XML 45 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Purchase and Sale Transaction, Acquisitions, Divestitures and New Construction - Additional Information (Detail)
1 Months Ended 3 Months Ended 12 Months Ended
Dec. 01, 2022
Mar. 31, 2022
USD ($)
ft²
Jan. 31, 2022
USD ($)
ft²
Tenant
Time
Dec. 31, 2023
USD ($)
Time
Sep. 30, 2023
USD ($)
ft²
Mar. 31, 2023
USD ($)
ft²
Mar. 31, 2022
USD ($)
ft²
Subsidiary
Dec. 31, 2023
USD ($)
Time
Dec. 31, 2022
USD ($)
Disposition
Dec. 31, 2021
USD ($)
Subsidiary
May 31, 2021
Time
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
(Loss)/gain on divestitures of real estate assets               $ (232,000)   $ 87,314,000  
Number of dispositions | Disposition                 0    
Grayson Properties II LP                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Non-controlling equity interest, ownership percentage [1],[2]       95.00%       95.00%      
Aiken Regional Medical Center and Canyon Creek Behavioral Health                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Number of term renewal options | Time       7       7      
Fair market value of real estate assets received               $ 83,300,000 $ 83,600,000    
Term of lease       12 years       12 years   12 years  
Lease expiration date                   Dec. 31, 2033  
Universal Health Services, Inc                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Number of term renewal options | Time                     2
Option to renew lease, notice period prior to termination date of current term               90 days      
Universal Health Services, Inc | Subsidiary                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Number of wholly-owned subsidiaries | Subsidiary             2     2  
Financing receivable       $ 83,300,000       $ 83,300,000 $ 83,600,000    
Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Cash received for sale of real estate asset             $ 4,100,000        
Gain on sale of real estate assets               68,400,000   $ 68,400,000  
Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary | Inland Valley Campus of Southwest Healthcare System                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Fair market value of real estate asset sold                   79,600,000  
Cash received for sale of real estate asset                   4,100,000  
Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary | Aiken Regional Medical Center and Canyon Creek Behavioral Health                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Fair market value of real estate assets received             83,700,000     83,700,000  
Frederick, Maryland | Third-Party Tenant                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Payment to acquire business     $ 8,000,000                
Percentage of lease     100.00%                
Number of tenants | Tenant     3                
Percentage of rentable square feet     72.00%                
Number of term renewal options | Time     3                
Renewal Term (years)     5 years                
Rentable square feet | ft²     20,146                
Double net lease agreement period     15 years                
Initial lease terms     14 years                
Wildomar, California | Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary | Inland Valley Campus of Southwest Healthcare System                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Fair market value of real estate asset sold             79,600,000     79,600,000  
Aiken, South Carolina | Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary | Aiken Regional Medical Center                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Fair market value of real estate assets received             57,700,000     57,700,000  
Temple, Texas | Asset Purchase and Sale Agreement | Universal Health Services, Inc | Subsidiary | Canyon Creek Behavioral Health                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Fair market value of real estate assets received             $ 26,000,000     $ 26,000,000  
Denison Texas | Grayson Properties II LP                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Commitment to investment       2,200,000       2,200,000      
Denison Texas | Grayson Properties II LP | Maximum                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Commitment to investment       $ 5,200,000       $ 5,200,000      
Sierra Medical Plaza I | Reno, Nevada | Ground Lease and Master Flex-lease Agreement | Universal Health Services, Inc                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Percentage of rentable square feet           68.00%          
Rentable square feet | ft²     86,000     86,000          
Cost of medical office building           $ 29,000,000          
Cost Of Medical Office Building Incurred           35,000,000          
Sierra Medical Plaza I | Reno, Nevada | Ground Lease and Master Flex-lease Agreement | Universal Health Services, Inc | Minimum                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Initial rent           $ 1,300,000          
Beaumont Heart And Vascular Center | Dearborn Michigan                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Payment to acquire business   $ 5,400,000                  
Percentage of lease   100.00%                  
Lease expiration date   Nov. 30, 2026                  
Percentage of lease escalations 2.5                    
Rentable square feet | ft²   17,621         17,621        
McAllen Medical Center                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Payment to acquire business         $ 7,600,000            
Rentable square feet | ft²         79,500            
Initial rent         $ 624,000            
McAllen Medical Center | Universal Health Services, Inc                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Renewal Term (years) [3]       5 years       5 years      
Term of lease         12 years            
Lease expiration date         Aug. 31, 2035            
McAllen Medical Center | McAllen, Texas                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Payment to acquire business         $ 7,600,000            
Percentage of lease         100.00%            
Term of lease         12 years            
Lease expiration date         Aug. 31, 2035            
Rentable square feet | ft²         79,500            
Initial rent         $ 624,000            
Specialty Facility In Corpus Christi Texas | Corpus Christi, Texas                      
Purchase And Sale Transaction Acquisitions Divestitures And New Construction [Line Items]                      
Net of closing costs               $ 3,900,000      
Divestiture generated loss       $ 232,000       $ 232,000      
[1] This LP constructed, owns and operates the Texoma Medical Plaza II, on which construction substantially completed in December 2020. The MOB is located in Denison, Texas, on the campus of a hospital owned and operated by a wholly-owned subsidiary of UHS. We have committed to invest up to $5.2 million in equity and debt financing, $2.2 million of which has been funded as of December 31, 2023. This LP entered into a third-party construction loan commitment, which is non-recourse to us, which has an outstanding balance of $12.8 million as of December 31, 2023. Monthly principal and interest payments on this loan commenced on January 1, 2023. During the first quarter of 2024, $5.7 million of the third-party construction loan was repaid utilizing pro rata equity contributions from the partners. The third-party partner's share of the pro rata equity contributions was partially funded with a six-month, $128,000 partner loan from us. Our share of the pro rata equity contributions, as well as the third-party partner loan, were funded utilizing borrowings from our revolving credit agreement. As a result of the repayment of a portion of the construction loan, an associated $3.1 million letter of credit was terminated.
[2] We are the lessee with a UHS-related party for the land related to this property.
[3] UHS has one 5-year renewal option at existing lease rates (through 2031).