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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland (Healthcare Trust of America, Inc.)
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20-4738467
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Delaware (Healthcare Trust of America Holdings, LP)
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20-4738347
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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|
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16435 N. Scottsdale Road, Suite 320, Scottsdale, Arizona
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85254
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(Address of principal executive offices)
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(Zip Code)
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(480) 998-3478
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http://www.htareit.com
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Registrant’s telephone number, including area code
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Internet address
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Title of each class
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Name of each exchange on which registered
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Class A common stock, par value $0.01 per share
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New York Stock Exchange
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Healthcare Trust of America, Inc.
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x
Yes
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o
No
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Healthcare Trust of America Holdings, LP
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x
Yes
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o
No
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Healthcare Trust of America, Inc.
|
o
Yes
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x
No
|
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Healthcare Trust of America Holdings, LP
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o
Yes
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x
No
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Healthcare Trust of America, Inc.
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x
Yes
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o
No
|
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Healthcare Trust of America Holdings, LP
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x
Yes
|
o
No
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Healthcare Trust of America, Inc.
|
x
Yes
|
o
No
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Healthcare Trust of America Holdings, LP
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x
Yes
|
o
No
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Healthcare Trust of America, Inc.
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Large-accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
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Emerging growth company
o
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Healthcare Trust of America Holdings, LP
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Large-accelerated filer
o
|
Accelerated filer
o
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Non-accelerated filer
x
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
Emerging growth company
o
|
Healthcare Trust of America, Inc.
|
o
|
|
Healthcare Trust of America Holdings, LP
|
o
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Healthcare Trust of America, Inc.
|
o
Yes
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x
No
|
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Healthcare Trust of America Holdings, LP
|
o
Yes
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x
No
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•
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enhances stockholders’ understanding of HTA and
HTALP
by enabling stockholders to view the business as a whole in the same manner that management views and operates the business;
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•
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eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this Annual Report applies to both HTA and
HTALP
; and
|
•
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creates time and cost efficiencies through the preparation of a single combined Annual Report instead of two separate Annual Reports.
|
•
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the Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in Item 5 of this Annual Report;
|
•
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the Selected Financial Data in Item 6 of this Annual Report;
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•
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As defined by the National Association of Real Estate Investment Trusts (“NAREIT”), the Funds From Operations (“FFO”) and Normalized FFO in Item 7 of this Annual Report;
|
•
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the Controls and Procedures in Item 9A of this Annual Report;
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•
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the consolidated financial statements in Item 15 of this Annual Report;
|
•
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certain accompanying notes to the consolidated financial statements in Item 15 of this Annual Report, including
Note 7 - Debt
,
Note 11 - Stockholders’ Equity and Partners’ Capital
,
Note 13 - Per Share Data of HTA
, and
Note 14 - Per Unit Data of HTALP
,
Note 16 - Tax Treatment of Dividends of HTA
,
Note 18 - Selected Quarterly Financial Data of HTA
and
Note 19 - Selected Quarterly Financial Data of HTALP
;
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•
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the Certifications of the Chief Executive Officer and the Chief Financial Officer included as Exhibits 31 and 32 to this Annual Report.
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Page
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•
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For the
year ended December 31, 2018
, total revenue
increased
13.4%
, or
$82.4 million
, to
$696.4 million
, compared to
$614.0 million
for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, net income was
$217.6 million
, compared to
$65.6 million
for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, net income attributable to common stockholders was
$1.02
per diluted share, or
$213.5 million
, compared to
$0.34
per diluted share, or
$63.9 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTA’s FFO, as defined by NAREIT, was
$335.6 million
, or
$1.60
per diluted share, compared to
$1.53
per diluted share, or
$284.2 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTALP’s FFO, as defined by NAREIT, was
$339.6 million
, or
$1.62
per diluted OP Unit, compared to
$1.54
per diluted OP Unit, or
$285.8 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTA’s and HTALP’s Normalized FFO was
$1.62
per diluted share and OP Unit, or
$340.4 million
, compared to
$1.63
per diluted share and OP Unit, or
$302.0 million
, for the
year ended December 31, 2017
.
|
•
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For additional information on FFO and Normalized FFO, see “FFO and Normalized FFO” below, which includes a reconciliation to net income attributable to common stockholders/unitholders and an explanation of why we present this non-generally accepted accounting principles (“GAAP”) financial measure.
|
•
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For the
year ended December 31, 2018
, Net Operating Income (“NOI”)
increased
12.8%
, or
$54.0 million
, to
$475.8 million
, compared to
$421.8 million
for the
year ended December 31, 2017
.
|
•
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For the
year ended December 31, 2018
, Same-Property Cash NOI
increased
2.5%
, or
$7.5 million
, to
$308.9 million
, compared to the
year ended December 31, 2017
.
|
•
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For additional information on NOI and Same-Property Cash NOI, see “NOI, Cash NOI and Same-Property Cash NOI” below, which includes a reconciliation from net income and an explanation of why we present these non-GAAP financial measures.
|
•
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As of
December 31, 2018
, our leased rate (which includes leases which have been executed, but which have not yet commenced) was
92.0%
by GLA, an increase of 20 basis points, compared to the year ended
December 31, 2017
, and our occupancy rate was
91.0%
by GLA. The leased rate for our Same-Property portfolio was
92.2%
.
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•
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During the
year ended December 31, 2018
, we executed
2.8 million
square feet of GLA of new and renewal leases, or over 12%, of the total GLA of our portfolio. Tenant retention for the Same-Property portfolio was
81%
as of
December 31, 2018
. Tenant retention is defined as the sum of the total leased GLA of tenants that renewed a lease during the period over the total GLA of leases that renewed or expired during the period.
|
•
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During the
year ended December 31, 2018
, we paid down approximately
$241.0 million
of our outstanding secured mortgage loans, including the settlement of three cash flow hedges. Additionally, in August 2018,
HTALP
entered into a modification of our
$200.0 million
unsecured term loan previously due in 2023. The modification decreased pricing at our current credit rating by
65 basis points
and extended the maturity date to 2024. The other material terms of the unsecured term loan prior to the modification remained substantially unchanged.
|
•
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As of
December 31, 2018
, we had total leverage, measured as debt less cash and cash equivalents to total capitalization, of
31.3%
. Total liquidity was
$1.1 billion
, including cash and cash equivalents of
$126.2 million
and
$1.0 billion
available on our unsecured revolving credit facility as of
December 31, 2018
.
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•
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During the
year ended December 31, 2018
, HTA completed the disposition of
20
MOBs for an aggregate gross sales price of
$308.6 million
, representing approximately
1.2 million
square feet of total GLA, and generating net gains of approximately
$166.0 million
. These dispositions primarily consisted of the third quarter disposition of our Greenville, South Carolina MOB portfolio (the “Greenville Disposition”) for an aggregate gross sales price of
$294.3 million
.
|
•
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In August 2018, our Board of Directors approved a stock repurchase plan authorizing us to purchase up to
$300.0 million
of our common stock from time to time. During the
year ended December 31, 2018
, we repurchased approximately
2.6 million
shares of our outstanding common stock, for an aggregate amount of approximately
$67.2 million
under the stock repurchase plan. As of
December 31, 2018
, the remaining amount of common stock available for repurchase under the stock repurchase plan was approximately
$232.8 million
.
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•
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During the
year ended December 31, 2018
, we (i) announced a new development in our key gateway market of Miami, Florida and (ii) commenced two redevelopments, including an agreement to build a new on-campus MOB in Raleigh, North Carolina. These projects will have total expected construction costs of approximately $70.6 million and are approximately 78% pre-leased to major health systems.
|
•
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Located on the campuses of, or aligned with, nationally and regionally recognized healthcare systems in the U.S
. We seek to invest in properties that have long-term value for healthcare providers, including those that benefit from their proximity to and/or affiliation with prominent healthcare systems. These healthcare systems typically possess high credit quality and are capable of investing capital into their campuses. We believe our affiliations with these health systems helps ensure long-term tenant demand. As of
December 31, 2018
, approximately
68%
of our portfolio was located on the campuses of, or adjacent to, nationally and regionally recognized healthcare systems.
|
•
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Located in core community outpatient locations
. We seek to invest in properties that will have long-term value for healthcare providers, including those that are located in key outpatient medical hubs. These properties benefit from their proximity to attractive patient populations, maintain a mix of physician practices and specialties, and are convenient for patients and physicians alike. In addition, these properties and medical hubs can be centers for healthcare away from hospital campuses while benefiting from the advancement of healthcare technology, which allow for lower cost settings, more services and procedures to be performed away from hospitals, and the growing requirement for convenient healthcare. We believe these factors ensure long-term tenant demand. At
December 31, 2018
, approximately
32%
of our portfolio was located in core community outpatient locations.
|
•
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Attractive markets where we can maximize efficiencies through our asset management and leasing platform
. We seek to own MOBs in markets with attractive demographics, economic growth and high barriers to entry which support growing tenant demand. We have developed a strong presence across 20 to 25 key markets since our inception, with approximately
93%
of our total GLA located in top 75 MSAs as of
December 31, 2018
. In addition, we have developed scale in these key markets, reaching approximately 1 million square feet of GLA in nine of our top ten markets, and approximately
0.5 million
square feet of GLA in our top 15 markets. Our scale in markets has allowed us to create the largest, institutionally owned asset management platform in the sector, which includes leasing, property management, building maintenance, construction, and development capabilities. In each of these markets, we have established a strong full-service operating platform that has allowed us to develop valuable relationships with health systems, physician practices, universities and regional development firms that have led to investment and leasing opportunities. Our asset management platform utilizes our scale to provide services to our properties at cost effective rates and with a focus on generating cost efficiencies and superior service for our tenants.
|
•
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Occupied with limited near term leasing risks
. We seek to invest in and maintain well-occupied properties that we believe are critical to the delivery of healthcare within that specific market. As of
December 31, 2018
, our portfolio was
92.0%
leased. We believe this creates tenant demand that supports higher occupancy and drives strong, long-term tenant retention as hospitals and physicians are generally reluctant to move or relocate, as evidenced by our Same-Property portfolio tenant retention rate of
81%
as of the year ended
December 31, 2018
.
|
•
|
Diversified and synergistic mix of tenants
. Our primary focus is placed on ensuring an appropriate and diversified mix of tenants from different practice types, as well as complimentary practices that provide synergies within both individual buildings and the broader health system campuses. We actively invest in both multi-tenant properties, which generally have shorter-term leases in smaller spaces, and single-tenant properties, which generally have longer-term leases in larger spaces. The multi-tenant buildings provide for lower lease rollover risks in any particular year and typically allow rents to reset to current market rates that may be higher than the in-place rental rates. We believe single-tenant buildings provide steady long-term cash flow, but generally provide for more limited long-term growth.
|
•
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Credit-worthy tenants
. Our primary tenants are healthcare systems, academic medical centers and leading physician groups. These groups typically have strong and stable financial performance, which we believe helps ensure stability in our long-term rental income and tenant retention. As of
December 31, 2018
,
59%
of our annual base rent was derived from credit-rated tenants, primarily health systems. A significant amount of our remaining rent comes from physician groups and medical healthcare system tenants that are credit-worthy based on our internal underwriting and due diligence, but do not have the size to benefit from a formal credit rating by a nationally recognized rating agency.
|
•
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Maintaining regional offices in markets where we have a significant presence. HTA has 29 local offices primarily located within our key markets across the U.S., including its corporate headquarters in Scottsdale, Arizona.
|
•
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Creating local relationships with local healthcare providers, including national and regional healthcare systems, physicians and other providers.
|
•
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Maintaining or increasing our average rental rates, actively leasing vacant space and reducing leasing concessions. These leasing results contributed to an average of 2.5% of Same-Property Cash NOI growth each quarter during the year ended
December 31, 2018
.
|
•
|
Improving the quality of service provided to our tenants by being attentive to their needs, managing expenses and strategically investing capital to remain competitive within our markets. During the year ended
December 31, 2018
, we achieved tenant retention for the Same-Property portfolio of
81%
.
|
•
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Maintaining a portfolio of high-quality MOBs that we believe are critical to the delivery of healthcare now and in the future, while enhancing our reputation as a dedicated leading MOB owner and operator.
|
•
|
Utilizing local and regional economies of scale to focus on operating cost efficiencies for our properties and utilizing our building service operations to generate profits for our stockholders while providing more efficient services.
|
•
|
Targeted property investments, generally located within our key markets. These transactions allow us to focus on the quality of individual properties and ensure they are accretive to our cost of capital. They also allow us to exhibit meaningful growth given our current size.
|
•
|
Long-term relationships with key industry participants. We will continue our emphasis on long-term relationship building as we have since inception. These relationships are cultivated by our senior management team, with key industry participants, including health systems as well as local and regional developers, which have traditionally provided us with valuable investment opportunities.
|
•
|
Local knowledge through our internal full-service operating platform. Our local personnel participate in local industry activities that can provide insightful information with respect to potential opportunities.
|
•
|
Maintain a low leverage ratio. Our leverage ratio, measured as debt less cash and cash equivalents to total capitalization, was
31.3%
as of
December 31, 2018
.
|
•
|
Maintain a high level of liquidity. As of
December 31, 2018
, we had approximately
$1.1 billion
of liquidity, primarily consisting of
$1.0 billion
available on our unsecured revolving credit facility and
$126.2 million
of cash and cash equivalents.
|
•
|
Utilize multiple capital sources, including public debt and equity, unsecured bank loans and secured property level debt.
|
•
|
Maintain well-laddered debt maturities, which extend through 2027 with no significant exposure in any one year. As of
December 31, 2018
, the weighted average remaining term of our debt portfolio was
5.0
years, including extension options.
|
|
|
|
|
|
•
|
The MOB sector is highly fragmented with approximately 11% of the MOBs owned by public REIT investors. There is significant opportunity to expand within the industry given the lack of institutional ownership compared to other real estate sectors.
|
|
•
|
Healthcare delivery continues to shift to outpatient settings driven by technological advancements, shifting consumer preferences and lower costs.
|
|
•
|
An increase in medical office visits due to the overall rise in healthcare utilization which in turn has driven hiring within the healthcare sector. Additionally, the rate of employment growth in physicians’ offices and outpatient care facilities has outpaced employment growth in hospitals during the past decade, further supporting the trend of increased utilization of healthcare services outside of the hospital. This trend is forecast to continue, with the number of healthcare providers, particularly nurses, physicians, and technical specialists, growing significantly faster than the U.S. average for the other occupations.
|
•
|
High credit quality of physician tenants. In recent years, MOB tenants have increasingly consisted of larger hospital and physician groups. These groups utilize their size and expertise to obtain high rates of reimbursement and share overhead operating expenses which creates significant rent coverage, or an ability to pay rent. We believe these larger groups are generally credit-worthy and provide stability and long-term value for MOBs.
|
•
|
Construction of new MOBs relative to the overall MOB supply continues to be constrained, with new market participants experiencing significant costly barriers to entry in markets in which we invest.
|
•
|
Creating strong demand for our MOBs. In addition, new development is primarily focused on off campus locations and in markets with growing populations.
|
|
Health System
(1)
|
|
Weighted Average Remaining Lease Term
(2)
|
|
Total Leased GLA
(3)
|
|
Percent of Leased GLA
|
|
Annualized Base Rent
(3)(4)
|
|
Percent of Annualized Base Rent
|
|||||
Baylor Scott & White Health
|
|
7
|
|
849
|
|
|
4.0
|
%
|
|
$
|
22,725
|
|
|
4.4
|
%
|
Highmark-Allegheny Health Network
|
|
4
|
|
914
|
|
|
4.3
|
|
|
17,607
|
|
|
3.4
|
|
|
Hospital Corporation of America
|
|
4
|
|
464
|
|
|
2.2
|
|
|
13,256
|
|
|
2.6
|
|
|
Tenet Healthcare System
|
|
7
|
|
502
|
|
|
2.4
|
|
|
12,232
|
|
|
2.3
|
|
|
Community Health Systems (TN)
|
|
8
|
|
544
|
|
|
2.5
|
|
|
11,301
|
|
|
2.2
|
|
|
Tufts Medical Center
|
|
9
|
|
255
|
|
|
1.2
|
|
|
10,614
|
|
|
2.0
|
|
|
Providence St. Joseph Health
|
|
3
|
|
299
|
|
|
1.3
|
|
|
10,542
|
|
|
2.0
|
|
|
Ascension Health
|
|
5
|
|
448
|
|
|
2.1
|
|
|
10,052
|
|
|
1.9
|
|
|
Steward Health Care System
|
|
8
|
|
383
|
|
|
1.8
|
|
|
9,841
|
|
|
1.9
|
|
|
Adventist Health
|
|
4
|
|
332
|
|
|
1.6
|
|
|
7,520
|
|
|
1.5
|
|
|
Harbin Clinic
|
|
9
|
|
313
|
|
|
1.5
|
|
|
6,792
|
|
|
1.3
|
|
|
Mercy Health
|
|
8
|
|
251
|
|
|
1.2
|
|
|
6,307
|
|
|
1.2
|
|
|
Atrium Health
|
|
2
|
|
197
|
|
|
0.9
|
|
|
6,039
|
|
|
1.2
|
|
|
UNC Health Care
|
|
8
|
|
222
|
|
|
1.0
|
|
|
5,815
|
|
|
1.1
|
|
|
Trinity Health
|
|
9
|
|
187
|
|
|
0.9
|
|
|
5,351
|
|
|
1.0
|
|
|
Total
|
|
|
|
6,160
|
|
|
28.9
|
%
|
|
$
|
155,994
|
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) The amounts in this table illustrate only direct leases with selected top health systems in our portfolio and are not inclusive of all health system tenants.
|
|||||||||||||||
(2) Amounts presented in years.
|
|||||||||||||||
(3) Amounts presented in thousands.
|
|||||||||||||||
(4) Annualized base rent is calculated by multiplying contractual base rent as of the end of the year by 12 (excluding the impact of abatements, concessions, and straight-line rent).
|
Key Markets
|
|
Investment
(1)
|
|
Percent of Investment
|
|
Total GLA
(1)
|
|
Annualized Base Rent
(1)(2)
|
|
Percent of Annualized Base Rent
|
|||||||
Dallas, TX
|
|
$
|
843,274
|
|
|
12.5
|
%
|
|
2,053
|
|
|
$
|
52,546
|
|
|
10.1
|
%
|
Houston, TX
|
|
430,979
|
|
|
6.4
|
|
|
1,584
|
|
|
36,023
|
|
|
6.9
|
|
||
Boston, MA
|
|
396,530
|
|
|
5.9
|
|
|
965
|
|
|
32,116
|
|
|
6.2
|
|
||
Tampa, FL
|
|
350,746
|
|
|
5.2
|
|
|
954
|
|
|
23,623
|
|
|
4.6
|
|
||
Atlanta, GA
|
|
325,186
|
|
|
4.8
|
|
|
1,088
|
|
|
24,152
|
|
|
4.7
|
|
||
Indianapolis, IN
|
|
281,768
|
|
|
4.2
|
|
|
1,395
|
|
|
24,968
|
|
|
4.8
|
|
||
Hartford/New Haven, CT
|
|
277,931
|
|
|
4.1
|
|
|
977
|
|
|
21,271
|
|
|
4.1
|
|
||
Phoenix, AZ
|
|
267,781
|
|
|
3.9
|
|
|
1,316
|
|
|
24,997
|
|
|
4.8
|
|
||
Denver, CO
|
|
246,957
|
|
|
3.6
|
|
|
538
|
|
|
17,393
|
|
|
3.4
|
|
||
Orange County/Los Angeles, CA
|
|
241,242
|
|
|
3.6
|
|
|
550
|
|
|
15,707
|
|
|
3.0
|
|
||
Miami, FL
|
|
228,624
|
|
|
3.4
|
|
|
994
|
|
|
22,984
|
|
|
4.4
|
|
||
Raleigh, NC
|
|
199,889
|
|
|
2.9
|
|
|
668
|
|
|
15,987
|
|
|
3.1
|
|
||
Chicago, IL
|
|
190,778
|
|
|
2.8
|
|
|
382
|
|
|
11,530
|
|
|
2.2
|
|
||
Albany, NY
|
|
170,071
|
|
|
2.5
|
|
|
833
|
|
|
16,126
|
|
|
3.1
|
|
||
Austin, TX
|
|
164,425
|
|
|
2.4
|
|
|
409
|
|
|
8,646
|
|
|
1.7
|
|
||
Orlando, FL
|
|
156,300
|
|
|
2.3
|
|
|
512
|
|
|
11,086
|
|
|
2.1
|
|
||
Pittsburgh, PA
|
|
148,612
|
|
|
2.2
|
|
|
1,095
|
|
|
20,726
|
|
|
4.0
|
|
||
White Plains, NY
|
|
126,144
|
|
|
1.9
|
|
|
333
|
|
|
8,294
|
|
|
1.6
|
|
||
Milwaukee, WI
|
|
116,082
|
|
|
1.7
|
|
|
368
|
|
|
6,411
|
|
|
1.2
|
|
||
Charlotte, NC
|
|
94,697
|
|
|
1.4
|
|
|
335
|
|
|
7,776
|
|
|
1.5
|
|
||
Top 20 MSAs
|
|
5,258,016
|
|
|
77.7
|
|
|
17,349
|
|
|
402,362
|
|
|
77.5
|
|
||
Additional Top MSAs
|
|
1,085,689
|
|
|
16.0
|
|
|
4,097
|
|
|
80,172
|
|
|
15.4
|
|
||
Total Key Markets & Top 75 MSAs
|
|
$
|
6,343,705
|
|
|
93.7
|
%
|
|
21,446
|
|
|
$
|
482,534
|
|
|
92.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1) Amounts presented in thousands.
|
|||||||||||||||||
(2) Annualized base rent is calculated by multiplying contractual base rent as of the end of the year by 12 (excluding the impact of abatements, concessions, and straight-line rent).
|
•
|
the Federal Anti-Kickback Statute, which prohibits, among other things, the offer, payment, solicitation or receipt of any form of remuneration in return for, or to induce, the referral or recommendation for the ordering of any item or service reimbursed by a federal healthcare program, including Medicare or Medicaid;
|
•
|
the Federal Physician Self-Referral Prohibition, commonly referred to as the “Stark Law,” which: (1) requires hospital landlords of facilities with financial relationships to charge a fair market value rent that does not take into account the volume or value of referrals and subject to specific exceptions; and (2) restricts physicians from making referrals for specifically designated health services for which payment may be made under Medicare and Medicaid programs to an entity with which the physician, or an immediate family member, has a financial relationship;
|
•
|
the False Claims Act, which prohibits any person from knowingly presenting or causing to be presented false or fraudulent claims for payment to the federal government, including claims paid by the Medicare and Medicaid programs;
|
•
|
the Civil Monetary Penalties Law, which authorizes the U.S. Department of Health and Human Services to impose monetary penalties for certain fraudulent acts and regulatory violations and to exclude violators from participating in federal healthcare programs;
|
•
|
the Health Insurance Portability and Accountability Act, as amended by the Health Information Technology for Economic and Clinical Health Act of the American Recovery and Reinvestment Act of 2009, which protects the privacy and security of personal health information; and
|
•
|
State laws which prohibit kickbacks, self-referrals and false claims, and are generally applicable to commercial and state payors.
|
•
|
defaults by tenants at our properties due to bankruptcy, lack of liquidity or operational failures;
|
•
|
increases in vacancy rates due to tenant defaults, the expiration or termination of tenant leases and reduced demand for MOBs and other facilities that serve the healthcare industry;
|
•
|
increases in tenant inducements, tenant improvement expenditures, rent concessions or reduced rental rates, especially to maintain or increase occupancies at our properties;
|
•
|
reduced values of our properties, thereby limiting our ability to dispose of our assets at attractive prices or obtain debt financing secured by our properties on satisfactory terms, as well as reducing the availability of unsecured loans;
|
•
|
the value and liquidity of our short-term investments and cash deposits being reduced as a result of a deterioration of the financial condition of the institutions that hold our cash deposits or the institutions or assets in which we have made short-term investments, the dislocation of the markets for our short-term investments, increased volatility in market rates for such investments and other factors;
|
•
|
one or more lenders under our credit facilities refusing to fund their financing commitments to us and, in such event, we are unable to replace the financing commitments of any such lender or lenders on favorable terms, or at all;
|
•
|
a recession or rise in interest rates, which could make it more difficult for us to lease our properties or dispose of our properties or make alternative interest-bearing and other investments more attractive, thereby lowering the relative value of our existing real estate investments;
|
•
|
one or more counterparties to our interest rate swaps default on their obligations to us, thereby increasing the risk that we may not realize the benefits of these instruments;
|
•
|
increases in the supply of competing properties or decreases in the demand for our properties, which may impact our ability to maintain or increase occupancy levels and rents at our properties or to dispose of our investments; and
|
•
|
increased insurance premiums, real estate taxes or energy costs or other expenses, which may reduce funds available for distribution to our stockholders or, to the extent such increases are passed through to our tenants, may lead to tenant defaults, tenant turnover, or make it difficult for us to increase rents to tenants on lease turnover which may limit our ability to increase our returns.
|
•
|
the election or removal of directors;
|
•
|
our dissolution;
|
•
|
certain mergers, consolidations, conversions, statutory share exchanges and sales or other dispositions of all or substantially all of our assets; and
|
•
|
amendments of our charter, except that our Board of Directors may amend our charter without stockholder approval to change our name or the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock, increase or decrease the aggregate number of our shares of stock or the number of our shares of any class or series that we have the authority to issue or effect certain reverse stock splits.
|
•
|
provisions of the MGCL that permit our Board of Directors, without our stockholders’ approval and regardless of what is currently provided in our charter or bylaws, to implement certain takeover defenses;
|
•
|
“business combination” provisions that, subject to limitations, prohibit certain business combinations, asset transfers and equity security issuances or reclassifications between us and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding voting stock or an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of our then outstanding stock) or an affiliate of an interested stockholder for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter may impose supermajority voting requirements unless certain minimum price conditions are satisfied; and
|
•
|
“control share” provisions that provide that holders of “control shares” of HTA (defined as shares which, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.
|
•
|
we may acquire properties that are not initially accretive to our results upon acquisition and we may not successfully manage and lease those properties to meet our expectations;
|
•
|
we may spend more than budgeted to make necessary improvements or renovations to acquired properties;
|
•
|
we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations and, as a result, our results of operations and financial condition could be adversely affected;
|
•
|
market conditions may result in higher than expected vacancy rates and lower than expected rental rates; and
|
•
|
we may acquire properties subject to liabilities, including contingent liabilities, and without any recourse, or with only limited recourse, with respect to unknown liabilities for the clean-up of undisclosed environmental contamination, claims by tenants or other persons dealing with former owners of the properties, liabilities, claims, and litigation, including indemnification obligations, whether or not incurred in the ordinary course of business, relating to periods prior to or following our acquisitions, claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties, and liabilities for taxes relating to periods prior to our acquisitions.
|
•
|
the development costs of a project may exceed budgeted amounts, causing the project to be unprofitable or to incur a loss;
|
•
|
we may encounter delays as a result of a variety of factors that are beyond our control, including natural disasters, material shortages, and regulatory requirements;
|
•
|
time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flows and liquidity;
|
•
|
lease rates and rents at newly developed or redeveloped properties may fluctuate based on factors beyond our control, including market and economic conditions as well as the aforementioned budget overages;
|
•
|
we may be unable to obtain favorable financing terms to fund our development projects;
|
•
|
financing arrangements may require certain milestones, covenants, and other contractual terms that may be violated if the performance of our development and redevelopment projects differs from our projected income;
|
•
|
demand from prospective tenants may be reduced due to competition from other developers; and
|
•
|
tenants who pre-lease a portion of our development projects may fail to occupy the property upon development completion.
|
•
|
a venture partner may at any time have economic or other business interests or goals which are or become inconsistent with our business interests or goals, including inconsistent goals relating to the sale of properties held in a joint venture or the timing of the termination and liquidation of the venture;
|
•
|
a venture partner might become bankrupt and such proceedings could have an adverse impact on the operation of the partnership or joint venture;
|
•
|
a venture partner’s actions might have the result of subjecting the property to liabilities in excess of those contemplated; and
|
•
|
a venture partner may be in a position to take action contrary to our instructions or requests, or contrary to our policies or objectives, including our policy with respect to qualifying and maintaining our qualification as a REIT.
|
•
|
actual or anticipated variations in our quarterly operating results;
|
•
|
changes in our earnings estimates or publication of research reports about us or the real estate industry, although no assurance can be given that any research reports about us will be published;
|
•
|
future sales of substantial amounts of our common stock by our existing or future stockholders;
|
•
|
increases in market interest rates, which may lead purchasers of our stock to demand a higher yield;
|
•
|
changes in market valuations of similar companies;
|
•
|
adverse market reaction to any increased indebtedness we incur in the future;
|
•
|
additions or departures of key personnel;
|
•
|
actions by institutional stockholders;
|
•
|
speculation in the press or investment community; and
|
•
|
general market and economic conditions.
|
•
|
the relevant forward purchaser is unable to, or would incur a materially increased cost to, establish, maintain or unwind its hedge position with respect to that particular forward sale agreement;
|
•
|
the relevant forward purchaser determines that it is unable, after using commercially reasonable efforts, to continue to borrow an amount of common stock equal to the amount of common stock underlying that particular forward sale agreement or that, with respect to borrowing such amount of common stock, it would incur a cost that is greater than the initial stock borrow cost specified in that particular forward sale agreement, subject to a prior notice requirement;
|
•
|
a termination event occurs as a result of us declaring a dividend or distribution on our common stock with a cash value in excess of a specified amount per calendar quarter, or with an ex-dividend date prior to the anticipated ex-dividend date for such cash dividend;
|
•
|
an extraordinary event (as such term is defined in that particular forward sale agreement and which includes certain mergers and tender offers and the delisting of our common stock) occurs or our Board of Directors votes to approve or there is a public announcement of, in either case, any action that, if consummated, would constitute such an extraordinary event; or
|
•
|
certain other events of default, termination events or other specified events occur, including, among other things, any material misrepresentation made by us in connection with entering into that particular forward sale agreement, or a nationalization, a bankruptcy termination event or a change in law (as such terms are defined in that particular forward sale agreement).
|
•
|
we believe all of our properties are adequately covered by insurance and are suitable for their intended purposes;
|
•
|
our properties are located in markets where we are subject to competition in attracting new tenants and retaining current tenants; and
|
•
|
depreciation is provided on a straight-line basis over the estimated useful lives of the buildings, up to 39 years, and over the shorter of the lease term or useful lives of the tenant improvements.
|
Expiration
(1)
|
|
Number of
Expiring
Leases
|
|
Total GLA
of Expiring
Leases
(2)
|
|
Percent of GLA of Expiring Leases
|
|
Annualized Base Rent of Expiring Leases
(2)(3)
|
|
Percent of Total Annualized Base Rent
|
||||||
Month-to-month
|
|
165
|
|
|
515
|
|
|
2.4
|
%
|
|
$
|
13,497
|
|
|
2.6
|
%
|
2019
|
|
576
|
|
|
2,217
|
|
|
10.4
|
|
|
58,776
|
|
|
11.3
|
|
|
2020
|
|
446
|
|
|
1,884
|
|
|
8.8
|
|
|
47,505
|
|
|
9.1
|
|
|
2021
|
|
617
|
|
|
2,943
|
|
|
13.8
|
|
|
67,421
|
|
|
13.0
|
|
|
2022
|
|
400
|
|
|
2,118
|
|
|
9.9
|
|
|
51,206
|
|
|
9.9
|
|
|
2023
|
|
321
|
|
|
1,914
|
|
|
9.0
|
|
|
42,302
|
|
|
8.1
|
|
|
2024
|
|
196
|
|
|
1,275
|
|
|
6.0
|
|
|
31,344
|
|
|
6.0
|
|
|
2025
|
|
174
|
|
|
1,148
|
|
|
5.4
|
|
|
27,394
|
|
|
5.3
|
|
|
2026
|
|
157
|
|
|
1,247
|
|
|
5.9
|
|
|
26,212
|
|
|
5.1
|
|
|
2027
|
|
156
|
|
|
2,036
|
|
|
9.6
|
|
|
55,136
|
|
|
10.6
|
|
|
2028
|
|
108
|
|
|
989
|
|
|
4.6
|
|
|
22,404
|
|
|
4.3
|
|
|
Thereafter
|
|
217
|
|
|
3,014
|
|
|
14.2
|
|
|
76,314
|
|
|
14.7
|
|
|
Total
|
|
3,533
|
|
|
21,300
|
|
|
100
|
%
|
|
$
|
519,511
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Leases scheduled to expire on December 31 of a given year are included within that year in the table.
|
||||||||||||||||
(2) Amounts presented in thousands.
|
||||||||||||||||
(3) Annualized base rent is calculated by multiplying contractual base rent as of the end of the year by 12 (excluding the impact of abatements, concessions, and straight-line rent).
|
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, net
|
$
|
5,665,621
|
|
|
$
|
5,947,874
|
|
|
$
|
3,503,020
|
|
|
$
|
2,959,468
|
|
|
$
|
2,822,844
|
|
Total assets
(1)
|
6,188,476
|
|
|
6,449,582
|
|
|
3,747,844
|
|
|
3,172,300
|
|
|
3,031,384
|
|
|||||
Debt
(1)
|
2,541,232
|
|
|
2,781,031
|
|
|
1,768,905
|
|
|
1,590,696
|
|
|
1,402,195
|
|
|||||
Noncontrolling interests
|
78,890
|
|
|
84,666
|
|
|
93,143
|
|
|
27,534
|
|
|
29,282
|
|
|||||
Total equity
|
3,334,914
|
|
|
3,363,448
|
|
|
1,780,417
|
|
|
1,406,958
|
|
|
1,476,421
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
696,426
|
|
|
$
|
613,990
|
|
|
$
|
460,928
|
|
|
$
|
403,822
|
|
|
$
|
371,505
|
|
Rental expenses
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|
123,390
|
|
|
113,508
|
|
|||||
Net income attributable to common stockholders
|
213,463
|
|
|
63,916
|
|
|
45,912
|
|
|
32,931
|
|
|
45,371
|
|
|||||
Net income attributable to common stockholders per share - basic
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|
0.38
|
|
|||||
Net income attributable to common stockholders per share - diluted
|
1.02
|
|
|
0.34
|
|
|
0.33
|
|
|
0.26
|
|
|
0.37
|
|
|||||
Statement of Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by operating activities
|
$
|
337,396
|
|
|
$
|
307,543
|
|
|
$
|
203,695
|
|
|
$
|
191,095
|
|
|
$
|
168,499
|
|
Cash flows provided by (used in) investing activities
(2)
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|
(274,171
|
)
|
|
(257,017
|
)
|
|||||
Cash flows (used in) provided by financing activities
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|
80,826
|
|
|
83,535
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared to stockholders
|
$
|
253,699
|
|
|
$
|
227,024
|
|
|
$
|
164,221
|
|
|
$
|
147,539
|
|
|
$
|
139,355
|
|
Dividends declared per share
|
1.23
|
|
|
1.21
|
|
|
1.19
|
|
|
1.17
|
|
|
1.16
|
|
|||||
Dividends paid in cash to stockholders
|
252,651
|
|
|
207,087
|
|
|
159,174
|
|
|
146,372
|
|
|
137,158
|
|
|||||
FFO attributable to common stockholders
(3)
|
335,565
|
|
|
284,226
|
|
|
215,570
|
|
|
188,206
|
|
|
157,746
|
|
|||||
Normalized FFO attributable to common stockholders
(3)
|
340,400
|
|
|
301,957
|
|
|
225,221
|
|
|
195,920
|
|
|
176,639
|
|
|||||
NOI
(4)
|
475,809
|
|
|
421,843
|
|
|
317,177
|
|
|
280,432
|
|
|
257,997
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) The amounts for 2014 differ from amounts previously reported in our Annual Report for the year ended December 31, 2014, as a result of the retrospective presentation of the early adoption of Accounting Standards Update (“ASU”) 2015-03 and 2015-15 as of December 31, 2015.
|
|||||||||||||||||||
(2) The amounts for 2014-2016 differ from amounts previously reported in our Annual Report for the years ended December 31, 2014, 2015, and 2016, as a result of the retrospective presentation of the early adoption of ASU 2016-18 as of January 1, 2017.
|
|||||||||||||||||||
(3) For additional information on FFO and Normalized FFO, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, which includes a reconciliation to net income or loss attributable to common stockholders and an explanation of why we present these non-GAAP financial measures.
|
|||||||||||||||||||
(4) For additional information on NOI, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, which includes a reconciliation to net income or loss attributable to common stockholders and an explanation of why we present this non-GAAP financial measure.
|
|
December 31,
|
||||||||||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, net
|
$
|
5,665,621
|
|
|
$
|
5,947,874
|
|
|
$
|
3,503,020
|
|
|
$
|
2,959,468
|
|
|
$
|
2,822,844
|
|
Total assets
(1)
|
6,188,476
|
|
|
6,449,582
|
|
|
3,747,844
|
|
|
3,172,300
|
|
|
3,031,384
|
|
|||||
Debt
(1)
|
2,541,232
|
|
|
2,781,031
|
|
|
1,768,905
|
|
|
1,590,696
|
|
|
1,402,195
|
|
|||||
Total partners’ capital
|
3,334,914
|
|
|
3,363,448
|
|
|
1,780,417
|
|
|
1,406,958
|
|
|
1,476,421
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands, except per unit data)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
696,426
|
|
|
$
|
613,990
|
|
|
$
|
460,928
|
|
|
$
|
403,822
|
|
|
$
|
371,505
|
|
Rental expenses
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|
123,390
|
|
|
113,508
|
|
|||||
Net income attributable to common unitholders
|
217,537
|
|
|
65,454
|
|
|
47,227
|
|
|
33,445
|
|
|
45,861
|
|
|||||
Net income attributable to common unitholders per unit - basic
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|
0.38
|
|
|||||
Net income attributable to common unitholders per unit - diluted
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|
0.38
|
|
|||||
Statement of Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by operating activities
|
$
|
337,396
|
|
|
$
|
307,543
|
|
|
$
|
203,695
|
|
|
$
|
191,095
|
|
|
$
|
168,499
|
|
Cash flows provided by (used in) investing activities
(2)
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|
(274,171
|
)
|
|
(257,017
|
)
|
|||||
Cash flows (used in) provided by financing activities
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|
80,826
|
|
|
83,535
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions declared to general partner
|
$
|
253,699
|
|
|
$
|
227,024
|
|
|
$
|
164,221
|
|
|
$
|
147,539
|
|
|
$
|
139,355
|
|
Distributions declared per unit
|
1.23
|
|
|
1.21
|
|
|
1.19
|
|
|
1.17
|
|
|
1.16
|
|
|||||
Distributions paid in cash to general partner
|
252,651
|
|
|
207,087
|
|
|
159,174
|
|
|
146,372
|
|
|
137,158
|
|
|||||
FFO attributable to common OP Unitholders
(3)
|
339,639
|
|
|
285,764
|
|
|
216,885
|
|
|
188,720
|
|
|
158,236
|
|
|||||
Normalized FFO attributable to common OP Unitholders
(3)
|
340,400
|
|
|
301,957
|
|
|
225,221
|
|
|
195,920
|
|
|
176,639
|
|
|||||
NOI
(4)
|
475,809
|
|
|
421,843
|
|
|
317,177
|
|
|
280,432
|
|
|
257,997
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) The amounts for 2014 differ from amounts previously reported in our Annual Report for the year ended December 31, 2014, as a result of the retrospective presentation of the early adoption of ASU 2015-03 and 2015-15 as of December 31, 2015.
|
|||||||||||||||||||
(2) The amounts for 2014-2016 differ from amounts previously reported in our Annual Report for the years ended December 31, 2014, 2015, and 2016, as a result of the retrospective presentation of the early adoption of ASU 2016-18 as of January 1, 2017.
|
|||||||||||||||||||
(3) For additional information on FFO and Normalized FFO, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, which includes a reconciliation to net income or loss attributable to common unitholders and an explanation of why we present these non-GAAP financial measures.
|
|||||||||||||||||||
(4) For additional information on NOI, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, which includes a reconciliation to net income or loss attributable to common unitholders and an explanation of why we present this non-GAAP financial measure.
|
•
|
Forward-Looking Statements;
|
•
|
Executive Summary;
|
•
|
Company Highlights;
|
•
|
Critical Accounting Policies;
|
•
|
Recently Issued or Adopted Accounting Pronouncements;
|
•
|
Factors Which May Influence Results of Operations;
|
•
|
Results of Operations;
|
•
|
Non-GAAP Financial Measures;
|
•
|
Liquidity and Capital Resources;
|
•
|
Commitments and Contingencies;
|
•
|
Debt Service Requirements;
|
•
|
Contractual Obligations;
|
•
|
Off-Balance Sheet Arrangements; and
|
•
|
Inflation.
|
•
|
For the
year ended December 31, 2018
, total revenue
increased
13.4%
, or
$82.4 million
, to
$696.4 million
, compared to
$614.0 million
for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, net income was
$217.6 million
, compared to
$65.6 million
for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, net income attributable to common stockholders was
$1.02
per diluted share, or
$213.5 million
, compared to
$0.34
per diluted share, or
$63.9 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTA’s FFO, as defined by NAREIT, was
$335.6 million
, or
$1.60
per diluted share, compared to
$1.53
per diluted share, or
$284.2 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTALP’s FFO, as defined by NAREIT, was
$339.6 million
, or
$1.62
per diluted OP Unit, compared to
$1.54
per diluted OP Unit, or
$285.8 million
, for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, HTA’s and HTALP’s Normalized FFO was
$1.62
per diluted share and OP Unit, or
$340.4 million
, compared to
$1.63
per diluted share and OP Unit, or
$302.0 million
, for the
year ended December 31, 2017
.
|
•
|
For additional information on FFO and Normalized FFO, see “FFO and Normalized FFO” below, which includes a reconciliation to net income attributable to common stockholders/unitholders and an explanation of why we present this non-GAAP financial measure.
|
•
|
For the
year ended December 31, 2018
, NOI
increased
12.8%
, or
$54.0 million
, to
$475.8 million
, compared to
$421.8 million
for the
year ended December 31, 2017
.
|
•
|
For the
year ended December 31, 2018
, Same-Property Cash NOI
increased
2.5%
, or
$7.5 million
, to
$308.9 million
, compared to the
year ended December 31, 2017
.
|
•
|
For additional information on NOI and Same-Property Cash NOI, see “NOI, Cash NOI and Same-Property Cash NOI” below, which includes a reconciliation from net income and an explanation of why we present these non-GAAP financial measures.
|
•
|
Our investment strategy includes alignment with key healthcare systems, hospitals, and leading academic medical universities. We are the largest owner of on-campus or adjacent MOBs in the country, with approximately
16 million
square feet of GLA, or
68%
of our portfolio, located in these locations. The remaining
32%
of our portfolio is located in core community outpatient locations where healthcare is increasingly being delivered.
|
•
|
Over the last several years, our investments have been focused in our 20 to 25 key markets which we believe will outperform the broader U.S. from an economic and demographic perspective. As of
December 31, 2018
, approximately
93%
of our portfolio’s GLA is located in the top 75 MSAs. Our key markets represent top MSAs with strong growth metrics in jobs, household income and population, as well as low unemployment and mature healthcare infrastructures. Many of our key markets are also supported by strong university systems.
|
•
|
Our key market focus has enabled us to establish scale and effectively utilize our asset management and leasing platform to deliver consistent same store growth and additional yield on investments, and also cost effective service to tenants. As of
December 31, 2018
, we had approximately 1 million square feet of GLA in nine of our top ten markets and approximately
0.5 million
square feet in each of our top 15 markets. We expect to establish this scale across 20 to 25 key markets as our portfolio expands.
|
•
|
During the
year ended December 31, 2018
, HTA completed the disposition of 20 MOBs, primarily located in Greenville, South Carolina for an aggregate gross sales price of
$308.6 million
, representing approximately
1.2 million
square feet of GLA, and generating net gains of
$166.0 million
.
|
•
|
During the
year ended December 31, 2018
, we (i) announced a new development in our key gateway market of Miami, Florida and (ii) commenced two redevelopments, including an agreement to build a new on-campus MOB in Raleigh, North Carolina. These projects will have total expected construction costs of approximately $70.6 million and are approximately 78% pre-leased to major health systems.
|
•
|
As of
December 31, 2018
, our in-house asset management and leasing platform operated approximately
21.6 million
square feet of GLA, or
93%
, of our total portfolio, a significant increase from
8.8 million
square feet, or
70%
, of GLA managed in-house in 2012.
|
•
|
As of
December 31, 2018
, our leased rate (which includes leases which have been executed, but which have not yet commenced) was
92.0%
by GLA, an increase of 20 basis points, compared to
December 31, 2017
, and our occupancy rate was
91.0%
by GLA.
|
•
|
We entered into new and renewal leases on approximately
2.8 million
square feet of GLA, or over 12%, of the GLA of our total portfolio, during the
year ended December 31, 2018
.
|
•
|
During the
year ended December 31, 2018
, tenant retention for the Same-Property portfolio was
81%
, which included approximately
2.4 million
square feet of GLA of expiring leases, which we believe is indicative of our commitment to maintaining buildings in desirable locations and fostering strong tenant relationships. Tenant retention is defined as the sum of the total leased GLA of tenants that renewed a lease during the period over the total GLA of leases that renewed or expired during the period.
|
•
|
As of
December 31, 2018
, we had total leverage, measured by debt less cash and cash equivalents to total capitalization, of
31.3%
. Total liquidity was
$1.1 billion
, including cash and cash equivalents of
$126.2 million
and
$1.0 billion
available on our unsecured revolving credit facility as of
December 31, 2018
.
|
•
|
As of
December 31, 2018
, the weighted average remaining term of our debt portfolio was
5.0
years, including extension options.
|
•
|
During the
year ended December 31, 2018
, we paid down approximately
$241.0 million
of outstanding secured mortgage loans, including the settlement of three cash flow hedges, utilizing net proceeds from our Greenville Disposition to do so. Additionally, in August 2018,
HTALP
entered into a modification of our
$200.0 million
unsecured term loan previously due in 2023. The modification decreased pricing at our current credit rating by
65 basis points
and extended the maturity date to 2024. The other material terms of the unsecured term loan prior to the modification remained substantially unchanged.
|
•
|
In August 2018, our Board of Directors approved a stock repurchase plan authorizing us to purchase up to
$300.0 million
of our common stock from time to time prior to the expiration thereof on June 7, 2020. During the
year ended December 31, 2018
, we repurchased approximately
2.6 million
shares of our outstanding common stock, at an average price of
$26.12
per share, for an aggregate amount of approximately
$67.2 million
, pursuant to this stock repurchase plan. As of
December 31, 2018
, the remaining amount of common stock available for repurchase under the stock repurchase plan was approximately
$232.8 million
.
|
•
|
In December 2018, we entered into new equity distribution agreements with various sales agents with respect to our at the market (“ATM”) offering program of common stock with an aggregate sales amount of up to
$500.0 million
. We contemporaneously terminated our prior ATM equity distribution agreements.
|
•
|
In June 2018, we settled a forward sale arrangement pursuant to a forward equity agreement that was entered into in October 2017, which included approximately
2.6 million
shares of our common stock for net proceeds of approximately
$73.8 million
, adjusted for costs to borrow equating to a net price to us of
$28.94
per share of common stock.
|
•
|
On
February 14, 2019
, our Board of Directors announced a quarterly dividend of
$0.310
per share of common stock and per OP Unit.
|
|
Year Ended December 31,
|
|||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
696,030
|
|
|
$
|
612,556
|
|
|
$
|
83,474
|
|
|
13.6
|
%
|
Interest and other operating income
|
396
|
|
|
1,434
|
|
|
(1,038
|
)
|
|
(72.4
|
)
|
|||
Total revenues
|
696,426
|
|
|
613,990
|
|
|
82,436
|
|
|
13.4
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|||||||
Rental
|
220,617
|
|
|
192,147
|
|
|
28,470
|
|
|
14.8
|
|
|||
General and administrative
|
35,196
|
|
|
33,403
|
|
|
1,793
|
|
|
5.4
|
|
|||
Transaction
|
1,003
|
|
|
5,885
|
|
|
(4,882
|
)
|
|
(83.0
|
)
|
|||
Depreciation and amortization
|
279,630
|
|
|
244,986
|
|
|
34,644
|
|
|
14.1
|
|
|||
Impairment
|
8,887
|
|
|
13,922
|
|
|
(5,035
|
)
|
|
(36.2
|
)
|
|||
Total expenses
|
545,333
|
|
|
490,343
|
|
|
54,990
|
|
|
11.2
|
|
|||
Interest income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest related to derivative financial instruments
|
694
|
|
|
(1,031
|
)
|
|
1,725
|
|
|
NM
|
|
|||
Gain on change in fair value of derivative financial instruments, net
|
—
|
|
|
884
|
|
|
(884
|
)
|
|
NM
|
|
|||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments
|
694
|
|
|
(147
|
)
|
|
841
|
|
|
NM
|
|
|||
Interest related to debt
|
(102,543
|
)
|
|
(85,344
|
)
|
|
(17,199
|
)
|
|
(20.2
|
)
|
|||
Gain on sale of real estate, net
|
165,977
|
|
|
37,802
|
|
|
128,175
|
|
|
NM
|
|
|||
Gain (loss) on extinguishment of debt, net
|
242
|
|
|
(11,192
|
)
|
|
11,434
|
|
|
NM
|
|
|||
Income from unconsolidated joint venture
|
1,735
|
|
|
782
|
|
|
953
|
|
|
NM
|
|
|||
Other income
|
428
|
|
|
29
|
|
|
399
|
|
|
NM
|
|
|||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
152,049
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|||||||
NOI
|
$
|
475,809
|
|
|
$
|
421,843
|
|
|
$
|
53,966
|
|
|
12.8
|
%
|
Same-Property Cash NOI
|
$
|
308,885
|
|
|
$
|
301,347
|
|
|
$
|
7,538
|
|
|
2.5
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
612,556
|
|
|
$
|
460,563
|
|
|
$
|
151,993
|
|
|
33.0
|
%
|
Interest and other operating income
|
1,434
|
|
|
365
|
|
|
1,069
|
|
|
NM
|
|
|||
Total revenues
|
613,990
|
|
|
460,928
|
|
|
153,062
|
|
|
33.2
|
|
|||
Expenses:
|
|
|
|
|
|
|
|
|||||||
Rental
|
192,147
|
|
|
143,751
|
|
|
48,396
|
|
|
33.7
|
|
|||
General and administrative
|
33,403
|
|
|
28,773
|
|
|
4,630
|
|
|
16.1
|
|
|||
Transaction
|
5,885
|
|
|
6,538
|
|
|
(653
|
)
|
|
(10.0
|
)
|
|||
Depreciation and amortization
|
244,986
|
|
|
176,866
|
|
|
68,120
|
|
|
38.5
|
|
|||
Impairment
|
13,922
|
|
|
3,080
|
|
|
10,842
|
|
|
NM
|
|
|||
Total expenses
|
490,343
|
|
|
359,008
|
|
|
131,335
|
|
|
36.6
|
|
|||
Interest income (expense):
|
|
|
|
|
|
|
|
|||||||
Interest related to derivative financial instruments
|
(1,031
|
)
|
|
(2,377
|
)
|
|
1,346
|
|
|
56.6
|
|
|||
Gain on change in fair value of derivative financial instruments, net
|
884
|
|
|
1,344
|
|
|
(460
|
)
|
|
(34.2
|
)
|
|||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments
|
(147
|
)
|
|
(1,033
|
)
|
|
886
|
|
|
85.8
|
|
|||
Interest related to debt
|
(85,344
|
)
|
|
(59,769
|
)
|
|
(25,575
|
)
|
|
(42.8
|
)
|
|||
Gain on sale of real estate, net
|
37,802
|
|
|
8,966
|
|
|
28,836
|
|
|
NM
|
|
|||
Loss on extinguishment of debt, net
|
(11,192
|
)
|
|
(3,025
|
)
|
|
(8,167
|
)
|
|
NM
|
|
|||
Income from unconsolidated joint venture
|
782
|
|
|
—
|
|
|
782
|
|
|
NM
|
|
|||
Other income
|
29
|
|
|
286
|
|
|
(257
|
)
|
|
(89.9
|
)
|
|||
Net income
|
$
|
65,577
|
|
|
$
|
47,345
|
|
|
$
|
18,232
|
|
|
38.5
|
%
|
|
|
|
|
|
|
|
|
|||||||
NOI
|
$
|
421,843
|
|
|
$
|
317,177
|
|
|
$
|
104,666
|
|
|
33.0
|
%
|
Same-Property Cash NOI
|
$
|
284,839
|
|
|
$
|
276,865
|
|
|
$
|
7,974
|
|
|
2.9
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
% Change
|
|||||||
Contractual rental income
|
$
|
667,407
|
|
|
$
|
589,913
|
|
|
$
|
77,494
|
|
|
13.1
|
%
|
Straight-line rent and amortization of above and (below) market leases
|
16,401
|
|
|
13,695
|
|
|
2,706
|
|
|
19.8
|
|
|||
Other rental revenue
|
12,222
|
|
|
8,948
|
|
|
3,274
|
|
|
36.6
|
|
|||
Total rental income
|
$
|
696,030
|
|
|
$
|
612,556
|
|
|
$
|
83,474
|
|
|
13.6
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Contractual rental income
|
$
|
589,913
|
|
|
$
|
445,469
|
|
|
$
|
144,444
|
|
|
32.4
|
%
|
Straight-line rent and amortization of above and (below) market leases
|
13,695
|
|
|
8,118
|
|
|
5,577
|
|
|
68.7
|
|
|||
Other rental revenue
|
8,948
|
|
|
6,976
|
|
|
1,972
|
|
|
28.3
|
|
|||
Total rental income
|
$
|
612,556
|
|
|
$
|
460,563
|
|
|
$
|
151,993
|
|
|
33.0
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
New an
d renewal leases:
|
|
|
|
|
|
||||||
Average starting base rents
|
$
|
23.30
|
|
|
$
|
22.58
|
|
|
$
|
22.57
|
|
Average expiring base rents
|
22.67
|
|
|
22.43
|
|
|
22.38
|
|
|||
|
|
|
|
|
|
||||||
Square feet of GLA
|
2,830
|
|
|
2,712
|
|
|
1,603
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
New leases:
|
|
|
|
|
|
||||||
Tenant improvements
|
$
|
25.38
|
|
|
$
|
17.98
|
|
|
$
|
23.50
|
|
Leasing commissions
|
1.88
|
|
|
1.99
|
|
|
3.63
|
|
|||
Tenant concessions
|
1.48
|
|
|
2.42
|
|
|
3.36
|
|
|||
Renewal leases:
|
|
|
|
|
|
||||||
Tenant improvements
|
$
|
7.29
|
|
|
$
|
8.15
|
|
|
$
|
7.34
|
|
Leasing commissions
|
1.08
|
|
|
1.50
|
|
|
1.57
|
|
|||
Tenant concessions
|
0.59
|
|
|
1.78
|
|
|
1.58
|
|
|
Year Ended December 31,
|
|
Current Year Change
|
|
Prior Year Change
|
||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
|
||||||||||||
Cash, cash equivalents and restricted cash - beginning of year
|
$
|
118,560
|
|
|
$
|
25,045
|
|
|
$
|
28,962
|
|
|
$
|
93,515
|
|
|
$
|
(3,917
|
)
|
Net cash provided by operating activities
|
337,396
|
|
|
307,543
|
|
|
203,695
|
|
|
29,853
|
|
|
103,848
|
|
|||||
Net cash provided by (used in) investing activities
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|
2,631,405
|
|
|
(1,846,703
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|
(2,739,803
|
)
|
|
1,840,287
|
|
|||||
Cash, cash equivalents and restricted cash - end of year
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
25,045
|
|
|
$
|
14,970
|
|
|
$
|
93,515
|
|
|
Payment Due by Period
|
||||||||||||||||||
|
Less than 1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5 Years
|
|
Total
|
||||||||||
Debt
|
$
|
97,361
|
|
|
$
|
399,934
|
|
|
$
|
1,014,126
|
|
|
$
|
1,050,000
|
|
|
$
|
2,561,421
|
|
Interest
(1)
|
88,965
|
|
|
164,680
|
|
|
116,297
|
|
|
112,289
|
|
|
482,231
|
|
|||||
Ground lease and other operating lease obligations
|
10,309
|
|
|
20,285
|
|
|
20,163
|
|
|
639,234
|
|
|
689,991
|
|
|||||
Total
|
$
|
196,635
|
|
|
$
|
584,899
|
|
|
$
|
1,150,586
|
|
|
$
|
1,801,523
|
|
|
$
|
3,733,643
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Interest on variable rate debt is calculated using the forward rates in effect at December 31, 2018 and excludes the impact of our interest rate swaps.
|
|
Expected Maturity Date
|
||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Fixed rate debt, gross
|
$
|
97,361
|
|
|
$
|
97,430
|
|
|
$
|
302,504
|
|
|
$
|
402,005
|
|
|
$
|
312,121
|
|
|
$
|
850,000
|
|
|
$
|
2,061,421
|
|
Weighted average interest rate on fixed rate debt (per annum)
|
3.98
|
%
|
|
3.97
|
%
|
|
3.37
|
%
|
|
2.95
|
%
|
|
3.71
|
%
|
|
3.65
|
%
|
|
3.51
|
%
|
|||||||
Variable rate debt, gross
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
300,000
|
|
|
$
|
200,000
|
|
|
$
|
500,000
|
|
Weighted average interest rate on variable rate debt based on forward rates in effect as of December 31, 2018 (per annum)
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
3.54
|
%
|
|
3.46
|
%
|
|
3.51
|
%
|
|
Page
|
|
(a)(1)
Financial Statements:
|
|
|
|
|
|
Reports of Independent Registered Public Accounting Firm
|
|
|
|
||
|
||
Financial Statements of Healthcare Trust of America, Inc.
|
|
|
|
||
|
||
|
||
|
||
|
||
Financial Statements of Healthcare Trust of America Holdings, LP
|
|
|
|
||
|
||
|
||
|
||
|
||
Notes for Healthcare Trust of America, Inc. and Healthcare Trust of America Holdings, LP
|
|
|
|
Financial Statement Schedules of Healthcare Trust of America, Inc. and Healthcare Trust of America Holdings, LP
|
|
|
|
||
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
481,871
|
|
|
$
|
485,319
|
|
Building and improvements
|
|
5,787,152
|
|
|
5,830,824
|
|
||
Lease intangibles
|
|
599,864
|
|
|
639,199
|
|
||
Construction in progress
|
|
4,903
|
|
|
14,223
|
|
||
|
|
6,873,790
|
|
|
6,969,565
|
|
||
Accumulated depreciation and amortization
|
|
(1,208,169
|
)
|
|
(1,021,691
|
)
|
||
Real estate investments, net
|
|
5,665,621
|
|
|
5,947,874
|
|
||
Investment in unconsolidated joint venture
|
|
67,172
|
|
|
68,577
|
|
||
Cash and cash equivalents
|
|
126,221
|
|
|
100,356
|
|
||
Restricted cash
|
|
7,309
|
|
|
18,204
|
|
||
Receivables and other assets, net
|
|
223,415
|
|
|
207,857
|
|
||
Other intangibles, net
|
|
98,738
|
|
|
106,714
|
|
||
Total assets
|
|
$
|
6,188,476
|
|
|
$
|
6,449,582
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Debt
|
|
$
|
2,541,232
|
|
|
$
|
2,781,031
|
|
Accounts payable and accrued liabilities
|
|
185,073
|
|
|
167,852
|
|
||
Derivative financial instruments - interest rate swaps
|
|
—
|
|
|
1,089
|
|
||
Security deposits, prepaid rent and other liabilities
|
|
59,567
|
|
|
61,222
|
|
||
Intangible liabilities, net
|
|
61,146
|
|
|
68,203
|
|
||
Total liabilities
|
|
2,847,018
|
|
|
3,079,397
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
6,544
|
|
|
6,737
|
|
||
Equity:
|
|
|
|
|
||||
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 205,267,349 and 204,892,118 shares issued and outstanding as of December 31, 2018 and 2017, respectively
|
|
2,053
|
|
|
2,049
|
|
||
Additional paid-in capital
|
|
4,525,969
|
|
|
4,508,528
|
|
||
Accumulated other comprehensive income
|
|
307
|
|
|
274
|
|
||
Cumulative dividends in excess of earnings
|
|
(1,272,305
|
)
|
|
(1,232,069
|
)
|
||
Total stockholders’ equity
|
|
3,256,024
|
|
|
3,278,782
|
|
||
Noncontrolling interests
|
|
78,890
|
|
|
84,666
|
|
||
Total equity
|
|
3,334,914
|
|
|
3,363,448
|
|
||
Total liabilities and equity
|
|
$
|
6,188,476
|
|
|
$
|
6,449,582
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
696,030
|
|
|
$
|
612,556
|
|
|
$
|
460,563
|
|
Interest and other operating income
|
396
|
|
|
1,434
|
|
|
365
|
|
|||
Total revenues
|
696,426
|
|
|
613,990
|
|
|
460,928
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|||
General and administrative
|
35,196
|
|
|
33,403
|
|
|
28,773
|
|
|||
Transaction
|
1,003
|
|
|
5,885
|
|
|
6,538
|
|
|||
Depreciation and amortization
|
279,630
|
|
|
244,986
|
|
|
176,866
|
|
|||
Impairment
|
8,887
|
|
|
13,922
|
|
|
3,080
|
|
|||
Total expenses
|
545,333
|
|
|
490,343
|
|
|
359,008
|
|
|||
Interest income (expense):
|
|
|
|
|
|
||||||
Interest related to derivative financial instruments
|
694
|
|
|
(1,031
|
)
|
|
(2,377
|
)
|
|||
Gain on change in fair value of derivative financial instruments, net
|
—
|
|
|
884
|
|
|
1,344
|
|
|||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments
|
694
|
|
|
(147
|
)
|
|
(1,033
|
)
|
|||
Interest related to debt
|
(102,543
|
)
|
|
(85,344
|
)
|
|
(59,769
|
)
|
|||
Gain on sale of real estate, net
|
165,977
|
|
|
37,802
|
|
|
8,966
|
|
|||
Gain (loss) on extinguishment of debt, net
|
242
|
|
|
(11,192
|
)
|
|
(3,025
|
)
|
|||
Income from unconsolidated joint venture
|
1,735
|
|
|
782
|
|
|
—
|
|
|||
Other income
|
428
|
|
|
29
|
|
|
286
|
|
|||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Net income attributable to noncontrolling interests
(1)
|
(4,163
|
)
|
|
(1,661
|
)
|
|
(1,433
|
)
|
|||
Net income attributable to common stockholders
|
$
|
213,463
|
|
|
$
|
63,916
|
|
|
$
|
45,912
|
|
Earnings per common share - basic:
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
Earnings per common share - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
1.02
|
|
|
$
|
0.34
|
|
|
$
|
0.33
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
206,065
|
|
|
181,064
|
|
|
136,620
|
|
|||
Diluted
|
210,061
|
|
|
185,278
|
|
|
140,259
|
|
|||
|
|
|
|
|
|
||||||
(1) Includes amounts attributable to redeemable noncontrolling interests.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
||||||
Change in unrealized gains on cash flow hedges
|
|
34
|
|
|
280
|
|
|
—
|
|
|||
Total other comprehensive income
|
|
34
|
|
|
280
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Total comprehensive income
|
|
217,660
|
|
|
65,857
|
|
|
47,345
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(4,075
|
)
|
|
(1,544
|
)
|
|
(1,315
|
)
|
|||
Total comprehensive income attributable to common stockholders
|
|
$
|
213,585
|
|
|
$
|
64,313
|
|
|
$
|
46,030
|
|
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Cumulative Dividends in Excess of Earnings
|
|
Total Stockholders’ Equity
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|||||||||||||||||||||||||||
Balance as of December 31, 2015
|
127,027
|
|
|
$
|
1,270
|
|
|
$
|
2,328,806
|
|
|
$
|
—
|
|
|
$
|
(950,652
|
)
|
|
$
|
1,379,424
|
|
|
$
|
27,534
|
|
|
$
|
1,406,958
|
|
Issuance of common stock in HTA
|
14,138
|
|
|
141
|
|
|
417,022
|
|
|
—
|
|
|
—
|
|
|
417,163
|
|
|
—
|
|
|
417,163
|
|
|||||||
Issuance of operating partnership units in HTALP in connection with an acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74,460
|
|
|
74,460
|
|
|||||||
Share-based award transactions, net
|
391
|
|
|
4
|
|
|
7,067
|
|
|
—
|
|
|
—
|
|
|
7,071
|
|
|
—
|
|
|
7,071
|
|
|||||||
Repurchase and cancellation of common stock
|
(94
|
)
|
|
(1
|
)
|
|
(2,641
|
)
|
|
—
|
|
|
—
|
|
|
(2,642
|
)
|
|
—
|
|
|
(2,642
|
)
|
|||||||
Redemption of noncontrolling interest and other
|
257
|
|
|
3
|
|
|
4,564
|
|
|
—
|
|
|
—
|
|
|
4,567
|
|
|
(5,709
|
)
|
|
(1,142
|
)
|
|||||||
Dividends declared ($1.190 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(164,221
|
)
|
|
(164,221
|
)
|
|
(4,457
|
)
|
|
(168,678
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,912
|
|
|
45,912
|
|
|
1,315
|
|
|
47,227
|
|
|||||||
Balance as of December 31, 2016
|
141,719
|
|
|
1,417
|
|
|
2,754,818
|
|
|
—
|
|
|
(1,068,961
|
)
|
|
1,687,274
|
|
|
93,143
|
|
|
1,780,417
|
|
|||||||
Issuance of common stock in HTA
|
62,823
|
|
|
628
|
|
|
1,746,328
|
|
|
—
|
|
|
—
|
|
|
1,746,956
|
|
|
—
|
|
|
1,746,956
|
|
|||||||
Issuance of operating partnership units in HTALP in connection with an acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,125
|
|
|
1,125
|
|
|||||||
Share-based award transactions, net
|
230
|
|
|
3
|
|
|
6,867
|
|
|
—
|
|
|
—
|
|
|
6,870
|
|
|
—
|
|
|
6,870
|
|
|||||||
Repurchase and cancellation of common stock
|
(116
|
)
|
|
(1
|
)
|
|
(3,412
|
)
|
|
—
|
|
|
—
|
|
|
(3,413
|
)
|
|
—
|
|
|
(3,413
|
)
|
|||||||
Redemption of noncontrolling interest and other
|
236
|
|
|
2
|
|
|
3,927
|
|
|
—
|
|
|
—
|
|
|
3,929
|
|
|
(5,943
|
)
|
|
(2,014
|
)
|
|||||||
Dividends declared ($1.210 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(227,024
|
)
|
|
(227,024
|
)
|
|
(5,203
|
)
|
|
(232,227
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,916
|
|
|
63,916
|
|
|
1,538
|
|
|
65,454
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
274
|
|
|
6
|
|
|
280
|
|
|||||||
Balance as of December 31, 2017
|
204,892
|
|
|
2,049
|
|
|
4,508,528
|
|
|
274
|
|
|
(1,232,069
|
)
|
|
3,278,782
|
|
|
84,666
|
|
|
3,363,448
|
|
|||||||
Issuance of common stock in HTA
|
2,550
|
|
|
25
|
|
|
72,789
|
|
|
—
|
|
|
—
|
|
|
72,814
|
|
|
—
|
|
|
72,814
|
|
|||||||
Share-based award transactions, net
|
308
|
|
|
4
|
|
|
9,751
|
|
|
—
|
|
|
—
|
|
|
9,755
|
|
|
411
|
|
|
10,166
|
|
|||||||
Repurchase and cancellation of common stock
|
(2,678
|
)
|
|
(27
|
)
|
|
(70,292
|
)
|
|
—
|
|
|
—
|
|
|
(70,319
|
)
|
|
—
|
|
|
(70,319
|
)
|
|||||||
Redemption of noncontrolling interest and other
|
195
|
|
|
2
|
|
|
5,193
|
|
|
—
|
|
|
—
|
|
|
5,195
|
|
|
(5,195
|
)
|
|
—
|
|
|||||||
Dividends declared ($1.230 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(253,699
|
)
|
|
(253,699
|
)
|
|
(5,067
|
)
|
|
(258,766
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213,463
|
|
|
213,463
|
|
|
4,074
|
|
|
217,537
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
1
|
|
|
34
|
|
|||||||
Balance as of December 31, 2018
|
205,267
|
|
|
$
|
2,053
|
|
|
$
|
4,525,969
|
|
|
$
|
307
|
|
|
$
|
(1,272,305
|
)
|
|
$
|
3,256,024
|
|
|
$
|
78,890
|
|
|
$
|
3,334,914
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
271,441
|
|
|
239,044
|
|
|
175,285
|
|
|||
Share-based compensation expense
|
9,755
|
|
|
6,870
|
|
|
7,071
|
|
|||
Impairment
|
8,887
|
|
|
13,922
|
|
|
3,080
|
|
|||
Income from unconsolidated joint venture
|
(1,735
|
)
|
|
(782
|
)
|
|
—
|
|
|||
Distributions from unconsolidated joint venture
|
2,665
|
|
|
750
|
|
|
—
|
|
|||
Gain on sale of real estate, net
|
(165,977
|
)
|
|
(37,802
|
)
|
|
(8,966
|
)
|
|||
(Gain) loss on extinguishment of debt, net
|
(242
|
)
|
|
11,192
|
|
|
3,025
|
|
|||
Change in fair value of derivative financial instruments
|
—
|
|
|
(884
|
)
|
|
(1,344
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Receivables and other assets, net
|
(17,558
|
)
|
|
(33,295
|
)
|
|
(21,234
|
)
|
|||
Accounts payable and accrued liabilities
|
9,478
|
|
|
37,406
|
|
|
2,171
|
|
|||
Prepaid rent and other liabilities
|
3,056
|
|
|
5,545
|
|
|
(2,738
|
)
|
|||
Net cash provided by operating activities
|
337,396
|
|
|
307,543
|
|
|
203,695
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investments in real estate
|
(17,389
|
)
|
|
(2,383,581
|
)
|
|
(591,954
|
)
|
|||
Investment in unconsolidated joint venture
|
—
|
|
|
(68,839
|
)
|
|
—
|
|
|||
Development of real estate
|
(34,270
|
)
|
|
(25,191
|
)
|
|
—
|
|
|||
Proceeds from the sale of real estate
|
305,135
|
|
|
80,640
|
|
|
26,555
|
|
|||
Capital expenditures
|
(77,870
|
)
|
|
(64,833
|
)
|
|
(42,994
|
)
|
|||
Collection of real estate notes receivable
|
703
|
|
|
9,964
|
|
|
—
|
|
|||
Advances on real estate notes receivable
|
—
|
|
|
(3,256
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings on unsecured revolving credit facility
|
145,000
|
|
|
570,000
|
|
|
574,000
|
|
|||
Payments on unsecured revolving credit facility
|
(145,000
|
)
|
|
(658,000
|
)
|
|
(704,000
|
)
|
|||
Proceeds from unsecured senior notes
|
—
|
|
|
900,000
|
|
|
347,725
|
|
|||
Borrowings on unsecured term loans
|
—
|
|
|
—
|
|
|
200,000
|
|
|||
Payments on unsecured term loans
|
—
|
|
|
—
|
|
|
(155,000
|
)
|
|||
Payments on secured mortgage loans
|
(241,021
|
)
|
|
(77,024
|
)
|
|
(110,935
|
)
|
|||
Deferred financing costs
|
(782
|
)
|
|
(16,904
|
)
|
|
(3,191
|
)
|
|||
Debt extinguishment costs
|
(1,909
|
)
|
|
(10,571
|
)
|
|
—
|
|
|||
Security deposits
|
—
|
|
|
2,419
|
|
|
924
|
|
|||
Proceeds from issuance of common stock
|
72,814
|
|
|
1,746,956
|
|
|
418,891
|
|
|||
Issuance of OP Units
|
411
|
|
|
—
|
|
|
2,706
|
|
|||
Repurchase and cancellation of common stock
|
(70,319
|
)
|
|
(3,413
|
)
|
|
(2,642
|
)
|
|||
Dividends paid
|
(252,651
|
)
|
|
(207,087
|
)
|
|
(159,174
|
)
|
|||
Distributions paid to noncontrolling interest of limited partners
|
(5,278
|
)
|
|
(5,308
|
)
|
|
(3,951
|
)
|
|||
Redemption of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
(4,572
|
)
|
|||
Net cash (used in) provided by financing activities
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|||
Net change in cash, cash equivalents and restricted cash
|
14,970
|
|
|
93,515
|
|
|
(3,917
|
)
|
|||
Cash, cash equivalents and restricted cash - beginning of year
|
118,560
|
|
|
25,045
|
|
|
28,962
|
|
|||
Cash, cash equivalents and restricted cash - end of year
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
25,045
|
|
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
481,871
|
|
|
$
|
485,319
|
|
Building and improvements
|
|
5,787,152
|
|
|
5,830,824
|
|
||
Lease intangibles
|
|
599,864
|
|
|
639,199
|
|
||
Construction in progress
|
|
4,903
|
|
|
14,223
|
|
||
|
|
6,873,790
|
|
|
6,969,565
|
|
||
Accumulated depreciation and amortization
|
|
(1,208,169
|
)
|
|
(1,021,691
|
)
|
||
Real estate investments, net
|
|
5,665,621
|
|
|
5,947,874
|
|
||
Investment in unconsolidated joint venture
|
|
67,172
|
|
|
68,577
|
|
||
Cash and cash equivalents
|
|
126,221
|
|
|
100,356
|
|
||
Restricted cash
|
|
7,309
|
|
|
18,204
|
|
||
Receivables and other assets, net
|
|
223,415
|
|
|
207,857
|
|
||
Other intangibles, net
|
|
98,738
|
|
|
106,714
|
|
||
Total assets
|
|
$
|
6,188,476
|
|
|
$
|
6,449,582
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Debt
|
|
$
|
2,541,232
|
|
|
$
|
2,781,031
|
|
Accounts payable and accrued liabilities
|
|
185,073
|
|
|
167,852
|
|
||
Derivative financial instruments - interest rate swaps
|
|
—
|
|
|
1,089
|
|
||
Security deposits, prepaid rent and other liabilities
|
|
59,567
|
|
|
61,222
|
|
||
Intangible liabilities, net
|
|
61,146
|
|
|
68,203
|
|
||
Total liabilities
|
|
2,847,018
|
|
|
3,079,397
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests
|
|
6,544
|
|
|
6,737
|
|
||
Partners’ Capital:
|
|
|
|
|
||||
Limited partners’ capital, 3,929,083 and 4,124,148 units issued and outstanding as of December 31, 2018 and 2017, respectively
|
|
78,620
|
|
|
84,396
|
|
||
General partners’ capital, 205,267,349 and 204,892,118 units issued and outstanding as of December 31, 2018 and 2017, respectively
|
|
3,256,294
|
|
|
3,279,052
|
|
||
Total partners’ capital
|
|
3,334,914
|
|
|
3,363,448
|
|
||
Total liabilities and partners’ capital
|
|
$
|
6,188,476
|
|
|
$
|
6,449,582
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
696,030
|
|
|
$
|
612,556
|
|
|
$
|
460,563
|
|
Interest and other operating income
|
396
|
|
|
1,434
|
|
|
365
|
|
|||
Total revenues
|
696,426
|
|
|
613,990
|
|
|
460,928
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|||
General and administrative
|
35,196
|
|
|
33,403
|
|
|
28,773
|
|
|||
Transaction
|
1,003
|
|
|
5,885
|
|
|
6,538
|
|
|||
Depreciation and amortization
|
279,630
|
|
|
244,986
|
|
|
176,866
|
|
|||
Impairment
|
8,887
|
|
|
13,922
|
|
|
3,080
|
|
|||
Total expenses
|
545,333
|
|
|
490,343
|
|
|
359,008
|
|
|||
Interest income (expense):
|
|
|
|
|
|
||||||
Interest related to derivative financial instruments
|
694
|
|
|
(1,031
|
)
|
|
(2,377
|
)
|
|||
Gain on change in fair value of derivative financial instruments, net
|
—
|
|
|
884
|
|
|
1,344
|
|
|||
Total interest related to derivative financial instruments, including net change in fair value of derivative financial instruments
|
694
|
|
|
(147
|
)
|
|
(1,033
|
)
|
|||
Interest related to debt
|
(102,543
|
)
|
|
(85,344
|
)
|
|
(59,769
|
)
|
|||
Gain on sale of real estate, net
|
165,977
|
|
|
37,802
|
|
|
8,966
|
|
|||
Gain (loss) on extinguishment of debt, net
|
242
|
|
|
(11,192
|
)
|
|
(3,025
|
)
|
|||
Income from unconsolidated joint venture
|
1,735
|
|
|
782
|
|
|
—
|
|
|||
Other income
|
428
|
|
|
29
|
|
|
286
|
|
|||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Net income attributable to noncontrolling interests
|
(89
|
)
|
|
(123
|
)
|
|
(118
|
)
|
|||
Net income attributable to common unitholders
|
$
|
217,537
|
|
|
$
|
65,454
|
|
|
$
|
47,227
|
|
Earnings per common unit - basic:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
Weighted average common units outstanding:
|
|
|
|
|
|
||||||
Basic
|
210,061
|
|
|
185,261
|
|
|
140,259
|
|
|||
Diluted
|
210,061
|
|
|
185,278
|
|
|
140,259
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
||||||
Change in unrealized gains on cash flow hedges
|
|
34
|
|
|
280
|
|
|
—
|
|
|||
Total other comprehensive income
|
|
34
|
|
|
280
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Total comprehensive income
|
|
217,660
|
|
|
65,857
|
|
|
47,345
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(89
|
)
|
|
(123
|
)
|
|
(118
|
)
|
|||
Total comprehensive income attributable to common unitholders
|
|
$
|
217,571
|
|
|
$
|
65,734
|
|
|
$
|
47,227
|
|
|
General Partners’ Capital
|
|
Limited Partners’ Capital
|
|
Total Partners’ Capital
|
||||||||||||
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|||||||||
Balance as of December 31, 2015
|
127,027
|
|
|
$
|
1,379,694
|
|
|
1,930
|
|
|
$
|
27,264
|
|
|
$
|
1,406,958
|
|
Issuance of general partner units, net
|
14,138
|
|
|
417,163
|
|
|
—
|
|
|
—
|
|
|
417,163
|
|
|||
Issuance of limited partner units in connection with an acquisition
|
—
|
|
|
—
|
|
|
2,650
|
|
|
74,460
|
|
|
74,460
|
|
|||
Share-based award transactions, net
|
391
|
|
|
7,071
|
|
|
—
|
|
|
—
|
|
|
7,071
|
|
|||
Redemption and cancellation of general partner units
|
(94
|
)
|
|
(2,642
|
)
|
|
—
|
|
|
—
|
|
|
(2,642
|
)
|
|||
Redemption of limited partner units and other
|
257
|
|
|
4,567
|
|
|
(257
|
)
|
|
(5,709
|
)
|
|
(1,142
|
)
|
|||
Distributions declared ($1.190 per common unit)
|
—
|
|
|
(164,221
|
)
|
|
—
|
|
|
(4,457
|
)
|
|
(168,678
|
)
|
|||
Net income
|
—
|
|
|
45,912
|
|
|
—
|
|
|
1,315
|
|
|
47,227
|
|
|||
Balance as of December 31, 2016
|
141,719
|
|
|
1,687,544
|
|
|
4,323
|
|
|
92,873
|
|
|
1,780,417
|
|
|||
Issuance of general partner units, net
|
62,823
|
|
|
1,746,956
|
|
|
—
|
|
|
—
|
|
|
1,746,956
|
|
|||
Issuance of limited partner units in connection with an acquisition
|
—
|
|
|
—
|
|
|
38
|
|
|
1,125
|
|
|
1,125
|
|
|||
Share-based award transactions, net
|
230
|
|
|
6,870
|
|
|
—
|
|
|
—
|
|
|
6,870
|
|
|||
Redemption and cancellation of general partner units
|
(116
|
)
|
|
(3,413
|
)
|
|
—
|
|
|
—
|
|
|
(3,413
|
)
|
|||
Redemption of limited partner units and other
|
236
|
|
|
3,929
|
|
|
(237
|
)
|
|
(5,943
|
)
|
|
(2,014
|
)
|
|||
Distributions declared ($1.210 per common unit)
|
—
|
|
|
(227,024
|
)
|
|
—
|
|
|
(5,203
|
)
|
|
(232,227
|
)
|
|||
Net income
|
—
|
|
|
63,916
|
|
|
—
|
|
|
1,538
|
|
|
65,454
|
|
|||
Other comprehensive income
|
—
|
|
|
274
|
|
|
—
|
|
|
6
|
|
|
280
|
|
|||
Balance as of December 31, 2017
|
204,892
|
|
|
3,279,052
|
|
|
4,124
|
|
|
84,396
|
|
|
3,363,448
|
|
|||
Issuance of general partner units, net
|
2,550
|
|
|
72,814
|
|
|
—
|
|
|
—
|
|
|
72,814
|
|
|||
Share-based award transactions, net
|
308
|
|
|
9,755
|
|
|
—
|
|
|
411
|
|
|
10,166
|
|
|||
Redemption and cancellation of general partner units
|
(2,678
|
)
|
|
(70,319
|
)
|
|
—
|
|
|
—
|
|
|
(70,319
|
)
|
|||
Redemption of limited partner units and other
|
195
|
|
|
5,195
|
|
|
(195
|
)
|
|
(5,195
|
)
|
|
—
|
|
|||
Distributions declared ($1.230 per common unit)
|
—
|
|
|
(253,699
|
)
|
|
—
|
|
|
(5,067
|
)
|
|
(258,766
|
)
|
|||
Net income
|
—
|
|
|
213,463
|
|
|
—
|
|
|
4,074
|
|
|
217,537
|
|
|||
Other comprehensive income
|
—
|
|
|
33
|
|
|
—
|
|
|
1
|
|
|
34
|
|
|||
Balance as of December 31, 2018
|
205,267
|
|
|
$
|
3,256,294
|
|
|
3,929
|
|
|
$
|
78,620
|
|
|
$
|
3,334,914
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
271,441
|
|
|
239,044
|
|
|
175,285
|
|
|||
Share-based compensation expense
|
9,755
|
|
|
6,870
|
|
|
7,071
|
|
|||
Impairment
|
8,887
|
|
|
13,922
|
|
|
3,080
|
|
|||
Income from unconsolidated joint venture
|
(1,735
|
)
|
|
(782
|
)
|
|
—
|
|
|||
Distributions from unconsolidated joint venture
|
2,665
|
|
|
750
|
|
|
—
|
|
|||
Gain on sale of real estate, net
|
(165,977
|
)
|
|
(37,802
|
)
|
|
(8,966
|
)
|
|||
(Gain) loss on extinguishment of debt, net
|
(242
|
)
|
|
11,192
|
|
|
3,025
|
|
|||
Change in fair value of derivative financial instruments
|
—
|
|
|
(884
|
)
|
|
(1,344
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Receivables and other assets, net
|
(17,558
|
)
|
|
(33,295
|
)
|
|
(21,234
|
)
|
|||
Accounts payable and accrued liabilities
|
9,478
|
|
|
37,406
|
|
|
2,171
|
|
|||
Prepaid rent and other liabilities
|
3,056
|
|
|
5,545
|
|
|
(2,738
|
)
|
|||
Net cash provided by operating activities
|
337,396
|
|
|
307,543
|
|
|
203,695
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investments in real estate
|
(17,389
|
)
|
|
(2,383,581
|
)
|
|
(591,954
|
)
|
|||
Investment in unconsolidated joint venture
|
—
|
|
|
(68,839
|
)
|
|
—
|
|
|||
Development of real estate
|
(34,270
|
)
|
|
(25,191
|
)
|
|
—
|
|
|||
Proceeds from the sale of real estate
|
305,135
|
|
|
80,640
|
|
|
26,555
|
|
|||
Capital expenditures
|
(77,870
|
)
|
|
(64,833
|
)
|
|
(42,994
|
)
|
|||
Collection of real estate notes receivable
|
703
|
|
|
9,964
|
|
|
—
|
|
|||
Advances on real estate notes receivable
|
—
|
|
|
(3,256
|
)
|
|
—
|
|
|||
Net cash provided by (used in) investing activities
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings on unsecured revolving credit facility
|
145,000
|
|
|
570,000
|
|
|
574,000
|
|
|||
Payments on unsecured revolving credit facility
|
(145,000
|
)
|
|
(658,000
|
)
|
|
(704,000
|
)
|
|||
Proceeds from unsecured senior notes
|
—
|
|
|
900,000
|
|
|
347,725
|
|
|||
Borrowings on unsecured term loans
|
—
|
|
|
—
|
|
|
200,000
|
|
|||
Payments on unsecured term loans
|
—
|
|
|
—
|
|
|
(155,000
|
)
|
|||
Payments on secured mortgage loans
|
(241,021
|
)
|
|
(77,024
|
)
|
|
(110,935
|
)
|
|||
Deferred financing costs
|
(782
|
)
|
|
(16,904
|
)
|
|
(3,191
|
)
|
|||
Debt extinguishment costs
|
(1,909
|
)
|
|
(10,571
|
)
|
|
—
|
|
|||
Security deposits
|
—
|
|
|
2,419
|
|
|
924
|
|
|||
Proceeds from issuance of general partner units
|
72,814
|
|
|
1,746,956
|
|
|
418,891
|
|
|||
Issuance of limited partner units
|
411
|
|
|
—
|
|
|
2,706
|
|
|||
Repurchase and cancellation of general partner units
|
(70,319
|
)
|
|
(3,413
|
)
|
|
(2,642
|
)
|
|||
Distributions paid to general partner
|
(252,651
|
)
|
|
(207,087
|
)
|
|
(159,174
|
)
|
|||
Distributions paid to limited partners and redeemable noncontrolling interests
|
(5,278
|
)
|
|
(5,308
|
)
|
|
(3,951
|
)
|
|||
Redemption of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
(4,572
|
)
|
|||
Net cash (used in) provided by financing activities
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|||
Net change in cash, cash equivalents and restricted cash
|
14,970
|
|
|
93,515
|
|
|
(3,917
|
)
|
|||
Cash, cash equivalents and restricted cash - beginning of year
|
118,560
|
|
|
25,045
|
|
|
28,962
|
|
|||
Cash, cash equivalents and restricted cash - end of year
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
25,045
|
|
|
December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Cash and cash equivalents
|
$
|
126,221
|
|
|
$
|
100,356
|
|
|
$
|
11,231
|
|
Restricted cash
|
7,309
|
|
|
18,204
|
|
|
13,814
|
|
|||
Total cash, cash equivalents and restricted cash
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
25,045
|
|
•
|
to not separate certain non-lease components, such as common area maintenance from lease revenue if (i) the timing and pattern of revenue recognition are the same for the non-lease component, and (ii) the related lease component and the combined single lease component would be classified as an operating lease;
|
•
|
to exclude land easements from assessment in determining whether they meet the definition of a lease up to the time of adoption of ASC 842; and
|
•
|
to not record on our balance sheet lease liabilities and right of use (“ROU”) assets with lease terms of 12 months or less.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Land
|
$
|
1,895
|
|
|
$
|
100,922
|
|
|
$
|
85,017
|
|
Building and improvements
|
14,458
|
|
|
2,358,771
|
|
|
559,930
|
|
|||
In place leases
|
1,237
|
|
|
190,020
|
|
|
56,807
|
|
|||
Below market leases
|
(201
|
)
|
|
(27,849
|
)
|
|
(13,792
|
)
|
|||
Above market leases
|
—
|
|
|
12,180
|
|
|
4,626
|
|
|||
Below market leasehold interests
|
—
|
|
|
54,252
|
|
|
4,189
|
|
|||
Above market leasehold interests
|
—
|
|
|
(8,978
|
)
|
|
(50
|
)
|
|||
Above market debt
|
—
|
|
|
—
|
|
|
(83
|
)
|
|||
Interest rate swaps
|
—
|
|
|
—
|
|
|
(779
|
)
|
|||
Net assets acquired
|
17,389
|
|
|
2,679,318
|
|
|
695,865
|
|
|||
Other, net
(1)
|
447
|
|
|
60,913
|
|
|
4,899
|
|
|||
Aggregate purchase price
|
$
|
17,836
|
|
|
$
|
2,740,231
|
|
|
$
|
700,764
|
|
|
|
|
|
|
|
||||||
(1) For the year ended December 31, 2017, other, net, consisted primarily of capital expenditures and tenant improvements received as credits at the time of acquisition.
|
|
Year Ended December 31,
|
||||
|
2018
|
|
2017
|
|
2016
|
Acquired intangible assets
|
5.8
|
|
20.2
|
|
8.4
|
Acquired intangible liabilities
|
6.5
|
|
19.7
|
|
7.7
|
◦
|
In August 2018, we completed the Greenville Disposition, which consisted of
17
MOBs for an aggregate gross sales price of
$294.3 million
in two transactions, representing approximately
1.0 million
square feet of GLA and included a single MOB which we classified as held for sale as of June 30, 2018.
|
◦
|
Additionally, we completed the disposition of
three
MOBs located in Derry, New Hampshire, North Adams, Massachusetts and Memphis, TN for an aggregate gross sales price of
$14.3 million
, representing approximately
0.2 million
square feet of GLA.
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
|
Balance
|
|
Weighted Average Remaining
Amortization in Years
|
|
Balance
|
|
Weighted Average Remaining
Amortization in Years
|
||||
Assets:
|
|
|
|
|
|
|
|
||||
In place leases
|
$
|
449,424
|
|
|
9.8
|
|
$
|
474,252
|
|
|
9.8
|
Tenant relationships
|
150,440
|
|
|
9.4
|
|
164,947
|
|
|
10.2
|
||
Above market leases
|
36,862
|
|
|
6.1
|
|
40,082
|
|
|
6.3
|
||
Below market leasehold interests
|
91,759
|
|
|
64.3
|
|
92,362
|
|
|
63.4
|
||
|
728,485
|
|
|
|
|
771,643
|
|
|
|
||
Accumulated amortization
|
(355,576
|
)
|
|
|
|
(312,655
|
)
|
|
|
||
Total
|
$
|
372,909
|
|
|
22.1
|
|
$
|
458,988
|
|
|
19.5
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||
Below market leases
|
$
|
61,395
|
|
|
14.6
|
|
$
|
61,820
|
|
|
14.7
|
Above market leasehold interests
|
20,610
|
|
|
49.2
|
|
20,610
|
|
|
50.1
|
||
|
82,005
|
|
|
|
|
82,430
|
|
|
|
||
Accumulated amortization
|
(20,859
|
)
|
|
|
|
(14,227
|
)
|
|
|
||
Total
|
$
|
61,146
|
|
|
25.3
|
|
$
|
68,203
|
|
|
25.0
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Amortization recorded against rental income related to above and (below) market leases
|
$
|
(913
|
)
|
|
$
|
(526
|
)
|
|
$
|
255
|
|
Rental expense related to above and (below) market leasehold interests
|
1,129
|
|
|
880
|
|
|
453
|
|
|||
Amortization expense related to in place leases and tenant relationships
|
68,394
|
|
|
64,896
|
|
|
52,213
|
|
Year
|
|
Assets
|
|
Liabilities
|
||||
2019
|
|
$
|
58,828
|
|
|
$
|
6,498
|
|
2020
|
|
46,055
|
|
|
5,733
|
|
||
2021
|
|
37,297
|
|
|
4,876
|
|
||
2022
|
|
29,394
|
|
|
4,417
|
|
||
2023
|
|
24,532
|
|
|
3,898
|
|
||
Thereafter
|
|
176,803
|
|
|
35,724
|
|
||
Total
|
|
$
|
372,909
|
|
|
$
|
61,146
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Tenant receivables, net
|
$
|
14,588
|
|
|
$
|
20,269
|
|
Other receivables, net
|
16,078
|
|
|
9,305
|
|
||
Deferred financing costs, net
|
6,049
|
|
|
7,759
|
|
||
Deferred leasing costs, net
|
30,731
|
|
|
25,494
|
|
||
Straight-line rent receivables, net
|
92,973
|
|
|
85,143
|
|
||
Prepaid expenses, deposits, equipment and other, net
|
61,885
|
|
|
58,358
|
|
||
Derivative financial instruments - interest rate swaps
|
1,111
|
|
|
1,529
|
|
||
Total
|
$
|
223,415
|
|
|
$
|
207,857
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Amortization expense related to deferred leasing costs
|
$
|
6,252
|
|
|
$
|
5,672
|
|
|
$
|
4,647
|
|
Interest expense related to deferred financing costs
|
1,724
|
|
|
1,492
|
|
|
1,326
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
7,665
|
|
2020
|
|
7,471
|
|
|
2021
|
|
6,680
|
|
|
2022
|
|
4,614
|
|
|
2023
|
|
2,942
|
|
|
Thereafter
|
|
7,408
|
|
|
Total
|
|
$
|
36,780
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Unsecured revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Unsecured term loans
|
500,000
|
|
|
500,000
|
|
||
Unsecured senior notes
|
1,850,000
|
|
|
1,850,000
|
|
||
Fixed rate mortgages
|
211,421
|
|
|
414,524
|
|
||
Variable rate mortgages
|
—
|
|
|
37,918
|
|
||
|
2,561,421
|
|
|
2,802,442
|
|
||
Deferred financing costs, net
|
(13,741
|
)
|
|
(15,850
|
)
|
||
Discount, net
|
(6,448
|
)
|
|
(5,561
|
)
|
||
Total
|
$
|
2,541,232
|
|
|
$
|
2,781,031
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
97,361
|
|
2020
|
|
97,430
|
|
|
2021
|
|
302,504
|
|
|
2022
|
|
402,005
|
|
|
2023
|
|
612,121
|
|
|
Thereafter
|
|
1,050,000
|
|
|
Total
|
|
$
|
2,561,421
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
3,023
|
|
2020
|
|
2,890
|
|
|
2021
|
|
2,717
|
|
|
2022
|
|
2,096
|
|
|
2023
|
|
1,109
|
|
|
Thereafter
|
|
1,906
|
|
|
Total
|
|
$
|
13,741
|
|
Cash Flow Hedges
|
|
December 31, 2018
|
||
Number of instruments
|
|
2
|
|
|
Notional amount
|
|
$
|
155,000
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
|
Fair Value at:
|
|
|
|
Fair Value at:
|
||||||||||||
Derivatives Designated as Hedging Instruments:
|
|
Balance Sheet
Location
|
|
December 31, 2018
|
|
December 31, 2017
|
|
Balance Sheet
Location
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||
Interest rate swaps
|
|
Receivables and other assets
|
|
$
|
1,111
|
|
|
$
|
1,529
|
|
|
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
1,089
|
|
|
|
Gain (Loss) Recognized in OCI on Derivative
|
|
|
|
Gain (Loss) Reclassified from Accumulated OCI into Income
(1)
|
||||||||||||
|
|
Year Ended December 31,
|
|
|
|
Year Ended December 31,
|
||||||||||||
Derivatives Cash Flow Hedging Relationships:
|
|
2018
|
|
2017
|
|
Statement of Operations Location
|
|
2018
|
|
2017
|
||||||||
Interest rate swaps
|
|
$
|
1,385
|
|
|
$
|
(338
|
)
|
|
Interest related to derivative financial instruments
|
|
$
|
746
|
|
|
$
|
(618
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) For the year ended December 31, 2018, due to the settlement of three cash flow hedges that was a result of the prepayment of its associated debt, a forecasted amount of gain reclassified from accumulated OCI to income in the amount of approximately $0.6 million will not occur. This reclassification was reported in loss on extinguishment of debt on the accompanying consolidated statements of operations.
|
|
|
Offsetting of Derivative Assets
|
||||||||||||||||||||||
|
|
Gross Amounts of Recognized Assets
|
|
Gross Amounts in the Consolidated Balance Sheets
|
|
Net Amounts of Assets Presented in the Consolidated Balance Sheets
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
Net Amount
|
||||||||||||
December 31, 2018
|
|
$
|
1,111
|
|
|
$
|
—
|
|
|
$
|
1,111
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,111
|
|
December 31, 2017
|
|
1,529
|
|
|
—
|
|
|
1,529
|
|
|
—
|
|
|
—
|
|
|
1,529
|
|
|
|
Offsetting of Derivative Liabilities
|
||||||||||||||||||||||
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts in the Consolidated Balance Sheets
|
|
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
Net Amount
|
||||||||||||
December 31, 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2017
|
|
1,089
|
|
|
—
|
|
|
1,089
|
|
|
—
|
|
|
—
|
|
|
1,089
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
10,309
|
|
2020
|
|
10,408
|
|
|
2021
|
|
9,877
|
|
|
2022
|
|
10,031
|
|
|
2023
|
|
10,132
|
|
|
Thereafter
|
|
639,234
|
|
|
Total
|
|
$
|
689,991
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
Beginning balance
|
$
|
6,737
|
|
|
$
|
4,653
|
|
Net income attributable to noncontrolling interests
|
89
|
|
|
123
|
|
||
Distributions
|
(282
|
)
|
|
(53
|
)
|
||
Fair value adjustment
|
—
|
|
|
2,014
|
|
||
Ending balance
|
$
|
6,544
|
|
|
$
|
6,737
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||
|
Restricted Common Stock
|
|
Weighted
Average Grant
Date Fair Value
|
|
Restricted Common Stock
|
|
Weighted
Average Grant
Date Fair Value
|
||||||
Beginning balance
|
589,606
|
|
|
$
|
29.38
|
|
|
640,870
|
|
|
$
|
27.36
|
|
Granted
|
370,071
|
|
|
28.65
|
|
|
295,493
|
|
|
29.75
|
|
||
Vested
|
(273,766
|
)
|
|
28.50
|
|
|
(281,064
|
)
|
|
25.33
|
|
||
Forfeited
|
(61,562
|
)
|
|
29.21
|
|
|
(65,693
|
)
|
|
29.01
|
|
||
Ending balance
|
624,349
|
|
|
$
|
29.35
|
|
|
589,606
|
|
|
$
|
29.38
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Level 2 - Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
1,111
|
|
|
$
|
1,111
|
|
|
$
|
1,529
|
|
|
$
|
1,529
|
|
Level 2 - Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,089
|
|
|
$
|
1,089
|
|
Debt
|
|
2,541,232
|
|
|
2,508,599
|
|
|
2,781,031
|
|
|
2,826,289
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Net income attributable to noncontrolling interests
|
(4,163
|
)
|
|
(1,661
|
)
|
|
(1,433
|
)
|
|||
Net income attributable to common stockholders
|
$
|
213,463
|
|
|
$
|
63,916
|
|
|
$
|
45,912
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
206,065
|
|
|
181,064
|
|
|
136,620
|
|
|||
Dilutive shares - OP Unit convertible into common stock
|
3,996
|
|
|
4,197
|
|
|
3,639
|
|
|||
Dilutive effect of forward equity sales agreement
|
—
|
|
|
17
|
|
|
—
|
|
|||
Adjusted weighted average shares outstanding - diluted
|
210,061
|
|
|
185,278
|
|
|
140,259
|
|
|||
Earnings per common share - basic
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
Earnings per common share - diluted
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
1.02
|
|
|
$
|
0.34
|
|
|
$
|
0.33
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
$
|
47,345
|
|
Net income attributable to noncontrolling interests
|
(89
|
)
|
|
(123
|
)
|
|
(118
|
)
|
|||
Net income attributable to common unitholders
|
$
|
217,537
|
|
|
$
|
65,454
|
|
|
$
|
47,227
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted average units outstanding - basic
|
210,061
|
|
|
185,261
|
|
|
140,259
|
|
|||
Dilutive effect of forward equity sales agreement
|
—
|
|
|
17
|
|
|
—
|
|
|||
Adjusted weighted average units outstanding - diluted
|
210,061
|
|
|
185,278
|
|
|
140,259
|
|
|||
Earnings per common unit - basic:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
$
|
0.34
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
101,165
|
|
|
$
|
64,988
|
|
|
$
|
50,883
|
|
Income taxes paid
|
1,645
|
|
|
1,333
|
|
|
1,059
|
|
|||
|
|
|
|
|
|
||||||
Supplemental Disclosure of Noncash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Accrued capital expenditures
|
$
|
9,878
|
|
|
$
|
3,155
|
|
|
$
|
5,092
|
|
Debt and interest rate swaps assumed and entered into in connection with an acquisition
|
—
|
|
|
286,000
|
|
|
28,163
|
|
|||
Dividend distributions declared, but not paid
|
65,034
|
|
|
63,823
|
|
|
43,867
|
|
|||
Issuance of OP Units in HTALP in connection with an acquisition
|
—
|
|
|
1,125
|
|
|
71,754
|
|
|||
Note receivable included in the consideration of a disposition
|
—
|
|
|
—
|
|
|
12,737
|
|
|||
Note receivable retired in connection with an acquisition
|
—
|
|
|
8,611
|
|
|
—
|
|
|||
Redeemable noncontrolling interest assumed in connection with an acquisition
|
—
|
|
|
—
|
|
|
4,773
|
|
|||
Redemption of noncontrolling interest
|
5,195
|
|
|
5,943
|
|
|
5,709
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Ordinary income
|
|
$
|
0.6559
|
|
|
$
|
0.7479
|
|
|
$
|
0.8970
|
|
Return of capital
|
|
0.0000
|
|
|
0.3720
|
|
|
0.2880
|
|
|||
Capital gain
|
|
0.5691
|
|
|
0.0851
|
|
|
0.0000
|
|
|||
Total
|
|
$
|
1.2250
|
|
|
$
|
1.2050
|
|
|
$
|
1.1850
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
497,083
|
|
2020
|
|
448,956
|
|
|
2021
|
|
401,871
|
|
|
2022
|
|
341,889
|
|
|
2023
|
|
294,451
|
|
|
Thereafter
|
|
1,244,246
|
|
|
Total
|
|
$
|
3,228,496
|
|
|
|
Quarter Ended
(1)
|
||||||||||||||
2017
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
|
$
|
124,347
|
|
|
$
|
139,879
|
|
|
$
|
175,994
|
|
|
$
|
173,770
|
|
Net income (loss)
|
|
14,000
|
|
|
(5,852
|
)
|
|
13,957
|
|
|
43,472
|
|
||||
Net income (loss) attributable to common stockholders
|
|
13,545
|
|
|
(5,918
|
)
|
|
13,763
|
|
|
42,526
|
|
||||
Earnings per common share - basic:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders
|
|
$
|
0.10
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.07
|
|
|
$
|
0.21
|
|
Earnings per common share - diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common stockholders
|
|
$
|
0.09
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.07
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) The sum of the individual quarterly amounts may not agree to the annual amounts included in the accompanying consolidated statements of operations due to rounding.
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent
to
Acquisition (a)
|
|
Gross Amount at Which
Carried at Close of Period
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Encumbrances
|
|
Land
|
|
Buildings,
Improvements and
Fixtures
|
|
|
Land
|
|
Buildings,
Improvements and
Fixtures
|
|
Total (c)
|
|
Accumulated
Depreciation (f)
|
|
Date of Construction
|
|
Date
Acquired
|
|
Life on Which Building Depreciation in Income Statement is Computed (h)
|
|||||||||||||||||
Shelby MOBs
|
Alabaster, AL
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,095
|
|
|
$
|
1,411
|
|
|
$
|
—
|
|
|
$
|
26,506
|
|
|
$
|
26,506
|
|
|
$
|
(2,093
|
)
|
|
1995-1998
|
|
2016
|
|
36
|
Simon Williamson Clinic
|
Birmingham, AL
|
—
|
|
|
—
|
|
|
25,689
|
|
|
11
|
|
|
—
|
|
|
25,700
|
|
|
25,700
|
|
|
(2,132
|
)
|
|
2007
|
|
2016
|
|
36
|
||||||||
Jasper
|
Jasper, AL
|
—
|
|
|
—
|
|
|
5,973
|
|
|
305
|
|
|
—
|
|
|
6,278
|
|
|
6,278
|
|
|
(753
|
)
|
|
1979
|
|
2016
|
|
25
|
||||||||
Phoenix Med Center
|
Glendale, AZ
|
—
|
|
|
453
|
|
|
2,768
|
|
|
791
|
|
|
453
|
|
|
3,559
|
|
|
4,012
|
|
|
(1,145
|
)
|
|
1989
|
|
2011
|
|
39
|
||||||||
Thunderbird MOP
|
Glendale, AZ
|
—
|
|
|
3,842
|
|
|
19,679
|
|
|
4,264
|
|
|
3,842
|
|
|
23,943
|
|
|
27,785
|
|
|
(10,019
|
)
|
|
1976-1987
|
|
2007
|
|
39
|
||||||||
Peoria MOB
|
Peoria, AZ
|
—
|
|
|
605
|
|
|
4,394
|
|
|
293
|
|
|
605
|
|
|
4,687
|
|
|
5,292
|
|
|
(1,415
|
)
|
|
2000
|
|
2010
|
|
39
|
||||||||
Baptist MC
|
Phoenix, AZ
|
—
|
|
|
—
|
|
|
12,637
|
|
|
3,611
|
|
|
—
|
|
|
16,248
|
|
|
16,248
|
|
|
(4,741
|
)
|
|
1973
|
|
2008
|
|
39
|
||||||||
Desert Ridge MOB
|
Phoenix, AZ
|
—
|
|
|
—
|
|
|
27,738
|
|
|
3,441
|
|
|
—
|
|
|
31,179
|
|
|
31,179
|
|
|
(7,283
|
)
|
|
2004-2006
|
|
2011
|
|
39
|
||||||||
Dignity Phoenix MOBs
|
Phoenix, AZ
|
—
|
|
|
—
|
|
|
66,106
|
|
|
1,366
|
|
|
—
|
|
|
67,472
|
|
|
67,472
|
|
|
(4,510
|
)
|
|
1984-1997
|
|
2017
|
|
20-39
|
||||||||
Estrella Med Center
|
Phoenix, AZ
|
—
|
|
|
—
|
|
|
24,703
|
|
|
3,122
|
|
|
—
|
|
|
27,825
|
|
|
27,825
|
|
|
(7,818
|
)
|
|
2004
|
|
2010
|
|
39
|
||||||||
Sun City Boswell MOBs
|
Sun City, AZ
|
—
|
|
|
—
|
|
|
12,642
|
|
|
3,667
|
|
|
—
|
|
|
16,309
|
|
|
16,309
|
|
|
(6,250
|
)
|
|
1971-2001
|
|
2009
|
|
39
|
||||||||
Sun City Boswell West
|
Sun City, AZ
|
—
|
|
|
—
|
|
|
6,610
|
|
|
2,820
|
|
|
—
|
|
|
9,430
|
|
|
9,430
|
|
|
(3,224
|
)
|
|
1992
|
|
2009
|
|
39
|
||||||||
Sun City Webb MP
|
Sun City, AZ
|
—
|
|
|
—
|
|
|
16,188
|
|
|
4,313
|
|
|
—
|
|
|
20,501
|
|
|
20,501
|
|
|
(6,111
|
)
|
|
1997-2004
|
|
2009
|
|
39
|
||||||||
Sun City West MOBs
|
Sun City, AZ
|
—
|
|
|
744
|
|
|
13,466
|
|
|
2,761
|
|
|
744
|
|
|
16,227
|
|
|
16,971
|
|
|
(5,816
|
)
|
|
1987-2002
|
|
2009
|
|
39
|
||||||||
Gateway Med Plaza
|
Tucson, AZ
|
—
|
|
|
—
|
|
|
14,005
|
|
|
(95
|
)
|
|
—
|
|
|
13,910
|
|
|
13,910
|
|
|
(3,357
|
)
|
|
2008
|
|
2010
|
|
39
|
||||||||
Tucson Academy MOP
|
Tucson, AZ
|
—
|
|
|
1,193
|
|
|
6,107
|
|
|
1,434
|
|
|
1,193
|
|
|
7,541
|
|
|
8,734
|
|
|
(3,044
|
)
|
|
1978
|
|
2008
|
|
39
|
||||||||
Tucson Desert Life MOP
|
Tucson, AZ
|
—
|
|
|
1,309
|
|
|
17,572
|
|
|
5,313
|
|
|
1,309
|
|
|
22,885
|
|
|
24,194
|
|
|
(7,903
|
)
|
|
1980-1984
|
|
2007
|
|
39
|
||||||||
Dignity Mercy MOBs
|
Bakersfield, CA
|
—
|
|
|
—
|
|
|
15,207
|
|
|
20
|
|
|
—
|
|
|
15,227
|
|
|
15,227
|
|
|
(1,024
|
)
|
|
1992
|
|
2017
|
|
35
|
||||||||
5995 Plaza Drive
|
Cypress, CA
|
—
|
|
|
5,109
|
|
|
17,961
|
|
|
2,077
|
|
|
5,109
|
|
|
20,038
|
|
|
25,147
|
|
|
(5,832
|
)
|
|
1986
|
|
2008
|
|
39
|
||||||||
Dignity Glendale MOB
|
Glendale, CA
|
—
|
|
|
—
|
|
|
7,244
|
|
|
253
|
|
|
—
|
|
|
7,497
|
|
|
7,497
|
|
|
(559
|
)
|
|
1980
|
|
2017
|
|
30
|
||||||||
Mission Medical Center MOBs
|
Mission Viejo, CA
|
—
|
|
|
21,911
|
|
|
117,672
|
|
|
40
|
|
|
21,911
|
|
|
117,712
|
|
|
139,623
|
|
|
(8,374
|
)
|
|
1972-1985
|
|
2016
|
|
39
|
||||||||
Dignity Northridge MOBs
|
Northridge, CA
|
—
|
|
|
—
|
|
|
21,467
|
|
|
523
|
|
|
—
|
|
|
21,990
|
|
|
21,990
|
|
|
(1,483
|
)
|
|
1979-1994
|
|
2017
|
|
30-35
|
||||||||
San Luis Obispo MOB
|
San Luis Obispo, CA
|
—
|
|
|
—
|
|
|
11,900
|
|
|
2,586
|
|
|
—
|
|
|
14,486
|
|
|
14,486
|
|
|
(4,558
|
)
|
|
2009
|
|
2010
|
|
39
|
||||||||
Facey MOB
|
Santa Clarita, CA
|
—
|
|
|
6,452
|
|
|
5,586
|
|
|
18,561
|
|
|
6,452
|
|
|
24,147
|
|
|
30,599
|
|
|
(261
|
)
|
|
2018
|
|
2017
|
|
39
|
||||||||
Dignity Marian MOBs
|
Santa Maria, CA
|
—
|
|
|
—
|
|
|
13,646
|
|
|
257
|
|
|
—
|
|
|
13,903
|
|
|
13,903
|
|
|
(1,153
|
)
|
|
1994-1995
|
|
2017
|
|
17-38
|
||||||||
SCL Health MOBs
|
Denver, CO
|
—
|
|
|
11,652
|
|
|
104,327
|
|
|
2,618
|
|
|
11,652
|
|
|
106,945
|
|
|
118,597
|
|
|
(4,885
|
)
|
|
2015-2017
|
|
2017
|
|
39
|
||||||||
Hampden Place MOB
|
Englewood, CO
|
—
|
|
|
3,032
|
|
|
12,553
|
|
|
257
|
|
|
3,032
|
|
|
12,810
|
|
|
15,842
|
|
|
(4,007
|
)
|
|
2004
|
|
2009
|
|
39
|
||||||||
Highlands Ranch MOP
|
Highlands Ranch, CO
|
—
|
|
|
2,240
|
|
|
10,426
|
|
|
5,926
|
|
|
2,240
|
|
|
16,352
|
|
|
18,592
|
|
|
(5,739
|
)
|
|
1983-1985
|
|
2007
|
|
39
|
||||||||
Lone Tree Medical Office Buildings
|
Lone Tree, CO
|
—
|
|
|
3,736
|
|
|
29,546
|
|
|
1,403
|
|
|
3,736
|
|
|
30,949
|
|
|
34,685
|
|
|
(4,401
|
)
|
|
2004-2008
|
|
2014
|
|
38
|
||||||||
Lincoln Medical Center
|
Parker, CO
|
—
|
|
|
5,142
|
|
|
28,638
|
|
|
1,328
|
|
|
5,142
|
|
|
29,966
|
|
|
35,108
|
|
|
(5,313
|
)
|
|
2008
|
|
2013
|
|
39
|
||||||||
80 Fisher
|
Avon, CT
|
—
|
|
|
—
|
|
|
5,094
|
|
|
—
|
|
|
—
|
|
|
5,094
|
|
|
5,094
|
|
|
(695
|
)
|
|
2008
|
|
2016
|
|
39
|
||||||||
Northwestern MOBs
|
Bloomfield, CT
|
—
|
|
|
1,369
|
|
|
6,287
|
|
|
567
|
|
|
1,369
|
|
|
6,854
|
|
|
8,223
|
|
|
(927
|
)
|
|
1985
|
|
2016
|
|
35
|
||||||||
533 Cottage - Northwestern
|
Bloomfield, CT
|
—
|
|
|
726
|
|
|
3,964
|
|
|
(530
|
)
|
|
726
|
|
|
3,434
|
|
|
4,160
|
|
|
(375
|
)
|
|
1955
|
|
2016
|
|
35
|
||||||||
406 Farmington
|
Farmington, CT
|
—
|
|
|
379
|
|
|
3,509
|
|
|
—
|
|
|
379
|
|
|
3,509
|
|
|
3,888
|
|
|
(331
|
)
|
|
1988
|
|
2016
|
|
39
|
||||||||
704 Hebron
|
Glastonbury, CT
|
—
|
|
|
2,223
|
|
|
6,544
|
|
|
120
|
|
|
2,223
|
|
|
6,664
|
|
|
8,887
|
|
|
(776
|
)
|
|
2001
|
|
2016
|
|
37
|
||||||||
Gateway MOBs
|
Glastonbury, CT
|
—
|
|
|
11,328
|
|
|
41,320
|
|
|
4,228
|
|
|
13,448
|
|
|
43,428
|
|
|
56,876
|
|
|
(4,674
|
)
|
|
2007-2017
|
|
2016-2017
|
|
39
|
||||||||
Haynes MOBs
|
Manchester, CT
|
—
|
|
|
1,100
|
|
|
14,620
|
|
|
18
|
|
|
1,100
|
|
|
14,638
|
|
|
15,738
|
|
|
(1,321
|
)
|
|
2007-2010
|
|
2016
|
|
39
|
||||||||
Pomeroy MOBs
|
Meriden, CT
|
—
|
|
|
1,774
|
|
|
10,078
|
|
|
(1
|
)
|
|
1,774
|
|
|
10,077
|
|
|
11,851
|
|
|
(1,192
|
)
|
|
2009-2011
|
|
2016
|
|
39
|
||||||||
Saybrook MOBs
|
Middletown, CT
|
—
|
|
|
—
|
|
|
10,314
|
|
|
784
|
|
|
—
|
|
|
11,098
|
|
|
11,098
|
|
|
(1,219
|
)
|
|
1989
|
|
2016
|
|
28
|
||||||||
Yale Long Wharf
|
New Haven, CT
|
—
|
|
|
9,367
|
|
|
58,691
|
|
|
6,768
|
|
|
9,367
|
|
|
65,459
|
|
|
74,826
|
|
|
(7,874
|
)
|
|
1977
|
|
2016
|
|
30
|
||||||||
Devine MOBs
|
North Haven, CT
|
—
|
|
|
3,606
|
|
|
27,278
|
|
|
(332
|
)
|
|
3,606
|
|
|
26,946
|
|
|
30,552
|
|
|
(2,540
|
)
|
|
2006-2017
|
|
2016-2017
|
|
35
|
|
|
|
|
Initial Cost to Company
|
|
Cost
Capitalized
Subsequent
to
Acquisition (a)
|
|
Gross Amount at Which
Carried at Close of Period
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Encumbrances
|
|
Land
|
|
Buildings,
Improvements and
Fixtures
|
|
|
Land
|
|
Buildings,
Improvements and
Fixtures
|
|
Total (c)
|
|
Accumulated
Depreciation (f)
|
|
Date of Construction
|
|
Date
Acquired
|
|
Life on Which Building Depreciation in Income Statement is Computed (h)
|
|||||||||||||||||
Denton Med Rehab Hospital
|
Denton, TX
|
$
|
—
|
|
|
$
|
2,000
|
|
|
$
|
11,704
|
|
|
$
|
—
|
|
|
$
|
2,000
|
|
|
$
|
11,704
|
|
|
$
|
13,704
|
|
|
$
|
(3,545
|
)
|
|
2008
|
|
2009
|
|
39
|
Denton MOB
|
Denton, TX
|
—
|
|
|
—
|
|
|
7,543
|
|
|
353
|
|
|
—
|
|
|
7,896
|
|
|
7,896
|
|
|
(1,968
|
)
|
|
2000
|
|
2010
|
|
39
|
||||||||
Cliff Medical Plaza
|
El Paso, TX
|
—
|
|
|
1,064
|
|
|
1,972
|
|
|
3,021
|
|
|
1,064
|
|
|
4,993
|
|
|
6,057
|
|
|
(1,037
|
)
|
|
1977
|
|
2016
|
|
8
|
||||||||
Providence Medical Plaza
|
El Paso, TX
|
—
|
|
|
—
|
|
|
5,396
|
|
|
1,311
|
|
|
—
|
|
|
6,707
|
|
|
6,707
|
|
|
(1,103
|
)
|
|
1981
|
|
2016
|
|
20
|
||||||||
Sierra Medical
|
El Paso, TX
|
—
|
|
|
—
|
|
|
2,998
|
|
|
671
|
|
|
—
|
|
|
3,669
|
|
|
3,669
|
|
|
(861
|
)
|
|
1972
|
|
2016
|
|
15
|
||||||||
Texas Health MOB
|
Fort Worth, TX
|
—
|
|
|
—
|
|
|
38,429
|
|
|
102
|
|
|
—
|
|
|
38,531
|
|
|
38,531
|
|
|
(1,819
|
)
|
|
2014
|
|
2017
|
|
39
|
||||||||
Conifer
|
Frisco, TX
|
—
|
|
|
4,807
|
|
|
67,076
|
|
|
69
|
|
|
4,807
|
|
|
67,145
|
|
|
71,952
|
|
|
(3,099
|
)
|
|
2014
|
|
2017
|
|
39
|
||||||||
Forest Park Frisco MC
|
Frisco, TX
|
—
|
|
|
1,238
|
|
|
19,979
|
|
|
9,373
|
|
|
1,238
|
|
|
29,352
|
|
|
30,590
|
|
|
(4,777
|
)
|
|
2012
|
|
2013
|
|
39
|
||||||||
Greenville MOB
|
Greenville, TX
|
—
|
|
|
616
|
|
|
10,822
|
|
|
285
|
|
|
616
|
|
|
11,107
|
|
|
11,723
|
|
|
(3,558
|
)
|
|
2007
|
|
2008
|
|
39
|
||||||||
7900 Fannin MOB
|
Houston, TX
|
—
|
|
|
—
|
|
|
34,764
|
|
|
1,968
|
|
|
—
|
|
|
36,732
|
|
|
36,732
|
|
|
(9,021
|
)
|
|
2005
|
|
2010
|
|
39
|
||||||||
Cypress Medical Building MOB
|
Houston, TX
|
—
|
|
|
—
|
|
|
4,678
|
|
|
563
|
|
|
—
|
|
|
5,241
|
|
|
5,241
|
|
|
(793
|
)
|
|
1984
|
|
2016
|
|
30
|
||||||||
Cypress Station MOB
|
Houston, TX
|
—
|
|
|
1,345
|
|
|
8,312
|
|
|
(1,023
|
)
|
|
1,345
|
|
|
7,289
|
|
|
8,634
|
|
|
(3,064
|
)
|
|
1981
|
|
2008
|
|
39
|
||||||||
Park Plaza MOB
|
Houston, TX
|
—
|
|
|
5,719
|
|
|
50,054
|
|
|
3,080
|
|
|
5,719
|
|
|
53,134
|
|
|
58,853
|
|
|
(7,431
|
)
|
|
1984
|
|
2016
|
|
24
|
||||||||
Triumph Hospital NW
|
Houston, TX
|
—
|
|
|
1,377
|
|
|
14,531
|
|
|
237
|
|
|
1,377
|
|
|
14,768
|
|
|
16,145
|
|
|
(5,463
|
)
|
|
1986
|
|
2007
|
|
39
|
||||||||
Memorial Hermann MOBs
|
Humble, TX
|
—
|
|
|
—
|
|
|
9,479
|
|
|
11,588
|
|
|
—
|
|
|
21,067
|
|
|
21,067
|
|
|
(708
|
)
|
|
1993
|
|
2017
|
|
25-39
|
||||||||
Jourdanton MOB
|
Jourdanton, TX
|
13,200
|
|
|
—
|
|
|
17,803
|
|
|
2
|
|
|
—
|
|
|
17,805
|
|
|
17,805
|
|
|
(823
|
)
|
|
2013
|
|
2017
|
|
39
|
||||||||
Houston Methodist MOBs
|
Katy, TX
|
—
|
|
|
—
|
|
|
43,078
|
|
|
238
|
|
|
—
|
|
|
43,316
|
|
|
43,316
|
|
|
(2,143
|
)
|
|
2001-2006
|
|
2017
|
|
35-39
|
||||||||
Lone Star Endoscopy MOB
|
Keller, TX
|
—
|
|
|
622
|
|
|
3,502
|
|
|
(5
|
)
|
|
622
|
|
|
3,497
|
|
|
4,119
|
|
|
(1,124
|
)
|
|
2006
|
|
2008
|
|
39
|
||||||||
Seton Medical MOB
|
Kyle, TX
|
—
|
|
|
—
|
|
|
30,102
|
|
|
164
|
|
|
—
|
|
|
30,266
|
|
|
30,266
|
|
|
(1,569
|
)
|
|
2009
|
|
2017
|
|
39
|
||||||||
Lewisville MOB
|
Lewisville, TX
|
—
|
|
|
452
|
|
|
3,841
|
|
|
—
|
|
|
452
|
|
|
3,841
|
|
|
4,293
|
|
|
(1,072
|
)
|
|
2000
|
|
2010
|
|
39
|
||||||||
Longview Regional MOBs
|
Longview, TX
|
16,650
|
|
|
—
|
|
|
59,258
|
|
|
—
|
|
|
—
|
|
|
59,258
|
|
|
59,258
|
|
|
(2,836
|
)
|
|
2003-2015
|
|
2017
|
|
36-39
|
||||||||
Terrace Medical Building
|
Nacogdoches, TX
|
—
|
|
|
—
|
|
|
179
|
|
|
5
|
|
|
—
|
|
|
184
|
|
|
184
|
|
|
(113
|
)
|
|
1975
|
|
2016
|
|
5
|
||||||||
Towers Medical Plaza
|
Nacogdoches, TX
|
—
|
|
|
—
|
|
|
786
|
|
|
204
|
|
|
—
|
|
|
990
|
|
|
990
|
|
|
(346
|
)
|
|
1981
|
|
2016
|
|
10
|
||||||||
North Cypress MOBs
|
North Cypress/Houston, TX
|
—
|
|
|
7,841
|
|
|
121,215
|
|
|
381
|
|
|
7,841
|
|
|
121,596
|
|
|
129,437
|
|
|
(6,241
|
)
|
|
2006-2015
|
|
2017
|
|
35-39
|
||||||||
Pearland MOB
|
Pearland, TX
|
—
|
|
|
912
|
|
|
4,628
|
|
|
655
|
|
|
912
|
|
|
5,283
|
|
|
6,195
|
|
|
(1,713
|
)
|
|
2003-2007
|
|
2010
|
|
39
|
||||||||
Independence Medical Village
|
Plano, TX
|
—
|
|
|
4,229
|
|
|
17,874
|
|
|
93
|
|
|
4,229
|
|
|
17,967
|
|
|
22,196
|
|
|
(1,689
|
)
|
|
2014
|
|
2016
|
|
39
|
||||||||
San Angelo MOB
|
San Angelo, TX
|
—
|
|
|
—
|
|
|
3,907
|
|
|
117
|
|
|
—
|
|
|
4,024
|
|
|
4,024
|
|
|
(1,380
|
)
|
|
2007
|
|
2009
|
|
39
|
||||||||
Mtn Plains Pecan Valley
|
San Antonio, TX
|
—
|
|
|
416
|
|
|
13,690
|
|
|
2,113
|
|
|
416
|
|
|
15,803
|
|
|
16,219
|
|
|
(4,422
|
)
|
|
1998
|
|
2008
|
|
39
|
||||||||
Sugar Land II MOB
|
Sugar Land, TX
|
—
|
|
|
—
|
|
|
9,648
|
|
|
486
|
|
|
—
|
|
|
10,134
|
|
|
10,134
|
|
|
(3,692
|
)
|
|
1999
|
|
2010
|
|
39
|
||||||||
Triumph Hospital SW
|
Sugar Land, TX
|
—
|
|
|
1,670
|
|
|
14,018
|
|
|
(14
|
)
|
|
1,656
|
|
|
14,018
|
|
|
15,674
|
|
|
(5,329
|
)
|
|
1989
|
|
2007
|
|
39
|
||||||||
Mtn Plains Clear Lake
|
Webster, TX
|
—
|
|
|
832
|
|
|
21,168
|
|
|
1,802
|
|
|
832
|
|
|
22,970
|
|
|
23,802
|
|
|
(6,644
|
)
|
|
2006
|
|
2008
|
|
39
|
||||||||
N. Texas Neurology MOB
|
Wichita Falls, TX
|
—
|
|
|
736
|
|
|
5,611
|
|
|
(1,771
|
)
|
|
736
|
|
|
3,840
|
|
|
4,576
|
|
|
(1,762
|
)
|
|
1957
|
|
2008
|
|
39
|
||||||||
Renaissance MC
|
Bountiful, UT
|
—
|
|
|
3,701
|
|
|
24,442
|
|
|
36
|
|
|
3,701
|
|
|
24,478
|
|
|
28,179
|
|
|
(7,107
|
)
|
|
2004
|
|
2008
|
|
39
|
||||||||
Fair Oaks MOB
|
Fairfax, VA
|
—
|
|
|
—
|
|
|
47,616
|
|
|
101
|
|
|
—
|
|
|
47,717
|
|
|
47,717
|
|
|
(2,177
|
)
|
|
2009
|
|
2017
|
|
39
|
||||||||
Aurora - Menomonee
|
Menomonee Falls, WI
|
—
|
|
|
1,055
|
|
|
14,998
|
|
|
—
|
|
|
1,055
|
|
|
14,998
|
|
|
16,053
|
|
|
(5,431
|
)
|
|
1964
|
|
2009
|
|
39
|
||||||||
Aurora - Milwaukee
|
Milwaukee, WI
|
—
|
|
|
350
|
|
|
5,508
|
|
|
—
|
|
|
350
|
|
|
5,508
|
|
|
5,858
|
|
|
(1,989
|
)
|
|
1983
|
|
2009
|
|
39
|
||||||||
Columbia St. Mary's MOBs
|
Milwaukee, WI
|
—
|
|
|
—
|
|
|
87,825
|
|
|
89
|
|
|
—
|
|
|
87,914
|
|
|
87,914
|
|
|
(3,828
|
)
|
|
1994-2007
|
|
2017
|
|
35-39
|
||||||||
Total
|
|
$
|
211,421
|
|
|
$
|
474,107
|
|
|
$
|
5,451,310
|
|
|
$
|
343,606
|
|
|
$
|
481,871
|
|
|
$
|
5,787,152
|
|
|
$
|
6,269,023
|
|
|
$
|
(882,488
|
)
|
|
|
|
|
|
|
(a)
|
The cost capitalized subsequent to acquisition is net of dispositions.
|
(b)
|
The above table excludes lease intangibles; see notes (d) and (g).
|
(c)
|
The changes in total real estate for the years ended
December 31, 2018
,
2017
and
2016
are as follows (in thousands):
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Balance as of the beginning of the year
|
$
|
6,316,143
|
|
|
$
|
3,853,042
|
|
|
$
|
3,204,863
|
|
Acquisitions
|
16,353
|
|
|
2,447,896
|
|
|
647,339
|
|
|||
Additions
|
126,379
|
|
|
86,723
|
|
|
43,637
|
|
|||
Dispositions
|
(180,965
|
)
|
|
(57,596
|
)
|
|
(39,717
|
)
|
|||
Impairments
|
(8,887
|
)
|
|
(13,922
|
)
|
|
(3,080
|
)
|
|||
Balance as of the end of the year (d)
|
$
|
6,269,023
|
|
|
$
|
6,316,143
|
|
|
$
|
3,853,042
|
|
(d)
|
The balances as of
December 31, 2018
,
2017
and
2016
exclude gross lease intangibles of
$599.9 million
,
$639.2 million
and
$467.6 million
, respectively.
|
(e)
|
The aggregate cost of our real estate for federal income tax purposes was
$6.1 billion
.
|
(f)
|
The changes in accumulated depreciation for the years ended
December 31, 2018
,
2017
and
2016
are as follows (in thousands):
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Balance as of the beginning of the year
|
$
|
734,783
|
|
|
$
|
581,505
|
|
|
$
|
474,223
|
|
Additions
|
202,837
|
|
|
171,545
|
|
|
117,282
|
|
|||
Dispositions
|
(55,132
|
)
|
|
(18,267
|
)
|
|
(10,000
|
)
|
|||
Balance as of the end of the year (g)
|
$
|
882,488
|
|
|
$
|
734,783
|
|
|
$
|
581,505
|
|
(g)
|
The balances as of
December 31, 2018
,
2017
and
2016
exclude accumulated amortization of lease intangibles of
$325.7 million
,
$286.9 million
and
$236.1 million
, respectively.
|
(h)
|
Tenant improvements are depreciated over the shorter of the lease term or useful life, ranging from
one
month to
166
months, respectively. Furniture, fixtures and equipment are depreciated over
five
years.
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Balance as of the beginning of the year
|
$
|
2,773
|
|
|
$
|
12,737
|
|
|
$
|
—
|
|
Additions:
|
|
|
|
|
|
||||||
New mortgage loans
|
—
|
|
|
—
|
|
|
12,737
|
|
|||
Deductions:
|
|
|
|
|
|
||||||
Mortgage loan included in the consideration for the acquisition of a building
|
—
|
|
|
—
|
|
|
—
|
|
|||
Collection of mortgage loans
|
(703
|
)
|
|
(9,964
|
)
|
|
—
|
|
|||
Balance as of the end of the year
|
$
|
2,070
|
|
|
$
|
2,773
|
|
|
$
|
12,737
|
|
1.1
|
|
1.2
|
|
1.3
|
|
1.4
|
|
1.5
|
|
1.6
|
|
1.7
|
|
1.8
|
|
1.9
|
|
1.10
|
|
1.11
|
|
1.12
|
|
1.13
|
|
1.14
|
|
1.15
|
3.1
|
|
3.2
|
|
3.3
|
|
3.4
|
|
3.5
|
|
3.6
|
|
3.7
|
|
3.8
|
|
3.9
|
|
3.10
|
|
3.11
|
|
3.12
|
|
3.13
|
|
4.1
|
|
4.2
|
|
4.3
|
|
4.4
|
|
5.1
|
|
5.2
|
|
5.3
|
|
5.4
|
5.5
|
|
8.1
|
|
8.2
|
|
10.1*
|
|
10.2*
|
|
10.3*
|
|
10.4†
|
|
10.5†
|
|
10.6
|
|
10.7
|
|
10.8
|
|
10.9
|
|
10.10
|
|
10.11
|
|
10.12
|
|
10.13†
|
|
10.14†
|
|
10.15†
|
|
10.16
|
|
10.17
|
|
10.18
|
|
10.19
|
|
10.20
|
|
10.21
|
10.22
|
|
10.23
|
|
10.24
|
|
10.25
|
|
10.26
|
|
10.27
|
|
10.28
|
|
10.29
|
|
10.30
|
|
10.31
|
|
10.32
|
|
10.33
|
|
21.1*
|
|
23.1*
|
|
23.2*
|
|
23.3
|
|
23.4
|
|
23.5
|
|
23.6
|
|
23.7
|
|
23.8
|
|
Healthcare Trust of America, Inc.
|
||
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer)
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer)
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ W. Bradley Blair, II
|
|
Lead Director
|
|
W. Bradley Blair, II
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Vicki U. Booth
|
|
Director
|
|
Vicki U. Booth
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Roberta B. Bowman
|
|
Director
|
|
Roberta B. Bowman
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Maurice J. DeWald
|
|
Director
|
|
Maurice J. DeWald
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Warren D. Fix
|
|
Director
|
|
Warren D. Fix
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Peter N. Foss
|
|
Director
|
|
Peter N. Foss
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Daniel S. Henson
|
|
Director
|
|
Daniel S. Henson
|
|
|
Date:
|
February 19, 2019
|
|
|
By:
|
/s/ Larry L. Mathis
|
|
Director
|
|
Larry L. Mathis
|
|
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Gary T. Wescombe
|
|
Director
|
|
Gary T. Wescombe
|
|
|
Date:
|
February 19, 2019
|
|
|
|
Healthcare Trust of America Holdings, LP
|
||
|
|
|
|
By:
|
Healthcare Trust of America, Inc.,
|
|
|
|
its General Partner
|
|
|
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer)
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 19, 2019
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer) of Healthcare Trust of America, Inc.,
|
Date:
|
February 19, 2019
|
|
general partner of Healthcare Trust of America Holdings, LP
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By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer) of
|
Date:
|
February 19, 2019
|
|
Healthcare Trust of America, Inc., general partner of Healthcare Trust
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|
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of America Holdings, LP
|
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By:
|
/s/ W. Bradley Blair, II
|
|
Lead Director of Healthcare Trust of America, Inc., general partner of
|
|
W. Bradley Blair, II
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
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|
|
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By:
|
/s/ Vicki U. Booth
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Vicki U. Booth
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
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|
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By:
|
/s/ Roberta B. Bowman
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Roberta B. Bowman
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Maurice J. DeWald
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Maurice J. DeWald
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
By:
|
/s/ Warren D. Fix
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Warren D. Fix
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Peter N. Foss
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Peter N. Foss
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Daniel S. Henson
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Daniel S. Henson
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Larry L. Mathis
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Larry L. Mathis
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
|
|
|
|
|
By:
|
/s/ Gary T. Wescombe
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Gary T. Wescombe
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 19, 2019
|
|
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Healthcare Management of America, Inc. (Delaware)
|
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HTA - AW Victor Farris, LLC (Delaware)
|
Healthcare Trust of America Holdings, LP (Delaware)
|
|
HTA - AW, LLC (Delaware)
|
HTA - MOB Acquisition, LLC (Delaware)
|
|
HTA - Bayboro, LLC (Delaware)
|
HTA - 1060 Day Hill, LLC (Delaware)
|
|
HTA - Bayview, LLC (Delaware)
|
HTA - 1080 Day Hill, LLC (Delaware)
|
|
HTA - Biewend, LLC (Delaware)
|
HTA - 1092 Madison, LLC (Delaware)
|
|
HTA - Blue Ridge, LLC (Delaware)
|
HTA - 1223 Washington, LLC (Delaware)
|
|
HTA - Bonnie Brae, LLC (Delaware)
|
HTA - 13020 Telecom, LLC (Delaware)
|
|
HTA - Brandon Medical, LLC (Delaware)
|
HTA - 2 Northwestern, LLC (Delaware)
|
|
HTA - Brazos Valley I, LLC (Delaware)
|
HTA - 2750 Monroe, LLC (Delaware)
|
|
HTA - Brier Creek Healthplex, LLC (Delaware)
|
HTA - 39 Broad Street Parking, LLC (Delaware)
|
|
HTA - Bristol West, LLC (Delaware)
|
HTA - 39 Broad Street, LLC (Delaware)
|
|
HTA - Bryn Mawr MOB, LLC (Delaware)
|
HTA - 4 Northwestern, LLC (Delaware)
|
|
HTA - Burleson Hospital, LLC (Delaware)
|
HTA - 406 Farmington, LLC (Delaware)
|
|
HTA - Burr Ridge University Medical, LLC (Delaware)
|
HTA - 533 Cottage, LLC (Delaware)
|
|
HTA - Calvert, LLC (Delaware)
|
HTA - 560 Cleveland, LLC (Delaware)
|
|
HTA - Camp Creek III, LLC (Delaware)
|
HTA - 5995 Plaza Drive, LLC (Delaware)
|
|
HTA - Camp Creek, LLC (Delaware)
|
HTA - 670 Albany, LLC (Delaware)
|
|
HTA - Cannon Park Place, LLC (Delaware)
|
HTA - 704 Hebron, LLC (Delaware)
|
|
HTA - Carmel Women's Center, LLC (Delaware)
|
HTA - 80 Fisher, LLC (Delaware)
|
|
HTA - Carney MOB, LLC (Delaware)
|
HTA - Academy, LLC (Delaware)
|
|
HTA - Cedar Park MOB 1, LLC (Delaware)
|
HTA - Acquisition Sub, LLC (Delaware)
|
|
HTA - Cedartown Dialysis, LLC (Delaware)
|
HTA - Ahwatukee Foothills, LLC (Delaware)
|
|
HTA - Celebration Hospital MOB, LLC (Delaware)
|
HTA - Allegheny, LLC (Delaware)
|
|
HTA - Central Park, LLC (Delaware)
|
HTA - Amarillo Hospital, LLC (Delaware)
|
|
HTA - Chandler Medical, LLC (Delaware)
|
HTA - Augusta SS Hospital, LLC (Delaware)
|
|
HTA - Cherokee Medical Center, LLC (Delaware)
|
HTA - Aurora Hospital, LLC (Delaware)
|
|
HTA - Cherry Hill, LLC (Delaware)
|
HTA - Austell, LLC (Delaware)
|
|
HTA - Chesterfield Rehab Hospital, LLC (Delaware)
|
HTA - Austin Diagnostic, LLC (Delaware)
|
|
HTA - Clearfork MOB, LLC (Delaware)
|
HTA - Avon Hospital, LLC (Delaware)
|
|
HTA - Cliff, LLC (Delaware)
|
HTA - AW Florida Medical Center Central, LLC (Delaware)
|
|
HTA - Colleyville Hospital, LLC (Delaware)
|
HTA - AW Florida Medical Center East, LLC (Delaware)
|
|
HTA - Commons V, LLC (Delaware)
|
HTA - AW Florida Medical Center Land, LLC (Delaware)
|
|
HTA - Corsicana, LLC (Delaware)
|
HTA - AW Florida Medical Center Mall, LLC (Delaware)
|
|
HTA - County Line Road, LLC (Delaware)
|
HTA - AW Florida Medical Center North, LLC (Delaware)
|
|
HTA - Crawfordsville, LLC (Delaware)
|
HTA - AW Florida, LP (Delaware)
|
|
HTA - Crossroads, LLC (Delaware)
|
HTA - AW Hialeah, LLC (Delaware)
|
|
HTA - Cypress Fairbanks, LLC (Delaware)
|
HTA - AW North Shore, LLC (Delaware)
|
|
HTA - Cypress Station, LLC (Delaware)
|
HTA - AW Palmetto, LLC (Delaware)
|
|
HTA - Dallas Admin Bldg, LLC (Delaware)
|
|
|
|
HTA - Dallas LTAC, LLC (Delaware)
|
|
HTA - Gateway 2E, LLC (Delaware)
|
HTA - Dallas Parkway Admin Bldg, LLC (Delaware)
|
|
HTA - Gateway 3F, LLC (Delaware)
|
HTA - Dallas SS Hospital, LLC (Delaware)
|
|
HTA - Gateway 4G, LLC (Delaware)
|
HTA - Decatur Medical Plaza, LLC (Delaware)
|
|
HTA - Gateway Land, LLC (Delaware)
|
HTA - Denton, LLC (Delaware)
|
|
HTA - Gateway Tucson, LLC (Delaware)
|
HTA - DePaul Medical Center, LLC (Delaware)
|
|
HTA - Gaylord, LLC (Delaware)
|
HTA - Des Peres, LLC (Delaware)
|
|
HTA - Gilbert Health, LLC (Delaware)
|
HTA - Desert Ridge, LLC (Delaware)
|
|
HTA - Glendale Memorial, LLC (Delaware)
|
HTA - DFC, LLC (Delaware)
|
|
HTA - Good Sam Cancer Center, LLC (Delaware)
|
HTA - Diley Ridge, LLC (Delaware)
|
|
HTA - Good Sam MOB, LLC (Delaware)
|
HTA - Duke Chesterfield Rehab, LLC (Delaware)
|
|
HTA - Grand Prairie Hospital, LLC (Delaware)
|
HTA - Dupont MOB, LLC (Delaware)
|
|
HTA - Gunn MOB, LLC (Delaware)
|
HTA - E Florida LTC, LLC (Delaware)
|
|
HTA - Gwinnett, LLC (Delaware)
|
HTA - East Cooper Medical Arts, LLC (Delaware)
|
|
HTA - Hackensack MOB, LLC (Delaware)
|
HTA - East Cooper, LLC (Delaware)
|
|
HTA - Hamilton Healthcare, LLC (Delaware)
|
HTA - Elms North Charleston, LLC (Delaware)
|
|
HTA - Hampden Place (Delaware)
|
HTA - Epler Parke Building B, LLC (Delaware)
|
|
HTA - Heart & Family Health, LLC (Delaware)
|
HTA - Eskenazi Admin Bldg, LLC (Delaware)
|
|
HTA - Heart Center MOB, LLC (Delaware)
|
HTA - Evansville Annex, LLC (Delaware)
|
|
HTA - Heartland Sebring, LLC (Delaware)
|
HTA - Evansville Fourth, LLC (Delaware)
|
|
HTA - Hillcrest Cancer Center, LLC (Delaware)
|
HTA - Evansville Gateway, LLC (Delaware)
|
|
HTA - Hillcrest MOB 1, LLC (Delaware)
|
HTA - Evansville Main, LLC (Delaware)
|
|
HTA - Hillcrest MOB 2, LLC (Delaware)
|
HTA - Evansville Westside, LLC (Delaware)
|
|
HTA - Hilliard II, LLC (Delaware)
|
HTA - Evergreen 2400-2600, LLC (Delaware)
|
|
HTA - Hilliard MOB II, LLC (Delaware)
|
HTA - Evergreen 2800, LLC (Delaware)
|
|
HTA - Hilliard MOB, LLC (Delaware)
|
HTA - Evergreen Plaza, LLC (Delaware)
|
|
HTA - Hilliard, LLC (Delaware)
|
HTA - Facey Land, LLC (Delaware)
|
|
HTA - Hilton Head, LLC (Delaware)
|
HTA - Facey MOB, LLC (Delaware)
|
|
HTA - Hock Plaza II, LLC (Delaware)
|
HTA - Fairfax MOB 3, LLC (Delaware)
|
|
HTA - Holly Springs MOB, LLC (Delaware)
|
HTA - Fannin LP, LLC (Delaware)
|
|
HTA - Holy Family MOB, LLC (Delaware)
|
HTA - Fannin, LLC (Delaware)
|
|
HTA - Humble Medical Plaza 1, LLC (Delaware)
|
HTA - Federal North MOB, LLC (Delaware)
|
|
HTA - Humble Medical Plaza 2, LLC (Delaware)
|
HTA - Fishers Medical Center, LLC (Delaware)
|
|
HTA - Huntley MOB, LLC (Delaware)
|
HTA - FL Ortho Institute ASC, LLC (Delaware)
|
|
HTA - Independence Medical Village, LLC (Delaware)
|
HTA - Forest Park Frisco, LLC (Delaware)
|
|
HTA - Indianapolis Hospital, LLC (Delaware)
|
HTA - Fort Road Medical, LLC (Delaware)
|
|
HTA - Jackson's Row, LLC (Delaware)
|
HTA - Fort Wayne, LLC (Delaware)
|
|
HTA - Jacksonville, LLC (Delaware)
|
HTA - FP Pavilion, LLC (Delaware)
|
|
HTA - Jasper, LLC (Delaware)
|
HTA - FP Tower, LLC (Delaware)
|
|
HTA - Jewish Hospital MOB, LLC (Delaware)
|
HTA - Gahanna MOB, LLC (Delaware)
|
|
HTA - Joshua Max Simon MOB, LLC (Delaware)
|
HTA - Gallery Medical Member, LLC (Delaware)
|
|
HTA - Jourdanton Regional MOB, LLC (Delaware)
|
HTA - Gallery Medical, LLC (Delaware)
|
|
HTA - Jupiter Medical Center Plaza, LLC (Delaware)
|
HTA - Gateway 1, LLC (Delaware)
|
|
HTA - Jupiter Medical Park West, LLC (Delaware)
|
|
|
|
HTA - Jupiter Outpatient Center, LLC (Delaware)
|
|
HTA - Mequon MOB, LLC (Delaware)
|
HTA - Kapolei Medical Park, LLC (Delaware)
|
|
HTA - Mercy North, LLC (Delaware)
|
HTA - Keller Medical Center, LLC (Delaware)
|
|
HTA - Mercy South, LLC (Delaware)
|
HTA - Kendall, LLC (Delaware)
|
|
HTA - Mercy Springfield MOB, LLC (Delaware)
|
HTA - King Street, LLC (Delaware)
|
|
HTA - Miami Dade Land, LLC (Delaware)
|
HTA - Kissimmee Hospital MOB, LLC (Delaware)
|
|
HTA - Middletown, LLC (Delaware)
|
HTA - Kokomo Medical Office Park, LLC (Delaware)
|
|
HTA - Mission MOB 1, LLC (Delaware)
|
HTA - Lake Norman, LLC (Delaware)
|
|
HTA - Mission MOB 2, LLC (Delaware)
|
HTA - Largo Medical Center, LLC (Delaware)
|
|
HTA - Mission MOB 3, LLC (Delaware)
|
HTA - Lewisville MOB, LLC (Delaware)
|
|
HTA - Mission MOB Tower, LLC (Delaware)
|
HTA - Liberty Falls Medical Plaza, LLC (Delaware)
|
|
HTA - Mission MOB, LLC (Delaware)
|
HTA - Lincoln Medical Center, LLC (Delaware)
|
|
HTA - MLK MOB, LLC (Delaware)
|
HTA - Lincoln Park Boulevard, LLC (Delaware)
|
|
HTA - Monroeville, LLC (Delaware)
|
HTA - Littleton Hospital, LLC (Delaware)
|
|
HTA - Morehead MOB, LLC (Delaware)
|
HTA - Lomita, LLC (Delaware)
|
|
HTA - Morton MOB, LLC (Delaware)
|
HTA - Lone Tree, LLC (Delaware)
|
|
HTA - Moss Creek, LLC (Delaware)
|
HTA - Longview MOB I, LLC (Delaware)
|
|
HTA - Mountain Empire, LLC (Delaware)
|
HTA - Longview MOB II, LLC (Delaware)
|
|
HTA - Mountain Plains-TX, LLC (Delaware)
|
HTA - Macneal 3300 Oak Park, LLC (Delaware)
|
|
HTA - MPOC, LLC (Delaware)
|
HTA - Macneal 3340 Oak Park, LLC (Delaware)
|
|
HTA - Murphy Medical Center, LLC (Delaware)
|
HTA - Macneal Windsor, LLC (Delaware)
|
|
HTA - Nacogdoches Terrace, LLC (Delaware)
|
HTA - Mansfield Hospital, LLC (Delaware)
|
|
HTA - Nacogdoches Towers, LLC (Delaware)
|
HTA - Maple Avenue Investor, LLC (Delaware)
|
|
HTA - Nashoba MOB 1, LLC (Delaware)
|
HTA - Maple Avenue, LLC (Delaware)
|
|
HTA - Nashoba MOB 2, LLC (Delaware)
|
HTA - Marble Falls MOB, LLC (Delaware)
|
|
HTA - New Hampton Place MOB, LLC (Delaware)
|
HTA - Marian Hancock, LLC (Delaware)
|
|
HTA - North Cypress I, LLC (Delaware)
|
HTA - Marian Medical, LLC (Delaware)
|
|
HTA - North Cypress II, LLC (Delaware)
|
HTA - Marietta Health Park, LLC (Delaware)
|
|
HTA - North Cypress Towne Lake, LLC (Delaware)
|
HTA - Market Exchange, LLC (Delaware)
|
|
HTA - North Cypress Willowbrook, LLC (Delaware)
|
HTA - Martha Berry Hospital, LLC (Delaware)
|
|
HTA - North Fulton MOB 2, LLC (Delaware)
|
HTA - McAuley, LLC (Delaware)
|
|
HTA - Northglenn Hospital, LLC (Delaware)
|
HTA - McKinney POB I, LLC (Delaware)
|
|
HTA - Northpoint Medical Arts, LLC (Delaware)
|
HTA - McKinney POB II, LLC (Delaware)
|
|
HTA - Northridge I, LLC (Delaware)
|
HTA - McMullen, LLC (Delaware)
|
|
HTA - Northridge II, LLC (Delaware)
|
HTA - Medical Center Hays MOB, LLC (Delaware)
|
|
HTA - Northwest Medical Park, LLC (Delaware)
|
HTA - Medical Portfolio 1, LLC (Delaware)
|
|
HTA - Norwood Cancer Center, LLC (Delaware)
|
HTA - Medical Portfolio 2, LLC (Delaware)
|
|
HTA - Norwood MOB, LLC (Delaware)
|
HTA - Medical Portfolio 2-St. Louis, LLC (Delaware)
|
|
HTA - Oklahoma City, LLC (Delaware)
|
HTA - Medical Portfolio 3, LLC (Delaware)
|
|
HTA - Orlando Hospital MOB, LLC (Delaware)
|
HTA - Medical Portfolio 4, LLC (Delaware)
|
|
HTA - Orlando SS Hospital, LLC (Delaware)
|
HTA - Medical Portfolio 4-Parma, LLC (Delaware)
|
|
HTA - Overlook, LLC (Delaware)
|
HTA - Medical Portfolio 4-Phoenix, LLC (Delaware)
|
|
HTA - Oviedo, LLC (Delaware)
|
HTA - Memphis Hospital, LLC (Delaware)
|
|
HTA - Oxford MOB, LLC (Delaware)
|
|
|
|
HTA - Park Plaza, LLC (Delaware
|
|
HTA - SC Boswell Medical, LLC (Delaware)
|
HTA - ParkRidge, LLC (Delaware)
|
|
HTA - SC Boswell West, LLC (Delaware)
|
HTA - Patroon Creek, LLC (Delaware)
|
|
HTA - SC Cardiac Care, LLC (Delaware)
|
HTA - Peachtree, LLC (Delaware)
|
|
HTA - SC Lakes Club, LLC (Delaware)
|
HTA - Pearl Street Medical Center, LLC (Delaware)
|
|
HTA - SC Lakes Medical Plaza I, LLC (Delaware)
|
HTA - Pearland Broadway, LLC (Delaware)
|
|
HTA - SC Lakeview Medical Arts, LLC (Delaware)
|
HTA - Pearland Cullen, LLC (Delaware)
|
|
HTA - SC Royal Oaks, LLC (Delaware)
|
HTA - Penn Ave, LLC (Delaware)
|
|
HTA - Scottsdale, LLC (Arizona)
|
HTA - Phoenix Estrella, LLC (Delaware)
|
|
HTA - SCW Colonnade, LLC (Delaware)
|
HTA - Phoenix Medical Center, LLC (Delaware)
|
|
HTA - SCW Granite Valley MOB II, LLC (Delaware)
|
HTA - Phoenix Paseo, LLC (Delaware)
|
|
HTA - SCW Granite Valley MOB, LLC (Delaware)
|
HTA - Plainfield MOB, LLC (Delaware)
|
|
HTA - SCW Mountain View, LLC (Delaware)
|
HTA - Plano Pavillion II, LLC (Delaware)
|
|
HTA - SCW Webb Medical A, LLC (Delaware)
|
HTA - Polaris MOB, LLC (Delaware)
|
|
HTA - SCW Webb Medical B, LLC (Delaware)
|
HTA - Polaris, LLC (Delaware)
|
|
HTA - SCW West Medical Arts, LLC (Delaware)
|
HTA - Pomeroy, LLC (Delaware)
|
|
HTA - Shelby I, LLC (Delaware)
|
HTA - Port Arthur, LLC (Delaware)
|
|
HTA - Shelby II, LLC (Delaware)
|
HTA - Post Oak Centre North, LLC (Delaware)
|
|
HTA - Sierra Vista, LLC (Delaware)
|
HTA - PPG Portfolio, LLC (Delaware)
|
|
HTA - Sierra, LLC (Delaware)
|
HTA - PPG Preferred, LLC (Delaware)
|
|
HTA - SJ Providence, LLC (Delaware)
|
HTA - Presidential, LLC (Delaware)
|
|
HTA - Southcrest, LLC (Delaware)
|
HTA - Providence, LLC (Delaware)
|
|
HTA - Southpointe, LLC (Delaware)
|
HTA - Putnam Center, LLC (Delaware)
|
|
HTA - Specialty Center, LLC (Delaware)
|
HTA - Raleigh Medical Center II, LLC (Delaware)
|
|
HTA - St. Annes MOB 1, LLC (Delaware)
|
HTA - Raleigh MOB, LLC (Delaware)
|
|
HTA - St. Annes MOB 2, LLC (Delaware)
|
HTA - Raleigh, LLC (Delaware)
|
|
HTA - St. Catherine MOB 1, LLC (Delaware)
|
HTA - Region Health, LLC (Delaware)
|
|
HTA - St. Catherine MOB 2, LLC (Delaware)
|
HTA - Regional Medical Center MOB, LLC (Delaware)
|
|
HTA - St. Catherine MOB 3, LLC (Delaware)
|
HTA - Renaissance GP, LLC (Delaware)
|
|
HTA - St. Elizabeths MOB 1, LLC (Delaware)
|
HTA - Renaissance LP, LLC (Delaware)
|
|
HTA - St. Elizabeths MOB 2, LLC (Delaware)
|
HTA - Renaissance, LLC (Delaware)
|
|
HTA - St. Francis Medical Pavilion, LLC (Delaware)
|
HTA - Rex Carey MOB, LLC (Delaware)
|
|
HTA - St. Lucie Medical Center, LLC (Delaware)
|
HTA - Riverside, LLC (Delaware)
|
|
HTA - St. Luke's, LLC (Delaware)
|
HTA - Rockwall Medical Center, LLC (Delaware)
|
|
HTA - St. Mary Physician Center, LLC (Delaware)
|
HTA - Rome Cancer Center, LLC (Delaware)
|
|
HTA - St. Pete MOB, LLC (Delaware)
|
HTA - Rome Dialysis, LLC (Delaware)
|
|
HTA - Stetson Medical Center, LLC (Delaware)
|
HTA - Rush, LLC (Delaware)
|
|
HTA - Steward Guild, LLC (Delaware)
|
HTA - San Angelo, LLC (Delaware)
|
|
HTA - Sugar Land, LLC (Delaware)
|
HTA - San Martin, LLC (Delaware)
|
|
HTA - Summerville Dialysis, LLC (Delaware)
|
HTA - Sandy Forks, LLC (Delaware)
|
|
HTA - Sun City, LLC (Delaware)
|
HTA - Santa Fe 1640, LLC (Delaware)
|
|
HTA - Sunrise, LLC (Delaware)
|
HTA - Santa Fe 440, LLC (Delaware)
|
|
HTA - Sunset, LLC (Delaware)
|
HTA - Sapling Grove, LLC (Delaware)
|
|
HTA - Sunset Ridge One, LLC (Delaware)
|
|
|
|
HTA - Sunset Ridge Two, LLC (Delaware)
|
|
SMCMOB II, LLC (Alabama)
|
HTA - SWC, LLC (Delaware)
|
|
SMCMOB, LLC (Alabama)
|
HTA - Tallahassee SS Hospital, LLC (Delaware)
|
|
Walker Med Tower, LLC (Alabama)
|
HTA - Taylor Station, LLC (Delaware)
|
|
Atlas MOB I, LLC (Texas)
|
HTA - Temple Bone & Joint, LLC (Delaware)
|
|
|
HTA - Thunderbird Medical, LLC (Delaware)
|
|
|
HTA - Tides Medical Arts Center, LLC (Delaware)
|
|
|
HTA - Tower Road, LLC (Delaware)
|
|
|
HTA - Triad, LLC (Delaware)
|
|
|
HTA - TriHealth Rehabilitation Hospital, LLC (Delaware)
|
|
|
HTA - Trilogy Center I, LLC (Delaware)
|
|
|
HTA - Triumph, LLC (Delaware)
|
|
|
HTA - Tryon Office Center, LLC (Delaware)
|
|
|
HTA - Tucson Medical Office, LLC (Delaware)
|
|
|
HTA - Tupper, LLC (Delaware)
|
|
|
HTA - Underhill, LLC (Delaware)
|
|
|
HTA - University Place MOB, LLC (Delaware)
|
|
|
HTA - VA Sunrise MOB, LLC (Delaware)
|
|
|
HTA - VA Tampa MOB, LLC (Delaware)
|
|
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HTA - Vista Professional Center, LLC (Delaware)
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HTA - Washington Medical Arts I Fee, LLC (Delaware)
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HTA - Washington Medical Arts I, LLC (Delaware)
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HTA - Washington Medical Arts II Fee, LLC (Delaware)
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HTA - Washington Medical Arts II, LLC (Delaware)
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HTA - Water Tower MOB, LLC (Delaware)
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HTA - Wellington, LLC (Delaware)
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HTA - Wesley Chapel MOB, LLC (Delaware)
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HTA - Westchester 210, LLC (Delaware)
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HTA - Westchester 220-230, LLC (Delaware)
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HTA - Westchester 244, LLC (Delaware)
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HTA - Western Ridge MOB II, LLC (Delaware)
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HTA - Westminster Hospital, LLC (Delaware)
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HTA - Westport Center, LLC (Delaware)
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HTA - Wisconsin MOB Portfolio, LLC (Delaware)
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HTA - Woodburn, LLC (Delaware)
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HTA - YLW New Haven, LLC (Delaware)
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HTA Tenant Services TRS, Inc. (Delaware)
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HHC-HTA, LLC (Indiana)
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Med Realty Insurance, LLC (Arizona)
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North Cypress I Land, LLC (Delaware)
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North Cypress II Land, LLC (Delaware)
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Plan B MOB, LP (Texas)
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Renaissance Venture, LP (Delaware)
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By:
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/s/ Scott D. Peters
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Scott D. Peters
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Chief Executive Officer, President and Chairman
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By:
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/s/ Robert A. Milligan
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Robert A. Milligan
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Chief Financial Officer
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By:
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/s/ Scott D. Peters
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Scott D. Peters
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Chief Executive Officer, President and Chairman of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
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By:
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/s/ Robert A. Milligan
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Robert A. Milligan
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Chief Financial Officer of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
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By:
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/s/ Scott D. Peters
|
|
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|
Scott D. Peters
|
|
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Chief Executive Officer, President and Chairman
|
|
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By:
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/s/ Robert A. Milligan
|
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|
Robert A. Milligan
|
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Chief Financial Officer
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By:
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/s/ Scott D. Peters
|
|
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|
Scott D. Peters
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Chief Executive Officer, President and Chairman of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
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By:
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/s/ Robert A. Milligan
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Robert A. Milligan
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Chief Financial Officer of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
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