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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 10-Q
|
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
or
|
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-35568 (Healthcare Trust of America, Inc.)
Commission File Number: 333-190916 (Healthcare Trust of America Holdings, LP)
_________________________
HEALTHCARE TRUST OF AMERICA, INC.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
(Exact name of registrant as specified in its charter)
|
| | | | | | |
| Maryland | (Healthcare Trust of America, Inc.) | | | 20-4738467 | |
| Delaware | (Healthcare Trust of America Holdings, LP) | | | 20-4738347 | |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) | |
|
| | | | | | | | | | | |
16435 N. Scottsdale Road, Suite 320, | Scottsdale, | Arizona | 85254 | | | | (480) | 998-3478 | | | |
(Address of Principal Executive Office and Zip Code) | | | (Registrant’s telephone number, including area code) | | |
| | | | | | | |
|
|
www.htareit.com |
(Internet address) |
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading symbol(s) | | Name of each exchange on which registered |
Common stock, $0.01 par value | | HTA | | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
| | | |
Healthcare Trust of America, Inc. | ☒ | Yes | ¨ No |
Healthcare Trust of America Holdings, LP | ☒ | Yes | ¨ No |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
|
| | | |
Healthcare Trust of America, Inc. | ☒ | Yes | ¨ No |
Healthcare Trust of America Holdings, LP | ☒ | Yes | ¨ No |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | | |
Healthcare Trust of America, Inc. | ☒ | Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer |
Healthcare Trust of America Holdings, LP | ☐ | Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer |
|
| | | | |
Healthcare Trust of America, Inc. | ☐ | Smaller reporting company | ☐ | Emerging growth company |
Healthcare Trust of America Holdings, LP | ☐ | Smaller reporting company | ☐ | Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
| |
Healthcare Trust of America, Inc. | ☐ |
Healthcare Trust of America Holdings, LP | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
| | | |
Healthcare Trust of America, Inc. | ☐ | Yes | x No |
Healthcare Trust of America Holdings, LP | ☐ | Yes | x No |
As of July 22, 2019, there were 205,158,581 shares of Class A common stock of Healthcare Trust of America, Inc. outstanding.
Explanatory Note
This quarterly report combines the Quarterly Reports on Form 10-Q (“Quarterly Report”) for the quarter ended June 30, 2019, of Healthcare Trust of America, Inc. (“HTA”), a Maryland corporation, and Healthcare Trust of America Holdings, LP (“HTALP”), a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this Quarterly Report to “we,” “us,” “our,” “the Company” or “our Company” refer to HTA and HTALP, collectively, and all references to “common stock” shall refer to the Class A common stock of HTA.
HTA operates as a real estate investment trust (“REIT”) and is the general partner of HTALP. As of June 30, 2019, HTA owned a 98.1% partnership interest in HTALP, and other limited partners, including some of HTA’s directors, executive officers and their affiliates, owned the remaining partnership interest (including the long-term incentive plan (“LTIP” Units)) in HTALP. As the sole general partner of HTALP, HTA has the full, exclusive and complete responsibility for HTALP’s day-to-day management and control, including its compliance with the Securities and Exchange Commission (“SEC”) filing requirements.
We believe it is important to understand the few differences between HTA and HTALP in the context of how we operate as an integrated consolidated company. HTA operates as an umbrella partnership REIT structure in which HTALP and its subsidiaries hold substantially all of the assets. HTA’s only material asset is its ownership of partnership interests of HTALP. As a result, HTA does not conduct business itself, other than acting as the sole general partner of HTALP, issuing public equity from time to time and guaranteeing certain debts of HTALP. HTALP conducts the operations of the business and issues publicly-traded debt, but has no publicly-traded equity. Except for net proceeds from public equity issuances by HTA, which are generally contributed to HTALP in exchange for partnership units of HTALP, HTALP generates the capital required for the business through its operations and by direct or indirect incurrence of indebtedness or through the issuance of its partnership units (“OP Units”).
Noncontrolling interests, stockholders’ equity and partners’ capital are the primary areas of difference between the condensed consolidated financial statements of HTA and HTALP. Limited partnership units in HTALP are accounted for as partners’ capital in HTALP’s condensed consolidated balance sheets and as a noncontrolling interest reflected within equity in HTA’s condensed consolidated balance sheets. The differences between HTA’s stockholders’ equity and HTALP’s partners’ capital are due to the differences in the equity issued by HTA and HTALP, respectively.
We believe combining the Quarterly Reports of HTA and HTALP, including the notes to the condensed consolidated financial statements, into this single Quarterly Report results in the following benefits:
| |
• | 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; |
| |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this Quarterly Report applies to both HTA and HTALP; and |
| |
• | creates time and cost efficiencies through the preparation of a single combined Quarterly Report instead of two separate Quarterly Reports. |
In order to highlight the material differences between HTA and HTALP, this Quarterly Report includes sections that separately present and discuss areas that are materially different between HTA and HTALP, including:
| |
• | the condensed consolidated financial statements; |
| |
• | certain accompanying notes to the condensed consolidated financial statements, 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; |
| |
• | as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), the Funds From Operations (“FFO”) and Normalized FFO in Part 1, Item 2 of this Quarterly Report; |
| |
• | the Controls and Procedures in Part 1, Item 4 of this Quarterly Report; and |
| |
• | the Certifications of the Chief Executive Officer and the Chief Financial Officer included as Exhibits 31 and 32 to this Quarterly Report. |
In the sections of this Quarterly Report that combine disclosure for HTA and HTALP, this Quarterly Report refers to actions or holdings as being actions or holdings of the Company. Although HTALP (directly or indirectly through one of its subsidiaries) is generally the entity that enters into contracts, holds assets and issues or incurs debt, management believes this presentation is appropriate for the reasons set forth above and because the business of the Company is a single integrated enterprise operated through HTALP.
HEALTHCARE TRUST OF AMERICA, INC. AND
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
TABLE OF CONTENTS
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Healthcare Trust of America, Inc. | |
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Healthcare Trust of America Holdings, LP | |
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Notes for Healthcare Trust of America, Inc. and Healthcare Trust of America Holdings, LP | |
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
HEALTHCARE TRUST OF AMERICA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
(Unaudited)
|
| | | | | | | | |
| | June 30, 2019 | | December 31, 2018 |
ASSETS | | | | |
Real estate investments: | | | | |
Land | | $ | 492,770 |
| | $ | 481,871 |
|
Building and improvements | | 5,886,129 |
| | 5,787,152 |
|
Lease intangibles | | 598,022 |
| | 599,864 |
|
Construction in progress | | 8,907 |
| | 4,903 |
|
| | 6,985,828 |
| | 6,873,790 |
|
Accumulated depreciation and amortization | | (1,324,281 | ) | | (1,208,169 | ) |
Real estate investments, net | | 5,661,547 |
| | 5,665,621 |
|
Investment in unconsolidated joint venture | | 66,731 |
| | 67,172 |
|
Cash and cash equivalents | | 23,194 |
| | 126,221 |
|
Restricted cash | | 5,950 |
| | 7,309 |
|
Receivables and other assets, net | | 225,681 |
| | 223,415 |
|
Right-of-use assets, net | | 245,495 |
| | — |
|
Other intangibles, net | | 11,877 |
| | 98,738 |
|
Total assets | | $ | 6,240,475 |
| | $ | 6,188,476 |
|
LIABILITIES AND EQUITY | | | | |
Liabilities: | | | | |
Debt | | $ | 2,567,008 |
| | $ | 2,541,232 |
|
Accounts payable and accrued liabilities | | 159,853 |
| | 185,073 |
|
Security deposits, prepaid rent and other liabilities | | 41,241 |
| | 59,567 |
|
Lease liabilities | | 200,842 |
| | — |
|
Intangible liabilities, net | | 40,529 |
| | 61,146 |
|
Total liabilities | | 3,009,473 |
| | 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 | | — |
| | — |
|
Class A common stock, $0.01 par value; 1,000,000,000 shares authorized; 205,117,620 and 205,267,349 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | | 2,051 |
| | 2,053 |
|
Additional paid-in capital | | 4,521,103 |
| | 4,525,969 |
|
Accumulated other comprehensive (loss) income | | (449 | ) | | 307 |
|
Cumulative dividends in excess of earnings | | (1,369,763 | ) | | (1,272,305 | ) |
Total stockholders’ equity | | 3,152,942 |
| | 3,256,024 |
|
Noncontrolling interests | | 78,060 |
| | 78,890 |
|
Total equity | | 3,231,002 |
| | 3,334,914 |
|
Total liabilities and equity | | $ | 6,240,475 |
| | $ | 6,188,476 |
|
| | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Revenues: | | | | | | | |
Rental income | $ | 171,609 |
| | $ | 173,221 |
| | $ | 340,484 |
| | $ | 348,788 |
|
Interest and other operating income | 148 |
| | 111 |
| | 239 |
| | 205 |
|
Total revenues | 171,757 |
| | 173,332 |
| | 340,723 |
| | 348,993 |
|
Expenses: | | | | | | | |
Rental | 52,938 |
| | 53,553 |
| | 104,406 |
| | 109,575 |
|
General and administrative | 10,079 |
| | 8,725 |
| | 21,369 |
| | 17,511 |
|
Transaction | 296 |
| | 396 |
| | 336 |
| | 587 |
|
Depreciation and amortization | 68,429 |
| | 69,104 |
| | 137,910 |
| | 139,496 |
|
Interest expense | 24,006 |
| | 26,305 |
| | 47,976 |
| | 52,558 |
|
Impairment | — |
| | — |
| | — |
| | 4,606 |
|
Total expenses | 155,748 |
| | 158,083 |
| | 311,997 |
| | 324,333 |
|
Loss on sale of real estate, net | — |
| | — |
| | (37 | ) | | — |
|
Income from unconsolidated joint venture | 548 |
| | 403 |
| | 1,034 |
| | 973 |
|
Other income | 41 |
| | 5 |
| | 576 |
| | 40 |
|
Net income | $ | 16,598 |
| | $ | 15,657 |
| | $ | 30,299 |
| | $ | 25,673 |
|
Net income attributable to noncontrolling interests (1) | (339 | ) | | (311 | ) | | (600 | ) | | (525 | ) |
Net income attributable to common stockholders | $ | 16,259 |
| | $ | 15,346 |
| | $ | 29,699 |
| | $ | 25,148 |
|
Earnings per common share - basic: | | | | | | | |
Net income attributable to common stockholders | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.14 |
| | $ | 0.12 |
|
Earnings per common share - diluted: | | | | | | | |
Net income attributable to common stockholders | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.14 |
| | $ | 0.12 |
|
Weighted average common shares outstanding: | | | | | | | |
Basic | 205,108 |
| | 205,241 |
| | 205,094 |
| | 205,155 |
|
Diluted | 209,005 |
| | 209,259 |
| | 209,002 |
| | 209,218 |
|
| | | | | | | |
(1) Includes amounts attributable to redeemable noncontrolling interests. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
| | | | | | | |
Net income | $ | 16,598 |
| | $ | 15,657 |
| | $ | 30,299 |
| | $ | 25,673 |
|
| | | | | | | |
Other comprehensive (loss) income | | | | | | | |
Change in unrealized (losses) gains on cash flow hedges | (381 | ) | | 214 |
| | (771 | ) | | 1,114 |
|
Total other comprehensive (loss) income | (381 | ) | | 214 |
| | (771 | ) | | 1,114 |
|
| | | | | | | |
Total comprehensive income | 16,217 |
| | 15,871 |
| | 29,528 |
| | 26,787 |
|
Comprehensive income attributable to noncontrolling interests | (294 | ) | | (301 | ) | | (519 | ) | | (499 | ) |
Total comprehensive income attributable to common stockholders | $ | 15,923 |
| | $ | 15,570 |
| | $ | 29,009 |
| | $ | 26,288 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A 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, 2017 | 204,892 |
| | $ | 2,049 |
| | $ | 4,508,528 |
| | $ | 274 |
| | $ | (1,232,069 | ) | | $ | 3,278,782 |
| | $ | 84,666 |
| | $ | 3,363,448 |
|
Share-based award transactions, net | 289 |
| | 3 |
| | 3,504 |
| | — |
| | — |
| | 3,507 |
| | — |
| | 3,507 |
|
Repurchase and cancellation of common stock | (92 | ) | | (1 | ) | | (2,708 | ) | | — |
| | — |
| | (2,709 | ) | | — |
| | (2,709 | ) |
Redemption of noncontrolling interest and other | 91 |
| | 1 |
| | 2,412 |
| | — |
| | — |
| | 2,413 |
| | (2,413 | ) | | — |
|
Dividends declared ($0.305 per common share) | — |
| | — |
| | — |
| | — |
| | (62,559 | ) | | (62,559 | ) | | (1,307 | ) | | (63,866 | ) |
Net income | — |
| | — |
| | — |
| | — |
| | 9,802 |
| | 9,802 |
| | 181 |
| | 9,983 |
|
Other comprehensive income | — |
| | — |
| | — |
| | 883 |
| | — |
| | 883 |
| | 17 |
| | 900 |
|
Balance as of March 31, 2018 | 205,180 |
| | 2,052 |
| | 4,511,736 |
| | 1,157 |
| | (1,284,826 | ) | | 3,230,119 |
| | 81,144 |
| | 3,311,263 |
|
Issuance of common stock in HTA | 2,550 |
| | 25 |
| | 72,789 |
| | — |
| | — |
| | 72,814 |
| | — |
| | 72,814 |
|
Share-based award transactions, net | 7 |
| | — |
| | 2,196 |
| | — |
| | — |
| | 2,196 |
| | — |
| | 2,196 |
|
Repurchase and cancellation of common stock | (337 | ) | | (3 | ) | | (8,841 | ) | | — |
| | — |
| | (8,844 | ) | | — |
| | (8,844 | ) |
Redemption of noncontrolling interest and other | 93 |
| | 1 |
| | 2,493 |
| | — |
| | — |
| | 2,494 |
| | (2,494 | ) | | — |
|
Dividends declared ($0.305 per common share) | — |
| | — |
| | — |
| | — |
| | (63,279 | ) | | (63,279 | ) | | (1,253 | ) | | (64,532 | ) |
Net income | — |
| | — |
| | — |
| | — |
| | 15,346 |
| | 15,346 |
| | 297 |
| | 15,643 |
|
Other comprehensive income | — |
| | — |
| | — |
| | 210 |
| | — |
| | 210 |
| | 4 |
| | 214 |
|
Balance as of June 30, 2018 | 207,493 |
| | $ | 2,075 |
| | $ | 4,580,373 |
| | $ | 1,367 |
| | $ | (1,332,759 | ) | | $ | 3,251,056 |
| | $ | 77,698 |
| | $ | 3,328,754 |
|
| | | | | | | | | | | | | | | |
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 |
|
Share-based award transactions, net | 293 |
| | 3 |
| | 3,386 |
| | — |
| | — |
| | 3,389 |
| | — |
| | 3,389 |
|
Repurchase and cancellation of common stock | (478 | ) | | (5 | ) | | (11,921 | ) | | — |
| | — |
| | (11,926 | ) | | — |
| | (11,926 | ) |
Redemption of noncontrolling interest and other | 18 |
| | — |
| | 527 |
| | — |
| | — |
| | 527 |
| | (527 | ) | | — |
|
Dividends declared ($0.310 per common share) | — |
| | — |
| | — |
| | — |
| | (63,578 | ) | | (63,578 | ) | | (1,306 | ) | | (64,884 | ) |
Net income | — |
| | — |
| | — |
| | — |
| | 13,440 |
| | 13,440 |
| | 233 |
| | 13,673 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | (382 | ) | | — |
| | (382 | ) | | (8 | ) | | (390 | ) |
Balance as of March 31, 2019 | 205,100 |
| | 2,051 |
| | 4,517,961 |
| | (75 | ) | | (1,322,443 | ) | | 3,197,494 |
| | 77,282 |
| | 3,274,776 |
|
Issuance of operating partnership units in HTALP | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2,603 |
| | 2,603 |
|
Share-based award transactions, net | (3 | ) | | — |
| | 2,102 |
| | — |
| | — |
| | 2,102 |
| | — |
| | 2,102 |
|
Repurchase and cancellation of common stock | (6 | ) | | — |
| | (169 | ) | | — |
| | — |
| | (169 | ) | | — |
| | (169 | ) |
Redemption of noncontrolling interest and other | 27 |
| | — |
| | 1,209 |
| | — |
| | — |
| | 1,209 |
| | (785 | ) | | 424 |
|
Dividends declared ($0.310 per common share) | — |
| | — |
| | — |
| | — |
| | (63,579 | ) | | (63,579 | ) | | (1,334 | ) | | (64,913 | ) |
Net income | — |
| | — |
| | — |
| | — |
| | 16,259 |
| | 16,259 |
| | 301 |
| | 16,560 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | (374 | ) | | — |
| | (374 | ) | | (7 | ) | | (381 | ) |
Balance as of June 30, 2019 | 205,118 |
| | $ | 2,051 |
| | $ | 4,521,103 |
| | $ | (449 | ) | | $ | (1,369,763 | ) | | $ | 3,152,942 |
| | $ | 78,060 |
| | $ | 3,231,002 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
| | | | | | | |
| Six Months Ended June 30, |
| 2019 | | 2018 |
Cash flows from operating activities: | | | |
Net income | $ | 30,299 |
| | $ | 25,673 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 132,931 |
| | 135,177 |
|
Share-based compensation expense | 5,491 |
| | 5,703 |
|
Impairment | — |
| | 4,606 |
|
Income from unconsolidated joint venture | (1,034 | ) | | (973 | ) |
Distributions from unconsolidated joint venture | 1,335 |
| | 975 |
|
Loss on sale of real estate, net | 37 |
| | — |
|
Changes in operating assets and liabilities: | | | |
Receivables and other assets, net | 457 |
| | (2,956 | ) |
Accounts payable and accrued liabilities | (23,262 | ) | | (13,254 | ) |
Prepaid rent and other liabilities | 2,483 |
| | 1,157 |
|
Net cash provided by operating activities | 148,737 |
| | 156,108 |
|
Cash flows from investing activities: | | | |
Investments in real estate | (93,855 | ) | | (11,887 | ) |
Development of real estate | (4,627 | ) | | (23,861 | ) |
Proceeds from the sale of real estate | 1,193 |
| | — |
|
Capital expenditures | (37,763 | ) | | (34,110 | ) |
Collection of real estate notes receivable | 365 |
| | 347 |
|
Net cash used in investing activities | (134,687 | ) | | (69,511 | ) |
Cash flows from financing activities: | | | |
Borrowings on unsecured revolving credit facility | 135,000 |
| | 85,000 |
|
Payments on unsecured revolving credit facility | (15,000 | ) | | (85,000 | ) |
Payments on secured mortgage loans | (96,173 | ) | | (99,218 | ) |
Security deposits | — |
| | 222 |
|
Proceeds from issuance of common stock | — |
| | 72,814 |
|
Repurchase and cancellation of common stock | (12,095 | ) | | (11,553 | ) |
Dividends paid | (127,387 | ) | | (125,128 | ) |
Distributions paid to noncontrolling interest of limited partners | (2,781 | ) | | (2,689 | ) |
Net cash used in financing activities | (118,436 | ) | | (165,552 | ) |
Net change in cash, cash equivalents and restricted cash | (104,386 | ) | | (78,955 | ) |
Cash, cash equivalents and restricted cash - beginning of period | 133,530 |
| | 118,560 |
|
Cash, cash equivalents and restricted cash - end of period | $ | 29,144 |
| | $ | 39,605 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data)
(Unaudited)
|
| | | | | | | | |
| | June 30, 2019 | | December 31, 2018 |
ASSETS | | | | |
Real estate investments: | | | | |
Land | | $ | 492,770 |
| | $ | 481,871 |
|
Building and improvements | | 5,886,129 |
| | 5,787,152 |
|
Lease intangibles | | 598,022 |
| | 599,864 |
|
Construction in progress | | 8,907 |
| | 4,903 |
|
| | 6,985,828 |
| | 6,873,790 |
|
Accumulated depreciation and amortization | | (1,324,281 | ) | | (1,208,169 | ) |
Real estate investments, net | | 5,661,547 |
| | 5,665,621 |
|
Investment in unconsolidated joint venture | | 66,731 |
| | 67,172 |
|
Cash and cash equivalents | | 23,194 |
| | 126,221 |
|
Restricted cash | | 5,950 |
| | 7,309 |
|
Receivables and other assets, net | | 225,681 |
| | 223,415 |
|
Right-of-use assets, net | | 245,495 |
| | — |
|
Other intangibles, net | | 11,877 |
| | 98,738 |
|
Total assets | | $ | 6,240,475 |
| | $ | 6,188,476 |
|
LIABILITIES AND PARTNERS’ CAPITAL | | | | |
Liabilities: | | | | |
Debt | | $ | 2,567,008 |
| | $ | 2,541,232 |
|
Accounts payable and accrued liabilities | | 159,853 |
| | 185,073 |
|
Security deposits, prepaid rent and other liabilities | | 41,241 |
| | 59,567 |
|
Lease liabilities | | 200,842 |
| | — |
|
Intangible liabilities, net | | 40,529 |
| | 61,146 |
|
Total liabilities | | 3,009,473 |
| | 2,847,018 |
|
Commitments and contingencies | |
|
| |
|
|
Redeemable noncontrolling interests | | — |
| | 6,544 |
|
Partners’ Capital: | | | | |
Limited partners’ capital, 3,974,657 and 3,929,083 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | | 77,790 |
| | 78,620 |
|
General partners’ capital, 205,117,620 and 205,267,349 units issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | | 3,153,212 |
| | 3,256,294 |
|
Total partners’ capital | | 3,231,002 |
| | 3,334,914 |
|
Total liabilities and partners’ capital | | $ | 6,240,475 |
| | $ | 6,188,476 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
Revenues: | | | | | | | |
Rental income | $ | 171,609 |
| | $ | 173,221 |
| | $ | 340,484 |
| | $ | 348,788 |
|
Interest and other operating income | 148 |
| | 111 |
| | 239 |
| | 205 |
|
Total revenues | 171,757 |
| | 173,332 |
| | 340,723 |
| | 348,993 |
|
Expenses: | | | | | | | |
Rental | 52,938 |
| | 53,553 |
| | 104,406 |
| | 109,575 |
|
General and administrative | 10,079 |
| | 8,725 |
| | 21,369 |
| | 17,511 |
|
Transaction | 296 |
| | 396 |
| | 336 |
| | 587 |
|
Depreciation and amortization | 68,429 |
| | 69,104 |
| | 137,910 |
| | 139,496 |
|
Interest expense | 24,006 |
| | 26,305 |
| | 47,976 |
| | 52,558 |
|
Impairment | — |
| | — |
| | — |
| | 4,606 |
|
Total expenses | 155,748 |
| | 158,083 |
| | 311,997 |
| | 324,333 |
|
Loss on sale of real estate, net | — |
| | — |
| | (37 | ) | | — |
|
Income from unconsolidated joint venture | 548 |
| | 403 |
| | 1,034 |
| | 973 |
|
Other income | 41 |
| | 5 |
| | 576 |
| | 40 |
|
Net income | $ | 16,598 |
| | $ | 15,657 |
| | $ | 30,299 |
| | $ | 25,673 |
|
Net income attributable to noncontrolling interests | (38 | ) | | (14 | ) | | (66 | ) | | (47 | ) |
Net income attributable to common unitholders | $ | 16,560 |
| | $ | 15,643 |
| | $ | 30,233 |
| | $ | 25,626 |
|
Earnings per common unit - basic: | | | | | | | |
Net income attributable to common unitholders | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.14 |
| | $ | 0.12 |
|
Earnings per common unit - diluted: | | | | | | | |
Net income attributable to common unitholders | $ | 0.08 |
| | $ | 0.07 |
| | $ | 0.14 |
| | $ | 0.12 |
|
Weighted average common units outstanding: | | | | | | | |
Basic | 209,005 |
| | 209,259 |
| | 209,002 |
| | 209,218 |
|
Diluted | 209,005 |
| | 209,259 |
| | 209,002 |
| | 209,218 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
| | | | | | | |
Net income | $ | 16,598 |
| | $ | 15,657 |
| | $ | 30,299 |
| | $ | 25,673 |
|
| | | | | | | |
Other comprehensive (loss) income | | | | | | | |
Change in unrealized (losses) gains on cash flow hedges | (381 | ) | | 214 |
| | (771 | ) | | 1,114 |
|
Total other comprehensive (loss) income | (381 | ) | | 214 |
| | (771 | ) | | 1,114 |
|
| | | | | | | |
Total comprehensive income | 16,217 |
| | 15,871 |
| | 29,528 |
| | 26,787 |
|
Comprehensive income attributable to noncontrolling interests | (38 | ) | | (14 | ) | | (66 | ) | | (47 | ) |
Total comprehensive income attributable to common unitholders | $ | 16,179 |
| | $ | 15,857 |
| | $ | 29,462 |
| | $ | 26,740 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
HEALTHCARE TRUST OF AMERICA HOLDINGS, LP
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
(In thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | |
| General Partners’ Capital | | Limited Partners’ Capital | | Total Partners’ Capital |
| Units | | Amount | | Units | | Amount | |
Balance as of December 31, 2017 | 204,892 |
| | $ | 3,279,052 |
| | 4,124 |
| | $ | 84,396 |
| | $ | 3,363,448 |
|
Share-based award transactions, net | 289 |
| | 3,507 |
| | — |
| | — |
| | 3,507 |
|
Redemption and cancellation of general partner units | (92 | ) | | (2,709 | ) | | — |
| | — |
| | (2,709 | ) |
Redemption of limited partner units and other | 91 |
| | 2,413 |
| | (91 | ) | | (2,413 | ) | | — |
|
Distributions declared ($0.305 per common unit) | — |
| | (62,559 | ) | | — |
| | (1,307 | ) | | (63,866 | ) |
Net income | — |
| | 9,802 |
| | — |
| | 181 |
| | 9,983 |
|
Other comprehensive income | — |
| | 883 |
| | — |
| | 17 |
| | 900 |
|
Balance as of March 31, 2018 | 205,180 |
| | 3,230,389 |
| | 4,033 |
| | 80,874 |
| | 3,311,263 |
|
Issuance of general partner units, net | 2,550 |
| | 72,814 |
| | — |
| | — |
| | 72,814 |
|
Share-based award transactions, net | 7 |
| | 2,196 |
| | — |
| | — |
| | 2,196 |
|
Redemption and cancellation of general partner units | (337 | ) | | (8,844 | ) | | — |
| | — |
| | (8,844 | ) |
Redemption of limited partner units and other | 93 |
| | 2,494 |
| | (93 | ) | | (2,494 | ) | | — |
|
Distributions declared ($0.305 per common unit) | — |
| | (63,279 | ) | | — |
| | (1,253 | ) | | (64,532 | ) |
Net income | — |
| | 15,346 |
| | — |
| | 297 |
| | 15,643 |
|
Other comprehensive income | — |
| |
|