Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HEALTHCARE REALTY TRUST INC | ' | ' |
Entity Central Index Key | '0000899749 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 95,993,252 | ' |
Entity Public Float | ' | ' | $2,300,922,136 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real estate properties: | ' | ' | ||
Land | $178,931 | $161,875 | ||
Buildings, improvements and lease intangibles | 2,861,935 | 2,625,538 | ||
Personal property | 9,267 | 8,739 | ||
Land held for development | 17,054 | 25,171 | ||
Total real estate properties | 3,067,187 | 2,821,323 | ||
Less accumulated depreciation | -632,109 | -580,617 | ||
Total real estate properties, net | 2,435,078 | 2,240,706 | ||
Cash and cash equivalents | 8,671 | 6,776 | ||
Mortgage notes receivable | 125,547 | [1] | 162,191 | [1] |
Assets held for sale and discontinued operations, net | 6,852 | 3,337 | ||
Other assets, net | 153,514 | 126,962 | ||
Total assets | 2,729,662 | 2,539,972 | ||
Liabilities: | ' | ' | ||
Notes and bonds payable | 1,348,459 | [2] | 1,293,044 | [2] |
Accounts payable and accrued liabilities | 73,741 | 65,678 | ||
Liabilities of discontinued operations | 1,112 | 131 | ||
Other liabilities | 61,064 | 60,175 | ||
Total liabilities | 1,484,376 | 1,419,028 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' Equity: | ' | ' | ||
Preferred stock, $.01 par value; 50,000 shares authorized; none issued and outstanding | 0 | 0 | ||
Common stock, $.01 par value; 150,000 shares authorized; 95,924 and 87,514 shares issued and outstanding at December 31, 2013 and 2012, respectively. | 959 | 875 | ||
Additional paid-in capital | 2,325,228 | 2,100,297 | ||
Accumulated other comprehensive income (loss) | 51 | -2,092 | ||
Cumulative net income attributable to common stockholders | 808,362 | 801,416 | ||
Cumulative dividends | -1,891,123 | -1,779,552 | ||
Total stockholders’ equity | 1,243,477 | 1,120,944 | ||
Noncontrolling interests | 1,809 | 0 | ||
Total equity | 1,245,286 | 1,120,944 | ||
Total liabilities and equity | $2,729,662 | $2,539,972 | ||
[1] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. | |||
[2] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, issued shares | ' | ' |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, issued shares | 95,924,000 | 87,514,000 |
Common stock, outstanding shares | 95,924,000 | 87,514,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $318,294 | $288,787 | $263,740 | ||||||||
Mortgage interest | ' | ' | ' | ' | ' | ' | ' | ' | 12,701 | 9,186 | 6,973 | ||||||||
Other operating | ' | ' | ' | ' | ' | ' | ' | ' | 5,931 | 6,101 | 7,885 | ||||||||
Total Revenue | 90,116 | [1] | 84,311 | [2] | 82,062 | [3] | 80,437 | [4] | 78,250 | [5] | 76,481 | [6] | 75,487 | [7] | 73,856 | [8] | 336,926 | 304,074 | 278,598 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 125,565 | 116,470 | 112,152 | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 23,729 | 20,905 | 20,988 | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 88,380 | 81,966 | 72,036 | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10,645 | 10,418 | 8,105 | ||||||||
Bad debt, net of recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 184 | 241 | -251 | ||||||||
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 248,503 | 230,000 | 213,030 | ||||||||
OTHER INCOME (EXPENSE) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss on extinguishment of debt | ' | ' | -29,900 | ' | ' | ' | ' | ' | -29,638 | ' | -1,986 | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -73,511 | -74,955 | -75,938 | ||||||||
Gain on sale of cost method investment in real estate | ' | ' | ' | ' | ' | ' | ' | ' | 1,492 | 0 | 0 | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 966 | 976 | 813 | ||||||||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -100,691 | -73,979 | -77,111 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 9,888 | [1] | 4,703 | [2] | -27,701 | [3] | 842 | [4] | -1,467 | [5] | 635 | [6] | 875 | [7] | 52 | [8] | -12,268 | 95 | -11,543 |
DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,422 | 9,474 | 11,021 | ||||||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -9,889 | -14,908 | -6,697 | ||||||||
Gain on sales of real estate properties | 2,700 | 20,200 | 1,800 | ' | 1,200 | 6,300 | ' | 3,400 | 24,718 | 10,874 | 7,035 | ||||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,568 | [1] | 15,080 | [2] | 3,463 | [3] | -1,860 | [4] | -4,895 | [5] | 5,200 | [6] | 2,053 | [7] | 3,082 | [8] | 19,251 | 5,440 | 11,359 |
NET INCOME (LOSS) | 12,456 | [1] | 19,783 | [2] | -24,238 | [3] | -1,018 | [4] | -6,362 | [5] | 5,835 | [6] | 2,928 | [7] | 3,134 | [8] | 6,983 | 5,535 | -184 |
Less: Net income attributable to noncontrolling interests | -72 | [1] | -17 | [2] | 33 | [3] | 19 | [4] | -29 | [5] | -21 | [6] | -20 | [7] | 0 | [8] | -37 | -70 | -30 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $12,384 | [1] | $19,766 | [2] | ($24,205) | [3] | ($999) | [4] | ($6,391) | [5] | $5,814 | [6] | $2,908 | [7] | $3,134 | [8] | $6,946 | $5,465 | ($214) |
BASIC EARNINGS (LOSS) PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.13) | $0 | ($0.16) | ||||||||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | ||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.08 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.13) | ' | ($0.16) | ||||||||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | ||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.07 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 90,940,627 | 78,844,840 | 72,720,147 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 90,940,627 | 80,127,883 | 72,720,147 | ||||||||
[1] | The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | ||||||||||||||||||
[2] | The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | ||||||||||||||||||
[3] | The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | ||||||||||||||||||
[4] | The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | ||||||||||||||||||
[5] | The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. | ||||||||||||||||||
[6] | The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | ||||||||||||||||||
[7] | The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | ||||||||||||||||||
[8] | The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME (LOSS) | $6,983 | $5,535 | ($184) |
Other comprehensive income: | ' | ' | ' |
Defined benefit pension plan net gain arising during the period | 2,143 | 1,240 | 1,937 |
Other comprehensive income | 2,143 | 1,240 | 1,937 |
COMPREHENSIVE INCOME | 9,126 | 6,775 | 1,753 |
Less: Comprehensive income attributable to noncontrolling interests | -37 | -70 | -30 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $9,089 | $6,705 | $1,723 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Income) Loss | Cumulative Net Income | Cumulative Dividends | Total Stockholders' Equity | Non-controlling Interests |
In Thousands, unless otherwise specified | |||||||||
Beginning Balance at Dec. 31, 2010 | $842,740 | ' | $661 | $1,641,379 | ($5,269) | $796,165 | ($1,593,926) | $839,010 | $3,730 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, net of costs | 251,976 | ' | 117 | 251,859 | ' | ' | ' | 251,976 | ' |
Common stock redemption | -86 | ' | ' | -86 | ' | ' | ' | -86 | ' |
Stock-based compensation | 2,922 | ' | 1 | 2,921 | ' | ' | ' | 2,922 | ' |
Net income (loss) | -184 | ' | ' | ' | ' | -214 | ' | -214 | 30 |
Defined benefit pension plan net gain | 1,937 | ' | ' | ' | 1,937 | ' | ' | 1,937 | ' |
Dividends to common stockholders ($1.20 per share) | -89,270 | ' | ' | ' | ' | ' | -89,270 | -89,270 | ' |
Distributions to noncontrolling interests | -249 | ' | ' | ' | ' | ' | ' | ' | -249 |
Proceeds from noncontrolling interest | 76 | ' | ' | ' | ' | ' | ' | ' | 76 |
Purchase of noncontrolling interest in consolidated joint ventures | -5,056 | 0 | 0 | -1,469 | 0 | 0 | 0 | -1,469 | -3,587 |
Ending Balance at Dec. 31, 2011 | 1,004,806 | ' | 779 | 1,894,604 | -3,332 | 795,951 | -1,683,196 | 1,004,806 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, net of costs | 202,365 | ' | 93 | 202,272 | ' | ' | ' | 202,365 | ' |
Common stock redemption | -68 | ' | ' | -68 | ' | ' | ' | -68 | ' |
Stock-based compensation | 3,492 | ' | 3 | 3,489 | ' | ' | ' | 3,492 | ' |
Net income (loss) | 5,535 | ' | ' | ' | ' | 5,465 | ' | 5,465 | 70 |
Defined benefit pension plan net gain | 1,240 | ' | ' | ' | 1,240 | ' | ' | 1,240 | ' |
Dividends to common stockholders ($1.20 per share) | -96,356 | ' | ' | ' | ' | ' | -96,356 | -96,356 | ' |
Proceeds from noncontrolling interest | -70 | ' | ' | ' | ' | ' | ' | ' | -70 |
Ending Balance at Dec. 31, 2012 | 1,120,944 | ' | 875 | 2,100,297 | -2,092 | 801,416 | -1,779,552 | 1,120,944 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock, net of costs | 220,259 | ' | 83 | 220,176 | ' | ' | ' | 220,259 | ' |
Common stock redemption | -454 | ' | ' | -454 | ' | ' | ' | -454 | ' |
Stock-based compensation | 5,210 | ' | 1 | 5,209 | ' | ' | ' | 5,210 | ' |
Net income (loss) | 6,983 | ' | ' | ' | ' | 6,946 | ' | 6,946 | 37 |
Defined benefit pension plan net gain | 2,143 | ' | ' | ' | 2,143 | ' | ' | 2,143 | ' |
Dividends to common stockholders ($1.20 per share) | -111,571 | ' | ' | ' | ' | ' | -111,571 | -111,571 | ' |
Distributions to noncontrolling interests | -34 | ' | ' | ' | ' | ' | ' | ' | -34 |
Proceeds from noncontrolling interest | 1,806 | ' | ' | ' | ' | ' | ' | ' | 1,806 |
Ending Balance at Dec. 31, 2013 | $1,245,286 | ' | $959 | $2,325,228 | $51 | $808,362 | ($1,891,123) | $1,243,477 | $1,809 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividend per share to common stockholders | $1.20 | $1.20 | $1.20 |
Cumulative Dividends | ' | ' | ' |
Dividend per share to common stockholders | $1.20 | $1.20 | $1.20 |
Total Stockholders' Equity | ' | ' | ' |
Dividend per share to common stockholders | $1.20 | $1.20 | $1.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net income (loss) | $6,983 | $5,535 | ($184) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 105,318 | 101,444 | 92,388 |
Stock-based compensation | 5,210 | 3,492 | 2,922 |
Straight-line rent receivable | -8,608 | -6,013 | -4,630 |
Straight-line rent liability | 426 | 418 | 488 |
Gain on sales of real estate properties | -24,718 | -10,874 | -7,035 |
Gain on sale of cost method investment in real estate | -1,492 | 0 | 0 |
Loss on extinguishment of debt | 29,907 | ' | 1,986 |
Net gain from mortgage repayment by previously consolidated VIE | 0 | -313 | 0 |
Impairments | 9,889 | 14,908 | 6,697 |
Provision for bad debt, net | 185 | 240 | -160 |
Changes in operating assets and liabilities: | ' | ' | ' |
Other assets | -5,660 | -3,469 | -5,173 |
Accounts payable and accrued liabilities | 740 | -712 | 10,770 |
Other liabilities | 2,617 | 11,741 | 9,783 |
Net cash provided by operating activities | 120,797 | 116,397 | 107,852 |
INVESTING ACTIVITIES | ' | ' | ' |
Acquisitions of real estate | -177,744 | -89,640 | -114,225 |
Development of real estate | 0 | -7,833 | -83,720 |
Tenant improvements and capital additions | -72,784 | -62,251 | -34,306 |
Funding of mortgages and notes receivable | -58,731 | -78,297 | -101,931 |
Proceeds from sales of real estate | 96,132 | 74,817 | 19,572 |
Proceeds from sale of cost method investment in real estate | 2,717 | 0 | 0 |
Proceeds from mortgage repayment by previously consolidated VIE | 0 | 35,057 | 0 |
Proceeds from mortgages and notes receivable repayments | 2,464 | 14,893 | 17,797 |
Net cash used in investing activities | -207,946 | -113,254 | -296,813 |
FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) on unsecured credit facility | 128,000 | -102,000 | 212,000 |
Borrowings on notes and bonds payable | 247,948 | ' | ' |
Repayments on notes and bonds payable | -19,984 | -4,990 | -3,703 |
Repurchase of notes payable | -371,839 | ' | -280,201 |
Dividends paid | -111,571 | -96,356 | -89,270 |
Net proceeds from issuance of common stock | 220,252 | 202,352 | 251,916 |
Common stock redemptions | -454 | -68 | -86 |
Capital contributions received from noncontrolling interests | 1,806 | 0 | 0 |
Distributions to noncontrolling interest holders | -32 | -40 | -284 |
Distributions to noncontrolling interest holders | 0 | 0 | -1,591 |
Debt issuance and assumption costs | -5,082 | -3 | -8,403 |
Net cash provided by (used in) financing activities | 89,044 | -1,105 | 80,378 |
Increase (decrease) in cash and cash equivalents | 1,895 | 2,038 | -108,583 |
Cash and cash equivalents, beginning of period | 6,776 | 4,738 | 113,321 |
Cash and cash equivalents, end of period | 8,671 | 6,776 | 4,738 |
Supplemental Cash Flow Information: | ' | ' | ' |
Interest paid | 71,025 | 75,348 | 73,157 |
Capitalized interest | 183 | 5,021 | 8,531 |
Company-financed real estate property sales | 4,241 | 11,200 | 2,700 |
Invoices accrued for construction, tenant improvement and other capitalized costs | 10,885 | 4,297 | 12,131 |
Elimination of mortgage note upon acquisition | 97,203 | 0 | 0 |
Mortgage notes payable assumed upon acquisition (adjusted to fair value) | 40,992 | 5,171 | 54,392 |
Construction liabilities transferred upon deconsolidation of VIE | 0 | 3,450 | 0 |
Foreclosure of mortgage notes receivable | 0 | ' | 4,371 |
Elimination of mortgage note upon consolidation of VIE | $0 | ' | $21,939 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Business Overview | ||||||||||||
Healthcare Realty Trust Incorporated (the “Company”) is a real estate investment trust ("REIT") that owns, acquires, manages, finances and develops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States of America. The Company had investments of approximately $3.2 billion in 202 real estate properties and mortgages as of December 31, 2013. The Company’s 198 owned real estate properties are located in 28 states and total approximately 13.9 million square feet. The Company provided property management services to approximately 10.3 million square feet nationwide. Square footage disclosures in this Annual Report on Form 10-K are unaudited. | ||||||||||||
Principles of Consolidation | ||||||||||||
The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, joint ventures, partnerships, and other affiliates, as well as certain variable interest entities (“VIEs”) where the Company controlled the operating activities of the VIE. | ||||||||||||
In accordance with the consolidation accounting standards, the Company must evaluate each contractual relationship it has with its lessees, borrowers, or others to determine whether or not the contractual arrangement creates a variable interest in those entities. If the Company determines that it has a variable interest and the entity is a VIE, then management must determine whether or not the Company is the primary beneficiary of the VIE, resulting in consolidation of the VIE. A primary beneficiary has the power to direct those activities of the VIE that most significantly impact its economic performance and has the obligation to absorb the losses of, or receive the benefits from, the VIE. | ||||||||||||
The Company had a variable interest in unconsolidated VIEs consisting of one construction mortgage note of approximately $80.0 million as of December 31, 2013 and two construction mortgage notes receivable aggregating approximately $118.4 million as of December 31, 2012, in which management concluded that the Company was not the primary beneficiary. The Company’s maximum exposure to loss related to this unconsolidated VIE as of December 31, 2013 equaled the Company’s aggregate mortgage note investment. See Note 5 for more information on these construction mortgage notes receivable. | ||||||||||||
The Company consolidates a partnership, HRP MAC III, LLC, that holds $17.7 million in real estate assets as of December 31, 2013, in which it has a controlling interest. The Company received capital contributions of $1.8 million from a 40% noncontrolling interest holder in the partnership during 2013. The Company reports noncontrolling interests in subsidiaries as a component of equity and the related net income or loss attributable to the noncontrolling interests as part of consolidated net income or loss in its Consolidated Financial Statements. See Note 4 for additional information. | ||||||||||||
The Company had a $1.3 million investment in an unconsolidated limited liability company ("LLC") at December 31, 2012 which the Company accounted for under the cost method. The Company's investment in its unconsolidated LLC, which invests in real estate properties, was included in "Other assets" and the related distributions are recognized in "Other income (expense)" on the Company's Consolidated Financial Statements. On December 31, 2013, the Company sold this investment for a gain of approximately $1.5 million. See Note 8 for additional information on the sale of this investment. | ||||||||||||
All significant intercompany accounts, transactions and balances have been eliminated upon consolidation in the Consolidated Financial Statements. | ||||||||||||
Use of Estimates in the Consolidated Financial Statements | ||||||||||||
Preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates. | ||||||||||||
Segment Reporting | ||||||||||||
The Company owns, acquires, manages, finances and develops outpatient and other healthcare-related properties. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. | ||||||||||||
Reclassifications | ||||||||||||
Certain reclassifications for discontinued operations have been made to the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011 to conform to the 2013 presentation. The operating results of those assets have been reclassified from continuing to discontinued operations for all periods presented. | ||||||||||||
Reclassifications were made on the Company's Consolidated Balance Sheets as of December 31, 2012 for certain non-real estate related personal property from the "Personal property" line item in "Total real estate properties, net" to the "Other assets, net" line item totaling $4.3 million. | ||||||||||||
Real Estate Properties | ||||||||||||
Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under Accounting Standards Codification Topic 805, Business Combinations. Cost or fair value at the time of acquisition is allocated among land, buildings, tenant improvements, lease and other intangibles, and personal property as applicable. The Company’s gross real estate assets, on a financial reporting basis, totaled approximately $3.1 billion as of December 31, 2013 and $2.8 billion as of December 31, 2012. | ||||||||||||
During 2013 and 2012, the Company eliminated against accumulated depreciation approximately $4.4 million and $2.5 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. Approximately $0.2 million of fully depreciated personal property and equipment was eliminated against accumulated depreciation in 2012. | ||||||||||||
Depreciation and amortization of real estate assets and liabilities in place as of December 31, 2013, is provided for on a straight-line basis over the asset’s estimated useful life: | ||||||||||||
Land improvements | 15.0 to 38.1 years | |||||||||||
Buildings and improvements | 3.3 to 39.0 years | |||||||||||
Lease intangibles (including ground lease intangibles) | 2.0 to 93.1 years | |||||||||||
Personal property | 1.9 to 15.8 years | |||||||||||
The Company capitalizes direct costs, including costs such as construction costs and professional services, and indirect costs, including capitalized interest and overhead costs, associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. Capitalized interest cost is calculated using the weighted average interest rate of the Company's unsecured debt or the interest rate on project specific debt, if applicable. The Company continues to capitalize interest on the unoccupied portion of the properties in stabilization for up to one year after the buildings have been placed into service, at which time the capitalization of interest must cease. | ||||||||||||
Land Held for Development | ||||||||||||
Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own outpatient healthcare facilities. The Company’s investment in land held for development totaled approximately $17.1 million as of December 31, 2013 and $25.2 million as of December 31, 2012. | ||||||||||||
Asset Impairment | ||||||||||||
The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its operators. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualties, such as hurricanes. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. | ||||||||||||
Acquisitions of Real Estate Properties with In-Place Leases | ||||||||||||
Acquisitions of real estate properties are accounted for at fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Where appropriate, the intangible assets recorded could include goodwill or customer relationship assets. The values related to above- or below-market in-place lease intangibles are amortized to rental income where the Company is the lessor, are amortized to property operating expense where the Company is the lessee, and are amortized over the remaining term of the leases upon acquisition. | ||||||||||||
The Company considers whether any of the in-place lease rental rates are above- or below-market. An asset (if the actual rental rate is above-market) or a liability (if the actual rental rate is below-market) is calculated and recorded in an amount equal to the present value of the future cash flows that represent the difference between the actual lease rate and the average market rate. If an in-place lease is identified as a below-market rental rate, the Company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods. | ||||||||||||
The Company also estimates an absorption period, which can vary by property, assuming the building is vacant and must be leased up to the actual level of occupancy when acquired. During that absorption period, the owner would incur direct costs, such as tenant improvements, and would suffer lost rental income. Likewise, the owner would have acquired a measurable asset in that, assuming the building was vacant, certain fixed costs would be avoided because the actual in-place lessees would reimburse a certain portion of fixed costs through expense reimbursements during the absorption period. | ||||||||||||
All of these intangible assets (above- or below-market lease, tenant improvement costs avoided, rental income lost, and expenses recovered through in-place lessee reimbursements) are estimated and recorded in amounts equal to the present value of estimated future cash flows. The actual purchase price is allocated based on the various asset fair values described above. | ||||||||||||
The building and tenant improvement components of the purchase price are depreciated over the estimated useful life of the building or the weighted average remaining term of the in-places leases. The above- or below-market rental rate assets or liabilities are amortized to rental income or property operating expense over the remaining term of the leases. The at-market, in-place lease intangibles are amortized to amortization expense over the weighted average remaining term of the leases, customer relationship assets are amortized to amortization expense over terms applicable to each acquisition, and any goodwill recorded would be reviewed for impairment at least annually. | ||||||||||||
The fair values of at-market in-place lease and other intangible assets are amortized and reflected in amortization expense in the Company’s Consolidated Statements of Operations. See Note 9 for more details on the Company’s intangible assets. | ||||||||||||
Fair Value Measurements | ||||||||||||
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. | ||||||||||||
A hierarchy of valuation techniques is defined to determine 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. | |||||||||||
Executed purchase and sale agreements, that are binding agreements, are categorized as level 1 inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level 3 as they are nonbinding in nature. | ||||||||||||
During 2013, in connection with the sale of one land parcel, the Company recorded an impairment charge in discontinued operations of approximately $3.3 million based on the contractual sales price, a level one input. The Company also used level three inputs to record impairment charges of approximately $6.6 million related to one property in held for sale and four properties that were reclassified to held for sale in the third quarter of 2013, reducing the Company's carrying value to the estimated fair value of the properties less costs to sell. Of these properties, two were sold during the fourth quarter of 2013. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. | ||||||||||||
Allowance for Doubtful Accounts and Credit Losses | ||||||||||||
Accounts Receivable | ||||||||||||
Management monitors the aging and collectibility of its accounts receivable balances on an ongoing basis. Whenever deterioration in the timeliness of payment from a tenant or sponsoring health system is noted, management investigates and determines the reason or reasons for the delay. Considering all information gathered, management’s judgment is exercised in determining whether a receivable is potentially uncollectible and, if so, how much or what percentage may be uncollectible. Among the factors management considers in determining collectibility are: the type of contractual arrangement under which the receivable was recorded (e.g., a triple net lease, a gross lease, a property operating agreement, or some other type of agreement); the tenant’s reason for slow payment; industry influences under which the tenant operates; evidence of willingness and ability of the tenant to pay the receivable; credit-worthiness of the tenant; collateral, security deposit, letters of credit or other monies held as security; tenant’s historical payment pattern; other contractual agreements between the tenant and the Company; relationship between the tenant and the Company; the state in which the tenant operates; and the existence of a guarantor and the willingness and ability of the guarantor to pay the receivable. Considering these factors and others, management concludes whether all or some of the aged receivable balance is likely uncollectible. Upon determining that some portion of the receivable is likely uncollectible, the Company records a provision for bad debts for the amount it expects will be uncollectible. When efforts to collect a receivable are exhausted, the receivable amount is charged off against the allowance. The Company does not hold any accounts receivable for sale. | ||||||||||||
Mortgage Notes | ||||||||||||
The Company had four mortgage notes receivable outstanding as of December 31, 2013 and 2012 with aggregate principal balances totaling $125.5 million and $162.2 million, respectively. The weighted average maturity of the notes was approximately 0.4 years and 1.0 years, respectively, with interest rates ranging from 5.00% to 7.72% and 6.75% to 7.70%, respectively, as of December 31, 2013 and 2012. | ||||||||||||
No allowances were recorded on the Company's mortgage notes receivable during 2013 or 2012. The Company evaluates collectibility of its mortgage notes and records allowances on the notes as necessary. A loan is impaired when it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan as scheduled, including both contractual interest and principal payments. This assessment also includes an evaluation of the loan collateral. If a mortgage loan becomes past due, the Company will review the specific circumstances and may discontinue the accrual of interest on the loan. The loan is not returned to accrual status until the debtor has demonstrated the ability to continue debt service in accordance with the contractual terms. Loans placed on non-accrual status will be accounted for either on a cash basis, in which income is recognized only upon receipt of cash, or on a cost-recovery basis, in which all cash receipts reduce the carrying value of the loan, based on the Company’s expectation of future collectibility. As of December 31, 2013 and 2012, there were no recorded investments in mortgage notes that were either on non-accrual status or were past due more than ninety days and continued to accrue interest. Also, as of December 31, 2013, the Company did not hold any of its mortgage notes available for sale. | ||||||||||||
In January 2014, one of the Company's mortgage notes receivable had a scheduled balloon payment due of $41.5 million, including an exit fee of $1.5 million, that the borrower was not able to pay. The Company has initiated the default process. See Note 5 for additional information. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. | ||||||||||||
Identifiable intangible assets of the Company are comprised of enterprise goodwill, in-place lease intangible assets, customer relationship intangible assets, and deferred financing costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Deferred financing costs are amortized over the term of the related credit facility or other debt instrument under the straight-line method, which approximates amortization under the effective interest method. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. The 2013 and 2012 impairment evaluations each indicated that no impairment had occurred with respect to the $3.5 million goodwill asset. See Note 9 for more detail on the Company’s intangible assets. | ||||||||||||
Contingent Liabilities | ||||||||||||
From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. | ||||||||||||
The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. | ||||||||||||
Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. | ||||||||||||
Defined Benefit Pension Plan | ||||||||||||
The Company has a pension plan under which three of the Company’s founding officers may receive retirement benefits upon retirement (the “Executive Retirement Plan”). The plan is unfunded and benefits will be paid from cash flows of the Company. The Company recognizes pension expense on an accrual basis over an estimated service period. The Company calculates pension expense and the corresponding liability annually on the measurement date (December 31) which requires certain assumptions, such as a discount rate and the recognition of actuarial gains and losses. The maximum annual benefits payable to each individual under the plan have been frozen at $0.9 million, subject to cost-of-living adjustments. | ||||||||||||
Stock-Based Compensation | ||||||||||||
The Company has various employee and director stock-based awards outstanding. These awards include non-vested common stock and options to purchase common stock granted to employees pursuant to the 2007 Employees Stock Incentive Plan and its predecessor plan (the “Incentive Plan”) and the 2000 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the requisite service period based on the fair value of the award. | ||||||||||||
The Employee Stock Purchase Plan features a “look-back” provision which enables the employee to purchase a fixed number of common shares at the lesser of 85% of the market price on the date of grant or 85% of the market price on the date of exercise, with optional purchase dates occurring once each quarter for 27 months. The Company accounts for awards to its employees under the Employee Stock Purchase Plan based on fair value, using the Black-Scholes model, and generally recognizes expense over the award’s vesting period, net of estimated forfeitures. Since the options granted under the Employee Stock Purchase Plan immediately vest, the Company records compensation expense for those options when they are granted in the first quarter of each year and then may record additional compensation expense in subsequent quarters as warranted. In each of the years ended December 31, 2013, 2012 and 2011, the Company recognized in general and administrative expenses approximately $0.3 million, $0.4 million, and $0.2 million, respectively, of compensation expense related to the annual grant of options to its employees to purchase shares under the Employee Stock Purchase Plan. | ||||||||||||
See Note 13 for details on the Company’s stock-based awards. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Certain items must be included in comprehensive income, including items such as foreign currency translation adjustments, minimum pension liability adjustments, and unrealized gains or losses on available-for-sale securities. The Company’s accumulated other comprehensive income (loss) consists of only the cumulative pension liability adjustments, which are generally recognized in the fourth quarter of each year. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue when it is realized or realizable and earned. There are four criteria that must all be met before a Company may recognize revenue, including that persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered (i.e., the tenant has taken possession of and controls the physical use of the leased asset), the price has been fixed or is determinable, and collectibility is reasonably assured. Income received but not yet earned is deferred until such time it is earned. Deferred revenue, included in other liabilities on the Consolidated Balance Sheets, was $36.3 million and $34.8 million, respectively, as of December 31, 2013 and 2012 which includes deferred tenant improvement reimbursements of $21.9 million and $22.5 million, respectively, which will be recognized as revenue over the life of each respective lease. | ||||||||||||
The Company derives most of its revenues from its real estate property and mortgage notes receivable portfolio. The Company’s rental and mortgage interest income is recognized based on contractual arrangements with its tenants, sponsoring health systems or borrowers. These contractual arrangements fall into three categories: leases, mortgage notes receivable, and property operating agreements as described in the following paragraphs. The Company may accrue late fees based on the contractual terms of a lease or note. Such fees, if accrued, are included in rental income or mortgage interest income on the Company’s Consolidated Statements of Operations, based on the type of contractual agreement. | ||||||||||||
Rental Income | ||||||||||||
Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. | ||||||||||||
The components of rental income are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Property operating income | $ | 256,129 | $ | 239,707 | $ | 216,058 | ||||||
Single-tenant net lease | 52,665 | 42,481 | 41,957 | |||||||||
Straight-line rent | 9,500 | 6,599 | 5,725 | |||||||||
Rental income | $ | 318,294 | $ | 288,787 | $ | 263,740 | ||||||
Operating expense recoveries, included in property operating income, were approximately $40.9 million, $33.5 million and $30.7 million, respectively, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Additional rent, generally defined in most lease agreements as the cumulative increase in CPI from the lease start date to the CPI as of the end of the previous year, is calculated as of the beginning of each year, and is then billed and recognized as income during the year as provided for in the lease. Included in rental income was additional rental income, net of reserves, of approximately $0.7 million, $0.7 million and $0.9 million, respectively, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Mortgage Interest Income | ||||||||||||
Interest income on the Company’s mortgage notes receivable is recognized based on the interest rates, maturity dates and amortization periods in accordance with each note agreement. Interest rates on its four mortgage notes receivable outstanding as of December 31, 2013 were fixed. The Company amortizes any fees paid related to its mortgage notes receivable to mortgage interest income over the term of the loan on a straight-line basis which approximates amortization under the effective interest method. | ||||||||||||
Other Operating Income | ||||||||||||
Other operating income on the Company’s Consolidated Statements of Operations was comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Property lease guaranty revenue | $ | 5.1 | $ | 4.9 | $ | 6.9 | ||||||
Interest income | 0.5 | 0.5 | 0.6 | |||||||||
Management fee income | 0.2 | 0.2 | 0.2 | |||||||||
Other | 0.1 | 0.5 | 0.2 | |||||||||
$ | 5.9 | $ | 6.1 | $ | 7.9 | |||||||
Five of the Company’s 198 owned real estate properties as of December 31, 2013 were covered under property operating agreements between the Company and a sponsoring health system, which contractually obligate the sponsoring health system to provide to the Company a minimum return on the Company’s investment in the property in exchange for the right to be involved in the operating decisions of the property, including tenancy. If the minimum return is not achieved through normal operations of the property, the Company calculates and accrues to property lease guaranty revenue each quarter any shortfalls due from the sponsoring health systems under the terms of the property operating agreement. | ||||||||||||
Interest income generally relates to interest on tenant improvement reimbursements as defined in each note or lease agreement. | ||||||||||||
Management fees for property management services provided to third parties are generally calculated, accrued and billed monthly based on a percentage of cash collections of tenant receivables for the month or a stated amount per square foot. Management fees related to the Company’s owned properties are eliminated in consolidation. | ||||||||||||
Federal Income Taxes | ||||||||||||
No provision has been made for federal income taxes. The Company intends at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. See Note 16 for further discussion. | ||||||||||||
The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2013. | ||||||||||||
Federal tax returns for the years 2010, 2011 and 2012 are currently subject to examination by taxing authorities. | ||||||||||||
State Income Taxes | ||||||||||||
The Company must pay certain state income taxes and the provisions for such taxes are generally included in general and administrative expense on the Company’s Consolidated Statements of Operations. See Note 16 for further discussion. | ||||||||||||
Sales and Use Taxes | ||||||||||||
The Company must pay sales and use taxes to certain state tax authorities based on rents collected from tenants in properties located in those states. The Company is generally reimbursed for these taxes by the tenant. The Company accounts for the payments to the taxing authority and subsequent reimbursement from the tenant on a net basis in revenues in the Company’s Consolidated Statements of Operations. | ||||||||||||
Discontinued Operations | ||||||||||||
The Company sells properties from time to time due to a variety of factors, including among other things, market conditions or the exercise of purchase options by tenants. The operating results of properties that have been sold or are held for sale are reported as discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented. A company must report discontinued operations when a component of an entity has either been disposed of or is deemed to be held for sale if (i) both the operations and cash flows of the component have been or will be eliminated from ongoing operations as a result of the disposal transaction, and (ii) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. Long-lived assets held for sale are reported at the lower of their carrying amount or their fair value less cost to sell estimate. Further, depreciation of these assets ceases at the time the assets are classified as discontinued operations. Losses resulting from the sale of such properties are characterized as impairment losses relating to discontinued operations in the Consolidated Statements of Operations. See Note 6 for more detail on discontinued operations. | ||||||||||||
Earnings per Share | ||||||||||||
Basic earnings per common share is calculated using weighted average shares outstanding less issued and outstanding non-vested shares of common stock. Diluted earnings per common share is calculated using weighted average shares outstanding plus the dilutive effect of the outstanding stock options from the Employee Stock Purchase Plan and non-vested shares of common stock using the treasury stock method and the average stock price during the period. See Note 14 for the calculations of earnings per share. | ||||||||||||
New Accounting Pronouncements | ||||||||||||
On January 1, 2013, the Company adopted the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. The Company's accumulated other comprehensive income (loss) is comprised of one item pertaining to the Company's defined benefit pension plan. Reclassification of the amortization of this item occurs on an annual basis in the fourth quarter of each fiscal year. The Company's adoption of this standard did not have a significant impact on its Consolidated Financial Statements. See Note 11 for more information. |
Property_Investments
Property Investments | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Real Estate Investment Property, Net [Abstract] | ' | ||||||||||||||||||||||
Property Investments | ' | ||||||||||||||||||||||
Property Investments | |||||||||||||||||||||||
The Company invests in healthcare-related properties and mortgages located throughout the United States. The Company provides management, leasing and development services, and capital for the construction of new facilities, as well as for the acquisition of existing properties. The Company had investments of approximately $3.2 billion in 202 real estate properties and mortgages as of December 31, 2013. The following table summarizes the Company’s investments. | |||||||||||||||||||||||
(Dollars in thousands) | Number of Facilities | Land | Buildings, Improvements, and Lease Intangibles | Personal Property | Total | Accumulated Depreciation | |||||||||||||||||
Medical office/outpatient: | |||||||||||||||||||||||
California | 9 | $ | 17,430 | $ | 100,615 | $ | 184 | $ | 118,229 | $ | (48,656 | ) | |||||||||||
Colorado | 9 | 7,197 | 186,262 | 208 | 193,667 | (12,355 | ) | ||||||||||||||||
Indiana | 5 | 3,891 | 140,336 | — | 144,227 | (17,166 | ) | ||||||||||||||||
Iowa | 6 | 12,665 | 81,372 | 94 | 94,131 | (10,422 | ) | ||||||||||||||||
Florida | 7 | 5,292 | 83,042 | 251 | 88,585 | (40,185 | ) | ||||||||||||||||
Hawaii | 3 | 8,327 | 119,815 | 61 | 128,203 | (14,317 | ) | ||||||||||||||||
North Carolina | 15 | 4,200 | 150,549 | 95 | 154,844 | (28,564 | ) | ||||||||||||||||
Tennessee | 16 | 11,419 | 181,544 | 171 | 193,134 | (54,096 | ) | ||||||||||||||||
Texas | 45 | 47,784 | 632,582 | 1,285 | 681,651 | (142,821 | ) | ||||||||||||||||
Virginia | 13 | 2,451 | 189,119 | 158 | 191,728 | (35,633 | ) | ||||||||||||||||
Washington | 7 | 8,974 | 176,921 | 135 | 186,030 | (16,392 | ) | ||||||||||||||||
Other (17 states) | 39 | 24,014 | 361,674 | 327 | 386,015 | (111,853 | ) | ||||||||||||||||
174 | 153,644 | 2,403,831 | 2,969 | 2,560,444 | (532,460 | ) | |||||||||||||||||
Inpatient: | |||||||||||||||||||||||
Arizona | 1 | 3,641 | 12,371 | — | 16,012 | (1,483 | ) | ||||||||||||||||
California | 1 | — | 12,688 | — | 12,688 | (6,305 | ) | ||||||||||||||||
Colorado | 1 | 623 | 6,496 | — | 7,119 | — | |||||||||||||||||
Indiana | 1 | 1,071 | 42,334 | — | 43,405 | (8,141 | ) | ||||||||||||||||
Missouri | 1 | 1,989 | 107,487 | — | 109,476 | (679 | ) | ||||||||||||||||
Pennsylvania | 4 | 6,555 | 74,634 | — | 81,189 | (35,804 | ) | ||||||||||||||||
Texas | 5 | 9,507 | 157,923 | 265 | 167,695 | (19,151 | ) | ||||||||||||||||
14 | 23,386 | 413,933 | 265 | 437,584 | (71,563 | ) | |||||||||||||||||
Other: | |||||||||||||||||||||||
Alabama | 1 | 181 | 9,883 | 8 | 10,072 | (6,263 | ) | ||||||||||||||||
Indiana | 1 | 96 | 3,662 | 32 | 3,790 | (2,362 | ) | ||||||||||||||||
Michigan | 5 | 193 | 12,728 | 183 | 13,104 | (7,982 | ) | ||||||||||||||||
Tennessee | 1 | 253 | 7,213 | 408 | 7,874 | (2,097 | ) | ||||||||||||||||
Virginia | 2 | 1,178 | 10,685 | 5 | 11,868 | (5,790 | ) | ||||||||||||||||
10 | 1,901 | 44,171 | 636 | 46,708 | (24,494 | ) | |||||||||||||||||
Land Held for Development | — | 17,054 | — | 17,054 | (89 | ) | |||||||||||||||||
Corporate Property | — | — | — | 5,397 | 5,397 | (3,503 | ) | ||||||||||||||||
— | 17,054 | — | 5,397 | 22,451 | (3,592 | ) | |||||||||||||||||
Total owned properties | 198 | 195,985 | 2,861,935 | 9,267 | 3,067,187 | (632,109 | ) | ||||||||||||||||
Mortgage notes receivable | 4 | — | — | — | 125,547 | — | |||||||||||||||||
Total real estate investments | 202 | $ | 195,985 | $ | 2,861,935 | $ | 9,267 | $ | 3,192,734 | $ | (632,109 | ) | |||||||||||
Real_Estate_Leases
Real Estate Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Leases of Lessor Disclosure [Text Block] | ' | |||
Real Estate Leases | ||||
Real Estate Leases | ||||
The Company’s properties are generally leased pursuant to non-cancelable, fixed-term operating leases or are supported through other financial support arrangements with expiration dates through 2033. Some leases and financial arrangements provide for fixed rent renewal terms in addition to market rent renewal terms. Some leases provide the lessee, during the term of the lease and for a short period thereafter, with an option or a right of first refusal to purchase the leased property. The Company’s portfolio of single-tenant net leases generally requires the lessee to pay minimum rent, additional rent based upon fixed percentage increases or increases in the Consumer Price Index and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property. | ||||
Future minimum lease payments under the non-cancelable operating leases and guaranteed amounts due to the Company under property operating agreements as of December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 258,195 | ||
2015 | 222,718 | |||
2016 | 194,306 | |||
2017 | 169,519 | |||
2018 | 140,009 | |||
2019 and thereafter | 599,467 | |||
$ | 1,584,214 | |||
Revenue Concentrations | ||||
The Company’s real estate portfolio is leased to a diverse tenant base. For the year ended December 31, 2013, the Company had one customer that accounted for more than 10% of the Company’s consolidated revenues including revenues from discontinued operations, Baylor Scott & White Health at 11%. The Company did not have any customers that accounted for 10% or more of the Company's consolidated revenues, including discontinued operations for the year ended December 31, 2012. The Company had one customer, Baylor Health System, that accounted for 10% of the Company’s consolidated revenues, including discontinued operations, for the year ended December 31, 2011. | ||||
Purchase Option Provisions | ||||
Certain of the Company’s leases and its five property operating agreements include purchase option provisions. The provisions vary by agreement but generally allow the lessee or sponsoring health system to purchase the property covered by the agreement at the greater of fair market value or an amount equal to the Company’s gross investment. The Company had approximately $224.0 million in real estate properties as of December 31, 2013 that were subject to purchase options that were exercisable or become exercisable during 2014. |
Acquisitions_Dispositions_and_
Acquisitions, Dispositions and Mortgage Repayments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Acquisitions and Dispositions and Mortgage Repayments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Acquisitions, Dispositions and Mortgage Repayments | ' | ||||||||||||||||||||||||||||||||
Acquisitions, Dispositions and Mortgage Repayments | |||||||||||||||||||||||||||||||||
2013 Real Estate Acquisitions | |||||||||||||||||||||||||||||||||
During 2013, the Company acquired the following properties: | |||||||||||||||||||||||||||||||||
• | a 52,225 square foot medical office building in Tennessee for a purchase price and cash consideration of $16.2 million. The property was 100% leased to four tenants with expirations through 2021 and is adjacent to a 39,345 square foot medical office building the Company purchased in October 2012; | ||||||||||||||||||||||||||||||||
• | a 42,627 square foot inpatient rehabilitation facility in Texas for a purchase price and cash consideration of $16.3 million. The property was 100% leased to one tenant that expires in 2033; | ||||||||||||||||||||||||||||||||
• | a 205,573 square foot medical office building and garage in Indiana for a purchase price and cash consideration of $44.3 million. The property was 87% leased with expirations through 2029. The property is connected to and was 48% leased by St. Joseph's Medical Center, which is part of the CHE Trinity system, that opened in December 2009; | ||||||||||||||||||||||||||||||||
• | an 80,153 square foot medical office building in Colorado for a purchase price of approximately $33.2 million, including cash consideration of $21.2 million and the assumption of debt of $12.0 million (excluding a $0.7 million fair value adjustment premium recorded upon acquisition). The mortgage note payable assumed by the Company bears a contractual interest rate of 6.17% and matures in 2027. The building was 100% leased with lease expirations through 2028. The property is connected to and was 71% leased by Poudre Valley Health System, which is part of the University of Colorado Health system; | ||||||||||||||||||||||||||||||||
• | a 186,000 square foot orthopedic facility in Missouri for a purchase price of approximately $102.6 million. The Company funded the development of the facility through a construction mortgage loan of approximately $97.2 million that, upon acquisition, was eliminated in the Company's Consolidated Financial Statements. At the closing of the purchase, the outstanding loan balance was credited to the purchase price and the Company paid an additional $5.4 million in cash consideration. Subsequent to the acquisition, the Company funded an additional $6.5 million and anticipates funding approximately $2.3 million to complete the development during 2014. The building was 100% leased to Mercy Health through 2027. See Note 5 for more detail regarding the Company's fundings; | ||||||||||||||||||||||||||||||||
• | an 81,956 square foot medical office building located in the state of Washington for a purchase price of $34.9 million. The property was 100% leased with lease expirations through 2020 and is adjacent to two hospital campuses and affiliated with Providence Health and Services. The Company assumed a mortgage note payable of $16.6 million (excluding a $0.5 million fair value adjustment premium recorded upon acquisition) on the property that bears interest at a rate of 6.01% and matures in 2036; | ||||||||||||||||||||||||||||||||
• | a 70,138 square foot medical office building in Colorado for a purchase price and cash consideration of $21.6 million. The property was on the same campus as the 80,153 square foot medical office building the Company purchased in September 2013. The building was 83% leased to three tenants with lease expirations through 2026. The property is connected to and affiliated with the University of Colorado Health system; | ||||||||||||||||||||||||||||||||
• | a 90,633 square foot medical office building in North Carolina for a purchase price of $20.1 million. The property was 100% leased with expirations through 2021 and is affiliated with CaroMont Health. The Company assumed a mortgage note payable of $11.0 million (excluding a $0.2 million fair value adjustment premium recorded upon acquisition) on the property that bears interest at a rate of 5.86% and matures in 2016; | ||||||||||||||||||||||||||||||||
• | a 97,552 square foot medical office building located in Texas for a purchase price and cash consideration of $19.0 million. The property was 88% leased with expirations through 2026. The property is affiliated with and was 24% leased by Seton Healthcare; and | ||||||||||||||||||||||||||||||||
• | a 34,068 square foot inpatient rehabilitation facility located in Colorado for a purchase price and cash consideration of $7.0 million. Concurrent with the closing on the acquisition, the Company executed a single-tenant net lease that expires in 2029 for 100% of the property. This transaction was accounted for as an asset acquisition. | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2013 acquisitions is shown in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Purchase Price | Elimination of Construction Mortgage Note Receivable | Mortgage | Cash | Real | Other (3) | Square | |||||||||||||||||||||||||
Acquired | Notes Payable Assumed(1) | Consideration (2) | Estate | Footage | |||||||||||||||||||||||||||||
Real estate acquisitions | |||||||||||||||||||||||||||||||||
Tennessee | 1/29/13 | $ | 16.2 | $ | — | $ | — | $ | 16.2 | $ | 15.7 | $ | 0.5 | 52,225 | |||||||||||||||||||
Texas | 4/8/13 | 16.3 | — | — | 16.3 | 16.3 | — | 42,627 | |||||||||||||||||||||||||
Indiana | 8/8/13 | 44.3 | — | — | 44.3 | 43.3 | 1 | 205,573 | |||||||||||||||||||||||||
Colorado | 9/27/13 | 33.2 | — | (12.0 | ) | 21.2 | 32.9 | 0.3 | 80,153 | ||||||||||||||||||||||||
Missouri | 9/27/13 | 102.6 | (97.2 | ) | — | 5.4 | 102.6 | — | 186,000 | ||||||||||||||||||||||||
Washington | 10/18/13 | 34.9 | — | (16.6 | ) | 18.3 | 35.4 | (0.5 | ) | 81,956 | |||||||||||||||||||||||
Colorado | 10/24/13 | 21.6 | — | — | 21.6 | 21.7 | (0.1 | ) | 70,138 | ||||||||||||||||||||||||
North Carolina | 10/30/13 | 20.1 | — | (11.0 | ) | 9.1 | 20 | 0.1 | 90,633 | ||||||||||||||||||||||||
Texas | 12/16/13 | 19 | — | — | 19 | 19.1 | (0.1 | ) | 97,552 | ||||||||||||||||||||||||
Colorado | 12/16/13 | 7 | — | — | 7 | 7.1 | (0.1 | ) | 34,068 | ||||||||||||||||||||||||
$ | 315.2 | $ | (97.2 | ) | $ | (39.6 | ) | $ | 178.4 | $ | 314.1 | $ | 1.1 | 940,925 | |||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) The mortgage note payable assumed in the acquisitions do not reflect the fair value adjustments totaling $1.4 million recorded by the Company upon acquisition (included in Other). | |||||||||||||||||||||||||||||||||
(2) Cash consideration excludes non-real estate assets acquired and liabilities assumed in the acquisitions. | |||||||||||||||||||||||||||||||||
(3) Includes intangibles recognized at acquisition and fair value adjustments on debt assumed. | |||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2013 as of the acquisition date: | |||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Fair Value | Useful Life | ||||||||||||||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||||||||||||||
Buildings | $ | 280.2 | 7.0-39.0 | ||||||||||||||||||||||||||||||
Land | 21.6 | — | |||||||||||||||||||||||||||||||
Personal property | 0.3 | 1.9 | |||||||||||||||||||||||||||||||
Intangibles: | |||||||||||||||||||||||||||||||||
At-market lease intangibles | 12 | 3.7-20.0 | |||||||||||||||||||||||||||||||
Above-market lease intangibles | 2.9 | 2.3-16.3 | |||||||||||||||||||||||||||||||
Below-market lease intangibles | (0.4 | ) | 0.5-7.4 | ||||||||||||||||||||||||||||||
Total intangibles | 14.5 | ||||||||||||||||||||||||||||||||
Mortgage notes payable assumed, including fair value adjustments | (41.0 | ) | |||||||||||||||||||||||||||||||
Elimination of mortgage note receivable upon acquisition | (97.2 | ) | |||||||||||||||||||||||||||||||
Other assets acquired | 1.2 | ||||||||||||||||||||||||||||||||
Accounts payable, accrued liabilities and other liabilities assumed | (1.9 | ) | |||||||||||||||||||||||||||||||
Total cash paid (1) | $ | 177.7 | |||||||||||||||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $1.2 million as well as rental prorations, net of expense disbursements, totaling approximately $1.2 million. | |||||||||||||||||||||||||||||||||
2012 Real Estate Acquisitions | |||||||||||||||||||||||||||||||||
During 2012, the Company acquired the following properties: | |||||||||||||||||||||||||||||||||
• | a 58,285 square foot medical office building in South Dakota for a purchase price and cash consideration of approximately $15.0 million. The property was 100% leased at the time of acquisition under a single-tenant net lease with an affiliate of Sanford Health, with a parent guarantee, and the lease expires in 2022. The property is connected to a Sanford Health acute care hospital that opened in June 2012; | ||||||||||||||||||||||||||||||||
• | a 23,312 square foot medical office building in North Carolina for a purchase price and cash consideration of approximately $6.4 million. The building was 100% leased at the time of acquisition by two tenants with an affiliate of Carolinas Healthcare System (“CHS”) which leased 93% of the building as of the acquisition. The property is adjacent to a CHS hospital campus in which the Company owns six additional medical office buildings totaling approximately 187,000 square feet; | ||||||||||||||||||||||||||||||||
• | the fee simple interest in 9.14 acres of land in Pennsylvania for a purchase price and cash consideration of approximately $1.1 million. The Company previously held a ground lease interest in this property; | ||||||||||||||||||||||||||||||||
• | a 76,484 square foot medical office building in Texas for a purchase price of approximately $10.7 million. Concurrent with the acquisition, the Company's construction mortgage note receivable totaling $9.9 million, which was secured by the building, was repaid, resulting in cash consideration paid by the Company of approximately $0.8 million. The building was 100% leased at the time of the acquisition; | ||||||||||||||||||||||||||||||||
• | a 39,345 square foot medical office building in Tennessee for a purchase price and cash consideration of approximately $11.0 million. The building was 100% leased at the time of acquisition with lease expirations through 2025; | ||||||||||||||||||||||||||||||||
• | a 47,225 square foot medical office building in Washington for a purchase price and cash consideration of approximately $9.4 million. The building was 89% leased at the time of acquisition with lease expirations through 2021; | ||||||||||||||||||||||||||||||||
• | a 66,095 square foot inpatient rehabilitation facility in Texas for a purchase price and cash consideration of approximately $30.6 million. The facility was 100% leased at the time of acquisition and the lease expires in 2032; and | ||||||||||||||||||||||||||||||||
• | an 83,318 square foot medical office building in Iowa for a purchase price of approximately $20.4 million, including cash consideration of $15.5 million and the assumption of debt of $4.9 million (excluding a $0.3 million fair value adjustment premium recorded upon acquisition). The mortgage note payable assumed by the Company bears a contractual interest rate of 5.74% and matures in 2020. The building was 100% leased at the time of acquisition by a wholly owned entity of Mercy Medical Center and the lease expires in 2020. | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2012 acquisitions is shown in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Purchase Price | Construction Mortgage | Mortgage Notes Payable Assumed (1) | Cash | Real | Other | Square | |||||||||||||||||||||||||
Acquired | Note Receivable Repayments | Consideration (2) | Estate | Footage | |||||||||||||||||||||||||||||
Real estate acquisitions | |||||||||||||||||||||||||||||||||
South Dakota | 1/20/12 | $ | 15 | $ | — | $ | — | $ | 15 | $ | 15 | $ | — | 58,285 | |||||||||||||||||||
North Carolina | 2/10/12 | 6.4 | — | — | 6.4 | 6.4 | — | 23,312 | |||||||||||||||||||||||||
Pennsylvania | 3/16/12 | 1.1 | — | — | 1.1 | 1.1 | — | — | |||||||||||||||||||||||||
Texas | 5/23/12 | 10.7 | (9.9 | ) | — | 0.8 | 10.7 | — | 76,484 | ||||||||||||||||||||||||
Tennessee | 10/9/12 | 11 | — | — | 11 | 11 | — | 39,345 | |||||||||||||||||||||||||
Washington | 10/12/12 | 9.4 | — | — | 9.4 | 9.4 | — | 47,225 | |||||||||||||||||||||||||
Texas | 12/20/12 | 30.6 | — | — | 30.6 | 30.6 | — | 66,095 | |||||||||||||||||||||||||
Iowa | 12/21/12 | 20.4 | — | (4.9 | ) | 15.5 | 20.6 | (0.2 | ) | 83,318 | |||||||||||||||||||||||
$ | 104.6 | $ | (9.9 | ) | $ | (4.9 | ) | $ | 89.8 | $ | 104.8 | $ | (0.2 | ) | 394,064 | ||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) The mortgage note payable assumed in the acquisition does not reflect the fair value adjustment recorded by the Company upon acquisition (included in Other). | |||||||||||||||||||||||||||||||||
(2) Cash Consideration excludes receivables acquired and liabilities assumed in the acquisitions. | |||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2012 as of the acquisition date: | |||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Fair Value | Useful Life | ||||||||||||||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||||||||||||||
Buildings | $ | 85.1 | 20.0-38.0 | ||||||||||||||||||||||||||||||
Land | 13.5 | — | |||||||||||||||||||||||||||||||
Prepaid ground leases | 0.7 | 54 | |||||||||||||||||||||||||||||||
Intangibles: | |||||||||||||||||||||||||||||||||
At-market lease intangibles | 6.2 | 4.9-19.3 | |||||||||||||||||||||||||||||||
Total intangibles | 6.2 | ||||||||||||||||||||||||||||||||
Mortgage notes payable assumed, including fair value adjustments | (5.2 | ) | |||||||||||||||||||||||||||||||
Mortgage notes payable repayments | (9.9 | ) | |||||||||||||||||||||||||||||||
Accounts payable, accrued liabilities and other liabilities assumed | (0.9 | ) | |||||||||||||||||||||||||||||||
Total cash paid (1) | $ | 89.5 | |||||||||||||||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $0.5 million as well as rental prorations and expense disbursements totaling approximately $0.4 million. | |||||||||||||||||||||||||||||||||
2013 Real Estate Asset Dispositions | |||||||||||||||||||||||||||||||||
During 2013, the Company disposed of the following real estate assets: | |||||||||||||||||||||||||||||||||
• | 15.1 acres of land in Texas in which the Company had an aggregate net investment of approximately $8.1 million. The sales price was approximately $5.0 million, which included $1.1 million in net cash proceeds, the origination of a $3.7 million Company-financed mortgage note receivable and closing costs of $0.2 million. The Company recognized a $3.3 million impairment on the disposal; | ||||||||||||||||||||||||||||||||
• | a 17,696 square foot medical office building in Tennessee, in which the Company had an aggregate net investment of $0.4 million, including the impact of impairment charges prior to the sale of $1.3 million. The sales price of $0.6 million was funded by the Company under a mortgage note receivable. The approximate $0.2 million gain was recognized as payments on the mortgage note were made under the installment method and fully recognized in October 2013 when the note was repaid. The property was previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | an 8,000 square foot medical office building in Texas, in which the Company had an aggregate net investment of $0.9 million. The sales price was approximately $1.3 million comprised of $1.2 million in net cash proceeds and closing costs of $0.1 million. The Company recognized a $0.3 million gain on the disposal. The property was not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 100,920 square foot medical office building in Texas. The Company had an aggregate net investment of $3.0 million in this property, including the impact of impairment charges prior to the sale of $6.8 million. The sales price was approximately $3.2 million comprised of $3.0 million in net cash proceeds and closing costs of $0.2 million. The Company recognized an immaterial gain on the disposal of this property that was previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 9,153 square foot medical office building and a 22,572 square foot medical office building, both in Iowa, in which the Company had an aggregate net investment of approximately $5.3 million. The total sales price and net cash proceeds for the two properties were $6.9 million. In connection with the sales, the Company repaid a mortgage note payable of $1.1 million and incurred debt extinguishment costs of $0.3 million. The Company recognized a $1.4 million aggregate gain on the disposal of the two properties, including the write-off of a straight-line rent receivable of $0.2 million. The properties were not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 62,782 square foot inpatient rehabilitation facility in Florida pursuant to a purchase option exercise and in which the Company had an aggregate net investment of $7.4 million. The sales price was approximately $11.9 million comprised of $11.7 million in net cash proceeds and closing costs of $0.2 million. The Company recognized a $4.3 million gain on the disposal of this property that was previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | an 82,000 square foot inpatient rehabilitation facility in Alabama pursuant to a purchase option exercise and in which the Company had an aggregate net investment of $11.2 million. The sales price was approximately $17.5 million comprised of $17.4 million in net cash proceeds and closing costs of $0.1 million. The Company recognized a $6.2 million gain on the disposal of this property that was previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 76,324 square foot inpatient rehabilitation facility in Pennsylvania pursuant to a purchase option exercise in which the Company had an aggregate net investment of $12.2 million. The sales price was approximately $17.6 million comprised of $17.3 million in net cash proceeds and closing costs of $0.3 million. The Company recognized a $5.1 million gain on the disposal of this property. This property was not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 79,560 square foot inpatient rehabilitation facility in Pennsylvania pursuant to a purchase option exercise in which the Company had an aggregate net investment of $12.6 million. The sales price was approximately $17.6 million comprised of $17.2 million in net cash proceeds and closing costs of $0.4 million. The Company recognized a $4.6 million gain on the disposal of this property. This property was not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 14,322 square foot medical office building in Florida in which the Company had an aggregate net investment of $0.8 million, including the impact of impairment charges prior to the sale of $0.1 million. The sales price and net cash proceeds received were approximately $0.8 million. This property was previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 57,580 square foot medical office building in North Carolina in which the Company had an aggregate net investment of $13.4 million. The sales price and net cash proceeds received were approximately $17.6 million. The Company recorded a $2.1 million gain on the disposal, net of approximately $2.1 million of straight-line rent receivables, prepaid ground lease payments and above-market lease intangibles which were written off. This property was not previously classified as held for sale; and | ||||||||||||||||||||||||||||||||
• | a 10,593 square foot medical office building in Alabama in which the Company had an aggregate net investment of $1.4 million. The sales price and net cash proceeds received were approximately $1.9 million. The Company recorded a $0.5 million gain on the disposal of this property that was previously classified as held for sale. | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2013 dispositions follows: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Sales Price | Closing Adjustments | Company-financed Mortgage | Net | Net Real | Other | Gain/ | Square | ||||||||||||||||||||||||
Disposed | Notes | Proceeds | Estate | (including | (Impairment) | Footage | |||||||||||||||||||||||||||
Investment | receivables) | ||||||||||||||||||||||||||||||||
Real estate dispositions | |||||||||||||||||||||||||||||||||
Texas (land) | 3/25/13 | $ | 5 | $ | (0.2 | ) | $ | (3.7 | ) | $ | 1.1 | $ | 8.1 | $ | — | $ | (3.3 | ) | — | ||||||||||||||
Tennessee (1)(4) | 4/30/13 | 0.6 | — | (0.6 | ) | — | 0.4 | — | 0.2 | 17,696 | |||||||||||||||||||||||
Texas | 5/15/13 | 1.3 | (0.1 | ) | — | 1.2 | 0.9 | — | 0.3 | 8,000 | |||||||||||||||||||||||
Texas (1) | 5/24/13 | 3.2 | (0.2 | ) | — | 3 | 3 | — | — | 100,920 | |||||||||||||||||||||||
Iowa (2) (3) | 6/3/13 | 6.9 | — | — | 6.9 | 5.3 | 0.2 | 1.4 | 31,725 | ||||||||||||||||||||||||
Florida (1) | 7/15/13 | 11.9 | (0.2 | ) | — | 11.7 | 7.4 | — | 4.3 | 62,782 | |||||||||||||||||||||||
Alabama (1) | 7/31/13 | 17.5 | (0.1 | ) | — | 17.4 | 11.2 | — | 6.2 | 82,000 | |||||||||||||||||||||||
Pennsylvania | 9/30/13 | 17.6 | (0.3 | ) | — | 17.3 | 12.2 | — | 5.1 | 76,324 | |||||||||||||||||||||||
Pennsylvania | 9/30/13 | 17.6 | (0.4 | ) | — | 17.2 | 12.6 | — | 4.6 | 79,560 | |||||||||||||||||||||||
Florida (1) | 10/31/13 | 0.8 | — | — | 0.8 | 0.8 | — | — | 14,322 | ||||||||||||||||||||||||
North Carolina | 12/5/13 | 17.6 | — | — | 17.6 | 13.4 | 2.1 | 2.1 | 57,580 | ||||||||||||||||||||||||
Alabama (1) | 12/31/13 | 1.9 | — | — | 1.9 | 1.4 | — | 0.5 | 10,593 | ||||||||||||||||||||||||
Total dispositions | 101.9 | (1.5 | ) | (4.3 | ) | 96.1 | 76.7 | 2.3 | 21.4 | 541,502 | |||||||||||||||||||||||
Mortgage note repayments | — | — | 0.6 | 0.6 | — | — | — | — | |||||||||||||||||||||||||
$ | 101.9 | $ | (1.5 | ) | $ | (3.7 | ) | $ | 96.7 | $ | 76.7 | $ | 2.3 | $ | 21.4 | 541,502 | |||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
-1 | Previously included in assets held for sale. | ||||||||||||||||||||||||||||||||
-2 | Includes two properties. | ||||||||||||||||||||||||||||||||
-3 | The Company repaid a mortgage note payable of $1.1 million upon sale and incurred debt extinguishment costs of $0.3 million. | ||||||||||||||||||||||||||||||||
-4 | The Company-financed mortgage note receivable was repaid in October 2013. | ||||||||||||||||||||||||||||||||
2013 Company-Financed Mortgage Notes | |||||||||||||||||||||||||||||||||
During 2013, the Company originated the following Company-financed mortgage notes receivable in disposal transactions discussed in the "2013 Real Estate Asset Dispositions" section above: | |||||||||||||||||||||||||||||||||
• | $3.7 million with the purchaser of the 15.1 acres of land located in Texas that were sold in March 2013. The mortgage note receivable bears interest of 5.0% in the first year and 6.0% in the second year and matures in March 2015. In addition to the scheduled interest payments, the Company has received $1.8 million in cash payments to reduce the principal balance; and | ||||||||||||||||||||||||||||||||
• | $0.6 million with the purchaser of a medical office building in Tennessee that was sold in April 2013 that matures on April 30, 2018 and bears interest at 7.5% per annum. This note was repaid in October 2013. | ||||||||||||||||||||||||||||||||
2013 Noncontrolling Interest Contribution | |||||||||||||||||||||||||||||||||
During 2013, the Company received $1.8 million in capital contributions from a 40% noncontrolling interest holder in a partnership that owns a medical office building and parking garage in Texas. The partnership (HRP MAC III, LLC), in which the Company holds a 60% majority controlling interest, is the borrower under a term loan from the Company of approximately $14.2 million, secured by the real estate assets, that matures in January 2016 and bears interest at 5.35%. These buildings, which were constructed by the Company, were completed in July 2012 and were previously subject to a construction mortgage note totaling $13.7 million. The Company's equity in and term loan to the partnership are eliminated in consolidation. | |||||||||||||||||||||||||||||||||
2012 Real Estate Asset Dispositions | |||||||||||||||||||||||||||||||||
During 2012, the Company disposed of the following real estate assets: | |||||||||||||||||||||||||||||||||
• | a 14,748 square foot on-campus medical office building and an 18,978 square foot off-campus medical office building, both in Texas, in which the Company had an aggregate net investment of approximately $2.5 million. The sales price for the two properties was approximately $3.5 million, which included $0.4 million in net cash proceeds, the origination of a $3.0 million Company-financed mortgage note receivable as discussed below in “Company-Financed Mortgage Notes," and closing costs of approximately $0.1 million. The Company recognized a $0.9 million net gain on the disposal; | ||||||||||||||||||||||||||||||||
• | a 35,752 square foot on-campus medical office building in Florida, in which the Company had a net investment of approximately $3.0 million. The sales price for the building was approximately $7.2 million, which included $5.7 million in net cash proceeds and a lease termination fee of $1.5 million, included in income from discontinued operations. The Company recognized a $2.5 million net gain on the disposal; | ||||||||||||||||||||||||||||||||
• | a 33,895 square foot off-campus medical office building in Florida in which the Company had a net investment of approximately $0.5 million, including the impact of impairment charges prior to the sale of $1.7 million. The sales price and net cash proceeds received from the sale were approximately $0.5 million; | ||||||||||||||||||||||||||||||||
• | an 82,664 square foot off-campus medical office building in Texas, in which the Company had a net investment of approximately $4.8 million, including the impact of impairment charges prior to the sale of $2.8 million. The sales price for the building was approximately $4.7 million, which included the origination of a $4.5 million Company-financed mortgage note receivable as discussed below in “Company-Financed Mortgage Notes," and closing costs of approximately $0.2 million. The Company recognized a $0.4 million impairment on the disposal, including the write-off of straight-line rent receivables; | ||||||||||||||||||||||||||||||||
• | an 18,476 square foot off-campus medical office building in Tennessee, in which the Company had a net investment of approximately $0.8 million, including the impact of impairment charges prior to the sale of $0.9 million. The sales price for the building was approximately $0.9 million, which included net cash proceeds of approximately $0.8 million and closing costs of approximately $0.1 million; | ||||||||||||||||||||||||||||||||
• | four off-campus medical office buildings and one on-campus medical office building totaling 272,571 square feet, located in Florida, in which the Company had a net aggregate investment of approximately $31.2 million, were sold to a single buyer. The sales price for the buildings was approximately $33.3 million, which included net cash proceeds of $28.7 million, the origination of a $3.7 million Company-financed mortgage note, a $0.6 million contingent liability, and closing costs of approximately $0.3 million. The Company recognized a $0.1 million impairment on the disposal, including the write-off of straight-line rent receivables. These properties were not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 16,578 square foot on-campus medical office building in Texas, in which the Company had an aggregate net investment of approximately $0.5 million, including the impact of impairment charges prior to the sale of $0.4 million. The sales price for the building was approximately $0.6 million, which included net cash proceeds of approximately $0.5 million and closing costs of approximately $0.1 million; | ||||||||||||||||||||||||||||||||
• | an 8,990 square foot off-campus medical office building in Florida, in which the Company had an aggregate net investment of approximately $0.9 million, including the impact of impairment charges prior to the sale of $0.8 million. The sales price and net cash proceeds for the building were approximately $0.5 million. The Company recognized a $0.4 million impairment on the disposal; | ||||||||||||||||||||||||||||||||
• | an 80,740 square foot off-campus medical office building in Texas, in which the Company had an aggregate net investment of approximately $12.0 million. The sales price for the building was approximately $21.4 million, which included net cash proceeds of approximately $19.0 million, amounts escrowed for tenant improvements of approximately $2.0 million, and closing costs of approximately $0.4 million. The Company recognized a $6.3 million gain on the disposal, net of straight-line rent receivables written off. This property was not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 61,763 square foot off-campus medical office building and a 9,582 square foot off-campus medical office building, both in Florida in a single transaction, in which the Company had an aggregate net investment of approximately $10.8 million. The sales price for the buildings was approximately $8.8 million, which included net cash proceeds of approximately $8.7 million and closing costs and other adjustments of approximately $0.1 million. The Company recognized a $2.5 million impairment on the disposals, net of straight-line rent receivables and other assets written off. These properties were not previously classified as held for sale; | ||||||||||||||||||||||||||||||||
• | a 31,650 square foot on-campus medical office building and a 9,168 square foot medical office building, both in Iowa, in which the Company had an aggregate net investment of approximately $6.7 million. The sales price and net cash proceeds for the two properties were approximately $8.0 million. The Company recognized a $1.2 million gain on the disposal. These properties were not previously classified as held for sale; and | ||||||||||||||||||||||||||||||||
• | a 62,271 square foot on-campus medical office building in Florida, in which the Company had an aggregate net investment of approximately $9.7 million. The sales price for the building was approximately $2.1 million, which included net cash proceeds of approximately $2.0 million and closing costs of approximately $0.1 million. The Company recognized a $7.7 million impairment on the disposal. This property was not previously classified as held for sale. | ||||||||||||||||||||||||||||||||
Also, during 2012, five mortgage notes receivable totaling approximately $14.8 million were repaid and one mortgage note receivable of $9.9 million was repaid in full in conjunction with the acquisition of a medical office building in Texas as discussed in "2012 Real Estate Acquisitions" above. | |||||||||||||||||||||||||||||||||
Additionally, a construction mortgage note receivable totaling approximately $35.1 million was repaid in full in January 2012. The construction mortgage note was funding the ongoing development of an inpatient facility in South Dakota that was leased by Sanford Health. In September 2011, the Company began consolidating the construction project upon its conclusion that it was the primary beneficiary of the VIE that was constructing the facility. As a result of the consolidation of the VIE, the Company also eliminated the construction mortgage note and related interest on its Consolidated Financial Statements. Upon repayment of the mortgage note in 2012, the Company deconsolidated the VIE and recognized net mortgage interest income of $0.4 million and overhead expense of $0.1 million, resulting in a net gain to the Company of $0.3 million. | |||||||||||||||||||||||||||||||||
A summary of the Company’s 2012 dispositions follows: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Sales Price | Closing Adjustments | Company-financed Mortgage | Net | Net Real | Other | Gain/ | Square | ||||||||||||||||||||||||
Disposed | Notes | Proceeds | Estate | (including | (Impairment) | Footage | |||||||||||||||||||||||||||
Investment | receivables) | ||||||||||||||||||||||||||||||||
Real estate dispositions | |||||||||||||||||||||||||||||||||
Texas (1) (2) (3) | 1/10/12 | $ | 3.5 | $ | (0.1 | ) | $ | (3.0 | ) | $ | 0.4 | $ | 2.5 | $ | — | $ | 0.9 | 33,726 | |||||||||||||||
Florida (1) | 1/19/12 | 7.2 | (1.5 | ) | — | 5.7 | 3 | 0.2 | 2.5 | 35,752 | |||||||||||||||||||||||
Florida (1) | 3/2/12 | 0.5 | — | — | 0.5 | 0.5 | — | — | 33,895 | ||||||||||||||||||||||||
Texas (1) (4) | 3/16/12 | 4.7 | (0.2 | ) | (4.5 | ) | — | 4.8 | 0.1 | (0.4 | ) | 82,664 | |||||||||||||||||||||
Tennessee (1) | 4/13/12 | 0.9 | (0.1 | ) | — | 0.8 | 0.8 | — | — | 18,476 | |||||||||||||||||||||||
Florida (5) | 4/18/12 | 33.3 | (0.9 | ) | (3.7 | ) | 28.7 | 31.2 | 1.3 | (0.1 | ) | 272,571 | |||||||||||||||||||||
Texas (1) | 7/20/12 | 0.6 | (0.1 | ) | — | 0.5 | 0.5 | — | — | 16,578 | |||||||||||||||||||||||
Florida (1) | 8/22/12 | 0.5 | — | — | 0.5 | 0.9 | — | (0.4 | ) | 8,990 | |||||||||||||||||||||||
Texas | 8/27/12 | 21.4 | (2.4 | ) | — | 19 | 12 | 0.7 | 6.3 | 80,740 | |||||||||||||||||||||||
Florida (2) | 9/14/12 | 8.8 | (0.1 | ) | — | 8.7 | 10.8 | 0.4 | (2.5 | ) | 71,345 | ||||||||||||||||||||||
Iowa (2) | 12/12/12 | 8 | — | — | 8 | 6.7 | 0.1 | 1.2 | 40,818 | ||||||||||||||||||||||||
Florida | 12/17/12 | 2.1 | (0.1 | ) | — | 2 | 9.7 | — | (7.7 | ) | 62,271 | ||||||||||||||||||||||
91.5 | (5.5 | ) | (11.2 | ) | 74.8 | 83.4 | 2.8 | (0.2 | ) | 757,826 | |||||||||||||||||||||||
Mortgage note repayments | — | — | 24.7 | 24.7 | — | — | — | — | |||||||||||||||||||||||||
Deconsolidation of VIE (6) | — | — | — | 35.1 | 38.2 | (3.4 | ) | 0.3 | 113,602 | ||||||||||||||||||||||||
$ | 91.5 | $ | (5.5 | ) | $ | 13.5 | $ | 134.6 | $ | 121.6 | $ | (0.6 | ) | $ | 0.1 | 871,428 | |||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
-1 | Previously included in assets held for sale. | ||||||||||||||||||||||||||||||||
-2 | Includes two properties. | ||||||||||||||||||||||||||||||||
-3 | The Company-financed mortgage note was repaid in November 2012. | ||||||||||||||||||||||||||||||||
-4 | The Company-financed mortgage note was repaid in April 2012. | ||||||||||||||||||||||||||||||||
-5 | Includes five properties. | ||||||||||||||||||||||||||||||||
-6 | "Other" includes construction liabilities transferred upon deconsolidation. "Gain" includes $0.4 million of net mortgage interest income recognized, partially offset by $0.1 million of general and administrative overhead expense that had been capitalized into the project that was reversed upon deconsolidation. | ||||||||||||||||||||||||||||||||
2012 Company-Financed Mortgage Notes | |||||||||||||||||||||||||||||||||
During 2012, the Company originated the following Company-financed mortgage notes receivable in disposal transactions discussed in the "2012 Real Estate Asset Dispositions" section above: | |||||||||||||||||||||||||||||||||
• | $3.0 million with the purchaser of two medical office buildings located in Texas that were sold in January 2012. This note was interest only with a stated fixed interest rate of 7.25% and a maturity date in January 2014. This note was repaid in November 2012; | ||||||||||||||||||||||||||||||||
• | $4.5 million with the purchaser of a medical office building located in Texas that was sold in March 2012. This note was interest only with a stated fixed interest rate of 7.25% and a maturity date in March 2015. This note was repaid in April 2012; and | ||||||||||||||||||||||||||||||||
• | $3.7 million with the purchaser related to two of five medical office buildings located in Florida that were sold in April 2012. This note is interest only with a stated fixed interest rate of 7.5% and matures in April 2015. |
Mortgage_Notes_Receivable_Note
Mortgage Notes Receivable (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||
Mortgage Notes Receivable | ' | |||||||||||||||||||
Mortgage Notes Receivable | ||||||||||||||||||||
All of the Company’s mortgage notes receivable are classified as held-for-investment based on management’s intent and ability to hold the loans until maturity. As such, the loans are carried at amortized cost. Also, all of the Company’s mortgage notes receivable are secured by existing buildings or buildings under construction. Approximately $58.7 million and $78.3 million, respectively, were funded on existing construction mortgage loans during the years ended December 31, 2013 and 2012. A summary of the Company’s mortgage notes receivable is shown in the table below: | ||||||||||||||||||||
Balance as of December 31, | ||||||||||||||||||||
State | Property Type (1) | Face Amount | Interest Rate | Maturity Date | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Construction mortgage notes: | ||||||||||||||||||||
Oklahoma | MOB | $ | 94,889 | 7.72 | % | 9/30/14 | $ | 79,969 | $ | 56,842 | ||||||||||
Missouri | Inpatient | 111,400 | 8.17 | % | 12/31/13 | — | 61,599 | |||||||||||||
Total construction mortgage notes | 79,969 | 118,441 | ||||||||||||||||||
Other mortgage notes: | ||||||||||||||||||||
Iowa | Other | $ | 40,000 | 7.7 | % | 1/10/14 | 39,973 | 40,000 | ||||||||||||
Florida | MOB | 3,750 | 7.5 | % | 4/10/15 | 3,750 | 3,750 | |||||||||||||
Texas | Land | 3,666 | 5.00%-6.00% | 3/25/15 | 1,855 | — | ||||||||||||||
Total other mortgage notes | 45,578 | 43,750 | ||||||||||||||||||
Total Mortgage notes receivable | $ | 125,547 | $ | 162,191 | ||||||||||||||||
______ | ||||||||||||||||||||
(1) MOB - Medical office building. | ||||||||||||||||||||
Construction Mortgage Note Fundings | ||||||||||||||||||||
During 2013, the Company funded $58.7 million on two construction mortgage notes for build-to-suit facilities leased to Mercy Health based in St. Louis, Missouri. Details on the two projects are as follows: | ||||||||||||||||||||
• | At December 31, 2013, the Company had a construction mortgage note receivable on a medical office building under construction in Oklahoma. The Company provided $23.1 million in fundings during 2013, bringing cumulative fundings to date to $80.0 million. This project, which was originally scheduled to be completed in July 2013, sustained tornado damage in late May 2013. The tornado damage caused a delay in the completion date, and while subject to change, is now expected to be completed by June 2014. Builder's risk insurance is expected to fund the total scope of necessary repairs. The Company will continue to recognize mortgage interest income through the delayed completion and expects to receive interest payments in cash from insurance proceeds. The interest rate on this construction mortgage note increased effective October 1, 2013 from 6.75% to 7.72%. Approximately $14.9 million remained available under the loan at December 31, 2013. The Company expects the remaining funding to complete the project to be $11.2 million. Upon completion, the Company will acquire the property for an expected purchase price of $91.2 million, subject to change based on the final project costs. | |||||||||||||||||||
• | In September 2013, the Company acquired an orthopedic facility in Missouri for $102.6 million, including the elimination of the construction mortgage note receivable totaling $97.2 million and cash consideration of approximately $5.4 million. The facility is 100% leased to Mercy Health. The Company provided $35.6 million in fundings toward the facility under a construction mortgage note during 2013. See Note 4 for details regarding the Company's acquisition. | |||||||||||||||||||
Mortgage Note Receivable Default | ||||||||||||||||||||
The Company holds a $40.0 million loan that is secured by a first position mortgage on a multi-tenant office building in Iowa that is 93% leased. Interest only payments at a fixed rate of 7.7% were due, and paid, through the maturity of the loan on January 10, 2014. In addition, an exit fee of $1.5 million was due upon maturity of the loan. The borrower has not made the balloon principal and exit fee payments at maturity. The borrower has agreed to transfer its interest the property to the Company in satisfaction of the debt. Cash flows from operations of the property continue to cover monthly interest payments. Management believes the fair value of the property that secures the mortgage loan equals or exceeds the carrying value of the mortgage note receivable and expects that cash flows from operations will continue to provide a return to the Company at a rate greater than the fixed interest payments due prior to maturity. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
Assets and liabilities of properties sold or classified as held for sale on the Company’s Consolidated Balance Sheets, and the results of operations of such properties are included in discontinued operations on the Company’s Consolidated Statements of Operations for all periods presented. As of December 31, 2013 and 2012, the Company had three and one properties, respectively, classified as held for sale. The property classified as held for sale as of December 31, 2012 was sold during 2013 and the Company recorded an immaterial gain on the sale of this property. This disposition is discussed in more detail in Note 4. | ||||||||||||
The tables below reflect the assets and liabilities of the properties classified as held for sale and discontinued operations as of December 31, 2013 and 2012 and the results of operations of the properties included in discontinued operations on the Company’s Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Balance Sheet data (as of the period ended): | ||||||||||||
Land | $ | 1,578 | $ | 3,835 | ||||||||
Buildings, improvements and lease intangibles | 15,400 | 5,566 | ||||||||||
Personal property | — | 207 | ||||||||||
16,978 | 9,608 | |||||||||||
Accumulated depreciation | (10,211 | ) | (6,303 | ) | ||||||||
Assets held for sale, net | 6,767 | 3,305 | ||||||||||
Other assets, net (including receivables) | 85 | 32 | ||||||||||
Assets of discontinued operations, net | 85 | 32 | ||||||||||
Assets held for sale and discontinued operations, net | $ | 6,852 | $ | 3,337 | ||||||||
Accounts payable and accrued liabilities | $ | 1,091 | $ | 99 | ||||||||
Other liabilities | 21 | 32 | ||||||||||
Liabilities of discontinued operations | $ | 1,112 | $ | 131 | ||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Statements of Operations data (for the period ended): | ||||||||||||
Revenues (1) | ||||||||||||
Rental income | $ | 8,229 | $ | 17,947 | $ | 23,628 | ||||||
Other operating | 4 | 20 | 56 | |||||||||
8,233 | 17,967 | 23,684 | ||||||||||
Expenses (2) | ||||||||||||
Property operating | 1,836 | 3,712 | 5,433 | |||||||||
General and administrative | 1 | 9 | 10 | |||||||||
Depreciation | 1,653 | 4,698 | 7,019 | |||||||||
Amortization | 63 | 147 | 121 | |||||||||
Bad debt, net of recoveries | 1 | (1 | ) | 91 | ||||||||
3,554 | 8,565 | 12,674 | ||||||||||
Other Income (Expense) (3) | ||||||||||||
Loss on extinguishment of debt | (270 | ) | — | — | ||||||||
Interest expense | (40 | ) | (97 | ) | (100 | ) | ||||||
Interest and other income, net | 53 | 169 | 111 | |||||||||
(257 | ) | 72 | 11 | |||||||||
Income from Discontinued Operations | 4,422 | 9,474 | 11,021 | |||||||||
Impairments (4) | (9,889 | ) | (14,908 | ) | (6,697 | ) | ||||||
Gain on sales of real estate properties (5) | 24,718 | 10,874 | 7,035 | |||||||||
Income from Discontinued Operations | $ | 19,251 | $ | 5,440 | $ | 11,359 | ||||||
Income from Discontinued Operations per Common Share - Basic | $ | 0.21 | $ | 0.07 | $ | 0.16 | ||||||
Income from Discontinued Operations per Common Share - Diluted | $ | 0.21 | $ | 0.07 | $ | 0.16 | ||||||
______ | ||||||||||||
-1 | Total revenues for the years ended December 31, 2013, 2012 and 2011 included $7.0 million, $16.2 million and $22.1 million, respectively, related to properties sold; and $1.2 million, $1.8 million and $1.6 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||
-2 | Total expenses for the years ended December 31, 2013, 2012 and 2011 included $2.1 million, $7.4 million and $12.0 million, respectively, related to properties sold; and $1.5 million, $1.2 million and $0.7 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||
-3 | Other income (expense) for the years ended December 31, 2013, 2012, and 2011 included income related to properties sold. | |||||||||||
-4 | Impairments for the year ended December 31, 2013 included the following: $3.3 million related to the sale of a land parcel; $0.4 million related to two properties classified to held for sale and subsequently sold for a gain; and $6.2 million related to three properties held for sale; December 31, 2012 included $11.1 million related to 12 properties sold and $3.8 million related to one property held for sale; and December 31, 2011 included $1.7 million related to two properties sold and $5.0 million related to five properties held for sale. | |||||||||||
-5 | Gain on sales of real estate properties for the years ended December 31, 2013, 2012 and 2011 included gains on the sale of 12, seven and three properties, respectively. |
Impairment_Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2013 | |
Asset Impairment Charges [Abstract] | ' |
Impairment Charges | ' |
Impairment Charges | |
An asset is impaired when undiscounted cash flows expected to be generated by the asset are less than the carrying value of the asset. The Company must assess the potential for impairment of its long-lived assets, including real estate properties, whenever events occur or there is a change in circumstances, such as the sale of a property or the decision to sell a property, that indicate that the recorded value might not be fully recoverable. | |
The Company recorded impairment charges on properties sold or classified as held for sale, which are included in discontinued operations, for the years ended December 31, 2013, 2012 and 2011 totaling $9.9 million, $14.9 million and $6.7 million, respectively. Both level 1 and level 3 fair value techniques were used to derive these impairment charges. | |
During 2013, the Company recorded impairment charges of approximately $3.3 million on one land parcel sold and approximately $6.6 million on five properties classified as held for sale during the third quarter of 2013. Two of the five properties were subsequently sold in the fourth quarter of 2013 resulting in gains. | |
During 2012, the Company recorded impairment charges totaling approximately $11.1 million on 12 properties that the Company sold during 2012 and $3.8 million on a property classified as held for sale. | |
During 2011, the Company recorded impairment charges totaling approximately $4.7 million on four properties that the Company decided to sell during the year, approximately $1.7 million on two properties sold in 2011, and $0.3 million on a property classified as held for sale. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consist primarily of straight-line rent receivables, prepaids, intangible assets, deferred financing costs and receivables. In addition to the items previously listed, the Company reclassified non-real estate assets during 2013 from "Real estate properties" to "Other assets, net". See Note 1 "Reclassifications" for additional information. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012 are detailed in the table below: | ||||||||
December 31, | ||||||||
(Dollars in millions) | 2013 | 2012 | ||||||
Prepaid assets | $ | 55.3 | $ | 50.7 | ||||
Straight-line rent receivables | 42.2 | 34.7 | ||||||
Additional long-lived assets, net | 15.9 | 4.3 | ||||||
Above-market intangible assets, net | 14.4 | 12.7 | ||||||
Deferred financing costs, net | 11.7 | 10.6 | ||||||
Accounts receivable | 7 | 6.1 | ||||||
Allowance for uncollectible accounts | (0.5 | ) | (0.7 | ) | ||||
Goodwill | 3.5 | 3.5 | ||||||
Customer relationship intangible assets, net | 2 | 2 | ||||||
Investment in unconsolidated LLC - cost method | — | 1.3 | ||||||
Other | 2 | 1.8 | ||||||
$ | 153.5 | $ | 127 | |||||
Cost Method Investment | ||||||||
On December 31, 2013, the Company sold its $1.3 million investment in an unconsolidated LLC that had investments in real estate properties resulting in a gain of approximately $1.5 million. This gain is included in the "Other income (expense)" section of the Company's Consolidated Statements of Operations. The Company accounted for this investment under the cost method and recognized income related to distributions received from this investment of approximately $0.5 million, $0.4 million and $0.7 million, respectively, for the years ended December 31, 2013, 2012 and 2011 that are included in "Interest and other income, net" on the Company’s Consolidated Statements of Operations. The Company's investment is included for the prior year in "Other assets, net" on the Company’s Consolidated Balance Sheets as reflected in the table above. |
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Intangible Assets and Liabilities | ' | |||||||||||||||||||
Intangible Assets and Liabilities | ||||||||||||||||||||
The Company has several types of intangible assets and liabilities included in its Consolidated Balance Sheets, including goodwill, deferred financing costs, above-, below-, and at-market lease intangibles, and customer relationship intangibles. The Company’s intangible assets and liabilities as of December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||
Gross Balance at December 31, | Accumulated Amortization at December 31, | Weighted | Balance Sheet | |||||||||||||||||
Avg. Life | Classification | |||||||||||||||||||
(Dollars in millions) | 2013 | 2012 | 2013 | 2012 | (Years) | |||||||||||||||
Goodwill | $ | 3.5 | $ | 3.5 | $ | — | $ | — | N/A | Other assets | ||||||||||
Deferred financing costs | 16.4 | 17.6 | 4.7 | 7 | 5 | Other assets | ||||||||||||||
Above-market lease intangibles | 17.3 | 14.8 | 2.9 | 2.1 | 48.4 | Other assets | ||||||||||||||
Customer relationship intangibles | 2.6 | 2.6 | 0.6 | 0.6 | 29.6 | Other assets | ||||||||||||||
Below-market lease intangibles | (8.9 | ) | (6.8 | ) | (4.1 | ) | (1.9 | ) | 13.5 | Other liabilities | ||||||||||
At-market lease intangibles | 118.6 | 66.4 | 76.2 | 24.6 | 6.7 | Real estate properties | ||||||||||||||
$ | 149.5 | $ | 98.1 | $ | 80.3 | $ | 32.4 | 14.8 | ||||||||||||
The following table represents expected amortization of the Company’s intangible assets and liabilities, in place as of December 31, 2013: | ||||||||||||||||||||
(Dollars in millions) | Future Amortization of Intangibles | |||||||||||||||||||
2014 | $ | 13.3 | ||||||||||||||||||
2015 | $ | 10.7 | ||||||||||||||||||
2016 | $ | 9.7 | ||||||||||||||||||
2017 | $ | 6.6 | ||||||||||||||||||
2018 | $ | 4.8 | ||||||||||||||||||
Notes_and_Bonds_Payable
Notes and Bonds Payable | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Notes and Bonds Payable | ' | |||||||||||||||||||||||||
Notes and Bonds Payable | ||||||||||||||||||||||||||
The table below details the Company’s notes and bonds payable. | ||||||||||||||||||||||||||
December 31, | Maturity | Contractual | Principal | Interest | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | Dates | Interest Rates | Payments | Payments | ||||||||||||||||||||
Unsecured Credit Facility | $ | 238,000 | 110,000 | 17-Apr | LIBOR + 1.40% | At maturity | Quarterly | |||||||||||||||||||
Senior Notes due 2014, net of discount | — | 264,522 | 14-Apr | 5.125 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2017, net of discount | 299,008 | 298,728 | 17-Jan | 6.5 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2021, net of discount | 397,578 | 397,307 | 21-Jan | 5.75 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2023, net of discount | 248,077 | — | 23-Apr | 3.75 | % | At maturity | Semi-Annual | |||||||||||||||||||
Mortgage notes payable, net of discount and including premiums | 165,796 | 222,487 | 11/14-10/30 | 5.00%-7.63% | Monthly | Monthly | ||||||||||||||||||||
$ | 1,348,459 | $ | 1,293,044 | |||||||||||||||||||||||
The Company’s various debt agreements contain certain representations, warranties, and financial and other covenants customary in such loan agreements. Among other things, these provisions require the Company to maintain certain financial ratios and minimum tangible net worth and impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2013, the Company was in compliance with its financial covenant provisions under its various debt instruments. | ||||||||||||||||||||||||||
Unsecured Credit Facility due 2017 | ||||||||||||||||||||||||||
On October 14, 2011, the Company entered into a $700.0 million unsecured credit facility ("Unsecured Credit Facility") with a syndicate of 17 lenders. On February 15, 2013, the Company amended the facility to extend the original maturity date to April 14, 2017. The amendment also provides the Company with two six-month extension options that could extend the maturity date to April 14, 2018. Each option is subject to an extension fee of 0.075% of the aggregate commitments. Amounts outstanding under the Unsecured Credit Facility bear interest at LIBOR plus an applicable margin rate. The margin rate, which depends on the Company's credit ratings, ranges from 0.95% to 1.75% (1.4% as of December 31, 2013). In addition, the Company pays a facility fee per annum on the aggregate amount of commitments ranging from 0.15% to 0.35% (0.30% as of December 31, 2013). In connection with the amendment, the Company paid up-front fees to the lenders of approximately $2.7 million, which will be amortized over the term of the facility. The Company wrote-off certain unamortized deferred financing costs of the original facility of approximately $0.3 million upon execution of the amendment. As of December 31, 2013, the Company had $238.0 million outstanding under the Unsecured Credit Facility with a weighted average interest rate of approximately 1.57% and a remaining borrowing capacity of approximately $462.0 million. | ||||||||||||||||||||||||||
Senior Notes due 2014 Redemption | ||||||||||||||||||||||||||
On April 18, 2013, the Company redeemed its unsecured senior notes due 2014 (the "Senior Notes due 2014") at a redemption price equal to the aggregate of $277.3 million, consisting of outstanding principal of $264.7 million, accrued interest as of the redemption date of $0.7 million, and a "make-whole" amount of approximately $11.9 million for the early extinguishment of debt. The Senior Notes due 2014, issued in 2004, bore an interest rate at 5.125% per annum and were due to mature on April 1, 2014. The unaccreted discount of approximately $0.2 million and deferred financing costs of approximately $0.2 million were written off upon redemption. The Company recognized a loss on early extinguishment of debt of approximately $12.3 million related to the redemption. The following table reconciles the balance of the Senior Notes due 2014 on the Company's Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2014 face value | $ | — | $ | 264,737 | ||||||||||||||||||||||
Unaccreted discount | — | (215 | ) | |||||||||||||||||||||||
Senior Notes due 2014 carrying amount | $ | — | $ | 264,522 | ||||||||||||||||||||||
Senior Notes due 2017 | ||||||||||||||||||||||||||
On December 4, 2009, the Company publicly issued $300.0 million of unsecured senior notes due 2017 (the "Senior Notes due 2017"). The Senior Notes due 2017 bear interest at 6.50%, payable semi-annually on January 17 and July 17, and are due on January 17, 2017, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $2.0 million, which yielded a 6.618% interest rate per annum upon issuance. For the years ended December 31, 2013, 2012 and 2011, the Company amortized approximately $0.3 million, $0.3 million and $0.2 million, respectively, of the discount which is included in interest expense on the Company’s Consolidated Statements of Operations. | ||||||||||||||||||||||||||
The Company's board of directors has authorized the repurchase of up to $50 million of the Company's Senior Notes due 2017 in open market transactions from time to time. The Company currently has no specific timeframe within which to purchase these notes and has no obligation to repurchase any notes prior to maturity. | ||||||||||||||||||||||||||
The following table reconciles the balance of the Senior Notes due 2017 on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2017 face value | $ | 300,000 | $ | 300,000 | ||||||||||||||||||||||
Unaccreted discount | (992 | ) | (1,272 | ) | ||||||||||||||||||||||
Senior Notes due 2017 carrying amount | $ | 299,008 | $ | 298,728 | ||||||||||||||||||||||
Senior Notes due 2021 | ||||||||||||||||||||||||||
On December 13, 2010, the Company publicly issued $400.0 million of unsecured senior notes due 2021 (the "Senior Notes due 2021"). The Senior Notes due 2021 bear interest at 5.75%, payable semi-annually on January 15 and July 15, beginning July 15, 2011, and are due on January 15, 2021, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $3.2 million, which yielded a 5.855% interest rate per annum upon issuance. For the years ended December 31, 2013, 2012 and 2011, the Company amortized approximately $0.3 million, $0.3 million and $0.2 million, respectively, of the discount which is included in interest expense on the Company’s Consolidated Statement of Operations. The following table reconciles the balance of the Senior Notes due 2021 on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2021 face value | $ | 400,000 | $ | 400,000 | ||||||||||||||||||||||
Unaccreted discount | (2,422 | ) | (2,693 | ) | ||||||||||||||||||||||
Senior Notes due 2021 carrying amount | $ | 397,578 | $ | 397,307 | ||||||||||||||||||||||
Senior Notes due 2023 | ||||||||||||||||||||||||||
On March 26, 2013, the Company publicly issued $250.0 million of unsecured senior notes due 2023 (the "Senior Notes due 2023"). The Senior Notes due 2023 bear interest at 3.75%, payable semi-annually on April 15 and October 15, beginning October 15, 2013, and are due on April 15, 2023, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $2.1 million, which yielded a 3.849% interest rate per annum upon issuance. For the year ended December 31, 2013, the Company amortized approximately $0.1 million of the discount which is included in interest expense on the Company’s Consolidated Statement of Operations. The following table reconciles the balance of the Senior Notes due 2023 on the Company’s Consolidated Balance Sheets as of December 31, 2013. | ||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | |||||||||||||||||||||||||
Senior Notes due 2023 face value | $ | 250,000 | ||||||||||||||||||||||||
Unaccreted discount | (1,923 | ) | ||||||||||||||||||||||||
Senior Notes due 2023 carrying amount | $ | 248,077 | ||||||||||||||||||||||||
Mortgage Notes Payable | ||||||||||||||||||||||||||
In June 2013, the Company prepaid in full a secured loan from Teachers Insurance and Annuity Association of America bearing an interest rate of 7.25% at an amount equal to $94.3 million, consisting of outstanding principal of $77.0 million, accrued interest as of the redemption date of $0.5 million and a prepayment penalty of approximately $16.8 million. The unamortized deferred financing costs on this loan of $0.5 million were written off upon repayment. The Company recognized a loss on early extinguishment of debt of approximately $17.4 million related to this prepayment. | ||||||||||||||||||||||||||
The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. For the years ended December 31, 2013, 2012 and 2011, the Company amortized approximately $0.4 million, $0.3 million and $0.7 million, respectively, of the net discount on the mortgage notes payable which is included in interest expense on the Company’s Consolidated Statement of Operations. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Mortgage notes payable principal balance | $ | 166,684 | $ | 225,242 | ||||||||||||||||||||||
Unaccreted discount, net of premium | (888 | ) | (2,755 | ) | ||||||||||||||||||||||
Mortgage notes payable carrying amount | $ | 165,796 | $ | 222,487 | ||||||||||||||||||||||
The following table details the Company’s mortgage notes payable, with related collateral. | ||||||||||||||||||||||||||
Original Balance | Effective | Maturity | Collateral | Principal and Interest | Investment in Collateral at December 31, | Balance at December 31, | ||||||||||||||||||||
Interest | Date | -22 | Payments (20) | |||||||||||||||||||||||
Rate | ||||||||||||||||||||||||||
(Dollars in millions) | -21 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Life Insurance Co. | $ | 4.7 | 7.77 | % | 17-Jan | MOB | Monthly/20-yr amort. | $ | 11.9 | $ | 1.2 | $ | 1.6 | |||||||||||||
Commercial Bank | 1.8 | 5.55 | % | 30-Oct | OTH | Monthly/27-yr amort. | 7.9 | 1.5 | 1.6 | |||||||||||||||||
Life Insurance Co. | 15.1 | 5.49 | % | 16-Jan | MOB | Monthly/10-yr amort. | 34.4 | 12.3 | 12.7 | |||||||||||||||||
Commercial Bank (1) | 17.4 | 6.48 | % | 15-May | MOB | Monthly/10-yr amort. | 20 | 14.7 | 14.6 | |||||||||||||||||
Commercial Bank (2) | 12 | 6.11 | % | 15-Jul | 2 MOBs | Monthly/10-yr amort. | 19.5 | 10 | 9.9 | |||||||||||||||||
Commercial Bank (3) | 15.2 | 7.65 | % | 20-Jul | MOB | (19 | ) | 20.2 | 12.7 | 12.8 | ||||||||||||||||
Life Insurance Co. (4) | 1.5 | 6.81 | % | 16-Jul | MOB | Monthly/9-yr amort. | — | — | 1.1 | |||||||||||||||||
Commercial Bank (5) | 12.9 | 6.43 | % | 21-Feb | MOB | Monthly/12-yr amort. | 20.7 | 11.1 | 11.3 | |||||||||||||||||
Investment Fund (6) | 80 | 7.25 | % | 16-Dec | 15 MOBs | Monthly/30-yr amort. | — | — | 77.5 | |||||||||||||||||
Life Insurance Co. | 7 | 5.53 | % | 18-Jan | MOB | Monthly/15-yr amort. | 14.7 | 2.5 | 3 | |||||||||||||||||
Investment Co. (7) | 15.9 | 6.55 | % | 13-Apr | MOB | Monthly/30-yr amort. | — | — | 14.9 | |||||||||||||||||
Investment Co. | 4.6 | 5.25 | % | 15-Sep | MOB | Monthly/10-yr amort. | 7 | 4.2 | 4.2 | |||||||||||||||||
Life Insurance Co. (8) | 13.9 | 4.7 | % | 16-Jan | MOB | Monthly/25-yr amort. | 26.5 | 11.5 | 11.9 | |||||||||||||||||
Life Insurance Co. (9) | 21.5 | 4.7 | % | 15-Aug | MOB | Monthly/25-yr amort. | 44.2 | 17.4 | 18.1 | |||||||||||||||||
Insurance Co. (10) | 7.3 | 5.1 | % | 18-Dec | MOB | Monthly/25-yr amort. | 14.6 | 7 | 7.3 | |||||||||||||||||
Commercial Bank (11) | 8.1 | 4.54 | % | 16-Aug | MOB | Monthly/10-yr amort. | 15.6 | 7.6 | 7.8 | |||||||||||||||||
Life Insurance Co. (12) (13) | 5.3 | 4.06 | % | 14-Nov | MOB | Monthly/25-yr amort. | 11.7 | 4.3 | 4.5 | |||||||||||||||||
Life Insurance Co. (14) | 3.1 | 4.06 | % | 14-Nov | MOB | Monthly/25-yr amort. | 6.2 | 2.5 | 2.6 | |||||||||||||||||
Life Insurance Co. (15) | 7.9 | 4 | % | 20-Aug | MOB | Monthly/15-yr amort. | 20.7 | 4.6 | 5.1 | |||||||||||||||||
Commercial Bank (16) | 15 | 5.25 | % | 27-Apr | MOB | Monthly/20-yr amort | 33.3 | 12.5 | — | |||||||||||||||||
Commercial Bank (17) | 18.3 | 5 | % | 16-Dec | MOB | Monthly/30-yr amort | 33 | 17 | — | |||||||||||||||||
Commercial Bank (18) | 13.1 | 5 | % | 16-Apr | MOB | Monthly/25-yr amort | 20.1 | 11.2 | — | |||||||||||||||||
$ | 382.2 | $ | 165.8 | $ | 222.5 | |||||||||||||||||||||
______ | ||||||||||||||||||||||||||
-1 | The unaccreted portion of a $2.7 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-2 | The unaccreted portion of a $2.1 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-3 | The unaccreted portion of a $2.4 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-4 | The Company repaid this mortgage note payable upon the sale of the building in June 2013. See Note 4 for additional information. | |||||||||||||||||||||||||
-5 | The unaccreted portion of a $1.0 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-6 | The Company prepaid this mortgage note payable in June 2013 resulting in a loss on extinguishment of debt of $17.4 million. | |||||||||||||||||||||||||
-7 | The Company repaid this mortgage note payable in February 2013. | |||||||||||||||||||||||||
-8 | The unamortized portion of a $0.3 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-9 | The unamortized portion of a $0.4 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-10 | The unamortized portion of the $0.6 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-11 | The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-12 | Balance consists of two notes secured by the same building. | |||||||||||||||||||||||||
-13 | The unamortized portions of the $0.3 million premium recorded on these notes upon acquisition are included in the balance above. | |||||||||||||||||||||||||
-14 | The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-15 | The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-16 | The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-17 | The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-18 | The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-19 | Payable in monthly installments of interest only for 24 months and then installments of principal and interest based on an 11-year amortization with the final payment due at maturity. | |||||||||||||||||||||||||
-20 | Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). | |||||||||||||||||||||||||
-21 | The contractual interest rates for the twenty outstanding mortgage notes ranged from 5.0% to 7.6% as of December 31, 2013. | |||||||||||||||||||||||||
-22 | MOB-Medical office building; OTH-Other. | |||||||||||||||||||||||||
Other Long-Term Debt Information | ||||||||||||||||||||||||||
Future maturities of the Company’s notes and bonds payable as of December 31, 2013 were as follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | Principal | Net Accretion/ | Notes and Bonds Payable | % | ||||||||||||||||||||||
Maturities | Amortization (1) | |||||||||||||||||||||||||
2014 | $ | 12,334 | $ | (1,031 | ) | $ | 11,303 | 0.8 | % | |||||||||||||||||
2015 | 50,527 | (858 | ) | 49,669 | 3.7 | % | ||||||||||||||||||||
2016 | 58,380 | (714 | ) | 57,666 | 4.3 | % | ||||||||||||||||||||
2017 | 540,844 | (721 | ) | 540,123 | 40.1 | % | ||||||||||||||||||||
2018 | 8,042 | (751 | ) | 7,291 | 0.5 | % | ||||||||||||||||||||
2019 and thereafter | 684,557 | (2,150 | ) | 682,407 | 50.6 | % | ||||||||||||||||||||
$ | 1,354,684 | $ | (6,225 | ) | $ | 1,348,459 | 100 | % | ||||||||||||||||||
______ | ||||||||||||||||||||||||||
-1 | Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2017, Senior Notes due 2021, Senior Notes due 2023, and fifteen mortgage notes payable. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Stockholders' Equity | ' | ||||||||||
Stockholders’ Equity | |||||||||||
Common Stock | |||||||||||
The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2013 as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | 87,514,336 | 77,843,883 | 66,071,424 | ||||||||
Issuance of common stock | 8,293,369 | 9,275,895 | 11,681,392 | ||||||||
Non-vested stock-based awards, net of forfeitures | 116,634 | 394,558 | 91,067 | ||||||||
Balance, end of year | 95,924,339 | 87,514,336 | 77,843,883 | ||||||||
Equity Offering | |||||||||||
On July 19, 2013, the Company issued 3,000,000 shares of common stock, par value $0.01 per share, at $26.13 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discounts, commissions and offering expenses, were approximately $78.3 million. | |||||||||||
On September 28, 2012, the Company sold 9,200,000 shares of common stock at a gross price of $23.87 per share (net price of $22.85 per share) in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discounts and commissions and estimated offering expenses, were approximately $201.1 million. | |||||||||||
At-The-Market Equity Offering Program | |||||||||||
The Company has in place an at-the-market equity offering program to sell shares of the Company’s common stock from time to time in at-the-market sales transactions. The following table details the shares sold under this program. | |||||||||||
Shares Sold | Sales Price Per Share | Net Proceeds | |||||||||
(in millions) | |||||||||||
2013 | 5,207,871 | $24.19 - $30.49 | $ | 140.6 | |||||||
2012 | — | — | $ | — | |||||||
2011 | 11,648,700 | $20.27 - $23.63 | $ | 251.6 | |||||||
There are 5,391,400 authorized shares remaining available to be sold under the Company's existing sales agreements. | |||||||||||
Dividends Declared | |||||||||||
During 2013, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter). | |||||||||||
On February 4, 2014, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on February 28, 2014 to stockholders of record on February 18, 2014. | |||||||||||
Authorization to Repurchase Common Stock | |||||||||||
The Company’s Board of Directors has authorized management to repurchase up to 3,000,000 shares of the Company’s common stock. As of December 31, 2013, the Company had not repurchased any shares under this authorization. The Company may elect, from time to time, to repurchase shares either when market conditions are appropriate or as a means to reinvest excess cash flows. Such purchases, if any, may be made either in the open market or through privately negotiated transactions. | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
During the years ended December 31, 2013 and 2012, the Company recorded a reduction to future benefit obligations related to its pension plan of $2.1 million and $1.2 million, respectively, resulting in a decrease to Other liabilities and an offsetting reduction to Accumulated other comprehensive income (loss) which is included in Stockholders’ equity on the Company’s Consolidated Balance Sheet. | |||||||||||
The following table represents the amounts reclassified out of Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013 and 2012: | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2013 | 2012 | ||||||||||
Beginning balance | $ | (2,092 | ) | $ | (3,332 | ) | |||||
Other comprehensive income before reclassifications | 1,952 | 973 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 191 | 267 | |||||||||
Net current-period other comprehensive income | 2,143 | 1,240 | |||||||||
Ending balance | $ | 51 | $ | (2,092 | ) | ||||||
The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013: | |||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | |||||||||
(Dollars in thousands) | |||||||||||
Prior service costs | $ | (1,189 | ) | General and administrative expenses | |||||||
Actuarial gains | 1,380 | General and administrative expenses | |||||||||
$ | 191 | ||||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Benefit Plans | ' | |||||||||||
Benefit Plans | ||||||||||||
Executive Retirement Plan | ||||||||||||
The Company has an Executive Retirement Plan under which three founding officers may receive pension benefits upon normal retirement (defined to be when the officer reaches age 65 and has completed five years of service with the Company) at an amount equal to 60% of the officer’s final average earnings (defined as the average of the executive’s highest three years’ earnings) plus 6% of final average earnings multiplied by the years of service after age 60 (but not more than five years), less 100% of certain other retirement benefits received by the officer to be paid either in lump sum or in monthly installments over a period not to exceed the greater of the life of the retired officer or his surviving spouse. | ||||||||||||
In December 2008, the Company froze the maximum annual benefits payable to a single participant under the plan at $0.9 million, plus cost of living increases, which resulted in a curtailment of benefits under the retirement plan for the Company’s chief executive officer. In 2008, the officers under the plan elected the manner in which they would receive retirement benefits upon retirement. The Company’s chief executive officer agreed to receive his retirement benefits under the plan in installment payments upon retirement, rather than in a lump sum. Of the two remaining officers in the plan, one has elected to receive benefits in monthly installments and one has elected a lump-sum payment upon retirement. | ||||||||||||
As of December 31, 2013, only the Company’s chief executive officer was eligible to retire under the plan. Upon retirement, the chief executive officer will be paid annual installments of approximately $0.9 million, increasing annually based on CPI. | ||||||||||||
Net periodic benefit cost for the Executive Retirement Plan for the three years in the period ended December 31, 2013 is comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Service cost | $ | 86 | $ | 77 | $ | 69 | ||||||
Interest cost | 597 | 725 | 856 | |||||||||
Amortization of prior service cost | (1,189 | ) | (723 | ) | — | |||||||
Amortization of net gain | 1,380 | 990 | 929 | |||||||||
874 | 1,069 | 1,854 | ||||||||||
Net gain recognized in Accumulated other comprehensive income (loss) | (2,143 | ) | (1,240 | ) | (1,937 | ) | ||||||
Total recognized in net periodic benefit gain and Accumulated other comprehensive income (loss) | $ | (1,269 | ) | $ | (171 | ) | $ | (83 | ) | |||
The Company estimates that approximately $0.7 million of the amounts included in Accumulated other comprehensive income (loss) will be amortized to expense in 2014. | ||||||||||||
The Executive Retirement Plan is unfunded, and benefits will be paid from earnings of the Company. The following table sets forth the benefit obligations as of December 31, 2013 and 2012. | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Benefit obligation at beginning of year | $ | 15,201 | $ | 15,414 | ||||||||
Service cost | 86 | 77 | ||||||||||
Interest cost | 597 | 725 | ||||||||||
Benefits paid | (42 | ) | (42 | ) | ||||||||
Unrecognized prior service cost | — | (2,120 | ) | |||||||||
Actuarial (gain) loss, net | (1,952 | ) | 1,147 | |||||||||
Benefit obligation at end of year | $ | 13,890 | $ | 15,201 | ||||||||
Amounts recognized in the Consolidated Balance Sheets are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Net liabilities included in other liabilities | $ | (13,941 | ) | $ | (13,109 | ) | ||||||
Amounts recognized in accumulated other comprehensive income (loss) | 51 | (2,092 | ) | |||||||||
The Company's assumed discount rates and compensation increases, which are used to measure the year-end benefit obligations and earnings for the subsequent year related to the Executive Retirement Plan are detailed in the following table for the three years ended December 31, 2013: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rates | 4.92 | % | 3.91 | % | 4.69 | % | ||||||
Compensation increases | 2.7 | % | 2.7 | % | 2.7 | % |
Stock_and_Other_Incentive_Plan
Stock and Other Incentive Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||
Stock and Other Incentive Plans | ' | |||||||||||
Stock and Other Incentive Plans | ||||||||||||
Stock Incentive Plan | ||||||||||||
The Incentive Plan authorizes the Company to issue 2,390,272 shares of common stock to its employees and directors. The Incentive Plan will continue until terminated by the Company’s Board of Directors. As of December 31, 2013, 2012 and 2011, the Company had issued, net of forfeitures, a total of 1,693,266 shares, 1,576,632 shares and 1,182,074 shares, respectively, under the Incentive Plan for compensation-related awards to employees and directors, with a total of 697,006 authorized shares, 813,640 authorized shares and 1,208,198 authorized shares, respectively, remaining which had not been issued. Non-vested shares issued under the Incentive Plan are generally subject to fixed vesting periods varying from three to eight years beginning on the date of issue. If a recipient voluntarily terminates his or her relationship with the Company or is terminated for cause before the end of the vesting period, the shares are forfeited, at no cost to the Company. Once the shares have been issued, the recipient has the right to receive dividends and the right to vote the shares. Compensation expense recognized during the years ended December 31, 2013, 2012 and 2011 from the amortization of the value of non-vested shares issued to employees was $4.3 million, $2.5 million and $2.2 million, respectively. | ||||||||||||
The Incentive Plan also authorizes the Company's Compensation Committee of its Board of Directors to grant restricted stock units or other performance awards to eligible employees. Such awards, if issued, will also be subject to restrictions and other conditions as determined appropriate by the Compensation Committee. Grantees of restricted stock units will not have stockholder voting rights and will not receive dividend payments. The award of performance units does not create any stockholder rights. Upon satisfaction of certain performance targets as determined by the Compensation Committee, payment of the performance units may be made in cash, shares of common stock, or a combination of cash and common stock, at the option of the Compensation Committee. As of December 31, 2013, the Company had not granted any restricted stock units or other performance awards under the Incentive Plan. | ||||||||||||
Executive Incentive Program | ||||||||||||
On July 31, 2012, the Company adopted a new Executive Incentive Program. The Executive Incentive Program was adopted to provide specific award criteria with respect to incentive awards made under the Incentive Plan subject to the discretion of the Compensation Committee. No new shares of common stock were authorized in connection with the Executive Incentive Program. Under the terms of the Executive Incentive Program, the Company's named executive officers, and certain other members of senior management beginning in 2013, may earn incentive awards in the form of cash and non-vested stock. Cash incentive awards are based on individual and Company performance. Company performance is measured over a four-quarter period against targeted financial and operational metrics set in advance by the Compensation Committee. Non-vested stock awards are based on the Company's relative total shareholder return performance over one-year and three-year periods, measured against the Company's peer group. The officers may also receive non-vested stock awards by electing to take cash incentive awards in the form of non-vested stock. The following details the awards that have been earned from this program: | ||||||||||||
• | On December 31, 2013, the Company granted performance-based awards to its five named executive officers and six senior vice presidents with a grant date fair value totaling $1.0 million, which were granted in the form of 47,709 non-vested shares, with a three-year vesting period. | |||||||||||
• | On December 31, 2012, the Company granted performance-based awards to its five named executive officers under the Incentive Plan with a grant date fair value totaling $2.7 million, which were granted in the form of 112,132 non-vested shares, with a three-year vesting period. | |||||||||||
Long-Term Incentive Program | ||||||||||||
In the fourth quarter of 2012, the Company granted a performance-based award under the Long-term Incentive Program adopted under the Incentive Plan (the "LTIP") totaling approximately $3.6 million, which was granted in the form of 154,696 non-vested shares. The shares have vesting periods ranging from three to eight years with a weighted average vesting period of approximately six years. Beginning in 2012, the Company's executive officers were no longer eligible to participate in the LTIP and beginning in 2013, six senior vice presidents were also no longer eligible to participate. No performance-based awards were released under the Incentive Plan during 2013 and 2011. | ||||||||||||
Salary Deferral Plan | ||||||||||||
The Company's salary deferral plan allows officers to elect to defer up to 50% of their base salary in the form of non-vested shares subject to long-term vesting issued under the Incentive Plan. The number of shares will be increased through a Company match depending on the length of the vesting period selected by the officer. The officer's vesting period choices are: three years for a 30% match; five years for a 50% match; and eight years for a 100% match. During 2013, 2012 and 2011, the Company issued 66,787 shares, 89,421 shares and 52,905 shares, respectively to its officers through the salary deferral plan. | ||||||||||||
Non-employee Directors Incentive Plan | ||||||||||||
The Company issues non-vested shares to its non-employee directors under the Incentive Plan. The directors’ shares issued generally have a three-year vesting period and are subject to forfeiture prior to such date upon termination of the director’s service, at no cost to the Company. During 2013, 2012 and 2011, the Company issued 20,256 shares, 27,864 shares, and 27,400 shares, respectively, to its non-employee directors through the Incentive Plan. For 2013, 2012 and 2011, compensation expense resulting from the amortization of non-vested share grants to directors was approximately $0.6 million, $0.6 million, and $0.5 million. | ||||||||||||
A summary of the activity under the Incentive Plan and related information for the three years in the period ended December 31, 2013 follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock-based awards, beginning of year | 1,770,061 | 1,430,675 | 1,379,243 | |||||||||
Granted | 134,752 | 397,917 | 106,569 | |||||||||
Vested | (116,645 | ) | (58,531 | ) | (44,211 | ) | ||||||
Forfeited | — | — | (10,926 | ) | ||||||||
Stock-based awards, end of year | 1,788,168 | 1,770,061 | 1,430,675 | |||||||||
Weighted-average grant date fair value of: | ||||||||||||
Stock-based awards, beginning of year | $ | 23.97 | $ | 24.42 | $ | 24.71 | ||||||
Stock-based awards granted during the year | $ | 23.9 | $ | 22.35 | $ | 21.64 | ||||||
Stock-based awards vested during the year | $ | 26.35 | $ | 23.99 | $ | 26.33 | ||||||
Stock-based awards forfeited during the year | $ | — | $ | — | $ | 22.24 | ||||||
Stock-based awards, end of year | $ | 23.81 | $ | 23.97 | $ | 24.42 | ||||||
Grant date fair value of shares granted during the year | $ | 3,220,623 | $ | 8,894,424 | $ | 2,305,848 | ||||||
The vesting periods for the non-vested shares granted during 2013 ranged from three to eight years with a weighted-average amortization period remaining as of December 31, 2013 of approximately 4.7 years. | ||||||||||||
During 2013, 2012 and 2011, the Company withheld 18,118 shares, 3,359 shares and 4,576 shares, respectively, of common stock from its officers to pay estimated withholding taxes related to the vesting of shares. | ||||||||||||
401(k) Plan | ||||||||||||
The Company maintains a 401(k) plan that allows eligible employees to defer salary, subject to certain limitations imposed by the Code. The Company provides a matching contribution of up to 3% of each eligible employee’s salary, subject to certain limitations. The Company’s matching contributions were approximately $0.4 million during 2013, 2012 and 2011. | ||||||||||||
Dividend Reinvestment Plan | ||||||||||||
The Company is authorized to issue 1,000,000 shares of common stock to stockholders under the Dividend Reinvestment Plan. As of December 31, 2013, the Company had issued 519,465 shares under the plan of which 16,422 shares were issued in 2013, 16,732 shares were issued in 2012 and 18,791 shares were issued in 2011. | ||||||||||||
Employee Stock Purchase Plan | ||||||||||||
The Company has an Employee Stock Purchase Plan, pursuant to which the Company is authorized to issue shares of common stock. As of December 31, 2013, 2012 and 2011, the Company had a total of 142,367 shares, 169,099 shares and 232,218 shares authorized under the Employee Stock Purchase Plan, respectively, which had not been issued or optioned. Under the Employee Stock Purchase Plan, each eligible employee in January of each year is able to purchase up to $25,000 of common stock at the lesser of 85% of the market price on the date of grant or 85% of the market price on the date of exercise of such option. The number of shares subject to each year’s option becomes fixed on the date of grant. Options granted under the Employee Stock Purchase Plan expire if not exercised 27 months after each such option’s date of grant. Cash received from employees upon exercising options under the Employee Stock Purchase Plan was approximately $1.3 million for the year ended December 31, 2013, $1.0 million for the year ended December 31, 2012, and $0.2 million for the year ended December 31, 2011. | ||||||||||||
A summary of the Employee Stock Purchase Plan activity and related information for the three years in the period ended December 31, 2013 is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Outstanding, beginning of year | 433,452 | 425,196 | 392,517 | |||||||||
Granted | 246,717 | 327,936 | 261,960 | |||||||||
Exercised | (69,076 | ) | (59,163 | ) | (13,901 | ) | ||||||
Forfeited | (49,434 | ) | (78,202 | ) | (49,173 | ) | ||||||
Expired | (170,551 | ) | (182,315 | ) | (166,207 | ) | ||||||
Outstanding and exercisable, end of year | 391,108 | 433,452 | 425,196 | |||||||||
Weighted-average exercise price of: | ||||||||||||
Options outstanding, beginning of year | $ | 16.78 | $ | 15.8 | $ | 17.99 | ||||||
Options granted during the year | $ | 20.41 | $ | 15.8 | $ | 17.99 | ||||||
Options exercised during the year | $ | 17.09 | $ | 16.18 | $ | 16.31 | ||||||
Options forfeited during the year | $ | 17.98 | $ | 16.74 | $ | 17.12 | ||||||
Options expired during the year | $ | 17.99 | $ | 18.24 | $ | 19.34 | ||||||
Options outstanding, end of year | $ | 17.05 | $ | 16.78 | $ | 15.8 | ||||||
Weighted-average fair value of options granted during the year (calculated as of the grant date) | $ | 5.08 | $ | 4.13 | $ | 7.61 | ||||||
Intrinsic value of options exercised during the year | $ | 375,335 | $ | 439,645 | $ | 38,784 | ||||||
Intrinsic value of options outstanding and exercisable (calculated as of December 31) | $ | 1,665,331 | $ | 3,132,506 | $ | 1,186,297 | ||||||
Exercise prices of options outstanding (calculated as of December 31) | $ | 17.05 | $ | 16.78 | $ | 15.8 | ||||||
Weighted-average contractual life of outstanding options (calculated as of December 31, in years) | 0.8 | 0.8 | 0.8 | |||||||||
The fair values for these options were estimated at the date of grant using a Black-Scholes options pricing model with the weighted-average assumptions for the options granted during the period noted in the following table. The risk-free interest rate was based on the U.S. Treasury constant maturity-nominal two-year rate whose maturity is nearest to the date of the expiration of the latest option outstanding and exercisable; the expected dividend yield was based on the expected dividends of the current year as a percentage of the average stock price of the prior year; the expected life of each option was estimated using the historical exercise behavior of employees; expected volatility was based on historical volatility of the Company’s common stock; and expected forfeitures were based on historical forfeiture rates within the look-back period. | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Risk-free interest rates | 0.25 | % | 0.25 | % | 0.61 | % | ||||||
Expected dividend yields | 5.17 | % | 6.17 | % | 5.35 | % | ||||||
Expected life (in years) | 1.35 | 1.46 | 1.48 | |||||||||
Expected volatility | 25.6 | % | 30.3 | % | 64.8 | % | ||||||
Expected forfeiture rates | 85 | % | 70 | % | 91 | % |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The table below sets forth the computation of basic and diluted earnings per common share for the three years in the period ended December 31, 2013. | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Weighted Average Common Shares | ||||||||||||
Weighted average Common Shares outstanding | 92,725,112 | 80,360,422 | 74,156,849 | |||||||||
Non-vested shares | (1,784,485 | ) | (1,515,582 | ) | (1,436,702 | ) | ||||||
Weighted average Common Shares - Basic | 90,940,627 | 78,844,840 | 72,720,147 | |||||||||
Weighted average Common Shares - Basic | 90,940,627 | 78,844,840 | 72,720,147 | |||||||||
Dilutive effect of non-vested shares | — | 1,144,465 | — | |||||||||
Dilutive effect of employee stock purchase plan | — | 138,578 | — | |||||||||
Weighted average Common Shares - Diluted | 90,940,627 | 80,127,883 | 72,720,147 | |||||||||
Net Income (loss) | ||||||||||||
Income (loss) from continuing operations | $ | (12,268 | ) | $ | 95 | $ | (11,543 | ) | ||||
Noncontrolling interests’ share in earnings | (37 | ) | (70 | ) | (30 | ) | ||||||
Income (loss) from continuing operations attributable to common stockholders | (12,305 | ) | 25 | (11,573 | ) | |||||||
Discontinued operations | 19,251 | 5,440 | 11,359 | |||||||||
Net income (loss) attributable to common stockholders | $ | 6,946 | $ | 5,465 | $ | (214 | ) | |||||
Basic Earnings (loss) Per Common Share | ||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0 | $ | (0.16 | ) | ||||
Discontinued operations | 0.21 | 0.07 | 0.16 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.08 | 0.07 | $ | (0.00 | ) | ||||||
Diluted Earnings (loss) Per Common Share | ||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0 | $ | (0.16 | ) | ||||
Discontinued operations | 0.21 | 0.07 | 0.16 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.08 | $ | 0.07 | $ | (0.00 | ) | |||||
For the years ended December 31, 2013 and 2011, non-vested shares totaling 1,288,166 and 1,013,399, respectively, and options under the Employee Stock Purchase Plan to purchase shares totaling 157,733 and 73,495, respectively, of the Company’s common stock were excluded from the calculation of diluted earnings (loss) per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during those periods. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Construction Mortgage Loans | ||||
As of December 31, 2013, the Company had a remaining funding commitment totaling $14.9 million on one mortgage construction loan affiliated with Mercy Health that the Company expects will be funded during 2014. | ||||
Other Construction | ||||
As of December 31, 2013, the Company had remaining funding commitments of tenant improvement allowances related to first generation tenant improvements ranging between $26.5 million and $31.7 million on properties that were acquired in 2013 or developed by the Company. | ||||
The Company may provide a tenant improvement allowance in new or renewal leases for the purpose of refurbishing or renovating tenant space. As of December 31, 2013, the Company had approximately $5.5 million that is expected to be spent on tenant improvements related second generation space throughout the portfolio. | ||||
Operating Leases | ||||
As of December 31, 2013, the Company was obligated under operating lease agreements consisting primarily of the Company’s corporate office lease and ground leases related to 44 real estate investments with expiration dates through 2101. The Company’s corporate office lease currently covers approximately 30,934 square feet of rented space and expires on October 31, 2020. An amendment to this lease for expansion space consisting of approximately 5,719 square feet will commence on April 1, 2014 and will expire on October 31, 2020. Annual base rent on the corporate office lease increases approximately 3.25% annually. The Company’s ground leases generally increase annually based on increases in the consumer price index. Rental expense relating to the operating leases for the years ended December 31, 2013, 2012 and 2011 was $4.4 million, $4.3 million and $4.3 million, respectively. The Company prepaid certain of its ground leases which represented approximately $0.5 million, $0.5 million and $0.4 million of the Company’s rental expense for the years ended December 31, 2013, 2012, and 2011, respectively. The Company’s future minimum lease payments for its operating leases, excluding leases that the Company has prepaid and leases in which an operator pays or fully reimburses the Company, as of December 31, 2013 were as follows (in thousands): | ||||
2014 | $ | 4,719 | ||
2015 | 4,834 | |||
2016 | 4,894 | |||
2017 | 4,941 | |||
2018 | 4,963 | |||
2019 and thereafter | 250,789 | |||
$ | 275,140 | |||
Legal Proceedings | ||||
The Company paid $950,000 in 2013, which was accrued in general and administrative expenses at the end of 2012, in connection with the settlement of one litigation matter. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. |
Other_Data
Other Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Other Data | ' | ||||||||||||||||||||
Other Data | |||||||||||||||||||||
Taxable Income (unaudited) | |||||||||||||||||||||
The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders. | |||||||||||||||||||||
As a REIT, the Company generally will not be subject to federal income tax on taxable income it distributes currently to its stockholders. Accordingly, no provision for federal income taxes has been made in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT for any taxable year, then it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise tax on its undistributed taxable income. | |||||||||||||||||||||
Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of different depreciation recovery periods, depreciation methods, and other items. | |||||||||||||||||||||
On a tax-basis, the Company’s gross real estate assets totaled approximately $3.1 billion, $2.8 billion, and $2.7 billion, respectively, for the three years ended December 31, 2013. | |||||||||||||||||||||
The following table reconciles the Company’s consolidated net income (loss) attributable to common stockholders to taxable income for the three years ended December 31, 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 6,946 | $ | 5,465 | $ | (214 | ) | ||||||||||||||
Reconciling items to taxable income: | |||||||||||||||||||||
Depreciation and amortization | 26,240 | 28,526 | 21,479 | ||||||||||||||||||
Gain or loss on disposition of depreciable assets | (3,656 | ) | 922 | (85 | ) | ||||||||||||||||
Impairments | 6,222 | 3,807 | 4,999 | ||||||||||||||||||
Straight-line rent | (6,493 | ) | (6,075 | ) | (4,142 | ) | |||||||||||||||
Receivable allowances | (716 | ) | (74 | ) | (299 | ) | |||||||||||||||
Stock-based compensation | 5,817 | 5,400 | 6,104 | ||||||||||||||||||
Other | (1,866 | ) | 8,917 | 4,927 | |||||||||||||||||
25,548 | 41,423 | 32,983 | |||||||||||||||||||
Taxable income (1) | $ | 32,494 | $ | 46,888 | $ | 32,769 | |||||||||||||||
Dividends paid | $ | 111,571 | $ | 96,356 | $ | 89,270 | |||||||||||||||
______ | |||||||||||||||||||||
(1) Before REIT dividend paid deduction. | |||||||||||||||||||||
Characterization of Distributions (unaudited) | |||||||||||||||||||||
Distributions in excess of earnings and profits generally constitute a return of capital. The following table gives the characterization of the distributions on the Company’s common stock for the three years ended December 31, 2013. | |||||||||||||||||||||
For the three years ended December 31, 2013, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | ||||||||||||||||
Common stock: | |||||||||||||||||||||
Ordinary income | $ | 0.27 | 22.2 | % | $ | 0.63 | 52.3 | % | $ | 0.34 | 28.5 | % | |||||||||
Return of capital | 0.8 | 66.3 | % | 0.56 | 47.1 | % | 0.8 | 66.3 | % | ||||||||||||
Unrecaptured section 1250 gain | 0.13 | 11.5 | % | 0.01 | 0.6 | % | 0.06 | 5.2 | % | ||||||||||||
Common stock distributions | $ | 1.2 | 100 | % | $ | 1.2 | 100 | % | $ | 1.2 | 100 | % | |||||||||
State Income Taxes | |||||||||||||||||||||
The Company must pay certain state income taxes, which are included in general and administrative expense on the Company’s Consolidated Statements of Operations. | |||||||||||||||||||||
The State of Texas gross margins tax on gross receipts from operations is disclosed in the table below as an income tax because it is considered such by the Securities and Exchange Commission. In 2011, the Michigan business tax was replaced with a flat corporate income tax effective January 1, 2013 which eliminated any tax liability in Michigan. Additionally, this legislation repealed the tax associated with the Company’s deferred tax liability previously recorded, which resulted in a $0.2 million reduction of state income tax expense during 2011. | |||||||||||||||||||||
State income tax expense and state income tax payments for the three years ended December 31, 2013 are detailed in the table below: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
State income tax expense: | |||||||||||||||||||||
Texas gross margins tax (1) | $ | 649 | $ | 843 | $ | 459 | |||||||||||||||
Michigan gross receipts deferred tax liability | — | — | (170 | ) | |||||||||||||||||
Other | 23 | 3 | 193 | ||||||||||||||||||
Total state income tax expense | $ | 672 | $ | 846 | $ | 482 | |||||||||||||||
State income tax payments, net of refunds and collections | $ | 768 | $ | 627 | $ | 522 | |||||||||||||||
______ | |||||||||||||||||||||
-1 | In the table above, income tax expense for 2012 includes $0.1 million that was recorded to the gain on sale of real estate properties sold, which is included in discontinued operations rather than general and administrative expenses on the Company’s Consolidated Statements of Operations. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying amounts of cash and cash equivalents, receivables and payables are a reasonable estimate of their fair value as of December 31, 2013 and 2012 due to their short-term nature. The fair value of notes and bonds payable is estimated using cash flow analyses as of December 31, 2013 and 2012, based on the Company’s current interest rates for similar types of borrowing arrangements. The fair value of the mortgage notes and notes receivable is estimated based either on cash flow analyses at an assumed market rate of interest or at a rate consistent with the rates on mortgage notes acquired by the Company or notes receivable entered into by the Company recently. | ||||||||||||||||
The table below details the fair value and carrying values for notes and bonds payable, mortgage notes receivable and notes receivable as of December 31, 2013 and 2012. | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Value | Value | Value | Value | |||||||||||||
Notes and bonds payable (1) | $ | 1,348.50 | $ | 1,380.60 | $ | 1,293.00 | $ | 1,437.20 | ||||||||
Mortgage notes receivable (2) | $ | 125.5 | $ | 124.5 | $ | 162.2 | $ | 158.3 | ||||||||
Notes receivable, net of allowances (2) | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
______ | ||||||||||||||||
(1) Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. | ||||||||||||||||
(2) Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (unaudited) | ' | |||||||||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||||||
Quarterly financial information for the year ended December 31, 2013 is summarized below. The results of operations have been restated, as applicable, to show the effect of reclassifying properties sold or to be sold as discontinued operations. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(Dollars in thousands, except per share data) | March 31 (1) | June 30 (2) | September 30 (3) | December 31 (4) | ||||||||||||
2013 | ||||||||||||||||
Revenues from continuing operations | $ | 80,437 | $ | 82,062 | $ | 84,311 | $ | 90,116 | ||||||||
Income (loss) from continuing operations | 842 | (27,701 | ) | 4,703 | 9,888 | |||||||||||
Discontinued operations | (1,860 | ) | 3,463 | 15,080 | 2,568 | |||||||||||
Net income (loss) | (1,018 | ) | (24,238 | ) | 19,783 | 12,456 | ||||||||||
Less: (Income) loss from noncontrolling interests | 19 | 33 | (17 | ) | (72 | ) | ||||||||||
Net income (loss) attributable to common stockholders | $ | (999 | ) | $ | (24,205 | ) | $ | 19,766 | $ | 12,384 | ||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic earnings (loss) per common share | $ | (0.01 | ) | $ | (0.27 | ) | $ | 0.21 | $ | 0.13 | ||||||
Diluted earnings (loss) per common share | $ | (0.01 | ) | $ | (0.27 | ) | $ | 0.21 | $ | 0.13 | ||||||
______ | ||||||||||||||||
(1) The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | ||||||||||||||||
(2) The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | ||||||||||||||||
(3) The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | ||||||||||||||||
(4) The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | ||||||||||||||||
Quarterly financial information for the year ended December 31, 2012 is summarized below. The results of operations have been restated, as applicable, to show the effect of reclassifying properties sold or to be sold as discontinued operations. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(Dollars in thousands, except per share data) | March 31 (1) | June 30 (2) | September 30 (3) | December 31 (4) | ||||||||||||
2012 | ||||||||||||||||
Revenues from continuing operations | $ | 73,856 | $ | 75,487 | $ | 76,481 | $ | 78,250 | ||||||||
Income (loss) from continuing operations | 52 | 875 | 635 | (1,467 | ) | |||||||||||
Discontinued operations | 3,082 | 2,053 | 5,200 | (4,895 | ) | |||||||||||
Net income (loss) | 3,134 | 2,928 | 5,835 | (6,362 | ) | |||||||||||
Less: (Income) from noncontrolling interests | — | (20 | ) | (21 | ) | (29 | ) | |||||||||
Net income (loss) attributable to common stockholders | $ | 3,134 | $ | 2,908 | $ | 5,814 | $ | (6,391 | ) | |||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic earnings (loss) per common share | $ | 0.04 | $ | 0.04 | $ | 0.08 | $ | (0.07 | ) | |||||||
Diluted earnings (loss) per common share | $ | 0.04 | $ | 0.04 | $ | 0.07 | $ | (0.07 | ) | |||||||
______ | ||||||||||||||||
(1) The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. | ||||||||||||||||
(2) The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | ||||||||||||||||
(3) The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | ||||||||||||||||
(4) The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||
Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Balance at Beginning of Period | Additions | Uncollectible Accounts Written-off | Balance at End of Period | ||||||||||||||||||||
Description | Charged to Costs and Expenses | Charged to Other Accounts | |||||||||||||||||||||
2013 | Accounts and notes receivable allowance | $ | 740 | $ | 185 | $ | — | $ | 384 | $ | 541 | ||||||||||||
2012 | Accounts and notes receivable allowance | $ | 583 | $ | 240 | $ | — | $ | 83 | $ | 740 | ||||||||||||
2011 | Accounts and notes receivable allowance | $ | 1,185 | $ | (160 | ) | $ | — | $ | 442 | $ | 583 | |||||||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings, Improvements, Lease Intangibles and CIP | ||||||||||||||||||||||||||||||||||||||||||||||
Property Type | Number of Properties | State | Initial Investment | Cost Capitalized Subsequent to Acquisition | Total | Initial Investment | Cost Capitalized Subsequent to Acquisition | Total | Personal Property | (2) (3) (5) Total Property | (1) (3) (5) Accumulated Depreciation | (4) Encumbrances | Date Acquired | Date Constructed | |||||||||||||||||||||||||||||||||
Medical office/outpatient | 177 | AL, AZ, CA, CO, DC, FL, GA, HI, IA, IL, IN, KS, LA, MD, MI, MO, MS, NC, NV, OH, OR, PA, SC, SD, TN, TX, VA, WA | $ | 152,084 | $ | 3,137 | $ | 155,221 | $ | 2,108,791 | $ | 310,442 | $ | 2,419,233 | $ | 2,969 | $ | 2,577,423 | $ | 542,671 | $ | 164,269 | 1993-2013 | 1905 -2012 | |||||||||||||||||||||||
Inpatient | 14 | AZ, CA, CO, IN, MO, PA, TX | 23,237 | 150 | 23,387 | 404,427 | 9,505 | 413,932 | 265 | 437,584 | 71,563 | — | 1994-2013 | 1983 -2013 | |||||||||||||||||||||||||||||||||
Other | 10 | AL, IN, MI TN, VA | 1,828 | 73 | 1,901 | 36,323 | 7,848 | 44,171 | 636 | 46,708 | 24,494 | 1,527 | 1993-2011 | 1906 - 1995 | |||||||||||||||||||||||||||||||||
Total Real Estate | 201 | 177,149 | 3,360 | 180,509 | 2,549,541 | 327,795 | 2,877,336 | 3,870 | 3,061,715 | 638,728 | 165,796 | ||||||||||||||||||||||||||||||||||||
Land Held for Develop. | — | 17,054 | — | 17,054 | — | — | — | — | 17,054 | 89 | — | ||||||||||||||||||||||||||||||||||||
Corporate Property | — | — | — | — | — | — | — | 5,397 | 5,397 | 3,503 | — | ||||||||||||||||||||||||||||||||||||
Total Properties | 201 | $ | 194,203 | $ | 3,360 | $ | 197,563 | $ | 2,549,541 | $ | 327,795 | $ | 2,877,336 | $ | 9,267 | $ | 3,084,166 | $ | 642,320 | $ | 165,796 | ||||||||||||||||||||||||||
-1 | Includes three assets held for sale as of December 31, 2013 of approximately $17.0 million (gross) and accumulated depreciation of $10.2 million, one asset held for sale as of December 31, 2012 of approximately $9.6 million (gross) and accumulated depreciation of $6.3 million; and 15 assets held for sale as of December 31, 2011 of $52.8 million (gross) and accumulated depreciation of $24.6 million. See Note 1 to the Consolidated Financial Statements for information regarding certain reclassifications from the "Real estate properties" line item to the "Other assets" line item. | ||||||||||||||||||||||||||||||||||||||||||||||
-2 | Total assets as of December 31, 2013 have an estimated aggregate total cost of $3.1 billion for federal income tax purposes. | ||||||||||||||||||||||||||||||||||||||||||||||
-3 | Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 39.0 years, lease intangibles over 2.0 to 93.1 years, personal property over 1.9 to 15.8 years, and land improvements over 15.0 to 38.1 years. | ||||||||||||||||||||||||||||||||||||||||||||||
-4 | Includes unaccreted discounts, net of premiums totaling $0.9 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
-5 | A reconciliation of Total Property and Accumulated Depreciation for the twelve months ended December 31, 2013, 2012 and 2011 follows: | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 (1) | December 31, 2012 (1) | December 31, 2011 (1) | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total Property | Accumulated Depreciation | Total Property | Accumulated Depreciation | Total Property | Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance | $ | 2,830,931 | $ | 586,920 | $ | 2,831,732 | $ | 536,682 | $ | 2,605,516 | $ | 500,406 | |||||||||||||||||||||||||||||||||||
Additions during the period: | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | 372,946 | 98,090 | 160,082 | 95,110 | 186,923 | 85,325 | |||||||||||||||||||||||||||||||||||||||||
Corporate Property | 62 | 211 | 27 | 219 | 101 | 243 | |||||||||||||||||||||||||||||||||||||||||
Land held for development | — | 26 | — | 26 | 4,403 | 26 | |||||||||||||||||||||||||||||||||||||||||
Construction in Progress | — | — | 5,608 | — | 101,282 | — | |||||||||||||||||||||||||||||||||||||||||
Retirement/dispositions: | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | (111,656 | ) | (42,927 | ) | (128,104 | ) | (44,896 | ) | (65,680 | ) | (48,505 | ) | |||||||||||||||||||||||||||||||||||
Disposal of previously consolidated VIE | — | — | (38,193 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Land held for development | (8,117 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Corporate Property | — | — | (221 | ) | (221 | ) | (813 | ) | (813 | ) | |||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 3,084,166 | $ | 642,320 | $ | 2,830,931 | $ | 586,920 | $ | 2,831,732 | $ | 536,682 | |||||||||||||||||||||||||||||||||||
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | |||||||||||||||||||
Mortgage Loans on Real Estate | ' | |||||||||||||||||||
Schedule IV – Mortgage Loans on Real Estate as of December 31, 2013 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Description | Interest Rate | Maturity Date | Periodic Payment Terms | Original Face Amount | Carrying Amount (4) | Balloon | ||||||||||||||
Permanent Mortgage Loans: | ||||||||||||||||||||
Office building in Iowa (1) | 7.7 | % | 1/10/14 | (1 | ) | $ | 40,000 | $ | 39,973 | $ | 39,973 | |||||||||
Medical office building in Florida | 7.5 | % | 4/10/15 | (3 | ) | 3,750 | 3,750 | 3,750 | ||||||||||||
Land in Texas | 5.00%-6.00% | 3/25/15 | (2 | ) | 3,666 | 1,855 | 1,855 | |||||||||||||
Construction Mortgage Loans: | ||||||||||||||||||||
Medical office building in Oklahoma | 7.72 | % | 9/30/14 | (3 | ) | 94,889 | 79,969 | 79,969 | ||||||||||||
Total Mortgage Loans | $ | 125,547 | ||||||||||||||||||
______ | ||||||||||||||||||||
-1 | Payment was not received upon maturity. The Company has begun default remedies that could result in foreclosure and the Company obtaining ownership of the property that serves as collateral for the mortgage loan. Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity. | |||||||||||||||||||
-2 | Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity. | |||||||||||||||||||
-3 | Interest only until maturity. | |||||||||||||||||||
-4 | A rollforward of Mortgage loans on real estate for the three years ended December 31, 2013 follows: | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||
Balance at beginning of period | $ | 162,191 | $ | 97,381 | $ | 36,599 | ||||||||||||||
Additions during period: | ||||||||||||||||||||
New or acquired mortgages | 4,241 | 11,200 | 85,467 | |||||||||||||||||
Amortization of loan origination fee (5) | — | — | 184 | |||||||||||||||||
Increased funding on existing mortgages | 58,731 | 78,297 | 19,164 | |||||||||||||||||
62,972 | 89,497 | 104,815 | ||||||||||||||||||
Deductions during period: | ||||||||||||||||||||
Scheduled principal payments | — | (16 | ) | (491 | ) | |||||||||||||||
Principal repayments and reductions (6) | (2,413 | ) | (14,812 | ) | (17,232 | ) | ||||||||||||||
Principal reductions due to acquisitions (7) | (97,203 | ) | (9,859 | ) | — | |||||||||||||||
Conversions to land held for development (8) | — | — | (4,371 | ) | ||||||||||||||||
Mortgage eliminated in consolidation (9) | — | — | (21,939 | ) | ||||||||||||||||
(99,616 | ) | (24,687 | ) | (44,033 | ) | |||||||||||||||
Balance at end of period (10) | $ | 125,547 | $ | 162,191 | $ | 97,381 | ||||||||||||||
-5 | Represents the amortization of a loan origination fee prior to the consolidation of the building securing the mortgage note. The mortgage note and related loan amortization fee was eliminated in consolidation until it was repaid in January 2012. | |||||||||||||||||||
-6 | Principal repayments for the years ended December 31, 2013 and 2011 include unscheduled principal reductions on mortgage notes of $2.4 million and $0.5 million, respectively. | |||||||||||||||||||
-7 | On September 27, 2013, the Company acquired an orthopedic facility in Missouri for $102.6 million, including the elimination of the construction mortgage note receivable totaling $97.2 million. In May 2012, the Company purchased a medical office building in Texas. Concurrent with the acquisition, the Company's construction mortgage note receivable totaling $9.9 million, which secured the building, was repaid. | |||||||||||||||||||
-8 | The Company received deeds in lieu of trust on two land parcels located in Iowa during 2011. | |||||||||||||||||||
-9 | In the third quarter of 2011, the Company began consolidating a construction project upon its conclusion that it was the primary beneficiary of the VIE that was constructing the facility. As a result of consolidation of the VIE, the Company also eliminated the construction mortgage note and related interest on its Consolidated Financial Statements. The construction mortgage note was repaid in full in January 2012. | |||||||||||||||||||
-10 | Total mortgage loans as of December 31, 2013 had an aggregate total cost of $125.5 million for federal income tax purposes. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Business Overview | ' | |||||||||||
Business Overview | ||||||||||||
Healthcare Realty Trust Incorporated (the “Company”) is a real estate investment trust ("REIT") that owns, acquires, manages, finances and develops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States of America. The Company had investments of approximately $3.2 billion in 202 real estate properties and mortgages as of December 31, 2013. The Company’s 198 owned real estate properties are located in 28 states and total approximately 13.9 million square feet. The Company provided property management services to approximately 10.3 million square feet nationwide. Square footage disclosures in this Annual Report on Form 10-K are unaudited. | ||||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, joint ventures, partnerships, and other affiliates, as well as certain variable interest entities (“VIEs”) where the Company controlled the operating activities of the VIE. | ||||||||||||
In accordance with the consolidation accounting standards, the Company must evaluate each contractual relationship it has with its lessees, borrowers, or others to determine whether or not the contractual arrangement creates a variable interest in those entities. If the Company determines that it has a variable interest and the entity is a VIE, then management must determine whether or not the Company is the primary beneficiary of the VIE, resulting in consolidation of the VIE. A primary beneficiary has the power to direct those activities of the VIE that most significantly impact its economic performance and has the obligation to absorb the losses of, or receive the benefits from, the VIE. | ||||||||||||
The Company had a variable interest in unconsolidated VIEs consisting of one construction mortgage note of approximately $80.0 million as of December 31, 2013 and two construction mortgage notes receivable aggregating approximately $118.4 million as of December 31, 2012, in which management concluded that the Company was not the primary beneficiary. The Company’s maximum exposure to loss related to this unconsolidated VIE as of December 31, 2013 equaled the Company’s aggregate mortgage note investment. See Note 5 for more information on these construction mortgage notes receivable. | ||||||||||||
The Company consolidates a partnership, HRP MAC III, LLC, that holds $17.7 million in real estate assets as of December 31, 2013, in which it has a controlling interest. The Company received capital contributions of $1.8 million from a 40% noncontrolling interest holder in the partnership during 2013. The Company reports noncontrolling interests in subsidiaries as a component of equity and the related net income or loss attributable to the noncontrolling interests as part of consolidated net income or loss in its Consolidated Financial Statements. See Note 4 for additional information. | ||||||||||||
The Company had a $1.3 million investment in an unconsolidated limited liability company ("LLC") at December 31, 2012 which the Company accounted for under the cost method. The Company's investment in its unconsolidated LLC, which invests in real estate properties, was included in "Other assets" and the related distributions are recognized in "Other income (expense)" on the Company's Consolidated Financial Statements. On December 31, 2013, the Company sold this investment for a gain of approximately $1.5 million. See Note 8 for additional information on the sale of this investment. | ||||||||||||
All significant intercompany accounts, transactions and balances have been eliminated upon consolidation in the Consolidated Financial Statements. | ||||||||||||
Use of Estimates in the Consolidated Financial Statements | ' | |||||||||||
Use of Estimates in the Consolidated Financial Statements | ||||||||||||
Preparation of the Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates. | ||||||||||||
Segment Reporting | ' | |||||||||||
Segment Reporting | ||||||||||||
The Company owns, acquires, manages, finances and develops outpatient and other healthcare-related properties. The Company is managed as one reporting unit, rather than multiple reporting units, for internal reporting purposes and for internal decision-making. Therefore, the Company discloses its operating results in a single reportable segment. | ||||||||||||
Reclassifications | ' | |||||||||||
Reclassifications | ||||||||||||
Certain reclassifications for discontinued operations have been made to the Consolidated Statements of Operations for the years ended December 31, 2012 and 2011 to conform to the 2013 presentation. The operating results of those assets have been reclassified from continuing to discontinued operations for all periods presented. | ||||||||||||
Reclassifications were made on the Company's Consolidated Balance Sheets as of December 31, 2012 for certain non-real estate related personal property from the "Personal property" line item in "Total real estate properties, net" to the "Other assets, net" line item totaling $4.3 million. | ||||||||||||
Real Estate Properties | ' | |||||||||||
Real Estate Properties | ||||||||||||
Real estate properties are recorded at cost or at fair value if acquired in a transaction that is a business combination under Accounting Standards Codification Topic 805, Business Combinations. Cost or fair value at the time of acquisition is allocated among land, buildings, tenant improvements, lease and other intangibles, and personal property as applicable. The Company’s gross real estate assets, on a financial reporting basis, totaled approximately $3.1 billion as of December 31, 2013 and $2.8 billion as of December 31, 2012. | ||||||||||||
During 2013 and 2012, the Company eliminated against accumulated depreciation approximately $4.4 million and $2.5 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. Approximately $0.2 million of fully depreciated personal property and equipment was eliminated against accumulated depreciation in 2012. | ||||||||||||
Depreciation and amortization of real estate assets and liabilities in place as of December 31, 2013, is provided for on a straight-line basis over the asset’s estimated useful life: | ||||||||||||
Land improvements | 15.0 to 38.1 years | |||||||||||
Buildings and improvements | 3.3 to 39.0 years | |||||||||||
Lease intangibles (including ground lease intangibles) | 2.0 to 93.1 years | |||||||||||
Personal property | 1.9 to 15.8 years | |||||||||||
The Company capitalizes direct costs, including costs such as construction costs and professional services, and indirect costs, including capitalized interest and overhead costs, associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. Capitalized interest cost is calculated using the weighted average interest rate of the Company's unsecured debt or the interest rate on project specific debt, if applicable. The Company continues to capitalize interest on the unoccupied portion of the properties in stabilization for up to one year after the buildings have been placed into service, at which time the capitalization of interest must cease. | ||||||||||||
Land Held for Development | ' | |||||||||||
Land Held for Development | ||||||||||||
Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own outpatient healthcare facilities. The Company’s investment in land held for development totaled approximately $17.1 million as of December 31, 2013 and $25.2 million as of December 31, 2012. | ||||||||||||
Asset Impairment | ' | |||||||||||
Asset Impairment | ||||||||||||
The Company assesses the potential for impairment of identifiable, definite-lived, intangible assets and long-lived assets, including real estate properties, whenever events occur or a change in circumstances indicates that the carrying value might not be fully recoverable. Indicators of impairment may include significant underperformance of an asset relative to historical or expected operating results; significant changes in the Company’s use of assets or the strategy for its overall business; plans to sell an asset before its depreciable life has ended; the expiration of a significant portion of leases in a property; or significant negative economic trends or negative industry trends for the Company or its operators. In addition, the Company reviews for possible impairment, those assets subject to purchase options and those impacted by casualties, such as hurricanes. If management determines that the carrying value of the Company’s assets may not be fully recoverable based on the existence of any of the factors above, or others, management would measure and record an impairment charge based on the estimated fair value of the property or the estimated fair value less costs to sell the property. | ||||||||||||
Accounting for Acquisitions of Real Estate Properties with In-Place Leases | ' | |||||||||||
Acquisitions of Real Estate Properties with In-Place Leases | ||||||||||||
Acquisitions of real estate properties are accounted for at fair value. When a building with in-place leases is acquired, the cost of the acquisition must be allocated between the tangible real estate assets "as-if vacant" and the intangible real estate assets related to in-place leases based on their estimated fair values. Where appropriate, the intangible assets recorded could include goodwill or customer relationship assets. The values related to above- or below-market in-place lease intangibles are amortized to rental income where the Company is the lessor, are amortized to property operating expense where the Company is the lessee, and are amortized over the remaining term of the leases upon acquisition. | ||||||||||||
The Company considers whether any of the in-place lease rental rates are above- or below-market. An asset (if the actual rental rate is above-market) or a liability (if the actual rental rate is below-market) is calculated and recorded in an amount equal to the present value of the future cash flows that represent the difference between the actual lease rate and the average market rate. If an in-place lease is identified as a below-market rental rate, the Company would also evaluate any renewal options associated with that lease to determine if the intangible should include those periods. | ||||||||||||
The Company also estimates an absorption period, which can vary by property, assuming the building is vacant and must be leased up to the actual level of occupancy when acquired. During that absorption period, the owner would incur direct costs, such as tenant improvements, and would suffer lost rental income. Likewise, the owner would have acquired a measurable asset in that, assuming the building was vacant, certain fixed costs would be avoided because the actual in-place lessees would reimburse a certain portion of fixed costs through expense reimbursements during the absorption period. | ||||||||||||
All of these intangible assets (above- or below-market lease, tenant improvement costs avoided, rental income lost, and expenses recovered through in-place lessee reimbursements) are estimated and recorded in amounts equal to the present value of estimated future cash flows. The actual purchase price is allocated based on the various asset fair values described above. | ||||||||||||
The building and tenant improvement components of the purchase price are depreciated over the estimated useful life of the building or the weighted average remaining term of the in-places leases. The above- or below-market rental rate assets or liabilities are amortized to rental income or property operating expense over the remaining term of the leases. The at-market, in-place lease intangibles are amortized to amortization expense over the weighted average remaining term of the leases, customer relationship assets are amortized to amortization expense over terms applicable to each acquisition, and any goodwill recorded would be reviewed for impairment at least annually. | ||||||||||||
The fair values of at-market in-place lease and other intangible assets are amortized and reflected in amortization expense in the Company’s Consolidated Statements of Operations. See Note 9 for more details on the Company’s intangible assets. | ||||||||||||
Fair Value Measurements | ' | |||||||||||
Fair Value Measurements | ||||||||||||
Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. In calculating fair value, a company must maximize the use of observable market inputs, minimize the use of unobservable market inputs and disclose in the form of an outlined hierarchy the details of such fair value measurements. | ||||||||||||
A hierarchy of valuation techniques is defined to determine 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. | |||||||||||
Executed purchase and sale agreements, that are binding agreements, are categorized as level 1 inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level 3 as they are nonbinding in nature. | ||||||||||||
During 2013, in connection with the sale of one land parcel, the Company recorded an impairment charge in discontinued operations of approximately $3.3 million based on the contractual sales price, a level one input. The Company also used level three inputs to record impairment charges of approximately $6.6 million related to one property in held for sale and four properties that were reclassified to held for sale in the third quarter of 2013, reducing the Company's carrying value to the estimated fair value of the properties less costs to sell. Of these properties, two were sold during the fourth quarter of 2013. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. | ||||||||||||
Allowance for Doubtful Accounts and Credit Losses | ' | |||||||||||
Allowance for Doubtful Accounts and Credit Losses | ||||||||||||
Accounts Receivable | ||||||||||||
Management monitors the aging and collectibility of its accounts receivable balances on an ongoing basis. Whenever deterioration in the timeliness of payment from a tenant or sponsoring health system is noted, management investigates and determines the reason or reasons for the delay. Considering all information gathered, management’s judgment is exercised in determining whether a receivable is potentially uncollectible and, if so, how much or what percentage may be uncollectible. Among the factors management considers in determining collectibility are: the type of contractual arrangement under which the receivable was recorded (e.g., a triple net lease, a gross lease, a property operating agreement, or some other type of agreement); the tenant’s reason for slow payment; industry influences under which the tenant operates; evidence of willingness and ability of the tenant to pay the receivable; credit-worthiness of the tenant; collateral, security deposit, letters of credit or other monies held as security; tenant’s historical payment pattern; other contractual agreements between the tenant and the Company; relationship between the tenant and the Company; the state in which the tenant operates; and the existence of a guarantor and the willingness and ability of the guarantor to pay the receivable. Considering these factors and others, management concludes whether all or some of the aged receivable balance is likely uncollectible. Upon determining that some portion of the receivable is likely uncollectible, the Company records a provision for bad debts for the amount it expects will be uncollectible. When efforts to collect a receivable are exhausted, the receivable amount is charged off against the allowance. The Company does not hold any accounts receivable for sale. | ||||||||||||
Mortgage Notes | ||||||||||||
The Company had four mortgage notes receivable outstanding as of December 31, 2013 and 2012 with aggregate principal balances totaling $125.5 million and $162.2 million, respectively. The weighted average maturity of the notes was approximately 0.4 years and 1.0 years, respectively, with interest rates ranging from 5.00% to 7.72% and 6.75% to 7.70%, respectively, as of December 31, 2013 and 2012. | ||||||||||||
No allowances were recorded on the Company's mortgage notes receivable during 2013 or 2012. The Company evaluates collectibility of its mortgage notes and records allowances on the notes as necessary. A loan is impaired when it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan as scheduled, including both contractual interest and principal payments. This assessment also includes an evaluation of the loan collateral. If a mortgage loan becomes past due, the Company will review the specific circumstances and may discontinue the accrual of interest on the loan. The loan is not returned to accrual status until the debtor has demonstrated the ability to continue debt service in accordance with the contractual terms. Loans placed on non-accrual status will be accounted for either on a cash basis, in which income is recognized only upon receipt of cash, or on a cost-recovery basis, in which all cash receipts reduce the carrying value of the loan, based on the Company’s expectation of future collectibility. As of December 31, 2013 and 2012, there were no recorded investments in mortgage notes that were either on non-accrual status or were past due more than ninety days and continued to accrue interest. Also, as of December 31, 2013, the Company did not hold any of its mortgage notes available for sale. | ||||||||||||
In January 2014, one of the Company's mortgage notes receivable had a scheduled balloon payment due of $41.5 million, including an exit fee of $1.5 million, that the borrower was not able to pay. The Company has initiated the default process. See Note 5 for additional information. | ||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill and intangible assets with indefinite lives are not amortized, but are tested at least annually for impairment. Intangible assets with finite lives are amortized over their respective lives to their estimated residual values and are reviewed for impairment only when impairment indicators are present. | ||||||||||||
Identifiable intangible assets of the Company are comprised of enterprise goodwill, in-place lease intangible assets, customer relationship intangible assets, and deferred financing costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Deferred financing costs are amortized over the term of the related credit facility or other debt instrument under the straight-line method, which approximates amortization under the effective interest method. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. The 2013 and 2012 impairment evaluations each indicated that no impairment had occurred with respect to the $3.5 million goodwill asset. See Note 9 for more detail on the Company’s intangible assets. | ||||||||||||
Contingent Liabilities | ' | |||||||||||
Contingent Liabilities | ||||||||||||
From time to time, the Company may be subject to loss contingencies arising from legal proceedings and similar matters. Additionally, while the Company maintains comprehensive liability and property insurance with respect to each of its properties, the Company may be exposed to unforeseen losses related to uninsured or underinsured damages. | ||||||||||||
The Company continually monitors any matters that may present a contingent liability, and, on a quarterly basis, management reviews the Company’s reserves and accruals in relation to each of them, adjusting provisions as necessary in view of changes in available information. Liabilities for contingencies are first recorded when a loss is determined to be both probable and can be reasonably estimated. Changes in estimates regarding the exposure to a contingent loss are reflected as adjustments to the related liability in the periods when they occur. | ||||||||||||
Because of uncertainties inherent in the estimation of contingent liabilities, it is possible that the Company’s provision for contingent losses could change materially in the near term. To the extent that any significant losses, in addition to amounts recognized, are at least reasonably possible, such amounts will be disclosed in the notes to the Consolidated Financial Statements. | ||||||||||||
Accounting for Defined Benefit Pension Plans | ' | |||||||||||
Defined Benefit Pension Plan | ||||||||||||
The Company has a pension plan under which three of the Company’s founding officers may receive retirement benefits upon retirement (the “Executive Retirement Plan”). The plan is unfunded and benefits will be paid from cash flows of the Company. The Company recognizes pension expense on an accrual basis over an estimated service period. The Company calculates pension expense and the corresponding liability annually on the measurement date (December 31) which requires certain assumptions, such as a discount rate and the recognition of actuarial gains and losses. The maximum annual benefits payable to each individual under the plan have been frozen at $0.9 million, subject to cost-of-living adjustments. | ||||||||||||
Incentive Plans | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
The Company has various employee and director stock-based awards outstanding. These awards include non-vested common stock and options to purchase common stock granted to employees pursuant to the 2007 Employees Stock Incentive Plan and its predecessor plan (the “Incentive Plan”) and the 2000 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”). The Company recognizes share-based payments to employees and directors in the Consolidated Statements of Operations on a straight-line basis over the requisite service period based on the fair value of the award. | ||||||||||||
The Employee Stock Purchase Plan features a “look-back” provision which enables the employee to purchase a fixed number of common shares at the lesser of 85% of the market price on the date of grant or 85% of the market price on the date of exercise, with optional purchase dates occurring once each quarter for 27 months. The Company accounts for awards to its employees under the Employee Stock Purchase Plan based on fair value, using the Black-Scholes model, and generally recognizes expense over the award’s vesting period, net of estimated forfeitures. Since the options granted under the Employee Stock Purchase Plan immediately vest, the Company records compensation expense for those options when they are granted in the first quarter of each year and then may record additional compensation expense in subsequent quarters as warranted. In each of the years ended December 31, 2013, 2012 and 2011, the Company recognized in general and administrative expenses approximately $0.3 million, $0.4 million, and $0.2 million, respectively, of compensation expense related to the annual grant of options to its employees to purchase shares under the Employee Stock Purchase Plan. | ||||||||||||
See Note 13 for details on the Company’s stock-based awards. | ||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Certain items must be included in comprehensive income, including items such as foreign currency translation adjustments, minimum pension liability adjustments, and unrealized gains or losses on available-for-sale securities. The Company’s accumulated other comprehensive income (loss) consists of only the cumulative pension liability adjustments, which are generally recognized in the fourth quarter of each year. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue when it is realized or realizable and earned. There are four criteria that must all be met before a Company may recognize revenue, including that persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered (i.e., the tenant has taken possession of and controls the physical use of the leased asset), the price has been fixed or is determinable, and collectibility is reasonably assured. Income received but not yet earned is deferred until such time it is earned. Deferred revenue, included in other liabilities on the Consolidated Balance Sheets, was $36.3 million and $34.8 million, respectively, as of December 31, 2013 and 2012 which includes deferred tenant improvement reimbursements of $21.9 million and $22.5 million, respectively, which will be recognized as revenue over the life of each respective lease. | ||||||||||||
The Company derives most of its revenues from its real estate property and mortgage notes receivable portfolio. The Company’s rental and mortgage interest income is recognized based on contractual arrangements with its tenants, sponsoring health systems or borrowers. These contractual arrangements fall into three categories: leases, mortgage notes receivable, and property operating agreements as described in the following paragraphs. The Company may accrue late fees based on the contractual terms of a lease or note. Such fees, if accrued, are included in rental income or mortgage interest income on the Company’s Consolidated Statements of Operations, based on the type of contractual agreement. | ||||||||||||
Rental Income | ||||||||||||
Rental income related to non-cancelable operating leases is recognized as earned over the life of the lease agreements on a straight-line basis. The Company's lease agreements generally include provisions for stated annual increases or increases based on a Consumer Price Index ("CPI"). Rental income from properties under multi-tenant office lease arrangements and rental income from properties with single-tenant lease arrangements are included in rental income on the Company's Consolidated Statements of Operations. | ||||||||||||
The components of rental income are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Property operating income | $ | 256,129 | $ | 239,707 | $ | 216,058 | ||||||
Single-tenant net lease | 52,665 | 42,481 | 41,957 | |||||||||
Straight-line rent | 9,500 | 6,599 | 5,725 | |||||||||
Rental income | $ | 318,294 | $ | 288,787 | $ | 263,740 | ||||||
Operating expense recoveries, included in property operating income, were approximately $40.9 million, $33.5 million and $30.7 million, respectively, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Additional rent, generally defined in most lease agreements as the cumulative increase in CPI from the lease start date to the CPI as of the end of the previous year, is calculated as of the beginning of each year, and is then billed and recognized as income during the year as provided for in the lease. Included in rental income was additional rental income, net of reserves, of approximately $0.7 million, $0.7 million and $0.9 million, respectively, for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
Mortgage Interest Income | ||||||||||||
Interest income on the Company’s mortgage notes receivable is recognized based on the interest rates, maturity dates and amortization periods in accordance with each note agreement. Interest rates on its four mortgage notes receivable outstanding as of December 31, 2013 were fixed. The Company amortizes any fees paid related to its mortgage notes receivable to mortgage interest income over the term of the loan on a straight-line basis which approximates amortization under the effective interest method. | ||||||||||||
Other operating income | ' | |||||||||||
Other Operating Income | ||||||||||||
Other operating income on the Company’s Consolidated Statements of Operations was comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Property lease guaranty revenue | $ | 5.1 | $ | 4.9 | $ | 6.9 | ||||||
Interest income | 0.5 | 0.5 | 0.6 | |||||||||
Management fee income | 0.2 | 0.2 | 0.2 | |||||||||
Other | 0.1 | 0.5 | 0.2 | |||||||||
$ | 5.9 | $ | 6.1 | $ | 7.9 | |||||||
Five of the Company’s 198 owned real estate properties as of December 31, 2013 were covered under property operating agreements between the Company and a sponsoring health system, which contractually obligate the sponsoring health system to provide to the Company a minimum return on the Company’s investment in the property in exchange for the right to be involved in the operating decisions of the property, including tenancy. If the minimum return is not achieved through normal operations of the property, the Company calculates and accrues to property lease guaranty revenue each quarter any shortfalls due from the sponsoring health systems under the terms of the property operating agreement. | ||||||||||||
Interest income generally relates to interest on tenant improvement reimbursements as defined in each note or lease agreement. | ||||||||||||
Management fees for property management services provided to third parties are generally calculated, accrued and billed monthly based on a percentage of cash collections of tenant receivables for the month or a stated amount per square foot. Management fees related to the Company’s owned properties are eliminated in consolidation. | ||||||||||||
Federal Income Taxes | ' | |||||||||||
Federal Income Taxes | ||||||||||||
No provision has been made for federal income taxes. The Company intends at all times to qualify as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company must distribute at least 90% per annum of its real estate investment trust taxable income to its stockholders and meet other requirements to continue to qualify as a real estate investment trust. See Note 16 for further discussion. | ||||||||||||
The Company classifies interest and penalties related to uncertain tax positions, if any, in the Consolidated Financial Statements as a component of general and administrative expenses. No such amounts were recognized during the three years ended December 31, 2013. | ||||||||||||
Federal tax returns for the years 2010, 2011 and 2012 are currently subject to examination by taxing authorities. | ||||||||||||
State Income Taxes | ' | |||||||||||
State Income Taxes | ||||||||||||
The Company must pay certain state income taxes and the provisions for such taxes are generally included in general and administrative expense on the Company’s Consolidated Statements of Operations. See Note 16 for further discussion. | ||||||||||||
Sales and Use Taxes | ' | |||||||||||
Sales and Use Taxes | ||||||||||||
The Company must pay sales and use taxes to certain state tax authorities based on rents collected from tenants in properties located in those states. The Company is generally reimbursed for these taxes by the tenant. The Company accounts for the payments to the taxing authority and subsequent reimbursement from the tenant on a net basis in revenues in the Company’s Consolidated Statements of Operations. | ||||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations | ||||||||||||
The Company sells properties from time to time due to a variety of factors, including among other things, market conditions or the exercise of purchase options by tenants. The operating results of properties that have been sold or are held for sale are reported as discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented. A company must report discontinued operations when a component of an entity has either been disposed of or is deemed to be held for sale if (i) both the operations and cash flows of the component have been or will be eliminated from ongoing operations as a result of the disposal transaction, and (ii) the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. Long-lived assets held for sale are reported at the lower of their carrying amount or their fair value less cost to sell estimate. Further, depreciation of these assets ceases at the time the assets are classified as discontinued operations. Losses resulting from the sale of such properties are characterized as impairment losses relating to discontinued operations in the Consolidated Statements of Operations. See Note 6 for more detail on discontinued operations. | ||||||||||||
Earning Per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
Basic earnings per common share is calculated using weighted average shares outstanding less issued and outstanding non-vested shares of common stock. Diluted earnings per common share is calculated using weighted average shares outstanding plus the dilutive effect of the outstanding stock options from the Employee Stock Purchase Plan and non-vested shares of common stock using the treasury stock method and the average stock price during the period. See Note 14 for the calculations of earnings per share. | ||||||||||||
New Accounting Pronouncements | ' | |||||||||||
New Accounting Pronouncements | ||||||||||||
On January 1, 2013, the Company adopted the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires an entity to present, either on the face of the statement where net income is presented or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. The Company's accumulated other comprehensive income (loss) is comprised of one item pertaining to the Company's defined benefit pension plan. Reclassification of the amortization of this item occurs on an annual basis in the fourth quarter of each fiscal year. The Company's adoption of this standard did not have a significant impact on its Consolidated Financial Statements. See Note 11 for more information. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Assets' estimated useful life | ' | |||||||||||
Depreciation and amortization of real estate assets and liabilities in place as of December 31, 2013, is provided for on a straight-line basis over the asset’s estimated useful life: | ||||||||||||
Land improvements | 15.0 to 38.1 years | |||||||||||
Buildings and improvements | 3.3 to 39.0 years | |||||||||||
Lease intangibles (including ground lease intangibles) | 2.0 to 93.1 years | |||||||||||
Personal property | 1.9 to 15.8 years | |||||||||||
Schedule of rental income | ' | |||||||||||
The components of rental income are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Property operating income | $ | 256,129 | $ | 239,707 | $ | 216,058 | ||||||
Single-tenant net lease | 52,665 | 42,481 | 41,957 | |||||||||
Straight-line rent | 9,500 | 6,599 | 5,725 | |||||||||
Rental income | $ | 318,294 | $ | 288,787 | $ | 263,740 | ||||||
Other operating income | ' | |||||||||||
Other operating income on the Company’s Consolidated Statements of Operations was comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in millions) | 2013 | 2012 | 2011 | |||||||||
Property lease guaranty revenue | $ | 5.1 | $ | 4.9 | $ | 6.9 | ||||||
Interest income | 0.5 | 0.5 | 0.6 | |||||||||
Management fee income | 0.2 | 0.2 | 0.2 | |||||||||
Other | 0.1 | 0.5 | 0.2 | |||||||||
$ | 5.9 | $ | 6.1 | $ | 7.9 | |||||||
Property_Investments_Tables
Property Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Real Estate Investment Property, Net [Abstract] | ' | ||||||||||||||||||||||
Property Investment | ' | ||||||||||||||||||||||
The following table summarizes the Company’s investments. | |||||||||||||||||||||||
(Dollars in thousands) | Number of Facilities | Land | Buildings, Improvements, and Lease Intangibles | Personal Property | Total | Accumulated Depreciation | |||||||||||||||||
Medical office/outpatient: | |||||||||||||||||||||||
California | 9 | $ | 17,430 | $ | 100,615 | $ | 184 | $ | 118,229 | $ | (48,656 | ) | |||||||||||
Colorado | 9 | 7,197 | 186,262 | 208 | 193,667 | (12,355 | ) | ||||||||||||||||
Indiana | 5 | 3,891 | 140,336 | — | 144,227 | (17,166 | ) | ||||||||||||||||
Iowa | 6 | 12,665 | 81,372 | 94 | 94,131 | (10,422 | ) | ||||||||||||||||
Florida | 7 | 5,292 | 83,042 | 251 | 88,585 | (40,185 | ) | ||||||||||||||||
Hawaii | 3 | 8,327 | 119,815 | 61 | 128,203 | (14,317 | ) | ||||||||||||||||
North Carolina | 15 | 4,200 | 150,549 | 95 | 154,844 | (28,564 | ) | ||||||||||||||||
Tennessee | 16 | 11,419 | 181,544 | 171 | 193,134 | (54,096 | ) | ||||||||||||||||
Texas | 45 | 47,784 | 632,582 | 1,285 | 681,651 | (142,821 | ) | ||||||||||||||||
Virginia | 13 | 2,451 | 189,119 | 158 | 191,728 | (35,633 | ) | ||||||||||||||||
Washington | 7 | 8,974 | 176,921 | 135 | 186,030 | (16,392 | ) | ||||||||||||||||
Other (17 states) | 39 | 24,014 | 361,674 | 327 | 386,015 | (111,853 | ) | ||||||||||||||||
174 | 153,644 | 2,403,831 | 2,969 | 2,560,444 | (532,460 | ) | |||||||||||||||||
Inpatient: | |||||||||||||||||||||||
Arizona | 1 | 3,641 | 12,371 | — | 16,012 | (1,483 | ) | ||||||||||||||||
California | 1 | — | 12,688 | — | 12,688 | (6,305 | ) | ||||||||||||||||
Colorado | 1 | 623 | 6,496 | — | 7,119 | — | |||||||||||||||||
Indiana | 1 | 1,071 | 42,334 | — | 43,405 | (8,141 | ) | ||||||||||||||||
Missouri | 1 | 1,989 | 107,487 | — | 109,476 | (679 | ) | ||||||||||||||||
Pennsylvania | 4 | 6,555 | 74,634 | — | 81,189 | (35,804 | ) | ||||||||||||||||
Texas | 5 | 9,507 | 157,923 | 265 | 167,695 | (19,151 | ) | ||||||||||||||||
14 | 23,386 | 413,933 | 265 | 437,584 | (71,563 | ) | |||||||||||||||||
Other: | |||||||||||||||||||||||
Alabama | 1 | 181 | 9,883 | 8 | 10,072 | (6,263 | ) | ||||||||||||||||
Indiana | 1 | 96 | 3,662 | 32 | 3,790 | (2,362 | ) | ||||||||||||||||
Michigan | 5 | 193 | 12,728 | 183 | 13,104 | (7,982 | ) | ||||||||||||||||
Tennessee | 1 | 253 | 7,213 | 408 | 7,874 | (2,097 | ) | ||||||||||||||||
Virginia | 2 | 1,178 | 10,685 | 5 | 11,868 | (5,790 | ) | ||||||||||||||||
10 | 1,901 | 44,171 | 636 | 46,708 | (24,494 | ) | |||||||||||||||||
Land Held for Development | — | 17,054 | — | 17,054 | (89 | ) | |||||||||||||||||
Corporate Property | — | — | — | 5,397 | 5,397 | (3,503 | ) | ||||||||||||||||
— | 17,054 | — | 5,397 | 22,451 | (3,592 | ) | |||||||||||||||||
Total owned properties | 198 | 195,985 | 2,861,935 | 9,267 | 3,067,187 | (632,109 | ) | ||||||||||||||||
Mortgage notes receivable | 4 | — | — | — | 125,547 | — | |||||||||||||||||
Total real estate investments | 202 | $ | 195,985 | $ | 2,861,935 | $ | 9,267 | $ | 3,192,734 | $ | (632,109 | ) | |||||||||||
Real_Estate_Leases_Tables
Real Estate Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases, Operating [Abstract] | ' | |||
Future minimum lease payments due to the Company under property operating agreements | ' | |||
Future minimum lease payments under the non-cancelable operating leases and guaranteed amounts due to the Company under property operating agreements as of December 31, 2013 are as follows (in thousands): | ||||
2014 | $ | 258,195 | ||
2015 | 222,718 | |||
2016 | 194,306 | |||
2017 | 169,519 | |||
2018 | 140,009 | |||
2019 and thereafter | 599,467 | |||
$ | 1,584,214 | |||
Acquisitions_Dispositions_and_1
Acquisitions, Dispositions and Mortgage Repayments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Acquisitions and Dispositions and Mortgage Repayments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of acquisitions | ' | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2012 acquisitions is shown in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Purchase Price | Construction Mortgage | Mortgage Notes Payable Assumed (1) | Cash | Real | Other | Square | |||||||||||||||||||||||||
Acquired | Note Receivable Repayments | Consideration (2) | Estate | Footage | |||||||||||||||||||||||||||||
Real estate acquisitions | |||||||||||||||||||||||||||||||||
South Dakota | 1/20/12 | $ | 15 | $ | — | $ | — | $ | 15 | $ | 15 | $ | — | 58,285 | |||||||||||||||||||
North Carolina | 2/10/12 | 6.4 | — | — | 6.4 | 6.4 | — | 23,312 | |||||||||||||||||||||||||
Pennsylvania | 3/16/12 | 1.1 | — | — | 1.1 | 1.1 | — | — | |||||||||||||||||||||||||
Texas | 5/23/12 | 10.7 | (9.9 | ) | — | 0.8 | 10.7 | — | 76,484 | ||||||||||||||||||||||||
Tennessee | 10/9/12 | 11 | — | — | 11 | 11 | — | 39,345 | |||||||||||||||||||||||||
Washington | 10/12/12 | 9.4 | — | — | 9.4 | 9.4 | — | 47,225 | |||||||||||||||||||||||||
Texas | 12/20/12 | 30.6 | — | — | 30.6 | 30.6 | — | 66,095 | |||||||||||||||||||||||||
Iowa | 12/21/12 | 20.4 | — | (4.9 | ) | 15.5 | 20.6 | (0.2 | ) | 83,318 | |||||||||||||||||||||||
$ | 104.6 | $ | (9.9 | ) | $ | (4.9 | ) | $ | 89.8 | $ | 104.8 | $ | (0.2 | ) | 394,064 | ||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) The mortgage note payable assumed in the acquisition does not reflect the fair value adjustment recorded by the Company upon acquisition (included in Other). | |||||||||||||||||||||||||||||||||
(2) Cash Consideration excludes receivables acquired and liabilities assumed in the acquisitions. | |||||||||||||||||||||||||||||||||
A summary of the Company’s 2013 acquisitions is shown in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Purchase Price | Elimination of Construction Mortgage Note Receivable | Mortgage | Cash | Real | Other (3) | Square | |||||||||||||||||||||||||
Acquired | Notes Payable Assumed(1) | Consideration (2) | Estate | Footage | |||||||||||||||||||||||||||||
Real estate acquisitions | |||||||||||||||||||||||||||||||||
Tennessee | 1/29/13 | $ | 16.2 | $ | — | $ | — | $ | 16.2 | $ | 15.7 | $ | 0.5 | 52,225 | |||||||||||||||||||
Texas | 4/8/13 | 16.3 | — | — | 16.3 | 16.3 | — | 42,627 | |||||||||||||||||||||||||
Indiana | 8/8/13 | 44.3 | — | — | 44.3 | 43.3 | 1 | 205,573 | |||||||||||||||||||||||||
Colorado | 9/27/13 | 33.2 | — | (12.0 | ) | 21.2 | 32.9 | 0.3 | 80,153 | ||||||||||||||||||||||||
Missouri | 9/27/13 | 102.6 | (97.2 | ) | — | 5.4 | 102.6 | — | 186,000 | ||||||||||||||||||||||||
Washington | 10/18/13 | 34.9 | — | (16.6 | ) | 18.3 | 35.4 | (0.5 | ) | 81,956 | |||||||||||||||||||||||
Colorado | 10/24/13 | 21.6 | — | — | 21.6 | 21.7 | (0.1 | ) | 70,138 | ||||||||||||||||||||||||
North Carolina | 10/30/13 | 20.1 | — | (11.0 | ) | 9.1 | 20 | 0.1 | 90,633 | ||||||||||||||||||||||||
Texas | 12/16/13 | 19 | — | — | 19 | 19.1 | (0.1 | ) | 97,552 | ||||||||||||||||||||||||
Colorado | 12/16/13 | 7 | — | — | 7 | 7.1 | (0.1 | ) | 34,068 | ||||||||||||||||||||||||
$ | 315.2 | $ | (97.2 | ) | $ | (39.6 | ) | $ | 178.4 | $ | 314.1 | $ | 1.1 | 940,925 | |||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) The mortgage note payable assumed in the acquisitions do not reflect the fair value adjustments totaling $1.4 million recorded by the Company upon acquisition (included in Other). | |||||||||||||||||||||||||||||||||
(2) Cash consideration excludes non-real estate assets acquired and liabilities assumed in the acquisitions. | |||||||||||||||||||||||||||||||||
(3) Includes intangibles recognized at acquisition and fair value adjustments on debt assumed. | |||||||||||||||||||||||||||||||||
Summary of assets acquired and liabilities assumed | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2012 as of the acquisition date: | |||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Fair Value | Useful Life | ||||||||||||||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||||||||||||||
Buildings | $ | 85.1 | 20.0-38.0 | ||||||||||||||||||||||||||||||
Land | 13.5 | — | |||||||||||||||||||||||||||||||
Prepaid ground leases | 0.7 | 54 | |||||||||||||||||||||||||||||||
Intangibles: | |||||||||||||||||||||||||||||||||
At-market lease intangibles | 6.2 | 4.9-19.3 | |||||||||||||||||||||||||||||||
Total intangibles | 6.2 | ||||||||||||||||||||||||||||||||
Mortgage notes payable assumed, including fair value adjustments | (5.2 | ) | |||||||||||||||||||||||||||||||
Mortgage notes payable repayments | (9.9 | ) | |||||||||||||||||||||||||||||||
Accounts payable, accrued liabilities and other liabilities assumed | (0.9 | ) | |||||||||||||||||||||||||||||||
Total cash paid (1) | $ | 89.5 | |||||||||||||||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $0.5 million as well as rental prorations and expense disbursements totaling approximately $0.4 million. | |||||||||||||||||||||||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2013 as of the acquisition date: | |||||||||||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||||||||||
Fair Value | Useful Life | ||||||||||||||||||||||||||||||||
(In millions) | (In years) | ||||||||||||||||||||||||||||||||
Buildings | $ | 280.2 | 7.0-39.0 | ||||||||||||||||||||||||||||||
Land | 21.6 | — | |||||||||||||||||||||||||||||||
Personal property | 0.3 | 1.9 | |||||||||||||||||||||||||||||||
Intangibles: | |||||||||||||||||||||||||||||||||
At-market lease intangibles | 12 | 3.7-20.0 | |||||||||||||||||||||||||||||||
Above-market lease intangibles | 2.9 | 2.3-16.3 | |||||||||||||||||||||||||||||||
Below-market lease intangibles | (0.4 | ) | 0.5-7.4 | ||||||||||||||||||||||||||||||
Total intangibles | 14.5 | ||||||||||||||||||||||||||||||||
Mortgage notes payable assumed, including fair value adjustments | (41.0 | ) | |||||||||||||||||||||||||||||||
Elimination of mortgage note receivable upon acquisition | (97.2 | ) | |||||||||||||||||||||||||||||||
Other assets acquired | 1.2 | ||||||||||||||||||||||||||||||||
Accounts payable, accrued liabilities and other liabilities assumed | (1.9 | ) | |||||||||||||||||||||||||||||||
Total cash paid (1) | $ | 177.7 | |||||||||||||||||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
(1) Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $1.2 million as well as rental prorations, net of expense disbursements, totaling approximately $1.2 million. | |||||||||||||||||||||||||||||||||
Summary of dispositions | ' | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2013 dispositions follows: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Sales Price | Closing Adjustments | Company-financed Mortgage | Net | Net Real | Other | Gain/ | Square | ||||||||||||||||||||||||
Disposed | Notes | Proceeds | Estate | (including | (Impairment) | Footage | |||||||||||||||||||||||||||
Investment | receivables) | ||||||||||||||||||||||||||||||||
Real estate dispositions | |||||||||||||||||||||||||||||||||
Texas (land) | 3/25/13 | $ | 5 | $ | (0.2 | ) | $ | (3.7 | ) | $ | 1.1 | $ | 8.1 | $ | — | $ | (3.3 | ) | — | ||||||||||||||
Tennessee (1)(4) | 4/30/13 | 0.6 | — | (0.6 | ) | — | 0.4 | — | 0.2 | 17,696 | |||||||||||||||||||||||
Texas | 5/15/13 | 1.3 | (0.1 | ) | — | 1.2 | 0.9 | — | 0.3 | 8,000 | |||||||||||||||||||||||
Texas (1) | 5/24/13 | 3.2 | (0.2 | ) | — | 3 | 3 | — | — | 100,920 | |||||||||||||||||||||||
Iowa (2) (3) | 6/3/13 | 6.9 | — | — | 6.9 | 5.3 | 0.2 | 1.4 | 31,725 | ||||||||||||||||||||||||
Florida (1) | 7/15/13 | 11.9 | (0.2 | ) | — | 11.7 | 7.4 | — | 4.3 | 62,782 | |||||||||||||||||||||||
Alabama (1) | 7/31/13 | 17.5 | (0.1 | ) | — | 17.4 | 11.2 | — | 6.2 | 82,000 | |||||||||||||||||||||||
Pennsylvania | 9/30/13 | 17.6 | (0.3 | ) | — | 17.3 | 12.2 | — | 5.1 | 76,324 | |||||||||||||||||||||||
Pennsylvania | 9/30/13 | 17.6 | (0.4 | ) | — | 17.2 | 12.6 | — | 4.6 | 79,560 | |||||||||||||||||||||||
Florida (1) | 10/31/13 | 0.8 | — | — | 0.8 | 0.8 | — | — | 14,322 | ||||||||||||||||||||||||
North Carolina | 12/5/13 | 17.6 | — | — | 17.6 | 13.4 | 2.1 | 2.1 | 57,580 | ||||||||||||||||||||||||
Alabama (1) | 12/31/13 | 1.9 | — | — | 1.9 | 1.4 | — | 0.5 | 10,593 | ||||||||||||||||||||||||
Total dispositions | 101.9 | (1.5 | ) | (4.3 | ) | 96.1 | 76.7 | 2.3 | 21.4 | 541,502 | |||||||||||||||||||||||
Mortgage note repayments | — | — | 0.6 | 0.6 | — | — | — | — | |||||||||||||||||||||||||
$ | 101.9 | $ | (1.5 | ) | $ | (3.7 | ) | $ | 96.7 | $ | 76.7 | $ | 2.3 | $ | 21.4 | 541,502 | |||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
-1 | Previously included in assets held for sale. | ||||||||||||||||||||||||||||||||
-2 | Includes two properties. | ||||||||||||||||||||||||||||||||
-3 | The Company repaid a mortgage note payable of $1.1 million upon sale and incurred debt extinguishment costs of $0.3 million. | ||||||||||||||||||||||||||||||||
-4 | The Company-financed mortgage note receivable was repaid in October 2013. | ||||||||||||||||||||||||||||||||
A summary of the Company’s 2012 dispositions follows: | |||||||||||||||||||||||||||||||||
(Dollars in millions) | Date | Sales Price | Closing Adjustments | Company-financed Mortgage | Net | Net Real | Other | Gain/ | Square | ||||||||||||||||||||||||
Disposed | Notes | Proceeds | Estate | (including | (Impairment) | Footage | |||||||||||||||||||||||||||
Investment | receivables) | ||||||||||||||||||||||||||||||||
Real estate dispositions | |||||||||||||||||||||||||||||||||
Texas (1) (2) (3) | 1/10/12 | $ | 3.5 | $ | (0.1 | ) | $ | (3.0 | ) | $ | 0.4 | $ | 2.5 | $ | — | $ | 0.9 | 33,726 | |||||||||||||||
Florida (1) | 1/19/12 | 7.2 | (1.5 | ) | — | 5.7 | 3 | 0.2 | 2.5 | 35,752 | |||||||||||||||||||||||
Florida (1) | 3/2/12 | 0.5 | — | — | 0.5 | 0.5 | — | — | 33,895 | ||||||||||||||||||||||||
Texas (1) (4) | 3/16/12 | 4.7 | (0.2 | ) | (4.5 | ) | — | 4.8 | 0.1 | (0.4 | ) | 82,664 | |||||||||||||||||||||
Tennessee (1) | 4/13/12 | 0.9 | (0.1 | ) | — | 0.8 | 0.8 | — | — | 18,476 | |||||||||||||||||||||||
Florida (5) | 4/18/12 | 33.3 | (0.9 | ) | (3.7 | ) | 28.7 | 31.2 | 1.3 | (0.1 | ) | 272,571 | |||||||||||||||||||||
Texas (1) | 7/20/12 | 0.6 | (0.1 | ) | — | 0.5 | 0.5 | — | — | 16,578 | |||||||||||||||||||||||
Florida (1) | 8/22/12 | 0.5 | — | — | 0.5 | 0.9 | — | (0.4 | ) | 8,990 | |||||||||||||||||||||||
Texas | 8/27/12 | 21.4 | (2.4 | ) | — | 19 | 12 | 0.7 | 6.3 | 80,740 | |||||||||||||||||||||||
Florida (2) | 9/14/12 | 8.8 | (0.1 | ) | — | 8.7 | 10.8 | 0.4 | (2.5 | ) | 71,345 | ||||||||||||||||||||||
Iowa (2) | 12/12/12 | 8 | — | — | 8 | 6.7 | 0.1 | 1.2 | 40,818 | ||||||||||||||||||||||||
Florida | 12/17/12 | 2.1 | (0.1 | ) | — | 2 | 9.7 | — | (7.7 | ) | 62,271 | ||||||||||||||||||||||
91.5 | (5.5 | ) | (11.2 | ) | 74.8 | 83.4 | 2.8 | (0.2 | ) | 757,826 | |||||||||||||||||||||||
Mortgage note repayments | — | — | 24.7 | 24.7 | — | — | — | — | |||||||||||||||||||||||||
Deconsolidation of VIE (6) | — | — | — | 35.1 | 38.2 | (3.4 | ) | 0.3 | 113,602 | ||||||||||||||||||||||||
$ | 91.5 | $ | (5.5 | ) | $ | 13.5 | $ | 134.6 | $ | 121.6 | $ | (0.6 | ) | $ | 0.1 | 871,428 | |||||||||||||||||
______ | |||||||||||||||||||||||||||||||||
-1 | Previously included in assets held for sale. | ||||||||||||||||||||||||||||||||
-2 | Includes two properties. | ||||||||||||||||||||||||||||||||
-3 | The Company-financed mortgage note was repaid in November 2012. | ||||||||||||||||||||||||||||||||
-4 | The Company-financed mortgage note was repaid in April 2012. | ||||||||||||||||||||||||||||||||
-5 | Includes five properties. | ||||||||||||||||||||||||||||||||
-6 | "Other" includes construction liabilities transferred upon deconsolidation. "Gain" includes $0.4 million of net mortgage interest income recognized, partially offset by $0.1 million of general and administrative overhead expense that had been capitalized into the project that was reversed upon deconsolidation. |
Mortgage_Notes_Receivable_Tabl
Mortgage Notes Receivable (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||
Summary of mortgage notes receivable | ' | |||||||||||||||||||
A summary of the Company’s mortgage notes receivable is shown in the table below: | ||||||||||||||||||||
Balance as of December 31, | ||||||||||||||||||||
State | Property Type (1) | Face Amount | Interest Rate | Maturity Date | 2013 | 2012 | ||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Construction mortgage notes: | ||||||||||||||||||||
Oklahoma | MOB | $ | 94,889 | 7.72 | % | 9/30/14 | $ | 79,969 | $ | 56,842 | ||||||||||
Missouri | Inpatient | 111,400 | 8.17 | % | 12/31/13 | — | 61,599 | |||||||||||||
Total construction mortgage notes | 79,969 | 118,441 | ||||||||||||||||||
Other mortgage notes: | ||||||||||||||||||||
Iowa | Other | $ | 40,000 | 7.7 | % | 1/10/14 | 39,973 | 40,000 | ||||||||||||
Florida | MOB | 3,750 | 7.5 | % | 4/10/15 | 3,750 | 3,750 | |||||||||||||
Texas | Land | 3,666 | 5.00%-6.00% | 3/25/15 | 1,855 | — | ||||||||||||||
Total other mortgage notes | 45,578 | 43,750 | ||||||||||||||||||
Total Mortgage notes receivable | $ | 125,547 | $ | 162,191 | ||||||||||||||||
______ | ||||||||||||||||||||
(1) MOB - Medical office building. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
The tables below reflect the assets and liabilities of the properties classified as held for sale and discontinued operations as of December 31, 2013 and 2012 and the results of operations of the properties included in discontinued operations on the Company’s Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Balance Sheet data (as of the period ended): | ||||||||||||
Land | $ | 1,578 | $ | 3,835 | ||||||||
Buildings, improvements and lease intangibles | 15,400 | 5,566 | ||||||||||
Personal property | — | 207 | ||||||||||
16,978 | 9,608 | |||||||||||
Accumulated depreciation | (10,211 | ) | (6,303 | ) | ||||||||
Assets held for sale, net | 6,767 | 3,305 | ||||||||||
Other assets, net (including receivables) | 85 | 32 | ||||||||||
Assets of discontinued operations, net | 85 | 32 | ||||||||||
Assets held for sale and discontinued operations, net | $ | 6,852 | $ | 3,337 | ||||||||
Accounts payable and accrued liabilities | $ | 1,091 | $ | 99 | ||||||||
Other liabilities | 21 | 32 | ||||||||||
Liabilities of discontinued operations | $ | 1,112 | $ | 131 | ||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Statements of Operations data (for the period ended): | ||||||||||||
Revenues (1) | ||||||||||||
Rental income | $ | 8,229 | $ | 17,947 | $ | 23,628 | ||||||
Other operating | 4 | 20 | 56 | |||||||||
8,233 | 17,967 | 23,684 | ||||||||||
Expenses (2) | ||||||||||||
Property operating | 1,836 | 3,712 | 5,433 | |||||||||
General and administrative | 1 | 9 | 10 | |||||||||
Depreciation | 1,653 | 4,698 | 7,019 | |||||||||
Amortization | 63 | 147 | 121 | |||||||||
Bad debt, net of recoveries | 1 | (1 | ) | 91 | ||||||||
3,554 | 8,565 | 12,674 | ||||||||||
Other Income (Expense) (3) | ||||||||||||
Loss on extinguishment of debt | (270 | ) | — | — | ||||||||
Interest expense | (40 | ) | (97 | ) | (100 | ) | ||||||
Interest and other income, net | 53 | 169 | 111 | |||||||||
(257 | ) | 72 | 11 | |||||||||
Income from Discontinued Operations | 4,422 | 9,474 | 11,021 | |||||||||
Impairments (4) | (9,889 | ) | (14,908 | ) | (6,697 | ) | ||||||
Gain on sales of real estate properties (5) | 24,718 | 10,874 | 7,035 | |||||||||
Income from Discontinued Operations | $ | 19,251 | $ | 5,440 | $ | 11,359 | ||||||
Income from Discontinued Operations per Common Share - Basic | $ | 0.21 | $ | 0.07 | $ | 0.16 | ||||||
Income from Discontinued Operations per Common Share - Diluted | $ | 0.21 | $ | 0.07 | $ | 0.16 | ||||||
______ | ||||||||||||
-1 | Total revenues for the years ended December 31, 2013, 2012 and 2011 included $7.0 million, $16.2 million and $22.1 million, respectively, related to properties sold; and $1.2 million, $1.8 million and $1.6 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||
-2 | Total expenses for the years ended December 31, 2013, 2012 and 2011 included $2.1 million, $7.4 million and $12.0 million, respectively, related to properties sold; and $1.5 million, $1.2 million and $0.7 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||
-3 | Other income (expense) for the years ended December 31, 2013, 2012, and 2011 included income related to properties sold. | |||||||||||
-4 | Impairments for the year ended December 31, 2013 included the following: $3.3 million related to the sale of a land parcel; $0.4 million related to two properties classified to held for sale and subsequently sold for a gain; and $6.2 million related to three properties held for sale; December 31, 2012 included $11.1 million related to 12 properties sold and $3.8 million related to one property held for sale; and December 31, 2011 included $1.7 million related to two properties sold and $5.0 million related to five properties held for sale. | |||||||||||
-5 | Gain on sales of real estate properties for the years ended December 31, 2013, 2012 and 2011 included gains on the sale of 12, seven and three properties, respectively. |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Items included in other assets | ' | |||||||
Other assets consist primarily of straight-line rent receivables, prepaids, intangible assets, deferred financing costs and receivables. In addition to the items previously listed, the Company reclassified non-real estate assets during 2013 from "Real estate properties" to "Other assets, net". See Note 1 "Reclassifications" for additional information. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012 are detailed in the table below: | ||||||||
December 31, | ||||||||
(Dollars in millions) | 2013 | 2012 | ||||||
Prepaid assets | $ | 55.3 | $ | 50.7 | ||||
Straight-line rent receivables | 42.2 | 34.7 | ||||||
Additional long-lived assets, net | 15.9 | 4.3 | ||||||
Above-market intangible assets, net | 14.4 | 12.7 | ||||||
Deferred financing costs, net | 11.7 | 10.6 | ||||||
Accounts receivable | 7 | 6.1 | ||||||
Allowance for uncollectible accounts | (0.5 | ) | (0.7 | ) | ||||
Goodwill | 3.5 | 3.5 | ||||||
Customer relationship intangible assets, net | 2 | 2 | ||||||
Investment in unconsolidated LLC - cost method | — | 1.3 | ||||||
Other | 2 | 1.8 | ||||||
$ | 153.5 | $ | 127 | |||||
Intangible_Assets_and_Liabilit1
Intangible Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of finite lived intangible assets and liabilities | ' | |||||||||||||||||||
The Company’s intangible assets and liabilities as of December 31, 2013 and 2012 consisted of the following: | ||||||||||||||||||||
Gross Balance at December 31, | Accumulated Amortization at December 31, | Weighted | Balance Sheet | |||||||||||||||||
Avg. Life | Classification | |||||||||||||||||||
(Dollars in millions) | 2013 | 2012 | 2013 | 2012 | (Years) | |||||||||||||||
Goodwill | $ | 3.5 | $ | 3.5 | $ | — | $ | — | N/A | Other assets | ||||||||||
Deferred financing costs | 16.4 | 17.6 | 4.7 | 7 | 5 | Other assets | ||||||||||||||
Above-market lease intangibles | 17.3 | 14.8 | 2.9 | 2.1 | 48.4 | Other assets | ||||||||||||||
Customer relationship intangibles | 2.6 | 2.6 | 0.6 | 0.6 | 29.6 | Other assets | ||||||||||||||
Below-market lease intangibles | (8.9 | ) | (6.8 | ) | (4.1 | ) | (1.9 | ) | 13.5 | Other liabilities | ||||||||||
At-market lease intangibles | 118.6 | 66.4 | 76.2 | 24.6 | 6.7 | Real estate properties | ||||||||||||||
$ | 149.5 | $ | 98.1 | $ | 80.3 | $ | 32.4 | 14.8 | ||||||||||||
Schedule of expected net future amortization expense | ' | |||||||||||||||||||
The following table represents expected amortization of the Company’s intangible assets and liabilities, in place as of December 31, 2013: | ||||||||||||||||||||
(Dollars in millions) | Future Amortization of Intangibles | |||||||||||||||||||
2014 | $ | 13.3 | ||||||||||||||||||
2015 | $ | 10.7 | ||||||||||||||||||
2016 | $ | 9.7 | ||||||||||||||||||
2017 | $ | 6.6 | ||||||||||||||||||
2018 | $ | 4.8 | ||||||||||||||||||
Notes_and_Bonds_Payable_Tables
Notes and Bonds Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The table below details the Company’s notes and bonds payable. | ||||||||||||||||||||||||||
December 31, | Maturity | Contractual | Principal | Interest | ||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | Dates | Interest Rates | Payments | Payments | ||||||||||||||||||||
Unsecured Credit Facility | $ | 238,000 | 110,000 | 17-Apr | LIBOR + 1.40% | At maturity | Quarterly | |||||||||||||||||||
Senior Notes due 2014, net of discount | — | 264,522 | 14-Apr | 5.125 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2017, net of discount | 299,008 | 298,728 | 17-Jan | 6.5 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2021, net of discount | 397,578 | 397,307 | 21-Jan | 5.75 | % | At maturity | Semi-Annual | |||||||||||||||||||
Senior Notes due 2023, net of discount | 248,077 | — | 23-Apr | 3.75 | % | At maturity | Semi-Annual | |||||||||||||||||||
Mortgage notes payable, net of discount and including premiums | 165,796 | 222,487 | 11/14-10/30 | 5.00%-7.63% | Monthly | Monthly | ||||||||||||||||||||
$ | 1,348,459 | $ | 1,293,044 | |||||||||||||||||||||||
Further details of the Company's mortgage notes payable | ' | |||||||||||||||||||||||||
The following table details the Company’s mortgage notes payable, with related collateral. | ||||||||||||||||||||||||||
Original Balance | Effective | Maturity | Collateral | Principal and Interest | Investment in Collateral at December 31, | Balance at December 31, | ||||||||||||||||||||
Interest | Date | -22 | Payments (20) | |||||||||||||||||||||||
Rate | ||||||||||||||||||||||||||
(Dollars in millions) | -21 | 2013 | 2013 | 2012 | ||||||||||||||||||||||
Life Insurance Co. | $ | 4.7 | 7.77 | % | 17-Jan | MOB | Monthly/20-yr amort. | $ | 11.9 | $ | 1.2 | $ | 1.6 | |||||||||||||
Commercial Bank | 1.8 | 5.55 | % | 30-Oct | OTH | Monthly/27-yr amort. | 7.9 | 1.5 | 1.6 | |||||||||||||||||
Life Insurance Co. | 15.1 | 5.49 | % | 16-Jan | MOB | Monthly/10-yr amort. | 34.4 | 12.3 | 12.7 | |||||||||||||||||
Commercial Bank (1) | 17.4 | 6.48 | % | 15-May | MOB | Monthly/10-yr amort. | 20 | 14.7 | 14.6 | |||||||||||||||||
Commercial Bank (2) | 12 | 6.11 | % | 15-Jul | 2 MOBs | Monthly/10-yr amort. | 19.5 | 10 | 9.9 | |||||||||||||||||
Commercial Bank (3) | 15.2 | 7.65 | % | 20-Jul | MOB | (19 | ) | 20.2 | 12.7 | 12.8 | ||||||||||||||||
Life Insurance Co. (4) | 1.5 | 6.81 | % | 16-Jul | MOB | Monthly/9-yr amort. | — | — | 1.1 | |||||||||||||||||
Commercial Bank (5) | 12.9 | 6.43 | % | 21-Feb | MOB | Monthly/12-yr amort. | 20.7 | 11.1 | 11.3 | |||||||||||||||||
Investment Fund (6) | 80 | 7.25 | % | 16-Dec | 15 MOBs | Monthly/30-yr amort. | — | — | 77.5 | |||||||||||||||||
Life Insurance Co. | 7 | 5.53 | % | 18-Jan | MOB | Monthly/15-yr amort. | 14.7 | 2.5 | 3 | |||||||||||||||||
Investment Co. (7) | 15.9 | 6.55 | % | 13-Apr | MOB | Monthly/30-yr amort. | — | — | 14.9 | |||||||||||||||||
Investment Co. | 4.6 | 5.25 | % | 15-Sep | MOB | Monthly/10-yr amort. | 7 | 4.2 | 4.2 | |||||||||||||||||
Life Insurance Co. (8) | 13.9 | 4.7 | % | 16-Jan | MOB | Monthly/25-yr amort. | 26.5 | 11.5 | 11.9 | |||||||||||||||||
Life Insurance Co. (9) | 21.5 | 4.7 | % | 15-Aug | MOB | Monthly/25-yr amort. | 44.2 | 17.4 | 18.1 | |||||||||||||||||
Insurance Co. (10) | 7.3 | 5.1 | % | 18-Dec | MOB | Monthly/25-yr amort. | 14.6 | 7 | 7.3 | |||||||||||||||||
Commercial Bank (11) | 8.1 | 4.54 | % | 16-Aug | MOB | Monthly/10-yr amort. | 15.6 | 7.6 | 7.8 | |||||||||||||||||
Life Insurance Co. (12) (13) | 5.3 | 4.06 | % | 14-Nov | MOB | Monthly/25-yr amort. | 11.7 | 4.3 | 4.5 | |||||||||||||||||
Life Insurance Co. (14) | 3.1 | 4.06 | % | 14-Nov | MOB | Monthly/25-yr amort. | 6.2 | 2.5 | 2.6 | |||||||||||||||||
Life Insurance Co. (15) | 7.9 | 4 | % | 20-Aug | MOB | Monthly/15-yr amort. | 20.7 | 4.6 | 5.1 | |||||||||||||||||
Commercial Bank (16) | 15 | 5.25 | % | 27-Apr | MOB | Monthly/20-yr amort | 33.3 | 12.5 | — | |||||||||||||||||
Commercial Bank (17) | 18.3 | 5 | % | 16-Dec | MOB | Monthly/30-yr amort | 33 | 17 | — | |||||||||||||||||
Commercial Bank (18) | 13.1 | 5 | % | 16-Apr | MOB | Monthly/25-yr amort | 20.1 | 11.2 | — | |||||||||||||||||
$ | 382.2 | $ | 165.8 | $ | 222.5 | |||||||||||||||||||||
______ | ||||||||||||||||||||||||||
-1 | The unaccreted portion of a $2.7 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-2 | The unaccreted portion of a $2.1 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-3 | The unaccreted portion of a $2.4 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-4 | The Company repaid this mortgage note payable upon the sale of the building in June 2013. See Note 4 for additional information. | |||||||||||||||||||||||||
-5 | The unaccreted portion of a $1.0 million discount recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-6 | The Company prepaid this mortgage note payable in June 2013 resulting in a loss on extinguishment of debt of $17.4 million. | |||||||||||||||||||||||||
-7 | The Company repaid this mortgage note payable in February 2013. | |||||||||||||||||||||||||
-8 | The unamortized portion of a $0.3 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-9 | The unamortized portion of a $0.4 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-10 | The unamortized portion of the $0.6 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-11 | The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-12 | Balance consists of two notes secured by the same building. | |||||||||||||||||||||||||
-13 | The unamortized portions of the $0.3 million premium recorded on these notes upon acquisition are included in the balance above. | |||||||||||||||||||||||||
-14 | The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-15 | The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-16 | The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-17 | The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-18 | The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. | |||||||||||||||||||||||||
-19 | Payable in monthly installments of interest only for 24 months and then installments of principal and interest based on an 11-year amortization with the final payment due at maturity. | |||||||||||||||||||||||||
-20 | Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). | |||||||||||||||||||||||||
-21 | The contractual interest rates for the twenty outstanding mortgage notes ranged from 5.0% to 7.6% as of December 31, 2013. | |||||||||||||||||||||||||
-22 | MOB-Medical office building; OTH-Other. | |||||||||||||||||||||||||
Future contractual maturities of the Company's notes and bonds payable | ' | |||||||||||||||||||||||||
Future maturities of the Company’s notes and bonds payable as of December 31, 2013 were as follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | Principal | Net Accretion/ | Notes and Bonds Payable | % | ||||||||||||||||||||||
Maturities | Amortization (1) | |||||||||||||||||||||||||
2014 | $ | 12,334 | $ | (1,031 | ) | $ | 11,303 | 0.8 | % | |||||||||||||||||
2015 | 50,527 | (858 | ) | 49,669 | 3.7 | % | ||||||||||||||||||||
2016 | 58,380 | (714 | ) | 57,666 | 4.3 | % | ||||||||||||||||||||
2017 | 540,844 | (721 | ) | 540,123 | 40.1 | % | ||||||||||||||||||||
2018 | 8,042 | (751 | ) | 7,291 | 0.5 | % | ||||||||||||||||||||
2019 and thereafter | 684,557 | (2,150 | ) | 682,407 | 50.6 | % | ||||||||||||||||||||
$ | 1,354,684 | $ | (6,225 | ) | $ | 1,348,459 | 100 | % | ||||||||||||||||||
______ | ||||||||||||||||||||||||||
-1 | Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2017, Senior Notes due 2021, Senior Notes due 2023, and fifteen mortgage notes payable. | |||||||||||||||||||||||||
Senior Notes [Member] | 5.125% Senior Notes Due 2014 [Member] | ' | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The Company recognized a loss on early extinguishment of debt of approximately $12.3 million related to the redemption. The following table reconciles the balance of the Senior Notes due 2014 on the Company's Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2014 face value | $ | — | $ | 264,737 | ||||||||||||||||||||||
Unaccreted discount | — | (215 | ) | |||||||||||||||||||||||
Senior Notes due 2014 carrying amount | $ | — | $ | 264,522 | ||||||||||||||||||||||
Senior Notes [Member] | 6.500% Senior Notes Due 2017 [Member] | ' | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The following table reconciles the balance of the Senior Notes due 2017 on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2017 face value | $ | 300,000 | $ | 300,000 | ||||||||||||||||||||||
Unaccreted discount | (992 | ) | (1,272 | ) | ||||||||||||||||||||||
Senior Notes due 2017 carrying amount | $ | 299,008 | $ | 298,728 | ||||||||||||||||||||||
Senior Notes [Member] | 5.750% Senior Notes Due 2021 [Member] | ' | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The following table reconciles the balance of the Senior Notes due 2021 on the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Senior Notes due 2021 face value | $ | 400,000 | $ | 400,000 | ||||||||||||||||||||||
Unaccreted discount | (2,422 | ) | (2,693 | ) | ||||||||||||||||||||||
Senior Notes due 2021 carrying amount | $ | 397,578 | $ | 397,307 | ||||||||||||||||||||||
Senior Notes [Member] | 3.75% Senior Notes Due 2023 [Member] | ' | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The following table reconciles the balance of the Senior Notes due 2023 on the Company’s Consolidated Balance Sheets as of December 31, 2013. | ||||||||||||||||||||||||||
(Dollars in thousands) | December 31, 2013 | |||||||||||||||||||||||||
Senior Notes due 2023 face value | $ | 250,000 | ||||||||||||||||||||||||
Unaccreted discount | (1,923 | ) | ||||||||||||||||||||||||
Senior Notes due 2023 carrying amount | $ | 248,077 | ||||||||||||||||||||||||
Mortgage notes payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | ' | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | |||||||||||||||||||||||||
Schedule of debt | ' | |||||||||||||||||||||||||
The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012. For the years ended December 31, 2013, 2012 and 2011, the Company amortized approximately $0.4 million, $0.3 million and $0.7 million, respectively, of the net discount on the mortgage notes payable which is included in interest expense on the Company’s Consolidated Statement of Operations. | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Mortgage notes payable principal balance | $ | 166,684 | $ | 225,242 | ||||||||||||||||||||||
Unaccreted discount, net of premium | (888 | ) | (2,755 | ) | ||||||||||||||||||||||
Mortgage notes payable carrying amount | $ | 165,796 | $ | 222,487 | ||||||||||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Reconciliation of the beginning and ending common stock outstanding | ' | ||||||||||
The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2013 as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance, beginning of year | 87,514,336 | 77,843,883 | 66,071,424 | ||||||||
Issuance of common stock | 8,293,369 | 9,275,895 | 11,681,392 | ||||||||
Non-vested stock-based awards, net of forfeitures | 116,634 | 394,558 | 91,067 | ||||||||
Balance, end of year | 95,924,339 | 87,514,336 | 77,843,883 | ||||||||
Schedule of sale of stock under market equity offering Program | ' | ||||||||||
The following table details the shares sold under this program. | |||||||||||
Shares Sold | Sales Price Per Share | Net Proceeds | |||||||||
(in millions) | |||||||||||
2013 | 5,207,871 | $24.19 - $30.49 | $ | 140.6 | |||||||
2012 | — | — | $ | — | |||||||
2011 | 11,648,700 | $20.27 - $23.63 | $ | 251.6 | |||||||
Reconciliation of beginning and ending balances of accumulated other comprehensive income | ' | ||||||||||
The following table represents the amounts reclassified out of Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013 and 2012: | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2013 | 2012 | ||||||||||
Beginning balance | $ | (2,092 | ) | $ | (3,332 | ) | |||||
Other comprehensive income before reclassifications | 1,952 | 973 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 191 | 267 | |||||||||
Net current-period other comprehensive income | 2,143 | 1,240 | |||||||||
Ending balance | $ | 51 | $ | (2,092 | ) | ||||||
Reclassifications out of accumulated other comprehensive income | ' | ||||||||||
The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013: | |||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the statement where net income is presented | |||||||||
(Dollars in thousands) | |||||||||||
Prior service costs | $ | (1,189 | ) | General and administrative expenses | |||||||
Actuarial gains | 1,380 | General and administrative expenses | |||||||||
$ | 191 | ||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||
Net periodic benefit cost for both the Executive Retirement Plan and the Outside Director Plan | ' | |||||||||||
Net periodic benefit cost for the Executive Retirement Plan for the three years in the period ended December 31, 2013 is comprised of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | |||||||||
Service cost | $ | 86 | $ | 77 | $ | 69 | ||||||
Interest cost | 597 | 725 | 856 | |||||||||
Amortization of prior service cost | (1,189 | ) | (723 | ) | — | |||||||
Amortization of net gain | 1,380 | 990 | 929 | |||||||||
874 | 1,069 | 1,854 | ||||||||||
Net gain recognized in Accumulated other comprehensive income (loss) | (2,143 | ) | (1,240 | ) | (1,937 | ) | ||||||
Total recognized in net periodic benefit gain and Accumulated other comprehensive income (loss) | $ | (1,269 | ) | $ | (171 | ) | $ | (83 | ) | |||
Change in benefit obligation | ' | |||||||||||
The following table sets forth the benefit obligations as of December 31, 2013 and 2012. | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Benefit obligation at beginning of year | $ | 15,201 | $ | 15,414 | ||||||||
Service cost | 86 | 77 | ||||||||||
Interest cost | 597 | 725 | ||||||||||
Benefits paid | (42 | ) | (42 | ) | ||||||||
Unrecognized prior service cost | — | (2,120 | ) | |||||||||
Actuarial (gain) loss, net | (1,952 | ) | 1,147 | |||||||||
Benefit obligation at end of year | $ | 13,890 | $ | 15,201 | ||||||||
Amounts recognized in the Consolidated Balance Sheets | ' | |||||||||||
Amounts recognized in the Consolidated Balance Sheets are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands) | 2013 | 2012 | ||||||||||
Net liabilities included in other liabilities | $ | (13,941 | ) | $ | (13,109 | ) | ||||||
Amounts recognized in accumulated other comprehensive income (loss) | 51 | (2,092 | ) | |||||||||
Schedule of assumptions used | ' | |||||||||||
The Company's assumed discount rates and compensation increases, which are used to measure the year-end benefit obligations and earnings for the subsequent year related to the Executive Retirement Plan are detailed in the following table for the three years ended December 31, 2013: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Discount rates | 4.92 | % | 3.91 | % | 4.69 | % | ||||||
Compensation increases | 2.7 | % | 2.7 | % | 2.7 | % |
Stock_and_Other_Incentive_Plan1
Stock and Other Incentive Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||
Summary of the activity under the Incentive Plan the previous directors' plan | ' | |||||||||||
A summary of the activity under the Incentive Plan and related information for the three years in the period ended December 31, 2013 follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock-based awards, beginning of year | 1,770,061 | 1,430,675 | 1,379,243 | |||||||||
Granted | 134,752 | 397,917 | 106,569 | |||||||||
Vested | (116,645 | ) | (58,531 | ) | (44,211 | ) | ||||||
Forfeited | — | — | (10,926 | ) | ||||||||
Stock-based awards, end of year | 1,788,168 | 1,770,061 | 1,430,675 | |||||||||
Weighted-average grant date fair value of: | ||||||||||||
Stock-based awards, beginning of year | $ | 23.97 | $ | 24.42 | $ | 24.71 | ||||||
Stock-based awards granted during the year | $ | 23.9 | $ | 22.35 | $ | 21.64 | ||||||
Stock-based awards vested during the year | $ | 26.35 | $ | 23.99 | $ | 26.33 | ||||||
Stock-based awards forfeited during the year | $ | — | $ | — | $ | 22.24 | ||||||
Stock-based awards, end of year | $ | 23.81 | $ | 23.97 | $ | 24.42 | ||||||
Grant date fair value of shares granted during the year | $ | 3,220,623 | $ | 8,894,424 | $ | 2,305,848 | ||||||
Summary of the Employee Stock Purchase Plan activity | ' | |||||||||||
A summary of the Employee Stock Purchase Plan activity and related information for the three years in the period ended December 31, 2013 is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Outstanding, beginning of year | 433,452 | 425,196 | 392,517 | |||||||||
Granted | 246,717 | 327,936 | 261,960 | |||||||||
Exercised | (69,076 | ) | (59,163 | ) | (13,901 | ) | ||||||
Forfeited | (49,434 | ) | (78,202 | ) | (49,173 | ) | ||||||
Expired | (170,551 | ) | (182,315 | ) | (166,207 | ) | ||||||
Outstanding and exercisable, end of year | 391,108 | 433,452 | 425,196 | |||||||||
Weighted-average exercise price of: | ||||||||||||
Options outstanding, beginning of year | $ | 16.78 | $ | 15.8 | $ | 17.99 | ||||||
Options granted during the year | $ | 20.41 | $ | 15.8 | $ | 17.99 | ||||||
Options exercised during the year | $ | 17.09 | $ | 16.18 | $ | 16.31 | ||||||
Options forfeited during the year | $ | 17.98 | $ | 16.74 | $ | 17.12 | ||||||
Options expired during the year | $ | 17.99 | $ | 18.24 | $ | 19.34 | ||||||
Options outstanding, end of year | $ | 17.05 | $ | 16.78 | $ | 15.8 | ||||||
Weighted-average fair value of options granted during the year (calculated as of the grant date) | $ | 5.08 | $ | 4.13 | $ | 7.61 | ||||||
Intrinsic value of options exercised during the year | $ | 375,335 | $ | 439,645 | $ | 38,784 | ||||||
Intrinsic value of options outstanding and exercisable (calculated as of December 31) | $ | 1,665,331 | $ | 3,132,506 | $ | 1,186,297 | ||||||
Exercise prices of options outstanding (calculated as of December 31) | $ | 17.05 | $ | 16.78 | $ | 15.8 | ||||||
Weighted-average contractual life of outstanding options (calculated as of December 31, in years) | 0.8 | 0.8 | 0.8 | |||||||||
Fair value of options issued based on weighted-average assumptions | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Risk-free interest rates | 0.25 | % | 0.25 | % | 0.61 | % | ||||||
Expected dividend yields | 5.17 | % | 6.17 | % | 5.35 | % | ||||||
Expected life (in years) | 1.35 | 1.46 | 1.48 | |||||||||
Expected volatility | 25.6 | % | 30.3 | % | 64.8 | % | ||||||
Expected forfeiture rates | 85 | % | 70 | % | 91 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per share | ' | |||||||||||
The table below sets forth the computation of basic and diluted earnings per common share for the three years in the period ended December 31, 2013. | ||||||||||||
Year Ended December 31, | ||||||||||||
(Dollars in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||
Weighted Average Common Shares | ||||||||||||
Weighted average Common Shares outstanding | 92,725,112 | 80,360,422 | 74,156,849 | |||||||||
Non-vested shares | (1,784,485 | ) | (1,515,582 | ) | (1,436,702 | ) | ||||||
Weighted average Common Shares - Basic | 90,940,627 | 78,844,840 | 72,720,147 | |||||||||
Weighted average Common Shares - Basic | 90,940,627 | 78,844,840 | 72,720,147 | |||||||||
Dilutive effect of non-vested shares | — | 1,144,465 | — | |||||||||
Dilutive effect of employee stock purchase plan | — | 138,578 | — | |||||||||
Weighted average Common Shares - Diluted | 90,940,627 | 80,127,883 | 72,720,147 | |||||||||
Net Income (loss) | ||||||||||||
Income (loss) from continuing operations | $ | (12,268 | ) | $ | 95 | $ | (11,543 | ) | ||||
Noncontrolling interests’ share in earnings | (37 | ) | (70 | ) | (30 | ) | ||||||
Income (loss) from continuing operations attributable to common stockholders | (12,305 | ) | 25 | (11,573 | ) | |||||||
Discontinued operations | 19,251 | 5,440 | 11,359 | |||||||||
Net income (loss) attributable to common stockholders | $ | 6,946 | $ | 5,465 | $ | (214 | ) | |||||
Basic Earnings (loss) Per Common Share | ||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0 | $ | (0.16 | ) | ||||
Discontinued operations | 0.21 | 0.07 | 0.16 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.08 | 0.07 | $ | (0.00 | ) | ||||||
Diluted Earnings (loss) Per Common Share | ||||||||||||
Income (loss) from continuing operations | $ | (0.13 | ) | $ | 0 | $ | (0.16 | ) | ||||
Discontinued operations | 0.21 | 0.07 | 0.16 | |||||||||
Net income (loss) attributable to common stockholders | $ | 0.08 | $ | 0.07 | $ | (0.00 | ) | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Minimum lease payments for its operating leases | ' | |||
The Company’s future minimum lease payments for its operating leases, excluding leases that the Company has prepaid and leases in which an operator pays or fully reimburses the Company, as of December 31, 2013 were as follows (in thousands): | ||||
2014 | $ | 4,719 | ||
2015 | 4,834 | |||
2016 | 4,894 | |||
2017 | 4,941 | |||
2018 | 4,963 | |||
2019 and thereafter | 250,789 | |||
$ | 275,140 | |||
Other_Data_Tables
Other Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Taxable Income | ' | ||||||||||||||||||||
The following table reconciles the Company’s consolidated net income (loss) attributable to common stockholders to taxable income for the three years ended December 31, 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 6,946 | $ | 5,465 | $ | (214 | ) | ||||||||||||||
Reconciling items to taxable income: | |||||||||||||||||||||
Depreciation and amortization | 26,240 | 28,526 | 21,479 | ||||||||||||||||||
Gain or loss on disposition of depreciable assets | (3,656 | ) | 922 | (85 | ) | ||||||||||||||||
Impairments | 6,222 | 3,807 | 4,999 | ||||||||||||||||||
Straight-line rent | (6,493 | ) | (6,075 | ) | (4,142 | ) | |||||||||||||||
Receivable allowances | (716 | ) | (74 | ) | (299 | ) | |||||||||||||||
Stock-based compensation | 5,817 | 5,400 | 6,104 | ||||||||||||||||||
Other | (1,866 | ) | 8,917 | 4,927 | |||||||||||||||||
25,548 | 41,423 | 32,983 | |||||||||||||||||||
Taxable income (1) | $ | 32,494 | $ | 46,888 | $ | 32,769 | |||||||||||||||
Dividends paid | $ | 111,571 | $ | 96,356 | $ | 89,270 | |||||||||||||||
______ | |||||||||||||||||||||
(1) Before REIT dividend paid deduction | |||||||||||||||||||||
Characterization of distributions on common stock | ' | ||||||||||||||||||||
For the three years ended December 31, 2013, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Per Share | % | Per Share | % | Per Share | % | ||||||||||||||||
Common stock: | |||||||||||||||||||||
Ordinary income | $ | 0.27 | 22.2 | % | $ | 0.63 | 52.3 | % | $ | 0.34 | 28.5 | % | |||||||||
Return of capital | 0.8 | 66.3 | % | 0.56 | 47.1 | % | 0.8 | 66.3 | % | ||||||||||||
Unrecaptured section 1250 gain | 0.13 | 11.5 | % | 0.01 | 0.6 | % | 0.06 | 5.2 | % | ||||||||||||
Common stock distributions | $ | 1.2 | 100 | % | $ | 1.2 | 100 | % | $ | 1.2 | 100 | % | |||||||||
State Income Taxes | ' | ||||||||||||||||||||
State income tax expense and state income tax payments for the three years ended December 31, 2013 are detailed in the table below: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||
State income tax expense: | |||||||||||||||||||||
Texas gross margins tax (1) | $ | 649 | $ | 843 | $ | 459 | |||||||||||||||
Michigan gross receipts deferred tax liability | — | — | (170 | ) | |||||||||||||||||
Other | 23 | 3 | 193 | ||||||||||||||||||
Total state income tax expense | $ | 672 | $ | 846 | $ | 482 | |||||||||||||||
State income tax payments, net of refunds and collections | $ | 768 | $ | 627 | $ | 522 | |||||||||||||||
______ | |||||||||||||||||||||
-1 | In the table above, income tax expense for 2012 includes $0.1 million that was recorded to the gain on sale of real estate properties sold, which is included in discontinued operations rather than general and administrative expenses on the Company’s Consolidated Statements of Operations. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value and carrying values for notes and bonds payable, mortgage notes receivable and notes receivable | ' | |||||||||||||||
The table below details the fair value and carrying values for notes and bonds payable, mortgage notes receivable and notes receivable as of December 31, 2013 and 2012. | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
(Dollars in millions) | Carrying | Fair | Carrying | Fair | ||||||||||||
Value | Value | Value | Value | |||||||||||||
Notes and bonds payable (1) | $ | 1,348.50 | $ | 1,380.60 | $ | 1,293.00 | $ | 1,437.20 | ||||||||
Mortgage notes receivable (2) | $ | 125.5 | $ | 124.5 | $ | 162.2 | $ | 158.3 | ||||||||
Notes receivable, net of allowances (2) | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
______ | ||||||||||||||||
(1) Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. | ||||||||||||||||
(2) Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Summary of quarterly financial information | ' | |||||||||||||||
Quarterly financial information for the year ended December 31, 2013 is summarized below. The results of operations have been restated, as applicable, to show the effect of reclassifying properties sold or to be sold as discontinued operations. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(Dollars in thousands, except per share data) | March 31 (1) | June 30 (2) | September 30 (3) | December 31 (4) | ||||||||||||
2013 | ||||||||||||||||
Revenues from continuing operations | $ | 80,437 | $ | 82,062 | $ | 84,311 | $ | 90,116 | ||||||||
Income (loss) from continuing operations | 842 | (27,701 | ) | 4,703 | 9,888 | |||||||||||
Discontinued operations | (1,860 | ) | 3,463 | 15,080 | 2,568 | |||||||||||
Net income (loss) | (1,018 | ) | (24,238 | ) | 19,783 | 12,456 | ||||||||||
Less: (Income) loss from noncontrolling interests | 19 | 33 | (17 | ) | (72 | ) | ||||||||||
Net income (loss) attributable to common stockholders | $ | (999 | ) | $ | (24,205 | ) | $ | 19,766 | $ | 12,384 | ||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic earnings (loss) per common share | $ | (0.01 | ) | $ | (0.27 | ) | $ | 0.21 | $ | 0.13 | ||||||
Diluted earnings (loss) per common share | $ | (0.01 | ) | $ | (0.27 | ) | $ | 0.21 | $ | 0.13 | ||||||
______ | ||||||||||||||||
(1) The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | ||||||||||||||||
(2) The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | ||||||||||||||||
(3) The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | ||||||||||||||||
(4) The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | ||||||||||||||||
Quarterly financial information for the year ended December 31, 2012 is summarized below. The results of operations have been restated, as applicable, to show the effect of reclassifying properties sold or to be sold as discontinued operations. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
(Dollars in thousands, except per share data) | March 31 (1) | June 30 (2) | September 30 (3) | December 31 (4) | ||||||||||||
2012 | ||||||||||||||||
Revenues from continuing operations | $ | 73,856 | $ | 75,487 | $ | 76,481 | $ | 78,250 | ||||||||
Income (loss) from continuing operations | 52 | 875 | 635 | (1,467 | ) | |||||||||||
Discontinued operations | 3,082 | 2,053 | 5,200 | (4,895 | ) | |||||||||||
Net income (loss) | 3,134 | 2,928 | 5,835 | (6,362 | ) | |||||||||||
Less: (Income) from noncontrolling interests | — | (20 | ) | (21 | ) | (29 | ) | |||||||||
Net income (loss) attributable to common stockholders | $ | 3,134 | $ | 2,908 | $ | 5,814 | $ | (6,391 | ) | |||||||
Net income attributable to common stockholders per share: | ||||||||||||||||
Basic earnings (loss) per common share | $ | 0.04 | $ | 0.04 | $ | 0.08 | $ | (0.07 | ) | |||||||
Diluted earnings (loss) per common share | $ | 0.04 | $ | 0.04 | $ | 0.07 | $ | (0.07 | ) | |||||||
______ | ||||||||||||||||
(1) The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. | ||||||||||||||||
(2) The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | ||||||||||||||||
(3) The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | ||||||||||||||||
(4) The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Useful lives of real estate assets and liabilities (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Land improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '15 years |
Land improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '38 years 1 month 6 days |
Building and improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '3 years 3 months 18 days |
Building and improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '39 years |
Lease intangibles (including ground lease intangibles) [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '2 years |
Intangible asset useful life | '2 years |
Lease intangibles (including ground lease intangibles) [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '93 years 1 month 6 days |
Intangible asset useful life | '93 years 1 month 6 days |
Personal property [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '1 year 10 months 24 days |
Personal property [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '1 year 10 months 24 days |
Personal property [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Asset estimated useful life | '15 years 9 months 18 days |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Components of rental income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Property operating income | $256,129 | $239,707 | $216,058 |
Single-tenant net lease | 52,665 | 42,481 | 41,957 |
Straight-line rent | 9,500 | 6,599 | 5,725 |
Rental income | $318,294 | $288,787 | $263,740 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Components of other operating income (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Operating Income [Abstract] | ' | ' | ' |
Property lease guaranty revenue | $5,100,000 | $4,900,000 | $6,900,000 |
Interest income | 500,000 | 500,000 | 600,000 |
Management fee income | 200,000 | 200,000 | 200,000 |
Other | 100,000 | 500,000 | 200,000 |
Other operating | $5,931,000 | $6,101,000 | $7,885,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Property | Property | employee | Mortgage Notes Receivable [Member] | Mortgage Notes Receivable [Member] | Mortgage Notes Receivable [Member] | Mortgage Notes Receivable [Member] | Mortgage Notes Receivable [Member] | Mortgage Notes Receivable [Member] | At Market Lease Intangibles [Member] | At Market Lease Intangibles [Member] | Restatement Adjustment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Texas [Member] | Mortgage Note Financing [Member] | Texas [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||||
mortgage_note_receivable | Property | mortgage_note_receivable | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | mortgage_loan | mortgage_loan | Iowa [Member] | Property | ||||||||||||||||||
sqft | mortgage_note_receivable | property | Subsequent Event [Member] | |||||||||||||||||||||||||
ConstructionLoan | sqft | |||||||||||||||||||||||||||
state | ConstructionLoan | |||||||||||||||||||||||||||
state | ||||||||||||||||||||||||||||
Business Overview [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross investment, amount, total | $3,200,000,000 | ' | $3,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Real estate properties and mortgages | 202 | ' | 202 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of owned real estate properties | 198 | ' | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of states that the Company owns real estate in | 28 | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Square footage of owned real estate properties | 13,900,000 | ' | 13,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Approximate square feet for which Nationwide property management services provided by company | 10,300,000 | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Principles of Consolidation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of construction mortgages loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate amount of construction mortgage loans | 125,547,000 | ' | 125,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 118,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Assets of consolidated partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,700,000 | ' | ' | ' | ' | |||
Capital Contribution Proceeds From Minority Shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint venture | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gain on sale of cost method investment in real estate | ' | ' | 1,492,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | |||
Reclassifications [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Personal Property | -9,267,000 | ' | -9,267,000 | -8,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Real Estate Properties [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total real estate properties | 3,067,187,000 | ' | 3,067,187,000 | 2,821,323,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Elimination of real estate lease intangibles against accumulated depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Elimination of personal property and equipment against respective accumulated depreciation balances | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum period up to which interest capitalize on properties in stabilization | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Land Held for Development [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Land held for development | 17,100,000 | ' | 17,100,000 | 25,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair Value Measurements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of impaired properties sold | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other asset impairment charges | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment charges on Assets classified as held for sale | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of real estate properties classified as held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | |||
Number of Properties Reclassified to Held For Sale | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Held for Sale Properties Sold | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgage Notes and Notes Receivable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of mortgage notes receivable outstanding | 2 | ' | 2 | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgage notes receivable outstanding | ' | ' | ' | ' | ' | ' | 125,500,000 | 162,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average maturity period for Mortgage notes receivable | ' | ' | ' | ' | ' | ' | '0 years 4 months 16 days | '1 year 0 months 15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average interest rate for Mortgage notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 7.72% | 7.70% | 5.00% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgage notes receivable | 125,547,000 | [1] | ' | 125,547,000 | [1] | 162,191,000 | [1] | 97,381,000 | 36,599,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,500,000 | ' | ' | ' | ' | ' | ' |
Mortgage Loan on Real Estate Exit Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | |||
Goodwill and Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill | 3,500,000 | ' | 3,500,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Goodwill, Impairment Loss | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined Benefit Pension Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of employees covered by the Company's pension plan | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Defined Benefit Plan, Measurement Date | ' | ' | 'December 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum annual benefits payable under the executive retirement plan | ' | ' | 896,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Incentive Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Discount on market price on the date of grant | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Discount on market price on the date of exercise | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Expiration date | ' | ' | '27 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
General and Administrative Expense | ' | ' | 23,729,000 | 20,905,000 | 20,988,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | 200,000 | |||
Revenue Recognition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred revenue | 36,300,000 | ' | 36,300,000 | 34,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred revenue, tenant reimbursements | 21,900,000 | ' | 21,900,000 | 22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Rental Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating expense recoveries included in income from continuing operations | ' | ' | 40,900,000 | 33,500,000 | 30,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Additional rental income, net of reserves included in income from continuing operations | ' | ' | $700,000 | $700,000 | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgage Interest income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of Mortgage notes receivable outstanding with fixed interest rate | 4 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other Operating Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of owned real estate properties to which property operating agreements between company and sponsoring health system is applicable | 5 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Federal Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of distribution of taxable income for qualify as REIT | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Property_Investments_Details
Property Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | property | |||
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 198 | ' | ' | ' |
Number of real estate investments | 202 | ' | ' | ' |
Land | $195,985 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 2,861,935 | ' | ' | ' |
Personal Property | 9,267 | ' | ' | ' |
Gross real estate asset, Total | 3,084,166 | 2,830,931 | 2,831,732 | 2,605,516 |
Total real estate investments | 3,192,734 | ' | ' | ' |
Accumulated Depreciation | -642,320 | -586,920 | -536,682 | -500,406 |
Mortgage Notes Receivable [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of real estate investments | 4 | ' | ' | ' |
Land | 0 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 0 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 125,547 | ' | ' | ' |
Accumulated Depreciation | 0 | ' | ' | ' |
Land Held for Development and Corporate Property [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 0 | ' | ' | ' |
Land | 17,054 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 0 | ' | ' | ' |
Personal Property | 5,397 | ' | ' | ' |
Gross real estate asset, Total | 22,451 | ' | ' | ' |
Accumulated Depreciation | -3,592 | ' | ' | ' |
Land Held for Development [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 0 | ' | ' | ' |
Land | 17,054 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | ' | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 17,054 | ' | ' | ' |
Accumulated Depreciation | -89 | ' | ' | ' |
Corporate Property [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 0 | ' | ' | ' |
Land | 0 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 0 | ' | ' | ' |
Personal Property | 5,397 | ' | ' | ' |
Gross real estate asset, Total | 5,397 | ' | ' | ' |
Accumulated Depreciation | -3,503 | ' | ' | ' |
Owned Property [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 198 | ' | ' | ' |
Land | 195,985 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 2,861,935 | ' | ' | ' |
Personal Property | 9,267 | ' | ' | ' |
Gross real estate asset, Total | 3,067,187 | ' | ' | ' |
Accumulated Depreciation | -632,109 | ' | ' | ' |
Medical office/outpatient [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 174 | ' | ' | ' |
Land | 153,644 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 2,403,831 | ' | ' | ' |
Personal Property | 2,969 | ' | ' | ' |
Gross real estate asset, Total | 2,560,444 | ' | ' | ' |
Accumulated Depreciation | -532,460 | ' | ' | ' |
Medical office/outpatient [Member] | California [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 9 | ' | ' | ' |
Land | 17,430 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 100,615 | ' | ' | ' |
Personal Property | 184 | ' | ' | ' |
Gross real estate asset, Total | 118,229 | ' | ' | ' |
Accumulated Depreciation | -48,656 | ' | ' | ' |
Medical office/outpatient [Member] | Colorado [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 9 | ' | ' | ' |
Land | 7,197 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 186,262 | ' | ' | ' |
Personal Property | 208 | ' | ' | ' |
Gross real estate asset, Total | 193,667 | ' | ' | ' |
Accumulated Depreciation | -12,355 | ' | ' | ' |
Medical office/outpatient [Member] | Indiana [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 5 | ' | ' | ' |
Land | 3,891 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 140,336 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 144,227 | ' | ' | ' |
Accumulated Depreciation | -17,166 | ' | ' | ' |
Medical office/outpatient [Member] | Iowa [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 6 | ' | ' | ' |
Land | 12,665 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 81,372 | ' | ' | ' |
Personal Property | 94 | ' | ' | ' |
Gross real estate asset, Total | 94,131 | ' | ' | ' |
Accumulated Depreciation | -10,422 | ' | ' | ' |
Medical office/outpatient [Member] | Florida [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 7 | ' | ' | ' |
Land | 5,292 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 83,042 | ' | ' | ' |
Personal Property | 251 | ' | ' | ' |
Gross real estate asset, Total | 88,585 | ' | ' | ' |
Accumulated Depreciation | -40,185 | ' | ' | ' |
Medical office/outpatient [Member] | Hawaii [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 3 | ' | ' | ' |
Land | 8,327 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 119,815 | ' | ' | ' |
Personal Property | 61 | ' | ' | ' |
Gross real estate asset, Total | 128,203 | ' | ' | ' |
Accumulated Depreciation | -14,317 | ' | ' | ' |
Medical office/outpatient [Member] | North Carolina [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 15 | ' | ' | ' |
Land | 4,200 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 150,549 | ' | ' | ' |
Personal Property | 95 | ' | ' | ' |
Gross real estate asset, Total | 154,844 | ' | ' | ' |
Accumulated Depreciation | -28,564 | ' | ' | ' |
Medical office/outpatient [Member] | Tennessee [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 16 | ' | ' | ' |
Land | 11,419 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 181,544 | ' | ' | ' |
Personal Property | 171 | ' | ' | ' |
Gross real estate asset, Total | 193,134 | ' | ' | ' |
Accumulated Depreciation | -54,096 | ' | ' | ' |
Medical office/outpatient [Member] | Texas [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 45 | ' | ' | ' |
Land | 47,784 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 632,582 | ' | ' | ' |
Personal Property | 1,285 | ' | ' | ' |
Gross real estate asset, Total | 681,651 | ' | ' | ' |
Accumulated Depreciation | -142,821 | ' | ' | ' |
Medical office/outpatient [Member] | Virginia [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 13 | ' | ' | ' |
Land | 2,451 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 189,119 | ' | ' | ' |
Personal Property | 158 | ' | ' | ' |
Gross real estate asset, Total | 191,728 | ' | ' | ' |
Accumulated Depreciation | -35,633 | ' | ' | ' |
Medical office/outpatient [Member] | Washington [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 7 | ' | ' | ' |
Land | 8,974 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 176,921 | ' | ' | ' |
Personal Property | 135 | ' | ' | ' |
Gross real estate asset, Total | 186,030 | ' | ' | ' |
Accumulated Depreciation | -16,392 | ' | ' | ' |
Medical office/outpatient [Member] | Other (17 states) [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 39 | ' | ' | ' |
Land | 24,014 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 361,674 | ' | ' | ' |
Personal Property | 327 | ' | ' | ' |
Gross real estate asset, Total | 386,015 | ' | ' | ' |
Accumulated Depreciation | -111,853 | ' | ' | ' |
Inpatient [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 14 | ' | ' | ' |
Land | 23,386 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 413,933 | ' | ' | ' |
Personal Property | 265 | ' | ' | ' |
Gross real estate asset, Total | 437,584 | ' | ' | ' |
Accumulated Depreciation | -71,563 | ' | ' | ' |
Inpatient [Member] | California [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 0 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 12,688 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 12,688 | ' | ' | ' |
Accumulated Depreciation | -6,305 | ' | ' | ' |
Inpatient [Member] | Colorado [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 623 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 6,496 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 7,119 | ' | ' | ' |
Accumulated Depreciation | 0 | ' | ' | ' |
Inpatient [Member] | Indiana [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 1,071 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 42,334 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 43,405 | ' | ' | ' |
Accumulated Depreciation | -8,141 | ' | ' | ' |
Inpatient [Member] | Missouri [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 1,989 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 107,487 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 109,476 | ' | ' | ' |
Accumulated Depreciation | -679 | ' | ' | ' |
Inpatient [Member] | Texas [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 5 | ' | ' | ' |
Land | 9,507 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 157,923 | ' | ' | ' |
Personal Property | 265 | ' | ' | ' |
Gross real estate asset, Total | 167,695 | ' | ' | ' |
Accumulated Depreciation | -19,151 | ' | ' | ' |
Inpatient [Member] | Pennsylvania [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 4 | ' | ' | ' |
Land | 6,555 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 74,634 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 81,189 | ' | ' | ' |
Accumulated Depreciation | -35,804 | ' | ' | ' |
Inpatient [Member] | Arizona [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 3,641 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 12,371 | ' | ' | ' |
Personal Property | 0 | ' | ' | ' |
Gross real estate asset, Total | 16,012 | ' | ' | ' |
Accumulated Depreciation | -1,483 | ' | ' | ' |
Other [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 10 | ' | ' | ' |
Land | 1,901 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 44,171 | ' | ' | ' |
Personal Property | 636 | ' | ' | ' |
Gross real estate asset, Total | 46,708 | ' | ' | ' |
Accumulated Depreciation | -24,494 | ' | ' | ' |
Other [Member] | Indiana [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 96 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 3,662 | ' | ' | ' |
Personal Property | 32 | ' | ' | ' |
Gross real estate asset, Total | 3,790 | ' | ' | ' |
Accumulated Depreciation | -2,362 | ' | ' | ' |
Other [Member] | Michigan [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 5 | ' | ' | ' |
Land | 193 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 12,728 | ' | ' | ' |
Personal Property | 183 | ' | ' | ' |
Gross real estate asset, Total | 13,104 | ' | ' | ' |
Accumulated Depreciation | -7,982 | ' | ' | ' |
Other [Member] | Tennessee [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 253 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 7,213 | ' | ' | ' |
Personal Property | 408 | ' | ' | ' |
Gross real estate asset, Total | 7,874 | ' | ' | ' |
Accumulated Depreciation | -2,097 | ' | ' | ' |
Other [Member] | Virginia [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 2 | ' | ' | ' |
Land | 1,178 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 10,685 | ' | ' | ' |
Personal Property | 5 | ' | ' | ' |
Gross real estate asset, Total | 11,868 | ' | ' | ' |
Accumulated Depreciation | -5,790 | ' | ' | ' |
Other [Member] | Alabama [Member] | ' | ' | ' | ' |
Summary of Company's investment | ' | ' | ' | ' |
Number of owned real estate properties | 1 | ' | ' | ' |
Land | 181 | ' | ' | ' |
Buildings, Improvements and Lease Intangibles | 9,883 | ' | ' | ' |
Personal Property | 8 | ' | ' | ' |
Gross real estate asset, Total | 10,072 | ' | ' | ' |
Accumulated Depreciation | ($6,263) | ' | ' | ' |
Property_Investments_Details_T
Property Investments (Details Textual) (USD $) | Dec. 31, 2013 |
In Billions, unless otherwise specified | property |
Real Estate Investment Property, Net [Abstract] | ' |
Investment in real estate properties and mortgage notes | $3.20 |
Number of real estate investments | 202 |
Real_Estate_Leases_Details
Real Estate Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
2014 | $258,195 |
2015 | 222,718 |
2016 | 194,306 |
2017 | 169,519 |
2018 | 140,009 |
2019 and thereafter | 599,467 |
Total | $1,584,214 |
Real_Estate_Leases_Narrative_D
Real Estate Leases - Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
agreement | ||
Concentration Risk [Line Items] | ' | ' |
Proceeds from sale of cost method investment in real estate | $96.70 | $134.60 |
Number Of Property Operating Agreements | 5 | ' |
Approximate Investment in real estate properties subject to outstanding contractual option to purchase | $224 | ' |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Baylor Health System [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of customer account for 10% or more of company's revenues including revenue from discontinued operations | 1 | 0 |
Concentration Risk, Percentage | 11.00% | ' |
Acquisitions_Dispositions_and_2
Acquisitions, Dispositions and Mortgage Repayments - Acquisitions (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 10, 2012 | ||
sqft | tenant | ||||
tenant | property | ||||
property | sqft | ||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Elimination of Construction Mortgage Note Receivable | $97.20 | ' | ' | ||
Texas [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Construction Mortgage Note Receivable Repayments | 9.9 | ' | ' | ||
Contractual interest rates | 5.35% | ' | ' | ||
Tennessee [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Percentage of Medical Office Building Leased | 100.00% | ' | ' | ||
Real estate acquisitions [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Number of Mortgage Notes Receivables Repaid | ' | 5 | ' | ||
Real Estate Dispositions Mortgage Note Receivable Including Repayments | ' | 14.8 | ' | ||
Purchase Price | 315.2 | 104.6 | ' | ||
Elimination of Construction Mortgage Note Receivable | 97.2 | ' | ' | ||
Construction Mortgage Note Receivable Repayments | ' | -9.9 | ' | ||
Mortgage Notes Payable Assumed | 39.6 | [1] | 4.9 | [2] | ' |
Cash Consideration | 178.4 | [3] | 89.8 | [4] | ' |
Real Estate | 314.1 | 104.8 | ' | ||
Other | 1.1 | [5] | -0.2 | ' | |
Square Footage | 940,925 | 394,064 | ' | ||
Business Combination Liabilities Assumed Fair Value Adjustment | 1.4 | ' | ' | ||
Real estate acquisitions [Member] | South Dakota [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | ' | 20-Jan-12 | ' | ||
Purchase Price | ' | 15 | ' | ||
Percentage of Medical Office Building Leased | ' | 100.00% | ' | ||
Lease expiration period | ' | 1-Jan-22 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Cash Consideration | ' | 15 | [4] | ' | |
Real Estate | ' | 15 | ' | ||
Other | ' | ' | ' | ||
Square Footage | ' | 58,285 | ' | ||
Real estate acquisitions [Member] | North Carolina [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 30-Oct-13 | 10-Feb-12 | ' | ||
Purchase Price | 20.1 | 6.4 | ' | ||
Percentage of medical office building occupied | ' | 100.00% | 93.00% | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Mortgage Notes Payable Assumed | 11 | [1] | ' | ' | |
Cash Consideration | 9.1 | [3] | 6.4 | [4] | ' |
Real Estate | 20 | 6.4 | ' | ||
Other | 0.1 | [5] | ' | ' | |
Square Footage | 90,633 | 23,312 | ' | ||
Number of tenants occupying building | ' | 2 | ' | ||
Business Combination Liabilities Assumed Fair Value Adjustment | 0.2 | ' | ' | ||
Contractual interest rates | 5.86% | ' | ' | ||
Number of medical office buildings in health system | ' | 6 | ' | ||
Area covered under real estate owned in measurement unit | ' | 187,000 | ' | ||
Real estate acquisitions [Member] | Pennsylvania [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | ' | 16-Mar-12 | ' | ||
Purchase Price | ' | 1.1 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Cash Consideration | ' | 1.1 | [4] | ' | |
Real Estate | ' | 1.1 | ' | ||
Other | ' | ' | ' | ||
Square Footage | ' | ' | ' | ||
Acquired Land Related to Currently Owned Building Previous | ' | 9.14 | ' | ||
Real estate acquisitions [Member] | Texas [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Number of Mortgage Notes Receivables Repaid | ' | 1 | ' | ||
Real Estate Dispositions Mortgage Note Receivable Including Repayments | ' | 9.9 | ' | ||
Real estate acquisitions [Member] | Tennessee [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 29-Jan-13 | 9-Oct-12 | ' | ||
Purchase Price | 16.2 | 11 | ' | ||
Percentage of medical office building occupied | ' | 100.00% | ' | ||
Lease expiration period | ' | 1-Jan-25 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Cash Consideration | 16.2 | [3] | 11 | [4] | ' |
Real Estate | 15.7 | 11 | ' | ||
Other | 0.5 | [5] | ' | ' | |
Square Footage | 52,225 | 39,345 | ' | ||
Number of tenants occupying building | 4 | ' | ' | ||
Real estate acquisitions [Member] | Washington [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 18-Oct-13 | 12-Oct-12 | ' | ||
Purchase Price | 34.9 | 9.4 | ' | ||
Percentage of medical office building occupied | ' | 89.00% | ' | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Lease expiration period | ' | 1-Jan-21 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Mortgage Notes Payable Assumed | 16.6 | [1] | ' | ' | |
Cash Consideration | 18.3 | [3] | 9.4 | [4] | ' |
Real Estate | 35.4 | 9.4 | ' | ||
Other | -0.5 | [5] | ' | ' | |
Square Footage | 81,956 | 47,225 | ' | ||
Business Combination Liabilities Assumed Fair Value Adjustment | 0.5 | ' | ' | ||
Contractual interest rates | 6.01% | ' | ' | ||
Real estate acquisitions [Member] | Iowa [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | ' | 21-Dec-12 | ' | ||
Purchase Price | ' | 20.4 | ' | ||
Percentage of Medical Office Building Leased | ' | 100.00% | ' | ||
Lease expiration period | ' | 1-Jan-20 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Mortgage Notes Payable Assumed | ' | 4.9 | [2] | ' | |
Cash Consideration | ' | 15.5 | [4] | ' | |
Real Estate | ' | 20.6 | ' | ||
Other | ' | -0.2 | ' | ||
Square Footage | ' | 83,318 | ' | ||
Business Combination Liabilities Assumed Fair Value Adjustment | ' | 0.3 | ' | ||
Contractual interest rates | ' | 5.74% | ' | ||
Debt instrument, maturity date | ' | 1-Jan-20 | ' | ||
Real estate acquisitions [Member] | INDIANA | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 8-Aug-13 | ' | ' | ||
Purchase Price | 44.3 | ' | ' | ||
Percentage of Property Leased | 87.00% | ' | ' | ||
Cash Consideration | 44.3 | [3] | ' | ' | |
Real Estate | 43.3 | ' | ' | ||
Other | 1 | [5] | ' | ' | |
Square Footage | 205,573 | ' | ' | ||
Real estate acquisitions [Member] | Missouri [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 27-Sep-13 | ' | ' | ||
Purchase Price | 102.6 | ' | ' | ||
Elimination of Construction Mortgage Note Receivable | 97.2 | ' | ' | ||
Cash Consideration | 5.4 | [3] | ' | ' | |
Real Estate | 102.6 | ' | ' | ||
Other | 0 | [5] | ' | ' | |
Square Footage | 186,000 | ' | ' | ||
Additional Funding [Member] | Missouri [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Elimination of Construction Mortgage Note Receivable | 6.5 | ' | ' | ||
Other Commitment | 2.3 | ' | ' | ||
Texas One [Member] | Real estate acquisitions [Member] | Texas [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 8-Apr-13 | 23-May-12 | ' | ||
Purchase Price | 16.3 | 10.7 | ' | ||
Percentage of Medical Office Building Leased | ' | 100.00% | ' | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Construction Mortgage Note Receivable Repayments | ' | -9.9 | ' | ||
Cash Consideration | 16.3 | [3] | 0.8 | [4] | ' |
Real Estate | 16.3 | 10.7 | ' | ||
Other | ' | ' | ' | ||
Square Footage | 42,627 | 76,484 | ' | ||
Number of tenants occupying building | 1 | ' | ' | ||
Texas Two [Member] | Real estate acquisitions [Member] | Texas [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 16-Dec-13 | 20-Dec-12 | ' | ||
Purchase Price | 19 | 30.6 | ' | ||
Percentage of Medical Office Building Leased | ' | 100.00% | ' | ||
Percentage of Property Leased | 88.00% | ' | ' | ||
Lease expiration period | ' | 1-Jan-32 | ' | ||
Construction Mortgage Note Receivable Repayments | ' | ' | ' | ||
Mortgage Notes Payable Assumed | 0 | [1] | ' | ' | |
Cash Consideration | 19 | [3] | 30.6 | [4] | ' |
Real Estate | 19.1 | 30.6 | ' | ||
Other | -0.1 | [5] | ' | ' | |
Square Footage | 97,552 | 66,095 | ' | ||
Colorado One [Member] | Real estate acquisitions [Member] | COLORADO | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 27-Sep-13 | ' | ' | ||
Purchase Price | 33.2 | ' | ' | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Mortgage Notes Payable Assumed | 12 | [1] | ' | ' | |
Cash Consideration | 21.2 | [3] | ' | ' | |
Real Estate | 32.9 | ' | ' | ||
Other | 0.3 | [5] | ' | ' | |
Square Footage | 80,153 | ' | ' | ||
Business Combination Liabilities Assumed Fair Value Adjustment | 0.7 | ' | ' | ||
Contractual interest rates | 6.17% | ' | ' | ||
Colorado Two [Member] | Real estate acquisitions [Member] | COLORADO | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 24-Oct-13 | ' | ' | ||
Purchase Price | 21.6 | ' | ' | ||
Percentage of Property Leased | 83.00% | ' | ' | ||
Mortgage Notes Payable Assumed | 0 | [1] | ' | ' | |
Cash Consideration | 21.6 | [3] | ' | ' | |
Real Estate | 21.7 | ' | ' | ||
Other | -0.1 | [5] | ' | ' | |
Square Footage | 70,138 | ' | ' | ||
Colorado Three [Member] | Real estate acquisitions [Member] | COLORADO | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Date Acquired | 16-Dec-13 | ' | ' | ||
Purchase Price | 7 | ' | ' | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Mortgage Notes Payable Assumed | 0 | [1] | ' | ' | |
Cash Consideration | 7 | [3] | ' | ' | |
Real Estate | 7.1 | ' | ' | ||
Other | ($0.10) | [5] | ' | ' | |
Square Footage | 34,068 | ' | ' | ||
St Josephs Medical Center [Member] | Real estate acquisitions [Member] | INDIANA | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Percentage of Property Leased | 48.00% | ' | ' | ||
Poudre Valley Health System [Member] | Colorado One [Member] | Real estate acquisitions [Member] | COLORADO | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Percentage of Property Leased | 71.00% | ' | ' | ||
Mercy Health [Member] | Real estate acquisitions [Member] | Missouri [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Percentage of Property Leased | 100.00% | ' | ' | ||
Seton Healthcare [Member] | Texas Two [Member] | Real estate acquisitions [Member] | Texas [Member] | ' | ' | ' | ||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ||
Percentage of Property Leased | 24.00% | ' | ' | ||
[1] | The mortgage note payable assumed in the acquisitions do not reflect the fair value adjustments totaling $1.4 million recorded by the Company upon acquisition (included in Other). | ||||
[2] | The mortgage note payable assumed in the acquisition does not reflect the fair value adjustment recorded by the Company upon acquisition (included in Other). | ||||
[3] | Cash consideration excludes non-real estate assets acquired and liabilities assumed in the acquisitions. | ||||
[4] | Cash Consideration excludes receivables acquired and liabilities assumed in the acquisitions. | ||||
[5] | Includes intangibles recognized at acquisition and fair value adjustments on debt assumed. |
Acquisitions_Dispositions_and_3
Acquisitions, Dispositions and Mortgage Repayments - Assets acquired and liabilities assumed (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Business Acquisition [Line Items] | ' | ' | ||
Buildings | $280.20 | $85.10 | ||
Land | 21.6 | 13.5 | ||
Personal property | 0.3 | ' | ||
Prepaid ground leases | ' | 0.7 | ||
Intangibles | ' | ' | ||
Total intangibles | 14.5 | 6.2 | ||
Mortgage notes payable assumed, including fair value adjustment | -41 | -5.2 | ||
Elimination of Construction Mortgage Note Receivable | -97.2 | ' | ||
Other assets acquired | 1.2 | ' | ||
Mortgage notes payable repayments | ' | -9.9 | ||
Accounts payable, accrued liabilities and other liabilities assumed | -1.9 | -0.9 | ||
Total cash paid | 177.7 | [1] | 89.5 | [2] |
Business Combination, Acquisition Related Costs | 1.2 | 0.5 | ||
Prorated rent, net of expenses paid | 1.2 | 0.4 | ||
Personal Property [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Estimated useful life, buildings | '1 year 10 months 24 days | ' | ||
Prepaid Ground Leases [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | ' | '54 years | ||
At Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Total intangibles | 12 | 6.2 | ||
Above-market lease intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Total intangibles | 2.9 | ' | ||
Below Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Total intangibles | ($0.40) | ' | ||
Minimum [Member] | Building [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Estimated useful life, buildings | '7 years | '20 years | ||
Minimum [Member] | Personal Property [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Estimated useful life, buildings | '1 year 10 months 24 days | ' | ||
Minimum [Member] | At Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '3 years 8 months 12 days | '4 years 10 months 24 days | ||
Minimum [Member] | Above-market lease intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '2 years 3 months 18 days | ' | ||
Minimum [Member] | Below Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '6 months | ' | ||
Maximum [Member] | Building [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Estimated useful life, buildings | '39 years | '38 years | ||
Maximum [Member] | Personal Property [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Estimated useful life, buildings | '15 years 9 months 18 days | ' | ||
Maximum [Member] | At Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '20 years | '19 years 3 months 18 days | ||
Maximum [Member] | Above-market lease intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '16 years 3 months 18 days | ' | ||
Maximum [Member] | Below Market Lease Intangibles [Member] | ' | ' | ||
Intangibles | ' | ' | ||
Intangible asset useful life | '7 years 4 months 24 days | ' | ||
[1] | Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $1.2 million as well as rental prorations, net of expense disbursements, totaling approximately $1.2 million. | |||
[2] | Total cash paid includes receivables acquired and liabilities assumed in the acquisition but excludes acquisition and closing costs expensed totaling $0.5 million as well as rental prorations and expense disbursements totaling approximately $0.4 million. |
Acquisitions_Dispositions_and_4
Acquisitions, Dispositions and Mortgage Repayments - Dispositions (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
sqft | sqft | ||||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Sales Price | $101,900,000 | $91,500,000 | ' | ||
Closing Adjustments | 1,500,000 | 5,500,000 | ' | ||
Mortgage Notes | 3,700,000 | -13,500,000 | ' | ||
Proceeds from sale of cost method investment in real estate | 96,700,000 | 134,600,000 | ' | ||
Net Real Estate Investment | 76,700,000 | ' | ' | ||
Other (including receivables) | 2,300,000 | -600,000 | ' | ||
Gain/ (Impairment) | 21,400,000 | ' | ' | ||
Square Footage | 541,502 | ' | ' | ||
Total dispositions and repayments Net Real Estate Investment | ' | 121,600,000 | ' | ||
Total dispositions and repayments Gain/Impairment | ' | 100,000 | ' | ||
Total dispositions and repayments Square Footage | ' | 871,428 | ' | ||
Mortgage Interest | 12,701,000 | 9,186,000 | 6,973,000 | ||
General and administrative | 23,729,000 | 20,905,000 | 20,988,000 | ||
Real estate dispositions [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Sales Price | 101,900,000 | 91,500,000 | ' | ||
Closing Adjustments | 1,500,000 | 5,500,000 | ' | ||
Mortgage Notes | 4,300,000 | 11,200,000 | ' | ||
Proceeds from sale of cost method investment in real estate | 96,100,000 | 74,800,000 | ' | ||
Net Real Estate Investment | 76,700,000 | 83,400,000 | ' | ||
Other (including receivables) | 2,300,000 | 2,800,000 | ' | ||
Gain/ (Impairment) | 21,400,000 | -200,000 | ' | ||
Square Footage | 541,502 | 757,826 | ' | ||
Real estate dispositions [Member] | Medical Office Buidlings Disposed January 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Number of properties sold | ' | 2 | ' | ||
Mortgage note repayments [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Mortgage Notes | 600,000 | -24,700,000 | ' | ||
Proceeds from sale of cost method investment in real estate | 600,000 | 24,700,000 | ' | ||
Deconsolidation of Vie [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Proceeds from sale of cost method investment in real estate | ' | 35,100,000 | [1] | ' | |
Net Real Estate Investment | ' | 38,200,000 | [1] | ' | |
Other (including receivables) | ' | -3,400,000 | [1] | ' | |
Gain/ (Impairment) | ' | 300,000 | [1] | ' | |
Total dispositions and repayments Square Footage | ' | 113,602 | [1] | ' | |
Mortgage Interest | ' | 400,000 | ' | ||
General and administrative | ' | 100,000 | ' | ||
PENNSYLVANIA | Pennsylvania One [Member] | Real estate dispositions [Member] | Inpatient Facility Disposed September 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 30-Sep-13 | ' | ' | ||
Sales Price | 17,600,000 | ' | ' | ||
Closing Adjustments | 300,000 | ' | ' | ||
Mortgage Notes | 0 | ' | ' | ||
Proceeds from sale of cost method investment in real estate | 17,300,000 | ' | ' | ||
Net Real Estate Investment | 12,200,000 | ' | ' | ||
Other (including receivables) | 0 | ' | ' | ||
Gain/ (Impairment) | 5,100,000 | ' | ' | ||
Square Footage | 76,324 | ' | ' | ||
PENNSYLVANIA | Pennsylvania Two [Member] | Real estate dispositions [Member] | Inpatient Facility Disposed September 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 30-Sep-13 | ' | ' | ||
Sales Price | 17,600,000 | ' | ' | ||
Closing Adjustments | 400,000 | ' | ' | ||
Mortgage Notes | 0 | ' | ' | ||
Proceeds from sale of cost method investment in real estate | 17,200,000 | ' | ' | ||
Net Real Estate Investment | 12,600,000 | ' | ' | ||
Other (including receivables) | 0 | ' | ' | ||
Gain/ (Impairment) | 4,600,000 | ' | ' | ||
Square Footage | 79,560 | ' | ' | ||
North Carolina [Member] | Real estate dispositions [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 5-Dec-13 | ' | ' | ||
Sales Price | 17,600,000 | ' | ' | ||
Closing Adjustments | 0 | ' | ' | ||
Mortgage Notes | 0 | ' | ' | ||
Proceeds from sale of cost method investment in real estate | 17,600,000 | ' | ' | ||
Net Real Estate Investment | 13,400,000 | ' | ' | ||
Other (including receivables) | 2,100,000 | ' | ' | ||
Gain/ (Impairment) | 2,100,000 | ' | ' | ||
Square Footage | 57,580 | ' | ' | ||
Alabama [Member] | Real estate dispositions [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 31-Dec-13 | [2] | ' | ' | |
Sales Price | 1,900,000 | [2] | ' | ' | |
Closing Adjustments | 0 | [2] | ' | ' | |
Mortgage Notes | 0 | [2] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 1,900,000 | [2] | ' | ' | |
Net Real Estate Investment | 1,400,000 | [2] | ' | ' | |
Other (including receivables) | 0 | [2] | ' | ' | |
Gain/ (Impairment) | 500,000 | [2] | ' | ' | |
Square Footage | 10,593 | [2] | ' | ' | |
Alabama [Member] | Real estate dispositions [Member] | Inpatient Facility Disposed July 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 31-Jul-13 | [2] | ' | ' | |
Sales Price | 17,500,000 | [2] | ' | ' | |
Closing Adjustments | 100,000 | [2] | ' | ' | |
Mortgage Notes | 0 | [2] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 17,400,000 | [2] | ' | ' | |
Net Real Estate Investment | 11,200,000 | [2] | ' | ' | |
Other (including receivables) | 0 | [2] | ' | ' | |
Gain/ (Impairment) | 6,200,000 | [2] | ' | ' | |
Square Footage | 82,000 | [2] | ' | ' | |
FLORIDA | Real estate dispositions [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 31-Oct-13 | [2] | ' | ' | |
Sales Price | 800,000 | [2] | ' | ' | |
Closing Adjustments | 0 | [2] | ' | ' | |
Mortgage Notes | 0 | [2] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 800,000 | [2] | ' | ' | |
Net Real Estate Investment | 800,000 | [2] | ' | ' | |
Other (including receivables) | 0 | [2] | ' | ' | |
Gain/ (Impairment) | 0 | [2] | ' | ' | |
Square Footage | 14,322 | [2] | ' | ' | |
Impairment on sale | 100,000 | ' | ' | ||
FLORIDA | Real estate dispositions [Member] | Medical Office Buidlings Disposed January 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 19-Jan-12 | [2] | ' | |
Sales Price | ' | 7,200,000 | [2] | ' | |
Closing Adjustments | ' | 1,500,000 | [2] | ' | |
Mortgage Notes | ' | 0 | [2] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 5,700,000 | [2] | ' | |
Net Real Estate Investment | ' | 3,000,000 | [2] | ' | |
Other (including receivables) | ' | 200,000 | [2] | ' | |
Gain/ (Impairment) | ' | 2,500,000 | [2] | ' | |
Square Footage | ' | 35,752 | [2] | ' | |
FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed March 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 2-Mar-12 | [2] | ' | |
Sales Price | ' | 500,000 | [2] | ' | |
Closing Adjustments | ' | 0 | [2] | ' | |
Mortgage Notes | ' | 0 | [2] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 500,000 | [2] | ' | |
Net Real Estate Investment | ' | 500,000 | [2] | ' | |
Other (including receivables) | ' | 0 | [2] | ' | |
Gain/ (Impairment) | ' | 0 | [2] | ' | |
Square Footage | ' | 33,895 | [2] | ' | |
Impairment on sale | ' | 1,700,000 | ' | ||
FLORIDA | Real estate dispositions [Member] | Medical Office Buidlings Disposed April 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 18-Apr-12 | [3] | ' | |
Sales Price | ' | 33,300,000 | [3] | ' | |
Closing Adjustments | ' | 900,000 | [3] | ' | |
Mortgage Notes | ' | 3,700,000 | [3] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 28,700,000 | [3] | ' | |
Net Real Estate Investment | ' | 31,200,000 | [3] | ' | |
Other (including receivables) | ' | 1,300,000 | [3] | ' | |
Gain/ (Impairment) | ' | -100,000 | [3] | ' | |
Square Footage | ' | 272,571 | [3] | ' | |
Number of properties included | ' | 5 | ' | ||
Number of Medical Office Disposed Off Campus | ' | 4 | ' | ||
Number of Medical Office Disposed On Campus | ' | 1 | ' | ||
FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed August 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 22-Aug-12 | [2] | ' | |
Sales Price | ' | 500,000 | [2] | ' | |
Closing Adjustments | ' | 0 | [2] | ' | |
Mortgage Notes | ' | 0 | [2] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 500,000 | [2] | ' | |
Net Real Estate Investment | ' | 900,000 | [2] | ' | |
Other (including receivables) | ' | 0 | [2] | ' | |
Gain/ (Impairment) | ' | -400,000 | [2] | ' | |
Square Footage | ' | 8,990 | [2] | ' | |
Impairment on sale | ' | 800,000 | ' | ||
FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed September 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 14-Sep-12 | [4] | ' | |
Sales Price | ' | 8,800,000 | [4] | ' | |
Closing Adjustments | ' | 100,000 | [4] | ' | |
Mortgage Notes | ' | 0 | [4] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 8,700,000 | [4] | ' | |
Net Real Estate Investment | ' | 10,800,000 | [4] | ' | |
Other (including receivables) | ' | 400,000 | [4] | ' | |
Gain/ (Impairment) | ' | -2,500,000 | [4] | ' | |
Square Footage | ' | 71,345 | [4] | ' | |
FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed December 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 17-Dec-12 | ' | ||
Sales Price | ' | 2,100,000 | ' | ||
Closing Adjustments | ' | 100,000 | ' | ||
Mortgage Notes | ' | 0 | ' | ||
Proceeds from sale of cost method investment in real estate | ' | 2,000,000 | ' | ||
Net Real Estate Investment | ' | 9,700,000 | ' | ||
Other (including receivables) | ' | 0 | ' | ||
Gain/ (Impairment) | ' | -7,700,000 | ' | ||
Square Footage | ' | 62,271 | ' | ||
FLORIDA | Real estate dispositions [Member] | Inpatient Facility Disposed July 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 15-Jul-13 | [2] | ' | ' | |
Sales Price | 11,900,000 | [2] | ' | ' | |
Closing Adjustments | 200,000 | [2] | ' | ' | |
Mortgage Notes | 0 | [2] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 11,700,000 | [2] | ' | ' | |
Net Real Estate Investment | 7,400,000 | [2] | ' | ' | |
Other (including receivables) | 0 | [2] | ' | ' | |
Gain/ (Impairment) | 4,300,000 | [2] | ' | ' | |
Square Footage | 62,782 | [2] | ' | ' | |
IOWA | Medical Building Disposed June 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Real Estate Dispositions Mortgage Note Receivable | 1,100,000 | ' | ' | ||
Payments of Debt Extinguishment Costs | 300,000 | ' | ' | ||
IOWA | Real estate dispositions [Member] | Medical Office Buildings Disposed December 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 12-Dec-12 | [4] | ' | |
Sales Price | ' | 8,000,000 | [4] | ' | |
Closing Adjustments | ' | 0 | [4] | ' | |
Mortgage Notes | ' | 0 | [4] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 8,000,000 | [4] | ' | |
Net Real Estate Investment | ' | 6,700,000 | [4] | ' | |
Other (including receivables) | ' | 100,000 | [4] | ' | |
Gain/ (Impairment) | ' | 1,200,000 | [4] | ' | |
Square Footage | ' | 40,818 | [4] | ' | |
Number of properties sold | ' | 2 | ' | ||
IOWA | Real estate dispositions [Member] | Medical Building Disposed June 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 3-Jun-13 | [4],[5] | ' | ' | |
Sales Price | 6,900,000 | [4],[5] | ' | ' | |
Closing Adjustments | 0 | [4],[5] | ' | ' | |
Mortgage Notes | 0 | [4],[5] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 6,900,000 | [4],[5] | ' | ' | |
Net Real Estate Investment | 5,300,000 | [4],[5] | ' | ' | |
Other (including receivables) | 200,000 | [4],[5] | ' | ' | |
Gain/ (Impairment) | 1,400,000 | [4],[5] | ' | ' | |
Square Footage | 31,725 | [4],[5] | ' | ' | |
Number of properties sold | 2 | ' | ' | ||
Real Estate Dispositions Mortgage Note Receivable | 1,100,000 | ' | ' | ||
Payments of Debt Extinguishment Costs | 300,000 | ' | ' | ||
IOWA | Iowa One [Member] | Real estate dispositions [Member] | Medical Building Disposed June 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | 9,153 | ' | ' | ||
IOWA | Iowa Two [Member] | Real estate dispositions [Member] | Medical Building Disposed June 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | 22,572 | ' | ' | ||
Tennessee [Member] | Building Disposed April 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Sales Price | 600,000 | ' | ' | ||
Net Real Estate Investment | 400,000 | ' | ' | ||
Square Footage | 17,696 | ' | ' | ||
Deferred Gain on Disposition of Assets | 200,000 | ' | ' | ||
Impairment on sale | 1,300,000 | ' | ' | ||
Tennessee [Member] | Real estate dispositions [Member] | Building Disposed April 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 30-Apr-13 | [2],[6] | ' | ' | |
Sales Price | 600,000 | [2],[6] | ' | ' | |
Closing Adjustments | 0 | [2],[6] | ' | ' | |
Mortgage Notes | 600,000 | [2],[6] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 0 | [2],[6] | ' | ' | |
Net Real Estate Investment | 400,000 | [2],[6] | ' | ' | |
Other (including receivables) | 0 | [2],[6] | ' | ' | |
Gain/ (Impairment) | 200,000 | [2],[6] | ' | ' | |
Square Footage | 17,696 | [2],[6] | ' | ' | |
Tennessee [Member] | Real estate dispositions [Member] | Medical Office Buidlings Disposed April 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 13-Apr-12 | [2] | ' | |
Sales Price | ' | 900,000 | [2] | ' | |
Closing Adjustments | ' | 100,000 | [2] | ' | |
Mortgage Notes | ' | 0 | [2] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 800,000 | [2] | ' | |
Net Real Estate Investment | ' | 800,000 | [2] | ' | |
Other (including receivables) | ' | 0 | [2] | ' | |
Gain/ (Impairment) | ' | 0 | [2] | ' | |
Square Footage | ' | 18,476 | [2] | ' | |
Impairment on sale | ' | 900,000 | ' | ||
TEXAS | Real estate dispositions [Member] | Land Disposed March 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 25-Mar-13 | ' | ' | ||
Sales Price | 5,000,000 | ' | ' | ||
Closing Adjustments | 200,000 | ' | ' | ||
Mortgage Notes | 3,700,000 | ' | ' | ||
Proceeds from sale of cost method investment in real estate | 1,100,000 | ' | ' | ||
Net Real Estate Investment | 8,100,000 | ' | ' | ||
Other (including receivables) | 0 | ' | ' | ||
Gain/ (Impairment) | -3,300,000 | ' | ' | ||
Square Footage | 0 | ' | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Office Buidlings Disposed January 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 10-Jan-12 | [2],[4],[7] | ' | |
Sales Price | ' | 3,500,000 | [2],[4],[7] | ' | |
Closing Adjustments | ' | 100,000 | [2],[4],[7] | ' | |
Mortgage Notes | ' | 3,000,000 | [2],[4],[7] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 400,000 | [2],[4],[7] | ' | |
Net Real Estate Investment | ' | 2,500,000 | [2],[4],[7] | ' | |
Other (including receivables) | ' | 0 | [2],[4],[7] | ' | |
Gain/ (Impairment) | ' | 900,000 | [2],[4],[7] | ' | |
Square Footage | ' | 33,726 | [2],[4],[7] | ' | |
Number of properties sold | ' | 2 | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Office Buildings Disposed March 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 16-Mar-12 | [2],[8] | ' | |
Sales Price | ' | 4,700,000 | [2],[8] | ' | |
Closing Adjustments | ' | 200,000 | [2],[8] | ' | |
Mortgage Notes | ' | 4,500,000 | [2],[8] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 0 | [2],[8] | ' | |
Net Real Estate Investment | ' | 4,800,000 | [2],[8] | ' | |
Other (including receivables) | ' | 100,000 | [2],[8] | ' | |
Gain/ (Impairment) | ' | -400,000 | [2],[8] | ' | |
Square Footage | ' | 82,664 | [2],[8] | ' | |
Impairment on sale | ' | 2,800,000 | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Office Buildings Disposed July 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 20-Jul-12 | [2] | ' | |
Sales Price | ' | 600,000 | [2] | ' | |
Closing Adjustments | ' | 100,000 | [2] | ' | |
Mortgage Notes | ' | 0 | [2] | ' | |
Proceeds from sale of cost method investment in real estate | ' | 500,000 | [2] | ' | |
Net Real Estate Investment | ' | 500,000 | [2] | ' | |
Other (including receivables) | ' | 0 | [2] | ' | |
Gain/ (Impairment) | ' | 0 | [2] | ' | |
Square Footage | ' | 16,578 | [2] | ' | |
Impairment on sale | ' | 400,000 | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Office Buildings Disposed August 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | ' | 27-Aug-12 | ' | ||
Sales Price | ' | 21,400,000 | ' | ||
Closing Adjustments | ' | 2,400,000 | ' | ||
Mortgage Notes | ' | 0 | ' | ||
Proceeds from sale of cost method investment in real estate | ' | 19,000,000 | ' | ||
Net Real Estate Investment | ' | 12,000,000 | ' | ||
Other (including receivables) | ' | 700,000 | ' | ||
Gain/ (Impairment) | ' | 6,300,000 | ' | ||
Square Footage | ' | 80,740 | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Building Disposed May 15 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 15-May-13 | ' | ' | ||
Sales Price | 1,300,000 | ' | ' | ||
Closing Adjustments | 100,000 | ' | ' | ||
Mortgage Notes | 0 | ' | ' | ||
Proceeds from sale of cost method investment in real estate | 1,200,000 | ' | ' | ||
Net Real Estate Investment | 900,000 | ' | ' | ||
Other (including receivables) | 0 | ' | ' | ||
Gain/ (Impairment) | 300,000 | ' | ' | ||
Square Footage | 8,000 | ' | ' | ||
TEXAS | Real estate dispositions [Member] | Medical Building Disposed May 24 2013 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Date Disposed | 24-May-13 | [2] | ' | ' | |
Sales Price | 3,200,000 | [2] | ' | ' | |
Closing Adjustments | 200,000 | [2] | ' | ' | |
Mortgage Notes | 0 | [2] | ' | ' | |
Proceeds from sale of cost method investment in real estate | 3,000,000 | [2] | ' | ' | |
Net Real Estate Investment | 3,000,000 | [2] | ' | ' | |
Other (including receivables) | 0 | [2] | ' | ' | |
Gain/ (Impairment) | 0 | [2] | ' | ' | |
Square Footage | 100,920 | [2] | ' | ' | |
Impairment on sale | 6,800,000 | ' | ' | ||
Medical Office Building One [Member] | FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed September 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 61,763 | [4] | ' | |
Medical Office Building One [Member] | IOWA | Real estate dispositions [Member] | Medical Office Buildings Disposed December 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 31,650 | ' | ||
Medical Office Building One [Member] | TEXAS | Real estate dispositions [Member] | Medical Office Buidlings Disposed January 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 14,748 | ' | ||
Medical Office Building Two [Member] | FLORIDA | Real estate dispositions [Member] | Medical Office Buildings Disposed September 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 9,582 | [4] | ' | |
Medical Office Building Two [Member] | IOWA | Real estate dispositions [Member] | Medical Office Buildings Disposed December 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 9,168 | ' | ||
Medical Office Building Two [Member] | TEXAS | Real estate dispositions [Member] | Medical Office Buidlings Disposed January 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Square Footage | ' | 18,978 | ' | ||
Contingent Liability [Member] | FLORIDA | Real estate dispositions [Member] | Medical Office Buidlings Disposed April 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Closing Adjustments | ' | 600,000 | ' | ||
Closing Cost [Member] | FLORIDA | Real estate dispositions [Member] | Medical Office Buidlings Disposed April 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Closing Adjustments | ' | 300,000 | ' | ||
Closing Cost [Member] | TEXAS | Real estate dispositions [Member] | Medical Office Buildings Disposed August 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Closing Adjustments | ' | 400,000 | ' | ||
Escrow for Tenant Improvements [Member] | TEXAS | Real estate dispositions [Member] | Medical Office Buildings Disposed August 2012 [Member] | ' | ' | ' | ||
Real Estate Dispositions [Line Items] | ' | ' | ' | ||
Closing Adjustments | ' | $2,000,000 | ' | ||
[1] | "Other" includes construction liabilities transferred upon deconsolidation. "Gain" includes $0.4 million of net mortgage interest income recognized, partially offset by $0.1 million of general and administrative overhead expense that had been capitalized into the project that was reversed upon deconsolidation. | ||||
[2] | Previously included in assets held for sale. | ||||
[3] | Includes five properties. | ||||
[4] | Includes two properties. | ||||
[5] | The Company repaid a mortgage note payable of $1.1 million upon sale and incurred debt extinguishment costs of $0.3 million. | ||||
[6] | The Company-financed mortgage note receivable was repaid in October 2013. | ||||
[7] | The Company-financed mortgage note was repaid in November 2012. | ||||
[8] | The Company-financed mortgage note was repaid in April 2012. |
Acquisitions_Dispositions_and_5
Acquisitions, Dispositions and Mortgage Repayments - Additional information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |||||||||
In Millions, unless otherwise specified | sqft | Real estate dispositions [Member] | Real estate dispositions [Member] | Mortgage note repayments [Member] | Mortgage note repayments [Member] | FLORIDA | TEXAS | Land Disposed March 2013 [Member] | Land Disposed March 2013 [Member] | Land Disposed March 2013 [Member] | Building Disposed April 2013 [Member] | Building Disposed April 2013 [Member] | Medical Office Buidlings Disposed January 2012 [Member] | Medical Office Buidlings Disposed January 2012 [Member] | Medical Office Buidlings Disposed January 2012 [Member] | Medical Office Buidlings Disposed January 2012 [Member] | Medical Office Buildings Disposed March 2012 [Member] | Medical Office Buildings Disposed March 2012 [Member] | Medical Office Buidlings Disposed April 2012 [Member] | Medical Office Buidlings Disposed April 2012 [Member] | Medical Office Buidlings Disposed April 2012 [Member] | ||||||||||
sqft | sqft | Real estate dispositions [Member] | TEXAS | TEXAS | TEXAS | Tennessee [Member] | Tennessee [Member] | FLORIDA | TEXAS | TEXAS | TEXAS | FLORIDA | TEXAS | Tennessee [Member] | FLORIDA | FLORIDA | |||||||||||||||
sqft | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | sqft | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | Real estate dispositions [Member] | |||||||||||||||||
sqft | Minimum [Member] | Maximum [Member] | sqft | sqft | building | Medical Office Building One [Member] | Medical Office Building Two [Member] | sqft | sqft | sqft | building | property | |||||||||||||||||||
acre | sqft | sqft | sqft | sqft | sqft | ||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Seller Financed Mortgage Notes Receivable | $3.70 | ($13.50) | $4.30 | $11.20 | $0.60 | ($24.70) | $0 | [1] | ' | $3.70 | ' | ' | ' | $0.60 | [1],[2] | $0 | [1] | $3 | [1],[3],[4] | ' | ' | $0 | [1] | $4.50 | [1],[5] | $0 | [1] | $3.70 | [6] | $3.70 | [6] |
Area Covered Under Real Estate Investment Sold in Measurement Units | 541,502 | ' | 541,502 | 757,826 | ' | ' | 14,322 | [1] | ' | 15.1 | ' | ' | 17,696 | 17,696 | [1],[2] | 35,752 | [1] | 33,726 | [1],[3],[4] | 14,748 | 18,978 | 33,895 | [1] | 82,664 | [1],[5] | 18,476 | [1] | 272,571 | [6] | 272,571 | [6] |
Contractual interest rates | ' | ' | ' | ' | ' | ' | ' | 5.35% | ' | 5.00% | 6.00% | ' | 7.50% | ' | 7.25% | ' | ' | ' | 7.25% | ' | 7.50% | 7.50% | |||||||||
Capital Contribution Proceeds From Minority Shareholders | ' | ' | ' | ' | ' | ' | ' | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Partnership, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Partnership, Permanent Mortgage Loan Upon Settlement of Equity Contributions | ' | ' | ' | ' | ' | ' | ' | 14.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Partnership, Consolidated Mortgage Loan | ' | ' | ' | ' | ' | ' | ' | 13.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of Properties Sold With Company Financed Mortgage Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 2 | 2 | |||||||||
Number of properties included | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | |||||||||
Additional Principal Payments Received | ' | ' | ' | ' | ' | ' | ' | ' | $1.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Previously included in assets held for sale. | ||||||||||||||||||||||||||||||
[2] | The Company-financed mortgage note receivable was repaid in October 2013. | ||||||||||||||||||||||||||||||
[3] | The Company-financed mortgage note was repaid in November 2012. | ||||||||||||||||||||||||||||||
[4] | Includes two properties. | ||||||||||||||||||||||||||||||
[5] | The Company-financed mortgage note was repaid in April 2012. | ||||||||||||||||||||||||||||||
[6] | Includes five properties. |
Mortgage_Notes_Receivable_Deta
Mortgage Notes Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | ||||||
Oklahoma [Member] | Oklahoma [Member] | Oklahoma [Member] | Missouri [Member] | Missouri [Member] | Iowa [Member] | Iowa [Member] | Florida [Member] | Florida [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | |||||||||||
Medical Office Building [Member] | Medical Office Building [Member] | Medical Office Building [Member] | Inpatient [Member] | Inpatient [Member] | Other Property [Member] | Other Property [Member] | Medical Office Building [Member] | Medical Office Building [Member] | Land [Member] | Land [Member] | Land [Member] | Land [Member] | |||||||||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Face Amount | ' | ' | ' | ' | ' | ' | ' | $94,889 | ' | $111,400 | ' | ' | ' | $40,000 | ' | $3,750 | ' | $3,666 | ' | ' | ' | ||
Interest Rate | ' | ' | ' | ' | ' | ' | 6.75% | 7.72% | ' | 8.17% | ' | ' | ' | 7.70% | ' | 7.50% | ' | ' | ' | 5.00% | 6.00% | ||
Mortgage notes receivable | $125,547 | [1] | $162,191 | [1] | $97,381 | $36,599 | $79,969 | $118,441 | ' | $79,969 | $56,842 | $0 | $61,599 | $45,578 | $43,750 | $39,973 | $40,000 | $3,750 | $3,750 | $1,855 | $0 | ' | ' |
[1] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Mortgage_Notes_Receivable_Narr
Mortgage Notes Receivable - Narrative (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
ConstructionLoan | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | Other Mortgage Loans [Member] | ||||||
Medical Office Building [Member] | Medical Office Building [Member] | Medical Office Building [Member] | Inpatient [Member] | Inpatient [Member] | Inpatient [Member] | Inpatient [Member] | Other Property [Member] | Other Property [Member] | Other Property [Member] | |||||||||||
OKLAHOMA | OKLAHOMA | OKLAHOMA | MISSOURI | MISSOURI | MISSOURI | MISSOURI | IOWA | IOWA | IOWA | |||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Existing Construction Mortgage Loans Funded | $58,700,000 | $78,300,000 | ' | ' | ' | ' | ' | $23,100,000 | ' | ' | ' | $35,600,000 | ' | ' | ' | ' | ' | ' | ||
Number of Mortgage Notes Receivable Outstanding | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Mortgage notes receivable | 125,547,000 | [1] | 162,191,000 | [1] | 97,381,000 | 36,599,000 | 79,969,000 | 118,441,000 | ' | 79,969,000 | 56,842,000 | ' | ' | 0 | 61,599,000 | 45,578,000 | 43,750,000 | ' | 39,973,000 | 40,000,000 |
Interest Rate | ' | ' | ' | ' | ' | ' | 6.75% | 7.72% | ' | ' | ' | 8.17% | ' | ' | ' | ' | 7.70% | ' | ||
Anticipated Amount of Investment | ' | ' | ' | ' | ' | ' | ' | 14,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated costs to completion | ' | ' | ' | ' | ' | ' | ' | 11,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price subject to final project costs | ' | ' | ' | ' | ' | ' | ' | 91,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Construction mortgage note receivable prepayment | 97,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 97,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of Property Leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 93.00% | ' | ||
Face Amount | ' | ' | ' | ' | ' | ' | ' | 94,889,000 | ' | ' | ' | 111,400,000 | ' | ' | ' | ' | 40,000,000 | ' | ||
Mortgage Loan on Real Estate Exit Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ||
[1] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet data (as of the period ended): | ' | ' |
Land | $178,931 | $161,875 |
Buildings, improvements and lease intangibles | 2,861,935 | 2,625,538 |
Personal property | 9,267 | 8,739 |
Total real estate properties | 3,067,187 | 2,821,323 |
Less accumulated depreciation | -632,109 | -580,617 |
Total real estate properties, net | 2,435,078 | 2,240,706 |
Other assets, net (including receivables) | 153,514 | 126,962 |
Assets held for sale and discontinued operations, net | 6,852 | 3,337 |
Accounts payable and accrued liabilities | 73,741 | 65,678 |
Other liabilities | 61,064 | 60,175 |
Liabilities of discontinued operations | 1,112 | 131 |
Discontinued Operations [Member] | ' | ' |
Balance Sheet data (as of the period ended): | ' | ' |
Land | 1,578 | 3,835 |
Buildings, improvements and lease intangibles | 15,400 | 5,566 |
Personal property | 0 | 207 |
Total real estate properties | 16,978 | 9,608 |
Less accumulated depreciation | -10,211 | -6,303 |
Total real estate properties, net | 6,767 | 3,305 |
Other assets, net (including receivables) | 85 | 32 |
Assets of discontinued operations, net | 85 | 32 |
Assets held for sale and discontinued operations, net | 6,852 | 3,337 |
Accounts payable and accrued liabilities | 1,091 | 99 |
Other liabilities | 21 | 32 |
Liabilities of discontinued operations | $1,112 | $131 |
Discontinued_Operations_Detail1
Discontinued Operations (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $318,294 | $288,787 | $263,740 | |||||||||||
Other operating | ' | ' | ' | ' | ' | ' | ' | ' | 5,931 | 6,101 | 7,885 | |||||||||||
Total Revenue | 90,116 | [1] | 84,311 | [2] | 82,062 | [3] | 80,437 | [4] | 78,250 | [5] | 76,481 | [6] | 75,487 | [7] | 73,856 | [8] | 336,926 | 304,074 | 278,598 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 125,565 | 116,470 | 112,152 | |||||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 23,729 | 20,905 | 20,988 | |||||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 88,380 | 81,966 | 72,036 | |||||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 10,645 | 10,418 | 8,105 | |||||||||||
Bad debt, net of recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 184 | 241 | -251 | |||||||||||
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 248,503 | 230,000 | 213,030 | |||||||||||
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Loss on extinguishment of debt | ' | ' | -29,900 | ' | ' | ' | ' | ' | -29,638 | ' | -1,986 | |||||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -73,511 | -74,955 | -75,938 | |||||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 966 | 976 | 813 | |||||||||||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -100,691 | -73,979 | -77,111 | |||||||||||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,422 | 9,474 | 11,021 | |||||||||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -9,889 | -14,908 | -6,697 | |||||||||||
Gain on sales of real estate properties | 2,700 | 20,200 | 1,800 | ' | 1,200 | 6,300 | ' | 3,400 | 24,718 | 10,874 | 7,035 | |||||||||||
Discontinued operations | 2,568 | [1] | 15,080 | [2] | 3,463 | [3] | -1,860 | [4] | -4,895 | [5] | 5,200 | [6] | 2,053 | [7] | 3,082 | [8] | 19,251 | 5,440 | 11,359 | |||
Income (Loss) from Discontinued Operations per Common Share - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | |||||||||||
Income (Loss) from Discontinued Operations per Common Share - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | |||||||||||
Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 8,229 | [9] | 17,947 | [9] | 23,628 | [9] | ||||||||
Other operating | ' | ' | ' | ' | ' | ' | ' | ' | 4 | [9] | 20 | [9] | 56 | [9] | ||||||||
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,233 | [9] | 17,967 | [9] | 23,684 | [9] | ||||||||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,836 | [10] | 3,712 | [10] | 5,433 | [10] | ||||||||
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [10] | 9 | [10] | 10 | [10] | ||||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,653 | [10] | 4,698 | [10] | 7,019 | [10] | ||||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 63 | [10] | 147 | [10] | 121 | [10] | ||||||||
Bad debt, net of recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1 | [10] | -1 | [10] | 91 | [10] | ||||||||
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,554 | [10] | 8,565 | [10] | 12,674 | [10] | ||||||||
Other Income (Expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -270 | [11] | 0 | [11] | 0 | [11] | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -40 | [11] | -97 | [11] | -100 | [11] | ||||||||
Interest and other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 53 | [11] | 169 | [11] | 111 | [11] | ||||||||
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -257 | [11] | 72 | [11] | 11 | [11] | ||||||||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,422 | 9,474 | 11,021 | |||||||||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | -9,889 | [12] | -14,908 | [12] | -6,697 | [12] | ||||||||
Gain on sales of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 24,718 | [13] | 10,874 | [13] | 7,035 | [13] | ||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $19,251 | $5,440 | $11,359 | |||||||||||
Income (Loss) from Discontinued Operations per Common Share - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | |||||||||||
Income (Loss) from Discontinued Operations per Common Share - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | |||||||||||
[1] | The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | |||||||||||||||||||||
[2] | The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | |||||||||||||||||||||
[3] | The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | |||||||||||||||||||||
[4] | The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | |||||||||||||||||||||
[5] | The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. | |||||||||||||||||||||
[6] | The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | |||||||||||||||||||||
[7] | The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | |||||||||||||||||||||
[8] | The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. | |||||||||||||||||||||
[9] | Total revenues for the years ended December 31, 2013, 2012 and 2011 included $7.0 million, $16.2 million and $22.1 million, respectively, related to properties sold; and $1.2 million, $1.8 million and $1.6 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||||||||||||
[10] | Total expenses for the years ended December 31, 2013, 2012 and 2011 included $2.1 million, $7.4 million and $12.0 million, respectively, related to properties sold; and $1.5 million, $1.2 million and $0.7 million, respectively, related to three properties held for sale as of December 31, 2013. | |||||||||||||||||||||
[11] | Other income (expense) for the years ended December 31, 2013, 2012, and 2011 included income related to properties sold. | |||||||||||||||||||||
[12] | Impairments for the year ended December 31, 2013 included the following: $3.3 million related to the sale of a land parcel; $0.4 million related to two properties classified to held for sale and subsequently sold for a gain; and $6.2 million related to three properties held for sale; December 31, 2012 included $11.1 million related to 12 properties sold and $3.8 million related to one property held for sale; and December 31, 2011 included $1.7 million related to two properties sold and $5.0 million related to five properties held for sale. | |||||||||||||||||||||
[13] | Gain on sales of real estate properties for the years ended December 31, 2013, 2012 and 2011 included gains on the sale of 12, seven and three properties, respectively. |
Discontinued_Operations_Detail2
Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
property | property | property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of impaired properties sold | 1 | ' | ' |
Discontinued Operations [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of properties held for sale | 3 | 1 | ' |
Revenue related to properties sold | $7 | $16.20 | $22.10 |
Revenue related to properties held for sale | 1.2 | 1.8 | 1.6 |
Expenses related to sale of real estate | 2.1 | 7.4 | 12 |
Expense related to properties held for sale | 1.5 | 1.2 | 0.7 |
Impairments related to sold property | 0.4 | 11.1 | 1.7 |
Impairments related to property held for sale | 6.2 | 3.8 | 5 |
Number of impaired properties sold | 2 | 12 | 2 |
Number of impaired properties held for sale | 3 | 1 | 5 |
Number of properties related to gain on sales | 12 | 7 | 3 |
Land Parcel [Member] | Discontinued Operations [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Impairments related to sold property | $3.30 | ' | ' |
Impairment_Charges_Details_Tex
Impairment Charges (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | Designated For Sale [Member] | Designated For Sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Assets Held-for-sale [Member] | Sold During The Year [Member] | Sold During The Year [Member] | Sold During The Year [Member] | Sold During The Year [Member] | |||
Property | Property | property | property | property | property | |||||||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments | $9,889,000 | $14,908,000 | $6,697,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments related to sold property | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | 3,300,000 | 11,100,000 | 1,700,000 |
Number of Impaired Properties Held for Sale | ' | ' | ' | 5 | 4 | ' | ' | ' | ' | ' | ' | ' |
Number of impaired properties sold | 1 | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 12 | 2 |
Impairments related to property held for sale | ' | ' | ' | ' | ' | $6,600,000 | $3,800,000 | $300,000 | ' | ' | ' | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' |
Prepaid assets | $55,300,000 | $50,700,000 | ' |
Straight-line rent receivables | 42,200,000 | 34,700,000 | ' |
Additional long-lived assets, net | 15,900,000 | 4,300,000 | ' |
Above-market intangible assets, net | 14,400,000 | 12,700,000 | ' |
Deferred financing costs, net | 11,700,000 | 10,600,000 | ' |
Accounts receivable | 7,000,000 | 6,100,000 | ' |
Allowance for uncollectible accounts | -500,000 | -700,000 | ' |
Goodwill | 3,500,000 | 3,500,000 | ' |
Customer relationship intangible assets, net | 2,000,000 | 2,000,000 | ' |
Investment in unconsolidated LLC - cost method | 0 | 1,300,000 | ' |
Other | 2,000,000 | 1,800,000 | ' |
Other Assets | 153,514,000 | 126,962,000 | ' |
Other Assets (Textual) [Abstract] | ' | ' | ' |
Gain on sale of cost method investment in real estate | 1,492,000 | 0 | 0 |
Cost method investments income loss from joint venture | $500,000 | $400,000 | $700,000 |
Intangible_Assets_and_Liabilit2
Intangible Assets and Liabilities - Components of intangible assets and liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Intangible assets and liabilities, gross | $149.50 | $98.10 |
Intangible assets and liabilities, accumulated amortization | 80.3 | 32.4 |
Assets and liabilities, weighted avg. life (years) | '14 years 9 months 6 days | ' |
Below-market lease intangibles [Member] | Other liabilities [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Liabilities gross balance | -8.9 | -6.8 |
Liabilities accumulated amortization | -4.1 | -1.9 |
Liabilities, weighted avg. life (years) | '13 years 6 months 0 days | ' |
Goodwill [Member] | Other assets [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Assets gross balance | 3.5 | 3.5 |
Assets accumulated amortization | 0 | 0 |
Deferred financing costs [Member] | Other assets [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Assets gross balance | 16.4 | 17.6 |
Assets accumulated amortization | 4.7 | 7 |
Assets, weighted avg. life (years) | '5 years 0 months 0 days | ' |
Above-market lease intangibles [Member] | Other assets [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Assets gross balance | 17.3 | 14.8 |
Assets accumulated amortization | 2.9 | 2.1 |
Assets, weighted avg. life (years) | '48 years 4 months 8 days | ' |
Customer relationship intangibles [Member] | Other assets [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Assets gross balance | 2.6 | 2.6 |
Assets accumulated amortization | 0.6 | 0.6 |
Assets, weighted avg. life (years) | '29 years 7 months 2 days | ' |
At Market Lease Intangibles [Member] | Real estate properties [Member] | ' | ' |
Schedule of finite lived intangible assets and liabilities | ' | ' |
Assets gross balance | 118.6 | 66.4 |
Assets accumulated amortization | $76.20 | $24.60 |
Assets, weighted avg. life (years) | '6 years 7 months 28 days | ' |
Intangible_Assets_and_Liabilit3
Intangible Assets and Liabilities - Expected future amortization expense (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $13.30 |
2015 | 10.7 |
2016 | 9.7 |
2017 | 6.6 |
2018 | $4.80 |
Notes_and_Bonds_Payable_Detail
Notes and Bonds Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2010 | Dec. 31, 2013 | Mar. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | Line of Credit [Member] | Line of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | ||||
Unsecured Credit Facility due 2015 [Member] | Unsecured Credit Facility due 2015 [Member] | 5.125% Senior Notes Due 2014 [Member] | 5.125% Senior Notes Due 2014 [Member] | 5.125% Senior Notes Due 2014 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 3.75% Senior Notes Due 2023 [Member] | 3.75% Senior Notes Due 2023 [Member] | 3.75% Senior Notes Due 2023 [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Notes and bonds payable | $1,348,459 | [1] | $1,293,044 | [1] | $238,000 | $110,000 | $0 | ' | $264,522 | $299,008 | $298,728 | ' | $397,578 | $397,307 | ' | $248,077 | ' | $0 | ' | $165,796 | $222,487 |
Contractual interest rates | ' | ' | ' | ' | 5.13% | 5.13% | ' | 6.50% | ' | 6.50% | 5.75% | ' | 5.75% | 3.75% | 3.75% | ' | ' | ' | ' | ||
Contractual interest rates, description of variable rate basis | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contractual interest rates, basis spread on variable rate | ' | ' | 1.40% | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Contractual interest rates, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ||
Contractual interest rates, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.63% | ' | ' | ||
[1] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. |
Notes_and_Bonds_Payable_Senior
Notes and Bonds Payable - Senior Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
3.75% Senior Notes Due 2023 [Member] | 3.75% Senior Notes Due 2023 [Member] | 3.75% Senior Notes Due 2023 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 5.125% Senior Notes Due 2014 [Member] | 5.125% Senior Notes Due 2014 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Senior notes face value | ' | ' | $250,000 | $250,000 | ' | $400,000 | $400,000 | $400,000 | $300,000 | $300,000 | $300,000 | $0 | $264,737 | ||
Unaccreted discount | ' | ' | -1,923 | -2,100 | ' | -2,422 | -2,693 | ' | -992 | -1,272 | ' | 0 | -215 | ||
Notes and bonds payable | $1,348,459 | [1] | $1,293,044 | [1] | $248,077 | ' | $0 | $397,578 | $397,307 | ' | $299,008 | $298,728 | ' | $0 | $264,522 |
[1] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. |
Notes_and_Bonds_Payable_Mortga
Notes and Bonds Payable - Mortgage Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Notes and bonds payable | $1,348,459 | [1] | $1,293,044 | [1] |
Mortgage notes payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Mortgage notes | 166,684 | 225,242 | ||
Unaccreted discount | -888 | -2,755 | ||
Notes and bonds payable | $165,796 | $222,487 | ||
[1] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. |
Notes_and_Bonds_Payable_Detail1
Notes and Bonds Payable - Details of Mortgage Notes (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
mortgage_note_payable | Mortgage Notes 7.765% [Member] | Mortgage Notes 7.765% [Member] | Mortgage Notes 5.550% [Member] | Mortgage Notes 5.550% [Member] | Mortgage Notes 5.490% [Member] | Mortgage Notes 5.490% [Member] | Mortgage Notes 6.480% [Member] | Mortgage Notes 6.480% [Member] | Mortgage Notes 6.110% [Member] | Mortgage Notes 6.110% [Member] | Mortgage Notes 7.650% [Member] | Mortgage Notes 7.650% [Member] | Mortgage Notes 6.810% [Member] | Mortgage Notes 6.810% [Member] | Mortgage Notes 6.810% [Member] | Mortgage Notes 6.430% [Member] | Mortgage Notes 6.430% [Member] | Mortgage Notes 7.250% [Member] | Mortgage Notes 7.250% [Member] | Mortgage Notes 7.250% [Member] | Mortgage Notes 5.530% [Member] | Mortgage Notes 5.530% [Member] | Mortgage Notes 6.550% [Member] | Mortgage Notes 6.550% [Member] | Mortgage Notes 6.550% [Member] | Mortgage Notes 5.250% [Member] | Mortgage Notes 5.250% [Member] | Mortgage Notes 4.700% [Member] | Mortgage Notes 4.700% [Member] | Mortgage Notes 4.700% [Member] | Mortgage Notes 4.700% [Member] | Mortgage Notes 5.100% [Member] | Mortgage Notes 5.100% [Member] | Mortgage Notes 4.540% [Member] | Mortgage Notes 4.540% [Member] | Mortgage Notes 4.060% [Member] | Mortgage Notes 4.060% [Member] | Mortgage Notes 4.060% [Member] | Mortgage Notes 4.060% [Member] | Mortgage Notes 4.000% [Member] | Mortgage Notes 4.000% [Member] | Mortgage Notes 5.25% 20 Year [Member] | Mortgage Notes 5.25% 20 Year [Member] | Mortgage Notes 5.25% 20 Year [Member] | Mortgage Notes 5% Thirty Year [Member] | Mortgage Notes 5% Thirty Year [Member] | Mortgage Notes 5% Thirty Year [Member] | Mortgage Notes 5% 25 Year [Member] | Mortgage Notes 5% 25 Year [Member] | Mortgage Notes 5% 25 Year [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Life Insurance Co. [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Investment Fund [Member] | Investment Fund [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Investment Co. [Member] | Investment Co. [Member] | Investment Co. [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Life Insurance Company - I [Member] | Life Insurance Company - I [Member] | Insurance Co. [Member] | Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Life Insurance Company - I [Member] | Life Insurance Company - I [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | Life Insurance Co. [Member] | Commercial Bank [Member] | Commercial Bank [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
mortgage_note_payable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Mortgage notes | ' | ' | ' | ' | ' | $4,700,000 | ' | $1,800,000 | ' | $15,100,000 | ' | $17,400,000 | [1] | ' | $12,000,000 | [2] | ' | $15,200,000 | [3],[4] | ' | ' | $1,500,000 | [5] | ' | $12,900,000 | [6] | ' | ' | $80,000,000 | [7] | ' | $7,000,000 | ' | $15,900,000 | [8] | ' | ' | $4,600,000 | ' | $13,900,000 | [9] | ' | $21,500,000 | [10] | ' | $7,300,000 | [11] | ' | $8,100,000 | [12] | ' | $5,300,000 | [13],[14] | ' | $3,100,000 | [15] | ' | $7,900,000 | [16] | ' | ' | $15,000,000 | [17] | ' | ' | $18,300,000 | [12] | ' | ' | ' | ' | $166,684,000 | $225,242,000 | ||||||||||||||||||||||||||
Effective Interest rate | ' | ' | ' | ' | ' | 7.77% | [18] | ' | 5.55% | [18] | ' | 5.49% | [18] | ' | 6.48% | [1],[18] | ' | 6.11% | [18],[2] | ' | 7.65% | [18],[3],[4] | ' | ' | 6.81% | [18],[5] | ' | 6.43% | [18],[6] | ' | ' | 7.25% | [18] | ' | 5.53% | [18] | ' | 6.55% | [18],[8] | ' | ' | 5.25% | [18] | ' | 4.70% | [18],[9] | ' | 4.70% | [10],[18] | ' | 5.10% | [11],[18] | ' | 4.54% | [12],[18] | ' | 4.06% | [13],[14],[18] | ' | 4.06% | [15],[18] | ' | 4.00% | [16],[18] | ' | ' | 5.25% | [17],[18] | ' | ' | 5.00% | [12],[18] | ' | ' | 5.00% | [15],[18] | ' | ' | ' | ||||||||||||||||||||
Maturity Date | ' | ' | ' | ' | '2020-08 | '2017-01 | ' | '2030-10 | ' | '2016-01 | ' | '2015-05 | [1] | ' | '2015-07 | [2] | ' | '2020-07 | [3] | ' | '2016-07 | [5] | ' | ' | '2021-02 | [6] | ' | ' | '2016-12 | [7] | ' | '2018-01 | ' | ' | ' | '2013-04 | [8] | '2015-09 | ' | '2016-01 | [9] | ' | '2015-08 | [10] | ' | '2018-12 | [11] | ' | '2016-08 | [12] | ' | '2014-11 | [13],[14] | ' | '2014-11 | [15] | ' | ' | ' | ' | '2027-04 | [17] | ' | ' | '2016-12 | [12] | ' | ' | '2016-04 | [15] | ' | ' | ' | ||||||||||||||||||||||||||
Collateral | ' | ' | ' | ' | ' | 'MOB | [19] | ' | 'OTH | [19] | ' | 'MOB | [19] | ' | 'MOB | [1],[19] | ' | '2Â MOBs | [19],[2] | ' | 'MOB | [19],[3],[4] | ' | ' | 'MOB | [19],[5] | ' | 'MOB | [19],[6] | ' | ' | '15 MOBs | [19],[7] | ' | 'MOB | [19] | ' | 'MOB | [19],[8] | ' | ' | 'MOB | [19] | ' | 'MOB | [19],[9] | ' | 'MOB | [10],[19] | ' | 'MOB | [11],[19] | ' | 'MOB | [12],[19] | ' | 'MOB | [13],[14],[19] | ' | 'MOB | [15],[19] | ' | 'MOB | [16],[19] | ' | ' | 'MOB | [17],[19] | ' | ' | 'MOB | [12],[19] | ' | ' | 'MOB | [15],[19] | ' | ' | ' | ||||||||||||||||||||
Principal and interest payments | ' | ' | ' | ' | ' | 'Monthly/20-yr amort. | [20] | ' | 'Monthly/27-yr amort. | [20] | ' | 'Monthly/10-yr amort. | [20] | ' | 'Monthly/10-yr amort. | [1],[20] | ' | 'Monthly/10-yr amort. | [2],[20] | ' | ' | ' | ' | 'Monthly/9-yr amort. | [20],[5] | ' | 'Monthly/12-yr amort. | [20],[6] | ' | ' | 'Monthly/30-yr amort. | [20],[7] | ' | 'Monthly/15-yr amort. | [20] | ' | 'Monthly/30-yr amort. | [20],[8] | ' | ' | 'Monthly/10-yr amort. | [20] | ' | 'Monthly/25-yr amort. | [20],[9] | ' | 'Monthly/25-yr amort. | [10],[20] | ' | 'Monthly/25-yr amort. | [11],[20] | ' | 'Monthly/10-yr amort. | [12],[20] | ' | 'Monthly/25-yr amort. | [13],[14],[20] | ' | 'Monthly/25-yr amort. | [15],[20] | ' | 'Monthly/15-yr amort. | [16],[20] | ' | ' | 'Monthly/20-yr amort | [17],[20] | ' | ' | 'Monthly/30-yr amort | [12],[20] | ' | ' | 'Monthly/25-yr amort | [15],[20] | ' | ' | ' | |||||||||||||||||||||
Principal and interest amortization period | ' | ' | ' | ' | '15 years | '20 years | ' | '27 years | ' | '10 years | ' | '10 years | [1] | ' | '10 years | [2] | ' | '11 years | ' | '9 years | [5] | ' | ' | '12 years | [6] | ' | ' | '30 years | [7] | ' | '15 years | ' | ' | ' | '30 years | [8] | '10 years | ' | '25 years | [9] | ' | '25 years | [10] | ' | '25 years | [11] | ' | '10 years | [12] | ' | '25 years | [13],[14] | ' | '25 years | [15] | ' | ' | ' | ' | '20 years | [17] | ' | ' | '30 years | [12] | ' | ' | '25 years | [15] | ' | ' | ' | |||||||||||||||||||||||||||
Investment in Collateral | ' | ' | ' | ' | ' | 11,900,000 | ' | 7,900,000 | ' | 34,400,000 | ' | 20,000,000 | [1] | ' | 19,500,000 | [2] | ' | 20,200,000 | [3],[4] | ' | ' | 0 | [5] | ' | 20,700,000 | [6] | ' | ' | 0 | [7] | ' | 14,700,000 | ' | 0 | [8] | ' | ' | 7,000,000 | ' | 26,500,000 | [9] | ' | 44,200,000 | [10] | ' | 14,600,000 | [11] | ' | 15,600,000 | [12] | ' | 11,700,000 | [13],[14] | ' | 6,200,000 | [15] | ' | 20,700,000 | [16] | ' | ' | 33,300,000 | [17] | ' | ' | 33,000,000 | [12] | ' | ' | 20,100,000 | [15] | ' | 382,200,000 | ' | |||||||||||||||||||||||||
Mortgage notes payable carrying amount | ' | ' | ' | ' | ' | 1,200,000 | 1,600,000 | 1,500,000 | 1,600,000 | 12,300,000 | 12,700,000 | 14,700,000 | [1] | 14,600,000 | [1] | 10,000,000 | [2] | 9,900,000 | [2] | 12,700,000 | [3],[4] | 12,800,000 | [3],[4] | ' | 0 | [5] | 1,100,000 | [5] | 11,100,000 | [6] | 11,300,000 | [6] | ' | 0 | [7] | 77,500,000 | [7] | 2,500,000 | 3,000,000 | 0 | [8] | 14,900,000 | [8] | ' | 4,200,000 | 4,200,000 | 11,500,000 | [9] | 11,900,000 | [9] | 17,400,000 | [10] | 18,100,000 | [10] | 7,000,000 | [11] | 7,300,000 | [11] | 7,600,000 | [12] | 7,800,000 | [12] | 4,300,000 | [13],[14] | 4,500,000 | [13],[14] | 2,500,000 | [15] | 2,600,000 | [15] | 4,600,000 | [16] | 5,100,000 | [16] | ' | 12,500,000 | [17] | 0 | [17] | ' | 17,000,000 | [12] | 0 | [12] | ' | 11,200,000 | [15] | 0 | [15] | 165,800,000 | 222,500,000 | ||||||||
Unaccreted discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | 2,100,000 | ' | 2,400,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 888,000 | 2,755,000 | ||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 29,900,000 | 29,638,000 | ' | 1,986,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,400,000 | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Unamortized portion of premium | ' | ($6,225,000) | [21] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | ' | $400,000 | ' | $600,000 | ' | $500,000 | ' | $300,000 | ' | $200,000 | ' | $300,000 | ' | $700,000 | ' | ' | $500,000 | ' | ' | $200,000 | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Number of buildings secured for mortgage note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Period for monthly installments of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Number of outstanding mortgage notes | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Contractual interest rates, minimum | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
Contractual interest rates, maximum | ' | ' | ' | ' | 7.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||
[1] | The unaccreted portion of a $2.7 million discount recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The unaccreted portion of a $2.1 million discount recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The unaccreted portion of a $2.4 million discount recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Payable in monthly installments of interest only for 24 months and then installments of principal and interest based on an 11-year amortization with the final payment due at maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company repaid this mortgage note payable upon the sale of the building in June 2013. See Note 4 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The unaccreted portion of a $1.0 million discount recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The Company prepaid this mortgage note payable in June 2013 resulting in a loss on extinguishment of debt of $17.4 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The Company repaid this mortgage note payable in February 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The unamortized portion of a $0.3 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The unamortized portion of a $0.4 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | The unamortized portion of the $0.6 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | The unamortized portions of the $0.3 million premium recorded on these notes upon acquisition are included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | Balance consists of two notes secured by the same building. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | The contractual interest rates for the twenty outstanding mortgage notes ranged from 5.0% to 7.6% as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[19] | MOB-Medical office building; OTH-Other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[20] | Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[21] | Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2017, Senior Notes due 2021, Senior Notes due 2023, and fifteen mortgage notes payable. |
Notes_and_Bonds_Payable_Future
Notes and Bonds Payable - Future Maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | $1,354,684 | ' | ||
Net Accretion/Amortization | -6,225 | [1] | ' | |
Notes and bonds payable | 1,348,459 | [2] | 1,293,044 | [2] |
% | 100.00% | ' | ||
2014 [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 12,334 | ' | ||
Net Accretion/Amortization | -1,031 | [1] | ' | |
Notes and bonds payable | 11,303 | ' | ||
% | 0.80% | ' | ||
2015 [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 50,527 | ' | ||
Net Accretion/Amortization | -858 | [1] | ' | |
Notes and bonds payable | 49,669 | ' | ||
% | 3.70% | ' | ||
2016 [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 58,380 | ' | ||
Net Accretion/Amortization | -714 | [1] | ' | |
Notes and bonds payable | 57,666 | ' | ||
% | 4.30% | ' | ||
2017 [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 540,844 | ' | ||
Net Accretion/Amortization | -721 | [1] | ' | |
Notes and bonds payable | 540,123 | ' | ||
% | 40.10% | ' | ||
2018 [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 8,042 | ' | ||
Net Accretion/Amortization | -751 | [1] | ' | |
Notes and bonds payable | 7,291 | ' | ||
% | 0.50% | ' | ||
2019 and thereafter [Member] | ' | ' | ||
Future contractual maturities of the Company's notes and bonds payable | ' | ' | ||
Principal Maturities | 684,557 | ' | ||
Net Accretion/Amortization | -2,150 | [1] | ' | |
Notes and bonds payable | $682,407 | ' | ||
% | 50.60% | ' | ||
[1] | Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2017, Senior Notes due 2021, Senior Notes due 2023, and fifteen mortgage notes payable. | |||
[2] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. |
Notes_and_Bonds_Payable_Narrat
Notes and Bonds Payable - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 15, 2013 | Feb. 15, 2013 | Dec. 31, 2013 | Oct. 14, 2011 | Feb. 15, 2013 | Feb. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2010 | Dec. 31, 2013 | Mar. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2009 | Apr. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Unsecured Credit Facility due 2015 [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Mortgage notes payable [Member] | ||||||
Line of Credit [Member] | Unsecured Credit Facility due 2015 [Member] | Unsecured Credit Facility due 2015 [Member] | Unsecured Credit Facility due 2015 [Member] | Unsecured Credit Facility due 2015 [Member] | Unsecured Credit Facility due 2015 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 5.750% Senior Notes Due 2021 [Member] | 3.75% Senior Notes Due 2023 [Member] | 3.75% Senior Notes Due 2023 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 6.500% Senior Notes Due 2017 [Member] | 5.125% Senior Notes Due 2014 [Member] | 5.125% Senior Notes Due 2014 [Member] | 5.125% Senior Notes Due 2014 [Member] | Mortgage Notes Seven Point Two Five Zero Percent [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | |||||||
extension_option | Lender | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unsecured credit facility | ' | ' | ' | ' | ' | ' | ' | $700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Lenders of unsecured credit facility | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of extension options | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period of extension option | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Extension fees as percentage of aggregate commitments | ' | ' | ' | ' | ' | 0.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage of interest in addition to LIBOR | ' | ' | ' | ' | ' | 1.40% | ' | ' | 0.95% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Facility fee on the aggregate amount of commitments | ' | ' | ' | ' | ' | 0.30% | ' | ' | 0.15% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred finance costs, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Anticipated write off of unamortized deferred financing costs | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount outstanding under Unsecured Credit Facility | ' | ' | ' | ' | ' | ' | 238,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average interest rate (LOC) | ' | ' | ' | ' | ' | ' | 1.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | 462,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption of unsecured senior notes | ' | 19,984,000 | 4,990,000 | 3,703,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 277,300,000 | ' | ' | ' | 94,300,000 | ' | ' | ' | |
Outstanding principal of unsecured senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,700,000 | ' | ' | ' | 77,000,000 | ' | ' | ' | |
Senior notes face value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | 400,000,000 | 250,000,000 | 250,000,000 | 300,000,000 | 300,000,000 | ' | 300,000,000 | ' | 0 | 264,737,000 | ' | ' | 166,684,000 | 225,242,000 | ' | |
Interest rate on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | 5.75% | 3.75% | 3.75% | 6.50% | ' | ' | 6.50% | 5.13% | 5.13% | ' | ' | 7.25% | ' | ' | ' | |
Unaccreted discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,422,000 | 2,693,000 | ' | ' | 1,923,000 | 2,100,000 | 992,000 | 1,272,000 | ' | ' | ' | 0 | 215,000 | ' | ' | 888,000 | 2,755,000 | ' | |
Unamortized discount (premium) | ' | 6,225,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | 2,000,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Accrued Interest Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | 500,000 | ' | ' | ' | |
Make Whole Interest on Extinguishment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | 16,800,000 | ' | ' | ' | |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | 500,000 | ' | ' | ' | |
Gains (Losses) on Extinguishment of Debt | -29,900,000 | -29,638,000 | ' | -1,986,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | 17,400,000 | ' | ' | ' | |
Authorized Repurchase Of Debt Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate yielded per annum upon issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.86% | ' | 3.85% | ' | ' | ' | 6.62% | ' | ' | ' | ' | ' | ' | ' | ' | |
Amount of amortization included in interest expense on the Company's consolidated Statements of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000 | $300,000 | $0 | ' | $100,000 | ' | $300,000 | $300,000 | $200,000 | ' | ' | ' | ' | ' | ' | $400,000 | $300,000 | $700,000 | |
Debt Instrument principal and interest amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | |
[1] | Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2017, Senior Notes due 2021, Senior Notes due 2023, and fifteen mortgage notes payable. |
Stockholders_Equity_Common_sha
Stockholders' Equity - Common shares (Details) | 0 Months Ended | 12 Months Ended | |||||
Jul. 19, 2013 | Sep. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Reconciliation of the beginning and ending common stock outstanding | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of year | ' | ' | 95,924,000 | 87,514,000 | 87,514,336 | 77,843,883 | 66,071,424 |
Issuance of common stock | 3,000,000 | 9,200,000 | ' | ' | 8,293,369 | 9,275,895 | 11,681,392 |
Non-vested stock-based awards, net of forfeitures | ' | ' | ' | ' | 116,634 | 394,558 | 91,067 |
Balance, end of year | ' | ' | 95,924,000 | 87,514,000 | 95,924,339 | 87,514,336 | 77,843,883 |
Stockholders_Equity_Accumulate
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Balance, beginning of period | ($2,092) | ($3,332) | ' |
Other comprehensive income before reclassifications | 1,952 | 973 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 191 | 267 | ' |
Other comprehensive income | 2,143 | 1,240 | 1,937 |
Balance, end of period | $51 | ($2,092) | ($3,332) |
Stockholders_Equity_Reclassifi
Stockholders' Equity - Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
General and Administrative Expense | ($23,729) | ($20,905) | ($20,988) |
Amounts reclassified from accumulated other comprehensive income (loss) | 191 | 267 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 191 | ' | ' |
Prior service costs | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
General and Administrative Expense | -1,189 | ' | ' |
Actuarial gains | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
General and Administrative Expense | $1,380 | ' | ' |
Stockholders_Equity_Narrative_
Stockholders' Equity - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Jul. 19, 2013 | Sep. 28, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Feb. 04, 2014 | |
Subsequent Event [Member] | |||||||||||
Dividend Declared [Member] | |||||||||||
Schedule of sale of stock under market equity offering Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Sold | ' | ' | ' | ' | ' | ' | 5,207,871 | 0 | 11,648,700 | ' | ' |
Sales Price Per Share, minimum | ' | ' | ' | ' | ' | ' | $24.19 | $0 | $20.27 | ' | ' |
Sales Price Per Share, maximum | ' | ' | ' | ' | ' | ' | $30.49 | $0 | $23.63 | ' | ' |
Net Proceeds | ' | ' | ' | ' | ' | ' | $140,600,000 | $0 | $251,600,000 | ' | ' |
Number of Authorized Shares Remaining Under Offering Program | ' | ' | 5,391,400 | ' | ' | ' | 5,391,400 | ' | ' | ' | ' |
Stockholders Equity (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 3,000,000 | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' |
Gross price per share | ' | $23.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net price per share | $26.13 | $22.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock, net | 78,300,000 | 201,100,000 | ' | ' | ' | ' | 220,252,000 | 202,352,000 | 251,916,000 | ' | ' |
Dividends per share to common stockholders, declared | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | $0.30 |
Dividend per share to common stockholders, paid | ' | ' | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 | $1.20 | $1.20 | ' | ' |
Number of common shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Other comprehensive income loss reduction in future benefit obligations related to pension plan | ' | ' | ' | ' | ' | ' | $2,100,000 | $1,200,000 | ' | ' | ' |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net periodic benefit cost for both the Executive Retirement Plan and the Outside Director Plan | ' | ' | ' |
Service cost | $86 | $77 | $69 |
Interest cost | 597 | 725 | 856 |
Amortization of prior service cost | -1,189 | -723 | ' |
Amortization of net gain | 1,380 | 990 | 929 |
Total | 874 | 1,069 | 1,854 |
Net gain recognized in Accumulated other comprehensive income (loss) | -2,143 | -1,240 | -1,937 |
Total recognized in net periodic benefit gain and Accumulated other comprehensive income (loss) | ($1,269) | ($171) | ($83) |
Benefit_Plans_Details_1
Benefit Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $15,201 | $15,414 | ' |
Service cost | 86 | 77 | 69 |
Interest cost | 597 | 725 | 856 |
Benefits paid | -42 | -42 | ' |
Unrecognized prior service cost | 0 | -2,120 | ' |
Actuarial (gain) loss, net | -1,952 | 1,147 | ' |
Benefit obligation at end of year | 13,890 | 15,201 | 15,414 |
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' |
Net liabilities included in other liabilities | -13,941 | -13,109 | ' |
Amounts recognized in accumulated other comprehensive income (loss) | $51 | ($2,092) | ' |
Benefit_Plans_Details_2
Benefit Plans (Details 2) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rates | 4.92% | 3.91% | 4.69% |
Compensation increases | 2.70% | 2.70% | 2.70% |
Benefit_Plans_Details_Textual
Benefit Plans (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2008 | |
officer | officer | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Number of employees covered by the Company's pension plan | 3 | ' |
Amount included in accumulated other comprehensive loss will be amortized to expense in 2012 | $700,000 | ' |
Executive Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Number of employees covered by the Company's pension plan | 3 | ' |
Minimum age to receive pension benefits | '65 years | ' |
Minimum years of service to receive pension benefits | '5 years | ' |
Defined benefit plans, general information | 'equal to 60% of the officer’s final average earnings (defined as the average of the executive’s highest three years’ earnings) plus 6% of final average earnings multiplied by the years of service after age 60 (but not more than five years), less 100% of certain other retirement benefits | ' |
Percentage of average earnings of officer as pension benefits amount | 60.00% | ' |
Years of highest earnings to calculate the average earnings | '3 years | ' |
Additional amount to be given as pension benefits is percentage of final average | 6.00% | ' |
Minimum year of service used to calculate average earnings for final average earnings | '60 years | ' |
Years of earning to calculate average final earnings maximum | '5 years | ' |
Percentage of certain other benefits to be deducted from final amount of pension | 100.00% | ' |
Maximum annual benefits payable under the Executive Retirement Plan, frozen subject to cost-of-living adjustments | ' | 896,000 |
Number of officers eligible for pension benefits excluding chief executive officer | ' | 2 |
Number of officers which elected to receive benefits monthly upon retirement | ' | 1 |
Number of officers which elected to receive benefits in one lump sum upon retirement | ' | 1 |
Annual Installment to be Paid to CEO as pension benefits upon retirement | $900,000 | ' |
Stock_and_Other_Incentive_Plan2
Stock and Other Incentive Plans (Details) (Restricted Stock and Performance Based Awards [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock and Performance Based Awards [Member] | ' | ' | ' |
Summary of the activity under the incentive plans | ' | ' | ' |
Stock-based awards, beginning of year | 1,770,061 | 1,430,675 | 1,379,243 |
Granted | 134,752 | 397,917 | 106,569 |
Vested | -116,645 | -58,531 | -44,211 |
Forfeited | 0 | 0 | -10,926 |
Stock-based awards, end of year | 1,788,168 | 1,770,061 | 1,430,675 |
Weighted-average grant date fair value of: | ' | ' | ' |
Stock-based awards, beginning of year | $23.97 | $24.42 | $24.71 |
Stock-based awards granted during the year | $23.90 | $22.35 | $21.64 |
Stock-based awards vested during the year | $26.35 | $23.99 | $26.33 |
Stock-based awards forfeited during the year | $0 | $0 | $22.24 |
Stock-based awards, end of year | $23.81 | $23.97 | $24.42 |
Grant date fair value of shares granted during the year | $3,220,623 | $8,894,424 | $2,305,848 |
Stock_and_Other_Incentive_Plan3
Stock and Other Incentive Plans (Details 1) (Employees Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employees Stock Purchase Plan [Member] | ' | ' | ' |
Stock Options Outstanding (in shares): | ' | ' | ' |
Outstanding, beginning of year | 433,452 | 425,196 | 392,517 |
Granted | 246,717 | 327,936 | 261,960 |
Exercised | -69,076 | -59,163 | -13,901 |
Forfeited | -49,434 | -78,202 | -49,173 |
Expired | -170,551 | -182,315 | -166,207 |
Outstanding, end of period | 391,108 | 433,452 | 425,196 |
Exercisable, end of year | 391,108 | 433,452 | 425,196 |
Weighted-average exercise price of (in dollars per share): | ' | ' | ' |
Options outstanding, beginning of year | $16.78 | $15.80 | $17.99 |
Options granted during the year | $20.41 | $15.80 | $17.99 |
Options exercised during the year | $17.09 | $16.18 | $16.31 |
Options forfeited during the year | $17.98 | $16.74 | $17.12 |
Options expired during the year | $17.99 | $18.24 | $19.34 |
Options outstanding, end of year | $17.05 | $16.78 | $15.80 |
Weighted-average fair value of options granted during the year (calculated as of the grant date) | $5.08 | $4.13 | $7.61 |
Intrinsic value of options exercised during the year | $375,335 | $439,645 | $38,784 |
Intrinsic value of options outstanding (calculated as of December 31) | 1,665,331 | 3,132,506 | 1,186,297 |
Intrinsic value of options exercisable (calculated as of December 31) | $1,665,331 | $3,132,506 | $1,186,297 |
Exercise prices of options outstanding (calculated as of December 31) | $17.05 | $16.78 | $15.80 |
Weighted-average contractual life of outstanding options (calculated as of December 31, in years) | '9 months 18 days | '9 months 18 days | '9 months 18 days |
Stock_and_Other_Incentive_Plan4
Stock and Other Incentive Plans (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair value of options issued based on weighted-average assumptions | ' | ' | ' |
Risk-free interest rates | 0.25% | 0.25% | 0.61% |
Expected dividend yields | 5.17% | 6.17% | 5.35% |
Expected life (in years) | '1 year 4 months 6 days | '1 year 5 months 15 days | '1 year 5 months 23 days |
Expected volatility | 25.60% | 30.30% | 64.80% |
Expected forfeiture rates | 85.00% | 70.00% | 91.00% |
Stock_and_Other_Incentive_Plan5
Stock and Other Incentive Plans (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Restricted Stock and Performance Based Awards [Member] | Restricted Stock and Performance Based Awards [Member] | Restricted Stock and Performance Based Awards [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Stock Incentive Plan [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Executive Incentive Program [Member] | Salary Deferral Plan [Member] | Salary Deferral Plan [Member] | Salary Deferral Plan [Member] | Dividend Reinvestment Plan [Member] | Dividend Reinvestment Plan [Member] | Dividend Reinvestment Plan [Member] | Employees Stock Purchase Plan [Member] | Employees Stock Purchase Plan [Member] | Employees Stock Purchase Plan [Member] | Deferral Option One [Member] | Deferral Option One [Member] | Deferral Option Two [Member] | Deferral Option Two [Member] | Deferral Option Three [Member] | Deferral Option Three [Member] | ||||
Director [Member] | Director [Member] | Director [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock and Performance Based Awards [Member] | Restricted Stock and Performance Based Awards [Member] | Restricted Stock and Performance Based Awards [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Salary Deferral Plan [Member] | Salary Deferral Plan [Member] | Salary Deferral Plan [Member] | ||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Executive Officer [Member] | Executive Officer [Member] | Senior Vice President [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
executive_officer | executive_officer | executive_officer | ||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorization of common shares to issue | ' | ' | ' | ' | ' | ' | 2,390,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued, net of forfeitures | ' | ' | ' | ' | ' | ' | 1,693,266 | 1,576,632 | 1,182,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | ' | ' | ' | 697,006 | 813,640 | 1,208,198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,367 | 169,099 | 232,218 | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '3 years | '8 years | ' | '3 years | '8 years | '6 years | ' | '3 years | '8 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | '5 years | ' | '8 years |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salary Deferral Plan Employer Matching Contribution Percent of Match | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | 50.00% | ' | 100.00% | ' |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $600,000 | $500,000 | $4,300,000 | $2,500,000 | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholder return performance period used to measure award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of executive officers granted awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted in period (in shares) | ' | ' | ' | 134,752 | 397,917 | 106,569 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,709 | 112,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of performance based awards released | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
401(k) Plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of matching contribution | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of matching contribution | 400,000 | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average amortization period remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,256 | 27,864 | 27,400 | ' | ' | ' | ' | ' | 154,696 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,787 | 89,421 | 52,905 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withheld of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,118 | 3,359 | 4,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares vested upon the retirement of a member of the board of directors | ' | ' | ' | 116,645 | 58,531 | 44,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total DRIP shares issued under the Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 519,465 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares issued under the Dividend Reinvestment Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,422 | 16,732 | 18,791 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares available for grant each year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on market price on the date of grant | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on market price on the date of exercise | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Option expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '27 months | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from employees upon exercising options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | $1,000,000 | $200,000 | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Weighted Average Common Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Weighted average Common Shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 92,725,112 | 80,360,422 | 74,156,849 | ||||||||
Non-vested shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,784,485 | -1,515,582 | -1,436,702 | ||||||||
Weighted average Common Shares - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 90,940,627 | 78,844,840 | 72,720,147 | ||||||||
Dilutive effect of non-vested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,144,465 | ' | ||||||||
Dilutive effect of employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,578 | ' | ||||||||
Weighted average Common Shares - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 90,940,627 | 80,127,883 | 72,720,147 | ||||||||
Net Income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations | $9,888 | [1] | $4,703 | [2] | ($27,701) | [3] | $842 | [4] | ($1,467) | [5] | $635 | [6] | $875 | [7] | $52 | [8] | ($12,268) | $95 | ($11,543) |
Less: Net income attributable to noncontrolling interests | -72 | [1] | -17 | [2] | 33 | [3] | 19 | [4] | -29 | [5] | -21 | [6] | -20 | [7] | 0 | [8] | -37 | -70 | -30 |
Income (loss) from continuing operations attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -12,305 | 25 | -11,573 | ||||||||
Discontinued operations | 2,568 | [1] | 15,080 | [2] | 3,463 | [3] | -1,860 | [4] | -4,895 | [5] | 5,200 | [6] | 2,053 | [7] | 3,082 | [8] | 19,251 | 5,440 | 11,359 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $12,384 | [1] | $19,766 | [2] | ($24,205) | [3] | ($999) | [4] | ($6,391) | [5] | $5,814 | [6] | $2,908 | [7] | $3,134 | [8] | $6,946 | $5,465 | ($214) |
Basic Earnings (Loss) Per Common Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.13) | $0 | ($0.16) | ||||||||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | ||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.08 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
Diluted Earnings (Loss) Per Common Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.13) | ' | ($0.16) | ||||||||
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.21 | $0.07 | $0.16 | ||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.07 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
[1] | The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | ||||||||||||||||||
[2] | The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | ||||||||||||||||||
[3] | The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | ||||||||||||||||||
[4] | The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | ||||||||||||||||||
[5] | The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. | ||||||||||||||||||
[6] | The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | ||||||||||||||||||
[7] | The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | ||||||||||||||||||
[8] | The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Employee Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock excluded from the calculation of diluted loss per common share | 157,733 | 73,495 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock excluded from the calculation of diluted loss per common share | 1,288,166 | 1,013,399 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Minimum lease payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future minimum lease payments due to the Company under property operating agreements | ' |
2014 | $4,719 |
2015 | 4,834 |
2016 | 4,894 |
2017 | 4,941 |
2018 | 4,963 |
2019 and thereafter | 250,789 |
Total | $275,140 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
litigation_settlement | |||
sqft | |||
property | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of ground leases related to real estate investments under operating lease agreements | 44 | ' | ' |
Operating lease expiration period maximum expiration date | '2101 | ' | ' |
Approximately corporate office lease covers of rented space | 30,934 | ' | ' |
Lease Expansion, Next Fiscal Year, Approximate Area | 5,719 | ' | ' |
Percentage on increases of annual base rent on the corporate office lease | 3.25% | ' | ' |
Rental expense relating to the operating leases | $4,400,000 | $4,300,000 | $4,300,000 |
Prepaid ground leases which represented rental expense | 500,000 | 500,000 | 400,000 |
Number of claims settled | 1 | ' | ' |
General and Administrative Expense [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Litigation expense | 950,000 | ' | ' |
Construction mortgage loans [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Anticipated amount of investment | 14,900,000 | ' | ' |
Number of construction mortgages loans | 1 | ' | ' |
Second Generation Leases [Member] | Tenant Improvement Allowances [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Anticipated amount of investment | 5,500,000 | ' | ' |
Corporate Office Lease [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Corporate lease expiration date | 31-Oct-20 | ' | ' |
Minimum [Member] | First Generation Leases [Member] | Tenant Improvement Allowances [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Anticipated amount of investment | 26,500,000 | ' | ' |
Maximum [Member] | First Generation Leases [Member] | Tenant Improvement Allowances [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Anticipated amount of investment | $31,700,000 | ' | ' |
Other_Data_Details
Other Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $12,384 | [1] | $19,766 | [2] | ($24,205) | [3] | ($999) | [4] | ($6,391) | [5] | $5,814 | [6] | $2,908 | [7] | $3,134 | [8] | $6,946 | $5,465 | ($214) | |||
Reconciling items to taxable income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 26,240 | 28,526 | 21,479 | |||||||||||
Gain or loss on disposition of depreciable assets | ' | ' | ' | ' | ' | ' | ' | ' | -3,656 | 922 | -85 | |||||||||||
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 6,222 | 3,807 | 4,999 | |||||||||||
Straight-line rent | ' | ' | ' | ' | ' | ' | ' | ' | -6,493 | -6,075 | -4,142 | |||||||||||
Receivable allowances | ' | ' | ' | ' | ' | ' | ' | ' | -716 | -74 | -299 | |||||||||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 5,817 | 5,400 | 6,104 | |||||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,866 | 8,917 | 4,927 | |||||||||||
Reconciling items to taxable income, total | ' | ' | ' | ' | ' | ' | ' | ' | 25,548 | 41,423 | 32,983 | |||||||||||
Taxable income | ' | ' | ' | ' | ' | ' | ' | ' | 32,494 | [9] | 46,888 | [9] | 32,769 | [9] | ||||||||
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | $111,571 | $96,356 | $89,270 | |||||||||||
[1] | The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | |||||||||||||||||||||
[2] | The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | |||||||||||||||||||||
[3] | The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | |||||||||||||||||||||
[4] | The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | |||||||||||||||||||||
[5] | The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. | |||||||||||||||||||||
[6] | The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | |||||||||||||||||||||
[7] | The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | |||||||||||||||||||||
[8] | The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. | |||||||||||||||||||||
[9] | Before REIT dividend paid deduction. |
Other_Data_Details_1
Other Data (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Characterization of distributions on common stock | ' | ' | ' |
Ordinary income per share | $0.27 | $0.63 | $0.34 |
Return of capital per share | $0.80 | $0.56 | $0.80 |
Unrecaptured section 1250 gain per share | $0.13 | $0.01 | $0.06 |
Common stock distributions per share | $1.20 | $1.20 | $1.20 |
Ordinary income in percent of common stock distribution | 22.20% | 52.30% | 28.50% |
Return of capital in percent of common stock distribution | 66.30% | 47.10% | 66.30% |
Unrecaptured section 1250 gain in percent of common stock distribution | 11.50% | 0.60% | 5.20% |
Common stock distribution in percentage | 100.00% | 100.00% | 100.00% |
Other_Data_Details_2
Other Data (Details 2) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
State income tax expense: | ' | ' | ' | |||
Texas gross margin tax | $649 | [1] | $843 | [1] | $459 | [1] |
Michigan gross receipts deferred tax liability | 0 | 0 | -170 | |||
Other | 23 | 3 | 193 | |||
Total state income tax expense | 672 | 846 | 482 | |||
State income tax payments, net of refunds and collections | $768 | $627 | $522 | |||
[1] | In the table above, income tax expense for 2012 includes $0.1 million that was recorded to the gain on sale of real estate properties sold, which is included in discontinued operations rather than general and administrative expenses on the Company’s Consolidated Statements of Operations. |
Other_Data_Details_Textual
Other Data (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Data (Textual) [Abstract] | ' | ' | ' |
Condition to qualify as a REIT as defined under the Internal Revenue Code | 'Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders. | ' | ' |
Estimated aggregate total cost of total assets for federal income tax purposes | $3,100,000,000 | $2,800,000,000 | $2,700,000,000 |
Number of preferred shares outstanding | 0 | 0 | 0 |
Dividends distributed to preferred shares | 0 | ' | ' |
Reversal of income tax expense | ' | 200,000 | ' |
Income tax expense | $100,000 | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Fair value and carrying values for notes and bonds payable, mortgage notes receivable and notes receivable | ' | ' | ' | ' | ||
Notes and bonds payable | $1,348,459,000 | [1] | $1,293,044,000 | [1] | ' | ' |
Mortgage notes receivable | 125,547,000 | [2] | 162,191,000 | [2] | 97,381,000 | 36,599,000 |
Notes receivable, net of allowances | 100,000 | [2] | 100,000 | [2] | ' | ' |
Notes and bonds payable, Fair Value | 1,380,600,000 | [1] | 1,437,200,000 | [1] | ' | ' |
Mortgage notes receivable, Fair Value | 124,500,000 | [2] | 158,300,000 | [2] | ' | ' |
Notes receivable, net of allowances, Fair Value | $100,000 | [2] | $100,000 | [2] | ' | ' |
[1] | Level 3 - Fair value derived from valuation techniques in which one of more significant inputs or significant value drivers are unobservable. | |||||
[2] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Summary of quarterly financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues from continuing operations | $90,116 | [1] | $84,311 | [2] | $82,062 | [3] | $80,437 | [4] | $78,250 | [5] | $76,481 | [6] | $75,487 | [7] | $73,856 | [8] | $336,926 | $304,074 | $278,598 |
Income (loss) from continuing operations | 9,888 | [1] | 4,703 | [2] | -27,701 | [3] | 842 | [4] | -1,467 | [5] | 635 | [6] | 875 | [7] | 52 | [8] | -12,268 | 95 | -11,543 |
Discontinued operations | 2,568 | [1] | 15,080 | [2] | 3,463 | [3] | -1,860 | [4] | -4,895 | [5] | 5,200 | [6] | 2,053 | [7] | 3,082 | [8] | 19,251 | 5,440 | 11,359 |
NET INCOME (LOSS) | 12,456 | [1] | 19,783 | [2] | -24,238 | [3] | -1,018 | [4] | -6,362 | [5] | 5,835 | [6] | 2,928 | [7] | 3,134 | [8] | 6,983 | 5,535 | -184 |
Less: Net income attributable to noncontrolling interests | -72 | [1] | -17 | [2] | 33 | [3] | 19 | [4] | -29 | [5] | -21 | [6] | -20 | [7] | 0 | [8] | -37 | -70 | -30 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $12,384 | [1] | $19,766 | [2] | ($24,205) | [3] | ($999) | [4] | ($6,391) | [5] | $5,814 | [6] | $2,908 | [7] | $3,134 | [8] | $6,946 | $5,465 | ($214) |
Net income attributable to common stockholders per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic earnings (loss) per common share (dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.08 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
Diluted earnings (loss) per common share (dollars per share) | $0.13 | [1] | $0.21 | [2] | ($0.27) | [3] | ($0.01) | [4] | ($0.07) | [5] | $0.07 | [6] | $0.04 | [7] | $0.04 | [8] | $0.08 | $0.07 | $0 |
[1] | The increases in net income and amounts per share for the fourth quarter of 2013 are primarily attributable to gains on sales of real estate totaling $2.7 million. | ||||||||||||||||||
[2] | The increases in net income and amounts per share for the third quarter of 2013 are primarily attributable to gains on sales of real estate totaling $20.2 million, partially offset by impairment charges of $6.3 million. | ||||||||||||||||||
[3] | The decreases in net income and amounts per share for the second quarter of 2013 are primarily attributable to losses of extinguishment of debt of $29.9 million, of which $0.3 million is included in discontinued operations. This amount is partially offset by gains on sales of real estate totaling $1.8 million. | ||||||||||||||||||
[4] | The decreases in net income and amounts per share for the first quarter of 2013 are primarily attributable to impairment charges of $3.6 million. | ||||||||||||||||||
[5] | The decreases in net income and amounts per share for the fourth quarter of 2012 are primarily attributable to impairment charges of $7.7 million. This amount is partially offset by gains on sales of real estate totaling $1.2 million. | ||||||||||||||||||
[6] | The increases in net income and amounts per share for the third quarter of 2012 are primarily attributable to gains on sales of real estate totaling $6.3 million, partially offset by impairment charges of $2.9 million. | ||||||||||||||||||
[7] | The decreases in net income and amounts per share for the second quarter of 2012 are primarily attributable to impairment charges of $0.2 million. | ||||||||||||||||||
[8] | The increases in net income and amounts per share for the first quarter of 2012 are primarily attributable to gains on sales of real estate totaling $3.4 million and a lease termination fee totaling $1.5 million which is included in discontinued operations. This amount is partially offset by impairment charges of $4.2 million. |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data - Additional information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | $6,300,000 | ' | $3,600,000 | $7,700,000 | $2,900,000 | $200,000 | $4,200,000 | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | 29,900,000 | ' | ' | ' | ' | ' | 29,638,000 | ' | 1,986,000 |
Loss on extinguishment of debt, discontinued operations | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on sale of real estate | 2,700,000 | 20,200,000 | 1,800,000 | ' | 1,200,000 | 6,300,000 | ' | 3,400,000 | 24,718,000 | 10,874,000 | 7,035,000 |
Lease termination fee income | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Accounts receivable allowance [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts receivable allowance [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Period | $740 | $583 | $1,185 |
Charged to Costs and Expenses, Additions | 185 | 240 | -160 |
Charged to Other Accounts, Additions | 0 | 0 | 0 |
Uncollectible Accounts Written-off | 384 | 83 | 442 |
Balance at End of Period | $541 | $740 | $583 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||
In Thousands, unless otherwise specified | property | Medical office/outpatient [Member] | Medical office/outpatient [Member] | Medical office/outpatient [Member] | Inpatient [Member] | Inpatient [Member] | Inpatient [Member] | Other [Member] | Other [Member] | Other [Member] | Real Estate [Member] | Land Held for Development [Member] | Corporate Property [Member] | Owned Property [Member] | ||||||||||
Property | Minimum [Member] | Maximum [Member] | Property | Minimum [Member] | Maximum [Member] | Property | Minimum [Member] | Maximum [Member] | Property | Property | Property | Property | ||||||||||||
Summary of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Number of Properties | 198 | ' | ' | ' | 177 | ' | ' | 14 | ' | ' | 10 | ' | ' | 201 | 0 | 0 | 201 | |||||||
State | ' | ' | ' | ' | 'AL, AZ, CA, CO, DC, FL, GA, HI, IA, IL, IN, KS, LA, MD, MI, MO, MS, NC, NV, OH, OR, PA, SC, SD, TN, TX, VA, WA | ' | ' | 'AZ, CA, CO, IN, MO, PA, TX | ' | ' | 'AL, IN, MI TN, VA | ' | ' | ' | ' | ' | ' | |||||||
Land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Initial Investment | ' | ' | ' | ' | $152,084 | ' | ' | $23,237 | ' | ' | $1,828 | ' | ' | $177,149 | $17,054 | $0 | $194,203 | |||||||
Cost Capitalized Subsequent to Acquisition | ' | ' | ' | ' | 3,137 | ' | ' | 150 | ' | ' | 73 | ' | ' | 3,360 | 0 | 0 | 3,360 | |||||||
Total | 195,985 | ' | ' | ' | 155,221 | ' | ' | 23,387 | ' | ' | 1,901 | ' | ' | 180,509 | 17,054 | 0 | 197,563 | |||||||
Buildings, Improvements, Lease Intangibles and CIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Initial Investment | ' | ' | ' | ' | 2,108,791 | ' | ' | 404,427 | ' | ' | 36,323 | ' | ' | 2,549,541 | 0 | 0 | 2,549,541 | |||||||
Cost Capitalized Subsequent to Acquisition | ' | ' | ' | ' | 310,442 | ' | ' | 9,505 | ' | ' | 7,848 | ' | ' | 327,795 | 0 | 0 | 327,795 | |||||||
Total | ' | ' | ' | ' | 2,419,233 | ' | ' | 413,932 | ' | ' | 44,171 | ' | ' | 2,877,336 | 0 | 0 | 2,877,336 | |||||||
Personal Property | 9,267 | ' | ' | ' | 2,969 | ' | ' | 265 | ' | ' | 636 | ' | ' | 3,870 | 0 | 5,397 | 9,267 | |||||||
Gross real estate asset, Total | 3,084,166 | 2,830,931 | 2,831,732 | 2,605,516 | 2,577,423 | [1],[2] | ' | ' | 437,584 | [1],[2] | ' | ' | 46,708 | [1],[2] | ' | ' | 3,061,715 | [1],[2] | 17,054 | [1],[2] | 5,397 | [1],[2] | 3,084,166 | [1],[2] |
Accumulated depreciation | 642,320 | 586,920 | 536,682 | 500,406 | 542,671 | [1],[3] | ' | ' | 71,563 | [1],[3] | ' | ' | 24,494 | [1],[3] | ' | ' | 638,728 | [1],[3] | 89 | [1],[3] | 3,503 | [1],[3] | 642,320 | [1],[3] |
Encumbrances | ' | ' | ' | ' | $164,269 | [4] | ' | ' | $0 | [4] | ' | ' | $1,527 | [4] | ' | ' | $165,796 | [4] | $0 | [4] | $0 | [4] | $165,796 | [4] |
Date Acquired | ' | ' | ' | ' | ' | 1-Jan-93 | 31-Dec-12 | ' | 1-Jan-94 | 31-Dec-12 | ' | 1-Jan-93 | 31-Dec-11 | ' | ' | ' | ' | |||||||
Date Constructed | ' | ' | ' | ' | ' | 1-Jan-05 | 31-Dec-12 | ' | 1-Jan-83 | 31-Dec-12 | ' | 1-Jan-06 | 31-Dec-95 | ' | ' | ' | ' | |||||||
[1] | Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 39.0 years, lease intangibles over 2.0 to 93.1 years, personal property over 1.9 to 15.8 years, and land improvements over 15.0 to 38.1 years. | |||||||||||||||||||||||
[2] | Total assets as of December 31, 2013 have an estimated aggregate total cost of $3.1 billion for federal income tax purposes. | |||||||||||||||||||||||
[3] | Includes three assets held for sale as of December 31, 2013 of approximately $17.0 million (gross) and accumulated depreciation of $10.2 million, one asset held for sale as of December 31, 2012 of approximately $9.6 million (gross) and accumulated depreciation of $6.3 million; and 15 assets held for sale as of December 31, 2011 of $52.8 million (gross) and accumulated depreciation of $24.6 million. | |||||||||||||||||||||||
[4] | Includes unaccreted discounts, net of premiums totaling $0.9 million as of December 31, 2013. |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Corporate Property [Member] | Corporate Property [Member] | Corporate Property [Member] | Land held for development [Member] | Land held for development [Member] | Land held for development [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Disposal of previously consolidated VIE [Member] | Disposal of previously consolidated VIE [Member] | Disposal of previously consolidated VIE [Member] | ||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance, Total Property | $3,084,166 | $2,830,931 | $2,831,732 | $2,605,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Additions during the period: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Property | ' | ' | ' | ' | 372,946 | 160,082 | 186,923 | 62 | 27 | 101 | 0 | 0 | 4,403 | 0 | 5,608 | 101,282 | ' | ' | ' | ||
Retirement/dispositions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total Property | ' | ' | ' | ' | -111,656 | -128,104 | -65,680 | 0 | -221 | -813 | -8,117 | 0 | 0 | ' | ' | ' | 0 | -38,193 | 0 | ||
Ending Balance, Total Property | 3,084,166 | 2,830,931 | 2,831,732 | 2,605,516 | 3,061,715 | [1],[2] | ' | ' | 5,397 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning Balance, Accumulated Depreciation | 642,320 | 586,920 | 536,682 | 500,406 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Additions during the period: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Depreciation | ' | ' | ' | ' | 98,090 | 95,110 | 85,325 | 211 | 219 | 243 | 26 | 26 | 26 | 0 | 0 | 0 | ' | ' | ' | ||
Retirement/dispositions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Depreciation | ' | ' | ' | ' | -42,927 | -44,896 | -48,505 | 0 | -221 | -813 | 0 | 0 | 0 | ' | ' | ' | 0 | 0 | 0 | ||
Ending Balance, Accumulated Depreciation | $642,320 | $586,920 | $536,682 | $500,406 | $638,728 | [1],[3] | ' | ' | $3,503 | [1],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 39.0 years, lease intangibles over 2.0 to 93.1 years, personal property over 1.9 to 15.8 years, and land improvements over 15.0 to 38.1 years. | ||||||||||||||||||||
[2] | Total assets as of December 31, 2013 have an estimated aggregate total cost of $3.1 billion for federal income tax purposes. | ||||||||||||||||||||
[3] | Includes three assets held for sale as of December 31, 2013 of approximately $17.0 million (gross) and accumulated depreciation of $10.2 million, one asset held for sale as of December 31, 2012 of approximately $9.6 million (gross) and accumulated depreciation of $6.3 million; and 15 assets held for sale as of December 31, 2011 of $52.8 million (gross) and accumulated depreciation of $24.6 million. |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
property | property | property | Mortgage notes payable [Member] | Mortgage notes payable [Member] | Building and improvements [Member] | Building and improvements [Member] | Lease intangibles [Member] | Lease intangibles [Member] | Personal property [Member] | Personal property [Member] | Personal property [Member] | Land improvements [Member] | Land improvements [Member] | |
5.000%-7.625% Mortgage Notes Payable [Member] | 5.000%-7.625% Mortgage Notes Payable [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate assets held for sale | 3 | 1 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross value of assets held for sale | $17,000,000 | $9,600,000 | $52,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation on real estate assets held for sale | 10,200,000 | 6,300,000 | 24,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated aggregate total cost of total assets for federal income tax purposes | 3,100,000,000 | 2,800,000,000 | 2,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset estimated useful life | ' | ' | ' | ' | ' | '3 years 3 months 18 days | '39 years | '2 years | '93 years 1 month 6 days | '1 year 10 months 24 days | '1 year 10 months 24 days | '15 years 9 months 18 days | '15 years | '38 years 1 month 6 days |
Unaccreted discount | ' | ' | ' | $888,000 | $2,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Carrying Amount | $125,547 | |
Medical Office [Member] | Permanent Mortgage Loans [Member] | Iowa [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 7.70% | [1] |
Maturity Date | 10-Jan-14 | [1] |
Original Face Amount | 40,000 | |
Carrying Amount | 39,973 | |
Balloon | 39,973 | |
Medical Office [Member] | Permanent Mortgage Loans [Member] | Florida [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 7.50% | [2] |
Maturity Date | 10-Apr-15 | [3] |
Original Face Amount | 3,750 | |
Carrying Amount | 3,750 | |
Balloon | 3,750 | |
Medical Office [Member] | Construction Loans [Member] | Oklahoma [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 7.72% | [2] |
Maturity Date | 30-Sep-14 | [3] |
Original Face Amount | 94,889 | |
Carrying Amount | 79,969 | |
Balloon | 79,969 | |
Land [Member] | Permanent Mortgage Loans [Member] | Texas [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Maturity Date | 25-Mar-15 | [2] |
Original Face Amount | 3,666 | |
Carrying Amount | 1,855 | |
Balloon | $1,855 | |
Minimum [Member] | Land [Member] | Permanent Mortgage Loans [Member] | Texas [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 5.00% | [2] |
Maximum [Member] | Land [Member] | Permanent Mortgage Loans [Member] | Texas [Member] | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | |
Interest Rate | 6.00% | [2] |
[1] | Payment was not received upon maturity. The Company has begun default remedies that could result in foreclosure and the Company obtaining ownership of the property that serves as collateral for the mortgage loan. Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity. | |
[2] | Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity. | |
[3] | Interest only until maturity. |
Schedule_IV_Mortgage_Loans_on_2
Schedule IV - Mortgage Loans on Real Estate (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Rollforward of Mortgage loans on real estate | ' | ' | ' | |||
Balance at beginning of period | $162,191 | [1] | $97,381 | $36,599 | ||
Additions during period: | ' | ' | ' | |||
New or acquired mortgages | 4,241 | 11,200 | 85,467 | |||
Amortization of loan origination fee | 0 | [2] | 0 | [2] | 184 | [2] |
Increased funding on existing mortgages | 58,731 | 78,297 | 19,164 | |||
Additions during period, total | 62,972 | 89,497 | 104,815 | |||
Deductions during period: | ' | ' | ' | |||
Scheduled principal payments | 0 | -16 | -491 | |||
Principal repayments and reductions | -2,413 | [3] | -14,812 | [3] | -17,232 | [3] |
Principal reductions due to acquisitions | -97,203 | [4] | -9,859 | [4] | 0 | [4] |
Conversions to land held for development | 0 | [5] | 0 | [5] | -4,371 | [5] |
Mortgage eliminated in consolidation | 0 | [6] | 0 | [6] | -21,939 | [6] |
Deductions during period, total | -99,616 | -24,687 | -44,033 | |||
Balance at end of period | $125,547 | [1] | $162,191 | [1] | $97,381 | |
[1] | Level 2 - Fair value based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-driven valuations in which significant inputs and significant value drivers are observable in active markets. | |||||
[2] | Represents the amortization of a loan origination fee prior to the consolidation of the building securing the mortgage note. The mortgage note and related loan amortization fee was eliminated in consolidation until it was repaid in January 2012. | |||||
[3] | Principal repayments for the years ended December 31, 2013 and 2011 include unscheduled principal reductions on mortgage notes of $2.4 million and $0.5 million, respectively. | |||||
[4] | On September 27, 2013, the Company acquired an orthopedic facility in Missouri for $102.6 million, including the elimination of the construction mortgage note receivable totaling $97.2 million. In May 2012, the Company purchased a medical office building in Texas. Concurrent with the acquisition, the Company's construction mortgage note receivable totaling $9.9 million, which secured the building, was repaid. | |||||
[5] | The Company received deeds in lieu of trust on two land parcels located in Iowa during 2011. | |||||
[6] | In the third quarter of 2011, the Company began consolidating a construction project upon its conclusion that it was the primary beneficiary of the VIE that was constructing the facility. As a result of consolidation of the VIE, the Company also eliminated the construction mortgage note and related interest on its Consolidated Financial Statements. The construction mortgage note was repaid in full in January 2012. |
Schedule_IV_Mortgage_Loans_on_3
Schedule IV - Mortgage Loans on Real Estate (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Texas [Member] | Iowa [Member] | Orthopedic Surgical Facility [Member] | |||
ParcelsLand | Missouri [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' |
Unscheduled principal reductions on mortgage notes | $2.40 | $0.50 | ' | ' | ' |
Facility acquired | ' | ' | ' | ' | 102.6 |
Construction mortgage note receivable prepayment | 97.2 | ' | ' | ' | 97.2 |
Mortgage note financing | ' | ' | 9.9 | ' | ' |
Number of land parcel | ' | ' | ' | 2 | ' |
Aggregate total cost of mortgages for federal income tax purposes | $125.50 | ' | ' | ' | ' |