Business Combinations

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Business Combinations

Business Combinations

For the nine months ended September 30, 2013, we have completed seven acquisitions for an aggregate purchase price of $241.9 million, in addition to closing costs attributable to these acquisitions of $1.4 million. Results of operations for these acquisitions are reflected in our condensed consolidated statements of operations for the three and nine months ended September 30, 2013, for the periods subsequent to the acquisition dates.

The aggregate net purchase price of the 2013 acquisitions was allocated in the amounts set forth in the table below. Due to the recent timing of certain acquisitions, we have not yet finalized our purchase price allocation. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands):

2013 Acquisitions	Total
Land	$	13,415
Building and improvements	175,039
Below market leasehold interests	1,836
Above market leases	1,987
In place leases	32,205
Tenant relationships	16,541
Below market leases	(1,167		)
Above market debt	(241		)
Net assets acquired	239,615
Other, net	2,299
Aggregate purchase price	$	241,914

The weighted average lives of the above acquired intangible assets and liabilities were 7.4 years and 5.7 years, respectively.

The property acquisitions completed during the nine months ended September 30, 2013, were all cash transactions except for the acquisition on September 20, 2013 and we acquired a 100% ownership interest in each property acquisition. See below for a brief description of each of the acquisitions.

• On March 11, 2013, we completed the acquisition of a medical office building located in Dallas, Texas for $48.7 million.

• On March 22, 2013, we completed the acquisition of a medical office building located in Bryan - College Station, Texas for $39.8 million.

• On June 18, 2013, we completed the acquisition of a medical office building located in Atlanta, Georgia for $5.6 million.

• On July 12, 2013, we completed the acquisition of a medical office property located in Monroeville, Pennsylvania for $15.1 million.

• On July 29, 2013, we completed the acquisition of a medical office building located in Denver, Colorado for $42.0 million.

• On August 30, 2013, we completed the acquisition of a medical office building located in Dallas, Texas for $27.7 million.

• On September 20, 2013, we completed the acquisition of a portfolio of medical office buildings located in South Florida for $62.9 million. As part of the acquisition, we assumed approximately $18.0 million of mortgage loans.

In addition, we have entered into two definitive purchase agreements for the acquisition of medical office buildings located in Austin, Texas totaling approximately $30.0 million. The closing of these acquisitions are subject to the satisfaction of customary closing conditions.

The aggregate net purchase price of the 2012 acquisitions was allocated in the amounts set forth in the table below. Since the acquisitions were determined to be individually not significant, but material on a collective basis, the allocations for these acquisitions are set forth below in the aggregate (in thousands):

2012 Acquisitions	Total
Land	$	3,809
Building and improvements	214,772
Below market leasehold interests	3,284
Above market leases	4,199
In place leases	23,388
Tenant relationships	19,863
Below market leases	(1,415		)
Net assets acquired	267,900
Other, net	287
Aggregate purchase price	$	268,187

The weighted average lives of the above acquired intangible assets and liabilities were 14.8 years and 7.5 years, respectively.