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Subsequent Events (Notes) | 9 Months Ended
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Sep. 30, 2013
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Subsequent to September 30, 2013 and in addition to disclosures elsewhere in the financial statements, the Company:
• | agreed to lend up to $85,000 for the construction of an approximately 168,000 square foot hospital in Kennewick, Washington. Upon completion of construction, a 30-year lease between the borrower/landowner and the public hospital district will commence, which lease requires the public hospital district to purchase the hospital from the borrower/landowner on May 1, 2022 for $110,000. The financing (1) provides for accrued interest on the outstanding balance at a rate of 6.5% (compounded monthly) until substantial completion, (2) requires regular payments of interest only at an annual rate of 8.75% after substantial completion, (3) accrues interest at 9.0% after substantial completion and (4) matures on May 1, 2022 when an estimated balloon payment of approximately $87,549 is due;
• | increased its quarterly common share dividend by 10% to $0.165 per common share from $0.15 per common share for the quarter ended December 31, 2013;
• | acquired a portfolio of three parcels of land in New York, New York consisting of an aggregate of 0.6 acres, which are net leased to tenants under non-cancellable 99-year leases. The aggregate purchase price was $302,000. The improvements on these parcels are owned by the tenants under the Company leases and currently consist of three high-rise hotels built in 2010, which contain an aggregate of approximately 480,000 square feet, 103 floors and 1,179 guest rooms. The hotels are known as the DoubleTree by Hilton Hotel New York City - Financial District, the Sheraton Tribeca New York Hotel and the Element New York Times Square West. The aggregate initial annual rent under the leases is approximately $14,883, which represents approximately 4.9% of the aggregate purchase price. The rent under each lease increases by a minimum of 2.0% each year with further annual increases, not to exceed 3.0% per annum in the aggregate, at specified intervals based on the increase in the Consumer Price Index, or CPI. The total aggregate minimum rent (excluding any additional CPI increases) under the leases over the 99-year lease terms is approximately $4,541,141. Each tenant has a purchase option that can be exercised at the end of the 25th, 50th and 75th lease year at a price that is equal to the greater of (1) the original purchase price plus a 7.5% return (inclusive of rent payments) for the holding period (compounded monthly) and (2) a specified floor price, which in each case is in excess of the allocated purchase price, and is $305,000 in the aggregate;
• | entered into a nonbinding term sheet with a life insurance company and locked rate for a $213,500 non-recourse secured financing, which is expected to bear interest at a fixed-rate of 4.66% and mature in 13 years. This financing is subject to documentation and certain conditions, including lender due diligence and approval and the Company gives no assurance that it will be consummated or expectations of the final terms;
• | borrowed $216,000, net, under the unsecured revolving credit facility;
• | completed a foreclosure and acquired the office building in Schaumburg, Illinois. The Company is obligated to fund an outstanding tenant improvement allowance of approximately $9,000;
• | issued 11,500,000 common shares raising gross proceeds of $126,270, after deducting underwriting discounts and commissions;
• | acquired a property in Danville, Virginia for $4,727 (5.5% initial cap rate) which is net leased until January 2029 with 11 five-year tenant renewal options; and
• | formed a joint venture, in which the Company has a 15% interest, to acquire a portfolio of veterinary hospitals for $39,456 (6.9% initial cap rate), which are net leased for a 20-year term. The acquisition was partially funded by a $18,791 non-recourse mortgage loan with a fixed interest rate of 4.01% and maturity of November 2018.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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