Equity Investments (Tables)

12 Months Ended

Dec. 31, 2013

Equity Investments

Schedule of equity investments

	Ownership Percentage						Equity Investments				Equity in Earnings
	December 31,						December 31,				Year Ended December 31,
	2013			2012			2013		2012		2013		2012		2011
SIR		44.2	%		56.0%	(1)	$	512,078	$	—	$	21,153	$	—	$	—
GOV		0.0	%		18.2%			—		173,452		4,111		10,836		11,238
AIC		12.5	%		25.0%			5,913		11,259		490		584		139
							$	517,991	$	184,711	$	25,754	$	11,420	$	11,377

⁽¹⁾

SIR's financial position and results of operations were consolidated in our financial statements as of December 31, 2012, and therefore not reflected in the table above.

SIR

Equity Investments

Summary of balance sheet information of equity method investee

	December 31,
	2013		2012
Real estate properties, net	$	1,579,234	$	1,249,081
Acquired real estate leases, net		129,426		95,248
Cash and cash equivalents		20,025		20,373
Rents receivable, net		55,335		38,885
Other assets, net		17,839		27,065
Total assets	$	1,801,859	$	1,430,652
Revolving credit facility	$	159,000	$	95,000
Term loan		350,000		350,000
Mortgage notes payable		27,147		27,778
Assumed real estate lease obligations, net		26,966		20,434
Other liabilities		40,055		37,257
Shareholders' equity		1,198,691		900,183
Total liabilities and shareholders' equity	$	1,801,859	$	1,430,652

Summary of income statement information of equity method investee

	Year Ended December 31,
	2013			2012			2011
Rental income	$	159,011		$	105,559		$	91,775
Tenant reimbursements and other income		29,312			17,231			16,847
Total revenues		188,323			122,790			108,622
Operating expenses		36,382			23,796			22,946
Depreciation and amortization		31,091			14,860			11,205
Acquisition related costs		2,002			2,470			—
General and administrative		12,423			8,203			5,528
Total expenses		81,898			49,329			39,679
Operating income		106,425			73,461			68,943
Interest expense		(13,763	)		(7,565	)		—
Income before income tax expense and equity in earnings of an investee		92,662			65,896			68,943
Income tax benefit (expense)		96			(290	)		—
Equity in earnings of an investee		334			269			—
Net income	$	93,092		$	65,875		$	68,943
Weighted average common shares outstanding		44,565			27,122			—
Net income per common share	$	2.09		$	2.43			N/A

GOV

Equity Investments

Summary of balance sheet information of equity method investee

	December 31, 2012
Real estate properties, net	$	1,311,202
Assets of discontinued operations		47,142
Acquired real estate leases, net		144,402
Cash and cash equivalents		5,255
Rents receivable, net		28,882
Other assets, net		25,251
Total assets	$	1,562,134
Unsecured revolving credit facility	$	49,500
Unsecured term loan		350,000
Mortgage notes payable		93,127
Liabilities of discontinued operations		298
Assumed real estate lease obligations, net		19,129
Other liabilities		22,629
Shareholders' equity		1,027,451
Total liabilities and shareholders' equity	$	1,562,134

Summary of income statement information of equity method investee

	Year Ended December 31,
	2012			2011
Rental income	$	203,700		$	168,074
Operating expenses		75,326			62,117
Depreciation and amortization		49,070			37,776
Acquisition related costs		1,614			3,504
General and administrative		11,924			10,469
Total expenses		137,934			113,866
Operating income		65,766			54,208
Interest and other income		29			104
Interest expense		(16,892	)		(12,057	)
Income from continuing operations before income tax expense and equity in earnings of an investee		48,903			42,255
Income tax expense		(159	)		(203	)
Equity in earnings of an investee		316			139
Income from continuing operations		49,060			42,191
Income from discontinued operations		900			3,806
Net income	$	49,960		$	45,997
Weighted average common shares outstanding		48,617			43,368
Per common share:
Income from continuing operations	$	1.01		$	0.97
Income from discontinued operations	$	0.02		$	0.09
Net income	$	1.03		$	1.06