PENDING ACQUISITION

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

PENDING ACQUISITION

PENDING ACQUISITION

On July 5, 2016, we announced that we had entered into a purchase agreement to acquire substantially all of the university affiliated life science and medical real estate assets of Wexford from affiliates of Blackstone Real Estate Partners VIII, L.P. (together with its affiliates, “Blackstone”) for $1.5 billion in cash. The acquisition will add to our portfolio 23 operating properties, two development assets and nine future development sites. The properties that we acquire will continue to be managed by Wexford, which will remain a separate management company owned and operated by the existing Wexford management team. We will have exclusive rights to fund and own future life science projects developed by Wexford. The agreements are all subject to the satisfaction of customary closing conditions. We expect the acquisition of the real estate portfolio of Wexford to be completed in the fourth quarter of 2016, but there can be no assurance as to whether, when or on what terms the acquisition will be completed.