Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

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 initiated the redevelopment of a 110,883 square foot medical office building in Memphis, Tennessee ("Memphis Redevelopment") in December 2019. As of September 30, 2020, the Company funded approximately $5.7 million in project costs, excluding the purchase price of $8.7 million for the land and building. The building will continue to operate with in-place leases during construction. The core and shell portion of the Memphis Redevelopment is expected to be completed in the first quarter of 2021, with construction of tenant spaces to be completed throughout the remainder of 2021.

Development Activity

In the first quarter of 2020, the Company completed the construction of the core and shell of a 151,031 square foot medical office building in Seattle, Washington. As of September 30, 2020, the Company had funded approximately $59.1 million towards the development and additional tenant improvements. The Company expects to fund an additional amount of approximately $5.0 million for additional tenant improvements associated with this project. The first tenant commenced rent payment in the first quarter of 2020.