Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Proceedings

The Company is, from time to time, involved in litigation arising in the ordinary course of business. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.

Redevelopment Activity

The Company redeveloped a medical office building in Nashville, Tennessee, which included a 70,000 square foot expansion. During the nine months ended September 30, 2017, the Company funded approximately $12.2 million on the redevelopment of this property, including approximately $3.2 million related to overages on tenant improvement projects that have been or will be reimbursed by the tenant. The Company expects to spend an additional $0.4 million throughout the remainder of 2017.

In the third quarter of 2017, the Company began the redevelopment of a medical office building in Charlotte, North Carolina, which includes a 38,000 square foot vertical expansion. The total development budget is $12.0 million. During the three months ended September 30, 2017, the Company funded approximately $0.8 million on the redevelopment of this property. The project is expected to be completed in the first quarter of 2019.

Development Activity

The Company developed a99,957square foot medical office building in Denver, Colorado. The total development budget is$28.2 million, of which$25.2 millionhas been spent as ofSeptember 30, 2017, including approximately $2.6 million related to overages on tenant improvement projects that have been or will be reimbursed by the tenant. The Company received the certificate of substantial completion on the core and shell in the second quarter of 2017. Tenants began taking occupancy in the third quarter of 2017.