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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Healthcare Trust of America Inc New | NYSE:HTA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.19 | 0 | 01:00:00 |
(Mark One) | |||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 | ||||
OR | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
Maryland | 20-4738467 | ||||
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Class A Common Stock, $0.01 par value per share | HR | New York Stock Exchange |
[Reserved] | ||||||||
Other Information | ||||||||
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | ||||||||
SIGNATURES AND SCHEDULES |
December 31, 2022 | ||||||||||||||
Dollars and square feet in thousands | GROSS INVESTMENT | SQUARE FEET | NUMBER OF PROPERTIES | OCCUPANCY 1 | ||||||||||
Medical office/outpatient | $ | 12,570,933 | 36,800 | 656 | 87.2 | % | ||||||||
Inpatient | 653,648 | 1,528 | 20 | 91.2 | % | |||||||||
Office | 508,741 | 1,789 | 10 | 96.2 | % | |||||||||
13,733,322 | 40,117 | 686 | 87.7 | % | ||||||||||
Construction in progress | 35,560 | |||||||||||||
Land held for development | 74,265 | |||||||||||||
Investments in financing receivables, net 2,3 | 120,236 | 187 | 1 | 100.0 | % | |||||||||
Financing lease right-of-use assets 3 | 83,824 | 45 | 1 | 77.8 | % | |||||||||
Corporate property | 10,418 | |||||||||||||
Total real estate investments | 14,057,625 | 40,349 | 688 | 87.8 | % | |||||||||
Unconsolidated joint ventures 4 | 350,305 | 1,913 | 33 | 85.4 | % | |||||||||
Total investments | $ | 14,407,930 | 42,262 | 721 | 87.7 | % |
EXPIRATION YEAR | NUMBER OF LEASES | LEASED SQUARE FEET | PERCENTAGE OF LEASED SQUARE FEET | ||||||||
2023 (1) | 1,459 | 5,004,436 | 14.2 | % | |||||||
2024 | 1,171 | 5,150,146 | 14.6 | % | |||||||
2025 | 1,020 | 4,442,560 | 12.6 | % | |||||||
2026 | 814 | 3,610,265 | 10.2 | % | |||||||
2027 | 807 | 4,420,368 | 12.5 | % | |||||||
2028 | 440 | 2,547,615 | 7.2 | % | |||||||
2029 | 381 | 2,484,979 | 7.1 | % | |||||||
2030 | 288 | 2,206,923 | 6.3 | % | |||||||
2031 | 227 | 1,203,587 | 3.5 | % | |||||||
2032 | 267 | 2,106,365 | 6.0 | % | |||||||
Thereafter | 184 | 2,053,288 | 5.8 | % | |||||||
7,058 | 35,230,532 | 100.0 | % |
PLAN CATEGORY | NUMBER OF SECURITIES TO BE ISSUED upon exercise of outstanding options, warrants, and rights 1 | WEIGHTED AVERAGE EXERCISE PRICE of outstanding options, warrants, and rights 1 | NUMBER OF SECURITIES REMAINING AVAILABLE for future issuance under equity compensation plans (excluding securities reflected in the first column) | ||||||||
Equity compensation plans approved by security holders | 340,976 | — | 9,214,187 | ||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||
Total | 340,976 | — | 9,214,187 |
PERIOD | TOTAL NUMBER OF SHARES PURCHASED | AVERAGE PRICE PAID per share | TOTAL NUMBER OF SHARES purchased as part of publicly announced plans or programs | MAXIMUM NUMBER OF SHARES that may yet be purchased under the plans or programs | ||||||||||
January 1 - January 31 | — | $ | — | — | — | |||||||||
February 1 - February 28 | 6,727 | 30.67 | — | — | ||||||||||
March 1 - March 31 | — | — | — | — | ||||||||||
April 1 - April 30 | — | — | — | — | ||||||||||
May 1 - May 31 | — | — | — | — | ||||||||||
June 1 - June 30 | — | — | — | — | ||||||||||
July 1 - July 31 | — | — | — | — | ||||||||||
August 1 - August 31 | — | — | — | — | ||||||||||
September 1 - September 30 | 2,018 | 24.14 | — | — | ||||||||||
October 1 - October 31 | — | — | — | — | ||||||||||
November 1 - November 30 | — | — | — | — | ||||||||||
December 1 - December 31 | 129,147 | 19.37 | — | — | ||||||||||
Total | 137,892 |
Dollars in thousands | ASSOCIATED HEALTH SYSTEM/TENANCY 1 | DATE ACQUIRED | PURCHASE PRICE | SQUARE FOOTAGE | MILES TO CAMPUS | ||||||||||||
Dallas, TX 2 | Texas Health Resources | 2/11/2022 | $ | 8,175 | 18,000 | 0.19 | |||||||||||
San Francisco, CA 3 | Kaiser/Sutter Health | 3/7/2022 | 114,000 | 166,396 | 0.90 to 3.30 | ||||||||||||
Atlanta, GA | Wellstar Health | 4/7/2022 | 6,912 | 21,535 | 0.00 | ||||||||||||
Denver, CO | Centura Health | 4/13/2022 | 6,320 | 12,207 | 2.40 | ||||||||||||
Colorado Springs, CO 4 | Centura Health | 4/13/2022 | 13,680 | 25,800 | 0.80 to 1.70 | ||||||||||||
Seattle, WA | UW Medicine | 4/28/2022 | 8,350 | 13,256 | 0.05 | ||||||||||||
Houston, TX | CommonSpirit | 4/28/2022 | 36,250 | 76,781 | 1.70 | ||||||||||||
Los Angeles, CA | Cedars-Sinai Health Systems | 4/29/2022 | 35,000 | 34,282 | 0.11 | ||||||||||||
Oklahoma, OK | Mercy Health | 4/29/2022 | 11,100 | 34,944 | 0.18 | ||||||||||||
Raleigh, NC 3 | WakeMed/None | 5/31/2022 | 27,500 | 85,113 | 0.25 to 12.30 | ||||||||||||
Tampa. FL 4 | BayCare Health | 6/9/2022 | 18,650 | 55,788 | 0.23 | ||||||||||||
Seattle, WA | Evergreen Health | 8/1/2022 | 4,850 | 10,593 | 0.24 | ||||||||||||
Raleigh, NC | WakeMed Health | 8/9/2022 | 3,783 | 11,345 | 0.24 | ||||||||||||
Jacksonville, FL | Ascension Health | 8/9/2022 | 18,195 | 34,133 | 0.03 | ||||||||||||
Atlanta, GA | Wellstar Health | 8/10/2022 | 11,800 | 43,496 | 0.11 | ||||||||||||
Denver, CO | Centura Health | 8/11/2022 | 14,800 | 34,785 | 2.10 | ||||||||||||
Raleigh, NC | Duke Health | 8/18/2022 | 11,375 | 31,318 | 0.19 | ||||||||||||
Nashville, TN | Ascension Health | 9/15/2022 | 21,000 | 61,932 | 0.80 | ||||||||||||
Austin, TX | HCA Healthcare | 9/29/2022 | 5,450 | 15,000 | 0.03 | ||||||||||||
Jacksonville, FL 2 | Ascension Health | 10/12/2022 | 3,600 | 6,200 | 0.10 | ||||||||||||
Houston, TX | Memorial Hermann Health | 11/21/2022 | 5,500 | 28,369 | 0.00 | ||||||||||||
Austin, TX 5 | Ascension Health | 12/28/2022 | 888 | 2,219 | 0.01 | ||||||||||||
Denver, CO | None | 12/28/2022 | 16,400 | 39,692 | 3.01 | ||||||||||||
Total investments in real estate | $ | 403,578 | 863,184 |
Dollars in thousands | ASSOCIATED HEALTH SYSTEM/TENANCY 1 | DATE ACQUIRED | PURCHASE PRICE | SQUARE FOOTAGE | MILES TO CAMPUS | COMPANY OWNERSHIP % | ||||||||||||||
San Francisco, CA 2 | MarinHealth/Kaiser | 3/7/2022 | $ | 67,175 | 110,865 | 0.00 to 3.30 | 50 | % | ||||||||||||
Los Angeles, CA 3 | Valley Presbyterian Health | 3/7/2022 | 33,800 | 103,259 | 1.30 | 50 | % | |||||||||||||
Total Joint Venture acquisitions | $ | 100,975 | 214,124 |
Dollars in thousands | DATE DISPOSED | SALES PRICE | SQUARE FOOTAGE | ||||||||
Loveland, CO 1, 6 | 2/24/2022 | $ | 84,950 | 150,291 | |||||||
San Antonio, TX 1 | 4/15/2022 | 25,500 | 201,523 | ||||||||
GA, FL, PA 2 | 7/29/2022 | 133,100 | 316,739 | ||||||||
GA, FL, TX 4 | 8/4/2022 | 160,917 | 343,545 | ||||||||
Los Angeles, CA 2, 7 | 8/5/2022 | 134,845 | 283,780 | ||||||||
Dallas, TX 4, 8 | 8/30/2022 | 114,290 | 189,385 | ||||||||
Indianapolis, IN 3 | 8/31/2022 | 238,845 | 506,406 | ||||||||
Dallas, TX 1 | 10/4/2022 | 104,025 | 291,328 | ||||||||
Houston, TX | 10/21/2022 | 32,000 | 134,910 | ||||||||
College Station, TX | 11/10/2022 | 49,177 | 122,942 | ||||||||
El Paso, TX | 12/22/2022 | 55,326 | 110,465 | ||||||||
Atlanta, GA 5 | 12/22/2022 | 91,243 | 348,416 | ||||||||
St. Louis, MO | 12/28/2022 | 18,000 | 69,394 | ||||||||
Total dispositions | $ | 1,242,218 | 3,069,124 |
WEIGHTED AVERAGE SALE PRICE per share | SHARES PRICED | SHARES SETTLED | SHARES REMAINING TO BE SETTLED | NET PROCEEDS in millions | |||||||||||||
2022 | $ | 31.73 | — | 727,400 | — | $ | 22.3 | ||||||||||
(dollars in millions) | TRANSACTION DATE | PRINCIPAL REPAYMENT | ENCUMBERED SQUARE FEET | CONTRACTUAL INTEREST RATE | ||||||||||
Repayments in full: | ||||||||||||||
Los Angeles, CA | 2/18/2022 | $ | (11.0) | 56,762 | 4.70 | % | ||||||||
Loveland, CO | 2/24/2022 | (5.8) | 80,153 | 6.17 | % | |||||||||
$ | (16.8) | 136,915 | 5.21 | % | ||||||||||
Series of Old HR Notes | Tenders and Consents Received as of the Expiration Date | Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes | |||||||||
3.875 | % | Senior Notes due 2025 | $235,016,000 | 94.01 | % | ||||||
3.625 | % | Senior Notes due 2028 | $290,246,000 | 96.75 | % | ||||||
2.400 | % | Senior Notes due 2030 | $297,507,000 | 99.17 | % | ||||||
2.050 | % | Senior Notes due 2031 | $298,858,000 | 99.62 | % |
COUPON | PRINCIPAL OUTSTANDING AS OF | |||||||||||||
Dollars in thousands | FACE VALUE | 12/31/2022 | 12/31/2021 | |||||||||||
Senior Notes due 2026 | 3.50% | $ | 600,000 | $ | 600,000 | $ | — | |||||||
Senior Notes due 2027 | 3.75% | 500,000 | 500,000 | — | ||||||||||
Senior Notes due 2030 | 3.10% | 650,000 | 650,000 | — | ||||||||||
Senior Notes due 2031 | 2.00% | 800,000 | 800,000 | — | ||||||||||
$ | 2,550,000 | $ | 2,550,000 | $ | — |
EXPIRATION DATE | AMOUNT | WEIGHTED AVERAGE RATE | ||||||
January 31, 2023 | $ | 300,000 | 1.42 | % | ||||
January 15, 2024 | 200,000 | 1.21 | % | |||||
May 1, 2026 | 100,000 | 2.15 | % | |||||
December 1, 2026 | 150,000 | 3.84 | % | |||||
June 1, 2027 | 150,000 | 4.13 | % | |||||
December 1, 2027 | 250,000 | 3.79 | % | |||||
$ | 1,150,000 | 2.63 | % |
PRINCIPAL BALANCE | CARRYING BALANCE 1 | WEIGHTED YEARS TO MATURITY 2 | CONTRACTUAL RATE | EFFECTIVE RATE | |||||||||||||
Senior Notes due 2025 | $ | 250,000 | $ | 249,115 | 2.3 | 3.88 | % | 4.12 | % | ||||||||
Senior Notes due 2026 3 | 600,000 | 571,587 | 3.6 | 3.50 | % | 4.94 | % | ||||||||||
Senior Notes due 2027 3 | 500,000 | 479,553 | 4.5 | 3.75 | % | 4.76 | % | ||||||||||
Senior Notes due 2028 | 300,000 | 296,852 | 5.0 | 3.63 | % | 3.85 | % | ||||||||||
Senior Notes due 2030 3 | 650,000 | 565,402 | 7.1 | 3.10 | % | 5.30 | % | ||||||||||
Senior Notes due 2030 | 299,500 | 296,385 | 7.2 | 2.40 | % | 2.72 | % | ||||||||||
Senior Notes due 2031 | 300,000 | 295,547 | 8.2 | 2.05 | % | 2.25 | % | ||||||||||
Senior Notes due 2031 3 | 800,000 | 632,693 | 8.2 | 2.00 | % | 5.13 | % | ||||||||||
Total Senior Notes Outstanding | 3,699,500 | 3,387,134 | 5.9 | 2.97 | % | 4.43 | % | ||||||||||
$1.5 billion unsecured credit facility 4 5 | 385,000 | 385,000 | 4.8 | SOFR + 0.95% | 5.27 | % | |||||||||||
$350 million unsecured term loan 5 | 350,000 | 349,114 | 2.6 | SOFR + 1.05% | 5.17 | % | |||||||||||
$200 million unsecured term loan | 200,000 | 199,670 | 3.4 | SOFR + 1.05% | 5.17 | % | |||||||||||
$150 million unsecured term loan | 150,000 | 149,495 | 3.4 | SOFR + 1.05% | 5.17 | % | |||||||||||
$300 million unsecured term loan 3 | 300,000 | 299,936 | 3.8 | SOFR + 1.05% | 5.17 | % | |||||||||||
$200 million unsecured term loan 3 | 200,000 | 199,362 | 4.5 | SOFR + 1.05% | 5.17 | % | |||||||||||
$300 million unsecured term loan 5 | 300,000 | 297,869 | 5.0 | SOFR + 1.05% | 5.17 | % | |||||||||||
Mortgage notes payable | 84,122 | 84,247 | 2.0 | 4.07 | % | 3.97 | % | ||||||||||
Total Outstanding Notes and Bonds Payable | $ | 5,668,622 | $ | 5,351,827 | 5.0 | 3.72 | % | 4.69 | % |
ESTIMATED REMAINING FUNDINGS | ESTIMATED TOTAL INVESTMENT | APPROXIMATE SQUARE FEET | ||||||||||||||||||
Dollars in thousands | NUMBER OF PROPERTIES | TOTAL FUNDED DURING THE YEAR | TOTAL AMOUNT FUNDED | |||||||||||||||||
Development Activity | ||||||||||||||||||||
Nashville, TN | 1 | $ | 23,513 | $ | 25,359 | $ | 18,641 | $ | 44,000 | 106,194 | ||||||||||
Orlando, FL 1 | 2 | 9,477 | 16,633 | $ | 48,367 | 65,000 | 156,566 | |||||||||||||
Raleigh, NC | 1 | 4,807 | 13,625 | $ | 35,675 | 49,300 | 120,694 | |||||||||||||
Orlando, FL | 1 | 1,470 | 1,470 | $ | 24,430 | 25,900 | 45,000 | |||||||||||||
Total | $ | 39,267 | $ | 57,087 | $ | 127,113 | $ | 184,200 | 428,454 | |||||||||||
Redevelopment Activity | ||||||||||||||||||||
Tacoma, WA | 1 | $ | 7,930 | $ | 12,253 | $ | 247 | $ | 12,500 | 56,000 | ||||||||||
Dallas, TX | 1 | 4,672 | 12,132 | 5,368 | 17,500 | 217,114 | ||||||||||||||
Washington, DC | 3 | 1,113 | 2,857 | 18,343 | 21,200 | 259,290 | ||||||||||||||
Total | $ | 13,715 | $ | 27,242 | $ | 23,958 | $ | 51,200 | 532,404 |
NUMBER OF PROPERTIES | GROSS REAL ESTATE INVESTMENT AS OF DECEMBER 31, 2022 | ||||||||||||||||
YEAR EXERCISABLE | MOB | INPATIENT | FAIR MARKET VALUE METHOD 1 | NON FAIR MARKET VALUE METHOD 2 | TOTAL | ||||||||||||
Current 3 | 3 | 2 | $ | 100,366 | $ | — | $ | 100,366 | |||||||||
2023 | 2 | — | 36,171 | — | 36,171 | ||||||||||||
2024 | — | — | — | — | — | ||||||||||||
2025 | 6 | 1 | 88,412 | 44,459 | 132,871 | ||||||||||||
2026 | 5 | 1 | 179,929 | — | 179,929 | ||||||||||||
2027 | 4 | — | 110,125 | — | 110,125 | ||||||||||||
2028 | 2 | 2 | 109,399 | — | 109,399 | ||||||||||||
2029 | 2 | 1 | 81,794 | — | 81,794 | ||||||||||||
2030 | — | — | — | — | — | ||||||||||||
2031 | 3 | 1 | 108,769 | — | 108,769 | ||||||||||||
2032 | 2 | — | 24,628 | — | 24,628 | ||||||||||||
2033 and thereafter 4 | 10 | — | 334,634 | — | 334,634 | ||||||||||||
Total | 39 | 8 | $ | 1,174,227 | $ | 44,459 | $ | 1,218,686 |
CHANGE | ||||||||||||||
Dollars in thousands | 2022 | 2021 | $ | % | ||||||||||
Contractual interest | $ | 118,085 | $ | 48,740 | $ | 69,345 | 142.3 | % | ||||||
Net discount/premium accretion | 18,227 | 105 | 18,122 | 17,259.0 | % | |||||||||
Debt issuance costs amortization | 4,256 | 2,873 | 1,383 | 48.1 | % | |||||||||
Amortization of interest rate swap settlement | 168 | 168 | — | — | % | |||||||||
Amortization of treasury hedge settlement | 427 | 427 | — | — | % | |||||||||
Fair value derivative | 4,057 | — | 4,057 | N/A | ||||||||||
Interest cost capitalization | (1,409) | (221) | (1,188) | 537.6 | % | |||||||||
Interest on lease liabilities | 2,880 | 1,032 | 1,848 | 179.1 | % | |||||||||
Total interest expense | $ | 146,691 | $ | 53,124 | $ | 93,567 | 176.1 | % |
YEAR ENDED DECEMBER 31, | |||||||||||
Amounts in thousands, except per share data | 2022 | 2021 | 2020 | ||||||||
Net income attributable to common stockholders | $ | 40,897 | $ | 66,659 | $ | 72,195 | |||||
Gain on sales of real estate assets | (270,271) | (55,940) | (70,361) | ||||||||
Impairments | 54,427 | 17,101 | — | ||||||||
Real estate depreciation and amortization | 459,211 | 208,155 | 194,574 | ||||||||
Non-controlling income from operating partnership units | (5) | — | — | ||||||||
Proportionate share of unconsolidated joint ventures | 12,722 | 5,541 | 564 | ||||||||
FFO attributable to common stockholders | 296,981 | 241,516 | 196,972 | ||||||||
Acquisition and pursuit costs 1 | 3,229 | 3,930 | 2,561 | ||||||||
Merger-related costs | 103,380 | — | — | ||||||||
Fair value of debt instruments | 21,248 | — | — | ||||||||
Lease intangible amortization 3 | 1,028 | 162 | 690 | ||||||||
Non-routine legal costs/forfeited earnest money received 2 | 771 | (35) | — | ||||||||
Debt financing costs 4 | 3,145 | 283 | 21,920 | ||||||||
Unconsolidated JV normalizing items 5 | 330 | 225 | 16 | ||||||||
Normalized FFO attributable to common stockholders | 430,112 | 246,081 | 222,159 | ||||||||
Non-real estate depreciation and amortization | 2,217 | 2,397 | 3,154 | ||||||||
Non-cash interest expense amortization 6 | 5,129 | 3,182 | 3,691 | ||||||||
Provision for bad debt, net | 516 | 73 | 207 | ||||||||
Straight-line rent income, net | (20,124) | (4,303) | (2,245) | ||||||||
Share-based compensation | 14,294 | 10,729 | 9,922 | ||||||||
Proportionate share of unconsolidated joint ventures | (1,206) | (1,357) | 27 | ||||||||
Normalized FFO adjusted for non-cash items | 430,938 | 256,802 | 236,915 | ||||||||
2nd Generation tenant improvements | (33,620) | (26,363) | (26,209) | ||||||||
Leasing commissions paid | (22,929) | (11,742) | (10,369) | ||||||||
Capital expenditures | (48,913) | (19,582) | (21,758) | ||||||||
Maintenance capital expenditures | (105,462) | (57,687) | (58,336) | ||||||||
FAD attributable to common stockholders | $ | 325,476 | $ | 199,115 | $ | 178,579 | |||||
FFO per common share - diluted | $ | 1.17 | $ | 1.68 | $ | 1.46 | |||||
Normalized FFO per common share - diluted | $ | 1.69 | $ | 1.71 | $ | 1.65 | |||||
Weighted average common shares outstanding - diluted 7 | 254,622 | 143,618 | 134,835 |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands | 2022 | 2021 | PERCENTAGE GROWTH | ||||||||
Net income attributable to common stockholders | $ | 40,897 | $ | 66,659 | |||||||
Other income (expense) | (64,519) | 15,089 | |||||||||
General and administrative expense | 52,734 | 34,152 | |||||||||
Depreciation and amortization expense | 453,082 | 202,714 | |||||||||
Other expenses 1 | 120,576 | 14,164 | |||||||||
Straight-line rent revenue | (23,498) | (5,801) | |||||||||
Joint venture properties | 15,222 | 8,299 | |||||||||
Other revenue 2 | (16,577) | (8,117) | |||||||||
Cash NOI | 577,917 | 327,159 | 76.6 | % | |||||||
Pre-merger Legacy HTA NOI | 281,780 | 497,354 | |||||||||
Proforma Cash NOI | 859,697 | 824,513 | 4.3 | % | |||||||
Cash NOI not included in same store | (127,391) | (101,823) | 25.1 | % | |||||||
Same store and redevelopment cash NOI | 732,306 | 722,690 | 1.3 | % | |||||||
Redevelopment NOI | (9,743) | (17,737) | (45.1) | % | |||||||
Same store cash NOI | $ | 722,563 | $ | 704,953 | 2.5 | % |
AS OF DECEMBER 31, 2022 | ||||||||||||||
Dollars and square feet in thousands | PROPERTY COUNT | GROSS INVESTMENT 1 | SQUARE FEET | OCCUPANCY | ||||||||||
Same store properties | 593 | $ | 11,933,696 | 35,227 | 89.3 | % | ||||||||
Acquisitions | 74 | 1,259,600 | 3,399 | 87.1 | % | |||||||||
Development completions | 6 | 172,845 | 410 | 86.8 | % | |||||||||
Redevelopment | 15 | 307,229 | 1,314 | 59.4 | % | |||||||||
Total owned real estate properties | 688 | $ | 13,673,370 | 40,350 | 87.8 | % |
IMPACT ON EARNINGS AND CASH FLOW | ||||||||||||||
Dollars in thousands | OUTSTANDING PRINCIPAL BALANCE as of Dec. 31, 2022 | CALCULATED ANNUAL INTEREST | ASSUMING 10% INCREASE in market interest rates | ASSUMING 10% DECREASE in market interest rates | ||||||||||
Variable Rate Debt | ||||||||||||||
Unsecured Credit Facility | $ | 385,000 | $ | 20,290 | $ | (2,029) | $ | 2,029 | ||||||
Unsecured Term Loan due 2025 | 350,000 | 18,095 | (1,810) | 1,810 | ||||||||||
Unsecured Term Loan due 2026 | 200,000 | 10,340 | (1,034) | 1,034 | ||||||||||
Unsecured Term Loan due 2026 | 300,000 | 15,510 | (1,551) | 1,551 | ||||||||||
Unsecured Term Loan due 2026 | 150,000 | 7,755 | (776) | 776 | ||||||||||
Unsecured Term Loan due 2027 | 200,000 | 10,340 | (1,034) | 1,034 | ||||||||||
Unsecured Term Loan due 2028 | 300,000 | 15,510 | (1,551) | 1,551 | ||||||||||
$ | 1,885,000 | $ | 97,840 | $ | (9,785) | $ | 9,785 |
FAIR VALUE | |||||||||||||||||
Dollars in thousands | CARRYING VALUE as of Dec. 31, 2022 2 | DEC. 31, 2022 | ASSUMING 10% INCREASE in market interest rates | ASSUMING 10% DECREASE in market interest rates | DEC. 31, 2021 1 | ||||||||||||
Fixed Rate Debt | |||||||||||||||||
Senior Notes due 2025 | $ | 249,115 | $ | 241,413 | $ | 240,866 | $ | 241,916 | $ | 253,110 | |||||||
Senior Notes due 2026 | 571,587 | 570,139 | 568,234 | 571,940 | — | ||||||||||||
Senior Notes due 2027 | 479,553 | 473,450 | 471,535 | 475,298 | — | ||||||||||||
Senior Notes due 2028 | 296,852 | 271,058 | 272,142 | 269,914 | 311,594 | ||||||||||||
Senior Notes due 2030 | 565,402 | 560,723 | 549,682 | 556,431 | — | ||||||||||||
Senior Notes due 2030 | 296,385 | 236,219 | 234,692 | 237,675 | 288,886 | ||||||||||||
Senior Notes due 2031 | 295,547 | 219,321 | 226,475 | 220,856 | 275,696 | ||||||||||||
Senior Notes due 2031 | 632,693 | 611,392 | 606,887 | 615,727 | — | ||||||||||||
Mortgage Notes Payable | 84,247 | 80,913 | 80,734 | 81,041 | 104,634 | ||||||||||||
Total Fixed Rate Debt | $ | 3,471,381 | $ | 3,264,628 | $ | 3,251,247 | $ | 3,270,798 | $ | 1,233,920 |
YEAR ENDED DECEMBER 31, | |||||||||||
2022 | 2021 | 2020 | |||||||||
Revenues | |||||||||||
Rental income | $ | 907,451 | $ | 520,334 | $ | 492,262 | |||||
Interest income | 11,480 | 4,192 | — | ||||||||
13,706 | 10,291 | 7,367 | |||||||||
932,637 | 534,817 | 499,629 | |||||||||
Expenses | |||||||||||
Property operating | 344,038 | 212,273 | 196,514 | ||||||||
General and administrative | 52,734 | 34,152 | 30,704 | ||||||||
Acquisition and pursuit costs | 3,229 | 3,930 | 2,561 | ||||||||
Merger-related costs | 103,380 | — | — | ||||||||
Depreciation and amortization | 453,082 | 202,714 | 190,435 | ||||||||
956,463 | 453,069 | 420,214 | |||||||||
Other income (expense) | |||||||||||
Gain on sales of real estate properties | 270,271 | 55,940 | 70,361 | ||||||||
Interest expense | (146,691) | (53,124) | (56,174) | ||||||||
Loss on extinguishment of debt | (2,401) | — | (21,503) | ||||||||
Impairment of real estate properties | (54,427) | (17,101) | — | ||||||||
Equity loss from unconsolidated joint ventures | (687) | (795) | (463) | ||||||||
Interest and other (expense) income, net | (1,546) | (9) | 559 | ||||||||
64,519 | (15,089) | (7,220) | |||||||||
Net income | 40,693 | 66,659 | 72,195 | ||||||||
Net loss attributable to non-controlling interests | 204 | — | — | ||||||||
Net income attributable to common stockholders | $ | 40,897 | $ | 66,659 | $ | 72,195 | |||||
Basic earnings per common share | $ | 0.15 | $ | 0.45 | $ | 0.52 | |||||
Diluted earnings per common share | $ | 0.15 | $ | 0.45 | $ | 0.52 | |||||
Weighted average common shares outstanding - basic | 252,356 | 142,637 | 133,930 | ||||||||
Weighted average common shares outstanding - diluted | 253,873 | 142,710 | 134,007 |
YEAR ENDED DECEMBER 31, | |||||||||||
2022 | 2021 | 2020 | |||||||||
Net income | $ | 40,693 | $ | 66,659 | $ | 72,195 | |||||
Other comprehensive income (loss) | |||||||||||
Interest rate swaps | |||||||||||
Reclassification adjustment for losses included in net income (interest expense) | 1,527 | 4,472 | 3,472 | ||||||||
Gains (losses) arising during the period on interest rate swaps | 10,630 | 3,379 | (10,862) | ||||||||
Losses on settlement of treasury rate locks arising during the period | — | — | (4,267) | ||||||||
12,157 | 7,851 | (11,657) | |||||||||
Comprehensive income | 52,850 | 74,510 | 60,538 | ||||||||
Less: Comprehensive loss attributable to non-controlling interests | 168 | — | — | ||||||||
Comprehensive income attributable to common stockholders | $ | 53,018 | $ | 74,510 | $ | 60,538 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Cumulative Net Income | Cumulative Dividends | Total Stockholders’ Equity | Non- controlling Interests | Total Equity | |||||||||||||||||||||
Balance at December 31, 2019 | $ | — | $ | 1,347 | $ | 3,485,003 | $ | (6,175) | $ | 1,127,304 | $ | (2,707,470) | $ | 1,900,009 | $ | — | $ | 1,900,009 | |||||||||||
Issuance of stock, net of costs | — | 47 | 142,123 | — | — | — | 142,170 | — | 142,170 | ||||||||||||||||||||
Common stock redemption | — | (1) | (1,705) | — | — | — | (1,706) | — | (1,706) | ||||||||||||||||||||
Share-based compensation | — | 2 | 9,920 | — | — | — | 9,922 | — | 9,922 | ||||||||||||||||||||
Net income | — | — | — | — | 72,195 | — | 72,195 | — | 72,195 | ||||||||||||||||||||
Loss on interest rate swaps and treasury locks | — | — | — | (11,657) | — | — | (11,657) | — | (11,657) | ||||||||||||||||||||
Dividends to common stockholders ($1.20 per share) | — | — | — | — | — | (162,557) | (162,557) | — | (162,557) | ||||||||||||||||||||
Balance at December 31, 2020 | — | 1,395 | 3,635,341 | (17,832) | 1,199,499 | (2,870,027) | 1,948,376 | — | 1,948,376 | ||||||||||||||||||||
Issuance of stock, net of costs | — | 109 | 330,933 | — | — | — | 331,042 | — | 331,042 | ||||||||||||||||||||
Common stock redemption | — | (1) | (4,084) | — | — | — | (4,085) | — | (4,085) | ||||||||||||||||||||
Share-based compensation | — | 2 | 10,727 | — | — | — | 10,729 | — | 10,729 | ||||||||||||||||||||
Net income | — | — | — | — | 66,659 | — | 66,659 | — | 66,659 | ||||||||||||||||||||
Gain on interest rate swaps and treasury locks | — | — | — | 7,851 | — | — | 7,851 | — | 7,851 | ||||||||||||||||||||
Dividends to common stockholders ($1.21 per share) | — | — | — | — | — | (175,456) | (175,456) | — | (175,456) | ||||||||||||||||||||
Balance at December 31, 2021 | — | 1,505 | 3,972,917 | (9,981) | 1,266,158 | (3,045,483) | 2,185,116 | — | 2,185,116 | ||||||||||||||||||||
Issuance of stock, net of costs | — | 6 | 22,901 | — | — | — | 22,907 | — | 22,907 | ||||||||||||||||||||
Merger consideration transferred | — | 2,289 | 5,574,174 | — | — | — | 5,576,463 | 110,702 | 5,687,165 | ||||||||||||||||||||
Common stock redemption | — | (1) | (2,791) | — | — | — | (2,792) | — | (2,792) | ||||||||||||||||||||
Share-based compensation | — | 7 | 20,339 | — | — | — | 20,346 | — | 20,346 | ||||||||||||||||||||
Redemption of non-controlling interest | — | — | 97 | — | — | — | 97 | (97) | — | ||||||||||||||||||||
Net income | — | — | — | — | 40,897 | — | 40,897 | (204) | 40,693 | ||||||||||||||||||||
Reclassification adjustments for losses included in net income (interest expense) | — | — | — | 1,531 | — | — | 1,531 | (4) | 1,527 | ||||||||||||||||||||
Gains arising during the period on interest rate swaps | — | — | — | 10,590 | — | — | 10,590 | 40 | 10,630 | ||||||||||||||||||||
Dividends to common stockholders ($1.24 per share) | — | — | — | — | — | (284,079) | (284,079) | (1,695) | (285,774) | ||||||||||||||||||||
Balance at December 31, 2022 | $ | — | $ | 3,806 | $ | 9,587,637 | $ | 2,140 | $ | 1,307,055 | $ | (3,329,562) | $ | 7,571,076 | $ | 108,742 | $ | 7,679,818 |
YEAR ENDED DECEMBER 31, | |||||||||||
OPERATING ACTIVITIES | 2022 | 2021 | 2020 | ||||||||
Net income | $ | 40,693 | $ | 66,659 | $ | 72,195 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 453,082 | 202,714 | 190,435 | ||||||||
Other amortization | 24,695 | 3,793 | 4,381 | ||||||||
Share-based compensation | 20,346 | 10,729 | 9,922 | ||||||||
Amortization of straight-line rent receivable (lessor) | (23,498) | (5,801) | (3,735) | ||||||||
Amortization of straight-line rent on operating leases (lessee) | 3,374 | 1,498 | 1,490 | ||||||||
Gain on sales of real estate properties | (270,271) | (55,940) | (70,361) | ||||||||
Loss on extinguishment of debt | 2,401 | — | 21,503 | ||||||||
Impairment of real estate properties | 54,427 | 17,101 | — | ||||||||
Equity loss from unconsolidated joint ventures | 687 | 795 | 463 | ||||||||
Distributions from unconsolidated joint ventures | 1,881 | — | 193 | ||||||||
Proceeds from disposition of sales-type lease properties | — | — | 244,454 | ||||||||
Non-cash interest from financing and real estate notes receivable | (2,257) | (391) | — | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets, including right-of-use-assets | (26,098) | (11,436) | (727) | ||||||||
Accounts payable and accrued liabilities | 24,191 | (839) | 4,555 | ||||||||
Other liabilities | (30,906) | 3,747 | (4,679) | ||||||||
Net cash provided by operating activities | 272,747 | 232,629 | 470,089 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisitions of real estate | (402,529) | (365,943) | (397,349) | ||||||||
Development of real estate | (37,862) | (4,029) | (3,089) | ||||||||
Additional long-lived assets | (163,544) | (100,689) | (93,963) | ||||||||
Funding of mortgages and notes receivable | (23,325) | — | — | ||||||||
Investments in unconsolidated joint ventures | (99,967) | (89,600) | (65,663) | ||||||||
Investment in financing receivable | (1,002) | (186,433) | — | ||||||||
Proceeds from sales of real estate properties and additional long-lived assets | 1,201,068 | 184,221 | 4,898 | ||||||||
Proceeds from notes receivable repayments | 1,688 | — | — | ||||||||
Cash assumed in Merger, including restricted cash for special dividend payment | 1,159,837 | — | |||||||||
Net cash provided by (used in) investing activities | 1,634,364 | (562,473) | (555,166) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Net borrowings/(repayments) on unsecured credit facility | 40,000 | 210,000 | (293,000) | ||||||||
Borrowings on term loans | 666,500 | — | 150,000 | ||||||||
Repayment on term loan | (1,141,500) | — | — | ||||||||
Borrowings of notes and bonds payable | — | — | 596,562 | ||||||||
Repayments of notes and bonds payable | (20,042) | (24,557) | (47,845) | ||||||||
Redemption of notes and bonds payable | (2,184) | — | (270,386) | ||||||||
Dividends paid | (283,713) | (175,456) | (162,557) | ||||||||
Special dividend paid in relation to the Merger | (1,123,648) | — | — | ||||||||
Net proceeds from issuance of common stock | 22,902 | 331,119 | 142,000 | ||||||||
Common stock redemptions | (3,192) | (3,803) | (1,436) | ||||||||
Distributions to non-controlling interest of limited partners | (1,695) | — | — | ||||||||
Settlement of treasury rate locks | — | — | (4,267) | ||||||||
Debt issuance and assumption costs | (12,753) | (405) | (5,931) | ||||||||
Payments made on finance leases | — | (9,182) | (3,417) | ||||||||
Net cash (used in) provided by financing activities | (1,859,325) | 327,716 | 99,723 | ||||||||
Increase (decrease) in cash and cash equivalents | 47,786 | (2,128) | 14,646 | ||||||||
Cash and cash equivalents cash at beginning of period | 13,175 | 15,303 | 657 | ||||||||
Cash and cash equivalents at end of period | $ | 60,961 | $ | 13,175 | $ | 15,303 | |||||
YEAR ENDED DECEMBER 31, | |||||||||||
Supplemental Cash Flow Information | 2022 | 2021 | 2020 | ||||||||
Interest paid | $ | 112,692 | $ | 49,443 | $ | 52,787 | |||||
Mortgage notes payable assumed upon acquisition (adjusted to fair value) | $ | — | $ | 11,790 | $ | 36,536 | |||||
Invoices accrued for construction, tenant improvements and other capitalized costs | $ | 48,292 | $ | 17,655 | $ | 14,935 | |||||
Capitalized interest | $ | 1,410 | $ | 221 | $ | 1,142 | |||||
Real estate notes receivable assumed in Merger (adjusted to fair value) | $ | 74,819 | $ | — | $ | — | |||||
Unsecured credit facility and term loans assumed in Merger (adjusted to fair value) | $ | 1,758,650 | $ | — | $ | — | |||||
Senior notes assumed in Merger (adjusted to fair value) | $ | 2,232,650 | $ | — | $ | — | |||||
Consideration transferred in relation to the Merger | $ | 5,576,463 | $ | — | $ | — |
(dollars in thousands) | DECEMBER 31, 2022 | ||||
Assets: | |||||
Net real estate investments | $ | 46,322 | |||
Cash and cash equivalents | 3,645 | ||||
Receivables and other assets | 2,385 | ||||
Total assets | $ | 52,352 | |||
Liabilities: | |||||
Accrued expenses and other liabilities | $ | 12,214 | |||
Total equity | 40,138 | ||||
Total liabilities and equity | $ | 52,352 |
ORIGINATION DATE | LOCATION | SOURCE | CARRYING AMOUNT | MAXIMUM EXPOSURE TO LOSS | ||||||||||
2021 | Houston, TX 1 | Note receivable | $ | 29,753 | $ | 31,150 | ||||||||
2021 | Charlotte, NC 1 | Note receivable | 5,984 | 6,000 | ||||||||||
2022 | Texas 2 | Equity method | 23,219 | 23,219 |
Land improvements | 2.0 to 39.0 years | ||||
Buildings and improvements | 3.0 to 49.0 years | ||||
Lease intangibles (including ground lease intangibles) | 1.2 to 99.0 years | ||||
Personal property | 3.0 to 20.0 years |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands | 2022 | 2021 | 2020 | ||||||||
Type of Revenue | |||||||||||
Parking income | $ | 8,513 | $ | 7,859 | $ | 6,720 | |||||
Management fee income | 4,668 | 2,049 | 343 | ||||||||
Miscellaneous | 525 | 383 | 304 | ||||||||
$ | 13,706 | $ | 10,291 | $ | 7,367 |
YEAR ENDED DECEMBER 31, | ||||||||||||||
Dollars in thousands | 2022 | 2021 | 2020 | |||||||||||
Property operating income | $ | 883,953 | $ | 514,533 | $ | 488,527 | ||||||||
Straight-line rent | 23,498 | 5,801 | 3,735 | |||||||||||
Rental income | $ | 907,451 | $ | 520,334 | $ | 492,262 |
(dollars in thousands) | ORIGINATION | MATURITY | STATED INTEREST RATE | MAXIMUM LOAN COMMITMENT | OUTSTANDING as of DECEMBER 31, 2022 | ||||||||||||
Mezzanine loans | |||||||||||||||||
Texas | 6/24/2021 | 6/24/2024 | 8 | % | $ | 54,119 | $ | 54,119 | |||||||||
North Carolina | 12/22/2021 | 12/22/2024 | 8 | % | 6,000 | 6,000 | |||||||||||
60,119 | 60,119 | ||||||||||||||||
Mortgage loan | |||||||||||||||||
Texas | 6/30/2021 | 12/31/2023 | 7 | % | $ | 31,150 | $ | 31,150 | |||||||||
Florida | 5/17/2022 | 2/27/2026 | 6 | % | 65,000 | 13,062 | |||||||||||
$ | 96,150 | $ | 44,212 | ||||||||||||||
Accrued interest | 758 | ||||||||||||||||
Fair-value discount and fees | (5,446) | ||||||||||||||||
$ | 99,643 |
Dollars in thousands, except for per share data | |||||
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted(a) | 228,520,990 | ||||
Exchange ratio | 1.00 | ||||
Implied shares of Legacy HR Common Stock issued | 228,520,990 | ||||
Adjusted closing price of Legacy HR Common Stock on July 20, 2022(b) | $ | 24.37 | |||
Value of implied Legacy HR Common Stock issued | $ | 5,569,057 | |||
Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services(c) | 7,406 | ||||
Consideration transferred | $ | 5,576,463 |
Dollars in thousands | PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE | MEASUREMENT PERIOD ADJUSTMENTS | PRELIMINARY AMOUNTS RECOGNIZED ON THE CLOSING DATE (as adjusted) | ||||||||
ASSETS | |||||||||||
Real estate investments | |||||||||||
Land | $ | 985,926 | $ | 6,775 | $ | 992,701 | |||||
Buildings and improvements | 6,960,418 | (83,662) | 6,876,756 | ||||||||
Lease intangible assets(a) | 831,920 | 1,230 | 833,150 | ||||||||
Financing lease right-of-use assets | 9,874 | 3,146 | 13,020 | ||||||||
Construction in progress | 10,071 | (6,744) | 3,327 | ||||||||
Land held for development | 46,538 | — | 46,538 | ||||||||
Total real estate investments | $ | 8,844,747 | $ | (79,255) | $ | 8,765,492 | |||||
Assets held for sale, net | 707,442 | (7,946) | 699,496 | ||||||||
Investments in unconsolidated joint ventures | 67,892 | — | 67,892 | ||||||||
Cash and cash equivalents | 26,034 | 11,403 | 37,437 | ||||||||
Restricted cash | 1,123,647 | (1,247) | 1,122,400 | ||||||||
Operating lease right-of-use assets | 198,261 | 17,786 | 216,047 | ||||||||
Other assets, net (b) (c) | 209,163 | (3,840) | 205,323 | ||||||||
Total assets acquired | $ | 11,177,186 | $ | (63,099) | $ | 11,114,087 | |||||
LIABILITIES | |||||||||||
Notes and bonds payable | $ | 3,991,300 | $ | — | $ | 3,991,300 | |||||
Accounts payable and accrued liabilities | 1,227,570 | 17,374 | 1,244,944 | ||||||||
Liabilities of assets held for sale | 28,677 | (3,939) | 24,738 | ||||||||
Operating lease liabilities | 173,948 | 10,173 | 184,121 | ||||||||
Financing lease liabilities | 10,720 | (855) | 9,865 | ||||||||
Other liabilities | 203,210 | (11,541) | 191,669 | ||||||||
Total liabilities assumed | $ | 5,635,425 | $ | 11,212 | $ | 5,646,637 | |||||
Net identifiable assets acquired | $ | 5,541,761 | $ | (74,311) | $ | 5,467,450 | |||||
Non-controlling interest | $ | 110,702 | $ | — | $ | 110,702 | |||||
Goodwill | $ | 145,404 | $ | 74,311 | $ | 219,715 | |||||
(a) The weighted average amortization period for the acquired lease intangible assets is approximately 6 years. | |||||||||||
(b) Includes $15.9 million of contractual accounts receivable, which approximates fair value. | |||||||||||
(c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date. |
YEAR ENDED December 31, | ||||||||
Dollars in thousands | 2022 | 2021 | ||||||
Total revenues | $ | 1,391,096 | $ | 1,316,743 | ||||
Net income | $ | 130,445 | $ | (78,990) |
Dollars in thousands | NUMBER OF PROPERTIES | LAND | BUILDINGS AND IMPROVEMENTS | LEASE INTANGIBLES | PERSONAL PROPERTY | TOTAL | ACCUMULATED DEPRECIATION | ||||||||||||||||
Dallas, TX | 45 | $ | 95,010 | $ | 1,116,725 | $ | 77,589 | $ | 551 | $ | 1,289,875 | $ | (202,031) | ||||||||||
Seattle, WA | 29 | 64,295 | 623,166 | 13,444 | 726 | 701,631 | (164,423) | ||||||||||||||||
Los Angeles, CA | 23 | 98,524 | 460,780 | 31,790 | 453 | 591,547 | (129,663) | ||||||||||||||||
Boston, MA | 18 | 128,904 | 396,002 | 63,134 | — | 588,040 | (13,513) | ||||||||||||||||
Charlotte, NC | 32 | 35,402 | 450,076 | 29,839 | 105 | 515,422 | (95,363) | ||||||||||||||||
Houston, TX | 34 | 85,389 | 633,474 | 64,045 | 57 | 782,965 | (63,486) | ||||||||||||||||
Miami, FL | 23 | 72,364 | 400,839 | 46,355 | 105 | 519,663 | (52,920) | ||||||||||||||||
Atlanta, GA | 28 | 49,379 | 437,312 | 36,170 | 95 | 522,956 | (63,773) | ||||||||||||||||
Tampa, FL | 20 | 31,533 | 377,455 | 36,838 | 33 | 445,859 | (18,991) | ||||||||||||||||
Denver, CO | 33 | 76,698 | 497,235 | 45,854 | 609 | 620,396 | (65,123) | ||||||||||||||||
Raleigh, NC | 27 | 56,620 | 363,359 | 37,446 | 9 | 457,434 | (15,566) | ||||||||||||||||
Phoenix, AZ | 35 | 20,262 | 430,396 | 37,097 | 425 | 488,180 | (30,281) | ||||||||||||||||
Chicago, IL | 7 | 32,374 | 266,672 | 20,608 | 81 | 319,735 | (28,243) | ||||||||||||||||
Indianapolis, IN | 36 | 52,180 | 265,070 | 32,739 | 13 | 350,002 | (19,705) | ||||||||||||||||
Hartford, CT | 30 | 43,326 | 204,049 | 31,803 | — | 279,178 | (8,015) | ||||||||||||||||
Nashville, TN | 12 | 43,348 | 346,312 | 10,205 | 1,424 | 401,289 | (92,720) | ||||||||||||||||
New York, NY | 14 | 64,402 | 167,819 | 26,430 | — | 258,651 | (4,771) | ||||||||||||||||
Austin, TX | 13 | 27,064 | 271,692 | 18,568 | 142 | 317,466 | (40,363) | ||||||||||||||||
Orlando, FL | 8 | 20,708 | 180,694 | 21,581 | 1 | 222,984 | (11,654) | ||||||||||||||||
Memphis, TN | 11 | 13,901 | 184,540 | 4,211 | 317 | 202,969 | (60,624) | ||||||||||||||||
Other (51 markets) | 210 | 326,262 | 3,256,027 | 273,568 | 1,223 | 3,857,080 | (457,572) | ||||||||||||||||
688 | 1,437,945 | 11,329,694 | 959,314 | 6,369 | 13,733,322 | (1,638,800) | |||||||||||||||||
Construction in progress | — | — | — | — | 35,560 | — | |||||||||||||||||
Land held for development | — | — | — | — | — | 74,265 | (1,183) | ||||||||||||||||
Financing lease right-of-use assets | — | — | — | — | — | 83,824 | — | ||||||||||||||||
Investment in financing receivables, net | — | — | — | — | — | 120,236 | — | ||||||||||||||||
Corporate property 1 | — | 1,853 | 2,343 | 684 | 5,538 | 10,418 | (5,288) | ||||||||||||||||
Total real estate investments | 688 | $ | 1,439,798 | $ | 11,332,037 | $ | 959,998 | $ | 11,907 | $ | 14,057,625 | $ | (1,645,271) |
In thousands | |||||
2023 | $ | 928,516 | |||
2024 | 814,132 | ||||
2025 | 701,659 | ||||
2026 | 603,051 | ||||
2027 | 500,645 | ||||
2028 and thereafter | 1,633,847 | ||||
$ | 5,181,850 |
In thousands | OPERATING | FINANCING | ||||||
2023 | $ | 15,641 | $ | 2,140 | ||||
2024 | $ | 15,227 | $ | 2,182 | ||||
2025 | $ | 14,814 | $ | 2,218 | ||||
2026 | $ | 14,852 | $ | 2,255 | ||||
2027 | $ | 14,921 | $ | 2,294 | ||||
2028 and thereafter | $ | 939,165 | $ | 396,398 | ||||
Total undiscounted lease payments | $ | 1,014,620 | $ | 407,487 | ||||
Discount | $ | (734,725) | $ | (334,548) | ||||
Lease liabilities | $ | 279,895 | $ | 72,939 |
In thousands | YEAR ENDED Dec. 31, 2022 | YEAR ENDED Dec. 31, 2021 | ||||||
Operating lease cost | ||||||||
Operating lease expense | $ | 12,699 | $ | 4,765 | ||||
Variable lease expense | 4,529 | 3,929 | ||||||
Finance lease cost | ||||||||
Amortization of right-of-use assets | 1,288 | 388 | ||||||
Interest on lease liabilities | 2,876 | 1,032 | ||||||
Total lease expense | $ | 21,392 | $ | 10,114 | ||||
Other information | ||||||||
Operating cash flows outflows related to operating leases | $ | 12,816 | $ | 7,706 | ||||
Operating cash flows outflows related to financing leases | $ | 1,838 | $ | 809 | ||||
Financing cash flows outflows related to financing leases | $ | — | $ | 9,182 | ||||
Right-of-use assets obtained in exchange for new finance lease liabilities | $ | 53,765 | $ | 3,827 | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 216,047 | $ | 8,298 | ||||
Weighted-average remaining lease term (excluding renewal options) - operating leases | 47.5 | 47.6 | ||||||
Weighted-average remaining lease term (excluding renewal options) -finance leases | 58.9 | 62.1 | ||||||
Weighted-average discount rate - operating leases | 5.8 | % | 5.6 | % | ||||
Weighted-average discount rate - finance leases | 5.0 | % | 5.3 | % |
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE | CASH CONSIDERATION 2 | REAL ESTATE | OTHER 3 | SQUARE FOOTAGE unaudited | ||||||||||||||||
Dallas, TX 4 | MOB | 2/11/22 | $ | 8,175 | $ | 8,185 | $ | 8,202 | $ | (17) | 18,000 | ||||||||||||
San Francisco, CA 5 | MOB | 3/7/22 | 114,000 | 112,986 | 108,687 | 4,299 | 166,396 | ||||||||||||||||
Atlanta, GA | MOB | 4/7/22 | 6,912 | 7,054 | 7,178 | (124) | 21,535 | ||||||||||||||||
Denver, CO | MOB | 4/13/22 | 6,320 | 5,254 | 5,269 | (15) | 12,207 | ||||||||||||||||
Colorado Springs, CO 6 | MOB | 4/13/22 | 13,680 | 13,686 | 13,701 | (15) | 25,800 | ||||||||||||||||
Seattle, WA | MOB | 4/28/22 | 8,350 | 8,334 | 8,370 | (36) | 13,256 | ||||||||||||||||
Houston, TX | MOB | 4/28/22 | 36,250 | 36,299 | 36,816 | (517) | 76,781 | ||||||||||||||||
Los Angeles, CA | MOB | 4/29/22 | 35,000 | 35,242 | 25,400 | 9,842 | 34,282 | ||||||||||||||||
Oklahoma City, OK | MOB | 4/29/22 | 11,100 | 11,259 | 11,334 | (75) | 34,944 | ||||||||||||||||
Raleigh, NC 5 | MOB | 5/31/22 | 27,500 | 26,710 | 27,127 | (417) | 85,113 | ||||||||||||||||
Tampa. FL 6 | MOB | 6/9/22 | 18,650 | 18,619 | 18,212 | 407 | 55,788 | ||||||||||||||||
Seattle, WA | MOB | 8/1/22 | 4,850 | 4,806 | 4,882 | (76) | 10,593 | ||||||||||||||||
Raleigh, NC | MOB | 8/9/22 | 3,783 | 3,878 | 3,932 | (54) | 11,345 | ||||||||||||||||
Jacksonville, FL | MOB | 8/9/22 | 18,195 | 18,508 | 18,583 | (75) | 34,133 | ||||||||||||||||
Atlanta, GA | MOB | 8/10/22 | 11,800 | 11,525 | 12,038 | (513) | 43,496 | ||||||||||||||||
Denver, CO | MOB | 8/11/22 | 14,800 | 13,902 | 13,918 | (16) | 34,785 | ||||||||||||||||
Raleigh, NC | MOB | 8/18/22 | 11,375 | 10,670 | 10,547 | 123 | 31,318 | ||||||||||||||||
Nashville, TN | MOB | 9/15/22 | 21,000 | 20,764 | 20,572 | 192 | 61,932 | ||||||||||||||||
Austin, TX | MOB | 9/29/22 | 5,450 | 5,449 | 5,572 | (123) | 15,000 | ||||||||||||||||
Jacksonville, FL 4 | MOB | 10/12/22 | 3,600 | 3,530 | 3,609 | (79) | 6,200 | ||||||||||||||||
Houston, TX | MOB | 11/21/22 | 5,500 | 5,469 | 5,513 | (44) | 28,369 | ||||||||||||||||
Austin, TX 7 | MOB | 12/28/22 | 888 | 890 | 889 | 1 | 2,219 | ||||||||||||||||
Denver, CO | MOB | 12/28/22 | 16,400 | 16,170 | 16,467 | (297) | 39,692 | ||||||||||||||||
$ | 403,578 | $ | 399,189 | $ | 386,818 | $ | 12,371 | 863,184 |
ESTIMATED FAIR VALUE in millions | ESTIMATED USEFUL LIFE in years | |||||||
Building | $ | 250.7 | 14.0 - 38.0 | |||||
Land | 76.1 | — | ||||||
Land Improvements | 11.2 | 5.0 - 14.0 | ||||||
Intangibles | ||||||||
At-market lease intangibles | 48.8 | 1.5 - 13.4 | ||||||
Above-market lease intangibles (lessor) | 15.9 | 1.3 - 15.6 | ||||||
Below-market lease intangibles (lessor) | (2.2) | 1.3 - 19.3 | ||||||
Below-market lease intangibles (lessee) | 1.2 | 13.1 | ||||||
Other assets acquired | 0.4 | |||||||
Accounts payable, accrued liabilities and other liabilities assumed | (2.9) | |||||||
Total cash paid | $ | 399.2 |
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE | CASH CONSIDERATION 2 | REAL ESTATE | OTHER 3 | SQUARE FOOTAGE unaudited | ||||||||||||||||
San Francisco, CA 4 | MOB | 3/7/22 | $ | 67,175 | $ | 66,789 | $ | 65,179 | $ | 1,610 | 110,865 | ||||||||||||
Los Angeles, CA 5 | MOB | 3/7/22 | 33,800 | 32,384 | 32,390 | (6) | 103,259 | ||||||||||||||||
$ | 100,975 | $ | 99,173 | $ | 97,569 | $ | 1,604 | 214,124 |
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE 2 | MORTGAGES ASSUMED 3 | CASH CONSIDERATION 4 | REAL ESTATE 2 | OTHER 5 | SQUARE FOOTAGE unaudited | ||||||||||||||||||
San Diego, CA 6 | MOB | 1/7/21 | $ | 17,150 | $ | — | $ | 17,182 | $ | 17,182 | $ | — | 22,461 | |||||||||||||
Dallas, TX 8 | MOB | 2/1/21 | 22,515 | — | 22,299 | 22,641 | (342) | 121,709 | ||||||||||||||||||
Atlanta, GA 8 | MOB | 2/17/21 | 9,800 | — | 10,027 | 10,073 | (46) | 44,567 | ||||||||||||||||||
Washington, D.C. | MOB | 3/3/21 | 12,750 | — | 12,709 | 12,658 | 51 | 26,496 | ||||||||||||||||||
Houston, TX | MOB | 5/14/21 | 13,500 | — | 12,986 | 13,379 | (393) | 45,393 | ||||||||||||||||||
San Diego, CA 6,7 | MOB | 5/28/21 | 102,650 | — | 103,984 | 104,629 | (645) | 160,394 | ||||||||||||||||||
Greensboro, NC | MOB | 6/28/21 | 9,390 | — | 9,475 | 10,047 | (572) | 25,168 | ||||||||||||||||||
Baltimore, MD | MOB | 6/29/21 | 14,600 | — | 14,357 | 14,437 | (80) | 33,316 | ||||||||||||||||||
Denver, CO 9 | MOB | 7/16/21 | 70,426 | — | 69,151 | 65,100 | 4,051 | 259,555 | ||||||||||||||||||
Greensboro, NC 6 | MOB | 7/19/21 | 6,400 | — | 6,374 | 6,514 | (140) | 18,119 | ||||||||||||||||||
Colorado Springs, CO | MOB | 7/27/21 | 33,400 | — | 32,738 | 33,241 | (503) | 69,526 | ||||||||||||||||||
Birmingham, AL | MOB | 8/19/21 | 9,250 | — | 9,355 | 9,388 | (33) | 29,942 | ||||||||||||||||||
Raleigh, NC | MOB | 9/20/21 | 5,780 | — | 5,821 | 5,810 | 11 | 18,280 | ||||||||||||||||||
Denver, CO | MOB | 9/22/21 | 20,250 | — | 19,630 | 19,405 | 225 | 83,604 | ||||||||||||||||||
Raleigh, NC | MOB | 9/30/21 | 10,000 | — | 9,921 | 9,874 | 47 | 29,178 | ||||||||||||||||||
Denver, CO | MOB | 11/15/21 | 7,700 | — | 7,383 | 7,431 | (48) | 18,599 | ||||||||||||||||||
Denver, CO | MOB | 11/18/21 | 22,400 | — | 22,343 | 22,422 | (79) | 30,185 | ||||||||||||||||||
Columbus, OH 10 | MOB | 12/1/21 | 16,275 | — | 15,970 | 7,365 | 8,605 | 71,930 | ||||||||||||||||||
Nashville, TN | MOB | 12/2/21 | 11,300 | — | 11,245 | 11,263 | (18) | 34,908 | ||||||||||||||||||
Colorado Springs, CO | MOB | 12/20/21 | 10,575 | — | 10,541 | 11,009 | (468) | 44,166 | ||||||||||||||||||
Columbus, OH 8 | MOB | 12/28/21 | 9,525 | — | 9,521 | 9,601 | (80) | 28,962 | ||||||||||||||||||
Los Angeles, CA | MOB | 12/28/21 | 20,500 | (11,000) | 9,396 | 20,316 | 80 | 56,762 | ||||||||||||||||||
Nashville, TN 11 | MOB | 12/29/21 | 19,775 | — | 19,833 | 19,982 | (149) | 85,590 | ||||||||||||||||||
Austin, TX | MOB | 12/29/21 | 20,500 | — | 20,696 | 20,741 | (45) | 62,548 | ||||||||||||||||||
Atlanta, GA | MOB | 12/30/21 | 4,900 | — | 4,772 | 4,419 | 353 | 11,840 | ||||||||||||||||||
Nashville, TN 12 | MOB | 12/30/21 | 54,000 | — | 53,923 | 54,072 | (149) | 74,489 | ||||||||||||||||||
Nashville, TN 12 | MOB | 12/30/21 | 20,500 | — | 19,833 | 19,825 | 8 | 32,454 | ||||||||||||||||||
$ | 575,811 | $ | (11,000) | $ | 561,465 | $ | 562,824 | $ | 9,641 | 1,540,141 |
ESTIMATED FAIR VALUE in millions | ESTIMATED USEFUL LIFE in years | |||||||
Building | $ | 275.1 | 18.0 - 44.0 | |||||
Investment in financing receivables, net | 185.9 | 0.5 - 34.0 | ||||||
Financing lease right of use assets 1 | 8.9 | 15.0 - 34.0 | ||||||
Land | 34.1 | — | ||||||
Land Improvements | 8.9 | 6.0 - 16.0 | ||||||
Intangibles | ||||||||
At-market lease intangibles | 58.8 | 2.6 - 16.6 | ||||||
Above-market lease intangibles (lessor) | 3.4 | 1.9 - 8.1 | ||||||
Below-market lease intangibles (lessor) | (1.4) | 3.1 - 21.8 | ||||||
Above-market lease intangibles (lessee) | (0.3) | 36.7 - 64.5 | ||||||
Below-market lease intangibles (lessee) | 4.7 | 45.4 | ||||||
Mortgage notes payable assumed, including fair value adjustments | (11.8) | |||||||
Other assets acquired | 0.8 | |||||||
Accounts payable, accrued liabilities and other liabilities assumed | (5.6) | |||||||
Total cash paid | $ | 561.5 |
Dollars in thousands | TYPE 1 | DATE ACQUIRED | PURCHASE PRICE | CASH CONSIDERATION 2 | REAL ESTATE | OTHER 3 | SQUARE FOOTAGE unaudited | ||||||||||||||||
Denver, CO | MOB | 3/30/21 | $ | 14,375 | $ | 14,056 | $ | 14,550 | $ | (494) | 59,359 | ||||||||||||
Colorado Springs, CO | MOB | 4/1/21 | 7,200 | 7,288 | 7,347 | (59) | 27,510 | ||||||||||||||||
Los Angeles, CA | MOB | 4/8/21 | 31,335 | 30,179 | 30,642 | (463) | 57,573 | ||||||||||||||||
San Antonio, TX | MOB | 4/30/21 | 13,600 | 13,412 | 13,656 | (244) | 45,000 | ||||||||||||||||
Los Angeles, CA | MOB | 5/10/21 | 24,600 | 24,259 | 24,147 | 112 | 73,078 | ||||||||||||||||
Colorado Springs, CO 4 | MOB | 7/27/21 | 9,133 | 9,137 | 9,135 | 2 | 23,956 | ||||||||||||||||
Denver, CO | MOB | 10/21/21 | 23,000 | 22,638 | 23,021 | (383) | 57,257 | ||||||||||||||||
San Antonio, TX 5 | MOB | 12/10/21 | 42,300 | 41,892 | 42,190 | (298) | 117,597 | ||||||||||||||||
San Antonio, TX | MOB | 12/29/21 | 6,094 | 6,218 | 6,308 | (90) | 22,381 | ||||||||||||||||
San Antonio, TX | MOB | 12/29/21 | 8,850 | 8,915 | 8,866 | 49 | 30,542 | ||||||||||||||||
$ | 180,487 | $ | 177,994 | $ | 179,862 | $ | (1,868) | 514,253 |
Dollars in thousands | TYPE 1 | DATE DISPOSED | SALES PRICE | CLOSING ADJUSTMENTS | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER including receivables 2 | GAIN/ (IMPAIRMENT) | SQUARE FOOTAGE unaudited | ||||||||||||||||||||
Loveland, CO 3, 4 | MOB | 2/24/22 | $ | 84,950 | $ | (45) | $ | 84,905 | $ | 40,095 | $ | 4 | $ | 44,806 | 150,291 | ||||||||||||||
San Antonio, TX 3 | MOB | 4/15/22 | 25,500 | (2,272) | 23,228 | 14,381 | 284 | 8,563 | 201,523 | ||||||||||||||||||||
GA, FL, PA 5, 11 | MOB | 7/29/22 | 133,100 | (8,109) | 124,991 | 124,991 | — | — | 316,739 | ||||||||||||||||||||
GA, FL, TX 7, 11 | MOB | 8/4/22 | 160,917 | (5,893) | 155,024 | 151,819 | 3,205 | — | 343,545 | ||||||||||||||||||||
Los Angeles, CA 5, 9, 11 | MOB | 8/5/22 | 134,845 | (3,102) | 131,743 | 131,332 | 411 | — | 283,780 | ||||||||||||||||||||
Dallas, TX 7, 10, 11 | MOB | 8/30/22 | 114,290 | (682) | 113,608 | 113,608 | — | — | 189,385 | ||||||||||||||||||||
Indianapolis, IN 6, 12 | MOB | 8/31/22 | 238,845 | (5,846) | 232,999 | 84,767 | 4,324 | 143,908 | 506,406 | ||||||||||||||||||||
Dallas, TX 3 | MOB | 10/4/22 | 104,025 | (5,883) | 98,142 | 38,872 | 6,436 | 52,834 | 291,328 | ||||||||||||||||||||
Houston, TX | MOB | 10/21/22 | 32,000 | (280) | 31,720 | 10,762 | 744 | 20,214 | 134,910 | ||||||||||||||||||||
College Station, TX | MOB | 11/10/22 | 49,177 | (3,755) | 45,422 | 44,918 | 475 | 28 | 122,942 | ||||||||||||||||||||
El Paso, TX | MOB | 12/22/22 | 55,326 | (4,002) | 51,324 | 56,427 | (1,897) | (3,205) | 110,465 | ||||||||||||||||||||
Atlanta, GA 8 | MOB | 12/22/22 | 91,243 | (4,326) | 86,917 | 109,051 | 235 | (22,369) | 348,416 | ||||||||||||||||||||
St. Louis, MO | MOB | 12/28/22 | 18,000 | (1,471) | 16,529 | 18,340 | 4 | (1,815) | 69,394 | ||||||||||||||||||||
$ | 1,242,218 | $ | (45,666) | $ | 1,196,552 | $ | 939,363 | $ | 14,225 | $ | 242,964 | 3,069,124 |
Dollars in thousands | TYPE 1 | DATE DISPOSED | SALES PRICE | CLOSING ADJUSTMENTS | NET PROCEEDS | NET REAL ESTATE INVESTMENT | OTHER including receivables 2 | GAIN/ (IMPAIRMENT) | SQUARE FOOTAGE unaudited | ||||||||||||||||||||
Los Angeles, CA 3 | MOB | 3/11/21 | $ | 26,000 | $ | (555) | $ | 25,445 | $ | 6,046 | $ | 509 | $ | 18,890 | 73,906 | ||||||||||||||
Atlanta, GA | MOB | 4/12/21 | 8,050 | (272) | 7,778 | 5,675 | 151 | 1,952 | 19,732 | ||||||||||||||||||||
Richmond, VA | MOB | 5/18/21 | 52,000 | (314) | 51,686 | 29,414 | 3,270 | 19,002 | 142,856 | ||||||||||||||||||||
Gadsden, AL 4 | MOB | 5/19/21 | 5,500 | (280) | 5,220 | 5,914 | 175 | (869) | 120,192 | ||||||||||||||||||||
Dallas, TX 5 | MOB | 7/9/21 | 23,000 | (1,117) | 21,883 | 18,733 | 1,966 | 1,184 | 190,160 | ||||||||||||||||||||
Chicago, IL | MOB | 10/28/21 | 13,300 | (388) | 12,912 | 23,213 | 706 | (11,007) | 95,436 | ||||||||||||||||||||
Des Moines, IA 6 | MOB | 12/8/21 | 47,000 | (901) | 46,099 | 32,312 | 1,037 | 12,750 | 132,617 | ||||||||||||||||||||
Aberdeen, SD | MOB | 12/22/21 | 12,750 | (299) | 12,451 | 10,337 | — | 2,114 | 58,285 | ||||||||||||||||||||
Dallas, TX | MOB | 12/23/21 | 800 | (103) | 697 | 712 | 167 | (182) | 13,818 | ||||||||||||||||||||
$ | 188,400 | $ | (4,229) | $ | 184,171 | $ | 132,356 | $ | 7,981 | $ | 43,834 | 847,002 |
Dollars in thousands | December 31, 2022 | December 31, 2021 | ||||||||||||
Real estate notes receivable, net | $ | 99,643 | $ | — | ||||||||||
Straight-line rent receivables | 88,868 | 70,784 | ||||||||||||
Prepaid assets | 81,900 | 58,618 | ||||||||||||
Above-market intangible assets, net | 80,720 | 4,966 | ||||||||||||
Accounts receivable, net 1 | 47,498 | 14,072 | ||||||||||||
Additional long-lived assets, net | 21,446 | 20,048 | ||||||||||||
Interest rate swap assets | 14,512 | — | ||||||||||||
Other receivables, net | 7,169 | — | ||||||||||||
Investment in securities (2) | 6,011 | — | ||||||||||||
Debt issuance costs, net | 5,977 | 1,813 | ||||||||||||
Project costs | 4,337 | 5,129 | ||||||||||||
Net investment in lease | 1,828 | — | ||||||||||||
Customer relationship intangible assets, net | 1,120 | 1,174 | ||||||||||||
Other | 8,961 | 9,069 | ||||||||||||
$ | 469,990 | $ | 185,673 |
Dollars in thousands | December 31, 2022 | December 31, 2021 | ||||||||||||
Accrued property taxes | $ | 78,185 | $ | 35,295 | ||||||||||
Accounts payable and capital expenditures | 57,352 | 17,036 | ||||||||||||
Accrued interest | 50,037 | 12,060 | ||||||||||||
Other operating accruals | 58,459 | 21,717 | ||||||||||||
$ | 244,033 | $ | 86,108 |
Dollars in thousands | December 31, 2022 | December 31, 2021 | ||||||||||||
Below-market intangible liabilities, net | $ | 97,935 | $ | 4,931 | ||||||||||
Deferred revenue | 87,325 | 45,130 | ||||||||||||
Security deposits | 28,521 | 11,116 | ||||||||||||
Interest rate swap liability | 4,269 | 5,917 | ||||||||||||
Other | 618 | 293 | ||||||||||||
$ | 218,668 | $ | 67,387 |
GROSS BALANCE at December 31, | ACCUMULATED AMORTIZATION at December 31, | WEIGHTED AVG. REMAINING LIFE in years | BALANCE SHEET CLASSIFICATION | |||||||||||||||||
Dollars in millions | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
Goodwill | $ | 223.2 | $ | 3.5 | $ | — | $ | — | N/A | Goodwill | ||||||||||
Credit facility debt issuance costs | 6.9 | 5.1 | 0.9 | 3.3 | 2.9 | Other assets, net | ||||||||||||||
Above-market lease intangibles (lessor) | 91.5 | 7.0 | 10.7 | 2.0 | 5.3 | Other assets, net | ||||||||||||||
Customer relationship intangibles (lessor) | 2.1 | 2.1 | 1.0 | 0.9 | 20.6 | Other assets, net | ||||||||||||||
Below-market lease intangibles (lessor) | (112.5) | (10.1) | (14.6) | (5.1) | 5.7 | Other liabilities | ||||||||||||||
At-market lease intangibles | 1,067.4 | 213.0 | 188.3 | 77.5 | 5.2 | Real estate properties | ||||||||||||||
$ | 1,278.6 | $ | 220.6 | $ | 186.3 | $ | 78.6 | 5.3 |
Dollars in millions | FUTURE AMORTIZATION OF INTANGIBLES, NET | ||||
2023 | $ | 233.8 | |||
2024 | 197.9 | ||||
2025 | 151.1 | ||||
2026 | 97.6 | ||||
2027 | 64.3 |
DECEMBER 31, | MATURITY DATES | CONTRACTUAL INTEREST RATES | EFFECTIVE INTEREST RATES | PRINCIPAL PAYMENTS | INTEREST PAYMENTS | ||||||||||||||||||
Dollars in thousands | 2022 | 2021 | |||||||||||||||||||||
$700M Unsecured Credit Facility | $ | — | $ | 210,000 | 5/23 | LIBOR + 0.90% | N/A | At maturity | Monthly | ||||||||||||||
$1.5B Unsecured Credit Facility | 385,000 | — | 10/25 | SOFR + 0.95% | 5.27 | % | At maturity | Monthly | |||||||||||||||
$350M Unsecured Term Loan 1 | 349,114 | — | 7/23 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
$200M Unsecured Term Loan 1 | 199,670 | 199,460 | 5/24 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
$150M Unsecured Term Loan 1 | 149,495 | 149,376 | 6/26 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
$300M Unsecured Term Loan 1 | 299,936 | — | 10/25 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
$200M Unsecured Term Loan 1 | 199,362 | — | 7/27 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
$300M Unsecured Term Loan 1 | 297,869 | — | 1/28 | SOFR + 1.05% | 5.17 | % | At maturity | Monthly | |||||||||||||||
Senior Notes due 2025 1 | 249,115 | 249,040 | 5/25 | 3.88 | % | 4.12 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2026 1 | 571,587 | — | 8/26 | 3.50 | % | 4.94 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2027 1 | 479,553 | — | 7/27 | 3.75 | % | 4.76 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2028 1 | 296,852 | 296,612 | 1/28 | 3.63 | % | 3.85 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2030 1 | 565,402 | — | 2/30 | 3.10 | % | 5.30 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2030 1 | 296,385 | 296,813 | 3/30 | 2.40 | % | 2.72 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2031 1 | 295,547 | 295,374 | 3/31 | 2.05 | % | 2.25 | % | At maturity | Semi-annual | ||||||||||||||
Senior Notes due 2031 1 | 632,693 | — | 3/31 | 2.00 | % | 5.13 | % | At maturity | Semi-annual | ||||||||||||||
Mortgage notes payable 2 | 84,247 | 104,650 | 8/23-12/26 | 3.31%-4.77% | 3.42%-4.84% | Monthly | Monthly | ||||||||||||||||
$ | 5,351,827 | $ | 1,801,325 |
Series of Old HR Notes | Tenders and Consents Received as of the Expiration Date | Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes | |||||||||
3.875 | % | Senior Notes due 2025 | $235,016,000 | 94.01 | % | ||||||
3.625 | % | Senior Notes due 2028 | $290,246,000 | 96.75 | % | ||||||
2.400 | % | Senior Notes due 2030 | $297,507,000 | 99.17 | % | ||||||
2.050 | % | Senior Notes due 2031 | $298,858,000 | 99.62 | % |
COUPON | PRINCIPAL OUTSTANDING AS OF | |||||||||||||
Dollars in thousands | FACE VALUE | 12/31/2022 | 12/31/2021 | |||||||||||
Senior Notes due 2026 | 3.50% | $ | 600,000 | $ | 600,000 | $ | — | |||||||
Senior Notes due 2027 | 3.75% | 500,000 | 500,000 | — | ||||||||||
Senior Notes due 2030 | 3.10% | 650,000 | 650,000 | — | ||||||||||
Senior Notes due 2031 | 2.00% | 800,000 | 800,000 | — | ||||||||||
$ | 2,550,000 | $ | 2,550,000 | $ | — |
DECEMBER 31, | ||||||||
Dollars in thousands | 2022 | 2021 | ||||||
Term loan principal balances | $ | 1,500,000 | $ | 350,000 | ||||
Debt issuance costs | (4,554) | (1,164) | ||||||
Term Loans carrying amount | $ | 1,495,446 | $ | 348,836 |
DECEMBER 31, | ||||||||
Dollars in thousands | 2022 | 2021 | ||||||
Mortgage notes payable principal balance | $ | 84,122 | $ | 103,664 | ||||
Unamortized premium | 486 | 1,720 | ||||||
Unaccreted discount | (38) | (83) | ||||||
Debt issuance costs | (323) | (651) | ||||||
Mortgage notes payable carrying amount | $ | 84,247 | $ | 104,650 |
ORIGINAL BALANCE | EFFECTIVE INTEREST RATE 10 | MATURITY DATE | COLLATERAL 11 | PRINCIPAL AND INTEREST PAYMENTS 9 | INVESTMENT IN COLLATERAL at December 31, | BALANCE at December 31, | ||||||||||||||||||||
Dollars in millions | 2022 | 2022 | 2021 | |||||||||||||||||||||||
Commercial Bank 1 | 15.0 | 5.25 | % | 4/27 | MOB | Monthly/20-yr amort. | — | — | 6.1 | |||||||||||||||||
Life Insurance Co. 2 | 11.0 | 3.64 | % | 5/27 | MOB | Monthly/10-yr amort. | — | — | 11.6 | |||||||||||||||||
Life Insurance Co. 3 | 12.3 | 3.86 | % | 8/23 | MOB | Monthly/7-yr amort. | 25.9 | 10.0 | 10.3 | |||||||||||||||||
Life Insurance Co. 4 | 9.0 | 4.84 | % | 12/23 | MOB,OFC | Monthly/10-yr amort. | 24.5 | 6.8 | 7.1 | |||||||||||||||||
Life Insurance Co. 5 | 13.3 | 4.13 | % | 1/24 | MOB | Monthly/10-yr amort. | 22.5 | 11.7 | 12.0 | |||||||||||||||||
Life Insurance Co. 6 | 6.8 | 3.96 | % | 2/24 | MOB | Monthly/7-yr amort. | 14.7 | 5.8 | 6.0 | |||||||||||||||||
Financial Services 7 | 9.7 | 4.32 | % | 9/24 | MOB | Monthly/10-yr amort. | 16.6 | 7.5 | 7.8 | |||||||||||||||||
Life Insurance Co. 8 | 16.5 | 3.43 | % | 12/25 | MOB,OFC | Monthly/7-yr amort. | 39.1 | 16.2 | 16.7 | |||||||||||||||||
Financial Services | 11.5 | 3.71 | % | 1/26 | MOB | Monthly/10-yr amort. | 40.5 | 8.3 | 8.7 | |||||||||||||||||
Life Insurance Co. | 19.2 | 4.08 | % | 12/26 | MOB | Monthly/10-yr amort. | 44.5 | 17.9 | 18.4 | |||||||||||||||||
$ | 228.3 | $ | 84.2 | $ | 104.7 |
Dollars in thousands | PRINCIPAL MATURITIES | NET ACCRETION/ AMORTIZATION 1 | DEBT ISSUANCE COSTS 2 | NOTES AND BONDS PAYABLE | % | ||||||||||||
2023 | $ | 368,880 | $ | (38,805) | $ | (3,258) | $ | 326,817 | 6.1 | % | |||||||
2024 | 225,352 | (40,922) | (2,211) | 182,219 | 3.4 | % | |||||||||||
2025 | 951,250 | (43,193) | (1,851) | 906,206 | 16.9 | % | |||||||||||
2026 | 773,640 | (41,798) | (1,636) | 730,206 | 13.6 | % | |||||||||||
2027 | 700,000 | (36,192) | (1,518) | 662,290 | 12.4 | % | |||||||||||
2028 and thereafter | 2,649,500 | (103,561) | (1,850) | 2,544,089 | 47.6 | % | |||||||||||
$ | 5,668,622 | $ | (304,471) | $ | (12,324) | $ | 5,351,827 | 100.0 | % |
NOTIONAL VALUE AS OF | WEIGHTED AVERAGE RATE | |||||||
EXPIRATION DATE | DECEMBER 31, 2022 | |||||||
January 31, 2023 | $ | 300,000 | 1.42 | % | ||||
January 15, 2024 | 200,000 | 1.21 | % | |||||
May 1, 2026 | 100,000 | 2.15 | % | |||||
December 1, 2026 | 150,000 | 3.84 | % | |||||
June 1, 2027 | 150,000 | 4.13 | % | |||||
December 1, 2027 | 250,000 | 3.79 | % | |||||
$ | 1,150,000 | 2.63 | % |
AS OF DECEMBER 31, 2022 | AS OF DECEMBER 31, 2021 | |||||||||||||
Dollars in thousands | BALANCE SHEET LOCATION | FAIR VALUE | BALANCE SHEET LOCATION | FAIR VALUE | ||||||||||
Derivatives designated as hedging instruments | ||||||||||||||
Interest rate swaps 2017 | Other liabilities | $ | (420) | |||||||||||
Interest rate swaps 2018 | Other liabilities | (976) | ||||||||||||
Interest rate swaps 2019 | Other Assets | $ | 13,603 | Other liabilities | (4,521) | |||||||||
Interest rate swaps 2022 | Other Assets | 909 | — | |||||||||||
Interest rate swaps 2022 | Other Liabilities | (4,269) | — | |||||||||||
Total derivatives designated as hedging instruments | $ | 10,243 | $ | (5,917) |
AMOUNT OF GAIN/(LOSS) RECOGNIZED IN OCI on derivatives | AMOUNT OF (GAIN)/LOSS RECLASSIFIED FROM OCI INTO INCOME for the year ended December 31, | |||||||||||||
Dollars in thousands | 2022 | 2022 | 2021 | |||||||||||
Interest rate swaps 2017 | $ | 302 | Interest expense | $ | 118 | $ | 527 | |||||||
Interest rate swaps 2018 | 616 | Interest expense | 361 | 1,194 | ||||||||||
Interest rate swaps 2019 | 12,964 | Interest expense | 563 | 2,157 | ||||||||||
Interest rate swaps 2022 | (3,252) | Interest expense | (109) | — | ||||||||||
Settled treasury hedges | — | Interest expense | 426 | 426 | ||||||||||
Settled interest rate swaps | — | Interest expense | 168 | 168 | ||||||||||
$ | 10,630 | Total interest expense | $ | 1,527 | $ | 4,472 |
Offsetting of Derivative Assets | ||||||||||||||||||||
GROSS AMOUNTS of recognized assets | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF ASSETS presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets | |||||||||||||||||
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT | ||||||||||||||||||
Derivatives | $ | 14,512 | $ | — | $ | 14,512 | $ | (4,269) | $ | — | $ | 10,243 |
Offsetting of Derivative Liabilities | ||||||||||||||||||||
GROSS AMOUNTS of recognized liabilities | GROSS AMOUNTS OFFSET in the Consolidated Balance Sheets | NET AMOUNTS OF LIABILITIES presented in the Consolidated Balance Sheets | GROSS AMOUNTS NOT OFFSET in the Consolidated Balance Sheets | |||||||||||||||||
FINANCIAL INSTRUMENTS | CASH COLLATERAL | NET AMOUNT | ||||||||||||||||||
Derivatives | $ | (4,269) | $ | — | $ | (4,269) | $ | 4,269 | $ | — | $ | — |
YEAR ENDED DECEMBER 31, | |||||||||||
2022 | 2021 | 2020 | |||||||||
Balance, beginning of year | 150,457,433 | 139,487,375 | 134,706,154 | ||||||||
Issuance of common stock | 229,618,304 | 10,899,301 | 4,637,445 | ||||||||
Non-vested share-based awards, net of withheld shares and forfeitures | 514,157 | 70,757 | 143,776 | ||||||||
Balance, end of year | 380,589,894 | 150,457,433 | 139,487,375 |
WEIGHTED AVERAGE SALE PRICE per share | SHARES PRICED | SHARES SETTLED | SHARES REMAINING TO BE SETTLED | NET PROCEEDS in millions | |||||||||||||
2021 | $ | 31.09 | 9,763,680 | 10,859,539 | 727,400 | $ | 330.3 | ||||||||||
2022 | $ | 31.73 | — | 727,400 | — | $ | 22.3 | ||||||||||
INTEREST RATE SWAPS as of December 31, | ||||||||
Dollars in thousands | 2022 | 2021 | ||||||
Beginning balance | $ | (9,981) | $ | (17,832) | ||||
Other comprehensive loss before reclassifications | 1,531 | 4,472 | ||||||
Amounts reclassified from accumulated other comprehensive income | 10,590 | 3,379 | ||||||
Net current-period other comprehensive income | 12,121 | 7,851 | ||||||
Ending balance | $ | 2,140 | $ | (9,981) |
DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) COMPONENTS | AMOUNT RECLASSIFIED from accumulated other comprehensive income (loss) | AFFECTED LINE ITEM in the statement where net income is presented | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps | $ | 594 | Interest Expense | |||||
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps | 937 | Interest Expense | ||||||
$ | 1,531 |
Dollars in millions | FUTURE AMORTIZATION of non-vested shares | ||||
2023 | $ | 12.0 | |||
2024 | 10.0 | ||||
2025 | 8.3 | ||||
2026 | 5.5 | ||||
2027 | 0.4 | ||||
2028 and thereafter | 0.1 | ||||
Total | $ | 36.3 |
Volatility | 30.0 | % | |||
Dividend Assumption | Accrued | ||||
Expected term in years | 3 years | ||||
Risk-free rate | 1.02 | % | |||
Stock price (per share) | $31.68 |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands, except per share data | 2022 | 2021 | 2020 | ||||||||
Share-based awards, beginning of year | 1,562,028 | 1,766,061 | 1,754,066 | ||||||||
Granted | 657,475 | 203,701 | 197,999 | ||||||||
Vested | (418,949) | (404,777) | (186,004) | ||||||||
Forfeited | (5,426) | (2,957) | — | ||||||||
Share-based awards, end of year | 1,795,128 | 1,562,028 | 1,766,061 | ||||||||
Weighted-average grant date fair value of | |||||||||||
Share-based awards, beginning of year | $ | 31.10 | $ | 30.51 | $ | 29.82 | |||||
Share-based awards granted during the year | $ | 28.11 | $ | 30.86 | $ | 30.33 | |||||
Share-based awards vested during the year | $ | 31.52 | $ | 28.38 | $ | 23.82 | |||||
Stock-based awards forfeited during the year | $ | 31.48 | $ | 33.04 | $ | — | |||||
Share-based awards, end of year | $ | 29.91 | $ | 31.10 | $ | 30.51 | |||||
Grant date fair value of shares granted during the year | $ | 18,480 | $ | 6,286 | $ | 6,006 |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands, except per share data | 2022 | 2021 | 2020 | ||||||||
Options outstanding, beginning of year | 348,514 | 341,647 | 332,659 | ||||||||
Granted | 255,960 | 253,200 | 212,716 | ||||||||
Exercised | (20,246) | (30,281) | (21,713) | ||||||||
Forfeited | (102,619) | (71,630) | (42,221) | ||||||||
Expired | (140,633) | (144,422) | (139,794) | ||||||||
Options outstanding and exercisable, end of year | 340,976 | 348,514 | 341,647 | ||||||||
Weighted-average exercise price of | |||||||||||
Options outstanding, beginning of year | $ | 25.38 | $ | 24.70 | $ | 25.59 | |||||
Options granted during the year | $ | 26.89 | $ | 25.16 | $ | 28.36 | |||||
Options exercised during the year | $ | 20.97 | $ | 25.03 | $ | 24.10 | |||||
Options forfeited during the year | $ | 21.88 | $ | 25.45 | $ | 25.29 | |||||
Options expired during the year | $ | 23.36 | $ | 24.17 | $ | 23.74 | |||||
Options outstanding, end of year | $ | 16.38 | $ | 25.38 | $ | 24.70 | |||||
Weighted-average fair value of options granted during the year (calculated as of the grant date) | $ | 9.91 | $ | 9.05 | $ | 8.06 | |||||
Intrinsic value of options exercised during the year | $ | 75 | $ | 165 | $ | 101 | |||||
Intrinsic value of options outstanding and exercisable (calculated as of December 31) | $ | 985 | $ | 1,997 | $ | 1,673 | |||||
Exercise prices of options outstanding (calculated as of December 31) | $ | 16.38 | $ | 25.91 | $ | 24.70 | |||||
Weighted-average contractual life of outstanding options (calculated as of December 31, in years) | 0.8 | 0.8 | 0.8 |
2022 | 2021 | 2020 | |||||||||
Risk-free interest rates | 0.73 | % | 0.13 | % | 1.58 | % | |||||
Expected dividend yields | 3.97 | % | 4.11 | % | 3.69 | % | |||||
Expected life (in years) | 1.44 | 1.43 | 1.43 | ||||||||
Expected volatility | 49.0 | % | 48.2 | % | 28.6 | % | |||||
Expected forfeiture rates | 85 | % | 85 | % | 85 | % |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands, except per share data | 2022 | 2021 | 2020 | ||||||||
Weighted average common shares outstanding | |||||||||||
Weighted average common shares outstanding | 254,296,810 | 144,411,835 | 135,666,503 | ||||||||
Non-vested shares | (1,940,607) | (1,774,669) | (1,736,358) | ||||||||
Weighted average common shares outstanding - basic | 252,356,203 | 142,637,166 | 133,930,145 | ||||||||
Weighted average common shares outstanding - basic | 252,356,203 | 142,637,166 | 133,930,145 | ||||||||
Dilutive effect of forward equity shares | — | — | 6,283 | ||||||||
Dilutive effect of OP Units | 1,451,599 | — | — | ||||||||
Dilutive effect of employee stock purchase plan | 65,519 | 73,062 | 70,512 | ||||||||
Weighted average common shares outstanding - diluted | 253,873,321 | 142,710,228 | 134,006,940 | ||||||||
Net income attributable to common stockholders | $ | 40,897 | $ | 66,659 | $ | 72,195 | |||||
Dividends paid on nonvested share-based awards | (2,437) | (2,154) | (2,083) | ||||||||
Net income applicable to common stockholders - basic | $ | 38,460 | $ | 64,505 | $ | 70,112 | |||||
Net income attributable to OP Units | 81 | — | — | ||||||||
Net income applicable to common stockholders - diluted | $ | 38,541 | $ | 64,505 | $ | 70,112 | |||||
Basic earnings per common share - net income | $ | 0.15 | $ | 0.45 | $ | 0.52 | |||||
Diluted earnings per common share - net income | $ | 0.15 | $ | 0.45 | $ | 0.52 |
YEAR ENDED DECEMBER 31, | |||||||||||
2022 | 2021 | 2020 | |||||||||
PER SHARE | PER SHARE | PER SHARE | |||||||||
Tax Treatment of Dividends Pre-Merger Healthcare Trust of America | |||||||||||
Ordinary income 1 | $ | 0.5862 | $ | 0.7920 | $ | 0.6976 | |||||
Return of capital | 4.0162 | 0.4930 | 0.5582 | ||||||||
Capital gain | 1.2216 | — | 0.0092 | ||||||||
Common stock distributions | $ | 5.8240 | $ | 1.2850 | $ | 1.2650 | |||||
Tax Treatment of Dividends Pre-Merger Healthcare Realty | |||||||||||
Ordinary income 1 | $ | 0.2655 | $ | 0.7500 | $ | 0.7738 | |||||
Return of capital | 0.5555 | 0.3600 | 0.1084 | ||||||||
Capital gain | — | 0.0964 | 0.3178 | ||||||||
Common stock distributions | $ | 0.8210 | $ | 1.2064 | $ | 1.2000 | |||||
Tax Treatment of Dividends Post-Merger Healthcare Realty | |||||||||||
Ordinary income 1 | $ | 0.0422 | $ | — | $ | — | |||||
Return of capital | 0.2889 | — | — | ||||||||
Capital gain | 0.0879 | — | — | ||||||||
Common stock distributions | $ | 0.4190 | $ | — | $ | — |
YEAR ENDED DECEMBER 31, | |||||||||||
Dollars in thousands | 2022 | 2021 | 2020 | ||||||||
State income tax expense | |||||||||||
Texas gross margins tax | $ | 1,693 | $ | 564 | $ | 546 | |||||
Other | 151 | 8 | 8 | ||||||||
Total state income tax expense | $ | 1,844 | $ | 572 | $ | 554 | |||||
State income tax payments, net of refunds and collections | $ | 1,834 | $ | 560 | $ | 557 |
December 31, 2022 | December 31, 2021 | |||||||||||||
Dollars in millions | CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE | ||||||||||
Notes and bonds payable 1, 2 | $ | 5,351.8 | $ | 5,149.6 | $ | 1,801.3 | $ | 1,797.4 | ||||||
Real estate notes receivable 1 | $ | 99.6 | $ | 99.6 | $ | — | $ | — | ||||||
NAME | AGE | POSITION | ||||||
Todd J. Meredith | 48 | President and Chief Executive Officer | ||||||
J. Christopher Douglas | 47 | Executive Vice President and Chief Financial Officer | ||||||
John M. Bryant, Jr. | 56 | Executive Vice President and General Counsel | ||||||
Robert E. Hull | 50 | Executive Vice President - Investments | ||||||
Julie F. Wilson | 51 | Executive Vice President - Operations |
10.6 | — | Amendment No. 2 to Third Amended and Restated Employment Agreement, dated February 18, 2022, between Todd J. Meredith and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).15 | |||||||||
10.7 | — | Third Amended and Restated Employment Agreement, dated February 15, 2017, between John M. Bryant, Jr. and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).16 | |||||||||
10.8 | — | ||||||||||
10.9 | — | ||||||||||
10.10 | — | ||||||||||
10.11 | — | Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between Robert E. Hull and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).15 | |||||||||
10.12 | — | ||||||||||
10.13 | — | ||||||||||
10.14 | — | Amendment No. 2 to Amended and Restated Employment Agreement, dated February 18, 2022, between J. Christopher Douglas and Healthcare Realty Trust Incorporated (now known as HRTI, LLC).15 | |||||||||
10.15 | — | ||||||||||
10.16 | — | ||||||||||
10.17 | — | ||||||||||
10.18 | — | ||||||||||
10.19 | — | ||||||||||
10.20 | — | ||||||||||
10.21 | — | ||||||||||
10.22 | — | ||||||||||
10.23 | — | ||||||||||
10.24 | — | ||||||||||
21 | — | ||||||||||
23 | — | ||||||||||
— | |||||||||||
— | |||||||||||
— | |||||||||||
101.INS | — | This instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||||
101.SCH | — | XBRL Taxonomy Extension Schema Document. (filed herewith) | |||||||||
101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document. (filed herewith) | |||||||||
101.LAB | — | XBRL Taxonomy Extension Labels Linkbase Document. (filed herewith) | |||||||||
101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document. (filed herewith) | |||||||||
101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document. (filed herewith) | |||||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL document and contained in Exhibit 101). |
HEALTHCARE REALTY TRUST INCORPORATED | ||||||||
By: | /s/ TODD J. MEREDITH | |||||||
Todd J. Meredith | ||||||||
President, Chief Executive Officer, and Director | ||||||||
March 1, 2023 |
SIGNATURE | TITLE | DATE | ||||||||||||
/s/ Todd J. Meredith | President, Chief Executive Officer and Director | March 1, 2023 | ||||||||||||
Todd J. Meredith | (Principal Executive Officer) | |||||||||||||
/s/ J. Christopher Douglas | Executive Vice President and Chief Financial | March 1, 2023 | ||||||||||||
J. Christopher Douglas | Officer (Principal Financial Officer) | |||||||||||||
/s/ Amanda L. Callaway | Senior Vice President and Chief Accounting | March 1, 2023 | ||||||||||||
Amanda L. Callaway | Officer (Principal Accounting Officer) | |||||||||||||
/s/ John V. Abbott | Director | March 1, 2023 | ||||||||||||
John V. Abbott | ||||||||||||||
/s/ Nancy H. Agee | Director | March 1, 2023 | ||||||||||||
Nancy H. Agee | ||||||||||||||
/s/ W. Bradley Blair, II | Director | March 1, 2023 | ||||||||||||
W. Bradley Blair, II | ||||||||||||||
/s/ Vicki U. Booth | Director | March 1, 2023 | ||||||||||||
Vicki U. Booth | ||||||||||||||
/s/ Edward H. Braman | Director | March 1, 2023 | ||||||||||||
Edward H. Braman | ||||||||||||||
/s/ Ajay Gupta | Director | March 1, 2023 | ||||||||||||
Ajay Gupta | ||||||||||||||
/s/ James J. Kilroy | Director | March 1, 2023 | ||||||||||||
James J. Kilroy | ||||||||||||||
/s/ Jay P. Leupp | Director | March 1, 2023 | ||||||||||||
Jay P. Leupp | ||||||||||||||
/s/ Peter F. Lyle | Director | March 1, 2023 | ||||||||||||
Peter F. Lyle | ||||||||||||||
/s/ Constance B. Moore | Director | March 1, 2023 | ||||||||||||
Constance B. Moore | ||||||||||||||
/s/ John Knox Singleton | Director | March 1, 2023 | ||||||||||||
John Knox Singleton | ||||||||||||||
/s/ Christann M. Vasquez | Director | March 1, 2023 | ||||||||||||
Christann M. Vasquez |
Dollars in thousands | ADDITIONS AND DEDUCTIONS | |||||||||||||||||||
DESCRIPTION | BALANCE AT BEGINNING OF PERIOD | CHARGED/(CREDITED) TO COSTS AND EXPENSES | CHARGED TO OTHER ACCOUNTS | UNCOLLECTIBLE ACCOUNTS WRITTEN-OFF | BALANCE AT END OF PERIOD | |||||||||||||||
2022 | Accounts receivable allowance | $ | 654 | $ | 3,306 | $ | — | $ | 6 | $ | 3,954 | |||||||||
2021 | Accounts receivable allowance | $ | 604 | $ | 72 | $ | — | $ | 22 | $ | 654 | |||||||||
2020 | Accounts receivable allowance | $ | 418 | $ | 207 | $ | — | $ | 21 | $ | 604 |
Dollars in thousands | LAND 1 | BUILDINGS, IMPROVEMENTS, LEASE INTANGIBLES AND CIP 1 | |||||||||||||||||||||||||||||||||||||||
MARKET | NUMBER OF PROP. | INITIAL INVESTMENT | COST CAPITALIZED subsequent to acquisition | TOTAL | INITIAL INVESTMENT | COST CAPITALIZED subsequent to acquisition | TOTAL | PERSONAL PROPERTY | 2, 3, 5 TOTAL PROPERTY | 1, 3 ACCUMULATED DEPRECIATION | 4 ENCUMBRANCES | 5 DATE ACQUIRED | DATE CONST. | ||||||||||||||||||||||||||||
Dallas, TX | 45 | $ | 95,647 | $ | 1,063 | $ | 96,710 | $ | 1,081,969 | $ | 129,495 | $ | 1,211,464 | $ | 551 | $ | 1,308,725 | $ | 202,031 | $ | — | 2003-2022 | 1974-2021 | ||||||||||||||||||
Seattle, WA | 29 | 59,412 | 4,883 | 64,295 | 558,280 | 78,330 | 636,610 | 726 | 701,631 | 164,423 | — | 2008-2022 | 1974-2018 | ||||||||||||||||||||||||||||
Los Angeles, CA | 23 | 95,360 | 3,164 | 98,524 | 436,629 | 55,941 | 492,570 | 453 | 591,547 | 129,663 | 38,373 | 1993-2022 | 1959-2018 | ||||||||||||||||||||||||||||
Boston, MA | 18 | 128,904 | — | 128,904 | 456,963 | 2,173 | 459,136 | — | 588,040 | 13,513 | — | 2022 | 1860-2019 | ||||||||||||||||||||||||||||
Charlotte, NC | 32 | 35,366 | 36 | 35,402 | 454,299 | 25,616 | 479,915 | 105 | 515,422 | 95,363 | — | 2008-2022 | 1961-2018 | ||||||||||||||||||||||||||||
Houston, TX | 34 | 82,539 | 2,850 | 85,389 | 669,553 | 27,966 | 697,519 | 57 | 782,965 | 63,486 | — | 1993-2022 | 1974-2018 | ||||||||||||||||||||||||||||
Miami, FL | 23 | 72,304 | 60 | 72,364 | 429,781 | 17,413 | 447,194 | 105 | 519,663 | 52,920 | — | 1994-2022 | 1954-2021 | ||||||||||||||||||||||||||||
Atlanta, GA | 28 | 45,220 | 4,159 | 49,379 | 463,963 | 9,519 | 473,482 | 95 | 522,956 | 63,773 | 15,778 | 2017-2022 | 1960-2014 | ||||||||||||||||||||||||||||
Tampa, FL | 20 | 30,790 | 743 | 31,533 | 419,354 | (5,061) | 414,293 | 33 | 445,859 | 18,991 | — | 1994-2022 | 1954-2015 | ||||||||||||||||||||||||||||
Denver, CO | 33 | 70,478 | 6,220 | 76,698 | 491,881 | 51,208 | 543,089 | 609 | 620,396 | 65,123 | 6,818 | 2010-2022 | 1942-2020 | ||||||||||||||||||||||||||||
Raleigh, NC | 27 | 52,954 | 3,666 | 56,620 | 394,574 | 6,231 | 400,805 | 9 | 457,434 | 15,566 | — | 2019-2022 | 1977-2020 | ||||||||||||||||||||||||||||
Phoenix, AZ | 35 | 20,257 | 5 | 20,262 | 448,657 | 18,836 | 467,493 | 425 | 488,180 | 30,281 | — | 2007-2022 | 1971-2006 | ||||||||||||||||||||||||||||
Chicago, IL | 7 | 32,374 | — | 32,374 | 271,285 | 15,995 | 287,280 | 81 | 319,735 | 28,243 | — | 2004-2022 | 1970-2017 | ||||||||||||||||||||||||||||
Indianapolis, IN | 36 | 52,180 | — | 52,180 | 292,372 | 5,437 | 297,809 | 13 | 350,002 | 19,705 | — | 2019-2022 | 1988-2013 | ||||||||||||||||||||||||||||
Hartford, CT | 30 | 43,326 | — | 43,326 | 234,702 | 1,150 | 235,852 | — | 279,178 | 8,015 | — | 2022 | 1955-2017 | ||||||||||||||||||||||||||||
Nashville, TN | 12 | 41,291 | 2,057 | 43,348 | 272,122 | 84,395 | 356,517 | 1,424 | 401,289 | 92,720 | — | 2004-2022 | 1976-2021 | ||||||||||||||||||||||||||||
New York, NY | 14 | 64,402 | — | 64,402 | 192,029 | 2,220 | 194,249 | — | 258,651 | 4,771 | — | 2022 | 1920-2014 | ||||||||||||||||||||||||||||
Austin, TX | 13 | 25,718 | 1,346 | 27,064 | 261,585 | 28,675 | 290,260 | 142 | 317,466 | 40,363 | — | 2007-2022 | 1972-2015 | ||||||||||||||||||||||||||||
Orlando, FL | 8 | 20,698 | 10 | 20,708 | 198,719 | 3,556 | 202,275 | 1 | 222,984 | 11,654 | — | 1998-2022 | 1988-2009 | ||||||||||||||||||||||||||||
Memphis, TN | 11 | 12,811 | 1,090 | 13,901 | 118,426 | 70,325 | 188,751 | 317 | 202,969 | 60,624 | — | 1999-2022 | 1982-2021 | ||||||||||||||||||||||||||||
Other (51 markets) | 210 | 315,986 | 10,276 | 326,262 | 3,324,552 | 205,043 | 3,529,595 | 1,223 | 3,857,080 | 457,572 | 23,728 | 1993-2022 | |||||||||||||||||||||||||||||
Total real estate | 688 | 1,398,017 | 41,628 | 1,439,645 | 11,471,695 | 834,463 | 12,306,158 | 6,369 | 13,752,172 | 1,638,800 | 84,697 | ||||||||||||||||||||||||||||||
Land held for develop. | — | 74,265 | — | 74,265 | — | — | — | — | 74,265 | 1,183 | — | ||||||||||||||||||||||||||||||
Construction in Progress | — | — | — | — | 35,560 | — | 35,560 | — | 35,560 | — | — | ||||||||||||||||||||||||||||||
Corporate property | — | 1,853 | — | 1,853 | 1,787 | 1,240 | 3,027 | 5,538 | 10,418 | 5,288 | — | ||||||||||||||||||||||||||||||
Financing lease right-of-use assets | — | — | — | — | — | — | — | — | 83,824 | — | — | ||||||||||||||||||||||||||||||
Investment in financing receivables, net | — | — | — | — | — | — | — | — | 120,236 | — | — | ||||||||||||||||||||||||||||||
Total properties | 688 | 1,474,135 | $ | 41,628 | $ | 1,515,763 | $ | 11,509,042 | $ | 835,703 | $ | 12,344,745 | $ | 11,907 | $ | 14,076,475 | $ | 1,645,271 | $ | 84,697 |
YEAR ENDED DEC. 31, 2022 | YEAR ENDED DEC. 31, 2021 | YEAR ENDED DEC. 31, 2020 | ||||||||||||||||||
Dollars in thousands | TOTAL PROPERTY | ACCUMULATED DEPRECIATION | TOTAL PROPERTY | ACCUMULATED DEPRECIATION | TOTAL PROPERTY | ACCUMULATED DEPRECIATION | ||||||||||||||
Beginning balance | $ | 5,104,942 | $ | 1,338,743 | $ | 4,670,226 | $ | 1,249,679 | $ | 4,359,993 | $ | 1,121,102 | ||||||||
Additions during the period | ||||||||||||||||||||
Real estate acquired | 9,780,070 | 241,285 | 374,912 | 7,668 | 430,205 | 8,313 | ||||||||||||||
Other improvements | 219,783 | 205,703 | 103,035 | 191,875 | 80,462 | 178,636 | ||||||||||||||
Land held for development | 49,416 | — | 2,021 | — | 2,579 | 282 | ||||||||||||||
Construction in progress | 31,586 | — | 3,974 | — | — | — | ||||||||||||||
Investment in financing receivable, net | (66,509) | — | 186,745 | — | — | — | ||||||||||||||
Financing lease right-of-use assets, net | 52,249 | — | 11,909 | — | 19,667 | — | ||||||||||||||
Corporate Properties | 3,640 | 236 | — | — | — | — | ||||||||||||||
Retirement/dispositions | ||||||||||||||||||||
Real estate | (1,098,702) | (140,696) | (247,880) | (110,479) | (222,680) | (58,654) | ||||||||||||||
Ending balance | $ | 14,076,475 | $ | 1,645,271 | $ | 5,104,942 | $ | 1,338,743 | $ | 4,670,226 | $ | 1,249,679 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Balance as of the beginning of the year | $ | — | $ | — | $ | — | |||||||||||
Additions: | |||||||||||||||||
Fair value real estate notes assumed | 74,819 | — | — | ||||||||||||||
New real estate notes | 23,325 | — | — | ||||||||||||||
Capitalized interest | 1,499 | — | — | ||||||||||||||
Accretion of fees and other items | — | — | — | ||||||||||||||
Deductions: | |||||||||||||||||
Collection of real estate loans | — | — | — | ||||||||||||||
Deferred fees and other items | — | — | — | ||||||||||||||
Balance as of the end of the year | $ | 99,643 | $ | — | $ | — |
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