Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Acquisitions and Divestitures

(4) Acquisitions and Divestitures    

During the first quarter of 2022, we completed two transactions as described below utilizing qualified third-party intermediaries as part of a series of planned tax-deferred like-kind exchange transactions pursuant to Section 1031 of the Internal Revenue Code, as amended.

Three Months Ended March 31, 2022:

Acquisitions:

In March, 2022, as a part of the series of planned tax-deferred like-kind exchange transactions, we acquired the Beaumont Heart and Vascular Center, a medical office building located in Dearborn, Michigan for a purchase price of approximately $5.4 million. The building, which has approximately 17,621 rentable square feet, is 100% leased to a single tenant under the terms of a triple-net lease that is scheduled to expire on November 30, 2026 and has lease escalations of 2.5% per year commencing on December 1, 2022.

In January, 2022, as a part of the series of planned tax-deferred like-kind exchange transactions, we acquired the 140 Thomas Johnson Drive medical office building located in Frederick, Maryland for a purchase price of approximately $8.0 million.  The building, which has approximately 20,146 rentable square feet, is 100% leased to three tenants under the terms of triple-net leases.  Approximately 72% of the rentable square feet of this MOB is leased pursuant to a 15-year lease, with a remaining lease term of approximately 14 years at the time of purchase, with three, five-year renewal options.

Divestitures:

There were no divestitures during the first three months of 2022.   

Three Months Ended March 31, 2021:    

Acquisitions:

There were no acquisitions during the first three months of 2021.  

Divestitures:    

There were no divestitures during the first three months of 2021.