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Real Estate Transactions | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
Real Estate Transactions | Real Estate Transactions 2021 Real Estate Investments South San Francisco Land Site Acquisition In October 2020, the Company executed a definitive agreement to acquire approximately 12 acres of land for $128 million. The acquisition site is located in South San Francisco, California, adjacent to two sites currently held by the Company as land for future development. The Company paid a $10 million nonrefundable deposit upon completing due diligence in November 2020. The first phase of the acquisition, with a purchase price of $61 million, closed in April 2021. The second phase of the acquisition, with a purchase price of $24 million, closed in September 2021. The final phase of the acquisition, with a purchase price of $43 million, closed in October 2021. Westview Medical Plaza Acquisition In February 2021, the Company acquired one medical office building (“MOB”) in Nashville, Tennessee for $13 million. Pinnacle at Ridgegate Acquisition In April 2021, the Company acquired one MOB in Denver, Colorado for $38 million. MOB Portfolio Acquisition In April 2021, the Company acquired 14 MOBs for $371 million (the “MOB Portfolio”). In conjunction with the acquisition, the Company originated $142 million of secured mortgage debt. Westside Medical Plaza Acquisition In June 2021, the Company acquired one MOB in Fort Lauderdale, Florida for $16 million. Wesley Woodlawn Acquisition In July 2021, the Company acquired one MOB in Wichita, Kansas for $50 million. Atlantic Health Acquisition In July 2021, the Company acquired three MOBs in Morristown, New Jersey for $155 million. Baylor Centennial Acquisition In September 2021, the Company acquired two MOBs in Dallas, Texas for $60 million. Concord Avenue Campus Acquisition In September 2021, the Company acquired a life science campus, comprised of three buildings, in Cambridge, Massachusetts for $180 million. 10 Fawcett Acquisition In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $73 million. Vista Sorrento Phase 1 Acquisition In October 2021, the Company closed a life science acquisition in San Diego, California for $20 million. Swedish Medical Acquisition In October 2021, the Company acquired one MOB in Seattle, Washington for $43 million. Lakeview Medical Pavilion In October 2021, the Company acquired one MOB in New Orleans, Louisiana for $34 million. Mooney Street Parcels In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $123 million. 725 Concord In October 2021, the Company acquired an MOB and adjacent land parcel in Cambridge, Massachusetts for $80 million. 25 Spinelli In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $34 million. 68 Moulton In October 2021, the Company closed a life science acquisition in Cambridge, Massachusetts for $18 million. 2020 Real Estate Investments The Post Acquisition In April 2020, the Company acquired a life science campus in Waltham, Massachusetts for $320 million. Scottsdale Gateway Acquisition In July 2020, the Company acquired one MOB in Scottsdale, Arizona for $27 million. Midwest MOB Portfolio Acquisition In October 2020, the Company acquired a portfolio of seven MOBs located in Indiana, Missouri, and Illinois for $169 million. Cambridge Discovery Park Acquisition In December 2020, the Company acquired three life science facilities in Cambridge, Massachusetts for $610 million and a 49% unconsolidated joint venture interest in a fourth property on the same campus for $54 million. If the fourth property is sold in a taxable transaction, the Company is generally obligated to indemnify its joint venture partner for its federal and state income taxes associated with the gain that existed at the time of the contribution to the joint venture. Waldwick JV Interest Purchase In October 2020, the Company acquired the remaining 15% equity interest of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $4 million. Subsequent to the acquisition, the Company owned 100% of the equity, began consolidating the facility, and recognized a gain upon change of control of $6 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. In December 2020, the Company sold the property as part of the Atria SHOP Portfolio disposition (see Note 5). MBK JV Dissolution In November 2020, as part of the dissolution of a senior housing joint venture, the Company was distributed one property, one land parcel, and $11 million in cash. Upon consolidating the property and land parcel at the time of distribution, the Company recognized a loss upon change of control of $16 million, which is recorded in other income (expense), net within income (loss) from discontinued operations. In conjunction with the distribution of the property, the Company assumed $36 million of secured mortgage debt (classified as liabilities related to assets held for sale and discontinued operations, net) maturing in 2025, which was recorded at its fair value through asset acquisition accounting. During the quarter ended September 30, 2021, the Company sold the property and the related secured mortgage debt was assumed by the buyer (see Note 5). Other Real Estate Acquisitions In December 2020, the Company acquired one hospital in Dallas, Texas for $34 million. Development Activities The Company’s commitments, which are primarily related to development and redevelopment projects and tenant improvements, increased by $89 million, to $395 million at September 30, 2021, when compared to December 31, 2020, primarily as a result of increased commitments on existing projects and new projects started during 2021. During the nine months ended September 30, 2021, management reviewed the estimated useful lives of certain life science properties in connection with future plans of densification on campuses where the Company has densification opportunities. These changes in the planned use of the properties resulted in the Company updating the estimated useful lives of the properties, which differ from the Company’s previous estimates. The estimated useful lives of these properties was reduced from a weighted average remaining useful life of 15 years to 11 years to reflect the timing of the planned densification projects. For the three and nine months ended September 30, 2021, these changes in estimate increased depreciation expense by $9 million and $22 million, respectively, resulting in a corresponding decrease to income (loss) from continuing operations and net income (loss), as well as a decrease to both basic and diluted earnings per share of approximately $0.02 and $0.04, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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