Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 05, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-11852 | ||
Entity Registrant Name | HEALTHCARE REALTY TRUST INCORPORATED | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 62-1507028 | ||
Entity Address, Address Line One | 3310 West End Avenue | ||
Entity Address, Address Line Two | Suite 700 | ||
Entity Address, City or Town | Nashville | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37203 | ||
City Area Code | 615 | ||
Local Phone Number | 269-8175 | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | ||
Trading Symbol | HR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Public Float | $ 3,924,386,705 | ||
Entity Common Stock, Shares Outstanding | 139,746,677 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive Proxy Statement relating to the Annual Meeting of Stockholders to be held on May 11, 2021 are incorporated by reference into Part III of this Report. | ||
Entity Central Index Key | 0000899749 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate properties | ||
Land | $ 362,695 | $ 289,751 |
Buildings, improvements and lease intangibles | 4,220,297 | 3,986,326 |
Personal property | 11,195 | 10,538 |
Construction in progress | 0 | 48,731 |
Land held for development | 27,226 | 24,647 |
Total real estate properties | 4,621,413 | 4,359,993 |
Less accumulated depreciation | (1,239,224) | (1,121,102) |
Total real estate properties, net | 3,382,189 | 3,238,891 |
Cash and cash equivalents | 15,303 | 657 |
Assets held for sale, net | 20,646 | 37 |
Operating lease right-of-use assets | 125,198 | 126,177 |
Financing lease right-of-use assets | 19,667 | 12,667 |
Investments in unconsolidated joint ventures | 73,137 | 8,130 |
Other assets, net | 176,120 | 177,296 |
Total assets | 3,812,260 | 3,563,855 |
Liabilities | ||
Notes and bonds payable | 1,602,769 | 1,414,069 |
Accounts payable and accrued liabilities | 81,174 | 78,517 |
Liabilities of properties held for sale | 1,216 | 145 |
Operating lease liabilities | 92,273 | 91,574 |
Financing lease liabilities | 18,837 | 18,037 |
Other liabilities | 67,615 | 61,504 |
Total liabilities | 1,863,884 | 1,663,846 |
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; 300,000 shares authorized; 139,487 and 134,706 shares issued and outstanding at December 31, 2020 and 2019, respectively. | 1,395 | 1,347 |
Additional paid-in capital | 3,635,341 | 3,485,003 |
Accumulated other comprehensive loss | (17,832) | (6,175) |
Cumulative net income attributable to common stockholders | 1,199,499 | 1,127,304 |
Cumulative dividends | (2,870,027) | (2,707,470) |
Total stockholders’ equity | 1,948,376 | 1,900,009 |
Total liabilities and stockholders' equity | $ 3,812,260 | $ 3,563,855 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD 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 (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 300,000,000 | 300,000,000 |
Common stock, issued (shares) | 139,487,000 | 134,706,000 |
Common stock, outstanding (shares) | 139,487,000 | 134,706,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Rental income | $ 492,262 | $ 462,225 | |
Rental income | $ 442,397 | ||
Other operating | 7,367 | 8,073 | 7,992 |
Total Revenue | 499,629 | 470,298 | 450,389 |
Expenses | |||
Property operating | 196,514 | 180,005 | 170,506 |
General and administrative | 30,704 | 34,826 | 34,511 |
Acquisition and pursuit costs | 2,561 | 1,742 | 738 |
Depreciation and amortization | 190,435 | 177,859 | 164,201 |
Bad debt, net of recoveries | 60 | ||
Total expenses | 420,214 | 394,432 | 370,016 |
Other income (expense) | |||
Gain on sales of real estate assets | 70,361 | 25,101 | 41,665 |
Interest expense | (56,174) | (55,435) | (52,804) |
Loss on extinguishment of debt | (21,503) | ||
Impairment of real estate assets | (5,617) | 0 | |
Equity income (loss) recognized during the period | (463) | (19) | 4 |
Interest and other income (expense), net | 559 | (711) | 533 |
Total other income (expense) | (7,220) | (36,681) | (10,602) |
Net income | $ 72,195 | $ 39,185 | $ 69,771 |
Basic and diluted earnings per share: | |||
Basic earnings per common share (in USD per share) | $ 0.52 | $ 0.29 | $ 0.55 |
Diluted earnings per common share (in USD per share) | $ 0.52 | $ 0.29 | $ 0.55 |
Weighted average number of shares outstanding, basic and diluted: | |||
Weighted average common shares outstanding - basic (in shares) | 133,930,145 | 127,999,701 | 123,292,125 |
Weighted average common shares outstanding - diluted (in shares) | 134,006,940 | 128,083,984 | 123,350,933 |
Revenue, Product and Service [Extensible List] | us-gaap:ServiceMember |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 72,195 | $ 39,185 | $ 69,771 |
Other comprehensive income (loss) | |||
Reclassification adjustment for losses included in net income (interest expense) | 3,472 | 319 | 424 |
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (15,129) | ||
Net current-period other comprehensive (loss) | (11,657) | (5,273) | 397 |
Comprehensive income | 60,538 | 33,912 | 70,168 |
Interest Rate Swaps | |||
Other comprehensive income (loss) | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (10,862) | (5,592) | (27) |
Treasury Rate Locks | |||
Other comprehensive income (loss) | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | $ (4,267) | $ 0 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Cumulative Net Income | Cumulative Dividends |
Beginning Balance at Dec. 31, 2017 | $ 1,789,883 | $ 0 | $ 1,251 | $ 3,173,429 | $ (1,299) | $ 1,018,348 | $ (2,401,846) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock, net of costs | 616 | 616 | |||||
Common stock redemption | (4,450) | (1) | (4,449) | ||||
Share-based compensation | 10,691 | 3 | 10,688 | ||||
Net income | 69,771 | 69,771 | |||||
Gain on interest rate swaps | 397 | 397 | |||||
Dividends to common stockholders ($1.20 per share) | (150,266) | (150,266) | |||||
Ending Balance at Dec. 31, 2018 | 1,716,642 | 0 | 1,253 | 3,180,284 | (902) | 1,088,119 | (2,552,112) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock, net of costs | 295,856 | 92 | 295,764 | ||||
Common stock redemption | (3,318) | (1) | (3,317) | ||||
Share-based compensation | 12,275 | 3 | 12,272 | ||||
Net income | 39,185 | 39,185 | |||||
Loss on interest rate swaps and treasury locks | (5,273) | (5,273) | |||||
Dividends to common stockholders ($1.20 per share) | (155,358) | (155,358) | |||||
Ending Balance at Dec. 31, 2019 | 1,900,009 | 0 | 1,347 | 3,485,003 | (6,175) | 1,127,304 | (2,707,470) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock, net of costs | 142,170 | 47 | 142,123 | ||||
Common stock redemption | (1,706) | (1) | (1,705) | ||||
Share-based compensation | 9,922 | 2 | 9,920 | ||||
Net income | 72,195 | 72,195 | |||||
Loss on interest rate swaps and treasury locks | (11,657) | (11,657) | |||||
Dividends to common stockholders ($1.20 per share) | (162,557) | (162,557) | |||||
Ending Balance at Dec. 31, 2020 | $ 1,948,376 | $ 0 | $ 1,395 | $ 3,635,341 | $ (17,832) | $ 1,199,499 | $ (2,870,027) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividend per share to common stockholders (in USD per share) | $ 1.20 | $ 1.20 | $ 1.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 72,195 | $ 39,185 | $ 69,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 190,435 | 177,859 | 164,201 |
Other amortization | 4,381 | 3,013 | 3,000 |
Share-based compensation | 9,922 | 12,275 | 10,691 |
Amortization of straight-line rent receivable (lessor) | (3,735) | (3,000) | (4,281) |
Amortization of straight-line rent on operating leases (lessee) | 1,490 | 1,537 | 1,519 |
Gain on sales of real estate assets | (70,361) | (25,101) | (41,665) |
Loss on extinguishment of debt | 21,503 | ||
Impairment of real estate assets | 5,617 | ||
Equity loss (income) from unconsolidated joint ventures | 463 | 19 | (4) |
Distributions from unconsolidated joint ventures | 193 | 381 | 182 |
Proceeds from disposition of sales-type lease properties | 244,454 | ||
Changes in operating assets and liabilities: | |||
Other assets, including right-of-use-assets | (727) | (8,573) | (3,938) |
Accounts payable and accrued liabilities | 4,555 | 2,752 | 4,731 |
Other liabilities | (4,679) | 7,174 | 4,148 |
Net cash provided by operating activities | 470,089 | 213,138 | 208,355 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate | (397,349) | (380,274) | (104,312) |
Development of real estate | (3,089) | (25,985) | (26,728) |
Additional long-lived assets | (93,963) | (64,670) | (70,807) |
Investment in unconsolidated joint ventures | (65,663) | ||
Proceeds from sales of real estate assets | 4,898 | 52,401 | 96,812 |
Proceeds from notes receivable repayments | 8 | ||
Net cash used in investing activities | (555,166) | (418,528) | (105,027) |
FINANCING ACTIVITIES | |||
Net (repayments) borrowings on unsecured credit facility | (293,000) | 31,000 | 73,000 |
Borrowings on term loan | 150,000 | 50,000 | 0 |
Borrowings of notes and bonds payable | 596,562 | ||
Repayments of notes and bonds payable | (47,845) | (13,857) | (19,850) |
Redemption of notes and bonds payable | (270,386) | ||
Dividends paid | (162,557) | (155,358) | (150,266) |
Net proceeds from issuance of common stock | 142,000 | 295,946 | 611 |
Common stock redemptions | (1,436) | (5,097) | (4,532) |
Settlement of treasury rate locks | (4,267) | 0 | 0 |
Debt issuance and assumption costs | (5,931) | (4,589) | (125) |
Payments made on finance leases | (3,417) | (379) | 0 |
Net cash provided by (used in) financing activities | 99,723 | 197,666 | (101,162) |
Increase (decrease) in cash and cash equivalents | 14,646 | (7,724) | 2,166 |
Cash and cash equivalents cash at beginning of period | 657 | 8,381 | 6,215 |
Cash and cash equivalents at end of period | 15,303 | 657 | 8,381 |
Supplemental Cash Flow Information | |||
Interest paid | 52,787 | 53,978 | 45,752 |
Mortgage notes payable assumed upon acquisition (adjusted to fair value) | 36,536 | 7,995 | |
Invoices accrued for construction, tenant improvements and other capitalized costs | 14,935 | 17,294 | 12,682 |
Capitalized interest | $ 1,142 | $ 1,411 | $ 951 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business Overview Healthcare Realty Trust Incorporated (the “Company”) is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States of America. The Company had gross investments of approximately $4.6 billion in 223 real estate properties, redevelopments, land held for development and corporate property as of December 31, 2020. The Company’s 223 owned real estate properties are located in 24 states and total approximately 16.1 million square feet. In addition, the Company formed an unconsolidated joint venture in 2020 with Teachers Insurance and Annuity Association ("TIAA") that owns four buildings (the "TIAA Joint Venture"). Square footage and property count disclosures in these Notes to the Company's Consolidated Financial Statements are unaudited. Principles of Consolidation The Company’s Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. As of December 31, 2020, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. See Note 4 for more details regarding the Company's unconsolidated joint ventures. 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, leases, acquires, manages, finances, develops and redevelops 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. COVID-19 Rent Deferral In response to COVID-19, the Company provided some of its tenants with deferred rent arrangements in the second and third quarters. As of February 10, 2021, the Company has collected 99% of total scheduled deferral payments, leaving approximately $0.1 million to be collected. For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease. However, in light of the COVID-19 pandemic in which many leases are being modified, the Financial Accounting Standards Board (the "FASB") and U.S. Securities and Exchange Commission (the "SEC") have provided relief that will allow companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the preconcession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. The Company has elected to use this relief where applicable and therefore will have no change in the current classification of its leases in connection with many of the leases impacted by negotiations with its tenants. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. If the cash flows are substantially the same or less, there are two methods to potentially account for such rent deferrals under the relief. The first would be as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize revenue during the deferral period. The second method would be to treat the deferred payments as variable lease payments (i.e., revenue recognized when cash received). The Company has elected the first method described above, which results in the revenue being recognized on an accrual basis. 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 $4.6 billion as of December 31, 2020 and $4.4 billion as of December 31, 2019. During 2020 and 2019, the Company eliminated against accumulated depreciation approximately $21.2 million and $17.2 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. Also during 2019, approximately $1.3 million of fully depreciated tenant and capital improvements that were no longer in service were eliminated against accumulated depreciation. Depreciation expense of real estate properties for the three years ended December 31, 2020, 2019 and 2018 was $162.4 million, $152.6 million and $143.8 million, respectively. Depreciation and amortization of real estate assets in place as of December 31, 2020, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 3.0 to 39.0 years Buildings and improvements 3.3 to 43.0 years Lease intangibles (including ground lease intangibles) 1.3 to 99.0 years Personal property 2.9 to 20.0 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 land held for development included eight parcels as of December 31, 2020 and seven parcels as of December 31, 2019. The Company’s investment in land held for development located adjacent to certain of the Company's existing medical office buildings in Texas, Iowa, Tennessee, Georgia and Colorado totaled approximately $27.2 million as of December 31, 2020 and $24.6 million as of December 31, 2019. 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 tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. 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 The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative 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. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. 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 estimated 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 values related to above- or below-market in-place lease intangibles are amortized over the remaining term of the leases upon acquisition to rental income where the Company is the lessor and to property operating expense where the Company is the lessee. 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, leasing 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 at-market, in-place lease intangibles are amortized to depreciation and amortization expense over the weighted average remaining term of the leases, customer relationship assets are amortized to depreciation amortization expense over terms applicable to each acquisition. Any goodwill recorded through a business combination would be reviewed for impairment at least annually and is not amortized. See Note 8 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 one inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level three as they are nonbinding in nature. Fair Value of Derivative Financial Instruments Derivative financial instruments are recorded at fair value on the Company's Consolidated Balance Sheets as other assets or other liabilities. The valuation of derivative instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. Fair values of derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of the Company's forward starting interest rate swap contracts are estimated by pricing models that consider foreign trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. For derivatives designated in qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive income (loss). Gains and losses are reclassified from accumulated other comprehensive income (loss) into earnings once the underlying hedged transaction is recognized in earnings. As of December 31, 2020 and 2019, the Company had $17.8 million and $6.2 million, respectively, recorded in accumulated other comprehensive loss related to forward starting interest rate swaps entered into and settled during 2015 and 2020 and a hedge of the Company's variable rate debt. See Note 10 for additional information. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company had restricted cash during the year ended December 31, 2020, however it was reinvested for real estate acquisitions prior to the ending balance sheet date. The Company did not have any restricted cash for the year ended December 31, 2019. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. 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 debt issuance costs. In-place lease and customer relationship intangible assets are amortized on a straight-line basis over the applicable lives of the assets. Debt issuance costs are amortized over the term of the debt instrument on the effective interest method or the straight-line method when the effective interest method is not applicable. Goodwill is not amortized but is evaluated annually as of December 31 for impairment. Both the 2020 and 2019 impairment evaluations indicated that no impairment had occurred with respect to the $3.5 million goodwill asset. See Note 8 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. Share-Based Compensation The Company has various employee and director share-based awards outstanding. These awards include non-vested common stock and options to purchase common stock granted to employees pursuant to the 2015 Stock Incentive Plan and its predecessor plans (the “2015 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 Income on a straight-line basis over the requisite service period based on the fair value of the award on the measurement date. See Note 12 for details on the Company’s share-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, derivative instruments and unrealized gains or losses on available-for-sale securities. As of December 31, 2020, the Company’s accumulated other comprehensive income (loss) consists of the loss for changes in the fair value of active derivatives designated as cash flow hedges and the loss on the unamortized settlement of forward starting swaps and treasury hedges. See Note 10 for more details on the Company's derivative financial instruments. Revenue from Contracts with Customers (Topic 606) The Company recognizes certain revenue under the core principle of Topic 606. This requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five step model specified in the guidance. Revenue that is accounted for under Topic 606 is segregated on the Company’s Consolidated Statements of Income in the Other operating line item. This line item includes parking income, property lease guaranty income, management fee income and other miscellaneous income. Below is a detail of the amounts by category: YEAR ENDED DECEMBER 31, In thousands 2020 2019 2018 Type of Revenue Parking income $ 6,720 $ 7,520 $ 6,930 Property lease guaranty income — 128 675 Management fee income 343 270 273 Miscellaneous 304 155 114 $ 7,367 $ 8,073 $ 7,992 The Company’s three major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time and the Company recognizes revenue monthly based on this principle. One of the Company’s owned real estate properties as of December 31, 2019 and 2018 respectively, was covered under a property operating agreement between the Company and a sponsoring health system, which contractually obligated 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. The agreement expired February 28, 2019. If the minimum return was not achieved through normal operations of the property, the Company calculated and accrued to property lease guaranty revenue, each quarter, any shortfalls due from the sponsoring health systems under the terms of the property operating agreement. Management fee income includes property management services provided to third parties and certain of the properties in the Company's unconsolidated joint ventures 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 fee income also includes amounts paid to the Company for its asset management services for its TIAA unconsolidated joint venture. Internal management fee income, where the Company manages its owned properties, is eliminated in consolidation. 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 Income. The components of rental income are as follows: YEAR ENDED DECEMBER 31, (Dollars in thousands) 2020 2019 2018 Property operating income $ 453,699 $ 415,142 $ 390,256 Single-tenant 34,828 44,083 47,860 Straight-line rent 3,735 3,000 4,281 Rental income $ 492,262 $ 462,225 $ 442,397 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. 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 15 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, 2020. Federal tax returns for the years 2017, 2018, 2019 and 2020 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 Income. See Note 15 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 rental income in the Company’s Consolidated Statements of Income. Assets Held for Sale Long-lived assets held for sale are reported at the lower of their carrying amount or their fair value less estimated cost to sell. Further, depreciation of these assets ceases at the time the assets are classified as held for sale. Losses resulting from the sale of such properties are characterized as impairment losses in the Consolidated Statements of Income. See Note 5 for more detail on assets held for sale. Earnings per Share The Company uses the two-class method of computing net earnings per common share. Earnings per common share is calculated by considering share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents as participating securities. Undistributed earnings (excess net income over dividend payments) are allocated on a pro rata basis to common shareholders and restricted shareholders. Undistributed losses (dividends in excess of net income) do not get allocated to restricted stockholders as they do not have the contractual obligation to share in losses. The amount of undistributed losses that applies to the restricted stockholders is allocated to the common stockholders. 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 using the treasury stock method and the average stock price during the period. See Note 13 for the calculations of earnings per share. Reclassifications Certain reclassifications have been made on the Company's Consolidated Balance Sheet and Statements of Income with the acquisition of an additional unconsolidated joint venture in 2020. Previously, the Company's investments in its unconsolidated joint ventures were included in other assets on the Company's Consolidated Balance Sheet and the related equity income was recognized within interest and other income (expense), net on the Company's Consolidated Statements of Income. These amounts are now classified separately on the Company's Consolidated Balance Sheet and Statements of Income. YEAR ENDED DECEMBER 31, 2019 In thousands As Previously Reported As Reclassified Total assets Investments in unconsolidated joint ventures $ — $ 8,130 Other assets 185,246 177,296 $ 185,246 $ 185,426 YEAR ENDED DECEMBER 31, 2019 YEAR ENDED DECEMBER 31, 2018 In thousands As Previously Reported As Reclassified As Previously Reported As Reclassified Other income (expense) Equity income (loss) from unconsolidated joint ventures $ — $ (19) $ — $ 4 Interest and other income (expense), net (730) (711) 537 533 $ (730) $ (730) $ 537 $ 537 New Accounting Pronouncements Accounting Standards Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." This update is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. This update requires that financial statement assets measured at an amortized cost and certain other financial instruments be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. This standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. Operating lease receivables, representing the majority of the Company's receivables, are not within the scope of the new standard. The Company adopted this standard as of January 1, 2020. There was not a material impact to the Consolidated Financial Statements from the adoption of this standard. Accounting Standards Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment." This update eliminates Step 2 of the goodwill impairment test. As such, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. This standard is effective for the Company for annual and interim periods beginning after December 15, 2019. The Company adopted this standard as of January 1, 2020. There was not a material impact to the Consolidated Financial Statements from the adoption of this standard. Accounting Standards Update No. 2020-04 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) |
Property Investments
Property Investments | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Investment Property, Net [Abstract] | |
Property Investments | Property Investments The Company invests in healthcare-related properties located throughout the United States. The Company provides management, leasing, development and redevelopment services, and capital for the construction of new facilities as well as for the acquisition of existing properties. The following table summarizes the Company’s consolidated investments at December 31, 2020. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Seattle, WA 27 $ 60,017 $ 598,783 $ 567 $ 659,367 $ (113,270) Dallas, TX 21 19,194 475,825 441 495,460 (187,050) Los Angeles, CA 17 65,841 281,111 401 347,353 (106,244) Atlanta, GA 13 13,364 287,886 84 301,334 (31,696) Nashville, TN 7 27,998 195,433 1,251 224,682 (75,927) Denver, CO 12 23,505 166,835 535 190,875 (34,458) Charlotte, NC 16 4,200 178,507 105 182,812 (74,687) Houston, TX 10 19,256 143,108 95 162,459 (49,953) Washington, D.C. 6 — 152,739 34 152,773 (32,135) Richmond, VA 7 — 151,277 114 151,391 (50,005) Honolulu, HI 3 8,327 136,690 159 145,176 (43,530) Des Moines, IA 7 12,665 126,098 99 138,862 (40,023) Memphis, TN 9 8,121 126,488 203 134,812 (42,107) San Francisco, CA 3 14,054 107,418 43 121,515 (23,350) Indianapolis, IN 4 3,299 117,174 14 120,487 (29,102) Austin, TX 5 14,236 94,436 123 108,795 (27,521) San Antonio, TX 6 6,487 89,817 398 96,702 (43,753) Chicago, IL 3 5,859 87,900 213 93,972 (27,829) Greensboro, NC 6 8,596 75,660 — 84,256 (2,567) Colorado Springs, CO 5 5,649 68,836 15 74,500 (17,048) Minneapolis, MN 4 2,090 61,364 — 63,454 (12,064) Other (16 markets) 32 34,715 480,484 797 515,996 (168,213) 223 357,473 4,203,869 5,691 4,567,033 (1,232,532) Land held for development — 27,226 — — 27,226 (953) Memphis Redevelopment — 5,222 16,428 — 21,650 (841) Corporate property — — — 5,504 5,504 (4,898) Total real estate investments 223 $ 389,921 $ 4,220,297 $ 11,195 $ 4,621,413 $ (1,239,224) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases, Operating | Leases Lessor Accounting Under ASC 842 The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2040. Some leases provide for fixed rent renewal terms in addition to market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s portfolio of single-tenant leases generally requires the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property. The Company records these expenses on a net basis, with the exception of property taxes. Property taxes are recorded on a gross basis as a lessor cost in which the tenant reimburses the Company. The Company generally expects that collectibility is probable at lease commencement. If the assessment of collectibility changes after the lease commencement date and Rental income is not considered probable, Rental income is recognized on a cash basis and all previously recognized uncollectible Rental income is reversed in the period in which the it is determined not to be probable of collection. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also apply a general reserve ("provision for bad debt"), as a reduction to Rental income, for its portfolio of operating lease receivables. The Company's leases typically have escalators that are either based on a stated percentage or an index such as CPI (consumer price index). In addition, most of the Company's leases include nonlease components such as reimbursement of operating expenses as additional rent or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the twelve months ended December 31, 2020 was $492.3 million. In May 2020, the Company and Mercy Health negotiated the sale of two single-tenant leased properties, a medical office building in Oklahoma and an orthopedic specialty hospital in Missouri, for $244.5 million. The sale was structured through amendments to the leases to allow for the early exercise of existing purchase options. The amendments resulted in the application of lease modification accounting under ASC Topic 842, which resulted in lease classification changes from operating to sales-type. During the second quarter, the Company derecognized the real estate assets on the Condensed Consolidated Balance Sheets and recognized the net investment in sales-type leases, resulting in a gain of $68.3 million. The Company disposed of these properties on July 30, 2020. Tabular Disclosure of the Components of Sales-Type Leases The table below represents the components of sales-type leases for the year ended December 31, 2020: SALES-TYPE LEASES Dollars in thousands 2020 Profit recognized at commencement date $ 68,282 Gain on sales of real estate assets Interest income 3,007 Rental income Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2020 are as follows: In thousands 2021 $ 373,344 2022 329,022 2023 281,643 2024 219,196 2025 171,844 2026 and thereafter 437,945 $ 1,812,994 Revenue Concentrations The Company’s real estate portfolio is leased to a diverse tenant base. The Company did not have any customers that account for 10% or more of the Company's revenues for the years ended December 31, 2020, 2019 and 2018. Purchase Option Provisions Certain of the Company’s leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property covered by the agreement at fair market value or an amount equal to the Company’s gross investment. The Company expects that the purchase price from its purchase options will be greater than its net investment in the properties at the time of potential exercise by the lessee. The Company had investments of approximately $96.9 million in four real estate properties as of December 31, 2020 that were subject to purchase options that were exercisable. Lessee Accounting Under ASC 842 As of December 31, 2020, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of December 31, 2020, the Company had 105 properties totaling 8.8 million square feet that were held under ground leases. Some of the ground leases renewal terms are based on fixed rent renewal terms and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on the Consumer Price Index. The Company had 43 prepaid ground leases as of December 31, 2020. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.6 million for the twelve months ended December 31, 2020, 2019 and 2018 respectively. The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of December 31, 2020 were as follows: In thousands OPERATING FINANCING 2021 $ 4,865 $ 930 2022 4,895 783 2023 4,933 793 2024 4,990 815 2025 5,041 826 2026 and thereafter 303,574 87,982 Total undiscounted lease payments 328,298 92,129 Discount (236,025) (73,292) Lease liabilities $ 92,273 $ 18,837 The following table provides details of the Company's total lease expense for the year ended December 31, 2020: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 4,715 $ 4,623 Variable lease expense 3,551 3,161 Finance lease cost Amortization of right-of-use assets 324 165 Interest on lease liabilities 969 616 Total lease expense $ 9,559 $ 8,565 Other information Operating cash flows outflows related to operating leases $ 6,912 $ 6,972 Financing cash flows outflows related to financing leases $ 3,417 $ 379 Right-of-use assets obtained in exchange for new finance lease liabilities $ 7,212 $ 17,800 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,976 $ 1,725 Weighted-average remaining lease term (excluding renewal options) - operating leases 48.6 49.5 Weighted-average remaining lease term (excluding renewal options) -finance leases 64.5 65.2 Weighted-average discount rate - operating leases 5.7 % 5.7 % Weighted-average discount rate - finance leases 5.4 % 5.4 % |
Leases, Finance | Leases Lessor Accounting Under ASC 842 The Company’s properties generally are leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2040. Some leases provide for fixed rent renewal terms in addition to market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s portfolio of single-tenant leases generally requires the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property. The Company records these expenses on a net basis, with the exception of property taxes. Property taxes are recorded on a gross basis as a lessor cost in which the tenant reimburses the Company. The Company generally expects that collectibility is probable at lease commencement. If the assessment of collectibility changes after the lease commencement date and Rental income is not considered probable, Rental income is recognized on a cash basis and all previously recognized uncollectible Rental income is reversed in the period in which the it is determined not to be probable of collection. In addition to the lease-specific collectibility assessment performed under Topic 842, the Company may also apply a general reserve ("provision for bad debt"), as a reduction to Rental income, for its portfolio of operating lease receivables. The Company's leases typically have escalators that are either based on a stated percentage or an index such as CPI (consumer price index). In addition, most of the Company's leases include nonlease components such as reimbursement of operating expenses as additional rent or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the twelve months ended December 31, 2020 was $492.3 million. In May 2020, the Company and Mercy Health negotiated the sale of two single-tenant leased properties, a medical office building in Oklahoma and an orthopedic specialty hospital in Missouri, for $244.5 million. The sale was structured through amendments to the leases to allow for the early exercise of existing purchase options. The amendments resulted in the application of lease modification accounting under ASC Topic 842, which resulted in lease classification changes from operating to sales-type. During the second quarter, the Company derecognized the real estate assets on the Condensed Consolidated Balance Sheets and recognized the net investment in sales-type leases, resulting in a gain of $68.3 million. The Company disposed of these properties on July 30, 2020. Tabular Disclosure of the Components of Sales-Type Leases The table below represents the components of sales-type leases for the year ended December 31, 2020: SALES-TYPE LEASES Dollars in thousands 2020 Profit recognized at commencement date $ 68,282 Gain on sales of real estate assets Interest income 3,007 Rental income Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2020 are as follows: In thousands 2021 $ 373,344 2022 329,022 2023 281,643 2024 219,196 2025 171,844 2026 and thereafter 437,945 $ 1,812,994 Revenue Concentrations The Company’s real estate portfolio is leased to a diverse tenant base. The Company did not have any customers that account for 10% or more of the Company's revenues for the years ended December 31, 2020, 2019 and 2018. Purchase Option Provisions Certain of the Company’s leases include purchase option provisions. The provisions vary by agreement but generally allow the lessee to purchase the property covered by the agreement at fair market value or an amount equal to the Company’s gross investment. The Company expects that the purchase price from its purchase options will be greater than its net investment in the properties at the time of potential exercise by the lessee. The Company had investments of approximately $96.9 million in four real estate properties as of December 31, 2020 that were subject to purchase options that were exercisable. Lessee Accounting Under ASC 842 As of December 31, 2020, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of December 31, 2020, the Company had 105 properties totaling 8.8 million square feet that were held under ground leases. Some of the ground leases renewal terms are based on fixed rent renewal terms and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on the Consumer Price Index. The Company had 43 prepaid ground leases as of December 31, 2020. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.6 million for the twelve months ended December 31, 2020, 2019 and 2018 respectively. The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of December 31, 2020 were as follows: In thousands OPERATING FINANCING 2021 $ 4,865 $ 930 2022 4,895 783 2023 4,933 793 2024 4,990 815 2025 5,041 826 2026 and thereafter 303,574 87,982 Total undiscounted lease payments 328,298 92,129 Discount (236,025) (73,292) Lease liabilities $ 92,273 $ 18,837 The following table provides details of the Company's total lease expense for the year ended December 31, 2020: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 4,715 $ 4,623 Variable lease expense 3,551 3,161 Finance lease cost Amortization of right-of-use assets 324 165 Interest on lease liabilities 969 616 Total lease expense $ 9,559 $ 8,565 Other information Operating cash flows outflows related to operating leases $ 6,912 $ 6,972 Financing cash flows outflows related to financing leases $ 3,417 $ 379 Right-of-use assets obtained in exchange for new finance lease liabilities $ 7,212 $ 17,800 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,976 $ 1,725 Weighted-average remaining lease term (excluding renewal options) - operating leases 48.6 49.5 Weighted-average remaining lease term (excluding renewal options) -finance leases 64.5 65.2 Weighted-average discount rate - operating leases 5.7 % 5.7 % Weighted-average discount rate - finance leases 5.4 % 5.4 % |
Acquisitions, Dispositions and
Acquisitions, Dispositions and Mortgage Repayments | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions and Dispositions and Mortgage Repayments [Abstract] | |
Acquisitions, Dispositions and Mortgage Repayments | Acquisitions, Dispositions and Mortgage Repayments 2020 Acquisitions The following table details the Company's acquisitions for the year ended December 31, 2020: Dollars in millions TYPE 1 DATE ACQUIRED PURCHASE PRICE MORTGAGES ASSUMED 2 CASH 3 REAL OTHER 4 SQUARE FOOTAGE Los Angeles, CA MOB 1/3/20 $ 42.0 $ (19.3) $ 22.8 $ 42.4 $ (0.3) 86,986 Atlanta, GA MOB 2/13/20 12.0 — 11.8 12.1 (0.3) 64,624 Raleigh, NC MOB 2/25/20 6.3 — 6.5 6.5 — 15,964 Colorado Springs, CO MOB 3/9/20 8.2 — 8.3 8.6 (0.3) 34,210 Denver, CO 5 MOB 3/13/20 33.5 — 33.2 34.0 (0.8) 136,994 San Diego, CA MOB 7/1/20 16.7 — 16.7 16.9 (0.2) 46,083 Los Angeles, CA MOB 7/17/20 35.0 — 37.7 37.7 — 49,785 Seattle, WA 6 MOB 7/23/20 11.0 — 10.9 11.3 (0.4) 21,309 Atlanta, GA MOB 7/31/20 20.5 — 21.6 21.3 0.3 48,145 Houston, TX MOB 9/24/20 11.0 — 10.9 11.0 (0.1) 40,235 Los Angeles, CA MOB 9/28/20 14.0 — 14.0 13.9 0.1 24,252 Colorado Springs, CO MOB 10/7/20 8.9 — 8.9 9.0 (0.1) 36,720 Greensboro, NC 5 MOB 11/9/20 45.1 — 45.4 44.9 0.5 149,400 Memphis, TN MOB 11/9/20 26.3 — 26.5 26.2 0.3 135,270 Memphis, TN 7 MOB 11/18/20 7.0 — 7.1 6.1 1.0 40,192 Nashville, TN MOB 12/1/20 14.0 — 13.9 13.9 — 38,736 Greensboro, NC MOB 12/17/20 10.5 — 10.8 10.7 0.1 27,599 San Diego, CA MOB 12/22/20 37.4 (16.5) 21.4 38.5 (0.6) 45,157 Atlanta, GA 8 MOB 12/29/20 50.0 — 50.4 50.6 (0.2) 125,404 Greensboro, NC 9 MOB 12/30/20 11.6 — 11.3 11.3 — 35,373 $ 421.0 $ (35.8) $ 390.1 $ 426.9 $ (1.0) 1,202,438 Land Acquisition 10 1/14/20 1.6 — 1.7 1.7 — — Land Acquisition 11 9/4/20 1.0 — 1.1 1.1 — — Land Acquisition 12 10/22/20 2.5 — 2.6 2.6 — — $ 426.1 $ (35.8) $ 395.5 $ 432.3 $ (1.0) 1,202,438 1 MOB = medical office building. 2 The mortgages assumed in the acquisitions do not reflect the fair value adjustments totaling $0.7 million in aggregate recorded by the Company upon acquisition (included in Other). 3 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 4 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 5 Includes three properties. 6 Represents a single-tenant property. 7 The Company assumed a prepaid ground lease totaling $0.4 million and recorded a below-market lease intangible totaling $0.8 million in connection with this acquisition that is classified as an operating lease that is included in Other. 8 Includes two properties. 9 The Company assumed a ground lease and recorded a below-market lease intangible totaling $0.2 million in connection with this acquisition that is classified as an operating lease. The present value of future lease payments totaling $0.6 million was recorded on the Company's Consolidated Balance Sheets under the caption Operating lease liabilities. 10 The Company acquired land parcels under four existing buildings (previously ground leased with the hospital system). 11 The Company acquired a land parcel under an existing building (previously ground leased). The building and land were disposed on September 30, 2020. 12 The Company acquired a land parcel adjacent to an existing building, and the land parcel will be held for development. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2020 as of the acquisition date: ESTIMATED ESTIMATED Building $ 292.9 19.0 - 43.0 Land 74.4 — Land Improvements 11.6 6.0 - 14.0 Intangibles At-market lease intangibles 53.4 3.2 - 12.0 Above-market lease intangibles (lessor) 2.0 1.7 - 11.0 Below-market lease intangibles (lessor) (2.2) 2.3 - 9.9 Below-market lease intangibles (lessee) 1.0 55 Mortgage notes payable assumed, including fair value adjustments (36.5) Other assets acquired 1.8 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 395.5 Subsequent Acquisitions On January 7, 2021, the Company acquired a 22,461 square foot medical office building in San Diego, California for a purchase price of $17.2 million. On February 1, 2021, the Company acquired two medical office buildings totaling 121,709 square feet in Dallas, Texas for a total purchase price of $22.5 million. Unconsolidated Joint Ventures During the year ended December 31, 2020, the Company entered into the TIAA Joint Venture to invest in a broad range of medical office buildings. The Company has a 50% ownership in the TIAA Joint Venture, and is the managing member. The TIAA Joint Venture is not consolidated for purposes of the Company's Consolidated Financial Statements. The following table provides details of the TIAA Joint Venture transactions. Dollars in millions TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE Minneapolis, MN MOB 11/12/20 $ 16.6 $ 14.2 $ 13.8 $ 0.4 92,139 Minneapolis, MN MOB 12/7/20 15.5 15.4 15.5 (0.1) 48,594 Los Angeles, CA MOB 12/8/20 80.6 80.5 79.2 1.3 135,904 Los Angeles, CA MOB 12/29/20 13.2 13.2 13.1 0.1 48,759 $ 125.9 $ 123.3 $ 121.6 $ 1.7 325,396 1 MOB = medical office building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. The Company also has a 55% and 27% ownership interest in two limited liability companies, or LLCs, that own two parking garages in Atlanta, Georgia which is included in investments in unconsolidated joint ventures on the Company's Consolidated Balance Sheets. The parking garage interests were purchased along with three buildings in the fourth quarter of 2017. The Company's investment in and income (loss) recognized for the years ended December 31, 2020 and 2019 related to its joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2020 2019 Net LLC investments, beginning of period $ 8.1 $ 8.5 New investments during the period 65.7 — Equity income (loss) recognized during the period (0.5) — Owner distributions (0.2) (0.4) Net LLC investments, end of period $ 73.1 $ 8.1 2019 Acquisitions The following table details the Company's acquisitions for the year ended December 31, 2019: Dollars in millions TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE Washington, D.C. 4 MOB 3/28/19 $ 46.0 $ 45.9 $ 50.2 $ (4.3) 158,338 Indianapolis, IN 5 MOB 3/28/19 47.0 44.8 43.7 1.1 143,499 Atlanta, GA MOB 4/2/19 28.0 28.0 28.0 — 47,963 Dallas, TX MOB 6/10/19 17.0 16.7 17.0 (0.3) 89,990 Seattle, WA MOB 6/11/19 7.7 7.8 7.8 — 29,870 Seattle, WA MOB 6/14/19 19.0 19.1 19.5 (0.4) 47,255 Seattle, WA MOB 6/28/19 30.5 30.4 30.6 (0.2) 78,288 Houston, TX MOB 8/1/19 13.5 13.5 13.5 — 29,903 Oklahoma City, OK MOB 9/26/19 4.1 4.1 4.1 — 28,542 Los Angeles, CA 6 MOB 9/30/19 61.1 60.9 61.8 (0.9) 115,634 Raleigh, NC MOB 10/31/19 21.6 22.0 21.7 0.3 57,730 Dallas, TX 7 MOB 10/31/19 20.1 19.5 20.2 (0.7) 48,192 Seattle, WA MOB 11/18/19 22.8 23.1 23.2 (0.1) 36,350 Seattle, WA MOB 12/10/19 24.2 24.5 24.6 (0.1) 44,166 Memphis, TN MOB 12/13/19 8.7 8.9 8.9 — 110,883 Seattle, WA MOB 12/18/19 10.0 9.3 9.9 (0.6) 20,109 $ 381.3 $ 378.5 $ 384.7 $ (6.2) 1,086,712 1 MOB = medical office building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 4 Includes two properties. The Company assumed two ground leases in connection with this acquisition that are classified as financing leases. The present value of future lease payments totaling $14.3 million was recorded on the Company's Consolidated Balance Sheets under the caption Finance lease liabilities. In addition, the right-of-use assets were partially offset by $5.2 million of above-market lease intangibles included in Other. 5 The Company assumed a prepaid ground lease totaling $0.8 million and recorded a below-market lease intangible totaling $0.9 million in connection with this acquisition that is classified as an operating lease that is included in Other. 6 Includes two properties. 7 The Company assumed a ground lease in connection with this acquisition that is classified as a financing lease. The present value of future lease payments totaling $3.6 million was recorded on the Company's Consolidated Balance Sheets under the caption Finance lease liabilities. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2019 as of the acquisition date: ESTIMATED ESTIMATED Building 270.7 8.0 - 37.0 Land 59.1 — Land Improvements 4.2 3.0 - 12.0 Intangibles At-market lease intangibles 50.7 3.3 - 9.2 Above-market lease intangibles (lessor) 0.7 2.4 - 9.9 Below-market lease intangibles (lessor) (0.7) 1.2 - 8.6 Above-market lease intangibles (lessee) (5.1) 69.1 - 72.3 Below-market lease intangibles (lessee) 0.9 65.1 Other assets acquired 2.3 Accounts payable, accrued liabilities and other liabilities assumed (4.3) Total cash paid $ 378.5 2020 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2020: Dollars in millions TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Springfield, MO 3 SF 7/30/20 $ 138.0 $ — $ 138.0 $ 92.4 $ 3.9 $ 41.7 186,000 Oklahoma City, OK 3 MOB 7/30/20 106.5 — 106.5 76.8 3.1 26.6 200,000 Miami, FL MOB 9/30/20 5.0 (0.2) 4.8 2.6 0.1 2.1 26,000 $ 249.5 $ (0.2) $ 249.3 $ 171.8 $ 7.1 $ 70.4 412,000 1 MOB = medical office building; SF = surgical facility 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 In the second quarter of 2020, the Company entered into agreements to sell two single-tenant net leased properties, resulting in a lease modification and classification change from operating to sales-type. 2019 Real Estate Asset Dispositions The following table details the Company's dispositions for the year ended December 31, 2019: Dollars in millions TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Tucson, AZ 3 MOB 4/9/19 $ 13.0 $ (0.9) $ 12.1 $ 6.9 $ 0.4 $ 4.8 67,345 Virginia Beach, VA 4 MOB 8/1/19 1.3 (0.1) 1.2 1.2 — — 10,000 San Antonio, TX MOB 8/28/19 0.9 (0.1) 0.8 0.6 — 0.2 10,138 Erie, PA IRF 10/25/19 14.0 — 14.0 1.3 — 12.7 90,123 New Orleans, LA 5 MOB 11/25/19 3.7 (0.2) 3.5 1.2 0.2 2.1 136,155 Kingsport, TN SNF 11/27/19 9.5 (0.3) 9.2 5.0 1.3 2.9 75,000 Pittsburgh, PA 6 IRF 12/18/19 3.8 (0.3) 3.5 3.5 — — 78,731 Dallas, TX 5 MOB 12/30/19 8.7 (0.6) 8.1 6.1 (0.4) 2.4 69,558 $ 54.9 $ (2.5) $ 52.4 $ 25.8 $ 1.5 $ 25.1 537,050 1 MOB = medical office building; IRF = inpatient rehabilitation facility; SNF = skilled nursing facility 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes four properties sold to a single purchaser. 4 The Company reclassified this property to held for sale during the second quarter of 2019 and recorded an impairment charge of $0.4 million based on the sales price less estimated costs to sell. 5 Includes two properties. 6 The Company reclassified this property to held for sale during the first quarter of 2017 and subsequently in the second quarter of 2019, the Company accepted an offer to purchase and recorded an impairment charge of $5.2 million. |
Held for Sale
Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale | Held for Sale Assets and liabilities of properties sold or classified as held for sale are separately identified on the Company’s Consolidated Balance Sheets. As of December 31, 2020 the Company had four properties classified as held for sale, and as of December 31, 2019, the Company had no properties classified as held for sale. The table below reflects the assets and liabilities of the properties classified as held for sale as of December 31, 2020 and 2019. DECEMBER 31, Dollars in thousands 2020 2019 Balance Sheet data Land $ 1,664 $ — Buildings, improvements and lease intangibles 27,443 — Personal property 39 — 29,146 — Accumulated depreciation (10,455) — Real estate assets held for sale, net 18,691 — Other assets, net 1,955 37 Assets held for sale, net $ 20,646 $ 37 Accounts payable and accrued liabilities $ 533 $ 37 Other liabilities 683 108 Liabilities of properties held for sale $ 1,216 $ 145 |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Impairment Charges | Impairment ChargesAn 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 for the year ended December 31, 2019 totaling $5.6 million. The Company did not record any impairment charges in 2020. Both level 1 and level 3 fair value techniques were used to derive these impairment charges. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets Other assets consist primarily of straight-line rent receivables, additional long-lived assets, prepaids, intangible assets, debt issuance costs and accounts receivable. Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 are detailed in the table below: DECEMBER 31, Dollars in millions 2020 2019 Straight-line rent receivables $ 67.0 $ 70.5 Prepaid assets 49.9 44.3 Additional long-lived assets, net 21.3 22.7 Accounts receivable, net 11.2 13.0 Ground lease modification, net 9.0 9.4 Project costs 6.8 4.6 Goodwill 3.5 3.5 Debt issuance costs, net 1 3.1 5.0 Above-market intangible assets, net 2.6 1.2 Customer relationship intangible assets, net 1.2 2.5 Other 0.5 0.6 $ 176.1 $ 177.3 1 2020 and 2019 includes debt issuance costs related to the Company's Unsecured Credit Facility and 2019 includes the debt issuance costs related to the Unsecured Term Loan due 2026 that had not yet been funded. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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, debt issuance costs, above-, below-, and at-market lease intangibles, and customer relationship intangibles. The Company’s intangible assets and liabilities, including assets held for sale, as of December 31, 2020 and 2019 consisted of the following: GROSS BALANCE ACCUMULATED AMORTIZATION WEIGHTED AVG. BALANCE SHEET CLASSIFICATION Dollars in millions 2020 2019 2020 2019 Goodwill $ 3.5 $ 3.5 $ — $ — N/A Other assets, net Credit facility debt issuance costs 5.1 5.8 2.0 0.8 2.4 Other assets, net Above-market lease intangibles (lessor) 4.2 4.0 1.6 2.8 5.0 Other assets, net Customer relationship intangibles (lessor) 4.1 4.1 1.7 1.6 22.6 Other assets, net Below-market lease intangibles (9.0) (7.3) (4.4) (4.0) 6.0 Other liabilities Debt issuance costs 1 13.6 9.2 3.2 3.5 6.3 Notes and bonds payable At-market lease intangibles 174.4 147.9 63.7 59.8 5.1 Real estate properties Above-market lease intangibles (lessee) (7.2) (7.2) (0.3) (0.2) 74.6 Right-of-use asset Below-market lease intangibles (lessee) 18.8 18.8 2.5 2.5 62.2 Right-of-use asset $ 207.5 $ 178.8 $ 70.0 $ 66.8 13.3 1 Includes debt issuance costs related to the Company's Unsecured Senior Notes payable, Unsecured Term Loan due 2024, Unsecured Term Loan due 2026, and mortgage notes payable. For the years ended December 31, 2020 and 2019, the Company recognized approximately $31.0 million and $28.0 million of intangible amortization expense, respectively. The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2020: Dollars in millions FUTURE AMORTIZATION OF INTANGIBLES, NET 2021 $ 27.9 2022 24.6 2023 19.6 2024 14.0 2025 9.7 |
Notes and Bonds Payable
Notes and Bonds Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes and Bonds Payable | Notes and Bonds Payable DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTS Dollars in thousands 2020 2019 Unsecured Credit Facility $ — $ 293,000 5/23 LIBOR + 0.90% At maturity Monthly Unsecured Term Loan due 2024 1 199,236 199,013 5/24 LIBOR + 1.00% At maturity Monthly Unsecured Term Loan due 2026 1 149,479 — 6/26 LIBOR + 1.60% At maturity Monthly Senior Notes due 2023 1 — 248,540 4/23 3.75 % At maturity Semi-Annual Senior Notes due 2025 1 248,776 248,522 5/25 3.88 % At maturity Semi-Annual Senior Notes due 2028 1 296,123 295,651 1/28 3.63 % At maturity Semi-Annual Senior Notes due 2030 1 296,468 — 3/30 2.40 % At maturity Semi-Annual Senior Notes due 2031 1 294,924 — 3/31 2.05 % At maturity Semi-Annual Mortgage notes payable 2 117,763 129,343 11/22-4/27 3.31%-6.17% Monthly Monthly $ 1,602,769 $ 1,414,069 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. 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 impose certain limits on the Company’s ability to incur indebtedness and create liens or encumbrances. As of December 31, 2020, the Company was in compliance with its financial covenant provisions under its various debt instruments. Unsecured Credit Facility On October 14, 2011, the Company entered into a $700.0 million unsecured credit facility with a syndicate of lenders (the "Unsecured Credit Facility"). On May 31, 2019, the Company entered into an amended and restated Unsecured Credit Facility to extend the maturity date to May 2023. The credit facility agreement provides the Company with two six-month extension options that could extend the maturity date to May 2024. Each option is subject to an extension fee of 0.0625% 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 0.775% to 1.45% (0.90% as of December 31, 2020). In addition, the Company pays a facility fee per annum on the aggregate amount of commitments ranging from 0.125% to 0.30% (0.20% as of December 31, 2020). In connection with the amendment, the Company paid up-front fees to the lenders of approximately $3.5 million, which will be amortized over the term of the facility. As of December 31, 2020, the Company had no loans outstanding under the Unsecured Credit Facility. Unsecured Term Loan due 2024 In February 2014, the Company entered into a $200.0 million unsecured term loan with a syndicate of nine lenders (the "Unsecured Term Loan due 2024"). On July 5, 2016, the Company repaid $50.0 million of the outstanding principal. On May 31, 2019, the Company entered into an amended and restated unsecured term loan due 2022 with a syndicate of nine lenders to extend the maturity date to May 2024, to increase the loan amount from $150.0 million to $200 million, and to add the unsecured term loan due 2026 (discussed below). The Unsecured Term Loan due 2024 bears interest at a rate equal to (x) LIBOR plus (y) a margin ranging from 0.85% to 1.65% (1.00% as of December 31, 2020) based upon the Company's unsecured debt ratings. Payments under the Unsecured Term Loan due 2024 are interest only, with the full amount of the principal due at maturity. The Unsecured Term Loan due 2024 may be prepaid at any time, without penalty. The Unsecured Term Loan due 2024 has various financial covenant provisions that are required to be met on a quarterly and annual basis that are equivalent to those of the Unsecured Credit Facility. As of December 31, 2020, the Company had interest rate swaps totaling $75.0 million to hedge the 1-month LIBOR portion of the cost of borrowing under the Unsecured Term Loan due 2024 at a weighted average rate of 2.37%. The outstanding balance on the Unsecured Term Loan due 2024 was $200.0 million as of December 31, 2020 with an effective interest rate of approximately 1.99% including the impact of the interest rate swaps. In connection with the amendment and restatement, the Company paid up-front fees to the lenders of approximately $0.7 million, of which $0.4 million was capitalized and will be amortized over the term of the loan, and $0.3 million was expensed during the second quarter of 2019. For each of the years ended December 31, 2020, 2019, and 2018 the Company amortized approximately $0.2 million of the debt issuance costs which is included in interest expense on the Company's Consolidated Statements of Income. The following table reconciles the balance of the Unsecured Term Loan due 2024 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Unsecured Term Loan due 2024 principal balance $ 200,000 $ 200,000 Debt issuance costs (764) (987) Unsecured Term Loan due 2024 carrying amount $ 199,236 $ 199,013 Unsecured Term Loan due 2026 On May 31, 2019, the Company amended and restated its term loan agreement with a syndicate of lenders (the "Unsecured Term Loan due 2026"). The Unsecured Term Loan due 2026 has a delayed draw feature that allowed the Company up to nine months to draw against the $150.0 million commitments. The Company completed its initial draw of $150.0 million on the Unsecured Term Loan due 2026 on May 29, 2020. The Unsecured Term Loan due 2026 bears interest at a rate equal to LIBOR plus a margin ranging from 1.45% to 2.40% (1.60% at December 31, 2020). As of December 31, 2020, the Company had interest rate swaps totaling $100.0 million to hedge the 1-month LIBOR portion of the cost of borrowing under the Unsecured Term Loan due 2026 at a weighted average rate of 2.23%. The outstanding balance on the Unsecured Term Loan due 2026 was $150.0 million as of December 31, 2020 with an effective interest rate of approximately 3.14% including the impact of the interest rate swaps. In connection with the amendment, the Company paid up-front fees to the lenders of approximately $1.1 million, of which $0.7 million was capitalized and will be amortized over the term of the loan, and $0.4 million was expensed during the second quarter of 2019. For the year ended December 31, 2020, the Company amortized approximately $0.1 million of the debt issuance costs which is included in interest expense on the Company's Consolidated Statements of Income. The following table reconciles the balance of the Unsecured Term Loan due 2026 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Unsecured Term Loan due 2026 principal balance $ 150,000 $ — Debt issuance costs (521) — Unsecured Term Loan due 2026 carrying amount $ 149,479 $ — Senior Notes due 2023 Redemption On October 19, 2020, the Company redeemed the $250.0 million outstanding principal of its senior notes due 2023 (the "Senior Notes due 2023"). The aggregate redemption price of $270.5 million consisted of outstanding principal of $250.0 million, accrued interest of $0.1 million, and a "make-whole" amount of approximately $20.4 million for the early extinguishment of debt. The unaccreted discount and unamortized costs on these notes of $1.1 million was written off upon redemption. The Company recognized a loss on early extinguishment of debt of approximately $21.5 million related to this redemption. The following table reconciles the balance of the Senior Notes due 2023 on the Company's Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2023 face value $ — $ 250,000 Unaccreted discount — (761) Debt issuance costs — (699) Senior Notes due 2023 carrying amount $ — $ 248,540 Senior Notes due 2025 On April 24, 2015, the Company issued $250.0 million of unsecured senior notes due 2025 (the "Senior Notes due 2025") in a registered public offering. The Senior Notes due 2025 bear interest at 3.875%, payable semi-annually on May 1 and November 1, beginning November 1, 2015, and are due on May 1, 2025, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $0.2 million and the Company incurred approximately $2.3 million in debt issuance costs which yielded a 4.08% interest rate per annum upon issuance. For each of the years ended December 31, 2020, 2019, and 2018 the Company amortized approximately $0.2 million of the debt issuance costs which is included in interest expense on the Company's Consolidated Statements of Income. Concurrent with this transaction, the Company settled four forward starting swap agreements for $1.7 million. The Senior Notes due 2025 have various financial covenants that are required to be met on a quarterly and annual basis. The following table reconciles the balance of the Senior Notes due 2025 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2025 face value $ 250,000 $ 250,000 Unaccreted discount (100) (121) Debt issuance costs (1,124) (1,357) Senior Notes due 2025 carrying amount $ 248,776 $ 248,522 Senior Notes due 2028 On December 11, 2017, the Company issued $300.0 million of unsecured Senior Notes due 2028 (the "Senior Notes due 2028") in a registered public offering. The Senior Notes due 2028 bear interest at 3.625%, payable semi-annually on January 15 and July 15, beginning July 15, 2018, and are due on January 15, 2028, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $2.5 million and the Company incurred approximately $2.7 million in debt issuance costs which yielded a 3.84% interest rate per annum upon issuance. For the year ended December 31, 2020, the Company amortized approximately $0.2 million of the discount and $0.2 million of the debt issuance costs which are included in interest expense on the Company's Consolidated Statements of Income. The Senior Notes due 2028 have various financial covenants that are required to be met on a quarterly and annual basis. The following table reconciles the balance of the Senior Notes due 2028 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2028 face value $ 300,000 $ 300,000 Unaccreted discount (1,872) (2,100) Debt issuance costs (2,005) (2,249) Senior Notes due 2028 carrying amount $ 296,123 $ 295,651 Senior Notes due 2030 On March 18, 2020, the Company issued $300.0 million of unsecured Senior Notes due 2030 (the "Senior Notes due 2030") in a registered public offering. The Senior Notes due 2030 bear interest at 2.40%, payable semi-annually on March 15 and September 15, beginning September 15, 2020, and are due on March 15, 2030, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $1.0 million and the Company incurred approximately $2.8 million in debt issuance costs which yielded a 2.71% interest rate per annum upon issuance. Concurrent with this transaction, the Company settled two forward starting swap agreements for $4.3 million. For the year ended December 31, 2020, the Company amortized approximately $0.1 million of the discount and $0.2 million of the debt issuance costs which are included in interest expense on the Company's Consolidated Statements of Income. The Senior Notes due 2030 have various financial covenants that are required to be met on a quarterly and annual basis. The following table reconciles the balance of the Senior Notes due 2030 on the Company’s Consolidated Balance Sheets as of December 31, 2020: DECEMBER 31, Dollars in thousands 2020 Senior Notes due 2030 face value $ 300,000 Unaccreted discount (935) Debt issuance costs (2,597) Senior Notes due 2030 carrying amount $ 296,468 Senior Notes due 2031 On October 2, 2020, the Company issued $300.0 million of unsecured Senior Notes due 2031 (the "Senior Notes due 2031") in a registered public offering. The Senior Notes due 2031 bear interest at 2.05%, payable semi-annually on March 15 and September 15, beginning March 15, 2021, and are due on March 15, 2031, unless redeemed earlier by the Company. The notes were issued at a discount of approximately $2.4 million and the Company incurred approximately $2.8 million in debt issuance costs which yielded a 2.24% interest rate per annum upon issuance. For the year ended December 31, 2020, the Company amortized approximately $0.1 million of the discount and $0.1 million of the debt issuance costs which are included in interest expense on the Company's Consolidated Statements of Income. The Senior Notes due 2031 have various financial covenants that are required to be met on a quarterly and annual basis. The following table reconciles the balance of the Senior Notes due 2031 on the Company’s Consolidated Balance Sheets as of December 31, 2020: DECEMBER 31, Dollars in thousands 2020 Senior Notes due 2028 face value $ 300,000 Unaccreted discount (2,382) Debt issuance costs (2,694) Senior Notes due 2028 carrying amount $ 294,924 Mortgage Notes Payable The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019. For the years ended December 31, 2020, 2019 and 2018, the Company amortized approximately $0.4 million, $0.6 million and $0.4 million of the discount and $0.4 million, $0.4 million, and $0.8 million of the premium. For the years ended December 31, 2020, 2019 and 2018, the Company also amortized approximately $0.2 million, $0.2 million, and $0.1 million of the debt issuance costs, respectively, on the mortgage notes payable which is included in interest expense on the Company’s Consolidated Statements of Income. DECEMBER 31, Dollars in thousands 2020 2019 Mortgage notes payable principal balance $ 117,221 $ 129,258 Unamortized premium 1,450 1,162 Unaccreted discount (150) (528) Debt issuance costs (758) (549) Mortgage notes payable carrying amount $ 117,763 $ 129,343 The following table details the Company’s mortgage notes payable, with related collateral. ORIGINAL BALANCE EFFECTIVE INTEREST RATE 19 MATURITY COLLATERAL 20 PRINCIPAL AND INTEREST PAYMENTS 18 INVESTMENT IN COLLATERAL BALANCE Dollars in millions 2020 2020 2019 Commercial Bank 1 $ 15.2 7.65 % 7/20 MOB (17) $ — $ — $ 12.5 Commercial Bank 2 7.9 4.00 % 8/20 MOB Monthly/15-yr amort. — — 0.5 Life Insurance Co. 3 7.3 5.25 % 8/20 MOB Monthly/27-yr amort. — — 6.0 Life Insurance Co. 4 5.6 4.30 % 1/21 MOB Monthly/10-yr amort. — — 4.5 Commercial Bank 5 12.9 6.43 % 2/21 MOB Monthly/12-yr amort. — — 10.1 Municipal Government 6 11.0 4.79 % 7 MOB Semi-Annual 7 — — 10.6 Life Insurance Co. 8 11.0 3.87 % 11/22 MOB Monthly/7-yr amort. 22.0 9.8 10.0 Life Insurance Co. 9 12.3 3.86 % 8/23 MOB Monthly/7-yr amort. 25.5 10.6 10.9 Financial Services 10 12.4 4.27 % 10/23 MOB Monthly/10-yr amort. 23.1 11.4 11.7 Life Insurance Co. 11 9.0 4.84 % 12/23 MOB,OFC Monthly/10-yr amort. 27.9 7.3 7.6 Life Insurance Co. 12 13.3 4.13 % 1/24 MOB Monthly/10-yr amort. 21.0 12.4 12.7 Life Insurance Co. 13 6.8 3.96 % 2/24 MOB Monthly/7-yr amort. 14.6 6.2 6.4 Financial Services 14 9.7 4.32 % 9/24 MOB Monthly/10-yr amort. 15.9 8.1 8.3 Life Insurance Co. 15 16.5 3.43 % 1/25 MOB,OFC Monthly/7-yr amort. 38.5 17.1 — Commercial Bank 11.5 3.71 % 1/26 MOB Monthly/10-yr amort. 39.3 9.2 9.6 Life Insurance Co. 19.2 4.08 % 12/26 MOB Monthly/10-yr amort. 43.2 18.7 — Commercial Bank 16 15.0 5.25 % 4/27 MOB Monthly/20-yr amort. 33.6 7.0 7.9 $ 304.6 $ 117.8 $ 129.3 1 The Company repaid this mortgage note in June 2020. The Company's unencumbered gross investment was $18.7 million at December 31, 2020. 2 The Company repaid this mortgage note in May 2020. The Company's unencumbered gross investment was $19.5 million at December 31, 2020. 3 The Company repaid this mortgage note in February 2020. The Company's unencumbered gross investment was $18.1 million at December 31, 2020. 4 The Company repaid this mortgage note in October 2020. The Company's unencumbered gross investment was $15.8 million at December 31, 2020.. 5 The Company repaid this mortgage note in November 2020. The Company's unencumbered gross investment was $55.2 million at December 31, 2020.. 6 The Company repaid this mortgage note in June 2020. The Company's unencumbered gross investment was $21.0 million at December 31, 2020 7 These three mortgage notes payable are series municipal bonds with maturity dates ranging from from May 2022 to May 2040. One of the four original notes payable was repaid upon maturity in May 2017. The remaining three required interest only payments and were repaid in June 2020. 8 The unaccreted portion of the $0.1 million discount recorded on this note upon acquisition is included in the balance above. 9 The unaccreted portion of the $0.2 million discount recorded on this note upon acquisition is included in the balance above. 10 The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above. 11 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 12 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 13 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 14 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 15 The unamortized portion of the $0.7 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 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 made in June 2020. 18 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 19 The contractual interest rates for the 11 outstanding mortgage notes ranged from 3.3% to 6.2% as of December 31, 2020. 20 MOB-Medical office building. OFC-Office Other Long-Term Debt Information Future maturities of the Company’s notes and bonds payable as of December 31, 2020 were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND % 2021 $ 3,913 $ (198) $ (1,523) $ 2,192 0.1 % 2022 13,434 (226) (1,547) 11,661 0.7 % 2023 30,701 (251) (1,541) 28,909 1.8 % 2024 226,449 (412) (1,368) 224,669 14.0 % 2025 267,415 (580) (1,068) 265,767 16.6 % 2026 and thereafter 1,075,309 (2,322) (3,416) 1,069,571 66.8 % $ 1,617,221 $ (3,989) $ (10,463) $ 1,602,769 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2025, Senior Notes due 2028, Senior Notes due 2030, Senior Notes due 2031 and 9 mortgage notes payable. 2 Excludes approximately $3.1 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities 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 derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2020, 2019 and 2018, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During 2020, the Company entered into two treasury rate locks totaling $75.0 million and $40.0 million, respectively. The treasury rate locks were settled for an aggregate amount of $4.3 million concurrent with the Company's issuance of its Senior Notes due 2030. The settlement will be amortized over the 10-year term of the notes. The Company had eight outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: INTEREST RATE DERIVATIVE NUMBER OF INSTRUMENTS NOTIONAL Interest rate swaps - 2017 2 $ 25.0 Interest rate swaps - 2018 2 50.0 Interest rate swaps - 2019 4 100.0 Total interest rate swaps 8 $ 175.0 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company's derivative financial instruments, as well as, their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019. AS OF DECEMBER 31, 2020 AS OF DECEMBER 31, 2019 Dollars in thousands BALANCE SHEET LOCATION FAIR BALANCE SHEET LOCATION FAIR Derivatives designated as hedging instruments Interest rate swaps 2017 Other liabilities $ (1,008) Other liabilities $ (467) Interest rate swaps 2018 Other liabilities (2,291) Other liabilities (1,335) Interest rate swaps 2019 Other liabilities (9,875) Other liabilities (3,478) Total derivatives designated as hedging instruments $ (13,174) $ (5,280) Tabular Disclosure of the Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2020 related to the Company's outstanding interest rate swaps. AMOUNT OF (LOSS) RECOGNIZED IN OCI AMOUNT OF (GAIN)/LOSS RECLASSIFIED Dollars in thousands 2020 2020 2019 Interest rate swaps 2017 $ (939) Interest expense $ 397 $ (22) Interest rate swaps 2018 (1,890) Interest expense 934 99 Interest rate swaps 2019 (8,033) Interest expense 1,637 74 Settled treasury hedges (4,267) Interest expense 336 — Settled interest rate swaps — Interest expense 168 168 $ (15,129) Total interest expense $ 3,472 $ 319 The Company estimates that an additional $4.4 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months. Tabular Disclosure Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2020. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets. Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (13,174) $ — $ (13,174) $ 13,174 $ — $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. As of December 31, 2020, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $13.6 million. As of December 31, 2020, the Company has not posted any collateral related to these agreements and was not in breach of any agreement |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018 as follows: YEAR ENDED DECEMBER 31, 2020 2019 2018 Balance, beginning of year 134,706,154 125,279,455 125,131,593 Issuance of common stock 4,637,445 9,251,440 26,203 Non-vested share-based awards, net of withheld shares and forfeitures 143,776 175,259 121,659 Balance, end of year 139,487,375 134,706,154 125,279,455 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. On February 14, 2020, the Company entered into sales agreements with six investment banks to allow sales under its at-the-market equity offering program of up to an aggregate of $500.0 million of common stock. The following table details the Company's at-the-market activity, including forward transactions: WEIGHTED AVERAGE SALE PRICE SHARES PRICED SHARES SETTLED SHARES REMAINING TO BE SETTLED NET PROCEEDS 2019 $ 33.22 5,470,673 5,470,673 — $ 179.1 2020 $ 31.50 6,430,572 4,607,313 1,823,259 $ 141.5 January 2021 $ 30.53 215,532 239,896 1,798,895 $ 7.2 Of the 1.8 million shares remaining to be settled, all of which are expected to be settled by January 2022, the Company expects net proceeds ranging from $53.9 million to $55.8 million depending on the timing of settlement. Expected net proceeds are calculated by reducing the initial price by adjustments provided in the forward equity arrangements. After accounting for these settlements, the Company has approximately $291.0 million remaining available to be sold under the current sales agreements at the date of this filing. Dividends Declared During 2020, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter). On February 9, 2021, the Company declared a quarterly common stock dividend in the amount of $0.3025 per share payable on March 9, 2021 to stockholders of record on February 22, 2021. Authorization to Repurchase Common Stock On May 5, 2020, the Company’s Board of Directors authorized the repurchase of up to $50 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. As of the date of these Consolidated Financial Statements, the Company has not repurchased any shares of its common stock under this authorization. Accumulated Other Comprehensive Loss During each of the two years ended December 31, 2020 and 2019, the Company entered into interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. The Company entered into two treasury rate locks that were settled in 2020 for an aggregate amount of $4.3 million concurrent with the Company’s issuance of its Senior Notes due 2030. This amount will be reclassified out of accumulated other comprehensive over the 10-year term of the notes. The Company continues to amortize the 2015 settlement of forward-starting interest rate swaps. This amount will be reclassified out of accumulated other comprehensive loss impacting net income over the 10-year term of the associated senior note issuance. See Note 10 for more information regarding the Company's derivative instruments. The following table represents the changes in accumulated other comprehensive loss during the years ended December 31, 2020 and 2019: INTEREST RATE SWAPS Dollars in thousands 2020 2019 Beginning balance $ (6,175) $ (902) Other comprehensive loss before reclassifications 3,472 319 Amounts reclassified from accumulated other comprehensive income (loss) (10,862) (5,592) Losses on settlement of treasury rate locks arising during the period (4,267) — Net current-period other comprehensive (loss) (11,657) (5,273) Ending balance $ (17,832) $ (6,175) The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended December 31, 2020 (dollars in thousands): DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE AMOUNT RECLASSIFIED AFFECTED LINE ITEM Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps $ 504 Interest Expense Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps 2,968 Interest Expense $ 3,472 |
Stock and Other Incentive Plans
Stock and Other Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock and Other Incentive Plans | Stock and Other Incentive Plans Stock Incentive Plan In May 2015, the Company's stockholders approved the 2015 Stock Incentive Plan (the "2015 Incentive Plan") which authorizes the Company to issue 3,500,000 shares of common stock to its employees and directors. The 2015 Incentive Plan, which superseded the 2007 Employee Stock Incentive Plan (the "Predecessor Plan"), will continue until the shares are depleted or terminated by the Company’s Board of Directors. As of December 31, 2020 and 2019, the Company had issued a total of 2,186,078 and 1,988,079 restricted shares, respectively, under the 2015 Incentive Plan for compensation-related awards to employees and directors, with a total of 1,313,922 and 1,511,921, respectively, remaining unissued under the plan. Under the Predecessor Plan for compensation-related awards to employees and directors, the Company had issued, net of forfeitures, a total of 1,878,637 restricted shares for the year ended December 31, 2015. Non-vested shares issued under the 2015 Incentive Plan are generally subject to fixed vesting periods varying from three outstanding nonvested share-based awards. This charge is included in the 2019 compensation expense. In connection with the vesting, 80,490 shares were withheld to pay employee federal income taxes. The following table represents expected amortization of the Company's non-vested shares issued: Dollars in millions FUTURE AMORTIZATION 2021 $ 8.8 2022 6.9 2023 4.6 2024 3.3 2025 1.9 2026 and thereafter 0.9 Total $ 26.4 Executive Incentive Plan On July 31, 2012, the Company adopted an Executive Incentive Plan, which was amended and restated on February 16, 2016 ("Executive Incentive Plan"), to provide specific award criteria with respect to incentive awards made under the 2015 Incentive Plan subject to the discretion of the Compensation Committee. No new shares of common stock were authorized in connection with the Executive Incentive Plan. Under the terms of the Executive Incentive Plan, the Company's named executive officers, and certain other members of senior management, may earn incentive awards in the form of cash and non-vested stock. For 2020, 2019 and 2018, compensation expense, included in general and administrative expense, resulting from the amortization of non-vested share grants to officers was approximately $5.9 million, $5.7 million, and $5.7 million, respectively. Details of the awards that have been earned from this plan are as follows: • On December 14, 2020, the Company granted non-vested stock awards to its four named executive officers, five senior vice presidents, and five first vice presidents with a grant date fair value totaling $3.4 million, which were granted in the form of 117,122 non-vested shares, with a five-year vesting period, which will result in annual compensation expense of $0.7 million for each of 2021, 2022, 2023, 2024 and 2025, respectively. • On December 12, 2019, the Company granted non-vested stock awards to its four named executive officers, five senior vice presidents, and five first vice presidents with a grant date fair value totaling $6.1 million, which were granted in the form of 187,072 non-vested shares, with a five-year vesting period, which will result in annual compensation expense of $1.2 million for each of 2021, 2022, and 2023, and $1.1 million for 2024, respectively. • On December 12, 2018, the Company granted non-vested stock awards to its four named executive officers and five senior vice presidents with a grant date fair value totaling $5.0 million, which were granted in the form of 165,261 non-vested shares, with a five-year vesting period, which will result in annual compensation expense of $1.0 million for each of 2021 and 2022, and $0.9 million for 2023, respectively. Long-Term Incentive Program In the first quarter of 2020, the Company granted a performance-based award to officers, excluding the four named executive officers, five senior vice presidents, and five first vice presidents, under the Long-term Incentive Program adopted under the 2015 Incentive Plan (the "LTIP") totaling approximately $0.8 million, which was granted in the form of 21,774 non-vested shares, respectively. In the first quarter of 2019, the Company granted a performance-based award to officers, excluding the four named executive officers and five senior vice presidents, under the LTIP totaling approximately $1.0 million, which was granted in the form of 31,262 non-vested shares, respectively. The shares have vesting periods ranging from three For 2020, 2019 and 2018, compensation expense resulting from the amortization of non-vested share grants to officers was approximately $1.1 million, $1.1 million, and $1.2 million, respectively. Salary Deferral Plan The Company's salary deferral plan allows certain of its officers to elect to defer up to 50% of their base salary in the form of non-vested shares issued under the 2015 Incentive Plan subject to long-term vesting. 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 2020, 2019 and 2018, the Company issued 17,570 shares, 33,509 shares and 33,348 shares, respectively, to its officers through the salary deferral plan. For 2020, 2019 and 2018, compensation expense resulting from the amortization of non-vested share grants to officers was approximately $0.9 million, $0.9 million, and $1.0 million, respectively. Non-employee Directors Incentive Plan The Company issues non-vested shares to its non-employee directors under the 2015 Incentive Plan. The directors’ shares have a one-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 2020, 2019 and 2018, the Company issued 39,681 shares, 24,996 shares, and 30,989 shares, respectively, to its non-employee directors through the 2015 Incentive Plan. For each of the years 2020, 2019 and 2018, compensation expense resulting from the amortization of non-vested share grants to directors was approximately $1.0 million, $0.8 million, and $0.8 million, respectively. Other Grants The Company issued three one-time non-vested share grants related to executive management transition in 2016. For 2020, 2019 and 2018 compensation expense resulting from the amortization of these non-vested share grants to officers was approximately $0.8 million, $3.5 million, and $1.7 million, respectively. A summary of the activity under the 2015 Incentive Plan and related information for the three years in the period ended December 31, 2020 follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Share-based awards, beginning of year 1,754,066 1,769,863 1,907,645 Granted 197,999 276,839 273,012 Vested (186,004) (292,636) (410,794) Share-based awards, end of year 1,766,061 1,754,066 1,769,863 Weighted-average grant date fair value of Share-based awards, beginning of year $ 29.82 $ 29.36 $ 28.44 Share-based awards granted during the year $ 30.33 $ 31.75 $ 29.72 Share-based awards vested during the year $ 23.82 $ 28.84 $ 25.32 Share-based awards, end of year $ 30.51 $ 29.82 $ 29.36 Grant date fair value of shares granted during the year $ 6,006 $ 8,791 $ 8,114 The vesting periods for the non-vested shares granted during 2020 ranged from one During 2020, 2019 and 2018, the Company withheld 54,223 shares, 101,580 shares and 151,353 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 Internal Revenue 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 $0.6 million for the year ended December 31, 2020 and $0.5 million for 2019 and $0.4 million for 2018. 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, 2020, the Company had issued 607,523 shares under the plan of which 8,419 shares were issued in 2020, 7,990 shares were issued in 2019 and 9,487 shares were issued in 2018. 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. 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. The Company accounts for these awards based on fair value, using the Black-Scholes model, and generally recognizes expense over the award’s vesting period, net of 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. During the years ended December 31, 2020, 2019 and 2018, the Company recognized in general and administrative expenses approximately $0.3 million, $0.2 million, and $0.3 million, respectively, of compensation expense related to the annual grant of options to its employees to purchase shares under the Employee Stock Purchase Plan. Cash received from employees upon exercising options under the Employee Stock Purchase Plan was approximately $0.7 million for the year ended December 31, 2020, $1.0 million for the year ended December 31, 2019, and $0.4 million for the year ended December 31, 2018. A summary of the Employee Stock Purchase Plan activity and related information for the three years in the period ended December 31, 2020 is as follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Options outstanding, beginning of year 332,659 328,533 318,100 Granted 212,716 235,572 203,836 Exercised (21,713) (35,277) (16,716) Forfeited (42,221) (54,095) (40,897) Expired (139,794) (142,074) (135,790) Options outstanding and exercisable, end of year 341,647 332,659 328,533 Weighted-average exercise price of Options outstanding, beginning of year $ 25.59 $ 24.17 $ 25.00 Options granted during the year $ 28.36 $ 24.17 $ 27.30 Options exercised during the year $ 24.10 $ 25.01 $ 24.01 Options forfeited during the year $ 25.29 $ 25.26 $ 24.06 Options expired during the year $ 23.74 $ 25.77 $ 23.55 Options outstanding, end of year $ 24.70 $ 25.59 $ 24.17 Weighted-average fair value of options granted during the year (calculated as of the grant date) $ 8.06 $ 7.02 $ 7.81 Intrinsic value of options exercised during the year $ 101 $ 269 $ 71 Intrinsic value of options outstanding and exercisable (calculated as of December 31) $ 1,673 $ 2,589 $ 1,402 Exercise prices of options outstanding (calculated as of December 31) $ 24.70 $ 25.59 $ 24.17 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. 2020 2019 2018 Risk-free interest rates 1.58 % 2.48 % 1.89 % Expected dividend yields 3.69 % 4.19 % 3.66 % Expected life (in years) 1.43 1.45 1.45 Expected volatility 28.6 % 29.8 % 28.4 % Expected forfeiture rates 85 % 85 % 85 % |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company uses the two-class method of computing net earnings per common shares. The Company's nonvested share-based awards are considered participating securities pursuant to the two-class method. During the twelve months ended December 31, 2020, the Company entered into forward sale agreements to sell shares of common stock through the Company's at-the-market equity offering program. The Company considered the accounting guidance governing financial instruments and derivatives to account for these agreements and concluded that it was not a liability as it did not embody obligations to repurchase our shares of common stock nor did it embody obligations to issue a variable number of shares for which the monetary value was predominately fixed, varying with something other than the fair value of the shares, or varying inversely in relation to the shares. In addition, the Company evaluated whether the agreements met the derivative and hedging guidance scope exception to be accounted for as an equity instrument and concluded that the agreements can be classified as equity. The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the twelve months ended months ended December 31, 2020 included the effect from the assumed issuance of 1.8 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds of approximately $56.5 million, adjusted for costs to borrow. For the twelve months ended December 31, 2020, 24,742 weighted-average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted, as the impact was anti-dilutive. 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, 2020. YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Weighted average common shares Weighted average common shares outstanding 135,666,503 129,735,723 125,219,773 Non-vested shares (1,736,358) (1,736,022) (1,927,648) Weighted average common shares - basic 133,930,145 127,999,701 123,292,125 Weighted average common shares - basic 133,930,145 127,999,701 123,292,125 Dilutive effect of forward equity 6,283 — — Dilutive effect of employee stock purchase plan 70,512 84,283 58,808 Weighted average common shares - diluted 134,006,940 128,083,984 123,350,933 Net income $ 72,195 $ 39,185 $ 69,771 Dividends paid on nonvested share-based awards (2,083) (2,075) (2,320) Net income applicable to common stockholders $ 70,112 $ 37,110 $ 67,451 Basic earnings per common share $ 0.52 $ 0.29 $ 0.55 Diluted earnings per common share $ 0.52 $ 0.29 $ 0.55 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Redevelopment Activity The Company continued the redevelopment of a 110,883 square foot medical office building in Memphis, Tennessee. The Company funded approximately $12.6 million during the year ended December 31, 2020. The building continues to operate with in-place leases during construction. The Memphis Redevelopment is expected to be completed in the first quarter of 2021. The Company began the redevelopment of a 217,000 square foot medical office building in Dallas, Texas. The Company funded approximately $0.4 million during the year ended December 31, 2020. The building continues to operate with in-place leases during construction. The redevelopment is expected to take approximately a year to complete. The Company funded approximately $1.1 million of primarily tenant improvements in connection with its previously completed redevelopment of a medical office building in Nashville, Tennessee. The Company funded approximately $0.7 million of primarily tenant improvements in connection with its previously completed redevelopment of a medical office building in Charlotte, North Carolina. Development Activity The Company completed the development of a 151,031 square foot medical office building in Seattle, Washington. The Company spent approximately $10.5 million on the development during the year ended December 31, 2020. The first tenant took occupancy in the first quarter of 2020. The Company also funded approximately $1.1 million of primarily tenant improvements as the Company continues to lease up its previously completed development of a medical office building in Denver, Colorado. The table below details the Company’s development activity as of December 31, 2020. The information included in the table below represents management’s estimates and expectations at December 31, 2020, which are subject to change. The Company’s disclosures regarding certain projections or estimates of completion dates may not reflect actual results. December 31, 2020 Dollars in thousands NUMBER OF PROPERTIES INITIAL OCCUPANCY CONSTRUCTION IN PROGRESS BALANCE TOTAL FUNDED during the year TOTAL AMOUNT FUNDED Recently Completed Seattle, WA 1 Q1 2020 $ — $ 10,520 $ 59,552 Redevelopment Activity Memphis, TN 1 1 Q1 2021 — 12,618 21,650 Dallas, TX 1 Q4 2020 — 423 423 Total $ — $ 23,561 $ 81,625 1 The project includes the acquisition of a 110,883 square foot medical office building for $8.7 million and redevelopment costs related to the property. Initial occupancy represents the quarter in which the redevelopment is expected to be completed. The building will continue to operate with in-place leases during construction. Tenant Improvements 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, 2020, the Company had commitments of approximately $53.8 million that are expected to be spent on tenant improvements throughout the portfolio, excluding development properties currently under construction. Land Held for Development |
Other Data
Other Data | 12 Months Ended |
Dec. 31, 2020 | |
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 $4.7 billion, $4.4 billion, and $4.0 billion as of December 31, 2020, 2019 and 2018, respectively. The following table reconciles the Company’s consolidated net income attributable to common stockholders to taxable income for the three years ended December 31, 2020: YEAR ENDED DECEMBER 31, Dollars in thousands 2020 2019 2018 Net income $ 72,195 $ 39,185 $ 69,771 Reconciling items to taxable income Depreciation and amortization 80,624 67,953 64,775 Gain or loss on disposition of depreciable assets (23,898) (15,689) (27,581) Straight-line rent 7,485 (11,535) (3,049) Receivable allowances 2,494 1,942 2,470 Share-based compensation 5,387 2,628 (1,699) Other (2,182) 12,631 842 69,910 57,930 35,758 Taxable income 1 $ 142,105 $ 97,115 $ 105,529 Dividends paid $ 162,557 $ 155,358 $ 150,266 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, 2020. For the three years ended December 31, 2020, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. 2020 2019 2018 PER SHARE % PER SHARE % PER SHARE % Common stock Ordinary income 1 $ 0.77 64.5 % $ 0.79 65.7 % $ 0.75 62.2 % Return of capital 0.11 9.0 % 0.40 33.9 % 0.33 27.8 % Unrecaptured section 1250 gain 0.32 26.5 % 0.01 0.4 % 0.12 10.0 % Common stock distributions $ 1.20 100.0 % $ 1.20 100.0 % $ 1.20 100.0 % 1 Reporting year ordinary income is also Code Section 199A eligible per the The Tax Cut and Jobs Act of 2017. State Income Taxes The Company must pay certain state income taxes, which are typically included in general and administrative expense on the Company’s Consolidated Statements of Income. 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. State income tax expense and state income tax payments for the three years ended December 31, 2020 are detailed in the table below: YEAR ENDED DECEMBER 31, Dollars in thousands 2020 2019 2018 State income tax expense Texas gross margins tax $ 546 $ 550 $ 586 Other 8 6 5 Total state income tax expense $ 554 $ 556 $ 591 State income tax payments, net of refunds and collections $ 557 $ 549 $ 642 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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, cash equivalents and restricted cash - The carrying amount approximates fair value. • Borrowings under the Unsecured Credit Facility, Unsecured Term Loan due 2024 and Unsecured Term Loan due 2026 - 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. • Interest rate swap agreements - Interest rate swap agreements are recorded in other liabilities on the Company's Consolidated Balance Sheets at fair value. Fair value is estimated by utilizing pricing models that consider forward yield curves and discount rates. The table below details the fair value and carrying values for notes and bonds payable as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1 $ 1,602.8 $ 1,645.4 $ 1,414.1 $ 1,425.8 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party TransactionsIn the ordinary course of conducting its business, the Company enters into agreements with affiliates in relation to the management and leasing of its real estate assets, including real estate assets owned through joint ventures. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts for the years ended December 31, 2020, 2019 and 2018 Dollars in thousands ADDITIONS AND DEDUCTIONS DESCRIPTION BALANCE CHARGED/(CREDITED) TO COSTS AND EXPENSES CHARGED UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF BALANCE 2020 Accounts receivable allowance $ 418 $ 207 $ — $ 21 $ 604 2019 Accounts receivable allowance $ 251 $ 167 $ — $ — $ 418 2018 Accounts receivable allowance $ 256 $ 60 $ — $ 65 $ 251 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2020 Dollars in thousands LAND 1 BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 MARKET NUMBER OF PROP. INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL INITIAL INVESTMENT COST CAPITALIZED subsequent to acquisition TOTAL PERSONAL PROPERTY 2, 3, 5 1, 3 ACCUMULATED DEPRECIATION 4 ENCUMBRANCES DATE ACQUIRED DATE CONST. Seattle, WA 27 $ 55,630 $ 4,387 $ 60,017 $ 547,516 $ 51,267 $ 598,783 $ 567 $ 659,367 $ 113,270 $ — 2008-2020 1957-2018 Dallas, TX 25 20,128 730 20,858 368,924 134,344 503,268 480 524,606 197,505 — 2003-2020 1974-2018 Los Angeles, CA 17 63,462 2,379 65,841 231,261 49,850 281,111 401 347,353 106,244 40,257 1993-2020 1964-2006 Atlanta, GA 13 10,518 2,846 13,364 283,792 4,094 287,886 84 301,334 31,696 26,595 2017-2020 1974-2014 Nashville, TN 7 27,787 211 27,998 121,122 74,311 195,433 1,251 224,682 75,927 — 2004-2020 1960-2015 Denver, CO 12 19,456 4,049 23,505 133,203 33,632 166,835 535 190,875 34,458 7,329 2010-2020 1977-2015 Charlotte, NC 16 4,163 37 4,200 159,388 19,119 178,507 105 182,812 74,687 — 2008-2013 1961-2008 Houston, TX 10 18,196 1,060 19,256 115,927 27,181 143,108 95 162,459 49,953 — 1993-2020 1984-2012 Washington, DC 6 — — — 141,467 11,272 152,739 34 152,773 32,135 11,423 2004-2019 1967-2005 Richmond, VA 7 — — — 139,636 11,641 151,277 114 151,391 50,005 — 2011 1992-2005 Honolulu, HI 3 8,314 13 8,327 93,839 42,851 136,690 159 145,176 43,530 — 2003-2004 1975-2010 Des Moines, IA 7 12,584 81 12,665 113,335 12,763 126,098 99 138,862 40,023 — 2008-2014 2002-2009 Memphis, TN 9 7,397 724 8,121 96,360 30,128 126,488 203 134,812 42,107 — 1999-2020 1982-2007 San Francisco, CA 3 14,054 — 14,054 91,163 16,255 107,418 43 121,515 23,350 — 2015-2017 1975-2014 Indianapolis, IN 4 3,299 — 3,299 110,325 6,849 117,174 14 120,487 29,102 — 2008-2019 1992-2008 Austin, TX 5 14,233 3 14,236 70,874 23,562 94,436 123 108,795 27,521 — 2007-2015 1972-2015 San Antonio, TX 6 6,456 31 6,487 62,161 27,656 89,817 398 96,702 43,753 — 1996-2010 1978-2011 Chicago, IL 3 5,859 — 5,859 69,993 17,907 87,900 213 93,972 27,829 — 2004-2018 1993-2009 Greensboro, NC 6 6,777 1,819 8,596 74,668 992 75,660 — 84,256 2,567 — 2014-2020 1989-2011 Colorado Springs, CO 5 4,830 819 5,649 51,687 17,149 68,836 15 74,500 17,048 — 2006-2020 2003-2008 Minneapolis, MN 4 2,090 — 2,090 59,908 1,456 61,364 — 63,454 12,064 8,075 2014-2017 1974-2010 Other (16 markets) 32 32,059 2,656 34,715 402,294 78,190 480,484 797 515,996 168,213 24,084 1993-2020 1906-2009 Total real estate 227 337,292 21,845 359,137 3,538,843 692,469 4,231,312 5,730 4,596,179 1,242,987 117,763 Land held for develop. — 27,226 — 27,226 — — — — 27,226 953 — Memphis redevelopment — 5,222 — 5,222 16,428 — 16,428 — 21,650 841 — Corporate property — — — — — — — 5,504 5,504 4,898 — Total properties 227 $ 369,740 $ 21,845 $ 391,585 $ 3,555,271 $ 692,469 $ 4,247,740 $ 11,234 $ 4,650,559 $ 1,249,679 $ 117,763 1 The Company had 4 assets held for sale as of December 31, 2020 of approximately $29.1 million (gross) and accumulated depreciation of $10.5 million. 2 Total properties as of December 31, 2020 have an estimated aggregate total cost of $4.7 billion for federal income tax purposes. 3 Depreciation is provided for on a straight-line basis on buildings and improvements over 3.3 to 43.0 years, lease intangibles over 1.3 to 99.0 years, personal property over 2.9 to 20.0 years, and land improvements over 3.0 to 39.0 years. 4 Includes unamortized premium of $1.5 million and unaccreted discount of $0.2 million and issuance costs of $0.8 million as of December 31, 2020. 5 Rollforward of Total Property and Accumulated Depreciation, including assets held for sale, for the year ended December 31, 2020, 2019 and 2018 follows: YEAR ENDED DEC. 31, 2020 YEAR ENDED DEC. 31, 2019 YEAR ENDED DEC. 31, 2018 Dollars in thousands TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION TOTAL PROPERTY ACCUMULATED DEPRECIATION Beginning Balance $ 4,359,993 $ 1,121,102 $ 3,993,427 $ 1,025,831 $ 3,907,010 $ 933,220 Additions during the period Real Estate acquired 430,205 8,313 384,762 9,285 112,591 4,175 Other improvements 80,462 178,636 71,666 165,367 74,317 157,385 Land held for development 2,579 282 — 278 4,525 153 Construction in Progress — 15,625 — 27,649 — Retirement/dispositions Real Estate (222,680) (58,654) (105,487) (79,659) (132,665) (69,102) Ending Balance $ 4,650,559 $ 1,249,679 $ 4,359,993 $ 1,121,102 $ 3,993,427 $ 1,025,831 All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are omitted because they are not required under the related instructions or are not applicable, or because the required information is shown in the consolidated financial statements or notes thereto. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business Overview | Business Overview Healthcare Realty Trust Incorporated (the “Company”) is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States of America. The Company had gross investments of approximately $4.6 billion in 223 real estate properties, redevelopments, land held for development and corporate property as of December 31, 2020. The Company’s 223 owned real estate properties are located in 24 states and total approximately 16.1 million square feet. In addition, the Company formed an unconsolidated joint venture in 2020 with Teachers Insurance and Annuity Association ("TIAA") that owns four buildings (the "TIAA Joint Venture"). Square footage and property count disclosures in these Notes to the Company's Consolidated Financial Statements are unaudited. |
Principles of Consolidation | Principles of Consolidation The Company’s Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation. For entities in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. As of December 31, 2020, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. See Note 4 for more details regarding the Company's unconsolidated joint ventures. |
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, leases, acquires, manages, finances, develops and redevelops 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. |
COVID-19 Rent Deferral | COVID-19 Rent Deferral In response to COVID-19, the Company provided some of its tenants with deferred rent arrangements in the second and third quarters. As of February 10, 2021, the Company has collected 99% of total scheduled deferral payments, leaving approximately $0.1 million to be collected. |
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 $4.6 billion as of December 31, 2020 and $4.4 billion as of December 31, 2019. During 2020 and 2019, the Company eliminated against accumulated depreciation approximately $21.2 million and $17.2 million, respectively, of fully amortized real estate intangibles that were initially recorded as a component of certain real estate acquisitions. Also during 2019, approximately $1.3 million of fully depreciated tenant and capital improvements that were no longer in service were eliminated against accumulated depreciation. Depreciation expense of real estate properties for the three years ended December 31, 2020, 2019 and 2018 was $162.4 million, $152.6 million and $143.8 million, respectively. Depreciation and amortization of real estate assets in place as of December 31, 2020, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 3.0 to 39.0 years Buildings and improvements 3.3 to 43.0 years Lease intangibles (including ground lease intangibles) 1.3 to 99.0 years Personal property 2.9 to 20.0 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 DevelopmentLand held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own outpatient healthcare facilities. |
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 tornadoes and hurricanes. A property value is considered impaired only if management's estimate of current and projected (undiscounted and unleveraged) operating cash flows of the property is less than the net carrying value of the property. These estimates of future cash flows include only those that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the property based on its estimated remaining useful life. These estimates, including the useful life determination which can be affected by any potential sale of the property, are based on management's assumptions about its use of the property. Therefore, significant judgment is involved in estimating the current and projected cash flows. 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 with In-Place Leases The Company's acquisitions of real estate properties typically do not meet the definition of a business and are accounted for as asset acquisitions. Acquisitions of real estate properties with in-place leases are accounted for at relative 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. Land fair value is estimated by using an assessment of comparable transactions and other relevant data. 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 estimated 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 values related to above- or below-market in-place lease intangibles are amortized over the remaining term of the leases upon acquisition to rental income where the Company is the lessor and to property operating expense where the Company is the lessee. 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, leasing 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 at-market, in-place lease intangibles are amortized to depreciation and amortization expense over the weighted average remaining term of the leases, customer relationship assets are amortized to depreciation amortization expense over terms applicable to each |
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 one inputs. Brokerage estimates, letters of intent, or unexecuted purchase and sale agreements are considered to be level three as they are nonbinding in nature. |
Fair Value of Derivative Financial Instruments | Fair Value of Derivative Financial InstrumentsDerivative financial instruments are recorded at fair value on the Company's Consolidated Balance Sheets as other assets or other liabilities. The valuation of derivative instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. Fair values of derivatives are estimated by pricing models that consider the forward yield curves and discount rates. The fair value of the Company's forward starting interest rate swap contracts are estimated by pricing models that consider foreign trade rates and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates that may change in the future. For derivatives designated in qualifying cash flow hedging relationships, the change in fair value of the effective portion of the derivatives is recognized in accumulated other comprehensive income (loss). Gains and losses are reclassified from accumulated other comprehensive income (loss) into earnings once the underlying hedged transaction is recognized in earnings. As of December 31, 2020 and 2019, the Company had $17.8 million and $6.2 million, respectively, recorded in accumulated other comprehensive loss related to forward starting interest rate swaps entered into and settled during 2015 and 2020 and a hedge of the Company's variable rate debt. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes short-term investments with original maturities of three months or less when purchased. Restricted cash includes cash held in escrow in connection with proceeds from the sales of certain real estate properties. The Company had restricted cash during the year ended December 31, 2020, however it was reinvested for real estate acquisitions prior to the ending balance sheet date. The Company did not have any restricted cash for the year ended December 31, 2019. Cash and cash equivalents are held in bank accounts and overnight investments. The Company maintains its bank deposits with large financial institutions in amounts that often exceed federally-insured limits. The Company has not experienced any losses in such accounts. |
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. |
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. |
Stock-based Compensation | Share-Based CompensationThe Company has various employee and director share-based awards outstanding. These awards include non-vested common stock and options to purchase common stock granted to employees pursuant to the 2015 Stock Incentive Plan and its predecessor plans (the “2015 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 Income on a straight-line basis over the requisite service period based on the fair value of the award on the measurement date. See Note 12 for details on the Company’s share-based awards. |
Accumulated Other Comprehensive Income (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, derivative instruments and unrealized gains or losses on available-for-sale securities. As of December 31, 2020, the Company’s accumulated other comprehensive income (loss) consists of the loss for changes in the fair value of active derivatives designated as cash flow hedges and the loss on the unamortized settlement of forward starting swaps and treasury hedges. |
Revenue from Contract with Customers (Topic 606) | Revenue from Contracts with Customers (Topic 606) The Company recognizes certain revenue under the core principle of Topic 606. This requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five step model specified in the guidance. The Company’s three major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time and the Company recognizes revenue monthly based on this principle. One of the Company’s owned real estate properties as of December 31, 2019 and 2018 respectively, was covered under a property operating agreement between the Company and a sponsoring health system, which contractually obligated 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. The agreement expired February 28, 2019. If the minimum return was not achieved through normal operations of the property, the Company calculated and accrued to property lease guaranty revenue, each quarter, any shortfalls due from the sponsoring health systems under the terms of the property operating agreement. Management fee income includes property management services provided to third parties and certain of the properties in the Company's unconsolidated joint ventures 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 fee income also includes amounts paid to the Company for its asset management services for its TIAA unconsolidated joint venture. Internal management fee income, where the Company manages its owned properties, is eliminated in consolidation. Rental Income |
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. 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 15 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, 2020. |
State Income Taxes | State Income TaxesThe 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 Income. |
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 rental income in the Company’s Consolidated Statements of Income. |
Assets Held for Sale | Assets Held for SaleLong-lived assets held for sale are reported at the lower of their carrying amount or their fair value less estimated cost to sell. Further, depreciation of these assets ceases at the time the assets are classified as held for sale. Losses resulting from the sale of such properties are characterized as impairment losses in the Consolidated Statements of Income. |
Earning Per Share | Earnings per Share The Company uses the two-class method of computing net earnings per common share. Earnings per common share is calculated by considering share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents as participating securities. Undistributed earnings (excess net income over dividend payments) are allocated on a pro rata basis to common shareholders and restricted shareholders. Undistributed losses (dividends in excess of net income) do not get allocated to restricted stockholders as they do not have the contractual obligation to share in losses. The amount of undistributed losses that applies to the restricted stockholders is allocated to the common stockholders. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Standards Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." This update is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. This update requires that financial statement assets measured at an amortized cost and certain other financial instruments be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. This standard is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted. Operating lease receivables, representing the majority of the Company's receivables, are not within the scope of the new standard. The Company adopted this standard as of January 1, 2020. There was not a material impact to the Consolidated Financial Statements from the adoption of this standard. Accounting Standards Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment." This update eliminates Step 2 of the goodwill impairment test. As such, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value. This standard is effective for the Company for annual and interim periods beginning after December 15, 2019. The Company adopted this standard as of January 1, 2020. There was not a material impact to the Consolidated Financial Statements from the adoption of this standard. Accounting Standards Update No. 2020-04 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of assets' estimated useful life | Depreciation and amortization of real estate assets in place as of December 31, 2020, is provided for on a straight-line basis over the asset’s estimated useful life: Land improvements 3.0 to 39.0 years Buildings and improvements 3.3 to 43.0 years Lease intangibles (including ground lease intangibles) 1.3 to 99.0 years Personal property 2.9 to 20.0 years |
Schedule of disaggregation of revenue | Below is a detail of the amounts by category: YEAR ENDED DECEMBER 31, In thousands 2020 2019 2018 Type of Revenue Parking income $ 6,720 $ 7,520 $ 6,930 Property lease guaranty income — 128 675 Management fee income 343 270 273 Miscellaneous 304 155 114 $ 7,367 $ 8,073 $ 7,992 |
Schedule of rental income | The components of rental income are as follows: YEAR ENDED DECEMBER 31, (Dollars in thousands) 2020 2019 2018 Property operating income $ 453,699 $ 415,142 $ 390,256 Single-tenant 34,828 44,083 47,860 Straight-line rent 3,735 3,000 4,281 Rental income $ 492,262 $ 462,225 $ 442,397 |
Schedule of Income Statement and Balance Sheet Reclassifications | These amounts are now classified separately on the Company's Consolidated Balance Sheet and Statements of Income. YEAR ENDED DECEMBER 31, 2019 In thousands As Previously Reported As Reclassified Total assets Investments in unconsolidated joint ventures $ — $ 8,130 Other assets 185,246 177,296 $ 185,246 $ 185,426 YEAR ENDED DECEMBER 31, 2019 YEAR ENDED DECEMBER 31, 2018 In thousands As Previously Reported As Reclassified As Previously Reported As Reclassified Other income (expense) Equity income (loss) from unconsolidated joint ventures $ — $ (19) $ — $ 4 Interest and other income (expense), net (730) (711) 537 533 $ (730) $ (730) $ 537 $ 537 |
Property Investments (Tables)
Property Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Investment Property, Net [Abstract] | |
Schedule of property investment | The following table summarizes the Company’s consolidated investments at December 31, 2020. Dollars in thousands NUMBER OF PROPERTIES LAND BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES PERSONAL PROPERTY TOTAL ACCUMULATED DEPRECIATION Seattle, WA 27 $ 60,017 $ 598,783 $ 567 $ 659,367 $ (113,270) Dallas, TX 21 19,194 475,825 441 495,460 (187,050) Los Angeles, CA 17 65,841 281,111 401 347,353 (106,244) Atlanta, GA 13 13,364 287,886 84 301,334 (31,696) Nashville, TN 7 27,998 195,433 1,251 224,682 (75,927) Denver, CO 12 23,505 166,835 535 190,875 (34,458) Charlotte, NC 16 4,200 178,507 105 182,812 (74,687) Houston, TX 10 19,256 143,108 95 162,459 (49,953) Washington, D.C. 6 — 152,739 34 152,773 (32,135) Richmond, VA 7 — 151,277 114 151,391 (50,005) Honolulu, HI 3 8,327 136,690 159 145,176 (43,530) Des Moines, IA 7 12,665 126,098 99 138,862 (40,023) Memphis, TN 9 8,121 126,488 203 134,812 (42,107) San Francisco, CA 3 14,054 107,418 43 121,515 (23,350) Indianapolis, IN 4 3,299 117,174 14 120,487 (29,102) Austin, TX 5 14,236 94,436 123 108,795 (27,521) San Antonio, TX 6 6,487 89,817 398 96,702 (43,753) Chicago, IL 3 5,859 87,900 213 93,972 (27,829) Greensboro, NC 6 8,596 75,660 — 84,256 (2,567) Colorado Springs, CO 5 5,649 68,836 15 74,500 (17,048) Minneapolis, MN 4 2,090 61,364 — 63,454 (12,064) Other (16 markets) 32 34,715 480,484 797 515,996 (168,213) 223 357,473 4,203,869 5,691 4,567,033 (1,232,532) Land held for development — 27,226 — — 27,226 (953) Memphis Redevelopment — 5,222 16,428 — 21,650 (841) Corporate property — — — 5,504 5,504 (4,898) Total real estate investments 223 $ 389,921 $ 4,220,297 $ 11,195 $ 4,621,413 $ (1,239,224) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Sales-type Leases | The table below represents the components of sales-type leases for the year ended December 31, 2020: SALES-TYPE LEASES Dollars in thousands 2020 Profit recognized at commencement date $ 68,282 Gain on sales of real estate assets Interest income 3,007 Rental income |
Schedule of future minimum lease payments due to the Company under property operating agreements | Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2020 are as follows: In thousands 2021 $ 373,344 2022 329,022 2023 281,643 2024 219,196 2025 171,844 2026 and thereafter 437,945 $ 1,812,994 |
Schedule of future minimum operating lease payments | The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of December 31, 2020 were as follows: In thousands OPERATING FINANCING 2021 $ 4,865 $ 930 2022 4,895 783 2023 4,933 793 2024 4,990 815 2025 5,041 826 2026 and thereafter 303,574 87,982 Total undiscounted lease payments 328,298 92,129 Discount (236,025) (73,292) Lease liabilities $ 92,273 $ 18,837 |
Schedule of future minimum finance lease payments | The Company’s future lease payments (primarily for its 62 non-prepaid ground leases) as of December 31, 2020 were as follows: In thousands OPERATING FINANCING 2021 $ 4,865 $ 930 2022 4,895 783 2023 4,933 793 2024 4,990 815 2025 5,041 826 2026 and thereafter 303,574 87,982 Total undiscounted lease payments 328,298 92,129 Discount (236,025) (73,292) Lease liabilities $ 92,273 $ 18,837 |
Schedule of lease cost | The following table provides details of the Company's total lease expense for the year ended December 31, 2020: In thousands YEAR ENDED YEAR ENDED Operating lease cost Operating lease expense $ 4,715 $ 4,623 Variable lease expense 3,551 3,161 Finance lease cost Amortization of right-of-use assets 324 165 Interest on lease liabilities 969 616 Total lease expense $ 9,559 $ 8,565 Other information Operating cash flows outflows related to operating leases $ 6,912 $ 6,972 Financing cash flows outflows related to financing leases $ 3,417 $ 379 Right-of-use assets obtained in exchange for new finance lease liabilities $ 7,212 $ 17,800 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,976 $ 1,725 Weighted-average remaining lease term (excluding renewal options) - operating leases 48.6 49.5 Weighted-average remaining lease term (excluding renewal options) -finance leases 64.5 65.2 Weighted-average discount rate - operating leases 5.7 % 5.7 % Weighted-average discount rate - finance leases 5.4 % 5.4 % |
Acquisitions, Dispositions an_2
Acquisitions, Dispositions and Mortgage Repayments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions and Dispositions and Mortgage Repayments [Abstract] | |
Schedule of acquisitions | The following table details the Company's acquisitions for the year ended December 31, 2020: Dollars in millions TYPE 1 DATE ACQUIRED PURCHASE PRICE MORTGAGES ASSUMED 2 CASH 3 REAL OTHER 4 SQUARE FOOTAGE Los Angeles, CA MOB 1/3/20 $ 42.0 $ (19.3) $ 22.8 $ 42.4 $ (0.3) 86,986 Atlanta, GA MOB 2/13/20 12.0 — 11.8 12.1 (0.3) 64,624 Raleigh, NC MOB 2/25/20 6.3 — 6.5 6.5 — 15,964 Colorado Springs, CO MOB 3/9/20 8.2 — 8.3 8.6 (0.3) 34,210 Denver, CO 5 MOB 3/13/20 33.5 — 33.2 34.0 (0.8) 136,994 San Diego, CA MOB 7/1/20 16.7 — 16.7 16.9 (0.2) 46,083 Los Angeles, CA MOB 7/17/20 35.0 — 37.7 37.7 — 49,785 Seattle, WA 6 MOB 7/23/20 11.0 — 10.9 11.3 (0.4) 21,309 Atlanta, GA MOB 7/31/20 20.5 — 21.6 21.3 0.3 48,145 Houston, TX MOB 9/24/20 11.0 — 10.9 11.0 (0.1) 40,235 Los Angeles, CA MOB 9/28/20 14.0 — 14.0 13.9 0.1 24,252 Colorado Springs, CO MOB 10/7/20 8.9 — 8.9 9.0 (0.1) 36,720 Greensboro, NC 5 MOB 11/9/20 45.1 — 45.4 44.9 0.5 149,400 Memphis, TN MOB 11/9/20 26.3 — 26.5 26.2 0.3 135,270 Memphis, TN 7 MOB 11/18/20 7.0 — 7.1 6.1 1.0 40,192 Nashville, TN MOB 12/1/20 14.0 — 13.9 13.9 — 38,736 Greensboro, NC MOB 12/17/20 10.5 — 10.8 10.7 0.1 27,599 San Diego, CA MOB 12/22/20 37.4 (16.5) 21.4 38.5 (0.6) 45,157 Atlanta, GA 8 MOB 12/29/20 50.0 — 50.4 50.6 (0.2) 125,404 Greensboro, NC 9 MOB 12/30/20 11.6 — 11.3 11.3 — 35,373 $ 421.0 $ (35.8) $ 390.1 $ 426.9 $ (1.0) 1,202,438 Land Acquisition 10 1/14/20 1.6 — 1.7 1.7 — — Land Acquisition 11 9/4/20 1.0 — 1.1 1.1 — — Land Acquisition 12 10/22/20 2.5 — 2.6 2.6 — — $ 426.1 $ (35.8) $ 395.5 $ 432.3 $ (1.0) 1,202,438 1 MOB = medical office building. 2 The mortgages assumed in the acquisitions do not reflect the fair value adjustments totaling $0.7 million in aggregate recorded by the Company upon acquisition (included in Other). 3 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 4 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. 5 Includes three properties. 6 Represents a single-tenant property. 7 The Company assumed a prepaid ground lease totaling $0.4 million and recorded a below-market lease intangible totaling $0.8 million in connection with this acquisition that is classified as an operating lease that is included in Other. 8 Includes two properties. 9 The Company assumed a ground lease and recorded a below-market lease intangible totaling $0.2 million in connection with this acquisition that is classified as an operating lease. The present value of future lease payments totaling $0.6 million was recorded on the Company's Consolidated Balance Sheets under the caption Operating lease liabilities. 10 The Company acquired land parcels under four existing buildings (previously ground leased with the hospital system). 11 The Company acquired a land parcel under an existing building (previously ground leased). The building and land were disposed on September 30, 2020. 12 The Company acquired a land parcel adjacent to an existing building, and the land parcel will be held for development. |
Schedule of assets acquired and liabilities assumed | The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2020 as of the acquisition date: ESTIMATED ESTIMATED Building $ 292.9 19.0 - 43.0 Land 74.4 — Land Improvements 11.6 6.0 - 14.0 Intangibles At-market lease intangibles 53.4 3.2 - 12.0 Above-market lease intangibles (lessor) 2.0 1.7 - 11.0 Below-market lease intangibles (lessor) (2.2) 2.3 - 9.9 Below-market lease intangibles (lessee) 1.0 55 Mortgage notes payable assumed, including fair value adjustments (36.5) Other assets acquired 1.8 Accounts payable, accrued liabilities and other liabilities assumed (2.9) Total cash paid $ 395.5 The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2019 as of the acquisition date: ESTIMATED ESTIMATED Building 270.7 8.0 - 37.0 Land 59.1 — Land Improvements 4.2 3.0 - 12.0 Intangibles At-market lease intangibles 50.7 3.3 - 9.2 Above-market lease intangibles (lessor) 0.7 2.4 - 9.9 Below-market lease intangibles (lessor) (0.7) 1.2 - 8.6 Above-market lease intangibles (lessee) (5.1) 69.1 - 72.3 Below-market lease intangibles (lessee) 0.9 65.1 Other assets acquired 2.3 Accounts payable, accrued liabilities and other liabilities assumed (4.3) Total cash paid $ 378.5 |
Schedule of Joint Venture Transactions | The following table provides details of the TIAA Joint Venture transactions. Dollars in millions TYPE 1 DATE ACQUIRED PURCHASE PRICE CASH 2 REAL OTHER 3 SQUARE FOOTAGE Minneapolis, MN MOB 11/12/20 $ 16.6 $ 14.2 $ 13.8 $ 0.4 92,139 Minneapolis, MN MOB 12/7/20 15.5 15.4 15.5 (0.1) 48,594 Los Angeles, CA MOB 12/8/20 80.6 80.5 79.2 1.3 135,904 Los Angeles, CA MOB 12/29/20 13.2 13.2 13.1 0.1 48,759 $ 125.9 $ 123.3 $ 121.6 $ 1.7 325,396 1 MOB = medical office building. 2 Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition. 3 Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition. |
Schedule of equity method investments | The Company's investment in and income (loss) recognized for the years ended December 31, 2020 and 2019 related to its joint ventures accounted for under the equity method are shown in the table below: DECEMBER 31, Dollars in millions 2020 2019 Net LLC investments, beginning of period $ 8.1 $ 8.5 New investments during the period 65.7 — Equity income (loss) recognized during the period (0.5) — Owner distributions (0.2) (0.4) Net LLC investments, end of period $ 73.1 $ 8.1 |
Schedule of dispositions | The following table details the Company's dispositions for the year ended December 31, 2020: Dollars in millions TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Springfield, MO 3 SF 7/30/20 $ 138.0 $ — $ 138.0 $ 92.4 $ 3.9 $ 41.7 186,000 Oklahoma City, OK 3 MOB 7/30/20 106.5 — 106.5 76.8 3.1 26.6 200,000 Miami, FL MOB 9/30/20 5.0 (0.2) 4.8 2.6 0.1 2.1 26,000 $ 249.5 $ (0.2) $ 249.3 $ 171.8 $ 7.1 $ 70.4 412,000 1 MOB = medical office building; SF = surgical facility 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 In the second quarter of 2020, the Company entered into agreements to sell two single-tenant net leased properties, resulting in a lease modification and classification change from operating to sales-type. The following table details the Company's dispositions for the year ended December 31, 2019: Dollars in millions TYPE 1 DATE DISPOSED SALES PRICE CLOSING ADJUSTMENTS NET PROCEEDS NET REAL ESTATE INVESTMENT OTHER 2 GAIN/ SQUARE FOOTAGE Tucson, AZ 3 MOB 4/9/19 $ 13.0 $ (0.9) $ 12.1 $ 6.9 $ 0.4 $ 4.8 67,345 Virginia Beach, VA 4 MOB 8/1/19 1.3 (0.1) 1.2 1.2 — — 10,000 San Antonio, TX MOB 8/28/19 0.9 (0.1) 0.8 0.6 — 0.2 10,138 Erie, PA IRF 10/25/19 14.0 — 14.0 1.3 — 12.7 90,123 New Orleans, LA 5 MOB 11/25/19 3.7 (0.2) 3.5 1.2 0.2 2.1 136,155 Kingsport, TN SNF 11/27/19 9.5 (0.3) 9.2 5.0 1.3 2.9 75,000 Pittsburgh, PA 6 IRF 12/18/19 3.8 (0.3) 3.5 3.5 — — 78,731 Dallas, TX 5 MOB 12/30/19 8.7 (0.6) 8.1 6.1 (0.4) 2.4 69,558 $ 54.9 $ (2.5) $ 52.4 $ 25.8 $ 1.5 $ 25.1 537,050 1 MOB = medical office building; IRF = inpatient rehabilitation facility; SNF = skilled nursing facility 2 Includes straight-line rent receivables, leasing commissions and lease inducements. 3 Includes four properties sold to a single purchaser. 4 The Company reclassified this property to held for sale during the second quarter of 2019 and recorded an impairment charge of $0.4 million based on the sales price less estimated costs to sell. 5 Includes two properties. 6 The Company reclassified this property to held for sale during the first quarter of 2017 and subsequently in the second quarter of 2019, the Company accepted an offer to purchase and recorded an impairment charge of $5.2 million. |
Held for Sale (Tables)
Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of disposal groups, including discontinued operations, income statement, balance sheet and additional disclosures | The table below reflects the assets and liabilities of the properties classified as held for sale as of December 31, 2020 and 2019. DECEMBER 31, Dollars in thousands 2020 2019 Balance Sheet data Land $ 1,664 $ — Buildings, improvements and lease intangibles 27,443 — Personal property 39 — 29,146 — Accumulated depreciation (10,455) — Real estate assets held for sale, net 18,691 — Other assets, net 1,955 37 Assets held for sale, net $ 20,646 $ 37 Accounts payable and accrued liabilities $ 533 $ 37 Other liabilities 683 108 Liabilities of properties held for sale $ 1,216 $ 145 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of items included in other assets | Items included in "Other assets, net" on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 are detailed in the table below: DECEMBER 31, Dollars in millions 2020 2019 Straight-line rent receivables $ 67.0 $ 70.5 Prepaid assets 49.9 44.3 Additional long-lived assets, net 21.3 22.7 Accounts receivable, net 11.2 13.0 Ground lease modification, net 9.0 9.4 Project costs 6.8 4.6 Goodwill 3.5 3.5 Debt issuance costs, net 1 3.1 5.0 Above-market intangible assets, net 2.6 1.2 Customer relationship intangible assets, net 1.2 2.5 Other 0.5 0.6 $ 176.1 $ 177.3 1 2020 and 2019 includes debt issuance costs related to the Company's Unsecured Credit Facility and 2019 includes the debt issuance costs related to the Unsecured Term Loan due 2026 that had not yet been funded. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite lived intangible assets and liabilities | The Company’s intangible assets and liabilities, including assets held for sale, as of December 31, 2020 and 2019 consisted of the following: GROSS BALANCE ACCUMULATED AMORTIZATION WEIGHTED AVG. BALANCE SHEET CLASSIFICATION Dollars in millions 2020 2019 2020 2019 Goodwill $ 3.5 $ 3.5 $ — $ — N/A Other assets, net Credit facility debt issuance costs 5.1 5.8 2.0 0.8 2.4 Other assets, net Above-market lease intangibles (lessor) 4.2 4.0 1.6 2.8 5.0 Other assets, net Customer relationship intangibles (lessor) 4.1 4.1 1.7 1.6 22.6 Other assets, net Below-market lease intangibles (9.0) (7.3) (4.4) (4.0) 6.0 Other liabilities Debt issuance costs 1 13.6 9.2 3.2 3.5 6.3 Notes and bonds payable At-market lease intangibles 174.4 147.9 63.7 59.8 5.1 Real estate properties Above-market lease intangibles (lessee) (7.2) (7.2) (0.3) (0.2) 74.6 Right-of-use asset Below-market lease intangibles (lessee) 18.8 18.8 2.5 2.5 62.2 Right-of-use asset $ 207.5 $ 178.8 $ 70.0 $ 66.8 13.3 1 Includes debt issuance costs related to the Company's Unsecured Senior Notes payable, Unsecured Term Loan due 2024, Unsecured Term Loan due 2026, and mortgage notes payable. |
Schedule of expected net future amortization expense | The following table represents expected amortization over the next five years of the Company’s intangible assets and liabilities in place as of December 31, 2020: Dollars in millions FUTURE AMORTIZATION OF INTANGIBLES, NET 2021 $ 27.9 2022 24.6 2023 19.6 2024 14.0 2025 9.7 |
Notes and Bonds Payable (Tables
Notes and Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of debt | DECEMBER 31, MATURITY DATES CONTRACTUAL INTEREST RATES PRINCIPAL PAYMENTS INTEREST PAYMENTS Dollars in thousands 2020 2019 Unsecured Credit Facility $ — $ 293,000 5/23 LIBOR + 0.90% At maturity Monthly Unsecured Term Loan due 2024 1 199,236 199,013 5/24 LIBOR + 1.00% At maturity Monthly Unsecured Term Loan due 2026 1 149,479 — 6/26 LIBOR + 1.60% At maturity Monthly Senior Notes due 2023 1 — 248,540 4/23 3.75 % At maturity Semi-Annual Senior Notes due 2025 1 248,776 248,522 5/25 3.88 % At maturity Semi-Annual Senior Notes due 2028 1 296,123 295,651 1/28 3.63 % At maturity Semi-Annual Senior Notes due 2030 1 296,468 — 3/30 2.40 % At maturity Semi-Annual Senior Notes due 2031 1 294,924 — 3/31 2.05 % At maturity Semi-Annual Mortgage notes payable 2 117,763 129,343 11/22-4/27 3.31%-6.17% Monthly Monthly $ 1,602,769 $ 1,414,069 1 Balances are shown net of discounts and unamortized issuance costs. 2 Balances are shown net of discounts and unamortized issuance costs and include premiums. |
Schedule of mortgage notes payable | The following table details the Company’s mortgage notes payable, with related collateral. ORIGINAL BALANCE EFFECTIVE INTEREST RATE 19 MATURITY COLLATERAL 20 PRINCIPAL AND INTEREST PAYMENTS 18 INVESTMENT IN COLLATERAL BALANCE Dollars in millions 2020 2020 2019 Commercial Bank 1 $ 15.2 7.65 % 7/20 MOB (17) $ — $ — $ 12.5 Commercial Bank 2 7.9 4.00 % 8/20 MOB Monthly/15-yr amort. — — 0.5 Life Insurance Co. 3 7.3 5.25 % 8/20 MOB Monthly/27-yr amort. — — 6.0 Life Insurance Co. 4 5.6 4.30 % 1/21 MOB Monthly/10-yr amort. — — 4.5 Commercial Bank 5 12.9 6.43 % 2/21 MOB Monthly/12-yr amort. — — 10.1 Municipal Government 6 11.0 4.79 % 7 MOB Semi-Annual 7 — — 10.6 Life Insurance Co. 8 11.0 3.87 % 11/22 MOB Monthly/7-yr amort. 22.0 9.8 10.0 Life Insurance Co. 9 12.3 3.86 % 8/23 MOB Monthly/7-yr amort. 25.5 10.6 10.9 Financial Services 10 12.4 4.27 % 10/23 MOB Monthly/10-yr amort. 23.1 11.4 11.7 Life Insurance Co. 11 9.0 4.84 % 12/23 MOB,OFC Monthly/10-yr amort. 27.9 7.3 7.6 Life Insurance Co. 12 13.3 4.13 % 1/24 MOB Monthly/10-yr amort. 21.0 12.4 12.7 Life Insurance Co. 13 6.8 3.96 % 2/24 MOB Monthly/7-yr amort. 14.6 6.2 6.4 Financial Services 14 9.7 4.32 % 9/24 MOB Monthly/10-yr amort. 15.9 8.1 8.3 Life Insurance Co. 15 16.5 3.43 % 1/25 MOB,OFC Monthly/7-yr amort. 38.5 17.1 — Commercial Bank 11.5 3.71 % 1/26 MOB Monthly/10-yr amort. 39.3 9.2 9.6 Life Insurance Co. 19.2 4.08 % 12/26 MOB Monthly/10-yr amort. 43.2 18.7 — Commercial Bank 16 15.0 5.25 % 4/27 MOB Monthly/20-yr amort. 33.6 7.0 7.9 $ 304.6 $ 117.8 $ 129.3 1 The Company repaid this mortgage note in June 2020. The Company's unencumbered gross investment was $18.7 million at December 31, 2020. 2 The Company repaid this mortgage note in May 2020. The Company's unencumbered gross investment was $19.5 million at December 31, 2020. 3 The Company repaid this mortgage note in February 2020. The Company's unencumbered gross investment was $18.1 million at December 31, 2020. 4 The Company repaid this mortgage note in October 2020. The Company's unencumbered gross investment was $15.8 million at December 31, 2020.. 5 The Company repaid this mortgage note in November 2020. The Company's unencumbered gross investment was $55.2 million at December 31, 2020.. 6 The Company repaid this mortgage note in June 2020. The Company's unencumbered gross investment was $21.0 million at December 31, 2020 7 These three mortgage notes payable are series municipal bonds with maturity dates ranging from from May 2022 to May 2040. One of the four original notes payable was repaid upon maturity in May 2017. The remaining three required interest only payments and were repaid in June 2020. 8 The unaccreted portion of the $0.1 million discount recorded on this note upon acquisition is included in the balance above. 9 The unaccreted portion of the $0.2 million discount recorded on this note upon acquisition is included in the balance above. 10 The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above. 11 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 12 The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above. 13 The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above. 14 The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above. 15 The unamortized portion of the $0.7 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 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 made in June 2020. 18 Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted). 19 The contractual interest rates for the 11 outstanding mortgage notes ranged from 3.3% to 6.2% as of December 31, 2020. 20 MOB-Medical office building. OFC-Office |
Schedule of 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, 2020 were as follows: Dollars in thousands PRINCIPAL MATURITIES NET ACCRETION/ AMORTIZATION 1 DEBT ISSUANCE COSTS 2 NOTES AND % 2021 $ 3,913 $ (198) $ (1,523) $ 2,192 0.1 % 2022 13,434 (226) (1,547) 11,661 0.7 % 2023 30,701 (251) (1,541) 28,909 1.8 % 2024 226,449 (412) (1,368) 224,669 14.0 % 2025 267,415 (580) (1,068) 265,767 16.6 % 2026 and thereafter 1,075,309 (2,322) (3,416) 1,069,571 66.8 % $ 1,617,221 $ (3,989) $ (10,463) $ 1,602,769 100.0 % 1 Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2025, Senior Notes due 2028, Senior Notes due 2030, Senior Notes due 2031 and 9 mortgage notes payable. 2 Excludes approximately $3.1 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net. |
Term Loan due 2024 | Medium-term Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Unsecured Term Loan due 2024 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Unsecured Term Loan due 2024 principal balance $ 200,000 $ 200,000 Debt issuance costs (764) (987) Unsecured Term Loan due 2024 carrying amount $ 199,236 $ 199,013 |
Term Loan due 2026 | Medium-term Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Unsecured Term Loan due 2026 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Unsecured Term Loan due 2026 principal balance $ 150,000 $ — Debt issuance costs (521) — Unsecured Term Loan due 2026 carrying amount $ 149,479 $ — |
Senior Notes due 2023 | Senior Notes | |
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, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2023 face value $ — $ 250,000 Unaccreted discount — (761) Debt issuance costs — (699) Senior Notes due 2023 carrying amount $ — $ 248,540 |
Senior Notes due 2025 | Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Senior Notes due 2025 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2025 face value $ 250,000 $ 250,000 Unaccreted discount (100) (121) Debt issuance costs (1,124) (1,357) Senior Notes due 2025 carrying amount $ 248,776 $ 248,522 |
Senior Notes due 2028 | Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Senior Notes due 2028 on the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019: DECEMBER 31, Dollars in thousands 2020 2019 Senior Notes due 2028 face value $ 300,000 $ 300,000 Unaccreted discount (1,872) (2,100) Debt issuance costs (2,005) (2,249) Senior Notes due 2028 carrying amount $ 296,123 $ 295,651 |
Senior Notes due 2030 | Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Senior Notes due 2030 on the Company’s Consolidated Balance Sheets as of December 31, 2020: DECEMBER 31, Dollars in thousands 2020 Senior Notes due 2030 face value $ 300,000 Unaccreted discount (935) Debt issuance costs (2,597) Senior Notes due 2030 carrying amount $ 296,468 |
Senior Notes due 2031 | Senior Notes | |
Debt Instrument [Line Items] | |
Schedule of debt | The following table reconciles the balance of the Senior Notes due 2031 on the Company’s Consolidated Balance Sheets as of December 31, 2020: DECEMBER 31, Dollars in thousands 2020 Senior Notes due 2028 face value $ 300,000 Unaccreted discount (2,382) Debt issuance costs (2,694) Senior Notes due 2028 carrying amount $ 294,924 |
Mortgage Notes Payable | Mortgage Notes | |
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, 2020 and 2019. For the years ended December 31, 2020, 2019 and 2018, the Company amortized approximately $0.4 million, $0.6 million and $0.4 million of the discount and $0.4 million, $0.4 million, and $0.8 million of the premium. For the years ended December 31, 2020, 2019 and 2018, the Company also amortized approximately $0.2 million, $0.2 million, and $0.1 million of the debt issuance costs, respectively, on the mortgage notes payable which is included in interest expense on the Company’s Consolidated Statements of Income. DECEMBER 31, Dollars in thousands 2020 2019 Mortgage notes payable principal balance $ 117,221 $ 129,258 Unamortized premium 1,450 1,162 Unaccreted discount (150) (528) Debt issuance costs (758) (549) Mortgage notes payable carrying amount $ 117,763 $ 129,343 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of cash flow hedges included in accumulated other comprehensive income (loss) | The Company had eight outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: INTEREST RATE DERIVATIVE NUMBER OF INSTRUMENTS NOTIONAL Interest rate swaps - 2017 2 $ 25.0 Interest rate swaps - 2018 2 50.0 Interest rate swaps - 2019 4 100.0 Total interest rate swaps 8 $ 175.0 The table below presents the effect of cash flow hedge accounting on Accumulated other comprehensive income (loss) as of December 31, 2020 related to the Company's outstanding interest rate swaps. AMOUNT OF (LOSS) RECOGNIZED IN OCI AMOUNT OF (GAIN)/LOSS RECLASSIFIED Dollars in thousands 2020 2020 2019 Interest rate swaps 2017 $ (939) Interest expense $ 397 $ (22) Interest rate swaps 2018 (1,890) Interest expense 934 99 Interest rate swaps 2019 (8,033) Interest expense 1,637 74 Settled treasury hedges (4,267) Interest expense 336 — Settled interest rate swaps — Interest expense 168 168 $ (15,129) Total interest expense $ 3,472 $ 319 |
Schedule of derivative instruments in statement of financial position, fair value | The table below presents the fair value of the Company's derivative financial instruments, as well as, their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019. AS OF DECEMBER 31, 2020 AS OF DECEMBER 31, 2019 Dollars in thousands BALANCE SHEET LOCATION FAIR BALANCE SHEET LOCATION FAIR Derivatives designated as hedging instruments Interest rate swaps 2017 Other liabilities $ (1,008) Other liabilities $ (467) Interest rate swaps 2018 Other liabilities (2,291) Other liabilities (1,335) Interest rate swaps 2019 Other liabilities (9,875) Other liabilities (3,478) Total derivatives designated as hedging instruments $ (13,174) $ (5,280) |
Schedule of offsetting assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2020. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets. Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (13,174) $ — $ (13,174) $ 13,174 $ — $ — |
Schedule of offsetting liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of December 31, 2020. The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative liabilities are presented on the Company's Consolidated Balance Sheets. Offsetting of Derivative Liabilities GROSS AMOUNTS GROSS AMOUNTS OFFSET NET AMOUNTS OF LIABILITIES GROSS AMOUNTS NOT OFFSET FINANCIAL INSTRUMENTS CASH NET Derivatives $ (13,174) $ — $ (13,174) $ 13,174 $ — $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of 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, 2020, 2019, and 2018 as follows: YEAR ENDED DECEMBER 31, 2020 2019 2018 Balance, beginning of year 134,706,154 125,279,455 125,131,593 Issuance of common stock 4,637,445 9,251,440 26,203 Non-vested share-based awards, net of withheld shares and forfeitures 143,776 175,259 121,659 Balance, end of year 139,487,375 134,706,154 125,279,455 |
Schedule of sale of stock under market equity offering Program | The following table details the Company's at-the-market activity, including forward transactions: WEIGHTED AVERAGE SALE PRICE SHARES PRICED SHARES SETTLED SHARES REMAINING TO BE SETTLED NET PROCEEDS 2019 $ 33.22 5,470,673 5,470,673 — $ 179.1 2020 $ 31.50 6,430,572 4,607,313 1,823,259 $ 141.5 January 2021 $ 30.53 215,532 239,896 1,798,895 $ 7.2 |
Schedule of reconciliation of beginning and ending balances of accumulated other comprehensive income | The following table represents the changes in accumulated other comprehensive loss during the years ended December 31, 2020 and 2019: INTEREST RATE SWAPS Dollars in thousands 2020 2019 Beginning balance $ (6,175) $ (902) Other comprehensive loss before reclassifications 3,472 319 Amounts reclassified from accumulated other comprehensive income (loss) (10,862) (5,592) Losses on settlement of treasury rate locks arising during the period (4,267) — Net current-period other comprehensive (loss) (11,657) (5,273) Ending balance $ (17,832) $ (6,175) |
Schedule of reclassifications out of accumulated other comprehensive income | The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended December 31, 2020 (dollars in thousands): DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE AMOUNT RECLASSIFIED AFFECTED LINE ITEM Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps $ 504 Interest Expense Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps 2,968 Interest Expense $ 3,472 |
Stock and Other Incentive Pla_2
Stock and Other Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of unrecognized compensation cost, nonvested awards | The following table represents expected amortization of the Company's non-vested shares issued: Dollars in millions FUTURE AMORTIZATION 2021 $ 8.8 2022 6.9 2023 4.6 2024 3.3 2025 1.9 2026 and thereafter 0.9 Total $ 26.4 |
Schedule of the activity under the incentive plan the previous directors' plan | A summary of the activity under the 2015 Incentive Plan and related information for the three years in the period ended December 31, 2020 follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Share-based awards, beginning of year 1,754,066 1,769,863 1,907,645 Granted 197,999 276,839 273,012 Vested (186,004) (292,636) (410,794) Share-based awards, end of year 1,766,061 1,754,066 1,769,863 Weighted-average grant date fair value of Share-based awards, beginning of year $ 29.82 $ 29.36 $ 28.44 Share-based awards granted during the year $ 30.33 $ 31.75 $ 29.72 Share-based awards vested during the year $ 23.82 $ 28.84 $ 25.32 Share-based awards, end of year $ 30.51 $ 29.82 $ 29.36 Grant date fair value of shares granted during the year $ 6,006 $ 8,791 $ 8,114 |
Schedule 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, 2020 is as follows: YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Options outstanding, beginning of year 332,659 328,533 318,100 Granted 212,716 235,572 203,836 Exercised (21,713) (35,277) (16,716) Forfeited (42,221) (54,095) (40,897) Expired (139,794) (142,074) (135,790) Options outstanding and exercisable, end of year 341,647 332,659 328,533 Weighted-average exercise price of Options outstanding, beginning of year $ 25.59 $ 24.17 $ 25.00 Options granted during the year $ 28.36 $ 24.17 $ 27.30 Options exercised during the year $ 24.10 $ 25.01 $ 24.01 Options forfeited during the year $ 25.29 $ 25.26 $ 24.06 Options expired during the year $ 23.74 $ 25.77 $ 23.55 Options outstanding, end of year $ 24.70 $ 25.59 $ 24.17 Weighted-average fair value of options granted during the year (calculated as of the grant date) $ 8.06 $ 7.02 $ 7.81 Intrinsic value of options exercised during the year $ 101 $ 269 $ 71 Intrinsic value of options outstanding and exercisable (calculated as of December 31) $ 1,673 $ 2,589 $ 1,402 Exercise prices of options outstanding (calculated as of December 31) $ 24.70 $ 25.59 $ 24.17 Weighted-average contractual life of outstanding options (calculated as of December 31, in years) 0.8 0.8 0.8 |
Schedule of fair value of options issued based on weighted-average assumptions | 2020 2019 2018 Risk-free interest rates 1.58 % 2.48 % 1.89 % Expected dividend yields 3.69 % 4.19 % 3.66 % Expected life (in years) 1.43 1.45 1.45 Expected volatility 28.6 % 29.8 % 28.4 % Expected forfeiture rates 85 % 85 % 85 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of 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, 2020. YEAR ENDED DECEMBER 31, Dollars in thousands, except per share data 2020 2019 2018 Weighted average common shares Weighted average common shares outstanding 135,666,503 129,735,723 125,219,773 Non-vested shares (1,736,358) (1,736,022) (1,927,648) Weighted average common shares - basic 133,930,145 127,999,701 123,292,125 Weighted average common shares - basic 133,930,145 127,999,701 123,292,125 Dilutive effect of forward equity 6,283 — — Dilutive effect of employee stock purchase plan 70,512 84,283 58,808 Weighted average common shares - diluted 134,006,940 128,083,984 123,350,933 Net income $ 72,195 $ 39,185 $ 69,771 Dividends paid on nonvested share-based awards (2,083) (2,075) (2,320) Net income applicable to common stockholders $ 70,112 $ 37,110 $ 67,451 Basic earnings per common share $ 0.52 $ 0.29 $ 0.55 Diluted earnings per common share $ 0.52 $ 0.29 $ 0.55 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of development activity | The table below details the Company’s development activity as of December 31, 2020. The information included in the table below represents management’s estimates and expectations at December 31, 2020, which are subject to change. The Company’s disclosures regarding certain projections or estimates of completion dates may not reflect actual results. December 31, 2020 Dollars in thousands NUMBER OF PROPERTIES INITIAL OCCUPANCY CONSTRUCTION IN PROGRESS BALANCE TOTAL FUNDED during the year TOTAL AMOUNT FUNDED Recently Completed Seattle, WA 1 Q1 2020 $ — $ 10,520 $ 59,552 Redevelopment Activity Memphis, TN 1 1 Q1 2021 — 12,618 21,650 Dallas, TX 1 Q4 2020 — 423 423 Total $ — $ 23,561 $ 81,625 1 The project includes the acquisition of a 110,883 square foot medical office building for $8.7 million and redevelopment costs related to the property. Initial occupancy represents the quarter in which the redevelopment is expected to be completed. The building will continue to operate with in-place leases during construction. |
Other Data (Tables)
Other Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of taxable income | The following table reconciles the Company’s consolidated net income attributable to common stockholders to taxable income for the three years ended December 31, 2020: YEAR ENDED DECEMBER 31, Dollars in thousands 2020 2019 2018 Net income $ 72,195 $ 39,185 $ 69,771 Reconciling items to taxable income Depreciation and amortization 80,624 67,953 64,775 Gain or loss on disposition of depreciable assets (23,898) (15,689) (27,581) Straight-line rent 7,485 (11,535) (3,049) Receivable allowances 2,494 1,942 2,470 Share-based compensation 5,387 2,628 (1,699) Other (2,182) 12,631 842 69,910 57,930 35,758 Taxable income 1 $ 142,105 $ 97,115 $ 105,529 Dividends paid $ 162,557 $ 155,358 $ 150,266 |
Schedule of characterization of distributions on common stock | For the three years ended December 31, 2020, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods. 2020 2019 2018 PER SHARE % PER SHARE % PER SHARE % Common stock Ordinary income 1 $ 0.77 64.5 % $ 0.79 65.7 % $ 0.75 62.2 % Return of capital 0.11 9.0 % 0.40 33.9 % 0.33 27.8 % Unrecaptured section 1250 gain 0.32 26.5 % 0.01 0.4 % 0.12 10.0 % Common stock distributions $ 1.20 100.0 % $ 1.20 100.0 % $ 1.20 100.0 % |
Schedule of state income taxes | State income tax expense and state income tax payments for the three years ended December 31, 2020 are detailed in the table below: YEAR ENDED DECEMBER 31, Dollars in thousands 2020 2019 2018 State income tax expense Texas gross margins tax $ 546 $ 550 $ 586 Other 8 6 5 Total state income tax expense $ 554 $ 556 $ 591 State income tax payments, net of refunds and collections $ 557 $ 549 $ 642 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 as of December 31, 2020 and 2019. December 31, 2020 December 31, 2019 Dollars in millions CARRYING VALUE FAIR VALUE CARRYING VALUE FAIR VALUE Notes and bonds payable 1 $ 1,602.8 $ 1,645.4 $ 1,414.1 $ 1,425.8 1 Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) ft² in Millions | Feb. 10, 2021USD ($) | Dec. 31, 2020USD ($)ft²reportingUnitpropertystate | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Real Estate Properties [Line Items] | ||||
Equity interest owned (percent) | 100.00% | |||
Business Overview [Abstract] | ||||
Gross investment, amount, total | $ 4,600,000,000 | |||
Real estate properties and mortgages | property | 223 | |||
Number of owned real estate properties | property | 223 | |||
Number of properties owned by the unconsolidated joint venture | property | 4 | |||
Number of states that the Company owns real estate in | state | 24 | |||
Square footage of owned real estate properties | ft² | 16.1 | |||
Segment Reporting [Abstract] | ||||
Number of Reporting Units | reportingUnit | 1 | |||
Real Estate Properties [Abstract] | ||||
Total real estate properties | $ 4,621,413,000 | $ 4,359,993,000 | ||
Elimination of real estate lease intangibles against accumulated depreciation | 31,000,000 | 28,000,000 | ||
Depreciation | $ 162,400,000 | $ 152,600,000 | $ 143,800,000 | |
Maximum period up to which interest capitalize on properties in stabilization | 1 year | |||
Land Held for Development [Abstract] | ||||
Number of land parcels held for development | property | 8 | 7 | ||
Land held for development | $ 27,200,000 | $ 24,600,000 | ||
Goodwill and Intangible Assets [Abstract] | ||||
Goodwill impairment loss | 0 | 0 | ||
Goodwill | 3,500,000 | $ 3,500,000 | ||
Other Operating Income [Abstract] | ||||
Number of owned real estate properties to which property operating agreements between company and sponsoring health system is applicable | property | 1 | 1 | ||
Federal Income Taxes [Abstract] | ||||
Provision for federal income tax | $ 0 | |||
Percentage of distribution of taxable income for qualify as REIT | 90.00% | |||
Unrecognized tax benefits, income tax penalties and interest expense | $ 0 | $ 0 | $ 0 | |
Subsequent Event | ||||
COVID-19 Update [Abstract] | ||||
Scheduled deferral payments collected in the quarter (percent) | 99.00% | |||
Deferred rent receivable, gross | $ 100,000 | |||
Deferred rent, general reserve | $ 100,000 | |||
Total interest rate swaps | ||||
Derivative Instrument Detail [Abstract] | ||||
Accumulated other comprehensive income (loss), net of tax | 17,800,000 | 6,200,000 | ||
Tenant and Capital Improvements | ||||
Real Estate Properties [Abstract] | ||||
Fully depreciated tenant and capital improvements eliminated against accumulated depreciation | 1,300,000 | |||
At Market Lease Intangibles | ||||
Real Estate Properties [Abstract] | ||||
Elimination of real estate lease intangibles against accumulated depreciation | $ 21,200,000 | $ 17,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful lives of real estate assets and liabilities (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 3 years |
Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 39 years |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 3 years 3 months 18 days |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 43 years |
Lease intangibles (including ground lease intangibles) | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 1 year 3 months 18 days |
Intangible asset useful life | 1 year 3 months 18 days |
Lease intangibles (including ground lease intangibles) | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 99 years |
Intangible asset useful life | 99 years |
Personal property | Minimum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 2 years 10 months 24 days |
Personal property | Maximum | |
Property, Plant and Equipment [Line Items] | |
Asset estimated useful life | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Other operating | $ 7,367 | $ 8,073 | $ 7,992 |
Parking income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | 6,720 | 7,520 | 6,930 |
Property lease guaranty income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | 0 | 128 | 675 |
Management fee income | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | 343 | 270 | 273 |
Miscellaneous | |||
Disaggregation of Revenue [Line Items] | |||
Other operating | $ 304 | $ 155 | $ 114 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Components of rental income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Property operating income | $ 453,699 | $ 415,142 | $ 390,256 |
Single-tenant | 34,828 | 44,083 | 47,860 |
Straight-line rent | 3,735 | 3,000 | 4,281 |
Rental income | $ 492,262 | $ 462,225 | |
Rental income | $ 442,397 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total assets | |||
Investments in unconsolidated joint ventures | $ 73,137 | $ 8,130 | |
Other assets | 176,120 | 177,296 | |
Total | 185,426 | ||
Other income (expense) | |||
Equity (loss) income from unconsolidated joint ventures | (19) | $ 4 | |
Interest and other income (expense), net | $ 559 | (711) | 533 |
Total | (730) | 537 | |
As Previously Reported | |||
Total assets | |||
Investments in unconsolidated joint ventures | 0 | ||
Other assets | 185,246 | ||
Total | 185,246 | ||
Other income (expense) | |||
Equity (loss) income from unconsolidated joint ventures | 0 | 0 | |
Interest and other income (expense), net | (730) | 537 | |
Total | $ (730) | $ 537 |
Property Investments (Details)
Property Investments (Details) $ in Thousands | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) |
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 223 | |
Number of real estate investments | property | 223 | |
LAND | $ 389,921 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 4,220,297 | $ 3,986,326 |
Buildings, Improvements, and Lease Intangibles, including Construction in Progress | 4,220,297 | |
Personal property | 11,195 | 10,538 |
Total real estate properties | 4,621,413 | 4,359,993 |
Total real estate investments | 4,621,413 | |
ACCUMULATED DEPRECIATION | $ (1,239,224) | $ (1,121,102) |
Land held for development | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 27,226 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 0 | |
Personal property | 0 | |
Total real estate properties | 27,226 | |
ACCUMULATED DEPRECIATION | $ (953) | |
Memphis Redevelopment | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 5,222 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 16,428 | |
Personal property | 0 | |
Total real estate properties | 21,650 | |
ACCUMULATED DEPRECIATION | $ (841) | |
Corporate property | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 0 | |
LAND | $ 0 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 0 | |
Personal property | 5,504 | |
Total real estate properties | 5,504 | |
ACCUMULATED DEPRECIATION | $ (4,898) | |
Medical office/outpatient | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 223 | |
LAND | $ 357,473 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 4,203,869 | |
Personal property | 5,691 | |
Total real estate properties | 4,567,033 | |
ACCUMULATED DEPRECIATION | $ (1,232,532) | |
Medical office/outpatient | Seattle, WA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 27 | |
LAND | $ 60,017 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 598,783 | |
Personal property | 567 | |
Total real estate properties | 659,367 | |
ACCUMULATED DEPRECIATION | $ (113,270) | |
Medical office/outpatient | Dallas, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 21 | |
LAND | $ 19,194 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 475,825 | |
Personal property | 441 | |
Total real estate properties | 495,460 | |
ACCUMULATED DEPRECIATION | $ (187,050) | |
Medical office/outpatient | Los Angeles, CA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 17 | |
LAND | $ 65,841 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 281,111 | |
Personal property | 401 | |
Total real estate properties | 347,353 | |
ACCUMULATED DEPRECIATION | $ (106,244) | |
Medical office/outpatient | Atlanta, GA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 13 | |
LAND | $ 13,364 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 287,886 | |
Personal property | 84 | |
Total real estate properties | 301,334 | |
ACCUMULATED DEPRECIATION | $ (31,696) | |
Medical office/outpatient | Nashville, TN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 7 | |
LAND | $ 27,998 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 195,433 | |
Personal property | 1,251 | |
Total real estate properties | 224,682 | |
ACCUMULATED DEPRECIATION | $ (75,927) | |
Medical office/outpatient | Denver, CO | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 12 | |
LAND | $ 23,505 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 166,835 | |
Personal property | 535 | |
Total real estate properties | 190,875 | |
ACCUMULATED DEPRECIATION | $ (34,458) | |
Medical office/outpatient | Charlotte, NC | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 16 | |
LAND | $ 4,200 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 178,507 | |
Personal property | 105 | |
Total real estate properties | 182,812 | |
ACCUMULATED DEPRECIATION | $ (74,687) | |
Medical office/outpatient | Houston, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 10 | |
LAND | $ 19,256 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 143,108 | |
Personal property | 95 | |
Total real estate properties | 162,459 | |
ACCUMULATED DEPRECIATION | $ (49,953) | |
Medical office/outpatient | Washington, D.C. | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 6 | |
LAND | $ 0 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 152,739 | |
Personal property | 34 | |
Total real estate properties | 152,773 | |
ACCUMULATED DEPRECIATION | $ (32,135) | |
Medical office/outpatient | Richmond, VA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 7 | |
LAND | $ 0 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 151,277 | |
Personal property | 114 | |
Total real estate properties | 151,391 | |
ACCUMULATED DEPRECIATION | $ (50,005) | |
Medical office/outpatient | Honolulu, HI | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 3 | |
LAND | $ 8,327 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 136,690 | |
Personal property | 159 | |
Total real estate properties | 145,176 | |
ACCUMULATED DEPRECIATION | $ (43,530) | |
Medical office/outpatient | Des Moines, IA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 7 | |
LAND | $ 12,665 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 126,098 | |
Personal property | 99 | |
Total real estate properties | 138,862 | |
ACCUMULATED DEPRECIATION | $ (40,023) | |
Medical office/outpatient | Memphis, TN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 9 | |
LAND | $ 8,121 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 126,488 | |
Personal property | 203 | |
Total real estate properties | 134,812 | |
ACCUMULATED DEPRECIATION | $ (42,107) | |
Medical office/outpatient | San Francisco, CA | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 3 | |
LAND | $ 14,054 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 107,418 | |
Personal property | 43 | |
Total real estate properties | 121,515 | |
ACCUMULATED DEPRECIATION | $ (23,350) | |
Medical office/outpatient | Indianapolis, IN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 4 | |
LAND | $ 3,299 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 117,174 | |
Personal property | 14 | |
Total real estate properties | 120,487 | |
ACCUMULATED DEPRECIATION | $ (29,102) | |
Medical office/outpatient | Austin, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 5 | |
LAND | $ 14,236 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 94,436 | |
Personal property | 123 | |
Total real estate properties | 108,795 | |
ACCUMULATED DEPRECIATION | $ (27,521) | |
Medical office/outpatient | San Antonio, TX | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 6 | |
LAND | $ 6,487 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 89,817 | |
Personal property | 398 | |
Total real estate properties | 96,702 | |
ACCUMULATED DEPRECIATION | $ (43,753) | |
Medical office/outpatient | Chicago, IL | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 3 | |
LAND | $ 5,859 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 87,900 | |
Personal property | 213 | |
Total real estate properties | 93,972 | |
ACCUMULATED DEPRECIATION | $ (27,829) | |
Medical office/outpatient | Greensboro, NC | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 6 | |
LAND | $ 8,596 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 75,660 | |
Personal property | 0 | |
Total real estate properties | 84,256 | |
ACCUMULATED DEPRECIATION | $ (2,567) | |
Medical office/outpatient | Colorado Springs, CO | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 5 | |
LAND | $ 5,649 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 68,836 | |
Personal property | 15 | |
Total real estate properties | 74,500 | |
ACCUMULATED DEPRECIATION | $ (17,048) | |
Medical office/outpatient | Minneapolis, MN | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 4 | |
LAND | $ 2,090 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 61,364 | |
Personal property | 0 | |
Total real estate properties | 63,454 | |
ACCUMULATED DEPRECIATION | $ (12,064) | |
Medical office/outpatient | Other (16 markets) | ||
Summary of Company's investment | ||
NUMBER OF PROPERTIES | property | 32 | |
LAND | $ 34,715 | |
BUILDINGS, IMPROVEMENTS, AND LEASE INTANGIBLES | 480,484 | |
Personal property | 797 | |
Total real estate properties | 515,996 | |
ACCUMULATED DEPRECIATION | $ (168,213) |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2020USD ($)property | Jun. 30, 2020property | Dec. 31, 2020USD ($)renewalOptionlease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Leases [Abstract] | |||||
Rental income | $ 492,262 | $ 462,225 | |||
Number of properties sold | property | 2 | 2 | |||
Sales Price | $ 244,500 | 249,500 | 54,900 | ||
Gains on sales of investment real estate | $ 68,300 | 70,361 | $ 25,101 | $ 41,665 | |
Profit recognized at commencement date | 68,282 | ||||
Interest income | 3,007 | ||||
Approximate Investment in real estate properties subject to outstanding contractual option to purchase | $ 96,900 | ||||
Number of exercisable purchase options | renewalOption | 4 | ||||
Number of ground leases prepaid | lease | 43 |
Leases - Non-cancelable Operati
Leases - Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 373,344 |
2022 | 329,022 |
2023 | 281,643 |
2024 | 219,196 |
2025 | 171,844 |
2026 and thereafter | 437,945 |
Lease payments receivable | $ 1,812,994 |
Leases - Ground Leases (Details
Leases - Ground Leases (Details) ft² in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²leaseproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate [Line Items] | |||
Number of properties subject to ground leases | property | 105 | ||
Square feet subject to ground leases | ft² | 8.8 | ||
Number of ground leases prepaid | 43 | ||
Amortization of prepaid rent | $ | $ 0.6 | $ 0.6 | $ 0.6 |
Number of ground leases, excluding prepaid leases | 62 | ||
Minimum | |||
Real Estate [Line Items] | |||
Ground leases, initial term | 40 years | ||
Maximum | |||
Real Estate [Line Items] | |||
Ground leases, initial term | 99 years |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating | ||
2021 | $ 4,865 | |
2022 | 4,895 | |
2023 | 4,933 | |
2024 | 4,990 | |
2025 | 5,041 | |
2026 and thereafter | 303,574 | |
Total undiscounted lease payments | 328,298 | |
Discount | (236,025) | |
Lease liabilities | 92,273 | $ 91,574 |
Financing | ||
2021 | 930 | |
2022 | 783 | |
2023 | 793 | |
2024 | 815 | |
2025 | 826 | |
2026 and thereafter | 87,982 | |
Total undiscounted lease payments | 92,129 | |
Discount | (73,292) | |
Lease liabilities | $ 18,837 | $ 18,037 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease cost | |||
Operating lease expense | $ 4,715 | $ 4,623 | |
Variable lease expense | 3,551 | 3,161 | |
Finance lease cost | |||
Amortization of right-of-use assets | 324 | 165 | |
Interest on lease liabilities | 969 | 616 | |
Total lease expense | 9,559 | 8,565 | |
Other information | |||
Operating cash flows outflows related to operating leases | 6,912 | 6,972 | |
Financing cash flows outflows related to financing leases | 3,417 | 379 | $ 0 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 7,212 | 17,800 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,976 | $ 1,725 | |
Weighted-average remaining lease term (excluding renewal options) - operating leases | 48 years 7 months 6 days | 49 years 6 months | |
Weighted-average remaining lease term (excluding renewal options) -finance leases | 64 years 6 months | 65 years 2 months 12 days | |
Weighted-average discount rate - operating leases | 5.70% | 5.70% | |
Weighted-average discount rate - finance leases | 5.40% | 5.40% |
Acquisitions, Dispositions an_3
Acquisitions, Dispositions and Mortgage Repayments - Acquisitions (Details) $ in Thousands | Feb. 01, 2021USD ($)ft²property | Jan. 07, 2021USD ($)ft² | Dec. 30, 2020USD ($)ft² | Dec. 29, 2020USD ($)ft² | Dec. 22, 2020USD ($)ft² | Dec. 17, 2020USD ($)ft² | Dec. 01, 2020USD ($)ft² | Nov. 18, 2020USD ($)ft² | Nov. 09, 2020USD ($)ft² | Oct. 22, 2020USD ($) | Oct. 07, 2020USD ($)ft² | Sep. 28, 2020USD ($)ft² | Sep. 24, 2020USD ($)ft² | Sep. 04, 2020USD ($) | Jul. 31, 2020USD ($)ft² | Jul. 23, 2020USD ($)ft² | Jul. 17, 2020USD ($)ft² | Jul. 01, 2020USD ($)ft² | Mar. 13, 2020USD ($)ft² | Mar. 09, 2020USD ($)ft² | Feb. 25, 2020USD ($)ft² | Feb. 13, 2020USD ($)ft² | Jan. 14, 2020USD ($) | Jan. 03, 2020USD ($)ft² | Dec. 18, 2019USD ($)ft² | Dec. 13, 2019USD ($)ft² | Dec. 10, 2019USD ($)ft² | Nov. 18, 2019USD ($)ft² | Oct. 31, 2019USD ($)ft² | Sep. 30, 2019USD ($)ft²property | Sep. 26, 2019USD ($)ft² | Aug. 01, 2019USD ($)ft² | Jun. 28, 2019USD ($)ft² | Jun. 14, 2019USD ($)ft² | Jun. 11, 2019USD ($)ft² | Jun. 10, 2019USD ($)ft² | Apr. 02, 2019USD ($)ft² | Mar. 28, 2019USD ($)ft²propertylease | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft² | Dec. 08, 2020USD ($) |
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 381,300 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 378,500 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 384,700 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ (6,200) | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 1,086,712 | ||||||||||||||||||||||||||||||||||||||||
Fair value adjustments included in Other | $ 700 | ||||||||||||||||||||||||||||||||||||||||
Ground leases | 9,000 | $ 9,400 | |||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | $ 92,273 | 91,574 | |||||||||||||||||||||||||||||||||||||||
Number of properties subject to ground leases | property | 105 | ||||||||||||||||||||||||||||||||||||||||
Financing lease liabilities | $ 18,837 | 18,037 | |||||||||||||||||||||||||||||||||||||||
Above-market lease intangibles | 2,600 | $ 1,200 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 121,600 | ||||||||||||||||||||||||||||||||||||||||
Real Estate and Land Acquisitions | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | 426,100 | ||||||||||||||||||||||||||||||||||||||||
MORTGAGES ASSUMED | 35,800 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 395,500 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 432,300 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ (1,000) | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 1,202,438 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 421,000 | ||||||||||||||||||||||||||||||||||||||||
MORTGAGES ASSUMED | 35,800 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 390,100 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 426,900 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ (1,000) | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 1,202,438 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Los Angeles, CA | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 14,000 | $ 35,000 | $ 42,000 | $ 61,100 | |||||||||||||||||||||||||||||||||||||
MORTGAGES ASSUMED | 19,300 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 14,000 | 37,700 | 22,800 | 60,900 | |||||||||||||||||||||||||||||||||||||
REAL ESTATE | 13,900 | 37,700 | 42,400 | 61,800 | |||||||||||||||||||||||||||||||||||||
OTHER | $ 100 | $ 0 | $ (300) | $ (900) | |||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 24,252 | 49,785 | 86,986 | 115,634 | |||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | $ 13,100 | $ 79,200 | |||||||||||||||||||||||||||||||||||||||
Medical Office Building | Atlanta, GA | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | 50,000 | $ 20,500 | $ 12,000 | $ 28,000 | |||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 50,400 | 21,600 | 11,800 | 28,000 | |||||||||||||||||||||||||||||||||||||
REAL ESTATE | 50,600 | 21,300 | 12,100 | 28,000 | |||||||||||||||||||||||||||||||||||||
OTHER | $ (200) | $ 300 | $ (300) | $ 0 | |||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 125,404 | 48,145 | 64,624 | 47,963 | |||||||||||||||||||||||||||||||||||||
Medical Office Building | Raleigh, NC | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 6,300 | $ 21,600 | |||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 6,500 | 22,000 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 6,500 | 21,700 | |||||||||||||||||||||||||||||||||||||||
OTHER | $ 0 | $ 300 | |||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 15,964 | 57,730 | |||||||||||||||||||||||||||||||||||||||
Medical Office Building | Colorado Springs, CO | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 8,900 | $ 8,200 | |||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 8,900 | 8,300 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 9,000 | 8,600 | |||||||||||||||||||||||||||||||||||||||
OTHER | $ (100) | $ (300) | |||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 36,720 | 34,210 | |||||||||||||||||||||||||||||||||||||||
Medical Office Building | Denver, CO | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 33,500 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 33,200 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 34,000 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ (800) | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 136,994 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | San Diego, CA | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 37,400 | $ 16,700 | |||||||||||||||||||||||||||||||||||||||
MORTGAGES ASSUMED | 16,500 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 21,400 | 16,700 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 38,500 | 16,900 | |||||||||||||||||||||||||||||||||||||||
OTHER | $ (600) | $ (200) | |||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 45,157 | 46,083 | |||||||||||||||||||||||||||||||||||||||
Medical Office Building | Seattle, WA | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 11,000 | $ 10,000 | $ 24,200 | $ 22,800 | $ 30,500 | $ 19,000 | $ 7,700 | ||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 10,900 | 9,300 | 24,500 | 23,100 | 30,400 | 19,100 | 7,800 | ||||||||||||||||||||||||||||||||||
REAL ESTATE | 11,300 | 9,900 | 24,600 | 23,200 | 30,600 | 19,500 | 7,800 | ||||||||||||||||||||||||||||||||||
OTHER | $ (400) | $ (600) | $ (100) | $ (100) | $ (200) | $ (400) | $ 0 | ||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 21,309 | 20,109 | 44,166 | 36,350 | 78,288 | 47,255 | 29,870 | ||||||||||||||||||||||||||||||||||
Medical Office Building | Houston, TX | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 11,000 | $ 13,500 | |||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 10,900 | 13,500 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 11,000 | 13,500 | |||||||||||||||||||||||||||||||||||||||
OTHER | $ (100) | $ 0 | |||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 40,235 | 29,903 | |||||||||||||||||||||||||||||||||||||||
Medical Office Building | Greensboro, NC | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 11,600 | $ 10,500 | $ 45,100 | ||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 11,300 | 10,800 | 45,400 | ||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 11,300 | 10,700 | 44,900 | ||||||||||||||||||||||||||||||||||||||
OTHER | $ 0 | $ 100 | $ 500 | ||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 35,373 | 27,599 | 149,400 | ||||||||||||||||||||||||||||||||||||||
Below-market lease intangible | $ 200 | ||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | $ 600 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Memphis, TN | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 7,000 | $ 26,300 | $ 8,700 | ||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 7,100 | 26,500 | 8,900 | ||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 6,100 | 26,200 | 8,900 | ||||||||||||||||||||||||||||||||||||||
OTHER | $ 1,000 | $ 300 | $ 0 | ||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 40,192 | 135,270 | 110,883 | 110,883 | |||||||||||||||||||||||||||||||||||||
Ground leases | $ 400 | ||||||||||||||||||||||||||||||||||||||||
Below-market lease intangible | $ 800 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Nashville, TN | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 14,000 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 13,900 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 13,900 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ 0 | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 38,736 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Washington, D.C. | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 46,000 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 45,900 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 50,200 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ (4,300) | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 158,338 | ||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||||||||||||||||||||||
Number of properties subject to ground leases | lease | 2 | ||||||||||||||||||||||||||||||||||||||||
Financing lease liabilities | $ 14,300 | ||||||||||||||||||||||||||||||||||||||||
Above-market lease intangibles | 5,200 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Indianapolis, IN | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | 47,000 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 44,800 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 43,700 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ 1,100 | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 143,499 | ||||||||||||||||||||||||||||||||||||||||
Ground leases | $ 800 | ||||||||||||||||||||||||||||||||||||||||
Below-market lease intangible | $ 900 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Dallas, TX | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 20,100 | $ 17,000 | |||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 19,500 | 16,700 | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 20,200 | 17,000 | |||||||||||||||||||||||||||||||||||||||
OTHER | $ (700) | $ (300) | |||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 48,192 | 89,990 | |||||||||||||||||||||||||||||||||||||||
Financing lease liabilities | $ 3,600 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Oklahoma City, OK | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 4,100 | ||||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 4,100 | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE | 4,100 | ||||||||||||||||||||||||||||||||||||||||
OTHER | $ 0 | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 28,542 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Subsequent Event | San Diego, CA | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 17,200 | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 22,461 | ||||||||||||||||||||||||||||||||||||||||
Medical Office Building | Subsequent Event | Dallas, TX | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 22,500 | ||||||||||||||||||||||||||||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 121,709 | ||||||||||||||||||||||||||||||||||||||||
Number of properties acquired | property | 2 | ||||||||||||||||||||||||||||||||||||||||
Land | |||||||||||||||||||||||||||||||||||||||||
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | |||||||||||||||||||||||||||||||||||||||||
PURCHASE PRICE | $ 2,500 | $ 1,000 | $ 1,600 | ||||||||||||||||||||||||||||||||||||||
CASH CONSIDERATION | 2,600 | 1,100 | 1,700 | ||||||||||||||||||||||||||||||||||||||
REAL ESTATE | $ 2,600 | $ 1,100 | $ 1,700 |
Acquisitions, Dispositions an_4
Acquisitions, Dispositions and Mortgage Repayments - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Building | $ 292.9 | $ 270.7 |
Land | 74.4 | 59.1 |
Land Improvements | 11.6 | 4.2 |
Mortgage notes payable assumed, including fair value adjustments | (36.5) | |
Other assets acquired | 1.8 | 2.3 |
Accounts payable, accrued liabilities and other liabilities assumed | (2.9) | (4.3) |
Total cash paid | 395.5 | 378.5 |
At-market lease intangibles | ||
Business Acquisition [Line Items] | ||
Intangibles | 53.4 | 50.7 |
Above-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangibles | 2 | 0.7 |
Below-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangible liabilities | (2.2) | $ (0.7) |
Intangible asset useful life | 1 year 2 months 12 days | |
Above-market lease intangibles (lessee) | ||
Business Acquisition [Line Items] | ||
Intangible liabilities | $ (5.1) | |
Below-market lease intangibles (lessee) | ||
Business Acquisition [Line Items] | ||
Intangibles | $ 1 | $ 0.9 |
Intangible asset useful life | 55 years | 65 years 1 month 6 days |
Minimum | At-market lease intangibles | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 3 years 2 months 12 days | 3 years 3 months 18 days |
Minimum | Above-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 1 year 8 months 12 days | 2 years 4 months 24 days |
Minimum | Below-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 2 years 3 months 18 days | |
Minimum | Above-market lease intangibles (lessee) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 69 years 1 month 6 days | |
Minimum | Building | ||
Business Acquisition [Line Items] | ||
Asset estimated useful life | 19 years | 8 years |
Minimum | Land Improvements | ||
Business Acquisition [Line Items] | ||
Asset estimated useful life | 6 years | 3 years |
Maximum | At-market lease intangibles | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 12 years | 9 years 2 months 12 days |
Maximum | Above-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 11 years | 9 years 10 months 24 days |
Maximum | Below-market lease intangibles (lessor) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 9 years 10 months 24 days | 8 years 7 months 6 days |
Maximum | Above-market lease intangibles (lessee) | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 72 years 3 months 18 days | |
Maximum | Building | ||
Business Acquisition [Line Items] | ||
Asset estimated useful life | 43 years | 37 years |
Maximum | Land Improvements | ||
Business Acquisition [Line Items] | ||
Asset estimated useful life | 14 years | 12 years |
Acquisitions, Dispositions an_5
Acquisitions, Dispositions and Mortgage Repayments - Joint Ventures (Details) $ in Thousands | Dec. 29, 2020USD ($)ft² | Dec. 08, 2020USD ($)ft² | Dec. 07, 2020USD ($)ft² | Nov. 12, 2020USD ($)ft² | Sep. 30, 2019property | Dec. 31, 2017property | Dec. 31, 2020USD ($)ft²limitedLiabilityCompanygarage | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Real Estate [Line Items] | |||||||||
Joint venture ownership (percent) | 50.00% | ||||||||
PURCHASE PRICE | $ 125,900 | ||||||||
CASH CONSIDERATION | 123,300 | ||||||||
REAL ESTATE | 121,600 | ||||||||
OTHER | $ 1,700 | ||||||||
SQUARE FOOTAGE unaudited | ft² | 325,396 | ||||||||
Equity Method Investments [Roll Forward] | |||||||||
Equity income (loss) recognized during the period | $ (463) | $ (19) | $ 4 | ||||||
Owner distributions | $ 200 | 400 | |||||||
Limited Liability Company One | |||||||||
Real Estate [Line Items] | |||||||||
Ownership interest in LLC (percent) | 55.00% | ||||||||
Limited Liability Company Two | |||||||||
Real Estate [Line Items] | |||||||||
Ownership interest in LLC (percent) | 27.00% | ||||||||
Medical Office Building | Minneapolis, MN | |||||||||
Real Estate [Line Items] | |||||||||
PURCHASE PRICE | $ 15,500 | $ 16,600 | |||||||
CASH CONSIDERATION | 15,400 | 14,200 | |||||||
REAL ESTATE | 15,500 | 13,800 | |||||||
OTHER | $ (100) | $ 400 | |||||||
SQUARE FOOTAGE unaudited | ft² | 48,594 | 92,139 | |||||||
Medical Office Building | Los Angeles, CA | |||||||||
Real Estate [Line Items] | |||||||||
PURCHASE PRICE | $ 13,200 | $ 80,600 | |||||||
CASH CONSIDERATION | 13,200 | 80,500 | |||||||
REAL ESTATE | 13,100 | 79,200 | |||||||
OTHER | $ 100 | $ 1,300 | |||||||
SQUARE FOOTAGE unaudited | ft² | 48,759 | 135,904 | |||||||
Number of buildings acquired | property | 2 | ||||||||
Parking Garages | |||||||||
Real Estate [Line Items] | |||||||||
Number of LLCs | limitedLiabilityCompany | 2 | ||||||||
Number of parking garages | garage | 2 | ||||||||
Number of buildings acquired | property | 3 | ||||||||
Equity Method Investments [Roll Forward] | |||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 73,100 | 8,100 | $ 8,500 | ||||||
New investments during the period | 65,700 | 0 | |||||||
Equity income (loss) recognized during the period | $ (500) | $ 0 |
Acquisitions, Dispositions an_6
Acquisitions, Dispositions and Mortgage Repayments - Narrative (Details) ft² in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | |
Real Estate Acquisitions and Mortgage Note Financing [Line Items] | ||
Area of land | ft² | 16.1 | |
Net real estate investment | $ 171.8 | $ 25.8 |
Gain on disposition of property | $ 70.4 | $ 25.1 |
Acquisitions, Dispositions an_7
Acquisitions, Dispositions and Mortgage Repayments - Dispositions (Details) $ in Millions | Sep. 30, 2020USD ($)ft² | Jul. 30, 2020USD ($)ft² | Dec. 30, 2019USD ($)ft² | Dec. 18, 2019USD ($)ft² | Nov. 27, 2019USD ($)ft² | Nov. 25, 2019USD ($)ft²property | Oct. 25, 2019USD ($)ft² | Aug. 28, 2019USD ($)ft² | Aug. 01, 2019USD ($)ft² | Apr. 09, 2019USD ($)ft²property | May 31, 2020USD ($)property | Jun. 30, 2020property | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² |
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 244.5 | $ 249.5 | $ 54.9 | ||||||||||||
CLOSING ADJUSTMENTS | (0.2) | (2.5) | |||||||||||||
NET PROCEEDS | 249.3 | 52.4 | |||||||||||||
NET REAL ESTATE INVESTMENT | 171.8 | 25.8 | |||||||||||||
OTHER including receivables | 7.1 | 1.5 | |||||||||||||
GAIN/ (IMPAIRMENT) | $ 70.4 | $ 25.1 | |||||||||||||
SQUARE FOOTAGE unaudited | ft² | 412,000 | 537,050 | |||||||||||||
Number of properties sold | property | 2 | 2 | |||||||||||||
Tucson, AZ | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 13 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.9) | ||||||||||||||
NET PROCEEDS | 12.1 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 6.9 | ||||||||||||||
OTHER including receivables | 0.4 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 4.8 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 67,345 | ||||||||||||||
Number of properties sold | property | 4 | ||||||||||||||
Virginia Beach, VA | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 1.3 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.1) | ||||||||||||||
NET PROCEEDS | 1.2 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 1.2 | ||||||||||||||
OTHER including receivables | 0 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 0 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 10,000 | ||||||||||||||
Impairment charge | $ 0.4 | ||||||||||||||
San Antonio, TX | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 0.9 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.1) | ||||||||||||||
NET PROCEEDS | 0.8 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 0.6 | ||||||||||||||
OTHER including receivables | 0 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 0.2 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 10,138 | ||||||||||||||
Erie, PA | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 14 | ||||||||||||||
CLOSING ADJUSTMENTS | 0 | ||||||||||||||
NET PROCEEDS | 14 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 1.3 | ||||||||||||||
OTHER including receivables | 0 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 12.7 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 90,123 | ||||||||||||||
New Orleans, LA | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 3.7 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.2) | ||||||||||||||
NET PROCEEDS | 3.5 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 1.2 | ||||||||||||||
OTHER including receivables | 0.2 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2.1 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 136,155 | ||||||||||||||
Number of properties sold | property | 2 | ||||||||||||||
Kingsport, TN | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 9.5 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.3) | ||||||||||||||
NET PROCEEDS | 9.2 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 5 | ||||||||||||||
OTHER including receivables | 1.3 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2.9 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 75,000 | ||||||||||||||
Pittsburgh, PA | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 3.8 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.3) | ||||||||||||||
NET PROCEEDS | 3.5 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 3.5 | ||||||||||||||
OTHER including receivables | 0 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 0 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 78,731 | ||||||||||||||
Impairment charge | $ 5.2 | ||||||||||||||
Dallas, TX | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 8.7 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.6) | ||||||||||||||
NET PROCEEDS | 8.1 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 6.1 | ||||||||||||||
OTHER including receivables | (0.4) | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2.4 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 69,558 | ||||||||||||||
Austin, TX | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 138 | ||||||||||||||
CLOSING ADJUSTMENTS | 0 | ||||||||||||||
NET PROCEEDS | 138 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 92.4 | ||||||||||||||
OTHER including receivables | 3.9 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 41.7 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 186,000 | ||||||||||||||
OKLAHOMA | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 106.5 | ||||||||||||||
CLOSING ADJUSTMENTS | 0 | ||||||||||||||
NET PROCEEDS | 106.5 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 76.8 | ||||||||||||||
OTHER including receivables | 3.1 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 26.6 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 200,000 | ||||||||||||||
Miami, FL | Real Estate Dispositions | |||||||||||||||
Real Estate Dispositions [Line Items] | |||||||||||||||
SALES PRICE | $ 5 | ||||||||||||||
CLOSING ADJUSTMENTS | (0.2) | ||||||||||||||
NET PROCEEDS | 4.8 | ||||||||||||||
NET REAL ESTATE INVESTMENT | 2.6 | ||||||||||||||
OTHER including receivables | 0.1 | ||||||||||||||
GAIN/ (IMPAIRMENT) | $ 2.1 | ||||||||||||||
SQUARE FOOTAGE unaudited | ft² | 26,000 |
Held for Sale - Narrative (Deta
Held for Sale - Narrative (Details) - property | Dec. 31, 2020 | Dec. 31, 2019 |
Asset Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties held for sale | 4 | 0 |
Held for Sale (Details)
Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet data (as of the period ended): | ||
Land | $ 362,695 | $ 289,751 |
Buildings, improvements and lease intangibles | 4,220,297 | 3,986,326 |
Personal property | 11,195 | 10,538 |
Total real estate properties | 4,621,413 | 4,359,993 |
Less accumulated depreciation | (1,239,224) | (1,121,102) |
Total real estate properties, net | 3,382,189 | 3,238,891 |
Assets held for sale, net | 20,646 | 37 |
Liabilities of properties held for sale | 1,216 | 145 |
Discontinued Operations | ||
Balance Sheet data (as of the period ended): | ||
Total real estate properties | 29,146 | 0 |
Total real estate properties, net | 18,691 | 0 |
Assets held for sale, net | 20,646 | 37 |
Liabilities of properties held for sale | 1,216 | 145 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Balance Sheet data (as of the period ended): | ||
Land | 1,664 | 0 |
Buildings, improvements and lease intangibles | 27,443 | |
Personal property | 39 | 0 |
Less accumulated depreciation | (10,455) | 0 |
Other assets, net | 1,955 | 37 |
Accounts payable and accrued liabilities | 533 | 37 |
Other liabilities | $ 683 | $ 108 |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Impairments | $ 0 | $ 5.6 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Straight-line rent receivables | $ 67,000 | $ 70,500 |
Prepaid assets | 49,900 | 44,300 |
Additional long-lived assets, net | 21,300 | 22,700 |
Accounts receivable, net | 11,200 | 13,000 |
Ground lease modification, net | 9,000 | 9,400 |
Project costs | 6,800 | 4,600 |
Goodwill | 3,500 | 3,500 |
Debt issuance costs, net | 3,100 | 5,000 |
Above-market intangible assets, net | 2,600 | 1,200 |
Customer relationship intangible assets, net | 1,200 | 2,500 |
Other | 500 | 600 |
Other Assets | $ 176,120 | $ 177,296 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Components of intangible assets and liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of finite lived intangible assets and liabilities | ||
Intangible assets and liabilities, gross | $ 207.5 | $ 178.8 |
Intangible assets and liabilities, accumulated amortization | $ 70 | 66.8 |
Assets and liabilities, weighted avg. life (years) | 13 years 3 months 18 days | |
Below-market lease intangibles | Other Liabilities | ||
Schedule of finite lived intangible assets and liabilities | ||
Liabilities gross balance | $ (9) | (7.3) |
Liabilities accumulated amortization | $ (4.4) | (4) |
Liabilities, weighted avg. life (years) | 6 years | |
Debt Issuance Costs | Debt issuance costs | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 13.6 | 9.2 |
Assets accumulated amortization | $ 3.2 | 3.5 |
Assets, weighted avg. life (years) | 6 years 3 months 18 days | |
Goodwill | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 3.5 | 3.5 |
Assets accumulated amortization | 0 | 0 |
Debt Issuance Costs | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | 5.1 | 5.8 |
Assets accumulated amortization | $ 2 | 0.8 |
Assets, weighted avg. life (years) | 2 years 4 months 24 days | |
Above-market lease intangibles (lessor) | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 4.2 | 4 |
Assets accumulated amortization | $ 1.6 | 2.8 |
Assets, weighted avg. life (years) | 5 years | |
Customer relationship intangibles (lessor) | Other Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 4.1 | 4.1 |
Assets accumulated amortization | $ 1.7 | $ 1.6 |
Assets, weighted avg. life (years) | 22 years 7 months 6 days | |
Below-market lease intangibles | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets, weighted avg. life (years) | 1 year 2 months 12 days | |
At-market lease intangibles | At-market lease intangibles | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 174.4 | $ 147.9 |
Assets accumulated amortization | $ 63.7 | 59.8 |
Assets, weighted avg. life (years) | 5 years 1 month 6 days | |
Above-market lease intangibles (lessee) | Right-of-use Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Liabilities gross balance | $ (7.2) | (7.2) |
Liabilities accumulated amortization | $ (0.3) | $ (0.2) |
Liabilities, weighted avg. life (years) | 74 years 7 months 6 days | |
Below-market lease intangibles (lessee) | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets, weighted avg. life (years) | 55 years | 65 years 1 month 6 days |
Below-market lease intangibles (lessee) | Right-of-use Assets | ||
Schedule of finite lived intangible assets and liabilities | ||
Assets gross balance | $ 18.8 | $ 18.8 |
Assets accumulated amortization | $ 2.5 | $ 2.5 |
Assets, weighted avg. life (years) | 62 years 2 months 12 days |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Expected future amortization expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 31 | $ 28 |
Future Amortization of Intangibles, Net [Abstract] | ||
2021 | 27.9 | |
2022 | 24.6 | |
2023 | 19.6 | |
2024 | 14 | |
2025 | $ 9.7 |
Notes and Bonds Payable (Detail
Notes and Bonds Payable (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Oct. 02, 2020 | Mar. 18, 2020 | Dec. 31, 2019 | Dec. 11, 2017 | Apr. 24, 2015 | |
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 1,602,769,000 | $ 1,414,069,000 | ||||
Line of Credit | Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | 0 | 293,000,000 | ||||
Medium-term Notes | Term Loan due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 199,236,000 | 199,013,000 | ||||
Contractual interest rates, basis spread on variable rate | 1.00% | |||||
Medium-term Notes | Term Loan due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 149,479,000 | 0 | ||||
Contractual interest rates, basis spread on variable rate | 1.60% | |||||
Senior Notes | Senior Notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 0 | 248,540,000 | ||||
Contractual interest rates | 3.75% | |||||
Senior Notes | Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 248,776,000 | 248,522,000 | ||||
Contractual interest rates | 3.88% | 3.875% | ||||
Senior Notes | Senior Notes due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 296,123,000 | 295,651,000 | ||||
Contractual interest rates | 3.63% | 3.625% | ||||
Senior Notes | Senior Notes due 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 296,468,000 | 0 | ||||
Contractual interest rates | 2.40% | 2.40% | ||||
Senior Notes | Senior Notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 294,924,000 | 0 | ||||
Contractual interest rates | 2.05% | 2.05% | ||||
Mortgage Notes | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Notes and bonds payable | $ 117,763,000 | $ 129,343,000 | ||||
LIBOR | Line of Credit | Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 0.90% | |||||
LIBOR | Medium-term Notes | Term Loan due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 1.00% | |||||
LIBOR | Medium-term Notes | Term Loan due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 1.60% | |||||
Minimum | Medium-term Notes | Term Loan due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 0.85% | |||||
Minimum | Medium-term Notes | Term Loan due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 1.45% | |||||
Minimum | Mortgage Notes | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates | 3.30% | |||||
Minimum | Mortgage Notes | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates | 3.31% | |||||
Maximum | Medium-term Notes | Term Loan due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 1.65% | |||||
Maximum | Medium-term Notes | Term Loan due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates, basis spread on variable rate | 2.40% | |||||
Maximum | Mortgage Notes | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates | 6.20% | |||||
Maximum | Mortgage Notes | Mortgage Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Contractual interest rates | 6.17% |
Notes and Bonds Payable - Narra
Notes and Bonds Payable - Narrative (Details) | Oct. 19, 2020USD ($) | May 29, 2020USD ($) | Mar. 18, 2020USD ($)swapAgreement | May 31, 2019USD ($)extensionOptionLender | Jul. 05, 2016USD ($) | Apr. 24, 2015USD ($)swapAgreement | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 02, 2020USD ($) | Mar. 13, 2020 | Dec. 11, 2017USD ($) | Feb. 28, 2014USD ($)Lender | Oct. 14, 2011USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Loss on extinguishment of debt | $ 21,503,000 | |||||||||||||||
Unsecured term loan outstanding | 1,617,221,000 | |||||||||||||||
Notes and bonds payable | $ 1,414,069,000 | 1,602,769,000 | $ 1,414,069,000 | |||||||||||||
Issuance costs | $ 10,463,000 | |||||||||||||||
Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of forward starting swaps | swapAgreement | 2 | |||||||||||||||
Settlement of swap agreements | $ 4,300,000 | |||||||||||||||
Line of Credit | Unsecured Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Unsecured credit facility | $ 700,000,000 | |||||||||||||||
Number of extension options | extensionOption | 2 | |||||||||||||||
Extension fees as percentage of aggregate commitments | 0.0625% | |||||||||||||||
Facility fee on the aggregate amount of commitments | 0.20% | |||||||||||||||
Amount outstanding under Unsecured Credit Facility | $ 0 | |||||||||||||||
Notes and bonds payable | 293,000,000 | $ 0 | 293,000,000 | |||||||||||||
Debt Instrument, Period of Extension Option | 6 months | |||||||||||||||
Line of Credit | Unsecured Credit Facility | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Facility fee on the aggregate amount of commitments | 0.125% | |||||||||||||||
Line of Credit | Unsecured Credit Facility | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Facility fee on the aggregate amount of commitments | 0.30% | |||||||||||||||
Line of Credit | Unsecured Credit Facility | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage of interest in addition to LIBOR | 0.90% | |||||||||||||||
Contractual interest rates, basis spread on variable rate | 0.90% | |||||||||||||||
Line of Credit | Unsecured Credit Facility | LIBOR | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage of interest in addition to LIBOR | 0.775% | |||||||||||||||
Line of Credit | Unsecured Credit Facility | LIBOR | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Percentage of interest in addition to LIBOR | 1.45% | |||||||||||||||
Medium-term Notes | Term Loan due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Weighted average interest rate (LOC) | 2.37% | |||||||||||||||
Senior notes face value | $ 200,000,000 | 200,000,000 | $ 200,000,000 | 200,000,000 | $ 200,000,000 | |||||||||||
Number of lenders, term loan | Lender | 9 | 9 | ||||||||||||||
Amount of debt repaid | $ 50,000,000 | |||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.00% | |||||||||||||||
Unsecured term loan outstanding | $ 200,000,000 | |||||||||||||||
Interest rate yielded per annum upon issuance | 1.99% | |||||||||||||||
Amortization of debt issuance costs | $ 300,000 | $ 200,000 | 200,000 | $ 200,000 | ||||||||||||
Notes and bonds payable | 199,013,000 | 199,236,000 | 199,013,000 | |||||||||||||
Deferred finance costs, gross | $ 700,000 | |||||||||||||||
Issuance costs | 400,000 | 987,000 | 764,000 | 987,000 | ||||||||||||
Medium-term Notes | Term Loan due 2024 | Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative notional amount | $ 75,000,000 | |||||||||||||||
Medium-term Notes | Term Loan due 2024 | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 0.85% | |||||||||||||||
Medium-term Notes | Term Loan due 2024 | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.65% | |||||||||||||||
Medium-term Notes | Term Loan due 2024 | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.00% | |||||||||||||||
Medium-term Notes | Term Loan due 2022 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | $ 150,000,000 | |||||||||||||||
Medium-term Notes | Term Loan due 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Weighted average interest rate (LOC) | 2.23% | |||||||||||||||
Senior notes face value | 0 | $ 150,000,000 | 0 | |||||||||||||
Delayed draw feature period | 9 months | |||||||||||||||
Proceeds from draw on term loan | $ 150,000,000 | |||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.60% | |||||||||||||||
Unsecured term loan outstanding | $ 150,000,000 | |||||||||||||||
Interest rate yielded per annum upon issuance | 3.14% | |||||||||||||||
Amortization of debt issuance costs | 100,000 | $ 400,000 | ||||||||||||||
Anticipated amount of investment | $ 150,000,000 | |||||||||||||||
Notes and bonds payable | 0 | $ 149,479,000 | 0 | |||||||||||||
Deferred finance costs, gross | 1,100,000 | |||||||||||||||
Issuance costs | $ 700,000 | 0 | 521,000 | 0 | ||||||||||||
Medium-term Notes | Term Loan due 2026 | Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative notional amount | $ 100,000,000 | |||||||||||||||
Medium-term Notes | Term Loan due 2026 | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.45% | |||||||||||||||
Medium-term Notes | Term Loan due 2026 | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 2.40% | |||||||||||||||
Medium-term Notes | Term Loan due 2026 | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Contractual interest rates, basis spread on variable rate | 1.60% | |||||||||||||||
Senior Notes | Senior Notes due 2023 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | 250,000,000 | $ 0 | 250,000,000 | |||||||||||||
Amount of debt repaid | $ 250,000,000 | |||||||||||||||
Redemption of usecured debt | 270,500,000 | |||||||||||||||
Debt redeemed, accrued interest | 100,000 | |||||||||||||||
Debt redeemed, make whole amount | 20,400,000 | |||||||||||||||
Write off of deferred debt issuance cost | 1,100,000 | |||||||||||||||
Loss on extinguishment of debt | $ 21,500,000 | |||||||||||||||
Notes and bonds payable | 248,540,000 | 0 | 248,540,000 | |||||||||||||
Issuance costs | 699,000 | $ 0 | 699,000 | |||||||||||||
Interest rate on senior notes | 3.75% | |||||||||||||||
Unaccreted discount | 761,000 | $ 0 | 761,000 | |||||||||||||
Senior Notes | Senior Notes due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | $ 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||||||
Interest rate yielded per annum upon issuance | 4.08% | |||||||||||||||
Amortization of debt issuance costs | 200,000 | 200,000 | 200,000 | |||||||||||||
Notes and bonds payable | 248,522,000 | 248,776,000 | 248,522,000 | |||||||||||||
Deferred finance costs, gross | $ 2,300,000 | |||||||||||||||
Issuance costs | 1,357,000 | $ 1,124,000 | 1,357,000 | |||||||||||||
Interest rate on senior notes | 3.875% | 3.88% | ||||||||||||||
Unaccreted discount | $ 200,000 | 121,000 | $ 100,000 | 121,000 | ||||||||||||
Number of forward starting swaps | swapAgreement | 4 | |||||||||||||||
Senior Notes | Senior Notes due 2025 | Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Settlement of swap agreements | $ 1,700,000 | |||||||||||||||
Senior Notes | Senior Notes due 2028 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | 300,000,000 | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||||||||
Interest rate yielded per annum upon issuance | 3.84% | |||||||||||||||
Amortization of debt issuance costs | 200,000 | |||||||||||||||
Notes and bonds payable | 295,651,000 | 296,123,000 | 295,651,000 | |||||||||||||
Deferred finance costs, gross | $ 2,700,000 | |||||||||||||||
Issuance costs | 2,249,000 | $ 2,005,000 | 2,249,000 | |||||||||||||
Interest rate on senior notes | 3.63% | 3.625% | ||||||||||||||
Unaccreted discount | 2,100,000 | $ 1,872,000 | 2,100,000 | $ 2,500,000 | ||||||||||||
Amount of amortization included in interest expense on the Company's consolidated Statements of operations | 200,000 | |||||||||||||||
Senior Notes | Senior Notes due 2030 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | 300,000,000 | 300,000,000 | ||||||||||||||
Interest rate yielded per annum upon issuance | 2.71% | |||||||||||||||
Amortization of debt issuance costs | 200,000 | |||||||||||||||
Notes and bonds payable | 0 | 296,468,000 | 0 | |||||||||||||
Deferred finance costs, gross | $ 2,800,000 | |||||||||||||||
Issuance costs | $ 2,597,000 | |||||||||||||||
Interest rate on senior notes | 2.40% | 2.40% | ||||||||||||||
Unaccreted discount | $ 1,000,000 | $ 935,000 | ||||||||||||||
Amount of amortization included in interest expense on the Company's consolidated Statements of operations | 100,000 | |||||||||||||||
Senior Notes | Senior Notes due 2031 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | 300,000,000 | $ 300,000,000 | ||||||||||||||
Interest rate yielded per annum upon issuance | 2.24% | |||||||||||||||
Amortization of debt issuance costs | 100,000 | |||||||||||||||
Notes and bonds payable | 0 | 294,924,000 | 0 | |||||||||||||
Deferred finance costs, gross | $ 2,800,000 | |||||||||||||||
Issuance costs | $ 2,694,000 | |||||||||||||||
Interest rate on senior notes | 2.05% | 2.05% | ||||||||||||||
Unaccreted discount | $ 2,382,000 | $ 2,400,000 | ||||||||||||||
Amount of amortization included in interest expense on the Company's consolidated Statements of operations | $ 100,000 | |||||||||||||||
Mortgage Notes | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate on senior notes | 3.30% | |||||||||||||||
Mortgage Notes | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate on senior notes | 6.20% | |||||||||||||||
Mortgage Notes | Mortgage Notes Payable | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior notes face value | 129,258,000 | $ 117,221,000 | 129,258,000 | |||||||||||||
Amortization of debt issuance costs | 200,000 | 200,000 | 100,000 | |||||||||||||
Notes and bonds payable | 129,343,000 | 117,763,000 | 129,343,000 | |||||||||||||
Issuance costs | 549,000 | 758,000 | 549,000 | |||||||||||||
Unaccreted discount | $ 528,000 | 150,000 | 528,000 | |||||||||||||
Amortization of debt discount | 400,000 | 600,000 | 400,000 | |||||||||||||
Amortization of debt premium | $ 400,000 | $ 400,000 | $ 800,000 | |||||||||||||
Mortgage Notes | Mortgage Notes Payable | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate on senior notes | 3.31% | |||||||||||||||
Mortgage Notes | Mortgage Notes Payable | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate on senior notes | 6.17% | |||||||||||||||
Up-front Payment Arrangement | Line of Credit | Unsecured Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fee amount | $ 3,500,000 |
Notes and Bonds Payable - Senio
Notes and Bonds Payable - Senior and Term Notes (Details) - USD ($) | Dec. 31, 2020 | Oct. 02, 2020 | Mar. 18, 2020 | Mar. 13, 2020 | Dec. 31, 2019 | May 31, 2019 | Dec. 11, 2017 | Apr. 24, 2015 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | $ (10,463,000) | ||||||||
Notes and bonds payable | $ 1,602,769,000 | $ 1,414,069,000 | |||||||
Medium-term Notes | Term Loan due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 1.99% | ||||||||
Senior and term notes face value | $ 200,000,000 | 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||||
Debt issuance costs | (764,000) | (987,000) | (400,000) | ||||||
Notes and bonds payable | $ 199,236,000 | 199,013,000 | |||||||
Medium-term Notes | Term Loan due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 3.14% | ||||||||
Senior and term notes face value | $ 150,000,000 | 0 | |||||||
Debt issuance costs | (521,000) | 0 | $ (700,000) | ||||||
Notes and bonds payable | 149,479,000 | 0 | |||||||
Senior Notes | Senior Notes due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior and term notes face value | 0 | 250,000,000 | |||||||
Unaccreted discount | 0 | (761,000) | |||||||
Debt issuance costs | 0 | (699,000) | |||||||
Notes and bonds payable | 0 | 248,540,000 | |||||||
Senior Notes | Senior Notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 4.08% | ||||||||
Senior and term notes face value | 250,000,000 | 250,000,000 | $ 250,000,000 | ||||||
Unaccreted discount | (100,000) | (121,000) | $ (200,000) | ||||||
Debt issuance costs | (1,124,000) | (1,357,000) | |||||||
Notes and bonds payable | 248,776,000 | 248,522,000 | |||||||
Senior Notes | Senior Notes due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 3.84% | ||||||||
Senior and term notes face value | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||
Unaccreted discount | (1,872,000) | (2,100,000) | $ (2,500,000) | ||||||
Debt issuance costs | (2,005,000) | (2,249,000) | |||||||
Notes and bonds payable | 296,123,000 | 295,651,000 | |||||||
Senior Notes | Senior Notes due 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 2.71% | ||||||||
Senior and term notes face value | 300,000,000 | $ 300,000,000 | |||||||
Unaccreted discount | (935,000) | $ (1,000,000) | |||||||
Debt issuance costs | (2,597,000) | ||||||||
Notes and bonds payable | 296,468,000 | 0 | |||||||
Senior Notes | Senior Notes due 2031 | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective Interest rate | 2.24% | ||||||||
Senior and term notes face value | 300,000,000 | $ 300,000,000 | |||||||
Unaccreted discount | (2,382,000) | $ (2,400,000) | |||||||
Debt issuance costs | (2,694,000) | ||||||||
Notes and bonds payable | $ 294,924,000 | $ 0 |
Notes and Bonds Payable - Mortg
Notes and Bonds Payable - Mortgage Notes (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Issuance costs | $ (10,463,000) | |
Notes and bonds payable | 1,602,769,000 | $ 1,414,069,000 |
Mortgage Notes Payable | Mortgage Notes | ||
Debt Instrument [Line Items] | ||
Mortgage notes | 117,221,000 | 129,258,000 |
Unamortized premium | 1,450,000 | 1,162,000 |
Unaccreted discount | (150,000) | (528,000) |
Issuance costs | (758,000) | (549,000) |
Notes and bonds payable | $ 117,763,000 | $ 129,343,000 |
Notes and Bonds Payable - Detai
Notes and Bonds Payable - Details of Mortgage Notes (Details) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020mortageNotePayable | Dec. 31, 2020USD ($)mortageNotePayable | Dec. 31, 2019USD ($) | May 31, 2017mortageNotePayable | |
Debt Instrument [Line Items] | ||||
Number of outstanding mortgage notes | mortageNotePayable | 9 | |||
Mortgage Notes | ||||
Debt Instrument [Line Items] | ||||
Investment in Collateral | $ 304,600,000 | |||
Mortgage notes payable carrying amount | $ 117,800,000 | $ 129,300,000 | ||
Number of outstanding mortgage notes | mortageNotePayable | 11 | |||
Mortgage Notes | Minimum | ||||
Debt Instrument [Line Items] | ||||
Contractual interest rates | 3.30% | |||
Mortgage Notes | Maximum | ||||
Debt Instrument [Line Items] | ||||
Contractual interest rates | 6.20% | |||
Mortgage Notes | Mortgage Notes 7.65% | Commercial Bank | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 15,200,000 | |||
Effective Interest rate | 7.65% | |||
Debt instrument maturity period | 2020-07 | |||
Collateral | MOB | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 12,500,000 | ||
Unencumbered gross investment | 18,700,000 | |||
Period for monthly installments of interest | 24 months | |||
Principal and interest amortization period | 11 years | |||
Mortgage Notes | Mortgage Notes 4.00% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 7,900,000 | |||
Effective Interest rate | 4.00% | |||
Debt instrument maturity period | 2020-08 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/15-yr amort. | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 500,000 | ||
Unencumbered gross investment | $ 19,500,000 | |||
Principal and interest amortization period | 15 years | |||
Mortgage Notes | Mortgage Notes 5.25% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 7,300,000 | |||
Effective Interest rate | 5.25% | |||
Debt instrument maturity period | 2020-08 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/27-yr amort. | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 6,000,000 | ||
Unencumbered gross investment | $ 18,100,000 | |||
Principal and interest amortization period | 27 years | |||
Mortgage Notes | Mortgage Notes 4.30% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 5,600,000 | |||
Effective Interest rate | 4.30% | |||
Debt instrument maturity period | 2021-01 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 4,500,000 | ||
Unencumbered gross investment | $ 15,800,000 | |||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 6.43% | Commercial Bank | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 12,900,000 | |||
Effective Interest rate | 6.43% | |||
Debt instrument maturity period | 2021-02 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/12-yr amort. | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 10,100,000 | ||
Unencumbered gross investment | $ 55,200,000 | |||
Principal and interest amortization period | 12 years | |||
Mortgage Notes | Mortgage Notes 4.79% | Municipal Government | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 11,000,000 | |||
Effective Interest rate | 4.79% | |||
Collateral | MOB | |||
Investment in Collateral | $ 0 | |||
Mortgage notes payable carrying amount | 0 | 10,600,000 | ||
Unencumbered gross investment | 21,000,000 | |||
Number of outstanding mortgage notes | mortageNotePayable | 4 | |||
Number of mortgage notes repaid | mortageNotePayable | 3 | 1 | ||
Mortgage Notes | Mortgage Notes 3.87% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 11,000,000 | |||
Effective Interest rate | 3.87% | |||
Debt instrument maturity period | 2022-11 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/7-yr amort. | |||
Investment in Collateral | $ 22,000,000 | |||
Mortgage notes payable carrying amount | 9,800,000 | 10,000,000 | ||
Unaccreted discount | $ 100,000 | |||
Principal and interest amortization period | 7 years | |||
Mortgage Notes | Mortgage Notes 3.86% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 12,300,000 | |||
Effective Interest rate | 3.86% | |||
Debt instrument maturity period | 2023-08 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/7-yr amort. | |||
Investment in Collateral | $ 25,500,000 | |||
Mortgage notes payable carrying amount | 10,600,000 | 10,900,000 | ||
Unaccreted discount | $ 200,000 | |||
Principal and interest amortization period | 7 years | |||
Mortgage Notes | Mortgage Notes 4.27% | Financial Services | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 12,400,000 | |||
Effective Interest rate | 4.27% | |||
Debt instrument maturity period | 2023-10 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 23,100,000 | |||
Mortgage notes payable carrying amount | 11,400,000 | 11,700,000 | ||
Unamortized premium | $ 400,000 | |||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 4.84% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 9,000,000 | |||
Effective Interest rate | 4.84% | |||
Debt instrument maturity period | 2023-12 | |||
Collateral | MOB,OFC | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 27,900,000 | |||
Mortgage notes payable carrying amount | 7,300,000 | 7,600,000 | ||
Unamortized premium | $ 100,000 | |||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 4.13% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 13,300,000 | |||
Effective Interest rate | 4.13% | |||
Debt instrument maturity period | 2024-01 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 21,000,000 | |||
Mortgage notes payable carrying amount | 12,400,000 | 12,700,000 | ||
Unamortized premium | $ 800,000 | |||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 3.96% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 6,800,000 | |||
Effective Interest rate | 3.96% | |||
Debt instrument maturity period | 2024-02 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/7-yr amort. | |||
Investment in Collateral | $ 14,600,000 | |||
Mortgage notes payable carrying amount | 6,200,000 | 6,400,000 | ||
Unamortized premium | $ 200,000 | |||
Principal and interest amortization period | 7 years | |||
Mortgage Notes | Mortgage Notes 4.32% | Financial Services | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 9,700,000 | |||
Effective Interest rate | 4.32% | |||
Debt instrument maturity period | 2024-09 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 15,900,000 | |||
Mortgage notes payable carrying amount | 8,100,000 | 8,300,000 | ||
Unamortized premium | $ 100,000 | |||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 3.43% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 16,500,000 | |||
Effective Interest rate | 3.43% | |||
Collateral | MOB,OFC | |||
Principal and Interest Payments | Monthly/7-yr amort. | |||
Investment in Collateral | $ 38,500,000 | |||
Mortgage notes payable carrying amount | 17,100,000 | 0 | ||
Mortgage Notes | Mortgage Notes 3.71% | Commercial Bank | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 11,500,000 | |||
Effective Interest rate | 3.71% | |||
Debt instrument maturity period | 2026-01 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 39,300,000 | |||
Mortgage notes payable carrying amount | $ 9,200,000 | 9,600,000 | ||
Principal and interest amortization period | 10 years | |||
Mortgage Notes | Mortgage Notes 4.08% | Life Insurance Co. | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 19,200,000 | |||
Effective Interest rate | 4.08% | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/10-yr amort. | |||
Investment in Collateral | $ 43,200,000 | |||
Mortgage notes payable carrying amount | 18,700,000 | 0 | ||
Mortgage Notes | Mortgage Notes 5.25% 20 Year | Commercial Bank | ||||
Debt Instrument [Line Items] | ||||
Mortgage notes | $ 15,000,000 | |||
Effective Interest rate | 5.25% | |||
Debt instrument maturity period | 2027-04 | |||
Collateral | MOB | |||
Principal and Interest Payments | Monthly/20-yr amort. | |||
Investment in Collateral | $ 33,600,000 | |||
Mortgage notes payable carrying amount | 7,000,000 | $ 7,900,000 | ||
Unamortized premium | $ 700,000 | |||
Principal and interest amortization period | 20 years | |||
Mortgage Notes | Mortgage Notes Maturing from May 2022 to May 2040 | Municipal Government | ||||
Debt Instrument [Line Items] | ||||
Number of outstanding mortgage notes | mortageNotePayable | 3 |
Notes and Bonds Payable - Futur
Notes and Bonds Payable - Future Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($)mortageNotePayable | Dec. 31, 2019USD ($) |
Long Term Debt Maturities [Line Items] | ||
Number of outstanding mortgage notes | mortageNotePayable | 9 | |
Excluded debt issuance costs | $ 3,100 | |
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | 1,617,221 | |
Net Accretion/Amortization | (3,989) | |
Debt issuance costs | (10,463) | |
Notes and bonds payable | $ 1,602,769 | $ 1,414,069 |
% | 100.00% | |
2021 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 3,913 | |
Net Accretion/Amortization | (198) | |
Debt issuance costs | (1,523) | |
Notes and bonds payable | $ 2,192 | |
% | 0.10% | |
2022 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 13,434 | |
Net Accretion/Amortization | (226) | |
Debt issuance costs | (1,547) | |
Notes and bonds payable | $ 11,661 | |
% | 0.70% | |
2023 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 30,701 | |
Net Accretion/Amortization | (251) | |
Debt issuance costs | (1,541) | |
Notes and bonds payable | $ 28,909 | |
% | 1.80% | |
2024 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 226,449 | |
Net Accretion/Amortization | (412) | |
Debt issuance costs | (1,368) | |
Notes and bonds payable | $ 224,669 | |
% | 14.00% | |
2025 | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 267,415 | |
Net Accretion/Amortization | (580) | |
Debt issuance costs | (1,068) | |
Notes and bonds payable | $ 265,767 | |
% | 16.60% | |
2026 and thereafter | ||
Future contractual maturities of the Company's notes and bonds payable | ||
PRINCIPAL MATURITIES | $ 1,075,309 | |
Net Accretion/Amortization | (2,322) | |
Debt issuance costs | (3,416) | |
Notes and bonds payable | $ 1,069,571 | |
% | 66.80% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)swapAgreementderivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Number of interest rate derivatives | derivative | 8 | ||
Amount of loss recognized in OCI on derivatives | $ (15,129) | ||
Treasury Rate Locks | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | derivative | 2 | ||
Amount of loss recognized in OCI on derivatives | $ (4,267) | $ 0 | $ 0 |
Term of senior notes | 10 years | ||
Treasury Lock 1 | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 75,000 | ||
Treasury Lock 2 | |||
Derivative [Line Items] | |||
Derivative notional amount | 40,000 | ||
Interest rate swaps - 2017 | |||
Derivative [Line Items] | |||
Amount of loss recognized in OCI on derivatives | (939) | ||
Interest rate swaps - 2018 | |||
Derivative [Line Items] | |||
Amount of loss recognized in OCI on derivatives | (1,890) | ||
Interest rate swaps - 2019 | |||
Derivative [Line Items] | |||
Amount of loss recognized in OCI on derivatives | (8,033) | ||
Total interest rate swaps | |||
Derivative [Line Items] | |||
Amount of loss recognized in OCI on derivatives | $ (10,862) | $ (5,592) | $ (27) |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps - 2017 | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | swapAgreement | 2 | ||
Derivative notional amount | $ 25,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps - 2018 | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | swapAgreement | 2 | ||
Derivative notional amount | $ 50,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps - 2019 | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | swapAgreement | 4 | ||
Derivative notional amount | $ 100,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Total interest rate swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | swapAgreement | 8 | ||
Derivative notional amount | $ 175,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ (13,174) | |
Interest rate swaps - 2017 | Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (1,008) | $ (467) |
Interest rate swaps - 2018 | Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (2,291) | (1,335) |
Interest rate swaps - 2019 | Designated as Hedging Instrument | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (9,875) | (3,478) |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ (13,174) | $ (5,280) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Cash Flow Hedging on AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | $ (15,129) | ||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | (3,472) | $ (319) | $ (424) |
Interest rate swaps - 2017 | |||
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (939) | ||
Interest rate swaps - 2018 | |||
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (1,890) | ||
Interest Rate Swap - 2019 | |||
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (8,033) | ||
Settled treasury hedges | |||
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | (4,267) | 0 | $ 0 |
Settled Interest Rate Swaps | |||
Derivative [Line Items] | |||
AMOUNT OF (LOSS) RECOGNIZED IN OCI on derivatives | 0 | ||
Interest Expense [Member] | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | 3,472 | 319 | |
Interest Expense [Member] | Interest rate swaps - 2017 | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | 397 | (22) | |
Interest Expense [Member] | Interest rate swaps - 2018 | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | 934 | 99 | |
Interest Expense [Member] | Interest Rate Swap - 2019 | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | 1,637 | 74 | |
Interest Expense [Member] | Settled treasury hedges | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | 336 | 0 | |
Interest Expense [Member] | Settled Interest Rate Swaps | |||
Derivative [Line Items] | |||
AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the twelve months ended December 31, | $ 168 | $ 168 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting Derivatives (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
GROSS AMOUNTS of recognized liabilities | $ (13,174) |
GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | 0 |
NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets | (13,174) |
FINANCIAL INSTRUMENTS | 13,174 |
CASH COLLATERAL | 0 |
NET AMOUNT | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Reclassified from accumulated other comprehensive loss | $ 4.4 |
Fair value of derivatives in a net liability position | 13.6 |
Assets needed if immediate settlement is required, aggregate fair value | $ 13.6 |
Stockholders' Equity - Common s
Stockholders' Equity - Common shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the beginning and ending common stock outstanding | |||
Balance, beginning of year (shares) | 134,706,000 | ||
Balance, end of year (shares) | 139,487,000 | 134,706,000 | |
Common Stock | |||
Reconciliation of the beginning and ending common stock outstanding | |||
Balance, beginning of year (shares) | 134,706,154 | 125,279,455 | 125,131,593 |
Issuance of common stock (shares) | 4,637,445 | 9,251,440 | 26,203 |
Non-vested stock-based awards, net of withheld shares and forfeitures (shares) | 143,776 | 175,259 | 121,659 |
Balance, end of year (shares) | 139,487,375 | 134,706,154 | 125,279,455 |
Stockholders' Equity - Equity O
Stockholders' Equity - Equity Offering Programs (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Feb. 10, 2021USD ($) | Feb. 14, 2020USD ($)investmentBank | |
Class of Stock [Line Items] | ||||||
Net proceeds | $ 142,000 | $ 295,946 | $ 611 | |||
At-the-market equity offering program, authorized amount | ||||||
Class of Stock [Line Items] | ||||||
Number of investment banks | investmentBank | 6 | |||||
At-the-market equity offering program, authorized amount | $ 500,000 | |||||
Weighted average sale price per share (in dollars per share) | $ / shares | $ 31.50 | $ 33.22 | ||||
Shares priced | shares | 6,430,572 | 5,470,673 | ||||
Shares settled | shares | 4,607,313 | 5,470,673 | ||||
Shares remaining to be settled | shares | 1,823,259 | 0 | ||||
Net proceeds | $ 141,500 | $ 179,100 | ||||
Forecast | Minimum | ||||||
Class of Stock [Line Items] | ||||||
Remaining expected proceeds | $ 53,900 | |||||
Forecast | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Remaining expected proceeds | 55,800 | |||||
Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
At-the-market equity offering program, remaining authorized amount, assuming forward equity contracts settle | $ 291,000 | |||||
Subsequent Event | At-the-market equity offering program, authorized amount | ||||||
Class of Stock [Line Items] | ||||||
Weighted average sale price per share (in dollars per share) | $ / shares | $ 30.53 | |||||
Shares priced | shares | 215,532 | |||||
Shares settled | shares | 239,896 | |||||
Shares remaining to be settled | shares | 1,798,895 | |||||
Net proceeds | $ 7,200 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Feb. 09, 2021 | May 05, 2020 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, paid per quarter (in USD per share) | $ 0.30 | ||
Repurchased of common stock | $ 50,000,000 | ||
Subsequent Event | |||
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, declared (in USD per share) | $ 0.3025 | ||
Dividend Declared | |||
Class of Stock [Line Items] | |||
Dividends per share to common stockholders, declared (in USD per share) | $ 1.20 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Number of interest rate derivatives | derivative | 8 | ||
Amount of loss recognized in OCI on derivatives | $ (15,129) | ||
Period of impact on net income | 10 years | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Net current-period other comprehensive (loss) | $ (11,657) | $ (5,273) | $ 397 |
Settled treasury hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Number of interest rate derivatives | derivative | 2 | ||
Amount of loss recognized in OCI on derivatives | $ (4,267) | 0 | 0 |
Forward Starting Swaps | Reclassification out of Accumulated Other Comprehensive Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (6,175) | (902) | |
Other comprehensive loss before reclassifications | 3,472 | 319 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (10,862) | (5,592) | |
Net current-period other comprehensive (loss) | (11,657) | (5,273) | |
Balance, end of period | (17,832) | $ (6,175) | $ (902) |
Forward Starting Swaps | Reclassification out of Accumulated Other Comprehensive Income | Settled treasury hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | $ (4,267) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | $ 56,174 | $ 55,435 | $ 52,804 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,472 | ||
Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | 504 | ||
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Expense | $ 2,968 |
Stock and Other Incentive Pla_3
Stock and Other Incentive Plans - Narrative (Details) | Dec. 14, 2020USD ($)executiveOfficershares | Dec. 12, 2019USD ($)executiveOfficershares | Sep. 30, 2019USD ($)shares | Dec. 12, 2018USD ($)shares | Mar. 31, 2020USD ($)executiveOfficershares | Mar. 31, 2019USD ($)executiveOfficershares | Dec. 31, 2025USD ($) | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2016award | Dec. 31, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based compensation expense not yet recognized | $ 26,400,000 | |||||||||||||||
401(k) Plan [Abstract] | ||||||||||||||||
Percentage of matching contribution | 3.00% | |||||||||||||||
Value of matching contribution | $ 600,000 | $ 500,000 | $ 400,000 | |||||||||||||
Former Executive Chairman | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 2,900,000 | |||||||||||||||
Withheld of common stock (shares) | shares | 80,490 | |||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
401(k) Plan [Abstract] | ||||||||||||||||
Value of shares available for grant each year | $ 25,000 | |||||||||||||||
Discount on market price on the date of grant | 85.00% | |||||||||||||||
Discount on market price on the date of exercise | 85.00% | |||||||||||||||
Option expiration period | 27 months | |||||||||||||||
Cash received from employees upon exercising options | $ 700,000 | $ 1,000,000 | $ 400,000 | |||||||||||||
Deferral Option One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Salary Deferral Plan employer matching contribution, percent | 30.00% | |||||||||||||||
Deferral Option Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Salary Deferral Plan employer matching contribution, percent | 50.00% | |||||||||||||||
Deferral Option Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Salary Deferral Plan employer matching contribution, percent | 100.00% | |||||||||||||||
2015 Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Authorization of common shares to issue (shares) | shares | 3,500,000 | |||||||||||||||
Common shares issued, net of forfeitures (shares) | shares | 2,186,078 | 1,988,079 | ||||||||||||||
Number of shares authorized (shares) | shares | 1,313,922 | 1,511,921 | ||||||||||||||
2015 Incentive Plan | Restricted Stock | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 3 years | |||||||||||||||
2015 Incentive Plan | Restricted Stock | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 8 years | |||||||||||||||
Stock Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Common shares issued, net of forfeitures (shares) | shares | 1,878,637 | |||||||||||||||
Granted in period (in shares) | shares | 197,999 | 276,839 | 273,012 | |||||||||||||
Stock Incentive Plan | Executive Officer | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 800,000 | $ 3,500,000 | $ 1,700,000 | |||||||||||||
Number of one-time non-vested share grants | award | 3 | |||||||||||||||
Stock Incentive Plan | Director | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 1,000,000 | $ 800,000 | $ 800,000 | |||||||||||||
Award vesting period | 1 year | |||||||||||||||
Shares issued under the plan (shares) | shares | 39,681 | 24,996 | 30,989 | |||||||||||||
Stock Incentive Plan | Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 9,700,000 | $ 12,000,000 | $ 10,400,000 | |||||||||||||
Withheld of common stock (shares) | shares | 54,223 | 101,580 | 151,353 | |||||||||||||
Stock Incentive Plan | Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Value of performance based awards released | $ 800,000 | $ 1,000,000 | ||||||||||||||
Shares issued under the plan (shares) | shares | 21,774 | 31,262 | ||||||||||||||
Stock Incentive Plan | Performance Shares | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 3 years | 3 years | ||||||||||||||
Stock Incentive Plan | Performance Shares | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 8 years | 8 years | ||||||||||||||
Stock Incentive Plan | Performance Shares | Weighted Average | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 6 years | 6 years | ||||||||||||||
Stock Incentive Plan | Performance Shares | Executive Officer | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 4 | 4 | ||||||||||||||
Stock Incentive Plan | Performance Shares | Senior Vice President | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 5 | 5 | ||||||||||||||
Stock Incentive Plan | Performance Shares | First Vice President | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 5 | |||||||||||||||
Stock Incentive Plan | Performance Shares | Officer | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 1,100,000 | $ 1,100,000 | $ 1,200,000 | |||||||||||||
Stock Incentive Plan | Restricted Stock and Performance Based Awards | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Weighted average amortization period remaining | 4 years | |||||||||||||||
Stock Incentive Plan | Restricted Stock and Performance Based Awards | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 1 year | |||||||||||||||
Stock Incentive Plan | Restricted Stock and Performance Based Awards | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 8 years | |||||||||||||||
Executive Incentive Plan | Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 5,900,000 | 5,700,000 | 5,700,000 | |||||||||||||
Executive Incentive Plan | 2020 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 5 years | |||||||||||||||
Granted in period | $ 3,400,000 | |||||||||||||||
Granted in period (in shares) | shares | 117,122 | |||||||||||||||
Executive Incentive Plan | 2020 Performance Shares | Executive Officer | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 4 | |||||||||||||||
Executive Incentive Plan | 2020 Performance Shares | Senior Vice President | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 5 | |||||||||||||||
Executive Incentive Plan | 2020 Performance Shares | First Vice President | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 5 | |||||||||||||||
Executive Incentive Plan | 2019 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 5 years | |||||||||||||||
Granted in period | $ 6,100,000 | |||||||||||||||
Granted in period (in shares) | shares | 187,072 | |||||||||||||||
Executive Incentive Plan | 2018 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 5 years | |||||||||||||||
Granted in period | $ 5,000,000 | |||||||||||||||
Granted in period (in shares) | shares | 165,261 | |||||||||||||||
Executive Incentive Plan | 2018 Performance Shares | First Vice President | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of executive officers granted awards | executiveOfficer | 5 | |||||||||||||||
Executive Incentive Plan | Forecast | 2020 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 700,000 | $ 700,000 | $ 700,000 | $ 700,000 | $ 700,000 | |||||||||||
Executive Incentive Plan | Forecast | 2019 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 1,100,000 | 1,200,000 | 1,200,000 | 1,200,000 | ||||||||||||
Executive Incentive Plan | Forecast | 2018 Performance Shares | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 900,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||
Salary Deferral Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 900,000 | $ 900,000 | $ 1,000,000 | |||||||||||||
Shares issued under the plan (shares) | shares | 17,570 | 33,509 | 33,348 | |||||||||||||
Maximum salary deferral for officers under the plan, percent | 50.00% | |||||||||||||||
Salary Deferral Plan | Deferral Option One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 3 years | |||||||||||||||
Salary Deferral Plan | Deferral Option Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 5 years | |||||||||||||||
Salary Deferral Plan | Deferral Option Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting period | 8 years | |||||||||||||||
Dividend Reinvestment Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Authorization of common shares to issue (shares) | shares | 1,000,000 | |||||||||||||||
401(k) Plan [Abstract] | ||||||||||||||||
Total DRIP shares issued under the Plan (shares) | shares | 607,523 | |||||||||||||||
Total shares issued under the Dividend Reinvestment Plan (shares) | shares | 8,419 | 7,990 | 9,487 | |||||||||||||
General and Administrative Expense | Employee Stock Purchase Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Accelerated stock compensation expense | $ 300,000 | $ 200,000 | $ 300,000 |
Stock and Other Incentive Pla_4
Stock and Other Incentive Plans - Amortization of Compensation for Nonvested Shares (Details) $ in Millions | Dec. 31, 2020USD ($) |
Share-based Payment Arrangement [Abstract] | |
2021 | $ 8.8 |
2022 | 6.9 |
2023 | 4.6 |
2024 | 3.3 |
2025 | 1.9 |
2026 and thereafter | 0.9 |
Total | $ 26.4 |
Stock and Other Incentive Pla_5
Stock and Other Incentive Plans - 2015 Incentive Plan and related information (Details) - Stock Incentive Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of the activity under the incentive plans | |||
Share-based awards, beginning of year (shares) | 1,754,066 | 1,769,863 | 1,907,645 |
Granted (shares) | 197,999 | 276,839 | 273,012 |
Vested (shares) | (186,004) | (292,636) | (410,794) |
Share-based awards, end of year (shares) | 1,766,061 | 1,754,066 | 1,769,863 |
Weighted-average grant date fair value of: | |||
Share-based awards, beginning of year (in USD per share) | $ 29.82 | $ 29.36 | $ 28.44 |
Share-based awards granted during the year (in USD per share) | 30.33 | 31.75 | 29.72 |
Share-based awards vested during the year (in USD per share) | 23.82 | 28.84 | 25.32 |
Share-based awards, end of year (in USD per share) | $ 30.51 | $ 29.82 | $ 29.36 |
Grant date fair value of shares granted during the year | $ 6,006 | $ 8,791 | $ 8,114 |
Stock and Other Incentive Pla_6
Stock and Other Incentive Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options Outstanding: | |||
Options outstanding, beginning of year (shares) | 332,659 | 328,533 | 318,100 |
Granted (shares) | 212,716 | 235,572 | 203,836 |
Exercised (shares) | (21,713) | (35,277) | (16,716) |
Forfeited (shares) | (42,221) | (54,095) | (40,897) |
Expired (shares) | (139,794) | (142,074) | (135,790) |
Outstanding, end of period (shares) | 341,647 | 332,659 | 328,533 |
Weighted-average exercise price: | |||
Options outstanding, beginning of year (in USD per share) | $ 25.59 | $ 24.17 | $ 25 |
Options granted during the year (in USD per share) | 28.36 | 24.17 | 27.30 |
Options exercised during the year (in USD per share) | 24.10 | 25.01 | 24.01 |
Options forfeited during the year (in USD per share) | 25.29 | 25.26 | 24.06 |
Options expired during the year (in USD per share) | 23.74 | 25.77 | 23.55 |
Options outstanding, end of year (in USD per share) | 24.70 | 25.59 | 24.17 |
Weighted-average fair value of options granted during the year (calculated as of the grant date) (in USD per share) | $ 8.06 | $ 7.02 | $ 7.81 |
Intrinsic value of options exercised during the year | $ 101 | $ 269 | $ 71 |
Intrinsic value of options outstanding (calculated as of December 31) | $ 1,673 | $ 2,589 | $ 1,402 |
Exercise prices of options outstanding (calculated as of December 31) (in USD per share) | $ 24.70 | $ 25.59 | $ 24.17 |
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 Pla_7
Stock and Other Incentive Plans - Black-Scholes Options Pricing Model (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of options issued based on weighted-average assumptions | |||
Risk-free interest rates | 1.58% | 2.48% | 1.89% |
Expected dividend yields | 3.69% | 4.19% | 3.66% |
Expected life (in years) | 1 year 5 months 4 days | 1 year 5 months 12 days | 1 year 5 months 12 days |
Expected volatility | 28.60% | 29.80% | 28.40% |
Expected forfeiture rates | 85.00% | 85.00% | 85.00% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Dilutive effect of forward equity (in shares) | 6,283 | 0 | 0 |
Proceeds from issuance of common stock, adjusted for costs to borrow | $ 56.5 | ||
Weighted-average incremental shares of common stock excluded from the computation (shares) | 24,742 | ||
At-the-market equity offering program, authorized amount | |||
Class of Stock [Line Items] | |||
Dilutive effect of forward equity (in shares) | 1,800,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Common Shares | |||
Weighted average Common Shares outstanding (in shares) | 135,666,503 | 129,735,723 | 125,219,773 |
Non-vested shares (in shares) | (1,736,358) | (1,736,022) | (1,927,648) |
Weighted average Common Shares - Basic (in shares) | 133,930,145 | 127,999,701 | 123,292,125 |
Dilutive effect of forward equity (in shares) | 6,283 | 0 | 0 |
Dilutive effect of employee stock purchase plan (in shares) | 70,512 | 84,283 | 58,808 |
Weighted average Common Shares - Diluted (in shares) | 134,006,940 | 128,083,984 | 123,350,933 |
Net income | $ 72,195 | $ 39,185 | $ 69,771 |
Dividends paid on nonvested share-based awards | (2,083) | (2,075) | (2,320) |
Net income applicable to common stockholders | $ 70,112 | $ 37,110 | $ 67,451 |
Basic earnings per common share (in USD per share) | $ 0.52 | $ 0.29 | $ 0.55 |
Diluted earnings per common share (in USD per share) | $ 0.52 | $ 0.29 | $ 0.55 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft²property | |
Property, Plant and Equipment [Line Items] | ||
Square footage of real estate properties | ft² | 16,100,000 | |
Number of land parcels held for development | property | 8 | 7 |
Investment in land held for development | $ 27,200 | $ 24,600 |
First and Second Generation Leases | Tenant Improvement Allowances | ||
Property, Plant and Equipment [Line Items] | ||
Anticipated amount of investment | $ 53,800 | |
Medical Office Building Expansion | Memphis, TN | ||
Property, Plant and Equipment [Line Items] | ||
Square footage of real estate properties | ft² | 110,883 | |
Medical Office Building Expansion | Dallas, TX | ||
Property, Plant and Equipment [Line Items] | ||
Square footage of real estate properties | ft² | 217,000 | |
Medical Office Building | ||
Property, Plant and Equipment [Line Items] | ||
Total funded during the year | $ 23,561 | |
Medical Office Building | Memphis, TN | ||
Property, Plant and Equipment [Line Items] | ||
Total funding during the year, excluding purchase of land and building | 12,600 | |
Total funded during the year | 12,618 | |
Medical Office Building | Dallas, TX | ||
Property, Plant and Equipment [Line Items] | ||
Total funding during the year, excluding purchase of land and building | 400 | |
Total funded during the year | 423 | |
Medical Office Building | Nashville, TN | Tenant Improvement Allowances | ||
Property, Plant and Equipment [Line Items] | ||
Total funded during the year | 1,100 | |
Medical Office Building | Charlotte, NC | Tenant Improvement Allowances | ||
Property, Plant and Equipment [Line Items] | ||
Total funded during the year | $ 700 | |
Medical Office Building | Seattle, WA | ||
Property, Plant and Equipment [Line Items] | ||
Square footage of real estate properties | ft² | 151,031 | |
Total funded during the year | $ 10,520 | |
Medical Office Building | Denver, CO | Tenant Improvement Allowances | ||
Property, Plant and Equipment [Line Items] | ||
Total funded during the year | $ 1,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Construction Activity (Details) $ in Thousands | Nov. 18, 2020USD ($)ft² | Nov. 09, 2020USD ($)ft² | Jul. 23, 2020USD ($)ft² | Dec. 18, 2019USD ($)ft² | Dec. 13, 2019USD ($)ft² | Dec. 10, 2019USD ($)ft² | Nov. 18, 2019USD ($)ft² | Oct. 31, 2019USD ($)ft² | Jun. 28, 2019USD ($)ft² | Jun. 14, 2019USD ($)ft² | Jun. 11, 2019USD ($)ft² | Jun. 10, 2019USD ($)ft² | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft² |
Other Commitments [Line Items] | ||||||||||||||
NUMBER OF PROP. | property | 223 | |||||||||||||
PURCHASE PRICE | $ 381,300 | |||||||||||||
SQUARE FOOTAGE unaudited | ft² | 1,086,712 | |||||||||||||
Medical Office Building | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
CONSTRUCTION IN PROGRESS BALANCE | $ 0 | |||||||||||||
TOTAL FUNDED during the year | 23,561 | |||||||||||||
TOTAL AMOUNT FUNDED | 81,625 | |||||||||||||
PURCHASE PRICE | $ 421,000 | |||||||||||||
SQUARE FOOTAGE unaudited | ft² | 1,202,438 | |||||||||||||
Seattle, WA | Medical Office Building | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
NUMBER OF PROP. | property | 1 | |||||||||||||
CONSTRUCTION IN PROGRESS BALANCE | $ 0 | |||||||||||||
TOTAL FUNDED during the year | 10,520 | |||||||||||||
TOTAL AMOUNT FUNDED | $ 59,552 | |||||||||||||
PURCHASE PRICE | $ 11,000 | $ 10,000 | $ 24,200 | $ 22,800 | $ 30,500 | $ 19,000 | $ 7,700 | |||||||
SQUARE FOOTAGE unaudited | ft² | 21,309 | 20,109 | 44,166 | 36,350 | 78,288 | 47,255 | 29,870 | |||||||
Memphis, TN | Medical Office Building | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
NUMBER OF PROP. | property | 1 | |||||||||||||
CONSTRUCTION IN PROGRESS BALANCE | $ 0 | |||||||||||||
TOTAL FUNDED during the year | 12,618 | |||||||||||||
TOTAL AMOUNT FUNDED | $ 21,650 | |||||||||||||
PURCHASE PRICE | $ 7,000 | $ 26,300 | $ 8,700 | |||||||||||
SQUARE FOOTAGE unaudited | ft² | 40,192 | 135,270 | 110,883 | 110,883 | ||||||||||
Dallas, TX | Medical Office Building | ||||||||||||||
Other Commitments [Line Items] | ||||||||||||||
NUMBER OF PROP. | property | 1 | |||||||||||||
CONSTRUCTION IN PROGRESS BALANCE | $ 0 | |||||||||||||
TOTAL FUNDED during the year | 423 | |||||||||||||
TOTAL AMOUNT FUNDED | $ 423 | |||||||||||||
PURCHASE PRICE | $ 20,100 | $ 17,000 | ||||||||||||
SQUARE FOOTAGE unaudited | ft² | 48,192 | 89,990 |
Other Data - Narrative (Details
Other Data - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 4,700,000,000 | $ 4,400,000,000 | $ 4,000,000,000 |
Number of preferred shares outstanding (shares) | 0 | 0 | |
Dividends distributed to preferred shares | $ 0 |
Other Data (Details)
Other Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net income | $ 72,195 | $ 39,185 | $ 69,771 |
Reconciling items to taxable income | |||
Depreciation and amortization | 80,624 | 67,953 | 64,775 |
Gain or loss on disposition of depreciable assets | (23,898) | (15,689) | (27,581) |
Straight-line rent | 7,485 | (11,535) | (3,049) |
Receivable allowances | 2,494 | 1,942 | 2,470 |
Share-based compensation | 5,387 | 2,628 | (1,699) |
Other | (2,182) | 12,631 | 842 |
Reconciling items to taxable income, total | 69,910 | 57,930 | 35,758 |
Taxable income | 142,105 | 97,115 | 105,529 |
Dividends paid | $ 162,557 | $ 155,358 | $ 150,266 |
Other Data - Characterization o
Other Data - Characterization of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Characterization of distributions on common stock | |||
Ordinary income (in USD per share) | $ 0.77 | $ 0.79 | $ 0.75 |
Return of capital (in USD per share) | 0.11 | 0.40 | 0.33 |
Unrecaptured section 1250 gain (in USD per share) | 0.32 | 0.01 | 0.12 |
Common stock distributions(in USD per share) | $ 1.20 | $ 1.20 | $ 1.20 |
Ordinary income in percent of common stock distribution | 64.50% | 65.70% | 62.20% |
Return of capital in percent of common stock distribution | 9.00% | 33.90% | 27.80% |
Unrecaptured section 1250 gain in percent of common stock distribution | 26.50% | 0.40% | 10.00% |
Common stock distribution in percentage | 100.00% | 100.00% | 100.00% |
Other Data - State Income Taxes
Other Data - State Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
State income tax expense | |||
Texas gross margins tax | $ 546 | $ 550 | $ 586 |
Other | 8 | 6 | 5 |
Total state income tax expense | 554 | 556 | 591 |
State income tax payments, net of refunds and collections | $ 557 | $ 549 | $ 642 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CARRYING VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and bonds payable | $ 1,602.8 | $ 1,414.1 |
FAIR VALUE | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes and bonds payable | $ 1,645.4 | $ 1,425.8 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Accounts receivable allowance [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 256 | $ 418 | $ 251 |
Charged/(Credited) to costs and expenses, additions and deductions | 60 | 207 | 167 |
Charged to other accounts, additions and deductions | 0 | 0 | 0 |
Uncollectible accounts written-off | $ 65 | 21 | 0 |
Balance at end of period | $ 604 | $ 418 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | Dec. 31, 2020USD ($)Propertyproperty | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Summary of real estate properties | ||||
NUMBER OF PROP. | property | 223 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
Gross real estate asset, Total | $ 4,650,559 | $ 4,359,993 | $ 3,993,427 | $ 3,907,010 |
Accumulated depreciation | $ 1,249,679 | $ 1,121,102 | $ 1,025,831 | $ 933,220 |
Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 227 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 337,292 | |||
COST CAPITALIZED subsequent to acquisition | 21,845 | |||
TOTAL | 359,137 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 3,538,843 | |||
COST CAPITALIZED subsequent to acquisition | 692,469 | |||
TOTAL | 4,231,312 | |||
PERSONAL PROPERTY | 5,730 | |||
Gross real estate asset, Total | 4,596,179 | |||
Accumulated depreciation | 1,242,987 | |||
Encumbrances | $ 117,763 | |||
Land Held for Development | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 0 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 27,226 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 27,226 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 27,226 | |||
Accumulated depreciation | 953 | |||
Encumbrances | $ 0 | |||
Memphis Redevelopment | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 0 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 5,222 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 5,222 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 16,428 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 16,428 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 21,650 | |||
Accumulated depreciation | 841 | |||
Encumbrances | $ 0 | |||
Corporate property | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 0 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
PERSONAL PROPERTY | 5,504 | |||
Gross real estate asset, Total | 5,504 | |||
Accumulated depreciation | 4,898 | |||
Encumbrances | $ 0 | |||
Owned Property | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 227 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 369,740 | |||
COST CAPITALIZED subsequent to acquisition | 21,845 | |||
TOTAL | 391,585 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 3,555,271 | |||
COST CAPITALIZED subsequent to acquisition | 692,469 | |||
TOTAL | 4,247,740 | |||
PERSONAL PROPERTY | 11,234 | |||
Gross real estate asset, Total | 4,650,559 | |||
Accumulated depreciation | 1,249,679 | |||
Encumbrances | $ 117,763 | |||
Seattle, WA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 27 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 55,630 | |||
COST CAPITALIZED subsequent to acquisition | 4,387 | |||
TOTAL | 60,017 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 547,516 | |||
COST CAPITALIZED subsequent to acquisition | 51,267 | |||
TOTAL | 598,783 | |||
PERSONAL PROPERTY | 567 | |||
Gross real estate asset, Total | 659,367 | |||
Accumulated depreciation | 113,270 | |||
Encumbrances | $ 0 | |||
Dallas, TX | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 25 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 20,128 | |||
COST CAPITALIZED subsequent to acquisition | 730 | |||
TOTAL | 20,858 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 368,924 | |||
COST CAPITALIZED subsequent to acquisition | 134,344 | |||
TOTAL | 503,268 | |||
PERSONAL PROPERTY | 480 | |||
Gross real estate asset, Total | 524,606 | |||
Accumulated depreciation | 197,505 | |||
Encumbrances | $ 0 | |||
Los Angeles, CA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 17 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 63,462 | |||
COST CAPITALIZED subsequent to acquisition | 2,379 | |||
TOTAL | 65,841 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 231,261 | |||
COST CAPITALIZED subsequent to acquisition | 49,850 | |||
TOTAL | 281,111 | |||
PERSONAL PROPERTY | 401 | |||
Gross real estate asset, Total | 347,353 | |||
Accumulated depreciation | 106,244 | |||
Encumbrances | $ 40,257 | |||
Atlanta, GA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 13 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 10,518 | |||
COST CAPITALIZED subsequent to acquisition | 2,846 | |||
TOTAL | 13,364 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 283,792 | |||
COST CAPITALIZED subsequent to acquisition | 4,094 | |||
TOTAL | 287,886 | |||
PERSONAL PROPERTY | 84 | |||
Gross real estate asset, Total | 301,334 | |||
Accumulated depreciation | 31,696 | |||
Encumbrances | $ 26,595 | |||
Nashville, TN | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 7 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 27,787 | |||
COST CAPITALIZED subsequent to acquisition | 211 | |||
TOTAL | 27,998 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 121,122 | |||
COST CAPITALIZED subsequent to acquisition | 74,311 | |||
TOTAL | 195,433 | |||
PERSONAL PROPERTY | 1,251 | |||
Gross real estate asset, Total | 224,682 | |||
Accumulated depreciation | 75,927 | |||
Encumbrances | $ 0 | |||
Denver, CO | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 12 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 19,456 | |||
COST CAPITALIZED subsequent to acquisition | 4,049 | |||
TOTAL | 23,505 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 133,203 | |||
COST CAPITALIZED subsequent to acquisition | 33,632 | |||
TOTAL | 166,835 | |||
PERSONAL PROPERTY | 535 | |||
Gross real estate asset, Total | 190,875 | |||
Accumulated depreciation | 34,458 | |||
Encumbrances | $ 7,329 | |||
Charlotte, NC | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 16 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 4,163 | |||
COST CAPITALIZED subsequent to acquisition | 37 | |||
TOTAL | 4,200 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 159,388 | |||
COST CAPITALIZED subsequent to acquisition | 19,119 | |||
TOTAL | 178,507 | |||
PERSONAL PROPERTY | 105 | |||
Gross real estate asset, Total | 182,812 | |||
Accumulated depreciation | 74,687 | |||
Encumbrances | $ 0 | |||
Houston, TX | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 10 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 18,196 | |||
COST CAPITALIZED subsequent to acquisition | 1,060 | |||
TOTAL | 19,256 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 115,927 | |||
COST CAPITALIZED subsequent to acquisition | 27,181 | |||
TOTAL | 143,108 | |||
PERSONAL PROPERTY | 95 | |||
Gross real estate asset, Total | 162,459 | |||
Accumulated depreciation | 49,953 | |||
Encumbrances | $ 0 | |||
Washington, D.C. | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 6 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 141,467 | |||
COST CAPITALIZED subsequent to acquisition | 11,272 | |||
TOTAL | 152,739 | |||
PERSONAL PROPERTY | 34 | |||
Gross real estate asset, Total | 152,773 | |||
Accumulated depreciation | 32,135 | |||
Encumbrances | $ 11,423 | |||
Richmond, VA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 7 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 0 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 0 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 139,636 | |||
COST CAPITALIZED subsequent to acquisition | 11,641 | |||
TOTAL | 151,277 | |||
PERSONAL PROPERTY | 114 | |||
Gross real estate asset, Total | 151,391 | |||
Accumulated depreciation | 50,005 | |||
Encumbrances | $ 0 | |||
Honolulu, HI | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 3 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 8,314 | |||
COST CAPITALIZED subsequent to acquisition | 13 | |||
TOTAL | 8,327 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 93,839 | |||
COST CAPITALIZED subsequent to acquisition | 42,851 | |||
TOTAL | 136,690 | |||
PERSONAL PROPERTY | 159 | |||
Gross real estate asset, Total | 145,176 | |||
Accumulated depreciation | 43,530 | |||
Encumbrances | $ 0 | |||
Des Moines, IA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 7 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 12,584 | |||
COST CAPITALIZED subsequent to acquisition | 81 | |||
TOTAL | 12,665 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 113,335 | |||
COST CAPITALIZED subsequent to acquisition | 12,763 | |||
TOTAL | 126,098 | |||
PERSONAL PROPERTY | 99 | |||
Gross real estate asset, Total | 138,862 | |||
Accumulated depreciation | 40,023 | |||
Encumbrances | $ 0 | |||
Memphis, TN | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 9 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 7,397 | |||
COST CAPITALIZED subsequent to acquisition | 724 | |||
TOTAL | 8,121 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 96,360 | |||
COST CAPITALIZED subsequent to acquisition | 30,128 | |||
TOTAL | 126,488 | |||
PERSONAL PROPERTY | 203 | |||
Gross real estate asset, Total | 134,812 | |||
Accumulated depreciation | 42,107 | |||
Encumbrances | $ 0 | |||
San Francisco, CA | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 3 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 14,054 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 14,054 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 91,163 | |||
COST CAPITALIZED subsequent to acquisition | 16,255 | |||
TOTAL | 107,418 | |||
PERSONAL PROPERTY | 43 | |||
Gross real estate asset, Total | 121,515 | |||
Accumulated depreciation | 23,350 | |||
Encumbrances | $ 0 | |||
Indianapolis, IN | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 4 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 3,299 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 3,299 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 110,325 | |||
COST CAPITALIZED subsequent to acquisition | 6,849 | |||
TOTAL | 117,174 | |||
PERSONAL PROPERTY | 14 | |||
Gross real estate asset, Total | 120,487 | |||
Accumulated depreciation | 29,102 | |||
Encumbrances | $ 0 | |||
Austin, TX | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 5 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 14,233 | |||
COST CAPITALIZED subsequent to acquisition | 3 | |||
TOTAL | 14,236 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 70,874 | |||
COST CAPITALIZED subsequent to acquisition | 23,562 | |||
TOTAL | 94,436 | |||
PERSONAL PROPERTY | 123 | |||
Gross real estate asset, Total | 108,795 | |||
Accumulated depreciation | 27,521 | |||
Encumbrances | $ 0 | |||
San Antonio, TX | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 6 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 6,456 | |||
COST CAPITALIZED subsequent to acquisition | 31 | |||
TOTAL | 6,487 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 62,161 | |||
COST CAPITALIZED subsequent to acquisition | 27,656 | |||
TOTAL | 89,817 | |||
PERSONAL PROPERTY | 398 | |||
Gross real estate asset, Total | 96,702 | |||
Accumulated depreciation | 43,753 | |||
Encumbrances | $ 0 | |||
Chicago, IL | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 3 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 5,859 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 5,859 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 69,993 | |||
COST CAPITALIZED subsequent to acquisition | 17,907 | |||
TOTAL | 87,900 | |||
PERSONAL PROPERTY | 213 | |||
Gross real estate asset, Total | 93,972 | |||
Accumulated depreciation | 27,829 | |||
Encumbrances | $ 0 | |||
Greensboro, NC | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 6 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 6,777 | |||
COST CAPITALIZED subsequent to acquisition | 1,819 | |||
TOTAL | 8,596 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 74,668 | |||
COST CAPITALIZED subsequent to acquisition | 992 | |||
TOTAL | 75,660 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 84,256 | |||
Accumulated depreciation | 2,567 | |||
Encumbrances | $ 0 | |||
Colorado Springs, CO | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 5 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 4,830 | |||
COST CAPITALIZED subsequent to acquisition | 819 | |||
TOTAL | 5,649 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 51,687 | |||
COST CAPITALIZED subsequent to acquisition | 17,149 | |||
TOTAL | 68,836 | |||
PERSONAL PROPERTY | 15 | |||
Gross real estate asset, Total | 74,500 | |||
Accumulated depreciation | 17,048 | |||
Encumbrances | $ 0 | |||
Minneapolis, MN | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 4 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 2,090 | |||
COST CAPITALIZED subsequent to acquisition | 0 | |||
TOTAL | 2,090 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 59,908 | |||
COST CAPITALIZED subsequent to acquisition | 1,456 | |||
TOTAL | 61,364 | |||
PERSONAL PROPERTY | 0 | |||
Gross real estate asset, Total | 63,454 | |||
Accumulated depreciation | 12,064 | |||
Encumbrances | $ 8,075 | |||
Other (16 markets) | Real Estate | ||||
Summary of real estate properties | ||||
NUMBER OF PROP. | Property | 32 | |||
LAND 1 | ||||
INITIAL INVESTMENT | $ 32,059 | |||
COST CAPITALIZED subsequent to acquisition | 2,656 | |||
TOTAL | 34,715 | |||
BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | ||||
INITIAL INVESTMENT | 402,294 | |||
COST CAPITALIZED subsequent to acquisition | 78,190 | |||
TOTAL | 480,484 | |||
PERSONAL PROPERTY | 797 | |||
Gross real estate asset, Total | 515,996 | |||
Accumulated depreciation | 168,213 | |||
Encumbrances | $ 24,084 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Gross real estate asset | $ 4,650,559 | $ 4,359,993 | $ 3,993,427 | $ 3,907,010 |
Accumulated depreciation | 1,249,679 | 1,121,102 | 1,025,831 | $ 933,220 |
Estimated aggregate total cost of total assets for federal income tax purposes | 4,700,000 | 4,400,000 | $ 4,000,000 | |
Issuance costs | $ 10,463 | |||
Asset Held-for-sale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of real estate assets held for sale | property | 4 | |||
Gross real estate asset | $ 29,100 | |||
Accumulated depreciation | $ 10,500 | |||
Minimum | Building and improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 3 years 3 months 18 days | |||
Minimum | Lease intangibles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 1 year 3 months 18 days | |||
Minimum | Personal Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 2 years 10 months 24 days | |||
Minimum | Land improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 3 years | |||
Maximum | Building and improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 43 years | |||
Maximum | Lease intangibles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 99 years | |||
Maximum | Personal Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 20 years | |||
Maximum | Land improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Asset estimated useful life | 39 years | |||
Mortgage Notes Payable | Mortgage Notes | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Unamortized premium | $ 1,450 | 1,162 | ||
Unaccreted discount | 150 | 528 | ||
Issuance costs | $ 758 | $ 549 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Beginning Balance, Total Property | $ 3,907,010 | $ 4,359,993 | $ 3,993,427 | $ 3,907,010 |
Retirement/dispositions | ||||
Ending Balance, Total Property | 4,650,559 | 4,359,993 | 3,993,427 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Beginning Balance, Accumulated Depreciation | 933,220 | 1,121,102 | 1,025,831 | 933,220 |
Retirement/dispositions | ||||
Ending Balance, Accumulated Depreciation | 1,249,679 | 1,121,102 | 1,025,831 | |
Real Estate | ||||
Additions during the period | ||||
Total Property | 112,591 | 430,205 | 384,762 | |
Retirement/dispositions | ||||
TOTAL PROPERTY | (132,665) | (222,680) | (105,487) | |
Ending Balance, Total Property | 4,596,179 | |||
Additions during the period | ||||
Accumulated Depreciation | 4,175 | 8,313 | 9,285 | |
Retirement/dispositions | ||||
Accumulated Depreciation | (69,102) | (58,654) | (79,659) | |
Ending Balance, Accumulated Depreciation | 1,242,987 | |||
Other improvements | ||||
Additions during the period | ||||
Total Property | 74,317 | 80,462 | 71,666 | |
Additions during the period | ||||
Accumulated Depreciation | 157,385 | 178,636 | 165,367 | |
Land Held for Development | ||||
Additions during the period | ||||
Total Property | 2,579 | 0 | $ 4,525 | |
Additions during the period | ||||
Accumulated Depreciation | 153 | 282 | 278 | |
Construction in progress | ||||
Additions during the period | ||||
Total Property | 27,649 | 0 | 15,625 | |
Additions during the period | ||||
Accumulated Depreciation | $ 0 | $ 0 |