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Acquisitions, Dispositions and Mortgage Repayments
 12 Months Ended
Dec. 31, 2018
Acquisitions and Dispositions and Mortgage Repayments [Abstract]  
Acquisitions, Dispositions and Mortgage Repayments Acquisitions, Dispositions and Mortgage Repayments
2018 Real Estate Acquisitions
The following table details the Company's acquisitions for the year ended December 31, 2018:
(Dollars in millions)
Type (1)
 
Date
Acquired
 
Purchase Price

 
Mortgage
Notes Payable Assumed (2)

 
Cash
Consideration(3)

 
Real
Estate

 
Other (4)

 
Square
Footage
(Unaudited)

Seattle, WA
MOB
 
5/4/18
 
$
7.8

 
$
—

 
$
7.8

 
$
7.8

 
$
—

 
13,314

Denver, CO (5)
MOB
 
5/18/18
 
12.1

 
(8.0
)
 
3.8

 
12.1

 
(0.2
)
 
93,992

Denver, CO (5)
OFC
 
5/18/18
 
12.9

 
—

 
12.8

 
13.0

 
(0.2
)
 
93,869

Oklahoma City, OK
MOB
 
5/21/18
 
11.4

 
—

 
11.4

 
11.5

 
(0.1
)
 
82,647

Seattle, WA
MOB
 
6/29/18
 
26.2

 
—

 
26.2

 
26.7

 
(0.5
)
 
86,942

Denver, CO
MOB
 
8/24/18
 
4.1

 
—

 
4.2

 
4.2

 
—

 
17,084

Nashville, TN
OFC
 
12/4/18
 
31.9

 
—

 
32.0

 
32.0

 
—

 
108,691

Chicago, IL (5)
MOB
 
12/19/18
 
5.1

 
—

 
4.9

 
5.1

 
(0.2
)
 
14,883

 
 
 
 
 
$
111.5

 
$
(8.0
)
 
$
103.1

 
$
112.4

 
$
(1.2
)
 
511,422

______
(1)
MOB = medical office building; OFC = office
(2)
The mortgage note payable assumed in the acquisition does not reflect the fair value premium totaling $0.1 million recorded by the Company upon acquisition (included in Other).
(3)
Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
(4)
Includes other assets acquired, liabilities assumed, intangibles recognized at acquisition and fair value adjustments on debt assumed.
(5)
The mortgage note payable assumed at acquisition encumbers both buildings.
(6)
The Company acquired an additional suite in a previously acquired medical office building.

The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2018 as of the acquisition date:
 
Estimated Fair Value

 
Estimated Useful Life

 
(In millions)
 
(In years)
Building
$
64.0

 
20.0 - 30.0

Land
31.4

 
—

Land Improvements
2.7

 
5.0 - 13.5

Intangibles:
 
 
 
At-market lease intangibles
14.3

 
1.3 - 4.2

Below-market lease intangibles
(0.1
)
 
3.8

Total intangibles
14.2

 
 
Mortgage notes payable assumed, including fair value adjustments
(8.0
)
 
 
Other assets acquired
0.2

 
 
Accounts payable, accrued liabilities and other liabilities assumed
(1.4
)
 
 
Total cash paid
$
103.1

 
 


Non-monetary Exchange
On June 29, 2018, the Company completed the swap of a non-revenue producing garage that was built by the Company in 2012 located in Denver, Colorado for 20.5 acres of land adjacent to the Catholic Health Initiative’s St. Anthony Hospital campus. A portion of this land, approximately 4.6 acres, has been allocated to an existing medical office building that was developed by the Company in 2017. This building is located on land previously ground leased from the hospital. The remaining land has been recorded in land held for development. The land acquired was appraised for $5.8 million. The Company had a net investment of $3.9 million in the parking garage and recognized a gain of $1.9 million in connection with this transaction.


2017 Real Estate Acquisitions
The following table details the Company's acquisitions for the year ended December 31, 2017:
(Dollars in millions)
Type (1)
 
Date
Acquired
 
Purchase Price

 
Mortgage
Notes Payable Assumed (2)

 
Cash
Consideration(3)

 
Real
Estate

 
Other (4)

 
Square
Footage
(Unaudited)

Real estate acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
St. Paul, MN
MOB
 
3/6/17
 
$
13.5

 
$
—

 
$
13.5

 
$
13.3

 
$
0.2

 
34,608

San Francisco, CA
MOB
 
6/12/17
 
26.8

 
—

 
26.8

 
26.8

 
—

 
75,649

Washington, D.C.
MOB
 
6/13/17
 
24.0

 
(12.1
)
 
12.5

 
24.8

 
(0.2
)
 
62,379

Los Angeles, CA
MOB
 
7/31/17
 
16.3

 
—

 
16.7

 
16.9

 
(0.2
)
 
42,780

Atlanta, GA
MOB
 
11/1/17
 
25.5

 
—

 
25.5

 
26.3

 
(0.8
)
 
76,944

Atlanta, GA
MOB
 
11/1/17
 
30.3

 
—

 
30.7

 
30.7

 
—

 
74,024

Atlanta, GA (5)
MOB
 
11/1/17
 
49.7

 
—

 
50.9

 
47.5

 
3.4

 
118,180

Atlanta, GA
MOB
 
11/1/17
 
6.7

 
—

 
6.7

 
6.7

 
—

 
19,732

Seattle, WA
MOB
 
11/1/17
 
12.7

 
—

 
12.6

 
12.8

 
(0.2
)
 
26,345

Atlanta, GA (5)
MOB
 
12/13/17
 
25.8

 
(10.5
)
 
15.3

 
22.0

 
3.8

 
59,427

Atlanta, GA
MOB
 
12/13/17
 
15.4

 
(4.7
)
 
10.8

 
15.7

 
(0.2
)
 
40,171

Atlanta, GA (5)
MOB
 
12/18/17
 
26.3

 
(11.8
)
 
14.5

 
24.6

 
1.7

 
66,984

Atlanta, GA
MOB
 
12/18/17
 
14.2

 
(6.7
)
 
7.6

 
14.5

 
(0.2
)
 
40,324

Chicago, IL
MOB
 
12/18/17
 
28.7

 
—

 
27.7

 
28.5

 
(0.8
)
 
99,526

Seattle, WA
MOB
 
12/18/17
 
8.8

 
—

 
8.8

 
9.0

 
(0.2
)
 
32,828

Austin, TX (6)
MOB
 
12/21/17
 
2.5

 
—

 
2.5

 
2.5

 
—

 
7,972

 
 
 
 
 
$
327.2

 
$
(45.8
)
 
$
283.1

 
$
322.6

 
$
6.3

 
877,873

______
(1)
MOB = medical office building
(2)
The mortgage notes payable assumed in the acquisitions do not reflect the fair value adjustments totaling $0.6 million in aggregate recorded by the Company upon acquisition (included in Other).
(3)
Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
(4)
Includes other assets acquired, liabilities assumed, intangibles recognized at acquisition and fair value adjustments on debt assumed.
(5)
The "Other" column includes the equity investment in limited liability companies that own two parking garages.
(6)
The Company acquired additional ownership interests in an existing building bringing the Company's ownership to 69.4%.

The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed in the real estate acquisitions for 2017 as of the acquisition date:
 
Estimated Fair Value

 
Estimated Useful Life

 
(In millions)
 
(In years)
Building
$
272.1

 
15.0 - 37.0

Land
11.7

 
—

Land Improvements
1.6

 
5.0 - 12.0

Intangibles:
 
 
 
At-market lease intangibles
37.2

 
2.1 - 12.6

Below-market lease intangibles
(0.9
)
 
8.5 - 15.0

Below-market ground lease intangibles
0.4

 
36.8 - 99.0

Total intangibles
36.7

 
 
Mortgage notes payable assumed, including fair value adjustments
(46.4
)
 
 
Other assets acquired
0.4

 
 
Equity investment in joint ventures
8.7

 
 
Accounts payable, accrued liabilities and other liabilities assumed
(1.7
)
 
 
Total cash paid
$
283.1

 
 

2018 Real Estate Asset Dispositions
The following table details the Company's dispositions for the year ended December 31, 2018:
(Dollars in millions)
Type (1)
 
Date
Disposed
 
Sales Price
 
Closing Adjustments
 
Net
Proceeds
 
Net Real
Estate
Investment
 
Other
(including
receivables) (3)
 
Gain/
(Impairment)
 
Square
Footage
(Unaudited)
Real estate dispositions
Roanoke, VA (2) (4)
MOB, OFC
 
4/26/18
 
$
46.2

 
$
—

 
$
46.2

 
$
23.9

 
$
—

 
$
22.3

 
460,881

Michigan (5)
SNF
 
6/27/18
 
9.5

 
(0.7
)
 
8.8

 
3.4

 
—

 
5.4

 
121,672

St. Louis, MO
MOB
 
8/30/18
 
9.8

 
(0.5
)
 
9.3

 
7.5

 
0.5

 
1.3

 
70,893

Denver, CO
IRF
 
12/20/18
 
16.9

 
(0.3
)
 
16.6

 
9.2

 
1.4

 
6.0

 
34,068

Cleveland, TN
MOB
 
12/21/18
 
13.3

 
(0.2
)
 
13.1

 
8.6

 
0.4

 
4.1

 
81,382

Tucson, AZ
MOB
 
12/27/18
 
3.0

 
(0.2
)
 
2.8

 
1.9

 
0.2

 
0.7

 
37,310

Total dispositions
 
$
98.7

 
$
(1.9
)
 
$
96.8

 
$
54.5

 
$
2.5

 
$
39.8

 
806,206

______
(1)
MOB = medical office building; IRF = inpatient rehabilitation facility; OFC = office; SNF = skilled nursing facility
(2)
Previously classified as held for sale.
(3)
Includes straight-line rent receivables, leasing commissions and lease inducements.
(4)
Includes seven properties and comprised of five single-tenant net lease buildings and two multi-tenant buildings. These buildings were sold pursuant to the exercise of a fixed-price purchase option.
(5)
Includes five skilled nursing facilities. Sales price includes $0.5 million of forfeited earnest money from a prior terminated transaction.

2017 Real Estate Asset Dispositions
The following table details the Company's dispositions for the year ended December 31, 2017:
(Dollars in millions)
Type (1)
 
Date
Disposed
 
Sales Price
 
Closing Adjustments
 
Net
Proceeds
 
Net Real
Estate
Investment
 
Other
(including
receivables) (3)
 
Gain/
(Impairment)
 
Square
Footage
(Unaudited)
Real estate dispositions
Evansville, IN
OTH
 
3/6/17
 
$
6.4

 
$
—

 
$
6.4

 
$
1.1

 
$
—

 
$
5.3

 
29,500

Columbus, GA (2)
MOB
 
3/7/17
 
0.6

 
—

 
0.6

 
0.6

 
—

 
—

 
12,000

Las Vegas, NV (2)
MOB
 
3/30/17
 
5.5

 
(0.7
)
 
4.8

 
2.2

 
0.3

 
2.3

 
18,147

Texas (3 properties)
IRF
 
3/31/17
 
69.5

 
(1.6
)
 
67.9

 
46.9

 
5.2

 
15.8

 
169,722

Chicago, IL (4)
MOB
 
6/16/17
 
0.5

 
(0.1
)
 
0.4

 
0.4

 
—

 
—

 
5,100

San Antonio, TX
IRF
 
6/29/17
 
14.5

 
(0.2
)
 
14.3

 
5.1

 
0.9

 
8.3

 
39,786

Roseburg, OR
MOB
 
6/29/17
 
23.2

 
(0.6
)
 
22.6

 
14.5

 
0.3

 
7.8

 
62,246

St. Louis, MO
MOB
 
9/7/17
 
2.5

 
(0.1
)
 
2.4

 
7.4

 
0.1

 
(5.1
)
 
79,980

Total dispositions
 
$
122.7

 
$
(3.3
)
 
$
119.4

 
$
78.2

 
$
6.8

 
$
34.4

 
416,481

______
(1)
MOB = medical office building; IRF = inpatient rehabilitation facility; OTH = other
(2)
Previously classified as held for sale.
(3)
Includes straight-line rent receivables, leasing commissions and lease inducements.
(4)
The Company recorded an impairment of approximately $0.3 million in the first quarter of 2017 upon management's decision to sell.