On June 29, 2018, concurrent with closing the U.K. JV transaction, the Company terminated a cross currency swap contract, which was designated as a hedge of the Company’s net investment in the U.K. As such, upon deconsolidation of the U.K. Portfolio, the Company reclassified the $6 million loss in other comprehensive income related to the cross currency swap through gain (loss) on sales of real estate, net. Concurrent with the sale of its remaining interest in the U.K. JV in December 2019 (see Note 9), the Company paid-off the remainder of its GBP-denominated borrowings under the Revolving Facility and terminated its previously-designated net investment hedge. |
Accounts Payable, Accrued Liabi
Accounts Payable, Accrued Liabilities, and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities | Accounts Payable, Accrued Liabilities, and Other Liabilities The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): December 31, 2020 2019 Accrued interest $ 78,735 $ 69,960 Construction related accrued liabilities 95,293 117,048 Refundable entrance fees 317,444 — Other accounts payable and accrued liabilities 271,919 270,524 Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ 457,532 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 March 31 June 30 September 30 December 31 Total revenues $ 381,054 $ 408,559 $ 423,565 $ 431,697 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 128,410 78,182 13,957 (2,866) Income (loss) from continuing operations 147,132 60,341 (27,762) (19,204) Income (loss) from discontinued operations 135,408 (5,292) (31,819) 169,449 Net income (loss) 282,540 55,049 (59,581) 150,245 Net income (loss) applicable to Healthpeak Properties, Inc. 279,080 51,506 (63,417) 146,394 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.27 (0.01) (0.06) 0.31 Diluted earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.26 (0.01) (0.06) 0.31 Three Months Ended 2019 March 31 June 30 September 30 December 31 Total revenues $ 293,303 $ 307,037 $ 321,079 $ 318,920 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 20,345 25,708 (19,062) 149,329 Income (loss) from continuing operations 22,517 24,052 (24,420) 153,320 Income (loss) from discontinued operations 42,473 (34,032) (17,888) (105,961) Net income (loss) 64,990 (9,980) (42,308) 47,359 Net income (loss) applicable to Healthpeak Properties, Inc. 61,470 (13,597) (45,863) 43,520 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) Diluted earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | Schedule II: Valuation and Qualifying Accounts (Dollars in thousands) Allowance Accounts (1) Additions Deductions Year Ended Balance at Amounts Acquired Uncollectible Dispositions Balance at Continuing operations: 2020 $ 387 $ 76 $ 3,531 $ — $ — $ 3,994 2019 (2) 146 (146) 387 — — 387 2018 142,940 3,366 — (1,887) (143,795) 624 Discontinued operations: 2020 $ 4,178 $ 1,026 $ 175 $ — $ 494 $ 5,873 2019 (2) 2,255 1,695 928 — (700) 4,178 2018 26,434 739 — — — 27,173 _______________________________________ (1) Includes allowance for doubtful accounts and straight-line rent reserves. Excludes reserves for loan losses which are disclosed in Note 8 to the Consolidated Financial Statements. (2) In conjunction with adopting ASU 2016-02 (see Note 2 to the Consolidated Financial Statements) on January 1, 2019, the Company wrote-off certain previously reserved tenant receivables (accounts receivable and straight-line rent receivable). These amounts are included in the end of year balance for 2018, but removed from the beginning of the year balance for 2019. |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Continuing operations: Life science 1483 Brisbane CA $ — $ 8,498 $ 500 $ 34,889 $ 8,498 $ 35,389 $ 43,887 $ — 2007 1484 Brisbane CA — 11,331 689 186,573 11,331 187,262 198,593 — 2007 1485 Brisbane CA — 11,331 600 12,287 11,331 12,886 24,217 — 2007 1486 Brisbane CA — 11,331 — 135,563 11,331 135,563 146,894 (5,144) 2020 1487 Brisbane CA — 8,498 — 76,313 8,498 76,313 84,811 — 2020 2874 Brisbane CA — 64,186 62,318 7,746 64,186 69,954 134,140 (4,177) 2019 2875 Brisbane CA — 58,410 56,623 2,320 58,410 58,933 117,343 (4,102) 2019 1401 Hayward CA — 900 7,100 2,054 1,244 7,957 9,201 (2,652) 2007 1402 Hayward CA — 1,500 6,400 4,305 1,719 6,812 8,531 (2,151) 2007 1403 Hayward CA — 1,900 7,100 10,343 1,900 15,738 17,638 (4,208) 2007 1404 Hayward CA — 2,200 17,200 3,872 2,200 21,072 23,272 (6,281) 2007 1405 Hayward CA — 1,000 3,200 8,110 1,000 3,837 4,837 (1,093) 2007 1549 Hayward CA — 1,006 4,259 4,494 1,055 6,463 7,518 (2,909) 2007 1550 Hayward CA — 677 2,761 5,837 710 3,057 3,767 (1,825) 2007 1551 Hayward CA — 661 1,995 4,632 693 2,408 3,101 (1,246) 2007 1552 Hayward CA — 1,187 7,139 2,543 1,222 8,539 9,761 (3,978) 2007 1553 Hayward CA — 1,189 9,465 7,361 1,225 16,229 17,454 (8,783) 2007 1554 Hayward CA — 1,246 5,179 3,560 1,283 6,942 8,225 (3,180) 2007 1555 Hayward CA — 1,521 13,546 6,982 1,566 20,423 21,989 (10,537) 2007 1556 Hayward CA — 1,212 5,120 4,666 1,249 6,797 8,046 (3,209) 2007 1424 La Jolla CA — 9,600 25,283 15,758 9,719 36,698 46,417 (10,356) 2007 1425 La Jolla CA — 6,200 19,883 1,661 6,276 21,376 27,652 (7,245) 2007 1426 La Jolla CA — 7,200 12,412 14,237 7,287 23,209 30,496 (9,536) 2007 1427 La Jolla CA — 8,700 16,983 8,261 8,767 22,714 31,481 (9,812) 2007 1949 La Jolla CA — 2,686 11,045 12,349 2,686 22,956 25,642 (3,873) 2011 2229 La Jolla CA — 8,753 32,528 10,295 8,777 42,351 51,128 (8,871) 2014 1470 Poway CA — 5,826 12,200 6,048 5,826 12,542 18,368 (4,146) 2007 1471 Poway CA — 5,978 14,200 4,253 5,978 14,200 20,178 (4,763) 2007 1472 Poway CA — 8,654 — 11,906 8,654 11,906 20,560 (2,504) 2007 1473 Poway CA — 11,024 2,405 26,607 11,024 29,013 40,037 (4,830) 2019 1474 Poway CA — 5,051 — 19,939 5,051 19,939 24,990 (866) 2019 1475 Poway CA — 5,655 — 10,302 5,655 10,302 15,957 (64) 2020 1478 Poway CA — 6,700 14,400 6,145 6,700 14,400 21,100 (4,830) 2007 1499 Redwood City CA — 3,400 5,500 2,326 3,407 6,200 9,607 (2,819) 2007 1500 Redwood City CA — 2,500 4,100 1,220 2,506 4,558 7,064 (1,949) 2007 1501 Redwood City CA — 3,600 4,600 1,783 3,607 5,940 9,547 (2,259) 2007 1502 Redwood City CA — 3,100 5,100 1,202 3,107 5,931 9,038 (2,464) 2007 1503 Redwood City CA — 4,800 17,300 4,341 4,818 19,908 24,726 (6,323) 2007 1504 Redwood City CA — 5,400 15,500 9,393 5,418 24,858 30,276 (7,213) 2007 1505 Redwood City CA — 3,000 3,500 1,318 3,006 4,410 7,416 (2,033) 2007 1506 Redwood City CA — 6,000 14,300 14,666 6,018 28,323 34,341 (10,101) 2007 1507 Redwood City CA — 1,900 12,800 17,586 1,912 26,081 27,993 (7,265) 2007 1508 Redwood City CA — 2,700 11,300 21,873 2,712 27,599 30,311 (4,771) 2007 1509 Redwood City CA — 2,700 10,900 10,476 2,712 16,114 18,826 (6,722) 2007 1510 Redwood City CA — 2,200 12,000 10,584 2,212 18,660 20,872 (5,030) 2007 1511 Redwood City CA — 2,600 9,300 21,480 2,612 30,156 32,768 (4,430) 2007 1512 Redwood City CA — 3,300 18,000 12,434 3,300 30,406 33,706 (13,158) 2007 1513 Redwood City CA — 3,300 17,900 15,663 3,326 29,671 32,997 (11,980) 2007 678 San Diego CA — 2,603 11,051 3,166 2,603 14,217 16,820 (5,740) 2002 679 San Diego CA — 5,269 23,566 29,989 5,669 49,855 55,524 (16,747) 2002 837 San Diego CA — 4,630 2,028 9,120 4,630 5,213 9,843 (1,809) 2006 838 San Diego CA — 2,040 903 5,253 2,040 4,203 6,243 (982) 2006 839 San Diego CA — 3,940 3,184 6,849 4,047 5,499 9,546 (1,645) 2006 840 San Diego CA — 5,690 4,579 789 5,830 4,802 10,632 (2,084) 2006 1418 San Diego CA — 11,700 31,243 23,331 11,700 48,212 59,912 (9,190) 2007 1419 San Diego CA — 2,324 — 13,394 2,324 13,394 15,718 — 2007 1420 San Diego CA — 4,200 — 19,143 4,200 19,143 23,343 — 2007 1421 San Diego CA — 7,000 33,779 1,209 7,000 34,988 41,988 (12,176) 2007 1422 San Diego CA — 7,179 3,687 5,090 7,336 8,581 15,917 (4,194) 2007 1423 San Diego CA — 8,400 33,144 31,897 8,400 65,033 73,433 (11,140) 2007 1514 San Diego CA — 5,200 — — 5,200 — 5,200 — 2007 1558 San Diego CA — 7,740 22,654 5,742 7,888 12,308 20,196 (9,197) 2007 1947 San Diego CA — 2,581 10,534 4,231 2,581 14,765 17,346 (5,461) 2011 1948 San Diego CA — 5,879 25,305 8,843 5,879 31,843 37,722 (8,548) 2011 2197 San Diego CA — 7,621 3,913 8,711 7,626 11,328 18,954 (4,360) 2007 2476 San Diego CA — 7,661 9,918 13,740 7,661 23,659 31,320 (221) 2016 2477 San Diego CA — 9,207 14,613 6,558 9,207 21,171 30,378 (4,054) 2016 2478 San Diego CA — 6,000 — 2,738 6,000 2,738 8,738 — 2016 2617 San Diego CA — 2,734 5,195 16,693 2,734 21,889 24,623 (1,594) 2017 2618 San Diego CA — 4,100 12,395 22,736 4,100 35,131 39,231 (3,286) 2017 2622 San Diego (3) CA — — — 17,012 — 17,012 17,012 (359) 2020 2872 San Diego CA — 10,120 38,351 1,044 10,120 39,996 50,116 (3,835) 2018 2873 San Diego CA — 6,052 14,122 1,069 6,052 15,406 21,458 (1,405) 2018 3069 San Diego CA — 7,054 7,794 13,477 7,054 21,035 28,089 (305) 2019 1407 South San Francisco CA — 7,182 12,140 10,608 7,186 13,990 21,176 (4,990) 2007 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1408 South San Francisco CA — 9,000 17,800 1,498 9,000 18,275 27,275 (6,241) 2007 1409 South San Francisco CA — 18,000 38,043 4,703 18,000 42,746 60,746 (15,096) 2007 1410 South San Francisco CA — 4,900 18,100 12,945 4,900 30,956 35,856 (8,433) 2007 1411 South San Francisco CA — 8,000 27,700 34,398 8,000 62,014 70,014 (11,551) 2007 1412 South San Francisco CA — 10,100 22,521 4,128 10,100 26,409 36,509 (8,962) 2007 1413 South San Francisco CA — 8,000 28,299 8,561 8,000 36,860 44,860 (11,742) 2007 1414 South San Francisco CA — 3,700 20,800 2,248 3,700 22,845 26,545 (8,714) 2007 1430 South San Francisco CA — 10,700 23,621 23,711 10,700 44,738 55,438 (7,870) 2007 1431 South San Francisco CA — 7,000 15,500 10,057 7,000 25,497 32,497 (6,667) 2007 1435 South San Francisco CA — 13,800 42,500 37,058 13,800 79,558 93,358 (28,093) 2008 1436 South San Francisco CA — 14,500 45,300 36,935 14,500 82,235 96,735 (28,489) 2008 1437 South San Francisco CA — 9,400 24,800 50,146 9,400 73,376 82,776 (26,463) 2008 1439 South San Francisco CA — 11,900 68,848 444 11,900 69,291 81,191 (23,126) 2007 1440 South San Francisco CA — 10,000 57,954 400 10,000 58,354 68,354 (19,474) 2007 1441 South San Francisco CA — 9,300 43,549 8 9,300 43,557 52,857 (14,611) 2007 1442 South San Francisco CA — 11,000 47,289 91 11,000 47,380 58,380 (15,940) 2007 1443 South San Francisco CA — 13,200 60,932 2,642 13,200 63,574 76,774 (21,733) 2007 1444 South San Francisco CA — 10,500 33,776 923 10,500 34,699 45,199 (11,675) 2007 1445 South San Francisco CA — 10,600 34,083 9 10,600 34,092 44,692 (11,436) 2007 1458 South San Francisco CA — 10,900 20,900 8,917 10,909 21,689 32,598 (7,305) 2007 1459 South San Francisco CA — 3,600 100 5,533 3,600 5,633 9,233 (94) 2007 1460 South San Francisco CA — 2,300 100 440 2,300 539 2,839 (100) 2007 1461 South San Francisco CA — 3,900 200 745 3,900 945 4,845 (200) 2007 1462 South San Francisco CA — 7,117 600 5,877 7,117 4,692 11,809 (1,286) 2007 1463 South San Francisco CA — 10,381 2,300 20,929 10,381 20,881 31,262 (5,922) 2007 1464 South San Francisco CA — 7,403 700 11,638 7,403 7,987 15,390 (2,053) 2007 1468 South San Francisco CA — 10,100 24,013 15,570 10,100 35,828 45,928 (9,801) 2007 1480 South San Francisco CA — 32,210 3,110 28,414 32,210 31,523 63,733 — 2007 1559 South San Francisco CA — 5,666 5,773 12,970 5,695 18,645 24,340 (15,958) 2007 1560 South San Francisco CA — 1,204 1,293 2,888 1,210 3,970 5,180 (1,868) 2007 1983 South San Francisco CA — 8,648 — 96,095 8,648 96,095 104,743 (20,291) 2016 1984 South San Francisco CA — 7,845 — 90,445 7,844 90,069 97,913 (16,677) 2017 1985 South San Francisco CA — 6,708 — 122,721 6,708 122,721 129,429 (19,127) 2017 1986 South San Francisco CA — 6,708 — 108,425 6,708 108,425 115,133 (13,457) 2018 1987 South San Francisco CA — 8,544 — 100,645 8,544 100,645 109,189 (8,701) 2019 1988 South San Francisco CA — 10,120 — 119,965 10,120 119,965 130,085 (10,610) 2019 1989 South San Francisco CA — 9,169 — 99,636 9,169 99,636 108,805 (3,904) 2020 2553 South San Francisco CA — 2,897 8,691 4,663 2,897 13,354 16,251 (2,511) 2015 2554 South San Francisco CA — 995 2,754 2,209 995 4,963 5,958 (1,040) 2015 2555 South San Francisco CA — 2,202 10,776 895 2,202 11,604 13,806 (1,735) 2015 2556 South San Francisco CA — 2,962 15,108 1,009 2,962 16,117 19,079 (2,371) 2015 2557 South San Francisco CA — 2,453 13,063 3,616 2,453 16,679 19,132 (3,187) 2015 2558 South San Francisco CA — 1,163 5,925 338 1,163 6,263 7,426 (881) 2015 2614 South San Francisco CA — 5,079 8,584 1,731 5,083 9,662 14,745 (3,763) 2007 2615 South San Francisco CA — 7,984 13,495 3,243 7,988 14,809 22,797 (6,010) 2007 2616 South San Francisco CA — 8,355 14,121 2,368 8,358 15,057 23,415 (5,642) 2007 2624 South San Francisco CA — 25,502 42,910 12,736 25,502 55,517 81,019 (6,378) 2017 2870 South San Francisco CA — 23,297 41,797 29,221 23,297 71,019 94,316 (4,879) 2018 2871 South San Francisco CA — 20,293 41,262 21,431 20,293 62,693 82,986 (7,051) 2018 9999 Denton TX — 100 — — 100 — 100 — 2016 2705 Cambridge MA — 24,389 128,586 — 24,389 128,586 152,975 (359) 2020 2706 Cambridge MA — 15,381 148,307 — 15,381 148,307 163,688 (454) 2020 2707 Cambridge MA — 25,664 230,509 — 25,664 230,509 256,173 (642) 2020 2708 Cambridge MA — — 17,764 — — 17,764 17,764 (37) 2020 2709 Cambridge MA — — 15,459 — — 15,459 15,459 (32) 2020 2928 Cambridge MA — 44,215 24,120 — 44,215 24,120 68,335 (2,263) 2019 2929 Cambridge MA — 20,517 — 18,209 20,517 18,209 38,726 — 2019 3074 Cambridge MA — 78,762 252,153 8,945 78,762 261,098 339,860 (8,142) 2019 2630 Lexington MA — 16,411 49,681 484 16,411 50,165 66,576 (7,144) 2017 2631 Lexington MA — 7,759 142,081 22,777 7,759 163,137 170,896 (14,152) 2017 2632 Lexington MA — — 21,390 111,746 — 133,136 133,136 (379) 2020 3070 Lexington MA — 14,013 17,083 — 14,013 17,083 31,096 (938) 2019 3071 Lexington MA — 14,930 16,677 — 14,930 16,677 31,607 (1,190) 2019 3072 Lexington MA — 35,469 43,903 — 35,469 43,903 79,372 (2,685) 2019 3073 Lexington MA — 37,050 44,647 — 37,050 44,647 81,697 (2,578) 2019 3093 Waltham MA — 47,791 275,556 16,204 47,791 291,760 339,551 (6,212) 2020 2011 Durham NC 3,777 448 6,152 22,643 448 23,136 23,584 (5,112) 2011 2030 Durham NC — 1,920 5,661 34,804 1,920 40,465 42,385 (12,823) 2012 464 Salt Lake City UT — 630 6,921 2,562 630 9,484 10,114 (4,468) 2001 465 Salt Lake City UT — 125 6,368 68 125 6,436 6,561 (2,823) 2001 466 Salt Lake City UT — — 14,614 73 — 14,688 14,688 (5,855) 2001 799 Salt Lake City UT — — 14,600 90 — 14,690 14,690 (5,078) 2005 1593 Salt Lake City UT — — 23,998 — — 23,998 23,998 (7,575) 2010 $ 3,777 $ 1,321,296 $ 3,313,951 $ 2,505,811 $ 1,323,724 $ 5,639,944 $ 6,963,668 $ (899,069) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Medical office 638 Anchorage AK $ — $ 1,456 $ 10,650 $ 12,635 $ 1,456 $ 22,369 $ 23,825 $ (9,319) 2006 126 Sherwood AR — 709 9,604 — 709 9,599 10,308 (6,284) 1989 2572 Springdale AR — — 27,714 — — 27,714 27,714 (3,665) 2016 520 Chandler AZ — 3,669 13,503 7,404 3,799 19,499 23,298 (7,178) 2002 113 Glendale AZ — 1,565 7,050 20 1,565 7,225 8,790 (4,795) 1988 2040 Mesa AZ — — 17,314 1,728 — 18,425 18,425 (3,842) 2012 1066 Scottsdale AZ — 5,115 14,064 5,245 4,839 17,731 22,570 (6,795) 2006 2021 Scottsdale AZ — — 12,312 5,116 — 16,679 16,679 (6,441) 2012 2022 Scottsdale AZ — — 9,179 2,487 — 11,462 11,462 (5,038) 2012 2023 Scottsdale AZ — — 6,398 2,195 — 8,336 8,336 (3,448) 2012 2024 Scottsdale AZ — — 9,522 1,048 32 10,473 10,505 (3,929) 2012 2025 Scottsdale AZ — — 4,102 2,355 — 6,193 6,193 (2,815) 2012 2026 Scottsdale AZ — — 3,655 2,213 — 5,614 5,614 (1,922) 2012 2027 Scottsdale AZ — — 7,168 2,960 — 9,758 9,758 (3,647) 2012 2028 Scottsdale AZ — — 6,659 4,834 — 11,084 11,084 (3,392) 2012 2696 Scottsdale AZ — 10,151 14,925 567 10,151 15,492 25,643 (553) 2020 1041 Brentwood CA — — 30,864 3,135 310 32,826 33,136 (12,367) 2006 1200 Encino CA — 6,151 10,438 6,933 6,757 14,895 21,652 (6,286) 2006 1038 Fresno CA — 3,652 29,113 21,935 3,652 51,048 54,700 (19,960) 2006 423 Irvine CA — 18,000 70,800 — 18,001 70,800 88,801 (41,643) 1999 436 Murrieta CA — 400 9,266 5,089 749 12,116 12,865 (7,182) 1999 239 Poway CA — 2,700 10,839 5,485 3,013 13,421 16,434 (8,020) 1997 2654 Riverside CA — 2,758 9,908 448 2,758 10,319 13,077 (1,373) 2017 318 Sacramento CA — 2,860 37,566 27,514 2,911 63,537 66,448 (18,888) 1998 2404 Sacramento CA — 1,268 5,109 1,067 1,299 6,005 7,304 (1,592) 2015 421 San Diego CA — 2,910 19,984 16,414 2,964 35,025 37,989 (13,073) 1999 564 San Jose CA — 1,935 1,728 3,248 1,935 3,255 5,190 (1,448) 2003 565 San Jose CA — 1,460 7,672 1,046 1,460 8,207 9,667 (3,677) 2003 659 Los Gatos CA — 1,718 3,124 693 1,758 3,363 5,121 (1,471) 2000 439 Valencia CA — 2,300 6,967 4,278 2,404 9,029 11,433 (5,022) 1999 1211 Valencia CA — 1,344 7,507 940 1,384 6,124 7,508 (2,878) 2006 440 West Hills CA — 2,100 11,595 5,355 2,259 12,506 14,765 (7,017) 1999 728 Aurora CO — — 8,764 3,913 — 9,480 9,480 (4,048) 2005 1196 Aurora CO — 210 12,362 7,836 210 19,185 19,395 (6,296) 2006 1197 Aurora CO — 200 8,414 6,651 285 14,229 14,514 (5,141) 2006 127 Colorado Springs CO — 690 8,338 — 690 8,415 9,105 (5,502) 1989 882 Colorado Springs CO — — 12,933 11,426 — 20,122 20,122 (7,719) 2006 1199 Denver CO — 493 7,897 2,705 622 9,497 10,119 (3,959) 2006 808 Englewood CO — — 8,616 9,877 11 16,236 16,247 (8,467) 2005 809 Englewood CO — — 8,449 6,786 — 13,041 13,041 (5,225) 2005 810 Englewood CO — — 8,040 13,800 — 19,134 19,134 (7,689) 2005 811 Englewood CO — — 8,472 13,212 — 19,841 19,841 (6,893) 2005 2658 Highlands Ranch CO — 1,637 10,063 — 1,637 10,063 11,700 (1,161) 2017 812 Littleton CO — — 4,562 3,236 257 6,045 6,302 (2,645) 2005 813 Littleton CO — — 4,926 2,696 106 6,395 6,501 (2,611) 2005 570 Lone Tree (3) CO — — — 21,686 — 20,401 20,401 (8,334) 2003 666 Lone Tree CO — — 23,274 5,098 17 25,916 25,933 (9,728) 2000 2233 Lone Tree CO — — 6,734 31,910 — 38,533 38,533 (8,962) 2014 1076 Parker CO — — 13,388 1,534 8 14,548 14,556 (5,657) 2006 510 Thornton CO — 236 10,206 4,656 463 13,101 13,564 (6,096) 2002 434 Atlantis FL — — 2,027 512 5 2,314 2,319 (1,328) 1999 435 Atlantis FL — — 2,000 1,206 — 2,539 2,539 (1,440) 1999 602 Atlantis FL — 455 2,231 1,024 455 2,828 3,283 (1,345) 2000 2963 Brooksville (3) FL — — — 10,300 — 10,300 10,300 (4) 2019 604 Englewood FL — 170 1,134 840 226 1,578 1,804 (567) 2000 2962 Jacksonville (3) FL — — — 964 — 964 964 — 2019 609 Kissimmee FL — 788 174 1,242 788 1,250 2,038 (373) 2000 610 Kissimmee FL — 481 347 790 494 752 1,246 (469) 2000 671 Kissimmee FL — — 7,574 2,690 — 8,367 8,367 (3,495) 2000 603 Lake Worth FL — 1,507 2,894 1,807 1,507 4,529 6,036 (2,686) 2000 612 Margate FL — 1,553 6,898 2,527 1,553 8,675 10,228 (3,423) 2000 613 Miami FL — 4,392 11,841 13,457 4,392 22,161 26,553 (6,122) 2000 2202 Miami FL — — 13,123 10,093 — 22,766 22,766 (5,882) 2014 2203 Miami FL — — 8,877 4,126 — 12,813 12,813 (3,562) 2014 1067 Milton FL — — 8,566 1,044 — 9,533 9,533 (3,204) 2006 2577 Naples FL — — 29,186 1,504 — 30,691 30,691 (3,763) 2016 2578 Naples FL — — 18,819 766 — 19,585 19,585 (2,035) 2016 2964 Okeechobee (3) FL — — — 3,483 — 3,483 3,483 — 2019 563 Orlando FL — 2,144 5,136 16,334 12,268 7,980 20,248 (4,936) 2003 833 Pace FL — — 10,309 3,938 54 11,900 11,954 (4,131) 2006 834 Pensacola FL — — 11,166 669 — 11,369 11,369 (3,712) 2006 673 Plantation FL — 1,091 7,176 2,352 1,091 8,915 10,006 (3,608) 2002 2579 Punta Gorda FL — — 9,379 — — 9,379 9,379 (1,118) 2016 2833 St. Petersburg FL — — 13,754 14,054 — 24,373 24,373 (8,319) 2006 2836 Tampa FL — 1,967 6,618 8,213 2,709 10,644 13,353 (5,996) 2006 887 Atlanta GA — 4,300 13,690 — 4,300 11,890 16,190 (8,224) 2007 1058 Blue Ridge GA — — 3,231 260 — 3,094 3,094 (1,262) 2006 2576 Statesboro GA — — 10,234 439 — 10,673 10,673 (1,680) 2016 2702 Bolingbrook IL — — 21,237 — — 21,237 21,237 (145) 2020 1065 Marion IL — 99 11,538 2,192 100 13,255 13,355 (4,673) 2006 2697 Indianapolis IN — — 61,893 — — 61,893 61,893 (313) 2020 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 2699 Indianapolis IN — — 23,211 — — 23,211 23,211 (117) 2020 2701 Indianapolis IN — 478 1,637 — 478 1,637 2,115 (18) 2020 2698 Mooresville IN — — 20,646 — — 20,646 20,646 (105) 2020 1057 Newburgh IN — — 14,019 5,295 — 19,301 19,301 (7,603) 2006 2700 Zionsville IN — 2,969 7,707 — 2,969 7,707 10,676 (60) 2020 2039 Kansas City KS — 440 2,173 17 448 2,137 2,585 (522) 2012 112 Overland Park KS — 2,316 10,681 24 2,316 10,797 13,113 (7,421) 1988 2043 Overland Park KS — — 7,668 1,392 — 8,796 8,796 (2,204) 2012 3062 Overland Park KS — 872 11,813 197 978 11,887 12,865 (994) 2019 483 Wichita KS — 530 3,341 713 530 3,617 4,147 (1,543) 2001 1064 Lexington KY — — 12,726 2,244 — 14,092 14,092 (5,171) 2006 735 Louisville KY — 936 8,426 18,432 936 24,069 25,005 (11,809) 2005 737 Louisville KY — 835 27,627 10,632 878 35,531 36,409 (14,236) 2005 738 Louisville KY — 780 8,582 6,843 851 12,736 13,587 (9,506) 2005 739 Louisville KY — 826 13,814 3,079 832 15,330 16,162 (6,054) 2005 2834 Louisville KY — 2,983 13,171 8,108 2,991 19,655 22,646 (9,483) 2005 1945 Louisville KY — 3,255 28,644 2,010 3,291 30,119 33,410 (10,166) 2010 1946 Louisville KY — 430 6,125 276 430 6,401 6,831 (2,131) 2010 2237 Louisville KY — 1,519 15,386 4,010 1,648 19,262 20,910 (5,288) 2014 2238 Louisville KY — 1,334 12,172 2,411 1,511 14,162 15,673 (4,064) 2014 2239 Louisville KY — 1,644 10,832 5,865 2,041 16,207 18,248 (5,149) 2014 1324 Haverhill MA — 800 8,537 2,386 870 7,028 7,898 (3,130) 2007 1213 Ellicott City MD — 1,115 3,206 3,563 1,336 5,104 6,440 (2,341) 2006 1052 Towson MD — — 14,233 4,619 — 13,549 13,549 (4,645) 2006 2650 Biddeford ME — 1,949 12,244 — 1,949 12,244 14,193 (1,375) 2017 240 Minneapolis MN — 117 13,213 5,824 117 17,714 17,831 (9,917) 1997 300 Minneapolis MN — 160 10,131 5,392 214 12,898 13,112 (7,400) 1997 2703 Columbia MO — 4,141 20,364 — 4,141 20,364 24,505 (142) 2020 2032 Independence MO — — 48,025 2,982 — 49,902 49,902 (9,751) 2012 2863 Lee's Summit (3) MO — — — 15,878 — 15,878 15,878 (372) 2019 1078 Flowood MS — — 8,413 1,284 — 9,029 9,029 (3,061) 2006 1059 Jackson MS — — 8,868 299 — 9,159 9,159 (3,243) 2006 1060 Jackson MS — — 7,187 2,764 — 8,872 8,872 (2,936) 2006 1068 Omaha NE — — 16,243 1,725 33 17,350 17,383 (6,551) 2006 2651 Charlotte NC — 1,032 6,196 130 1,032 6,222 7,254 (582) 2017 2695 Charlotte NC — 844 5,021 18 844 5,001 5,845 (463) 2017 2655 Wilmington NC — 1,341 17,376 — 1,341 17,376 18,717 (2,112) 2017 2656 Wilmington NC — 2,071 11,592 — 2,071 11,592 13,663 (1,288) 2017 2657 Shallotte NC — 918 3,609 — 918 3,609 4,527 (553) 2017 2647 Concord NH — 1,961 23,516 240 1,961 23,541 25,502 (2,444) 2017 2648 Concord NH — 815 8,902 423 815 9,325 10,140 (1,235) 2017 2649 Epsom NH — 919 5,868 49 919 5,910 6,829 (958) 2017 729 Albuquerque NM — — 5,380 896 — 5,738 5,738 (2,105) 2005 571 Las Vegas (3) NV — — — 20,823 — 18,666 18,666 (7,656) 2003 660 Las Vegas NV — 1,121 4,363 9,852 1,328 10,258 11,586 (3,364) 2000 661 Las Vegas NV — 2,305 4,829 6,276 2,447 4,892 7,339 (4,980) 2000 662 Las Vegas NV — 3,480 12,305 6,755 3,480 15,180 18,660 (6,542) 2000 663 Las Vegas NV — 1,717 3,597 12,595 1,724 13,621 15,345 (4,427) 2000 664 Las Vegas NV — 1,172 — 633 1,805 — 1,805 (243) 2000 691 Las Vegas NV — 3,244 18,339 8,598 3,338 25,273 28,611 (12,874) 2004 2037 Mesquite NV — — 5,559 942 34 6,347 6,381 (1,398) 2012 400 Harrison OH — — 4,561 300 — 4,861 4,861 (3,058) 1999 1054 Durant OK — 619 9,256 2,415 659 11,525 12,184 (4,084) 2006 817 Owasso OK — — 6,582 1,703 — 5,761 5,761 (2,097) 2005 404 Roseburg OR — — 5,707 763 — 5,770 5,770 (3,396) 1999 2570 Limerick PA — 925 20,072 51 925 19,953 20,878 (2,899) 2016 2234 Philadelphia PA — 24,264 99,904 45,229 24,288 144,972 169,260 (23,702) 2014 2403 Philadelphia PA — 26,063 97,646 31,903 26,134 129,479 155,613 (26,925) 2015 2571 Wilkes-Barre PA — — 9,138 — — 9,138 9,138 (1,457) 2016 2694 Anderson SC — 405 1,211 — 405 1,212 1,617 (50) 2020 2573 Florence SC — — 12,090 91 — 12,181 12,181 (1,546) 2016 2574 Florence SC — — 12,190 88 — 12,278 12,278 (1,556) 2016 2575 Florence SC — — 11,243 56 — 11,299 11,299 (1,755) 2016 2841 Greenville SC — 634 38,386 1,008 647 39,380 40,027 (4,502) 2018 2842 Greenville SC — 794 41,293 445 794 41,737 42,531 (4,769) 2018 2843 Greenville SC — 626 22,210 — 626 22,210 22,836 (2,640) 2018 2844 Greenville SC — 806 18,889 377 806 19,266 20,072 (2,370) 2018 2845 Greenville SC — 932 40,879 — 932 40,879 41,811 (4,296) 2018 2846 Greenville SC — 896 38,486 — 896 38,485 39,381 (4,101) 2018 2847 Greenville SC — 600 26,472 1,076 600 27,548 28,148 (3,737) 2018 2848 Greenville SC — 318 5,816 — 318 5,816 6,134 (675) 2018 2849 Greenville SC — 319 5,836 — 319 5,836 6,155 (751) 2018 2850 Greenville SC — 211 6,503 15 211 6,518 6,729 (848) 2018 2853 Greenville SC — 534 6,430 180 534 6,609 7,143 (1,355) 2018 2854 Greenville SC — 824 13,645 109 824 13,755 14,579 (2,076) 2018 2851 Travelers Rest SC — 498 1,015 — 498 1,015 1,513 (381) 2018 2862 Myrtle Beach (3) SC — — — 24,830 — 24,830 24,830 (1,400) 2018 2865 Brentwood (3) TN — — — 28,094 — 28,094 28,094 (177) 2019 624 Hendersonville TN — 256 1,530 2,822 256 3,403 3,659 (1,523) 2000 559 Hermitage TN — 830 5,036 13,187 851 16,033 16,884 (5,090) 2003 561 Hermitage TN — 596 9,698 7,868 596 15,066 15,662 (7,303) 2003 562 Hermitage TN — 317 6,528 4,265 317 8,802 9,119 (4,064) 2003 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 154 Knoxville TN — 700 4,559 5,088 730 8,778 9,508 (5,491) 1994 625 Nashville TN — 955 14,289 6,424 955 18,249 19,204 (7,257) 2000 626 Nashville TN — 2,050 5,211 5,415 2,055 8,896 10,951 (4,145) 2000 627 Nashville TN — 1,007 181 1,443 1,113 1,241 2,354 (460) 2000 628 Nashville TN — 2,980 7,164 4,523 2,980 10,601 13,581 (5,071) 2000 630 Nashville TN — 515 848 450 528 1,057 1,585 (466) 2000 631 Nashville TN — 266 1,305 2,009 266 2,645 2,911 (1,205) 2000 632 Nashville TN — 827 7,642 5,728 827 10,856 11,683 (4,677) 2000 633 Nashville TN — 5,425 12,577 9,010 5,425 18,192 23,617 (7,879) 2000 634 Nashville TN — 3,818 15,185 11,751 3,818 23,621 27,439 (11,772) 2000 636 Nashville TN — 583 450 420 604 756 1,360 (347) 2000 2967 Nashville (3) TN — — — 14,058 — 14,058 14,058 — 2019 2611 Allen TX — 1,330 5,960 778 1,374 6,694 8,068 (999) 2016 2612 Allen TX — 1,310 4,165 810 1,310 4,953 6,263 (864) 2016 573 Arlington TX — 769 12,355 5,018 769 15,438 16,207 (7,008) 2003 2621 Cedar Park TX — 1,617 11,640 308 1,617 11,948 13,565 (1,006) 2017 576 Conroe TX — 324 4,842 3,990 324 7,307 7,631 (2,922) 2000 577 Conroe TX — 397 7,966 3,868 397 10,584 10,981 (4,221) 2000 578 Conroe TX — 388 7,975 4,669 388 10,613 11,001 (4,562) 2006 579 Conroe TX — 188 3,618 1,469 188 4,477 4,665 (1,925) 2000 581 Corpus Christi TX — 717 8,181 6,501 717 12,086 12,803 (5,884) 2000 600 Corpus Christi TX — 328 3,210 4,579 328 5,733 6,061 (2,810) 2000 601 Corpus Christi TX — 313 1,771 2,127 325 3,059 3,384 (1,505) 2000 2839 Cypress (3) TX — — — 36,830 11 36,819 36,830 (7,977) 2015 582 Dallas TX — 1,664 6,785 5,685 1,747 10,251 11,998 (4,505) 2000 886 Dallas TX — 1,820 8,508 26 1,820 7,454 9,274 (2,578) 2007 1314 Dallas TX — 15,230 162,970 46,250 24,102 195,017 219,119 (73,745) 2006 1319 Dallas TX — 18,840 155,659 5,873 18,840 161,208 180,048 (62,128) 2007 2721 Dallas TX — 31,707 2,000 — 31,707 2,000 33,707 — 2020 583 Fort Worth TX — 898 4,866 4,482 898 8,086 8,984 (3,163) 2000 805 Fort Worth TX — — 2,481 1,785 45 3,518 3,563 (1,987) 2005 806 Fort Worth TX — — 6,070 1,934 5 7,586 7,591 (2,747) 2005 2231 Fort Worth TX — 902 — 44 946 — 946 (26) 2014 2619 Fort Worth TX — 1,180 13,432 47 1,180 13,479 14,659 (1,073) 2017 2620 Fort Worth TX — 1,961 14,155 177 1,961 14,332 16,293 (1,189) 2017 2982 Fort Worth TX — 2,720 6,225 3,097 2,720 9,316 12,036 (573) 2019 1061 Granbury TX — — 6,863 1,125 — 7,848 7,848 (2,850) 2006 430 Houston TX — 1,927 33,140 19,966 2,200 50,090 52,290 (25,389) 1999 446 Houston TX — 2,200 19,585 23,004 2,945 33,322 36,267 (22,145) 1999 589 Houston TX — 1,676 12,602 8,235 1,706 17,124 18,830 (7,357) 2000 670 Houston TX — 257 2,884 1,656 318 3,404 3,722 (1,469) 2000 702 Houston TX — — 7,414 3,794 7 9,980 9,987 (4,137) 2004 1044 Houston TX — — 4,838 5,260 1,320 6,896 8,216 (2,346) 2006 2542 Houston TX — 304 17,764 — 304 17,764 18,068 (3,000) 2015 2543 Houston TX — 116 6,555 — 116 6,555 6,671 (1,308) 2015 2544 Houston TX — 312 12,094 — 312 12,094 12,406 (2,432) 2015 2545 Houston TX — 316 13,931 — 316 13,931 14,247 (2,133) 2015 2546 Houston TX — 408 18,332 — 408 18,332 18,740 (4,407) 2015 2547 Houston TX — 470 18,197 — 470 18,197 18,667 (3,705) 2015 2548 Houston TX — 313 7,036 — 313 7,036 7,349 (1,835) 2015 2549 Houston TX — 530 22,711 — 530 22,711 23,241 (3,067) 2015 2966 Houston (3) TX — — — 7,741 — 7,741 7,741 — 2020 590 Irving TX — 828 6,160 3,911 828 9,070 9,898 (4,215) 2000 700 Irving TX — — 8,550 4,566 8 9,672 9,680 (3,923) 2006 1207 Irving TX — 1,955 12,793 2,455 1,986 14,537 16,523 (5,576) 2006 2840 Kingwood TX — 3,035 28,373 1,585 3,422 29,570 32,992 (4,569) 2016 591 Lewisville TX — 561 8,043 2,470 561 9,554 10,115 (4,343) 2000 144 Longview TX — 102 7,998 1,168 102 8,716 8,818 (4,917) 1992 143 Lufkin TX — 338 2,383 299 338 2,602 2,940 (1,423) 1992 568 McKinney TX — 541 6,217 4,057 541 9,067 9,608 (3,972) 2003 569 McKinney TX — — 636 9,391 — 9,123 9,123 (3,622) 2003 1079 Nassau Bay TX — — 8,942 1,818 — 9,842 9,842 (3,768) 2006 596 N Richland Hills TX — 812 8,883 3,656 812 11,208 12,020 (4,816) 2000 2048 North Richland Hills TX — 1,385 10,213 2,290 1,400 12,204 13,604 (4,237) 2012 2835 Pearland TX — — 4,014 4,917 — 7,450 7,450 (2,747) 2006 2838 Pearland (3) TX — — — 19,949 — 19,756 19,756 (3,567) 2014 447 Plano TX — 1,700 7,810 6,859 1,792 12,884 14,676 (7,562) 1999 597 Plano TX — 1,210 9,588 7,069 1,225 14,902 16,127 (6,131) 2000 672 Plano TX — 1,389 12,768 4,365 1,389 14,871 16,260 (5,749) 2002 1284 Plano TX — 2,049 18,793 2,465 2,163 13,481 15,644 (7,527) 2006 1384 Plano TX — 6,290 22,686 5,707 6,290 28,203 34,493 (18,910) 2007 2653 Rockwall TX — 788 9,020 — 788 9,020 9,808 (945) 2017 815 San Antonio TX — — 9,193 3,290 87 11,352 11,439 (4,958) 2006 816 San Antonio TX 2,544 — 8,699 4,165 175 11,677 11,852 (5,190) 2006 1591 San Antonio TX — — 7,309 864 43 7,810 7,853 (2,857) 2010 2837 San Antonio TX — — 26,191 3,315 — 28,952 28,952 (10,009) 2011 2852 Shenandoah (3) TX — — — 29,870 — 29,870 29,870 (3,953) 2016 598 Sugarland TX — 1,078 5,158 3,877 1,170 7,408 8,578 (3,299) 2000 599 Texas City TX — — 9,519 1,128 — 10,490 10,490 (3,925) 2000 152 Victoria TX — 125 8,977 519 125 9,102 9,227 (5,200) 1994 2198 Webster TX — 2,220 9,602 462 2,220 9,744 11,964 (2,708) 2013 2550 The Woodlands TX — 115 5,141 — 115 5,141 5,256 (887) 2015 Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 2551 The Woodlands TX — 296 18,282 — 296 18,282 18,578 (2,717) 2015 2552 The Woodlands TX — 374 25,125 — 374 25,125 25,499 (3,328) 2015 1592 Bountiful UT — 999 7,426 1,195 1,019 8,431 9,450 (2,993) 2010 169 Bountiful UT — 276 5,237 2,565 487 6,769 7,256 (3,401) 1995 346 Castle Dale UT — 50 1,818 163 50 1,918 1,968 (1,162) 1998 347 Centerville UT — 300 1,288 274 300 1,392 1,692 (866) 1999 2035 Draper UT 4,583 — 10,803 781 — 11,447 11,447 (2,465) 2012 469 Kaysville UT — 530 4,493 226 530 4,639 5,169 (2,076) 2001 456 Layton UT — 371 7,073 1,540 389 8,091 8,480 (4,604) 2001 2042 Layton UT — — 10,975 963 27 11,677 11,704 (2,334) 2012 2864 Ogden (3) UT — — — 17,582 — 17,582 17,582 (229) 2019 357 Orem UT — 337 8,744 3,364 306 9,329 9,635 (5,364) 1999 353 Salt Lake City UT — 190 779 251 273 886 1,159 (582) 1999 354 Salt Lake City UT — 220 10,732 3,534 220 13,172 13,392 (7,764) 1999 355 Salt Lake City UT — 180 14,792 3,092 180 16,799 16,979 (10,426) 1999 467 Salt Lake City UT — 3,000 7,541 3,014 3,145 9,854 12,999 (4,920) 2001 566 Salt Lake City UT — 509 4,044 3,925 509 7,011 7,520 (3,196) 2003 2041 Salt Lake City UT — — 12,326 1,000 — 13,031 13,031 (2,578) 2012 2033 Sandy UT — 867 3,513 1,861 1,343 4,752 6,095 (2,053) 2012 482 Stansbury UT — 450 3,201 1,210 529 3,922 4,451 (1,697) 2001 351 Washington Terrace UT — — 4,573 3,048 17 5,818 5,835 (3,373) 1999 352 Washington Terrace UT — — 2,692 1,774 15 3,685 3,700 (2,160) 1999 2034 West Jordan UT — — 12,021 323 — 12,142 12,142 (2,441) 2012 2036 West Jordan UT — — 1,383 1,654 — 2,880 2,880 (1,176) 2012 495 West Valley City UT — 410 8,266 1,002 410 8,255 8,665 (4,363) 2002 1208 Fairfax VA — 8,396 16,710 14,570 8,840 29,326 38,166 (13,080) 2006 2230 Fredericksburg VA — 1,101 8,570 — 1,101 8,570 9,671 (1,571) 2014 572 Reston VA — — 11,902 1,287 — 12,225 12,225 (5,623) 2003 448 Renton WA — — 18,724 4,967 — 21,859 21,859 (13,233) 1999 781 Seattle WA — — 52,703 18,839 — 65,797 65,797 (30,230) 2004 782 Seattle WA — — 24,382 14,226 126 34,266 34,392 (18,085) 2004 783 Seattle WA — — 5,625 2,113 183 6,867 7,050 (6,234) 2004 785 Seattle WA — — 7,293 6,153 — 11,505 11,505 (7,342) 2004 1385 Seattle WA — — 45,027 11,123 — 55,172 55,172 (21,409) 2007 2038 Evanston WY — — 4,601 1,023 — 5,548 5,548 (1,247) 2012 $ 7,127 $ 370,205 $ 3,453,072 $ 1,304,180 $ 401,228 $ 4,457,929 $ 4,859,157 $ (1,428,797) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation (2) Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Continuing care retirement community 3089 Birmingham AL $ — $ 6,218 $ 32,146 $ 875 $ 6,369 $ 32,870 $ 39,239 $ (1,594) 2020 3090 Bradenton FL — 5,496 95,671 4,378 5,766 99,779 105,545 (4,488) 2020 2997 Clearwater FL 72,137 6,680 132,521 3,416 6,707 135,910 142,617 (4,588) 2020 3086 Jacksonville FL — 19,660 167,860 4,416 20,002 171,935 191,937 (6,512) 2020 2996 Leesburg FL — 8,941 65,698 3,908 9,556 68,991 78,547 (3,046) 2020 2995 Port Charlotte FL — 5,344 159,612 2,902 5,503 162,354 167,857 (5,269) 2020 2998 Seminole FL 47,141 14,080 77,485 2,068 14,584 79,049 93,633 (2,350) 2020 3085 Seminole FL — 13,915 125,796 4,428 14,162 129,978 144,140 (5,016) 2020 3092 Sun City Center FL 91,439 25,254 175,535 4,434 25,512 179,711 205,223 (7,994) 2020 3087 The Villages FL — 7,091 120,493 4,238 7,101 124,721 131,822 (4,562) 2020 3084 Holland MI — 1,572 88,960 2,435 1,630 91,336 92,966 (3,313) 2020 2991 Coatesville PA — 16,443 126,243 3,216 16,547 129,357 145,904 (4,407) 2020 3080 Haverford PA — 16,461 108,816 21,643 16,461 122,831 139,292 (44,723) 1989 3088 Spring TX — 3,210 30,085 1,085 3,245 31,135 34,380 (1,177) 2020 3081 Ft Belvoir VA — 11,594 99,528 19,155 11,594 114,152 125,746 (42,423) 1998 $ 210,717 $ 161,959 $ 1,606,449 $ 82,597 $ 164,739 $ 1,674,109 $ 1,838,848 $ (141,462) Total medical office assets held for sale — (22,193) (117,810) (7,870) (22,413) (110,367) (132,780) 60,193 Total continuing operations, excluding held for sale $ 221,621 $ 1,831,267 $ 8,255,662 $ 3,884,718 $ 1,867,278 $ 11,661,615 $ 13,528,893 $ (2,409,135) Encumbrances at December 31, 2020 Initial Cost to Company Costs Capitalized Subsequent to A |
Schedule IV_ Mortgage Loans on
Schedule IV: Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV: Mortgage Loans on Real Estate | Schedule IV: Mortgage Loans on Real Estate (Dollars in thousands) Location Segment Interest Rate Fixed / Variable Maturity Date Prior Liens Monthly Debt Service Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount Subject to Delinquent Principal or Interest First mortgages relating to one property located in: Texas Other 7.5 % Fixed 04/01/2021 $ — $ 15 $ 2,250 $ 2,250 $ — Florida Other 7.5 % Fixed 04/01/2021 — 54 8,289 8,289 — Florida Other > of 2% or Libor + 4.25% Variable 01/01/2026 — 276 51,716 51,233 — California Other > of 2% or Libor + 4.25% Variable 05/07/2026 — 70 13,257 13,477 — Florida Other 3.5 % Fixed 12/17/2021 — 23 7,798 6,397 — Florida Other 3.5 % Fixed 12/17/2021 — 11 3,912 3,137 — Florida Other 3.5 % Fixed 12/17/2021 — 41 14,208 13,968 — California Other 3.5 % Fixed 12/16/2021 — 102 35,100 34,359 — First mortgage relating to 11 properties located in: California Other 5.5 % Fixed 04/06/2022 — 118 25,000 24,462 — $ — $ 710 $ 161,530 $ 157,572 $ — Year Ended December 31, 2020 2019 2018 Reconciliation of mortgage loans Balance at beginning of year $ 161,964 $ 42,037 $ 188,418 Additions: New mortgage loans 98,469 59,552 — Draws on existing mortgage loans 19,182 60,375 42,398 Total additions 117,651 119,927 42,398 Deductions: Principal repayments and conversions to equity ownership (1) (113,200) — (188,779) Reserve for loan losses (2) (8,843) — — Total deductions (122,043) — (188,779) Balance at end of year $ 157,572 $ 161,964 $ 42,037 _______________________________________ (1) Includes the conversion of loans into equity ownership in real estate. (2) The year ended 2020 includes current expected credit loss reserves recognized under ASU 2016-13, which was adopted on January 1, 2020 (see Note 2 to the Consolidated Financial Statements). The year ended 2020 also includes an immaterial amount related to the cumulative-effect of adoption of ASU 2016-13. Refer to Note 7 for additional information on the Company’s reserve for loan losses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Healthpeak Properties, Inc., its wholly-owned subsidiaries, and joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. Criterion (iii) above is generally applied to limited partnerships and similarly structured entities by assessing whether a simple majority of the limited partners hold substantive rights to participate in the significant decisions of the entity or have the ability to remove the decision maker or liquidate the entity without cause. If neither of those criteria are met, the entity is a VIE. The designation of an entity as a VIE is reassessed upon certain events, including, but not limited to: (i) a change to the contractual arrangements of the entity or in the ability of a party to exercise its participation or kick-out rights, (ii) a change to the capitalization structure of the entity, or (iii) acquisitions or sales of interests that constitute a change in control. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions, its ability to manage its ownership interest relative to the other interest holders, and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and continually reassessed. |
Revenue Recognition | Revenue Recognition Lease Classification At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses the terms and conditions to determine the proper lease classification. For leases entered into prior to January 1, 2019, a lease arrangement was classified as an operating lease if none of the following criteria were met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee had a bargain purchase option during or at the end of the lease term, (iii) the lease term was equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) was equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria was met and the minimum lease payments were determined to be reasonably predictable and collectible, the lease arrangement was generally accounted for as a direct financing lease (“DFL”). Concurrent with the Company's adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases (“ASU 2016-02”) on January 1, 2019, the Company began classifying a lease entered into subsequent to adoption as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee by the end of the lease term, (ii) lessee has a purchase option during or at the end of the lease term that it is reasonably certain to exercise, (iii) the lease term is for the major part of the remaining economic life of the underlying asset, (iv) the present value of future minimum lease payments is equal to substantially all of the fair value of the underlying asset, or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. Rental and Related Revenues The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset. The tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially complete. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance, and repair and maintenance expense, and are recognized as both revenue (in rental and related revenues) and expense (in operating expenses) in the period the expense is incurred as the Company is the party paying the service provider. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility of future minimum lease payments is probable. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of future minimum lease payments is not probable, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period and future revenue recognition is limited to amounts contractually owed and paid. Resident Fees and Services Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements for SHOP and continuing care retirement community ("CCRC") facilities are generally for a term of 30 days to one year, with resident fees billed monthly, in advance. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Certain of the Company's CCRCs are operated as entrance fee communities, which typically require a resident to pay an upfront entrance fee that includes both a refundable portion and non-refundable portion. When the Company receives a nonrefundable entrance fee, it is recorded in deferred revenue in the consolidated balance sheets and amortized into revenue over the estimated stay of the resident. The Company utilizes third-party actuarial experts in its determination of the estimated stay of residents. At December 31, 2020 and 2019, unamortized nonrefundable entrance fee liabilities were $484 million and $68 million, respectively. Income from Direct Financing Leases The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. Interest Income Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. Gain (loss) on sales of real estate, net The Company recognizes a gain (loss) on sale of real estate when the criteria for an asset to be derecognized are met, which include when: (i) a contract exists, (ii) the buyer obtains control of the asset, and (iii) it is probable that the Company will receive substantially all of the consideration to which it is entitled. These criteria are generally satisfied at the time of sale. |
Government Grant Income | Government Grant Income On March 27, 2020, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial aid to individuals, businesses, and state and local governments. During the year ended December 31, 2020, the Company received government grants under the CARES Act primarily to cover increased expenses and lost revenue during the COVID-19 pandemic. Grant income is recognized when there is reasonable assurance that the grant will be received and the Company will comply with all conditions attached to the grant. Additionally, grants are recognized over the periods in which the Company recognizes the increased expenses and lost revenue the grants are intended to defray. As of December 31, 2020, the amount of qualifying expenditures and lost revenue exceeded grant income recognized and the Company had complied or will continue to comply with all grant conditions. |
Credit Losses | Credit Losses The Company evaluates the liquidity and creditworthiness of its tenants, operators, and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity, and other factors. The Company’s tenants, operators, and borrowers furnish property, portfolio, and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio, and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures, and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’, and borrowers’ ability to service their obligations with the Company. If it is no longer probable that substantially all future minimum lease payments under operating leases will be received, the straight-line rent receivable balance is written off and recognized as a decrease in revenue in that period. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “finance receivables”), are reviewed and assigned an internal rating of Performing, Watch List, or Workout. Finance receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List finance receivables are defined as finance receivables that do not meet the definition of Performing or Workout. Workout finance receivables are defined as finance receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement, and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s, and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for finance receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting if: (i) the Company determines that it is probable that it will only recover the recorded investment in the finance receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired finance receivable. For cash basis method of accounting, the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting, any payment received is applied to reduce the recorded investment. Generally, the Company returns a finance receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Prior to the adoption of ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) on January 1, 2020, allowances were established for finance receivables on an individual basis utilizing an estimate of probable losses, if they were determined to be impaired. Finance receivables were impaired when it was deemed probable that the Company would be unable to collect all amounts due in accordance with the contractual terms of the finance receivable. An allowance was based upon the Company’s assessment of the borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates considered all available evidence, including the expected future cash flows discounted at the finance receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. If a finance receivable was deemed partially or wholly uncollectible, the uncollectible balance was charged off against the allowance in the period in which the uncollectible determination was made. Subsequent to adopting ASU 2016-13 on January 1, 2020, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical U.S. GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of a finance receivable at inception of that instrument. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and to rely on counter-party specific information to ensure the most accurate estimate is recognized. |
Real Estate | Real Estate The Company’s real estate acquisitions are generally classified as asset acquisitions for which the Company records identifiable assets acquired, liabilities assumed, and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions, and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate such market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company recognizes acquired “above and below market” leases at their relative fair value (for asset acquisitions) using discount rates which reflect the risks associated with the leases acquired. The fair value is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with renewal options that are reasonably certain to be exercised. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal, and other related costs. Certain of the Company's acquisitions involve the assumption of contract liabilities. The Company typically estimates the fair value of contract liabilities by applying a reasonable profit margin to the total discounted estimated future costs associated with servicing the contract. A variety of market and contract-specific conditions are considered when making assumptions that impact the estimated fair value of the contract liability. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance, and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years. Above and below market lease intangibles are amortized to revenue over the remaining noncancellable lease terms and renewal periods that are reasonably certain to be exercised, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and renewal periods that are reasonably certain to be exercised, if any. Concurrent with the Company's adoption of ASU 2016-02 on January 1, 2019, the Company elected to recognize expense associated with short-term leases (those with a noncancellable lease term of 12 months or less) under which the Company is the lessee on a straight-line basis and not recognize those leases on its consolidated balance sheets. For leases other than short-term operating leases under which the Company is the lessee, such as ground leases and corporate office leases, the Company recognizes a right-of-use asset and related lease liability on its consolidated balance sheet at inception of the lease. The lease liability is calculated as the sum of: (i) the present value of minimum lease payments at lease commencement (discounted using the Company's secured incremental borrowing rate) and (ii) the present value of amounts probable of being paid under any residual value guarantees. The right-of-use asset is calculated as the lease liability, adjusted for the following: (i) any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and (ii) any initial direct costs incurred by the Company. |
Impairment of Long-Lived Assets and Goodwill | Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows reflect external market factors and are probability-weighted to reflect multiple possible cash-flow scenarios, including selling the assets at various points in the future. Further, the analysis considers the impact, if any, of master lease agreements on cash flows, which are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets exceeds their fair value. Determining the fair value of real estate assets, including assets classified as held-for-sale, involves significant judgment and generally utilizes market capitalization rates, comparable market transactions, estimated per unit or per square foot prices, negotiations with prospective buyers, and forecasted cash flows (lease revenue rates, expense rates, growth rates, etc.). When testing goodwill for impairment, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. |
Assets Held-for-Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company classifies a real estate property 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. If a real estate property is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. The Company classifies a loan receivable as held for sale when management no longer has the intent and ability to hold the loan receivable for the foreseeable future or until maturity. If a loan receivable is classified as held for sale, it is reported at the lower of amortized cost or fair value. A discontinued operation represents: (i) a component of the Company or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift may include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures Investments in entities the Company does not consolidate, but over which the Company has the ability to exercise significant influence over operating and financial policies, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in equity income (loss) from unconsolidated joint ventures within the Company’s consolidated statements of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest, the fair value of assets contributed to the joint venture, or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based on a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in fair value below carrying value of an investment in an unconsolidated joint venture is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. |
Share-Based Compensation | Share-Based Compensation Compensation expense for share-based awards granted to employees with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. |
Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions. |
Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for: (i) real estate tax expenditures, (ii) tenant improvements, and (iii) capital expenditures, as well as security deposits and net proceeds from property sales that were executed as tax-deferred dispositions. |
Derivatives and Hedging | Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities to the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings. |
Income Taxes | Income Taxes Healthpeak Properties, Inc. has elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Healthpeak Properties, Inc. will generally not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries that have elected REIT status. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. Healthpeak Properties, Inc. and its consolidated REIT subsidiaries are subject to state, local, and/or foreign income taxes in some jurisdictions. In certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities that have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to federal, state, and local income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. |
Advertising Cost | Advertising Costs All advertising costs are expensed as incurred and reported within operating expenses. During the years ended December 31, 2020, 2019, and 2018, total advertising expense was $18 million, $13 million, and $9 million, respectively ($12 million, $13 million, and $9 million, respectively, of which is reported in income (loss) from discontinued operations). |
Capital Raising Issuance Costs | Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments, excluding line of credit arrangements and commercial paper, are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the effective interest method. Debt issuance costs related to line of credit arrangements and commercial paper are deferred, included in other assets, and amortized to interest expense on a straight-line basis over the remaining term of the related line of credit arrangement. Commercial paper are unsecured short-term debt securities with varying maturities. A line of credit serves as a liquidity backstop for repayment of commercial paper borrowings. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts, and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment. |
Segment Reporting | Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) life science, (ii) medical office, and (iii) CCRC. In conjunction with establishing and beginning execution of a plan to dispose of the Company’s senior housing triple-net and SHOP portfolios during 2020, both of these previously reportable segments are now classified as discontinued operations in all periods presented herein. See Notes 1 and 5 for further information. In December 2020, as a result of a change in how operating results are reported to the Company's chief operating decision makers (“CODMs”) for the purpose of evaluating performance and allocating resources, the Company’s hospitals were reclassified from other non-reportable segments to the medical office segment and the Company’s one remaining unconsolidated investment in a senior housing joint venture was reclassified from the SHOP segment to other non-reportable segments. Additionally, in January 2020, primarily as a result of: (i) consolidating 13 of 15 CCRCs previously held by a CCRC joint venture (see discussion of the Brookdale 2019 Master Transaction and Cooperation Agreement in Note 3) and (ii) deconsolidating 19 SHOP assets into a new joint venture in December 2019, the Company's CODMs began reviewing operating results of CCRCs on a stand-alone basis and financial information for each respective segment inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. Therefore, during the first quarter of 2020, the Company began reporting CCRCs as a separate segment and segment measures inclusive of the Company’s share of unconsolidated joint ventures and exclusive of noncontrolling interests’ share of consolidated joint ventures. All prior period segment information has been recast to conform to the current period presentation. |
Noncontrolling Interests | Noncontrolling Interests Arrangements with noncontrolling interest holders are assessed for appropriate balance sheet classification based on the redemption and other rights held by the noncontrolling interest holder. Net income (loss) attributable to a noncontrolling interest is included in net income (loss) on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income (expense), net in the consolidated statements of operations. |
Fair Value Measurement | Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities that are required to be measured at fair value. When available, the Company utilizes quoted market prices to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based on valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads, and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value. |
Earnings per Share | Earnings per ShareBasic earnings per common share is computed by dividing net income (loss) applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities, such as the impact of forward equity sales agreements using the treasury stock method and common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units, and unvested restricted stock units. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“FASB”) issued four ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. ASU 2017-05 clarifies the scope of the FASB’s guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in ASU 2014-09. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allowed the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the timing and recognition of the majority of the Company's revenue is the same whether accounted for under the Revenue ASUs or lease accounting guidance (see discussion below), the impact of the Revenue ASUs, upon and subsequent to adoption, is generally limited to the following: • Prior to the adoption of the Revenue ASUs, the Company recognized a gain on sale of real estate using the full accrual method when collectibility of the sales price was reasonably assured, the Company was not obligated to perform additional activities that may be considered significant, the initial investment from the buyer was sufficient, and other profit recognition criteria had been satisfied. The Company deferred all or a portion of a gain on sale of real estate if the requirements for gain recognition were not met at the time of sale. Subsequent to adopting the Revenue ASUs on January 1, 2018, the Company began recognizing a gain on sale of real estate upon transferring control of the asset to the purchaser, which is generally satisfied at the time of sale. In conjunction with its adoption of the Revenue ASUs, the Company reassessed its historical partial sale of real estate transactions to determine which transactions, if any, were not completed contracts (i.e., the transaction did not qualify for sale treatment under previous guidance). The Company concluded that it had one such material transaction, its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale under historical guidance as of the Company's adoption date due to a minor obligation related to the interest sold). In accordance with the Revenue ASUs, the Company recorded its retained 40% equity investment at fair value as of the sale date. As a result, the Company recorded an adjustment to equity as of January 1, 2018 (under the modified retrospective transition approach) representing a step-up in the fair value of its equity investment in RIDEA II of $107 million (to a carrying value of $121 million as of January 1, 2018) and a $30 million impairment charge to decrease the carrying value to the sales price of the investment (see Note 5). The Company completed the sale of its equity investment in June 2018 and no longer holds an economic interest in RIDEA II. • The Company generally expects that the Revenue ASUs will result in certain transactions qualifying as sales of real estate at an earlier date than under historical accounting guidance. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing all of its significant operating leases for which it is the lessee, including corporate office leases, equipment leases, and ground leases, on its consolidated balance sheets as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability was calculated as the present value of minimum lease payments, discounted using a rate that approximated the Company's secured incremental borrowing rate at the time of adoption, adjusted for the noncancelable term of each lease. The right-of-use asset was calculated as the aggregate lease liability, adjusted for the existing accrued straight-line rent liability balance of $20 million and net unamortized above/below market ground lease intangible assets of $33 million. Under ASU 2016-02, a practical expedient was offered to lessees to make a policy election, which the Company elected, to not separate lease and nonlease components, but rather account for the combined components as a single lease component under ASC 842. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with a similar option to elect a practical expedient allowing them to not separate lease and nonlease components in a contract for the purpose of revenue recognition and disclosure. This practical expedient is limited to circumstances in which: (i) the timing and pattern of transfer are the same for the nonlease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease or service based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease-based would be accounted for under ASU 2016-02 and predominantly service-based would be accounted for under the Revenue ASUs). The Company elected this practical expedient as well and, as a result, beginning January 1, 2019, the Company recognizes revenue from its senior housing triple-net, medical office, and life science properties under ASC 842 and revenue from its SHOP and CCRC properties under the Revenue ASUs (codified under ASC 606, Revenue from Contracts with Customers ). In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors (“ASU 2018-20”), which requires that a lessor: (i) exclude certain lessor costs paid directly by a lessee to third parties on behalf of the lessor from a lessor's measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs,) and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense (i.e., gross up revenue and expense for these costs). This is consistent with the Company’s historical presentation and did not require a change on January 1, 2019. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in previous accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Historically, when credit losses were measured under previous accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. As a result of adopting ASU 2016-13 on January 1, 2020 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $2 million as of January 1, 2020. Under ASU 2016-13, the Company began using a loss model that relies on future expected credit losses, rather than incurred losses, as was required under historical GAAP. Under the new model, the Company is required to recognize future credit losses expected to be incurred over the life of its finance receivables, including loans receivable, direct financing leases (“DFLs”), and certain accounts receivable, at inception of those instruments. The model emphasizes historical experience and future market expectations to determine a loss to be recognized at inception. However, the model continues to be applied on an individual basis and rely on counter-party specific information to ensure the most accurate estimate is recognized. The Company will reassess its reserves on finance receivables at each balance sheet date to determine if an adjustment to the previous reserve is necessary. Accounting for Lease Concessions Related to COVID-19. In April 2020, the FASB staff issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under ASC 842, the Company would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease-by-lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. During the year ended December 31, 2020, the Company provided rent deferrals (to be repaid before the end of 2020) to certain tenants in its life science and medical office segments that were impacted by COVID-19 (discussed in further detail in Note 7). As it relates to these deferrals, the Company elected to not assess them on a lease-by-lease basis and to continue recognizing rent revenue on a straight-line basis. While the Company’s election for rent deferrals will be applied consistently to future deferrals of a similar nature, if the Company grants future lease concessions of a different type (such as rent abatements), it will make an election related to those concessions at that time. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Government Grant Receivables Cares Act | The following table summarizes information related to government grant income: Year Ended December 31, 2020 2019 2018 Government grant income recorded in other income (expense), net $ 16,198 $ — $ — Government grant income recorded in equity income (loss) from unconsolidated joint ventures 1,279 — — Government grant income recorded in income (loss) from discontinued operations 15,436 — — Total government grants received $ 32,913 $ — $ — From January 1, 2021 through February 8, 2021, the Company received $3 million in government grants under the CARES Act, which will be recognized during the first quarter of 2021. |
Real Estate Transactions (Table
Real Estate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Capital Improvements | The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements, excluding expenditures related to properties classified as discontinued operations (in thousands): Year Ended December 31, Segment 2020 2019 2018 Life science $ 573,999 $ 499,956 $ 396,431 Medical office 173,672 146,466 146,087 CCRC 41,224 — — Other — 30,852 18,357 $ 788,895 $ 677,274 $ 560,875 |
Dispositions of Real Estate a_2
Dispositions of Real Estate and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Assets and Liabilities Transferred to Qcp at the Spin-off Date | The following summarizes the assets and liabilities classified as discontinued operations at December 31, 2020 and 2019, which are included in assets held for sale and discontinued operations, net and liabilities related to assets held for sale and discontinued operations, net, respectively, on the consolidated balance sheets (in thousands): December 31, 2020 2019 ASSETS Real estate: Buildings and improvements $ 2,553,254 $ 3,626,665 Development costs and construction in progress 21,509 38,728 Land 355,803 467,956 Accumulated depreciation and amortization (615,708) (861,557) Net real estate 2,314,858 3,271,792 Investments in and advances to unconsolidated joint ventures 5,842 51,134 Accounts receivable, net of allowance of $5,873 and $4,178 20,500 14,575 Cash and cash equivalents 53,085 63,834 Restricted cash 17,168 27,040 Intangible assets, net 24,541 82,071 Right-of-use asset, net 4,109 5,701 Other assets, net (1) 103,965 125,502 Total assets of discontinued operations, net 2,544,068 3,641,649 Total medical office assets held for sale, net (2) 82,238 6,616 Assets held for sale and discontinued operations, net $ 2,626,306 $ 3,648,265 LIABILITIES Mortgage debt 318,876 296,879 Lease liability 3,189 4,871 Accounts payable, accrued liabilities, and other liabilities 79,411 83,392 Deferred revenue 11,442 18,520 Total liabilities of discontinued operations, net 412,918 403,662 Total liabilities related to medical office assets held for sale, net 2,819 26 Liabilities related to assets held for sale and discontinued operations, net $ 415,737 $ 403,688 _______________________________________ (1) Includes goodwill of $29 million and $30 million as of December 31, 2020 and 2019, respectively. (2) Primarily comprised of six MOBs with net real estate assets of $73 million and two MOBs with net real estate assets of $7 million as of December 31, 2020 and 2019, respectively. Year Ended December 31, 2020 2019 2018 Revenues: Rental and related revenues $ 97,877 $ 152,576 $ 216,887 Resident fees and services 621,253 583,653 400,557 Income from direct financing leases — 20,815 37,926 Total revenues 719,130 757,044 655,370 Costs and expenses: Interest expense 10,538 8,007 5,062 Depreciation and amortization 143,194 224,798 144,819 Operating 550,226 474,126 326,381 Transaction costs 20,426 6,780 9,635 Impairments and loan loss reserves (recoveries), net 201,344 208,229 44,343 Total costs and expenses 925,728 921,940 530,240 Other income (expense): Gain (loss) on sales of real estate, net 460,144 22,940 94,618 Other income (expense), net 5,475 17,060 (110) Total other income (expense), net 465,619 40,000 94,508 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 259,021 (124,896) 219,638 Income tax benefit (expense) 9,913 11,783 13,459 Equity income (loss) from unconsolidated joint ventures (1,188) (2,295) 3,159 Income (loss) from discontinued operations $ 267,746 $ (115,408) $ 236,256 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Company's Lease Income, Excluding Discontinued Operation | The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Fixed income from operating leases $ 943,638 $ 853,545 $ 829,774 Variable income from operating leases 238,470 215,957 190,574 Interest income from direct financing leases 9,720 16,666 16,349 |
Schedule of Components of Net Investment in Dfls | Net investment in DFLs consists of the following (dollars in thousands): December 31, 2020 2019 Present value of minimum lease payments receivable $ 9,804 $ 19,138 Present value of estimated residual value 44,706 84,604 Less deferred selling profits (9,804) (19,138) Net investment in direct financing leases $ 44,706 $ 84,604 Properties subject to direct financing leases 1 2 |
Schedule of the Company's Internal Ratings for Dfls | The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803 |
Schedule of Future Minimum Lease Payments Contractually Due Under Dfls | The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2020 (in thousands): Year Amount 2021 $ 8,601 2022 1,203 2023 — 2024 — 2025 — Thereafter — Undiscounted minimum lease payments receivable 9,804 Less: imputed interest — Present value of minimum lease payments receivable $ 9,804 |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | The following table summarizes future minimum lease payments to be received, excluding future minimum lease payments from assets classified as discontinued operations, from tenants under non-cancelable operating leases as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 969,519 2022 929,437 2023 869,628 2024 774,641 2025 669,289 Thereafter 2,431,032 $ 6,643,546 _______________________________________ (1) Excludes future minimum lease payments from assets classified as discontinued operations. |
Schedule of Tenant Purchase Options | Certain leases, including DFLs, contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, excluding leases related to assets classified as discontinued operations, are as follows (dollars in thousands): Year Annualized Base Rent (1)(2) Number of 2021 $ 29,394 12 2022 11,187 3 2023 — — 2024 3,190 1 2025 9,065 13 Thereafter 5,815 2 $ 58,651 31 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, DFL non-cash interest and deferred revenues). (2) Excludes tenant purchase options related to assets classified as discontinued operations. |
Schedule of Other Lease Information | The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to assets classified as discontinued operations (dollars in thousands): Year Ended December 31, Lease Expense Information: 2020 2019 2018 Total lease expense (1) $ 13,601 $ 11,852 $ 10,569 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Year Ended December 31, Supplemental Cash Flow Information: 2020 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 9,940 $ 8,158 $ 7,326 Right-of-use asset obtained in exchange for new lease liability: Operating leases $ 32,208 $ 5,733 $ — Weighted Average Lease Term and Discount Rate: December 31, December 31, Weighted average remaining lease term (years): Operating leases 57 51 Weighted average discount rate: Operating leases 4.26 % 4.36 % |
Schedule of Future Minimum Lease Obligations, 842 | The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability, excluding future minimum lease payments related to assets classified as held for sale or discontinued operations, as of December 31, 2020 (in thousands): Year Amount (1) 2021 $ 11,106 2022 11,262 2023 11,445 2024 10,246 2025 8,886 Thereafter 469,453 Undiscounted minimum lease payments included in the lease liability 522,398 Less: imputed interest (342,503) Present value of lease liability $ 179,895 _______________________________________ (1) Excludes future minimum lease payments under non-cancelable ground and other operating leases from assets classified as discontinued operations. |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table summarizes the Company’s loans receivable (in thousands): December 31, 2020 2019 Secured mortgage loans (1) $ 161,530 $ 161,964 Mezzanine and other 44,347 27,752 Unamortized discounts, fees, and costs (222) 863 Reserve for loan losses (10,280) — Loans receivable, net $ 195,375 $ 190,579 _______________________________________ |
Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses | The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands): Internal Ratings Segment Carrying Percentage of Performing DFLs Watch List DFLs Workout DFLs Medical office $ 44,706 100 $ 44,706 — — $ 44,706 100 $ 44,706 $ — $ — The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands): Investment Type Year of Origination Total 2020 2019 2018 2017 2016 Secured mortgage loans Risk rating: Performing loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Watch list loans — — — — — — Workout loans — — — — — — Total secured mortgage loans $ 95,800 $ 61,772 $ — $ — $ — $ 157,572 Mezzanine and other Risk rating: Performing loans $ 23,263 $ 12,252 $ — $ — $ — $ 35,515 Watch list loans — — — — 2,288 2,288 Workout loans — — — — — — Total mezzanine and other $ 23,263 $ 12,252 $ — $ — $ 2,288 $ 37,803 |
Schedule of Loans Receivable Secured by Real Estate | The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2020 (dollars in thousands): Final Number Payment Terms Principal Amount (1) Carrying 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Texas $ 2,250 $ 2,250 2021 1 Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Florida 8,289 8,289 2021 4 Monthly interest-only payments, accrues interest at 3.5% and secured by senior housing facilities in Florida and California 61,018 57,861 2022 1 Monthly interest-only payments, accrues interest at 5.5% and secured by equity interests in 11 senior housing facilities in California 25,000 24,462 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in Florida 51,716 51,233 2026 1 Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in California 13,257 13,477 9 $ 161,530 $ 157,572 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. |
Schedule of Financing Receivable, Allowance for Credit Loss | The following table summarizes the Company’s reserve for loan losses at December 31, 2020 (in thousands): December 31, 2020 Secured Mortgage Loans Mezzanine and Other Total Reserve for loan losses, December 31, 2019 $ — $ — $ — Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings 513 907 1,420 Provision for expected loan losses 2,639 6,221 8,860 Reserve for loan losses, December 31, 2020 $ 3,152 $ 7,128 $ 10,280 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Company Owned Interests in Entities, Accounted Under Equity Method | The Company owns interests in the following entities that are accounted for under the equity method, excluding investments classified as discontinued operations (dollars in thousands): Carrying Amount December 31, Entity (1)(2) Segment Property Count (3) Ownership % (3) 2020 2019 SWF SH JV (4) Other 19 54 $ 357,581 $ 428,258 Life Science JV (5) LS 1 49 24,879 — Medical Office JVs (6) MOB 3 20 - 67 9,673 9,845 Other JVs (7) Other — 41 - 47 9,157 10,372 CCRC JV (8) CCRC 2 49 1,581 325,830 Advances to unconsolidated joint ventures, net — 76 $ 402,871 $ 774,381 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) The property count, ownership percentage, and carrying amount at December 31, 2020 excludes the Otay Ranch JV, which is classified as discontinued operations and has an aggregate carrying value of $6 million at December 31, 2020. The carrying amount at December 31, 2019 excludes the Otay Ranch JV, Waldwick JV, MBK JV, and MBK Development JV, which are classified as discontinued operations and had an aggregate carrying value of $51 million at December 31, 2019. The Otay Ranch JV (90% ownership percentage) is the only one of these joint ventures that remains outstanding at December 31, 2020. (3) Property count and ownership percentage are as of December 31, 2020. (4) In December 2019, the Company formed the SWF SH JV with a sovereign wealth fund (see Note 4). (5) In December 2020, the Company acquired a joint venture interest in a life science facility in Cambridge, Massachusetts (see Note 4). (6) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): (i) Ventures IV (20%); (ii) Ventures III (30%); and (iii) Suburban Properties, LLC (67%). (7) Unconsolidated other joint ventures (and the Company’s ownership percentage) include: (i) Discovery Naples JV (41%) and (ii) Discovery Sarasota JV (47%). The Discovery Naples JV and Discovery Sarasota JV are joint ventures that are developing senior housing facilities and the Company’s investments in those joint ventures are preferred equity investments earning a 10% per annum fixed-rate return. In January 2020, the Company sold its interest in the remaining K&Y joint venture for $12 million. At December 31, 2019, the K&Y joint venture includes an ownership percentage of 80% and one unconsolidated joint venture. In October 2019, the Company sold its interest in one of the K&Y joint ventures for $4 million. (8) See Note 3 for a discussion of the 2019 MTCA with Brookdale, including the acquisition of Brookdale’s interest in 13 of the 15 communities in the CCRC JV in January 2020. |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangibles | |
Schedule of Intangible Lease Assets | The following table summarizes the Company’s intangible lease assets (dollars in thousands): December 31, Intangible lease assets 2020 2019 Gross intangible lease assets $ 761,328 $ 426,967 Accumulated depreciation and amortization (241,411) (166,763) Intangible assets, net (1) $ 519,917 $ 260,204 Weighted average remaining amortization period in years 5 5 _______________________________________ (1) Excludes intangible assets reported in assets held for sale and discontinued operations, net of $25 million and $82 million as of December 31, 2020 and December 31, 2019, respectively. |
Schedule of Intangible Lease Liabilities | Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands): December 31, Intangible lease liabilities 2020 2019 Gross intangible lease liabilities $ 194,565 $ 113,213 Accumulated depreciation and amortization (50,366) (38,222) Intangible liabilities, net $ 144,199 $ 74,991 Weighted average remaining amortization period in years 8 7 |
Schedule of Amortization of Deferred Lease Costs and Acquisition Related Intangibles | The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization expense related to amortization of lease-up intangibles (1) $ 89,301 $ 46,828 $ 43,933 Rental and related revenues related to amortization of net below market lease liabilities (1) 11,717 6,319 5,341 _______________________________________ (1) Excludes amortization related to assets classified as discontinued operations. |
Schedule of Estimated Aggregate Amortization of Intangible Assets and Liabilities for Each of the Five Succeeding Fiscal Years and Thereafter | The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter, excluding assets classified as discontinued operations (in thousands): Rental and Related Revenues (1)(3) Depreciation and Amortization (2)(3) 2021 $ 18,093 $ 96,094 2022 17,841 89,217 2023 17,119 85,484 2024 16,159 82,647 2025 15,370 72,373 Thereafter 50,514 84,999 $ 135,096 $ 510,814 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues. (2) The amortization of lease-up intangibles is recorded to depreciation and amortization expense. (3) Excludes estimated annual amortization from assets classified as discontinued operations. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Unsecured Notes | The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands): Issue Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: June 23, 2020 $ 600,000 2.88 % 2031 Year ended December 31, 2019: November 21, 2019 $ 750,000 3.00 % 2030 July 5, 2019 $ 650,000 3.25 % 2026 July 5, 2019 $ 650,000 3.50 % 2029 There were no senior unsecured notes issuances for the year ended December 31, 2018. |
Summary of Senior Unsecured Notes Payoffs | The following table summarizes the Company’s senior unsecured notes payoffs and repurchases for the periods presented (dollars in thousands): Payoff Date Amount Coupon Rate Maturity Date Year ended December 31, 2020: July 9, 2020 (1) $ 300,000 3.15 % 2022 June 24, 2020 (2) $ 250,000 4.25 % 2023 Year ended December 31, 2019: November 21, 2019 (3) $ 350,000 4.00 % 2022 July 22, 2019 (4) $ 800,000 2.63 % 2020 July 8, 2019 (4) $ 250,000 4.00 % 2022 July 8, 2019 (4) $ 250,000 4.25 % 2023 Year ended December 31, 2018: November 8, 2018 $ 450,000 3.75 % 2019 July 16, 2018 (5) $ 700,000 5.38 % 2021 _______________________________________ (1) Upon completing the redemption of the 3.15% senior unsecured notes due in 2022, the Company recognized an $18 million loss on debt extinguishment. (2) Upon repurchasing a portion of the 4.25% senior unsecured notes due in 2023, the Company recognized a $26 million loss on debt extinguishment. (3) Upon repurchasing the 4.00% senior unsecured notes due in 2022, the Company recognized a $22 million loss on debt extinguishment. (4) Upon completing the redemption of the 2.63% senior unsecured notes due in 2020 and repurchasing a portion of the 4.25% senior unsecured notes due in 2023 and the 4.00% senior unsecured notes due in 2022, the Company recognized a $35 million loss on debt extinguishment. (5) Upon repurchasing the 5.38% senior unsecured notes due in 2021, the Company recognized a $44 million loss on debt extinguishment. |
Summary of Stated Debt Maturities and Scheduled Principal Repayments | The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2020 (in thousands): Senior Unsecured Notes (1) Mortgage Debt (2) Year Bank Line of Credit Commercial Paper Term Loan Amount Interest Rate Amount Interest Rate Total 2021 $ — $ 129,590 $ — $ — — % $ 13,015 5.26 % $ 142,605 2022 — — — — — % 4,843 — % 4,843 2023 — — — 300,000 4.37 % 89,874 3.80 % 389,874 2024 — — 250,000 1,150,000 4.17 % 3,050 — % 1,403,050 2025 — — — 1,350,000 3.93 % 3,209 — % 1,353,209 Thereafter — — — 2,950,000 3.67 % 102,789 3.57 % 3,052,789 — 129,590 250,000 5,750,000 216,780 6,346,370 (Discounts), premium and debt costs, net — — (818) (52,414) 4,841 (48,391) — 129,590 249,182 5,697,586 221,621 6,297,979 Debt on assets held for sale and discontinued operations (3) — — — — 318,876 318,876 $ — $ 129,590 $ 249,182 $ 5,697,586 $ 540,497 $ 6,616,855 _______________________________________ (1) Effective interest rates on the senior notes range from 3.08% to 6.87% with a weighted average effective interest rate of 3.86% and a weighted average maturity of 7 years. (2) Excluding mortgage debt on assets classified as held for sale and discontinued operations, effective interest rates on the mortgage debt range from 3.42% to 5.91% with a weighted average effective interest rate of 3.73% and a weighted average maturity of 5 years. (3) Represents mortgage debt on assets held for sale and discontinued operations with interest rates of 1.34% to 5.13% that mature between 2025 and 2044. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Material Commitments | The following table summarizes the Company’s material commitments, excluding debt service obligations (see Note 11), obligations as the lessee under operating leases (see Note 7), and commitments related to assets classified as discontinued operations, at December 31, 2020 (in thousands): Amount Construction loan commitments (1) $ 11,137 Lease and other contractual commitments (2) 109,126 Development commitments (3) 196,749 Total $ 317,012 _______________________________________ (1) Represents loan commitments to finance development and redevelopment projects. (2) Represents the Company's commitments, as lessor, under signed leases and contracts for operating properties and includes allowances for tenant improvements and leasing commissions. Excludes allowances for tenant improvements related to developments in progress for which the Company has executed an agreement with a general contractor to complete the tenant improvements (recognized in the “Development commitments” line). (3) Represents construction and other commitments for developments in progress and includes allowances for tenant improvements of $28 million that the Company has provided as a lessor. Excludes $4 million of commitments related to assets classified as discontinued operations. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Company's Other Common Stock Activities | The following table summarizes the Company’s other common stock activities (in thousands): Year Ended December 31, 2020 2019 2018 Dividend Reinvestment and Stock Purchase Plan 181 336 237 Conversion of DownREIT units 120 213 3 Exercise of stock options 54 152 120 Vesting of restricted stock units 668 468 401 Repurchase of common stock 298 162 141 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the Company’s accumulated other comprehensive Income (loss) (in thousands): December 31, 2020 2019 Cumulative foreign currency translation adjustment (1) $ — $ (1,023) Unrealized gains (losses) on derivatives, net (81) 1,314 Supplemental Executive Retirement Plan minimum liability and other (3,604) (3,148) Total accumulated other comprehensive income (loss) $ (3,685) $ (2,857) _______________________________________ (1) See Notes 5, 9, and 22 for a discussion of the U.K. JV transactions. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Year Ended December 31, 2020 2019 2018 Numerator Income from continuing operations $ 160,507 $ 175,469 $ 837,218 Noncontrolling interests' share in continuing operations (14,394) (14,558) (12,294) Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. 146,113 160,911 824,924 Less: Participating securities' share in continuing operations (2,416) (1,543) (2,669) Income (loss) from continuing operations applicable to common shares 143,697 159,368 822,255 Income (loss) from discontinued operations 267,746 (115,408) 236,256 Noncontrolling interests' share in discontinued operations (296) 27 (87) Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Numerator - Dilutive Net income (loss) applicable to common shares $ 411,147 $ 43,987 $ 1,058,424 Add: distributions on dilutive convertible units and other — — 6,919 Dilutive net income (loss) available to common shares $ 411,147 $ 43,987 $ 1,065,343 Denominator Basic weighted average shares outstanding 530,555 486,255 470,551 Dilutive potential common shares - equity awards (1) 300 309 168 Dilutive potential common shares - forward equity agreements (2) 201 2,771 — Dilutive potential common shares - DownREIT conversions — — 4,668 Diluted weighted average common shares 531,056 489,335 475,387 Earnings (loss) per common share Continuing operations $ 0.27 $ 0.33 $ 1.75 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.25 Diluted earnings per common share: Continuing operations $ 0.27 $ 0.33 $ 1.74 Discontinued operations 0.50 (0.24) 0.50 Net income (loss) applicable to common shares $ 0.77 $ 0.09 $ 2.24 (1) For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options). |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Additional Information Concerning Restricted Stock and Restricted Stock Units | The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2020 (units in thousands): Restricted Weighted Unvested at January 1, 2020 1,700 $ 28.56 Granted 693 39.79 Vested (668) 31.30 Forfeited (42) 31.55 Unvested at December 31, 2020 1,683 32.02 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary Financial Information of Reportable Segment | The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2020: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 569,296 $ 622,398 $ 436,494 $ 16,687 $ — $ 1,644,875 Government grant income (1) — — 16,198 — — 16,198 Less: Interest income — — — (16,553) — (16,553) Healthpeak's share of unconsolidated joint venture total revenues 448 2,772 35,392 74,023 — 112,635 Healthpeak's share of unconsolidated joint venture government grant income — — 920 359 — 1,279 Noncontrolling interests' share of consolidated joint venture total revenues (239) (34,597) — — — (34,836) Operating expenses (138,005) (204,008) (440,528) — — (782,541) Healthpeak's share of unconsolidated joint venture operating expenses (137) (1,129) (32,125) (53,779) — (87,170) Noncontrolling interests' share of consolidated joint venture operating expenses 72 10,282 — — — 10,354 Adjustments to NOI (2) (20,133) (5,544) 97,072 433 — 71,828 Adjusted NOI 411,302 390,174 113,423 21,170 — 936,069 Plus: Adjustments to NOI (2) 20,133 5,544 (97,072) (433) — (71,828) Interest income — — — 16,553 — 16,553 Interest expense (234) (400) (7,227) — (210,475) (218,336) Depreciation and amortization (217,921) (222,165) (113,851) (12) — (553,949) General and administrative — — — — (93,237) (93,237) Transaction costs (236) — (17,994) (112) — (18,342) Impairments and loan loss reserves (recoveries), net (14,671) (10,208) — (18,030) — (42,909) Gain (loss) on sales of real estate, net — 90,390 — (40) — 90,350 Loss on debt extinguishments — — — — (42,912) (42,912) Other income (expense), net — — 187,844 41,707 5,133 234,684 Less: Government grant income — — (16,198) — — (16,198) Less: Healthpeak's share of unconsolidated joint venture NOI (311) (1,643) (4,187) (20,603) — (26,744) Plus: Noncontrolling interests' share of consolidated joint venture NOI 167 24,315 — — — 24,482 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 198,229 276,007 44,738 40,200 (341,491) 217,683 Income tax benefit (expense) (3) — — — — 9,423 9,423 Equity income (loss) from unconsolidated joint ventures (40) 798 (1,547) (65,810) — (66,599) Income (loss) from continuing operations 198,189 276,805 43,191 (25,610) (332,068) 160,507 Income (loss) from discontinued operations — — — — 267,746 267,746 Net income (loss) $ 198,189 $ 276,805 $ 43,191 $ (25,610) $ (64,322) $ 428,253 _______________________________________ (1) Represents government grant income received under the CARES Act, which is recorded in other income (expense), net in the consolidated statements of operations. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. (3) Income tax benefit (expense) for the year ended December 31, 2020 includes: (i) a $51 million tax benefit recognized in conjunction with internal restructuring activities, which resulted in the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in connection with the 2019 MTCA (see Note 3), (ii) a $33 million income tax expense related to the valuation allowance on deferred tax assets that are no longer expected to be realized (see Note 17), and (iii) a $3.7 million net tax benefit recognized due to changes under the CARES Act, which resulted in net operating losses being utilized at a higher income tax rate than previously available. For the year ended December 31, 2019: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 440,784 $ 621,171 $ 3,010 $ 175,374 $ — $ 1,240,339 Less: Interest income — — — (9,844) — (9,844) Healthpeak's share of unconsolidated joint venture total revenues — 2,810 211,377 23,834 — 238,021 Noncontrolling interests' share of consolidated joint venture total revenues (187) (33,998) — 2,355 — (31,830) Operating expenses (107,472) (201,620) (2,215) (93,937) — (405,244) Healthpeak's share of unconsolidated joint venture operating expenses — (1,107) (170,473) (1,996) — (173,576) Noncontrolling interests' share of consolidated joint venture operating expenses 59 10,109 — (1,536) — 8,632 Adjustments to NOI (1) (22,103) (4,602) 16,985 (5,449) — (15,169) Adjusted NOI 311,081 392,763 58,684 88,801 — 851,329 Plus: Adjustments to NOI (1) 22,103 4,602 (16,985) 5,449 — 15,169 Interest income — — — 9,844 — 9,844 Interest expense (277) (434) — — (216,901) (217,612) Depreciation and amortization (168,339) (221,175) — (45,677) — (435,191) General and administrative — — — — (92,966) (92,966) Transaction costs — — — — (1,963) (1,963) Impairments and loan loss reserves (recoveries), net — (17,332) — (376) — (17,708) Gain (loss) on sales of real estate, net 3,651 3,139 — (6,830) — (40) Loss on debt extinguishments — — — — (58,364) (58,364) Other income (expense), net — — (5,665) 161,886 8,848 165,069 Less: Healthpeak's share of unconsolidated joint venture NOI — (1,703) (40,904) (21,838) — (64,445) Plus: Noncontrolling interests' share of consolidated joint venture NOI 128 23,889 — (819) — 23,198 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 168,347 183,749 (4,870) 190,440 (361,346) 176,320 Income tax benefit (expense) — — — — 5,479 5,479 Equity income (loss) from unconsolidated joint ventures — 858 (16,313) 9,125 — (6,330) Income (loss) from continuing operations 168,347 184,607 (21,183) 199,565 (355,867) 175,469 Income (loss) from discontinued operations — — — — (115,408) (115,408) Net income (loss) $ 168,347 $ 184,607 $ (21,183) $ 199,565 $ (471,275) $ 60,061 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. For the year ended December 31, 2018: Life Science Medical Office CCRC Other Non-reportable Corporate Non-segment Total Total revenues $ 395,064 $ 596,399 $ — $ 199,857 $ — $ 1,191,320 Less: Interest income — — — (10,406) — (10,406) Healthpeak's share of unconsolidated joint venture total revenues 4,328 2,695 206,221 11,812 — 225,056 Noncontrolling interests' share of consolidated joint venture total revenues (117) (18,042) — 3,927 — (14,232) Operating expenses (91,742) (195,362) — (91,553) — (378,657) Healthpeak's share of unconsolidated joint venture operating expenses (1,131) (1,053) (166,414) (77) — (168,675) Noncontrolling interests' share of consolidated joint venture operating expenses 44 4,591 — (3,020) — 1,615 Adjustments to NOI (1) (9,718) (5,953) 15,504 (5,458) — (5,625) Adjusted NOI 296,728 383,275 55,311 105,082 — 840,396 Plus: Adjustments to NOI (1) 9,718 5,953 (15,504) 5,458 — 5,625 Interest income — — — 10,406 — 10,406 Interest expense (316) (474) — — (260,490) (261,280) Depreciation and amortization (140,480) (206,731) — (57,464) (6) (404,681) General and administrative — — — — (96,702) (96,702) Transaction costs — — — — (1,137) (1,137) Impairments and loan loss reserves (recoveries), net (7,639) (553) — (2,725) — (10,917) Gain (loss) on sales of real estate, net 806,184 4,428 — 20,756 — 831,368 Loss on debt extinguishments — — — — (44,162) (44,162) Other income (expense), net — — — 9,604 3,821 13,425 Less: Healthpeak's share of unconsolidated joint venture NOI (3,197) (1,642) (39,807) (11,735) — (56,381) Plus: Noncontrolling interests' share of consolidated joint venture NOI 73 13,451 — (907) — 12,617 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 961,071 197,707 — 78,475 (398,676) 838,577 Income tax benefit (expense) — — — — 4,396 4,396 Equity income (loss) from unconsolidated joint ventures 575 824 (10,847) 3,693 — (5,755) Income (loss) from continuing operations 961,646 198,531 (10,847) 82,168 (394,280) 837,218 Income (loss) from discontinued operations — — — — 236,256 236,256 Net income (loss) $ 961,646 $ 198,531 $ (10,847) $ 82,168 $ (158,024) $ 1,073,474 _______________________________________ (1) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, and termination fees. Includes the Company’s share of income (loss) generated by unconsolidated joint ventures and excludes noncontrolling interests’ share of income (loss) generated by consolidated joint ventures. |
Summary of Reconciliation of Company's Revenues to Total Revenues | The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2020 2019 2018 Life science $ 569,296 $ 440,784 $ 395,064 Medical office 622,398 621,171 596,399 CCRC 436,494 3,010 — Other Non-reportable 16,687 175,374 199,857 Total revenues $ 1,644,875 $ 1,240,339 $ 1,191,320 |
Summary of Reconciliation of Company's Assets to Total Assets | The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segment 2020 2019 Life science $ 7,205,949 $ 5,688,659 Medical office 5,197,777 5,061,351 CCRC 2,179,294 652,114 Reportable segment assets 14,583,020 11,402,124 Accumulated depreciation and amortization (2,658,890) (2,316,724) Net reportable segment assets 11,924,130 9,085,400 Other non-reportable segment assets 584,432 653,746 Assets held for sale and discontinued operations, net 2,626,306 3,648,265 Other non-segment assets 785,221 645,480 Total assets $ 15,920,089 $ 14,032,891 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Common Stock Distributions | The following table shows the characterization of the Company’s annual common stock distributions per share: Year Ended December 31, 2020 2019 2018 Ordinary dividends (1) $ 0.7139 $ 0.7633 $ 0.9578 Capital gains (2) 0.5298 0.2714 0.5222 Nondividend distributions 0.2363 0.4453 — $ 1.4800 $ 1.4800 $ 1.4800 _______________________________________ (1) For the year ended December 31, 2020 all $0.7139 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11). (2) Pursuant to Treasury Regulation §1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Internal Revenue Code (IRC). IRC Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” The “One Year Amounts” and “Three Year Amounts” required to be disclosed are both zero with respect to the 2020 distributions, since all capital gains relate to IRC Section 1231 gains. |
Schedule of Income Tax Expense (Benefit) From Continuing Operations | The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2020 2019 2018 Current Federal $ (9,164) $ 104 $ 973 State 1,431 445 3,883 Foreign — — 84 Total current $ (7,733) $ 549 $ 4,940 Deferred Federal $ (2,849) $ (5,920) $ (2,681) State 1,159 (108) (1,776) Foreign — — (4,879) Total deferred $ (1,690) $ (6,028) $ (9,336) Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) |
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded | The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense (benefit) recorded (in thousands): Year Ended December 31, 2020 2019 2018 Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax $ 15,016 $ (6,169) $ (7,027) State income tax expense (benefit), net of federal tax 4,211 (1,830) 1,209 Gross receipts and margin taxes 980 1,108 1,173 Foreign rate differential — — 301 Effect of permanent differences — 20 (55) Return to provision adjustments 707 54 258 Valuation allowance for deferred tax assets 24,051 22 (255) Tax rate differential ─ NOL carryback under the CARES Act (3,732) — — Change in tax status of TRS (50,656) 1,316 — Total income tax expense (benefit) from continuing operations $ (9,423) $ (5,479) $ (4,396) |
Schedule of Significant Components of the Company's Deferred Tax Asset and Liabilities | The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2020 2019 2018 Gross deferred tax assets: Investment in unconsolidated joint ventures $ 2,333 $ 40,466 $ 31,034 Real estate 3,895 — — Net operating loss carryforward 68,444 33,771 20,559 Expense accruals 15,478 3,258 2,424 Deferred revenue 103,713 — — Total gross deferred tax assets 193,863 77,495 54,017 Valuation allowance (33,519) (4,878) (295) Gross deferred tax assets, net of valuation allowance $ 160,344 $ 72,617 $ 53,722 Gross deferred tax liabilities: Real estate $ 72,059 $ — $ — Other 1,094 — — Gross deferred tax liabilities $ 73,153 $ — $ — Net deferred tax assets $ 87,191 $ 72,617 $ 53,722 |
Schedule of Income Tax Contingencies | The following table summarizes the Company’s unrecognized tax benefits (in thousands): December 31, 2020 2019 2018 Total unrecognized tax benefits at January 1 $ 469 $ — $ — Gross amount of increases for prior years' tax positions — 469 — Total unrecognized tax benefits at December 31 $ 469 $ 469 $ — |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following table provides supplemental cash flow information (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 209,843 $ 201,784 $ 275,690 Income taxes paid (refunded) (786) 1,426 4,480 Capitalized interest 27,041 30,459 21,056 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 95,293 126,006 88,826 Retained equity method investment from U.K. JV transaction — — 104,922 Derecognition of U.K. Bridge Loan receivable — — 147,474 Consolidation of net assets related to U.K. Bridge Loan — — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,746 5,614 537 Net noncash impact from the consolidation of previously unconsolidated joint ventures 369,223 17,850 68,293 Mortgages assumed with real estate acquisitions 251,280 172,565 8,457 Refundable entrance fees assumed with real estate acquisitions 307,954 — — Conversion of DFLs to real estate — 350,540 — Retained investment in connection with SWF SH JV — 427,328 — Seller financing provided on disposition of real estate asset 73,498 44,812 — The following table summarizes certain cash flow information related to assets classified as discontinued operations (in thousands): Year Ended December 31, 2020 2019 2018 Depreciation and amortization of real estate, in-place lease, and other intangibles $ 143,194 $ 224,798 $ 144,819 Development, redevelopment, and other major improvements of real estate 30,769 74,919 62,995 Leasing costs, tenant improvements, and recurring capital expenditures 12,695 22,617 1,705 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table summarizes cash, cash equivalents, and restricted cash (in thousands): December 31, 2020 2019 Cash and cash equivalents $ 44,226 $ 80,398 Restricted cash 67,206 13,385 Cash, cash equivalents and restricted cash $ 111,432 $ 93,783 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Variable Interest Entities | |
Schedule of Variable Interest Entities | The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2020 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) Continuing operations: Unconsolidated joint ventures Loans receivable, net and Investments in unconsolidated joint ventures $ 22,113 Loan - Seller Financing Loans receivable, net 2,288 CMBS and LLC investment Marketable debt and LLC investment 35,453 Discontinued operations: VIE tenant - operating leases (2) Lease intangibles, net and straight-line rent receivables $ 186 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. |
Schedule of Consolidated Assets and Liabilities of Variable Interest Entities | Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 2,988,599 $ 2,498,524 Development costs and construction in progress 85,595 67,244 Land 433,574 410,903 Accumulated depreciation and amortization (602,491) (534,339) Net real estate 2,905,277 2,442,332 Accounts receivable, net 12,009 9,508 Cash and cash equivalents 16,550 35,726 Restricted cash 7,977 9,895 Intangible assets, net 179,027 167,022 Assets held for sale and discontinued operations, net 704,966 880,362 Right-of-use asset, net 95,407 92,664 Other assets, net 59,063 48,119 Total assets $ 3,980,276 $ 3,685,628 Liabilities Mortgage debt $ 39,085 $ 44,199 Intangible liabilities, net 56,467 39,545 Liabilities related to assets held for sale and discontinued operations, net 190,919 187,544 Lease liability 97,605 90,875 Accounts payable, accrued liabilities, and other liabilities 102,391 112,301 Deferred revenue 90,183 94,538 Total liabilities $ 576,650 $ 569,002 Total assets and liabilities related to assets held for sale and discontinued operations include VIE assets and liabilities as follows (in thousands): December 31, 2020 2019 Assets Buildings and improvements $ 639,759 $ 737,581 Development costs and construction in progress 68 41 Land 106,209 115,673 Accumulated depreciation and amortization (57,235) (34,235) Net real estate 688,801 819,060 Accounts receivable, net 1,700 2,478 Cash and cash equivalents 6,306 11,301 Restricted cash 3,124 3,700 Intangible assets, net — 39,817 Right-of-use asset, net 1,391 — Other assets, net 3,644 4,006 Total assets $ 704,966 $ 880,362 Liabilities Mortgage debt $ 176,702 $ 174,567 Lease liability 1,392 — Accounts payable, accrued liabilities, and other liabilities 11,003 10,531 Deferred revenue 1,822 2,446 Total liabilities $ 190,919 $ 187,544 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit Risk | The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues, excluding assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 30 31 21 22 22 Florida 10 2 14 2 2 The following table provides information regarding the Company’s concentrations with respect to certain states from assets classified as discontinued operations: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2020 2019 2020 2019 2018 California 4 6 6 6 4 Florida 4 6 6 7 7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Summary of the Carrying Values and Fair Values of Financial Instruments | The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2020 (3) 2019 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 195,375 $ 201,228 $ 190,579 $ 190,579 Marketable debt securities (2) 20,355 20,355 19,756 19,756 Bank line of credit and commercial paper (2) 129,590 129,590 93,000 93,000 Term loan (2) 249,182 249,182 248,942 248,942 Senior unsecured notes (1) 5,697,586 6,517,650 5,647,993 6,076,150 Mortgage debt (2)(4) 221,621 221,181 12,317 12,201 Interest-rate swap liabilities (2) 81 81 553 553 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt, and swaps, standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, commercial paper, and term loans, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the years ended December 31, 2020 and 2019, there were no material transfers of financial assets or liabilities within the fair value hierarchy. (4) For the years ended December 31, 2020 and 2019, excludes mortgage debt on assets held for sale and discontinued operations of $319 million and $297 million, respectively. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes the Company’s outstanding swap contracts as of December 31, 2020 (dollars in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: August 2020 (2) August 2025 Cash Flow $ 35,627 0.33% USD-SIFMA Municipal Swap Index $ (81) _____________________________ (1) Derivative liabilities are recorded in liabilities related to assets held for sale and discontinued operations, net on the consolidated balance sheets. (2) Represents two interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. |
Accounts Payable, Accrued Lia_2
Accounts Payable, Accrued Liabilities, and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes the Company’s accounts payable, accrued liabilities, and other liabilities, excluding accounts payable, accrued liabilities, and other liabilities related to assets classified as discontinued operations (in thousands): December 31, 2020 2019 Accrued interest $ 78,735 $ 69,960 Construction related accrued liabilities 95,293 117,048 Refundable entrance fees 317,444 — Other accounts payable and accrued liabilities 271,919 270,524 Accounts payable, accrued liabilities, and other liabilities $ 763,391 $ 457,532 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Information | The following table summarizes selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands, except per share amounts): Three Months Ended 2020 March 31 June 30 September 30 December 31 Total revenues $ 381,054 $ 408,559 $ 423,565 $ 431,697 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 128,410 78,182 13,957 (2,866) Income (loss) from continuing operations 147,132 60,341 (27,762) (19,204) Income (loss) from discontinued operations 135,408 (5,292) (31,819) 169,449 Net income (loss) 282,540 55,049 (59,581) 150,245 Net income (loss) applicable to Healthpeak Properties, Inc. 279,080 51,506 (63,417) 146,394 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.27 (0.01) (0.06) 0.31 Diluted earnings (loss) per common share: Continuing operations 0.28 0.10 (0.06) (0.04) Discontinued operations 0.26 (0.01) (0.06) 0.31 Three Months Ended 2019 March 31 June 30 September 30 December 31 Total revenues $ 293,303 $ 307,037 $ 321,079 $ 318,920 Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures 20,345 25,708 (19,062) 149,329 Income (loss) from continuing operations 22,517 24,052 (24,420) 153,320 Income (loss) from discontinued operations 42,473 (34,032) (17,888) (105,961) Net income (loss) 64,990 (9,980) (42,308) 47,359 Net income (loss) applicable to Healthpeak Properties, Inc. 61,470 (13,597) (45,863) 43,520 Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) Diluted earnings (loss) per common share: Continuing operations 0.04 0.04 (0.06) 0.30 Discontinued operations 0.09 (0.07) (0.03) (0.21) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | Jan. 31, 2020USD ($)facilityproperty | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Mar. 31, 2020property | Jan. 01, 2020USD ($) | Oct. 31, 2019property | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2017 | |||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Residency agreement term, minimum | 30 days | |||||||||||||
Residency agreement term, maximum | 1 year | |||||||||||||
Maximum period available for occupancy from cessation of significant construction activity | 1 year | |||||||||||||
Maximum useful life of building and improvements | 60 years | |||||||||||||
Advertising expense | $ 18,000,000 | $ 13,000,000 | $ 9,000,000 | |||||||||||
Property count | property | 15 | |||||||||||||
HCP’s capital | 6,788,345,000 | 6,085,058,000 | ||||||||||||
Cumulative effect of new accounting principle | 7,344,572,000 | 6,667,474,000 | 6,512,591,000 | $ 5,594,938,000 | ||||||||||
Present value of lease liability | 179,895,000 | 152,400,000 | ||||||||||||
Right-of-use asset, net | 192,349,000 | 167,316,000 | ||||||||||||
Intangible assets, net | 519,917,000 | $ 260,204,000 | ||||||||||||
Other Non-Reporting Segment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of deconsolidating assets | facility | 19 | |||||||||||||
Assets leased to others | Other Non-Reporting Segment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | property | 1 | |||||||||||||
CCRC JV Investment | CCRC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | facility | 15 | |||||||||||||
CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | property | 15 | 15 | ||||||||||||
Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | property | 13 | |||||||||||||
Brookedale MTCA | CCRC JV Investment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Non refundable entrance fee liabilities | $ 436,000,000 | $ 484,000,000 | $ 68,000,000 | |||||||||||
Property count | property | 15 | |||||||||||||
Equity method investments | $ 323,000,000 | |||||||||||||
Brookedale MTCA | CCRC JV Investment | CCRC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | facility | 13 | |||||||||||||
Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Property count | property | 13 | 13 | 13 | |||||||||||
Discontinued Operations | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Advertising expense | $ 12,000,000 | 13,000,000 | 9,000,000 | |||||||||||
RIDEA II | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Investment ownership percentage | 40.00% | |||||||||||||
Equity method investments | $ 121,000,000 | |||||||||||||
ASU 2016-02 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Present value of lease liability | $ 153,000,000 | |||||||||||||
Right-of-use asset, net | 166,000,000 | |||||||||||||
Accrued Rent | 20,000,000 | |||||||||||||
Intangible assets, net | 33,000,000 | |||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
HCP’s capital | 79,000,000 | |||||||||||||
Cumulative effect of change on beginning retained earnings | 30,000,000 | |||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | RIDEA II | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Fair value of equity investment | $ 107,000,000 | |||||||||||||
Cumulative Dividends In Excess Of Earnings | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cumulative effect of new accounting principle | $ (3,976,232,000) | (3,601,199,000) | (2,927,196,000) | (3,370,520,000) | ||||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cumulative effect of new accounting principle | (1,524,000) | [1] | 590,000 | [2] | $ 2 | 79,144,000 | [3] | |||||||
Cumulative Effect, Period of Adoption, Adjustment | Cumulative Dividends In Excess Of Earnings | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cumulative effect of new accounting principle | $ (1,524,000) | [1] | $ 590,000 | [2] | $ 79,144,000 | [3] | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Cumulative Dividends In Excess Of Earnings | ASU 2016-02 | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cumulative effect of new accounting principle | $ 1,000,000 | |||||||||||||
[1] | On January 1, 2020, the Company adopted a series of ASUs related to accounting for credit losses and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. | |||||||||||||
[2] | On January 1, 2019, the Company adopted a series of ASUs related to accounting for leases, and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. | |||||||||||||
[3] | On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Government Grant Income | $ 3,000 | |||
Government Assistance C A R E S Act | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Government Grant Income | $ 32,913 | $ 0 | $ 0 | |
Government Assistance C A R E S Act | Other nonoperating income (expense) | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Government Grant Income | 16,198 | 0 | 0 | |
Government Assistance C A R E S Act | Equity income (loss) from unconsolidated joint ventures | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Government Grant Income | 1,279 | 0 | 0 | |
Government Assistance C A R E S Act | Income (loss) From Discontinued Operations | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Government Grant Income | $ 15,436 | $ 0 | $ 0 |
Master Transactions and Coope_2
Master Transactions and Cooperation Agreement with Brookdale (Details) | Jan. 31, 2020USD ($)bblleaseproperty | Dec. 31, 2020USD ($)leaseproperty | Nov. 30, 2020USD ($) | Nov. 30, 2019property | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($)propertyfacility | Mar. 31, 2021property | Dec. 31, 2018USD ($)property | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Mar. 31, 2020property | Oct. 31, 2019property | Jan. 01, 2018USD ($)property |
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 15 | |||||||||||||||
Capital investment | $ | $ 5,000,000 | $ 5,000,000 | ||||||||||||||
Loss (gain) upon change of control, net | $ | $ 16,000,000 | 159,973,000 | $ 168,023,000 | $ 9,154,000 | ||||||||||||
Long-term debt | $ | $ 6,616,855,000 | 6,616,855,000 | ||||||||||||||
Gain (loss) on sales of real estate, net | $ | $ 90,350,000 | $ (40,000) | $ 831,368,000 | |||||||||||||
Payments to acquire additional interest in subsidiaries | $ | $ 63,000,000 | $ 32,000,000 | ||||||||||||||
Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 19 | |||||||||||||||
RIDEA Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Ownership percentage | 90.00% | |||||||||||||||
Assets leased to others | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets sold or transitioned | 37 | |||||||||||||||
Assets leased to others | Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Gain (loss) on sales of real estate, net | $ | $ 40,000,000 | |||||||||||||||
Assets leased to others | RIDEA Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | facility | 58 | |||||||||||||||
Other Non-Reporting Segment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 1 | |||||||||||||||
Other Non-Reporting Segment | Assets leased to others | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 1 | |||||||||||||||
Other Non-Reporting Segment | Assets leased to others | CCRC JV Investment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 15 | 15 | ||||||||||||||
Senior Housing Triple Net | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 2 | 2 | ||||||||||||||
Senior Housing Triple Net | Assets leased to others | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 78 | 43 | ||||||||||||||
Right to sell, or transition, number of properties (in properties) | 32 | |||||||||||||||
Rent concessions | $ | $ 5,000,000 | |||||||||||||||
Number of properties with rent concessions (in properties) | 3 | |||||||||||||||
Number of assets to be sold | 2 | |||||||||||||||
Total consideration for disposition of real estate | $ | $ 35,000,000 | |||||||||||||||
Number of assets sold or transitioned | 17 | |||||||||||||||
Senior Housing Triple Net | Assets leased to others | Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 11 | |||||||||||||||
Senior Housing Operating Portfolio | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 23 | 18 | 23 | |||||||||||||
Senior Housing Operating Portfolio | Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 8 | |||||||||||||||
Senior Housing Operating Portfolio | Assets leased to others | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets sold or transitioned | 20 | |||||||||||||||
Senior Housing Operating Portfolio | Assets leased to others | Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 4 | |||||||||||||||
Senior Housing Operating Portfolio | Assets leased to others | RIDEA Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | facility | 36 | |||||||||||||||
Total consideration for disposition of real estate | $ | $ 240,000,000 | |||||||||||||||
Discount rate | Minimum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.10 | |||||||||||||||
Discount rate | Maximum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.12 | |||||||||||||||
Cap rate | Minimum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.07 | |||||||||||||||
Cap rate | Maximum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.09 | |||||||||||||||
Measurement Input Annual Rent Escalators | Minimum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.02 | |||||||||||||||
Measurement Input Annual Rent Escalators | Maximum | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Real estate capitalization rate | bbl | 0.03 | |||||||||||||||
CCRC JV Investment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Investment ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | ||||||||||||
Equity method investments | $ | $ 1,581,000 | $ 1,581,000 | $ 325,830,000 | |||||||||||||
RIDEA Facilities | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Percent of noncontrolling interest acquired | 10.00% | |||||||||||||||
Brookedale MTCA | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of properties disposed | 18 | 18 | 18 | |||||||||||||
Cash proceeds | $ | $ 385,000,000 | |||||||||||||||
Gain (loss) on sales of real estate, net | $ | $ 164,000,000 | |||||||||||||||
Brookedale MTCA | CCRC JV Investment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 15 | |||||||||||||||
Number of properties acquired | 13 | |||||||||||||||
Equity method investments | $ | $ 323,000,000 | |||||||||||||||
Real estate and intangible assets | $ | 1,800,000,000 | |||||||||||||||
Refundable entrance fee liabilities | $ | 308,000,000 | |||||||||||||||
Non refundable entrance fee liabilities | $ | 436,000,000 | $ 484,000,000 | $ 68,000,000 | |||||||||||||
Long-term debt | $ | 215,000,000 | |||||||||||||||
Working capital | $ | 48,000,000 | |||||||||||||||
Payments to acquire equity method investments | $ | 396,000,000 | |||||||||||||||
Brookedale MTCA | CCRC JV Investment | Other nonoperating income (expense) | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Loss (gain) upon change of control, net | $ | $ 170,000,000 | |||||||||||||||
Brookedale MTCA | 2019 Amended Master Lease | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Annual rent escalator | 2.40% | |||||||||||||||
Brookedale MTCA | Assets leased to others | 2019 Amended Master Lease | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of properties to be restructured | 24 | |||||||||||||||
Number of leases to be terminated (in properties) | lease | 1 | 1 | ||||||||||||||
Percent of sales proceeds | 6.50% | |||||||||||||||
Number of properties to be reallocated | 14 | |||||||||||||||
Amount of future rent to be paid | $ | $ 20,000,000 | |||||||||||||||
Brookedale MTCA | Assets leased to others | 2019 Amended Master Lease | Forecast | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Capital investment | $ | $ 35,000,000 | |||||||||||||||
Capital investment term | 5 years | |||||||||||||||
Annual percentage increase | 7.00% | |||||||||||||||
Brookedale MTCA | Other Non-Reporting Segment | Assets leased to others | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 13 | |||||||||||||||
Brookedale MTCA | Other Non-Reporting Segment | Assets leased to others | CCRC JV Investment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Property count | 13 | 13 | 13 | 13 | ||||||||||||
Brookedale MTCA | CCRC JV Investment | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Interest acquired | 51.00% | |||||||||||||||
Purchase cost | $ | $ 1,060,000,000 | |||||||||||||||
Non-cash lease and management fee termination loss (income), net | $ | $ 100,000,000 | |||||||||||||||
Brookedale MTCA | CCRC JV Investment | Forecast | ||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||
Number of assets to be sold | 2 |
Real Estate Transactions - 2020
Real Estate Transactions - 2020 Real Estate Investments (Details) $ in Thousands | Nov. 03, 2020USD ($) | Dec. 31, 2020USD ($)property | Nov. 30, 2020USD ($)property | Oct. 31, 2020USD ($)aproperty | Jul. 31, 2020USD ($)property | Apr. 30, 2020USD ($) | Jun. 30, 2019USD ($)property | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)asset | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Real Estate [Line Items] | |||||||||||
Proceeds from divestiture of interest in joint venture | $ 0 | $ 89,868 | $ 393,997 | ||||||||
Loss (gain) upon change of control, net | $ 16,000 | 159,973 | $ 168,023 | $ 9,154 | |||||||
Long-term debt, gross | $ 6,346,370 | $ 6,346,370 | |||||||||
Land | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | property | 1 | ||||||||||
Life Science JVs | |||||||||||
Real Estate [Line Items] | |||||||||||
Investment ownership percentage | 49.00% | 49.00% | |||||||||
Waldwick | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | property | 1 | ||||||||||
Investment ownership percentage | 100.00% | ||||||||||
Additional ownership percentage acquired | 15.00% | ||||||||||
Payments to acquire real estate joint ventures | $ 4,000 | ||||||||||
Gain on consolidation | $ 6,000 | ||||||||||
MBK JV | |||||||||||
Real Estate [Line Items] | |||||||||||
Proceeds from divestiture of interest in joint venture | $ 11,000 | ||||||||||
Long-term debt, gross | $ 36,000 | ||||||||||
Massachusetts | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 54,000 | ||||||||||
Massachusetts | Life Science JVs | |||||||||||
Real Estate [Line Items] | |||||||||||
Investment ownership percentage | 49.00% | 49.00% | |||||||||
San Francisco, California | |||||||||||
Real Estate [Line Items] | |||||||||||
Area of Land | a | 12 | ||||||||||
Payments to acquire land | $ 128,000 | ||||||||||
Number of adjacent sites currently held | property | 2 | ||||||||||
Payments for deposits on real estate acquisitions | $ 10,000 | ||||||||||
Life Science | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | asset | 3 | ||||||||||
Life Science | Land | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 27,000 | ||||||||||
Life Science | Massachusetts | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 610,000 | $ 320,000 | |||||||||
Number of properties acquired | property | 3 | ||||||||||
Medical Office | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | 1 | 7 | |||||||||
Medical Office | ARIZONA | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 27,000 | ||||||||||
Medical Office | Indiana, Missouri, Illinois | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 169,000 | ||||||||||
Number of properties acquired | property | 7 | ||||||||||
Medical Office | Texas | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 34,000 | ||||||||||
Number of properties acquired | property | 1 | ||||||||||
Senior Housing | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | property | 1 | ||||||||||
Investment ownership percentage | 100.00% | ||||||||||
Gain on consolidation | $ 12,000 | ||||||||||
Land parcel | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of properties acquired | property | 1 |
Real Estate Transactions - 2019
Real Estate Transactions - 2019 Real Estate Investments (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2020USD ($)property | Jul. 31, 2020property | Dec. 31, 2019USD ($)propertyasset | Jul. 31, 2019USD ($)facilityproperty | Jun. 30, 2019USD ($)property | May 31, 2019USD ($)property | Apr. 30, 2019USD ($)property | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)asset | Dec. 31, 2019USD ($)propertyasset | |
Real Estate [Line Items] | ||||||||||
Long-term debt, gross | $ 6,346,370 | |||||||||
Sierra Point Towers | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 245,000 | |||||||||
Number of properties acquired | property | 2 | |||||||||
Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | asset | 3 | |||||||||
Senior Housing | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | property | 1 | |||||||||
Payments to acquire outstanding equity interests | $ 24,000 | |||||||||
Investment ownership percentage | 100.00% | |||||||||
Gain on consolidation | $ 12,000 | |||||||||
Gain on consolidation, tax | $ 1,000 | |||||||||
Medical Office | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | 1 | 7 | ||||||||
Life Science facility | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 71,000 | |||||||||
Land | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | property | 1 | |||||||||
Land | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 27,000 | |||||||||
Senior Housing | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | property | 1 | |||||||||
Senior Housing | Senior Housing | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 284,000 | $ 113,000 | $ 445,000 | |||||||
Number of properties acquired | property | 5 | 3 | 9 | |||||||
Mortgage Debt | ||||||||||
Real Estate [Line Items] | ||||||||||
Long-term debt, gross | $ 36,000 | $ 12,000 | $ 112,000 | $ 50,000 | $ 216,780 | $ 12,000 | ||||
Boston | Life Science facility | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 228,000 | |||||||||
Number of properties acquired | facility | 4 | |||||||||
Cambridge, Massachusetts | Life Science facility | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 333,000 | |||||||||
Number of properties acquired | asset | 1 | |||||||||
Kansas | Medical Office | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 15,000 | |||||||||
Number of properties acquired | asset | 1 | |||||||||
Texas | Medical Office | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 9,000 | |||||||||
Number of properties acquired | property | 1 | |||||||||
San Diego | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of properties acquired | property | 1 | |||||||||
San Diego | Life Science facility | Life Science | ||||||||||
Real Estate [Line Items] | ||||||||||
Payments to acquire real estate | $ 16,000 | |||||||||
Assets leased to others | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of assets sold or transitioned | property | 37 | |||||||||
Assets leased to others | Senior Housing Operating Portfolio | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of assets sold or transitioned | property | 20 | |||||||||
SHOP JV | ||||||||||
Real Estate [Line Items] | ||||||||||
Investment ownership percentage | 54.00% | |||||||||
Purchase cost | $ 367,000 | $ 367,000 | ||||||||
Partner's ownership percentage | 46.50% | 46.50% | ||||||||
SHOP JV | Other Non-Reporting Segment | ||||||||||
Real Estate [Line Items] | ||||||||||
Investment ownership percentage | 53.50% | 53.50% | ||||||||
Purchase cost | $ 790,000 | $ 790,000 | ||||||||
SHOP JV | Assets leased to others | Other Non-Reporting Segment | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of assets sold or transitioned | property | 19 | |||||||||
SHOP JV | ||||||||||
Real Estate [Line Items] | ||||||||||
Gain (loss) on deconsolidation | $ 161,000 |
Real Estate Transactions - Cons
Real Estate Transactions - Construction, Tenant, and Other Capital Improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real estate acquisitions [Line Items] | |||
Funding for construction, tenant and other capital improvements | $ 788,895 | $ 677,274 | $ 560,875 |
Life Science | |||
Real estate acquisitions [Line Items] | |||
Funding for construction, tenant and other capital improvements | 573,999 | 499,956 | 396,431 |
Medical Office | |||
Real estate acquisitions [Line Items] | |||
Funding for construction, tenant and other capital improvements | 173,672 | 146,466 | 146,087 |
CCRC | |||
Real estate acquisitions [Line Items] | |||
Funding for construction, tenant and other capital improvements | 41,224 | 0 | 0 |
Other | |||
Real estate acquisitions [Line Items] | |||
Funding for construction, tenant and other capital improvements | $ 0 | $ 30,852 | $ 18,357 |
Dispositions of Real Estate a_3
Dispositions of Real Estate and Discontinued Operations - 2020 Dispositions of Real Estate (Details) | Jan. 31, 2020USD ($)property | Feb. 28, 2021USD ($)property | Jan. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Nov. 30, 2020USD ($)property | Oct. 31, 2020USD ($)property | Dec. 31, 2018property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 0 | $ 0 | $ 335,709,000 | |||||||
Gain (loss) on sales of real estate, net | 90,350,000 | (40,000) | 831,368,000 | |||||||
Spinoff | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) on sales of real estate, net | 193,000,000 | 23,000,000 | 55,000,000 | |||||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) on sales of real estate, net | $ 283,000,000 | $ 30,000,000 | 141,000,000 | |||||||
Brookedale MTCA | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) on sales of real estate, net | $ 164,000,000 | |||||||||
Number of properties disposed | property | 18 | 18 | 18 | |||||||
Senior Housing Triple Net | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 21 | |||||||||
Proceeds from sale of buildings | $ 428,000,000 | $ 26,000,000 | 35,000,000 | |||||||
Senior Housing Triple Net | Aegis NNN Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 358,000,000 | |||||||||
Gain (loss) on sales of real estate, net | $ 228,000,000 | |||||||||
Senior Housing Triple Net | Brookdale Triple Net Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 510,000,000 | |||||||||
Senior Housing Triple Net | HRA Triple Net Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 132,000,000 | |||||||||
Atria SHOP Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 13 | |||||||||
Proceeds from sale of buildings | $ 334,000,000 | |||||||||
Senior Housing Operating Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | 190,000,000 | 181,000,000 | 394,000,000 | |||||||
Senior Housing Operating Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 230,000,000 | |||||||||
Senior Housing Operating Portfolio | Atria SHOP Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 12 | |||||||||
Proceeds from sale of buildings | $ 312,000,000 | |||||||||
Gain (loss) on sales of real estate, net | $ 39,000,000 | |||||||||
Brookedale MTCA | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 19 | |||||||||
Medical Office | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | 136,000,000 | $ 28,000,000 | $ 25,000,000 | |||||||
MOB Land Parcels | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 3,000,000 | |||||||||
Senior Housing Triple Net | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 2 | 2 | ||||||||
Senior Housing Triple Net | Aegis NNN Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 10 | |||||||||
Senior Housing Triple Net | Sunrise Senior Housing Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 2 | |||||||||
Senior Housing Triple Net | Sunrise Senior Housing Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 2 | |||||||||
Senior Housing Triple Net | Brookdale Triple Net Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 24 | |||||||||
Senior Housing Triple Net | HRA Triple Net Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 8 | |||||||||
Medical Office | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 11 | 11 | 4 | |||||||
Medical Office | San Diego | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 3 | |||||||||
Senior Housing Operating Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 23 | 18 | 23 | |||||||
Senior Housing Operating Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 16 | |||||||||
Senior Housing Operating Portfolio | Sunrise Senior Housing Portfolio | Subsequent Event | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 32 | |||||||||
Proceeds from sale of buildings | $ 664,000,000 | |||||||||
Senior Housing Operating Portfolio | Sunrise Senior Housing Portfolio | Definitive Agreement Four | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 744,000,000 | |||||||||
Proceeds from deposits on real estate sales | $ 35,000,000 | |||||||||
Senior Housing Operating Portfolio | SLC SHOP Portfolio | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 7 | |||||||||
Senior Housing Operating Portfolio | SLC SHOP Portfolio | Definitive Agreement Four | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from sale of buildings | $ 115,000,000 | |||||||||
Proceeds from deposits on real estate sales | $ 3,000,000 | |||||||||
Senior Housing Operating Portfolio | Brookedale MTCA | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 8 | |||||||||
Other Non-Reporting Segment | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 1 | |||||||||
Proceeds from sale of buildings | $ 1,000,000 | |||||||||
MOB Land Parcels | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of assets to be sold | property | 2 |
Dispositions of Real Estate a_4
Dispositions of Real Estate and Discontinued Operations - Held for Sale and Discontinued Operations (Details) - property | Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Brookedale MTCA | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | 18 | 18 | 18 |
Held-for-sale | Senior Housing Triple Net | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties classified as held for sale | 41 | 90 | |
Held-for-sale | Medical Office | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties classified as held for sale | 6 | 2 | |
Held-for-sale | Senior Housing Operating Portfolio | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties classified as held for sale | 97 | 115 | |
Held-for-sale | Senior Housing Operating Portfolio Joint Venture | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties classified as held for sale | 1 | 4 |
Dispositions of Real Estate a_5
Dispositions of Real Estate and Discontinued Operations - Assets and Liabilities for Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate: | ||
Intangible assets, net | $ 25,000 | $ 82,000 |
Total assets of discontinued operations, net | 2,626,306 | 3,648,265 |
LIABILITIES | ||
Total liabilities of discontinued operations, net | 415,737 | 403,688 |
Allowance for doubtful accounts receivable | 5,873 | 4,178 |
Goodwill | 18,000 | 17,000 |
Held-for-sale | ||
Real estate: | ||
Buildings and improvements | 2,553,254 | 3,626,665 |
Development costs and construction in progress | 21,509 | 38,728 |
Land | 355,803 | 467,956 |
Accumulated depreciation and amortization | (615,708) | (861,557) |
Net real estate | 2,314,858 | 3,271,792 |
Investments in and advances to unconsolidated joint ventures | 5,842 | 51,134 |
Accounts receivable, net of allowance of $5,873 and $4,178 | 20,500 | 14,575 |
Cash and cash equivalents | 53,085 | 63,834 |
Restricted cash | 17,168 | 27,040 |
Intangible assets, net | 24,541 | 82,071 |
Right-of-use asset, net | 4,109 | 5,701 |
Other assets, net(1) | 103,965 | 125,502 |
Total assets of discontinued operations, net | 2,544,068 | 3,641,649 |
Total medical office assets held for sale, net | 82,238 | 6,616 |
Assets held for sale and discontinued operations, net | 2,626,306 | 3,648,265 |
LIABILITIES | ||
Mortgage debt | 318,876 | 296,879 |
Lease liability | 3,189 | 4,871 |
Accounts payable, accrued liabilities, and other liabilities | 79,411 | 83,392 |
Deferred revenue | 11,442 | 18,520 |
Total liabilities of discontinued operations, net | 412,918 | 403,662 |
Total liabilities related to medical office assets held for sale, net | 2,819 | 26 |
Liabilities related to assets held for sale and discontinued operations, net | 415,737 | 403,688 |
Goodwill | 29,000 | 30,000 |
Net Real Estate Assets | $ 73,000 | $ 7,000 |
Dispositions of Real Estate a_6
Dispositions of Real Estate and Discontinued Operations - Schedule of Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income tax benefit (expense) | $ 10,000 | $ 12,000 | $ 13,000 |
Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental and related revenues | 97,877 | 152,576 | 216,887 |
Resident fees and services | 621,253 | 583,653 | 400,557 |
Income from direct financing leases | 0 | 20,815 | 37,926 |
Total revenues | 719,130 | 757,044 | 655,370 |
Interest expense | 10,538 | 8,007 | 5,062 |
Depreciation and amortization | 143,194 | 224,798 | 144,819 |
Operating | 550,226 | 474,126 | 326,381 |
Transaction costs | 20,426 | 6,780 | 9,635 |
Impairments and loan loss reserves (recoveries), net | 201,344 | 208,229 | 44,343 |
Total costs and expenses | 925,728 | 921,940 | 530,240 |
Gain (loss) on sales of real estate, net | 460,144 | 22,940 | 94,618 |
Other income (expense), net | (110) | ||
Other income (expense), net | 5,475 | 17,060 | |
Total other income (expense), net | 465,619 | 40,000 | 94,508 |
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 259,021 | (124,896) | 219,638 |
Income tax benefit (expense) | 9,913 | 11,783 | 13,459 |
Equity income (loss) from unconsolidated joint ventures | (1,188) | (2,295) | 3,159 |
Income (loss) from discontinued operations | $ 267,746 | $ (115,408) | $ 236,256 |
Dispositions of Real Estate a_7
Dispositions of Real Estate and Discontinued Operations - Dispositions of Real Estate (Details) £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Nov. 30, 2019property | Nov. 30, 2018USD ($) | Aug. 31, 2018GBP (£) | Jun. 30, 2018USD ($) | Nov. 30, 2017property | Jan. 31, 2017USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Jun. 30, 2018GBP (£) | |
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 0 | $ 0 | $ 335,709,000 | |||||||||
Gain (loss) on sales of real estate, net | 90,350,000 | (40,000) | 831,368,000 | |||||||||
Fair value of net assets | $ 14,032,891,000 | 15,920,089,000 | 14,032,891,000 | |||||||||
U.K. Portfolio | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Noncontrolling interest (as a percent) | 49.00% | 49.00% | ||||||||||
U.K. Portfolio | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Gain (loss) on sales of real estate, net | $ 11,000,000 | |||||||||||
Interest sold | 49.00% | 51.00% | ||||||||||
Fair value of net assets | $ 507,000,000 | £ 382 | ||||||||||
Gross proceeds | 402,000,000 | |||||||||||
Foreign currency translation reclassified from OCI | $ 17,000,000 | |||||||||||
RIDEA II | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Gain (loss) on sales of real estate, net | $ 99,000,000 | |||||||||||
Investment ownership percentage | 40.00% | 40.00% | 40.00% | |||||||||
HCP/CPA/Brookdale JV | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Debt provided | $ 602,000,000 | |||||||||||
Debt provided by third-party | 360,000,000 | |||||||||||
Debt provided by entity | 242,000,000 | |||||||||||
Net proceeds from the RIDEA II transaction | $ 480,000,000 | |||||||||||
HCP/CPA/Brookdale JV | RIDEA II | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Debt provided by entity | $ 242,000,000 | |||||||||||
Consideration receivable from sale of ownership interest | 91,000,000 | |||||||||||
Proceeds from sale of asset | $ 332,000,000 | |||||||||||
Shoreline Technology Center | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 1,000,000,000 | |||||||||||
Gain (loss) on sale of assets | $ 726,000,000 | |||||||||||
U.K. Portfolio | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Investments | $ 105,000,000 | 105,000,000 | ||||||||||
Maria Mallaband Care Group loan | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of receivables | £ | £ 11 | |||||||||||
Senior Housing Operating Portfolio | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 190,000,000 | 181,000,000 | 394,000,000 | |||||||||
Senior Housing Triple Net | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 21 | |||||||||||
Proceeds from sale of buildings | $ 428,000,000 | 26,000,000 | 35,000,000 | |||||||||
Medical Office | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 136,000,000 | 28,000,000 | 25,000,000 | |||||||||
Life Science | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | 7,000,000 | 269,000,000 | ||||||||||
Undeveloped Life Science | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 35,000,000 | $ 3 | ||||||||||
Brookedale MTCA | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 19 | |||||||||||
Brookedale MTCA | Assets leased to others | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 377,000,000 | |||||||||||
Gain (loss) on sales of real estate, net | $ 40,000,000 | |||||||||||
Senior Housing Operating Portfolio | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 23 | 18 | 23 | |||||||||
Senior Housing Operating Portfolio | Brookedale MTCA | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 8 | |||||||||||
Senior Housing Operating Portfolio | Brookedale MTCA | Assets leased to others | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 4 | |||||||||||
Senior Housing Triple Net | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 2 | 2 | ||||||||||
Senior Housing Triple Net | Assets leased to others | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 2 | |||||||||||
Senior Housing Triple Net | Brookedale MTCA | Assets leased to others | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 11 | |||||||||||
Medical Office | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 11 | 11 | 4 | |||||||||
Life Science | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 1 | 4 | ||||||||||
Undeveloped Life Science | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of assets to be sold | property | 1 | 1 | ||||||||||
Non-Reportable Segment | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Proceeds from sale of buildings | $ 15,000,000 | |||||||||||
Number of properties disposed | property | 1 |
Impairments (Details)
Impairments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 42,909 | $ 17,708 | $ 10,917 | |
Number of real estate properties impaired | property | 3 | |||
Asset impairment charge | $ 18,000 | |||
Casualty related gain | 5,000 | |||
Other Operating Income (Expense) [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Casualty related gain | 2,000 | |||
Discontinued Operations | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | 201,000 | |||
Asset impairment charge | 9,000 | |||
Casualty related gain | $ 3,000 | |||
Senior Housing Triple Net, SHOP, And MOB [Member] | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 210,000 | |||
Senior Housing Operating Portfolio | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 10,000 | |||
Number of real estate properties impaired | property | 42 | 27 | 17 | |
Number of real estate properties impaired, candidates for potential sale | property | 1 | |||
Senior Housing Operating Portfolio | Held-for-sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of properties classified as held for sale | property | 97 | 115 | ||
Senior Housing Operating Portfolio | Underperformed assets | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of real estate properties impaired | property | 3 | |||
Senior Housing Triple Net | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of real estate properties impaired | property | 5 | 8 | ||
Senior Housing Triple Net | Held-for-sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of properties classified as held for sale | property | 41 | 90 | ||
Medical Office | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 4,000 | |||
Number of real estate properties impaired | property | 5 | 3 | ||
Number of properties intended to be demolished | property | 1 | |||
Number of real estate properties impaired, candidates for potential sale | property | 2 | |||
Medical Office | Held-for-sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of properties classified as held for sale | property | 6 | 2 | ||
MOB Land Parcels | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of real estate properties impaired | property | 1 | |||
Life Science | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 15,000 | |||
Number of properties intended to be demolished | property | 1 | |||
Life Science | Held-for-sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of properties classified as held for sale | property | 1 | |||
Senior Housing Triple Net, SHOP, MOB, and Other Non-Reportable | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 194,000 | |||
Senior Housing Triple Net, SHOP, MOB, and Other Non-Reportable | Discontinued Operations | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 189,000 | |||
Other Non-Reporting Segment | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Number of real estate properties impaired | property | 1 | |||
Senior Housing Operating Portfolio And Undeveloped Life Science | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 52,000 | |||
Senior Housing Operating Portfolio And Undeveloped Life Science | Discontinued Operations | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairments and loan loss reserves (recoveries), net | $ 44,000 | |||
Shop Assets, Senior Housing Triple-net Assets, MOBs, and Other Non-Reportable Asset | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Aggregate carrying value before impairment | $ 960,000 | $ 416,000 | ||
Real estate held-for-sale | 750,000 | 223,000 | ||
Minimum | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment calculation price range | $ 13 | $ 24 | ||
Market capitalization rate | 4.97% | |||
Terminal capitalization rate | 5.50% | |||
Discount rates | 8.00% | |||
Maximum | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment calculation price range | $ 300 | $ 125 | ||
Market capitalization rate | 8.27% | |||
Terminal capitalization rate | 7.50% | |||
Discount rates | 9.50% | |||
Weighted Average | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Impairment calculation price range | $ 164 | $ 73 | ||
Market capitalization rate | 6.22% |
Leases - Lease Income (Details)
Leases - Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Fixed income from operating leases | $ 943,638 | $ 853,545 | $ 829,774 |
Variable income from operating leases | 238,470 | 215,957 | 190,574 |
Interest income from direct financing leases | $ 9,720 | $ 16,666 | $ 16,349 |
Leases - Components of Net Inve
Leases - Components of Net Investment in DFLs (Details) $ in Thousands | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property |
Leases [Abstract] | ||
Present value of minimum lease payments receivable | $ 9,804 | $ 19,138 |
Present value of estimated residual value | 44,706 | 84,604 |
Less deferred selling profits | $ (9,804) | $ (19,138) |
Properties subject to direct financing leases | property | 1 | 2 |
Net investment in direct financing leases before allowance | $ 44,706 | $ 84,604 |
Leases - Internal Ratings For N
Leases - Internal Ratings For Net Investment, DFLs (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | $ 44,706 | $ 84,604 |
Percentage of DFL Portfolio | 100.00% | |
Medical Office | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | $ 44,706 | |
Percentage of DFL Portfolio | 100.00% | |
Performing DFLs | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | $ 44,706 | |
Performing DFLs | Medical Office | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | 44,706 | |
Watch List DFLs | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | 0 | |
Watch List DFLs | Medical Office | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | 0 | |
Workout DFLs | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | 0 | |
Workout DFLs | Medical Office | ||
Lessor, Lease, Description [Line Items] | ||
Net investment in direct financing leases before allowance | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)property | Jun. 30, 2019USD ($)facility | Mar. 31, 2019USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Capital Leased Assets [Line Items] | |||||||
Proceeds from sale of lease receivables | $ 82,000 | ||||||
Gain on sale of direct financing lease | $ 42,000 | ||||||
Conversion of DFLs to real estate | $ 0 | $ 350,540 | $ 0 | ||||
Intangible assets, net | $ 260,204 | $ 519,917 | $ 260,204 | ||||
Properties subject to direct financing leases (in properties) | property | 2 | 1 | 2 | ||||
Impairments and loan loss reserves (recoveries), net | $ 42,909 | $ 17,708 | $ 10,917 | ||||
Number Of Tenant Exercise Option To Purchase | property | 1 | ||||||
Purchase options land | $ 226,000 | $ 226,000 | |||||
Senior Housing Operating Portfolio | |||||||
Capital Leased Assets [Line Items] | |||||||
Proceeds from sale of lease receivables | $ 274,000 | ||||||
Number of leases disposed of (in facilities) | facility | 13 | ||||||
Impairments and loan loss reserves (recoveries), net | $ 10,000 | ||||||
DFL Portfolio | Watch List DFLs | Senior housing triple-net | |||||||
Capital Leased Assets [Line Items] | |||||||
Properties with derecognized carrying value during the period (in properties) | property | 14 | ||||||
Conversion of DFLs to real estate | $ 351,000 | ||||||
DFL Portfolio | Watch List DFLs | Senior Housing Operating Portfolio | |||||||
Capital Leased Assets [Line Items] | |||||||
Properties subject to direct financing leases (in properties) | property | 14 | ||||||
DFL Portfolio | Real Estate Investment | Watch List DFLs | Senior Housing Operating Portfolio | |||||||
Capital Leased Assets [Line Items] | |||||||
Real estate investment property, at cost | $ 331,000 | ||||||
DFL Portfolio | Finite-Lived Intangible Assets | Watch List DFLs | Senior Housing Operating Portfolio | |||||||
Capital Leased Assets [Line Items] | |||||||
Intangible assets, net | $ 20,000 |
Leases - Direct Financing Lease
Leases - Direct Financing Lease Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Direct financing lease, lease income | $ 17,000 | $ 24,000 |
Proceeds from lease payment, operating activity | $ 16,000 | $ 20,000 |
Leases - Future Minimum Rents,
Leases - Future Minimum Rents, DFLs (Details) $ in Thousands | Dec. 31, 2020USD ($) |
DFL, 842 | |
2021 | $ 8,601 |
2022 | 1,203 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Undiscounted minimum lease payments receivable | 9,804 |
Less: imputed interest | 0 |
Present value of minimum lease payments receivable | $ 9,804 |
Leases - Future Minimum Rents (
Leases - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Lease, 842 | |
2021 | $ 969,519 |
2022 | 929,437 |
2023 | 869,628 |
2024 | 774,641 |
2025 | 669,289 |
Thereafter | 2,431,032 |
Total | $ 6,643,546 |
Leases - Tenant Purchase Option
Leases - Tenant Purchase Options (Details) $ in Thousands | Dec. 31, 2020USD ($)property |
Leases [Abstract] | |
2021 | $ | $ 29,394 |
2022 | $ | 11,187 |
2023 | $ | 0 |
2024 | $ | 3,190 |
2025 | $ | 9,065 |
Thereafter | $ | 5,815 |
Total | $ | $ 58,651 |
Number of Properties | |
2021 | property | 12 |
2022 | property | 3 |
2023 | property | 0 |
2024 | property | 1 |
2025 | property | 13 |
Thereafter | property | 2 |
Total | property | 31 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Total lease expense | $ 13,601 | $ 11,852 | $ 10,569 |
Operating cash flows for operating leases | 9,940 | 8,158 | 7,326 |
ROU asset obtained in exchange for new lease liability, operating leases | $ 32,208 | $ 5,733 | $ 0 |
Weighted average remaining lease term, operating leases | 57 years | 51 years | |
Weighted average discount rate, operating leases | 4.26% | 4.36% |
Leases - Future Lease Obligatio
Leases - Future Lease Obligations (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Lease, 842 | |
2021 | $ 11,106 |
2022 | 11,262 |
2023 | 11,445 |
2024 | 10,246 |
2025 | 8,886 |
Thereafter | 469,453 |
Undiscounted minimum lease payments included in the lease liability | 522,398 |
Less: imputed interest | (342,503) |
Present value of lease liability | $ 179,895 |
Leases - Depreciation Expense (
Leases - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expense | |||
Lessor, Lease, Description [Line Items] | |||
Depreciation expense related to corporate assets | $ 2 | $ 2 | $ 4 |
Other Assets | |||
Lessor, Lease, Description [Line Items] | |||
Accumulated depreciation related to corporate assets | $ 6 | $ 4 |
Leases - Rent Deferrals (Detail
Leases - Rent Deferrals (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Medical Office | |
Lessor, Lease, Description [Line Items] | |
Rent deferred amount | $ 6 |
Life Science | |
Lessor, Lease, Description [Line Items] | |
Rent deferred amount | $ 1 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Unamortized discounts, fees, and costs | $ (222) | $ 863 |
Reserve for loan losses | (10,280) | 0 |
Loans receivable including loans receivable held for sale | 195,375 | 190,579 |
Remaining loans receivable commitments | 11,000 | 25,000 |
Loans receivable commitments | 81,000 | 174,000 |
Secured Mortgage Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | 161,530 | 161,964 |
Mezzanine and other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing receivable, gross | $ 44,347 | $ 27,752 |
Loans Receivable - 2020 Loans R
Loans Receivable - 2020 Loans Receivable Transactions (Details) | Nov. 03, 2020USD ($) | Dec. 31, 2020USD ($)property | Nov. 30, 2020USD ($)property | Mar. 31, 2020USD ($)property | Jan. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Oct. 31, 2019property |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 15 | ||||||
Loans receivable including loans receivable held for sale | $ 195,375,000 | $ 190,579,000 | |||||
Loss on sale of direct financing lease | $ (42,000,000) | ||||||
Mezzanine | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Number of loan receivables | property | 1 | ||||||
Total | $ 10,000,000 | ||||||
Proceeds from sale of receivables | $ 8,000,000 | ||||||
Loss on sale of direct financing lease | $ 2,000,000 | ||||||
Secured Mortgage Loans | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Number of loan receivables | property | 1 | ||||||
Total | $ 115,000,000 | ||||||
Proceeds from sale of receivables | 109,000,000 | ||||||
Loss on sale of direct financing lease | $ 6,000,000 | ||||||
Assets leased to others | Other Non-Reporting Segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 1 | ||||||
CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 15 | 15 | |||||
Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 13 | ||||||
Brookedale MTCA | CCRC JV Investment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 15 | ||||||
Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Property count | property | 13 | 13 | 13 | ||||
Loans receivable including loans receivable held for sale | $ 23,000,000 | $ 30,000,000 |
Loans Receivable - SHOP Seller
Loans Receivable - SHOP Seller Financing (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2021USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Loans receivable | |||||
Proceeds from sale of buildings | $ 0 | $ 0 | $ 335,709,000 | ||
Net cash provided by (used in) financing activities | 246,450,000 | 647,271,000 | (2,620,536,000) | ||
Senior Housing Operating Portfolio | |||||
Loans receivable | |||||
Proceeds from sale of buildings | $ 190,000,000 | $ 181,000,000 | $ 394,000,000 | ||
Subsequent Event | Senior Housing Operating Portfolio | |||||
Loans receivable | |||||
Proceeds from sale of buildings | $ 230,000,000 | ||||
Net cash provided by (used in) financing activities | 150,000,000 | ||||
Senior Housing Operating Portfolio | Subsequent Event | |||||
Loans receivable | |||||
Net cash provided by (used in) financing activities | $ 410,000,000 | ||||
Senior Housing Operating Portfolio | |||||
Loans receivable | |||||
Number of assets to be sold | property | 23 | 18 | 23 | ||
Redevelopment funding | $ 7,000,000 | ||||
Senior Housing Operating Portfolio | Atria SHOP Portfolio | |||||
Loans receivable | |||||
Number of assets to be sold | property | 4 | ||||
Proceeds from sale of buildings | $ 94,000,000 | ||||
Net cash provided by (used in) financing activities | $ 61,000,000 | ||||
Senior Housing Operating Portfolio | Subsequent Event | |||||
Loans receivable | |||||
Number of assets to be sold | property | 16 | ||||
Senior Housing Operating Portfolio | Florida | |||||
Loans receivable | |||||
Number of assets to be sold | property | 2 | ||||
Proceeds from sale of buildings | $ 56,000,000 | ||||
Net cash provided by (used in) financing activities | $ 45,000,000 | ||||
Redevelopment funding | $ 10,000,000 | ||||
Percent of estimated cost of redevelopment | 80.00% |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Loans Receivable by Origination Year (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Secured Mortgage Loans | |
Loans receivable | |
2020 | $ 95,800 |
2019 | 61,772 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | 157,572 |
Mezzanine And Other | |
Loans receivable | |
2020 | 23,263 |
2019 | 12,252 |
2018 | 0 |
2017 | 0 |
2016 | 2,288 |
Total | 37,803 |
Performing loans | Secured Mortgage Loans | |
Loans receivable | |
2020 | 95,800 |
2019 | 61,772 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | 157,572 |
Performing loans | Mezzanine And Other | |
Loans receivable | |
2020 | 23,263 |
2019 | 12,252 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | 35,515 |
Watch List DFLs | Secured Mortgage Loans | |
Loans receivable | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | 0 |
Watch List DFLs | Mezzanine And Other | |
Loans receivable | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 2,288 |
Total | 2,288 |
Workout DFLs | Secured Mortgage Loans | |
Loans receivable | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | 0 |
Workout DFLs | Mezzanine And Other | |
Loans receivable | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Total | $ 0 |
Loans Receivable - Loans Receiv
Loans Receivable - Loans Receivable Secured by Real Estate (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)loanproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Loans receivable | ||||
Number of Loans (in loans) | loan | 9 | |||
Face Amount of Mortgages | $ 161,530 | |||
Carrying Amount | 157,572 | $ 161,964 | $ 42,037 | $ 188,418 |
Interest income | 16,553 | 9,844 | 10,406 | |
Secured Mortgage Loans | ||||
Loans receivable | ||||
Interest income | $ 13,000 | $ 6,000 | $ 5,000 | |
Mortgage loan on real estate, Texas due 2021 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 1 | |||
Face Amount of Mortgages | $ 2,250 | |||
Carrying Amount | $ 2,250 | |||
Interest Rate | 7.50% | |||
Mortgage Loans On Real Estate Interest Senior Housing Facility Only Florida Due 2021 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 1 | |||
Face Amount of Mortgages | $ 8,289 | |||
Carrying Amount | $ 8,289 | |||
Interest Rate | 7.50% | |||
Mortgage loan on real estate, Florida and California due 2021 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 4 | |||
Face Amount of Mortgages | $ 61,018 | |||
Carrying Amount | $ 57,861 | |||
Interest Rate | 3.50% | |||
Mortgage loan on real estate, California due 2022 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 1 | |||
Face Amount of Mortgages | $ 25,000 | |||
Carrying Amount | $ 24,462 | |||
Interest Rate | 5.50% | |||
Number of properties acquired | property | 11 | |||
Mortgage loan on real estate, Florida due 2026 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 1 | |||
Face Amount of Mortgages | $ 51,716 | |||
Carrying Amount | $ 51,233 | |||
Interest Rate | 2.00% | |||
Mortgage loan on real estate, Florida due 2026 | LIBOR | ||||
Loans receivable | ||||
Interest Rate | 4.25% | |||
Mortgage loan on real estate, California due 2026 | ||||
Loans receivable | ||||
Number of Loans (in loans) | loan | 1 | |||
Face Amount of Mortgages | $ 13,257 | |||
Carrying Amount | $ 13,477 | |||
Interest Rate | 2.00% | |||
Mortgage loan on real estate, California due 2026 | LIBOR | ||||
Loans receivable | ||||
Interest Rate | 4.25% |
Loans Receivable - Loan Losses
Loans Receivable - Loan Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Reserve for loan losses, December 31, 2019 | $ 0 |
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings | 1,420 |
Provision for expected loan losses | 8,860 |
Reserve for loan losses, December 31, 2020 | 10,280 |
Credit loss reserve on unfunded loan commitments | 1,000 |
Credit loss expenses (recovery) | 18,000 |
Mezzanine | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Reserve for loan losses, December 31, 2019 | 0 |
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings | 513 |
Provision for expected loan losses | 2,639 |
Reserve for loan losses, December 31, 2020 | 3,152 |
Mezzanine and Other | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |
Reserve for loan losses, December 31, 2019 | 0 |
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings | 907 |
Provision for expected loan losses | 6,221 |
Reserve for loan losses, December 31, 2020 | $ 7,128 |
Loans Receivable - Tandem Healt
Loans Receivable - Tandem Health Care Loan (Details) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2018 | May 31, 2015 | |
Loans receivable | ||
Interest income related to loans | $ 3 | |
Tandem Health Care Loan | ||
Loans receivable | ||
Loans receivable, other | $ 257 | |
Write down of loans receivable | $ 112 |
Loans Receivable - U.K. Bridge
Loans Receivable - U.K. Bridge Loan (Details) $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018property | Mar. 31, 2018USD ($)property | Mar. 31, 2018GBP (£)property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2016GBP (£)property | |
Loans receivable | ||||||||
Loans receivable including loans receivable held for sale | $ | $ 195,375 | $ 190,579 | ||||||
Derecognition of U.K. Bridge Loan receivable | $ | $ 0 | $ 0 | $ 147,474 | |||||
Bridge Loan | MMCG | ||||||||
Loans receivable | ||||||||
Loans receivable including loans receivable held for sale | $ 131,000 | £ 105 | ||||||
Number of properties | property | 7 | 7 | 7 | 7 | ||||
Period of call-option retained | 3 years | |||||||
Derecognition of U.K. Bridge Loan receivable | £ | £ 105 | |||||||
Loss on consolidation | $ 41,000 | £ 29 | ||||||
Number of properties acquired (in properties) | property | 7 | 7 | 7 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 3 | |||
Advances to unconsolidated joint ventures, net | $ 0 | $ 76 | ||
Investments in and advances to unconsolidated joint ventures | 402,871 | 774,381 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 6,000 | 51,000 | ||
Preferred equity method investment, return percentage | 10.00% | |||
Discovery Naples JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 41.00% | |||
Discovery Sarasota JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 47.00% | |||
SHOP JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 19 | |||
Investment ownership percentage | 54.00% | |||
Equity method investments | $ 357,581 | 428,258 | ||
Life Science JVs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 1 | |||
Investment ownership percentage | 49.00% | |||
Equity method investments | $ 24,879 | 0 | ||
Medical Office JVs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 3 | |||
Equity method investments | $ 9,673 | 9,845 | ||
Medical Office JVs | Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 20.00% | |||
Medical Office JVs | Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 67.00% | |||
Other SHOP JVs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 0 | |||
Equity method investments | $ 9,157 | $ 10,372 | ||
Other SHOP JVs | Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 41.00% | |||
Other SHOP JVs | Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 47.00% | |||
CCRC JV Investment | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 2 | |||
Investment ownership percentage | 49.00% | 49.00% | 49.00% | |
Equity method investments | $ 1,581 | $ 325,830 | ||
Otay Ranch | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 90.00% | |||
Number of joint ventures | property | 1 | |||
HCP Ventures IV, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 20.00% | |||
H C P Ventures III, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 30.00% | |||
Suburban Properties, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment ownership percentage | 67.00% | |||
K&Y JVs | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of unconsolidated joint ventures | property | 1 | 1 | ||
Investment ownership percentage | 80.00% | |||
Proceeds from sale of equity method investments | $ 12,000 | $ 4,000 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, £ in Millions | Jan. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2020property | Oct. 31, 2019property |
Schedule of Equity Method Investments [Line Items] | ||||||||
Difference between carrying amount and underlying equity | $ (63,000) | $ 33,000 | $ (63,000) | |||||
Impairment charge | 6,000 | |||||||
Property count | property | 15 | |||||||
Losses on sales of investment real estate | $ (90,350) | 40 | $ (831,368) | |||||
CCRC JV Investment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Impairment charge | $ 12,000 | |||||||
Investment ownership percentage | 49.00% | 49.00% | 49.00% | 49.00% | ||||
U.K. JV | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment ownership percentage | 49.00% | 49.00% | ||||||
Proceeds from sale of equity method investments | $ 91,000 | £ 70 | ||||||
Loss on sale of properties | 7,000 | |||||||
Losses on sales of investment real estate | $ 1,000 | |||||||
Brookedale MTCA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Losses on sales of investment real estate | $ (164,000) | |||||||
Brookedale MTCA | CCRC JV Investment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest acquired | 51.00% | |||||||
CCRC JV Investment | Brookedale MTCA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Property count | property | 15 | |||||||
Assets leased to others | Other Non-Reporting Segment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Property count | property | 1 | |||||||
Assets leased to others | Other Non-Reporting Segment | Brookedale MTCA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Property count | property | 13 | |||||||
Assets leased to others | Other Non-Reporting Segment | CCRC JV Investment | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Property count | property | 15 | 15 | ||||||
Assets leased to others | Other Non-Reporting Segment | CCRC JV Investment | Brookedale MTCA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Property count | property | 13 | 13 | 13 |
Intangibles - Schedule of Intan
Intangibles - Schedule of Intangibles Lease Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangibles | ||
Gross intangible lease assets | $ 761,328 | $ 426,967 |
Accumulated depreciation and amortization | (241,411) | (166,763) |
Intangible assets, net | $ 519,917 | $ 260,204 |
Weighted average remaining amortization period in years | 5 years | 5 years |
Intangible assets, net | $ 25,000 | $ 82,000 |
Intangibles - Schedule of Int_2
Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangibles [Abstract] | ||
Gross intangible lease liabilities | $ 194,565 | $ 113,213 |
Accumulated depreciation and amortization | (50,366) | (38,222) |
Intangible liabilities, net | $ 144,199 | $ 74,991 |
Weighted average remaining amortization period in years | 8 years | 7 years |
Intangibles - Amortization of D
Intangibles - Amortization of Deferred Leasing Costs and Acquisition Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Intangibles | |||
Depreciation and amortization expense related to amortization of lease-up intangibles | $ 89,301 | $ 46,828 | $ 43,933 |
Rental and related revenues related to amortization of net below market lease liabilities | $ 11,717 | $ 6,319 | $ 5,341 |
Intangibles - Narrative (Detail
Intangibles - Narrative (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Mar. 31, 2020property | Jan. 31, 2020property | Oct. 31, 2019property | Jan. 01, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 15 | |||||
Weighted average remaining amortization period in years | 5 years | 5 years | ||||
Weighted average remaining amortization period in years | 8 years | 7 years | ||||
Finite-lived intangible assets, net | $ | $ 519,917 | $ 260,204 | ||||
Reclassification of intangible liabilities | $ | 144,199 | $ 74,991 | ||||
Accounting Standards Update 2016-12 | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets, net | $ | $ 39,000 | |||||
Reclassification of intangible liabilities | $ | $ 6,000 | |||||
Brookedale MTCA | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Finite-lived intangible assets acquired | $ | 352,000 | |||||
Intangible liabilities acquired | $ | $ 83,000 | |||||
Weighted average remaining amortization period in years | 7 years | |||||
Weighted average remaining amortization period in years | 9 years | |||||
CCRC JV Investment | Brookedale MTCA | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 15 | |||||
Other Non-Reporting Segment | Assets leased to others | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 1 | |||||
Other Non-Reporting Segment | Assets leased to others | Brookedale MTCA | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 13 | |||||
Other Non-Reporting Segment | CCRC JV Investment | Assets leased to others | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 15 | 15 | ||||
Other Non-Reporting Segment | CCRC JV Investment | Assets leased to others | Brookedale MTCA | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Property count | property | 13 | 13 | 13 |
Intangibles - Estimated Aggrega
Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Estimated aggregate amortization of Intangible Assets | ||
Intangible assets, net | $ 519,917 | $ 260,204 |
Rental and Related Revenues | ||
Estimated aggregate amortization of Intangible Assets | ||
2021 | 18,093 | |
2022 | 17,841 | |
2023 | 17,119 | |
2024 | 16,159 | |
2025 | 15,370 | |
Thereafter | 50,514 | |
Intangible assets, net | 135,096 | |
Depreciation and Amortization | ||
Estimated aggregate amortization of Intangible Assets | ||
2021 | 96,094 | |
2022 | 89,217 | |
2023 | 85,484 | |
2024 | 82,647 | |
2025 | 72,373 | |
Thereafter | 84,999 | |
Intangible assets, net | $ 510,814 |
Debt - Bank Line of Credit and
Debt - Bank Line of Credit and Term Loans (Details) | May 23, 2019USD ($)renewal_option | Dec. 31, 2020USD ($) | Dec. 31, 2019 | May 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 0.30% | 2.04% | ||
Line of Credit and Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, covenant debt to assets (as a percent) | 60.00% | |||
Debt instrument, covenant secured debt to assets (as a percent) | 40.00% | |||
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent) | 60.00% | |||
Debt instrument, covenant minimum fixed charge coverage ratio | 1.5 | |||
Debt instrument, covenant net worth | $ 7,000,000,000 | |||
Revolving Credit Facility | Bank Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 2,500,000,000 | |||
Number of extensions (in renewal options) | renewal_option | 2 | |||
Length of debt instrument extension period | 6 months | |||
Debt instrument, facility fee (as a percent) | 0.15% | |||
Line of credit facility additional aggregate amount, maximum | $ 750,000,000 | |||
Revolving Credit Facility | Bank Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Loan, basis spread on variable rate | 0.83% | |||
2019 Term Loan | Bank Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 250,000,000 | |||
Weighted-average interest rate (as a percent) | 1.14% | |||
2019 Term Loan | Bank Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Loan, basis spread on variable rate | 0.90% |
Debt - Commercial Paper Program
Debt - Commercial Paper Program (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||
Term of facility | 1 month | 1 month | |
Weighted-average interest rate (as a percent) | 0.30% | 2.04% | |
Commercial Paper Program | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,000,000,000 | ||
Short-term debt | $ 130,000,000 | $ 93,000,000 |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Details) - USD ($) | Jul. 09, 2020 | Jun. 24, 2020 | Nov. 21, 2019 | Jul. 22, 2019 | Jul. 16, 2018 | Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 23, 2020 | Jul. 08, 2019 | Jul. 05, 2019 | Nov. 08, 2018 |
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 6,346,370,000 | |||||||||||||
Senior unsecured notes | 5,697,586,000 | $ 5,647,993,000 | ||||||||||||
Loss on debt extinguishments | 42,912,000 | $ 58,364,000 | $ 44,162,000 | |||||||||||
Unsecured Note 4.250 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 250,000,000 | |||||||||||||
Interest rate (as a percent) | 4.25% | |||||||||||||
Unsecured Note 4.000% | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 350,000,000 | $ 250,000,000 | ||||||||||||
Interest rate (as a percent) | 4.00% | 4.00% | ||||||||||||
Loss on debt extinguishments | $ 22,000,000 | $ 35,000,000 | ||||||||||||
Senior Unsecured Debt 2.63% | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 800,000,000 | |||||||||||||
Interest rate (as a percent) | 2.63% | |||||||||||||
Unsecured Note 3.750 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 450,000,000 | |||||||||||||
Interest rate (as a percent) | 3.75% | |||||||||||||
Unsecured Note 5.375 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 700,000,000 | |||||||||||||
Interest rate (as a percent) | 5.38% | |||||||||||||
Loss on debt extinguishments | $ 44,000,000 | |||||||||||||
Senior Unsecured Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 5,750,000,000 | |||||||||||||
Senior unsecured notes | $ 0 | |||||||||||||
Senior Unsecured Notes | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss on debt extinguishments | $ 90,000,000 | |||||||||||||
Senior Unsecured Notes | Senior Unsecured Notes Due 2031 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 600,000,000 | |||||||||||||
Interest rate (as a percent) | 2.88% | |||||||||||||
Senior Unsecured Notes | Senior Unsecured Notes Due 2030 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 750,000,000 | |||||||||||||
Interest rate (as a percent) | 3.00% | |||||||||||||
Senior Unsecured Notes | Senior Unsecured Notes Due 2026 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 650,000,000 | |||||||||||||
Interest rate (as a percent) | 3.25% | |||||||||||||
Senior Unsecured Notes | Senior Unsecured Notes Due 2029 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 650,000,000 | |||||||||||||
Interest rate (as a percent) | 3.50% | |||||||||||||
Senior Unsecured Notes | Unsecured Note 3.15 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 300,000,000 | |||||||||||||
Interest rate (as a percent) | 3.15% | |||||||||||||
Loss on debt extinguishments | $ 18,000,000 | |||||||||||||
Senior Unsecured Notes | Unsecured Note 4.250 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount | $ 250,000,000 | |||||||||||||
Interest rate (as a percent) | 4.25% | 4.25% | ||||||||||||
Loss on debt extinguishments | $ 26,000,000 | |||||||||||||
Senior Unsecured Notes | Unsecured Note 4.000% | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 4.00% | 4.00% | ||||||||||||
Senior Unsecured Notes | Senior Unsecured Debt 2.63% | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 2.63% | |||||||||||||
Senior Unsecured Notes | Unsecured Note 5.375 Percent | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 5.38% | |||||||||||||
Senior Unsecured Notes | Senior Notes Due 2023 | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 4.25% | |||||||||||||
Repayment of senior unsecured notes | $ 112,000,000 | |||||||||||||
Senior Unsecured Notes | Senior Unsecured Notes Due 2024 | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 4.20% | |||||||||||||
Repayment of senior unsecured notes | $ 201,000,000 | |||||||||||||
Senior Unsecured Notes | 3.88% Senior Unsecured Notes Due 2024 | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate (as a percent) | 3.88% | |||||||||||||
Repayment of senior unsecured notes | $ 469,000,000 |
Debt - Mortgage Debt (Details)
Debt - Mortgage Debt (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2020USD ($)property | Jul. 31, 2019USD ($)property | Jun. 30, 2019property | May 31, 2019USD ($)property | Apr. 30, 2019property | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 6,346,370 | |||||||
Weighted-average interest rate (as a percent) | 0.30% | 2.04% | ||||||
Senior Housing | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties acquired | property | 1 | |||||||
Senior Housing | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties acquired | property | 1 | |||||||
Senior Housing | Senior Housing | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties acquired | property | 5 | 3 | 9 | |||||
Mortgage Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 36,000 | $ 112,000 | $ 50,000 | $ 216,780 | $ 12,000 | |||
Number of healthcare facilities used to secure debt (in facilities) | facility | 6 | 4 | ||||||
Debt instrument, collateral, healthcare facilities carrying value | $ 517,000 | $ 38,000 | ||||||
Debt instrument, periodic payment, principal | $ 18,000 | $ 4,000 | $ 5,000 | |||||
Weighted-average interest rate (as a percent) | 3.87% | 4.89% | 4.83% | 3.73% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | May 31, 2019 | |
Debt Instrument [Line Items] | |||||
2021 | $ 142,605 | ||||
2022 | 4,843 | ||||
2023 | 389,874 | ||||
2024 | 1,403,050 | ||||
2025 | 1,353,209 | ||||
Thereafter | 3,052,789 | ||||
Long-term debt, gross | 6,346,370 | ||||
(Discounts), premiums and debt costs, net | (48,391) | ||||
Long-term debt, excluding disposal group | 6,297,979 | ||||
Long-term debt | $ 6,616,855 | ||||
Weighted-average interest rate (as a percent) | 0.30% | 2.04% | |||
Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | $ 318,876 | ||||
Bank Line of Credit | |||||
Debt Instrument [Line Items] | |||||
2021 | 0 | ||||
2022 | 0 | ||||
2023 | 0 | ||||
2024 | 0 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Long-term debt, gross | 0 | ||||
(Discounts), premiums and debt costs, net | 0 | ||||
Long-term debt, excluding disposal group | 0 | ||||
Long-term debt | 0 | ||||
Bank Line of Credit | Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | 0 | ||||
Commercial Paper | |||||
Debt Instrument [Line Items] | |||||
2021 | 129,590 | ||||
2022 | 0 | ||||
2023 | 0 | ||||
2024 | 0 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Long-term debt, gross | 129,590 | ||||
(Discounts), premiums and debt costs, net | 0 | ||||
Long-term debt, excluding disposal group | 129,590 | ||||
Long-term debt | 129,590 | ||||
Commercial Paper | Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | 0 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
2021 | 0 | ||||
2022 | 0 | ||||
2023 | 0 | ||||
2024 | 250,000 | ||||
2025 | 0 | ||||
Thereafter | 0 | ||||
Long-term debt, gross | 250,000 | ||||
(Discounts), premiums and debt costs, net | (818) | ||||
Long-term debt, excluding disposal group | 249,182 | ||||
Long-term debt | 249,182 | ||||
Term Loan | Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | 0 | ||||
Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
2021 | 0 | ||||
2022 | 0 | ||||
2023 | 300,000 | ||||
2024 | 1,150,000 | ||||
2025 | 1,350,000 | ||||
Thereafter | 2,950,000 | ||||
Long-term debt, gross | 5,750,000 | ||||
(Discounts), premiums and debt costs, net | (52,414) | ||||
Long-term debt, excluding disposal group | 5,697,586 | ||||
Long-term debt | $ 5,697,586 | ||||
Weighted-average interest rate (as a percent) | 3.86% | ||||
Weighted-average maturity | 7 years | ||||
Senior Unsecured Notes | Debt Instrument 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 0.00% | ||||
Senior Unsecured Notes | Debt Instrument 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 0.00% | ||||
Senior Unsecured Notes | Debt Instrument 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.37% | ||||
Senior Unsecured Notes | Debt Instrument 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 4.17% | ||||
Senior Unsecured Notes | Debt Instrument 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.93% | ||||
Senior Unsecured Notes | Thereafter | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.67% | ||||
Senior Unsecured Notes | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.08% | ||||
Senior Unsecured Notes | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 6.87% | ||||
Senior Unsecured Notes | Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | $ 0 | ||||
Mortgage Debt | |||||
Debt Instrument [Line Items] | |||||
2021 | 13,015 | ||||
2022 | 4,843 | ||||
2023 | 89,874 | ||||
2024 | 3,050 | ||||
2025 | 3,209 | ||||
Thereafter | 102,789 | ||||
Long-term debt, gross | 216,780 | $ 36,000 | $ 12,000 | $ 112,000 | $ 50,000 |
(Discounts), premiums and debt costs, net | 4,841 | ||||
Long-term debt, excluding disposal group | 221,621 | ||||
Long-term debt | $ 540,497 | ||||
Weighted-average interest rate (as a percent) | 3.73% | 3.87% | 4.89% | 4.83% | |
Weighted-average maturity | 5 years | ||||
Mortgage Debt | Debt Instrument 2021 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.26% | ||||
Mortgage Debt | Debt Instrument 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 0.00% | ||||
Mortgage Debt | Debt Instrument 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.80% | ||||
Mortgage Debt | Debt Instrument 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 0.00% | ||||
Mortgage Debt | Debt Instrument 2025 | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 0.00% | ||||
Mortgage Debt | Thereafter | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.57% | ||||
Mortgage Debt | Minimum | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 3.42% | ||||
Mortgage Debt | Maximum | |||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.91% | ||||
Mortgage Debt | Held-for-sale | |||||
Debt Instrument [Line Items] | |||||
Debt on assets held for sale | $ 318,876 | ||||
Mortgage Debt | Held-for-sale | Debt Maturing In 2027 | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate (as a percent) | 1.34% | ||||
Mortgage Debt | Held-for-sale | Debt Maturing In 2044 | |||||
Debt Instrument [Line Items] | |||||
Weighted-average interest rate (as a percent) | 5.13% |
Commitments and Contingencies -
Commitments and Contingencies - Legal Proceedings (Details) | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation loss contingency accrued | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - DownREIT LLCs (Details) | Dec. 31, 2020property |
Indemnification Agreement | |
Loss Contingencies [Line Items] | |
Number of properties may be contributed in the agreement | 24 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Contractual Obligation (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Commitments | $ 317,012 |
Commitments related to assets classified as discontinued operations | 4,000 |
Construction Loan Commitments | |
Other Commitments [Line Items] | |
Commitments | 11,137 |
Lease and other contractual commitments | |
Other Commitments [Line Items] | |
Commitments | 109,126 |
Development Commitments | |
Other Commitments [Line Items] | |
Commitments | 196,749 |
Allowance for Tenant Improvement | |
Other Commitments [Line Items] | |
Commitments | $ 28,000 |
Commitments and Contingencies_4
Commitments and Contingencies - Credit Enhancement Guarantee (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Transaction cost | $ 11 |
Equity - Dividends (Details)
Equity - Dividends (Details) - $ / shares | Feb. 09, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Dividends declared per common share (in dollars per share) | $ 1.48 | $ 1.48 | $ 1.48 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per common share (in dollars per share) | $ 0.30 |
Equity - ATM Program (Details)
Equity - ATM Program (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Feb. 29, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 2,000,000 | |||||||
Forward rate per share (in usd per share) | $ 28.60 | |||||||
Issuance of common stock, net | $ 1,060,000,000 | $ 1,067,071,000 | $ 791,048,000 | $ 215,179,000 | ||||
At-The-Market Program | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Aggregate amount authorized | $ 1,250,000,000 | |||||||
Settlement alternatives, fair value (in shares) | 5,500,000 | 16,800,000 | 16,800,000 | 5,500,000 | ||||
Issuance of common stock, net | $ 528,000,000 | $ 171,000,000 | ||||||
Forward Equity Offering | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Option indexed to issuers equity, term | 1 year | 1 year | ||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 15,300,000 | 15,300,000 | ||||||
Forward rate per share (in usd per share) | $ 28.60 | $ 31.38 | $ 30.91 | |||||
Issuance of common stock, net | $ 422,000,000 | |||||||
Issuance of common stock, net (in shares) | 0 | |||||||
Aggregate amount remaining | $ 1,250,000,000 | |||||||
2019 ATM Program | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 2,000,000 | 20,300,000 | ||||||
Forward rate per share (in usd per share) | $ 35.23 | $ 31.44 | ||||||
2019 ATM Program, Settled | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Issuance of common stock, net (in shares) | 0 | |||||||
Forward contract, outstanding (in shares) | 0 | |||||||
A T M Direct Issuances | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Sale of stock (in usd per share) | $ 31.84 | $ 28.27 | $ 31.84 | $ 28.27 | ||||
A T M Direct Issuances | Common Stock | ||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||
Issuance of common stock, net | $ 189,000,000 | $ 154,000,000 | ||||||
Issuance of common stock, net (in shares) | 0 | 5,900,000 | 5,400,000 |
Equity - Forward Equity Offerin
Equity - Forward Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 2,000,000 | |||||||
Forward rate per share (in usd per share) | $ 28.60 | |||||||
Issuance of common stock, net | $ 1,060,000 | $ 1,067,071 | $ 791,048 | $ 215,179 | ||||
Proceeds from issuance of common stock | $ 57,000 | |||||||
2019 Forward Equity Offering | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 15,600,000 | |||||||
Forward rate per share (in usd per share) | $ 34.46 | |||||||
Issuance of common stock, net (in shares) | 0 | 0 | ||||||
Settlement alternatives, fair value (in shares) | 15,600,000 | 15,600,000 | ||||||
Issuance of common stock, net | $ 534,000 | |||||||
2019 Forward Equity Offering | Maximum | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Sale of stock (in usd per share) | $ 34.18 | $ 34.18 | ||||||
Forward Equity Offering | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Maximum shares issuable under forward equity sales agreement (in shares) | 15,300,000 | 15,300,000 | ||||||
Forward rate per share (in usd per share) | $ 28.60 | $ 31.38 | $ 30.91 | |||||
Issuance of common stock, net (in shares) | 0 | |||||||
Issuance of common stock, net | $ 422,000 | |||||||
Option indexed to issuers equity, term | 1 year | 1 year | ||||||
Forward Equity Offering | Maximum | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Sale of stock (in usd per share) | $ 27.66 | $ 27.66 |
Equity - Schedule of Other Comm
Equity - Schedule of Other Common Stock Activities (Details) - Common Stock - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Dividend Reinvestment and Stock Purchase Plan (in shares) | 181 | 336 | 237 |
Conversion of DownREIT units (in shares) | 120 | 213 | 3 |
Exercise of stock options (in shares) | 54 | 152 | 120 |
Vesting of restricted stock units (in shares) | 668 | 468 | 401 |
Repurchase of common stock (in shares) | 298 | 162 | 141 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Cumulative foreign currency translation adjustment | $ 0 | $ (1,023) |
Unrealized gains (losses) on derivatives, net | (81) | 1,314 |
Supplemental Executive Retirement Plan minimum liability and other | (3,604) | (3,148) |
Total accumulated other comprehensive income (loss) | $ (3,685) | $ (2,857) |
Equity - Noncontrolling Interes
Equity - Noncontrolling Interests Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)entityshares | Dec. 31, 2019USD ($) | |
Noncontrolling Interest [Line Items] | ||
Non-managing member unitholders | $ 199,158 | $ 204,355 |
Noncontrolling Interests | ||
Noncontrolling Interest [Line Items] | ||
Non-managing members DownREIT units outstanding (in shares) | shares | 5,000,000 | |
Conversion of DownREIT units (in shares) | shares | 7,000,000 | |
Number of DownREIT LLCs (in entities) | entity | 7 | |
Non-managing member unitholders | $ 199,000 | |
DownREIT unit, fair value | $ 221,000 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average incremental shares from forward equity sales agreements (in shares) | 201 | 2,771 | 0 |
Down R E I T | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,000 | 7,000 | 2,000 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator | |||||||||||
Income from continuing operations | $ (19,204) | $ (27,762) | $ 60,341 | $ 147,132 | $ 153,320 | $ (24,420) | $ 24,052 | $ 22,517 | $ 160,507 | $ 175,469 | $ 837,218 |
Noncontrolling interests' share in continuing operations | (14,394) | (14,558) | (12,294) | ||||||||
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc. | 146,113 | 160,911 | 824,924 | ||||||||
Participating securities' share in earnings | (2,416) | (1,543) | (2,669) | ||||||||
Income (loss) from continuing operations applicable to common shares | 143,697 | 159,368 | 822,255 | ||||||||
Income (loss) from discontinued operations | $ 169,449 | $ (31,819) | $ (5,292) | $ 135,408 | $ (105,961) | $ (17,888) | $ (34,032) | $ 42,473 | 267,746 | (115,408) | 236,256 |
Noncontrolling interests' share in discontinued operations | (296) | 27 | (87) | ||||||||
Net income (loss) applicable to common shares | 411,147 | 43,987 | 1,058,424 | ||||||||
Add: distributions on dilutive convertible units and other | 0 | 0 | 6,919 | ||||||||
Dilutive net income (loss) available to common shares | $ 411,147 | $ 43,987 | $ 1,065,343 | ||||||||
Denominator | |||||||||||
Basic weighted average shares outstanding (in shares) | 530,555 | 486,255 | 470,551 | ||||||||
Dilutive potential common shares - equity awards (in shares) | 300 | 309 | 168 | ||||||||
Weighted-average incremental shares from forward equity sales agreements (in shares) | 201 | 2,771 | 0 | ||||||||
Dilutive potential common shares - DownREIT conversions (in shares) | 0 | 0 | 4,668 | ||||||||
Diluted weighted average common shares (in shares) | 531,056 | 489,335 | 475,387 | ||||||||
Basic earnings (loss) per common share: | |||||||||||
Continuing operations (in dollars per share) | $ (0.04) | $ (0.06) | $ 0.10 | $ 0.28 | $ 0.30 | $ (0.06) | $ 0.04 | $ 0.04 | $ 0.27 | $ 0.33 | $ 1.75 |
Discontinued operations (in dollars per share) | 0.31 | (0.06) | (0.01) | 0.27 | (0.21) | (0.03) | (0.07) | 0.09 | 0.50 | (0.24) | 0.50 |
Net income (loss) applicable to common shares (in dollars per share) | 0.77 | 0.09 | 2.25 | ||||||||
Diluted earnings per common share | |||||||||||
Continuing operations (in dollars per share) | (0.04) | (0.06) | 0.10 | 0.28 | 0.30 | (0.06) | 0.04 | 0.04 | 0.27 | 0.33 | 1.74 |
Discontinued operations (in dollars per share) | $ 0.31 | $ (0.06) | $ (0.01) | $ 0.26 | $ (0.21) | $ (0.03) | $ (0.07) | $ 0.09 | 0.50 | (0.24) | 0.50 |
Net income (loss) applicable to common shares (in dollars per share) | $ 0.77 | $ 0.09 | $ 2.24 | ||||||||
Outstanding equity awards (in shares) | 1,000 | ||||||||||
Forward sales agreements that have been settled (in shares) | 32,000 | 21,000 | |||||||||
Forward sales agreements that have not been settled (in shares) | 30,000 |
Compensation Plans - Stock Base
Compensation Plans - Stock Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 01, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense recognized | $ 21 | $ 18 | $ 15 | |
Deferred compensation cost | $ 29 | |||
Total unrecognized compensation cost, period of recognition | 2 years | |||
Executive Vice President | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense recognized | $ 1 | |||
Former Chairman, Chief Executive Officer and President | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense recognized | $ 2 | |||
2006 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares available for future awards (in shares) | 0 | |||
2014 Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares available for future awards (in shares) | 27,000,000 | |||
Maximum number of shares reserved for awards (in shares) | 33,000,000 | |||
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit (in shares) | 18,000,000 |
Compensation Plans - Stock Opti
Compensation Plans - Stock Options (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options shares exercisable (in shares) | 0.5 | 0.6 | |
Common Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock options shares outstanding (in shares) | 0.5 | 0.6 | |
Proceeds received from options exercised | $ 2 | $ 5 | $ 2 |
Compensation Plans - Restricted
Compensation Plans - Restricted Stock Awards Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 3 years | ||
Restricted Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 3 years | ||
Percentage of performance metrics during performance period | 0.00% | ||
Restricted Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 6 years | ||
Percentage of performance metrics during performance period | 200.00% | ||
Restricted Stock and Performance Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares withheld to offset tax withholding obligations (in shares) | 298 | 162 | 141 |
Weighted-average remaining vesting period of restricted stock and restricted stock units | 2 years | ||
Total fair values (at vesting) of restricted stock and restricted stock units vested | $ 20 | $ 14 | $ 10 |
Compensation Plans - Schedule o
Compensation Plans - Schedule of Restricted Stock and RSUs Activity (Details) - Restricted Stock Units shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Unvested restricted stock and performance restricted stock units activity | |
Unvested at the beginning of the period (in shares) | shares | 1,700 |
Granted (in shares) | shares | 693 |
Vested (in shares) | shares | (668) |
Forfeited (in shares) | shares | (42) |
Unvested at the end of the period (in shares) | shares | 1,683 |
Weighted Average Grant Date Fair Value | |
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 28.56 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 39.79 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 31.30 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 31.55 |
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 32.02 |
Segment Disclosures - Narrative
Segment Disclosures - Narrative (Details) | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | Mar. 31, 2020property | Jan. 31, 2020facilityproperty | Oct. 31, 2019property | Nov. 30, 2017property | |
Segment Reporting Information [Line Items] | |||||||
Property count | property | 15 | ||||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | ||||
Goodwill | 18,000,000 | $ 17,000,000 | |||||
Other Non-Reporting Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of deconsolidating assets | facility | 19 | ||||||
Other Non-Reporting Segment | Operating segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 2,000,000 | $ 4,000,000 | |||||
Goodwill, transfers | (2,000,000) | ||||||
Senior Housing Operating Portfolio | |||||||
Segment Reporting Information [Line Items] | |||||||
Number of deconsolidating assets | property | 19 | ||||||
Senior Housing Operating Portfolio | Operating segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill, transfers | (1,000,000) | ||||||
Senior Housing Triple Net | Operating segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill, transfers | 1,000,000 | ||||||
Medical Office | Operating segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 14,000,000 | $ 13,000,000 | |||||
CCRC | Operating segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill | 2,000,000 | ||||||
Goodwill, transfers | $ 2,000,000 | ||||||
Assets leased to others | Other Non-Reporting Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | property | 1 | ||||||
Assets leased to others | Senior Housing Triple Net | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | property | 43 | 78 | |||||
CCRC JV Investment | CCRC | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | facility | 15 | ||||||
CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | property | 15 | 15 | |||||
Brookedale MTCA | Assets leased to others | Other Non-Reporting Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | property | 13 | ||||||
Brookedale MTCA | CCRC JV Investment | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | property | 15 | ||||||
Brookedale MTCA | CCRC JV Investment | CCRC | |||||||
Segment Reporting Information [Line Items] | |||||||
Property count | facility | 13 | ||||||
Brookedale MTCA | CCRC JV Investment | Assets leased to others | Other Non-Reporting Segment | |||||||
Segment Reporting Information [Line Items] | |||||||
Ownership interest acquired | 100.00% | ||||||
Property count | property | 13 | 13 | 13 |
Segment Disclosures - Summary I
Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | $ 431,697 | $ 423,565 | $ 408,559 | $ 381,054 | $ 318,920 | $ 321,079 | $ 307,037 | $ 293,303 | $ 1,644,875 | $ 1,240,339 | $ 1,191,320 |
Government grant income | 16,198 | ||||||||||
Less: Interest income | (16,553) | (9,844) | (10,406) | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 112,635 | 238,021 | 225,056 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 1,279 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | (34,836) | (31,830) | (14,232) | ||||||||
Operating expenses | (782,541) | (405,244) | (378,657) | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | (87,170) | (173,576) | (168,675) | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 10,354 | 8,632 | 1,615 | ||||||||
Adjustments to NOI | 71,828 | (15,169) | (5,625) | ||||||||
Adjusted NOI | 936,069 | 851,329 | 840,396 | ||||||||
Plus: Adjustments to NOI | (71,828) | 15,169 | 5,625 | ||||||||
Interest income | 16,553 | 9,844 | 10,406 | ||||||||
Interest expense | (218,336) | (217,612) | (261,280) | ||||||||
Depreciation and amortization | (553,949) | (435,191) | (404,681) | ||||||||
General and administrative | (93,237) | (92,966) | (96,702) | ||||||||
Transaction costs | (18,342) | (1,963) | (1,137) | ||||||||
Impairments and loan loss reserves (recoveries), net | (42,909) | (17,708) | (10,917) | ||||||||
Gain (loss) on sales of real estate, net | 90,350 | (40) | 831,368 | ||||||||
Loss on debt extinguishments | (42,912) | (58,364) | (44,162) | ||||||||
Other income (expense), net | 234,684 | 165,069 | 13,425 | ||||||||
Less: Government grant income | (16,198) | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | (26,744) | (64,445) | (56,381) | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 24,482 | 23,198 | 12,617 | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | (2,866) | 13,957 | 78,182 | 128,410 | 149,329 | (19,062) | 25,708 | 20,345 | 217,683 | 176,320 | 838,577 |
Income tax benefit (expense) | 9,423 | 5,479 | 4,396 | ||||||||
Equity income (loss) from unconsolidated joint ventures | (66,599) | (6,330) | (5,755) | ||||||||
Income from continuing operations | (19,204) | (27,762) | 60,341 | 147,132 | 153,320 | (24,420) | 24,052 | 22,517 | 160,507 | 175,469 | 837,218 |
Income (loss) from discontinued operations | 169,449 | (31,819) | (5,292) | 135,408 | (105,961) | (17,888) | (34,032) | 42,473 | 267,746 | (115,408) | 236,256 |
Net income (loss) | $ 150,245 | $ (59,581) | $ 55,049 | $ 282,540 | $ 47,359 | $ (42,308) | $ (9,980) | $ 64,990 | 428,253 | 60,061 | 1,073,474 |
Tax benefit recognized in conjunction with internal restructuring activities | 51,000 | ||||||||||
Deferred income tax expense (benefit) | (14,573) | (18,253) | (18,525) | ||||||||
Tax benefit recognized from CARES Act | 3,700 | ||||||||||
TRS | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 71,000 | (30,000) | (8,000) | ||||||||
Deferred income tax expense (benefit) | 33,000 | ||||||||||
Corporate Non-segment | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Government grant income | 0 | ||||||||||
Less: Interest income | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 0 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | 0 | 0 | 0 | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 0 | 0 | 0 | ||||||||
Adjustments to NOI | 0 | 0 | 0 | ||||||||
Adjusted NOI | 0 | 0 | 0 | ||||||||
Plus: Adjustments to NOI | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | (210,475) | (216,901) | (260,490) | ||||||||
Depreciation and amortization | 0 | 0 | (6) | ||||||||
General and administrative | (93,237) | (92,966) | (96,702) | ||||||||
Transaction costs | 0 | (1,963) | (1,137) | ||||||||
Impairments and loan loss reserves (recoveries), net | 0 | 0 | 0 | ||||||||
Gain (loss) on sales of real estate, net | 0 | 0 | 0 | ||||||||
Loss on debt extinguishments | (42,912) | (58,364) | (44,162) | ||||||||
Other income (expense), net | 5,133 | 8,848 | 3,821 | ||||||||
Less: Government grant income | 0 | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | 0 | 0 | 0 | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | (341,491) | (361,346) | (398,676) | ||||||||
Income tax benefit (expense) | 9,423 | 5,479 | 4,396 | ||||||||
Equity income (loss) from unconsolidated joint ventures | 0 | 0 | 0 | ||||||||
Income from continuing operations | (332,068) | (355,867) | (394,280) | ||||||||
Income (loss) from discontinued operations | 267,746 | (115,408) | 236,256 | ||||||||
Net income (loss) | (64,322) | (471,275) | (158,024) | ||||||||
CCRC | Operating Segment | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | 436,494 | 3,010 | 0 | ||||||||
Government grant income | 16,198 | ||||||||||
Less: Interest income | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 35,392 | 211,377 | 206,221 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 920 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | 0 | 0 | 0 | ||||||||
Operating expenses | (440,528) | (2,215) | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | (32,125) | (170,473) | (166,414) | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 0 | 0 | 0 | ||||||||
Adjustments to NOI | 97,072 | 16,985 | 15,504 | ||||||||
Adjusted NOI | 113,423 | 58,684 | 55,311 | ||||||||
Plus: Adjustments to NOI | (97,072) | (16,985) | (15,504) | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | (7,227) | 0 | 0 | ||||||||
Depreciation and amortization | (113,851) | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Transaction costs | (17,994) | 0 | 0 | ||||||||
Impairments and loan loss reserves (recoveries), net | 0 | 0 | 0 | ||||||||
Gain (loss) on sales of real estate, net | 0 | 0 | 0 | ||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||
Other income (expense), net | 187,844 | (5,665) | 0 | ||||||||
Less: Government grant income | (16,198) | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | (4,187) | (40,904) | (39,807) | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 0 | 0 | 0 | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 44,738 | (4,870) | 0 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Equity income (loss) from unconsolidated joint ventures | (1,547) | (16,313) | (10,847) | ||||||||
Income from continuing operations | 43,191 | (21,183) | (10,847) | ||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net income (loss) | 43,191 | (21,183) | (10,847) | ||||||||
Life Science | Operating Segment | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | 569,296 | 440,784 | 395,064 | ||||||||
Government grant income | 0 | ||||||||||
Less: Interest income | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 448 | 0 | 4,328 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 0 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | (239) | (187) | (117) | ||||||||
Operating expenses | (138,005) | (107,472) | (91,742) | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | (137) | 0 | (1,131) | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 72 | 59 | 44 | ||||||||
Adjustments to NOI | (20,133) | (22,103) | (9,718) | ||||||||
Adjusted NOI | 411,302 | 311,081 | 296,728 | ||||||||
Plus: Adjustments to NOI | 20,133 | 22,103 | 9,718 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | (234) | (277) | (316) | ||||||||
Depreciation and amortization | (217,921) | (168,339) | (140,480) | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Transaction costs | (236) | 0 | 0 | ||||||||
Impairments and loan loss reserves (recoveries), net | (14,671) | 0 | (7,639) | ||||||||
Gain (loss) on sales of real estate, net | 0 | 3,651 | 806,184 | ||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Less: Government grant income | 0 | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | (311) | 0 | (3,197) | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 167 | 128 | 73 | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 198,229 | 168,347 | 961,071 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Equity income (loss) from unconsolidated joint ventures | (40) | 0 | 575 | ||||||||
Income from continuing operations | 198,189 | 168,347 | 961,646 | ||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net income (loss) | 198,189 | 168,347 | 961,646 | ||||||||
Medical Office | Operating Segment | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | 622,398 | 621,171 | 596,399 | ||||||||
Government grant income | 0 | ||||||||||
Less: Interest income | 0 | 0 | 0 | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 2,772 | 2,810 | 2,695 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 0 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | (34,597) | (33,998) | (18,042) | ||||||||
Operating expenses | (204,008) | (201,620) | (195,362) | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | (1,129) | (1,107) | (1,053) | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 10,282 | 10,109 | 4,591 | ||||||||
Adjustments to NOI | (5,544) | (4,602) | (5,953) | ||||||||
Adjusted NOI | 390,174 | 392,763 | 383,275 | ||||||||
Plus: Adjustments to NOI | 5,544 | 4,602 | 5,953 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | (400) | (434) | (474) | ||||||||
Depreciation and amortization | (222,165) | (221,175) | (206,731) | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Transaction costs | 0 | 0 | 0 | ||||||||
Impairments and loan loss reserves (recoveries), net | (10,208) | (17,332) | (553) | ||||||||
Gain (loss) on sales of real estate, net | 90,390 | 3,139 | 4,428 | ||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||
Less: Government grant income | 0 | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | (1,643) | (1,703) | (1,642) | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 24,315 | 23,889 | 13,451 | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 276,007 | 183,749 | 197,707 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Equity income (loss) from unconsolidated joint ventures | 798 | 858 | 824 | ||||||||
Income from continuing operations | 276,805 | 184,607 | 198,531 | ||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net income (loss) | 276,805 | 184,607 | 198,531 | ||||||||
Other Non-Reporting Segment | Operating Segment | |||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||||||||||
Total revenues | 16,687 | 175,374 | 199,857 | ||||||||
Government grant income | 0 | ||||||||||
Less: Interest income | (16,553) | (9,844) | (10,406) | ||||||||
Healthpeak's share of unconsolidated joint venture total revenues | 74,023 | 23,834 | 11,812 | ||||||||
Healthpeak's share of unconsolidated joint venture government grant income | 359 | ||||||||||
Noncontrolling interests' share of consolidated joint venture total revenues | 0 | 2,355 | 3,927 | ||||||||
Operating expenses | 0 | (93,937) | (91,553) | ||||||||
Healthpeak's share of unconsolidated joint venture operating expenses | (53,779) | (1,996) | (77) | ||||||||
Noncontrolling interests' share of consolidated joint venture operating expenses | 0 | (1,536) | (3,020) | ||||||||
Adjustments to NOI | 433 | (5,449) | (5,458) | ||||||||
Adjusted NOI | 21,170 | 88,801 | 105,082 | ||||||||
Plus: Adjustments to NOI | (433) | 5,449 | 5,458 | ||||||||
Interest income | 16,553 | 9,844 | 10,406 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Depreciation and amortization | (12) | (45,677) | (57,464) | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Transaction costs | (112) | 0 | 0 | ||||||||
Impairments and loan loss reserves (recoveries), net | (18,030) | (376) | (2,725) | ||||||||
Gain (loss) on sales of real estate, net | (40) | (6,830) | 20,756 | ||||||||
Loss on debt extinguishments | 0 | 0 | 0 | ||||||||
Other income (expense), net | 41,707 | 161,886 | 9,604 | ||||||||
Less: Government grant income | 0 | ||||||||||
Less: Healthpeak's share of unconsolidated joint venture NOI | (20,603) | (21,838) | (11,735) | ||||||||
Plus: Noncontrolling interests' share of consolidated joint venture NOI | 0 | (819) | (907) | ||||||||
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures | 40,200 | 190,440 | 78,475 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Equity income (loss) from unconsolidated joint ventures | (65,810) | 9,125 | 3,693 | ||||||||
Income from continuing operations | (25,610) | 199,565 | 82,168 | ||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||
Net income (loss) | $ (25,610) | $ 199,565 | $ 82,168 |
Segment Disclosures - Revenues
Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Disclosure | |||||||||||
Total revenues | $ 431,697 | $ 423,565 | $ 408,559 | $ 381,054 | $ 318,920 | $ 321,079 | $ 307,037 | $ 293,303 | $ 1,644,875 | $ 1,240,339 | $ 1,191,320 |
Total assets | 15,920,089 | 14,032,891 | 15,920,089 | 14,032,891 | |||||||
Assets held for sale and discontinued operations, net | 2,626,306 | 3,648,265 | 2,626,306 | 3,648,265 | |||||||
Operating segment | |||||||||||
Segment Disclosure | |||||||||||
Gross assets | 14,583,020 | 11,402,124 | 14,583,020 | 11,402,124 | |||||||
Accumulated depreciation and amortization | (2,658,890) | (2,316,724) | (2,658,890) | (2,316,724) | |||||||
Total assets | 11,924,130 | 9,085,400 | 11,924,130 | 9,085,400 | |||||||
Operating segment | Life Science | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 569,296 | 440,784 | 395,064 | ||||||||
Gross assets | 7,205,949 | 5,688,659 | 7,205,949 | 5,688,659 | |||||||
Operating segment | Medical Office | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 622,398 | 621,171 | 596,399 | ||||||||
Gross assets | 5,197,777 | 5,061,351 | 5,197,777 | 5,061,351 | |||||||
Operating segment | CCRC | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 436,494 | 3,010 | 0 | ||||||||
Gross assets | 2,179,294 | 652,114 | 2,179,294 | 652,114 | |||||||
Operating segment | Other Non-reportable | |||||||||||
Segment Disclosure | |||||||||||
Total revenues | 16,687 | 175,374 | $ 199,857 | ||||||||
Total assets | 584,432 | 653,746 | 584,432 | 653,746 | |||||||
Other non-segment | |||||||||||
Segment Disclosure | |||||||||||
Total assets | $ 785,221 | $ 645,480 | $ 785,221 | $ 645,480 |
Income Taxes - Schedule of Comm
Income Taxes - Schedule of Common Stock Distribution (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||
Dividends (in dollars per share) | $ 1.4800 | $ 1.4800 | $ 1.4800 |
Qualified business income for purpose of Code Section 199A (in dollars per share) | 0.7139 | 0.7633 | 0.9414 |
Qualified dividend income for purposes of Code Section 1(h)(11) (in dollars per share) | 0.0164 | ||
Ordinary dividends | |||
Dividends Payable [Line Items] | |||
Dividends (in dollars per share) | 0.7139 | 0.7633 | 0.9578 |
Capital Gain Dividends | |||
Dividends Payable [Line Items] | |||
Dividends (in dollars per share) | 0.5298 | 0.2714 | 0.5222 |
Nondividend distributions | |||
Dividends Payable [Line Items] | |||
Dividends (in dollars per share) | $ 0.2363 | $ 0.4453 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||||||||||
Section 1231 gain (loss) | $ 0 | |||||||||||
Income (loss) from continuing operations before income taxes | 151,000,000 | $ 170,000,000 | $ 833,000,000 | |||||||||
Income (loss) before income taxes | $ (2,866,000) | $ 13,957,000 | $ 78,182,000 | $ 128,410,000 | $ 149,329,000 | $ (19,062,000) | $ 25,708,000 | $ 20,345,000 | 217,683,000 | 176,320,000 | 838,577,000 | |
Income tax benefit (expense) | 10,000,000 | 12,000,000 | 13,000,000 | |||||||||
Deferred income tax expense (benefit) | (14,573,000) | (18,253,000) | (18,525,000) | |||||||||
Net operating loss carryforward | 68,444,000 | 33,771,000 | 68,444,000 | 33,771,000 | 20,559,000 | |||||||
Unrecognized Tax Benefits | 469,000 | 469,000 | 469,000 | 469,000 | 0 | $ 0 | ||||||
Accrued interest | 70,000 | 70,000 | ||||||||||
Amount that tax basis of net assets is less than reported amounts | 1,500,000,000 | $ 1,200,000,000 | 1,500,000,000 | 1,200,000,000 | 1,400,000,000 | |||||||
UK | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (loss) before income taxes | (11,000,000) | |||||||||||
Down R E I T | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (loss) from continuing operations before income taxes | 80,000,000 | 200,000,000 | 852,000,000 | |||||||||
TRS | ||||||||||||
Operating Loss Carryforwards [Line Items] | ||||||||||||
Income (loss) before income taxes | 71,000,000 | $ (30,000,000) | $ (8,000,000) | |||||||||
Deferred income tax expense (benefit) | 33,000,000 | |||||||||||
Net operating loss carryforward | 283,000,000 | 283,000,000 | ||||||||||
Net operating loss carryforwards subject to expiration | 22,000,000 | 22,000,000 | ||||||||||
Net operating loss carryforwards not subject to expiration | $ 261,000,000 | $ 261,000,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (9,164) | $ 104 | $ 973 |
State | 1,431 | 445 | 3,883 |
Foreign | 0 | 0 | 84 |
Total current | (7,733) | 549 | 4,940 |
Federal | (2,849) | (5,920) | (2,681) |
State | 1,159 | (108) | (1,776) |
Foreign | 0 | 0 | (4,879) |
Total deferred | (1,690) | (6,028) | (9,336) |
Total income tax expense (benefit) from continuing operations | $ (9,423) | $ (5,479) | $ (4,396) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax expense (benefit) at U.S. federal statutory income tax rate on income or loss subject to tax | $ 15,016 | $ (6,169) | $ (7,027) |
State income tax expense (benefit), net of federal tax | 4,211 | (1,830) | 1,209 |
Gross receipts and margin taxes | 980 | 1,108 | 1,173 |
Foreign rate differential | 0 | 0 | 301 |
Effect of permanent differences | 0 | 20 | (55) |
Return to provision adjustments | 707 | 54 | 258 |
Valuation allowance for deferred tax assets | 24,051 | 22 | (255) |
Tax rate differential ─ NOL carryback under the CARES Act | (3,732) | 0 | 0 |
Change in tax status of TRS | (50,656) | 1,316 | 0 |
Total income tax expense (benefit) from continuing operations | $ (9,423) | $ (5,479) | $ (4,396) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Investment in unconsolidated joint ventures | $ 2,333 | $ 40,466 | $ 31,034 |
Real estate | 3,895 | 0 | 0 |
Net operating loss carryforward | 68,444 | 33,771 | 20,559 |
Expense accruals | 15,478 | 3,258 | 2,424 |
Deferred revenue | 103,713 | 0 | 0 |
Total gross deferred tax assets | 193,863 | 77,495 | 54,017 |
Valuation allowance | (33,519) | (4,878) | (295) |
Gross deferred tax assets, net of valuation allowance | 160,344 | 72,617 | 53,722 |
Real estate | 72,059 | 0 | 0 |
Other | 1,094 | 0 | 0 |
Gross deferred tax liabilities | 73,153 | 0 | 0 |
Net deferred tax assets | $ 87,191 | $ 72,617 | $ 53,722 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Total unrecognized tax benefits at January 1 | $ 469 | $ 0 | $ 0 |
Gross amount of increases for prior years' tax positions | 0 | 469 | 0 |
Total unrecognized tax benefits at December 31 | $ 469 | $ 469 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Supplemental (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental cash flow information: | |||
Interest paid, net of capitalized interest | $ 209,843 | $ 201,784 | $ 275,690 |
Income taxes paid (refunded) | (786) | 1,426 | 4,480 |
Capitalized interest | 27,041 | 30,459 | 21,056 |
Accrued construction costs | 95,293 | 126,006 | 88,826 |
Retained equity method investment from U.K. JV transaction | 0 | 0 | 104,922 |
Derecognition of U.K. Bridge Loan receivable | 0 | 0 | 147,474 |
Consolidation of net assets related to U.K. Bridge Loan | 0 | 0 | 106,457 |
Vesting of restricted stock units and conversion of non-managing member units into common stock | 4,746 | 5,614 | 537 |
Net noncash impact from the consolidation of previously unconsolidated joint ventures | 369,223 | 17,850 | 68,293 |
Mortgages assumed with real estate acquisitions | 251,280 | 172,565 | 8,457 |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | 307,954 | 0 | 0 |
Conversion of DFLs to real estate | 0 | 350,540 | 0 |
Retained investment in connection with SWF SH JV | 0 | 427,328 | 0 |
Seller financing provided on disposition of real estate asset | $ 73,498 | $ 44,812 | $ 0 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of cash flow information discontinued operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Depreciation and amortization of real estate, in-place lease, and other intangibles | $ 553,949 | $ 435,191 | $ 404,681 |
Development, redevelopment, and other major improvements of real estate | 791,566 | 626,904 | 503,643 |
Leasing costs, tenant improvements, and recurring capital expenditures | 94,121 | 108,844 | 106,193 |
Discontinued Operations | |||
Schedule of Equity Method Investments [Line Items] | |||
Depreciation and amortization of real estate, in-place lease, and other intangibles | 143,194 | 224,798 | 144,819 |
Development, redevelopment, and other major improvements of real estate | 30,769 | 74,919 | 62,995 |
Leasing costs, tenant improvements, and recurring capital expenditures | $ 12,695 | $ 22,617 | $ 1,705 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Summary of cash equivalents and restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | |||
Cash and cash equivalents | $ 44,226 | $ 80,398 | |
Restricted cash | 67,206 | 13,385 | |
Cash, cash equivalents and restricted cash | $ 111,432 | $ 93,783 | $ 61,145 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands, £ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2020property | Mar. 31, 2018USD ($) | Mar. 31, 2018GBP (£) | Dec. 31, 2020USD ($)joint_venturetenantassetentityproperty | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($)property | Jan. 31, 2020property | Mar. 31, 2018GBP (£) | Dec. 31, 2016GBP (£)property | |
Variable Interest Entity [Line Items] | |||||||||
Number of unconsolidated joint ventures | 3 | ||||||||
Term of facility | 1 month | 1 month | |||||||
Carrying value of exchange accommodation titleholder, carrying value | $ | $ 813,000 | ||||||||
Loans receivable including loans receivable held for sale | $ | 195,375 | $ 190,579 | |||||||
Fair value of net assets | $ | 15,920,089 | 14,032,891 | |||||||
Net deferred tax liabilities | $ | $ 8,575,517 | $ 7,365,417 | |||||||
Property count | 15 | ||||||||
VIE Tenants-Operating Leases | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties leased | 2 | ||||||||
Number of unconsolidated joint ventures | joint_venture | 4 | ||||||||
Number of VIE borrowers with marketable debt securities | joint_venture | 1 | ||||||||
Number of VIE borrowers with debt securities and loan | joint_venture | 1 | ||||||||
Number of VIE tenants | tenant | 1 | ||||||||
Unconsolidated joint ventures | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage | 49.00% | ||||||||
HCP Ventures V | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage | 51.00% | ||||||||
Life Science JVs | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of unconsolidated joint ventures | 1 | ||||||||
Ownership percentage | 99.00% | ||||||||
MSREI MOB JV | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Ownership percentage | 51.00% | ||||||||
DownREIT Partnerships | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Controlling interest entity controlling ownership interest | entity | 7 | ||||||||
Consolidated Lessees | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties leased | 7 | ||||||||
MMCG | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Loans receivable including loans receivable held for sale | $ 131,000 | £ 105 | |||||||
Number of properties | 7 | 7 | |||||||
Period of call-option retained | 3 years | ||||||||
Loss on consolidation | $ 41,000 | £ 29 | |||||||
Tax benefit | 3,000 | £ 2 | |||||||
Fair value of net assets | 5,000 | £ 4 | |||||||
Net deferred tax liabilities | 13,000 | 9 | |||||||
Property, Plant and Equipment | MMCG | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Fair value of net assets | $ 114,000 | £ 81 | |||||||
Other Non-Reporting Segment | Development Investment | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Property count | 2 | ||||||||
Senior Housing Triple Net | Loan-seller Financing | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of VIE tenants | tenant | 7 | ||||||||
Loans receivable | $ | $ 10,000 | ||||||||
Term of facility | 5 years | ||||||||
Medical Office | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties acquired | 1 | 7 | |||||||
Hospital | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties acquired | asset | 1 | ||||||||
Life Science | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Number of properties acquired | asset | 3 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Unconsolidated joint ventures | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure and carrying amount | $ 22,113 |
Loan - Seller Financing | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure and carrying amount | 2,288 |
CMBS and LLC investment | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure and carrying amount | 35,453 |
VIE tenants-operating leases | |
Variable Interest Entity [Line Items] | |
Maximum loss exposure and carrying amount | $ 186 |
Variable Interest Entities - Ba
Variable Interest Entities - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Buildings and improvements | $ 11,048,433 | $ 8,112,193 |
Development costs and construction in progress | 613,182 | 654,792 |
Land | 1,867,278 | 1,605,599 |
Accumulated depreciation and amortization | (2,409,135) | (2,141,960) |
Net real estate | 11,119,758 | 8,230,624 |
Accounts receivable, net | 42,269 | 44,842 |
Cash and cash equivalents | 44,226 | 80,398 |
Intangible assets, net | 519,917 | 260,204 |
Assets held for sale and discontinued operations, net | 2,626,306 | 3,648,265 |
Right-of-use asset, net | 192,349 | 167,316 |
Other assets, net | 665,106 | 538,293 |
Total assets | 15,920,089 | 14,032,891 |
Mortgage debt | 221,621 | 12,317 |
Intangible liabilities, net | 144,199 | 74,991 |
Liabilities related to assets held for sale and discontinued operations, net | 415,737 | 403,688 |
Lease liability | 179,895 | 152,400 |
Accounts payable, accrued liabilities, and other liabilities | 763,391 | 457,532 |
Deferred revenue | 774,316 | 274,554 |
Total liabilities | 8,575,517 | 7,365,417 |
Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Buildings and improvements | 2,988,599 | 2,498,524 |
Development costs and construction in progress | 85,595 | 67,244 |
Land | 433,574 | 410,903 |
Accumulated depreciation and amortization | (602,491) | (534,339) |
Net real estate | 2,905,277 | 2,442,332 |
Accounts receivable, net | 12,009 | 9,508 |
Cash and cash equivalents | 16,550 | 35,726 |
Restricted cash | 7,977 | 9,895 |
Intangible assets, net | 179,027 | 167,022 |
Assets held for sale and discontinued operations, net | 704,966 | 880,362 |
Right-of-use asset, net | 95,407 | 92,664 |
Other assets, net | 59,063 | 48,119 |
Total assets | 3,980,276 | 3,685,628 |
Mortgage debt | 39,085 | 44,199 |
Intangible liabilities, net | 56,467 | 39,545 |
Liabilities related to assets held for sale and discontinued operations, net | 190,919 | 187,544 |
Lease liability | 97,605 | 90,875 |
Accounts payable, accrued liabilities, and other liabilities | 102,391 | 112,301 |
Deferred revenue | 90,183 | 94,538 |
Total liabilities | 576,650 | 569,002 |
Discontinued Operations | Variable Interest Entity | ||
Variable Interest Entity [Line Items] | ||
Buildings and improvements | 639,759 | 737,581 |
Development costs and construction in progress | 68 | 41 |
Land | 106,209 | 115,673 |
Accumulated depreciation and amortization | (57,235) | (34,235) |
Net real estate | 688,801 | 819,060 |
Accounts receivable, net | 1,700 | 2,478 |
Cash and cash equivalents | 6,306 | 11,301 |
Restricted cash | 3,124 | 3,700 |
Intangible assets, net | 0 | 39,817 |
Right-of-use asset, net | 1,391 | 0 |
Other assets, net | 3,644 | 4,006 |
Total assets | 704,966 | 880,362 |
Mortgage debt | 176,702 | 174,567 |
Liabilities related to assets held for sale and discontinued operations, net | 11,003 | 10,531 |
Lease liability | 1,392 | 0 |
Deferred revenue | 1,822 | 2,446 |
Total liabilities | $ 190,919 | $ 187,544 |
Concentration of Credit Risk -
Concentration of Credit Risk - Schedule of Geographical Concentration of Credit Risk (Details) - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
California | Assets, Total | Continuing Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 30.00% | 31.00% | |
California | Assets, Total | Discontinued Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 4.00% | 6.00% | |
California | Sales Revenues | Continuing Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 21.00% | 22.00% | 22.00% |
California | Sales Revenues | Discontinued Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 6.00% | 6.00% | 4.00% |
Florida | Assets, Total | Continuing Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 10.00% | 2.00% | |
Florida | Assets, Total | Discontinued Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 4.00% | 6.00% | |
Florida | Sales Revenues | Continuing Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 14.00% | 2.00% | 2.00% |
Florida | Sales Revenues | Discontinued Operations | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 6.00% | 7.00% | 7.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of financial instruments | ||
Bank line of credit and commercial paper | $ 129,590 | $ 93,000 |
Senior unsecured notes | 5,697,586 | 5,647,993 |
Mortgage debt | 221,621 | 12,317 |
Carrying Value | ||
Summary of financial instruments | ||
Loans receivable, net | 195,375 | 190,579 |
Marketable debt securities | 20,355 | 19,756 |
Bank line of credit and commercial paper | 129,590 | 93,000 |
Term loan | 249,182 | 248,942 |
Senior unsecured notes | 5,697,586 | 5,647,993 |
Mortgage debt | 221,621 | 12,317 |
Interest-rate swap liabilities | 81 | 553 |
Carrying Value | Discontinued Operations | ||
Summary of financial instruments | ||
Mortgage debt | 319,000 | 297,000 |
Fair Value | Level 1 | ||
Summary of financial instruments | ||
Senior unsecured notes | 6,517,650 | 6,076,150 |
Fair Value | Level 2 | ||
Summary of financial instruments | ||
Loans receivable, net | 201,228 | 190,579 |
Marketable debt securities | 20,355 | 19,756 |
Bank line of credit and commercial paper | 129,590 | 93,000 |
Term loan | 249,182 | 248,942 |
Mortgage debt | 221,181 | 12,201 |
Interest-rate swap liabilities | $ 81 | $ 553 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Financial Instruments (Details) - Cash Flow | Dec. 31, 2020USD ($)derivative |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of interest-rate swap contracts (in derivatives) | derivative | 2 |
Interest-rate Swap Contracts | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional | $ 35,627,000 |
Pay Rate | 0.33% |
Fair Value | $ (81,000) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | Jun. 29, 2018 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Repayments of secured debt | $ 6,000 | ||||
Reclassification adjustment realized in net income (loss) | $ 13 | $ 1,023 | $ 18,088 | ||
Cross Currency Interest Rate Contract | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Reclassification adjustment realized in net income (loss) | $ 6,000 | ||||
Maximum | Interest-rate Swap Contracts | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $ 1,000 |
Accounts Payable, Accrued Lia_3
Accounts Payable, Accrued Liabilities, and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued interest | $ 78,735 | $ 69,960 |
Construction related accrued liabilities | 95,293 | 117,048 |
Refundable entrance fees | 317,444 | 0 |
Other accounts payable and accrued liabilities | 271,919 | 270,524 |
Accounts payable, accrued liabilities, and other liabilities | $ 763,391 | $ 457,532 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 431,697 | $ 423,565 | $ 408,559 | $ 381,054 | $ 318,920 | $ 321,079 | $ 307,037 | $ 293,303 | $ 1,644,875 | $ 1,240,339 | $ 1,191,320 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,866) | 13,957 | 78,182 | 128,410 | 149,329 | (19,062) | 25,708 | 20,345 | 217,683 | 176,320 | 838,577 |
Income (loss) from continuing operations | (19,204) | (27,762) | 60,341 | 147,132 | 153,320 | (24,420) | 24,052 | 22,517 | 160,507 | 175,469 | 837,218 |
Income (loss) from discontinued operations | 169,449 | (31,819) | (5,292) | 135,408 | (105,961) | (17,888) | (34,032) | 42,473 | 267,746 | (115,408) | 236,256 |
Net income (loss) | 150,245 | (59,581) | 55,049 | 282,540 | 47,359 | (42,308) | (9,980) | 64,990 | 428,253 | 60,061 | 1,073,474 |
Net income (loss) applicable to Healthpeak Properties, Inc. | $ 146,394 | $ (63,417) | $ 51,506 | $ 279,080 | $ 43,520 | $ (45,863) | $ (13,597) | $ 61,470 | $ 413,563 | $ 45,530 | $ 1,061,093 |
Dividends paid per common share (in dollars per share) | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | |||
Basic earnings (loss) per common share: | |||||||||||
Continuing operations (in dollars per share) | (0.04) | (0.06) | 0.10 | 0.28 | 0.30 | (0.06) | 0.04 | 0.04 | $ 0.27 | $ 0.33 | $ 1.75 |
Discontinued operations (in dollars per share) | 0.31 | (0.06) | (0.01) | 0.27 | (0.21) | (0.03) | (0.07) | 0.09 | 0.50 | (0.24) | 0.50 |
Diluted earnings (loss) per common share: | |||||||||||
Continuing operations (in dollars per share) | (0.04) | (0.06) | 0.10 | 0.28 | 0.30 | (0.06) | 0.04 | 0.04 | 0.27 | 0.33 | 1.74 |
Discontinued operations (in dollars per share) | $ 0.31 | $ (0.06) | $ (0.01) | $ 0.26 | $ (0.21) | $ (0.03) | $ (0.07) | $ 0.09 | $ 0.50 | $ (0.24) | $ 0.50 |
Schedule II_ Valuation and Qu_2
Schedule II: Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Continuing Operations | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 387 | $ 624 | $ 142,940 |
Additions | |||
Amounts Charged Against Operations, net | 76 | (146) | 3,366 |
Acquired Properties | 3,531 | 387 | 0 |
Deductions | |||
Uncollectible Accounts Written-off | 0 | 0 | (1,887) |
Dispositions | 0 | 0 | (143,795) |
Balance at End of Year | 3,994 | 387 | 624 |
Discontinued Operations | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | 4,178 | 27,173 | 26,434 |
Additions | |||
Amounts Charged Against Operations, net | 1,026 | 1,695 | 739 |
Acquired Properties | 175 | 928 | 0 |
Deductions | |||
Uncollectible Accounts Written-off | 0 | 0 | 0 |
Dispositions | 494 | (700) | 0 |
Balance at End of Year | $ 5,873 | 4,178 | 27,173 |
ASU 2016-02 | Continuing Operations | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | 146 | ||
Deductions | |||
Balance at End of Year | 146 | ||
ASU 2016-02 | Discontinued Operations | |||
Movement in Valuation Allowances and Reserves | |||
Balance at Beginning of Year | $ 2,255 | ||
Deductions | |||
Balance at End of Year | $ 2,255 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gross Amount at Which Carried As of Year End | ||||
Useful life of buildings and improvements | 60 years | |||
Held-for-sale | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | $ 0 | |||
Initial Cost to Company | ||||
Land | 22,193 | |||
Building and Improvements | 117,810 | |||
Costs Capitalized Subsequent to Acquisition | 7,870 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 22,413 | |||
Buildings and Improvements | 110,367 | |||
Total | (132,780) | |||
Accumulated Depreciation | 60,193 | |||
Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 318,876 | |||
Initial Cost to Company | ||||
Land | 355,602 | |||
Building and Improvements | 2,731,087 | |||
Costs Capitalized Subsequent to Acquisition | 186,281 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 355,803 | |||
Buildings and Improvements | 2,574,763 | |||
Total | (2,930,566) | $ (4,133,349) | $ (3,440,706) | $ (4,257,599) |
Accumulated Depreciation | 615,708 | $ 861,557 | $ 817,931 | $ 863,602 |
Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 221,621 | |||
Initial Cost to Company | ||||
Land | 1,831,267 | |||
Building and Improvements | 8,255,662 | |||
Costs Capitalized Subsequent to Acquisition | 3,884,718 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,867,278 | |||
Buildings and Improvements | 11,661,615 | |||
Total | (13,528,893) | |||
Accumulated Depreciation | 2,409,135 | |||
Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 3,777 | |||
Initial Cost to Company | ||||
Land | 1,321,296 | |||
Building and Improvements | 3,313,951 | |||
Costs Capitalized Subsequent to Acquisition | 2,505,811 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,323,724 | |||
Buildings and Improvements | 5,639,944 | |||
Total | (6,963,668) | |||
Accumulated Depreciation | 899,069 | |||
Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 7,127 | |||
Initial Cost to Company | ||||
Land | 370,205 | |||
Building and Improvements | 3,453,072 | |||
Costs Capitalized Subsequent to Acquisition | 1,304,180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 401,228 | |||
Buildings and Improvements | 4,457,929 | |||
Total | (4,859,157) | |||
Accumulated Depreciation | 1,428,797 | |||
Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 210,717 | |||
Initial Cost to Company | ||||
Land | 161,959 | |||
Building and Improvements | 1,606,449 | |||
Costs Capitalized Subsequent to Acquisition | 82,597 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 164,739 | |||
Buildings and Improvements | 1,674,109 | |||
Total | (1,838,848) | |||
Accumulated Depreciation | 141,462 | |||
Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 56,650 | |||
Building and Improvements | 571,516 | |||
Costs Capitalized Subsequent to Acquisition | 34,212 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 56,761 | |||
Buildings and Improvements | 583,387 | |||
Total | (640,148) | |||
Accumulated Depreciation | 208,050 | |||
Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 318,876 | |||
Initial Cost to Company | ||||
Land | 298,952 | |||
Building and Improvements | 2,159,571 | |||
Costs Capitalized Subsequent to Acquisition | 152,069 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 299,042 | |||
Buildings and Improvements | 1,991,376 | |||
Total | (2,290,418) | |||
Accumulated Depreciation | 407,658 | |||
1483 Brisbane CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,498 | |||
Building and Improvements | 500 | |||
Costs Capitalized Subsequent to Acquisition | 34,889 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,498 | |||
Buildings and Improvements | 35,389 | |||
Total | (43,887) | |||
Accumulated Depreciation | 0 | |||
1484 Brisbane CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,331 | |||
Building and Improvements | 689 | |||
Costs Capitalized Subsequent to Acquisition | 186,573 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,331 | |||
Buildings and Improvements | 187,262 | |||
Total | (198,593) | |||
Accumulated Depreciation | 0 | |||
1485 Brisbane CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,331 | |||
Building and Improvements | 600 | |||
Costs Capitalized Subsequent to Acquisition | 12,287 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,331 | |||
Buildings and Improvements | 12,886 | |||
Total | (24,217) | |||
Accumulated Depreciation | 0 | |||
1486 Brisbane, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,331 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 135,563 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,331 | |||
Buildings and Improvements | 135,563 | |||
Total | (146,894) | |||
Accumulated Depreciation | 5,144 | |||
1487 Brisbane, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,498 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 76,313 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,498 | |||
Buildings and Improvements | 76,313 | |||
Total | (84,811) | |||
Accumulated Depreciation | 0 | |||
2874 Brisbane CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 64,186 | |||
Building and Improvements | 62,318 | |||
Costs Capitalized Subsequent to Acquisition | 7,746 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 64,186 | |||
Buildings and Improvements | 69,954 | |||
Total | (134,140) | |||
Accumulated Depreciation | 4,177 | |||
2875 Brisbane CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 58,410 | |||
Building and Improvements | 56,623 | |||
Costs Capitalized Subsequent to Acquisition | 2,320 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 58,410 | |||
Buildings and Improvements | 58,933 | |||
Total | (117,343) | |||
Accumulated Depreciation | 4,102 | |||
1401 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 900 | |||
Building and Improvements | 7,100 | |||
Costs Capitalized Subsequent to Acquisition | 2,054 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,244 | |||
Buildings and Improvements | 7,957 | |||
Total | (9,201) | |||
Accumulated Depreciation | 2,652 | |||
1402 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,500 | |||
Building and Improvements | 6,400 | |||
Costs Capitalized Subsequent to Acquisition | 4,305 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,719 | |||
Buildings and Improvements | 6,812 | |||
Total | (8,531) | |||
Accumulated Depreciation | 2,151 | |||
1403 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,900 | |||
Building and Improvements | 7,100 | |||
Costs Capitalized Subsequent to Acquisition | 10,343 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,900 | |||
Buildings and Improvements | 15,738 | |||
Total | (17,638) | |||
Accumulated Depreciation | 4,208 | |||
1404 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Building and Improvements | 17,200 | |||
Costs Capitalized Subsequent to Acquisition | 3,872 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,200 | |||
Buildings and Improvements | 21,072 | |||
Total | (23,272) | |||
Accumulated Depreciation | 6,281 | |||
1405 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building and Improvements | 3,200 | |||
Costs Capitalized Subsequent to Acquisition | 8,110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 3,837 | |||
Total | (4,837) | |||
Accumulated Depreciation | 1,093 | |||
1549 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,006 | |||
Building and Improvements | 4,259 | |||
Costs Capitalized Subsequent to Acquisition | 4,494 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,055 | |||
Buildings and Improvements | 6,463 | |||
Total | (7,518) | |||
Accumulated Depreciation | 2,909 | |||
1550 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 677 | |||
Building and Improvements | 2,761 | |||
Costs Capitalized Subsequent to Acquisition | 5,837 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 710 | |||
Buildings and Improvements | 3,057 | |||
Total | (3,767) | |||
Accumulated Depreciation | 1,825 | |||
1551 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 661 | |||
Building and Improvements | 1,995 | |||
Costs Capitalized Subsequent to Acquisition | 4,632 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 693 | |||
Buildings and Improvements | 2,408 | |||
Total | (3,101) | |||
Accumulated Depreciation | 1,246 | |||
1552 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,187 | |||
Building and Improvements | 7,139 | |||
Costs Capitalized Subsequent to Acquisition | 2,543 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,222 | |||
Buildings and Improvements | 8,539 | |||
Total | (9,761) | |||
Accumulated Depreciation | 3,978 | |||
1553 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,189 | |||
Building and Improvements | 9,465 | |||
Costs Capitalized Subsequent to Acquisition | 7,361 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,225 | |||
Buildings and Improvements | 16,229 | |||
Total | (17,454) | |||
Accumulated Depreciation | 8,783 | |||
1554 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,246 | |||
Building and Improvements | 5,179 | |||
Costs Capitalized Subsequent to Acquisition | 3,560 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,283 | |||
Buildings and Improvements | 6,942 | |||
Total | (8,225) | |||
Accumulated Depreciation | 3,180 | |||
1555 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,521 | |||
Building and Improvements | 13,546 | |||
Costs Capitalized Subsequent to Acquisition | 6,982 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,566 | |||
Buildings and Improvements | 20,423 | |||
Total | (21,989) | |||
Accumulated Depreciation | 10,537 | |||
1556 Hayward CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,212 | |||
Building and Improvements | 5,120 | |||
Costs Capitalized Subsequent to Acquisition | 4,666 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,249 | |||
Buildings and Improvements | 6,797 | |||
Total | (8,046) | |||
Accumulated Depreciation | 3,209 | |||
1424 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,600 | |||
Building and Improvements | 25,283 | |||
Costs Capitalized Subsequent to Acquisition | 15,758 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,719 | |||
Buildings and Improvements | 36,698 | |||
Total | (46,417) | |||
Accumulated Depreciation | 10,356 | |||
1425 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,200 | |||
Building and Improvements | 19,883 | |||
Costs Capitalized Subsequent to Acquisition | 1,661 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,276 | |||
Buildings and Improvements | 21,376 | |||
Total | (27,652) | |||
Accumulated Depreciation | 7,245 | |||
1426 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,200 | |||
Building and Improvements | 12,412 | |||
Costs Capitalized Subsequent to Acquisition | 14,237 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,287 | |||
Buildings and Improvements | 23,209 | |||
Total | (30,496) | |||
Accumulated Depreciation | 9,536 | |||
1427 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,700 | |||
Building and Improvements | 16,983 | |||
Costs Capitalized Subsequent to Acquisition | 8,261 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,767 | |||
Buildings and Improvements | 22,714 | |||
Total | (31,481) | |||
Accumulated Depreciation | 9,812 | |||
1949 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,686 | |||
Building and Improvements | 11,045 | |||
Costs Capitalized Subsequent to Acquisition | 12,349 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,686 | |||
Buildings and Improvements | 22,956 | |||
Total | (25,642) | |||
Accumulated Depreciation | 3,873 | |||
2229 La Jolla CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,753 | |||
Building and Improvements | 32,528 | |||
Costs Capitalized Subsequent to Acquisition | 10,295 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,777 | |||
Buildings and Improvements | 42,351 | |||
Total | (51,128) | |||
Accumulated Depreciation | 8,871 | |||
1470 Poway CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,826 | |||
Building and Improvements | 12,200 | |||
Costs Capitalized Subsequent to Acquisition | 6,048 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,826 | |||
Buildings and Improvements | 12,542 | |||
Total | (18,368) | |||
Accumulated Depreciation | 4,146 | |||
1471 Poway CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,978 | |||
Building and Improvements | 14,200 | |||
Costs Capitalized Subsequent to Acquisition | 4,253 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,978 | |||
Buildings and Improvements | 14,200 | |||
Total | (20,178) | |||
Accumulated Depreciation | 4,763 | |||
1472 Poway CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,654 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 11,906 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,654 | |||
Buildings and Improvements | 11,906 | |||
Total | (20,560) | |||
Accumulated Depreciation | 2,504 | |||
1473 Poway, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,024 | |||
Building and Improvements | 2,405 | |||
Costs Capitalized Subsequent to Acquisition | 26,607 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,024 | |||
Buildings and Improvements | 29,013 | |||
Total | (40,037) | |||
Accumulated Depreciation | 4,830 | |||
1474 Poway, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,051 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,939 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,051 | |||
Buildings and Improvements | 19,939 | |||
Total | (24,990) | |||
Accumulated Depreciation | 866 | |||
1475 Poway, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,655 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10,302 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,655 | |||
Buildings and Improvements | 10,302 | |||
Total | (15,957) | |||
Accumulated Depreciation | 64 | |||
1478 Poway CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,700 | |||
Building and Improvements | 14,400 | |||
Costs Capitalized Subsequent to Acquisition | 6,145 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,700 | |||
Buildings and Improvements | 14,400 | |||
Total | (21,100) | |||
Accumulated Depreciation | 4,830 | |||
1499 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,400 | |||
Building and Improvements | 5,500 | |||
Costs Capitalized Subsequent to Acquisition | 2,326 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,407 | |||
Buildings and Improvements | 6,200 | |||
Total | (9,607) | |||
Accumulated Depreciation | 2,819 | |||
1500 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,500 | |||
Building and Improvements | 4,100 | |||
Costs Capitalized Subsequent to Acquisition | 1,220 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,506 | |||
Buildings and Improvements | 4,558 | |||
Total | (7,064) | |||
Accumulated Depreciation | 1,949 | |||
1501 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Building and Improvements | 4,600 | |||
Costs Capitalized Subsequent to Acquisition | 1,783 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,607 | |||
Buildings and Improvements | 5,940 | |||
Total | (9,547) | |||
Accumulated Depreciation | 2,259 | |||
1502 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,100 | |||
Building and Improvements | 5,100 | |||
Costs Capitalized Subsequent to Acquisition | 1,202 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,107 | |||
Buildings and Improvements | 5,931 | |||
Total | (9,038) | |||
Accumulated Depreciation | 2,464 | |||
1503 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,800 | |||
Building and Improvements | 17,300 | |||
Costs Capitalized Subsequent to Acquisition | 4,341 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,818 | |||
Buildings and Improvements | 19,908 | |||
Total | (24,726) | |||
Accumulated Depreciation | 6,323 | |||
1504 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,400 | |||
Building and Improvements | 15,500 | |||
Costs Capitalized Subsequent to Acquisition | 9,393 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,418 | |||
Buildings and Improvements | 24,858 | |||
Total | (30,276) | |||
Accumulated Depreciation | 7,213 | |||
1505 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building and Improvements | 3,500 | |||
Costs Capitalized Subsequent to Acquisition | 1,318 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,006 | |||
Buildings and Improvements | 4,410 | |||
Total | (7,416) | |||
Accumulated Depreciation | 2,033 | |||
1506 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Building and Improvements | 14,300 | |||
Costs Capitalized Subsequent to Acquisition | 14,666 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,018 | |||
Buildings and Improvements | 28,323 | |||
Total | (34,341) | |||
Accumulated Depreciation | 10,101 | |||
1507 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,900 | |||
Building and Improvements | 12,800 | |||
Costs Capitalized Subsequent to Acquisition | 17,586 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,912 | |||
Buildings and Improvements | 26,081 | |||
Total | (27,993) | |||
Accumulated Depreciation | 7,265 | |||
1508 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Building and Improvements | 11,300 | |||
Costs Capitalized Subsequent to Acquisition | 21,873 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,712 | |||
Buildings and Improvements | 27,599 | |||
Total | (30,311) | |||
Accumulated Depreciation | 4,771 | |||
1509 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Building and Improvements | 10,900 | |||
Costs Capitalized Subsequent to Acquisition | 10,476 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,712 | |||
Buildings and Improvements | 16,114 | |||
Total | (18,826) | |||
Accumulated Depreciation | 6,722 | |||
1510 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Building and Improvements | 12,000 | |||
Costs Capitalized Subsequent to Acquisition | 10,584 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,212 | |||
Buildings and Improvements | 18,660 | |||
Total | (20,872) | |||
Accumulated Depreciation | 5,030 | |||
1511 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,600 | |||
Building and Improvements | 9,300 | |||
Costs Capitalized Subsequent to Acquisition | 21,480 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,612 | |||
Buildings and Improvements | 30,156 | |||
Total | (32,768) | |||
Accumulated Depreciation | 4,430 | |||
1512 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,300 | |||
Building and Improvements | 18,000 | |||
Costs Capitalized Subsequent to Acquisition | 12,434 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,300 | |||
Buildings and Improvements | 30,406 | |||
Total | (33,706) | |||
Accumulated Depreciation | 13,158 | |||
1513 Redwood City CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,300 | |||
Building and Improvements | 17,900 | |||
Costs Capitalized Subsequent to Acquisition | 15,663 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,326 | |||
Buildings and Improvements | 29,671 | |||
Total | (32,997) | |||
Accumulated Depreciation | 11,980 | |||
678 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,603 | |||
Building and Improvements | 11,051 | |||
Costs Capitalized Subsequent to Acquisition | 3,166 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,603 | |||
Buildings and Improvements | 14,217 | |||
Total | (16,820) | |||
Accumulated Depreciation | 5,740 | |||
679 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,269 | |||
Building and Improvements | 23,566 | |||
Costs Capitalized Subsequent to Acquisition | 29,989 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,669 | |||
Buildings and Improvements | 49,855 | |||
Total | (55,524) | |||
Accumulated Depreciation | 16,747 | |||
837 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,630 | |||
Building and Improvements | 2,028 | |||
Costs Capitalized Subsequent to Acquisition | 9,120 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,630 | |||
Buildings and Improvements | 5,213 | |||
Total | (9,843) | |||
Accumulated Depreciation | 1,809 | |||
838 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,040 | |||
Building and Improvements | 903 | |||
Costs Capitalized Subsequent to Acquisition | 5,253 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,040 | |||
Buildings and Improvements | 4,203 | |||
Total | (6,243) | |||
Accumulated Depreciation | 982 | |||
839 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,940 | |||
Building and Improvements | 3,184 | |||
Costs Capitalized Subsequent to Acquisition | 6,849 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,047 | |||
Buildings and Improvements | 5,499 | |||
Total | (9,546) | |||
Accumulated Depreciation | 1,645 | |||
840 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,690 | |||
Building and Improvements | 4,579 | |||
Costs Capitalized Subsequent to Acquisition | 789 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,830 | |||
Buildings and Improvements | 4,802 | |||
Total | (10,632) | |||
Accumulated Depreciation | 2,084 | |||
1418 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,700 | |||
Building and Improvements | 31,243 | |||
Costs Capitalized Subsequent to Acquisition | 23,331 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,700 | |||
Buildings and Improvements | 48,212 | |||
Total | (59,912) | |||
Accumulated Depreciation | 9,190 | |||
1419 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,324 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 13,394 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,324 | |||
Buildings and Improvements | 13,394 | |||
Total | (15,718) | |||
Accumulated Depreciation | 0 | |||
1420 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,200 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,143 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,200 | |||
Buildings and Improvements | 19,143 | |||
Total | (23,343) | |||
Accumulated Depreciation | 0 | |||
1421 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building and Improvements | 33,779 | |||
Costs Capitalized Subsequent to Acquisition | 1,209 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,000 | |||
Buildings and Improvements | 34,988 | |||
Total | (41,988) | |||
Accumulated Depreciation | 12,176 | |||
1422 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,179 | |||
Building and Improvements | 3,687 | |||
Costs Capitalized Subsequent to Acquisition | 5,090 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,336 | |||
Buildings and Improvements | 8,581 | |||
Total | (15,917) | |||
Accumulated Depreciation | 4,194 | |||
1423 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,400 | |||
Building and Improvements | 33,144 | |||
Costs Capitalized Subsequent to Acquisition | 31,897 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,400 | |||
Buildings and Improvements | 65,033 | |||
Total | (73,433) | |||
Accumulated Depreciation | 11,140 | |||
1514 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,200 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,200 | |||
Buildings and Improvements | 0 | |||
Total | (5,200) | |||
Accumulated Depreciation | 0 | |||
1558 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,740 | |||
Building and Improvements | 22,654 | |||
Costs Capitalized Subsequent to Acquisition | 5,742 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,888 | |||
Buildings and Improvements | 12,308 | |||
Total | (20,196) | |||
Accumulated Depreciation | 9,197 | |||
1947 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,581 | |||
Building and Improvements | 10,534 | |||
Costs Capitalized Subsequent to Acquisition | 4,231 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,581 | |||
Buildings and Improvements | 14,765 | |||
Total | (17,346) | |||
Accumulated Depreciation | 5,461 | |||
1948 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,879 | |||
Building and Improvements | 25,305 | |||
Costs Capitalized Subsequent to Acquisition | 8,843 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,879 | |||
Buildings and Improvements | 31,843 | |||
Total | (37,722) | |||
Accumulated Depreciation | 8,548 | |||
2197 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,621 | |||
Building and Improvements | 3,913 | |||
Costs Capitalized Subsequent to Acquisition | 8,711 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,626 | |||
Buildings and Improvements | 11,328 | |||
Total | (18,954) | |||
Accumulated Depreciation | 4,360 | |||
2476 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,661 | |||
Building and Improvements | 9,918 | |||
Costs Capitalized Subsequent to Acquisition | 13,740 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,661 | |||
Buildings and Improvements | 23,659 | |||
Total | (31,320) | |||
Accumulated Depreciation | 221 | |||
2477 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,207 | |||
Building and Improvements | 14,613 | |||
Costs Capitalized Subsequent to Acquisition | 6,558 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,207 | |||
Buildings and Improvements | 21,171 | |||
Total | (30,378) | |||
Accumulated Depreciation | 4,054 | |||
2478 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,738 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,000 | |||
Buildings and Improvements | 2,738 | |||
Total | (8,738) | |||
Accumulated Depreciation | 0 | |||
2617 San Diego, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,734 | |||
Building and Improvements | 5,195 | |||
Costs Capitalized Subsequent to Acquisition | 16,693 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,734 | |||
Buildings and Improvements | 21,889 | |||
Total | (24,623) | |||
Accumulated Depreciation | 1,594 | |||
2618 San Diego, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,100 | |||
Building and Improvements | 12,395 | |||
Costs Capitalized Subsequent to Acquisition | 22,736 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,100 | |||
Buildings and Improvements | 35,131 | |||
Total | (39,231) | |||
Accumulated Depreciation | 3,286 | |||
2622 San Diego, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 17,012 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,012 | |||
Total | (17,012) | |||
Accumulated Depreciation | 359 | |||
2872 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,120 | |||
Building and Improvements | 38,351 | |||
Costs Capitalized Subsequent to Acquisition | 1,044 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,120 | |||
Buildings and Improvements | 39,996 | |||
Total | (50,116) | |||
Accumulated Depreciation | 3,835 | |||
2873 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,052 | |||
Building and Improvements | 14,122 | |||
Costs Capitalized Subsequent to Acquisition | 1,069 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,052 | |||
Buildings and Improvements | 15,406 | |||
Total | (21,458) | |||
Accumulated Depreciation | 1,405 | |||
3069 San Diego CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,054 | |||
Building and Improvements | 7,794 | |||
Costs Capitalized Subsequent to Acquisition | 13,477 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,054 | |||
Buildings and Improvements | 21,035 | |||
Total | (28,089) | |||
Accumulated Depreciation | 305 | |||
1407 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,182 | |||
Building and Improvements | 12,140 | |||
Costs Capitalized Subsequent to Acquisition | 10,608 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,186 | |||
Buildings and Improvements | 13,990 | |||
Total | (21,176) | |||
Accumulated Depreciation | 4,990 | |||
1408 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,000 | |||
Building and Improvements | 17,800 | |||
Costs Capitalized Subsequent to Acquisition | 1,498 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,000 | |||
Buildings and Improvements | 18,275 | |||
Total | (27,275) | |||
Accumulated Depreciation | 6,241 | |||
1409 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,000 | |||
Building and Improvements | 38,043 | |||
Costs Capitalized Subsequent to Acquisition | 4,703 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,000 | |||
Buildings and Improvements | 42,746 | |||
Total | (60,746) | |||
Accumulated Depreciation | 15,096 | |||
1410 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,900 | |||
Building and Improvements | 18,100 | |||
Costs Capitalized Subsequent to Acquisition | 12,945 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,900 | |||
Buildings and Improvements | 30,956 | |||
Total | (35,856) | |||
Accumulated Depreciation | 8,433 | |||
1411 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Building and Improvements | 27,700 | |||
Costs Capitalized Subsequent to Acquisition | 34,398 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,000 | |||
Buildings and Improvements | 62,014 | |||
Total | (70,014) | |||
Accumulated Depreciation | 11,551 | |||
1412 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,100 | |||
Building and Improvements | 22,521 | |||
Costs Capitalized Subsequent to Acquisition | 4,128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,100 | |||
Buildings and Improvements | 26,409 | |||
Total | (36,509) | |||
Accumulated Depreciation | 8,962 | |||
1413 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,000 | |||
Building and Improvements | 28,299 | |||
Costs Capitalized Subsequent to Acquisition | 8,561 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,000 | |||
Buildings and Improvements | 36,860 | |||
Total | (44,860) | |||
Accumulated Depreciation | 11,742 | |||
1414 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,700 | |||
Building and Improvements | 20,800 | |||
Costs Capitalized Subsequent to Acquisition | 2,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,700 | |||
Buildings and Improvements | 22,845 | |||
Total | (26,545) | |||
Accumulated Depreciation | 8,714 | |||
1430 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,700 | |||
Building and Improvements | 23,621 | |||
Costs Capitalized Subsequent to Acquisition | 23,711 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,700 | |||
Buildings and Improvements | 44,738 | |||
Total | (55,438) | |||
Accumulated Depreciation | 7,870 | |||
1431 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,000 | |||
Building and Improvements | 15,500 | |||
Costs Capitalized Subsequent to Acquisition | 10,057 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,000 | |||
Buildings and Improvements | 25,497 | |||
Total | (32,497) | |||
Accumulated Depreciation | 6,667 | |||
1435 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 13,800 | |||
Building and Improvements | 42,500 | |||
Costs Capitalized Subsequent to Acquisition | 37,058 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 13,800 | |||
Buildings and Improvements | 79,558 | |||
Total | (93,358) | |||
Accumulated Depreciation | 28,093 | |||
1436 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 14,500 | |||
Building and Improvements | 45,300 | |||
Costs Capitalized Subsequent to Acquisition | 36,935 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,500 | |||
Buildings and Improvements | 82,235 | |||
Total | (96,735) | |||
Accumulated Depreciation | 28,489 | |||
1437 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,400 | |||
Building and Improvements | 24,800 | |||
Costs Capitalized Subsequent to Acquisition | 50,146 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,400 | |||
Buildings and Improvements | 73,376 | |||
Total | (82,776) | |||
Accumulated Depreciation | 26,463 | |||
1439 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,900 | |||
Building and Improvements | 68,848 | |||
Costs Capitalized Subsequent to Acquisition | 444 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,900 | |||
Buildings and Improvements | 69,291 | |||
Total | (81,191) | |||
Accumulated Depreciation | 23,126 | |||
1440 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,000 | |||
Building and Improvements | 57,954 | |||
Costs Capitalized Subsequent to Acquisition | 400 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,000 | |||
Buildings and Improvements | 58,354 | |||
Total | (68,354) | |||
Accumulated Depreciation | 19,474 | |||
1441 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,300 | |||
Building and Improvements | 43,549 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,300 | |||
Buildings and Improvements | 43,557 | |||
Total | (52,857) | |||
Accumulated Depreciation | 14,611 | |||
1442 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,000 | |||
Building and Improvements | 47,289 | |||
Costs Capitalized Subsequent to Acquisition | 91 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,000 | |||
Buildings and Improvements | 47,380 | |||
Total | (58,380) | |||
Accumulated Depreciation | 15,940 | |||
1443 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 13,200 | |||
Building and Improvements | 60,932 | |||
Costs Capitalized Subsequent to Acquisition | 2,642 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 13,200 | |||
Buildings and Improvements | 63,574 | |||
Total | (76,774) | |||
Accumulated Depreciation | 21,733 | |||
1444 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,500 | |||
Building and Improvements | 33,776 | |||
Costs Capitalized Subsequent to Acquisition | 923 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,500 | |||
Buildings and Improvements | 34,699 | |||
Total | (45,199) | |||
Accumulated Depreciation | 11,675 | |||
1445 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,600 | |||
Building and Improvements | 34,083 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,600 | |||
Buildings and Improvements | 34,092 | |||
Total | (44,692) | |||
Accumulated Depreciation | 11,436 | |||
1458 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,900 | |||
Building and Improvements | 20,900 | |||
Costs Capitalized Subsequent to Acquisition | 8,917 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,909 | |||
Buildings and Improvements | 21,689 | |||
Total | (32,598) | |||
Accumulated Depreciation | 7,305 | |||
1459 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,600 | |||
Building and Improvements | 100 | |||
Costs Capitalized Subsequent to Acquisition | 5,533 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,600 | |||
Buildings and Improvements | 5,633 | |||
Total | (9,233) | |||
Accumulated Depreciation | 94 | |||
1460 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,300 | |||
Building and Improvements | 100 | |||
Costs Capitalized Subsequent to Acquisition | 440 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,300 | |||
Buildings and Improvements | 539 | |||
Total | (2,839) | |||
Accumulated Depreciation | 100 | |||
1461 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,900 | |||
Building and Improvements | 200 | |||
Costs Capitalized Subsequent to Acquisition | 745 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,900 | |||
Buildings and Improvements | 945 | |||
Total | (4,845) | |||
Accumulated Depreciation | 200 | |||
1462 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,117 | |||
Building and Improvements | 600 | |||
Costs Capitalized Subsequent to Acquisition | 5,877 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,117 | |||
Buildings and Improvements | 4,692 | |||
Total | (11,809) | |||
Accumulated Depreciation | 1,286 | |||
1463 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,381 | |||
Building and Improvements | 2,300 | |||
Costs Capitalized Subsequent to Acquisition | 20,929 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,381 | |||
Buildings and Improvements | 20,881 | |||
Total | (31,262) | |||
Accumulated Depreciation | 5,922 | |||
1464 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,403 | |||
Building and Improvements | 700 | |||
Costs Capitalized Subsequent to Acquisition | 11,638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,403 | |||
Buildings and Improvements | 7,987 | |||
Total | (15,390) | |||
Accumulated Depreciation | 2,053 | |||
1468 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,100 | |||
Building and Improvements | 24,013 | |||
Costs Capitalized Subsequent to Acquisition | 15,570 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,100 | |||
Buildings and Improvements | 35,828 | |||
Total | (45,928) | |||
Accumulated Depreciation | 9,801 | |||
1480 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 32,210 | |||
Building and Improvements | 3,110 | |||
Costs Capitalized Subsequent to Acquisition | 28,414 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 32,210 | |||
Buildings and Improvements | 31,523 | |||
Total | (63,733) | |||
Accumulated Depreciation | 0 | |||
1559 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,666 | |||
Building and Improvements | 5,773 | |||
Costs Capitalized Subsequent to Acquisition | 12,970 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,695 | |||
Buildings and Improvements | 18,645 | |||
Total | (24,340) | |||
Accumulated Depreciation | 15,958 | |||
1560 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,204 | |||
Building and Improvements | 1,293 | |||
Costs Capitalized Subsequent to Acquisition | 2,888 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,210 | |||
Buildings and Improvements | 3,970 | |||
Total | (5,180) | |||
Accumulated Depreciation | 1,868 | |||
1983 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,648 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 96,095 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,648 | |||
Buildings and Improvements | 96,095 | |||
Total | (104,743) | |||
Accumulated Depreciation | 20,291 | |||
1984 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,845 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 90,445 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,844 | |||
Buildings and Improvements | 90,069 | |||
Total | (97,913) | |||
Accumulated Depreciation | 16,677 | |||
1985 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,708 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 122,721 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,708 | |||
Buildings and Improvements | 122,721 | |||
Total | (129,429) | |||
Accumulated Depreciation | 19,127 | |||
1986 South San Francisco, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,708 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 108,425 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,708 | |||
Buildings and Improvements | 108,425 | |||
Total | (115,133) | |||
Accumulated Depreciation | 13,457 | |||
1987 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,544 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 100,645 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,544 | |||
Buildings and Improvements | 100,645 | |||
Total | (109,189) | |||
Accumulated Depreciation | 8,701 | |||
1988 South San Francisco, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,120 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 119,965 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,120 | |||
Buildings and Improvements | 119,965 | |||
Total | (130,085) | |||
Accumulated Depreciation | 10,610 | |||
1989 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,169 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 99,636 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,169 | |||
Buildings and Improvements | 99,636 | |||
Total | (108,805) | |||
Accumulated Depreciation | 3,904 | |||
2553 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,897 | |||
Building and Improvements | 8,691 | |||
Costs Capitalized Subsequent to Acquisition | 4,663 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,897 | |||
Buildings and Improvements | 13,354 | |||
Total | (16,251) | |||
Accumulated Depreciation | 2,511 | |||
2554 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 995 | |||
Building and Improvements | 2,754 | |||
Costs Capitalized Subsequent to Acquisition | 2,209 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 995 | |||
Buildings and Improvements | 4,963 | |||
Total | (5,958) | |||
Accumulated Depreciation | 1,040 | |||
2555 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,202 | |||
Building and Improvements | 10,776 | |||
Costs Capitalized Subsequent to Acquisition | 895 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,202 | |||
Buildings and Improvements | 11,604 | |||
Total | (13,806) | |||
Accumulated Depreciation | 1,735 | |||
2556 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,962 | |||
Building and Improvements | 15,108 | |||
Costs Capitalized Subsequent to Acquisition | 1,009 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,962 | |||
Buildings and Improvements | 16,117 | |||
Total | (19,079) | |||
Accumulated Depreciation | 2,371 | |||
2557 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,453 | |||
Building and Improvements | 13,063 | |||
Costs Capitalized Subsequent to Acquisition | 3,616 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,453 | |||
Buildings and Improvements | 16,679 | |||
Total | (19,132) | |||
Accumulated Depreciation | 3,187 | |||
2558 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,163 | |||
Building and Improvements | 5,925 | |||
Costs Capitalized Subsequent to Acquisition | 338 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,163 | |||
Buildings and Improvements | 6,263 | |||
Total | (7,426) | |||
Accumulated Depreciation | 881 | |||
2614 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,079 | |||
Building and Improvements | 8,584 | |||
Costs Capitalized Subsequent to Acquisition | 1,731 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,083 | |||
Buildings and Improvements | 9,662 | |||
Total | (14,745) | |||
Accumulated Depreciation | 3,763 | |||
2615 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,984 | |||
Building and Improvements | 13,495 | |||
Costs Capitalized Subsequent to Acquisition | 3,243 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,988 | |||
Buildings and Improvements | 14,809 | |||
Total | (22,797) | |||
Accumulated Depreciation | 6,010 | |||
2616 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,355 | |||
Building and Improvements | 14,121 | |||
Costs Capitalized Subsequent to Acquisition | 2,368 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,358 | |||
Buildings and Improvements | 15,057 | |||
Total | (23,415) | |||
Accumulated Depreciation | 5,642 | |||
2624 South San Francisco, CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 25,502 | |||
Building and Improvements | 42,910 | |||
Costs Capitalized Subsequent to Acquisition | 12,736 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 25,502 | |||
Buildings and Improvements | 55,517 | |||
Total | (81,019) | |||
Accumulated Depreciation | 6,378 | |||
2870 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 23,297 | |||
Building and Improvements | 41,797 | |||
Costs Capitalized Subsequent to Acquisition | 29,221 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 23,297 | |||
Buildings and Improvements | 71,019 | |||
Total | (94,316) | |||
Accumulated Depreciation | 4,879 | |||
2871 South San Francisco CA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 20,293 | |||
Building and Improvements | 41,262 | |||
Costs Capitalized Subsequent to Acquisition | 21,431 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20,293 | |||
Buildings and Improvements | 62,693 | |||
Total | (82,986) | |||
Accumulated Depreciation | 7,051 | |||
9999 Denton TX | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 100 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 0 | |||
Total | (100) | |||
Accumulated Depreciation | 0 | |||
2705 Cambridge, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 24,389 | |||
Building and Improvements | 128,586 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 24,389 | |||
Buildings and Improvements | 128,586 | |||
Total | (152,975) | |||
Accumulated Depreciation | 359 | |||
2706 Cambridge, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 15,381 | |||
Building and Improvements | 148,307 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 15,381 | |||
Buildings and Improvements | 148,307 | |||
Total | (163,688) | |||
Accumulated Depreciation | 454 | |||
2707 Cambridge, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 25,664 | |||
Building and Improvements | 230,509 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 25,664 | |||
Buildings and Improvements | 230,509 | |||
Total | (256,173) | |||
Accumulated Depreciation | 642 | |||
2708 Cambridge, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 17,764 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,764 | |||
Total | (17,764) | |||
Accumulated Depreciation | 37 | |||
2709 Cambridge, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 15,459 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 15,459 | |||
Total | (15,459) | |||
Accumulated Depreciation | 32 | |||
2928 Cambridge MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 44,215 | |||
Building and Improvements | 24,120 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 44,215 | |||
Buildings and Improvements | 24,120 | |||
Total | (68,335) | |||
Accumulated Depreciation | 2,263 | |||
2929 Cambridge MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 20,517 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 18,209 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20,517 | |||
Buildings and Improvements | 18,209 | |||
Total | (38,726) | |||
Accumulated Depreciation | 0 | |||
3074 Cambridge MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 78,762 | |||
Building and Improvements | 252,153 | |||
Costs Capitalized Subsequent to Acquisition | 8,945 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 78,762 | |||
Buildings and Improvements | 261,098 | |||
Total | (339,860) | |||
Accumulated Depreciation | 8,142 | |||
2630 Lexington, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 16,411 | |||
Building and Improvements | 49,681 | |||
Costs Capitalized Subsequent to Acquisition | 484 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 16,411 | |||
Buildings and Improvements | 50,165 | |||
Total | (66,576) | |||
Accumulated Depreciation | 7,144 | |||
2631 Lexington, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,759 | |||
Building and Improvements | 142,081 | |||
Costs Capitalized Subsequent to Acquisition | 22,777 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,759 | |||
Buildings and Improvements | 163,137 | |||
Total | (170,896) | |||
Accumulated Depreciation | 14,152 | |||
2632 Lexington MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 21,390 | |||
Costs Capitalized Subsequent to Acquisition | 111,746 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 133,136 | |||
Total | (133,136) | |||
Accumulated Depreciation | 379 | |||
3070 Lexington MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 14,013 | |||
Building and Improvements | 17,083 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,013 | |||
Buildings and Improvements | 17,083 | |||
Total | (31,096) | |||
Accumulated Depreciation | 938 | |||
3071 Lexington MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 14,930 | |||
Building and Improvements | 16,677 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,930 | |||
Buildings and Improvements | 16,677 | |||
Total | (31,607) | |||
Accumulated Depreciation | 1,190 | |||
3072 Lexington MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 35,469 | |||
Building and Improvements | 43,903 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 35,469 | |||
Buildings and Improvements | 43,903 | |||
Total | (79,372) | |||
Accumulated Depreciation | 2,685 | |||
3073 Lexington MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 37,050 | |||
Building and Improvements | 44,647 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 37,050 | |||
Buildings and Improvements | 44,647 | |||
Total | (81,697) | |||
Accumulated Depreciation | 2,578 | |||
3093 Waltham, MA | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 47,791 | |||
Building and Improvements | 275,556 | |||
Costs Capitalized Subsequent to Acquisition | 16,204 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 47,791 | |||
Buildings and Improvements | 291,760 | |||
Total | (339,551) | |||
Accumulated Depreciation | 6,212 | |||
2011 Durham NC | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 3,777 | |||
Initial Cost to Company | ||||
Land | 448 | |||
Building and Improvements | 6,152 | |||
Costs Capitalized Subsequent to Acquisition | 22,643 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 448 | |||
Buildings and Improvements | 23,136 | |||
Total | (23,584) | |||
Accumulated Depreciation | 5,112 | |||
2030 Durham NC | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,920 | |||
Building and Improvements | 5,661 | |||
Costs Capitalized Subsequent to Acquisition | 34,804 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,920 | |||
Buildings and Improvements | 40,465 | |||
Total | (42,385) | |||
Accumulated Depreciation | 12,823 | |||
464 Salt Lake City UT | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 630 | |||
Building and Improvements | 6,921 | |||
Costs Capitalized Subsequent to Acquisition | 2,562 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 630 | |||
Buildings and Improvements | 9,484 | |||
Total | (10,114) | |||
Accumulated Depreciation | 4,468 | |||
465 Salt Lake City UT | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 125 | |||
Building and Improvements | 6,368 | |||
Costs Capitalized Subsequent to Acquisition | 68 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 125 | |||
Buildings and Improvements | 6,436 | |||
Total | (6,561) | |||
Accumulated Depreciation | 2,823 | |||
466 Salt Lake City UT | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 14,614 | |||
Costs Capitalized Subsequent to Acquisition | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,688 | |||
Total | (14,688) | |||
Accumulated Depreciation | 5,855 | |||
799 Salt Lake City UT | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 14,600 | |||
Costs Capitalized Subsequent to Acquisition | 90 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,690 | |||
Total | (14,690) | |||
Accumulated Depreciation | 5,078 | |||
1593 Salt Lake City UT | Life Science | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 23,998 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 23,998 | |||
Total | (23,998) | |||
Accumulated Depreciation | 7,575 | |||
638 Anchorage AK | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,456 | |||
Building and Improvements | 10,650 | |||
Costs Capitalized Subsequent to Acquisition | 12,635 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,456 | |||
Buildings and Improvements | 22,369 | |||
Total | (23,825) | |||
Accumulated Depreciation | 9,319 | |||
0126 Sherwood, AR | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 709 | |||
Building and Improvements | 9,604 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 709 | |||
Buildings and Improvements | 9,599 | |||
Total | (10,308) | |||
Accumulated Depreciation | 6,284 | |||
2572 Springdale AR | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 27,714 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 27,714 | |||
Total | (27,714) | |||
Accumulated Depreciation | 3,665 | |||
520 Chandler AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,669 | |||
Building and Improvements | 13,503 | |||
Costs Capitalized Subsequent to Acquisition | 7,404 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,799 | |||
Buildings and Improvements | 19,499 | |||
Total | (23,298) | |||
Accumulated Depreciation | 7,178 | |||
0113 Glendale, AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,565 | |||
Building and Improvements | 7,050 | |||
Costs Capitalized Subsequent to Acquisition | 20 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,565 | |||
Buildings and Improvements | 7,225 | |||
Total | (8,790) | |||
Accumulated Depreciation | 4,795 | |||
2040 Mesa AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 17,314 | |||
Costs Capitalized Subsequent to Acquisition | 1,728 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 18,425 | |||
Total | (18,425) | |||
Accumulated Depreciation | 3,842 | |||
1066 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,115 | |||
Building and Improvements | 14,064 | |||
Costs Capitalized Subsequent to Acquisition | 5,245 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,839 | |||
Buildings and Improvements | 17,731 | |||
Total | (22,570) | |||
Accumulated Depreciation | 6,795 | |||
2021 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,312 | |||
Costs Capitalized Subsequent to Acquisition | 5,116 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 16,679 | |||
Total | (16,679) | |||
Accumulated Depreciation | 6,441 | |||
2022 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,179 | |||
Costs Capitalized Subsequent to Acquisition | 2,487 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,462 | |||
Total | (11,462) | |||
Accumulated Depreciation | 5,038 | |||
2023 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,398 | |||
Costs Capitalized Subsequent to Acquisition | 2,195 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,336 | |||
Total | (8,336) | |||
Accumulated Depreciation | 3,448 | |||
2024 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,522 | |||
Costs Capitalized Subsequent to Acquisition | 1,048 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 32 | |||
Buildings and Improvements | 10,473 | |||
Total | (10,505) | |||
Accumulated Depreciation | 3,929 | |||
2025 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,102 | |||
Costs Capitalized Subsequent to Acquisition | 2,355 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 6,193 | |||
Total | (6,193) | |||
Accumulated Depreciation | 2,815 | |||
2026 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 3,655 | |||
Costs Capitalized Subsequent to Acquisition | 2,213 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,614 | |||
Total | (5,614) | |||
Accumulated Depreciation | 1,922 | |||
2027 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,168 | |||
Costs Capitalized Subsequent to Acquisition | 2,960 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,758 | |||
Total | (9,758) | |||
Accumulated Depreciation | 3,647 | |||
2028 Scottsdale AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,659 | |||
Costs Capitalized Subsequent to Acquisition | 4,834 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,084 | |||
Total | (11,084) | |||
Accumulated Depreciation | 3,392 | |||
2696 Scottsdale, AZ | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 10,151 | |||
Building and Improvements | 14,925 | |||
Costs Capitalized Subsequent to Acquisition | 567 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,151 | |||
Buildings and Improvements | 15,492 | |||
Total | (25,643) | |||
Accumulated Depreciation | 553 | |||
1041 Brentwood CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 30,864 | |||
Costs Capitalized Subsequent to Acquisition | 3,135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 310 | |||
Buildings and Improvements | 32,826 | |||
Total | (33,136) | |||
Accumulated Depreciation | 12,367 | |||
1200 Encino CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,151 | |||
Building and Improvements | 10,438 | |||
Costs Capitalized Subsequent to Acquisition | 6,933 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,757 | |||
Buildings and Improvements | 14,895 | |||
Total | (21,652) | |||
Accumulated Depreciation | 6,286 | |||
1038 Fresno CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,652 | |||
Building and Improvements | 29,113 | |||
Costs Capitalized Subsequent to Acquisition | 21,935 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,652 | |||
Buildings and Improvements | 51,048 | |||
Total | (54,700) | |||
Accumulated Depreciation | 19,960 | |||
423 Irvine, CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,000 | |||
Building and Improvements | 70,800 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,001 | |||
Buildings and Improvements | 70,800 | |||
Total | (88,801) | |||
Accumulated Depreciation | 41,643 | |||
436 Murietta CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Building and Improvements | 9,266 | |||
Costs Capitalized Subsequent to Acquisition | 5,089 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 749 | |||
Buildings and Improvements | 12,116 | |||
Total | (12,865) | |||
Accumulated Depreciation | 7,182 | |||
239 Poway CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,700 | |||
Building and Improvements | 10,839 | |||
Costs Capitalized Subsequent to Acquisition | 5,485 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,013 | |||
Buildings and Improvements | 13,421 | |||
Total | (16,434) | |||
Accumulated Depreciation | 8,020 | |||
2654 Riverside, CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,758 | |||
Building and Improvements | 9,908 | |||
Costs Capitalized Subsequent to Acquisition | 448 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,758 | |||
Buildings and Improvements | 10,319 | |||
Total | (13,077) | |||
Accumulated Depreciation | 1,373 | |||
318 Sacramento CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,860 | |||
Building and Improvements | 37,566 | |||
Costs Capitalized Subsequent to Acquisition | 27,514 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,911 | |||
Buildings and Improvements | 63,537 | |||
Total | (66,448) | |||
Accumulated Depreciation | 18,888 | |||
2404 Sacramento CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,268 | |||
Building and Improvements | 5,109 | |||
Costs Capitalized Subsequent to Acquisition | 1,067 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,299 | |||
Buildings and Improvements | 6,005 | |||
Total | (7,304) | |||
Accumulated Depreciation | 1,592 | |||
421 San Diego CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,910 | |||
Building and Improvements | 19,984 | |||
Costs Capitalized Subsequent to Acquisition | 16,414 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,964 | |||
Buildings and Improvements | 35,025 | |||
Total | (37,989) | |||
Accumulated Depreciation | 13,073 | |||
564 San Jose CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,935 | |||
Building and Improvements | 1,728 | |||
Costs Capitalized Subsequent to Acquisition | 3,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,935 | |||
Buildings and Improvements | 3,255 | |||
Total | (5,190) | |||
Accumulated Depreciation | 1,448 | |||
565 San Jose CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,460 | |||
Building and Improvements | 7,672 | |||
Costs Capitalized Subsequent to Acquisition | 1,046 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,460 | |||
Buildings and Improvements | 8,207 | |||
Total | (9,667) | |||
Accumulated Depreciation | 3,677 | |||
659 Los Gatos CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,718 | |||
Building and Improvements | 3,124 | |||
Costs Capitalized Subsequent to Acquisition | 693 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,758 | |||
Buildings and Improvements | 3,363 | |||
Total | (5,121) | |||
Accumulated Depreciation | 1,471 | |||
439 Valencia CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,300 | |||
Building and Improvements | 6,967 | |||
Costs Capitalized Subsequent to Acquisition | 4,278 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,404 | |||
Buildings and Improvements | 9,029 | |||
Total | (11,433) | |||
Accumulated Depreciation | 5,022 | |||
1211 Valencia CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,344 | |||
Building and Improvements | 7,507 | |||
Costs Capitalized Subsequent to Acquisition | 940 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,384 | |||
Buildings and Improvements | 6,124 | |||
Total | (7,508) | |||
Accumulated Depreciation | 2,878 | |||
440 West Hills CA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,100 | |||
Building and Improvements | 11,595 | |||
Costs Capitalized Subsequent to Acquisition | 5,355 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,259 | |||
Buildings and Improvements | 12,506 | |||
Total | (14,765) | |||
Accumulated Depreciation | 7,017 | |||
728 Aurora CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,764 | |||
Costs Capitalized Subsequent to Acquisition | 3,913 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,480 | |||
Total | (9,480) | |||
Accumulated Depreciation | 4,048 | |||
1196 Aurora CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 210 | |||
Building and Improvements | 12,362 | |||
Costs Capitalized Subsequent to Acquisition | 7,836 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 19,185 | |||
Total | (19,395) | |||
Accumulated Depreciation | 6,296 | |||
1197 Aurora CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 200 | |||
Building and Improvements | 8,414 | |||
Costs Capitalized Subsequent to Acquisition | 6,651 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 285 | |||
Buildings and Improvements | 14,229 | |||
Total | (14,514) | |||
Accumulated Depreciation | 5,141 | |||
127 Colorado Springs, CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 690 | |||
Building and Improvements | 8,338 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 690 | |||
Buildings and Improvements | 8,415 | |||
Total | (9,105) | |||
Accumulated Depreciation | 5,502 | |||
882 Colorado Springs CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,933 | |||
Costs Capitalized Subsequent to Acquisition | 11,426 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 20,122 | |||
Total | (20,122) | |||
Accumulated Depreciation | 7,719 | |||
1199 Denver CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 493 | |||
Building and Improvements | 7,897 | |||
Costs Capitalized Subsequent to Acquisition | 2,705 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 622 | |||
Buildings and Improvements | 9,497 | |||
Total | (10,119) | |||
Accumulated Depreciation | 3,959 | |||
808 Englewood CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,616 | |||
Costs Capitalized Subsequent to Acquisition | 9,877 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11 | |||
Buildings and Improvements | 16,236 | |||
Total | (16,247) | |||
Accumulated Depreciation | 8,467 | |||
809 Englewood CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,449 | |||
Costs Capitalized Subsequent to Acquisition | 6,786 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 13,041 | |||
Total | (13,041) | |||
Accumulated Depreciation | 5,225 | |||
810 Englewood CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,040 | |||
Costs Capitalized Subsequent to Acquisition | 13,800 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,134 | |||
Total | (19,134) | |||
Accumulated Depreciation | 7,689 | |||
811 Englewood CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,472 | |||
Costs Capitalized Subsequent to Acquisition | 13,212 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,841 | |||
Total | (19,841) | |||
Accumulated Depreciation | 6,893 | |||
2658 Highlands Ranch CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,637 | |||
Building and Improvements | 10,063 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,637 | |||
Buildings and Improvements | 10,063 | |||
Total | (11,700) | |||
Accumulated Depreciation | 1,161 | |||
812 Littleton CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,562 | |||
Costs Capitalized Subsequent to Acquisition | 3,236 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 257 | |||
Buildings and Improvements | 6,045 | |||
Total | (6,302) | |||
Accumulated Depreciation | 2,645 | |||
813 Littleton CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,926 | |||
Costs Capitalized Subsequent to Acquisition | 2,696 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 106 | |||
Buildings and Improvements | 6,395 | |||
Total | (6,501) | |||
Accumulated Depreciation | 2,611 | |||
570 Lone Tree CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 21,686 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 20,401 | |||
Total | (20,401) | |||
Accumulated Depreciation | 8,334 | |||
666 Lone Tree CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 23,274 | |||
Costs Capitalized Subsequent to Acquisition | 5,098 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 17 | |||
Buildings and Improvements | 25,916 | |||
Total | (25,933) | |||
Accumulated Depreciation | 9,728 | |||
2233 Lone Tree CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,734 | |||
Costs Capitalized Subsequent to Acquisition | 31,910 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 38,533 | |||
Total | (38,533) | |||
Accumulated Depreciation | 8,962 | |||
1076 Parker CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 13,388 | |||
Costs Capitalized Subsequent to Acquisition | 1,534 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8 | |||
Buildings and Improvements | 14,548 | |||
Total | (14,556) | |||
Accumulated Depreciation | 5,657 | |||
510 Thornton CO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 236 | |||
Building and Improvements | 10,206 | |||
Costs Capitalized Subsequent to Acquisition | 4,656 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 463 | |||
Buildings and Improvements | 13,101 | |||
Total | (13,564) | |||
Accumulated Depreciation | 6,096 | |||
434 Atlantis FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,027 | |||
Costs Capitalized Subsequent to Acquisition | 512 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5 | |||
Buildings and Improvements | 2,314 | |||
Total | (2,319) | |||
Accumulated Depreciation | 1,328 | |||
435 Atlantis FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,206 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 2,539 | |||
Total | (2,539) | |||
Accumulated Depreciation | 1,440 | |||
602 Atlantis FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 455 | |||
Building and Improvements | 2,231 | |||
Costs Capitalized Subsequent to Acquisition | 1,024 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 455 | |||
Buildings and Improvements | 2,828 | |||
Total | (3,283) | |||
Accumulated Depreciation | 1,345 | |||
2963 Brooksville FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10,300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,300 | |||
Total | (10,300) | |||
Accumulated Depreciation | 4 | |||
604 Englewood FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 170 | |||
Building and Improvements | 1,134 | |||
Costs Capitalized Subsequent to Acquisition | 840 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 226 | |||
Buildings and Improvements | 1,578 | |||
Total | (1,804) | |||
Accumulated Depreciation | 567 | |||
2962 Jacksonville FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 964 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 964 | |||
Total | (964) | |||
Accumulated Depreciation | 0 | |||
609 Kissimmee FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 788 | |||
Building and Improvements | 174 | |||
Costs Capitalized Subsequent to Acquisition | 1,242 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 788 | |||
Buildings and Improvements | 1,250 | |||
Total | (2,038) | |||
Accumulated Depreciation | 373 | |||
610 Kissimmee FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 481 | |||
Building and Improvements | 347 | |||
Costs Capitalized Subsequent to Acquisition | 790 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 494 | |||
Buildings and Improvements | 752 | |||
Total | (1,246) | |||
Accumulated Depreciation | 469 | |||
671 Kissimmee FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,574 | |||
Costs Capitalized Subsequent to Acquisition | 2,690 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,367 | |||
Total | (8,367) | |||
Accumulated Depreciation | 3,495 | |||
603 Lake Worth FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,507 | |||
Building and Improvements | 2,894 | |||
Costs Capitalized Subsequent to Acquisition | 1,807 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,507 | |||
Buildings and Improvements | 4,529 | |||
Total | (6,036) | |||
Accumulated Depreciation | 2,686 | |||
612 Margate FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,553 | |||
Building and Improvements | 6,898 | |||
Costs Capitalized Subsequent to Acquisition | 2,527 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,553 | |||
Buildings and Improvements | 8,675 | |||
Total | (10,228) | |||
Accumulated Depreciation | 3,423 | |||
613 Miami FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,392 | |||
Building and Improvements | 11,841 | |||
Costs Capitalized Subsequent to Acquisition | 13,457 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,392 | |||
Buildings and Improvements | 22,161 | |||
Total | (26,553) | |||
Accumulated Depreciation | 6,122 | |||
2202 Miami FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 13,123 | |||
Costs Capitalized Subsequent to Acquisition | 10,093 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 22,766 | |||
Total | (22,766) | |||
Accumulated Depreciation | 5,882 | |||
2203 Miami FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,877 | |||
Costs Capitalized Subsequent to Acquisition | 4,126 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,813 | |||
Total | (12,813) | |||
Accumulated Depreciation | 3,562 | |||
1067 Milton FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,566 | |||
Costs Capitalized Subsequent to Acquisition | 1,044 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,533 | |||
Total | (9,533) | |||
Accumulated Depreciation | 3,204 | |||
2577 Naples FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 29,186 | |||
Costs Capitalized Subsequent to Acquisition | 1,504 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 30,691 | |||
Total | (30,691) | |||
Accumulated Depreciation | 3,763 | |||
2578 Naples FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 18,819 | |||
Costs Capitalized Subsequent to Acquisition | 766 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,585 | |||
Total | (19,585) | |||
Accumulated Depreciation | 2,035 | |||
2964 Okeechobee FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 3,483 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 3,483 | |||
Total | (3,483) | |||
Accumulated Depreciation | 0 | |||
563 Orlando FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,144 | |||
Building and Improvements | 5,136 | |||
Costs Capitalized Subsequent to Acquisition | 16,334 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 12,268 | |||
Buildings and Improvements | 7,980 | |||
Total | (20,248) | |||
Accumulated Depreciation | 4,936 | |||
833 Pace FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 10,309 | |||
Costs Capitalized Subsequent to Acquisition | 3,938 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 54 | |||
Buildings and Improvements | 11,900 | |||
Total | (11,954) | |||
Accumulated Depreciation | 4,131 | |||
834 Pensacola FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 11,166 | |||
Costs Capitalized Subsequent to Acquisition | 669 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,369 | |||
Total | (11,369) | |||
Accumulated Depreciation | 3,712 | |||
673 Plantation FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,091 | |||
Building and Improvements | 7,176 | |||
Costs Capitalized Subsequent to Acquisition | 2,352 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,091 | |||
Buildings and Improvements | 8,915 | |||
Total | (10,006) | |||
Accumulated Depreciation | 3,608 | |||
2579 Punta Gorda FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,379 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,379 | |||
Total | (9,379) | |||
Accumulated Depreciation | 1,118 | |||
2833 St. Petersburg FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 13,754 | |||
Costs Capitalized Subsequent to Acquisition | 14,054 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 24,373 | |||
Total | (24,373) | |||
Accumulated Depreciation | 8,319 | |||
2836 Tampa FL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,967 | |||
Building and Improvements | 6,618 | |||
Costs Capitalized Subsequent to Acquisition | 8,213 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,709 | |||
Buildings and Improvements | 10,644 | |||
Total | (13,353) | |||
Accumulated Depreciation | 5,996 | |||
887 Atlanta, GA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,300 | |||
Building and Improvements | 13,690 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,300 | |||
Buildings and Improvements | 11,890 | |||
Total | (16,190) | |||
Accumulated Depreciation | 8,224 | |||
1058 Blue Ridge, GA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 3,231 | |||
Costs Capitalized Subsequent to Acquisition | 260 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 3,094 | |||
Total | (3,094) | |||
Accumulated Depreciation | 1,262 | |||
2576 Statesboro GA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 10,234 | |||
Costs Capitalized Subsequent to Acquisition | 439 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,673 | |||
Total | (10,673) | |||
Accumulated Depreciation | 1,680 | |||
2702 Bolingbrook, IL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 21,237 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 21,237 | |||
Total | (21,237) | |||
Accumulated Depreciation | 145 | |||
1065 Marion IL | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 99 | |||
Building and Improvements | 11,538 | |||
Costs Capitalized Subsequent to Acquisition | 2,192 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 13,255 | |||
Total | (13,355) | |||
Accumulated Depreciation | 4,673 | |||
2696 Indianapolis, IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 61,893 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 61,893 | |||
Total | (61,893) | |||
Accumulated Depreciation | 313 | |||
2699 Indianapolis, IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 23,211 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 23,211 | |||
Total | (23,211) | |||
Accumulated Depreciation | 117 | |||
2701 Indianapolis, IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 478 | |||
Building and Improvements | 1,637 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 478 | |||
Buildings and Improvements | 1,637 | |||
Total | (2,115) | |||
Accumulated Depreciation | 18 | |||
2698 Mooresville, IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 20,646 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 20,646 | |||
Total | (20,646) | |||
Accumulated Depreciation | 105 | |||
1057 Newburgh IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 14,019 | |||
Costs Capitalized Subsequent to Acquisition | 5,295 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,301 | |||
Total | (19,301) | |||
Accumulated Depreciation | 7,603 | |||
2700 Zionsville, IN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,969 | |||
Building and Improvements | 7,707 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,969 | |||
Buildings and Improvements | 7,707 | |||
Total | (10,676) | |||
Accumulated Depreciation | 60 | |||
2039 Kansas City KS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 440 | |||
Building and Improvements | 2,173 | |||
Costs Capitalized Subsequent to Acquisition | 17 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 448 | |||
Buildings and Improvements | 2,137 | |||
Total | (2,585) | |||
Accumulated Depreciation | 522 | |||
112 Overland Park, KS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,316 | |||
Building and Improvements | 10,681 | |||
Costs Capitalized Subsequent to Acquisition | 24 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,316 | |||
Buildings and Improvements | 10,797 | |||
Total | (13,113) | |||
Accumulated Depreciation | 7,421 | |||
2043 Overland Park KS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,668 | |||
Costs Capitalized Subsequent to Acquisition | 1,392 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,796 | |||
Total | (8,796) | |||
Accumulated Depreciation | 2,204 | |||
3062 Overland Park KS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 872 | |||
Building and Improvements | 11,813 | |||
Costs Capitalized Subsequent to Acquisition | 197 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 978 | |||
Buildings and Improvements | 11,887 | |||
Total | (12,865) | |||
Accumulated Depreciation | 994 | |||
483 Wichita KS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Building and Improvements | 3,341 | |||
Costs Capitalized Subsequent to Acquisition | 713 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 3,617 | |||
Total | (4,147) | |||
Accumulated Depreciation | 1,543 | |||
1064 Lexington KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,726 | |||
Costs Capitalized Subsequent to Acquisition | 2,244 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,092 | |||
Total | (14,092) | |||
Accumulated Depreciation | 5,171 | |||
735 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 936 | |||
Building and Improvements | 8,426 | |||
Costs Capitalized Subsequent to Acquisition | 18,432 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 24,069 | |||
Total | (25,005) | |||
Accumulated Depreciation | 11,809 | |||
737 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 835 | |||
Building and Improvements | 27,627 | |||
Costs Capitalized Subsequent to Acquisition | 10,632 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 878 | |||
Buildings and Improvements | 35,531 | |||
Total | (36,409) | |||
Accumulated Depreciation | 14,236 | |||
738 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 780 | |||
Building and Improvements | 8,582 | |||
Costs Capitalized Subsequent to Acquisition | 6,843 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 851 | |||
Buildings and Improvements | 12,736 | |||
Total | (13,587) | |||
Accumulated Depreciation | 9,506 | |||
739 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 826 | |||
Building and Improvements | 13,814 | |||
Costs Capitalized Subsequent to Acquisition | 3,079 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 832 | |||
Buildings and Improvements | 15,330 | |||
Total | (16,162) | |||
Accumulated Depreciation | 6,054 | |||
2834 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,983 | |||
Building and Improvements | 13,171 | |||
Costs Capitalized Subsequent to Acquisition | 8,108 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,991 | |||
Buildings and Improvements | 19,655 | |||
Total | (22,646) | |||
Accumulated Depreciation | 9,483 | |||
1945 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,255 | |||
Building and Improvements | 28,644 | |||
Costs Capitalized Subsequent to Acquisition | 2,010 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,291 | |||
Buildings and Improvements | 30,119 | |||
Total | (33,410) | |||
Accumulated Depreciation | 10,166 | |||
1946 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 430 | |||
Building and Improvements | 6,125 | |||
Costs Capitalized Subsequent to Acquisition | 276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 430 | |||
Buildings and Improvements | 6,401 | |||
Total | (6,831) | |||
Accumulated Depreciation | 2,131 | |||
2237 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,519 | |||
Building and Improvements | 15,386 | |||
Costs Capitalized Subsequent to Acquisition | 4,010 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,648 | |||
Buildings and Improvements | 19,262 | |||
Total | (20,910) | |||
Accumulated Depreciation | 5,288 | |||
2238 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,334 | |||
Building and Improvements | 12,172 | |||
Costs Capitalized Subsequent to Acquisition | 2,411 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,511 | |||
Buildings and Improvements | 14,162 | |||
Total | (15,673) | |||
Accumulated Depreciation | 4,064 | |||
2239 Louisville KY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,644 | |||
Building and Improvements | 10,832 | |||
Costs Capitalized Subsequent to Acquisition | 5,865 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,041 | |||
Buildings and Improvements | 16,207 | |||
Total | (18,248) | |||
Accumulated Depreciation | 5,149 | |||
1324 Haverhill MA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 800 | |||
Building and Improvements | 8,537 | |||
Costs Capitalized Subsequent to Acquisition | 2,386 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 870 | |||
Buildings and Improvements | 7,028 | |||
Total | (7,898) | |||
Accumulated Depreciation | 3,130 | |||
1213 Ellicott City MD | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,115 | |||
Building and Improvements | 3,206 | |||
Costs Capitalized Subsequent to Acquisition | 3,563 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,336 | |||
Buildings and Improvements | 5,104 | |||
Total | (6,440) | |||
Accumulated Depreciation | 2,341 | |||
1052 Towson MD | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 14,233 | |||
Costs Capitalized Subsequent to Acquisition | 4,619 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 13,549 | |||
Total | (13,549) | |||
Accumulated Depreciation | 4,645 | |||
2650 Biddeford, ME | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,949 | |||
Building and Improvements | 12,244 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,949 | |||
Buildings and Improvements | 12,244 | |||
Total | (14,193) | |||
Accumulated Depreciation | 1,375 | |||
240 Minneapolis MN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 117 | |||
Building and Improvements | 13,213 | |||
Costs Capitalized Subsequent to Acquisition | 5,824 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 117 | |||
Buildings and Improvements | 17,714 | |||
Total | (17,831) | |||
Accumulated Depreciation | 9,917 | |||
300 Minneapolis MN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 160 | |||
Building and Improvements | 10,131 | |||
Costs Capitalized Subsequent to Acquisition | 5,392 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 214 | |||
Buildings and Improvements | 12,898 | |||
Total | (13,112) | |||
Accumulated Depreciation | 7,400 | |||
2701 Columbia, MO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,141 | |||
Building and Improvements | 20,364 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,141 | |||
Buildings and Improvements | 20,364 | |||
Total | (24,505) | |||
Accumulated Depreciation | 142 | |||
2032 Independence MO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 48,025 | |||
Costs Capitalized Subsequent to Acquisition | 2,982 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 49,902 | |||
Total | (49,902) | |||
Accumulated Depreciation | 9,751 | |||
2863 Lee's Summitt MO | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 15,878 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 15,878 | |||
Total | (15,878) | |||
Accumulated Depreciation | 372 | |||
1078 Flowood MS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,413 | |||
Costs Capitalized Subsequent to Acquisition | 1,284 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,029 | |||
Total | (9,029) | |||
Accumulated Depreciation | 3,061 | |||
1059 Jackson MS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,868 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,159 | |||
Total | (9,159) | |||
Accumulated Depreciation | 3,243 | |||
1060 Jackson MS | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,187 | |||
Costs Capitalized Subsequent to Acquisition | 2,764 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 8,872 | |||
Total | (8,872) | |||
Accumulated Depreciation | 2,936 | |||
1068 Omaha NE | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 16,243 | |||
Costs Capitalized Subsequent to Acquisition | 1,725 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 33 | |||
Buildings and Improvements | 17,350 | |||
Total | (17,383) | |||
Accumulated Depreciation | 6,551 | |||
2651 Charlotte NC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,032 | |||
Building and Improvements | 6,196 | |||
Costs Capitalized Subsequent to Acquisition | 130 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,032 | |||
Buildings and Improvements | 6,222 | |||
Total | (7,254) | |||
Accumulated Depreciation | 582 | |||
2695 Charlotte, NC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 844 | |||
Building and Improvements | 5,021 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 844 | |||
Buildings and Improvements | 5,001 | |||
Total | (5,845) | |||
Accumulated Depreciation | 463 | |||
2655 Wilmington NC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,341 | |||
Building and Improvements | 17,376 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,341 | |||
Buildings and Improvements | 17,376 | |||
Total | (18,717) | |||
Accumulated Depreciation | 2,112 | |||
2656 Wilmington NC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,071 | |||
Building and Improvements | 11,592 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,071 | |||
Buildings and Improvements | 11,592 | |||
Total | (13,663) | |||
Accumulated Depreciation | 1,288 | |||
2657 Shallotte NC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 918 | |||
Building and Improvements | 3,609 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 918 | |||
Buildings and Improvements | 3,609 | |||
Total | (4,527) | |||
Accumulated Depreciation | 553 | |||
2647 Concord NH | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,961 | |||
Building and Improvements | 23,516 | |||
Costs Capitalized Subsequent to Acquisition | 240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,961 | |||
Buildings and Improvements | 23,541 | |||
Total | (25,502) | |||
Accumulated Depreciation | 2,444 | |||
2648 Concord NH | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 815 | |||
Building and Improvements | 8,902 | |||
Costs Capitalized Subsequent to Acquisition | 423 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 815 | |||
Buildings and Improvements | 9,325 | |||
Total | (10,140) | |||
Accumulated Depreciation | 1,235 | |||
2649 Epsom NH | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 919 | |||
Building and Improvements | 5,868 | |||
Costs Capitalized Subsequent to Acquisition | 49 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 919 | |||
Buildings and Improvements | 5,910 | |||
Total | (6,829) | |||
Accumulated Depreciation | 958 | |||
729 Albuquerque NM | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 5,380 | |||
Costs Capitalized Subsequent to Acquisition | 896 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,738 | |||
Total | (5,738) | |||
Accumulated Depreciation | 2,105 | |||
571 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 20,823 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 18,666 | |||
Total | (18,666) | |||
Accumulated Depreciation | 7,656 | |||
660 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,121 | |||
Building and Improvements | 4,363 | |||
Costs Capitalized Subsequent to Acquisition | 9,852 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,328 | |||
Buildings and Improvements | 10,258 | |||
Total | (11,586) | |||
Accumulated Depreciation | 3,364 | |||
661 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,305 | |||
Building and Improvements | 4,829 | |||
Costs Capitalized Subsequent to Acquisition | 6,276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,447 | |||
Buildings and Improvements | 4,892 | |||
Total | (7,339) | |||
Accumulated Depreciation | 4,980 | |||
662 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,480 | |||
Building and Improvements | 12,305 | |||
Costs Capitalized Subsequent to Acquisition | 6,755 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,480 | |||
Buildings and Improvements | 15,180 | |||
Total | (18,660) | |||
Accumulated Depreciation | 6,542 | |||
663 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,717 | |||
Building and Improvements | 3,597 | |||
Costs Capitalized Subsequent to Acquisition | 12,595 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,724 | |||
Buildings and Improvements | 13,621 | |||
Total | (15,345) | |||
Accumulated Depreciation | 4,427 | |||
664 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,172 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 633 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,805 | |||
Buildings and Improvements | 0 | |||
Total | (1,805) | |||
Accumulated Depreciation | 243 | |||
691 Las Vegas NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,244 | |||
Building and Improvements | 18,339 | |||
Costs Capitalized Subsequent to Acquisition | 8,598 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,338 | |||
Buildings and Improvements | 25,273 | |||
Total | (28,611) | |||
Accumulated Depreciation | 12,874 | |||
2037 Mesquite NV | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 5,559 | |||
Costs Capitalized Subsequent to Acquisition | 942 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 34 | |||
Buildings and Improvements | 6,347 | |||
Total | (6,381) | |||
Accumulated Depreciation | 1,398 | |||
400 Harrison OH | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,561 | |||
Costs Capitalized Subsequent to Acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 4,861 | |||
Total | (4,861) | |||
Accumulated Depreciation | 3,058 | |||
1054 Durant OK | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 619 | |||
Building and Improvements | 9,256 | |||
Costs Capitalized Subsequent to Acquisition | 2,415 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 659 | |||
Buildings and Improvements | 11,525 | |||
Total | (12,184) | |||
Accumulated Depreciation | 4,084 | |||
817 Owasso OK | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,582 | |||
Costs Capitalized Subsequent to Acquisition | 1,703 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,761 | |||
Total | (5,761) | |||
Accumulated Depreciation | 2,097 | |||
404 Roseburg OR | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 5,707 | |||
Costs Capitalized Subsequent to Acquisition | 763 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,770 | |||
Total | (5,770) | |||
Accumulated Depreciation | 3,396 | |||
2570 Limerick PA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 925 | |||
Building and Improvements | 20,072 | |||
Costs Capitalized Subsequent to Acquisition | 51 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 925 | |||
Buildings and Improvements | 19,953 | |||
Total | (20,878) | |||
Accumulated Depreciation | 2,899 | |||
2234 Philadelphia PA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 24,264 | |||
Building and Improvements | 99,904 | |||
Costs Capitalized Subsequent to Acquisition | 45,229 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 24,288 | |||
Buildings and Improvements | 144,972 | |||
Total | (169,260) | |||
Accumulated Depreciation | 23,702 | |||
2403 Philadelphia PA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 26,063 | |||
Building and Improvements | 97,646 | |||
Costs Capitalized Subsequent to Acquisition | 31,903 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 26,134 | |||
Buildings and Improvements | 129,479 | |||
Total | (155,613) | |||
Accumulated Depreciation | 26,925 | |||
2571 Wilkes-Barre PA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,138 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,138 | |||
Total | (9,138) | |||
Accumulated Depreciation | 1,457 | |||
2694 Anderson, SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 405 | |||
Building and Improvements | 1,211 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 405 | |||
Buildings and Improvements | 1,212 | |||
Total | (1,617) | |||
Accumulated Depreciation | 50 | |||
2573 Florence SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,090 | |||
Costs Capitalized Subsequent to Acquisition | 91 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,181 | |||
Total | (12,181) | |||
Accumulated Depreciation | 1,546 | |||
2574 Florence SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,190 | |||
Costs Capitalized Subsequent to Acquisition | 88 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,278 | |||
Total | (12,278) | |||
Accumulated Depreciation | 1,556 | |||
2575 Florence SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 11,243 | |||
Costs Capitalized Subsequent to Acquisition | 56 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,299 | |||
Total | (11,299) | |||
Accumulated Depreciation | 1,755 | |||
2841 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 634 | |||
Building and Improvements | 38,386 | |||
Costs Capitalized Subsequent to Acquisition | 1,008 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 647 | |||
Buildings and Improvements | 39,380 | |||
Total | (40,027) | |||
Accumulated Depreciation | 4,502 | |||
2842 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 794 | |||
Building and Improvements | 41,293 | |||
Costs Capitalized Subsequent to Acquisition | 445 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 794 | |||
Buildings and Improvements | 41,737 | |||
Total | (42,531) | |||
Accumulated Depreciation | 4,769 | |||
2843 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 626 | |||
Building and Improvements | 22,210 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 626 | |||
Buildings and Improvements | 22,210 | |||
Total | (22,836) | |||
Accumulated Depreciation | 2,640 | |||
2844 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 806 | |||
Building and Improvements | 18,889 | |||
Costs Capitalized Subsequent to Acquisition | 377 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 806 | |||
Buildings and Improvements | 19,266 | |||
Total | (20,072) | |||
Accumulated Depreciation | 2,370 | |||
2845 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 932 | |||
Building and Improvements | 40,879 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 932 | |||
Buildings and Improvements | 40,879 | |||
Total | (41,811) | |||
Accumulated Depreciation | 4,296 | |||
2846 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 896 | |||
Building and Improvements | 38,486 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 896 | |||
Buildings and Improvements | 38,485 | |||
Total | (39,381) | |||
Accumulated Depreciation | 4,101 | |||
2847 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 600 | |||
Building and Improvements | 26,472 | |||
Costs Capitalized Subsequent to Acquisition | 1,076 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 600 | |||
Buildings and Improvements | 27,548 | |||
Total | (28,148) | |||
Accumulated Depreciation | 3,737 | |||
2848 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 318 | |||
Building and Improvements | 5,816 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 318 | |||
Buildings and Improvements | 5,816 | |||
Total | (6,134) | |||
Accumulated Depreciation | 675 | |||
2849 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 319 | |||
Building and Improvements | 5,836 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 319 | |||
Buildings and Improvements | 5,836 | |||
Total | (6,155) | |||
Accumulated Depreciation | 751 | |||
2850 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 211 | |||
Building and Improvements | 6,503 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 211 | |||
Buildings and Improvements | 6,518 | |||
Total | (6,729) | |||
Accumulated Depreciation | 848 | |||
2853 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 534 | |||
Building and Improvements | 6,430 | |||
Costs Capitalized Subsequent to Acquisition | 180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 534 | |||
Buildings and Improvements | 6,609 | |||
Total | (7,143) | |||
Accumulated Depreciation | 1,355 | |||
2854 Greenville SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 824 | |||
Building and Improvements | 13,645 | |||
Costs Capitalized Subsequent to Acquisition | 109 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 824 | |||
Buildings and Improvements | 13,755 | |||
Total | (14,579) | |||
Accumulated Depreciation | 2,076 | |||
2851 Travelers Rest SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 498 | |||
Building and Improvements | 1,015 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 498 | |||
Buildings and Improvements | 1,015 | |||
Total | (1,513) | |||
Accumulated Depreciation | 381 | |||
2862 Myrtle Beach SC | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 24,830 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 24,830 | |||
Total | (24,830) | |||
Accumulated Depreciation | 1,400 | |||
2865 Brentwood TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 28,094 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 28,094 | |||
Total | (28,094) | |||
Accumulated Depreciation | 177 | |||
624 Hendersonville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 256 | |||
Building and Improvements | 1,530 | |||
Costs Capitalized Subsequent to Acquisition | 2,822 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 256 | |||
Buildings and Improvements | 3,403 | |||
Total | (3,659) | |||
Accumulated Depreciation | 1,523 | |||
559 Hermitage TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 830 | |||
Building and Improvements | 5,036 | |||
Costs Capitalized Subsequent to Acquisition | 13,187 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 851 | |||
Buildings and Improvements | 16,033 | |||
Total | (16,884) | |||
Accumulated Depreciation | 5,090 | |||
561 Hermitage TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 596 | |||
Building and Improvements | 9,698 | |||
Costs Capitalized Subsequent to Acquisition | 7,868 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 596 | |||
Buildings and Improvements | 15,066 | |||
Total | (15,662) | |||
Accumulated Depreciation | 7,303 | |||
562 Hermitage TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 317 | |||
Building and Improvements | 6,528 | |||
Costs Capitalized Subsequent to Acquisition | 4,265 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 317 | |||
Buildings and Improvements | 8,802 | |||
Total | (9,119) | |||
Accumulated Depreciation | 4,064 | |||
154 Knoxville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 700 | |||
Building and Improvements | 4,559 | |||
Costs Capitalized Subsequent to Acquisition | 5,088 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 730 | |||
Buildings and Improvements | 8,778 | |||
Total | (9,508) | |||
Accumulated Depreciation | 5,491 | |||
625 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 955 | |||
Building and Improvements | 14,289 | |||
Costs Capitalized Subsequent to Acquisition | 6,424 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 955 | |||
Buildings and Improvements | 18,249 | |||
Total | (19,204) | |||
Accumulated Depreciation | 7,257 | |||
626 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,050 | |||
Building and Improvements | 5,211 | |||
Costs Capitalized Subsequent to Acquisition | 5,415 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,055 | |||
Buildings and Improvements | 8,896 | |||
Total | (10,951) | |||
Accumulated Depreciation | 4,145 | |||
627 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,007 | |||
Building and Improvements | 181 | |||
Costs Capitalized Subsequent to Acquisition | 1,443 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,113 | |||
Buildings and Improvements | 1,241 | |||
Total | (2,354) | |||
Accumulated Depreciation | 460 | |||
628 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,980 | |||
Building and Improvements | 7,164 | |||
Costs Capitalized Subsequent to Acquisition | 4,523 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,980 | |||
Buildings and Improvements | 10,601 | |||
Total | (13,581) | |||
Accumulated Depreciation | 5,071 | |||
630 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 515 | |||
Building and Improvements | 848 | |||
Costs Capitalized Subsequent to Acquisition | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 528 | |||
Buildings and Improvements | 1,057 | |||
Total | (1,585) | |||
Accumulated Depreciation | 466 | |||
631 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 266 | |||
Building and Improvements | 1,305 | |||
Costs Capitalized Subsequent to Acquisition | 2,009 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 266 | |||
Buildings and Improvements | 2,645 | |||
Total | (2,911) | |||
Accumulated Depreciation | 1,205 | |||
632 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 827 | |||
Building and Improvements | 7,642 | |||
Costs Capitalized Subsequent to Acquisition | 5,728 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 827 | |||
Buildings and Improvements | 10,856 | |||
Total | (11,683) | |||
Accumulated Depreciation | 4,677 | |||
633 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,425 | |||
Building and Improvements | 12,577 | |||
Costs Capitalized Subsequent to Acquisition | 9,010 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,425 | |||
Buildings and Improvements | 18,192 | |||
Total | (23,617) | |||
Accumulated Depreciation | 7,879 | |||
634 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,818 | |||
Building and Improvements | 15,185 | |||
Costs Capitalized Subsequent to Acquisition | 11,751 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,818 | |||
Buildings and Improvements | 23,621 | |||
Total | (27,439) | |||
Accumulated Depreciation | 11,772 | |||
636 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 583 | |||
Building and Improvements | 450 | |||
Costs Capitalized Subsequent to Acquisition | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 604 | |||
Buildings and Improvements | 756 | |||
Total | (1,360) | |||
Accumulated Depreciation | 347 | |||
2967 Nashville TN | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 14,058 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 14,058 | |||
Total | (14,058) | |||
Accumulated Depreciation | 0 | |||
2611 Allen TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,330 | |||
Building and Improvements | 5,960 | |||
Costs Capitalized Subsequent to Acquisition | 778 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,374 | |||
Buildings and Improvements | 6,694 | |||
Total | (8,068) | |||
Accumulated Depreciation | 999 | |||
2612 Allen TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,310 | |||
Building and Improvements | 4,165 | |||
Costs Capitalized Subsequent to Acquisition | 810 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,310 | |||
Buildings and Improvements | 4,953 | |||
Total | (6,263) | |||
Accumulated Depreciation | 864 | |||
573 Arlington TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 769 | |||
Building and Improvements | 12,355 | |||
Costs Capitalized Subsequent to Acquisition | 5,018 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 769 | |||
Buildings and Improvements | 15,438 | |||
Total | (16,207) | |||
Accumulated Depreciation | 7,008 | |||
2621 Cedar Park, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,617 | |||
Building and Improvements | 11,640 | |||
Costs Capitalized Subsequent to Acquisition | 308 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,617 | |||
Buildings and Improvements | 11,948 | |||
Total | (13,565) | |||
Accumulated Depreciation | 1,006 | |||
576 Conroe TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 324 | |||
Building and Improvements | 4,842 | |||
Costs Capitalized Subsequent to Acquisition | 3,990 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 324 | |||
Buildings and Improvements | 7,307 | |||
Total | (7,631) | |||
Accumulated Depreciation | 2,922 | |||
577 Conroe TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 397 | |||
Building and Improvements | 7,966 | |||
Costs Capitalized Subsequent to Acquisition | 3,868 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 397 | |||
Buildings and Improvements | 10,584 | |||
Total | (10,981) | |||
Accumulated Depreciation | 4,221 | |||
578 Conroe TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 388 | |||
Building and Improvements | 7,975 | |||
Costs Capitalized Subsequent to Acquisition | 4,669 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 10,613 | |||
Total | (11,001) | |||
Accumulated Depreciation | 4,562 | |||
579 Conroe TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 188 | |||
Building and Improvements | 3,618 | |||
Costs Capitalized Subsequent to Acquisition | 1,469 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 188 | |||
Buildings and Improvements | 4,477 | |||
Total | (4,665) | |||
Accumulated Depreciation | 1,925 | |||
581 Corpus Christi TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 717 | |||
Building and Improvements | 8,181 | |||
Costs Capitalized Subsequent to Acquisition | 6,501 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 717 | |||
Buildings and Improvements | 12,086 | |||
Total | (12,803) | |||
Accumulated Depreciation | 5,884 | |||
600 Corpus Christi TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 328 | |||
Building and Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition | 4,579 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 328 | |||
Buildings and Improvements | 5,733 | |||
Total | (6,061) | |||
Accumulated Depreciation | 2,810 | |||
601 Corpus Christi TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 313 | |||
Building and Improvements | 1,771 | |||
Costs Capitalized Subsequent to Acquisition | 2,127 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 325 | |||
Buildings and Improvements | 3,059 | |||
Total | (3,384) | |||
Accumulated Depreciation | 1,505 | |||
2839 Cypress TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 36,830 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11 | |||
Buildings and Improvements | 36,819 | |||
Total | (36,830) | |||
Accumulated Depreciation | 7,977 | |||
582 Dallas TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,664 | |||
Building and Improvements | 6,785 | |||
Costs Capitalized Subsequent to Acquisition | 5,685 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,747 | |||
Buildings and Improvements | 10,251 | |||
Total | (11,998) | |||
Accumulated Depreciation | 4,505 | |||
886 Dallas, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,820 | |||
Building and Improvements | 8,508 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,820 | |||
Buildings and Improvements | 7,454 | |||
Total | (9,274) | |||
Accumulated Depreciation | 2,578 | |||
1314 Dallas TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 15,230 | |||
Building and Improvements | 162,970 | |||
Costs Capitalized Subsequent to Acquisition | 46,250 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 24,102 | |||
Buildings and Improvements | 195,017 | |||
Total | (219,119) | |||
Accumulated Depreciation | 73,745 | |||
1319 Dallas TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 18,840 | |||
Building and Improvements | 155,659 | |||
Costs Capitalized Subsequent to Acquisition | 5,873 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 18,840 | |||
Buildings and Improvements | 161,208 | |||
Total | (180,048) | |||
Accumulated Depreciation | 62,128 | |||
2721 Dallas, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 31,707 | |||
Building and Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 31,707 | |||
Buildings and Improvements | 2,000 | |||
Total | (33,707) | |||
Accumulated Depreciation | 0 | |||
583 Fort Worth TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 898 | |||
Building and Improvements | 4,866 | |||
Costs Capitalized Subsequent to Acquisition | 4,482 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 898 | |||
Buildings and Improvements | 8,086 | |||
Total | (8,984) | |||
Accumulated Depreciation | 3,163 | |||
805 Fort Worth TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,481 | |||
Costs Capitalized Subsequent to Acquisition | 1,785 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 45 | |||
Buildings and Improvements | 3,518 | |||
Total | (3,563) | |||
Accumulated Depreciation | 1,987 | |||
806 Fort Worth TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,070 | |||
Costs Capitalized Subsequent to Acquisition | 1,934 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5 | |||
Buildings and Improvements | 7,586 | |||
Total | (7,591) | |||
Accumulated Depreciation | 2,747 | |||
2231 Fort Worth TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 902 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 946 | |||
Buildings and Improvements | 0 | |||
Total | (946) | |||
Accumulated Depreciation | 26 | |||
2619 Fort Worth, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,180 | |||
Building and Improvements | 13,432 | |||
Costs Capitalized Subsequent to Acquisition | 47 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,180 | |||
Buildings and Improvements | 13,479 | |||
Total | (14,659) | |||
Accumulated Depreciation | 1,073 | |||
2620 Fort Worth, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,961 | |||
Building and Improvements | 14,155 | |||
Costs Capitalized Subsequent to Acquisition | 177 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,961 | |||
Buildings and Improvements | 14,332 | |||
Total | (16,293) | |||
Accumulated Depreciation | 1,189 | |||
2982 Fort Worth TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,720 | |||
Building and Improvements | 6,225 | |||
Costs Capitalized Subsequent to Acquisition | 3,097 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,720 | |||
Buildings and Improvements | 9,316 | |||
Total | (12,036) | |||
Accumulated Depreciation | 573 | |||
1061 Granbury TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,863 | |||
Costs Capitalized Subsequent to Acquisition | 1,125 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,848 | |||
Total | (7,848) | |||
Accumulated Depreciation | 2,850 | |||
430 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,927 | |||
Building and Improvements | 33,140 | |||
Costs Capitalized Subsequent to Acquisition | 19,966 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,200 | |||
Buildings and Improvements | 50,090 | |||
Total | (52,290) | |||
Accumulated Depreciation | 25,389 | |||
446 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,200 | |||
Building and Improvements | 19,585 | |||
Costs Capitalized Subsequent to Acquisition | 23,004 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,945 | |||
Buildings and Improvements | 33,322 | |||
Total | (36,267) | |||
Accumulated Depreciation | 22,145 | |||
589 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,676 | |||
Building and Improvements | 12,602 | |||
Costs Capitalized Subsequent to Acquisition | 8,235 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,706 | |||
Buildings and Improvements | 17,124 | |||
Total | (18,830) | |||
Accumulated Depreciation | 7,357 | |||
670 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 257 | |||
Building and Improvements | 2,884 | |||
Costs Capitalized Subsequent to Acquisition | 1,656 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 318 | |||
Buildings and Improvements | 3,404 | |||
Total | (3,722) | |||
Accumulated Depreciation | 1,469 | |||
702 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,414 | |||
Costs Capitalized Subsequent to Acquisition | 3,794 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7 | |||
Buildings and Improvements | 9,980 | |||
Total | (9,987) | |||
Accumulated Depreciation | 4,137 | |||
1044 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,838 | |||
Costs Capitalized Subsequent to Acquisition | 5,260 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,320 | |||
Buildings and Improvements | 6,896 | |||
Total | (8,216) | |||
Accumulated Depreciation | 2,346 | |||
2542 Houston TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 304 | |||
Building and Improvements | 17,764 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 304 | |||
Buildings and Improvements | 17,764 | |||
Total | (18,068) | |||
Accumulated Depreciation | 3,000 | |||
2543 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 116 | |||
Building and Improvements | 6,555 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 116 | |||
Buildings and Improvements | 6,555 | |||
Total | (6,671) | |||
Accumulated Depreciation | 1,308 | |||
2544 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 312 | |||
Building and Improvements | 12,094 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 312 | |||
Buildings and Improvements | 12,094 | |||
Total | (12,406) | |||
Accumulated Depreciation | 2,432 | |||
2545 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 316 | |||
Building and Improvements | 13,931 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 316 | |||
Buildings and Improvements | 13,931 | |||
Total | (14,247) | |||
Accumulated Depreciation | 2,133 | |||
2546 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 408 | |||
Building and Improvements | 18,332 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 408 | |||
Buildings and Improvements | 18,332 | |||
Total | (18,740) | |||
Accumulated Depreciation | 4,407 | |||
2547 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 470 | |||
Building and Improvements | 18,197 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 470 | |||
Buildings and Improvements | 18,197 | |||
Total | (18,667) | |||
Accumulated Depreciation | 3,705 | |||
2548 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 313 | |||
Building and Improvements | 7,036 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 313 | |||
Buildings and Improvements | 7,036 | |||
Total | (7,349) | |||
Accumulated Depreciation | 1,835 | |||
2549 Houston Tx | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Building and Improvements | 22,711 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 22,711 | |||
Total | (23,241) | |||
Accumulated Depreciation | 3,067 | |||
2966 Houston, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 7,741 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,741 | |||
Total | (7,741) | |||
Accumulated Depreciation | 0 | |||
590 Irving TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 828 | |||
Building and Improvements | 6,160 | |||
Costs Capitalized Subsequent to Acquisition | 3,911 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 828 | |||
Buildings and Improvements | 9,070 | |||
Total | (9,898) | |||
Accumulated Depreciation | 4,215 | |||
700 Irving TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,550 | |||
Costs Capitalized Subsequent to Acquisition | 4,566 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8 | |||
Buildings and Improvements | 9,672 | |||
Total | (9,680) | |||
Accumulated Depreciation | 3,923 | |||
1207 Irving TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,955 | |||
Building and Improvements | 12,793 | |||
Costs Capitalized Subsequent to Acquisition | 2,455 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,986 | |||
Buildings and Improvements | 14,537 | |||
Total | (16,523) | |||
Accumulated Depreciation | 5,576 | |||
2840 Kingwood TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,035 | |||
Building and Improvements | 28,373 | |||
Costs Capitalized Subsequent to Acquisition | 1,585 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,422 | |||
Buildings and Improvements | 29,570 | |||
Total | (32,992) | |||
Accumulated Depreciation | 4,569 | |||
591 Lewisville TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 561 | |||
Building and Improvements | 8,043 | |||
Costs Capitalized Subsequent to Acquisition | 2,470 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 561 | |||
Buildings and Improvements | 9,554 | |||
Total | (10,115) | |||
Accumulated Depreciation | 4,343 | |||
144 Longview TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 102 | |||
Building and Improvements | 7,998 | |||
Costs Capitalized Subsequent to Acquisition | 1,168 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 102 | |||
Buildings and Improvements | 8,716 | |||
Total | (8,818) | |||
Accumulated Depreciation | 4,917 | |||
143 Lufkin TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 338 | |||
Building and Improvements | 2,383 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 338 | |||
Buildings and Improvements | 2,602 | |||
Total | (2,940) | |||
Accumulated Depreciation | 1,423 | |||
568 McKinney TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 541 | |||
Building and Improvements | 6,217 | |||
Costs Capitalized Subsequent to Acquisition | 4,057 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 541 | |||
Buildings and Improvements | 9,067 | |||
Total | (9,608) | |||
Accumulated Depreciation | 3,972 | |||
569 McKinney TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 636 | |||
Costs Capitalized Subsequent to Acquisition | 9,391 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,123 | |||
Total | (9,123) | |||
Accumulated Depreciation | 3,622 | |||
1079 Nassau Bay TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,942 | |||
Costs Capitalized Subsequent to Acquisition | 1,818 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,842 | |||
Total | (9,842) | |||
Accumulated Depreciation | 3,768 | |||
596 N Richland Hills TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 812 | |||
Building and Improvements | 8,883 | |||
Costs Capitalized Subsequent to Acquisition | 3,656 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 812 | |||
Buildings and Improvements | 11,208 | |||
Total | (12,020) | |||
Accumulated Depreciation | 4,816 | |||
2048 North Richland Hills TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,385 | |||
Building and Improvements | 10,213 | |||
Costs Capitalized Subsequent to Acquisition | 2,290 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 12,204 | |||
Total | (13,604) | |||
Accumulated Depreciation | 4,237 | |||
2835 Pearland TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,014 | |||
Costs Capitalized Subsequent to Acquisition | 4,917 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,450 | |||
Total | (7,450) | |||
Accumulated Depreciation | 2,747 | |||
2838 Pearland TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 19,949 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 19,756 | |||
Total | (19,756) | |||
Accumulated Depreciation | 3,567 | |||
447 Plano TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,700 | |||
Building and Improvements | 7,810 | |||
Costs Capitalized Subsequent to Acquisition | 6,859 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,792 | |||
Buildings and Improvements | 12,884 | |||
Total | (14,676) | |||
Accumulated Depreciation | 7,562 | |||
597 Plano TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,210 | |||
Building and Improvements | 9,588 | |||
Costs Capitalized Subsequent to Acquisition | 7,069 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,225 | |||
Buildings and Improvements | 14,902 | |||
Total | (16,127) | |||
Accumulated Depreciation | 6,131 | |||
672 Plano TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,389 | |||
Building and Improvements | 12,768 | |||
Costs Capitalized Subsequent to Acquisition | 4,365 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 14,871 | |||
Total | (16,260) | |||
Accumulated Depreciation | 5,749 | |||
1284 Plano TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,049 | |||
Building and Improvements | 18,793 | |||
Costs Capitalized Subsequent to Acquisition | 2,465 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,163 | |||
Buildings and Improvements | 13,481 | |||
Total | (15,644) | |||
Accumulated Depreciation | 7,527 | |||
1384 Plano, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,290 | |||
Building and Improvements | 22,686 | |||
Costs Capitalized Subsequent to Acquisition | 5,707 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,290 | |||
Buildings and Improvements | 28,203 | |||
Total | (34,493) | |||
Accumulated Depreciation | 18,910 | |||
2653 Rockwall, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 788 | |||
Building and Improvements | 9,020 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 788 | |||
Buildings and Improvements | 9,020 | |||
Total | (9,808) | |||
Accumulated Depreciation | 945 | |||
815 San Antonio TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,193 | |||
Costs Capitalized Subsequent to Acquisition | 3,290 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 87 | |||
Buildings and Improvements | 11,352 | |||
Total | (11,439) | |||
Accumulated Depreciation | 4,958 | |||
816 San Antonio TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 2,544 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 8,699 | |||
Costs Capitalized Subsequent to Acquisition | 4,165 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 175 | |||
Buildings and Improvements | 11,677 | |||
Total | (11,852) | |||
Accumulated Depreciation | 5,190 | |||
1591 San Antonio TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,309 | |||
Costs Capitalized Subsequent to Acquisition | 864 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 43 | |||
Buildings and Improvements | 7,810 | |||
Total | (7,853) | |||
Accumulated Depreciation | 2,857 | |||
2837 San Antonio TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 26,191 | |||
Costs Capitalized Subsequent to Acquisition | 3,315 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 28,952 | |||
Total | (28,952) | |||
Accumulated Depreciation | 10,009 | |||
2852 Shenandoah TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 29,870 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 29,870 | |||
Total | (29,870) | |||
Accumulated Depreciation | 3,953 | |||
598 Sugarland TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,078 | |||
Building and Improvements | 5,158 | |||
Costs Capitalized Subsequent to Acquisition | 3,877 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,170 | |||
Buildings and Improvements | 7,408 | |||
Total | (8,578) | |||
Accumulated Depreciation | 3,299 | |||
599 Texas City TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 9,519 | |||
Costs Capitalized Subsequent to Acquisition | 1,128 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 10,490 | |||
Total | (10,490) | |||
Accumulated Depreciation | 3,925 | |||
152 Victoria TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 125 | |||
Building and Improvements | 8,977 | |||
Costs Capitalized Subsequent to Acquisition | 519 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 125 | |||
Buildings and Improvements | 9,102 | |||
Total | (9,227) | |||
Accumulated Depreciation | 5,200 | |||
2198 Webster, TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,220 | |||
Building and Improvements | 9,602 | |||
Costs Capitalized Subsequent to Acquisition | 462 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,220 | |||
Buildings and Improvements | 9,744 | |||
Total | (11,964) | |||
Accumulated Depreciation | 2,708 | |||
2550 The Woodlands TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 115 | |||
Building and Improvements | 5,141 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 115 | |||
Buildings and Improvements | 5,141 | |||
Total | (5,256) | |||
Accumulated Depreciation | 887 | |||
2551 The Woodlands TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 296 | |||
Building and Improvements | 18,282 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 296 | |||
Buildings and Improvements | 18,282 | |||
Total | (18,578) | |||
Accumulated Depreciation | 2,717 | |||
2552 The Woodlands TX | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 374 | |||
Building and Improvements | 25,125 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 374 | |||
Buildings and Improvements | 25,125 | |||
Total | (25,499) | |||
Accumulated Depreciation | 3,328 | |||
1592 Bountiful UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 999 | |||
Building and Improvements | 7,426 | |||
Costs Capitalized Subsequent to Acquisition | 1,195 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,019 | |||
Buildings and Improvements | 8,431 | |||
Total | (9,450) | |||
Accumulated Depreciation | 2,993 | |||
169 Bountiful UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 276 | |||
Building and Improvements | 5,237 | |||
Costs Capitalized Subsequent to Acquisition | 2,565 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 487 | |||
Buildings and Improvements | 6,769 | |||
Total | (7,256) | |||
Accumulated Depreciation | 3,401 | |||
346 Castle Dale UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 50 | |||
Building and Improvements | 1,818 | |||
Costs Capitalized Subsequent to Acquisition | 163 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 50 | |||
Buildings and Improvements | 1,918 | |||
Total | (1,968) | |||
Accumulated Depreciation | 1,162 | |||
347 Centerville UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 300 | |||
Building and Improvements | 1,288 | |||
Costs Capitalized Subsequent to Acquisition | 274 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 1,392 | |||
Total | (1,692) | |||
Accumulated Depreciation | 866 | |||
2035 Draper UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 4,583 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 10,803 | |||
Costs Capitalized Subsequent to Acquisition | 781 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,447 | |||
Total | (11,447) | |||
Accumulated Depreciation | 2,465 | |||
469 Kaysville UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 530 | |||
Building and Improvements | 4,493 | |||
Costs Capitalized Subsequent to Acquisition | 226 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 530 | |||
Buildings and Improvements | 4,639 | |||
Total | (5,169) | |||
Accumulated Depreciation | 2,076 | |||
456 Layton UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 371 | |||
Building and Improvements | 7,073 | |||
Costs Capitalized Subsequent to Acquisition | 1,540 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 389 | |||
Buildings and Improvements | 8,091 | |||
Total | (8,480) | |||
Accumulated Depreciation | 4,604 | |||
2042 Layton UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 10,975 | |||
Costs Capitalized Subsequent to Acquisition | 963 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 27 | |||
Buildings and Improvements | 11,677 | |||
Total | (11,704) | |||
Accumulated Depreciation | 2,334 | |||
2864 Ogden UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 17,582 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 17,582 | |||
Total | (17,582) | |||
Accumulated Depreciation | 229 | |||
357 Orem UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 337 | |||
Building and Improvements | 8,744 | |||
Costs Capitalized Subsequent to Acquisition | 3,364 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 306 | |||
Buildings and Improvements | 9,329 | |||
Total | (9,635) | |||
Accumulated Depreciation | 5,364 | |||
353 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 190 | |||
Building and Improvements | 779 | |||
Costs Capitalized Subsequent to Acquisition | 251 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 273 | |||
Buildings and Improvements | 886 | |||
Total | (1,159) | |||
Accumulated Depreciation | 582 | |||
354 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 220 | |||
Building and Improvements | 10,732 | |||
Costs Capitalized Subsequent to Acquisition | 3,534 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 220 | |||
Buildings and Improvements | 13,172 | |||
Total | (13,392) | |||
Accumulated Depreciation | 7,764 | |||
355 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 180 | |||
Building and Improvements | 14,792 | |||
Costs Capitalized Subsequent to Acquisition | 3,092 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 180 | |||
Buildings and Improvements | 16,799 | |||
Total | (16,979) | |||
Accumulated Depreciation | 10,426 | |||
467 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,000 | |||
Building and Improvements | 7,541 | |||
Costs Capitalized Subsequent to Acquisition | 3,014 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,145 | |||
Buildings and Improvements | 9,854 | |||
Total | (12,999) | |||
Accumulated Depreciation | 4,920 | |||
566 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 509 | |||
Building and Improvements | 4,044 | |||
Costs Capitalized Subsequent to Acquisition | 3,925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 509 | |||
Buildings and Improvements | 7,011 | |||
Total | (7,520) | |||
Accumulated Depreciation | 3,196 | |||
2041 Salt Lake City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,326 | |||
Costs Capitalized Subsequent to Acquisition | 1,000 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 13,031 | |||
Total | (13,031) | |||
Accumulated Depreciation | 2,578 | |||
2033 Sandy UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 867 | |||
Building and Improvements | 3,513 | |||
Costs Capitalized Subsequent to Acquisition | 1,861 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,343 | |||
Buildings and Improvements | 4,752 | |||
Total | (6,095) | |||
Accumulated Depreciation | 2,053 | |||
482 Stansbury UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 450 | |||
Building and Improvements | 3,201 | |||
Costs Capitalized Subsequent to Acquisition | 1,210 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 529 | |||
Buildings and Improvements | 3,922 | |||
Total | (4,451) | |||
Accumulated Depreciation | 1,697 | |||
351 Washington Terrace UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,573 | |||
Costs Capitalized Subsequent to Acquisition | 3,048 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 17 | |||
Buildings and Improvements | 5,818 | |||
Total | (5,835) | |||
Accumulated Depreciation | 3,373 | |||
352 Washington Terrace UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 2,692 | |||
Costs Capitalized Subsequent to Acquisition | 1,774 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 15 | |||
Buildings and Improvements | 3,685 | |||
Total | (3,700) | |||
Accumulated Depreciation | 2,160 | |||
2034 West Jordan UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 12,021 | |||
Costs Capitalized Subsequent to Acquisition | 323 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,142 | |||
Total | (12,142) | |||
Accumulated Depreciation | 2,441 | |||
2036 West Jordan UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 1,383 | |||
Costs Capitalized Subsequent to Acquisition | 1,654 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 2,880 | |||
Total | (2,880) | |||
Accumulated Depreciation | 1,176 | |||
495 West Valley City UT | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 410 | |||
Building and Improvements | 8,266 | |||
Costs Capitalized Subsequent to Acquisition | 1,002 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 410 | |||
Buildings and Improvements | 8,255 | |||
Total | (8,665) | |||
Accumulated Depreciation | 4,363 | |||
1208 Fairfax VA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,396 | |||
Building and Improvements | 16,710 | |||
Costs Capitalized Subsequent to Acquisition | 14,570 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,840 | |||
Buildings and Improvements | 29,326 | |||
Total | (38,166) | |||
Accumulated Depreciation | 13,080 | |||
2230 Fredericksburg VA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,101 | |||
Building and Improvements | 8,570 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,101 | |||
Buildings and Improvements | 8,570 | |||
Total | (9,671) | |||
Accumulated Depreciation | 1,571 | |||
572 Reston VA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 11,902 | |||
Costs Capitalized Subsequent to Acquisition | 1,287 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 12,225 | |||
Total | (12,225) | |||
Accumulated Depreciation | 5,623 | |||
448 Renton WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 18,724 | |||
Costs Capitalized Subsequent to Acquisition | 4,967 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 21,859 | |||
Total | (21,859) | |||
Accumulated Depreciation | 13,233 | |||
781 Seattle WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 52,703 | |||
Costs Capitalized Subsequent to Acquisition | 18,839 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 65,797 | |||
Total | (65,797) | |||
Accumulated Depreciation | 30,230 | |||
782 Seattle WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 24,382 | |||
Costs Capitalized Subsequent to Acquisition | 14,226 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 126 | |||
Buildings and Improvements | 34,266 | |||
Total | (34,392) | |||
Accumulated Depreciation | 18,085 | |||
783 Seattle WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 5,625 | |||
Costs Capitalized Subsequent to Acquisition | 2,113 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 183 | |||
Buildings and Improvements | 6,867 | |||
Total | (7,050) | |||
Accumulated Depreciation | 6,234 | |||
785 Seattle WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 7,293 | |||
Costs Capitalized Subsequent to Acquisition | 6,153 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 11,505 | |||
Total | (11,505) | |||
Accumulated Depreciation | 7,342 | |||
1385 Seattle WA | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 45,027 | |||
Costs Capitalized Subsequent to Acquisition | 11,123 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 55,172 | |||
Total | (55,172) | |||
Accumulated Depreciation | 21,409 | |||
2038 Evanston WY | Medical Office | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 4,601 | |||
Costs Capitalized Subsequent to Acquisition | 1,023 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 5,548 | |||
Total | (5,548) | |||
Accumulated Depreciation | 1,247 | |||
3089 Birmingham AL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,218 | |||
Building and Improvements | 32,146 | |||
Costs Capitalized Subsequent to Acquisition | 875 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,369 | |||
Buildings and Improvements | 32,870 | |||
Total | (39,239) | |||
Accumulated Depreciation | 1,594 | |||
3090 Bradenton FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,496 | |||
Building and Improvements | 95,671 | |||
Costs Capitalized Subsequent to Acquisition | 4,378 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,766 | |||
Buildings and Improvements | 99,779 | |||
Total | (105,545) | |||
Accumulated Depreciation | 4,488 | |||
2997 Clearwater FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 72,137 | |||
Initial Cost to Company | ||||
Land | 6,680 | |||
Building and Improvements | 132,521 | |||
Costs Capitalized Subsequent to Acquisition | 3,416 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,707 | |||
Buildings and Improvements | 135,910 | |||
Total | (142,617) | |||
Accumulated Depreciation | 4,588 | |||
3086 Jacksonville FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 19,660 | |||
Building and Improvements | 167,860 | |||
Costs Capitalized Subsequent to Acquisition | 4,416 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20,002 | |||
Buildings and Improvements | 171,935 | |||
Total | (191,937) | |||
Accumulated Depreciation | 6,512 | |||
2996 Leesburg FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,941 | |||
Building and Improvements | 65,698 | |||
Costs Capitalized Subsequent to Acquisition | 3,908 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,556 | |||
Buildings and Improvements | 68,991 | |||
Total | (78,547) | |||
Accumulated Depreciation | 3,046 | |||
2995 Port Charlotte FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,344 | |||
Building and Improvements | 159,612 | |||
Costs Capitalized Subsequent to Acquisition | 2,902 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,503 | |||
Buildings and Improvements | 162,354 | |||
Total | (167,857) | |||
Accumulated Depreciation | 5,269 | |||
2998 Seminole FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 47,141 | |||
Initial Cost to Company | ||||
Land | 14,080 | |||
Building and Improvements | 77,485 | |||
Costs Capitalized Subsequent to Acquisition | 2,068 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,584 | |||
Buildings and Improvements | 79,049 | |||
Total | (93,633) | |||
Accumulated Depreciation | 2,350 | |||
3085 Seminole FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 13,915 | |||
Building and Improvements | 125,796 | |||
Costs Capitalized Subsequent to Acquisition | 4,428 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 14,162 | |||
Buildings and Improvements | 129,978 | |||
Total | (144,140) | |||
Accumulated Depreciation | 5,016 | |||
3092 Sun City Center FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 91,439 | |||
Initial Cost to Company | ||||
Land | 25,254 | |||
Building and Improvements | 175,535 | |||
Costs Capitalized Subsequent to Acquisition | 4,434 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 25,512 | |||
Buildings and Improvements | 179,711 | |||
Total | (205,223) | |||
Accumulated Depreciation | 7,994 | |||
3087 The Villages FL | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,091 | |||
Building and Improvements | 120,493 | |||
Costs Capitalized Subsequent to Acquisition | 4,238 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,101 | |||
Buildings and Improvements | 124,721 | |||
Total | (131,822) | |||
Accumulated Depreciation | 4,562 | |||
3084 Holland MI | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,572 | |||
Building and Improvements | 88,960 | |||
Costs Capitalized Subsequent to Acquisition | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,630 | |||
Buildings and Improvements | 91,336 | |||
Total | (92,966) | |||
Accumulated Depreciation | 3,313 | |||
2991 Coatesville PA | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 16,443 | |||
Building and Improvements | 126,243 | |||
Costs Capitalized Subsequent to Acquisition | 3,216 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 16,547 | |||
Buildings and Improvements | 129,357 | |||
Total | (145,904) | |||
Accumulated Depreciation | 4,407 | |||
3080 Haverford PA | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 16,461 | |||
Building and Improvements | 108,816 | |||
Costs Capitalized Subsequent to Acquisition | 21,643 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 16,461 | |||
Buildings and Improvements | 122,831 | |||
Total | (139,292) | |||
Accumulated Depreciation | 44,723 | |||
3088 Spring TX | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,210 | |||
Building and Improvements | 30,085 | |||
Costs Capitalized Subsequent to Acquisition | 1,085 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,245 | |||
Buildings and Improvements | 31,135 | |||
Total | (34,380) | |||
Accumulated Depreciation | 1,177 | |||
3081 Ft Belvoir VA | Continuing care retirement community | Operating segment | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 11,594 | |||
Building and Improvements | 99,528 | |||
Costs Capitalized Subsequent to Acquisition | 19,155 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 11,594 | |||
Buildings and Improvements | 114,152 | |||
Total | (125,746) | |||
Accumulated Depreciation | 42,423 | |||
1107 Huntsville AL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 307 | |||
Building and Improvements | 5,813 | |||
Costs Capitalized Subsequent to Acquisition | 574 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 307 | |||
Buildings and Improvements | 6,027 | |||
Total | (6,334) | |||
Accumulated Depreciation | 1,956 | |||
518 Tucson AZ | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,350 | |||
Building and Improvements | 24,037 | |||
Costs Capitalized Subsequent to Acquisition | 280 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,350 | |||
Buildings and Improvements | 24,318 | |||
Total | (26,668) | |||
Accumulated Depreciation | 13,837 | |||
226 Murietta CA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 435 | |||
Building and Improvements | 5,729 | |||
Costs Capitalized Subsequent to Acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 435 | |||
Buildings and Improvements | 5,765 | |||
Total | (6,200) | |||
Accumulated Depreciation | 3,586 | |||
2467 Ft Myers FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,782 | |||
Building and Improvements | 21,827 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,782 | |||
Buildings and Improvements | 9,730 | |||
Total | (12,512) | |||
Accumulated Depreciation | 3,840 | |||
1095 Gainesville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,221 | |||
Building and Improvements | 12,226 | |||
Costs Capitalized Subsequent to Acquisition | 300 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,221 | |||
Buildings and Improvements | 12,301 | |||
Total | (13,522) | |||
Accumulated Depreciation | 4,221 | |||
490 Jacksonville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,250 | |||
Building and Improvements | 25,936 | |||
Costs Capitalized Subsequent to Acquisition | 7,117 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,250 | |||
Buildings and Improvements | 33,053 | |||
Total | (36,303) | |||
Accumulated Depreciation | 15,873 | |||
1096 Jacksonville FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,587 | |||
Building and Improvements | 15,616 | |||
Costs Capitalized Subsequent to Acquisition | 359 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,587 | |||
Buildings and Improvements | 15,657 | |||
Total | (17,244) | |||
Accumulated Depreciation | 5,377 | |||
1017 Palm Harbor FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,462 | |||
Building and Improvements | 16,774 | |||
Costs Capitalized Subsequent to Acquisition | 1,127 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,462 | |||
Buildings and Improvements | 17,515 | |||
Total | (18,977) | |||
Accumulated Depreciation | 6,089 | |||
1097 Tallahassee FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,331 | |||
Building and Improvements | 19,039 | |||
Costs Capitalized Subsequent to Acquisition | 570 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,331 | |||
Buildings and Improvements | 19,265 | |||
Total | (20,596) | |||
Accumulated Depreciation | 6,578 | |||
1605 Vero Beach FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 700 | |||
Building and Improvements | 16,234 | |||
Costs Capitalized Subsequent to Acquisition | 206 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 700 | |||
Buildings and Improvements | 15,691 | |||
Total | (16,391) | |||
Accumulated Depreciation | 4,323 | |||
1257 Vero Beach FL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,035 | |||
Building and Improvements | 34,993 | |||
Costs Capitalized Subsequent to Acquisition | 1,877 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,035 | |||
Buildings and Improvements | 35,310 | |||
Total | (37,345) | |||
Accumulated Depreciation | 11,867 | |||
1162 Orland Park IL | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,623 | |||
Building and Improvements | 23,154 | |||
Costs Capitalized Subsequent to Acquisition | 2,180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,623 | |||
Buildings and Improvements | 24,559 | |||
Total | (27,182) | |||
Accumulated Depreciation | 9,204 | |||
546 Cape Elizabeth ME | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 630 | |||
Building and Improvements | 3,524 | |||
Costs Capitalized Subsequent to Acquisition | 433 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 630 | |||
Buildings and Improvements | 3,617 | |||
Total | (4,247) | |||
Accumulated Depreciation | 1,564 | |||
545 Saco ME | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 80 | |||
Building and Improvements | 2,363 | |||
Costs Capitalized Subsequent to Acquisition | 325 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80 | |||
Buildings and Improvements | 2,518 | |||
Total | (2,598) | |||
Accumulated Depreciation | 1,086 | |||
734 Hillsborough NJ | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,042 | |||
Building and Improvements | 10,042 | |||
Costs Capitalized Subsequent to Acquisition | 926 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,042 | |||
Buildings and Improvements | 10,502 | |||
Total | (11,544) | |||
Accumulated Depreciation | 4,262 | |||
1252 Brooklyn NY | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,117 | |||
Building and Improvements | 23,627 | |||
Costs Capitalized Subsequent to Acquisition | 1,474 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,117 | |||
Buildings and Improvements | 23,774 | |||
Total | (31,891) | |||
Accumulated Depreciation | 8,342 | |||
1256 Brooklyn NY | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,215 | |||
Building and Improvements | 39,052 | |||
Costs Capitalized Subsequent to Acquisition | 1,709 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,215 | |||
Buildings and Improvements | 39,227 | |||
Total | (44,442) | |||
Accumulated Depreciation | 13,760 | |||
2089 Newberg OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,889 | |||
Building and Improvements | 16,855 | |||
Costs Capitalized Subsequent to Acquisition | 936 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,889 | |||
Buildings and Improvements | 17,791 | |||
Total | (19,680) | |||
Accumulated Depreciation | 4,230 | |||
2050 Redmond OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,229 | |||
Building and Improvements | 21,921 | |||
Costs Capitalized Subsequent to Acquisition | 980 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,229 | |||
Buildings and Improvements | 22,900 | |||
Total | (24,129) | |||
Accumulated Depreciation | 4,931 | |||
2084 Roseburg OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,042 | |||
Building and Improvements | 12,090 | |||
Costs Capitalized Subsequent to Acquisition | 287 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,042 | |||
Buildings and Improvements | 12,376 | |||
Total | (13,418) | |||
Accumulated Depreciation | 3,089 | |||
2134 Scappoose OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 353 | |||
Building and Improvements | 1,258 | |||
Costs Capitalized Subsequent to Acquisition | 30 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 353 | |||
Buildings and Improvements | 1,288 | |||
Total | (1,641) | |||
Accumulated Depreciation | 424 | |||
2153 Scappoose OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 971 | |||
Building and Improvements | 7,116 | |||
Costs Capitalized Subsequent to Acquisition | 240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 971 | |||
Buildings and Improvements | 6,888 | |||
Total | (7,859) | |||
Accumulated Depreciation | 1,659 | |||
2088 Tualatin OR | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 6,326 | |||
Costs Capitalized Subsequent to Acquisition | 786 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 7,112 | |||
Total | (7,112) | |||
Accumulated Depreciation | 2,325 | |||
2063 Selinsgrove PA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 529 | |||
Building and Improvements | 9,111 | |||
Costs Capitalized Subsequent to Acquisition | 285 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 529 | |||
Buildings and Improvements | 9,396 | |||
Total | (9,925) | |||
Accumulated Depreciation | 2,671 | |||
306 Georgetown SC | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 239 | |||
Building and Improvements | 3,008 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 239 | |||
Buildings and Improvements | 3,008 | |||
Total | (3,247) | |||
Accumulated Depreciation | 1,436 | |||
305 Lancaster SC | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 84 | |||
Building and Improvements | 2,982 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 2,982 | |||
Total | (3,066) | |||
Accumulated Depreciation | 1,340 | |||
312 Rock Hill SC | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 203 | |||
Building and Improvements | 2,671 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 203 | |||
Buildings and Improvements | 2,671 | |||
Total | (2,874) | |||
Accumulated Depreciation | 1,254 | |||
1113 Rock Hill SC | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 695 | |||
Building and Improvements | 4,119 | |||
Costs Capitalized Subsequent to Acquisition | 481 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 795 | |||
Buildings and Improvements | 4,233 | |||
Total | (5,028) | |||
Accumulated Depreciation | 1,668 | |||
313 Sumter SC | Senior Housing Triple Net | Discontinued Operations | ||||
Gross Amount at Which Carried As of Year End | ||||
Buildings and Improvements | 2,623 | |||
313 Sumter SC | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 196 | |||
Building and Improvements | 2,623 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 196 | |||
Total | (2,819) | |||
Accumulated Depreciation | 1,252 | |||
2073 Kingsport TN | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,113 | |||
Building and Improvements | 8,625 | |||
Costs Capitalized Subsequent to Acquisition | 397 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,113 | |||
Buildings and Improvements | 9,022 | |||
Total | (10,135) | |||
Accumulated Depreciation | 2,367 | |||
2107 Amarillo TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,315 | |||
Building and Improvements | 26,838 | |||
Costs Capitalized Subsequent to Acquisition | 1,034 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,315 | |||
Buildings and Improvements | 27,873 | |||
Total | (29,188) | |||
Accumulated Depreciation | 6,395 | |||
511 Austin TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,960 | |||
Building and Improvements | 41,645 | |||
Costs Capitalized Subsequent to Acquisition | 391 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,959 | |||
Buildings and Improvements | 42,035 | |||
Total | (44,994) | |||
Accumulated Depreciation | 23,967 | |||
2075 Bedford TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,204 | |||
Building and Improvements | 26,845 | |||
Costs Capitalized Subsequent to Acquisition | 1,991 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,204 | |||
Buildings and Improvements | 28,837 | |||
Total | (30,041) | |||
Accumulated Depreciation | 7,133 | |||
1106 Houston TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,008 | |||
Building and Improvements | 15,333 | |||
Costs Capitalized Subsequent to Acquisition | 258 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,020 | |||
Buildings and Improvements | 15,030 | |||
Total | (16,050) | |||
Accumulated Depreciation | 5,360 | |||
2162 Portland TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,233 | |||
Building and Improvements | 14,001 | |||
Costs Capitalized Subsequent to Acquisition | 3,187 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,233 | |||
Buildings and Improvements | 17,188 | |||
Total | (18,421) | |||
Accumulated Depreciation | 5,497 | |||
2116 Sherman TX | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 209 | |||
Building and Improvements | 3,492 | |||
Costs Capitalized Subsequent to Acquisition | 298 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 209 | |||
Buildings and Improvements | 3,790 | |||
Total | (3,999) | |||
Accumulated Depreciation | 1,089 | |||
225 Woodbridge VA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 950 | |||
Building and Improvements | 6,983 | |||
Costs Capitalized Subsequent to Acquisition | 1,895 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 950 | |||
Buildings and Improvements | 8,702 | |||
Total | (9,652) | |||
Accumulated Depreciation | 4,731 | |||
2096 Poulsbo WA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,801 | |||
Building and Improvements | 18,068 | |||
Costs Capitalized Subsequent to Acquisition | 278 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,801 | |||
Buildings and Improvements | 18,346 | |||
Total | (20,147) | |||
Accumulated Depreciation | 4,403 | |||
2102 Richland WA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 249 | |||
Building and Improvements | 5,067 | |||
Costs Capitalized Subsequent to Acquisition | 192 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 249 | |||
Buildings and Improvements | 5,259 | |||
Total | (5,508) | |||
Accumulated Depreciation | 1,254 | |||
2061 Vancouver WA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 513 | |||
Building and Improvements | 4,556 | |||
Costs Capitalized Subsequent to Acquisition | 346 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 513 | |||
Buildings and Improvements | 4,784 | |||
Total | (5,297) | |||
Accumulated Depreciation | 1,388 | |||
2062 Vancouver WA | Senior Housing Triple Net | Operating segment | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,498 | |||
Building and Improvements | 9,997 | |||
Costs Capitalized Subsequent to Acquisition | 427 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,498 | |||
Buildings and Improvements | 10,424 | |||
Total | (11,922) | |||
Accumulated Depreciation | 2,422 | |||
2935 Alameda CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 19,578 | |||
Initial Cost to Company | ||||
Land | 6,225 | |||
Building and Improvements | 20,194 | |||
Costs Capitalized Subsequent to Acquisition | (10) | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,225 | |||
Buildings and Improvements | 20,184 | |||
Total | (26,409) | |||
Accumulated Depreciation | 1,211 | |||
2911 Beverly Hills CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 9,872 | |||
Building and Improvements | 32,590 | |||
Costs Capitalized Subsequent to Acquisition | 12,464 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 9,872 | |||
Buildings and Improvements | 42,066 | |||
Total | (51,938) | |||
Accumulated Depreciation | 15,306 | |||
2933 Chino Hills CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,720 | |||
Building and Improvements | 41,183 | |||
Costs Capitalized Subsequent to Acquisition | 790 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,720 | |||
Buildings and Improvements | 40,743 | |||
Total | (44,463) | |||
Accumulated Depreciation | 7,595 | |||
2953 Concord CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 31,332 | |||
Initial Cost to Company | ||||
Land | 5,386 | |||
Building and Improvements | 45,883 | |||
Costs Capitalized Subsequent to Acquisition | 140 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,386 | |||
Buildings and Improvements | 46,023 | |||
Total | (51,409) | |||
Accumulated Depreciation | 2,409 | |||
2931 Concord CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 25,000 | |||
Initial Cost to Company | ||||
Land | 6,010 | |||
Building and Improvements | 39,615 | |||
Costs Capitalized Subsequent to Acquisition | 701 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,010 | |||
Buildings and Improvements | 39,016 | |||
Total | (45,026) | |||
Accumulated Depreciation | 14,851 | |||
2932 Escondido CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 14,340 | |||
Initial Cost to Company | ||||
Land | 5,090 | |||
Building and Improvements | 24,253 | |||
Costs Capitalized Subsequent to Acquisition | 524 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,090 | |||
Buildings and Improvements | 23,877 | |||
Total | (28,967) | |||
Accumulated Depreciation | 9,071 | |||
2937 Fair Oaks CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 33,381 | |||
Initial Cost to Company | ||||
Land | 3,972 | |||
Building and Improvements | 51,073 | |||
Costs Capitalized Subsequent to Acquisition | (94) | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,972 | |||
Buildings and Improvements | 50,979 | |||
Total | (54,951) | |||
Accumulated Depreciation | 3,154 | |||
2959 Huntington Beach CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 12,365 | |||
Building and Improvements | 36,517 | |||
Costs Capitalized Subsequent to Acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 12,365 | |||
Buildings and Improvements | 36,553 | |||
Total | (48,918) | |||
Accumulated Depreciation | 2,308 | |||
2723 Northridge, CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 6,718 | |||
Building and Improvements | 26,309 | |||
Costs Capitalized Subsequent to Acquisition | 2,826 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 6,752 | |||
Buildings and Improvements | 27,898 | |||
Total | (34,650) | |||
Accumulated Depreciation | 11,086 | |||
2934 Roseville CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,844 | |||
Building and Improvements | 33,527 | |||
Costs Capitalized Subsequent to Acquisition | 126 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,844 | |||
Buildings and Improvements | 33,382 | |||
Total | (37,226) | |||
Accumulated Depreciation | 6,987 | |||
2952 San Jose CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 28,159 | |||
Initial Cost to Company | ||||
Land | 10,658 | |||
Building and Improvements | 34,669 | |||
Costs Capitalized Subsequent to Acquisition | 135 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,658 | |||
Buildings and Improvements | 34,804 | |||
Total | (45,462) | |||
Accumulated Depreciation | 1,791 | |||
2951 Santa Clarita CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 33,512 | |||
Initial Cost to Company | ||||
Land | 16,896 | |||
Building and Improvements | 38,559 | |||
Costs Capitalized Subsequent to Acquisition | 154 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 16,896 | |||
Buildings and Improvements | 38,713 | |||
Total | (55,609) | |||
Accumulated Depreciation | 2,198 | |||
3998 Santa Rosa, CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,871 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,871 | |||
Buildings and Improvements | 0 | |||
Total | (2,871) | |||
Accumulated Depreciation | 0 | |||
3999 Santa Rosa, CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 37,223 | |||
Initial Cost to Company | ||||
Land | 7,529 | |||
Building and Improvements | 32,772 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,529 | |||
Buildings and Improvements | 32,361 | |||
Total | (39,890) | |||
Accumulated Depreciation | 0 | |||
2958 Valencia CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 25,903 | |||
Initial Cost to Company | ||||
Land | 12,699 | |||
Building and Improvements | 49,996 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 12,699 | |||
Buildings and Improvements | 50,005 | |||
Total | (62,704) | |||
Accumulated Depreciation | 3,292 | |||
2936 Whittier CA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,355 | |||
Building and Improvements | 24,639 | |||
Costs Capitalized Subsequent to Acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,355 | |||
Buildings and Improvements | 24,675 | |||
Total | (28,030) | |||
Accumulated Depreciation | 1,486 | |||
2603 Boca Raton FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,415 | |||
Building and Improvements | 17,923 | |||
Costs Capitalized Subsequent to Acquisition | 2,407 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,415 | |||
Buildings and Improvements | 17,437 | |||
Total | (19,852) | |||
Accumulated Depreciation | 6,391 | |||
3064 Boca Raton, FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,730 | |||
Building and Improvements | 17,532 | |||
Costs Capitalized Subsequent to Acquisition | 5,934 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,730 | |||
Buildings and Improvements | 20,230 | |||
Total | (24,960) | |||
Accumulated Depreciation | 9,806 | |||
2602 Boynton Beach FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,270 | |||
Building and Improvements | 4,773 | |||
Costs Capitalized Subsequent to Acquisition | 4,448 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,270 | |||
Buildings and Improvements | 7,447 | |||
Total | (8,717) | |||
Accumulated Depreciation | 2,596 | |||
3042 Bradenton FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,720 | |||
Building and Improvements | 30,799 | |||
Costs Capitalized Subsequent to Acquisition | 167 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,720 | |||
Buildings and Improvements | 26,400 | |||
Total | (28,120) | |||
Accumulated Depreciation | 1,754 | |||
2604 Coconut Creek, FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,461 | |||
Building and Improvements | 16,006 | |||
Costs Capitalized Subsequent to Acquisition | 3,521 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,461 | |||
Buildings and Improvements | 17,370 | |||
Total | (19,831) | |||
Accumulated Depreciation | 6,003 | |||
2601 Delray Beach FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 850 | |||
Building and Improvements | 6,637 | |||
Costs Capitalized Subsequent to Acquisition | 3,588 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 9,311 | |||
Total | (10,161) | |||
Accumulated Depreciation | 3,493 | |||
3043 Fort Myers FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,806 | |||
Building and Improvements | 37,392 | |||
Costs Capitalized Subsequent to Acquisition | 268 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,806 | |||
Buildings and Improvements | 32,141 | |||
Total | (33,947) | |||
Accumulated Depreciation | 2,081 | |||
3044 Fort Myers FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,177 | |||
Building and Improvements | 55,693 | |||
Costs Capitalized Subsequent to Acquisition | 191 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,173 | |||
Buildings and Improvements | 47,632 | |||
Total | (50,805) | |||
Accumulated Depreciation | 3,153 | |||
2517 Ft Lauderdale FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,867 | |||
Building and Improvements | 43,126 | |||
Costs Capitalized Subsequent to Acquisition | 17,295 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,867 | |||
Buildings and Improvements | 22,435 | |||
Total | (25,302) | |||
Accumulated Depreciation | 9,217 | |||
3039 Melbourne FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,212 | |||
Building and Improvements | 54,716 | |||
Costs Capitalized Subsequent to Acquisition | 374 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,212 | |||
Buildings and Improvements | 47,127 | |||
Total | (49,339) | |||
Accumulated Depreciation | 3,194 | |||
3040 Naples FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,444 | |||
Building and Improvements | 33,728 | |||
Costs Capitalized Subsequent to Acquisition | 228 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,444 | |||
Buildings and Improvements | 28,148 | |||
Total | (35,592) | |||
Accumulated Depreciation | 2,051 | |||
3041 Palm Beach Gardens FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,249 | |||
Building and Improvements | 33,732 | |||
Costs Capitalized Subsequent to Acquisition | 181 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,249 | |||
Buildings and Improvements | 28,562 | |||
Total | (32,811) | |||
Accumulated Depreciation | 1,910 | |||
2904 Tampa FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,994 | |||
Building and Improvements | 24,493 | |||
Costs Capitalized Subsequent to Acquisition | 881 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,994 | |||
Buildings and Improvements | 7,414 | |||
Total | (9,408) | |||
Accumulated Depreciation | 1,381 | |||
3045 Tampa FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,419 | |||
Building and Improvements | 25,622 | |||
Costs Capitalized Subsequent to Acquisition | 100 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,419 | |||
Buildings and Improvements | 21,937 | |||
Total | (23,356) | |||
Accumulated Depreciation | 1,497 | |||
2527 Vero Beach FL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,048 | |||
Building and Improvements | 17,392 | |||
Costs Capitalized Subsequent to Acquisition | 3,633 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,048 | |||
Buildings and Improvements | 19,130 | |||
Total | (20,178) | |||
Accumulated Depreciation | 3,600 | |||
2896 Atlanta GA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,957 | |||
Building and Improvements | 5,378 | |||
Costs Capitalized Subsequent to Acquisition | 262 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,957 | |||
Buildings and Improvements | 5,639 | |||
Total | (9,596) | |||
Accumulated Depreciation | 477 | |||
2914 Lilburn GA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 907 | |||
Building and Improvements | 17,340 | |||
Costs Capitalized Subsequent to Acquisition | 654 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 907 | |||
Buildings and Improvements | 17,306 | |||
Total | (18,213) | |||
Accumulated Depreciation | 6,048 | |||
3046 Suwanee GA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,708 | |||
Building and Improvements | 35,864 | |||
Costs Capitalized Subsequent to Acquisition | 252 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,708 | |||
Buildings and Improvements | 30,532 | |||
Total | (34,240) | |||
Accumulated Depreciation | 1,994 | |||
1961 Olympia Fields IL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,120 | |||
Building and Improvements | 29,400 | |||
Costs Capitalized Subsequent to Acquisition | 5,443 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,120 | |||
Buildings and Improvements | 33,580 | |||
Total | (37,700) | |||
Accumulated Depreciation | 11,992 | |||
2903 St. Charles IL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,000 | |||
Building and Improvements | 22,747 | |||
Costs Capitalized Subsequent to Acquisition | 606 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 23,353 | |||
Total | (24,353) | |||
Accumulated Depreciation | 1,132 | |||
2906 Wheaton IL | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,599 | |||
Building and Improvements | 13,268 | |||
Costs Capitalized Subsequent to Acquisition | 522 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,599 | |||
Buildings and Improvements | 13,790 | |||
Total | (15,389) | |||
Accumulated Depreciation | 807 | |||
2899 Praire Village KS | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,554 | |||
Building and Improvements | 6,994 | |||
Costs Capitalized Subsequent to Acquisition | 331 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,554 | |||
Buildings and Improvements | 2,413 | |||
Total | (4,967) | |||
Accumulated Depreciation | 643 | |||
2787 Plymouth MA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,434 | |||
Building and Improvements | 9,027 | |||
Costs Capitalized Subsequent to Acquisition | 2,539 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,438 | |||
Buildings and Improvements | 10,765 | |||
Total | (13,203) | |||
Accumulated Depreciation | 3,341 | |||
2894 Columbia MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,947 | |||
Building and Improvements | 29,201 | |||
Costs Capitalized Subsequent to Acquisition | 545 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,947 | |||
Buildings and Improvements | 29,746 | |||
Total | (31,693) | |||
Accumulated Depreciation | 1,345 | |||
2583 Ellicott City MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 17,983 | |||
Initial Cost to Company | ||||
Land | 3,607 | |||
Building and Improvements | 31,720 | |||
Costs Capitalized Subsequent to Acquisition | 2,003 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,607 | |||
Buildings and Improvements | 23,606 | |||
Total | (27,213) | |||
Accumulated Depreciation | 4,560 | |||
2921 Frederick MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 609 | |||
Building and Improvements | 9,158 | |||
Costs Capitalized Subsequent to Acquisition | 1,502 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 609 | |||
Buildings and Improvements | 10,026 | |||
Total | (10,635) | |||
Accumulated Depreciation | 3,609 | |||
2584 Hanover MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 8,373 | |||
Initial Cost to Company | ||||
Land | 4,513 | |||
Building and Improvements | 25,625 | |||
Costs Capitalized Subsequent to Acquisition | 1,646 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,513 | |||
Buildings and Improvements | 26,100 | |||
Total | (30,613) | |||
Accumulated Depreciation | 3,636 | |||
2585 Laurel MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 5,431 | |||
Initial Cost to Company | ||||
Land | 3,895 | |||
Building and Improvements | 13,331 | |||
Costs Capitalized Subsequent to Acquisition | 1,668 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,895 | |||
Buildings and Improvements | 10,876 | |||
Total | (14,771) | |||
Accumulated Depreciation | 2,720 | |||
2902 North Bethesda MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,798 | |||
Building and Improvements | 21,430 | |||
Costs Capitalized Subsequent to Acquisition | 437 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,798 | |||
Buildings and Improvements | 21,867 | |||
Total | (25,665) | |||
Accumulated Depreciation | 1,219 | |||
2586 Parkville, MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 19,405 | |||
Initial Cost to Company | ||||
Land | 3,854 | |||
Building and Improvements | 29,061 | |||
Costs Capitalized Subsequent to Acquisition | 1,413 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,854 | |||
Buildings and Improvements | 9,878 | |||
Total | (13,732) | |||
Accumulated Depreciation | 3,375 | |||
2587 Waldorf, MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 7,852 | |||
Initial Cost to Company | ||||
Land | 392 | |||
Building and Improvements | 20,514 | |||
Costs Capitalized Subsequent to Acquisition | 1,044 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 392 | |||
Buildings and Improvements | 6,228 | |||
Total | (6,620) | |||
Accumulated Depreciation | 1,983 | |||
2788 Westminster, MD | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 768 | |||
Building and Improvements | 5,251 | |||
Costs Capitalized Subsequent to Acquisition | 2,309 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 768 | |||
Buildings and Improvements | 4,503 | |||
Total | (5,271) | |||
Accumulated Depreciation | 3,177 | |||
2920 Farmington Hills MI | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,013 | |||
Building and Improvements | 12,119 | |||
Costs Capitalized Subsequent to Acquisition | 1,145 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,013 | |||
Buildings and Improvements | 12,463 | |||
Total | (13,476) | |||
Accumulated Depreciation | 4,499 | |||
2900 Plymoth Township MI | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,494 | |||
Building and Improvements | 16,060 | |||
Costs Capitalized Subsequent to Acquisition | 768 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,494 | |||
Buildings and Improvements | 16,828 | |||
Total | (18,322) | |||
Accumulated Depreciation | 921 | |||
2908 Dos Peres MO | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,361 | |||
Building and Improvements | 20,664 | |||
Costs Capitalized Subsequent to Acquisition | 2,708 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,361 | |||
Buildings and Improvements | 21,420 | |||
Total | (25,781) | |||
Accumulated Depreciation | 7,481 | |||
2909 Richmond Heights MO | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,744 | |||
Building and Improvements | 24,232 | |||
Costs Capitalized Subsequent to Acquisition | 1,512 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,744 | |||
Buildings and Improvements | 17,891 | |||
Total | (19,635) | |||
Accumulated Depreciation | 8,312 | |||
3130 Charlotte, NC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 710 | |||
Building and Improvements | 9,559 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 710 | |||
Buildings and Improvements | 9,159 | |||
Total | (9,869) | |||
Accumulated Depreciation | 2,997 | |||
2776 Mooresville NC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,538 | |||
Building and Improvements | 37,617 | |||
Costs Capitalized Subsequent to Acquisition | 2,598 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,538 | |||
Buildings and Improvements | 40,216 | |||
Total | (42,754) | |||
Accumulated Depreciation | 9,039 | |||
2898 Greensboro NC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,272 | |||
Building and Improvements | 29,249 | |||
Costs Capitalized Subsequent to Acquisition | 586 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,272 | |||
Buildings and Improvements | 29,835 | |||
Total | (31,107) | |||
Accumulated Depreciation | 1,401 | |||
2926 Raleigh NC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,191 | |||
Building and Improvements | 11,532 | |||
Costs Capitalized Subsequent to Acquisition | 1,415 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,191 | |||
Buildings and Improvements | 12,297 | |||
Total | (13,488) | |||
Accumulated Depreciation | 4,307 | |||
2901 Omaha NE | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,864 | |||
Building and Improvements | 30,793 | |||
Costs Capitalized Subsequent to Acquisition | 414 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,864 | |||
Buildings and Improvements | 31,207 | |||
Total | (34,071) | |||
Accumulated Depreciation | 1,587 | |||
2912 Cresskill NJ | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,684 | |||
Building and Improvements | 53,927 | |||
Costs Capitalized Subsequent to Acquisition | 2,728 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,684 | |||
Buildings and Improvements | 55,445 | |||
Total | (60,129) | |||
Accumulated Depreciation | 18,949 | |||
2897 Florham Park NJ | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 8,587 | |||
Building and Improvements | 30,666 | |||
Costs Capitalized Subsequent to Acquisition | 1,396 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 8,587 | |||
Buildings and Improvements | 32,062 | |||
Total | (40,649) | |||
Accumulated Depreciation | 1,563 | |||
2915 Madison NJ | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,157 | |||
Building and Improvements | 19,909 | |||
Costs Capitalized Subsequent to Acquisition | 1,180 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,157 | |||
Buildings and Improvements | 20,436 | |||
Total | (23,593) | |||
Accumulated Depreciation | 6,924 | |||
2907 Saddle River NJ | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,784 | |||
Building and Improvements | 15,625 | |||
Costs Capitalized Subsequent to Acquisition | 1,539 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,784 | |||
Buildings and Improvements | 16,382 | |||
Total | (18,166) | |||
Accumulated Depreciation | 5,601 | |||
2905 West Orange NJ | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 5,231 | |||
Building and Improvements | 33,395 | |||
Costs Capitalized Subsequent to Acquisition | 1,245 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,231 | |||
Buildings and Improvements | 34,640 | |||
Total | (39,871) | |||
Accumulated Depreciation | 1,627 | |||
2589 Albuquerque NM | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 767 | |||
Building and Improvements | 9,324 | |||
Costs Capitalized Subsequent to Acquisition | 1,830 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 767 | |||
Buildings and Improvements | 10,656 | |||
Total | (11,423) | |||
Accumulated Depreciation | 4,984 | |||
2895 Dayton OH | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 848 | |||
Building and Improvements | 15,095 | |||
Costs Capitalized Subsequent to Acquisition | 289 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 848 | |||
Buildings and Improvements | 15,384 | |||
Total | (16,232) | |||
Accumulated Depreciation | 809 | |||
2893 Westlake OH | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,908 | |||
Building and Improvements | 13,039 | |||
Costs Capitalized Subsequent to Acquisition | 253 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,908 | |||
Buildings and Improvements | 13,291 | |||
Total | (15,199) | |||
Accumulated Depreciation | 752 | |||
2789 Portland, OR | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 0 | |||
Building and Improvements | 16,087 | |||
Costs Capitalized Subsequent to Acquisition | 771 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 0 | |||
Buildings and Improvements | 9,587 | |||
Total | (9,587) | |||
Accumulated Depreciation | 2,983 | |||
1962 Warwick, RI | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,050 | |||
Building and Improvements | 17,388 | |||
Costs Capitalized Subsequent to Acquisition | 6,699 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,050 | |||
Buildings and Improvements | 8,805 | |||
Total | (9,855) | |||
Accumulated Depreciation | 8,092 | |||
2755 Aiken, SC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 357 | |||
Building and Improvements | 14,832 | |||
Costs Capitalized Subsequent to Acquisition | 178 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 363 | |||
Buildings and Improvements | 5,858 | |||
Total | (6,221) | |||
Accumulated Depreciation | 4,630 | |||
2756 Columbia, SC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 408 | |||
Building and Improvements | 7,527 | |||
Costs Capitalized Subsequent to Acquisition | 157 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 412 | |||
Buildings and Improvements | 3,104 | |||
Total | (3,516) | |||
Accumulated Depreciation | 2,407 | |||
3131 Greenville, SC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Building and Improvements | 12,558 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,090 | |||
Buildings and Improvements | 5,323 | |||
Total | (6,413) | |||
Accumulated Depreciation | 3,944 | |||
3132 Myrtle Beach, SC | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 900 | |||
Building and Improvements | 10,913 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 4,487 | |||
Total | (5,387) | |||
Accumulated Depreciation | 3,438 | |||
3063 Abilene, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 300 | |||
Building and Improvements | 2,830 | |||
Costs Capitalized Subsequent to Acquisition | 35 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 2,388 | |||
Total | (2,688) | |||
Accumulated Depreciation | 955 | |||
2784 Arlington TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,494 | |||
Building and Improvements | 12,192 | |||
Costs Capitalized Subsequent to Acquisition | 1,371 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,540 | |||
Buildings and Improvements | 12,807 | |||
Total | (15,347) | |||
Accumulated Depreciation | 4,347 | |||
3054 Burleson, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,050 | |||
Building and Improvements | 5,242 | |||
Costs Capitalized Subsequent to Acquisition | 42 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,050 | |||
Buildings and Improvements | 3,229 | |||
Total | (4,279) | |||
Accumulated Depreciation | 1,727 | |||
3068 Cedar Hill, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,070 | |||
Building and Improvements | 11,554 | |||
Costs Capitalized Subsequent to Acquisition | 127 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,070 | |||
Buildings and Improvements | 11,231 | |||
Total | (12,301) | |||
Accumulated Depreciation | 3,911 | |||
3135 Cedar Hill, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 440 | |||
Building and Improvements | 7,494 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 440 | |||
Buildings and Improvements | 6,987 | |||
Total | (7,427) | |||
Accumulated Depreciation | 2,223 | |||
2786 Friendswood TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 400 | |||
Building and Improvements | 7,354 | |||
Costs Capitalized Subsequent to Acquisition | 1,222 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 400 | |||
Buildings and Improvements | 8,255 | |||
Total | (8,655) | |||
Accumulated Depreciation | 3,215 | |||
2529 Grand Prairie TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 865 | |||
Building and Improvements | 10,650 | |||
Costs Capitalized Subsequent to Acquisition | 1,737 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 865 | |||
Buildings and Improvements | 12,386 | |||
Total | (13,251) | |||
Accumulated Depreciation | 2,783 | |||
2785 Houston TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 835 | |||
Building and Improvements | 7,195 | |||
Costs Capitalized Subsequent to Acquisition | 1,133 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 835 | |||
Buildings and Improvements | 8,328 | |||
Total | (9,163) | |||
Accumulated Depreciation | 4,110 | |||
3047 Lewisville TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,228 | |||
Building and Improvements | 35,818 | |||
Costs Capitalized Subsequent to Acquisition | 982 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,228 | |||
Buildings and Improvements | 31,065 | |||
Total | (35,293) | |||
Accumulated Depreciation | 2,176 | |||
3065 North Richland Hills, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 520 | |||
Building and Improvements | 5,117 | |||
Costs Capitalized Subsequent to Acquisition | 79 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 520 | |||
Buildings and Improvements | 3,702 | |||
Total | (4,222) | |||
Accumulated Depreciation | 1,694 | |||
3066 North Richland Hills, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 870 | |||
Building and Improvements | 9,259 | |||
Costs Capitalized Subsequent to Acquisition | 46 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 870 | |||
Buildings and Improvements | 8,864 | |||
Total | (9,734) | |||
Accumulated Depreciation | 3,549 | |||
2510 Temple TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,354 | |||
Building and Improvements | 52,859 | |||
Costs Capitalized Subsequent to Acquisition | 2,143 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,354 | |||
Buildings and Improvements | 53,799 | |||
Total | (56,153) | |||
Accumulated Depreciation | 6,850 | |||
2400 Victoria, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,032 | |||
Building and Improvements | 7,743 | |||
Costs Capitalized Subsequent to Acquisition | 2,109 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,032 | |||
Buildings and Improvements | 8,525 | |||
Total | (9,557) | |||
Accumulated Depreciation | 2,584 | |||
2605 Victoria, TX | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 175 | |||
Building and Improvements | 4,290 | |||
Costs Capitalized Subsequent to Acquisition | 4,898 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 175 | |||
Buildings and Improvements | 7,733 | |||
Total | (7,908) | |||
Accumulated Depreciation | 4,450 | |||
3067 Waxahachie, VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 390 | |||
Building and Improvements | 3,879 | |||
Costs Capitalized Subsequent to Acquisition | 74 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 390 | |||
Buildings and Improvements | 2,650 | |||
Total | (3,040) | |||
Accumulated Depreciation | 1,290 | |||
2916 Arlington, VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,833 | |||
Building and Improvements | 7,076 | |||
Costs Capitalized Subsequent to Acquisition | 1,027 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,833 | |||
Buildings and Improvements | 3,336 | |||
Total | (7,169) | |||
Accumulated Depreciation | 2,743 | |||
2917 Arlington VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 7,278 | |||
Building and Improvements | 37,407 | |||
Costs Capitalized Subsequent to Acquisition | 4,252 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 7,278 | |||
Buildings and Improvements | 40,266 | |||
Total | (47,544) | |||
Accumulated Depreciation | 14,902 | |||
3133 Chesapeake, VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,090 | |||
Building and Improvements | 12,444 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,090 | |||
Buildings and Improvements | 11,944 | |||
Total | (13,034) | |||
Accumulated Depreciation | 4,056 | |||
2919 Falls Church VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,228 | |||
Building and Improvements | 8,887 | |||
Costs Capitalized Subsequent to Acquisition | 1,268 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,228 | |||
Buildings and Improvements | 9,430 | |||
Total | (11,658) | |||
Accumulated Depreciation | 3,306 | |||
2582 Fredericksburg VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,370 | |||
Building and Improvements | 19,725 | |||
Costs Capitalized Subsequent to Acquisition | 555 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,370 | |||
Buildings and Improvements | 19,103 | |||
Total | (21,473) | |||
Accumulated Depreciation | 2,331 | |||
2581 Leesburg VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 11,404 | |||
Initial Cost to Company | ||||
Land | 1,340 | |||
Building and Improvements | 17,605 | |||
Costs Capitalized Subsequent to Acquisition | 1,701 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,340 | |||
Buildings and Improvements | 18,158 | |||
Total | (19,498) | |||
Accumulated Depreciation | 2,595 | |||
2514 Richmond VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,981 | |||
Building and Improvements | 54,203 | |||
Costs Capitalized Subsequent to Acquisition | 7,276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,981 | |||
Buildings and Improvements | 61,479 | |||
Total | (64,460) | |||
Accumulated Depreciation | 8,399 | |||
2777 Sterling, VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,046 | |||
Building and Improvements | 15,788 | |||
Costs Capitalized Subsequent to Acquisition | 966 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,046 | |||
Buildings and Improvements | 5,278 | |||
Total | (6,324) | |||
Accumulated Depreciation | 3,246 | |||
2918 Sterling, VA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 2,360 | |||
Building and Improvements | 22,932 | |||
Costs Capitalized Subsequent to Acquisition | 1,495 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,360 | |||
Buildings and Improvements | 13,438 | |||
Total | (15,798) | |||
Accumulated Depreciation | 7,821 | |||
2913 Edmonds WA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 1,418 | |||
Building and Improvements | 16,502 | |||
Costs Capitalized Subsequent to Acquisition | 1,528 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,418 | |||
Buildings and Improvements | 17,481 | |||
Total | (18,899) | |||
Accumulated Depreciation | 5,745 | |||
2791 Kenmore, WA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 3,284 | |||
Building and Improvements | 16,641 | |||
Costs Capitalized Subsequent to Acquisition | 1,456 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,284 | |||
Buildings and Improvements | 4,350 | |||
Total | (7,634) | |||
Accumulated Depreciation | 3,627 | |||
2923 Mercer Island, WA | Senior Housing Operating Portfolio | Discontinued Operations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year end | 0 | |||
Initial Cost to Company | ||||
Land | 4,209 | |||
Building and Improvements | 8,123 | |||
Costs Capitalized Subsequent to Acquisition | 889 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 4,209 | |||
Buildings and Improvements | 4,180 | |||
Total | (8,389) | |||
Accumulated Depreciation | $ 2,846 |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Amount that the tax basis of the Company's net real estate is less than the reported amounts | $ 844 |
Life on Which Depreciation in Latest Income Statement is Computed | 60 years |
Schedule III_ Real Estate and_4
Schedule III: Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Continuing Operations | |||
Real estate: | |||
Balances at beginning of year | $ 10,372,584 | $ 9,707,488 | $ 9,460,973 |
Acquisition of real estate and development and improvements | 3,460,556 | 1,621,739 | 1,047,312 |
Sales and/or transfers to assets held for sale | (203,687) | (852,480) | (386,770) |
Deconsolidation of real estate | 0 | 0 | (325,580) |
Impairments | (23,991) | (19,067) | (5,609) |
Other | (76,569) | (85,096) | (82,838) |
Balances at end of year | 13,528,893 | 10,372,584 | 9,707,488 |
Accumulated depreciation: | |||
Balances at beginning of year | 2,141,960 | 2,054,888 | 1,912,628 |
Depreciation expense | 438,735 | 365,319 | 340,600 |
Sales and/or transfers to assets held for sale | (93,220) | (190,877) | (82,139) |
Real estate held for sale | 0 | 0 | (43,525) |
Other | (78,340) | (87,370) | (72,676) |
Balances at end of year | 2,409,135 | 2,141,960 | 2,054,888 |
Discontinued Operations | |||
Real estate: | |||
Balances at beginning of year | 4,133,349 | 3,440,706 | 4,257,599 |
Acquisition of real estate and development and improvements | 119,333 | 812,827 | 46,591 |
Sales and/or transfers to assets held for sale | (1,114,792) | (245,291) | (814,577) |
Impairments | (198,048) | (200,546) | (44,120) |
Other | (9,276) | 325,653 | (4,787) |
Balances at end of year | 2,930,566 | 4,133,349 | 3,440,706 |
Accumulated depreciation: | |||
Balances at beginning of year | 861,557 | 817,931 | 863,602 |
Depreciation expense | 91,726 | 122,792 | 121,064 |
Sales and/or transfers to assets held for sale | (333,654) | (68,391) | (161,755) |
Other | (3,921) | (10,775) | (4,980) |
Balances at end of year | $ 615,708 | $ 861,557 | $ 817,931 |
Schedule IV_ Mortgage Loans o_2
Schedule IV: Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 0 | |||
Monthly Debt Service | 710 | |||
Face Amount of Mortgages | 161,530 | |||
Carrying Amount | 157,572 | $ 161,964 | $ 42,037 | $ 188,418 |
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of properties with first mortgages | property | 11 | |||
Texas, Florida And California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Number of properties with first mortgages | property | 1 | |||
Mortgage loan on real estate, Texas due 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.50% | |||
Face Amount of Mortgages | $ 2,250 | |||
Carrying Amount | $ 2,250 | |||
Mortgage loan on real estate, Texas due 2021 | Other Non-reportable | Texas | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 15 | |||
Face Amount of Mortgages | 2,250 | |||
Carrying Amount | 2,250 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $8289 | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 7.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 54 | |||
Face Amount of Mortgages | 8,289 | |||
Carrying Amount | 8,289 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage loan on real estate, Florida due 2026 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 2.00% | |||
Face Amount of Mortgages | $ 51,716 | |||
Carrying Amount | $ 51,233 | |||
Mortgage loan on real estate, Florida due 2026 | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 2.00% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 276 | |||
Face Amount of Mortgages | 51,716 | |||
Carrying Amount | 51,233 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage loan on real estate, Florida due 2026 | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 4.25% | |||
Mortgage loan on real estate, Florida due 2026 | LIBOR | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 0.0425% | |||
Mortgage loan on real estate, California due 2026 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 2.00% | |||
Face Amount of Mortgages | $ 13,257 | |||
Carrying Amount | $ 13,477 | |||
Mortgage loan on real estate, California due 2026 | Other Non-reportable | California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 2.00% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 70 | |||
Face Amount of Mortgages | 13,257 | |||
Carrying Amount | 13,477 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage loan on real estate, California due 2026 | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 4.25% | |||
Mortgage loan on real estate, California due 2026 | LIBOR | Other Non-reportable | California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 0.0425% | |||
Mortgage loan on real estate, Florida and California due 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
Face Amount of Mortgages | $ 61,018 | |||
Carrying Amount | $ 57,861 | |||
Mortgage loan on real estate, Florida and California due 2021 | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 23 | |||
Face Amount of Mortgages | 7,798 | |||
Carrying Amount | 6,397 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $3912 | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 11 | |||
Face Amount of Mortgages | 3,912 | |||
Carrying Amount | 3,137 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage Loans On Real Estate Interest Only Florida Due 2021, Principal $14208 | Other Non-reportable | Florida | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 41 | |||
Face Amount of Mortgages | 14,208 | |||
Carrying Amount | 13,968 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage loan on real estate, California due 2021 | Other Non-reportable | California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 3.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 102 | |||
Face Amount of Mortgages | 35,100 | |||
Carrying Amount | 34,359 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 | |||
Mortgage loan on real estate, California due 2022 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.50% | |||
Face Amount of Mortgages | $ 25,000 | |||
Carrying Amount | $ 24,462 | |||
Mortgage loan on real estate, California due 2022 | Other Non-reportable | California | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.50% | |||
Prior Liens | $ 0 | |||
Monthly Debt Service | 118 | |||
Face Amount of Mortgages | 25,000 | |||
Carrying Amount | 24,462 | |||
Principal Amount Subject to Delinquent Principal or Interest | $ 0 |
Schedule IV_ Mortgage Loans o_3
Schedule IV: Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Balance at beginning of year | $ 42,037 | $ 161,964 | $ 42,037 | $ 188,418 |
New mortgage loans | 0 | 98,469 | 59,552 | |
Draws on existing mortgage loans | 42,398 | 19,182 | 60,375 | |
Total additions | 42,398 | 117,651 | 119,927 | |
Principal repayments and conversions to equity ownership | (188,779) | (113,200) | 0 | |
Reserve for loan losses(2) | (8,843) | 0 | 0 | |
Total deductions | $ (188,779) | (122,043) | 0 | |
Balance at end of year | $ 157,572 | $ 161,964 | $ 42,037 |
Uncategorized Items - peak-2020
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201705Member |