| | |
Per Share
|
| |
Total(3)
|
| ||||||
Public offering price(1)
|
| | | $ | 25.00 | | | | | $ | 35,000,000 | | |
Underwriting discount(2)
|
| | | $ | 0.7875 | | | | | $ | 1,102,500 | | |
Proceeds, before expenses, to us
|
| | | $ | 24.2125 | | | | | $ | 33,897,500 | | |
| B. Riley FBR | | | | | ||||||
| | | |
D.A. Davidson & Co.
|
| | | ||||
| | | | | | |
Ladenburg Thalmann
|
| | ||
| | | | | | | | | |
William Blair
|
|
| National Securities Corporation | | |
Boenning & Scattergood
|
| |
Wedbush Securities
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 5 | | | |
| | | | 12 | | | |
| | | | 54 | | | |
| | | | 56 | | | |
| | | | 57 | | | |
| | | | 88 | | | |
| | | | 101 | | | |
| | | | 103 | | | |
| | | | 109 | | | |
| | | | 132 | | | |
| | | | 136 | | | |
| | | | 136 | | | |
| | | | 136 | | | |
| | | | F-1 | | |
| | |
Percentage of Straight-Line Rental Income
|
| |||||||||
State
|
| |
As of September 30, 2019
|
| |
Fiscal Year Ended
December 31, 2018 |
| ||||||
Florida
|
| | | | 23.9% | | | | | | 16.6% | | |
Michigan
|
| | | | 11.0% | | | | | | 13.1% | | |
Georgia
|
| | | | * | | | | | | 10.1% | | |
Pennsylvania
|
| | | | * | | | | | | 10.2% | | |
| | |
Number of Shares Beneficially Owned
|
| | | | | | | |||||||||
Beneficial Owner(1)
|
| |
Common Stock
|
| |
Series A
Preferred Stock |
| |
Percent of
Common Stock |
| |||||||||
Edward M. Weil, Jr.(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Katie P. Kurtz
|
| | | | — | | | | | | — | | | | | | — | | |
Leslie D. Michelson(3)
|
| | | | 303,653 | | | | | | — | | | | | | * | | |
Lee M. Elman(4)
|
| | | | 26,347 | | | | | | — | | | | | | * | | |
B.J. Penn(5)
|
| | | | 15,000 | | | | | | — | | | | | | * | | |
Edward G. Rendell(6)
|
| | | | 27,680 | | | | | | — | | | | | | * | | |
Elizabeth K. Tuppeny(7)
|
| | | | 30,427 | | | | | | — | | | | | | * | | |
All directors and executive officers as a group (seven persons)
|
| | | | 403,107 | | | | | | — | | | | | | * | | |
Portfolio
|
| |
Number
of Properties |
| |
Rentable
Square Feet |
| |
Percentage
Leased |
| |
Weighted
Average Remaining Lease Term in Years(1) |
| |
Gross Asset
Value(2) |
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands)
|
| |||
Medical Office Buildings
|
| | | | 113 | | | | | | 3,843,698 | | | | | | 91.1% | | | | | | 5.0 | | | | | $ | 1,056,420 | | |
Triple-Net Leased Healthcare Facilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Seniors Housing – Triple-Net Leased
|
| | | | 4 | | | | | | 102,753 | | | | | | 100.0% | | | | | | 11.3 | | | | | | 55,000 | | |
Hospitals
|
| | | | 6 | | | | | | 514,962 | | | | | | 90.7% | | | | | | 7.4 | | | | | | 133,575 | | |
Post-Acute / Skilled Nursing(3)
|
| | | | 8 | | | | | | 354,016 | | | | | | 100.0% | | | | | | 8.1 | | | | | | 86,566 | | |
Total Triple-Net Leased Healthcare Facilities
|
| | | | 18 | | | | | | 971,731 | | | | | | 95.1% | | | | | | 8.0 | | | | | | 275,141 | | |
Seniors Housing – Operating Properties(3)
|
| | | | 59 | | | | | | 4,314,517 | | | | | | 85.1%(5) | | | | | | N/A | | | | | | 1,166,749 | | |
Land
|
| | | | 2 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 3,665 | | |
Construction in Progress(4)
|
| | | | 1 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 95,960 | | |
Total Portfolio
|
| | | | 193 | | | | | | 9,129,946 | | | | | | | | | | | | | | | | | $ | 2,597,935 | | |
| | |
Number of
Properties |
| |||
Number of properties, January 1, 2018
|
| | | | 185 | | |
Acquisition activity during the year ended December 31, 2018
|
| | | | 14 | | |
Disposition activity during the year ended December 31, 2018
|
| | | | (8) | | |
Number of properties, December 31, 2018
|
| | | | 191 | | |
Acquisition activity during the nine months ended September 30, 2019
|
| | | | 9 | | |
Disposition activity during the nine months ended September 30, 2019
|
| | | | (7) | | |
Number of properties, September 30, 2019
|
| | | | 193 | | |
Number of Same Store Properties(1)
|
| | | | 172 | | |
| | |
Three Months
Ended September 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |||||||||
Revenue from tenants
|
| | | $ | 95,440 | | | | | $ | 90,191 | | | | | $ | 5,249 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 60,655 | | | | | | 59,298 | | | | | | 1,357 | | |
Impairment charges
|
| | | | 22,615 | | | | | | 17,837 | | | | | | 4,778 | | |
Operating fees to related parties
|
| | | | 5,941 | | | | | | 5,743 | | | | | | 198 | | |
Acquisition and transaction related
|
| | | | 112 | | | | | | 40 | | | | | | 72 | | |
General and administrative
|
| | | | 4,782 | | | | | | 4,441 | | | | | | 341 | | |
Depreciation and amortization
|
| | | | 20,140 | | | | | | 20,466 | | | | | | (326) | | |
Total expenses
|
| | | | 114,245 | | | | | | 107,825 | | | | | | 6,420 | | |
Operating loss before gain on sale of real estate investments
|
| | | | (18,805) | | | | | | (17,634) | | | | | | (1,171) | | |
Gain on sale of real estate investment
|
| | | | 2,715 | | | | | | — | | | | | | 2,715 | | |
Operating income
|
| | | | (16,090) | | | | | | (17,634) | | | | | | 1,544 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (12,990) | | | | | | (12,597) | | | | | | (393) | | |
Interest and other income
|
| | | | 11 | | | | | | 16 | | | | | | (5) | | |
(Loss) gain on non-designated derivatives
|
| | | | (2) | | | | | | 18 | | | | | | (20) | | |
Total other expenses
|
| | | | (12,981) | | | | | | (12,563) | | | | | | (418) | | |
Loss before income taxes
|
| | | | (29,071) | | | | | | (30,197) | | | | | | 1,126 | | |
Income tax benefit
|
| | | | 271 | | | | | | 550 | | | | | | (279) | | |
Net loss
|
| | | | (28,800) | | | | | | (29,647) | | | | | | 847 | | |
Net loss attributable to non-controlling interests
|
| | | | 11 | | | | | | 40 | | | | | | (29) | | |
Net loss attributable to stockholders
|
| | | $ | (28,789) | | | | | $ | (29,607) | | | | | $ | 818 | | |
| | |
Three Months Ended
September 30, 2019 |
| |
Three Months Ended
September 30, 2018 |
| |
Increase (Decrease)
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
Same Store
Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same Store
Properties |
| |
Transition
Properties |
| |
Segment
Same Store |
| |
Same Store
Properties |
| |
Transition
Properties |
| |
Segment
Same Store |
| |||||||||||||||||||||||||||
NNN Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 7,981 | | | | | $ | (5,171) | | | | | $ | 2,810 | | | | | $ | 5,127 | | | | | $ | (1,239) | | | | | $ | 3,888 | | | | | $ | 2,854 | | | | | $ | (3,932) | | | | | $ | (1,078) | | |
Less: Property operating and maintenance
|
| | | | 5,386 | | | | | | (4,941) | | | | | | 445 | | | | | | 5,267 | | | | | | (1,287) | | | | | | 3,980 | | | | | | 119 | | | | | | (3,654) | | | | | | (3,535) | | |
NOI
|
| | | $ | 2,595 | | | | | $ | (230) | | | | | $ | 2,365 | | | | | $ | (140) | | | | | $ | 48 | | | | | $ | (92) | | | | | $ | 2,735 | | | | | $ | (278) | | | | | $ | 2,457 | | |
SHOP Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 60,198 | | | | | $ | 5,171 | | | | | $ | 65,369 | | | | | $ | 59,410 | | | | | $ | 1,239 | | | | | $ | 60,649 | | | | | $ | 788 | | | | | $ | 3,932 | | | | | $ | 4,720 | | |
Less: Property operating and maintenance
|
| | | | 45,852 | | | | | | 4,941 | | | | | | 50,793 | | | | | | 44,754 | | | | | | 1,287 | | | | | | 46,041 | | | | | | 1,098 | | | | | | 3,654 | | | | | | 4,752 | | |
NOI
|
| | | $ | 14,346 | | | | | $ | 230 | | | | | $ | 14,576 | | | | | $ | 14,656 | | | | | $ | (48) | | | | | $ | 14,608 | | | | | $ | (310) | | | | | $ | 278 | | | | | $ | (32) | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(4)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 22,194 | | | | | $ | 21,670 | | | | | $ | 524 | | | | | $ | 3,374 | | | | | $ | 944 | | | | | $ | 2,430 | | | | | $ | 104 | | | | | $ | 1,572 | | | | | $ | (1,468) | | | | | $ | 25,672 | | | | | $ | 24,186 | | | | | $ | 1,486 | | |
Less: Property operating and maintenance
|
| | | | 7,581 | | | | | | 6,130 | | | | | | 1,451 | | | | | | 1,129 | | | | | | 303 | | | | | | 826 | | | | | | 23 | | | | | | 549 | | | | | | (526) | | | | | | 8,733 | | | | | | 6,982 | | | | | | 1,751 | | |
NOI
|
| | | $ | 14,613 | | | | | $ | 15,540 | | | | | $ | (927) | | | | | $ | 2,245 | | | | | $ | 641 | | | | | $ | 1,604 | | | | | $ | 81 | | | | | $ | 1,023 | | | | | $ | (942) | | | | | $ | 16,939 | | | | | $ | 17,204 | | | | | $ | (265) | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(4)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 2,810 | | | | | $ | 3,888 | | | | | $ | (1,078) | | | | | $ | 973 | | | | | $ | — | | | | | $ | 973 | | | | | $ | — | | | | | $ | 948 | | | | | $ | (948) | | | | | $ | 3,783 | | | | | $ | 4,836 | | | | | $ | (1,053) | | |
Less: Property operating and maintenance
|
| | | | 445 | | | | | | 3,980 | | | | | | (3,535) | | | | | | 161 | | | | | | — | | | | | | 161 | | | | | | 2 | | | | | | 1,860 | | | | | | (1,858) | | | | | | 608 | | | | | | 5,840 | | | | | | (5,232) | | |
NOI
|
| | | $ | 2,365 | | | | | $ | (92) | | | | | $ | 2,457 | | | | | $ | 812 | | | | | $ | — | | | | | $ | 812 | | | | | $ | (2) | | | | | $ | (912) | | | | | $ | 910 | | | | | $ | 3,175 | | | | | $ | (1,004) | | | | | $ | 4,179 | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total(1)
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Three Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from
tenants |
| | | $ | 65,368 | | | | | $ | 60,649 | | | | | $ | 4,719 | | | | | $ | 465 | | | | | $ | — | | | | | $ | 465 | | | | | $ | 152 | | | | | $ | 520 | | | | | $ | (368) | | | | | $ | 65,985 | | | | | $ | 61,169 | | | | | $ | 4,816 | | |
Less: Property operating and maintenance
|
| | | | 50,792 | | | | | | 46,041 | | | | | | 4,751 | | | | | | 376 | | | | | | — | | | | | | 376 | | | | | | 146 | | | | | | 435 | | | | | | (289) | | | | | | 51,314 | | | | | | 46,476 | | | | | | 4,838 | | |
NOI
|
| | | $ | 14,576 | | | | | $ | 14,608 | | | | | $ | (32) | | | | | $ | 89 | | | | | $ | — | | | | | $ | 89 | | | | | $ | 6 | | | | | $ | 85 | | | | | $ | (79) | | | | | $ | 14,671 | | | | | $ | 14,693 | | | | | $ | (22) | | |
|
| | |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |||||||||
Revenue from tenants
|
| | | $ | 280,445 | | | | | $ | 270,586 | | | | | $ | 9,859 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 172,258 | | | | | | 166,161 | | | | | | 6,097 | | |
Impairment charges
|
| | | | 22,634 | | | | | | 18,570 | | | | | | 4,064 | | |
Operating fees to related parties
|
| | | | 17,535 | | | | | | 17,233 | | | | | | 302 | | |
Acquisition and transaction related
|
| | | | 161 | | | | | | 333 | | | | | | (172) | | |
General and administrative
|
| | | | 15,394 | | | | | | 12,705 | | | | | | 2,689 | | |
Depreciation and amortization
|
| | | | 61,124 | | | | | | 62,099 | | | | | | (975) | | |
Total expenses
|
| | | | 289,106 | | | | | | 277,101 | | | | | | 12,005 | | |
Operating loss before gain on sale of real estate investments
|
| | | | (8,661) | | | | | | (6,515) | | | | | | (2,146) | | |
Gain on sale of real estate investment
|
| | | | 8,793 | | | | | | — | | | | | | 8,793 | | |
Operating income (loss)
|
| | | | 132 | | | | | | (6,515) | | | | | | 6,647 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (39,739) | | | | | | (35,962) | | | | | | (3,777) | | |
Interest and other income
|
| | | | 15 | | | | | | 21 | | | | | | (6) | | |
(Loss) gain on non-designated derivatives
|
| | | | (50) | | | | | | 46 | | | | | | (96) | | |
Total other expenses
|
| | | | (39,774) | | | | | | (35,895) | | | | | | (3,879) | | |
Loss before income taxes
|
| | | | (39,642) | | | | | | (42,410) | | | | | | 2,768 | | |
Income tax expense
|
| | | | (364) | | | | | | (225) | | | | | | (139) | | |
Net loss
|
| | | | (40,006) | | | | | | (42,635) | | | | | | 2,629 | | |
Net loss attributable to non-controlling interests
|
| | | | 52 | | | | | | 87 | | | | | | (35) | | |
Net loss attributable to stockholders
|
| | | $ | (39,954) | | | | | $ | (42,548) | | | | | $ | 2,594 | | |
| | |
Nine Months Ended
September 30, 2019 |
| |
Nine Months Ended
September 30, 2018 |
| |
Increase (Decrease)
|
| |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands)
|
| |
Same Store
Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same Store
Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |
Same Store
Properties |
| |
Transition
Property |
| |
Segment
Same Store |
| |||||||||||||||||||||||||||
NNN Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 20,451 | | | | | $ | (12,271) | | | | | $ | 8,180 | | | | | $ | 15,653 | | | | | $ | (3,718) | | | | | $ | 11,935 | | | | | $ | 4,798 | | | | | $ | (8,553) | | | | | $ | (3,755) | | |
Less: Property operating and maintenance
|
| | | | 11,977 | | | | | | (10,719) | | | | | | 1,258 | | | | | | 9,668 | | | | | | (5,371) | | | | | | 4,297 | | | | | | 2,309 | | | | | | (5,348) | | | | | | (3,039) | | |
NOI
|
| | | $ | 8,474 | | | | | $ | (1,552) | | | | | $ | 6,922 | | | | | $ | 5,985 | | | | | $ | 1,653 | | | | | $ | 7,638 | | | | | $ | 2,489 | | | | | $ | (3,205) | | | | | $ | (716) | | |
SHOP Segment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue from tenants
|
| | | $ | 179,872 | | | | | $ | 12,271 | | | | | $ | 192,143 | | | | | $ | 177,177 | | | | | $ | 3,718 | | | | | $ | 180,895 | | | | | $ | 2,695 | | | | | $ | 8,553 | | | | | $ | 11,248 | | |
Less: Property operating and maintenance
|
| | | | 135,048 | | | | | | 10,719 | | | | | | 145,767 | | | | | | 130,949 | | | | | | 5,371 | | | | | | 136,320 | | | | | | 4,099 | | | | | | 5,348 | | | | | | 9,447 | | |
NOI
|
| | | $ | 44,824 | | | | | $ | 1,552 | | | | | $ | 46,376 | | | | | $ | 46,228 | | | | | $ | (1,653) | | | | | $ | 44,575 | | | | | $ | (1,404) | | | | | $ | 3,205 | | | | | $ | 1,801 | | |
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 66,383 | | | | | $ | 67,005 | | | | | $ | (622) | | | | | $ | 9,115 | | | | | $ | 1,648 | | | | | $ | 7,467 | | | | | $ | 499 | | | | | $ | 4,730 | | | | | $ | (4,231) | | | | | $ | 75,997 | | | | | $ | 73,383 | | | | | $ | 2,614 | | |
Less: Property operating and maintenance
|
| | | | 20,233 | | | | | | 20,187 | | | | | | 46 | | | | | | 2,983 | | | | | | 552 | | | | | | 2,431 | | | | | | 486 | | | | | | 1,588 | | | | | | (1,102) | | | | | | 23,702 | | | | | | 22,327 | | | | | | 1,375 | | |
NOI
|
| | | $ | 46,150 | | | | | $ | 46,818 | | | | | $ | (668) | | | | | $ | 6,132 | | | | | $ | 1,096 | | | | | $ | 5,036 | | | | | $ | 13 | | | | | $ | 3,142 | | | | | $ | (3,129) | | | | | $ | 52,295 | | | | | $ | 51,056 | | | | | $ | 1,239 | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 8,180 | | | | | $ | 11,934 | | | | | $ | (3,754) | | | | | $ | 2,600 | | | | | $ | — | | | | | $ | 2,600 | | | | | $ | — | | | | | $ | 2,845 | | | | | $ | (2,845) | | | | | $ | 10,780 | | | | | $ | 14,779 | | | | | $ | (3,999) | | |
Less: Property operating and maintenance
|
| | | | 1,258 | | | | | | 4,296 | | | | | | (3,038) | | | | | | 160 | | | | | | — | | | | | | 160 | | | | | | 2 | | | | | | 1,901 | | | | | | (1,899) | | | | | | 1,420 | | | | | | 6,197 | | | | | | (4,777) | | |
NOI
|
| | | $ | 6,922 | | | | | $ | 7,638 | | | | | $ | (716) | | | | | $ | 2,440 | | | | | $ | — | | | | | $ | 2,440 | | | | | $ | (2) | | | | | $ | 944 | | | | | $ | (946) | | | | | $ | 9,360 | | | | | $ | 8,582 | | | | | $ | 778 | | |
|
| | |
Same Store(1)
|
| |
Acquisitions(2)
|
| |
Dispositions(3)
|
| |
Segment Total
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| |
Nine Months Ended
September 30, |
| |
Increase
(Decrease) |
| ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| |
2019
|
| |
2018
|
| |
$
|
| ||||||||||||||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 192,143 | | | | | $ | 180,895 | | | | | $ | 11,248 | | | | | $ | 465 | | | | | $ | — | | | | | $ | 465 | | | | | $ | 1,060 | | | | | $ | 1,529 | | | | | $ | (469) | | | | | $ | 193,668 | | | | | $ | 182,424 | | | | | $ | 11,244 | | |
Less: Property operating and maintenance
|
| | | | 145,767 | | | | | | 136,320 | | | | | | 9,447 | | | | | | 376 | | | | | | — | | | | | | 376 | | | | | | 993 | | | | | | 1,317 | | | | | | (324) | | | | | | 147,136 | | | | | | 137,637 | | | | | | 9,499 | | |
NOI
|
| | | $ | 46,376 | | | | | $ | 44,575 | | | | | $ | 1,801 | | | | | $ | 89 | | | | | $ | — | | | | | $ | 89 | | | | | $ | 67 | | | | | $ | 212 | | | | | $ | (145) | | | | | $ | 46,532 | | | | | $ | 44,787 | | | | | $ | 1,745 | | |
|
| | |
Number of Shares
Repurchased |
| |
Average Price
per Share |
| ||||||
Cumulative repurchases as of December 31, 2018(1)
|
| | | | 3,288,256 | | | | | $ | 21.56 | | |
Nine months ended September 30, 2019(2)
|
| | | | 656,433 | | | | | | 20.25 | | |
Cumulative repurchases as of September 30, 2019
|
| | | | 3,944,689 | | | | | | 21.34 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Net loss attributable to stockholders (in accordance with GAAP)
|
| | | $ | (28,789) | | | | | $ | (29,607) | | | | | $ | (39,954) | | | | | $ | (42,548) | | |
Depreciation and amortization(1)
|
| | | | 19,873 | | | | | | 20,269 | | | | | | 60,395 | | | | | | 61,318 | | |
Impairment charges
|
| | | | 22,615 | | | | | | 17,837 | | | | | | 22,634 | | | | | | 18,570 | | |
Gain on sale of real estate investment
|
| | | | (2,715) | | | | | | — | | | | | | (8,793) | | | | | | — | | |
Adjustments for non-controlling interests(2)
|
| | | | (187) | | | | | | (98) | | | | | | (357) | | | | | | (309) | | |
FFO (as defined by NAREIT) attributable to stockholders
|
| | | | 10,797 | | | | | | 8,401 | | | | | | 33,925 | | | | | | 37,031 | | |
Acquisition and transaction related
|
| | | | 112 | | | | | | 40 | | | | | | 161 | | | | | | 333 | | |
Amortization (accretion) of market lease and other intangibles, net
|
| | | | 10 | | | | | | 42 | | | | | | (25) | | | | | | 205 | | |
Straight-line rent adjustments
|
| | | | (798) | | | | | | 1,926 | | | | | | (2,802) | | | | | | (729) | | |
Amortization of mortgage premiums and discounts, net
|
| | | | (32) | | | | | | (67) | | | | | | (135) | | | | | | (200) | | |
Loss (gain) on non-designated derivatives
|
| | | | 2 | | | | | | (18) | | | | | | 50 | | | | | | (46) | | |
Capitalized construction interest costs
|
| | | | (1,023) | | | | | | (848) | | | | | | (2,756) | | | | | | (2,303) | | |
Adjustments for non-controlling interests(2)
|
| | | | 10 | | | | | | (13) | | | | | | 28 | | | | | | 6 | | |
MFFO attributable to stockholders
|
| | | $ | 9,078 | | | | | $ | 9,463 | | | | | $ | 28,446 | | | | | $ | 34,297 | | |
(In thousands)
|
| |
Same Store
|
| |
Acquisitions
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to stockholders
(in accordance with GAAP) |
| | | $ | (9,410) | | | | | $ | 1,618 | | | | | $ | 2,798 | | | | | $ | (23,795) | | | | | $ | (28,789) | | |
Impairment charges
|
| | | | 22,615 | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,615 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,941 | | | | | | 5,941 | | |
Acquisition and transaction related
|
| | | | — | | | | | | 4 | | | | | | — | | | | | | 108 | | | | | | 112 | | |
General and administrative
|
| | | | 16 | | | | | | (1) | | | | | | — | | | | | | 4,767 | | | | | | 4,782 | | |
Depreciation and amortization
|
| | | | 18,613 | | | | | | 1,525 | | | | | | 2 | | | | | | — | | | | | | 20,140 | | |
Interest expense
|
| | | | (269) | | | | | | — | | | | | | — | | | | | | 13,259 | | | | | | 12,990 | | |
Interest and other income
|
| | | | (11) | | | | | | — | | | | | | — | | | | | | — | | | | | | (11) | | |
Gain on sale of real estate investments
|
| | | | — | | | | | | — | | | | | | (2,715) | | | | | | — | | | | | | (2,715) | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 2 | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | (271) | | | | | | (271) | | |
Net income (loss) attributable to non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11) | | | | | | (11) | | |
NOI
|
| | | $ | 31,554 | | | | | $ | 3,146 | | | | | $ | 85 | | | | | $ | — | | | | | $ | 34,785 | | |
|
(In thousands)
|
| |
Same Store
|
| |
Acquisition
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to stockholders
(in accordance with GAAP) |
| | | $ | 10,106 | | | | | $ | 218 | | | | | $ | (17,891) | | | | | $ | (22,040) | | | | | $ | (29,607) | | |
Impairment charges
|
| | | | — | | | | | | — | | | | | | 17,837 | | | | | | — | | | | | | 17,837 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,743 | | | | | | 5,743 | | |
Acquisition and transaction related
|
| | | | 6 | | | | | | 33 | | | | | | — | | | | | | 1 | | | | | | 40 | | |
General and administrative
|
| | | | 15 | | | | | | — | | | | | | — | | | | | | 4,426 | | | | | | 4,441 | | |
Depreciation and amortization
|
| | | | 19,828 | | | | | | 390 | | | | | | 250 | | | | | | (2) | | | | | | 20,466 | | |
Gain on sale of real estate investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | 111 | | | | | | — | | | | | | — | | | | | | 12,486 | | | | | | 12,597 | | |
Interest and other income
|
| | | | (16) | | | | | | — | | | | | | — | | | | | | — | | | | | | (16) | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18) | | | | | | (18) | | |
Income tax benefit (expense)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (550) | | | | | | (550) | | |
Net income (loss) attributable to non-controlling interests
|
| | | | 6 | | | | | | — | | | | | | — | | | | | | (46) | | | | | | (40) | | |
NOI
|
| | | $ | 30,056 | | | | | $ | 641 | | | | | $ | 196 | | | | | $ | — | | | | | $ | 30,893 | | |
(In thousands)
|
| |
Same Store
|
| |
Acquisitions
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to stockholders (in accordance with
GAAP) |
| | | $ | 20,333 | | | | | $ | 4,420 | | | | | $ | 8,651 | | | | | $ | (73,358) | | | | | $ | (39,954) | | |
Impairment charges
|
| | | | 22,615 | | | | | | — | | | | | | 19 | | | | | | — | | | | | | 22,634 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,535 | | | | | | 17,535 | | |
Acquisition and transaction related
|
| | | | (1) | | | | | | 23 | | | | | | — | | | | | | 139 | | | | | | 161 | | |
General and administrative
|
| | | | 62 | | | | | | — | | | | | | 8 | | | | | | 15,324 | | | | | | 15,394 | | |
Depreciation and amortization
|
| | | | 56,686 | | | | | | 4,218 | | | | | | 220 | | | | | | — | | | | | | 61,124 | | |
Interest expense
|
| | | | (292) | | | | | | — | | | | | | — | | | | | | 40,031 | | | | | | 39,739 | | |
Interest and other income
|
| | | | (6) | | | | | | — | | | | | | — | | | | | | (9) | | | | | | (15) | | |
Gain on sale of real estate investments
|
| | | | 27 | | | | | | — | | | | | | (8,820) | | | | | | — | | | | | | (8,793) | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | 50 | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | | | | | | | 364 | | | | | | 364 | | |
Net income (loss) attributable to non-controlling interests
|
| | | | 24 | | | | | | — | | | | | | — | | | | | | (76) | | | | | | (52) | | |
NOI
|
| | | $ | 99,448 | | | | | $ | 8,661 | | | | | $ | 78 | | | | | $ | — | | | | | $ | 108,187 | | |
(In thousands)
|
| |
Same Store
|
| |
Acquisition
|
| |
Dispositions
|
| |
Non-Property
Specific |
| |
Total
|
| |||||||||||||||
Net income (loss) attributable to stockholders
(in accordance with GAAP) |
| | | $ | 38,697 | | | | | $ | 286 | | | | | $ | (15,730) | | | | | $ | (65,801) | | | | | $ | (42,548) | | |
Impairment charges
|
| | | | — | | | | | | — | | | | | | 18,570 | | | | | | — | | | | | | 18,570 | | |
Operating fees to related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,233 | | | | | | 17,233 | | |
Acquisition and transaction related
|
| | | | 12 | | | | | | 141 | | | | | | — | | | | | | 180 | | | | | | 333 | | |
General and administrative
|
| | | | 22 | | | | | | — | | | | | | — | | | | | | 12,683 | | | | | | 12,705 | | |
Depreciation and amortization
|
| | | | 59,756 | | | | | | 669 | | | | | | 1,458 | | | | | | 216 | | | | | | 62,099 | | |
Interest expense
|
| | | | 547 | | | | | | — | | | | | | — | | | | | | 35,415 | | | | | | 35,962 | | |
Interest and other income
|
| | | | (20) | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (21) | | |
Gain on sale of real estate investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss on non-designated derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | (46) | | | | | | (46) | | |
Income tax benefit (expense)
|
| | | | — | | | | | | | | | | | | | | | | | | 225 | | | | | | 225 | | |
Net income (loss) attributable to non-controlling interests
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | (104) | | | | | | (87) | | |
NOI
|
| | | $ | 99,031 | | | | | $ | 1,096 | | | | | $ | 4,298 | | | | | $ | — | | | | | $ | 104,425 | | |
| | |
Three Months Ended
|
| |
Year-To-Date
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
March 31, 2019
|
| |
June 30, 2019
|
| |
September 30, 2019
|
| |
September 30, 2019
|
| ||||||||||||||||||||||||||||||||||||
(In thousands)
|
| | | | | | | |
Percentage of
Distributions |
| | | | | | | |
Percentage of
Distributions |
| | | | | | | |
Percentage of
Distributions |
| | | | | | | |
Percentage of
Distributions |
| ||||||||||||
Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions to stockholders not reinvested in common stock issued under the DRIP
|
| | | $ | 12,304 | | | | | | | | | | | $ | 12,825 | | | | | | | | | | | $ | 13,057 | | | | | | | | | | | $ | 38,186 | | | | | | | | |
Distributions reinvested in common
stock issued under the DRIP |
| | | | 6,983 | | | | | | | | | | | | 6,968 | | | | | | | | | | | | 6,747 | | | | | | | | | | | | 20,698 | | | | | | | | |
Distributions on OP Units
|
| | | | 85 | | | | | | | | | | | | 88 | | | | | | | | | | | | 88 | | | | | | | | | | | | 261 | | | | | | | | |
Total distributions(1)
|
| | | $ | 19,372 | | | | | | | | | | | $ | 19,881 | | | | | | | | | | | $ | 19,892 | | | | | | | | | | | $ | 59,145 | | | | | | | | |
Source of distribution coverage: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows provided by operations(2)
|
| | | $ | 16,510 | | | | | | 85.2% | | | | | $ | 8,622 | | | | | | 43.4% | | | | | $ | 14,303 | | | | | | 71.9% | | | | | $ | 39,435 | | | | | | 66.7% | | |
Proceeds received from common stock issued under the DRIP(2)
|
| | | | 2,862 | | | | | | 14.8% | | | | | | 6,968 | | | | | | 35.0% | | | | | | 5,596 | | | | | | 28.1% | | | | | | 19,710(3) | | | | | | 33.3% | | |
Available cash on hand
|
| | | | — | | | | | | — | | | | | | 4,291 | | | | | | 21.6% | | | | | | — | | | | | | —% | | | | | | — | | | | | | —% | | |
Total source of distribution coverage
|
| | | $ | 19,372 | | | | | | 100.0% | | | | | $ | 19,881 | | | | | | 100.0% | | | | | $ | 19,899 | | | | | | 100.0% | | | | | $ | 59,145 | | | | | | 100.0% | | |
Cash flows provided by operations (in accordance with GAAP)
|
| | | $ | 16,510 | | | | | | | | | | | $ | 8,622 | | | | | | | | | | | $ | 14,303 | | | | | | | | | | | $ | 39,435 | | | | | | | | |
Net loss attributable to stockholders
(in accordance with GAAP) |
| | | $ | (5,111) | | | | | | | | | | | $ | (6,054) | | | | | | | | | | | $ | (28,789) | | | | | | | | | | | $ | (39,954) | | | | | | | | |
|
Underwriter
|
| |
Number of Shares
|
| |||
B. Riley FBR, Inc.
|
| | | | 371,000 | | |
D.A. Davidson & Co.
|
| | | | 315,000 | | |
Ladenburg Thalmann & Co. Inc.
|
| | | | 315,000 | | |
William Blair & Company, L.L.C.
|
| | | | 259,000 | | |
National Securities Corporation
|
| | | | 56,000 | | |
Boenning & Scattergood, Inc.
|
| | | | 42,000 | | |
Wedbush Securities Inc.
|
| | | | 42,000 | | |
Total
|
| | |
|
1,400,000
|
| |
| | |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per share
|
| | | $ | 0.7875 | | | | | $ | 0.7875 | | |
Total
|
| | | $ | 1,102,500 | | | | | $ | 1,267,875 | | |
| Unaudited Consolidated Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | |
September 30,
2019 |
| |
December 31,
2018 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Real estate investments, at cost: | | | | | | | | | | | | | |
Land
|
| | | $ | 210,064 | | | | | $ | 209,284 | | |
Buildings, fixtures and improvements
|
| | | | 1,970,133 | | | | | | 2,006,745 | | |
Construction in progress
|
| | | | 85,960 | | | | | | 80,598 | | |
Acquired intangible assets
|
| | | | 263,447 | | | | | | 256,452 | | |
Total real estate investments, at cost
|
| | | | 2,529,604 | | | | | | 2,553,079 | | |
Less: accumulated depreciation and amortization
|
| | | | (421,532) | | | | | | (381,909) | | |
Total real estate investments, net
|
| | | | 2,108,072 | | | | | | 2,171,170 | | |
Cash and cash equivalents
|
| | | | 52,425 | | | | | | 77,264 | | |
Restricted cash
|
| | | | 19,160 | | | | | | 14,094 | | |
Assets held for sale
|
| | | | 70,674 | | | | | | 52,397 | | |
Derivative assets, at fair value
|
| | | | — | | | | | | 4,633 | | |
Straight-line rent receivable, net
|
| | | | 20,362 | | | | | | 17,351 | | |
Prepaid expenses and other assets (including $257 and $154 due from related parties as of September 31, 2019 and December 31, 2018, respectively)
|
| | | | 46,745 | | | | | | 28,785 | | |
Deferred costs, net
|
| | | | 13,087 | | | | | | 11,752 | | |
Total assets
|
| | | $ | 2,330,525 | | | | | $ | 2,377,446 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | |
Mortgage notes payable, net
|
| | | $ | 436,715 | | | | | $ | 462,839 | | |
Revolving credit facility
|
| | | | 163,618 | | | | | | 243,300 | | |
Term loan, net
|
| | | | 145,049 | | | | | | — | | |
Fannie Mae master credit facilities
|
| | | | 359,322 | | | | | | 359,322 | | |
Market lease intangible liabilities, net
|
| | | | 12,449 | | | | | | 17,104 | | |
Derivative liabilities, at fair value
|
| | | | 8,933 | | | | | | — | | |
Accounts payable and accrued expenses (including $474 and $764 due to related
parties as of September 30, 2019 and December 31, 2018, respectively) |
| | | | 53,159 | | | | | | 40,298 | | |
Deferred rent
|
| | | | 8,013 | | | | | | 7,011 | | |
Distributions payable
|
| | | | 6,530 | | | | | | 6,638 | | |
Total liabilities
|
| | | | 1,193,788 | | | | | | 1,136,512 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018
|
| | | | — | | | | | | — | | |
Common stock, $0.01 par value, 300,000,000 shares authorized, 92,430,992 and
91,963,532 shares of common stock issued and outstanding as of September 30, 2019 and December 31, 2018, respectively |
| | | | 924 | | | | | | 919 | | |
Additional paid-in capital
|
| | | | 2,041,993 | | | | | | 2,031,967 | | |
Accumulated other comprehensive (loss) income
|
| | | | (8,933) | | | | | | 4,582 | | |
Distributions in excess of accumulated earnings
|
| | | | (903,083) | | | | | | (804,331) | | |
Total stockholders’ equity
|
| | | | 1,130,901 | | | | | | 1,233,137 | | |
Non-controlling interests
|
| | | | 5,836 | | | | | | 7,797 | | |
Total equity
|
| | | | 1,136,737 | | | | | | 1,240,934 | | |
Total liabilities and equity
|
| | | $ | 2,330,525 | | | | | $ | 2,377,446 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Revenue from tenants
|
| | | $ | 95,440 | | | | | $ | 90,191 | | | | | $ | 280,445 | | | | | $ | 270,586 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Property operating and maintenance
|
| | | | 60,655 | | | | | | 59,298 | | | | | | 172,258 | | | | | | 166,161 | | |
Impairment charges
|
| | | | 22,615 | | | | | | 17,837 | | | | | | 22,634 | | | | | | 18,570 | | |
Operating fees to related parties
|
| | | | 5,941 | | | | | | 5,743 | | | | | | 17,535 | | | | | | 17,233 | | |
Acquisition and transaction related
|
| | | | 112 | | | | | | 40 | | | | | | 161 | | | | | | 333 | | |
General and administrative
|
| | | | 4,782 | | | | | | 4,441 | | | | | | 15,394 | | | | | | 12,705 | | |
Depreciation and amortization
|
| | | | 20,140 | | | | | | 20,466 | | | | | | 61,124 | | | | | | 62,099 | | |
Total expenses
|
| | | | 114,245 | | | | | | 107,825 | | | | | | 289,106 | | | | | | 277,101 | | |
Operating loss before gain on sale of real estate investments
|
| | | | (18,805) | | | | | | (17,634) | | | | | | (8,661) | | | | | | (6,515) | | |
Gain on sale of real estate investments
|
| | | | 2,715 | | | | | | — | | | | | | 8,793 | | | | | | — | | |
Operating (loss) income
|
| | | | (16,090) | | | | | | (17,634) | | | | | | 132 | | | | | | (6,515) | | |
Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (12,990) | | | | | | (12,597) | | | | | | (39,739) | | | | | | (35,962) | | |
Interest and other income
|
| | | | 11 | | | | | | 16 | | | | | | 15 | | | | | | 21 | | |
Loss (gain) on non-designated derivatives
|
| | | | (2) | | | | | | 18 | | | | | | (50) | | | | | | 46 | | |
Total other expenses
|
| | | | (12,981) | | | | | | (12,563) | | | | | | (39,774) | | | | | | (35,895) | | |
Loss before income taxes
|
| | | | (29,071) | | | | | | (30,197) | | | | | | (39,642) | | | | | | (42,410) | | |
Income tax benefit (expense)
|
| | | | 271 | | | | | | 550 | | | | | | (364) | | | | | | (225) | | |
Net loss
|
| | | | (28,800) | | | | | | (29,647) | | | | | | (40,006) | | | | | | (42,635) | | |
Net loss attributable to non-controlling interests
|
| | | | 11 | | | | | | 40 | | | | | | 52 | | | | | | 87 | | |
Net loss attributable to stockholders
|
| | | | (28,789) | | | | | | (29,607) | | | | | | (39,954) | | | | | | (42,548) | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized (loss) gain on designated derivatives
|
| | | | (2,680) | | | | | | 998 | | | | | | (13,515) | | | | | | 6,544 | | |
Comprehensive loss attributable to
stockholders |
| | | $ | (31,469) | | | | | $ | (28,609) | | | | | $ | (53,469) | | | | | $ | (36,004) | | |
Basic and diluted weighted-average shares outstanding
|
| | | | 91,992,963 | | | | | | 90,203,311 | | | | | | 91,884,495 | | | | | | 90,983,620 | | |
Basic and diluted net loss per share
|
| | | $ | (0.31) | | | | | $ | (0.33) | | | | | $ | (0.43) | | | | | $ | (0.47) | | |
| | |
Nine Months Ended September 30, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | |
Number of
Shares |
| |
Par Value
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in excess of accumulated earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||
Balance, December 31, 2018
|
| | | | 91,963,532 | | | | | $ | 919 | | | | | $ | 2,031,967 | | | | | $ | 4,582 | | | | | $ | (804,331) | | | | | $ | 1,233,137 | | | | | $ | 7,797 | | | | | $ | 1,240,934 | | |
Impact of adoption of ASC 842
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | (87) | | | | | | — | | | | | | (87) | | |
Common stock repurchases
|
| | | | (656,433) | | | | | | (7) | | | | | | (13,286) | | | | | | — | | | | | | — | | | | | | (13,293) | | | | | | — | | | | | | (13,293) | | |
Share-based compensation
|
| | | | 15,000 | | | | | | — | | | | | | 978 | | | | | | — | | | | | | — | | | | | | 978 | | | | | | — | | | | | | 978 | | |
Distributions declared, $0.63 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (58,711) | | | | | | (58,711) | | | | | | — | | | | | | (58,711) | | |
Common stock issued through distribution
reinvestment plan |
| | | | 1,108,893 | | | | | | 12 | | | | | | 20,686 | | | | | | — | | | | | | — | | | | | | 20,698 | | | | | | — | | | | | | 20,698 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (261) | | | | | | (261) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (13,515) | | | | | | — | | | | | | (13,515) | | | | | | — | | | | | | (13,515) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (39,954) | | | | | | (39,954) | | | | | | (52) | | | | | | (40,006) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | 1,648 | | | | | | — | | | | | | — | | | | | | 1,648 | | | | | | (1,648) | | | | | | — | | |
Balance, September 30, 2019
|
| | | | 92,430,992 | | | | | $ | 924 | | | | | $ | 2,041,993 | | | | | $ | (8,933) | | | | | $ | (903,083) | | | | | $ | 1,130,901 | | | | | $ | 5,836 | | | | | $ | 1,136,737 | | |
|
| | |
Three Months Ended September 30, 2019
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | |
Number of
Shares |
| |
Par Value
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in excess of accumulated earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||
Balance, June 30, 2019
|
| | | | 92,030,344 | | | | | $ | 919 | | | | | $ | 2,034,918 | | | | | $ | (6,253) | | | | | $ | (854,660) | | | | | $ | 1,174,924 | | | | | $ | 5,935 | | | | | $ | 1,180,859 | | |
Impact of adoption of ASC 842
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Common stock repurchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share-based compensation
|
| | | | 15,000 | | | | | | — | | | | | | 333 | | | | | | — | | | | | | — | | | | | | 333 | | | | | | — | | | | | | 333 | | |
Distributions declared, $0.21 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,634) | | | | | | (19,634) | | | | | | — | | | | | | (19,634) | | |
Common stock issued through distribution
reinvestment plan |
| | | | 385,648 | | | | | | 5 | | | | | | 6,742 | | | | | | — | | | | | | — | | | | | | 6,747 | | | | | | — | | | | | | 6,747 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (88) | | | | | | (88) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,680) | | | | | | — | | | | | | (2,680) | | | | | | — | | | | | | (2,680) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28,789) | | | | | | (28,789) | | | | | | (11) | | | | | | (28,800) | | |
Rebalancing of ownership percentage
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, September 30, 2019
|
| | | | 92,430,992 | | | | | $ | 924 | | | | | $ | 2,041,993 | | | | | $ | (8,933) | | | | | $ | (903,083) | | | | | $ | 1,130,901 | | | | | $ | 5,836 | | | | | $ | 1,136,737 | | |
|
| | |
Nine Months Ended September 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | |
Number of
Shares |
| |
Par
Value |
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in Excess of Accumulated Earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||
Balance, December 31, 2017
|
| | | | 91,002,766 | | | | | $ | 910 | | | | | $ | 2,009,197 | | | | | $ | 2,473 | | | | | $ | (665,026) | | | | | $ | 1,347,554 | | | | | $ | 8,505 | | | | | | 1,356,059 | | |
Common stock repurchases
|
| | | | (759,867) | | | | | | (7) | | | | | | (14,195) | | | | | | — | | | | | | — | | | | | | (14,202) | | | | | | — | | | | | | (14,202) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 921 | | | | | | — | | | | | | — | | | | | | 921 | | | | | | — | | | | | | 921 | | |
Distributions declared, $0.73 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (66,867) | | | | | | (66,867) | | | | | | — | | | | | | (66,867) | | |
Common stock issued through distribution reinvestment plan
|
| | | | 1,365,726 | | | | | | 14 | | | | | | 28,537 | | | | | | — | | | | | | — | | | | | | 28,551 | | | | | | — | | | | | | 28,551 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (406) | | | | | | (406) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,544 | | | | | | — | | | | | | 6,544 | | | | | | — | | | | | | 6,544 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (42,548) | | | | | | (42,548) | | | | | | (87) | | | | | | (42,635) | | |
Balance, September 30, 2018
|
| | | | 91,608,625 | | | | | $ | 917 | | | | | $ | 2,024,460 | | | | | $ | 9,017 | | | | | $ | (774,441) | | | | | $ | 1,259,953 | | | | | $ | 8,012 | | | | | $ | 1,267,965 | | |
|
| | |
Three Months Ended September 30, 2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| | |
Number of
Shares |
| |
Par
Value |
| |
Additional
Paid-in Capital |
| |
Accumulated
Other Comprehensive Income |
| |
Distributions
in excess of accumulated earnings |
| |
Total
Stockholders Equity |
| |
Non-
controlling Interests |
| |
Total
Equity |
| ||||||||||||||||||||||||
Balance, June 30, 2018
|
| | | | 91,395,825 | | | | | $ | 914 | | | | | $ | 2,019,874 | | | | | $ | 8,019 | | | | | $ | (725,235) | | | | | $ | 1,303,572 | | | | | $ | 8,139 | | | | | | 1,311,711 | | |
Common stock repurchases
|
| | | | (155,904) | | | | | | (1) | | | | | | (3,149) | | | | | | — | | | | | | — | | | | | | (3,150) | | | | | | — | | | | | | (3,150) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 282 | | | | | | — | | | | | | — | | | | | | 282 | | | | | | — | | | | | | 282 | | |
Distributions declared, $0.22 per share
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,599) | | | | | | (19,599) | | | | | | — | | | | | | (19,599) | | |
Common stock issued through distribution reinvestment plan
|
| | | | 368,704 | | | | | | 4 | | | | | | 7,453 | | | | | | — | | | | | | — | | | | | | 7,457 | | | | | | — | | | | | | 7,457 | | |
Distributions to non-controlling interest holders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (87) | | | | | | (87) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 998 | | | | | | — | | | | | | 998 | | | | | | — | | | | | | 998 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,607) | | | | | | (29,607) | | | | | | (40) | | | | | | (29,647) | | |
Balance, September 30, 2018
|
| | | | 91,608,625 | | | | | $ | 917 | | | | | $ | 2,024,460 | | | | | $ | 9,017 | | | | | $ | (774,441) | | | | | $ | 1,259,953 | | | | | $ | 8,012 | | | | | $ | 1,267,965 | | |
|
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (40,006) | | | | | $ | (42,635) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 61,124 | | | | | | 62,099 | | |
Amortization of deferred financing costs
|
| | | | 4,888 | | | | | | 6,448 | | |
Amortization of mortgage premiums and discounts, net
|
| | | | (135) | | | | | | (200) | | |
(Accretion) amortization of market lease and other intangibles, net
|
| | | | (25) | | | | | | 205 | | |
Bad debt expense
|
| | | | 4,797 | | | | | | 9,227 | | |
Share-based compensation
|
| | | | 978 | | | | | | 921 | | |
Gain on sale of real estate investments, net
|
| | | | (8,793) | | | | | | — | | |
Gain on non-designated derivatives
|
| | | | 50 | | | | | | (46) | | |
Impairment charges
|
| | | | 22,634 | | | | | | 18,570 | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Straight-line rent receivable
|
| | | | (3,011) | | | | | | (6,302) | | |
Prepaid expenses and other assets
|
| | | | (7,653) | | | | | | (12,934) | | |
Due from related party
|
| | | | — | | | | | | 14 | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 3,585 | | | | | | 2,875 | | |
Deferred rent
|
| | | | 1,002 | | | | | | 41 | | |
Net cash provided by operating activities
|
| | | | 39,435 | | | | | | 38,283 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Investments in real estate
|
| | | | (91,638) | | | | | | (73,536) | | |
Capital expenditures
|
| | | | (10,910) | | | | | | (6,968) | | |
Proceeds from sale of real estate
|
| | | | 62,468 | | | | | | — | | |
Net cash used in investing activities
|
| | | | (40,080) | | | | | | (80,504) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payments on credit facilities
|
| | | | (243,300) | | | | | | (80,000) | | |
Proceeds from credit facilities
|
| | | | 163,618 | | | | | | 94,153 | | |
Proceeds from term loan
|
| | | | 150,000 | | | | | | — | | |
Proceeds from mortgage notes payable
|
| | | | — | | | | | | 118,700 | | |
Payments on mortgage notes payable
|
| | | | (27,416) | | | | | | (62,872) | | |
Payments for derivative instruments
|
| | | | — | | | | | | (131) | | |
Payments of deferred financing costs
|
| | | | (10,290) | | | | | | (3,307) | | |
Common stock repurchases
|
| | | | (13,293) | | | | | | (14,202) | | |
Distributions paid on common stock
|
| | | | (38,186) | | | | | | (43,096) | | |
Distributions to non-controlling interest holders
|
| | | | (261) | | | | | | (406) | | |
Net cash (used in) provided by financing activities
|
| | | | (19,128) | | | | | | 8,839 | | |
Net change in cash, cash equivalents and restricted cash
|
| | | | (19,773) | | | | | | (33,382) | | |
Cash, cash equivalents and restricted cash, beginning of period
|
| | | | 91,358 | | | | | | 102,588 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 71,585 | | | | | $ | 69,206 | | |
Cash, cash equivalents, end of period
|
| | | $ | 52,425 | | | | | $ | 52,109 | | |
Restricted cash, end of period
|
| | | | 19,160 | | | | | | 17,097 | | |
Cash, cash equivalents and restricted cash, end of period
|
| | | $ | 71,585 | | | | | $ | 69,206 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid for interest, net of amounts capitalized
|
| | | $ | 34,949 | | | | | $ | 31,192 | | |
Cash paid for income taxes
|
| | | | 447 | | | | | | 328 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Common stock issued through distribution reinvestment plan
|
| | | $ | 20,698 | | | | | $ | 28,551 | | |
(In thousands)
|
| |
Future
Base Rent Payments |
| |||
2019 (remainder)
|
| | | $ | 22,201 | | |
2020 | | | | | 85,858 | | |
2021 | | | | | 80,125 | | |
2022 | | | | | 71,692 | | |
2023 | | | | | 60,793 | | |
Thereafter | | | | | 250,220 | | |
Total | | | | $ | 570,889 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
(In thousands)
|
| |
2019
|
| |
2018
|
| ||||||
Real estate investments, at cost: | | | | | | | | | | | | | |
Land
|
| | | $ | 6,356 | | | | | $ | 7,870 | | |
Buildings, fixtures and improvements
|
| | | | 68,903 | | | | | | 53,614 | | |
Construction in progress
|
| | | | 5,362 | | | | | | 6,685 | | |
Total tangible assets
|
| | | | 80,621 | | | | | | 68,169 | | |
Acquired intangibles: | | | | | | | | | | | | | |
In-place leases and other intangible assets(1)
|
| | | | 11,777 | | | | | | 5,440 | | |
Market lease and other intangible assets(1)
|
| | | | 723 | | | | | | 276 | | |
Market lease liabilities(1)
|
| | | | (1,483) | | | | | | (286) | | |
Total intangible assets and liabilities
|
| | | | 11,017 | | | | | | 5,430 | | |
Cash paid for real estate investments, including acquisitions
|
| | | $ | 91,638 | | | | | $ | 73,599 | | |
Number of properties purchased
|
| | | | 9 | | | | | | 11 | | |
| | |
September 30,
|
| |||||||||
State
|
| |
2019
|
| |
2018
|
| ||||||
Florida | | | | | 23.9% | | | | | | 16.8% | | |
Michigan | | | | | 11.0% | | | | | | 12.9% | | |
Georgia | | | | | * | | | | | | 10.2% | | |
Pennsylvania | | | | | * | | | | | | 10.2% | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Amortization of in-place leases and other intangible assets(1)
|
| | | $ | 3,872 | | | | | $ | 4,632 | | | | | $ | 11,832 | | | | | $ | 14,382 | | |
(Accretion) and Amortization of above-and below-market leases, net(2)
|
| | | $ | 13 | | | | | $ | (30) | | | | | $ | (142) | | | | | $ | (30) | | |
Amortization of above-and below-market ground leases, net(3)
|
| | | $ | 74 | | | | | $ | 37 | | | | | $ | 117 | | | | | $ | 110 | | |
(In thousands)
|
| |
Remainder
2019 |
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||
In-place lease assets
|
| | | $ | 3,610 | | | | | $ | 13,115 | | | | | $ | 10,650 | | | | | $ | 8,644 | | | | | $ | 6,770 | | |
Other intangible assets
|
| | | | 109 | | | | | | 414 | | | | | | 414 | | | | | | 414 | | | | | | 414 | | |
Total to be added to amortization expense
|
| | | $ | 3,719 | | | | | $ | 13,529 | | | | | $ | 11,064 | | | | | $ | 9,058 | | | | | $ | 7,184 | | |
Above-market lease assets
|
| | | $ | (346) | | | | | $ | (1,295) | | | | | $ | (993) | | | | | $ | (645) | | | | | $ | (307) | | |
Below-market lease liabilities
|
| | | | 324 | | | | | | 1,488 | | | | | | 1,269 | | | | | | 1,208 | | | | | | 1,095 | | |
Total to be (deducted from) added to revenue from tenants
|
| | | $ | (22) | | | | | $ | 193 | | | | | $ | 276 | | | | | $ | 563 | | | | | $ | 788 | | |
Below market ground leases
|
| | | $ | 63 | | | | | $ | 222 | | | | | $ | 214 | | | | | $ | 212 | | | | | $ | 212 | | |
Above market ground leases
|
| | | | (13) | | | | | | (53) | | | | | | (53) | | | | | | (52) | | | | | | (35) | | |
Total to be added to property operating and maintenance
|
| | | $ | 50 | | | | | $ | 169 | | | | | $ | 161 | | | | | $ | 160 | | | | | $ | 177 | | |
(In thousands)
|
| |
September 30,
2019 |
| |
December 31,
2018 |
| ||||||
Land
|
| | | $ | 4,051 | | | | | $ | 5,285 | | |
Buildings, fixtures and improvements
|
| | | | 66,623 | | | | | | 47,112 | | |
Assets held for sale
|
| | | $ | 70,674 | | | | | $ | 52,397 | | |
| | | | | | | | |
Outstanding Loan Amount as of
|
| |
Effective Interest Rate(1) as of
|
| | | | | | | ||||||||||||||||||
Portfolio
|
| |
Encumbered
Properties(2) |
| |
September 30,
2019 |
| |
December 31,
2018 |
| |
September 30,
2019 |
| |
December 31,
2018 |
| |
Interest
Rate |
| |
Maturity
|
| |||||||||||||||
| | | | | | | | |
(In thousands)
|
| |
(In thousands)
|
| | | | | | | | | | | | | | | | | | | ||||||
Countryside Medical
Arts – Safety Harbor, FL |
| | | | — | | | | | $ | — | | | | | $ | 5,690 | | | | | | —% | | | | | | 6.20% | | | |
Variable(6)
|
| |
Apr. 2019(5)
|
|
St. Andrews Medical Park – Venice, FL
|
| | | | — | | | | | | — | | | | | | 6,289 | | | | | | —% | | | | | | 6.20% | | | |
Variable(6)
|
| |
Apr. 2019(5)
|
|
Palm Valley Medical Plaza – Goodyear, AZ
|
| | | | 1 | | | | | | 3,140 | | | | | | 3,222 | | | | | | 4.15% | | | | | | 4.15% | | | |
Fixed
|
| |
Jun. 2023
|
|
Medical Center V – Peoria, AZ
|
| | | | 1 | | | | | | 2,907 | | | | | | 2,977 | | | | | | 4.75% | | | | | | 4.75% | | | |
Fixed
|
| |
Sep. 2023
|
|
Courtyard Fountains –
Gresham, OR |
| | | | 1 | | | | | | 23,545 | | | | | | 23,905 | | | | | | 3.87% | | | | | | 3.87% | | | |
Fixed
|
| |
Jan. 2020(8)
|
|
Fox Ridge Bryant –
Bryant, AR |
| | | | 1 | | | | | | 7,319 | | | | | | 7,427 | | | | | | 3.98% | | | | | | 3.98% | | | |
Fixed
|
| |
May 2047
|
|
Fox Ridge Chenal –
Little Rock, AR |
| | | | 1 | | | | | | 16,769 | | | | | | 16,988 | | | | | | 3.98% | | | | | | 3.98% | | | |
Fixed
|
| |
May 2049
|
|
Fox Ridge North Little
Rock – North Little Rock, AR |
| | | | 1 | | | | | | 10,405 | | | | | | 10,541 | | | | | | 3.98% | | | | | | 3.98% | | | |
Fixed
|
| |
May 2049
|
|
Philip Professional
Center – Lawrenceville, GA |
| | | | — | | | | | | — | | | | | | 4,793 | | | | | | —% | | | | | | 4.00% | | | |
Fixed
|
| |
Oct. 2019(5)
|
|
Capital One MOB Loan
|
| | | | 31 | | | | | | 241,987 | | | | | | 250,000 | | | | | | 4.44% | | | | | | 4.44% | | | |
Fixed(3)
|
| |
Jun. 2022
|
|
Bridge Loan
|
| | | | 15 | | | | | | 18,613 | | | | | | 20,271 | | | | | | 4.57% | | | | | | 4.87% | | | |
Variable(7)
|
| |
Dec. 2019(9)
|
|
Multi-Property CMBS Loan
|
| | | | 21 | | | | | | 118,700 | | | | | | 118,700 | | | | | | 4.60% | | | | | | 4.60% | | | |
Fixed
|
| |
May 2028
|
|
Gross mortgage notes payable
|
| | | | 73 | | | | | | 443,385 | | | | | | 470,803 | | | | | | 4.43% | | | | | | 4.48% | | | | | | | | |
Deferred financing costs, net of accumulated amortization(4)
|
| | | | | | | | | | (4,991) | | | | | | (6,591) | | | | | | | | | | | | | | | | | | | | |
Mortgage premiums and discounts, net
|
| | | | | | | | | | (1,503) | | | | | | (1,373) | | | | | | | | | | | | | | | | | | | | |
Mortgage notes payable, net
|
| | | | | | | | | $ | 436,891 | | | | | $ | 462,839 | | | | | | | | | | | | | | | | | | | | |
(In thousands)
|
| |
Future Principal
Payments |
| |||
2019 (remainder)
|
| | | $ | 18,945 | | |
2020 | | | | | 24,279 | | |
2021 | | | | | 892 | | |
2022 | | | | | 242,916 | | |
2023 | | | | | 6,056 | | |
Thereafter | | | | | 150,297 | | |
Total | | | | $ | 443,385 | | |
| | | | | | | | |
Outstanding Facility
Amount as of |
| |
Effective Interest Rate
|
| | | | | | | ||||||||||||||||||
Credit Facility
|
| |
Encumbered
Properties(1) |
| |
September 30,
2019 |
| |
December 31,
2018 |
| |
September 30,
2019 |
| |
December 31,
2018 |
| |
Interest
Rate |
| |
Maturity
|
| |||||||||||||||
| | | | | | | | |
(In thousands)
|
| |
(In thousands)
|
| | | | | | | | | | | | | | | | | | | ||||||
Prior Credit Facility
|
| | | | — | | | | | $ | — | | | | | $ | 243,300 | | | | | | —% | | | | | | 4.62% | | | |
—
|
| |
—
|
|
Credit Facility: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revolving Credit Facility
|
| | | | | | | | | $ | 163,618 | | | | | $ | — | | | | | | 4.26% | | | | | | —% | | | |
Variable
|
| |
Mar. 2024
|
|
Term Loan
|
| | | | | | | | | | 150,000 | | | | | | — | | | | | | 4.25% | | | | | | —% | | | |
Variable(6)
|
| |
Mar. 2024
|
|
Deferred financing costs
|
| | | | | | | | | | (4,951) | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Term Loan, net
|
| | | | | | | | | | 145,049 | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Total Credit Facility
|
| | | | 81(2) | | | | | $ | 308,667 | | | | | $ | — | | | | | | | | | | | | | | | | | | | | |
Fannie Mae Master Credit Facilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital One Facility
|
| | | | 12(3) | | | | | $ | 216,614 | | | | | $ | 216,614 | | | | | | 4.70% | | | | | | 4.83% | | | |
Variable(7)
|
| |
Nov. 2026
|
|
KeyBank Facility
|
| | | | 10(4) | | | | | | 142,708 | | | | | | 142,708 | | | | | | 4.72% | | | | | | 4.88% | | | |
Variable(7)
|
| |
Nov. 2026
|
|
Total Fannie Mae Master Credit Facilities
|
| | | | 22 | | | | | $ | 359,322 | | | | | $ | 359,322 | | | | | | | | | | | | | | | | | | | | |
Total Credit Facilities
|
| | | | 103 | | | | | $ | 667,989 | | | | | $ | 602,622 | | | | | | 4.50% | | | | | | 4.76%(5) | | | | | | | | |
|
(In thousands)
|
| |
Quoted
Prices in Active Markets Level 1 |
| |
Significant
Other Observable Inputs Level 2 |
| |
Significant
Unobservable Inputs Level 3 |
| |
Total
|
| ||||||||||||
September 30, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets, at fair value
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Derivative liabilities, at fair value
|
| | | | — | | | | | | (8,933) | | | | | | — | | | | | | (8,933) | | |
Total | | | | $ | — | | | | | $ | (8,933) | | | | | $ | — | | | | | $ | (8,933) | | |
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Derivative assets, at fair value
|
| | | $ | — | | | | | $ | 4,633 | | | | | $ | — | | | | | $ | 4,633 | | |
Total | | | | $ | — | | | | | $ | 4,633 | | | | | $ | — | | | | | $ | 4,633 | | |
| | | | | | | | |
September 30, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
(In thousands)
|
| |
Level
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Carrying
Amount |
| |
Fair Value
|
| |||||||||||||||
Gross mortgage notes payable and mortgage premium and discounts, net(1)
|
| | | | 3 | | | | | $ | 441,882 | | | | | $ | 456,607 | | | | | $ | 469,430 | | | | | $ | 472,585 | | |
Revolving Credit Facility
|
| | | | 3 | | | | | $ | 163,618 | | | | | $ | 161,750 | | | | | $ | 243,300 | | | | | $ | 243,300 | | |
Term Loan
|
| | | | 3 | | | | | $ | 150,000 | | | | | $ | 147,632 | | | | | $ | — | | | | | $ | — | | |
Fannie Mae Master Credit Facilities
|
| | | | 3 | | | | | $ | 359,322 | | | | | $ | 361,320 | | | | | $ | 359,322 | | | | | $ | 360,675 | | |
(In thousands)
|
| |
Balance Sheet Location
|
| |
September 30,
2019 |
| |
December 31,
2018 |
| ||||||
Derivatives designated as hedging instruments:
|
| | | | | | | | | | | | | | | |
Interest rate “pay-fixed” swaps
|
| | Derivative assets, at fair value | | | | $ | — | | | | | $ | 4,582 | | |
Interest rate “pay-fixed” swaps
|
| |
Derivative liabilities, at fair value
|
| | | $ | 8,933 | | | | | $ | — | | |
Derivatives not designated as hedging instruments:
|
| | | | | | | | | | | | | | | |
Interest rate caps
|
| | Derivative assets, at fair value | | | | $ | — | | | | | $ | 51 | | |
| | |
September 30, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
Interest Rate Derivatives
|
| |
Number of
Instruments |
| |
Notional
Amount |
| |
Number of
Instruments |
| |
Notional
Amount |
| ||||||||||||
| | | | | | | | |
(In thousands)
|
| | | | | | | |
(In thousands)
|
| ||||||
Interest rate “pay-fixed” swaps
|
| | | | 10 | | | | | $ | 400,000 | | | | | | 2 | | | | | $ | 250,000 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives
|
| | | $ | (2,469) | | | | | $ | 1,133 | | | | | $ | (12,496) | | | | | $ | 6,533 | | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income as interest expense
|
| | | $ | 211 | | | | | $ | 135 | | | | | $ | 1,019 | | | | | $ | (11) | | |
Total amount of interest expense presented in the consolidated income statements
|
| | | $ | (12,990) | | | | | $ | (12,597) | | | | | $ | (39,739) | | | | | $ | (35,962) | | |
|
| | |
September 30, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
Interest Rate Derivatives
|
| |
Number of
Instruments |
| |
Notional
Amount |
| |
Number of
Instruments |
| |
Notional
Amount |
| ||||||||||||
| | | | | | | | |
(In thousands)
|
| | | | | | | |
(In thousands)
|
| ||||||
Interest rate caps
|
| | | | 7 | | | | | $ | 359,322 | | | | | | 7 | | | | | $ | 359,322 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Amounts Not Offset
in the Consolidated Balance Sheet |
| | | | | | | |||||||||
(In thousands)
|
| |
Gross
Amounts of Recognized Assets |
| |
Gross
Amounts of Recognized (Liabilities) |
| |
Gross Amounts
Offset in the Consolidated Balance Sheet |
| |
Net Amounts of
Assets presented in the Consolidated Balance Sheet |
| |
Financial
Instruments |
| |
Cash
Collateral Received |
| |
Net
Amount |
| |||||||||||||||||||||
September 30, 2019
|
| | | $ | — | | | | | $ | (8,933) | | | | | $ | — | | | | | $ | (8,933) | | | | | $ | — | | | | | $ | — | | | | | $ | (8,933) | | |
December 31, 2018
|
| | | $ | 4,633 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,633 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,633 | | |
| | |
Number of Shares
Repurchased |
| |
Average Price
per Share |
| ||||||
Cumulative repurchases as of December 31, 2018(1)
|
| | | | 3,288,256 | | | | | $ | 21.56 | | |
Nine months ended September 30, 2019(2)
|
| | | | 656,433 | | | | | $ | 20.25 | | |
Cumulative repurchases as of September 30, 2019
|
| | | | 3,944,689 | | | | | $ | 21.34 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |
Payable (Receivable) as of
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| | | | | | | | | | | | | ||||||||||||
(In thousands)
|
| |
Incurred(1)
|
| |
Incurred(1)
|
| |
Incurred(1)
|
| |
Incurred(1)
|
| |
September 30,
2019 |
| |
December 31,
2018 |
| ||||||||||||||||||
Non-recurring fees and reimbursements:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition cost reimbursements
|
| | | $ | 6 | | | | | $ | 34 | | | | | $ | 39 | | | | | $ | 144 | | | | | $ | 6 | | | | | $ | 32 | | |
Due from HT III related to Asset Purchase(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (154) | | |
Ongoing fees and reimbursements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset management fees
|
| | | | 4,875 | | | | | | 4,875 | | | | | | 14,625 | | | | | | 14,625 | | | | | | — | | | | | | — | | |
Property management fees
|
| | | | 1,067 | | | | | | 868 | | | | | | 2,910 | | | | | | 2,608 | | | | | | 271 | | | | | | 58 | | |
Professional fees and other reimbursements
|
| | | | 2,313(4) | | | | | | 2,121 | | | | | | 7,623(4) | | | | | | 6,330 | | | | | | (61)(5)(6) | | | | | | 674(5)(6) | | |
Distributions on Class B Units(3)
|
| | | | 76 | | | | | | 77 | | | | | | 228 | | | | | | 263 | | | | | | — | | | | | | — | | |
Total related party operation fees and reimbursements
|
| | | $ | 8,337 | | | | | $ | 7,975 | | | | | $ | 25,425 | | | | | $ | 23,970 | | | | | $ | 216 | | | | | $ | 610 | | |
| | |
Number of Shares of
Common Stock |
| |
Weighted Average
Issue Price |
| ||||||
Unvested, December 31, 2018
|
| | | | 322,242 | | | | | $ | 21.41 | | |
Granted
|
| | | | 15,000 | | | | | | 17.50 | | |
Vested
|
| | | | (59,199) | | | | | | 21.47 | | |
Unvested, September 30, 2019
|
| | | | 278,043 | | | | | | — | | |
(In thousands)
|
| |
Unrealized Gain on
Designated Derivative |
| |||
Balance, December 31, 2018
|
| | | $ | 4,582 | | |
Other comprehensive income, before reclassifications
|
| | | | (12,496) | | |
Amount of gain reclassified from accumulated other comprehensive income
|
| | | | (1,019) | | |
Balance, September 30, 2019
|
| | | $ | (8,933) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions(2)
|
| |
Distributions(2)
|
| ||||||||||||||||||
| | | | | |
Third Party
Net Investment Amount |
| |
Non-
Controlling Ownership Percentage |
| |
Net Real Estate Assets Subject to
Investment Arrangement(1) |
| |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| |||||||||||||||||||||||||||||||||
Property Name (Dollar amounts in thousands) |
| |
Investment
Date |
| |
As of
September 30, 2019 |
| |
As of
September 30, 2019 |
| |
As of
September 30, 2019 |
| |
As of
December 31, 2018 |
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||
Plaza Del Rio Medical Office Campus Portfolio
|
| | May 2015 | | | | $ | 416 | | | | | | 2.4% | | | | | $ | 14,289 | | | | | $ | 14,747 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 87 | | |
UnityPoint Clinic Portfolio(2)
|
| | December 2017 | | | | $ | 493 | | | | | | 5.0% | | | | | $ | 8,941 | | | | | $ | 9,241 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Net loss attributable to stockholders (in thousands)
|
| | | $ | (28,789) | | | | | $ | (29,607) | | | | | $ | (39,954) | | | | | $ | (42,548) | | |
Basic and diluted weighted-average shares outstanding
|
| | | | 91,992,963 | | | | | | 90,203,311 | | | | | | 91,884,495 | | | | | | 90,983,620 | | |
Basic and diluted net loss per share
|
| | | $ | (0.31) | | | | | $ | (0.33) | | | | | $ | (0.43) | | | | | $ | (0.47) | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Unvested restricted shares(1)
|
| | | | 299,953 | | | | | | 341,976 | | | | | | 315,872 | | | | | | 369,946 | | |
OP Units(2)
|
| | | | 405,998 | | | | | | 405,998 | | | | | | 405,998 | | | | | | 405,998 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Class B Units(3)
|
| | | | 359,250 | | | | | | 359,250 | | | | | | 359,250 | | | | | | 359,250 | | |
Total weighted average antidilutive common stock equivalents
|
| | | | 1,065,201 | | | | | | 1,107,224 | | | | | | 1,081,120 | | | | | | 1,135,194 | | |
|
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2019
|
| ||||||||||||||||||||||||||||||||||||||||||
(In thousands)
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| ||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 25,672 | | | | | $ | 3,783 | | | | | $ | 65,985 | | | | | $ | 95,440 | | | | | $ | 75,997 | | | | | $ | 10,780 | | | | | $ | 193,668 | | | | | $ | 280,445 | | |
Property operating and maintenance
|
| | | | 8,733 | | | | | | 608 | | | | | | 51,314 | | | | | | 60,655 | | | | | | 23,702 | | | | | | 1,420 | | | | | | 147,136 | | | | | | 172,258 | | |
NOI
|
| | | $ | 16,939 | | | | | $ | 3,175 | | | | | $ | 14,671 | | | | | | 34,785 | | | | | $ | 52,295 | | | | | $ | 9,360 | | | | | $ | 46,532 | | | | | | 108,187 | | |
Impairment charges
|
| | | | | | | | | | | | | | | | | | | | | | (22,615) | | | | | | | | | | | | | | | | | | | | | | | | (22,634) | | |
Operating fees to related parties
|
| | | | | | | | | | | | | | | | | | | | | | (5,941) | | | | | | | | | | | | | | | | | | | | | | | | (17,535) | | |
Acquisition and transaction related
|
| | | | | | | | | | | | | | | | | | | | | | (112) | | | | | | | | | | | | | | | | | | | | | | | | (161) | | |
General and administrative
|
| | | | | | | | | | | | | | | | | | | | | | (4,782) | | | | | | | | | | | | | | | | | | | | | | | | (15,394) | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | (20,140) | | | | | | | | | | | | | | | | | | | | | | | | (61,124) | | |
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (12,990) | | | | | | | | | | | | | | | | | | | | | | | | (39,739) | | |
Interest and other income
|
| | | | | | | | | | | | | | | | | | | | | | 11 | | | | | | | | | | | | | | | | | | | | | | | | 15 | | |
Loss on sale of real estate investments
|
| | | | | | | | | | | | | | | | | | | | | | 2,715 | | | | | | | | | | | | | | | | | | | | | | | | 8,793 | | |
(Loss) gain on non-designated derivatives
|
| | | | | | | | | | | | | | | | | | | | | | (2) | | | | | | | | | | | | | | | | | | | | | | | | (50) | | |
Income tax expense (benefit)
|
| | | | | | | | | | | | | | | | | | | | | | 271 | | | | | | | | | | | | | | | | | | | | | | | | (364) | | |
Net loss attributable to non-controlling
interests |
| | | | | | | | | | | | | | | | | | | | | | 11 | | | | | | | | | | | | | | | | | | | | | | | | 52 | | |
Net loss attributable to stockholders
|
| | | | | | | | | | | | | | | | | | | | | $ | (28,789) | | | | | | | | | | | | | | | | | | | | | | | $ | (39,954) | | |
|
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||||||||
(In thousands)
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| |
Medical
Office Buildings |
| |
Triple-Net
Leased Healthcare Facilities(1) |
| |
Seniors
Housing – Operating Properties(1) |
| |
Consolidated
|
| ||||||||||||||||||||||||
Revenue from tenants
|
| | | $ | 24,186 | | | | | $ | 4,836 | | | | | $ | 61,169 | | | | | $ | 90,191 | | | | | $ | 73,383 | | | | | $ | 14,779 | | | | | $ | 182,424 | | | | | $ | 270,586 | | |
Property operating and maintenance
|
| | | | 6,982 | | | | | | 5,840 | | | | | | 46,476 | | | | | | 59,298 | | | | | | 22,327 | | | | | | 6,197 | | | | | | 137,637 | | | | | | 166,161 | | |
NOI
|
| | | $ | 17,204 | | | | | $ | (1,004) | | | | | $ | 14,693 | | | | | | 30,893 | | | | | $ | 51,056 | | | | | $ | 8,582 | | | | | $ | 44,787 | | | | | | 104,425 | | |
Impairment charges
|
| | | | | | | | | | | | | | | | | | | | | | (17,837) | | | | | | | | | | | | | | | | | | | | | | | | (18,570) | | |
Operating fees to related parties
|
| | | | | | | | | | | | | | | | | | | | | | (5,743) | | | | | | | | | | | | | | | | | | | | | | | | (17,233) | | |
Acquisition and transaction related
|
| | | | | | | | | | | | | | | | | | | | | | (40) | | | | | | | | | | | | | | | | | | | | | | | | (333) | | |
General and administrative
|
| | | | | | | | | | | | | | | | | | | | | | (4,441) | | | | | | | | | | | | | | | | | | | | | | | | (12,705) | | |
Depreciation and amortization
|
| | | | | | | | | | | | | | | | | | | | | | (20,466) | | | | | | | | | | | | | | | | | | | | | | | | (62,099) | | |
Interest expense
|
| | | | | | | | | | | | | | | | | | | | | | (12,597) | | | | | | | | | | | | | | | | | | | | | | | | (35,962) | | |
Interest and other income
|
| | | | | | | | | | | | | | | | | | | | | | 16 | | | | | | | | | | | | | | | | | | | | | | | | 21 | | |
(Loss) gain on non-designated derivative
instruments |
| | | | | | | | | | | | | | | | | | | | | | 18 | | | | | | | | | | | | | | | | | | | | | | | | 46 | | |
Income tax expense (benefit)
|
| | | | | | | | | | | | | | | | | | | | | | 550 | | | | | | | | | | | | | | | | | | | | | | | | (225) | | |
Net loss attributable to non-controlling
interests |
| | | | | | | | | | | | | | | | | | | | | | 40 | | | | | | | | | | | | | | | | | | | | | | | | 87 | | |
Net loss attributable to stockholders
|
| | | | | | | | | | | | | | | | | | | | | $ | (29,607) | | | | | | | | | | | | | | | | | | | | | | | $ | (42,548) | | |
|
(In thousands)
|
| |
September 30,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Investments in real estate, net: | | | | | | | | | | | | | |
Medical office buildings
|
| | | $ | 899,280 | | | | | $ | 878,703 | | |
Triple-net leased healthcare facilities(1)
|
| | | | 237,366 | | | | | | 289,686 | | |
Construction in progress(2)
|
| | | | 95,960 | | | | | | 90,829 | | |
Seniors housing – operating properties(1)
|
| | | | 875,466 | | | | | | 911,952 | | |
Total investments in real estate, net
|
| | | | 2,108,072 | | | | | | 2,171,170 | | |
Cash and cash equivalents
|
| | | | 52,425 | | | | | | 77,264 | | |
Restricted cash
|
| | | | 19,160 | | | | | | 14,094 | | |
Assets held for sale
|
| | | | 70,674 | | | | | | 52,397 | | |
Derivative assets, at fair value
|
| | | | — | | | | | | 4,633 | | |
Straight-line rent receivable, net
|
| | | | 20,362 | | | | | | 17,351 | | |
Prepaid expenses and other assets
|
| | | | 46,745 | | | | | | 28,785 | | |
Deferred costs, net
|
| | | | 13,087 | | | | | | 11,752 | | |
Total assets
|
| | | $ | 2,330,525 | | | | | $ | 2,377,446 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
(In thousands)
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Medical office buildings
|
| | | $ | 1,385 | | | | | $ | 1,834 | | | | | $ | 3,139 | | | | | $ | 4,060 | | |
Triple-net leased healthcare facilities
|
| | | | — | | | | | | 425 | | | | | | 17 | | | | | | 493 | | |
Seniors housing – operating properties(1)
|
| | | | 3,244 | | | | | | 489 | | | | | | 7,754 | | | | | | 2,415 | | |
Total capital expenditures
|
| | | $ | 4,629 | | | | | $ | 2,748 | | | | | $ | 10,910 | | | | | $ | 6,968 | | |
| | |
Future Base Rent Payments
|
| |||||||||
(In thousands)
|
| |
Operating Leases
|
| |
Direct Financing
Leases |
| ||||||
2019 (remainder)
|
| | | $ | 162 | | | | | $ | 20 | | |
2020
|
| | | | 651 | | | | | | 82 | | |
2021
|
| | | | 663 | | | | | | 84 | | |
2022
|
| | | | 682 | | | | | | 86 | | |
2023
|
| | | | 684 | | | | | | 88 | | |
Thereafter
|
| | | | 30,067 | | | | | | 7,590 | | |
Total lease payments
|
| | | | 32,909 | | | | | | 7,950 | | |
Less: Effects of discounting
|
| | | | (23,782) | | | | | | (3,117) | | |
Total present value of lease payments
|
| | | $ | 9,127 | | | | | $ | 4,833 | | |
| | |
Future Base Rent Payments
|
| |||||||||
(In thousands)
|
| |
Operating Leases
|
| |
Capital Leases
|
| ||||||
2019
|
| | | $ | 780 | | | | | $ | 80 | | |
2020
|
| | | | 781 | | | | | | 82 | | |
2021
|
| | | | 774 | | | | | | 84 | | |
2022
|
| | | | 790 | | | | | | 86 | | |
2023
|
| | | | 760 | | | | | | 88 | | |
| | |
Future Base Rent Payments
|
| |||||||||
(In thousands)
|
| |
Operating Leases
|
| |
Capital Leases
|
| ||||||
Thereafter
|
| | | | 34,344 | | | | | | 7,590 | | |
Total lease payments
|
| | | $ | 38,229 | | | | | | 8,010 | | |
Less: Effects of discounting
|
| | | | | | | | | | (3,202) | | |
Total present value of lease payments
|
| | | | | | | | | $ | 4,808 | | |
|
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