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☒
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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
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(Healthcare Trust of America, Inc.)
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20-4738467
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Delaware
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(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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16435 N. Scottsdale Road, Suite 320,
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Scottsdale,
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Arizona
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85254
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(480)
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998-3478
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http://www.htareit.com
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(Address of principal executive office and zip code)
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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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Trading symbol(s)
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Name of each exchange on which registered
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Common stock, $0.01 par value
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HTA
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New York Stock Exchange
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Healthcare Trust of America, Inc.
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☒
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Yes
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☐
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No
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Healthcare Trust of America Holdings, LP
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☒
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Yes
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☐
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No
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Healthcare Trust of America, Inc.
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☐
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Yes
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☒
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No
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Healthcare Trust of America Holdings, LP
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☐
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Yes
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☒
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No
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Healthcare Trust of America, Inc.
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☒
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Yes
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☐
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No
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Healthcare Trust of America Holdings, LP
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☒
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Yes
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☐
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No
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Healthcare Trust of America, Inc.
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☒
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Yes
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☐
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No
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Healthcare Trust of America Holdings, LP
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☒
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Yes
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☐
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No
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Healthcare Trust of America, Inc.
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☒
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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Healthcare Trust of America Holdings, LP
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☐
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Large accelerated filer
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☐
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Accelerated filer
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☒
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Non-accelerated filer
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Healthcare Trust of America, Inc.
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☐
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Smaller reporting company
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☐
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Emerging growth company
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Healthcare Trust of America Holdings, LP
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☐
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Smaller reporting company
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☐
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Emerging growth company
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Healthcare Trust of America, Inc.
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☐
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Healthcare Trust of America Holdings, LP
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☐
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Healthcare Trust of America, Inc.
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☐
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Yes
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☒
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No
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Healthcare Trust of America Holdings, LP
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☐
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Yes
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☒
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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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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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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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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 8 - Debt, Note 12 - Stockholders’ Equity and Partners’ Capital, Note 14 - Per Share Data of HTA, and Note 15 - Per Unit Data of HTALP, Note 17 - 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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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, 2019, total revenue decreased 0.6%, or $4.4 million, to $692.0 million, compared to $696.4 million for the year ended December 31, 2018.
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For the year ended December 31, 2019, net income was $30.8 million, compared to $217.6 million for the year ended December 31, 2018.
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For the year ended December 31, 2019, net income attributable to common stockholders was $0.14 per diluted share, or $30.2 million, compared to $1.02 per diluted share, or $213.5 million, for the year ended December 31, 2018.
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For the year ended December 31, 2019, HTA’s FFO, as defined by NAREIT, was $319.7 million, or $1.53 per diluted share, compared to $1.60 per diluted share, or $335.6 million, for the year ended December 31, 2018.
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For the year ended December 31, 2019, HTALP’s FFO, as defined by NAREIT, was $320.3 million, or $1.53 per diluted OP Unit, compared to $1.62 per diluted OP Unit, or $339.6 million, for the year ended December 31, 2018.
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For the year ended December 31, 2019, HTA’s and HTALP’s Normalized FFO was $1.64 per diluted share and OP Unit, or $344.3 million, compared to $1.62 per diluted share and OP Unit, or $340.4 million, for the year ended December 31, 2018.
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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, 2019, Net Operating Income (“NOI”) increased 1.0%, or $4.8 million, to $480.6 million, compared to $475.8 million for the year ended December 31, 2018.
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For the year ended December 31, 2019, Same-Property Cash NOI increased 2.7%, or $12.1 million, to $450.9 million, compared to $438.9 million for the year ended December 31, 2018.
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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 year ended December 31, 2019, our leased rate (which includes leases which have been executed, but which have not yet commenced) was 90.8% by GLA, a decrease of 120 basis points, compared to the year ended December 31, 2018, and our occupancy rate was 89.9% by GLA. The leased rate for our Same-Property portfolio was 91.7%.
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During the year ended December 31, 2019, we executed 3.6 million square feet of GLA of new and renewal leases, or 14.6%, of the total GLA of our portfolio. Tenant retention for the Same-Property portfolio was 83% as of December 31, 2019. 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, 2019, we paid down approximately $97.4 million of our outstanding secured mortgage loans. Additionally, in September 2019, HTALP refinanced $900.0 million in debt at 3.04% per annum blended interest rates by issuing notes due in 2026 and 2030 and paying off notes due in 2021 and 2022.
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As of December 31, 2019, we had total leverage, measured as debt less cash and cash equivalents to total capitalization, of 28.9%. Total liquidity was $1.2 billion, inclusive of $900.0 million available on our unsecured revolving credit facility, $306.2 million of forward equity agreements, and cash and cash equivalents of $32.7 million as of December 31, 2019.
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For the year, HTA has now closed $560.5 million of investments totaling approximately 1.6 million square feet of GLA, with expected year-one contractual yields of approximately 6.1%, after operating synergies. These properties were approximately 93% occupied as of closing, and are located within HTA's key markets. Over 55% of these properties are located on or adjacent to hospital campuses, and, all were acquired on a fee-simple basis.
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During the year ended December 31, 2019, HTA completed the disposition of 4 MOBs for an aggregate gross sales price of $4.9 million, representing approximately 51,000 square feet of total GLA, and generating net losses of approximately $0.2 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, 2019, we repurchased 345,786 shares of our outstanding common stock, for an aggregate amount of approximately $8.5 million under the stock repurchase plan. As of December 31, 2019, the remaining amount of common stock available for repurchase under the stock repurchase plan was approximately $224.3 million.
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During 2019, HTA issued a total of approximately 21.6 million shares of common stock under its at-the-market (“ATM”) offering program. Of these, approximately $11.1 million shares settled and the Company received net proceeds of approximately $323.4 million, adjusted for costs to borrow. Accordingly, approximately 10.5 million shares are expected to settle in 2020 for net proceeds of approximately $306.2 million, subject to adjustments as provided for in the forward equity agreements.
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During 2019, HTA had the following development and redevelopment projects in place:
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Developments: During 2019, HTA announced agreements to develop two new on-campus MOBs located in the key markets of Dallas, Texas and Bakersfield, California with anticipated costs of approximately $90 million totaling approximately 191,000 square feet of GLA. The new development projects have anticipated yields of over 6.5%. In total, HTA now has development projects of approximately $112 million totaling approximately 242,000 square feet of GLA and are expected to be more than 72% pre-leased upon completion.
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◦
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Redevelopments: During 2019, HTA announced plans to redevelop two MOBs located in Los Angeles, California with estimated costs of approximately $20 million totaling approximately 105,000 square feet of GLA. In total, HTA’s redevelopment projects have anticipated costs of approximately $64 million, covering approximately 230,000 square feet of GLA.
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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, 2019, approximately 66% 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, 2019, approximately 34% 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 the top 75 MSAs as of December 31, 2019. In addition, we have developed scale in these key markets, reaching approximately 1 million square feet of GLA in ten of our top 20 key markets, and approximately 0.5 million square feet of GLA in 17 of our top 20 key 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, 2019, our portfolio was 90.8% 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 83% as of the year ended December 31, 2019.
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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, 2019, 58% 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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•
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Maintaining regional offices in markets where we have a significant presence. HTA has 31 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, 2019.
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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, 2019, we achieved tenant retention for the Same-Property portfolio of 83%.
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•
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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.
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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.
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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.
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•
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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.
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•
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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.
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Maintain a low leverage ratio. Our leverage ratio, measured as debt less cash and cash equivalents to total capitalization, was 28.9% as of December 31, 2019.
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•
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Maintain a high level of liquidity. As of December 31, 2019, we had approximately $1.2 billion of liquidity, primarily consisting of $900.0 million available on our unsecured revolving credit facility, $306.2 million of forward equity agreements, and $32.7 million of cash and cash equivalents.
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•
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Utilize multiple capital sources, including public debt and equity, unsecured bank loans and secured property level debt.
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Maintain well-laddered debt maturities, which extend through 2030 with no significant exposure in any one year. As of December 31, 2019, the weighted average remaining term of our debt portfolio was 6.3 years, including extension options.
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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.
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•
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Healthcare delivery continues to shift to outpatient settings driven by technological advancements, shifting consumer preferences and lower costs.
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•
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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.
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•
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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.
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•
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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.
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•
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Creating strong demand for our MOBs. In addition, new development is primarily focused on off campus locations and in markets with growing populations.
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Health System (1)
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Weighted Average Remaining Lease Term (2)
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Total Leased GLA (3)
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Percent of Leased GLA
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Annualized Base Rent (3)(4)
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Percent of Annualized Base Rent
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|||||
Highmark-Allegheny Health Network
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9
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974
|
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4.4
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%
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$
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24,205
|
|
|
4.4
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%
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Baylor Scott & White Health
|
|
6
|
|
882
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|
|
4.0
|
|
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24,072
|
|
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4.4
|
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HCA Healthcare
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|
6
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|
695
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|
|
3.1
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|
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20,029
|
|
|
3.6
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Tenet Healthcare Corporation
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|
7
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|
513
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|
|
2.3
|
|
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12,876
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|
|
2.3
|
|
|
Ascension
|
|
4
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|
486
|
|
|
2.2
|
|
|
11,303
|
|
|
2.1
|
|
|
Tufts Medical Center
|
|
8
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|
255
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|
|
1.2
|
|
|
10,932
|
|
|
2.0
|
|
|
Steward Health Care
|
|
7
|
|
383
|
|
|
1.7
|
|
|
10,118
|
|
|
1.8
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|
|
Community Health Systems
|
|
7
|
|
426
|
|
|
1.9
|
|
|
8,899
|
|
|
1.6
|
|
|
AdventHealth
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|
3
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|
365
|
|
|
1.6
|
|
|
8,510
|
|
|
1.6
|
|
|
CommonSpirit Health
|
|
9
|
|
352
|
|
|
1.6
|
|
|
7,616
|
|
|
1.4
|
|
|
Emblem Health
|
|
15
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|
281
|
|
|
1.3
|
|
|
7,280
|
|
|
1.3
|
|
|
Harbin Clinic
|
|
8
|
|
313
|
|
|
1.4
|
|
|
6,898
|
|
|
1.3
|
|
|
Mercy Health
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|
7
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|
270
|
|
|
1.2
|
|
|
6,822
|
|
|
1.2
|
|
|
Atrium Health
|
|
1
|
|
210
|
|
|
0.9
|
|
|
6,397
|
|
|
1.2
|
|
|
UNC Health Care
|
|
7
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|
235
|
|
|
1.1
|
|
|
6,293
|
|
|
1.1
|
|
|
|
|
|
|
6,640
|
|
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29.9
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%
|
|
$
|
172,250
|
|
|
31.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(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.
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|||||||||||||||
(2) Amounts presented in years.
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|||||||||||||||
(3) Amounts presented in thousands.
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|||||||||||||||
(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
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|
Investment (1)
|
|
Percent of Investment
|
|
Total GLA (1)
|
|
Percent of Portfolio
|
|
Annualized Base Rent (1)(2)
|
|
Percent of Annualized Base Rent
|
||||||||
Dallas, TX
|
|
$
|
850,274
|
|
|
11.6
|
%
|
|
2,053
|
|
|
8.3
|
%
|
|
$
|
57,689
|
|
|
9.4
|
%
|
Houston, TX
|
|
455,459
|
|
|
6.2
|
|
|
1,667
|
|
|
6.7
|
|
|
40,104
|
|
|
6.5
|
|
||
Boston, MA
|
|
397,693
|
|
|
5.4
|
|
|
965
|
|
|
3.9
|
|
|
32,931
|
|
|
5.4
|
|
||
Tampa, FL
|
|
347,764
|
|
|
4.8
|
|
|
952
|
|
|
3.9
|
|
|
24,974
|
|
|
4.1
|
|
||
Hartford/New Haven, CT
|
|
344,604
|
|
|
4.7
|
|
|
1,165
|
|
|
4.7
|
|
|
26,075
|
|
|
4.2
|
|
||
Atlanta, GA
|
|
338,886
|
|
|
4.6
|
|
|
1,120
|
|
|
4.5
|
|
|
27,098
|
|
|
4.4
|
|
||
Orange County/Los Angeles, CA
|
|
323,424
|
|
|
4.4
|
|
|
719
|
|
|
2.9
|
|
|
24,307
|
|
|
4.0
|
|
||
Indianapolis, IN
|
|
281,769
|
|
|
3.9
|
|
|
1,396
|
|
|
5.6
|
|
|
27,344
|
|
|
4.4
|
|
||
Phoenix, AZ
|
|
267,781
|
|
|
3.7
|
|
|
1,316
|
|
|
5.3
|
|
|
32,763
|
|
|
5.3
|
|
||
Denver, CO
|
|
265,807
|
|
|
3.6
|
|
|
607
|
|
|
2.5
|
|
|
19,464
|
|
|
3.2
|
|
||
New York, NY
|
|
256,144
|
|
|
3.5
|
|
|
615
|
|
|
2.5
|
|
|
17,000
|
|
|
2.8
|
|
||
Chicago, IL
|
|
231,178
|
|
|
3.2
|
|
|
454
|
|
|
1.8
|
|
|
14,661
|
|
|
2.4
|
|
||
Miami, FL
|
|
224,023
|
|
|
3.1
|
|
|
997
|
|
|
4.0
|
|
|
26,442
|
|
|
4.3
|
|
||
Raleigh, NC
|
|
223,796
|
|
|
3.1
|
|
|
622
|
|
|
2.5
|
|
|
17,312
|
|
|
2.8
|
|
||
Charlotte, NC
|
|
198,287
|
|
|
2.7
|
|
|
828
|
|
|
3.3
|
|
|
17,511
|
|
|
2.8
|
|
||
Albany, NY
|
|
170,071
|
|
|
2.3
|
|
|
833
|
|
|
3.4
|
|
|
16,882
|
|
|
2.7
|
|
||
Austin, TX
|
|
164,425
|
|
|
2.3
|
|
|
409
|
|
|
1.7
|
|
|
9,438
|
|
|
1.5
|
|
||
Orlando, FL
|
|
156,300
|
|
|
2.1
|
|
|
513
|
|
|
2.1
|
|
|
11,505
|
|
|
1.9
|
|
||
Pittsburgh, PA
|
|
148,612
|
|
|
2.0
|
|
|
1,094
|
|
|
4.4
|
|
|
26,421
|
|
|
4.3
|
|
||
Milwaukee, WI
|
|
116,082
|
|
|
1.6
|
|
|
368
|
|
|
1.5
|
|
|
6,931
|
|
|
1.1
|
|
||
Top 20 MSAs
|
|
5,762,379
|
|
|
78.8
|
|
|
18,693
|
|
|
75.5
|
|
|
476,852
|
|
|
77.5
|
|
||
Additional Top MSAs
|
|
1,133,923
|
|
|
15.5
|
|
|
4,364
|
|
|
17.6
|
|
|
97,465
|
|
|
15.9
|
|
||
Total Key Markets & Top 75 MSAs
|
|
$
|
6,896,302
|
|
|
94.3
|
%
|
|
23,057
|
|
|
93.1
|
%
|
|
$
|
574,317
|
|
|
93.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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 under Subtitle 8 of Title 3 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
|
|
220
|
|
|
359
|
|
|
1.6
|
%
|
|
$
|
9,050
|
|
|
1.5
|
%
|
2020
|
|
671
|
|
|
2,019
|
|
|
9.0
|
|
|
53,082
|
|
|
8.6
|
|
|
2021
|
|
773
|
|
|
2,696
|
|
|
12.0
|
|
|
67,438
|
|
|
11.0
|
|
|
2022
|
|
535
|
|
|
2,356
|
|
|
10.5
|
|
|
60,133
|
|
|
9.8
|
|
|
2023
|
|
413
|
|
|
2,201
|
|
|
9.8
|
|
|
49,060
|
|
|
8.0
|
|
|
2024
|
|
365
|
|
|
1,987
|
|
|
8.8
|
|
|
51,333
|
|
|
8.3
|
|
|
2025
|
|
249
|
|
|
1,455
|
|
|
6.5
|
|
|
38,800
|
|
|
6.3
|
|
|
2026
|
|
220
|
|
|
1,463
|
|
|
6.5
|
|
|
31,896
|
|
|
5.2
|
|
|
2027
|
|
201
|
|
|
2,111
|
|
|
9.4
|
|
|
58,098
|
|
|
9.4
|
|
|
2028
|
|
128
|
|
|
1,229
|
|
|
5.4
|
|
|
30,863
|
|
|
5.0
|
|
|
2029
|
|
187
|
|
|
1,602
|
|
|
7.1
|
|
|
37,709
|
|
|
6.1
|
|
|
Thereafter
|
|
226
|
|
|
3,015
|
|
|
13.4
|
|
|
127,699
|
|
|
20.8
|
|
|
Total
|
|
4,188
|
|
|
22,493
|
|
|
100
|
%
|
|
$
|
615,161
|
|
|
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).
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance Sheet Data as of December 31:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, net
|
$
|
6,045,801
|
|
|
$
|
5,665,621
|
|
|
$
|
5,947,874
|
|
|
$
|
3,503,020
|
|
|
$
|
2,959,468
|
|
Total assets
|
6,638,749
|
|
|
6,188,476
|
|
|
6,449,582
|
|
|
3,747,844
|
|
|
3,172,300
|
|
|||||
Debt
|
2,749,775
|
|
|
2,541,232
|
|
|
2,781,031
|
|
|
1,768,905
|
|
|
1,590,696
|
|
|||||
Noncontrolling interests
|
72,635
|
|
|
78,890
|
|
|
84,666
|
|
|
93,143
|
|
|
27,534
|
|
|||||
Total equity
|
3,430,644
|
|
|
3,334,914
|
|
|
3,363,448
|
|
|
1,780,417
|
|
|
1,406,958
|
|
|||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
692,040
|
|
|
$
|
696,426
|
|
|
$
|
613,990
|
|
|
$
|
460,928
|
|
|
$
|
403,822
|
|
Rental expenses
|
211,479
|
|
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|
123,390
|
|
|||||
Net income attributable to common stockholders
|
30,154
|
|
|
213,463
|
|
|
63,916
|
|
|
45,912
|
|
|
32,931
|
|
|||||
Net income attributable to common stockholders per share - basic
|
0.15
|
|
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|||||
Net income attributable to common stockholders per share - diluted
|
0.14
|
|
|
1.02
|
|
|
0.34
|
|
|
0.33
|
|
|
0.26
|
|
|||||
Statement of Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by operating activities
|
$
|
340,394
|
|
|
$
|
337,396
|
|
|
$
|
307,543
|
|
|
$
|
203,695
|
|
|
$
|
191,095
|
|
Cash flows (used in) provided by investing activities (1)
|
(667,289
|
)
|
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|
(274,171
|
)
|
|||||
Cash flows provided by (used in) financing activities
|
230,981
|
|
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|
80,826
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared to stockholders
|
$
|
260,593
|
|
|
$
|
253,699
|
|
|
$
|
227,024
|
|
|
$
|
164,221
|
|
|
$
|
147,539
|
|
Dividends declared per share
|
1.25
|
|
|
1.23
|
|
|
1.21
|
|
|
1.19
|
|
|
1.17
|
|
|||||
Dividends paid in cash to stockholders
|
256,117
|
|
|
252,651
|
|
|
207,087
|
|
|
159,174
|
|
|
146,372
|
|
|||||
FFO attributable to common stockholders (2)
|
319,738
|
|
|
335,565
|
|
|
284,226
|
|
|
215,570
|
|
|
188,206
|
|
|||||
Normalized FFO attributable to common stockholders (2)
|
344,272
|
|
|
340,400
|
|
|
301,957
|
|
|
225,221
|
|
|
195,920
|
|
|||||
NOI (3)
|
480,561
|
|
|
475,809
|
|
|
421,843
|
|
|
317,177
|
|
|
280,432
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) The amounts for 2015-2016 differ from amounts previously reported in our Annual Report for the years ended December 31, 2015 and 2016, as a result of the retrospective presentation of the early adoption of ASU 2016-18 as of January 1, 2017.
|
|||||||||||||||||||
(2) 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.
|
|||||||||||||||||||
(3) 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.
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands, except per unit data)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance Sheet Data as of December 31:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate investments, net
|
$
|
6,045,801
|
|
|
$
|
5,665,621
|
|
|
$
|
5,947,874
|
|
|
$
|
3,503,020
|
|
|
$
|
2,959,468
|
|
Total assets
|
6,638,749
|
|
|
6,188,476
|
|
|
6,449,582
|
|
|
3,747,844
|
|
|
3,172,300
|
|
|||||
Debt
|
2,749,775
|
|
|
2,541,232
|
|
|
2,781,031
|
|
|
1,768,905
|
|
|
1,590,696
|
|
|||||
Total partners’ capital
|
3,430,644
|
|
|
3,334,914
|
|
|
3,363,448
|
|
|
1,780,417
|
|
|
1,406,958
|
|
|||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
$
|
692,040
|
|
|
$
|
696,426
|
|
|
$
|
613,990
|
|
|
$
|
460,928
|
|
|
$
|
403,822
|
|
Rental expenses
|
211,479
|
|
|
220,617
|
|
|
192,147
|
|
|
143,751
|
|
|
123,390
|
|
|||||
Net income attributable to common unitholders
|
30,692
|
|
|
217,537
|
|
|
65,454
|
|
|
47,227
|
|
|
33,445
|
|
|||||
Net income attributable to common unitholders per unit - basic
|
0.15
|
|
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|||||
Net income attributable to common unitholders per unit - diluted
|
0.15
|
|
|
1.04
|
|
|
0.35
|
|
|
0.34
|
|
|
0.26
|
|
|||||
Statement of Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows provided by operating activities
|
$
|
340,394
|
|
|
$
|
337,396
|
|
|
$
|
307,543
|
|
|
$
|
203,695
|
|
|
$
|
191,095
|
|
Cash flows (used in) provided by investing activities (1)
|
(667,289
|
)
|
|
176,309
|
|
|
(2,455,096
|
)
|
|
(608,393
|
)
|
|
(274,171
|
)
|
|||||
Cash flows provided by (used in) financing activities
|
230,981
|
|
|
(498,735
|
)
|
|
2,241,068
|
|
|
400,781
|
|
|
80,826
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Distributions declared to general partner
|
$
|
260,593
|
|
|
$
|
253,699
|
|
|
$
|
227,024
|
|
|
$
|
164,221
|
|
|
$
|
147,539
|
|
Distributions declared per unit
|
1.25
|
|
|
1.23
|
|
|
1.21
|
|
|
1.19
|
|
|
1.17
|
|
|||||
Distributions paid in cash to general partner
|
256,117
|
|
|
252,651
|
|
|
207,087
|
|
|
159,174
|
|
|
146,372
|
|
|||||
FFO attributable to common OP Unitholders (2)
|
320,276
|
|
|
339,639
|
|
|
285,764
|
|
|
216,885
|
|
|
188,720
|
|
|||||
Normalized FFO attributable to common OP Unitholders (2)
|
344,272
|
|
|
340,400
|
|
|
301,957
|
|
|
225,221
|
|
|
195,920
|
|
|||||
NOI (3)
|
480,561
|
|
|
475,809
|
|
|
421,843
|
|
|
317,177
|
|
|
280,432
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) The amounts for 2015-2016 differ from amounts previously reported in our Annual Report for the years ended December 31, 2015 and 2016, as a result of the retrospective presentation of the early adoption of ASU 2016-18 as of January 1, 2017.
|
|||||||||||||||||||
(2) 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.
|
|||||||||||||||||||
(3) 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, 2019, total revenue decreased 0.6%, or $4.4 million, to $692.0 million, compared to $696.4 million for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, net income was $30.8 million, compared to $217.6 million for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, net income attributable to common stockholders was $0.14 per diluted share, or $30.2 million, compared to $1.02 per diluted share, or $213.5 million, for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, HTA’s FFO, as defined by NAREIT, was $319.7 million, or $1.53 per diluted share, compared to $1.60 per diluted share, or $335.6 million, for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, HTALP’s FFO, as defined by NAREIT, was $320.3 million, or $1.53 per diluted OP Unit, compared to $1.62 per diluted OP Unit, or $339.6 million, for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, HTA’s and HTALP’s Normalized FFO was $1.64 per diluted share and OP Unit, or $344.3 million, compared to $1.62 per diluted share and OP Unit, or $340.4 million, for the year ended December 31, 2018.
|
•
|
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, 2019, NOI increased 1.0%, or $4.8 million, to $480.6 million, compared to $475.8 million for the year ended December 31, 2018.
|
•
|
For the year ended December 31, 2019, Same-Property Cash NOI increased 2.7%, or $12.1 million, to $450.9 million, compared to $438.9 million for the year ended December 31, 2018.
|
•
|
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 16.4 million square feet of GLA, or 66% of our portfolio, located in these locations. The remaining 34% 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, 2019, 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, 2019, we had approximately 1 million square feet of GLA in ten of our top 20 key markets and approximately 0.5 million square feet of GLA in 17 of our top 20 key markets. We expect to establish this scale across 20 to 25 key markets as our portfolio expands.
|
•
|
During the year ended December 31, 2019, HTA has closed $560.5 million of investments totaling approximately 1.6 million square feet of GLA, with expected year-one contractual yields of approximately 6.1%, after operating synergies. These properties were approximately 93% occupied as of closing, and are located within HTA's key markets. Over 55% of these properties are located on or adjacent to hospital campuses, and, all were acquired on a fee-simple basis.
|
•
|
During the year ended December 31, 2019, HTA completed the disposition of 4 MOBs, located in Hilton Head, South Carolina and Santa Fe, New Mexico for an aggregate gross sales price of $4.9 million, representing approximately 51 thousand square feet of GLA, and generating net losses of $0.2 million.
|
•
|
During the year ended December 31, 2019, we announced agreements to develop two new on-campus MOBs located in the key markets of Dallas, Texas and Bakersfield, California with anticipated costs of approximately $90 million totaling approximately 191,000 square feet of GLA. The new development projects are expected to be more than 73% pre-leased with anticipated yields over 6.5%. Additionally in 2019, HTA announced plans to redevelop two MOBs located in Los Angeles, California with estimated costs of approximately $20 million totaling approximately 105,000 square feet of GLA.
|
•
|
As of December 31, 2019, our in-house asset management and leasing platform operated approximately 23.5 million square feet of GLA, or 95%, 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, 2019, our leased rate (which includes leases which have been executed, but which have not yet commenced) was 90.8% by GLA, and our occupancy rate was 89.9% by GLA.
|
•
|
We entered into new and renewal leases on approximately 3.6 million square feet of GLA, or 14.6%, of the GLA of our total portfolio, during the year ended December 31, 2019.
|
•
|
During the year ended December 31, 2019, tenant retention for the Same-Property portfolio was 83%, which included approximately 3.2 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, 2019, we had total leverage, measured by debt less cash and cash equivalents to total capitalization, of 28.9%. Total liquidity was $1.2 billion, inclusive of $900.0 million available on our unsecured revolving credit facility, $306.2 million of forward equity agreements, and cash and cash equivalents of $32.7 million as of December 31, 2019.
|
•
|
As of December 31, 2019, the weighted average remaining term of our debt portfolio was 6.3 years, including extension options.
|
•
|
During the year ended December 31, 2019, we paid down approximately $97.4 million of outstanding secured mortgage loans.
|
•
|
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, 2019, we repurchased 345,786 shares of our outstanding common stock, at an average price of $24.65 per share, for an aggregate amount of approximately $8.5 million, pursuant to this stock repurchase plan. As of December 31, 2019, the remaining amount of common stock available for repurchase under the stock repurchase plan was approximately $224.3 million.
|
•
|
In November 2019, we refreshed our at the market ("ATM") offering program of common stock for an additional aggregate sales amount of up to $750.0 million.
|
•
|
During the year ended December 31, 2019, we issued a total of approximately 21.6 million shares of common stock under our ATM. Of these, 11.1 million shares settled and we received net proceeds of approximately $323.4 million, adjusted for costs to borrow equating to a net price to us of $29.14 per share of common stock. Accordingly, approximately 10.5 million shares are expected to settle in 2020 for net proceeds of approximately $306.2 million, subject to adjustments as provided in the forward equity agreements.
|
•
|
On February 13, 2020, our Board of Directors announced a quarterly dividend of $0.315 per share of common stock and per OP Unit.
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
% Change
|
|||||||
Revenues:
|
|
|
|
|
|
|
|
|||||||
Rental income
|
$
|
691,527
|
|
|
$
|
696,030
|
|
|
$
|
(4,503
|
)
|
|
(0.6
|
)%
|
Interest and other operating income
|
513
|
|
|
396
|
|
|
117
|
|
|
29.5
|
|
|||
Total revenues
|
692,040
|
|
|
696,426
|
|
|
(4,386
|
)
|
|
(0.6
|
)
|
|||
Expenses:
|
|
|
|
|
|
|
|
|||||||
Rental
|
211,479
|
|
|
220,617
|
|
|
(9,138
|
)
|
|
(4.1
|
)
|
|||
General and administrative
|
41,360
|
|
|
35,196
|
|
|
6,164
|
|
|
17.5
|
|
|||
Transaction
|
2,350
|
|
|
1,003
|
|
|
1,347
|
|
|
NM
|
|
|||
Depreciation and amortization
|
290,384
|
|
|
279,630
|
|
|
10,754
|
|
|
3.8
|
|
|||
Interest expense
|
96,632
|
|
|
101,849
|
|
|
(5,217
|
)
|
|
(5.1
|
)
|
|||
Impairment
|
—
|
|
|
8,887
|
|
|
(8,887
|
)
|
|
NM
|
|
|||
Total expenses
|
642,205
|
|
|
647,182
|
|
|
(4,977
|
)
|
|
(0.8
|
)
|
|||
(Loss) gain on sale of real estate, net
|
(154
|
)
|
|
165,977
|
|
|
(166,131
|
)
|
|
NM
|
|
|||
(Loss) gain on extinguishment of debt, net
|
(21,646
|
)
|
|
242
|
|
|
(21,888
|
)
|
|
NM
|
|
|||
Income from unconsolidated joint venture
|
1,882
|
|
|
1,735
|
|
|
147
|
|
|
8.5
|
|
|||
Other income
|
841
|
|
|
428
|
|
|
413
|
|
|
96.5
|
|
|||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
(186,868
|
)
|
|
(85.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
NOI
|
$
|
480,561
|
|
|
$
|
475,809
|
|
|
$
|
4,752
|
|
|
1.0
|
%
|
Same-Property Cash NOI
|
$
|
450,912
|
|
|
$
|
438,856
|
|
|
$
|
12,056
|
|
|
2.7
|
%
|
|
Year Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
% Change
|
|||||||
Contractual rental income
|
$
|
658,231
|
|
|
$
|
667,407
|
|
|
$
|
(9,176
|
)
|
|
(1.4
|
)%
|
Straight-line rent and amortization of above and (below) market leases
|
18,653
|
|
|
16,401
|
|
|
2,252
|
|
|
13.7
|
|
|||
Other rental revenue
|
14,643
|
|
|
12,222
|
|
|
2,421
|
|
|
19.8
|
|
|||
Total rental income
|
$
|
691,527
|
|
|
$
|
696,030
|
|
|
$
|
(4,503
|
)
|
|
(0.6
|
)%
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New and renewal leases:
|
|
|
|
||||
Average starting base rents
|
$
|
24.18
|
|
|
$
|
23.30
|
|
Average expiring base rents
|
23.37
|
|
|
22.67
|
|
||
|
|
|
|
||||
Square feet of GLA
|
3,608
|
|
|
2,830
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
New leases:
|
|
|
|
||||
Tenant improvements
|
$
|
30.65
|
|
|
$
|
25.38
|
|
Leasing commissions
|
3.16
|
|
|
1.88
|
|
||
Tenant concessions
|
3.63
|
|
|
1.48
|
|
||
Renewal leases:
|
|
|
|
||||
Tenant improvements
|
$
|
11.55
|
|
|
$
|
7.29
|
|
Leasing commissions
|
2.26
|
|
|
1.08
|
|
||
Tenant concessions
|
0.50
|
|
|
0.59
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income attributable to common stockholders
|
$
|
30,154
|
|
|
$
|
213,463
|
|
Depreciation and amortization expense related to investments in real estate
|
287,572
|
|
|
277,446
|
|
||
Loss (gain) on sale of real estate, net
|
154
|
|
|
(165,977
|
)
|
||
Impairment
|
—
|
|
|
8,887
|
|
||
Proportionate share of joint venture depreciation and amortization
|
1,858
|
|
|
1,746
|
|
||
FFO attributable to common stockholders
|
$
|
319,738
|
|
|
$
|
335,565
|
|
Transaction expenses
|
2,350
|
|
|
859
|
|
||
Gain on change in fair value of derivative financial instruments, net
|
—
|
|
|
—
|
|
||
Loss (gain) on extinguishment of debt, net
|
21,646
|
|
|
(242
|
)
|
||
Noncontrolling income from OP Units included in diluted shares
|
538
|
|
|
4,074
|
|
||
Other normalizing items, net
|
—
|
|
|
144
|
|
||
Normalized FFO attributable to common stockholders
|
$
|
344,272
|
|
|
$
|
340,400
|
|
|
|
|
|
||||
Net income attributable to common stockholders per diluted share
|
$
|
0.14
|
|
|
$
|
1.02
|
|
FFO adjustments per diluted share, net
|
1.39
|
|
|
0.58
|
|
||
FFO attributable to common stockholders per diluted share
|
$
|
1.53
|
|
|
$
|
1.60
|
|
Normalized FFO adjustments per diluted share, net
|
0.11
|
|
|
0.02
|
|
||
Normalized FFO attributable to common stockholders per diluted share
|
$
|
1.64
|
|
|
$
|
1.62
|
|
|
|
|
|
||||
Weighted average diluted common shares outstanding
|
209,605
|
|
|
210,061
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income attributable to common unitholders
|
$
|
30,692
|
|
|
$
|
217,537
|
|
Depreciation and amortization expense related to investments in real estate
|
287,572
|
|
|
277,446
|
|
||
Loss (gain) on sale of real estate, net
|
154
|
|
|
(165,977
|
)
|
||
Impairment
|
—
|
|
|
8,887
|
|
||
Proportionate share of joint venture depreciation and amortization
|
1,858
|
|
|
1,746
|
|
||
FFO attributable to common unitholders
|
$
|
320,276
|
|
|
$
|
339,639
|
|
Transaction expenses
|
2,350
|
|
|
859
|
|
||
Gain on change in fair value of derivative financial instruments, net
|
—
|
|
|
—
|
|
||
Loss (gain) on extinguishment of debt, net
|
21,646
|
|
|
(242
|
)
|
||
Other normalizing items, net
|
—
|
|
|
144
|
|
||
Normalized FFO attributable to common unitholders
|
$
|
344,272
|
|
|
$
|
340,400
|
|
|
|
|
|
||||
Net income attributable to common unitholders per diluted unit
|
$
|
0.15
|
|
|
$
|
1.04
|
|
FFO adjustments per diluted unit, net
|
1.38
|
|
|
0.58
|
|
||
FFO attributable to common unitholders per diluted unit
|
$
|
1.53
|
|
|
$
|
1.62
|
|
Normalized FFO adjustments per diluted unit, net
|
0.11
|
|
|
—
|
|
||
Normalized FFO attributable to common unitholders per diluted unit
|
$
|
1.64
|
|
|
$
|
1.62
|
|
|
|
|
|
||||
Weighted average diluted common units outstanding
|
209,605
|
|
|
210,061
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
General and administrative expenses
|
41,360
|
|
|
35,196
|
|
||
Transaction expenses
|
2,350
|
|
|
1,003
|
|
||
Depreciation and amortization expense
|
290,384
|
|
|
279,630
|
|
||
Impairment
|
—
|
|
|
8,887
|
|
||
Interest expense
|
96,632
|
|
|
101,849
|
|
||
Loss (gain) on sale of real estate, net
|
154
|
|
|
(165,977
|
)
|
||
Loss (gain) on extinguishment of debt, net
|
21,646
|
|
|
(242
|
)
|
||
Income from unconsolidated joint venture
|
(1,882
|
)
|
|
(1,735
|
)
|
||
Other income
|
(841
|
)
|
|
(428
|
)
|
||
NOI
|
$
|
480,561
|
|
|
$
|
475,809
|
|
Straight-line rent adjustments, net
|
(9,861
|
)
|
|
(10,683
|
)
|
||
Amortization of (below) and above market leases/leasehold interests, net and other GAAP adjustments
|
(1,534
|
)
|
|
99
|
|
||
Notes receivable interest income
|
(96
|
)
|
|
(131
|
)
|
||
Cash NOI
|
$
|
469,070
|
|
|
$
|
465,094
|
|
|
Year Ended December 31,
|
|
Current Year Change
|
|
Prior Year Change
|
||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
|
||||||||||||
Cash, cash equivalents and restricted cash - beginning of year
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
25,045
|
|
|
$
|
14,970
|
|
|
$
|
93,515
|
|
Net cash provided by operating activities
|
340,394
|
|
|
337,396
|
|
|
307,543
|
|
|
2,998
|
|
|
29,853
|
|
|||||
Net cash (used in) provided by investing activities
|
(667,289
|
)
|
|
176,309
|
|
|
(2,455,096
|
)
|
|
(843,598
|
)
|
|
2,631,405
|
|
|||||
Net cash provided by (used in) financing activities
|
230,981
|
|
|
(498,735
|
)
|
|
2,241,068
|
|
|
729,716
|
|
|
(2,739,803
|
)
|
|||||
Cash, cash equivalents and restricted cash - end of year
|
$
|
37,616
|
|
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
$
|
(95,914
|
)
|
|
$
|
14,970
|
|
|
Expected Maturity Date
|
||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
Fixed rate debt, gross
|
$
|
97,430
|
|
|
$
|
2,504
|
|
|
$
|
2,005
|
|
|
$
|
312,121
|
|
|
$
|
—
|
|
|
$
|
1,750,000
|
|
|
$
|
2,164,060
|
|
Weighted average interest rate on fixed rate debt (per annum)
|
3.97
|
%
|
|
2.98
|
%
|
|
3.02
|
%
|
|
3.71
|
%
|
|
—
|
%
|
|
3.42
|
%
|
|
3.49
|
%
|
|||||||
Variable rate debt, gross
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100,000
|
|
|
$
|
300,000
|
|
|
$
|
200,000
|
|
|
$
|
—
|
|
|
$
|
600,000
|
|
Weighted average interest rate on variable rate debt based on forward rates in effect as of December 31, 2019 (per annum)
|
—
|
%
|
|
—
|
%
|
|
2.79
|
%
|
|
3.49
|
%
|
|
3.42
|
%
|
|
—
|
%
|
|
3.35
|
%
|
|
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
|
|
|
|
||
|
•
|
We tested the effectiveness of controls over management’s analysis for impairment indicators, including the identification of future disposition properties and the estimates used by management to determine fair value measurements.
|
•
|
We audited management’s impairment indicator analysis by:
|
◦
|
Evaluating management's process for identifying impairment indicators and whether management appropriately considered the examples of impairment indicators provided within the Financial Accounting Standards Board’s (FASB) Accounting Standard Codification (ASC) 360, Property, Plant, and Equipment.
|
◦
|
Conducting independent market analysis to determine if there were additional indicators of impairment not identified by management.
|
◦
|
Conducting inquiries of property management, leasing, asset management, and other departments outside of the accounting department to determine if there might be additional indicators of impairment not identified by management.
|
◦
|
Performing site visits for select properties to assess the presence of any physical nonfinancial indications of impairment that may exist but were not identified by management.
|
•
|
We evaluated management’s fair value estimates for various properties that were identified as potential future dispositions or that exhibited indicators of impairment by:
|
◦
|
Evaluating whether the valuation method used was in accordance with ASC 820, Fair Value Measurement.
|
◦
|
Evaluating management’s fair value estimates with the assistance of fair value specialists by developing a range of independent estimates based on comparable properties in the market and compared those to the fair value estimates determined by management.
|
•
|
We tested the effectiveness of controls over the purchase price allocation, including management’s controls over the identification of real estate assets, and the valuation methodology for estimating the fair value of assets acquired and liabilities assumed.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology, (2) current market data, (3) cost to replace certain assets, and (4) assumptions used in the discounted cash flows, including testing the mathematical accuracy of the calculation, and developing a range of independent estimates and comparing our estimates to those used by management.
|
•
|
We assessed the reasonableness of management’s projections of rental revenue by comparing the assumptions used in the projections to external market sources, in-place lease agreements, historical data, and results from other areas of the audit.
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
584,546
|
|
|
$
|
481,871
|
|
Building and improvements
|
|
6,252,854
|
|
|
5,787,152
|
|
||
Lease intangibles
|
|
628,066
|
|
|
599,864
|
|
||
Construction in progress
|
|
28,150
|
|
|
4,903
|
|
||
|
|
7,493,616
|
|
|
6,873,790
|
|
||
Accumulated depreciation and amortization
|
|
(1,447,815
|
)
|
|
(1,208,169
|
)
|
||
Real estate investments, net
|
|
6,045,801
|
|
|
5,665,621
|
|
||
Investment in unconsolidated joint venture
|
|
65,888
|
|
|
67,172
|
|
||
Cash and cash equivalents
|
|
32,713
|
|
|
126,221
|
|
||
Restricted cash
|
|
4,903
|
|
|
7,309
|
|
||
Receivables and other assets, net
|
|
237,024
|
|
|
223,415
|
|
||
Right-of-use assets - operating leases, net
|
|
239,867
|
|
|
—
|
|
||
Other intangibles, net
|
|
12,553
|
|
|
98,738
|
|
||
Total assets
|
|
$
|
6,638,749
|
|
|
$
|
6,188,476
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Debt
|
|
$
|
2,749,775
|
|
|
$
|
2,541,232
|
|
Accounts payable and accrued liabilities
|
|
171,698
|
|
|
185,073
|
|
||
Security deposits, prepaid rent and other liabilities
|
|
49,203
|
|
|
59,567
|
|
||
Lease liabilities - operating leases
|
|
198,650
|
|
|
—
|
|
||
Intangible liabilities, net
|
|
38,779
|
|
|
61,146
|
|
||
Total liabilities
|
|
3,208,105
|
|
|
2,847,018
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
—
|
|
|
6,544
|
|
||
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; 216,453,312 and 205,267,349 shares issued and outstanding as of December 31, 2019 and 2018, respectively
|
|
2,165
|
|
|
2,053
|
|
||
Additional paid-in capital
|
|
4,854,042
|
|
|
4,525,969
|
|
||
Accumulated other comprehensive income
|
|
4,546
|
|
|
307
|
|
||
Cumulative dividends in excess of earnings
|
|
(1,502,744
|
)
|
|
(1,272,305
|
)
|
||
Total stockholders’ equity
|
|
3,358,009
|
|
|
3,256,024
|
|
||
Noncontrolling interests
|
|
72,635
|
|
|
78,890
|
|
||
Total equity
|
|
3,430,644
|
|
|
3,334,914
|
|
||
Total liabilities and equity
|
|
$
|
6,638,749
|
|
|
$
|
6,188,476
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
691,527
|
|
|
$
|
696,030
|
|
|
$
|
612,556
|
|
Interest and other operating income
|
513
|
|
|
396
|
|
|
1,434
|
|
|||
Total revenues
|
692,040
|
|
|
696,426
|
|
|
613,990
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental
|
211,479
|
|
|
220,617
|
|
|
192,147
|
|
|||
General and administrative
|
41,360
|
|
|
35,196
|
|
|
33,403
|
|
|||
Transaction
|
2,350
|
|
|
1,003
|
|
|
5,885
|
|
|||
Depreciation and amortization
|
290,384
|
|
|
279,630
|
|
|
244,986
|
|
|||
Interest expense
|
96,632
|
|
|
101,849
|
|
|
85,491
|
|
|||
Impairment
|
—
|
|
|
8,887
|
|
|
13,922
|
|
|||
Total expenses
|
642,205
|
|
|
647,182
|
|
|
575,834
|
|
|||
(Loss) gain on sale of real estate, net
|
(154
|
)
|
|
165,977
|
|
|
37,802
|
|
|||
(Loss) gain on extinguishment of debt, net
|
(21,646
|
)
|
|
242
|
|
|
(11,192
|
)
|
|||
Income from unconsolidated joint venture
|
1,882
|
|
|
1,735
|
|
|
782
|
|
|||
Other income
|
841
|
|
|
428
|
|
|
29
|
|
|||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Net income attributable to noncontrolling interests (1)
|
(604
|
)
|
|
(4,163
|
)
|
|
(1,661
|
)
|
|||
Net income attributable to common stockholders
|
$
|
30,154
|
|
|
$
|
213,463
|
|
|
$
|
63,916
|
|
Earnings per common share - basic:
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
Earnings per common share - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
0.14
|
|
|
$
|
1.02
|
|
|
$
|
0.34
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
205,720
|
|
|
206,065
|
|
|
181,064
|
|
|||
Diluted
|
209,605
|
|
|
210,061
|
|
|
185,278
|
|
|||
|
|
|
|
|
|
||||||
(1) Includes amounts attributable to redeemable noncontrolling interests.
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
||||||
Change in unrealized gains on cash flow hedges
|
|
4,316
|
|
|
34
|
|
|
280
|
|
|||
Total other comprehensive income
|
|
4,316
|
|
|
34
|
|
|
280
|
|
|||
|
|
|
|
|
|
|
||||||
Total comprehensive income
|
|
35,074
|
|
|
217,660
|
|
|
65,857
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(615
|
)
|
|
(4,075
|
)
|
|
(1,544
|
)
|
|||
Total comprehensive income attributable to common stockholders
|
|
$
|
34,459
|
|
|
$
|
213,585
|
|
|
$
|
64,313
|
|
|
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, 2016
|
141,719
|
|
|
$
|
1,417
|
|
|
$
|
2,754,818
|
|
|
$
|
—
|
|
|
$
|
(1,068,961
|
)
|
|
$
|
1,687,274
|
|
|
$
|
93,143
|
|
|
$
|
1,780,417
|
|
Issuance of common stock, net
|
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, net
|
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
|
|
|||||||
Issuance of common stock, net
|
11,096
|
|
|
112
|
|
|
322,106
|
|
|
—
|
|
|
—
|
|
|
322,218
|
|
|
—
|
|
|
322,218
|
|
|||||||
Issuance of OP Units in HTALP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,603
|
|
|
2,603
|
|
|||||||
Issuance of limited partner OP Units in connection with acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
2,000
|
|
|||||||
Share-based award transactions, net
|
319
|
|
|
3
|
|
|
10,124
|
|
|
—
|
|
|
—
|
|
|
10,127
|
|
|
—
|
|
|
10,127
|
|
|||||||
Repurchase and cancellation of common stock
|
(487
|
)
|
|
(5
|
)
|
|
(12,173
|
)
|
|
—
|
|
|
—
|
|
|
(12,178
|
)
|
|
—
|
|
|
(12,178
|
)
|
|||||||
Redemption of noncontrolling interest and other
|
258
|
|
|
2
|
|
|
8,016
|
|
|
—
|
|
|
—
|
|
|
8,018
|
|
|
(6,293
|
)
|
|
1,725
|
|
|||||||
Dividends declared ($1.250 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(260,593
|
)
|
|
(260,593
|
)
|
|
(5,180
|
)
|
|
(265,773
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,154
|
|
|
30,154
|
|
|
538
|
|
|
30,692
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,239
|
|
|
—
|
|
|
4,239
|
|
|
77
|
|
|
4,316
|
|
|||||||
Balance as of December 31, 2019
|
216,453
|
|
|
$
|
2,165
|
|
|
$
|
4,854,042
|
|
|
$
|
4,546
|
|
|
$
|
(1,502,744
|
)
|
|
$
|
3,358,009
|
|
|
$
|
72,635
|
|
|
$
|
3,430,644
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
280,969
|
|
|
271,441
|
|
|
239,044
|
|
|||
Share-based compensation expense
|
10,127
|
|
|
9,755
|
|
|
6,870
|
|
|||
Impairment
|
—
|
|
|
8,887
|
|
|
13,922
|
|
|||
Income from unconsolidated joint venture
|
(1,882
|
)
|
|
(1,735
|
)
|
|
(782
|
)
|
|||
Distributions from unconsolidated joint venture
|
3,030
|
|
|
2,665
|
|
|
750
|
|
|||
Loss (gain) on sale of real estate, net
|
154
|
|
|
(165,977
|
)
|
|
(37,802
|
)
|
|||
Loss (gain) on extinguishment of debt, net
|
21,646
|
|
|
(242
|
)
|
|
11,192
|
|
|||
Change in fair value of derivative financial instruments
|
—
|
|
|
—
|
|
|
(884
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Receivables and other assets, net
|
(12,857
|
)
|
|
(17,558
|
)
|
|
(33,295
|
)
|
|||
Accounts payable and accrued liabilities
|
(128
|
)
|
|
9,478
|
|
|
37,406
|
|
|||
Prepaid rent and other liabilities
|
8,577
|
|
|
3,056
|
|
|
5,545
|
|
|||
Net cash provided by operating activities
|
340,394
|
|
|
337,396
|
|
|
307,543
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investments in real estate
|
(553,298
|
)
|
|
(17,389
|
)
|
|
(2,383,581
|
)
|
|||
Investment in unconsolidated joint venture
|
—
|
|
|
—
|
|
|
(68,839
|
)
|
|||
Development of real estate
|
(28,066
|
)
|
|
(34,270
|
)
|
|
(25,191
|
)
|
|||
Proceeds from the sale of real estate
|
4,880
|
|
|
305,135
|
|
|
80,640
|
|
|||
Capital expenditures
|
(91,544
|
)
|
|
(77,870
|
)
|
|
(64,833
|
)
|
|||
Collection of real estate notes receivable
|
739
|
|
|
703
|
|
|
9,964
|
|
|||
Advances on real estate notes receivable
|
—
|
|
|
—
|
|
|
(3,256
|
)
|
|||
Net cash (used in) provided by investing activities
|
(667,289
|
)
|
|
176,309
|
|
|
(2,455,096
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings on unsecured revolving credit facility
|
610,000
|
|
|
145,000
|
|
|
570,000
|
|
|||
Payments on unsecured revolving credit facility
|
(510,000
|
)
|
|
(145,000
|
)
|
|
(658,000
|
)
|
|||
Proceeds from unsecured senior notes
|
906,927
|
|
|
—
|
|
|
900,000
|
|
|||
Payments on unsecured senior notes
|
(700,000
|
)
|
|
—
|
|
|
—
|
|
|||
Payments on secured mortgage loans
|
(97,361
|
)
|
|
(241,021
|
)
|
|
(77,024
|
)
|
|||
Deferred financing costs
|
(7,776
|
)
|
|
(782
|
)
|
|
(16,904
|
)
|
|||
Debt extinguishment costs
|
(18,383
|
)
|
|
(1,909
|
)
|
|
(10,571
|
)
|
|||
Security deposits
|
—
|
|
|
—
|
|
|
2,419
|
|
|||
Proceeds from issuance of common stock
|
323,393
|
|
|
72,814
|
|
|
1,746,956
|
|
|||
Issuance of OP Units
|
—
|
|
|
411
|
|
|
—
|
|
|||
Repurchase and cancellation of common stock
|
(12,178
|
)
|
|
(70,319
|
)
|
|
(3,413
|
)
|
|||
Dividends paid
|
(256,117
|
)
|
|
(252,651
|
)
|
|
(207,087
|
)
|
|||
Distributions paid to noncontrolling interest of limited partners
|
(8,758
|
)
|
|
(5,278
|
)
|
|
(5,308
|
)
|
|||
Sale of noncontrolling interest
|
1,234
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
230,981
|
|
|
(498,735
|
)
|
|
2,241,068
|
|
|||
Net change in cash, cash equivalents and restricted cash
|
(95,914
|
)
|
|
14,970
|
|
|
93,515
|
|
|||
Cash, cash equivalents and restricted cash - beginning of year
|
133,530
|
|
|
118,560
|
|
|
25,045
|
|
|||
Cash, cash equivalents and restricted cash - end of year
|
$
|
37,616
|
|
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
584,546
|
|
|
$
|
481,871
|
|
Building and improvements
|
|
6,252,854
|
|
|
5,787,152
|
|
||
Lease intangibles
|
|
628,066
|
|
|
599,864
|
|
||
Construction in progress
|
|
28,150
|
|
|
4,903
|
|
||
|
|
7,493,616
|
|
|
6,873,790
|
|
||
Accumulated depreciation and amortization
|
|
(1,447,815
|
)
|
|
(1,208,169
|
)
|
||
Real estate investments, net
|
|
6,045,801
|
|
|
5,665,621
|
|
||
Investment in unconsolidated joint venture
|
|
65,888
|
|
|
67,172
|
|
||
Cash and cash equivalents
|
|
32,713
|
|
|
126,221
|
|
||
Restricted cash
|
|
4,903
|
|
|
7,309
|
|
||
Receivables and other assets, net
|
|
237,024
|
|
|
223,415
|
|
||
Right-of-use assets - operating leases, net
|
|
239,867
|
|
|
—
|
|
||
Other intangibles, net
|
|
12,553
|
|
|
98,738
|
|
||
Total assets
|
|
$
|
6,638,749
|
|
|
$
|
6,188,476
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Debt
|
|
$
|
2,749,775
|
|
|
$
|
2,541,232
|
|
Accounts payable and accrued liabilities
|
|
171,698
|
|
|
185,073
|
|
||
Security deposits, prepaid rent and other liabilities
|
|
49,203
|
|
|
59,567
|
|
||
Lease liabilities - operating leases
|
|
198,650
|
|
|
—
|
|
||
Intangible liabilities, net
|
|
38,779
|
|
|
61,146
|
|
||
Total liabilities
|
|
3,208,105
|
|
|
2,847,018
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests
|
|
—
|
|
|
6,544
|
|
||
Partners’ Capital:
|
|
|
|
|
||||
Limited partners’ capital, 3,834,279 and 3,929,083 units issued and outstanding as of December 31, 2019 and 2018, respectively
|
|
72,365
|
|
|
78,620
|
|
||
General partners’ capital, 216,453,312 and 205,267,349 units issued and outstanding as of December 31, 2019 and 2018, respectively
|
|
3,358,279
|
|
|
3,256,294
|
|
||
Total partners’ capital
|
|
3,430,644
|
|
|
3,334,914
|
|
||
Total liabilities and partners’ capital
|
|
$
|
6,638,749
|
|
|
$
|
6,188,476
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
691,527
|
|
|
$
|
696,030
|
|
|
$
|
612,556
|
|
Interest and other operating income
|
513
|
|
|
396
|
|
|
1,434
|
|
|||
Total revenues
|
692,040
|
|
|
696,426
|
|
|
613,990
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental
|
211,479
|
|
|
220,617
|
|
|
192,147
|
|
|||
General and administrative
|
41,360
|
|
|
35,196
|
|
|
33,403
|
|
|||
Transaction
|
2,350
|
|
|
1,003
|
|
|
5,885
|
|
|||
Depreciation and amortization
|
290,384
|
|
|
279,630
|
|
|
244,986
|
|
|||
Interest expense
|
96,632
|
|
|
101,849
|
|
|
85,491
|
|
|||
Impairment
|
—
|
|
|
8,887
|
|
|
13,922
|
|
|||
Total expenses
|
642,205
|
|
|
647,182
|
|
|
575,834
|
|
|||
(Loss) gain on sale of real estate, net
|
(154
|
)
|
|
165,977
|
|
|
37,802
|
|
|||
(Loss) gain on extinguishment of debt, net
|
(21,646
|
)
|
|
242
|
|
|
(11,192
|
)
|
|||
Income from unconsolidated joint venture
|
1,882
|
|
|
1,735
|
|
|
782
|
|
|||
Other income
|
841
|
|
|
428
|
|
|
29
|
|
|||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Net income attributable to noncontrolling interests
|
(66
|
)
|
|
(89
|
)
|
|
(123
|
)
|
|||
Net income attributable to common unitholders
|
$
|
30,692
|
|
|
$
|
217,537
|
|
|
$
|
65,454
|
|
Earnings per common unit - basic:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
Weighted average common units outstanding:
|
|
|
|
|
|
||||||
Basic
|
209,605
|
|
|
210,061
|
|
|
185,261
|
|
|||
Diluted
|
209,605
|
|
|
210,061
|
|
|
185,278
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income
|
|
|
|
|
|
|
||||||
Change in unrealized gains on cash flow hedges
|
|
4,316
|
|
|
34
|
|
|
280
|
|
|||
Total other comprehensive income
|
|
4,316
|
|
|
34
|
|
|
280
|
|
|||
|
|
|
|
|
|
|
||||||
Total comprehensive income
|
|
35,074
|
|
|
217,660
|
|
|
65,857
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(66
|
)
|
|
(89
|
)
|
|
(123
|
)
|
|||
Total comprehensive income attributable to common unitholders
|
|
$
|
35,008
|
|
|
$
|
217,571
|
|
|
$
|
65,734
|
|
|
General Partners’ Capital
|
|
Limited Partners’ Capital
|
|
Total Partners’ Capital
|
||||||||||||
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|||||||||
Balance as of December 31, 2016
|
141,719
|
|
|
$
|
1,687,544
|
|
|
4,323
|
|
|
$
|
92,873
|
|
|
$
|
1,780,417
|
|
Issuance of general partner OP Units, net
|
62,823
|
|
|
1,746,956
|
|
|
—
|
|
|
—
|
|
|
1,746,956
|
|
|||
Issuance of limited partner OP 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 OP Units
|
(116
|
)
|
|
(3,413
|
)
|
|
—
|
|
|
—
|
|
|
(3,413
|
)
|
|||
Redemption of limited partner OP 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 OP 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 OP Units
|
(2,678
|
)
|
|
(70,319
|
)
|
|
—
|
|
|
—
|
|
|
(70,319
|
)
|
|||
Redemption of limited partner OP 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
|
|
|||
Issuance of general partner OP Units, net
|
11,096
|
|
|
322,218
|
|
|
—
|
|
|
—
|
|
|
322,218
|
|
|||
Issuance of limited partner OP Units
|
—
|
|
|
—
|
|
|
—
|
|
|
2,603
|
|
|
2,603
|
|
|||
Issuance of limited partner OP Units in connection with acquisitions
|
—
|
|
|
—
|
|
|
163
|
|
|
2,000
|
|
|
2,000
|
|
|||
Share-based award transactions, net
|
319
|
|
|
10,127
|
|
|
—
|
|
|
—
|
|
|
10,127
|
|
|||
Redemption and cancellation of general partner OP Units
|
(487
|
)
|
|
(12,178
|
)
|
|
—
|
|
|
—
|
|
|
(12,178
|
)
|
|||
Redemption of limited partner OP Units and other
|
258
|
|
|
8,018
|
|
|
(258
|
)
|
|
(6,293
|
)
|
|
1,725
|
|
|||
Distributions declared ($1.250 per common unit)
|
—
|
|
|
(260,593
|
)
|
|
—
|
|
|
(5,180
|
)
|
|
(265,773
|
)
|
|||
Net income
|
—
|
|
|
30,154
|
|
|
—
|
|
|
538
|
|
|
30,692
|
|
|||
Other comprehensive income
|
—
|
|
|
4,239
|
|
|
—
|
|
|
77
|
|
|
4,316
|
|
|||
Balance as of December 31, 2019
|
216,453
|
|
|
$
|
3,358,279
|
|
|
3,834
|
|
|
$
|
72,365
|
|
|
$
|
3,430,644
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
280,969
|
|
|
271,441
|
|
|
239,044
|
|
|||
Share-based compensation expense
|
10,127
|
|
|
9,755
|
|
|
6,870
|
|
|||
Impairment
|
—
|
|
|
8,887
|
|
|
13,922
|
|
|||
Income from unconsolidated joint venture
|
(1,882
|
)
|
|
(1,735
|
)
|
|
(782
|
)
|
|||
Distributions from unconsolidated joint venture
|
3,030
|
|
|
2,665
|
|
|
750
|
|
|||
Loss (gain) on sale of real estate, net
|
154
|
|
|
(165,977
|
)
|
|
(37,802
|
)
|
|||
Loss (gain) on extinguishment of debt, net
|
21,646
|
|
|
(242
|
)
|
|
11,192
|
|
|||
Change in fair value of derivative financial instruments
|
—
|
|
|
—
|
|
|
(884
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Receivables and other assets, net
|
(12,857
|
)
|
|
(17,558
|
)
|
|
(33,295
|
)
|
|||
Accounts payable and accrued liabilities
|
(128
|
)
|
|
9,478
|
|
|
37,406
|
|
|||
Prepaid rent and other liabilities
|
8,577
|
|
|
3,056
|
|
|
5,545
|
|
|||
Net cash provided by operating activities
|
340,394
|
|
|
337,396
|
|
|
307,543
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investments in real estate
|
(553,298
|
)
|
|
(17,389
|
)
|
|
(2,383,581
|
)
|
|||
Investment in unconsolidated joint venture
|
—
|
|
|
—
|
|
|
(68,839
|
)
|
|||
Development of real estate
|
(28,066
|
)
|
|
(34,270
|
)
|
|
(25,191
|
)
|
|||
Proceeds from the sale of real estate
|
4,880
|
|
|
305,135
|
|
|
80,640
|
|
|||
Capital expenditures
|
(91,544
|
)
|
|
(77,870
|
)
|
|
(64,833
|
)
|
|||
Collection of real estate notes receivable
|
739
|
|
|
703
|
|
|
9,964
|
|
|||
Advances on real estate notes receivable
|
—
|
|
|
—
|
|
|
(3,256
|
)
|
|||
Net cash (used in) provided by investing activities
|
(667,289
|
)
|
|
176,309
|
|
|
(2,455,096
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Borrowings on unsecured revolving credit facility
|
610,000
|
|
|
145,000
|
|
|
570,000
|
|
|||
Payments on unsecured revolving credit facility
|
(510,000
|
)
|
|
(145,000
|
)
|
|
(658,000
|
)
|
|||
Proceeds from unsecured senior notes
|
906,927
|
|
|
—
|
|
|
900,000
|
|
|||
Payments on unsecured senior notes
|
(700,000
|
)
|
|
—
|
|
|
—
|
|
|||
Payments on secured mortgage loans
|
(97,361
|
)
|
|
(241,021
|
)
|
|
(77,024
|
)
|
|||
Deferred financing costs
|
(7,776
|
)
|
|
(782
|
)
|
|
(16,904
|
)
|
|||
Debt extinguishment costs
|
(18,383
|
)
|
|
(1,909
|
)
|
|
(10,571
|
)
|
|||
Security deposits
|
—
|
|
|
—
|
|
|
2,419
|
|
|||
Proceeds from issuance of general partner units
|
323,393
|
|
|
72,814
|
|
|
1,746,956
|
|
|||
Issuance of limited partner units
|
—
|
|
|
411
|
|
|
—
|
|
|||
Repurchase and cancellation of general partner units
|
(12,178
|
)
|
|
(70,319
|
)
|
|
(3,413
|
)
|
|||
Distributions paid to general partner
|
(256,117
|
)
|
|
(252,651
|
)
|
|
(207,087
|
)
|
|||
Distributions paid to limited partners and redeemable noncontrolling interests
|
(8,758
|
)
|
|
(5,278
|
)
|
|
(5,308
|
)
|
|||
Sale of noncontrolling interest
|
1,234
|
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
230,981
|
|
|
(498,735
|
)
|
|
2,241,068
|
|
|||
Net change in cash, cash equivalents and restricted cash
|
(95,914
|
)
|
|
14,970
|
|
|
93,515
|
|
|||
Cash, cash equivalents and restricted cash - beginning of year
|
133,530
|
|
|
118,560
|
|
|
25,045
|
|
|||
Cash, cash equivalents and restricted cash - end of year
|
$
|
37,616
|
|
|
$
|
133,530
|
|
|
$
|
118,560
|
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash and cash equivalents
|
$
|
32,713
|
|
|
$
|
126,221
|
|
|
$
|
100,356
|
|
Restricted cash
|
4,903
|
|
|
7,309
|
|
|
18,204
|
|
|||
Total cash, cash equivalents and restricted cash
|
$
|
37,616
|
|
|
$
|
133,530
|
|
|
$
|
118,560
|
|
•
|
to not reassess: (i) whether an expired or existing contract contains a lease arrangement; (ii) lease classification related to expired or existing lease arrangements; or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs;
|
•
|
to not separate, as the lessor, certain non-lease components, such as common area maintenance from lease revenue if the (i) timing and pattern of revenue recognition are the same for the non-lease component, and (ii) 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; and
|
•
|
to not record on our accompanying consolidated balance sheets, lease liabilities and ROU assets with lease terms of 12 months or less.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Land
|
$
|
108,709
|
|
|
$
|
1,895
|
|
|
$
|
100,922
|
|
Building and improvements
|
396,660
|
|
|
14,458
|
|
|
2,358,771
|
|
|||
In place leases
|
51,629
|
|
|
1,237
|
|
|
190,020
|
|
|||
Below market leases
|
(5,187
|
)
|
|
(201
|
)
|
|
(27,849
|
)
|
|||
Above market leases
|
3,487
|
|
|
—
|
|
|
12,180
|
|
|||
Below market leasehold interests
|
—
|
|
|
—
|
|
|
54,252
|
|
|||
Above market leasehold interests
|
—
|
|
|
—
|
|
|
(8,978
|
)
|
|||
Net assets acquired
|
555,298
|
|
|
17,389
|
|
|
2,679,318
|
|
|||
Other, net (1)
|
5,158
|
|
|
447
|
|
|
60,913
|
|
|||
Aggregate purchase price
|
$
|
560,456
|
|
|
$
|
17,836
|
|
|
$
|
2,740,231
|
|
|
|
|
|
|
|
||||||
(1) Other, net, consisted primarily of tenant improvements and capital expenditures received as credits at the time of acquisition.
|
|
Year Ended December 31,
|
||||
|
2019
|
|
2018
|
|
2017
|
Acquired intangible assets
|
5.7
|
|
5.8
|
|
20.2
|
Acquired intangible liabilities
|
7.0
|
|
6.5
|
|
19.7
|
◦
|
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, 2019
|
|
December 31, 2018
|
||||||||
|
Balance
|
|
Weighted Average Remaining
Amortization in Years
|
|
Balance
|
|
Weighted Average Remaining
Amortization in Years
|
||||
Assets:
|
|
|
|
|
|
|
|
||||
In place leases
|
$
|
481,173
|
|
|
9.5
|
|
$
|
449,424
|
|
|
9.8
|
Tenant relationships
|
146,893
|
|
|
9.7
|
|
150,440
|
|
|
9.4
|
||
Above market leases
|
37,613
|
|
|
6.2
|
|
36,862
|
|
|
6.1
|
||
Below market leasehold interests (1)
|
—
|
|
|
—
|
|
91,759
|
|
|
64.3
|
||
|
665,679
|
|
|
|
|
728,485
|
|
|
|
||
Accumulated amortization
|
(387,827
|
)
|
|
|
|
(355,576
|
)
|
|
|
||
Total
|
$
|
277,852
|
|
|
9.4
|
|
$
|
372,909
|
|
|
22.1
|
|
|
|
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||
Below market leases
|
$
|
65,966
|
|
|
13.9
|
|
$
|
61,395
|
|
|
14.6
|
Above market leasehold interests (1)
|
—
|
|
|
—
|
|
20,610
|
|
|
49.2
|
||
|
65,966
|
|
|
|
|
82,005
|
|
|
|
||
Accumulated amortization
|
(27,187
|
)
|
|
|
|
(20,859
|
)
|
|
|
||
Total
|
$
|
38,779
|
|
|
13.9
|
|
$
|
61,146
|
|
|
25.3
|
|
|||||||||||
(1) As a result of the adoption of Topic 842 on January 1, 2019, the presentation of below and above market leasehold interests as of December 31, 2019 does not conform to the prior year presentation.
|
Year
|
|
Assets
|
|
Liabilities
|
||||
2020
|
|
$
|
56,609
|
|
|
$
|
7,138
|
|
2021
|
|
43,795
|
|
|
4,955
|
|
||
2022
|
|
33,695
|
|
|
4,346
|
|
||
2023
|
|
27,472
|
|
|
3,719
|
|
||
2024
|
|
22,656
|
|
|
3,160
|
|
||
Thereafter
|
|
93,625
|
|
|
15,461
|
|
||
Total
|
|
$
|
277,852
|
|
|
$
|
38,779
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Tenant receivables, net
|
$
|
11,801
|
|
|
$
|
14,588
|
|
Other receivables, net
|
13,786
|
|
|
16,078
|
|
||
Deferred financing costs, net
|
4,325
|
|
|
6,049
|
|
||
Deferred leasing costs, net
|
36,586
|
|
|
30,731
|
|
||
Straight-line rent receivables, net
|
107,800
|
|
|
92,973
|
|
||
Prepaid expenses, deposits, equipment and other, net
|
48,505
|
|
|
61,885
|
|
||
Derivative financial instruments - interest rate swaps
|
3,011
|
|
|
1,111
|
|
||
Finance ROU asset, net
|
3,409
|
|
|
—
|
|
||
Insurance receivable (1)
|
3,817
|
|
|
—
|
|
||
Held for sale assets
|
3,984
|
|
|
—
|
|
||
Total
|
$
|
237,024
|
|
|
$
|
223,415
|
|
|
|
|
|
||||
(1) Amount primarily relates to an involuntary conversion at one of our properties in the amount of $3.7 million. Pursuant to applicable accounting guidance, we deemed the receipt of funds from our insurance company probable and expect the funds to fully cover, less our immaterial deductible, the damages we experienced.
|
|
Year Ended December 31, 2019
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amortization expense related to deferred leasing costs
|
$
|
7,976
|
|
|
$
|
6,252
|
|
|
$
|
5,672
|
|
Interest expense related to deferred financing costs
|
1,724
|
|
|
1,724
|
|
|
1,492
|
|
Year
|
|
Amount
|
||
2020
|
|
$
|
9,309
|
|
2021
|
|
8,450
|
|
|
2022
|
|
6,449
|
|
|
2023
|
|
4,075
|
|
|
2024
|
|
3,096
|
|
|
Thereafter
|
|
9,532
|
|
|
Total
|
|
$
|
40,911
|
|
•
|
only material ground leases and corporate leases exceeding one year in duration were included in our lease population. Office equipment and other non-essential leases were excluded from this population due to immateriality; and
|
•
|
a series of incremental borrowing rates were determined based on observed prices and credit spreads of our unsecured senior debt as of December 31, 2018 after applying treasury or other similar index rates as of January 1, 2019 to leases that correspond to the remaining lease terms, adjusted for the effects of collateral.
|
|
|
Year Ended December 31, 2019
|
||
Operating lease cost
|
|
$
|
12,529
|
|
Variable lease cost
|
|
1,483
|
|
|
Finance lease cost:
|
|
|
||
Amortization of right of use assets
|
|
8
|
|
|
Interest on lease liabilities
|
|
25
|
|
|
Total lease cost
|
|
$
|
14,045
|
|
|
|
December 31, 2019
|
|
Operating leases:
|
|
|
|
Weighted-average remaining lease term
|
|
47.3
|
|
Weighted-average discount rate
|
|
5.3
|
%
|
Finance leases:
|
|
|
|
Weighted-average remaining lease term
|
|
50.0
|
|
Weighted-average discount rate
|
|
4.4
|
%
|
Year
|
|
Operating leases
|
|
Finance leases
|
||||
2020
|
|
$
|
10,308
|
|
|
$
|
125
|
|
2021
|
|
10,440
|
|
|
125
|
|
||
2022
|
|
10,630
|
|
|
125
|
|
||
2023
|
|
10,763
|
|
|
125
|
|
||
2024
|
|
9,948
|
|
|
126
|
|
||
Thereafter
|
|
622,618
|
|
|
9,281
|
|
||
Total undiscounted lease payments
|
|
$
|
674,707
|
|
|
$
|
9,907
|
|
Less: Interest
|
|
(476,057
|
)
|
|
(6,488
|
)
|
||
Present value of lease liabilities
|
|
$
|
198,650
|
|
|
$
|
3,419
|
|
Year
|
|
Amount
|
||
2019
|
|
$
|
10,309
|
|
2020
|
|
10,408
|
|
|
2021
|
|
9,877
|
|
|
2022
|
|
10,031
|
|
|
2023
|
|
10,132
|
|
|
Thereafter
|
|
639,234
|
|
|
Total
|
|
$
|
689,991
|
|
Year
|
|
Amount
|
||
2020
|
|
$
|
526,431
|
|
2021
|
|
475,822
|
|
|
2022
|
|
419,219
|
|
|
2023
|
|
366,336
|
|
|
2024
|
|
320,190
|
|
|
Thereafter
|
|
1,279,376
|
|
|
Total
|
|
$
|
3,387,374
|
|
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
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Unsecured revolving credit facility
|
$
|
100,000
|
|
|
$
|
—
|
|
Unsecured term loans
|
500,000
|
|
|
500,000
|
|
||
Unsecured senior notes
|
2,050,000
|
|
|
1,850,000
|
|
||
Fixed rate mortgages
|
114,060
|
|
|
211,421
|
|
||
|
2,764,060
|
|
|
2,561,421
|
|
||
Deferred financing costs, net
|
(16,255
|
)
|
|
(13,741
|
)
|
||
Net premium (discount)
|
1,970
|
|
|
(6,448
|
)
|
||
Total
|
$
|
2,749,775
|
|
|
$
|
2,541,232
|
|
Year
|
|
Amount
|
||
2020
|
|
$
|
97,430
|
|
2021
|
|
2,504
|
|
|
2022
|
|
102,005
|
|
|
2023
|
|
612,121
|
|
|
2024
|
|
200,000
|
|
|
Thereafter
|
|
1,750,000
|
|
|
Total
|
|
$
|
2,764,060
|
|
Year
|
|
Amount
|
||
2020
|
|
$
|
2,838
|
|
2021
|
|
2,651
|
|
|
2022
|
|
2,652
|
|
|
2023
|
|
1,934
|
|
|
2024
|
|
1,431
|
|
|
Thereafter
|
|
4,749
|
|
|
Total
|
|
$
|
16,255
|
|
Cash Flow Hedges
|
|
December 31, 2019
|
|
Number of instruments
|
|
7
|
|
Notional amount
|
|
500,000
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
|
Fair Value at:
|
|
|
|
Fair Value at:
|
||||||||||||
Derivatives Designated as Hedging Instruments:
|
|
Balance Sheet
Location
|
|
December 31, 2019
|
|
December 31, 2018
|
|
Balance Sheet
Location
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||
Interest rate swaps
|
|
Receivables and other assets
|
|
$
|
3,011
|
|
|
$
|
1,111
|
|
|
Derivative financial instruments
|
|
$
|
29
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning balance
|
$
|
6,544
|
|
|
$
|
6,737
|
|
Net income attributable to noncontrolling interests
|
66
|
|
|
89
|
|
||
Distributions
|
(141
|
)
|
|
(282
|
)
|
||
Fair value adjustment
|
(425
|
)
|
|
—
|
|
||
Redemptions
|
(3,441
|
)
|
|
—
|
|
||
Issuance of OP Units
|
(2,603
|
)
|
|
—
|
|
||
Ending balance
|
$
|
—
|
|
|
$
|
6,544
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
|
Restricted Common Stock
|
|
Weighted
Average Grant
Date Fair Value
|
|
Restricted Common Stock
|
|
Weighted
Average Grant
Date Fair Value
|
||||||
Beginning balance
|
624,349
|
|
|
$
|
29.35
|
|
|
589,606
|
|
|
$
|
29.38
|
|
Granted
|
333,820
|
|
|
26.08
|
|
|
370,071
|
|
|
28.65
|
|
||
Vested
|
(341,470
|
)
|
|
28.51
|
|
|
(273,766
|
)
|
|
28.50
|
|
||
Forfeited
|
(15,712
|
)
|
|
28.19
|
|
|
(61,562
|
)
|
|
29.21
|
|
||
Ending balance
|
600,987
|
|
|
$
|
28.04
|
|
|
624,349
|
|
|
$
|
29.35
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
Level 2 - Assets:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
3,011
|
|
|
$
|
3,011
|
|
|
$
|
1,111
|
|
|
$
|
1,111
|
|
Level 2 - Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
$
|
29
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Debt
|
|
2,749,775
|
|
|
2,826,983
|
|
|
2,541,232
|
|
|
2,508,599
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Net income attributable to noncontrolling interests
|
(604
|
)
|
|
(4,163
|
)
|
|
(1,661
|
)
|
|||
Net income attributable to common stockholders
|
$
|
30,154
|
|
|
$
|
213,463
|
|
|
$
|
63,916
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
205,720
|
|
|
206,065
|
|
|
181,064
|
|
|||
Dilutive shares - OP Unit convertible into common stock
|
3,885
|
|
|
3,996
|
|
|
4,197
|
|
|||
Dilutive effect of forward equity sales agreement
|
—
|
|
|
—
|
|
|
17
|
|
|||
Adjusted weighted average shares outstanding - diluted
|
209,605
|
|
|
210,061
|
|
|
185,278
|
|
|||
Earnings per common share - basic
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
Earnings per common share - diluted
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
0.14
|
|
|
$
|
1.02
|
|
|
$
|
0.34
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,758
|
|
|
$
|
217,626
|
|
|
$
|
65,577
|
|
Net income attributable to noncontrolling interests
|
(66
|
)
|
|
(89
|
)
|
|
(123
|
)
|
|||
Net income attributable to common unitholders
|
$
|
30,692
|
|
|
$
|
217,537
|
|
|
$
|
65,454
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted average units outstanding - basic
|
209,605
|
|
|
210,061
|
|
|
185,261
|
|
|||
Dilutive effect of forward equity sales agreement
|
—
|
|
|
—
|
|
|
17
|
|
|||
Adjusted weighted average units outstanding - diluted
|
209,605
|
|
|
210,061
|
|
|
185,278
|
|
|||
Earnings per common unit - basic:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
0.15
|
|
|
$
|
1.04
|
|
|
$
|
0.35
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental Disclosure of Cash Flow Information:
|
|
|
|
|
|
||||||
Interest paid, net of capitalized interest
|
$
|
94,668
|
|
|
$
|
101,165
|
|
|
$
|
64,988
|
|
Income taxes paid
|
2,125
|
|
|
1,645
|
|
|
1,333
|
|
|||
Cash paid for operating leases
|
11,842
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Supplemental Disclosure of Noncash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Accrued capital expenditures
|
$
|
6,381
|
|
|
$
|
9,878
|
|
|
$
|
3,155
|
|
Debt and interest rate swaps assumed and entered into in connection with an acquisition
|
—
|
|
|
—
|
|
|
286,000
|
|
|||
Dividend distributions declared, but not paid
|
69,468
|
|
|
65,034
|
|
|
63,823
|
|
|||
Issuance of OP Units in HTALP
|
2,603
|
|
|
—
|
|
|
—
|
|
|||
Issuance of OP Units in HTALP in connection with an acquisition
|
2,000
|
|
|
—
|
|
|
1,125
|
|
|||
Note receivable retired in connection with an acquisition
|
—
|
|
|
—
|
|
|
8,611
|
|
|||
Redemption of noncontrolling interest
|
7,527
|
|
|
5,195
|
|
|
5,943
|
|
|||
ROU assets obtained in exchange for lease obligations
|
200,879
|
|
|
—
|
|
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Ordinary income
|
|
$
|
0.6405
|
|
|
$
|
0.6559
|
|
|
$
|
0.7479
|
|
Return of capital
|
|
0.6045
|
|
|
—
|
|
|
0.3720
|
|
|||
Capital gain
|
|
—
|
|
|
0.5691
|
|
|
0.0851
|
|
|||
Total
|
|
$
|
1.2450
|
|
|
$
|
1.2250
|
|
|
$
|
1.2050
|
|
|
|
Quarter Ended (1)
|
||||||||||||||
2018
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
Revenues
|
|
$
|
175,661
|
|
|
$
|
173,332
|
|
|
$
|
175,135
|
|
|
$
|
172,298
|
|
Net income
|
|
10,016
|
|
|
15,657
|
|
|
176,348
|
|
|
15,605
|
|
||||
Net income attributable to common unitholders
|
|
9,983
|
|
|
15,643
|
|
|
176,330
|
|
|
15,581
|
|
||||
Earnings per common unit - basic:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common unitholders
|
|
$
|
0.05
|
|
|
$
|
0.07
|
|
|
$
|
0.83
|
|
|
$
|
0.07
|
|
Earnings per common unit - diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common unitholders
|
|
$
|
0.05
|
|
|
$
|
0.07
|
|
|
$
|
0.83
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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)
|
|||||||||||||||||
Zionsville MC
|
Zionsville, IN
|
$
|
—
|
|
|
$
|
655
|
|
|
$
|
2,877
|
|
|
$
|
1,110
|
|
|
$
|
664
|
|
|
$
|
3,978
|
|
|
$
|
4,642
|
|
|
$
|
(1,731
|
)
|
|
1992
|
|
2008
|
|
39
|
KS Doctors MOB
|
Overland Park, KS
|
—
|
|
|
1,808
|
|
|
9,517
|
|
|
2,339
|
|
|
1,808
|
|
|
11,856
|
|
|
13,664
|
|
|
(4,732
|
)
|
|
1978
|
|
2008
|
|
39
|
||||||||
Nashoba Valley Med Center MOB
|
Ayer, MA
|
—
|
|
|
—
|
|
|
5,529
|
|
|
304
|
|
|
299
|
|
|
5,534
|
|
|
5,833
|
|
|
(1,502
|
)
|
|
1976-2007
|
|
2012
|
|
31
|
||||||||
670 Albany
|
Boston, MA
|
—
|
|
|
—
|
|
|
104,365
|
|
|
140
|
|
|
—
|
|
|
104,505
|
|
|
104,505
|
|
|
(13,648
|
)
|
|
2005
|
|
2015
|
|
39
|
||||||||
Tufts Medical Center
|
Boston, MA
|
—
|
|
|
32,514
|
|
|
109,180
|
|
|
9,778
|
|
|
32,514
|
|
|
118,958
|
|
|
151,472
|
|
|
(23,458
|
)
|
|
1924-2015
|
|
2014
|
|
35
|
||||||||
St. Elizabeth's Med Center
|
Brighton, MA
|
—
|
|
|
—
|
|
|
20,929
|
|
|
3,220
|
|
|
1,379
|
|
|
22,770
|
|
|
24,149
|
|
|
(5,826
|
)
|
|
1965-2013
|
|
2012
|
|
31
|
||||||||
Pearl Street MOBs
|
Brockton, MA
|
—
|
|
|
4,714
|
|
|
18,193
|
|
|
385
|
|
|
4,714
|
|
|
18,578
|
|
|
23,292
|
|
|
(2,531
|
)
|
|
1966-2004
|
|
2016
|
|
39
|
||||||||
Good Samaritan MOBs
|
Brockton , MA
|
—
|
|
|
—
|
|
|
15,887
|
|
|
1,074
|
|
|
144
|
|
|
16,817
|
|
|
16,961
|
|
|
(4,224
|
)
|
|
1980-2007
|
|
2012
|
|
31
|
||||||||
Carney Hospital MOB
|
Dorchester, MA
|
—
|
|
|
—
|
|
|
7,250
|
|
|
769
|
|
|
530
|
|
|
7,489
|
|
|
8,019
|
|
|
(1,927
|
)
|
|
1978
|
|
2012
|
|
31
|
||||||||
St. Anne's Hospital MOB
|
Fall River, MA
|
—
|
|
|
—
|
|
|
9,304
|
|
|
107
|
|
|
40
|
|
|
9,371
|
|
|
9,411
|
|
|
(1,874
|
)
|
|
2011
|
|
2012
|
|
31
|
||||||||
Norwood Hospital MOB
|
Foxborough, MA
|
—
|
|
|
—
|
|
|
9,489
|
|
|
353
|
|
|
2,295
|
|
|
7,547
|
|
|
9,842
|
|
|
(2,135
|
)
|
|
1930-2000
|
|
2012
|
|
31
|
||||||||
Holy Family Hospital MOB
|
Methuen, MA
|
—
|
|
|
—
|
|
|
4,502
|
|
|
294
|
|
|
168
|
|
|
4,628
|
|
|
4,796
|
|
|
(1,472
|
)
|
|
1988
|
|
2012
|
|
31
|
||||||||
Morton Hospital MOB
|
Taunton, MA
|
—
|
|
|
—
|
|
|
15,317
|
|
|
1,516
|
|
|
502
|
|
|
16,331
|
|
|
16,833
|
|
|
(6,430
|
)
|
|
1988
|
|
2012
|
|
31
|
||||||||
Stetson MOB
|
Weymouth, MA
|
—
|
|
|
3,362
|
|
|
15,555
|
|
|
2,206
|
|
|
3,362
|
|
|
17,761
|
|
|
21,123
|
|
|
(4,686
|
)
|
|
1900-1986
|
|
2015
|
|
20
|
||||||||
Johnston Professional Building
|
Baltimore, MD
|
12,999
|
|
|
—
|
|
|
21,481
|
|
|
544
|
|
|
—
|
|
|
22,025
|
|
|
22,025
|
|
|
(3,874
|
)
|
|
1993
|
|
2014
|
|
35
|
||||||||
Triad Tech Center
|
Baltimore, MD
|
6,061
|
|
|
—
|
|
|
26,548
|
|
|
—
|
|
|
—
|
|
|
26,548
|
|
|
26,548
|
|
|
(7,059
|
)
|
|
1989
|
|
2010
|
|
39
|
||||||||
St. John Providence MOB
|
Novi, MI
|
—
|
|
|
—
|
|
|
42,371
|
|
|
771
|
|
|
—
|
|
|
43,142
|
|
|
43,142
|
|
|
(11,871
|
)
|
|
2007
|
|
2012
|
|
39
|
||||||||
Fort Road MOB
|
St. Paul, MN
|
—
|
|
|
1,571
|
|
|
5,786
|
|
|
1,793
|
|
|
1,571
|
|
|
7,579
|
|
|
9,150
|
|
|
(2,888
|
)
|
|
1981
|
|
2008
|
|
39
|
||||||||
Gallery Professional Building
|
St. Paul, MN
|
—
|
|
|
1,157
|
|
|
5,009
|
|
|
3,629
|
|
|
1,157
|
|
|
8,638
|
|
|
9,795
|
|
|
(4,968
|
)
|
|
1979
|
|
2007
|
|
39
|
||||||||
Chesterfield Rehab Hospital
|
Chesterfield, MO
|
—
|
|
|
4,213
|
|
|
27,898
|
|
|
776
|
|
|
4,313
|
|
|
28,574
|
|
|
32,887
|
|
|
(9,873
|
)
|
|
2007
|
|
2007
|
|
39
|
||||||||
BJC West County MOB
|
Creve Coeur, MO
|
—
|
|
|
2,242
|
|
|
13,130
|
|
|
844
|
|
|
2,242
|
|
|
13,974
|
|
|
16,216
|
|
|
(4,963
|
)
|
|
1978
|
|
2008
|
|
39
|
||||||||
Winghaven MOB
|
O'Fallon, MO
|
—
|
|
|
1,455
|
|
|
9,708
|
|
|
1,596
|
|
|
1,455
|
|
|
11,304
|
|
|
12,759
|
|
|
(4,036
|
)
|
|
2001
|
|
2008
|
|
39
|
||||||||
BJC MOB
|
St. Louis, MO
|
—
|
|
|
304
|
|
|
1,554
|
|
|
(915
|
)
|
|
304
|
|
|
639
|
|
|
943
|
|
|
(496
|
)
|
|
2001
|
|
2008
|
|
39
|
||||||||
Des Peres MAP II
|
St. Louis, MO
|
—
|
|
|
—
|
|
|
11,386
|
|
|
1,022
|
|
|
—
|
|
|
12,408
|
|
|
12,408
|
|
|
(3,981
|
)
|
|
2007
|
|
2010
|
|
39
|
||||||||
Baptist Memorial MOB
|
Oxford, MS
|
—
|
|
|
—
|
|
|
26,263
|
|
|
7,289
|
|
|
—
|
|
|
33,552
|
|
|
33,552
|
|
|
(1,740
|
)
|
|
2017
|
|
2017
|
|
39
|
||||||||
Medical Park of Cary
|
Cary, NC
|
—
|
|
|
2,931
|
|
|
20,305
|
|
|
1,024
|
|
|
2,931
|
|
|
21,329
|
|
|
24,260
|
|
|
(7,575
|
)
|
|
1994
|
|
2010
|
|
39
|
||||||||
Rex Cary MOB
|
Cary, NC
|
—
|
|
|
1,449
|
|
|
18,226
|
|
|
334
|
|
|
1,449
|
|
|
18,560
|
|
|
20,009
|
|
|
(2,645
|
)
|
|
2002
|
|
2015
|
|
39
|
||||||||
Tryon Office Center
|
Cary, NC
|
—
|
|
|
2,200
|
|
|
14,956
|
|
|
822
|
|
|
2,200
|
|
|
15,778
|
|
|
17,978
|
|
|
(2,586
|
)
|
|
2002-2006
|
|
2015
|
|
39
|
||||||||
Carolinas Health MOB
|
Charlotte, NC
|
—
|
|
|
—
|
|
|
75,198
|
|
|
120
|
|
|
—
|
|
|
75,318
|
|
|
75,318
|
|
|
(5,887
|
)
|
|
2006
|
|
2017
|
|
39
|
||||||||
Davidson MOB
|
Davidson , NC
|
—
|
|
|
1,188
|
|
|
8,556
|
|
|
—
|
|
|
1,188
|
|
|
8,556
|
|
|
9,744
|
|
|
(169
|
)
|
|
2001
|
|
2019
|
|
39
|
||||||||
Duke Fertility Center
|
Durham, NC
|
—
|
|
|
596
|
|
|
3,882
|
|
|
—
|
|
|
596
|
|
|
3,882
|
|
|
4,478
|
|
|
(423
|
)
|
|
2006
|
|
2016
|
|
39
|
||||||||
Hock Plaza II
|
Durham, NC
|
—
|
|
|
680
|
|
|
27,044
|
|
|
489
|
|
|
680
|
|
|
27,533
|
|
|
28,213
|
|
|
(2,734
|
)
|
|
2006
|
|
2016
|
|
36
|
||||||||
UNC Rex Holly Springs
|
Holly Springs, NC
|
—
|
|
|
—
|
|
|
27,591
|
|
|
11,076
|
|
|
—
|
|
|
38,667
|
|
|
38,667
|
|
|
(2,202
|
)
|
|
2011
|
|
2017
|
|
39
|
||||||||
Huntersville Office Park
|
Huntersville, NC
|
—
|
|
|
5,376
|
|
|
67,125
|
|
|
4
|
|
|
5,376
|
|
|
67,129
|
|
|
72,505
|
|
|
(284
|
)
|
|
1990-2001
|
|
2019
|
|
39
|
||||||||
Rosedale MOB
|
Huntersville, NC
|
—
|
|
|
1,281
|
|
|
7,738
|
|
|
8
|
|
|
1,281
|
|
|
7,746
|
|
|
9,027
|
|
|
(174
|
)
|
|
2005
|
|
2019
|
|
39
|
||||||||
Medical Park MOBs
|
Mooresville, NC
|
—
|
|
|
1,771
|
|
|
13,266
|
|
|
6,319
|
|
|
2,040
|
|
|
19,316
|
|
|
21,356
|
|
|
(2,552
|
)
|
|
2000-2005
|
|
2017
|
|
23
|
||||||||
3100 Blue Ridge
|
Raleigh, NC
|
—
|
|
|
1,732
|
|
|
8,891
|
|
|
722
|
|
|
1,732
|
|
|
9,613
|
|
|
11,345
|
|
|
(2,161
|
)
|
|
1985
|
|
2014
|
|
35
|
||||||||
Raleigh Medical Center
|
Raleigh, NC
|
—
|
|
|
2,381
|
|
|
15,630
|
|
|
6,737
|
|
|
2,381
|
|
|
22,367
|
|
|
24,748
|
|
|
(7,259
|
)
|
|
1989
|
|
2010
|
|
39
|
||||||||
Sandy Forks MOB
|
Raleigh, NC
|
—
|
|
|
652
|
|
|
7,263
|
|
|
25
|
|
|
652
|
|
|
7,288
|
|
|
7,940
|
|
|
(454
|
)
|
|
2016
|
|
2018
|
|
39
|
|
|
|
|
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)
|
|||||||||||||||||
Tides Medical Arts Center
|
Charleston, SC
|
$
|
—
|
|
|
$
|
3,763
|
|
|
$
|
19,787
|
|
|
$
|
629
|
|
|
$
|
3,763
|
|
|
$
|
20,416
|
|
|
$
|
24,179
|
|
|
$
|
(3,572
|
)
|
|
2007
|
|
2014
|
|
39
|
East Cooper Medical Arts Center
|
Mt. Pleasant, SC
|
—
|
|
|
2,470
|
|
|
6,289
|
|
|
279
|
|
|
2,470
|
|
|
6,568
|
|
|
9,038
|
|
|
(1,636
|
)
|
|
2001
|
|
2014
|
|
32
|
||||||||
East Cooper Medical Center
|
Mt. Pleasant, SC
|
—
|
|
|
2,073
|
|
|
5,939
|
|
|
1,949
|
|
|
2,073
|
|
|
7,888
|
|
|
9,961
|
|
|
(2,498
|
)
|
|
1992
|
|
2010
|
|
39
|
||||||||
MUSC University MOB
|
North Charleston, SC
|
—
|
|
|
1,524
|
|
|
9,627
|
|
|
53
|
|
|
1,524
|
|
|
9,680
|
|
|
11,204
|
|
|
(1,757
|
)
|
|
2006
|
|
2015
|
|
36
|
||||||||
St. Thomas DePaul MOB
|
Murfreesboro, TN
|
—
|
|
|
—
|
|
|
55,040
|
|
|
240
|
|
|
—
|
|
|
55,280
|
|
|
55,280
|
|
|
(4,271
|
)
|
|
2008
|
|
2017
|
|
39
|
||||||||
Mountain Empire MOBs
|
Rogersville, Kingsport and Bristol, TN & Norton and Pennington Gap, VA
|
—
|
|
|
1,296
|
|
|
36,523
|
|
|
10,495
|
|
|
1,278
|
|
|
47,036
|
|
|
48,314
|
|
|
(16,922
|
)
|
|
1976-2006
|
|
2008-2011
|
|
39
|
||||||||
Amarillo Hospital
|
Amarillo, TX
|
—
|
|
|
1,110
|
|
|
17,688
|
|
|
29
|
|
|
1,110
|
|
|
17,717
|
|
|
18,827
|
|
|
(5,610
|
)
|
|
2007
|
|
2008
|
|
39
|
||||||||
Austin Heart MOB
|
Austin, TX
|
—
|
|
|
—
|
|
|
15,172
|
|
|
426
|
|
|
—
|
|
|
15,598
|
|
|
15,598
|
|
|
(3,037
|
)
|
|
1999
|
|
2013
|
|
39
|
||||||||
BS&W MOBs
|
Austin, TX
|
17,350
|
|
|
—
|
|
|
300,952
|
|
|
1,119
|
|
|
—
|
|
|
302,071
|
|
|
302,071
|
|
|
(23,467
|
)
|
|
2009-2016
|
|
2017
|
|
39
|
||||||||
Post Oak North MC
|
Austin, TX
|
—
|
|
|
887
|
|
|
7,011
|
|
|
(61
|
)
|
|
887
|
|
|
6,950
|
|
|
7,837
|
|
|
(1,424
|
)
|
|
2007
|
|
2013
|
|
39
|
||||||||
MatureWell MOB
|
Bryan, TX
|
—
|
|
|
1,307
|
|
|
11,078
|
|
|
—
|
|
|
1,307
|
|
|
11,078
|
|
|
12,385
|
|
|
(1,102
|
)
|
|
2016
|
|
2017
|
|
39
|
||||||||
Texas A&M Health Science Center
|
Bryan, TX
|
—
|
|
|
—
|
|
|
32,494
|
|
|
249
|
|
|
—
|
|
|
32,743
|
|
|
32,743
|
|
|
(7,603
|
)
|
|
2011
|
|
2013
|
|
39
|
||||||||
Dallas Rehab Hospital
|
Carrollton, TX
|
—
|
|
|
1,919
|
|
|
16,341
|
|
|
—
|
|
|
1,919
|
|
|
16,341
|
|
|
18,260
|
|
|
(4,650
|
)
|
|
2006
|
|
2010
|
|
39
|
||||||||
Cedar Hill MOB
|
Cedar Hill, TX
|
—
|
|
|
778
|
|
|
4,830
|
|
|
350
|
|
|
778
|
|
|
5,180
|
|
|
5,958
|
|
|
(1,846
|
)
|
|
2007
|
|
2008
|
|
39
|
||||||||
Cedar Park MOB
|
Cedar Park, TX
|
—
|
|
|
—
|
|
|
30,338
|
|
|
1,102
|
|
|
—
|
|
|
31,440
|
|
|
31,440
|
|
|
(2,374
|
)
|
|
2007
|
|
2017
|
|
39
|
||||||||
Corsicana MOB
|
Corsicana, TX
|
—
|
|
|
—
|
|
|
6,781
|
|
|
624
|
|
|
—
|
|
|
7,405
|
|
|
7,405
|
|
|
(2,432
|
)
|
|
2007
|
|
2009
|
|
39
|
||||||||
Dallas LTAC Hospital
|
Dallas, TX
|
—
|
|
|
2,301
|
|
|
20,627
|
|
|
—
|
|
|
2,301
|
|
|
20,627
|
|
|
22,928
|
|
|
(5,873
|
)
|
|
2007
|
|
2009
|
|
39
|
||||||||
Forest Park Pavilion
|
Dallas, TX
|
—
|
|
|
9,670
|
|
|
11,152
|
|
|
747
|
|
|
9,670
|
|
|
11,899
|
|
|
21,569
|
|
|
(2,544
|
)
|
|
2010
|
|
2012
|
|
39
|
||||||||
Forest Park Tower
|
Dallas, TX
|
—
|
|
|
3,340
|
|
|
35,071
|
|
|
6,778
|
|
|
3,340
|
|
|
41,849
|
|
|
45,189
|
|
|
(8,289
|
)
|
|
2011
|
|
2013
|
|
39
|
||||||||
Northpoint Medical
|
Dallas, TX
|
—
|
|
|
2,388
|
|
|
14,621
|
|
|
(3,278
|
)
|
|
2,388
|
|
|
11,343
|
|
|
13,731
|
|
|
(1,921
|
)
|
|
2017
|
|
2017
|
|
20
|
||||||||
Baylor MOBs
|
Dallas/Fort Woth, TX
|
29,500
|
|
|
9,956
|
|
|
122,852
|
|
|
6,620
|
|
|
9,956
|
|
|
129,472
|
|
|
139,428
|
|
|
(9,255
|
)
|
|
2013-2017
|
|
2017
|
|
39
|
||||||||
Denton Med Rehab Hospital
|
Denton, TX
|
—
|
|
|
2,000
|
|
|
11,704
|
|
|
—
|
|
|
2,000
|
|
|
11,704
|
|
|
13,704
|
|
|
(3,845
|
)
|
|
2008
|
|
2009
|
|
39
|
||||||||
Denton MOB
|
Denton, TX
|
—
|
|
|
—
|
|
|
7,543
|
|
|
519
|
|
|
—
|
|
|
8,062
|
|
|
8,062
|
|
|
(2,213
|
)
|
|
2000
|
|
2010
|
|
39
|
||||||||
El Paso MOB
|
El Paso, TX
|
—
|
|
|
2,075
|
|
|
14,902
|
|
|
—
|
|
|
2,075
|
|
|
14,902
|
|
|
16,977
|
|
|
(150
|
)
|
|
1994-2008
|
|
2019
|
|
39
|
||||||||
Cliff Medical Plaza MOB
|
El Paso, TX
|
—
|
|
|
1,064
|
|
|
1,972
|
|
|
3,481
|
|
|
1,064
|
|
|
5,453
|
|
|
6,517
|
|
|
(1,679
|
)
|
|
1977
|
|
2016
|
|
8
|
||||||||
Providence Medical Plaza
|
El Paso, TX
|
—
|
|
|
—
|
|
|
5,396
|
|
|
3,488
|
|
|
—
|
|
|
8,884
|
|
|
8,884
|
|
|
(1,540
|
)
|
|
1981
|
|
2016
|
|
20
|
||||||||
Sierra Medical
|
El Paso, TX
|
—
|
|
|
—
|
|
|
2,998
|
|
|
759
|
|
|
—
|
|
|
3,757
|
|
|
3,757
|
|
|
(1,117
|
)
|
|
1972
|
|
2016
|
|
15
|
||||||||
Texas Health MOB
|
Fort Worth, TX
|
—
|
|
|
—
|
|
|
38,429
|
|
|
187
|
|
|
—
|
|
|
38,616
|
|
|
38,616
|
|
|
(2,985
|
)
|
|
2014
|
|
2017
|
|
39
|
||||||||
Conifer
|
Frisco, TX
|
—
|
|
|
4,807
|
|
|
67,076
|
|
|
75
|
|
|
4,807
|
|
|
67,151
|
|
|
71,958
|
|
|
(6,747
|
)
|
|
2014
|
|
2017
|
|
38
|
||||||||
Forest Park Frisco MC
|
Frisco, TX
|
—
|
|
|
1,238
|
|
|
19,979
|
|
|
9,995
|
|
|
1,238
|
|
|
29,974
|
|
|
31,212
|
|
|
(6,481
|
)
|
|
2012
|
|
2013
|
|
39
|
||||||||
Greenville MOB
|
Greenville, TX
|
—
|
|
|
616
|
|
|
10,822
|
|
|
299
|
|
|
616
|
|
|
11,121
|
|
|
11,737
|
|
|
(3,838
|
)
|
|
2007
|
|
2008
|
|
39
|
||||||||
Gemini MOB
|
Houston, TX
|
—
|
|
|
4,619
|
|
|
17,450
|
|
|
—
|
|
|
4,619
|
|
|
17,450
|
|
|
22,069
|
|
|
(107
|
)
|
|
1985-1986
|
|
2019
|
|
39
|
||||||||
7900 Fannin MOB
|
Houston, TX
|
—
|
|
|
—
|
|
|
34,764
|
|
|
2,260
|
|
|
—
|
|
|
37,024
|
|
|
37,024
|
|
|
(10,253
|
)
|
|
2005
|
|
2010
|
|
39
|
||||||||
Cypress Medical Building MOB
|
Houston, TX
|
—
|
|
|
—
|
|
|
4,678
|
|
|
478
|
|
|
—
|
|
|
5,156
|
|
|
5,156
|
|
|
(1,020
|
)
|
|
1984
|
|
2016
|
|
30
|
||||||||
Cypress Station MOB
|
Houston, TX
|
—
|
|
|
1,345
|
|
|
8,312
|
|
|
(1,023
|
)
|
|
1,345
|
|
|
7,289
|
|
|
8,634
|
|
|
(3,277
|
)
|
|
1981
|
|
2008
|
|
39
|
||||||||
Park Plaza MOB
|
Houston, TX
|
—
|
|
|
5,719
|
|
|
50,054
|
|
|
5,259
|
|
|
5,719
|
|
|
55,313
|
|
|
61,032
|
|
|
(10,115
|
)
|
|
1984
|
|
2016
|
|
24
|
||||||||
Triumph Hospital NW
|
Houston, TX
|
—
|
|
|
1,377
|
|
|
14,531
|
|
|
237
|
|
|
1,377
|
|
|
14,768
|
|
|
16,145
|
|
|
(5,814
|
)
|
|
1986
|
|
2007
|
|
39
|
||||||||
Memorial Hermann MOBs
|
Humble, TX
|
—
|
|
|
—
|
|
|
9,479
|
|
|
12,039
|
|
|
—
|
|
|
21,518
|
|
|
21,518
|
|
|
(1,458
|
)
|
|
1993
|
|
2017
|
|
25-39
|
|
|
|
|
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)
|
|||||||||||||||||
Jourdanton MOB
|
Jourdanton, TX
|
$
|
13,200
|
|
|
$
|
—
|
|
|
$
|
17,804
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
17,805
|
|
|
$
|
17,805
|
|
|
$
|
(1,343
|
)
|
|
2013
|
|
2017
|
|
39
|
Houston Methodist MOBs
|
Katy, TX
|
—
|
|
|
—
|
|
|
43,078
|
|
|
189
|
|
|
—
|
|
|
43,267
|
|
|
43,267
|
|
|
(3,305
|
)
|
|
2001-2006
|
|
2017
|
|
35-39
|
||||||||
Lone Star Endoscopy MOB
|
Keller, TX
|
—
|
|
|
622
|
|
|
3,502
|
|
|
(5
|
)
|
|
622
|
|
|
3,497
|
|
|
4,119
|
|
|
(1,211
|
)
|
|
2006
|
|
2008
|
|
39
|
||||||||
Seton Medical MOB
|
Kyle, TX
|
—
|
|
|
—
|
|
|
30,102
|
|
|
2,252
|
|
|
—
|
|
|
32,354
|
|
|
32,354
|
|
|
(2,480
|
)
|
|
2009
|
|
2017
|
|
39
|
||||||||
Lewisville MOB
|
Lewisville, TX
|
—
|
|
|
452
|
|
|
3,841
|
|
|
—
|
|
|
452
|
|
|
3,841
|
|
|
4,293
|
|
|
(1,177
|
)
|
|
2000
|
|
2010
|
|
39
|
||||||||
Longview Regional MOBs
|
Longview, TX
|
16,650
|
|
|
—
|
|
|
59,258
|
|
|
—
|
|
|
—
|
|
|
59,258
|
|
|
59,258
|
|
|
(4,627
|
)
|
|
2003-2015
|
|
2017
|
|
36-39
|
||||||||
Terrace Medical Building
|
Nacogdoches, TX
|
—
|
|
|
—
|
|
|
179
|
|
|
5
|
|
|
—
|
|
|
184
|
|
|
184
|
|
|
(147
|
)
|
|
1975
|
|
2016
|
|
5
|
||||||||
Towers Medical Plaza
|
Nacogdoches, TX
|
—
|
|
|
—
|
|
|
786
|
|
|
301
|
|
|
—
|
|
|
1,087
|
|
|
1,087
|
|
|
(444
|
)
|
|
1981
|
|
2016
|
|
10
|
||||||||
North Cypress MOBs
|
North Cypress/Houston, TX
|
—
|
|
|
7,841
|
|
|
121,215
|
|
|
1,180
|
|
|
7,841
|
|
|
122,395
|
|
|
130,236
|
|
|
(9,887
|
)
|
|
2006-2015
|
|
2017
|
|
35-39
|
||||||||
Pearland MOB
|
Pearland, TX
|
—
|
|
|
912
|
|
|
4,628
|
|
|
593
|
|
|
912
|
|
|
5,221
|
|
|
6,133
|
|
|
(1,881
|
)
|
|
2003-2007
|
|
2010
|
|
39
|
||||||||
Independence Medical Village
|
Plano, TX
|
—
|
|
|
4,229
|
|
|
17,874
|
|
|
82
|
|
|
4,229
|
|
|
17,956
|
|
|
22,185
|
|
|
(2,358
|
)
|
|
2014
|
|
2016
|
|
39
|
||||||||
San Angelo MOB
|
San Angelo, TX
|
—
|
|
|
—
|
|
|
3,907
|
|
|
117
|
|
|
—
|
|
|
4,024
|
|
|
4,024
|
|
|
(1,520
|
)
|
|
2007
|
|
2009
|
|
39
|
||||||||
Mtn Plains Pecan Valley
|
San Antonio, TX
|
—
|
|
|
416
|
|
|
13,690
|
|
|
2,261
|
|
|
416
|
|
|
15,951
|
|
|
16,367
|
|
|
(5,044
|
)
|
|
1998
|
|
2008
|
|
39
|
||||||||
Sugar Land II MOB
|
Sugar Land, TX
|
—
|
|
|
—
|
|
|
9,648
|
|
|
631
|
|
|
—
|
|
|
10,279
|
|
|
10,279
|
|
|
(3,962
|
)
|
|
1999
|
|
2010
|
|
39
|
||||||||
Triumph Hospital SW
|
Sugar Land, TX
|
—
|
|
|
1,670
|
|
|
14,018
|
|
|
(14
|
)
|
|
1,656
|
|
|
14,018
|
|
|
15,674
|
|
|
(5,646
|
)
|
|
1989
|
|
2007
|
|
39
|
||||||||
Mtn Plains Clear Lake
|
Webster, TX
|
—
|
|
|
832
|
|
|
21,168
|
|
|
2,506
|
|
|
832
|
|
|
23,674
|
|
|
24,506
|
|
|
(7,145
|
)
|
|
2006
|
|
2008
|
|
39
|
||||||||
N. Texas Neurology MOB
|
Wichita Falls, TX
|
—
|
|
|
736
|
|
|
5,611
|
|
|
(1,771
|
)
|
|
736
|
|
|
3,840
|
|
|
4,576
|
|
|
(1,851
|
)
|
|
1957
|
|
2008
|
|
39
|
||||||||
Renaissance MC
|
Bountiful, UT
|
—
|
|
|
3,701
|
|
|
24,442
|
|
|
95
|
|
|
3,701
|
|
|
24,537
|
|
|
28,238
|
|
|
(7,861
|
)
|
|
2004
|
|
2008
|
|
39
|
||||||||
Faifax MOB
|
Fairfax, VA
|
—
|
|
|
2,404
|
|
|
14,074
|
|
|
68
|
|
|
2,404
|
|
|
14,142
|
|
|
16,546
|
|
|
(315
|
)
|
|
1959
|
|
2019
|
|
39
|
||||||||
Fair Oaks MOB
|
Fairfax, VA
|
—
|
|
|
—
|
|
|
47,616
|
|
|
255
|
|
|
—
|
|
|
47,871
|
|
|
47,871
|
|
|
(3,522
|
)
|
|
2009
|
|
2017
|
|
39
|
||||||||
Aurora - Menomonee
|
Menomonee Falls, WI
|
—
|
|
|
1,055
|
|
|
14,998
|
|
|
—
|
|
|
1,055
|
|
|
14,998
|
|
|
16,053
|
|
|
(5,893
|
)
|
|
1964
|
|
2009
|
|
39
|
||||||||
Aurora - Milwaukee
|
Milwaukee, WI
|
—
|
|
|
350
|
|
|
5,508
|
|
|
—
|
|
|
350
|
|
|
5,508
|
|
|
5,858
|
|
|
(2,162
|
)
|
|
1983
|
|
2009
|
|
39
|
||||||||
Columbia St. Mary's MOBs
|
Milwaukee, WI
|
—
|
|
|
—
|
|
|
87,825
|
|
|
273
|
|
|
—
|
|
|
88,098
|
|
|
88,098
|
|
|
(6,236
|
)
|
|
1994-2007
|
|
2017
|
|
35-39
|
||||||||
|
|
$
|
114,060
|
|
|
$
|
568,334
|
|
|
$
|
5,834,611
|
|
|
$
|
426,281
|
|
|
$
|
576,372
|
|
|
$
|
6,252,854
|
|
|
$
|
6,829,226
|
|
|
$
|
(1,085,048
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Undeveloped land:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Coral Reef
|
Miami, FL
|
—
|
|
|
1,160
|
|
|
—
|
|
|
—
|
|
|
1,160
|
|
|
—
|
|
|
1,160
|
|
|
—
|
|
|
N/A
|
|
2017
|
|
N/A
|
||||||||
Forest Park Pavilion III
|
Dallas, TX
|
—
|
|
|
7,014
|
|
|
—
|
|
|
—
|
|
|
7,014
|
|
|
—
|
|
|
7,014
|
|
|
—
|
|
|
N/A
|
|
2019
|
|
N/A
|
||||||||
|
|
—
|
|
|
8,174
|
|
|
—
|
|
|
—
|
|
|
8,174
|
|
|
—
|
|
|
8,174
|
|
|
—
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total
|
|
$
|
114,060
|
|
|
$
|
576,508
|
|
|
$
|
5,834,611
|
|
|
$
|
426,281
|
|
|
$
|
584,546
|
|
|
$
|
6,252,854
|
|
|
$
|
6,837,400
|
|
|
$
|
(1,085,048
|
)
|
|
|
|
|
|
|
(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, 2019, 2018 and 2017 are as follows (in thousands):
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance as of the beginning of the year
|
$
|
6,269,023
|
|
|
$
|
6,316,143
|
|
|
$
|
3,853,042
|
|
Acquisitions
|
505,424
|
|
|
16,353
|
|
|
2,447,896
|
|
|||
Additions
|
90,859
|
|
|
126,379
|
|
|
86,723
|
|
|||
Dispositions
|
(27,906
|
)
|
|
(180,965
|
)
|
|
(57,596
|
)
|
|||
Impairments
|
—
|
|
|
(8,887
|
)
|
|
(13,922
|
)
|
|||
Balance as of the end of the year (d)
|
$
|
6,837,400
|
|
|
$
|
6,269,023
|
|
|
$
|
6,316,143
|
|
(d)
|
The balances as of December 31, 2019, 2018 and 2017 exclude gross lease intangibles of $628.1 million, $599.9 million and $639.2 million, respectively.
|
(e)
|
The aggregate cost of our real estate for federal income tax purposes was $6.7 billion.
|
(f)
|
The changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance as of the beginning of the year
|
$
|
882,488
|
|
|
$
|
734,783
|
|
|
$
|
581,505
|
|
Additions
|
217,566
|
|
|
202,837
|
|
|
171,545
|
|
|||
Dispositions
|
(15,006
|
)
|
|
(55,132
|
)
|
|
(18,267
|
)
|
|||
Balance as of the end of the year (g)
|
$
|
1,085,048
|
|
|
$
|
882,488
|
|
|
$
|
734,783
|
|
(g)
|
The balances as of December 31, 2019, 2018 and 2017 exclude accumulated amortization of lease intangibles of $362.8 million, $325.7 million and $286.9 million, respectively.
|
(h)
|
Tenant improvements are depreciated over the shorter of the lease term or useful life, ranging from one to 10 years, respectively. Furniture, fixtures and equipment are depreciated over five years.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance as of the beginning of the year
|
$
|
2,070
|
|
|
$
|
2,773
|
|
|
$
|
12,737
|
|
Collection of mortgage loans
|
(738
|
)
|
|
(703
|
)
|
|
(9,964
|
)
|
|||
Balance as of the end of the year
|
$
|
1,332
|
|
|
$
|
2,070
|
|
|
$
|
2,773
|
|
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
|
1.16
|
|
1.17
|
|
1.18
|
|
1.19
|
|
1.20
|
|
1.21
|
|
1.22
|
|
1.23
|
|
1.24
|
|
1.25
|
|
1.26
|
|
1.27
|
|
1.28
|
|
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
|
|
4.2
|
|
4.3
|
|
4.5*
|
|
5.1
|
|
5.2
|
|
5.3
|
|
5.4
|
|
5.5
|
|
5.6
|
|
5.7
|
|
5.8
|
|
5.9
|
|
8.1
|
8.2
|
|
8.3
|
|
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
|
|
10.34
|
|
10.35
|
|
10.36
|
|
10.37
|
|
10.38
|
|
21.1*
|
|
23.1*
|
|
23.2*
|
|
23.3
|
|
23.4
|
|
Healthcare Trust of America, Inc.
|
||
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer)
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
Chief Executive Officer, President and Chairman
|
|
Scott D. Peters
|
|
(Principal Executive Officer)
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ W. Bradley Blair, II
|
|
Lead Director
|
|
W. Bradley Blair, II
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Vicki U. Booth
|
|
Director
|
|
Vicki U. Booth
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ H. Lee Cooper
|
|
Director
|
|
H. Lee Cooper
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Maurice J. DeWald
|
|
Director
|
|
Maurice J. DeWald
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Warren D. Fix
|
|
Director
|
|
Warren D. Fix
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Peter N. Foss
|
|
Director
|
|
Peter N. Foss
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Jay P. Leupp
|
|
Director
|
|
Jay P. Leupp
|
|
|
Date:
|
February 18, 2020
|
|
|
By:
|
/s/ Larry L. Mathis
|
|
Director
|
|
Larry L. Mathis
|
|
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Gary T. Wescombe
|
|
Director
|
|
Gary T. Wescombe
|
|
|
Date:
|
February 18, 2020
|
|
|
|
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 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Date:
|
February 18, 2020
|
|
|
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 18, 2020
|
|
general partner of Healthcare Trust of America Holdings, LP
|
|
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
Chief Financial Officer
|
|
Robert A. Milligan
|
|
(Principal Financial Officer and Principal Accounting Officer) of
|
Date:
|
February 18, 2020
|
|
Healthcare Trust of America, Inc., general partner of Healthcare Trust
|
|
|
|
of America Holdings, LP
|
|
|
|
|
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 18, 2020
|
|
|
|
|
|
|
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 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ H. Lee Cooper
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
H. Lee Cooper
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
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 18, 2020
|
|
|
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 18, 2020
|
|
|
|
|
|
|
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 18, 2020
|
|
|
|
|
|
|
By:
|
/s/ Jay P. Leupp
|
|
Director of Healthcare Trust of America, Inc., general partner of
|
|
Jay P. Leupp
|
|
Healthcare Trust of America Holdings, LP
|
Date:
|
February 18, 2020
|
|
|
|
|
|
|
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 18, 2020
|
|
|
|
|
|
|
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 18, 2020
|
|
|
Healthcare Management of America, Inc. (Delaware)
|
|
HTA - Amarillo Hospital, LLC (Delaware)
|
Healthcare Trust of America Holdings, LP (Delaware)
|
|
HTA - Augusta SS Hospital, LLC (Delaware)
|
HTA - MOB Acquisition, LLC (Delaware)
|
|
HTA - Aurora Hospital, LLC (Delaware)
|
HTA - 10115 Kincey Avenue, LLC (Delaware)
|
|
HTA - Austell, LLC (Delaware)
|
HTA - 1060 Day Hill, LLC (Delaware)
|
|
HTA - Austin Diagnostic, LLC (Delaware)
|
HTA - 1080 Day Hill, LLC (Delaware)
|
|
HTA - Avon Hospital, LLC (Delaware)
|
HTA - 1092 Madison, LLC (Delaware)
|
|
HTA - AW Florida Medical Center Central, LLC (Delaware)
|
HTA - 1223 Washington, LLC (Delaware)
|
|
HTA - AW Florida Medical Center East, LLC (Delaware)
|
HTA - 125 Rampart MOB, LLC (Delaware)
|
|
HTA - AW Florida Medical Center Land, LLC (Delaware)
|
HTA - 130 Rampart MOB, LLC (Delaware)
|
|
HTA - AW Florida Medical Center Mall, LLC (Delaware)
|
HTA - 13020 Telecom, LLC (Delaware)
|
|
HTA - AW Florida Medical Center North, LLC (Delaware)
|
HTA - 13620 Reese Blvd East, LLC (Delaware)
|
|
HTA - AW Florida, LP (Delaware)
|
HTA - 13801 Reese Blvd West, LLC (Delaware)
|
|
HTA - AW Hialeah, LLC (Delaware)
|
HTA - 1740 South Street, LLC (Delaware)
|
|
HTA - AW North Shore, LLC (Delaware)
|
HTA - 2 Northwestern, LLC (Delaware)
|
|
HTA - AW Palmetto, LLC (Delaware)
|
HTA - 2750 Monroe, LLC (Delaware)
|
|
HTA - AW Victor Farris, LLC (Delaware)
|
HTA - 2080 Whitney MOB, LLC (Delaware)
|
|
HTA - AW, LLC (Delaware)
|
HTA - 2200 Whitney MOB, LLC (Delaware)
|
|
HTA - Babylon MOB, LLC (Delaware)
|
HTA - 3rd Street Medical Center, LLC (Delaware)
|
|
HTA - Babylon Sonogram, LLC (Delaware)
|
HTA - 39 Broad Street Parking, LLC (Delaware)
|
|
HTA - Bayboro, LLC (Delaware)
|
HTA - 39 Broad Street, LLC (Delaware)
|
|
HTA - Bakersfield MOB, LLC (Delaware)
|
HTA - 4 Northwestern, LLC (Delaware)
|
|
HTA - Bayview, LLC (Delaware)
|
HTA - 406 Farmington, LLC (Delaware)
|
|
HTA - Bedford MOB, LLC (Delaware)
|
HTA - 533 Cottage, LLC (Delaware)
|
|
HTA - Biewend, LLC (Delaware)
|
HTA - 560 Cleveland, LLC (Delaware)
|
|
HTA - Blue Ridge, LLC (Delaware)
|
HTA - 5995 Plaza Drive, LLC (Delaware)
|
|
HTA - Bonnie Brae, LLC (Delaware)
|
HTA - 600 Haverford Road, LLC (Delaware)
|
|
HTA - Brandon Medical, LLC (Delaware)
|
HTA - 670 Albany, LLC (Delaware)
|
|
HTA - Brazos Valley I, LLC (Delaware)
|
HTA - 704 Hebron, LLC (Delaware)
|
|
HTA - Brier Creek Healthplex, LLC (Delaware)
|
HTA - 80 Fisher, LLC (Delaware)
|
|
HTA - Bristol West, LLC (Delaware)
|
HTA - 931 Haverford Road, LLC (Delaware)
|
|
HTA - Bryn Mawr MOB, LLC (Delaware)
|
HTA - 940 Haverford Road, LLC (Delaware)
|
|
HTA - Burleson Hospital, LLC (Delaware)
|
HTA - 9920 Kincey Avenue, LLC (Delaware)
|
|
HTA - Burr Ridge University Medical, LLC (Delaware)
|
HTA - 9930 Kincey Avenue, LLC (Delaware)
|
|
HTA - Calvert, LLC (Delaware)
|
HTA - 9920/9930 Kincey Avenue, LLC (Delaware)
|
|
HTA - Camp Creek, LLC (Delaware)
|
HTA - Academy, LLC (Delaware)
|
|
HTA - Camp Creek III, LLC (Delaware)
|
HTA - Acquisition Sub, LLC (Delaware)
|
|
HTA - Camp Creek IV, LLC (Delaware)
|
HTA - Ahwatukee Foothills, LLC (Delaware)
|
|
HTA - Cannon Park Place, LLC (Delaware)
|
HTA - Allegheny, LLC (Delaware)
|
|
HTA - Carmel Women's Center, LLC (Delaware)
|
|
|
|
HTA - Carney MOB, LLC (Delaware)
|
|
HTA - Elms North Charleston, LLC (Delaware)
|
HTA - Cedar Park MOB 1, LLC (Delaware)
|
|
HTA - Epler Parke Building B, LLC (Delaware)
|
HTA - Cedartown Dialysis, LLC (Delaware)
|
|
HTA - Eskenazi Admin Bldg, LLC (Delaware)
|
HTA - Celebration Hospital MOB, LLC (Delaware)
|
|
HTA - Evansville Annex, LLC (Delaware)
|
HTA - Central Park, LLC (Delaware)
|
|
HTA - Evansville Fourth, LLC (Delaware)
|
HTA - Chandler Medical, LLC (Delaware)
|
|
HTA - Evansville Gateway, LLC (Delaware)
|
HTA - Cherokee Medical Center, LLC (Delaware)
|
|
HTA - Evansville Main, LLC (Delaware)
|
HTA - Cherry Hill, LLC (Delaware)
|
|
HTA - Evansville Westside, LLC (Delaware)
|
HTA - Chesterfield Rehab Hospital, LLC (Delaware)
|
|
HTA - Evergreen 2400, LLC (Delaware)
|
HTA - Clearfork MOB, LLC (Delaware)
|
|
HTA - Evergreen 2400-2600, LLC (Delaware)
|
HTA - Cliff, LLC (Delaware)
|
|
HTA - Evergreen 2600, LLC (Delaware)
|
HTA - Clove Road MOB, LLC (Delaware)
|
|
HTA - Evergreen 2800, LLC (Delaware)
|
HTA - Colleyville Hospital, LLC (Delaware)
|
|
HTA - Evergreen Plaza, LLC (Delaware)
|
HTA - Commons V, LLC (Delaware)
|
|
HTA - Facey Land, LLC (Delaware)
|
HTA - Corsicana, LLC (Delaware)
|
|
HTA - Facey MOB, LLC (Delaware)
|
HTA - County Line Road, LLC (Delaware)
|
|
HTA - Fairfax MOB 3, LLC (Delaware)
|
HTA - Crawfordsville, LLC (Delaware)
|
|
HTA - Fairfax Medical Center, LLC (Delaware)
|
HTA - Crossroads, LLC (Delaware)
|
|
HTA - Fannin LP, LLC (Delaware)
|
HTA - Crown Heights MOB, LLC (Delaware)
|
|
HTA - Fannin, LLC (Delaware)
|
HTA - Curie, LLC (Delaware)
|
|
HTA - Federal North MOB, LLC (Delaware)
|
HTA - Cypress Fairbanks, LLC (Delaware)
|
|
HTA - Fishers Medical Center, LLC (Delaware)
|
HTA - Cypress Station, LLC (Delaware)
|
|
HTA - FL Ortho Institute ASC, LLC (Delaware)
|
HTA - Dallas Admin Bldg, LLC (Delaware)
|
|
HTA - Flatbush MOB, LLC (Delaware)
|
HTA - Dallas LTAC, LLC (Delaware)
|
|
HTA - Forest Park Frisco, LLC (Delaware)
|
HTA - Dallas Parkway Admin Bldg, LLC (Delaware)
|
|
HTA - Fort Road Medical, LLC (Delaware)
|
HTA - Dallas Pavilion III, LLC (Delaware)
|
|
HTA - Fort Wayne, LLC (Delaware)
|
HTA - Dallas SS Hospital, LLC (Delaware)
|
|
HTA - FP Pavilion, LLC (Delaware)
|
HTA - Davidson MOB, LLC (Delaware)
|
|
HTA - FP Tower, LLC (Delaware)
|
HTA - Decatur Medical Plaza, LLC (Delaware)
|
|
HTA - Gahanna MOB, LLC (Delaware)
|
HTA - Del Sol MOB, LLC (Delaware)
|
|
HTA - Gallery Medical Member, LLC (Delaware)
|
HTA - Denton, LLC (Delaware)
|
|
HTA - Gallery Medical, LLC (Delaware)
|
HTA - DePaul Medical Center, LLC (Delaware)
|
|
HTA - Gateway 1, LLC (Delaware)
|
HTA - Des Peres, LLC (Delaware)
|
|
HTA - Gateway 1A, LLC (Delaware)
|
HTA - Desert Ridge, LLC (Delaware)
|
|
HTA - Gateway 1B, LLC (Delaware)
|
HTA - DFC, LLC (Delaware)
|
|
HTA - Gateway 1C, LLC (Delaware)
|
HTA - Diley Ridge, LLC (Delaware)
|
|
HTA - Gateway 1D, LLC (Delaware)
|
HTA - Duke Chesterfield Rehab, LLC (Delaware)
|
|
HTA - Gateway 1D1, LLC (Delaware)
|
HTA - Dupont MOB, LLC (Delaware)
|
|
HTA - Gateway 2E, LLC (Delaware)
|
HTA - E Florida LTC, LLC (Delaware)
|
|
HTA - Gateway 3F, LLC (Delaware)
|
HTA - Eagle Road MOB 1, LLC (Delaware)
|
|
HTA - Gateway 4G, LLC (Delaware)
|
HTA - Eagle Road MOB 2, LLC (Delaware)
|
|
HTA - Gateway Land, LLC (Delaware)
|
HTA - East Cooper Medical Arts, LLC (Delaware)
|
|
HTA - Gateway Tucson, LLC (Delaware)
|
HTA - East Cooper, LLC (Delaware)
|
|
HTA - Gaylord, LLC (Delaware)
|
|
|
|
HTA - Gemini MOB 1, LLC (Delaware)
|
|
HTA - Humble Medical Plaza 2, LLC (Delaware)
|
HTA - Gemini MOB 2, LLC (Delaware)
|
|
HTA - Huntley MOB, LLC (Delaware)
|
HTA - Gilbert Health, LLC (Delaware)
|
|
HTA - Independence Medical Village, LLC (Delaware)
|
HTA - Glendale Memorial, LLC (Delaware)
|
|
HTA - Indianapolis Hospital, LLC (Delaware)
|
HTA - Good Sam Cancer Center, LLC (Delaware)
|
|
HTA - Jackson's Row, LLC (Delaware)
|
HTA - Good Sam MOB, LLC (Delaware)
|
|
HTA - Jacksonville, LLC (Delaware)
|
HTA - Grand Prairie Hospital, LLC (Delaware)
|
|
HTA - Jamaica Estates MOB, LLC (Delaware)
|
HTA - Greenville CFM, LLC (Delaware)
|
|
HTA - Jasper, LLC (Delaware)
|
HTA - Greenville CHOS, LLC (Delaware)
|
|
HTA - Jewish Hospital MOB, LLC (Delaware)
|
HTA - Greenville Cleveland Street, LLC (Delaware)
|
|
HTA - Joshua Max Simon MOB, LLC (Delaware)
|
HTA - Greenville Greer MOB A, LLC (Delaware)
|
|
HTA - Jourdanton Regional MOB, LLC (Delaware)
|
HTA - Greenville Greer MOB B, LLC (Delaware)
|
|
HTA - Jupiter Medical Center Plaza, LLC (Delaware)
|
HTA - Greenville Life Center, LLC (Delaware)
|
|
HTA - Jupiter Medical Park West, LLC (Delaware)
|
HTA - Greenville Maxwell Pointe, LLC (Delaware)
|
|
HTA - Jupiter Outpatient Center, LLC (Delaware)
|
HTA - Greenville Memorial CTC, LLC (Delaware)
|
|
HTA - Kapolei Medical Park, LLC (Delaware)
|
HTA - Greenville Memorial ISB, LLC (Delaware)
|
|
HTA - Keller Medical Center, LLC (Delaware)
|
HTA - Greenville Memorial MOB, LLC (Delaware)
|
|
HTA - Kendall, LLC (Delaware)
|
HTA - Greenville Mills Avenue, LLC (Delaware)
|
|
HTA - King Street, LLC (Delaware)
|
HTA - Greenville Patewood Administration, LLC (Delaware)
|
|
HTA - Kissimmee Hospital MOB, LLC (Delaware)
|
HTA - Greenville Patewood MOB A, LLC (Delaware)
|
|
HTA - Kokomo Medical Office Park, LLC (Delaware)
|
HTA - Greenville Patewood MOB B, LLC (Delaware)
|
|
HTA - Lake Norman, LLC (Delaware)
|
HTA - Greenville Patewood MOB C, LLC (Delaware)
|
|
HTA - Largo Medical Center, LLC (Delaware)
|
HTA - Greenville Travelers Rest, LLC (Delaware)
|
|
HTA - Lenox Medical Land, LLC (Delaware)
|
HTA - Greenville, LLC (Delaware)
|
|
HTA - Lenox Medical, LLC (Delaware)
|
HTA - Gunn MOB, LLC (Delaware)
|
|
HTA - Lewisville MOB, LLC (Delaware)
|
HTA - Gwinnett, LLC (Delaware)
|
|
HTA - Liberty Falls Medical Plaza, LLC (Delaware)
|
HTA - Hackensack MOB, LLC (Delaware)
|
|
HTA - Lima, LLC (Delaware)
|
HTA - Hamilton Healthcare, LLC (Delaware)
|
|
HTA - Lima-207, LLC (Delaware)
|
HTA - Hampden Place (Delaware)
|
|
HTA - Lincoln Medical Center, LLC (Delaware)
|
HTA - Heart & Family Health, LLC (Delaware)
|
|
HTA - Lincoln Park Boulevard, LLC (Delaware)
|
HTA - Heart Center MOB, LLC (Delaware)
|
|
HTA - Littleton Hospital, LLC (Delaware)
|
HTA - Heartland Sebring, LLC (Delaware)
|
|
HTA - Lomita, LLC (Delaware)
|
HTA - Hillcrest Cancer Center, LLC (Delaware)
|
|
HTA - Lone Tree, LLC (Delaware)
|
HTA - Hillcrest MOB 1, LLC (Delaware)
|
|
HTA - Longview MOB I, LLC (Delaware)
|
HTA - Hillcrest MOB 2, LLC (Delaware)
|
|
HTA - Longview MOB II, LLC (Delaware)
|
HTA - Hilliard II, LLC (Delaware)
|
|
HTA - Macneal 3300 Oak Park, LLC (Delaware)
|
HTA - Hilliard MOB II, LLC (Delaware)
|
|
HTA - Macneal 3340 Oak Park, LLC (Delaware)
|
HTA - Hilliard MOB, LLC (Delaware)
|
|
HTA - Macneal Windsor, LLC (Delaware)
|
HTA - Hilliard, LLC (Delaware)
|
|
HTA - Mansfield Hospital, LLC (Delaware)
|
HTA - Hock Plaza II, LLC (Delaware)
|
|
HTA - Maple Avenue Investor, LLC (Delaware)
|
HTA - Holly Springs MOB, LLC (Delaware)
|
|
HTA - Maple Avenue, LLC (Delaware)
|
HTA - Holy Family MOB, LLC (Delaware)
|
|
HTA - Marble Falls MOB, LLC (Delaware)
|
HTA - Humble Medical Plaza 1, LLC (Delaware)
|
|
HTA - Marian Hancock, 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 - Northern Berkshire, LLC (Delaware)
|
HTA - McKinney POB I, LLC (Delaware)
|
|
HTA - Northglenn Hospital, LLC (Delaware)
|
HTA - McKinney POB II, LLC (Delaware)
|
|
HTA - Northmeadow, LLC (Georgia)
|
HTA - McMullen, LLC (Delaware)
|
|
HTA - Northpoint Medical Arts, LLC (Delaware)
|
HTA - Medical Center Hays MOB, LLC (Delaware)
|
|
HTA - Northridge I, LLC (Delaware)
|
HTA - Medical Portfolio 1, LLC (Delaware)
|
|
HTA - Northridge II, LLC (Delaware)
|
HTA - Medical Portfolio 2, LLC (Delaware)
|
|
HTA - Northwest Medical Park, LLC (Delaware)
|
HTA - Medical Portfolio 2-St. Louis, LLC (Delaware)
|
|
HTA - Norwood Cancer Center, LLC (Delaware)
|
HTA - Medical Portfolio 3, LLC (Delaware)
|
|
HTA - Norwood MOB, LLC (Delaware)
|
HTA - Medical Portfolio 4, LLC (Delaware)
|
|
HTA - Nutfield Professional Center, LLC (Delaware)
|
HTA - Medical Portfolio 4-Parma, LLC (Delaware)
|
|
HTA - Oklahoma City, LLC (Delaware)
|
HTA - Medical Portfolio 4-Phoenix, LLC (Delaware)
|
|
HTA - Olentangy, LLC (Delaware)
|
HTA - Memphis Hospital, LLC (Delaware)
|
|
HTA - Olentangy MOB, LLC (Delaware)
|
HTA - Mequon MOB, LLC (Delaware)
|
|
HTA - Orlando Hospital MOB, LLC (Delaware)
|
HTA - Mercy North, LLC (Delaware)
|
|
HTA - Orlando SS Hospital, LLC (Delaware)
|
HTA - Mercy South, LLC (Delaware)
|
|
HTA - Overlook, LLC (Delaware)
|
HTA - Mercy Springfield MOB, LLC (Delaware)
|
|
HTA - Oviedo, LLC (Delaware)
|
HTA - Mesa MOB, LLC (Delaware)
|
|
HTA - Oxford MOB, LLC (Delaware)
|
HTA - Miami Dade Land, LLC (Delaware)
|
|
HTA - Park Plaza, LLC (Delaware
|
HTA - Middletown, LLC (Delaware)
|
|
HTA - ParkRidge, LLC (Delaware)
|
HTA - Mission MOB 1, LLC (Delaware)
|
|
HTA - Patroon Creek, LLC (Delaware)
|
HTA - Mission MOB 2, LLC (Delaware)
|
|
HTA - Peachtree, LLC (Delaware)
|
HTA - Mission MOB 3, LLC (Delaware)
|
|
HTA - Pearl Street Medical Center, LLC (Delaware)
|
HTA - Mission MOB Tower, LLC (Delaware)
|
|
HTA - Pearland Broadway, LLC (Delaware)
|
HTA - Mission MOB, LLC (Delaware)
|
|
HTA - Pearland Cullen, LLC (Delaware)
|
HTA - MLK MOB, LLC (Delaware)
|
|
HTA - Penn Ave, LLC (Delaware)
|
HTA - Monroeville, LLC (Delaware)
|
|
HTA - Phoenix Estrella, LLC (Delaware)
|
HTA - Morehead MOB, LLC (Delaware)
|
|
HTA - Phoenix Medical Center, LLC (Delaware)
|
HTA - Morton MOB, LLC (Delaware)
|
|
HTA - Phoenix Paseo, LLC (Delaware)
|
HTA - Mountain Empire, LLC (Delaware)
|
|
HTA - Piedmont 208, LLC (Delaware)
|
HTA - Mountain Plains-TX, LLC (Delaware)
|
|
HTA - Piedmont 129, LLC (Delaware)
|
HTA - MPOC, LLC (Delaware)
|
|
HTA - Piedmont 138, LLC (Delaware)
|
HTA - Murphy Medical Center, LLC (Delaware)
|
|
HTA - Piedmont 142, LLC (Delaware)
|
HTA - Nacogdoches Terrace, LLC (Delaware)
|
|
HTA - Piedmont 152, LLC (Delaware)
|
HTA - Nacogdoches Towers, LLC (Delaware)
|
|
HTA - Piedmont-Statesville, LLC (Delaware)
|
HTA - Nashoba MOB 1, LLC (Delaware)
|
|
HTA - Plainfield MOB, LLC (Delaware)
|
HTA - Nashoba MOB 2, LLC (Delaware)
|
|
HTA - Plano Pavillion II, LLC (Delaware)
|
HTA - New Hampton Place MOB, LLC (Delaware)
|
|
HTA - Polaris MOB, LLC (Delaware)
|
HTA - North Cypress I, LLC (Delaware)
|
|
HTA - Polaris, LLC (Delaware)
|
|
|
|
HTA - Pomeroy I, LLC (Delaware)
|
|
HTA - SCW Colonnade, LLC (Delaware)
|
HTA - Pomeroy II, LLC (Delaware)
|
|
HTA - SCW Granite Valley MOB II, LLC (Delaware)
|
HTA - Pomeroy, LLC (Delaware)
|
|
HTA - SCW Granite Valley MOB, LLC (Delaware)
|
HTA - Port Arthur, LLC (Delaware)
|
|
HTA - SCW Mountain View, LLC (Delaware)
|
HTA - Post Oak Centre North, LLC (Delaware)
|
|
HTA - SCW Webb Medical C, LLC (Delaware)
|
HTA - Poughkeepsie, LLC (Delaware)
|
|
HTA - SCW Webb Medical A, LLC (Delaware)
|
HTA - PPG Portfolio, LLC (Delaware)
|
|
HTA - SCW Webb Medical B, LLC (Delaware)
|
HTA - PPG Preferred, LLC (Delaware)
|
|
HTA - SCW West Medical Arts, LLC (Delaware)
|
HTA - Presidential, LLC (Delaware)
|
|
HTA - Senior Care Portfolio 1, LLC (Delaware)
|
HTA - Providence, LLC (Delaware)
|
|
HTA - Shelby I, LLC (Delaware)
|
HTA - Putnam Center, LLC (Delaware)
|
|
HTA - Shelby II, LLC (Delaware)
|
HTA - Raleigh Medical Center II, LLC (Delaware)
|
|
HTA - Sierra Tower, LLC (Delaware)
|
HTA - Raleigh MOB, LLC (Delaware)
|
|
HTA - Sierra Vista, LLC (Delaware)
|
HTA - Raleigh, LLC (Delaware)
|
|
HTA - Sierra, LLC (Delaware)
|
HTA - Region Health, LLC (Delaware)
|
|
HTA - SJ Providence, LLC (Delaware)
|
HTA - Regional Medical Center MOB, LLC (Delaware)
|
|
HTA - Skylyn, LLC (Delaware)
|
HTA - Renaissance GP, LLC (Delaware)
|
|
HTA - Southcrest, LLC (Delaware)
|
HTA - Renaissance LP, LLC (Delaware)
|
|
HTA - Southpointe, LLC (Delaware)
|
HTA - Renaissance, LLC (Delaware)
|
|
HTA - Specialty Center, LLC (Delaware)
|
HTA - Rex Carey MOB, LLC (Delaware)
|
|
HTA - St. Annes MOB 1, LLC (Delaware)
|
HTA - Riverside, LLC (Delaware)
|
|
HTA - St. Annes MOB 2, LLC (Delaware)
|
HTA - Rockwall Medical Center, LLC (Delaware)
|
|
HTA - St. Catherine MOB 1, LLC (Delaware)
|
HTA - Rome Cancer Center, LLC (Delaware)
|
|
HTA - St. Catherine MOB 2, LLC (Delaware)
|
HTA - Rome Dialysis, LLC (Delaware)
|
|
HTA - St. Catherine MOB 3, LLC (Delaware)
|
HTA - Rosedale Medical Center, LLC (Delaware)
|
|
HTA - St. Elizabeths MOB 1, LLC (Delaware)
|
HTA - Rush, LLC (Delaware)
|
|
HTA - St. Elizabeths MOB 2, LLC (Delaware)
|
HTA - San Angelo, LLC (Delaware)
|
|
HTA - St. Francis Medical Pavilion, LLC (Delaware)
|
HTA - San Martin, LLC (Delaware)
|
|
HTA - St. Lucie Medical Center, LLC (Delaware)
|
HTA - Sandy Forks, LLC (Delaware)
|
|
HTA - St. Luke's, LLC (Delaware)
|
HTA - Santa Fe 1640, LLC (Delaware)
|
|
HTA - St. Mary Physician Center, LLC (Delaware)
|
HTA - Santa Fe 440, LLC (Delaware)
|
|
HTA - St. Pete MOB, LLC (Delaware)
|
HTA - Sapling Grove, LLC (Delaware)
|
|
HTA - Stetson Medical Center, LLC (Delaware)
|
HTA - SC 13041 DWB, LLC (Delaware)
|
|
HTA - Steward Guild, LLC (Delaware)
|
HTA - SC Boswell Medical, LLC (Delaware)
|
|
HTA - Streeterville Center, LLC (Delaware)
|
HTA - SC Boswell West, LLC (Delaware)
|
|
HTA - Sugar Land, LLC (Delaware)
|
HTA - SC Cardiac Care, LLC (Delaware)
|
|
HTA - Summerville Dialysis, LLC (Delaware)
|
HTA - SC Eye Institute, LLC (Delaware)
|
|
HTA - Sun City, LLC (Delaware)
|
HTA - SC Lakes Club, LLC (Delaware)
|
|
HTA - Sunrise, LLC (Delaware)
|
HTA - SC Lakes Medical Plaza I, LLC (Delaware)
|
|
HTA - Sunset, LLC (Delaware)
|
HTA - SC Lakeview Medical Arts, LLC (Delaware)
|
|
HTA - Sunset Ridge One, LLC (Delaware)
|
HTA - SC Lakeview Plaza Centre, LLC (Delaware)
|
|
HTA - Sunset Ridge Two, LLC (Delaware)
|
HTA - SC Royal Oaks, LLC (Delaware)
|
|
HTA - SWC, LLC (Delaware)
|
HTA - Scottsdale, LLC (Arizona)
|
|
HTA - Tallahassee SS Hospital, LLC (Delaware)
|
|
|
|
HTA - Taylor Station, LLC (Delaware)
|
|
North Cypress II Land, LLC (Delaware)
|
HTA - Temple Bone & Joint, LLC (Delaware)
|
|
Plan B MOB, LP (Texas)
|
HTA - Thunderbird Medical, LLC (Delaware)
|
|
Renaissance Venture, LP (Delaware)
|
HTA - Tides Medical Arts Center, LLC (Delaware)
|
|
SMCMOB II, LLC (Alabama)
|
HTA - Tower Road, LLC (Delaware)
|
|
SMCMOB, LLC (Alabama)
|
HTA - Triad, LLC (Delaware)
|
|
Walker Med Tower, LLC (Alabama)
|
HTA - TriHealth Rehabilitation Hospital, LLC (Delaware)
|
|
Atlas MOB I, LLC (Texas)
|
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)
|
|
|
HTA - Vista Professional Center, LLC (Delaware)
|
|
|
HTA - Washington Heights MOB, LLC (Delaware)
|
|
|
HTA - Washington Medical Arts I Fee, LLC (Delaware)
|
|
|
HTA - Washington Medical Arts I, LLC (Delaware)
|
|
|
HTA - Washington Medical Arts II Fee, LLC (Delaware)
|
|
|
HTA - Washington Medical Arts II, LLC (Delaware)
|
|
|
HTA - Water Tower MOB, LLC (Delaware)
|
|
|
HTA - Wellington, LLC (Delaware)
|
|
|
HTA - Wesley Chapel MOB, LLC (Delaware)
|
|
|
HTA - Westchester 210, LLC (Delaware)
|
|
|
HTA - Westchester 220-230, LLC (Delaware)
|
|
|
HTA - Westchester 244, LLC (Delaware)
|
|
|
HTA - Western Ridge MOB II, LLC (Delaware)
|
|
|
HTA - Westminster Hospital, LLC (Delaware)
|
|
|
HTA - Westport Center, LLC (Delaware)
|
|
|
HTA - Wisconsin MOB 2, LLC (Delaware)
|
|
|
HTA - Wisconsin MOB Portfolio, LLC (Delaware)
|
|
|
HTA - Woodburn, LLC (Delaware)
|
|
|
HTA - YLW New Haven, LLC (Delaware)
|
|
|
HTA Tenant Services TRS, Inc. (Delaware)
|
|
|
Evergreen Medical Associates II, LLC (Connecticut)
|
|
|
Evergreen Medical Associates, LLC (Connecticut)
|
|
|
Haynes Street Medical Associates II, LLC (Connecticut)
|
|
|
Haynes Street Medical Associates, LLC (Connecticut)
|
|
|
HHC-HTA, LLC (Indiana)
|
|
|
Med Realty Insurance, LLC (Arizona)
|
|
|
North Cypress I Land, LLC (Delaware)
|
|
|
|
|
|
|
By:
|
/s/ Scott D. Peters
|
|
|
|
Scott D. Peters
|
|
|
|
Chief Executive Officer, President and Chairman
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
|
|
Robert A. Milligan
|
|
|
|
Chief Financial Officer
|
|
|
By:
|
/s/ Scott D. Peters
|
|
|
|
Scott D. Peters
|
|
|
|
Chief Executive Officer, President and Chairman of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
|
|
Robert A. Milligan
|
|
|
|
Chief Financial Officer of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
|
|
By:
|
/s/ Scott D. Peters
|
|
|
|
Scott D. Peters
|
|
|
|
Chief Executive Officer, President and Chairman
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
|
|
Robert A. Milligan
|
|
|
|
Chief Financial Officer
|
|
|
By:
|
/s/ Scott D. Peters
|
|
|
|
Scott D. Peters
|
|
|
|
Chief Executive Officer, President and Chairman of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
|
|
By:
|
/s/ Robert A. Milligan
|
|
|
|
Robert A. Milligan
|
|
|
|
Chief Financial Officer of Healthcare Trust of America, Inc., general partner of Healthcare Trust of America Holdings, LP
|
|