Equity Investments (Tables)
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12 Months Ended |
Dec. 31, 2014
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Equity Investments |
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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 |
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SIR |
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Equity Investments |
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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 |
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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 |
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GOV |
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Equity Investments |
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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 |
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