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Acquisitions, Dispositions and Mortgage Repayments (Tables)
 12 Months Ended
Dec. 31, 2016
Acquisitions and Dispositions and Mortgage Repayments [Abstract]  
Summary of acquisitions
The following table details the Company's acquisitions for the year ended December 31, 2016:
(Dollars in millions)
Type (1)
 
Date
Acquired
 
Purchase Price

 
Purchase Price Credits (2)

 
Mortgage
Notes Payable Assumed (3)

 
Cash
Consideration(4)

 
Real
Estate

 
Other (5)

 
Square
Footage
(Unaudited)

Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Seattle, Washington
MOB
 
3/31/16
 
$
38.3

 
$
(0.6
)
 
$
—

 
$
37.7

 
$
37.7

 
$
—

 
69,712

Seattle, Washington
MOB
 
4/29/16
 
21.6

 
(2.8
)
 
—

 
18.8

 
20.1

 
(1.3
)
 
46,637

Los Angeles, California
MOB
 
5/13/16
 
20.0

 
(0.3
)
 
(13.2
)
 
6.5

 
20.4

 
(0.7
)
 
63,012

Seattle, Washington
MOB
 
9/12/16
 
53.1

 
(0.1
)
 
—

 
53.0

 
54.6

 
(1.6
)
 
87,462

Washington, D.C. (6)
MOB
 
9/26/16
 
45.2

 
(0.1
)
 
—

 
45.1

 
43.7

 
1.4

 
103,783

Baltimore, Maryland (7)
MOB
 
10/11/16
 
36.2

 
0.2

 
—

 
36.4

 
36.4

 
—

 
113,631

Seattle, Washington
MOB
 
10/17/16
 
9.8

 
—

 
—

 
9.8

 
9.9

 
(0.1
)
 
29,753

Seattle, Washington
MOB
 
12/21/16
 
5.1

 
—

 
—

 
5.1

 
5.2

 
(0.1
)
 
20,740

St. Paul, Minnesota
MOB
 
12/21/16
 
12.6

 
(0.1
)
 
—

 
12.5

 
11.3

 
1.2

 
48,281

 
 
 
 
 
$
241.9

 
$
(3.8
)
 
$
(13.2
)
 
$
224.9

 
$
239.3

 
$
(1.2
)
 
583,011

______
(1)
MOB = medical office building
(2)
Includes tenant improvement and capital expenditure obligations assumed upon acquisition.
(3)
The mortgage note payable assumed in the acquisition does not reflect the fair value adjustments totaling $0.8 million recorded by the Company upon acquisition (included in Other).
(4)
Excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
(5)
Includes assets acquired, liabilities assumed, intangibles recognized at acquisition and fair value adjustments on debt assumed.
(6)
A director of the Company serves as the President and Chief Executive Officer of the Inova Health System. As part of this transaction, the Company assumed a ground lease and tenant leases with Loudoun Hospital Center, an affiliate of Inova Health System.
(7)
Includes two properties.
The following table details the Company's acquisitions for the year ended December 31, 2015:
(Dollars in millions)
Type (1)
 
Date
Acquired
 
Purchase Price

 
Purchase Price Adjustments/ (Credits) (2)

 
Mortgage
Notes Payable Assumed (3)

 
Cash
Consideration (4)

 
Real
Estate

 
Other (5)

 
Square
Footage

Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Jose, California
MOB
 
1/15/15
 
$
39.3

 
$
(0.2
)
 
$
—

 
$
39.1

 
$
39.2

 
$
(0.1
)
 
110,679

Seattle, Washington
MOB
 
6/26/15
 
14.0

 
(0.1
)
 
(9.5
)
 
4.4

 
13.8

 
0.1

 
35,558

Seattle, Washington
MOB
 
9/1/15
 
28.0

 
(0.2
)
 
(9.4
)
 
18.4

 
27.8

 
—

 
52,813

Denver, Colorado
MOB
 
9/14/15
 
6.5

 
(0.3
)
 
—

 
6.2

 
6.3

 
(0.1
)
 
47,508

Tacoma, Washington
MOB
 
10/23/15
 
8.8

 
(1.3
)
 
—

 
7.5

 
8.6

 
(1.1
)
 
33,169

Oakland, California
MOB
 
11/3/15
 
47.0

 
(3.4
)
 
—

 
43.6

 
44.2

 
(0.6
)
 
99,942

Seattle, Washington
MOB
 
11/18/15
 
27.6

 
0.1

 
—

 
27.7

 
27.6

 
0.1

 
60,437

Minneapolis, Minnesota
MOB
 
12/18/15
 
16.0

 
0.1

 
(9.5
)
 
6.6

 
16.0

 
0.1

 
64,143

Total real estate acquisitions
 
$
187.2

 
$
(5.3
)
 
$
(28.4
)
 
$
153.5

 
$
183.5

 
$
(1.6
)
 
504,249

Land acquisitions
 
 
 
 
2.9

 
—

 
—

 
2.9

 
2.9

 
—

 
—

 
 
 
 
 
$
190.1

 
$
(5.3
)
 
$
(28.4
)
 
$
156.4

 
$
186.4

 
$
(1.6
)

504,249


______
(1)
MOB = medical office building
(2)
Includes tenant improvement and capital expenditure obligations assumed upon acquisition.
(3)
The mortgage notes payable assumed in the acquisitions do not reflect the fair value adjustments totaling $0.4 million recorded by the Company upon acquisition (included in Other).
(4)
Excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
(5)
Includes assets acquired, liabilities assumed, intangibles recognized at acquisition and fair value adjustments on debt assumed.
Summary of assets acquired and liabilities assumed
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2016 as of the acquisition date:
 
Estimated Fair Value

 
Estimated Useful Life

 
(In millions)
 
(In years)
Building
$
216.8

 
20.0-35.0

Land
9.7

 
—

Intangibles:
 
 
 
At-market lease intangibles
12.8

 
2.7-10.3

Above-market lease intangibles
0.9

 
0.7-3.8

Below-market lease intangibles
(0.4
)
 
1.4-9.4

Above-market ground lease intangibles
(1.6
)
 
99.0

Below-market ground lease intangibles
2.0

 
36.8-99.0

Total intangibles
13.7

 
 
Mortgage notes payable assumed, including fair value adjustments
(14.0
)
 
 
Other assets acquired
0.5

 
 
Accounts payable, accrued liabilities and other liabilities assumed
(1.8
)
 
 
Total cash paid
$
224.9

 
 
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2015 as of the acquisition date:
 
Estimated Fair Value

 
Estimated Useful Life

 
(In millions)
 
(In years)
Building
$
153.1

 
25.0-35.0

Land
23.2

 
—

Intangibles:
 
 
 
At-market lease intangibles
10.1

 
1.9-7.9

Above-market lease intangibles
0.1

 
0.9-4.9

Below-market lease intangibles
(0.5
)
 
1.3-8.3

Below-market ground lease intangibles
0.9

 
46.3-78.5

Total intangibles
10.6

 
 
Mortgage notes payable assumed, including fair value adjustments
(28.8
)
 
 
Other assets acquired
0.5

 
 
Accounts payable, accrued liabilities and other liabilities assumed
(2.2
)
 
 
Total cash paid
$
156.4

 
 
Summary of dispositions
The following table details the Company's dispositions for the year ended December 31, 2015:

(Dollars in millions)
Type (1)
 
Date
Disposed
 
Sales Price

 
Closing Adjustments

 
Net
Proceeds

 
Net Real
Estate
Investment

 
Other
(including
receivables)

 
Gain/
(Impairment)

 
Square
Footage
(Unaudited)

Real estate dispositions
Roanoke, Virginia
MOB
 
05/21/15
 
$
1.0

 
$
—

 
$
1.0

 
$
0.3

 
$
—

 
$
0.7

 
5,323

Indianapolis, Indiana (2)
MOB/SF
 
06/30/15
 
97.0

 
(3.7
)
 
93.3

 
50.5

 
1.9

 
40.9

 
175,999

Lancaster, Pennsylvania (3)
MOB
 
07/17/15
 
18.4

 
—

 
18.4

 
7.4

 
0.4

 
10.6

 
63,914

Sarasota, Florida
MOB
 
09/16/15
 
16.3

 
(0.5
)
 
15.8

 
10.5

 
0.2

 
5.1

 
119,903

Tuscon, Arizona
MOB
 
09/25/15
 
3.0

 
—

 
3.0

 
2.0

 
0.2

 
0.8

 
40,782

St. Louis, Missouri
MOB
 
09/30/15
 
3.0

 
(0.2
)
 
2.8

 
2.9

 
0.2

 
(0.3
)
 
13,478

Phoenix, Arizona
MOB
 
11/05/15
 
5.3

 
(0.3
)
 
5.0

 
4.9

 
—

 
0.1

 
56,645

Atlanta, Georgia
MOB
 
12/14/15
 
14.0

 
(0.2
)
 
13.8

 
4.4

 
0.4

 
9.0

 
58,030

Total dispositions
 
$
158.0

 
$
(4.9
)
 
$
153.1

 
$
82.9

 
$
3.3

 
$
66.9

 
534,074

______
(1)
MOB = medical office building; SF = surgical facility
(2)
Includes two properties
(3)
Previously included in assets held for sale.

The following table details the Company's dispositions for the year ended December 31, 2016:
(Dollars in millions)
Type (1)
 
Date
Disposed
 
Sales Price
 
Closing Adjustments
 
Net
Proceeds
 
Net Real
Estate
Investment
 
Other
(including
receivables)
 
Gain
 
Square
Footage
(Unaudited)
Real estate dispositions
Kansas City, Kansas
MOB
 
10/14/16
 
$
15.1

 
$
—

 
$
15.1

 
$
7.2

 
$
0.3

 
$
7.6

 
70,908

Nashville, Tennessee 
MOB
 
10/28/16
 
8.8

 
(0.2
)
 
8.6

 
6.3

 
0.2

 
2.1

 
45,274

Altoona, Pennsylvania
IRF
 
12/20/16
 
21.5

 
(0.4
)
 
21.1

 
12.4

 
0.6

 
8.1

 
64,032

Harrisburg, Pennsylvania
IRF
 
12/20/16
 
24.2

 
(0.6
)
 
23.6

 
8.2

 
0.4

 
15.0

 
79,836

Phoenix, Arizona
IRF
 
12/20/16
 
22.3

 
—

 
22.3

 
13.5

 
1.4

 
7.4

 
51,903

Atlanta, Georgia
MOB
 
12/22/16
 
2.8

 
(0.2
)
 
2.6

 
1.8

 
—

 
0.8

 
8,749

Total dispositions
 
$
94.7

 
$
(1.4
)
 
$
93.3

 
$
49.4

 
$
2.9

 
$
41.0

 
320,702

______
(1)
MOB = medical office building; IRF = inpatient rehabilitation facility