Equity Investments (Tables)

12 Months Ended

Dec. 31, 2014

Equity Investments

Schedule of Equity Investments

At December 31, 2014 and 2013, we had the following equity investments (in thousands):

	Ownership Percentage				Equity Investments				Equity in Earnings
	December 31,				December 31,				Year Ended December 31,
	2014		2013		2014		2013		2014			2013		2012
SIR	—	%	44.2	%	$	—	$	512,078	$	24,516		$	21,153	$	—
GOV	—	%	—	%	—		—		—			4,111		10,836
AIC	—	%	12.5	%	—		5,913		(56		)	490		584
					$	—	$	517,991	$	24,460		$	25,754	$	11,420

SIR

Equity Investments

Summary of Balance Sheet Information of Equity Method Investee

	July 9, 2014		December 31, 2013
Real estate properties, net	$	1,772,684	$	1,579,234
Acquired real estate leases, net	125,163		129,426
Cash and cash equivalents	27,531		20,025
Rents receivable, net	60,474		55,335
Other assets, net	17,698		17,839
Total assets	$	2,003,550	$	1,801,859
Revolving credit facility	$	74,000	$	159,000
Term loan	350,000		350,000
Mortgage notes payable	19,069		27,147
Assumed real estate lease obligations, net	26,945		26,966
Other liabilities	44,225		40,055
Shareholders' equity	1,489,311		1,198,691
Total liabilities and shareholders' equity	$	2,003,550	$	1,801,859

Summary of Income Statement Information of Equity Method Investee

	For the Period from January 1, 2014 through July 9, 2014			Year Ended December 31,
				2013			2012
Rental income	$	98,226		$	159,011		$	105,559
Tenant reimbursements and other income	16,980			29,312			17,231
Total revenues	115,206			188,323			122,790
Operating expenses	20,982			36,382			23,796
Depreciation and amortization	20,832			31,091			14,860
Acquisition related costs	374			2,002			2,470
General and administrative	7,731			12,423			8,203
Total expenses	49,919			81,898			49,329
Operating income	65,287			106,425			73,461
Interest expense	(7,287		)	(13,763		)	(7,565		)
Gain on early extinguishment of debt	243			—			—
Income before income tax expense and equity in earnings of an investee	58,243			92,662			65,896
Income tax (expense) benefit	(90		)	96			(290		)
Equity in earnings of an investee	32			334			269
Net income	$	58,185		$	93,092		$	65,875
Weighted average common shares outstanding	52,394			44,565			27,122
Net income per common share	$	1.11		$	2.09		$	2.43

GOV

Equity Investments

Summary of Income Statement Information of Equity Method Investee

	Year Ended December 31, 2012
Rental income	$	203,700
Operating expenses	75,326
Depreciation and amortization	49,070
Acquisition related costs	1,614
General and administrative	11,924
Total expenses	137,934
Operating income	65,766
Interest and other income	29
Interest expense	(16,892		)
Income from continuing operations before income tax expense and equity in earnings of an investee	48,903
Income tax expense	(159		)
Equity in earnings of an investee	316
Income from continuing operations	49,060
Income from discontinued operations	900
Net income	$	49,960
Weighted average common shares outstanding	48,617
Per common share:
Income from continuing operations	$	1.01
Income from discontinued operations	$	0.02
Net income	$	1.03