Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HEALTHCARE REALTY TRUST INC | |
Entity Central Index Key | 899,749 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 104,813,383 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Real estate properties: | ||
Land | $ 201,157 | $ 198,585 |
Buildings, improvements and lease intangibles | 3,181,748 | 3,135,893 |
Personal property | 9,881 | 9,954 |
Construction in progress | 31,669 | 19,024 |
Land held for development | 17,434 | 17,452 |
Real estate properties, Total | 3,441,889 | 3,380,908 |
Less accumulated depreciation and amortization | (790,819) | (761,926) |
Total real estate properties, net | 2,651,070 | 2,618,982 |
Cash and cash equivalents | 2,174 | 4,102 |
Assets held for sale and discontinued operations, net | 706 | 724 |
Other assets, net | 187,665 | 186,416 |
Total assets | 2,841,615 | 2,810,224 |
Liabilities: | ||
Notes and bonds payable | 1,418,347 | 1,424,992 |
Accounts payable and accrued liabilities | 66,013 | 75,489 |
Liabilities of discontinued operations | 20 | 33 |
Other liabilities | 64,236 | 66,963 |
Total liabilities | $ 1,548,616 | $ 1,567,477 |
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; 104,249 and 101,517 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 1,042 | 1,015 |
Additional paid-in capital | 2,533,130 | 2,461,376 |
Accumulated other comprehensive loss | (1,527) | (1,569) |
Cumulative net income attributable to common stockholders | 918,841 | 909,685 |
Cumulative dividends | (2,158,487) | (2,127,760) |
Total stockholders' equity | 1,292,999 | 1,242,747 |
Total liabilities and stockholders' equity | $ 2,841,615 | $ 2,810,224 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 150,000,000 | 150,000,000 |
Common stock, issued shares | 104,249,000 | 101,517,000 |
Common stock, outstanding shares | 104,249,000 | 101,517,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES | ||
Rental income | $ 98,740 | $ 95,034 |
Mortgage interest | 31 | |
Other operating | 1,281 | 1,391 |
Revenues | 100,021 | 96,456 |
EXPENSES | ||
Property operating | 35,406 | 34,263 |
General and administrative | 10,246 | 6,738 |
Depreciation | 27,693 | 26,387 |
Amortization | 2,700 | 2,667 |
Bad debts, net of recoveries | (39) | (207) |
Total Expenses | 76,006 | 69,848 |
OTHER INCOME (EXPENSE) | ||
Interest expense | (14,938) | (18,322) |
Impairment of real estate assets | 0 | (3,328) |
Interest and other income, net | 86 | 91 |
Total other income (expense) | (14,852) | (21,559) |
INCOME FROM CONTINUING OPERATIONS | 9,163 | 5,049 |
DISCONTINUED OPERATIONS | ||
Income (loss) from discontinued operations | (7) | 333 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | (7) | 333 |
NET INCOME | $ 9,156 | $ 5,382 |
BASIC EARNINGS PER COMMON SHARE: | ||
Income from continuing operations (in dollars per share) | $ 0.09 | $ 0.05 |
Discontinued operations (in dollars per share) | 0 | 0 |
Net income (in dollars per share) | 0.09 | 0.05 |
DILUTED EARNINGS PER COMMON SHARE: | ||
Income from continuing operations (in dollars per share) | 0.09 | 0.05 |
Discontinued operations (in dollars per share) | 0 | 0 |
Net income (in dollars per share) | $ 0.09 | $ 0.05 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares) | 101,432,088 | 98,359,958 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares) | 102,164,818 | 99,136,897 |
DIVIDENDS DECLARED, PER COMMON SHARE, DURING THE PERIOD (in dollars per share) | $ 0.30 | $ 0.30 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 9,156 | $ 5,382 |
Forward starting interest rate swaps: | ||
Unrecognized loss on cash flow hedges | 0 | (723) |
Reclassification adjustment for losses included in net income (Interest expense) | 42 | 0 |
Total other comprehensive income (loss) | 42 | (723) |
COMPREHENSIVE INCOME | $ 9,198 | $ 4,659 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 9,156 | $ 5,382 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 31,211 | 30,214 |
Stock-based compensation | 1,948 | 1,617 |
Straight-line rent receivable | (2,132) | (2,858) |
Straight-line rent liability | 184 | 195 |
Impairments of real estate properties | 0 | 3,328 |
Provision for bad debts, net | (39) | (208) |
Changes in operating assets and liabilities: | ||
Other assets | 76 | (2,914) |
Accounts payable and accrued liabilities | (14,267) | (18,989) |
Other liabilities | (2,550) | 1,337 |
Net cash provided by operating activities | 23,587 | 17,104 |
INVESTING ACTIVITIES | ||
Acquisitions of real estate | (37,953) | (37,139) |
Development of real estate | (7,995) | (4,320) |
Additional long-lived assets | (10,835) | (11,161) |
Proceeds from mortgages and notes receivable repayments | 5 | 5 |
Net cash used in investing activities | (56,778) | (52,615) |
FINANCING ACTIVITIES | ||
Net borrowings (repayments) on unsecured credit facility | (7,000) | 57,000 |
Borrowings on notes and bonds payable | 11,500 | |
Repayments on notes and bonds payable | (11,317) | (16,468) |
Dividends paid | (30,727) | (29,832) |
Net proceeds from issuance of common stock | 70,181 | 31,910 |
Common stock redemptions | (1,264) | (201) |
Debt issuance and assumption costs | (110) | |
Net cash provided by financing activities | 31,263 | 42,409 |
Increase (decrease) in cash and cash equivalents | (1,928) | 6,898 |
Cash and cash equivalents, beginning of period | 4,102 | 3,519 |
Cash and cash equivalents, end of period | 2,174 | 10,417 |
Supplemental Cash Flow Information: | ||
Interest paid | 15,151 | 25,313 |
Invoices accrued for construction, tenant improvement and other capitalized costs | 16,177 | $ 4,247 |
Capitalized interest | $ 179 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of March 31, 2016 , the Company had investments of approximately $3.4 billion in 199 real estate properties located in 30 states totaling approximately 14.3 million square feet. The Company provided leasing and property management services to approximately 9.9 million square feet nationwide. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, management believes there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015 . All material intercompany transactions and balances have been eliminated in consolidation. This interim financial information should be read in conjunction with the financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2016 for many reasons including, but not limited to, acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties. Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates. New Accounting Pronouncements Accounting Standards Update No. 2014-09 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers", a comprehensive new revenue recognition standard that supersedes most existing revenue recognition guidance, including sales of real estate. This standard's core principle is that a company will recognize revenue when it transfers goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods and services. However, leasing contracts, representing the major source of the Company's revenues, are not within the scope of the new standard and will continue to be accounted for under other standards. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606); Deferral of the Effective Date." This standard is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year. The Company is currently evaluating the impact from the adoption of this new standard on the Consolidated Financial Statements and related notes. Accounting Standards Update No. 2015-03 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard required debt issuance costs to be reported in the balance sheet as a direct reduction from the face amount of the note to which it is directly related. In August 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest," which allowed entities to defer and present debt issuance costs related to line-of-credit arrangements as assets regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this standard as of January 1, 2016. As a result of the adoption all deferred financing costs, excluding costs related to the unsecured revolving credit facility, were reclassified to Notes and bonds payable. Unsecured revolving credit facility costs remain classified as an asset and will continue to be amortized over the remaining term. The guidance requires retrospective adoption for all prior periods presented. The following table represents the previously reported balances and reclassified balances for the impacted line items of the Consolidated Balance Sheets as of December 31, 2015 : December 31, 2015 (in thousands) As Previously Reported As Reclassified Other Assets, net $ 192,918 $ 186,416 Total assets $ 2,816,726 $ 2,810,224 Notes and bonds payable $ 1,431,494 $ 1,424,992 Total liabilities $ 1,573,979 $ 1,567,477 Total liabilities and stockholders' equity $ 2,816,726 $ 2,810,224 Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This standard requires adjustments to provisional amounts that are identified during the measurement period after a business combination to be recognized in the reporting period in which the adjustment amounts are determined. The adjustments recognized in the current period include the effects on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted this standard effective as of January 1, 2016. The adoption of this standard had no impact on the Company's consolidated financial position or cash flows. Accounting Standards Update No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, "Leases." For lessees, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. For lessors, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. The new standards is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact from the adoption of this new standard on the Consolidated Financial Statements and related notes. Accounting Standards Update No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation; Improvements to Employee Share-Based Payment Accounting." This update was issued as part of the simplification initiative. The areas of simplification relevant to the Company include the following: • Forfeitures - an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. • Minimum statutory tax withholding requirements - the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdiction. • Classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax-withholding purposes - cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. This standard is effective for the Company for annual and interim periods beginning on January 1, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2016. There was no impact to the Company's Condensed Consolidated Financial Statements resulting from the adoption of this standard. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments 2016 Acquisitions First Quarter In March 2016, the Company acquired a 69,712 square foot medical office building in Seattle, Washington for a purchase price of $38.3 million , including cash consideration of $37.7 million and purchase price credits of $0.6 million . In addition, the Company expensed $1.6 million of acquisition costs related to credits to the seller for loan prepayment, broker's commission and excise taxes. The property is adjacent (as defined in Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources beginning on page 15) to UW Medicine's Northwest Hospital and Medical Center campus, a 281 -bed general medical and surgical hospital. Upon acquisition, the building was 100% leased. Subsequent Acquisition In April 2016, the Company acquired a 46,637 square foot medical office building in Seattle, Washington for a purchase price of $21.6 million . The transaction includes cash consideration of $18.4 million , purchase price credits of $1.9 million and capital obligations of $1.3 million . In addition, the Company capitalized closing costs of $0.4 million . The property is located on UW Medicine's Valley Medical Center campus, a 321 -bed general medical and surgical hospital. Upon acquisition, the building was 100% leased to the seller. This transaction was accounted for as an asset acquisition. Assets Held for Sale At March 31, 2016 and December 31, 2015 , the Company had one on-campus medical office building classified as held for sale. The table below reflects the assets and liabilities of the property classified as held for sale as of March 31, 2016 and December 31, 2015 . (Dollars in thousands) March 31, December 31, Balance Sheet data: Land $ 422 $ 422 Buildings, improvements and lease intangibles 1,350 1,350 1,772 1,772 Accumulated depreciation (1,070 ) (1,070 ) Assets held for sale, net 702 702 Other assets, net (including receivables) 4 22 Assets of discontinued operations, net 4 22 Assets held for sale and discontinued operations, net $ 706 $ 724 Accounts payable and accrued liabilities $ 18 $ 28 Other liabilities 2 5 Liabilities of discontinued operations $ 20 $ 33 Discontinued Operations The following table represents the results of operations of the properties included in discontinued operations on the Company's Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (Dollars in thousands) 2016 2015 Statements of Income data: Revenues Rental income $ — $ 341 — 341 Expenses Property operating 7 29 Bad debts, net of recoveries — (1 ) 7 28 Other Income (Expense) Interest and other income, net — 20 — 20 Discontinued Operations Income (Loss) from discontinued operations (7 ) 333 Income (Loss) from Discontinued Operations $ (7 ) $ 333 |
Notes and Bonds Payable
Notes and Bonds Payable | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes and Bonds Payable | Notes and Bonds Payable The table below details the Company’s notes and bonds payable. Maturity Dates Balance as of Effective Interest Rate as of (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2016 Unsecured Credit Facility 4/17 $ 199,000 $ 206,000 1.58 % Unsecured Term Loan Facility, net 2/19 199,315 199,257 1.64 % Senior Notes due 2021, net of discount and issuance costs 1/21 396,652 396,489 5.97 % Senior Notes due 2023, net of discount and issuance costs 4/23 246,996 246,897 3.95 % Senior Notes due 2025, net of discount and issuance costs 5/25 247,655 247,602 4.08 % Mortgage notes payable, net of discounts and issuance costs and including premiums 8/16-5/40 128,729 128,747 5.25 % $ 1,418,347 $ 1,424,992 2016 Activity First Quarter On January 5, 2016, the Company refinanced a mortgage note payable of $11.5 million bearing interest at a rate of 3.60% that encumbers a 90,607 square foot medical office building and garage located in California. The Company repaid in full the previous mortgage note payable bearing an interest rate of 5.49% with outstanding principal of $11.4 million on December 31, 2015. On February 11, 2016, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.86% with outstanding principal of $10.2 million . The mortgage note encumbered a 90,633 square foot medical office building located in North Carolina. Subsequent Activity On April 29, 2016, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.99% with outstanding principal of $7.3 million . The mortgage note encumbered a 42,957 square foot medical office building located in Virginia. The Company expects to repay two additional mortgage notes payable totaling $16.1 million with a weighted average interest rate of 6.04% during 2016 . |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives In addition to operational risks which arise in the normal course of business, the Company is exposed to economic risks such as interest rate, liquidity, and credit risk. In certain situations, the Company may enter into derivative financial instruments such as interest rate swap and interest rate cap agreements to manage interest rate risk exposure arising from variable rate debt transactions that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's objective in using interest rate derivatives is to manage its exposure to interest rate movements on its variable rate debt. Cash Flow Hedges of Interest Rate Risk Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without changing the underlying notional amount. As of March 31, 2016, the Company did not have any outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income or loss (“OCI”) and is reclassified into earnings as interest expense in the period that the hedged forecasted transaction affects earnings. The effective portion of the Company’s interest rate swaps that was recorded in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and March 31, 2015 respectively, was as follows: (Dollars in thousands) Three Months Ended March 31, 2016 2015 Amount of gain (loss) recognized in OCI on derivative (effective portion) $ — $ — Amount of gain (loss) reclassified from accumulated OCI into Interest Expense (effective portion) $ (42 ) $ — Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) $ — $ — The Company estimates that an additional $0.2 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is, from time to time, involved in litigation arising in the ordinary course of business. 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. Redevelopment Activity The Company is in the process of redeveloping two medical office buildings in Tennessee, including a 70,000 square foot expansion. The Company spent approximately $32.6 million on the redevelopment of these properties through March 31, 2016 , including the acquisition of a land parcel for $4.3 million on which the Company is building a parking garage. The total redevelopment budget for these properties is $51.8 million and the project is expected to be completed in the first quarter of 2017. The Company completed the redevelopment of a medical office building in Alabama, which included the construction of a parking garage. Construction of the garage was completed in the fourth quarter of 2015. The total redevelopment budget is $15.4 million , of which $10.7 million has been spent as of March 31, 2016 . The remaining $4.7 million budgeted for the project is primarily related to a tenant improvement allowance that is expected to be funded in 2016. Development Activity In 2015, the Company began development of a 12,900 square foot retail center in Texas, which is adjacent to two of the Company's existing medical office buildings associated with Baylor Scott & White Health. The total development budget is $5.6 million , of which $4.6 million has been spent as of March 31, 2016 . These amounts include $1.5 million used by the Company to purchase land in 2006 and previously recorded as land held for development. Construction was completed on April 15, 2016 . Tenant build-out is expected to be completed throughout the remainder of 2016. In 2015, the Company began development of a 98,000 square foot medical office building in Colorado. The total development budget is $26.5 million , of which $0.9 million has been spent as of March 31, 2016 . Construction is expected to be completed in the second quarter of 2017. The table below details the Company’s construction activity as of March 31, 2016 . The information included in the table below represents management’s estimates and expectations at March 31, 2016 , which are subject to change. The Company’s disclosures regarding certain projections or estimates of completion dates may not reflect actual results. As of March 31, 2016 (Dollars in thousands) Number of Properties Estimated Completion Date Construction in Progress Balance Other Amounts Funded Total Amount Funded Estimated Remaining Fundings Estimated Total Investment Approximate Square Feet Construction Activity Birmingham, AL 1 Q4 2015 (1) $ — $ 10,705 $ 10,705 $ 4,695 $ 15,400 138,000 Austin, TX 1 Q2 2016 4,614 — 4,614 961 5,575 12,900 Nashville, TN 2 Q1 2017 26,185 6,423 32,608 19,192 51,800 294,000 Denver, CO 1 Q2 2017 870 — 870 25,630 26,500 98,000 Total $ 31,669 $ 17,128 $ 48,797 $ 50,478 $ 99,275 542,900 _____ (1) Includes $5.9 million for the addition of a 400 -space parking garage which was completed in November 2015 and $9.5 million in tenant improvement allowances and commissions, a portion of which improvements have not been completed. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table provides a reconciliation of total stockholders' equity for the three months ended March 31, 2016 : (Dollars in thousands, except per share data) Common Additional Accumulated Cumulative Cumulative Total Balance at December 31, 2015 $ 1,015 $ 2,461,376 $ (1,569 ) $ 909,685 $ (2,127,760 ) $ 1,242,747 Issuance of common stock 24 70,202 — — — 70,226 Common stock redemptions — (393 ) — — — (393 ) Stock-based compensation 3 1,945 — — — 1,948 Net income — — — 9,156 — 9,156 Reclassification of loss on forward starting interest rate swaps — — 42 — — 42 Dividends to common stockholders ($0.30 per share) — — — — (30,727 ) (30,727 ) Balance at March 31, 2016 $ 1,042 $ 2,533,130 $ (1,527 ) $ 918,841 $ (2,158,487 ) $ 1,292,999 Common Stock The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2016 and the year ended December 31, 2015: March 31, 2016 December 31, 2015 Balance, beginning of period 101,517,009 98,828,098 Issuance of common stock 2,446,136 2,493,171 Nonvested share-based awards, net 286,328 195,740 Balance, end of period 104,249,473 101,517,009 At-The-Market Equity Offering Program On February 19, 2016, the Company entered into sales agreements with five investment banks to allow sales under its at-the-market equity offering program of up to 10,000,000 shares of common stock. A previous sales agreement with one investment bank was terminated effective February 17, 2016. During the three months ended March 31, 2016 , the Company sold a total of 2,416,837 shares of common stock, including 664,298 shares of common stock under the previous sales agreement. The sales generated $69.7 million in net proceeds at prices ranging from $28.31 to $30.16 per share (weighted average of $29.29 per share). In April 2016, the Company sold 564,410 shares of common stock, generating $17.0 million in net proceeds at prices ranging from $30.11 to $30.82 per share (weighted average of $30.57 per share). The Company has 7,683,051 authorized shares remaining available to be sold under the current sales agreements as of April 29, 2016 . Common Stock Dividends During the three months ended March 31, 2016 , the Company declared and paid common stock dividends totaling $0.30 per share. On May 3, 2016 , the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 31, 2016 to stockholders of record on May 16, 2016 . Accumulated Other Comprehensive Income (Loss) The following table represents the changes in balances of each component and the amounts reclassified out of accumulated other comprehensive income (loss) related to the Company during the three months ended March 31, 2016 and 2015 : Forward-starting Interest Rate Swaps Defined Benefit Pension Plan (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ (1,569 ) $ — $ — $ (2,519 ) Other comprehensive income (loss) before reclassifications — (723 ) — — Amounts reclassified from accumulated other comprehensive loss 42 — — — Net accumulated other comprehensive income (loss) 42 (723 ) — — Ending balance $ (1,527 ) $ (723 ) $ — $ (2,519 ) Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (Dollars in thousands, except per share data) 2016 2015 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 102,634,273 99,467,804 Nonvested shares (1,202,185 ) (1,107,846 ) Weighted average Common Shares outstanding—Basic 101,432,088 98,359,958 Weighted average Common Shares outstanding—Basic 101,432,088 98,359,958 Dilutive effect of restricted stock 601,509 615,511 Dilutive effect of employee stock purchase plan 131,221 161,428 Weighted average Common Shares outstanding—Diluted 102,164,818 99,136,897 Net Income (Loss) Income from continuing operations $ 9,163 $ 5,049 Discontinued operations (7 ) 333 Net income $ 9,156 $ 5,382 Basic Earnings Per Common Share Income from continuing operations $ 0.09 $ 0.05 Discontinued operations 0.00 0.00 Net income $ 0.09 $ 0.05 Diluted Earnings Per Common Share Income from continuing operations $ 0.09 $ 0.05 Discontinued operations 0.00 0.00 Net income $ 0.09 $ 0.05 Incentive Plans A summary of the activity under the stock-based incentive plans for the three months ended March 31, 2016 and 2015 is included in the table below. Three Months Ended March 31, 2016 2015 Stock-based awards, beginning of period 1,092,262 1,057,732 Granted 300,206 89,068 Vested (65,722 ) (28,386 ) Stock-based awards, end of period 1,326,746 1,118,414 During the three months ended March 31, 2016 and 2015 , the Company withheld 13,878 and 7,282 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested. In addition to the stock-based incentive plans, the Company provides the 2000 Employee Stock Purchase Plan (the "Purchase Plan"). A summary of the activity under the Purchase Plan for the three months ended March 31, 2016 and 2015 is included in the table below. Three Months Ended March 31, 2016 2015 Outstanding and exercisable, beginning of period 340,958 393,902 Granted 198,450 197,640 Exercised (26,689 ) (33,046 ) Forfeited (7,682 ) (20,779 ) Expired (143,082 ) (158,946 ) Outstanding and exercisable, end of period 361,955 378,771 |
Defined Benefit Pension Plan
Defined Benefit Pension Plan | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plan | Defined Benefit Pension Plan Effective May 5, 2015, the Company terminated its Executive Retirement Plan. In accordance with Section 409A of the Internal Revenue Code, these amounts will be paid no earlier than twelve and no later than twenty-four months following the termination date. The Company expects to pay lump sum amounts to the four plan participants in May 2016. At May 5, 2015, the Company recorded a charge of approximately $5.3 million , inclusive of the acceleration of $2.5 million recorded in accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets that was being amortized resulting in a total benefit obligation of $19.6 million in connection with the termination of the Executive Retirement Plan. The charge includes amounts resulting from assumed additional years of service for two plan participants who have not reached age 65 and payments associated with FICA and other tax obligations. The Company’s chairman and chief executive officer, Mr. David Emery, is the only named executive officer that was a participant under the plan. As a result of the termination of the plan, Mr. Emery will receive a lump sum amount equal to his accrued benefit under the plan of approximately $14.4 million in May 2016. The preceding summary is qualified in its entirety by the full text of the Termination Amendment and, in the event of any discrepancy, the text of the Termination Amendment shall control. Net periodic benefit cost recorded related to the Company’s pension plan for the three months ended March 31, 2016 and 2015 is detailed in the following table. Three Months Ended March 31, (Dollars in thousands) 2016 2015 Service cost $ — $ 21 Interest cost — 169 Amortization of net loss — (149 ) Amortization of prior service cost — 258 Total recognized in net periodic benefit cost $ — $ 299 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practical to estimate that value. Cash and cash equivalents - The carrying amount approximates fair value. Borrowings under the unsecured credit facility due 2017 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates. Senior unsecured notes payable - The fair value of notes and bonds payable is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements. Mortgage notes payable - The fair value is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements. The table below details the fair values and carrying values for notes and bonds payable at March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Notes and bonds payable (1) $ 1,418.3 $ 1,453.7 $ 1,425.0 $ 1,439.0 ______ (1) Level 3 - Fair value derived from valuation techniques in which one or more significant inputs or significant value drivers is unobservable. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Business Overview | Business Overview Healthcare Realty Trust Incorporated (the “Company”) is a real estate investment trust ("REIT") that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of March 31, 2016 , the Company had investments of approximately $3.4 billion in 199 real estate properties located in 30 states totaling approximately 14.3 million square feet. The Company provided leasing and property management services to approximately 9.9 million square feet nationwide. |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein, management believes there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015 . All material intercompany transactions and balances have been eliminated in consolidation. This interim financial information should be read in conjunction with the financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2016 for many reasons including, but not limited to, acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties. |
Use of Estimates in the Condensed Consolidated Financial Statements | Use of Estimates in the Condensed Consolidated Financial Statements Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Standards Update No. 2014-09 In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers", a comprehensive new revenue recognition standard that supersedes most existing revenue recognition guidance, including sales of real estate. This standard's core principle is that a company will recognize revenue when it transfers goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods and services. However, leasing contracts, representing the major source of the Company's revenues, are not within the scope of the new standard and will continue to be accounted for under other standards. In August 2015, the FASB issued ASU No. 2015-14, "Revenue from Contracts with Customers (Topic 606); Deferral of the Effective Date." This standard is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that year. The Company is currently evaluating the impact from the adoption of this new standard on the Consolidated Financial Statements and related notes. Accounting Standards Update No. 2015-03 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard required debt issuance costs to be reported in the balance sheet as a direct reduction from the face amount of the note to which it is directly related. In August 2015, the FASB issued ASU No. 2015-15, "Interest - Imputation of Interest," which allowed entities to defer and present debt issuance costs related to line-of-credit arrangements as assets regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted this standard as of January 1, 2016. As a result of the adoption all deferred financing costs, excluding costs related to the unsecured revolving credit facility, were reclassified to Notes and bonds payable. Unsecured revolving credit facility costs remain classified as an asset and will continue to be amortized over the remaining term. The guidance requires retrospective adoption for all prior periods presented. The following table represents the previously reported balances and reclassified balances for the impacted line items of the Consolidated Balance Sheets as of December 31, 2015 : December 31, 2015 (in thousands) As Previously Reported As Reclassified Other Assets, net $ 192,918 $ 186,416 Total assets $ 2,816,726 $ 2,810,224 Notes and bonds payable $ 1,431,494 $ 1,424,992 Total liabilities $ 1,573,979 $ 1,567,477 Total liabilities and stockholders' equity $ 2,816,726 $ 2,810,224 Accounting Standards Update No. 2015-16 In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This standard requires adjustments to provisional amounts that are identified during the measurement period after a business combination to be recognized in the reporting period in which the adjustment amounts are determined. The adjustments recognized in the current period include the effects on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company adopted this standard effective as of January 1, 2016. The adoption of this standard had no impact on the Company's consolidated financial position or cash flows. Accounting Standards Update No. 2016-02 In February 2016, the FASB issued ASU No. 2016-02, "Leases." For lessees, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. For lessors, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as financing. If the lessor doesn't convey risks and rewards or control, an operating lease results. The new standards is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact from the adoption of this new standard on the Consolidated Financial Statements and related notes. Accounting Standards Update No. 2016-09 In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation; Improvements to Employee Share-Based Payment Accounting." This update was issued as part of the simplification initiative. The areas of simplification relevant to the Company include the following: • Forfeitures - an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. • Minimum statutory tax withholding requirements - the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdiction. • Classification of employee taxes paid on the Statement of Cash Flows when an employer withholds shares for tax-withholding purposes - cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. This standard is effective for the Company for annual and interim periods beginning on January 1, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2016. There was no impact to the Company's Condensed Consolidated Financial Statements resulting from the adoption of this standard. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Previously Reported and Reclassified Balances | The following table represents the previously reported balances and reclassified balances for the impacted line items of the Consolidated Balance Sheets as of December 31, 2015 : December 31, 2015 (in thousands) As Previously Reported As Reclassified Other Assets, net $ 192,918 $ 186,416 Total assets $ 2,816,726 $ 2,810,224 Notes and bonds payable $ 1,431,494 $ 1,424,992 Total liabilities $ 1,573,979 $ 1,567,477 Total liabilities and stockholders' equity $ 2,816,726 $ 2,810,224 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Discontinued Operations and Assets Held for Sale | Assets Held for Sale At March 31, 2016 and December 31, 2015 , the Company had one on-campus medical office building classified as held for sale. The table below reflects the assets and liabilities of the property classified as held for sale as of March 31, 2016 and December 31, 2015 . (Dollars in thousands) March 31, December 31, Balance Sheet data: Land $ 422 $ 422 Buildings, improvements and lease intangibles 1,350 1,350 1,772 1,772 Accumulated depreciation (1,070 ) (1,070 ) Assets held for sale, net 702 702 Other assets, net (including receivables) 4 22 Assets of discontinued operations, net 4 22 Assets held for sale and discontinued operations, net $ 706 $ 724 Accounts payable and accrued liabilities $ 18 $ 28 Other liabilities 2 5 Liabilities of discontinued operations $ 20 $ 33 Discontinued Operations The following table represents the results of operations of the properties included in discontinued operations on the Company's Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (Dollars in thousands) 2016 2015 Statements of Income data: Revenues Rental income $ — $ 341 — 341 Expenses Property operating 7 29 Bad debts, net of recoveries — (1 ) 7 28 Other Income (Expense) Interest and other income, net — 20 — 20 Discontinued Operations Income (Loss) from discontinued operations (7 ) 333 Income (Loss) from Discontinued Operations $ (7 ) $ 333 |
Notes and Bonds Payable (Tables
Notes and Bonds Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The table below details the Company’s notes and bonds payable. Maturity Dates Balance as of Effective Interest Rate as of (Dollars in thousands) March 31, 2016 December 31, 2015 March 31, 2016 Unsecured Credit Facility 4/17 $ 199,000 $ 206,000 1.58 % Unsecured Term Loan Facility, net 2/19 199,315 199,257 1.64 % Senior Notes due 2021, net of discount and issuance costs 1/21 396,652 396,489 5.97 % Senior Notes due 2023, net of discount and issuance costs 4/23 246,996 246,897 3.95 % Senior Notes due 2025, net of discount and issuance costs 5/25 247,655 247,602 4.08 % Mortgage notes payable, net of discounts and issuance costs and including premiums 8/16-5/40 128,729 128,747 5.25 % $ 1,418,347 $ 1,424,992 |
Derivative Financial Instrume19
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effective portion of the Company’s interest rate swaps that was recorded in the accompanying Condensed Consolidated Statements of Income for the three months ended March 31, 2016 and March 31, 2015 respectively, was as follows: (Dollars in thousands) Three Months Ended March 31, 2016 2015 Amount of gain (loss) recognized in OCI on derivative (effective portion) $ — $ — Amount of gain (loss) reclassified from accumulated OCI into Interest Expense (effective portion) $ (42 ) $ — Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Construction Activity | The table below details the Company’s construction activity as of March 31, 2016 . The information included in the table below represents management’s estimates and expectations at March 31, 2016 , which are subject to change. The Company’s disclosures regarding certain projections or estimates of completion dates may not reflect actual results. As of March 31, 2016 (Dollars in thousands) Number of Properties Estimated Completion Date Construction in Progress Balance Other Amounts Funded Total Amount Funded Estimated Remaining Fundings Estimated Total Investment Approximate Square Feet Construction Activity Birmingham, AL 1 Q4 2015 (1) $ — $ 10,705 $ 10,705 $ 4,695 $ 15,400 138,000 Austin, TX 1 Q2 2016 4,614 — 4,614 961 5,575 12,900 Nashville, TN 2 Q1 2017 26,185 6,423 32,608 19,192 51,800 294,000 Denver, CO 1 Q2 2017 870 — 870 25,630 26,500 98,000 Total $ 31,669 $ 17,128 $ 48,797 $ 50,478 $ 99,275 542,900 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Reconciliation of total equity | The following table provides a reconciliation of total stockholders' equity for the three months ended March 31, 2016 : (Dollars in thousands, except per share data) Common Additional Accumulated Cumulative Cumulative Total Balance at December 31, 2015 $ 1,015 $ 2,461,376 $ (1,569 ) $ 909,685 $ (2,127,760 ) $ 1,242,747 Issuance of common stock 24 70,202 — — — 70,226 Common stock redemptions — (393 ) — — — (393 ) Stock-based compensation 3 1,945 — — — 1,948 Net income — — — 9,156 — 9,156 Reclassification of loss on forward starting interest rate swaps — — 42 — — 42 Dividends to common stockholders ($0.30 per share) — — — — (30,727 ) (30,727 ) Balance at March 31, 2016 $ 1,042 $ 2,533,130 $ (1,527 ) $ 918,841 $ (2,158,487 ) $ 1,292,999 |
Reconciliation of beginning and ending common stock outstanding | Common Stock The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2016 and the year ended December 31, 2015: March 31, 2016 December 31, 2015 Balance, beginning of period 101,517,009 98,828,098 Issuance of common stock 2,446,136 2,493,171 Nonvested share-based awards, net 286,328 195,740 Balance, end of period 104,249,473 101,517,009 |
Schedule of accumulated other comprehensive income (loss) | The following table represents the changes in balances of each component and the amounts reclassified out of accumulated other comprehensive income (loss) related to the Company during the three months ended March 31, 2016 and 2015 : Forward-starting Interest Rate Swaps Defined Benefit Pension Plan (Dollars in thousands) 2016 2015 2016 2015 Beginning balance $ (1,569 ) $ — $ — $ (2,519 ) Other comprehensive income (loss) before reclassifications — (723 ) — — Amounts reclassified from accumulated other comprehensive loss 42 — — — Net accumulated other comprehensive income (loss) 42 (723 ) — — Ending balance $ (1,527 ) $ (723 ) $ — $ (2,519 ) |
Earnings (loss) per share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015 . Three Months Ended March 31, (Dollars in thousands, except per share data) 2016 2015 Weighted average Common Shares outstanding Weighted average Common Shares outstanding 102,634,273 99,467,804 Nonvested shares (1,202,185 ) (1,107,846 ) Weighted average Common Shares outstanding—Basic 101,432,088 98,359,958 Weighted average Common Shares outstanding—Basic 101,432,088 98,359,958 Dilutive effect of restricted stock 601,509 615,511 Dilutive effect of employee stock purchase plan 131,221 161,428 Weighted average Common Shares outstanding—Diluted 102,164,818 99,136,897 Net Income (Loss) Income from continuing operations $ 9,163 $ 5,049 Discontinued operations (7 ) 333 Net income $ 9,156 $ 5,382 Basic Earnings Per Common Share Income from continuing operations $ 0.09 $ 0.05 Discontinued operations 0.00 0.00 Net income $ 0.09 $ 0.05 Diluted Earnings Per Common Share Income from continuing operations $ 0.09 $ 0.05 Discontinued operations 0.00 0.00 Net income $ 0.09 $ 0.05 |
Summary of the activity under the Incentive Plan | A summary of the activity under the stock-based incentive plans for the three months ended March 31, 2016 and 2015 is included in the table below. Three Months Ended March 31, 2016 2015 Stock-based awards, beginning of period 1,092,262 1,057,732 Granted 300,206 89,068 Vested (65,722 ) (28,386 ) Stock-based awards, end of period 1,326,746 1,118,414 |
Summary of employee stock purchase plan activity | A summary of the activity under the Purchase Plan for the three months ended March 31, 2016 and 2015 is included in the table below. Three Months Ended March 31, 2016 2015 Outstanding and exercisable, beginning of period 340,958 393,902 Granted 198,450 197,640 Exercised (26,689 ) (33,046 ) Forfeited (7,682 ) (20,779 ) Expired (143,082 ) (158,946 ) Outstanding and exercisable, end of period 361,955 378,771 |
Defined Benefit Pension Plan (T
Defined Benefit Pension Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net periodic benefit cost recorded related to the Company's pension plans | Net periodic benefit cost recorded related to the Company’s pension plan for the three months ended March 31, 2016 and 2015 is detailed in the following table. Three Months Ended March 31, (Dollars in thousands) 2016 2015 Service cost $ — $ 21 Interest cost — 169 Amortization of net loss — (149 ) Amortization of prior service cost — 258 Total recognized in net periodic benefit cost $ — $ 299 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 values and carrying values for notes and bonds payable at March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 (Dollars in millions) Carrying Value Fair Value Carrying Value Fair Value Notes and bonds payable (1) $ 1,418.3 $ 1,453.7 $ 1,425.0 $ 1,439.0 ______ (1) Level 3 - Fair value derived from valuation techniques in which one or more significant inputs or significant value drivers is unobservable. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) ft² in Millions, $ in Billions | Mar. 31, 2016USD ($)ft²stateproperty |
Business Overview: | |
Gross investment amount, total | $ | $ 3.4 |
Number of real estate properties | property | 199 |
Number of states that the Company owns real estate in, whole units | state | 30 |
Square footage of owned real estate properties | 14.3 |
Approximate square feet for which Nationwide property management services provided by company | 9.9 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Other assets, net | $ 187,665 | $ 186,416 |
Assets | 2,841,615 | 2,810,224 |
Notes and bonds payable | 1,418,347 | 1,424,992 |
Liabilities | 1,548,616 | 1,567,477 |
Liabilities and Equity | $ 2,841,615 | 2,810,224 |
As Previously Reported [Member] | ||
Debt Instrument [Line Items] | ||
Other assets, net | 192,918 | |
Assets | 2,816,726 | |
Notes and bonds payable | 1,431,494 | |
Liabilities | 1,573,979 | |
Liabilities and Equity | $ 2,816,726 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) - Washington [Member] - Real Estate Acquisitions [Member] $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2016USD ($)ft²Bed | Mar. 31, 2016USD ($)ft²Bed | |
Business Acquisition [Line Items] | ||
Square footage | ft² | 69,712 | |
Purchase price | $ 38.3 | |
Cash consideration | 37.7 | |
Purchase price credits | 0.6 | |
Acquisition Costs, Period Cost | $ 1.6 | |
Number of Beds | Bed | 281 | |
Percentage of property leased | 100.00% | |
Subsequent Event [Member] | ||
Business Acquisition [Line Items] | ||
Square footage | ft² | 46,637 | |
Purchase price | $ 21.6 | |
Cash consideration | 18.4 | |
Purchase price credits | $ 1.9 | |
Number of Beds | Bed | 321 | |
Percentage of property leased | 100.00% | |
Capital obligations | $ 1.3 | |
Closing costs | $ 0.4 |
Real Estate Investments - Asset
Real Estate Investments - Assets Held for Sale (Details) | Mar. 31, 2016property |
Business Combinations [Abstract] | |
Number of properties held for sale | 1 |
Real Estate Investments - Disco
Real Estate Investments - Discontinued Operations and Assets Held for Sale - Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Balance Sheet data (as of the period ended): | ||
Land | $ 201,157 | $ 198,585 |
Buildings, improvements and lease intangibles | 3,181,748 | 3,135,893 |
Real estate properties, Total | 3,441,889 | 3,380,908 |
Accumulated depreciation | (790,819) | (761,926) |
Total real estate properties, net | 2,651,070 | 2,618,982 |
Other assets, net (including receivables) | 187,665 | 186,416 |
Assets held for sale and discontinued operations, net | 706 | 724 |
Liabilities of discontinued operations | 20 | 33 |
Discontinued Operations [Member] | ||
Balance Sheet data (as of the period ended): | ||
Land | 422 | 422 |
Buildings, improvements and lease intangibles | 1,350 | 1,350 |
Real estate properties, Total | 1,772 | 1,772 |
Accumulated depreciation | (1,070) | (1,070) |
Total real estate properties, net | 702 | 702 |
Other assets, net (including receivables) | 4 | 22 |
Assets of discontinued operations, net | 4 | 22 |
Assets held for sale and discontinued operations, net | 706 | 724 |
Accounts payable and accrued liabilities | 18 | 28 |
Other liabilities | 2 | 5 |
Liabilities of discontinued operations | $ 20 | $ 33 |
Real Estate Investments - Dis29
Real Estate Investments - Discontinued Operations and Assets Held for Sale - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Rental income | $ 98,740 | $ 95,034 |
Expenses | ||
Property operating | 35,406 | 34,263 |
Bad debts, net of recoveries | (39) | (207) |
Other Income (Expense) | ||
Interest and other income, net | 86 | 91 |
Discontinued Operations | ||
Income from discontinued operations | (7) | 333 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | (7) | 333 |
Discontinued Operations [Member] | ||
Revenues | ||
Rental income | 0 | 341 |
Revenues | 0 | 341 |
Expenses | ||
Property operating | 7 | 29 |
Bad debts, net of recoveries | 0 | (1) |
Total Expenses | 7 | 28 |
Other Income (Expense) | ||
Interest and other income, net | 0 | 20 |
Total other income (expense) | 0 | 20 |
Discontinued Operations | ||
Income from discontinued operations | (7) | 333 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS | $ (7) | $ 333 |
Notes and Bonds Payable (Detail
Notes and Bonds Payable (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($)ft² | Dec. 31, 2016USD ($)mortgage_note_payable | Dec. 31, 2015USD ($) | Apr. 29, 2016ft² | Feb. 11, 2016ft² | |
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 1,418,347 | $ 1,424,992 | ||||
Square footage of owned real estate properties | ft² | 14,300,000 | |||||
CALIFORNIA | Mortgage Note Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt | $ 11,500 | |||||
Stated interest rate (percent) | 3.60% | |||||
Line of Credit [Member] | Unsecured Credit Facility Due 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 199,000 | 206,000 | ||||
Effective interest rate (percent) | 1.58% | |||||
Medium-term Notes [Member] | Term Loan Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 199,315 | 199,257 | ||||
Effective interest rate (percent) | 1.64% | |||||
Senior Notes [Member] | Senior Notes due 2021, net of discount and issuance costs [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 396,652 | 396,489 | ||||
Effective interest rate (percent) | 5.97% | |||||
Senior Notes [Member] | Senior Notes due 2023, net of discount and issuance costs [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 246,996 | 246,897 | ||||
Effective interest rate (percent) | 3.95% | |||||
Senior Notes [Member] | Senior Notes due 2025, net of discount and issuance costs [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 247,655 | 247,602 | ||||
Effective interest rate (percent) | 4.08% | |||||
Senior Notes [Member] | Medical Office Building [Member] | 3.60% Secured Note [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Square footage of owned real estate properties | ft² | 90,607 | |||||
Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 128,729 | $ 128,747 | ||||
Effective interest rate (percent) | 5.25% | |||||
Mortgages [Member] | 5.49% Secured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (percent) | 5.49% | |||||
Amount of debt repaid | $ 11,400 | |||||
Mortgages [Member] | 5.86% Secured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (percent) | 5.86% | |||||
Amount of debt repaid | $ 10,200 | |||||
Mortgages [Member] | Medical Office Building [Member] | 5.86% Secured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Square footage of owned real estate properties | ft² | 90,633 | |||||
Subsequent Event [Member] | Mortgages [Member] | 5.99% Secured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (percent) | 5.99% | |||||
Amount of debt repaid | $ 7,300 | |||||
Subsequent Event [Member] | Mortgages [Member] | Medical Office Building [Member] | 5.99% Secured Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Square footage of owned real estate properties | ft² | 42,957 | |||||
Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of outstanding mortgage notes to be repaid | mortgage_note_payable | 2 | |||||
Scenario, Forecast [Member] | Mortgages [Member] | Mortgage Notes 6.04% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (percent) | 6.04% | |||||
Amount of debt repaid | $ 16,100 |
Derivative Financial Instrume31
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Interest rate cash flow hedge gain (loss) to be reclassified to interest expense during the next 12 months | $ (200) | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Amount of gain (loss) recognized in OCI on derivative (effective portion) | 0 | $ 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Amount of gain or (loss) reclassified from accumulated OCI into Interest Expense (effective portion) | (42) | 0 |
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Construction Activity (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)ft²parking_spaceproperty | Dec. 31, 2015USD ($) | Sep. 30, 2015ft² | Dec. 31, 2006USD ($) | |
Other Commitments [Line Items] | ||||
Approximate Square Feet | ft² | 14,300,000 | |||
Land held for redevelopment | $ 17,434 | $ 17,452 | ||
ALABAMA | ||||
Other Commitments [Line Items] | ||||
Total Amount Funded | 10,700 | |||
Estimated Remaining Fundings | 4,700 | |||
Estimated Total Investment | $ 15,400 | |||
TEXAS | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 2 | |||
TENNESSEE | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 2 | |||
Total Amount Funded | $ 32,600 | |||
Estimated Total Investment | 51,800 | |||
Land held for redevelopment | $ 4,300 | |||
Medical Office Building Expansion [Member] | TENNESSEE | ||||
Other Commitments [Line Items] | ||||
Approximate Square Feet | ft² | 70,000 | |||
Retail Site [Member] | TEXAS | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 1 | |||
Construction in Progress, Gross | $ 4,614 | |||
Other Amounts Funded | 0 | |||
Total Amount Funded | 4,614 | |||
Estimated Remaining Fundings | 961 | |||
Estimated Total Investment | $ 5,575 | |||
Approximate Square Feet | ft² | 12,900 | 12,900 | ||
Land held for redevelopment | $ 1,500 | |||
Medical Office Building [Member] | ALABAMA | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 1 | |||
Construction in Progress, Gross | $ 0 | |||
Other Amounts Funded | 10,705 | |||
Total Amount Funded | 10,705 | |||
Estimated Remaining Fundings | 4,695 | |||
Estimated Total Investment | $ 15,400 | |||
Approximate Square Feet | ft² | 138,000 | |||
Medical Office Building [Member] | TENNESSEE | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 2 | |||
Construction in Progress, Gross | $ 26,185 | |||
Other Amounts Funded | 6,423 | |||
Total Amount Funded | 32,608 | |||
Estimated Remaining Fundings | 19,192 | |||
Estimated Total Investment | $ 51,800 | |||
Approximate Square Feet | ft² | 294,000 | |||
Medical Office Building [Member] | COLORADO | ||||
Other Commitments [Line Items] | ||||
Number of Properties | property | 1 | |||
Construction in Progress, Gross | $ 870 | |||
Other Amounts Funded | 0 | |||
Total Amount Funded | 870 | |||
Estimated Remaining Fundings | 25,630 | |||
Estimated Total Investment | $ 26,500 | |||
Approximate Square Feet | ft² | 98,000 | |||
Medical Office Buildings and Retail Sites [Member] | ||||
Other Commitments [Line Items] | ||||
Construction in Progress, Gross | $ 31,669 | |||
Other Amounts Funded | 17,128 | |||
Total Amount Funded | 48,797 | |||
Estimated Remaining Fundings | 50,478 | |||
Estimated Total Investment | $ 99,275 | |||
Approximate Square Feet | ft² | 542,900 | |||
Tenant Improvement Allowances [Member] | Medical Office Building [Member] | ALABAMA | ||||
Other Commitments [Line Items] | ||||
Estimated Total Investment | $ 9,500 | |||
812930 Parking Lots and Garages [Member] | Medical Office Building [Member] | ALABAMA | ||||
Other Commitments [Line Items] | ||||
Estimated Total Investment | $ 5,900 | |||
Number of parking spaces | parking_space | 400 |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of total stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Net income | $ 9,156 | $ 5,382 |
Common Stock [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | 1,015 | |
Issuance of common stock | 24 | |
Common stock redemptions | 0 | |
Stock-based compensation | 3 | |
Net income | 0 | |
Reclassification of loss on forward starting interest rate swaps | 0 | |
Dividends to common stockholders ($0.30 per share) | 0 | |
Balance at March 31, 2016 | 1,042 | |
Additional Paid-In Capital [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | 2,461,376 | |
Issuance of common stock | 70,202 | |
Common stock redemptions | (393) | |
Stock-based compensation | 1,945 | |
Net income | 0 | |
Reclassification of loss on forward starting interest rate swaps | 0 | |
Dividends to common stockholders ($0.30 per share) | 0 | |
Balance at March 31, 2016 | 2,533,130 | |
Accumulated Other Comprehensive Loss [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | (1,569) | |
Issuance of common stock | 0 | |
Common stock redemptions | 0 | |
Stock-based compensation | 0 | |
Net income | 0 | |
Reclassification of loss on forward starting interest rate swaps | 42 | |
Dividends to common stockholders ($0.30 per share) | 0 | |
Balance at March 31, 2016 | (1,527) | |
Cumulative Net Income Attributable to Common Stockholders [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | 909,685 | |
Issuance of common stock | 0 | |
Common stock redemptions | 0 | |
Stock-based compensation | 0 | |
Net income | 9,156 | |
Reclassification of loss on forward starting interest rate swaps | 0 | |
Dividends to common stockholders ($0.30 per share) | 0 | |
Balance at March 31, 2016 | 918,841 | |
Cumulative Dividends [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | (2,127,760) | |
Issuance of common stock | 0 | |
Common stock redemptions | 0 | |
Stock-based compensation | 0 | |
Net income | 0 | |
Reclassification of loss on forward starting interest rate swaps | 0 | |
Dividends to common stockholders ($0.30 per share) | (30,727) | |
Balance at March 31, 2016 | $ (2,158,487) | |
Dividends per share paid to common stockholders (in dollars per share) | $ 0.30 | |
Total Stockholders' Equity [Member] | ||
Increase (Decrease) in Stockholders' Equity [Rollforward] | ||
Balance at December 31, 2015 | $ 1,242,747 | |
Issuance of common stock | 70,226 | |
Common stock redemptions | (393) | |
Stock-based compensation | 1,948 | |
Net income | 9,156 | |
Reclassification of loss on forward starting interest rate swaps | 42 | |
Dividends to common stockholders ($0.30 per share) | (30,727) | |
Balance at March 31, 2016 | $ 1,292,999 |
Stockholders' Equity - Reconc34
Stockholders' Equity - Reconciliation of beginning and ending common stock outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of the beginning and ending common stock outstanding | ||
Balance, beginning of period | 101,517,000 | |
Balance, end of period | 104,249,000 | |
Common Stock [Member] | ||
Reconciliation of the beginning and ending common stock outstanding | ||
Balance, beginning of period | 101,517,009 | 98,828,098 |
Issuance of common stock | 2,446,136 | 2,493,171 |
Nonvested share-based awards, net | 286,328 | 195,740 |
Balance, end of period | 104,249,473 |
Stockholders' Equity (Stock Tra
Stockholders' Equity (Stock Transactions - Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)investment_bank$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Apr. 29, 2016shares | Feb. 19, 2016shares | Feb. 17, 2016investment_bank | |
Class of Stock [Line Items] | ||||||
Net proceeds from issuance of common stock | $ | $ 70,181 | $ 31,910 | ||||
Dividends per share declared to common stockholders (in dollars per share) | $ 0.30 | $ 0.30 | ||||
At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of investment banks in sales agreements | investment_bank | 5 | |||||
Shares authorized to be sold under the program | shares | 10,000,000 | |||||
Issuance of common stock (shares) | shares | 2,416,837 | |||||
Net proceeds from issuance of common stock | $ | $ 69,700 | |||||
Previous At the Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of investment banks in sales agreements | investment_bank | 1 | |||||
Issuance of common stock (shares) | shares | 664,298 | |||||
Subsequent Event [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (shares) | shares | 564,410 | |||||
Net proceeds from issuance of common stock | $ | $ 17,000 | |||||
Number of authorized shares remaining under offering program | shares | 7,683,051 | |||||
Minimum [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | $ 28.31 | |||||
Minimum [Member] | Subsequent Event [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | $ 30.11 | |||||
Maximum [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | 30.16 | |||||
Maximum [Member] | Subsequent Event [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | 30.82 | |||||
Weighted Average [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | $ 29.29 | |||||
Weighted Average [Member] | Subsequent Event [Member] | At The Market Equity Offering Program [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (price per share) | $ 30.57 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Forward-starting Interest Rate Swaps | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (1,569) | $ 0 |
Other comprehensive income (loss) before reclassifications | 0 | (723) |
Amounts reclassified from accumulated other comprehensive loss | 42 | 0 |
Net accumulated other comprehensive income (loss) | 42 | (723) |
Ending balance | (1,527) | (723) |
Defined Benefit Pension Plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 0 | (2,519) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net accumulated other comprehensive income (loss) | 0 | 0 |
Ending balance | $ 0 | $ (2,519) |
Stockholders' Equity - Computat
Stockholders' Equity - Computation of basic and diluted earnings (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted average Common Shares outstanding | ||
Weighted average Common Shares outstanding | 102,634,273 | 99,467,804 |
Nonvested shares | (1,202,185) | (1,107,846) |
Weighted average Common Shares—Basic | 101,432,088 | 98,359,958 |
Dilutive effect of restricted stock | 601,509 | 615,511 |
Dilutive effect of employee stock purchase plan | 131,221 | 161,428 |
Weighted average Common Shares outstanding—Diluted | 102,164,818 | 99,136,897 |
Net Income (Loss) | ||
Income from continuing operations | $ 9,163 | $ 5,049 |
Discontinued operations | (7) | 333 |
NET INCOME | $ 9,156 | $ 5,382 |
Basic Earnings (Loss) Per Common Share | ||
Income from continuing operations (in dollars per share) | $ 0.09 | $ 0.05 |
Discontinued operations (in dollars per share) | 0 | 0 |
Net income (in dollars per share) | 0.09 | 0.05 |
Diluted Earnings (Loss) Per Common Share | ||
Income from continuing operations (in dollars per share) | 0.09 | 0.05 |
Discontinued operations (in dollars per share) | 0 | 0 |
Net income (in dollars per share) | $ 0.09 | $ 0.05 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of activity under stock-based incentive plans (Details) - Stock Incentive Plan [Member] - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of the activity under the incentive plans | ||
Stock-based awards, beginning of period (shares) | 1,092,262 | 1,057,732 |
Granted (shares) | 300,206 | 89,068 |
Vested (shares) | (65,722) | (28,386) |
Stock-based awards, end of period (shares) | 1,326,746 | 1,118,414 |
Restricted Stock [Member] | ||
Summary of the activity under the incentive plans | ||
Shares withheld to pay estimated withholding taxes | 13,878 | 7,282 |
Stockholders' Equity - Summar39
Stockholders' Equity - Summary of activity under Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan [Member] - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Summary of the Employee Stock Purchase Plan activity | ||
Outstanding and exercisable, beginning of period (shares) | 340,958 | 393,902 |
Granted (shares) | 198,450 | 197,640 |
Exercised (shares) | (26,689) | (33,046) |
Forfeited (shares) | (7,682) | (20,779) |
Expired (shares) | (143,082) | (158,946) |
Outstanding and exercisable, end of period (shares) | 361,955 | 378,771 |
Defined Benefit Pension Plan (D
Defined Benefit Pension Plan (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May. 31, 2016USD ($) | Mar. 31, 2016USD ($)plan_participant | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | May. 05, 2015USD ($)plan_participant | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of plan participants | plan_participant | 4 | ||||
Current period charge | $ 5,300 | ||||
Total benefit obligation | $ 19,600 | ||||
Number of plan participants who have not reached age 65 | plan_participant | 2 | ||||
Net periodic benefit cost recorded related to the Company's pension plans | |||||
Service cost | $ 21 | ||||
Interest cost | 169 | ||||
Amortization of net loss | (149) | ||||
Amortization of prior service cost | 258 | ||||
Total recognized in net periodic benefit cost | $ 0 | $ 299 | |||
Chief Executive Officer [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Lump sum benefit obligation at termination of plan | $ 14,400 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Current period charge | $ 2,500 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Carrying Value [Member] | |||
Derivative [Line Items] | |||
Notes and bonds payable | [1] | $ 1,418.3 | $ 1,425 |
Fair Value [Member] | |||
Derivative [Line Items] | |||
Notes and bonds payable | [1] | $ 1,453.7 | $ 1,439 |
[1] | Level 3 - Fair value derived from valuation techniques in which one or more significant inputs or significant value drivers is unobservable. |