Acquisitions, Dispositions and Mortgage Repayments (Tables)

12 Months Ended

Dec. 31, 2018

Acquisitions and Dispositions and Mortgage Repayments [Abstract]

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

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(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 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

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(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%.

Summary of assets acquired and liabilities assumed

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

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

Summary of dispositions

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

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(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

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(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.