UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 31, 2014
American Realty Capital Healthcare Trust,
Inc.
(Exact Name of Registrant as Specified in
Charter)
Maryland |
|
001-36394 |
|
27-3306391 |
(State or other jurisdiction |
|
|
|
(I.R.S. Employer |
of incorporation) |
|
(Commission File Number) |
|
Identification No.) |
405 Park Avenue
New York, New York 10022 |
(Address, including zip code, of Principal Executive Offices) |
Registrant's telephone number, including area code: (212) 415-6500 |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 31, 2014, American Realty Capital Healthcare
Trust, Inc. (the "Company") issued quarterly supplemental financial information attached hereto as Exhibit 99.1 announcing
its results of operations for the fiscal quarter ended September 30, 2014.
Item 7.01. Regulation FD Disclosure.
As disclosed in Item 2.02 above, on October 31, 2014, the
Company issued quarterly supplemental financial information attached hereto as Exhibit 99.1 announcing its results of operations
for the fiscal quarter ended September 30, 2014. The information set forth in Items 2.02 and 7.01 hereto and in the attached
Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
99.1 |
|
Quarterly supplemental information for the fiscal quarter ended September 30, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC. |
|
|
|
|
By: |
/s/ Thomas P. D'Arcy |
|
Thomas P. D'Arcy |
|
Chief Executive Officer |
Date: October 31, 2014
Exhibit 99.1
Table
of Contents
|
Item |
Page |
Financial and Operating Highlights |
3 |
Consolidated Balance Sheets |
4 |
Consolidated Statements of Income |
5 |
|
|
Portfolio |
6 - 9 |
Business Summary |
6 |
Quarterly Revenue and NOI |
7 |
Portfolio Diversification by State |
8 |
Seniors Housing / MSA Characteristics |
9 |
|
|
Segment Reporting |
10 - 14 |
Medical Office Buildings |
10 - 11 |
Triple-Net Leased |
12 - 13 |
Seniors Housing - Operating |
14 |
|
|
Debt Structure |
15 |
Non-GAAP Reconciliations |
16 |
Definitions |
17 - 18 |
Property List |
19 - 24 |
The data and other information described in
this supplemental is as of the dates indicated. Future performance may not be consistent with past performance and is subject to
change and inherent risks and uncertainties.
This presentation contains certain
statements that are American Realty Capital Healthcare Trust, Inc.’s (“HCT” or the “Company”)
and its management’s hopes, intentions, beliefs, expectations, or projections of the future and might be considered to
be forward-looking statements under federal securities laws. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance, and involve risks and uncertainties. HCT’s actual
future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release
revisions to these forward-looking statements to reflect changes after we’ve made the statements. Factors and risks
that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in
HCT’s filings with the Securities and Exchange Commission (“SEC”) including, but not limited to,
HCT’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q, as well as HCT’s press releases.
Financial and Operating Highlights
Amounts in thousands, except
per share data, ratios and percentages
| |
Quarter ended September 30, | | |
Year to Date September 30, | |
Financial and Operating Information | |
2014 | | |
2013 | | |
2014 | | |
2013 | |
Total revenues | |
$ | 73,609 | | |
$ | 34,148 | | |
$ | 194,367 | | |
$ | 76,763 | |
Net operating income (NOI) | |
$ | 42,294 | | |
$ | 20,208 | | |
| 113,335 | | |
| 50,187 | |
Adjusted EBITDA | |
$ | 36,408 | | |
$ | 18,778 | | |
| 100,399 | | |
| 47,259 | |
| |
| | | |
| | | |
| | | |
| | |
Dividends paid per common share | |
$ | 0.17 | | |
$ | 0.17 | | |
$ | 0.51 | | |
$ | 0.51 | |
| |
| | | |
| | | |
| | | |
| | |
Funds from operations (FFO) | |
$ | 19,754 | | |
$ | 11,543 | | |
| (24,853 | ) | |
| 28,873 | |
FFO per diluted share | |
$ | 0.12 | | |
$ | 0.06 | | |
| (0.14 | ) | |
| 0.20 | |
| |
| | | |
| | | |
| | | |
| | |
Normalized funds from operations (NFFO) | |
$ | 28,270 | | |
$ | 14,650 | | |
| 80,607 | | |
| 36,731 | |
NFFO per diluted share | |
$ | 0.17 | | |
$ | 0.08 | | |
| 0.46 | | |
| 0.26 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted funds from operations (AFFO) | |
$ | 27,555 | | |
$ | 14,547 | | |
| 78,219 | | |
| 35,645 | |
AFFO per diluted share | |
$ | 0.16 | | |
$ | 0.08 | | |
| 0.44 | | |
| 0.25 | |
| |
| | | |
| | | |
| | | |
| | |
Interest expense | |
$ | 7,942 | | |
$ | 4,350 | | |
| 20,593 | | |
| 10,754 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted interest coverage ratio | |
| 5.5 | x | |
| 5.7 | x | |
| 6.0 | x | |
| 5.5 | x |
Adjusted fixed charge coverage ratio | |
| 5.2 | x | |
| 5.5 | x | |
| 5.6 | x | |
| 5.4 | x |
| |
| | | |
| | | |
| | | |
| | |
Same store NOI increase/decrease1 | |
| N/A | | |
| N/A | | |
| N/A | | |
| N/A | |
Medical office | |
| 1.8 | % | |
| N/A | | |
| N/A | | |
| N/A | |
Triple-net leased | |
| N/A | | |
| N/A | | |
| N/A | | |
| N/A | |
Seniors housing - operating | |
| N/A | | |
| N/A | | |
| N/A | | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | |
Seniors housing - operating: operating margin2 | |
| 35.3 | % | |
| N/A | | |
| N/A | | |
| N/A | |
| |
As of September 30, | | |
| | |
| |
Capitalization Data | |
2014 | | |
2013 | | |
| | |
| |
Real estate investments, net | |
$ | 2,055,108 | | |
| 1,362,892 | | |
| | | |
| | |
Total assets, gross | |
$ | 2,148,337 | | |
$ | 1,735,633 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total debt | |
$ | 923,231 | | |
$ | 239,067 | | |
| | | |
| | |
Non-controlling interests | |
$ | 11,757 | | |
$ | 3,817 | | |
| | | |
| | |
Total shareholders’ equity | |
$ | 1,110,084 | | |
$ | 1,456,909 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Common shares and units outstanding3 | |
| 170,760 | | |
| 179,229 | | |
| | | |
| | |
Share price, end of period | |
$ | 10.48 | | |
$ | 10.00 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Total market capitalization | |
$ | 1,789,566 | | |
$ | 1,792,291 | | |
| | | |
| | |
Total enterprise value4 | |
$ | 2,679,345 | | |
$ | 1,722,447 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Debt to total assets, gross | |
| 43.0 | % | |
| 13.8 | % | |
| | | |
| | |
Debt to total market capitalization | |
| 51.6 | % | |
| 13.3 | % | |
| | | |
| | |
Debt to total enterprise value | |
| 34.5 | % | |
| 13.9 | % | |
| | | |
| | |
Secured debt to total assets, gross | |
| 14.1 | % | |
| 13.8 | % | |
| | | |
| | |
| 1. | At September 30, 2014, over 50% of the MOB portfolio
met the conventional definition of “same store.” The Company will commence same store reporting for the other business
segments once the level of net operating income from stabilized assets held for a period of five consecutive quarters exceeds
50%. |
| 2. | Reflects the operating margin for ten stabilized properties
in this business segment that have been owned for five consecutive quarters. Operating margin is the ratio of operating income
divided by revenue. |
| 3. | Includes common share equivalents. |
| 4. | Total enterprise value reflects total market capitalization
plus debt, less cash and cash equivalents, at September 30, 2014. |
|
|
Consolidated Balance Sheets | |
| | |
| | |
| | |
| | |
| |
Amounts in thousands | |
| | |
| | |
| | |
| | |
| |
| |
Q3 2014 | | |
Q2 2014 | | |
Q1 2014 | | |
Q4 2013 | | |
Q3 2013 | |
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
Real estate investments, at cost | |
| | | |
| | | |
| | | |
| | | |
| | |
Land | |
$ | 149,964 | | |
$ | 143,505 | | |
$ | 121,978 | | |
$ | 107,719 | | |
$ | 112,766 | |
Buildings, fixtures and improvements | |
| 1,826,348 | | |
| 1,729,130 | | |
| 1,556,438 | | |
| 1,363,858 | | |
| 1,147,659 | |
Construction in progress | |
| 19,673 | | |
| 19,262 | | |
| 16,148 | | |
| 11,112 | | |
| 4,819 | |
Acquired intangible lease assets | |
| 240,402 | | |
| 228,963 | | |
| 199,630 | | |
| 181,264 | | |
| 158,804 | |
Total real estate investments at cost | |
| 2,236,387 | | |
| 2,120,860 | | |
| 1,894,194 | | |
| 1,663,953 | | |
| 1,424,048 | |
Less: accumulated depreciation and amortization | |
| (181,279 | ) | |
| (148,543 | ) | |
| (116,558 | ) | |
| (87,350 | ) | |
| (61,156 | ) |
Total real estate investments, net | |
| 2,055,108 | | |
| 1,972,317 | | |
| 1,777,636 | | |
| 1,576,603 | | |
| 1,362,892 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| 33,452 | | |
| 28,695 | | |
| 142,928 | | |
| 103,447 | | |
| 308,911 | |
Other assets | |
| 59,777 | | |
| 76,513 | | |
| 70,346 | | |
| 54,523 | | |
| 63,830 | |
Total assets | |
$ | 2,148,337 | | |
$ | 2,077,525 | | |
$ | 1,990,910 | | |
$ | 1,734,573 | | |
$ | 1,735,633 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities And Equity | |
| | | |
| | | |
| | | |
| | | |
| | |
Mortgage notes payable | |
$ | 303,831 | | |
$ | 304,207 | | |
$ | 298,650 | | |
$ | 259,348 | | |
$ | 239,067 | |
Line of credit | |
| 119,400 | | |
| 207,500 | | |
| 131,500 | | |
| - | | |
| - | |
Unsecured term loan | |
| 500,000 | | |
| 300,000 | | |
| 100,000 | | |
| - | | |
| - | |
Accounts payable, accrued expenses and other liabilities | |
| 103,265 | | |
| 101,174 | | |
| 47,092 | | |
| 39,481 | | |
| 35,840 | |
Total liabilities | |
| 1,026,496 | | |
| 912,881 | | |
| 577,242 | | |
| 298,829 | | |
| 274,907 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock | |
| 1,691 | | |
| 1,691 | | |
| 1,821 | | |
| 1,805 | | |
| 1,788 | |
Additional paid in capital | |
| 1,462,165 | | |
| 1,462,108 | | |
| 1,607,456 | | |
| 1,591,941 | | |
| 1,576,011 | |
Accumulated other comprehensive loss | |
| (219 | ) | |
| (987 | ) | |
| (1,597 | ) | |
| (3,243 | ) | |
| (3,241 | ) |
Accumulated deficit | |
| (353,553 | ) | |
| (312,655 | ) | |
| (195,863 | ) | |
| (158,378 | ) | |
| (117,649 | ) |
Total shareholders' equity | |
| 1,110,084 | | |
| 1,150,157 | | |
| 1,411,817 | | |
| 1,432,125 | | |
| 1,456,909 | |
Non-controlling interests | |
| 11,757 | | |
| 14,487 | | |
| 1,851 | | |
| 3,619 | | |
| 3,817 | |
Total equity | |
| 1,121,841 | | |
| 1,164,644 | | |
| 1,413,668 | | |
| 1,435,744 | | |
| 1,460,726 | |
Total liabilities and equity | |
$ | 2,148,337 | | |
$ | 2,077,525 | | |
$ | 1,990,910 | | |
$ | 1,734,573 | | |
$ | 1,735,633 | |
|
|
Consolidated Statements of Income | |
| | |
| | |
| | |
| | |
| |
Amounts in thousands, except per share data and ratios | |
Q3 2014 | | |
Q2 2014 | | |
Q1 2014 | | |
Q4 2013 | | |
Q3 2013 | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | |
Rental income | |
$ | 63,311 | | |
$ | 55,584 | | |
$ | 47,517 | | |
$ | 41,597 | | |
$ | 29,285 | |
Operating expense reimbursement | |
| 4,557 | | |
| 4,267 | | |
| 4,184 | | |
| 3,626 | | |
| 2,859 | |
Resident services and fee income | |
| 5,741 | | |
| 4,918 | | |
| 4,288 | | |
| 3,367 | | |
| 2,004 | |
Total revenues | |
| 73,609 | | |
| 64,769 | | |
| 55,989 | | |
| 48,590 | | |
| 34,148 | |
Property operating | |
| 31,315 | | |
| 26,238 | | |
| 23,479 | | |
| 20,089 | | |
| 13,940 | |
Net operating income | |
| 42,294 | | |
| 38,531 | | |
| 32,510 | | |
| 28,501 | | |
| 20,208 | |
Asset management fees to affiliate | |
| 2,711 | | |
| 2,352 | | |
| - | | |
| - | | |
| - | |
Equity based compensation | |
| 605 | | |
| 97 | | |
| 10 | | |
| 68 | | |
| 13 | |
Acquisition and transaction related | |
| 10,266 | | |
| 35,372 | | |
| 3,422 | | |
| 5,748 | | |
| 3,107 | |
Estimated value of listing note | |
| (1,750 | ) | |
| 58,150 | | |
| - | | |
| - | | |
| - | |
General and administrative | |
| 2,570 | | |
| 2,673 | | |
| 1,918 | | |
| 1,618 | | |
| 1,416 | |
Depreciation and amortization | |
| 32,606 | | |
| 31,714 | | |
| 28,943 | | |
| 25,907 | | |
| 17,141 | |
Operating income (loss) | |
| (4,714 | ) | |
| (91,827 | ) | |
| (1,783 | ) | |
| (4,840 | ) | |
| (1,469 | ) |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (7,942 | ) | |
| (7,108 | ) | |
| (5,543 | ) | |
| (5,089 | ) | |
| (4,350 | ) |
Other income (expense), net | |
| (144 | ) | |
| 830 | | |
| 300 | | |
| 49 | | |
| 354 | |
Total other expense | |
| (8,086 | ) | |
| (6,278 | ) | |
| (5,243 | ) | |
| (5,040 | ) | |
| (3,996 | ) |
Net income (loss) | |
| (12,800 | ) | |
| (98,105 | ) | |
| (7,026 | ) | |
| (9,880 | ) | |
| (5,465 | ) |
Net loss (income) attributable to non-controlling interests | |
| 679 | | |
| 817 | | |
| (9 | ) | |
| (12 | ) | |
| (10 | ) |
Net income (loss) attributable to shareholders | |
$ | (12,121 | ) | |
$ | (97,288 | ) | |
$ | (7,035 | ) | |
$ | (9,892 | ) | |
$ | (5,475 | ) |
Basic weighted average shares outstanding | |
| 169,090 | | |
| 175,129 | | |
| 181,621 | | |
| 179,930 | | |
| 178,231 | |
Basic net loss per share attributable to shareholders | |
$ | (0.07 | ) | |
$ | (0.56 | ) | |
$ | (0.04 | ) | |
$ | (0.05 | ) | |
$ | (0.03 | ) |
Funds from operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) in accordance with GAAP | |
$ | (12,800 | ) | |
$ | (98,105 | ) | |
$ | (7,026 | ) | |
$ | (9,880 | ) | |
$ | (5,465 | ) |
Depreciation and amortization | |
| 32,606 | | |
| 31,713 | | |
| 28,943 | | |
| 25,907 | | |
| 17,140 | |
Adjustments related to joint ventures and non-real estate assets | |
| (52 | ) | |
| (33 | ) | |
| (99 | ) | |
| (133 | ) | |
| (132 | ) |
Funds from operations | |
$ | 19,754 | | |
$ | (66,425 | ) | |
$ | 21,818 | | |
$ | 15,894 | | |
$ | 11,543 | |
Acquisition fees and expenses | |
| 10,266 | | |
| 35,372 | | |
| 3,422 | | |
| 5,748 | | |
| 3,107 | |
Estimated value of listing note | |
| (1,750 | ) | |
| 58,150 | | |
| - | | |
| - | | |
| - | |
Funds from operations, normalized | |
$ | 28,270 | | |
$ | 27,097 | | |
$ | 25,240 | | |
$ | 21,642 | | |
$ | 14,650 | |
Amortization of above-market lease assets and liabilities | |
| 98 | | |
| 95 | | |
| 95 | | |
| 98 | | |
| 160 | |
Straight-line rent | |
| (3,081 | ) | |
| (2,662 | ) | |
| (1,930 | ) | |
| (1,851 | ) | |
| (1,357 | ) |
Proportionate share of adjustments related to non-controlling interests | |
| 1 | | |
| 2 | | |
| 22 | | |
| 31 | | |
| 35 | |
Accretion of discount/amortization of premiums | |
| (389 | ) | |
| (384 | ) | |
| (264 | ) | |
| (233 | ) | |
| (226 | ) |
Deferred financing costs | |
| 1,637 | | |
| 1,629 | | |
| 1,561 | | |
| 1,520 | | |
| 1,209 | |
Non-cash equity compensation | |
| 605 | | |
| 97 | | |
| 10 | | |
| 68 | | |
| 13 | |
Loss on sale of investments | |
| 464 | | |
| (335 | ) | |
| - | | |
| 300 | | |
| - | |
OPP | |
| 183 | | |
| 516 | | |
| - | | |
| - | | |
| - | |
Distributions on Class B units | |
| - | | |
| 12 | | |
| 139 | | |
| 103 | | |
| 63 | |
Capital expenditures | |
| (233 | ) | |
| (276 | ) | |
| - | | |
| - | | |
| - | |
Adjusted funds from operations (AFFO) | |
$ | 27,555 | | |
$ | 25,791 | | |
$ | 24,873 | | |
$ | 21,678 | | |
$ | 14,547 | |
Diluted weighted average shares outstanding | |
| 170,760 | | |
| 176,766 | | |
| 182,478 | | |
| 180,546 | | |
| 178,621 | |
Distributions paid in cash | |
$ | 28,745 | | |
$ | 24,303 | | |
$ | 13,818 | | |
$ | 13,865 | | |
$ | 13,960 | |
Distributions reinvested | |
| - | | |
| 5,721 | | |
| 16,533 | | |
| 16,537 | | |
| 16,519 | |
Distributions on unvested shares | |
| 31 | | |
| 2 | | |
| 3 | | |
| 6 | | |
| 3 | |
Distributions on Class B units | |
| - | | |
| 12 | | |
| 139 | | |
| 103 | | |
| 63 | |
Distributions on OP Units | |
| 247 | | |
| 166 | | |
| - | | |
| - | | |
| - | |
Total distributions paid | |
$ | 29,023 | | |
$ | 30,204 | | |
$ | 30,493 | | |
$ | 30,511 | | |
$ | 30,545 | |
FFO per diluted share | |
$ | 0.12 | | |
$ | (0.38 | ) | |
$ | 0.12 | | |
$ | 0.09 | | |
$ | 0.06 | |
FFO payout ratio | |
| 147 | % | |
| (45 | )% | |
| 140 | % | |
| 192 | % | |
| 265 | % |
Normalized FFO per diluted share | |
| 0.17 | | |
| 0.15 | | |
| 0.14 | | |
| 0.12 | | |
| 0.08 | |
Normalized FFO payout ratio | |
| 103 | % | |
| 111 | % | |
| 121 | % | |
| 141 | % | |
| 208 | % |
AFFO per diluted share | |
$ | 0.16 | | |
$ | 0.15 | | |
$ | 0.14 | | |
$ | 0.12 | | |
$ | 0.08 | |
AFFO payout ratio | |
| 105 | % | |
| 117 | % | |
| 123 | % | |
| 141 | % | |
| 210 | % |
Business Summary
Amounts in thousands, except
number of properties, number of units / beds, square feet and percentages
| |
Number of | | |
No. Units / | | |
| | |
| | |
Gross | | |
| | |
Annualized | | |
| | |
Annualized | | |
| |
| |
Properties | | |
Beds | | |
Square
Feet | | |
States | | |
Asset
Value | | |
%
of Total | | |
Revenue1 | | |
%
of Total | | |
NOI1 | | |
%
of Total | |
By Business Segment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
| 79 | | |
| - | | |
| 4,006,227 | | |
| 24 | | |
$ | 1,052,007 | | |
| 47 | % | |
$ | 101,032 | | |
| 34 | % | |
$ | 80,914 | | |
| 47 | % |
Triple-net leased | |
| 36 | | |
| 2,457 | | |
| 1,493,057 | | |
| 10 | | |
| 430,382 | | |
| 19 | % | |
| 42,756 | | |
| 14 | % | |
| 42,248 | | |
| 25 | % |
Seniors housing - operating | |
| 35 | | |
| 2,965 | | |
| 2,426,068 | | |
| 13 | | |
| 728,809 | | |
| 33 | % | |
| 152,880 | | |
| 52 | % | |
| 48,440 | | |
| 28 | % |
Land | |
| 3 | | |
| - | | |
| - | | |
| 3 | | |
| 3,769 | | |
| 0 | % | |
| - | | |
| 0 | % | |
| (52 | ) | |
| 0 | % |
Total | |
| 153 | | |
| 5,422 | | |
| 7,925,352 | | |
| 31 | | |
$ | 2,214,967 | | |
| 100 | % | |
$ | 296,668 | | |
| 100 | % | |
$ | 171,550 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
By Investment Type | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
| 79 | | |
| - | | |
| 4,006,227 | | |
| 24 | | |
$ | 1,052,007 | | |
| 47 | % | |
$ | 101,032 | | |
| 34 | % | |
$ | 80,914 | | |
| 47 | % |
Seniors housing | |
| 49 | | |
| 3,675 | | |
| 3,023,964 | | |
| 17 | | |
| 830,384 | | |
| 37 | % | |
| 162,305 | | |
| 55 | % | |
| 57,833 | | |
| 34 | % |
Post acute / skilled nursing | |
| 14 | | |
| 1,311 | | |
| 508,190 | | |
| 8 | | |
| 150,726 | | |
| 7 | % | |
| 16,843 | | |
| 6 | % | |
| 16,579 | | |
| 10 | % |
Hospital | |
| 8 | | |
| 436 | | |
| 386,971 | | |
| 2 | | |
| 178,081 | | |
| 8 | % | |
| 16,488 | | |
| 6 | % | |
| 16,277 | | |
| 9 | % |
Land | |
| 3 | | |
| - | | |
| - | | |
| 3 | | |
| 3,769 | | |
| 0 | % | |
| - | | |
| 0 | % | |
| (52 | ) | |
| 0 | % |
Total | |
| 153 | | |
| 5,422 | | |
| 7,925,352 | | |
| 31 | | |
$ | 2,214,967 | | |
| 100 | % | |
$ | 296,668 | | |
| 100 | % | |
$ | 171,550 | | |
| 100 | % |
| 1. | Annualized revenue and NOI represent Trailing Twelve
Month (TTM) figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized
figures for properties acquired during such period. |
Quarterly Revenue and Net
Operating Income by Business Segment and Investment Type
Amounts in thousands
| |
Q3
2014 | | |
Q2
2014 | | |
Q1
2014 | | |
Q4
2013 | | |
Q3
2013 | |
Revenues | |
| | | |
| | | |
| | | |
| | | |
| | |
By Business Segment | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
$ | 25,137 | | |
$ | 24,946 | | |
$ | 23,993 | | |
$ | 22,791 | | |
$ | 15,735 | |
Triple-net leased | |
| 10,567 | | |
| 8,812 | | |
| 4,793 | | |
| 4,436 | | |
| 3,197 | |
Seniors housing - operating | |
| 37,905 | | |
| 31,011 | | |
| 27,203 | | |
| 21,364 | | |
| 15,216 | |
Land | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 73,609 | | |
$ | 64,769 | | |
$ | 55,989 | | |
$ | 48,590 | | |
$ | 34,148 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
By Investment Type | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
$ | 25,137 | | |
$ | 24,946 | | |
$ | 23,993 | | |
$ | 22,791 | | |
$ | 15,735 | |
Seniors housing | |
| 40,152 | | |
| 33,021 | | |
| 28,121 | | |
| 21,609 | | |
| 15,417 | |
Post acute / skilled nursing | |
| 4,238 | | |
| 3,812 | | |
| 806 | | |
| 649 | | |
| 494 | |
Hospital | |
| 4,082 | | |
| 2,990 | | |
| 3,069 | | |
| 3,541 | | |
| 2,503 | |
Land | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Total | |
$ | 73,609 | | |
$ | 64,769 | | |
$ | 55,989 | | |
$ | 48,590 | | |
$ | 34,148 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Operating
Income | |
| | | |
| | | |
| | | |
| | | |
| | |
By Business Segment | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
$ | 20,044 | | |
$ | 20,030 | | |
$ | 19,221 | | |
$ | 18,554 | | |
$ | 12,422 | |
Triple-net leased | |
| 10,345 | | |
| 8,648 | | |
| 4,569 | | |
| 4,050 | | |
| 3,038 | |
Seniors housing - operating | |
| 11,909 | | |
| 9,868 | | |
| 8,733 | | |
| 5,914 | | |
| 4,748 | |
Land | |
| (4 | ) | |
| (15 | ) | |
| (13 | ) | |
| (18 | ) | |
| - | |
Total | |
$ | 42,294 | | |
$ | 38,531 | | |
$ | 32,510 | | |
$ | 28,501 | | |
$ | 20,208 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
By Investment Type | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical office | |
$ | 20,044 | | |
$ | 20,030 | | |
$ | 19,221 | | |
$ | 18,554 | | |
$ | 12,422 | |
Seniors housing | |
| 14,153 | | |
| 11,864 | | |
| 9,649 | | |
| 6,160 | | |
| 4,948 | |
Post acute / skilled nursing | |
| 4,155 | | |
| 3,754 | | |
| 763 | | |
| 589 | | |
| 460 | |
Hospital | |
| 3,946 | | |
| 2,898 | | |
| 2,889 | | |
| 3,215 | | |
| 2,378 | |
Land | |
| (4 | ) | |
| (15 | ) | |
| (13 | ) | |
| (18 | ) | |
| - | |
Total | |
$ | 42,294 | | |
$ | 38,531 | | |
$ | 32,510 | | |
$ | 28,501 | | |
$ | 20,208 | |
Portfolio Diversification
by State
Amounts in thousands, except
number of properties and percentages
| |
| | |
| | |
| | |
Medical
Office Buildings | | |
Triple-net
Leases | | |
Seniors
Housing | |
| |
Total1 | | |
Single
& Multi-Tenants | | |
Seniors
housing | | |
Post
acute / skilled nursing | | |
Hospital | | |
Operating
Properties | |
| |
| | |
| | |
| | |
Number | | |
| | |
| | |
Number | | |
| | |
| | |
Number | | |
| | |
| | |
Number | | |
| | |
| | |
Number | | |
| | |
| |
| |
Number of | | |
Annualized | | |
% of | | |
of | | |
Annualized | | |
% of | | |
of | | |
Annualized | | |
% of | | |
of | | |
Annualized | | |
% of | | |
of | | |
Annualized | | |
% of | | |
of | | |
Annualized | | |
% of | |
Top
20 States | |
Properties | | |
NOI2 | | |
Total | | |
Properties | | |
NOI2 | | |
Total | | |
Properties | | |
NOI2 | | |
Total | | |
Properties | | |
NOI2 | | |
Total | | |
Properties | | |
NOI2 | | |
Total | | |
Properties | | |
NOI2 | | |
Total | |
1. Texas | |
| 18 | | |
$ | 26,868 | | |
| 16 | % | |
| 9 | | |
$ | 7,221 | | |
| 9 | % | |
| 1 | | |
$ | 1,113 | | |
| 12 | % | |
| 1 | | |
$ | 1,216 | | |
| 7 | % | |
| 6 | | |
$ | 12,785 | | |
| 79 | % | |
| 1 | | |
$ | 4,535 | | |
| 9 | % |
2. Georgia | |
| 17 | | |
| 14,505 | | |
| 8 | % | |
| 8 | | |
| 5,447 | | |
| 7 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 8 | | |
| 9,106 | | |
| 19 | % |
3. Illinois | |
| 15 | | |
| 14,007 | | |
| 8 | % | |
| 7 | | |
| 9,715 | | |
| 12 | % | |
| 7 | | |
| 3,884 | | |
| 41 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 1 | | |
| 409 | | |
| 1 | % |
4. California | |
| 7 | | |
| 12,759 | | |
| 7 | % | |
| 3 | | |
| 4,927 | | |
| 6 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 2 | | |
| 971 | | |
| 6 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 2 | | |
| 6,861 | | |
| 14 | % |
5. Wisconsin | |
| 11 | | |
| 11,015 | | |
| 6 | % | |
| 6 | | |
| 8,273 | | |
| 10 | % | |
| 2 | | |
| 757 | | |
| 8 | % | |
| 3 | | |
| 1,984 | | |
| 12 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
6. Florida | |
| 11 | | |
| 10,667 | | |
| 6 | % | |
| 5 | | |
| 5,124 | | |
| 6 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 5 | | |
| 5,546 | | |
| 11 | % |
7. Arizona | |
| 7 | | |
| 8,937 | | |
| 5 | % | |
| 2 | | |
| 1,497 | | |
| 2 | % | |
| 1 | | |
| 803 | | |
| 9 | % | |
| 1 | | |
| 845 | | |
| 5 | % | |
| 2 | | |
| 3,492 | | |
| 21 | % | |
| 1 | | |
| 2,301 | | |
| 5 | % |
8. Indiana | |
| 6 | | |
| 8,459 | | |
| 5 | % | |
| 6 | | |
| 8,459 | | |
| 10 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
9. Oregon | |
| 7 | | |
| 6,600 | | |
| 4 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 7 | | |
| 6,600 | | |
| 14 | % |
10. Missouri | |
| 5 | | |
| 6,407 | | |
| 4 | % | |
| 1 | | |
| 867 | | |
| 1 | % | |
| 1 | | |
| 1,393 | | |
| 15 | % | |
| 2 | | |
| 4,146 | | |
| 25 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
11. Washington | |
| 5 | | |
| 6,012 | | |
| 4 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 5 | | |
| 6,012 | | |
| 12 | % |
12. Pennsylvania | |
| 4 | | |
| 5,931 | | |
| 3 | % | |
| 4 | | |
| 5,931 | | |
| 7 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
13. Nevada | |
| 5 | | |
| 4,938 | | |
| 3 | % | |
| 5 | | |
| 4,938 | | |
| 6 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
14. Michigan | |
| 4 | | |
| 4,454 | | |
| 3 | % | |
| 4 | | |
| 4,454 | | |
| 6 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
15. South Carolina | |
| 3 | | |
| 3,703 | | |
| 2 | % | |
| 2 | | |
| 2,628 | | |
| 3 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 1 | | |
| 1,075 | | |
| 2 | % |
16. West Virginia | |
| 2 | | |
| 3,568 | | |
| 2 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 2 | | |
| 3,568 | | |
| 22 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
17. Rhode Island | |
| 2 | | |
| 2,920 | | |
| 2 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 2 | | |
| 2,920 | | |
| 18 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
18. New York | |
| 3 | | |
| 2,775 | | |
| 2 | % | |
| 3 | | |
| 2,775 | | |
| 3 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
19. Virginia | |
| 2 | | |
| 2,618 | | |
| 2 | % | |
| 2 | | |
| 2,618 | | |
| 3 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % |
20. New Mexico | |
| 1 | | |
| 2,276 | | |
| 1 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 0 | | |
| | | |
| 0 | % | |
| 0 | | |
| | | |
| 0 | % | |
| 0 | | |
| - | | |
| 0 | % | |
| 1 | | |
| 2,276 | | |
| 5 | % |
States 1 to 20 | |
| 135 | | |
$ | 159,417 | | |
| 93 | % | |
| 67 | | |
$ | 74,873 | | |
| 93 | % | |
| 12 | | |
$ | 7,950 | | |
| 85 | % | |
| 13 | | |
$ | 15,650 | | |
| 94 | % | |
| 8 | | |
$ | 16,277 | | |
| 100 | % | |
| 32 | | |
$ | 44,719 | | |
| 92 | % |
Subtotal | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
All other states | |
| 18 | | |
$ | 12,133 | | |
| 7 | % | |
| 12 | | |
$ | 6,041 | | |
| 7 | % | |
| 2 | | |
$ | 1,443 | | |
| 15 | % | |
| 1 | | |
$ | 928 | | |
| 6 | % | |
| 0 | | |
$ | - | | |
| 0 | % | |
| 3 | | |
$ | 3,721 | | |
| 8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 153 | | |
$ | 171,550 | | |
| 100 | % | |
| 79 | | |
$ | 80,914 | | |
| 100 | % | |
| 14 | | |
$ | 9,392 | | |
| 100 | % | |
| 14 | | |
$ | 16,579 | | |
| 100 | % | |
| 8 | | |
$ | 16,277 | | |
| 100 | % | |
| 35 | | |
$ | 48,440 | | |
| 100 | % |
| 1. | Totals include three holdings in land properties. |
| 2. | Annualized NOI represents Trailing Twelve Month (TTM)
figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized figures for
properties acquired during such period. |
Seniors Housing Position
Compared to Metropolitan Statistical Area (“MSA”) Characteristics
| |
| | |
| | |
| | |
MSA Statistics | |
| |
| | |
Annualized | | |
| | |
| | |
| | |
Median | | |
| |
| |
| | |
NOI2 | | |
| | |
Population | | |
% Population | | |
Household | | |
| |
By MSA / Location | |
No. Properties | | |
(in thousands) | | |
% of Total | | |
Growth3 | | |
Over 654 | | |
Income4 | | |
Unemployment %5 | |
Atlanta, GA | |
| 7 | | |
$ | 7,821 | | |
| 13.5 | % | |
| 4.1 | % | |
| 9.9 | % | |
$ | 54,628 | | |
| 8.0 | % |
Houston, TX | |
| 1 | | |
| 4,535 | | |
| 7.8 | % | |
| 6.1 | % | |
| 9.2 | % | |
| 55,910 | | |
| 5.4 | % |
Los Angeles, CA | |
| 1 | | |
| 3,536 | | |
| 6.1 | % | |
| 2.2 | % | |
| 11.7 | % | |
| 57,271 | | |
| 7.7 | % |
Sacramento, CA | |
| 1 | | |
| 3,325 | | |
| 5.7 | % | |
| 2.8 | % | |
| 13.0 | % | |
| 56,813 | | |
| 7.0 | % |
Seattle, WA | |
| 2 | | |
| 2,643 | | |
| 4.6 | % | |
| 4.7 | % | |
| 11.6 | % | |
| 65,677 | | |
| 5.3 | % |
Phoenix-Mesa-Scottsdale, AZ | |
| 1 | | |
| 2,301 | | |
| 4.0 | % | |
| 4.5 | % | |
| 13.2 | % | |
| 51,359 | | |
| 6.3 | % |
Albuquerque, NM | |
| 1 | | |
| 2,276 | | |
| 3.9 | % | |
| 1.5 | % | |
| 13.3 | % | |
| 46,725 | | |
| 7.3 | % |
St. Louis, MO1 | |
| 2 | | |
| 1,985 | | |
| 3.4 | % | |
| 0.4 | % | |
| 14.1 | % | |
| 52,243 | | |
| 6.6 | % |
Portland, OR | |
| 3 | | |
| 1,944 | | |
| 3.4 | % | |
| 3.7 | % | |
| 12.3 | % | |
| 56,978 | | |
| 6.6 | % |
Salem, OR1 | |
| 2 | | |
| 1,935 | | |
| 3.3 | % | |
| 2.3 | % | |
| 14.9 | % | |
| 49,161 | | |
| 7.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Top Ten Markets | |
| 21 | | |
$ | 32,301 | | |
| 55.9 | % | |
| 3.6 | % | |
| 11.6 | % | |
$ | 55,104 | | |
| 6.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Remaining Markets | |
| 28 | | |
$ | 25,532 | | |
| 44.1 | % | |
| 2.0 | % | |
| 14.9 | % | |
$ | 49,720 | | |
| 6.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 49 | | |
$ | 57,833 | | |
| 100.0 | % | |
| 2.9 | % | |
| 13.1 | % | |
$ | 52,727 | | |
| 6.6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| US
National Average | | |
| 2.7 | % | |
| 12.8 | % | |
$ | 57,150 | | |
| 6.3 | % |
| 1. | Are not within defined MSAs. For statistical comparison,
statewide data is presented. |
| 2. | Annualized NOI represents Trailing Twelve Month (TTM)
figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized figures for
properties acquired during such period. |
| 3. | United States Census Bureau: Annual Estimates 2010 -
2013. |
| 4. | United States Census Bureau: 2012 American Community
Survey. |
| 5. | Bureau of Labor Statistics: 2014 Unemployment Rates for
Metropolitan Areas, August 2014. |
Segment Reporting: Medical
Office Buildings
Amounts in thousands, except
property count, square feet, per square foot, age and percentages
| |
| | |
| | |
Gross | | |
Annualized | | |
| | |
| | |
| |
MOB Classification | |
Property Count | | |
Square Feet | | |
Asset Value | | |
Revenue1 | | |
Annualized NOI1 | | |
Average Age (years) | | |
Occupancy | |
Affiliated | |
| 61 | | |
| 2,988,355 | | |
$ | 820,821 | | |
$ | 79,844 | | |
$ | 62,491 | | |
| 11.7 | | |
| 96.7 | % |
Non-Affiliated | |
| 18 | | |
| 1,017,872 | | |
| 231,186 | | |
| 21,188 | | |
| 18,423 | | |
| 13.2 | | |
| 97.6 | % |
Total | |
| 79 | | |
| 4,006,227 | | |
$ | 1,052,007 | | |
$ | 101,032 | | |
$ | 80,914 | | |
| 12.0 | | |
| 96.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
On campus | |
| 26 | | |
| 1,356,321 | | |
$ | 364,958 | | |
$ | 34,899 | | |
$ | 26,637 | | |
| 12.0 | | |
| 97.4 | % |
Off campus | |
| 53 | | |
| 2,649,906 | | |
| 687,050 | | |
| 66,134 | | |
| 54,277 | | |
| 12.0 | | |
| 96.6 | % |
Total | |
| 79 | | |
| 4,006,227 | | |
$ | 1,052,007 | | |
$ | 101,032 | | |
$ | 80,914 | | |
| 12.0 | | |
| 96.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Single Tenant | |
| 49 | | |
| 2,514,691 | | |
$ | 653,784 | | |
$ | 55,758 | | |
$ | 50,713 | | |
| 11.2 | | |
| 100.0 | % |
Multi-Tenant | |
| 30 | | |
| 1,491,536 | | |
| 398,224 | | |
| 45,274 | | |
| 30,201 | | |
| 13.4 | | |
| 91.7 | % |
Total | |
| 79 | | |
| 4,006,227 | | |
$ | 1,052,007 | | |
$ | 101,032 | | |
$ | 80,914 | | |
| 12.0 | | |
| 96.9 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Property Summary | |
| Q3
2014 | | |
| Q2
2014 | | |
| Q1
2014 | | |
| Q4
2013 | | |
| Q3
2013 | | |
| | | |
| | |
Properties | |
| 79 | | |
| 78 | | |
| 77 | | |
| 75 | | |
| 71 | | |
| | | |
| | |
Average Age (years) | |
| 12.0 | | |
| 12.0 | | |
| 12.1 | | |
| 11.9 | | |
| 11.8 | | |
| | | |
| | |
Square feet | |
| 4,006,227 | | |
| 3,957,555 | | |
| 3,914,661 | | |
| 3,768,063 | | |
| 3,560,439 | | |
| | | |
| | |
Gross Asset Value | |
$ | 1,052,007 | | |
$ | 1,038,994 | | |
$ | 1,026,470 | | |
$ | 989,291 | | |
$ | 943,603 | | |
| | | |
| | |
Occupancy | |
| 96.9 | % | |
| 96.8 | % | |
| 96.7 | % | |
| 96.5 | % | |
| 95.5 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues (annualized)1 | |
$ | 101,032 | | |
$ | 99,403 | | |
$ | 97,259 | | |
$ | 92,915 | | |
$ | 87,473 | | |
| | | |
| | |
NOI (annualized)1 | |
$ | 80,914 | | |
$ | 79,946 | | |
$ | 78,901 | | |
$ | 75,826 | | |
$ | 72,467 | | |
| | | |
| | |
Total Cap-Ex/TI/Leasing | |
$ | 254 | | |
$ | 933 | | |
$ | 432 | | |
$ | 358 | | |
$ | 140 | | |
| | | |
| | |
Revenues per square foot | |
$ | 26.02 | | |
$ | 25.96 | | |
$ | 25.70 | | |
$ | 25.55 | | |
$ | 25.71 | | |
| | | |
| | |
NOI per square foot | |
$ | 20.84 | | |
$ | 20.88 | | |
$ | 20.85 | | |
$ | 20.85 | | |
$ | 21.30 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Newly Leased square feet | |
| 11,108 | | |
| 2,499 | | |
| - | | |
| 5,164 | | |
| 11,533 | | |
| | | |
| | |
Retained square feet | |
| 3,178 | | |
| 2,821 | | |
| 5,345 | | |
| 3,923 | | |
| - | | |
| | | |
| | |
Expired square feet | |
| 12,851 | | |
| 2,821 | | |
| 8,703 | | |
| 7,869 | | |
| - | | |
| | | |
| | |
Retention rate | |
| 24.7 | % | |
| 100.0 | % | |
| 61.4 | % | |
| 49.9 | % | |
| 0.0 | % | |
| | | |
| | |
| 1. | Annualized revenue and NOI represent Trailing Twelve
Month (TTM) figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized
figures for properties acquired during such period. |
Segment Reporting: Medical
Office Buildings
Amounts in thousands, except
square feet and percentages
Lease
Expirations | |
2014 | | |
2015 | | |
2016 | | |
2017 | | |
2018 | | |
2019 | | |
Beyond
2019 | |
Square feet | |
| 5,836 | | |
| 47,023 | | |
| 143,056 | | |
| 158,301 | | |
| 352,595 | | |
| 162,035 | | |
| 3,013,392 | |
$/SF | |
$ | 35.24 | | |
$ | 24.17 | | |
$ | 22.01 | | |
$ | 23.02 | | |
$ | 21.27 | | |
$ | 24.49 | | |
$ | 21.53 | |
% of MOB portfolio | |
| 0.2 | % | |
| 1.2 | % | |
| 3.7 | % | |
| 4.1 | % | |
| 9.1 | % | |
| 4.1 | % | |
| 77.6 | % |
Diversification
by Tenant1 | |
Annualized
NOI2 | | |
%
of Total | | |
Square
Feet | | |
%
of Total | | |
Credit
Rating |
UnitedHealth Group Incorporated | |
$ | 9,724 | | |
| 12.0 | % | |
| 610,670 | | |
| 15.7 | % | |
Moody's: A1 |
Aurora Health Care | |
| 5,026 | | |
| 6.2 | % | |
| 226,046 | | |
| 5.8 | % | |
Moody's: A3 |
Crozer-Keystone Health System | |
| 4,567 | | |
| 5.6 | % | |
| 259,716 | | |
| 6.7 | % | |
Moody's: Baa3 |
Rush Copley Medical Center | |
| 4,164 | | |
| 5.1 | % | |
| 160,088 | | |
| 4.1 | % | |
Moody's: A2 |
Ascension Health | |
| 3,267 | | |
| 4.0 | % | |
| 179,138 | | |
| 4.6 | % | |
Moody's: Aa2 |
Carson Tahoe Regional Healthcare | |
| 3,211 | | |
| 4.0 | % | |
| 193,048 | | |
| 5.0 | % | |
S&P: BBB+ |
Spartanburg Regional Healthcare System | |
| 2,628 | | |
| 3.2 | % | |
| 90,948 | | |
| 2.3 | % | |
Moody's: A1 |
Bronson Healthcare Group | |
| 2,371 | | |
| 2.9 | % | |
| 100,321 | | |
| 2.6 | % | |
Moody's: A2 |
IU Health | |
| 2,152 | | |
| 2.7 | % | |
| 63,000 | | |
| 1.6 | % | |
Moody's: A1 |
Methodist HCS (Iowa Health) | |
| 1,944 | | |
| 2.4 | % | |
| 73,302 | | |
| 1.9 | % | |
Moody's: A2 |
Top 10 Tenants | |
$ | 39,055 | | |
| 48.3 | % | |
| 1,956,277 | | |
| 50.4 | % | |
|
| |
| | | |
| | | |
| | | |
| | | |
|
Remaining Tenants | |
| 41,859 | | |
| 51.7 | % | |
| 1,925,961 | | |
| 49.6 | % | |
|
Total | |
$ | 80,914 | | |
| 100.0 | % | |
| 3,882,238 | | |
| 100.0 | % | |
|
| 1. | Includes multi-tenant buildings for which the tenant
is the anchor tenant in the building. |
| 2. | Annualized NOI represents Trailing Twelve Month (TTM)
figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized figures for
properties acquired during such period. |
Segment Reporting: Triple-net
Leased Diversification by Operators
Amounts in thousands, except
property count, units, beds, and percentages
Seniors Housing - Triple-net leased
| |
| | |
| | |
Gross | | |
Annualized | | |
| |
Diversification by Operator | |
Property Count | | |
Units | | |
Asset Value | | |
NOI1 | | |
% of Total | |
Meridian Senior Living | |
| 9 | | |
| 475 | | |
$ | 68,993 | | |
$ | 6,323 | | |
| 67 | % |
PM Management | |
| 1 | | |
| 68 | | |
| 13,150 | | |
| 1,113 | | |
| 12 | % |
Platinum Healthcare, LLC | |
| 3 | | |
| 119 | | |
| 11,021 | | |
| 1,155 | | |
| 12 | % |
Frontier Management | |
| 1 | | |
| 48 | | |
| 8,410 | | |
| 803 | | |
| 9 | % |
Total | |
| 14 | | |
| 710 | | |
$ | 101,575 | | |
$ | 9,392 | | |
| 100 | % |
Hospital
| |
| | |
| | |
Gross | | |
Annualized | | |
| |
Leased Properties | |
Property Count | | |
Beds | | |
Asset Value | | |
NOI1 | | |
% of Total | |
Reliant Rehabilitation | |
| 2 | | |
| 120 | | |
$ | 65,391 | | |
$ | 6,519 | | |
| 40 | % |
Baylor Scott & White Medical System | |
| 2 | | |
| 64 | | |
| 44,000 | | |
| 3,720 | | |
| 23 | % |
Global Rehabilitation | |
| 1 | | |
| 42 | | |
| 16,526 | | |
| 1,497 | | |
| 9 | % |
Victory Healthcare | |
| 1 | | |
| 10 | | |
| 12,165 | | |
| 1,048 | | |
| 6 | % |
Acuity, LLC2 | |
| 2 | | |
| 200 | | |
| 40,000 | | |
| 3,492 | | |
| 21 | % |
Total | |
| 8 | | |
| 436 | | |
$ | 178,081 | | |
$ | 16,277 | | |
| 100 | % |
Post acute / skilled nursing
| |
| | |
| | |
Gross | | |
Annualized | | |
| |
Diversification by Operator | |
Property Count | | |
Beds | | |
Asset Value | | |
NOI1 | | |
% of Total | |
Platinum Healthcare, LLC | |
| 8 | | |
| 818 | | |
$ | 92,979 | | |
$ | 10,627 | | |
| 64 | % |
American Senior Living Communities | |
| 2 | | |
| 318 | | |
$ | 26,000 | | |
$ | 2,920 | | |
| 18 | % |
National Mentor Holdings, Inc. | |
| 3 | | |
| 55 | | |
$ | 19,497 | | |
$ | 1,816 | | |
| 11 | % |
PM Management | |
| 1 | | |
| 120 | | |
$ | 12,250 | | |
$ | 1,216 | | |
| 7 | % |
Total | |
| 14 | | |
| 1,311 | | |
$ | 150,726 | | |
$ | 16,579 | | |
| 100 | % |
| 1. | Annualized NOI represents Trailing Twelve Month (TTM)
figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized figures for
properties acquired during such period. |
| 2. | Acuity LLC is a replacement manager/tenant in connection
with two LTAC facilities formerly leased to Restora, Inc. The annualized NOI reflected in this report represents the annualized
NOI the Company will receive under the new lease with Acuity, Inc., which has a 10 year term. |
Segment Reporting: Triple-net
Leased Property Summaries
Gross Asset Value amounts
in thousands
Seniors Housing - Triple-net leased4 | |
Q3 2014 | | |
Q2 2014 | | |
Q1 2014 | | |
Q4 2013 | | |
Q3 2013 | |
Property count | |
| 14 | | |
| 13 | | |
| 10 | | |
| 2 | | |
| 1 | |
Number of units | |
| 710 | | |
| 645 | | |
| 526 | | |
| 115 | | |
| 48 | |
Square Feet | |
| 597,896 | | |
| 544,512 | | |
| 462,447 | | |
| 109,681 | | |
| 25,971 | |
Occupancy1 | |
| 81 | % | |
| 88 | % | |
| 91 | % | |
| 87 | % | |
| 85 | % |
Average remaining lease term | |
| 14.3 | | |
| 14.5 | | |
| 14.6 | | |
| 14.8 | | |
| 14.5 | |
Gross Asset Value | |
$ | 101,575 | | |
$ | 87,665 | | |
$ | 76,643 | | |
$ | 20,060 | | |
$ | 8,410 | |
Private Pay | |
| 92 | % | |
| 91 | % | |
| N/A | | |
| N/A | | |
| N/A | |
EBITDARM CFC2 | |
| 1.16 | x | |
| 1.20 | x | |
| N/A | | |
| N/A | | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Hospital | |
| Q3 2014 | | |
| Q2 2014 | | |
| Q1 2014 | | |
| Q4 2013 | | |
| Q3 2013 | |
Property count | |
| 8 | | |
| 7 | | |
| 7 | | |
| 7 | | |
| 6 | |
Number of beds | |
| 436 | | |
| 426 | | |
| 426 | | |
| 426 | | |
| 402 | |
Square Feet | |
| 386,971 | | |
| 363,671 | | |
| 363,671 | | |
| 363,671 | | |
| 306,428 | |
Occupancy1 | |
| 63 | % | |
| 60 | % | |
| 55 | % | |
| 53 | % | |
| 48 | % |
Average remaining lease term | |
| 15.0 | | |
| 16.5 | | |
| 16.8 | | |
| 17.0 | | |
| 17.4 | |
Gross Asset Value | |
$ | 178,081 | | |
$ | 165,916 | | |
$ | 165,916 | | |
$ | 165,916 | | |
$ | 137,916 | |
Revenue Quality Mix 3 | |
| 91 | % | |
| 100 | % | |
| N/A | | |
| N/A | | |
| N/A | |
EBITDARM CFC2 | |
| 5.23 | x | |
| 4.77 | x | |
| 5.51 | x | |
| 5.87 | x | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Post acute / skilled nursing5 | |
| Q3 2014 | | |
| Q2 2014 | | |
| Q1 2014 | | |
| Q4 2013 | | |
| Q3 2013 | |
Property count | |
| 14 | | |
| 14 | | |
| 4 | | |
| 4 | | |
| 3 | |
Number of beds | |
| 1,311 | | |
| 1,311 | | |
| 175 | | |
| 175 | | |
| 55 | |
Square Feet | |
| 508,190 | | |
| 508,190 | | |
| 73,103 | | |
| 73,103 | | |
| 30,250 | |
Occupancy1 | |
| 82 | % | |
| 82 | % | |
| 65 | % | |
| 66 | % | |
| 57 | % |
Average remaining lease term | |
| 14.8 | | |
| 15.1 | | |
| 12.6 | | |
| 12.8 | | |
| 11.9 | |
Gross Asset Value | |
$ | 150,726 | | |
$ | 150,726 | | |
$ | 31,747 | | |
$ | 31,747 | | |
$ | 19,497 | |
Revenue Quality Mix3 | |
| 53 | % | |
| 45 | % | |
| N/A | | |
| N/A | | |
| N/A | |
EBITDARM CFC2 | |
| 1.45 | x | |
| 2.30 | x | |
| N/A | | |
| N/A | | |
| N/A | |
| 1. | Occupancy statistics are compiled through reports from
operators and have not been independently validated by the company. |
| 2. | Cashflow coverage is depicted for stabilized properties
as earnings before interest, taxes, depreciation & amortization, rent, and management fees. Facility based reporting reflects EBITDARM coverage one quarter in arrears for trailing periods in a range of 3 to 12 months,
depending on the date of acquisition. |
| 3. | Revenue Quality Mix defined as the percentage of facility
revenue from non-Medicaid sources, as reported by tenants/operators. Total and subtotals calculated based on segment annualized
NOI. |
| 4. | 2Q 2014 cashflow coverage does not include the impact of
three properties purchased during the quarter. Coverage data is included in 3Q 2014 for these assets. |
| 5. | 2Q 2014 cashflow coverage does not include the impact of
ten properties purchased during the quarter. Coverage data is included in 3Q 2014 for eight of these assets. |
Segment Reporting: Seniors
Housing - Operating
Amounts in thousands, except
property count, units, square feet, age, margin and REVPOR
| |
| | |
| | |
| | |
| | |
Gross | | |
| |
Diversification
by Operator | |
Property
Count | | |
Units | | |
Square
Feet | | |
%
of Total | | |
Asset
Value | | |
Annualized
NOI1 | |
Arbor Company | |
| 8 | | |
| 760 | | |
| 592,675 | | |
$ | 203,656 | | |
$ | 12,633 | | |
| 26 | % |
Frontier Management | |
| 10 | | |
| 776 | | |
| 577,992 | | |
| 140,115 | | |
| 10,642 | | |
| 22 | % |
Principal Senior Living Group, LLC | |
| 6 | | |
| 413 | | |
| 308,095 | | |
| 96,002 | | |
| 6,542 | | |
| 14 | % |
Senior Lifestyle Corporation | |
| 2 | | |
| 249 | | |
| 277,658 | | |
| 75,350 | | |
| 4,577 | | |
| 9 | % |
MBK Senior Living | |
| 2 | | |
| 293 | | |
| 231,991 | | |
| 104,606 | | |
| 6,861 | | |
| 14 | % |
Other | |
| 7 | | |
| 474 | | |
| 437,657 | | |
| 109,080 | | |
| 7,184 | | |
| 15 | % |
Total | |
| 35 | | |
| 2,965 | | |
| 2,426,068 | | |
$ | 728,809 | | |
$ | 48,440 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Property Summary | |
| Q3
2014 | | |
| Q2
2014 | | |
| Q1
2014 | | |
| Q4
2013 | | |
| Q3
2013 | | |
| | |
Property count | |
| 35 | | |
| 33 | | |
| 29 | | |
| 26 | | |
| 22 | | |
| | |
Number of units | |
| 2,965 | | |
| 2,716 | | |
| 2,435 | | |
| 2,039 | | |
| 1,686 | | |
| | |
Square feet | |
| 2,426,068 | | |
| 2,148,410 | | |
| 1,939,320 | | |
| 1,633,217 | | |
| 1,188,058 | | |
| | |
Occupancy | |
| 93 | % | |
| 92 | % | |
| 93 | % | |
| 92 | % | |
| 92 | % | |
| | |
Average age (years) | |
| 12.1 | | |
| 12.0 | | |
| 11.7 | | |
| 11.8 | | |
| 10.8 | | |
| | |
Gross Asset Value | |
$ | 728,809 | | |
$ | 653,530 | | |
$ | 572,502 | | |
$ | 442,291 | | |
$ | 306,267 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Revenues (annualized)1 | |
$ | 152,880 | | |
$ | 138,845 | | |
$ | 119,980 | | |
$ | 95,122 | | |
$ | 72,962 | | |
| | |
NOI (annualized)1 | |
$ | 48,440 | | |
$ | 44,514 | | |
$ | 40,490 | | |
$ | 32,892 | | |
$ | 21,947 | | |
| | |
Operating margin2 | |
| 32 | % | |
| 32 | % | |
| 34 | % | |
| 35 | % | |
| 30 | % | |
| | |
REVPOR3 | |
$ | 4,680 | | |
$ | 4,615 | | |
$ | 4,416 | | |
$ | 4,247 | | |
$ | 3,922 | | |
| | |
Capital Expenditures | |
$ | 198 | | |
$ | 621 | | |
$ | 312 | | |
$ | 65 | | |
$ | 40 | | |
| | |
| 1. | Annualized revenue and NOI represent Trailing Twelve
Month (TTM) figures through the period ended September 30, 2014 for properties owned for the entire TTM period, and annualized
figures for properties acquired during such period. Annualized NOI for operating properties purchased in September 2014 reflect
TTM historical NOI prior to the June closing. |
| 2. | Operating margin is the ratio of operating income divided
by revenue. |
| 3. | REVPOR means revenue per occupied room per month. |
Debt Structure
Amounts in thousands, except
percentages, term, ratios and shares
| |
Balance | | |
Average Life / | | |
Weighted Average | | |
Percentage | | |
Percentage | |
| |
Outstanding | | |
Term (months) | | |
Int. Rate | | |
Total Debt | | |
Gross Assets | |
| |
Sept 30, 2014 | | |
| | |
| | |
| | |
| |
Fixed Rate Debt | |
| | | |
| | | |
| | | |
| | | |
| | |
Secured debt | |
$ | 303,831 | | |
| 40.6 | | |
| 5.2 | % | |
| 32.9 | % | |
| 14.1 | % |
Total fixed rate debt | |
$ | 303,831 | | |
| 40.6 | | |
| 5.2 | % | |
| 32.9 | % | |
| 14.1 | % |
Variable Rate Debt | |
| | | |
| | | |
| | | |
| | | |
| | |
Unsecured term loan | |
$ | 500,000 | | |
| 45.8 | | |
| 1.8 | % | |
| 54.2 | % | |
| 23.3 | % |
Unsecured lline of credit | |
| 119,400 | | |
| 21.8 | | |
| 1.8 | % | |
| 12.9 | % | |
| 5.6 | % |
Total variable rate debt | |
$ | 619,400 | | |
| 41.2 | | |
| 1.8 | % | |
| 67.1 | % | |
| 28.8 | % |
Total Debt | |
$ | 923,231 | | |
| 41.0 | | |
| 2.9 | % | |
| 100.0 | % | |
| 43.0 | % |
Ratio of debt to market capitalization | |
| 51.6 | % | |
| | | |
| | | |
| | | |
| | |
| |
TTM | | |
YTD | | |
QTR | |
Interest expense coverage | |
| 6.2 | x | |
| 6.0 | x | |
| 5.5 | x |
Fixed charge coverage | |
| 5.8 | x | |
| 5.6 | x | |
| 5.2 | x |
Selected Debt Covenants & Credit Ratios | |
| | |
| |
| |
| | |
Qtr. Ended | |
| |
Requirement | | |
9/30/2014 | |
Aggregate debt test (debt to gross assets as defined) | |
| 55.0 | % | |
| 40.7 | % |
Secured debt test (secured debt to gross assets as defined) | |
| 35.0 | % | |
| 13.4 | % |
Debt service test (EBITDA available for debt service charge, as defined) | |
| 1.6 | | |
| 4.9 | |
Unencumbered asset test (minimum unencumbered assets in borrowing base) | |
$ | 200,000 | | |
$ | 1,391,640 | |
Unencumbered NOI (NOI related to borrowing base assets) | |
| N/A | | |
$ | 117,180 | |
Scheduled Principal Payments |
| |
Unsecured1 | | |
Secured | | |
Total | |
2014 | |
$ | - | | |
$ | 393 | | |
$ | 393 | |
2015 | |
| - | | |
| 13,937 | | |
| 13,937 | |
2016 | |
| 119,400 | | |
| 20,936 | | |
| 140,336 | |
2017 | |
| - | | |
| 200,596 | | |
| 200,596 | |
2018 | |
| 500,000 | | |
| 27,778 | | |
| 527,778 | |
Thereafter | |
| - | | |
| 40,191 | | |
| 40,191 | |
Total | |
$ | 619,400 | | |
$ | 303,831 | | |
$ | 923,231 | |
Summary of Preferred Shares |
|
Qtr. Ended 9/30/2014 |
Qtr. Ended 9/30/2013 |
Total preferred shares outstanding |
N/A |
N/A |
Summary of Common Shares | |
| | |
| |
Weighted average, quarter | |
| Qtr. Ended9/30/2014 | | |
| Qtr. Ended 9/30/2013 | |
Diluted shares - FFO | |
| 170,760,144 | | |
| 178,620,686 | |
Diluted shares - EPS | |
| 169,090,342 | | |
| 178,231,121 | |
Total shares and units outstanding at end of period | |
| 170,760,144 | | |
| 179,229,092 | |
| |
| | | |
| | |
Weighted average, YTD | |
| YTD 9/30/2014 | | |
| YTD 9/30/2014 | |
Diluted shares - FFO | |
| 176,624,983 | | |
| 142,413,520 | |
Diluted shares - EPS | |
| 175,234,437 | | |
| 142,163,876 | |
| 1. | Figures represent outstanding balance at maturity date
and facility expiration date for the unsecured term loan and unsecured line of credit, respectively. |
Non-GAAP Reconciliations
Amounts in thousands, except
ratios
| |
Q3 2014 | | |
Q2 2014 | | |
Q1 2014 | | |
Q4 2013 | | |
Q3 2013 | |
Adjusted EBITDA: | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income/(loss) | |
$ | (12,800 | ) | |
$ | (98,105 | ) | |
$ | (7,026 | ) | |
$ | (9,880 | ) | |
$ | (5,465 | ) |
Acquisition and transaction related | |
| 10,266 | | |
| 35,372 | | |
| 3,422 | | |
| 5,748 | | |
| 3,107 | |
Gains (losses) on derivative instruments | |
| (1,750 | ) | |
| 58,150 | | |
| - | | |
| - | | |
| - | |
Depreciation and amortization | |
| 32,606 | | |
| 31,714 | | |
| 28,943 | | |
| 25,908 | | |
| 17,140 | |
Interest expense | |
| 7,942 | | |
| 7,108 | | |
| 5,543 | | |
| 5,089 | | |
| 4,350 | |
Loss on investments | |
| 464 | | |
| (335 | ) | |
| - | | |
| 300 | | |
| - | |
Income from preferred investment and other income | |
| (320 | ) | |
| (495 | ) | |
| (300 | ) | |
| (349 | ) | |
| (354 | ) |
Non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Adjusted EBITDA | |
| 36,408 | | |
| 33,409 | | |
| 30,582 | | |
| 26,816 | | |
| 18,778 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Operating Income (NOI): | |
| | | |
| | | |
| | | |
| | | |
| | |
Asset management fees to affiliate | |
| 2,711 | | |
| 2,352 | | |
| - | | |
| - | | |
| - | |
Equity based compensation | |
| 605 | | |
| 97 | | |
| 10 | | |
| 68 | | |
| 13 | |
General and administrative | |
| 2,570 | | |
| 2,673 | | |
| 1,918 | | |
| 1,618 | | |
| 1,416 | |
NOI | |
| 42,294 | | |
| 38,531 | | |
| 32,510 | | |
| 28,502 | | |
| 20,207 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Cash NOI: | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization of above-market lease assets and liabilities | |
| 98 | | |
| 95 | | |
| 95 | | |
| 98 | | |
| 160 | |
Straight-line rent, net | |
| (3,080 | ) | |
| (2,662 | ) | |
| (1,930 | ) | |
| (1,851 | ) | |
| (1,357 | ) |
Cash NOI | |
$ | 39,312 | | |
$ | 35,964 | | |
$ | 30,675 | | |
$ | 26,749 | | |
$ | 19,010 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Interest coverage ratio: | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
$ | 7,942 | | |
$ | 7,108 | | |
$ | 5,543 | | |
$ | 5,089 | | |
$ | 4,350 | |
Non-cash interest expense | |
| (1,249 | ) | |
| (1,245 | ) | |
| (1,297 | ) | |
| (1,287 | ) | |
| (983 | ) |
Adjustments related to non-controlling interest | |
| (13 | ) | |
| (13 | ) | |
| (12 | ) | |
| (77 | ) | |
| (79 | ) |
Total Interest | |
$ | 6,680 | | |
$ | 5,850 | | |
$ | 4,234 | | |
$ | 3,725 | | |
$ | 3,288 | |
Adjusted EBITDA | |
| 36,408 | | |
| 33,409 | | |
| 30,582 | | |
| 26,816 | | |
| 18,778 | |
Adjusted interest coverage ratio | |
| 5.5 | x | |
| 5.7 | x | |
| 7.2 | x | |
| 7.2 | x | |
| 5.7 | x |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Fixed charge ratio: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total interest | |
$ | 6,680 | | |
$ | 5,850 | | |
$ | 4,234 | | |
$ | 3,725 | | |
$ | 3,288 | |
Secured debt principal amortization | |
| 376 | | |
| 371 | | |
| 301 | | |
| 253 | | |
| 133 | |
Total fixed charges | |
$ | 7,056 | | |
$ | 6,221 | | |
$ | 4,535 | | |
$ | 3,978 | | |
$ | 3,421 | |
Adjusted EBITDA | |
| 36,408 | | |
| 33,409 | | |
| 30,582 | | |
| 26,816 | | |
| 18,778 | |
Adjusted fixed charge ratio | |
| 5.2 | x | |
| 5.4 | x | |
| 6.7 | x | |
| 6.7 | x | |
| 5.5 | x |
Definitions
This section contains an explanation
of certain non-GAAP financial measures we provide in other sections of this document, as well as the reasons why management believes
these measures provide useful information to investors about the Company’s financial condition or results of operations.
Additional detail can be found in the Company’s most recent annual report on Form 10-K as well as other documents filed with
or furnished to the SEC from time to time.
Adjusted funds from operations
(AFFO)
AFFO is NFFO, excluding certain income
or expense items that we consider more reflective of investing activities, other non-cash income and expense items and the income
and expense effects of other activities that are not a fundamental attribute of our business plan. These items include unrealized
gains and losses, which may not ultimately be realized, such as gains or losses on derivative instruments, gains or losses on contingent
valuation rights, gains and losses on investments and early extinguishment of debt. In addition, by excluding non-cash income and
expense items such as amortization of above and below market leases, amortization of deferred financing costs, straight-line rent
and non-cash equity compensation from AFFO we believe we provide useful information regarding income and expense items which have
no cash impact and do not provide liquidity to the company or require capital resources of the company. We exclude distributions
related to Class B units and certain interest expenses related to securities that are convertible to common stock as the shares
are assumed to have converted to common stock in our calculation of weighted average common shares-fully diluted.
Although our AFFO may not be comparable
to that of other REITs and real estate companies, we believe it provides a meaningful indicator of our ability to fund cash needs
and to make cash distributions to stockholders. In addition, we believe that to further understand our liquidity, AFFO should be
compared with our cash flows determined in accordance with GAAP, as presented in our consolidated financial statements. AFFO does
not represent cash generated from operating activities determined in accordance with GAAP, and AFFO should not be considered as
an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net
cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.
Annualized straight-line rent
Sum of the contractual
rent over the term of the lease, including escalations and free rent, divided by the number of months in the lease term and annualized.
Excludes contingent rental payments, as applicable, that may be collected from certain tenants based on provisions related to
sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.
Adjusted Earnings before interest,
taxes, depreciation and amortization (EBITDA)
EBITDA is defined as net income before
interest, taxes, depreciation and amortization. We believe EBITDA is an appropriate measure of our ability to incur and service
debt. EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity
or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate EBITDA differently and
our calculation should not be compared to that of other REITs. EBITDA is adjusted to include our pro-rata share of EBITDA from
unconsolidated joint ventures.
Cash net operating income
(Cash NOI)
NOI, presented on a cash basis, which is NOI
after eliminating the effects of straight-lining of rent and fair value lease revenue.
Funds from operations (FFO)
Pursuant to the revised definition of funds from operations adopted by the Board of Governors of the National Association
of Real Estate Investment Trusts (“NAREIT”), we calculate funds from operations (FFO), by adjusting net income
(loss) attributable to stockholders (computed in accordance with GAAP, including non-recurring items) for gains (or losses)
from sales of properties, impairment losses on depreciable real estate of consolidated real estate, impairment losses on investments
in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the
unconsolidated joint ventures, real estate related depreciation and amortization, and after adjustment for unconsolidated
partnerships and joint ventures. FFO is a non-GAAP financial measure. The use of FFO, combined with the required primary GAAP
presentations, has been fundamentally beneficial in improving the understanding of operating results of REITs among the investing
public and making comparisons of REIT operating results more meaningful. Management
Definitions, continued
generally considers FFO to be a useful
measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to asset
sales (land and property), impairment losses and real estate asset depreciation and amortization (which can vary among owners of
identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare
the operating performance of a company’s real estate between periods or as compared to different companies. Our computation
of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance
with the current NAREIT definition or that interpret the current NAREIT definition differently.
FFO should not be considered as an alternative
to net income attributable to stockholders (determined in accordance with GAAP) as an indication of our performance. FFO does not
represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an
indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO should be compared
with our reported net income attributable to stockholders and considered in addition to cash flows determined in accordance with
GAAP, as presented in our consolidated financial statements.
Net operating income (NOI)
Net operating income (NOI) is a non-GAAP
financial measure equal to net income attributable to stockholders, the most directly comparable GAAP financial measure, less discontinued
operations, plus corporate general and administrative expense, acquisition and transaction costs, depreciation and amortization
and interest expense, income from unconsolidated joint ventures, interest and other income and gains from investments in securities.
NOI is adjusted to include our pro-rata share of NOI from unconsolidated joint ventures. We use NOI internally as a performance
measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because
it reflects only those income and expense items that are incurred at the property level. Terefore, we believe NOI is a useful measure
for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we
believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations
from trends in occupancy rates, rental rates, operating costs acquisition activity on an unleveraged basis, providing perspective
not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are
more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the
operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In
addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating
performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently.
We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with
net income as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income
as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.
Normalized funds from operations
(NFFO)
Normalized FFO is FFO, excluding acquisition
and transaction related costs as well as certain other costs that management deems to be non-recurring, such as the valuation of
the Listing Note. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature
of our business plan to generate operational income and cash flows in order to make distributions to investors. In evaluating investments
in real estate, management differentiates the costs to acquire the investment from the operations derived from the investment.
By excluding expensed acquisition costs and other non-recurring costs, management believes Normalized FFO provides useful supplemental
information that is comparable for each type of real estate investment and is consistent with management’s analysis of the
investing and operating performance of our properties.
Property List as of September
30, 2014
Amounts in thousands, except
square feet
| |
| |
| |
Building
Size | | |
No.
Units / | | |
Year
Built / | | |
Gross
Asset | | |
| |
Property
Name and Location | |
Address | |
State | |
(Sq.
Ft.) | | |
Beds¹ | | |
Renovated | | |
Value | | |
Net
Book Value | |
MOB: SINGLE TENANT | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Methodist
North MOB - Peoria IL | |
2338 Van Winkle
Way, Peoria, IL | |
IL | |
| 73,302 | | |
| | | |
| 2010 | | |
$ | 24,625 | | |
$ | 21,129 | |
Odessa Regional MOB -
Odessa TX | |
520 E. 6th Street, Odessa,
TX | |
TX | |
| 39,220 | | |
| | | |
| 2008 | | |
| 7,359 | | |
| 6,047 | |
Cooper Health MOB I -
Willingboro NJ | |
651 John F. Kennedy Way,
Willingboro, NJ | |
NJ | |
| 11,000 | | |
| | | |
| 2010 | | |
| 3,387 | | |
| 2,832 | |
Univ of Wisconsin Health
- Monona WI | |
1050 East Broadway, Monona,
WI | |
WI | |
| 31,374 | | |
| | | |
| 2011 | | |
| 9,161 | | |
| 8,006 | |
Henry Ford Dialysis Center
- Southfield MI | |
25664 Lahser Road, Southfield,
MI | |
MI | |
| 10,100 | | |
| | | |
| 2002 | | |
| 2,878 | | |
| 2,508 | |
East Pointe Medical Plaza
- Lehigh Acres FL | |
1530 Lee Boulevard, Leigh
Acres, FL | |
FL | |
| 34,500 | | |
| | | |
| 1994 | | |
| 10,516 | | |
| 9,273 | |
PAPP Clinic - Newnan GA | |
2959 Sharpsburg McCullum
Road, Newnan, GA | |
GA | |
| 31,213 | | |
| | | |
| 1994 | | |
| 5,488 | | |
| 4,898 | |
Cooper Health MOB II -
Willingboro NJ | |
218-C Sunset Road, Willingboro,
NJ | |
NJ | |
| 16,314 | | |
| | | |
| 2012 | | |
| 4,620 | | |
| 3,952 | |
Cancer Care Partners -
Mishawaka IN | |
301 East Day Road, Mishawaka,
IN | |
IN | |
| 63,000 | | |
| | | |
| 2010 | | |
| 26,800 | | |
| 23,820 | |
Aurora Health Care - Two
Rivers WI | |
5300 Memorial Drive, Two
Rivers, WI | |
WI | |
| 99,266 | | |
| | | |
| 2006 | | |
| 30,212 | | |
| 26,903 | |
Aurora Health Care - Hartford
WI | |
1640 East Sumner Street,
Hartford, WI | |
WI | |
| 88,390 | | |
| | | |
| 2006 | | |
| 25,522 | | |
| 22,842 | |
Aurora Health Care - Neenah
WI | |
1136 Westowne Drive, Neenah,
WI | |
WI | |
| 38,390 | | |
| | | |
| 2006 | | |
| 10,485 | | |
| 9,332 | |
Bronson Lakeview OPC -
Paw Paw MI | |
451 Health Parkway, Paw
Paw, MI | |
MI | |
| 100,321 | | |
| | | |
| 2006 | | |
| 30,430 | | |
| 27,284 | |
Advocate Beverly Center
- Chicago IL | |
9831 South Western Avenue,
Chicago, IL | |
IL | |
| 59,345 | | |
| | | |
| 1986 | | |
| 16,500 | | |
| 14,944 | |
Wellmont Blue Ridge MOB
- Bristol TN | |
271 Medical Park Boulevard,
Bristol, TN | |
TN | |
| 23,277 | | |
| | | |
| 2001 | | |
| 4,850 | | |
| 4,422 | |
Metro Health - Wyoming
MI | |
5950 Metro Way SW, Wyoming,
MI | |
MI | |
| 21,502 | | |
| | | |
| 2008 | | |
| 6,243 | | |
| 5,732 | |
Michiana Oncology - Mishawaka
IN | |
5340 Holy Cross Parkway,
Mishawaka, IN | |
IN | |
| 49,410 | | |
| | | |
| 2010 | | |
| 21,740 | | |
| 20,043 | |
North Valley Orthopedic
Surgery Center | |
2262 East Rose Garden
Lane, Phoenix, AZ | |
AZ | |
| 17,608 | | |
| | | |
| 2006 | | |
| 9,000 | | |
| 8,306 | |
Scott & White Healthcare
- Kingsland TX | |
105 FM 2342, Kingsland,
TX | |
TX | |
| 14,974 | | |
| | | |
| 2012 | | |
| 4,400 | | |
| 4,046 | |
Salem Medical - Woodstown
NJ | |
66 East Avenue, Woodstown,
NJ | |
NJ | |
| 9,350 | | |
| | | |
| 2010 | | |
| 3,670 | | |
| 3,370 | |
Rex Wellness Center -
Garner NC | |
1400 Timber Drive East,
Garner, NC | |
NC | |
| 30,000 | | |
| | | |
| 2003 | | |
| 9,040 | | |
| 8,384 | |
Spectrum Health - Wyoming
MI | |
6105 Wilson Avenue SW,
Wyoming, MI | |
MI | |
| 52,898 | | |
| | | |
| 2006 | | |
| 16,683 | | |
| 15,523 | |
Memorial Hermann - Houston
TX | |
14201 East Sam Houston
Parkway, Houston, TX | |
TX | |
| 30,000 | | |
| | | |
| 2012 | | |
| 13,331 | | |
| 12,439 | |
UC Davis Medical - Folsom
CA | |
251 & 271-279 Turnpike
Drive, Folsom, CA | |
CA | |
| 36,911 | | |
| | | |
| 1995 | | |
| 9,488 | | |
| 8,821 | |
Via Christi Clinic - Wichita
KS | |
13213 W 21st Street, Wichita,
KS | |
KS | |
| 32,540 | | |
| | | |
| 2006 | | |
| 8,000 | | |
| 7,482 | |
West Valley Medical Center
- Buckeye AZ | |
525 South Watson Boulevard,
Buckeye, AZ | |
AZ | |
| 38,734 | | |
| | | |
| 2011 | | |
| 8,800 | | |
| 8,424 | |
Crozer-Keystone MOB II
- Springfield PA | |
100 West Sproul Road,
Springfield, PA | |
PA | |
| 41,935 | | |
| | | |
| 1998 | | |
| 12,910 | | |
| 12,361 | |
Crozer-Keystone MOB I
- Springfield PA | |
190 West Sproul Road,
Springfield, PA | |
PA | |
| 217,781 | | |
| | | |
| 1996 | | |
| 55,520 | | |
| 52,930 | |
St. Peter's Recovery Center
- Guilderland NY | |
3 Mercycare Lane, Guilderland,
NY | |
NY | |
| 30,000 | | |
| | | |
| 1990 | | |
| 9,110 | | |
| 8,623 | |
Trinity Health Medical
Arts Clinic - Minot ND | |
400 East Burdick Expressway,
Minot, ND | |
ND | |
| 114,000 | | |
| | | |
| 1995 | | |
| 13,441 | | |
| 12,798 | |
Allina Health - Elk River
MN | |
14181 Business Center
Drive NW, Elk River, MN | |
MN | |
| 28,175 | | |
| | | |
| 2002 | | |
| 7,700 | | |
| 7,355 | |
Spartanburg ASC - Spartanburg,
SC | |
720 North Pine Street,
Spartanburg, SC | |
SC | |
| 26,148 | | |
| | | |
| 2002 | | |
| 13,800 | | |
| 13,205 | |
Texarkana ASC - Texarkana,
TX | |
5404 Summerhill Road,
Texarkana, TX | |
TX | |
| 18,268 | | |
| | | |
| 1994 | | |
| 4,500 | | |
| 3,703 | |
Davita Dialysis - Marked
Tree AR | |
216 Hester Parker Drive,
Marked Tree, AR | |
AR | |
| 4,596 | | |
| | | |
| 2009 | | |
| 1,444 | | |
| 1,159 | |
Property List as of September
30, 2014, continued
Amounts in thousands, except
square feet
| |
| |
| |
Building Size | | |
No. Units / | | |
Year Built / | | |
Gross Asset | | |
Net Book | |
Property Name and Location | |
Address | |
State | |
(Sq. Ft.) | | |
Beds¹ | | |
Renovated | | |
Value | | |
Value | |
MOB: Single Tenant,
continued | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Davita Dialysis - Rockford IL | |
1302 E State Street, Rockford, IL | |
IL | |
| 7,032 | | |
| | | |
| 2009 | | |
| 2,050 | | |
| 1,700 | |
BioLife Sciences Building - Denton TX | |
3455 Quail Creek Drive, Denton, TX | |
TX | |
| 15,000 | | |
| | | |
| 2010 | | |
| 5,747 | | |
| 5,053 | |
Sisters of Mercy Building - Springfield MO | |
4520 S. National Avenue, Springfield, MO | |
MO | |
| 42,430 | | |
| | | |
| 2008 | | |
| 11,045 | | |
| 9,650 | |
DaVita Dialysis - Paoli IN | |
555 W. Longest St., Paoli, IN | |
IN | |
| 5,725 | | |
| | | |
| 2011 | | |
| 1,874 | | |
| 1,659 | |
Unitron Hearing - Plymouth MN | |
14755 27th Avenue North, Plymouth, MN | |
MN | |
| 81,927 | | |
| | | |
| 2011 | | |
| 9,390 | | |
| 8,145 | |
Fresenius Medical - Metairie LA | |
3030 North Arnoult Street, Metairie, LA | |
LA | |
| 18,149 | | |
| | | |
| 2012 | | |
| 3,739 | | |
| 3,373 | |
United Healthcare - Cypress CA | |
5701 Katella Ave, Cypress, CA | |
CA | |
| 214,000 | | |
| | | |
| 1985 | | |
| 53,904 | | |
| 50,905 | |
United Healthcare - Indianapolis IN | |
7440-7500 Woodland Dr, Indianapolis, IN | |
IN | |
| 209,184 | | |
| | | |
| 1988 | | |
| 36,972 | | |
| 35,003 | |
United Healthcare - Onalaska WI | |
2700 Midwest Drive, Onalaska, WI | |
WI | |
| 66,000 | | |
| | | |
| 1995 | | |
| 9,195 | | |
| 8,686 | |
United Healthcare - Wawatosa WI | |
10701 Research Dr West, Wawatosa, WI | |
WI | |
| 121,486 | | |
| | | |
| 1995 | | |
| 22,267 | | |
| 21,178 | |
Virginia Urology Center - Richmond VA | |
9105 Stony Point Drive, Richmond, VA | |
VA | |
| 53,318 | | |
| | | |
| 2004 | | |
| 19,200 | | |
| 18,131 | |
Bay Medical Plaza - Lynn Haven, FL | |
2851 Martin Luther King, Jr. Boulevard, Lynn Haven, FL | |
FL | |
| 80,555 | | |
| | | |
| 2003 | | |
| 18,625 | | |
| 18,107 | |
Bay Medical Center - Panama City, FL | |
801 East 6th Street, Panama City, FL | |
FL | |
| 66,043 | | |
| | | |
| 1987 | | |
| 18,122 | | |
| 17,558 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
MOB Single Tenant Subtotal/Average | |
| |
| |
| 2,514,691 | | |
| | | |
| 2000 | | |
$ | 653,784 | | |
$ | 602,046 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
MOB: MULTI TENANT | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Carson Tahoe - Specialty Medical Center | |
775 Fleischmann Way, Carson City, NV | |
NV | |
| 154,622 | | |
| | | |
| 1981 | | |
| 29,164 | | |
| 22,803 | |
Spring Creek Medical Plaza - Tomball TX | |
24727 Tomball Parkway, Tomball, TX | |
TX | |
| 22,345 | | |
| | | |
| 2006 | | |
| 7,755 | | |
| 6,410 | |
Carson Tahoe MOB West - Carson City NV | |
1470 Medical Parkway, Carson City, NV | |
NV | |
| 38,426 | | |
| | | |
| 2007 | | |
| 8,641 | | |
| 7,014 | |
Sunnyvale Medical Plaza - Sunnyvale TX | |
241 Wheatfield Drive, Sunnyvale, TX | |
TX | |
| 48,910 | | |
| | | |
| 2009 | | |
| 12,602 | | |
| 10,554 | |
Texas Clinic at Arlington - Arlington TX | |
400 W. Arbrook Boulevard, Arlington, TX | |
TX | |
| 66,824 | | |
| | | |
| 2010 | | |
| 21,838 | | |
| 18,666 | |
Pinnacle Health - Harrisburg PA | |
2808 Old Post Road, Harrisburg, PA | |
PA | |
| 52,600 | | |
| | | |
| 2002 | | |
| 13,048 | | |
| 10,981 | |
Rush Copley POB I - Aurora IL | |
2020 Ogden Avenue, Aurora, IL | |
IL | |
| 79,344 | | |
| | | |
| 1996 | | |
| 26,280 | | |
| 23,279 | |
Rush Copley POB II - Aurora IL | |
2040 Ogden Avenue, Aurora, IL | |
IL | |
| 80,744 | | |
| | | |
| 2009 | | |
| 26,168 | | |
| 23,036 | |
Albany Medical Center MOB - Albany NY | |
12 & 16 New Scotland Avenue, Albany, NY | |
NY | |
| 53,229 | | |
| | | |
| 2010 | | |
| 15,000 | | |
| 13,822 | |
Crystal Lakes Medical Arts - Crystal Lake IL | |
360 Station Drive, Crystal Lake, IL | |
IL | |
| 65,052 | | |
| | | |
| 2007 | | |
| 19,000 | | |
| 17,379 | |
Advocate Good Shepard - Crystal Lake IL | |
525 East Congress Parkway, Crystal Lake, IL | |
IL | |
| 68,318 | | |
| | | |
| 2008 | | |
| 9,166 | | |
| 7,761 | |
Dakota Ridge - Littleton CO | |
13402 West Coal Mine Avenue, Littleton, CO | |
CO | |
| 62,202 | | |
| | | |
| 2007 | | |
| 8,400 | | |
| 7,050 | |
St. Francis Cancer Center - Midlothian VA | |
14051 St. Francis Boulevard, Richmond, VA | |
VA | |
| 51,183 | | |
| | | |
| 2006 | | |
| 19,335 | | |
| 17,242 | |
Fayette MOB - Fayetteville GA | |
1279 Highway 54 West, Fayetteville, GA | |
GA | |
| 62,016 | | |
| | | |
| 2004 | | |
| 17,470 | | |
| 16,010 | |
Lutheran Medical Arts - Ft. Wayne IN | |
7920 W Jefferson Blvd, Fort Wayne, IN | |
IN | |
| 45,858 | | |
| | | |
| 2000 | | |
| 12,276 | | |
| 11,358 | |
Dupont Road MOB - Ft. Wayne IN | |
2512 East Dupont Road, Fort Wayne, IN | |
IN | |
| 60,325 | | |
| | | |
| 2001 | | |
| 9,707 | | |
| 9,024 | |
Property List as of September
30, 2014, continued
Amounts in thousands, except
square feet and unit/beds
| |
| |
| |
Building Size | | |
No. Units / | | |
Year Built / | | |
Gross Asset | | |
Net Book | |
Property Name
and Location | |
Address | |
State | |
(Sq.
Ft.) | | |
Beds¹ | | |
Renovated | | |
Value | | |
Value | |
MOB: MULTI TENANT,
continued | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Aventura Medical Plaza - Aventura FL | |
21150 Biscayne Blvd, Aventura, FL | |
FL | |
| 48,353 | | |
| | | |
| 1996 | | |
| 15,963 | | |
| 14,347 | |
Athens Medical Complex - Athens GA | |
2142 West Broad Street, Athens, GA | |
GA | |
| 55,752 | | |
| | | |
| 2011 | | |
| 19,503 | | |
| 18,273 | |
Spartanburg Regional MOB - Spartanburg SC | |
100 East Wood Street, Spartanburg, SC | |
SC | |
| 64,800 | | |
| | | |
| 1986 | | |
| 20,121 | | |
| 18,769 | |
Capital Regional MOB I - Tallahassee FL | |
2626 Care Drive, Tallahassee, FL | |
FL | |
| 38,225 | | |
| | | |
| 1998 | | |
| 9,046 | | |
| 7,982 | |
Riverdale MOB - Riverdale GA | |
34 Upper Riverdale Road, Riverdale, GA | |
GA | |
| 39,301 | | |
| | | |
| 2005 | | |
| 10,410 | | |
| 9,922 | |
Durango Medical Plaza - Las Vegas NV | |
8530 W Sunset Road, Las Vegas, NV | |
NV | |
| 73,094 | | |
| | | |
| 2008 | | |
| 23,248 | | |
| 18,081 | |
Northside East Cobb - Marietta GA | |
1121 & 1163 Johnson Ferry Rd, Marietta, GA | |
GA | |
| 68,447 | | |
| | | |
| 1991 | | |
| 19,491 | | |
| 17,223 | |
Legacy Heart Center- Plano, TX | |
6601 Preston Road, Plano, TX | |
TX | |
| 42,894 | | |
| | | |
| 2005 | | |
| 11,592 | | |
| 11,311 | |
North Country Medical Center - Watertown, NY | |
1571 Washington Street, Watertown, NY | |
NY | |
| 48,672 | | |
| | | |
| 2001 | | |
| 13,000 | | |
| 12,906 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
MOB Multi Tenant Subtotal/Average | |
| |
| |
| 1,491,536 | | |
| | | |
| 2002 | | |
$ | 398,224 | | |
$ | 351,204 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
MOB Subtotal/Average | |
| |
| |
| 4,006,227 | | |
| | | |
| 2001 | | |
$ | 1,052,007 | | |
$ | 953,249 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TRIPLE NET: SENIORS HOUSING | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Lakeview Terrace - Lake Havasu AZ | |
320 Lake Havasu Avenue North, Lake Havasu City, AZ | |
AZ | |
| 25,971 | | |
| 48 | | |
| 2009 | | |
| 8,410 | | |
| 7,787 | |
Wellington ALF - Minot ND | |
601 24th Ave SW, Minot, ND | |
ND | |
| 83,710 | | |
| 67 | | |
| 2005 | | |
| 11,650 | | |
| 11,250 | |
Villas of Holly Brook - Herrin, IL | |
505 Rushing Drive, Herrin, IL | |
IL | |
| 46,139 | | |
| 50 | | |
| 2012 | | |
| 6,672 | | |
| 6,445 | |
Villas of Holly Brook, Shelbyville, IL | |
2201 West Main Street, Shelbyville, IL | |
IL | |
| 39,735 | | |
| 45 | | |
| 2011 | | |
| 5,955 | | |
| 5,761 | |
Villas of Holly Brook - Marshall, IL | |
17050 N. Quality Lime Road, Marshall, IL | |
IL | |
| 29,269 | | |
| 46 | | |
| 2012 | | |
| 6,071 | | |
| 5,880 | |
Villas of Holly Brook - Effingham, IL | |
404 W Evergreen Ave, Effingham, IL | |
IL | |
| 46,130 | | |
| 46 | | |
| 2011 | | |
| 6,327 | | |
| 6,116 | |
Lakeside ALF - San Antonio, TX | |
8627 Lakeside Parkway, San Antonio, TX | |
TX | |
| 56,500 | | |
| 68 | | |
| 2013 | | |
| 13,150 | | |
| 12,775 | |
Villas of St. James - Breese, IL | |
14335 Jamestown Road, Breese, IL | |
IL | |
| 53,878 | | |
| 65 | | |
| 2009 | | |
| 6,500 | | |
| 6,310 | |
Villas of Holly Brook - Chatham, IL | |
825 E Walnut Street, Chatham, IL | |
IL | |
| 46,130 | | |
| 50 | | |
| 2012 | | |
| 6,567 | | |
| 6,402 | |
Villas of Holly Brook - Newton, IL | |
101 South Gregory St, Newton, IL | |
IL | |
| 34,985 | | |
| 41 | | |
| 2011 | | |
| 5,343 | | |
| 5,211 | |
Rose Garden Nursing and Rehabilitation - Bloomer WI | |
1900 Priddy St, Bloomer, WI | |
WI | |
| 23,612 | | |
| 26 | | |
| 1997 | | |
| 3,903 | | |
| 3,810 | |
Parkside Nursing and Rehabilitation - Black River Falls WI | |
109 North 14th St, Black River Falls, WI | |
WI | |
| 14,900 | | |
| 32 | | |
| 1970 | | |
| 3,471 | | |
| 3,388 | |
Countryside Four Seasons - Sioux City IA | |
3009 Lilac Lane, Sioux Ciy, IA | |
IA | |
| 43,553 | | |
| 61 | | |
| 1986 | | |
| 3,648 | | |
| 3,556 | |
Assisted Living at the Meadowlands - O'Fallon,
MO | |
135 Meadowlands Estates Lane, O'Fallon, MO | |
MO | |
| 53,384 | | |
| 65 | | |
| 2009 | | |
| 13,910 | | |
| 13,809 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Triple-Net Seniors Housing
Subtotal/Average | |
| |
| |
| 597,896 | | |
| 710 | | |
| 2007 | | |
$ | 101,575 | | |
$ | 98,501 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TRIPLE NET: SKILLED NURSING | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
CareMeridian Rehab - Phoenix AZ | |
5301 E Thomas Road, Phoenix, AZ | |
AZ | |
| 13,500 | | |
| 31 | | |
| 2008 | | |
| 9,016 | | |
| 7,556 | |
Village Healthcare Center - Santa Ana CA | |
18792 East 17th Street, Santa Ana, CA | |
CA | |
| 7,750 | | |
| 9 | | |
| 2008 | | |
| 4,482 | | |
| 4,002 | |
CareMeridian - La Mesa CA | |
5640 Aztec Drive, La Mesa, CA | |
CA | |
| 9,000 | | |
| 15 | | |
| 2012 | | |
| 6,000 | | |
| 5,498 | |
TriSun Care Center - San Antonio TX | |
8707 Lakeside Parkway, San Antonio, TX | |
TX | |
| 42,853 | | |
| 120 | | |
| 2012 | | |
| 12,250 | | |
| 11,697 | |
Property List as of September
30, 2014, continued
Amounts in thousands, except
square feet and units/beds
| |
| |
| |
Building Size | | |
No. Units / | | |
Year Built / | | |
Gross Asset | | |
Net Book | |
Property Name and Location | |
Address | |
State | |
(Sq. Ft.) | | |
Beds¹ | | |
Renovated | | |
Value | | |
Value | |
Cherry Hills Nursing and Rehabilitation - Kansas City
MO | |
724 Northeast 79th Terrace, Kansas City, MO | |
MO | |
| 32,238 | | |
| 150 | | |
| 1983 | | |
| 15,623 | | |
| 15,210 | |
Worthington Nursing and Rehabilitation - Parkersburg WV | |
2675 36th Street, Parkersburg, WV | |
WV | |
| 33,100 | | |
| 105 | | |
| 1999 | | |
| 21,138 | | |
| 20,555 | |
Sharpe Care Nursing and Rehabilitation - Oconto Falls WI | |
100 E. Highland Dr, Oconto Falls, WI | |
WI | |
| 43,847 | | |
| 99 | | |
| 1988 | | |
| 10,658 | | |
| 10,363 | |
Hetzel Care Nursing and Rehabilitation - Bloomer WI | |
1840 Priddy Street, Bloomer, WI | |
WI | |
| 25,000 | | |
| 31 | | |
| 1983 | | |
| 1,858 | | |
| 1,806 | |
Garden Valley Nursing and Rehab - Kansas City MO | |
8575 N. Granby Ave, Kansas City, MO | |
MO | |
| 39,239 | | |
| 156 | | |
| 1983 | | |
| 20,568 | | |
| 20,024 | |
Family Heritage Nursing and Rehabilitation - Black River Falls WI | |
1311 Tyler St., Black River Falls, WI | |
WI | |
| 23,800 | | |
| 50 | | |
| 1966 | | |
| 4,818 | | |
| 4,684 | |
Nicholas County Nursing and Rehabilitation - Richwood WV | |
18 Fourth Street, Richwood, WV | |
WV | |
| 32,532 | | |
| 97 | | |
| 1980 | | |
| 10,028 | | |
| 9,751 | |
Countryside Nursing and Rehabilitation - Sioux City IA | |
6120 Morningside Ave, Sioux City, IA | |
IA | |
| 68,457 | | |
| 130 | | |
| 1965 | | |
| 8,288 | | |
| 8,058 | |
Trinity Health and Rehabilitation Center - Woonsocket, RI | |
4 Saint Joseph Street, Woonsocket, RI | |
RI | |
| 70,700 | | |
| 185 | | |
| 1984 | | |
| 17,600 | | |
| 17,284 | |
Herbert Nursing Home - Smithfield, RI | |
180 Log Road, Smithfield, RI | |
RI | |
| 66,174 | | |
| 133 | | |
| 1990 | | |
| 8,400 | | |
| 8,263 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Triple-Net Skilled Nursing Subtotal/Average | |
| |
| |
| 508,190 | | |
| 1,311 | | |
| 1990 | | |
$ | 150,726 | | |
$ | 144,751 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
TRIPLE NET: HOSPITAL | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Reliant Rehabilitation - Dallas TX | |
7930 Northaven, Dallas, TX | |
TX | |
| 64,600 | | |
| 60 | | |
| 2009 | | |
| 33,798 | | |
| 28,821 | |
Select Rehabilitation - San Antonio TX | |
19126 Stonehue, San Antonio, TX | |
TX | |
| 40,828 | | |
| 42 | | |
| 2010 | | |
| 16,526 | | |
| 13,993 | |
Reliant Rehabilitation - Houston TX | |
20180 Chasewood Park Drive, Houston, TX | |
TX | |
| 65,000 | | |
| 60 | | |
| 2012 | | |
| 31,593 | | |
| 27,650 | |
Baylor Institute for Rehabilition - Ft. Worth TX | |
6601 Harris Parkway, Fort Worth, TX | |
TX | |
| 40,000 | | |
| 40 | | |
| 2008 | | |
| 16,000 | | |
| 14,160 | |
Sun City LTAC - Sun City, AZ | |
13818 North Thunderbird Blvd, Sun City, AZ | |
AZ | |
| 48,000 | | |
| 100 | | |
| 2012 | | |
| 20,000 | | |
| 18,896 | |
Mesa LTAC - Mesa, AZ | |
215 South Power Road, Mesa, AZ | |
AZ | |
| 48,000 | | |
| 100 | | |
| 2012 | | |
| 20,000 | | |
| 18,896 | |
Baylor Orthopedic & Spine - Arlington TX | |
707 W. Highlander Boulevard, Arlington, TX | |
TX | |
| 57,243 | | |
| 24 | | |
| 2009 | | |
| 28,000 | | |
| 26,466 | |
Victory Surgical Hospital East Houston - Houston, TX | |
12590 East Freeway, Houston, TX | |
TX | |
| 23,300 | | |
| 10 | | |
| 2012 | | |
| 12,165 | | |
| 12,106 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Triple-Net Hospital Subtotal/Average | |
| |
| |
| 386,971 | | |
| 436 | | |
| 2010 | | |
$ | 178,081 | | |
$ | 160,989 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Triple-Net Subtotal/Average | |
| |
| |
| 1,493,057 | | |
| 2,457 | | |
| 2003 | | |
$ | 430,382 | | |
$ | 404,241 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
LAND | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Arbor Terrace - Decatur GA (Land) | |
1899 Lawrenceville Highway, Decatur, GA | |
GA | |
| | | |
| | | |
| | | |
| 1,788 | | |
| 1,788 | |
Lexington Park - Lady Lake FL (Land) | |
930 Highway 466, Lady Lake, FL | |
FL | |
| | | |
| | | |
| | | |
| 1,231 | | |
| 1,231 | |
Assisted Living at the Meadowlands - O'Fallon, MO (Land) | |
135 Meadowlands Estates Lane, O'Fallon, MO | |
MO | |
| | | |
| | | |
| | | |
| 750 | | |
| 750 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Land Subtotal/Average | |
| |
| |
| | | |
| | | |
| | | |
$ | 3,769 | | |
$ | 3,769 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
CONSTRUCTION IN PROGRESS | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Aurora Healthcare - Kenosha, WI | |
7145 120th Ave, Kenosha, WI | |
WI | |
| 54,820 | | |
| | | |
| 2014 | | |
| 21,420 | | |
| 21,420 | |
| |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Construction in Progress Subtotal/Average | |
| |
| |
| 54,820 | | |
| | | |
| 2014 | | |
$ | 21,420 | | |
$ | 21,420 | |
Property List as of September
30, 2014, continued
Amounts in thousands, except
square feet and units/beds
| |
| |
| |
Building Size | | |
No. Units / | | |
Year Built / | | |
Gross Asset | | |
Net Book | |
Property Name and Location | |
Address | |
State | |
(Sq. Ft.) | | |
Beds¹ | | |
Renovated | | |
Value | | |
Value | |
OPERATING PROPERTIES: SENIORS HOUSING | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Benton Village - Palm Coast FL | |
100 Magnolia Trace Way, Palm Coast, FL | |
FL | |
| 104,525 | | |
| 80 | | |
| 2007 | | |
| 17,370 | | |
| 15,471 | |
Benton House - Douglasville GA | |
4999 Prestley Mill Rd., Douglasville, GA | |
GA | |
| 40,636 | | |
| 59 | | |
| 2010 | | |
| 14,650 | | |
| 13,426 | |
Benton Village - Stockbridge GA | |
195 & 201 Evergreen Terrace, Stockbridge, GA | |
GA | |
| 86,520 | | |
| 108 | | |
| 2008 | | |
| 17,102 | | |
| 15,096 | |
Benton House - Sugar Hill GA | |
6009 Suwanee Dam Rd., Sugar Hill, GA | |
GA | |
| 38,571 | | |
| 59 | | |
| 2010 | | |
| 16,150 | | |
| 14,595 | |
Benton House - Newnan GA | |
25 Newnan Lakes Blvd, Newnan, GA | |
GA | |
| 47,550 | | |
| 64 | | |
| 2010 | | |
| 20,550 | | |
| 18,412 | |
Pelican Pointe - Klamath Falls | |
605 Washington Way, Klamath, OR | |
OR | |
| 61,045 | | |
| 112 | | |
| 2011 | | |
| 20,950 | | |
| 18,614 | |
Princeton Village - Clackamas OR | |
14370 SE Oregon Trail Drive, Clackamas, OR | |
OR | |
| 39,450 | | |
| 53 | | |
| 1999 | | |
| 7,189 | | |
| 6,331 | |
Cedar Village - Salem OR | |
4452 Lancaster Drive NE, Salem, OR | |
OR | |
| 51,585 | | |
| 75 | | |
| 1999 | | |
| 11,545 | | |
| 10,318 | |
Ocean Ridge - Coos Bay OR | |
1855 SE Ocean Boulevard, Coos Bay, OR | |
OR | |
| 68,139 | | |
| 81 | | |
| 2006 | | |
| 13,600 | | |
| 12,137 | |
Pheasant Pointe - Molalla OR | |
835 E. Main Street, Molalla, OR | |
OR | |
| 39,428 | | |
| 57 | | |
| 1998 | | |
| 7,922 | | |
| 6,963 | |
Wyndcrest - Rochester IL | |
4817 Oak Hill Road, Rochester, IL | |
IL | |
| 35,059 | | |
| 37 | | |
| 2005 | | |
| 5,248 | | |
| 4,715 | |
Garden House - Anderson SC | |
201 Edgebrook Drive, Anderson, SC | |
SC | |
| 50,144 | | |
| 64 | | |
| 2000 | | |
| 13,550 | | |
| 12,231 | |
Arbor Terrace - Largo FL (Tampa) | |
333 16th Ave SE, Largo, FL | |
FL | |
| 57,844 | | |
| 66 | | |
| 1992 | | |
| 9,332 | | |
| 7,546 | |
Arbor Terrace - Athens GA | |
170 Marilyn Farmer Way, Athens, GA | |
GA | |
| 38,380 | | |
| 56 | | |
| 1998 | | |
| 19,005 | | |
| 16,630 | |
Barrington Terrace - Naples FL | |
5175 Tamiami Trail East, Naples, FL | |
FL | |
| 58,169 | | |
| 122 | | |
| 2004 | | |
| 24,323 | | |
| 21,047 | |
Arbor Terrace at Cascade - Atlanta GA | |
1001 Research Center Atlanta Dr, Atlanta, GA | |
GA | |
| 40,547 | | |
| 68 | | |
| 1999 | | |
| 10,069 | | |
| 8,357 | |
Barrington Terrace - Fort Myers FL | |
9731 Commerce Center Court, Fort Meyers, FL | |
FL | |
| 54,307 | | |
| 117 | | |
| 2001 | | |
| 18,109 | | |
| 15,289 | |
Arbor Terrace - Knoxville, TN | |
9051 Cross Park Drive, Knoxville, TN | |
TN | |
| 58,113 | | |
| 84 | | |
| 1997 | | |
| 18,612 | | |
| 16,185 | |
Bayside Terrace - Coos Bay, OR | |
192 Norman Avenue, Coos Bay, OR | |
OR | |
| 46,696 | | |
| 61 | | |
| 2006 | | |
| 4,268 | | |
| 3,599 | |
Redwood Heights - Salem OR | |
4050 12th Street Cut-Off SE, Salem, OR | |
OR | |
| 63,879 | | |
| 80 | | |
| 1999 | | |
| 12,069 | | |
| 10,808 | |
Clearwater Springs - Vancouver WA | |
201 NW 78th Street, Vancouver, WA | |
WA | |
| 62,797 | | |
| 81 | | |
| 2003 | | |
| 11,320 | | |
| 10,165 | |
Benton House - Covington GA | |
7155 Dearing Road, Covington, GA | |
GA | |
| 44,674 | | |
| 59 | | |
| 2009 | | |
| 14,000 | | |
| 12,655 | |
Arbor Terrace - Asheville NC | |
3199 Sweeten Creek Road, Asheville, NC | |
NC | |
| 42,000 | | |
| 63 | | |
| 1998 | | |
| 18,684 | | |
| 16,455 | |
Arbor Terrace - Decatur GA | |
425 Winn Way, Decatur, GA | |
GA | |
| 51,159 | | |
| 66 | | |
| 1990 | | |
| 23,593 | | |
| 20,827 | |
Gardens at Westlake - Westlake OH | |
27569 Detroit Road, Westlake, OH | |
OH | |
| 102,000 | | |
| 97 | | |
| 1987 | | |
| 22,549 | | |
| 20,607 | |
Solana at Cinco Ranch - Katy, TX | |
24001 Cinco Village Center Blvd., Katy, TX | |
TX | |
| 250,000 | | |
| 184 | | |
| 2010 | | |
| 71,260 | | |
| 67,402 | |
Summerhill Villa - Santa Clarita, CA | |
24431 Lyons Ave, Santa Clarita, CA | |
CA | |
| 90,791 | | |
| 134 | | |
| 2001 | | |
| 52,290 | | |
| 49,665 | |
Casa de Sante Fe - Rocklin, CA | |
3201 Santa Fe Way, Rocklin, CA | |
CA | |
| 141,200 | | |
| 159 | | |
| 2001 | | |
| 52,316 | | |
| 50,047 | |
Lexington Park - Lady Lake, FL | |
930 Highway 466, Lady Lake, FL | |
FL | |
| 74,112 | | |
| 89 | | |
| 2010 | | |
| 25,432 | | |
| 24,208 | |
Bay Pointe - Bremerton, WA | |
966 Oyster Bay Court, Bermerton, WA | |
WA | |
| 75,225 | | |
| 93 | | |
| 1999 | | |
| 21,900 | | |
| 21,412 | |
Edmunds Landing - Edmund, WA | |
180 Second Ave., Edmonds, WA | |
WA | |
| 69,748 | | |
| 83 | | |
| 2001 | | |
| 29,350 | | |
| 28,833 | |
Silverado Senior Living of Everett - Everett, WA | |
524 75th Street SE, Everett, WA | |
WA | |
| 34,018 | | |
| 42 | | |
| 1998 | | |
| 8,650 | | |
| 8,409 | |
Silverado Senior Living of Bellingham - Bellingham, WA | |
848 West Orchard Drive, Bellingham, WA | |
WA | |
| 30,099 | | |
| 63 | | |
| 1999 | | |
| 20,500 | | |
| 20,009 | |
Woodmark at Uptown - Albuquerque, NM | |
7201 Prospect Place NE, Albuquerque, NM | |
NM | |
| 169,460 | | |
| 117 | | |
| 2000 | | |
| 40,350 | | |
| 39,632 | |
Woodmark at Sun City - Sun City, AZ | |
17207 N Boswell Blvd, Sun City, AZ | |
AZ | |
| 108,198 | | |
| 132 | | |
| 2000 | | |
| 35,000 | | |
| 34,332 | |
Seniors Housing Operating Properties/Average | |
| |
| |
| 2,426,068 | | |
| 2,965 | | |
| 2002 | | |
$ | 728,809 | | |
$ | 672,429 | |
Grand Total/Average | |
| |
| |
| 7,980,172 | | |
| 5,422 | | |
| 2002 | | |
$ | 2,236,388 | | |
$ | 2,055,108 | |
1. Units reported for Senior Housing assets
(IL and AL); beds reported for Skilled Nursing facilities, Post-Acute and Hospital assets.
www.ARCHealthcareTrust.com
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