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Acquisitions, Dispositions and Mortgage Repayments (Tables)
 12 Months Ended
Dec. 31, 2019
Acquisitions and Dispositions and Mortgage Repayments [Abstract]  
Schedule of 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 6
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 details the Company's acquisitions for the year ended December 31, 2019:
Dollars in millions
TYPE 1
DATE ACQUIRED
PURCHASE PRICE

CASH
CONSIDERATION 2

REAL
ESTATE

OTHER 3

SQUARE FOOTAGE
unaudited

Washington, D.C. 4
MOB
3/28/19
$
46.0

$
45.9

$
50.2

$
(4.3
)
158,338

Indianapolis, IN 5
MOB
3/28/19
47.0

44.8

43.7

1.1

143,499

Atlanta, GA
MOB
4/2/19
28.0

28.0

28.0

—

47,963

Dallas, TX
MOB
6/10/19
17.0

16.7

17.0

(0.3
)
89,990

Seattle, WA
MOB
6/11/19
7.7

7.8

7.8

—

29,870

Seattle, WA
MOB
6/14/19
19.0

19.1

19.5

(0.4
)
47,255

Seattle, WA
MOB
6/28/19
30.5

30.4

30.6

(0.2
)
78,288

Houston, TX
MOB
8/1/19
13.5

13.5

13.5

—

29,903

Oklahoma City, OK
MOB
9/26/19
4.1

4.1

4.1

—

28,542

Los Angeles, CA 6
MOB
9/30/19
61.1

60.9

61.8

(0.9
)
115,634

Raleigh, NC
MOB
10/31/19
21.6

22.0

21.7

0.3

57,730

Dallas, TX 7
MOB
10/31/19
20.1

19.5

20.2

(0.7
)
48,192

Seattle, WA
MOB
11/18/19
22.8

23.1

23.2

(0.1
)
36,350

Seattle, WA
MOB
12/10/19
24.2

24.5

24.6

(0.1
)
44,166

Memphis, TN
MOB
12/13/19
8.7

8.9

8.9

—

110,883

Seattle, WA
MOB
12/18/19
10.0

9.3

9.9

(0.6
)
20,109

 
 
 
$
381.3

$
378.5

$
384.7

$
(6.2
)
1,086,712

1
MOB = medical office building.
2
Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
3
Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.
4
Includes two properties. The Company assumed two ground leases in connection with this acquisition that are classified as financing leases. The present value of future lease payments totaling $14.3 million was recorded on the Company's Consolidated Balance Sheets under the caption Finance lease liabilities. In addition, the right-of-use assets were partially offset by $5.2 million of above-market lease intangibles included in Other.
5
The Company assumed a prepaid ground lease totaling $0.8 million and recorded a below-market lease intangible totaling $0.9 million in connection with this acquisition that is classified as an operating lease that is included in Other.
6
Includes two properties.
7
The Company assumed a ground lease in connection with this acquisition that is classified as a financing lease. The present value of future lease payments totaling $3.6 million was recorded on the Company's Consolidated Balance Sheets under the caption Finance lease liabilities.
Schedule 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 2019 as of the acquisition date:
 
ESTIMATED
FAIR VALUE
in millions

ESTIMATED
USEFUL LIFE
in years

Building
$
270.7

8.0 - 37.0

Land
59.1

—

Land Improvements
4.2

3.0 - 12.0

 
 
 
Intangibles
 
 
At-market lease intangibles
50.7

3.3 - 9.2

Above-market lease intangibles (lessor)
0.7

2.4 - 9.9

Below-market lease intangibles (lessor)
(0.7
)
1.2 - 8.6

Above-market lease intangibles (lessee)
(5.1
)
69.1 - 72.3

Below-market lease intangibles (lessee)
0.9

65.1

 
 
 
Other assets acquired
2.3

 
Accounts payable, accrued liabilities and other liabilities assumed
(4.3
)
 
Total cash paid
$
378.5

 

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
in millions

ESTIMATED
USEFUL LIFE
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 (lessor)
14.3

1.3 - 4.2

Below-market lease intangibles (lessor)
(0.1
)
3.8

 
 
 
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

 
Schedule of dispositions
The following table details the Company's dispositions for the year ended December 31, 2019:
Dollars in millions
TYPE 1
DATE DISPOSED
SALES PRICE

CLOSING ADJUSTMENTS

NET PROCEEDS

NET REAL ESTATE INVESTMENT

OTHER
including
receivables 2

GAIN/
(IMPAIRMENT)

SQUARE FOOTAGE
unaudited

Tucson, AZ 3
MOB
4/9/19
$
13.0

$
(0.9
)
$
12.1

$
6.9

$
0.4

$
4.8

67,345

Virginia Beach, VA 4
MOB
8/1/19
1.3

(0.1
)
1.2

1.2

—

—

10,000

San Antonio, TX
MOB
8/28/19
0.9

(0.1
)
0.8

0.6

—

0.2

10,138

Erie, PA
IRF
10/25/19
14.0

—

14.0

1.3

—

12.7

90,123

New Orleans, LA 5
MOB
11/25/19
3.7

(0.2
)
3.5

1.2

0.2

2.1

136,155

Kingsport, TN
SNF
11/27/19
9.5

(0.3
)
9.2

5.0

1.3

2.9

75,000

Pittsburgh, PA 6
IRF
12/18/19
3.8

(0.3
)
3.5

3.5

—

—

78,731

Dallas, TX 5
MOB
12/30/19
8.7

(0.6
)
8.1

6.1

(0.4
)
2.4

69,558

 
 
 
$
54.9

$
(2.5
)
$
52.4

$
25.8

$
1.5

$
25.1

537,050

1
MOB = medical office building; IRF = inpatient rehabilitation facility; SNF = skilled nursing facility
2
Includes straight-line rent receivables, leasing commissions and lease inducements.
3
Includes four properties sold to a single purchaser.
4
The Company reclassified this property to held for sale during the second quarter of 2019 and recorded an impairment charge of $0.4 million based on the sales price less estimated costs to sell.
5
Includes two properties.
6
The Company reclassified this property to held for sale during the first quarter of 2017 and subsequently in the second quarter of 2019, the Company accepted an offer to purchase and recorded an impairment charge of $5.2 million.

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

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

 
$
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.