X | ||||||||||
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. No definition available.
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X | ||||||||||
- Definition Area code of city No definition available.
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X | ||||||||||
- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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X | ||||||||||
- Definition Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY. No definition available.
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X | ||||||||||
- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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X | ||||||||||
- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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X | ||||||||||
- Definition Boolean flag that is true only for a form used as an quarterly report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Boolean flag that is true only for a form used as a transition report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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X | ||||||||||
- Definition Address Line 1 such as Attn, Building Name, Street Name No definition available.
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X | ||||||||||
- Definition Address Line 2 such as Street or Suite number No definition available.
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X | ||||||||||
- Definition Name of the City or Town No definition available.
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X | ||||||||||
- Definition Code for the postal or zip code No definition available.
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X | ||||||||||
- Definition Name of the state or province. No definition available.
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X | ||||||||||
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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X | ||||||||||
- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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X | ||||||||||
- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. No definition available.
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X | ||||||||||
- Definition Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Two-character EDGAR code representing the state or country of incorporation. No definition available.
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X | ||||||||||
- Definition Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Indicates that the company is a Smaller Reporting Company (SRC). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Local phone number for entity. No definition available.
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X | ||||||||||
- Definition Title of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Name of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Document - Document and Entity Information [Abstract] No definition available.
|
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Revenues: | ||||||
Revenues, Total | $ 19,326 | $ 20,111 | $ 38,438 | $ 38,650 | ||
Expenses: | ||||||
Depreciation and amortization | 6,426 | 6,111 | 13,134 | 12,398 | ||
Other operating expenses | 5,330 | 5,445 | 10,540 | 10,653 | ||
Costs and Expenses, Total | 12,738 | 12,504 | 25,626 | 24,903 | ||
Income before equity in income of unconsolidated limited liability companies ("LLCs"), interest expense, hurricane insurance recovery proceeds and gain | 6,588 | 7,607 | 12,812 | 13,747 | ||
Equity in income of unconsolidated LLCs | 454 | 425 | 884 | 854 | ||
Hurricane insurance recovery proceeds in excess of damaged property write-downs | 4,535 | |||||
Hurricane business interruption insurance recovery proceeds | 194 | 1,162 | ||||
Gain on sale of land | 250 | |||||
Interest expense, net | (2,781) | (2,421) | (5,473) | (4,889) | ||
Net income | $ 4,261 | $ 5,805 | $ 8,473 | $ 15,409 | ||
Basic and diluted earnings per share | $ 0.31 | $ 0.42 | $ 0.62 | $ 1.12 | ||
Weighted average number of shares outstanding - Basic | 13,730 | 13,720 | 13,729 | 13,719 | ||
Weighted average number of shares outstanding - Diluted | 13,749 | 13,720 | 13,748 | 13,719 | ||
Non-Related Parties | ||||||
Revenues: | ||||||
Lease revenue | $ 13,178 | $ 12,392 | $ 25,909 | $ 24,899 | ||
Other | ||||||
Revenues: | ||||||
Other revenue | 288 | 2,025 | 663 | 2,260 | ||
Management Service | ||||||
Expenses: | ||||||
Advisory fees to UHS | 982 | 948 | 1,952 | 1,852 | ||
UHS Facilities | ||||||
Revenues: | ||||||
Lease revenue | [1] | 5,651 | 5,619 | 11,444 | 11,354 | |
UHS Facilities | Other | ||||||
Revenues: | ||||||
Other revenue | $ 209 | $ 75 | $ 422 | $ 137 | ||
|
X | ||||||||||
- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of insurance proceeds for an event or transaction that is unusual in nature or infrequent in occurrence, or both. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Condensed Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
UHS Hospital Facilities | ||||
Bonus rental | $ 1,352 | $ 1,204 | $ 2,746 | $ 2,530 |
X | ||||||||||
- Definition Bonus rental income. No definition available.
|
X | ||||||||||
- Details
|
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,261 | $ 5,805 | $ 8,473 | $ 15,409 |
Other comprehensive (loss)/income: | ||||
Unrealized derivative (loss)/gain on interest rate caps | 6 | (132) | 154 | |
Total other comprehensive (loss)/income: | 6 | (132) | 154 | |
Total comprehensive income | $ 4,261 | $ 5,811 | $ 8,341 | $ 15,563 |
X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Lease and other receivables. No definition available.
|
X | ||||||||||
- Definition Lease receivable, other. No definition available.
|
X | ||||||||||
- Definition Amount at the balance sheet date that has been received by the entity that represents collections of cash or other assets related to real estate operations revenue for which revenue has not yet been recognized and money paid in advance to protect the provider of a product or services, such as a lessor, against damage or non-payment by the tenant (lessee) during the term of the agreement. Such damages may include physical damage to the property, theft of property and other contractual breaches. No definition available.
|
X | ||||||||||
- Definition Amount of expenses incurred but not yet paid nor invoiced, and liabilities classified as other. No definition available.
|
X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cumulative cash dividends distributed to shareholders. No definition available.
|
X | ||||||||||
- Definition Amount of deferred cost assets and assets classified as other. No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Value of the investment at close of period. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before accumulated depletion of real estate held for productive use, excluding land held for sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement Of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 24.7 | $ 27.6 |
Preferred shares of beneficial interest, par value | $ 0.01 | $ 0.01 |
Preferred shares of beneficial interest, shares authorized | 5,000,000 | 5,000,000 |
Preferred shares of beneficial interest, issued | 0 | 0 |
Preferred shares of beneficial interest, outstanding | 0 | 0 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 95,000,000 | 95,000,000 |
Common shares, issued | 13,756,531 | 13,746,803 |
Common shares, outstanding | 13,756,531 | 13,746,803 |
X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Common stock |
Capital in excess of par value |
Cumulative net income |
Cumulative dividends |
Accumulated other comprehensive income/(loss) |
---|---|---|---|---|---|---|
Balance at Dec. 31, 2017 | $ 210,561 | $ 137 | $ 265,335 | $ 618,120 | $ (673,175) | $ 144 |
Balance, Shares at Dec. 31, 2017 | 13,735 | |||||
Shares of Beneficial Interest: | ||||||
Issued, net | (45) | (45) | ||||
Issued, net (in shares) | 9 | |||||
Restricted stock-based compensation expense | 254 | 254 | ||||
Dividends ($1.355/share) for six months ended June 30, 2019, ($.68/share) for three months ended June 30, 2019, ($1.335/share) for six months ended June 30, 2018 and ($.67/share) for three months ended June 30, 2018 | (18,343) | (18,343) | ||||
Comprehensive income: | ||||||
Net income | 15,409 | 15,409 | ||||
Unrealized loss on interest rate cap | 154 | 154 | ||||
Subtotal - comprehensive income | 15,563 | 15,409 | 154 | |||
Balance at Jun. 30, 2018 | 207,990 | $ 137 | 265,544 | 633,529 | (691,518) | 298 |
Balance, Shares at Jun. 30, 2018 | 13,744 | |||||
Balance at Mar. 31, 2018 | 211,356 | $ 137 | 265,511 | 627,724 | (682,309) | 293 |
Balance, Shares at Mar. 31, 2018 | 13,736 | |||||
Shares of Beneficial Interest: | ||||||
Issued, net | (102) | (102) | ||||
Issued, net (in shares) | 8 | |||||
Restricted stock-based compensation expense | 135 | 135 | ||||
Dividends ($1.355/share) for six months ended June 30, 2019, ($.68/share) for three months ended June 30, 2019, ($1.335/share) for six months ended June 30, 2018 and ($.67/share) for three months ended June 30, 2018 | (9,209) | (9,209) | ||||
Comprehensive income: | ||||||
Net income | 5,805 | 5,805 | ||||
Unrealized loss on interest rate cap | 5 | 5 | ||||
Subtotal - comprehensive income | 5,810 | 5,805 | 5 | |||
Balance at Jun. 30, 2018 | 207,990 | $ 137 | 265,544 | 633,529 | (691,518) | 298 |
Balance, Shares at Jun. 30, 2018 | 13,744 | |||||
Balance at Dec. 31, 2018 | 198,610 | $ 137 | 266,031 | 642,316 | (710,006) | 132 |
Balance, Shares at Dec. 31, 2018 | 13,747 | |||||
Shares of Beneficial Interest: | ||||||
Issued, net | (109) | $ 1 | (110) | |||
Issued, net (in shares) | 10 | |||||
Restricted stock-based compensation expense | 331 | 331 | ||||
Dividends ($1.355/share) for six months ended June 30, 2019, ($.68/share) for three months ended June 30, 2019, ($1.335/share) for six months ended June 30, 2018 and ($.67/share) for three months ended June 30, 2018 | (18,633) | (18,633) | ||||
Comprehensive income: | ||||||
Net income | 8,473 | 8,473 | ||||
Unrealized loss on interest rate cap | (132) | (132) | ||||
Subtotal - comprehensive income | 8,341 | 8,473 | $ (132) | |||
Balance at Jun. 30, 2019 | 188,540 | $ 138 | 266,252 | 650,789 | (728,639) | |
Balance, Shares at Jun. 30, 2019 | 13,757 | |||||
Balance at Mar. 31, 2019 | 193,627 | $ 137 | 266,247 | 646,528 | (719,285) | |
Balance, Shares at Mar. 31, 2019 | 13,748 | |||||
Shares of Beneficial Interest: | ||||||
Issued, net | (166) | $ 1 | (167) | |||
Issued, net (in shares) | 9 | |||||
Restricted stock-based compensation expense | 172 | 172 | ||||
Dividends ($1.355/share) for six months ended June 30, 2019, ($.68/share) for three months ended June 30, 2019, ($1.335/share) for six months ended June 30, 2018 and ($.67/share) for three months ended June 30, 2018 | (9,354) | (9,354) | ||||
Comprehensive income: | ||||||
Net income | 4,261 | 4,261 | ||||
Subtotal - comprehensive income | 4,261 | 4,261 | ||||
Balance at Jun. 30, 2019 | $ 188,540 | $ 138 | $ 266,252 | $ 650,789 | $ (728,639) | |
Balance, Shares at Jun. 30, 2019 | 13,757 |
X | ||||||||||
- Definition Shares of beneficial interest. No definition available.
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X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) for recognition of cost for restricted stock unit under share-based payment arrangement. No definition available.
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X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of tax expense (benefit), before reclassification adjustments, related to increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
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X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement Of Stockholders Equity [Abstract] | ||||
Dividend, per share | $ 0.68 | $ 0.67 | $ 1.355 | $ 1.335 |
X | ||||||||||
- Definition Dividends, per share. No definition available.
|
X | ||||||||||
- References No definition available.
|
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Cash flows from operating activities: | ||
Net income | $ 8,473 | $ 15,409 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 13,032 | 12,288 |
Amortization of debt premium | (27) | (23) |
Stock-based compensation expense | 331 | 254 |
Hurricane insurance recovery proceeds in excess of damaged property write-downs | (4,535) | |
Gain on sale of land | (250) | |
Changes in assets and liabilities: | ||
Lease receivable | 332 | (337) |
Accrued expenses and other liabilities | (420) | (445) |
Tenant reserves, deposits and deferred and prepaid rents | (382) | 713 |
Accrued interest | (28) | (36) |
Leasing costs paid | (591) | (597) |
Other, net | 981 | 517 |
Net cash provided by operating activities | 21,451 | 23,208 |
Cash flows from investing activities: | ||
Investments in LLCs | (598) | (369) |
Cash distributions in excess of income from LLCs | 348 | 501 |
Additions to real estate investments, net | (2,956) | (4,246) |
Cash proceeds received from divestiture of property, net | 245 | |
Hurricane insurance recovery proceeds in excess of damaged property write-downs | 4,535 | |
Hurricane remediation payments | (192) | |
Net cash paid for acquisition of property | (4,053) | |
Net cash used in investing activities | (2,961) | (3,824) |
Cash flows from financing activities: | ||
Net (repayments)/borrowings on line of credit | (4,850) | 16,200 |
Repayments of mortgage notes payable | (3,351) | (22,585) |
Financing costs paid | (35) | (1,527) |
Dividends paid | (9,279) | (9,187) |
Issuance of shares of beneficial interest, net | 61 | 60 |
Net cash used in financing activities | (17,454) | (17,039) |
Increase in cash and cash equivalents | 1,036 | 2,345 |
Cash and cash equivalents, beginning of period | 5,036 | 3,387 |
Cash and cash equivalents, end of period | 6,072 | 5,732 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 5,204 | 4,711 |
Invoices accrued for construction and improvements | 1,025 | $ 668 |
Right-of-use assets obtained in exchange for lease obligations | $ 8,875 |
X | ||||||||||
- Definition Equity investment distribution. No definition available.
|
X | ||||||||||
- Definition Hurricane insurance recovery proceeds in excess of damaged property write-downs investing activities. No definition available.
|
X | ||||||||||
- Definition Increase decrease in leasing costs. No definition available.
|
X | ||||||||||
- Definition Increase (decrease) in tenant reserves, deposits, deferred and prepaid rents. No definition available.
|
X | ||||||||||
- Definition Payments for hurricane remediation. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Future cash outflow to pay for construction in progress expenditures that have occurred. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due from borrowers for interest payments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in accrued expenses, and obligations classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due from lessees arising from lease agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of increase (decrease) in operating assets after deduction of operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of increase (decrease) before accumulated depreciation of real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of increase in right-of-use asset obtained in exchange for operating lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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General |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General |
(1) General This Quarterly Report on Form 10-Q is for the quarter ended June 30, 2019. In this Quarterly Report, “we,” “us,” “our” and the “Trust” refer to Universal Health Realty Income Trust and its subsidiaries. In this Quarterly Report on Form 10-Q, the term “revenues” does not include the revenues of the unconsolidated LLCs in which we have various non-controlling equity interests ranging from 33% to 95%. As of June 30, 2019, we had investments in four jointly-owned LLCs/LPs which own medical office buildings, all of which are accounted for by the equity method (see Note 5). These LLCs are included in our consolidated financial statements for all periods presented on an unconsolidated basis since they are not variable interest entities for which we are the primary beneficiary, nor do we hold a controlling voting interest. The condensed consolidated financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the SEC and reflect all normal and recurring adjustments which, in our opinion, are necessary to fairly present results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations, although we believe that the accompanying disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the condensed consolidated financial statements, the notes thereto and accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Relationship with Universal Health Services, Inc. ("UHS") and Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Relationship with Universal Health Services, Inc. ("UHS") and Related Party Transactions |
(2) Relationship with Universal Health Services, Inc. (“UHS”) and Related Party Transactions Leases: We commenced operations in 1986 by purchasing properties from certain subsidiaries of UHS and immediately leasing the properties back to the respective subsidiaries. Most of the leases were entered into at the time we commenced operations and provided for initial terms of 13 to 15 years with up to six additional 5-year renewal terms. The current base rentals and lease and renewal terms for each of the three hospital facilities leased to subsidiaries of UHS are provided below. The base rents are paid monthly and each lease also provides for additional or bonus rents which are computed and paid on a quarterly basis based upon a computation that compares current quarter revenue to a corresponding quarter in the base year. The three hospital leases with subsidiaries of UHS are unconditionally guaranteed by UHS and are cross-defaulted with one another. The combined revenues generated from the leases on the UHS hospital facilities accounted for approximately 21% and 20% of our consolidated revenues for the three months ended June 30, 2019 and 2018, respectively, and approximately 22% and 21% of our consolidated revenues for the six months ended June 30, 2019 and 2018, respectively. In addition, we have seventeen medical office buildings (“MOBs”), or free-standing emergency departments (“FEDs”), that are either wholly or jointly-owned by us, that include tenants which are subsidiaries of UHS. The aggregate revenues generated from UHS-related tenants comprised approximately 30% and 28% of our consolidated revenues during the three-month periods ended June 30, 2019 and 2018, respectively, and approximately 31% and 30% of our consolidated revenues during the six-month periods ended June 30, 2019 and 2018, respectively. Pursuant to the Master Lease Document by and among us and certain subsidiaries of UHS, dated December 24, 1986 (the “Master Lease”), which governs the leases of all hospital properties with subsidiaries of UHS, UHS has the option to renew the leases at the lease terms described below by providing notice to us at least 90 days prior to the termination of the then current term. UHS also has the right to purchase the respective leased facilities at the end of the lease terms or any renewal terms at the appraised fair market value. In addition, the Master Lease, as amended during 2006, includes a change of control provision whereby UHS has the right, upon one month’s notice should a change of control of the Trust occur, to purchase any or all of the three leased hospital properties listed below at their appraised fair market value. Additionally, UHS has rights of first refusal to: (i) purchase the respective leased facilities during and for 180 days after the lease terms at the same price, terms and conditions of any third-party offer, or; (ii) renew the lease on the respective leased facility at the end of, and for 180 days after, the lease term at the same terms and conditions pursuant to any third-party offer. The table below details the existing lease terms and renewal options for our three acute care hospitals operated by wholly-owned subsidiaries of UHS:
Management cannot predict whether the leases with subsidiaries of UHS, which have renewal options at existing lease rates or fair market value lease rates, or any of our other leases, will be renewed at the end of their lease term. If the leases are not renewed at their current rates or the fair market value lease rates, we would be required to find other operators for those facilities and/or enter into leases on terms potentially less favorable to us than the current leases. In addition, if subsidiaries of UHS exercise their options to purchase the respective leased hospital or FED facilities upon expiration of the lease terms, our future revenues could decrease if we were unable to earn a favorable rate of return on the sale proceeds received, as compared to the lease revenue currently earned pursuant to the these leases.
We are the lessee on nine ground leases with subsidiaries of UHS. The remaining lease terms on the ground leases with subsidiaries of UHS range from approximately 30 years to approximately 79 years. Our annual aggregate lease payments on these properties are approximately $290,000 for each of the years ended 2019, 2020, 2021, 2022 and 2023, and an aggregate of $16.4 million thereafter. See Note 7 for further disclosure around our adoption of the new lease standard.
In August, 2019, Des Moines Medical Properties, LLC, a wholly-owned subsidiary of UHT, entered into an agreement with Clive Behavioral Health, LLC, a joint venture between UHS and Catholic Health Initiatives - Iowa, Corp. (d/b/a Mercy One Des Moines Medical Center), to construct a behavioral health care hospital in Clive, Iowa. The hospital is 100% preleased to Clive Behavioral Health, LLC under a 20-year, triple net lease with five, 10-year renewal options. Construction of the hospital, for which we have engaged a wholly-owned subsidiary of UHS to act as project manager for an aggregate fee of approximately $750,000, is expected to be completed in the fall of 2020 and the lease will commence upon issuance of the certificate of occupancy. The approximate cost of the project is estimated at $37.5 million and the initial annual rent is estimated at approximately $2.7 million.
Officers and Employees: Our officers are all employees of a wholly-owned subsidiary of UHS and although as of June 30, 2019 we had no salaried employees, our officers do typically receive annual stock-based compensation awards in the form of restricted stock. In special circumstances, if warranted and deemed appropriate by the Compensation Committee of the Board of Trustees, our officers may also receive one-time special compensation awards in the form of restricted stock and/or cash bonuses.
Advisory Agreement: UHS of Delaware, Inc. (the “Advisor”), a wholly-owned subsidiary of UHS, serves as Advisor to us under an advisory agreement dated December 24, 1986, and as amended and restated as of January 1, 2019 (the “Advisory Agreement”). Pursuant to the Advisory Agreement, the Advisor is obligated to present an investment program to us, to use its best efforts to obtain investments suitable for such program (although it is not obligated to present any particular investment opportunity to us), to provide administrative services to us and to conduct our day-to-day affairs. All transactions between us and UHS must be approved by the Trustees who are unaffiliated with UHS (the “Independent Trustees”). In performing its services under the Advisory Agreement, the Advisor may utilize independent professional services, including accounting, legal, tax and other services, for which the Advisor is reimbursed directly by us. The Advisory Agreement may be terminated for any reason upon sixty days written notice by us or the Advisor. The Advisory Agreement expires on December 31 of each year; however, it is renewable by us, subject to a determination by the Independent Trustees, that the Advisor’s performance has been satisfactory. Pursuant to the terms of the original advisory agreement, which was in effect from inception through December 31, 2018, in addition to the advisory fee as discussed below, the Advisor was entitled to an annual incentive fee equal to 20% of the amount by which cash available for distribution to shareholders for each year, as defined in the agreement, exceeded 15% of our equity as shown on our condensed consolidated balance sheet, determined in accordance with generally accepted accounting principles without reduction for return of capital dividends. Cash available for distribution to shareholders was defined as net cash flow from operations less deductions for, among other things, amounts required to discharge our debt and liabilities and reserves for replacement and capital improvements to our properties and investments. Since the incentive fee requirements were not achieved at any time from our inception through December 31, 2018, no incentive fees were paid during that time. Given that the incentive fee requirements had never been achieved, and were deemed unlikely to be achieved in the future, the amended and restated advisory agreement that became effective on January 1, 2019, among other things, eliminated the incentive fee provision. Our advisory fee for the three and six months ended June 30, 2019 and 2018, was computed at 0.70% of our average invested real estate assets, as derived from our condensed consolidated balance sheets. Based upon a review of our advisory fee and other general and administrative expenses, as compared to an industry peer group, the advisory fee computation remained unchanged for 2019, as compared to the last three years. The average real estate assets for advisory fee calculation purposes exclude certain items from our condensed consolidated balance sheet such as, among other things, accumulated depreciation, cash and cash equivalents, lease receivables, deferred charges and other assets. The advisory fee is payable quarterly, subject to adjustment at year-end based upon our audited financial statements. Advisory fees incurred and paid (or payable) to UHS amounted to $982,000 and $948,000 for the three months ended June 30, 2019 and 2018, respectively and were based upon average invested real estate assets of $561 million and $542 million, respectively. Advisory fees incurred and paid (or payable) to UHS amounted to $2.0 million and $1.9 million for the six months ended June 30, 2019 and 2018, respectively, and were based upon average invested real estate assets of $558 million and $529 million for the six-month periods ended June 30, 2019 and 2018, respectively.
Share Ownership: At each of June 30, 2019 and December 31, 2018, UHS owned 5.7%, of our outstanding shares of beneficial interest. SEC reporting requirements of UHS: UHS is subject to the reporting requirements of the SEC and is required to file annual reports containing audited financial information and quarterly reports containing unaudited financial information. Since the aggregate revenues generated from the UHS-related tenants comprised 30% and 28% of our consolidated revenues during of the three-month periods ended June 30, 2019 and 2018, respectively, and 31% and 30% of our consolidated revenues during the six-month periods ended June 30, 2019 and 2018, respectively, and since a subsidiary of UHS is our Advisor, you are encouraged to obtain the publicly available filings for Universal Health Services, Inc. from the SEC’s website. These filings are the sole responsibility of UHS and are not incorporated by reference herein. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Dividends |
6 Months Ended |
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Jun. 30, 2019 | |
Equity [Abstract] | |
Dividends |
(3) Dividends Dividends: During the second quarter of 2019, we declared dividends of $9.4 million, or $.68 per share, which were paid on July 2, 2019. We declared dividends of $9.2 million, or $.67 per share, during the second quarter of 2018, which were paid on July 3, 2018. During the six-month period ended June 30, 2019, we declared dividends of $18.6 million, or $1.355 per share, $9.4 million of which was paid on July 2, 2019. During the six-month period ended June 30, 2018, we declared dividends of $18.3 million, or $1.335 per share, $9.2 million of which was paid on July 3, 2018. |
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Acquisitions and Dispositions |
6 Months Ended |
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Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions |
(4) Acquisitions and Dispositions Six Months Ended June 30, 2019: Acquisitions: There were no acquisitions during the first six months of 2019. Dispositions: There were no dispositions during the first six months of 2019. Six Months Ended June 30, 2018: Acquisitions: In June, 2018, we acquired the Beaumont Medical Sleep Center Building located in Southfield, Michigan for a purchase price of approximately $4.0 million. The building is 100% leased under the terms of a triple net lease and had a remaining initial lease term of approximately 9.5 years at the time of purchase, with two, five year renewal options. Dispositions: There were no dispositions during the first six months of 2018. |
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- References No definition available.
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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summarized Financial Information of Equity Affiliates |
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Equity Method Investments And Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information of Equity Affiliates |
(5) Summarized Financial Information of Equity Affiliates In accordance with U.S. GAAP and guidance relating to accounting for investments and real estate ventures, we account for our unconsolidated investments in LLCs/LPs, which we do not control, using the equity method of accounting. The third-party members in these investments have equal voting rights with regards to issues such as, but not limited to: (i) divestiture of property; (ii) annual budget approval, and; (iii) financing commitments. These investments, which represent 33% to 95% non-controlling ownership interests, are recorded initially at our cost and subsequently adjusted for our net equity in the net income, cash contributions to, and distributions from, the investments. Pursuant to certain agreements, allocations of sales proceeds and profits and losses of some of the LLC investments may be allocated disproportionately as compared to ownership interests after specified preferred return rate thresholds have been satisfied. Distributions received from equity method investees are classified based upon the nature of the distribution. In the condensed consolidated statements of cash flows, distributions and equity in net income are presented net as cash flows from operating activities. Cash distributions received exceeding equity in earnings represent returns of investments and are classified as cash flows from investing activities in the condensed consolidated statements of cash flows. At June 30, 2019, we have non-controlling equity investments or commitments in four jointly-owned LLCs/LPs which own MOBs. As of June 30, 2019, we accounted for these LLCs/LPs on an unconsolidated basis pursuant to the equity method since they are not variable interest entities which we are the primary beneficiary nor do we have a controlling voting interest. The majority of these entities are joint-ventures between us and non-related parties that hold minority ownership interests in the entities. Each entity is generally self-sustained from a cash flow perspective and generates sufficient cash flow to meet its operating cash flow requirements and service the third-party debt (if applicable) that is non-recourse to us. Although there is typically no ongoing financial support required from us to these entities since they are cash-flow sufficient, we may, from time to time, provide funding for certain purposes such as, but not limited to, significant capital expenditures, leasehold improvements and debt financing. Although we are not obligated to do so, if approved by us at our sole discretion, additional cash fundings are typically advanced as equity or member loans. These entities maintain property insurance on the properties. The following property table represents the four LLCs in which we own a noncontrolling interest and were accounted for under the equity method as of June 30, 2019:
Below are the condensed combined statements of income (unaudited) for the LLCs/LPs accounted for under the equity method during the three and six months ended June 30, 2019 and 2018.
Below are the condensed combined balance sheets (unaudited) for the four above-mentioned LLCs that were accounted for under the equity method as of June 30, 2019 and December 31, 2018:
As of June 30, 2019, and December 31, 2018, aggregate principal amounts due on mortgage notes payable by unconsolidated LLCs, which are accounted for under the equity method and are non-recourse to us, are as follows (amounts in thousands):
Pursuant to the operating and/or partnership agreements of the four LLCs/LPs in which we continue to hold non-controlling ownership interests, the third-party member and/or the Trust, at any time, potentially subject to certain conditions, have the right to make an offer (“Offering Member”) to the other member(s) (“Non-Offering Member”) in which it either agrees to: (i) sell the entire ownership interest of the Offering Member to the Non-Offering Member (“Offer to Sell”) at a price as determined by the Offering Member (“Transfer Price”), or; (ii) purchase the entire ownership interest of the Non-Offering Member (“Offer to Purchase”) at the equivalent proportionate Transfer Price. The Non-Offering Member has 60 to 90 days to either: (i) purchase the entire ownership interest of the Offering Member at the Transfer Price, or; (ii) sell its entire ownership interest to the Offering Member at the equivalent proportionate Transfer Price. The closing of the transfer must occur within 60 to 90 days of the acceptance by the Non-Offering Member. |
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- References No definition available.
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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements |
(6) Recent Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The guidance amended the existing accounting standards, including the requirement that lessees recognize right-of-use assets and lease liabilities for leases with terms greater than twelve months on their condensed consolidated balance sheet. It also requires disclosures designed to give financial statement users information regarding amount, timing, and uncertainty of cash flows arising from leases. The FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" in July 2018, which provides lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components, and, instead, to account for those components as a single lease component, if certain criteria are met.
We adopted Topic 842 on January 1, 2019, the date it became effective for public companies, and applied the new leasing standard to leases in place as of the effective date using the modified retrospective transition method. We applied Topic 842 to all leases as of January 1, 2019 with comparative periods continuing to be reported under Topic 840. We elected the package of practical expedients and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. This allowed us to continue to account for our existing ground and office space leases as operating leases. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. The package of practical expedients provided to lessors allowed us not to separate expenses reimbursed by our customers (“rental recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated rental recoveries are the same and, as our leases qualify as operating leases, we accounted for and presented rental revenue and rental recoveries (UHS facilities and Non-related parties) as a single component under Lease revenue in our condensed consolidated statements of income for the three and six months ended June 30, 2019 and 2018. Upon adoption, we recognized right-of-use assets and lease liabilities for ground leases in which we are the lessee with various third parties, including subsidiaries of UHS, at fourteen of our consolidated properties on the condensed consolidated balance sheet. See Note 7 for further disclosure around our adoption of the new lease standard. |
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- References No definition available.
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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Lease Accounting |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Accounting |
(7) Lease Accounting As Lessor: We lease our operating properties to customers under agreements that are classified as operating leases. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. We have elected the package of practical expedients that allows lessors to not separate lease and non-lease components by class of underlying asset. This practical expedient allowed us to not separate expenses reimbursed by our customers (“tenant reimbursements”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated tenant reimbursements are the same, and as our leases qualify as operating leases, we accounted for and presented rental revenue and tenant reimbursements as a single component under Lease revenue in our condensed consolidated statements of income for the three and six months ended June 30, 2019. As a result of our adoption of this practical expedient, we presented $4.2 million of base rental revenue for UHS facilities, $1.2 million of bonus rental revenue for UHS facilities and $228,000 of tenant reimbursement revenue for UHS facilities as a single component (“Lease revenue – UHS facilities”) in the condensed consolidated statements of income for the three months ended June 30, 2018, and $8.4 million of base rental revenue for UHS facilities, $2.5 million of bonus rental revenue for UHS facilities and $461,000 of tenant reimbursement revenue for UHS facilities as a single component (“Lease revenue – UHS facilities”) in the condensed consolidated statements of income for the six months ended June 30, 2018 to conform to the 2019 new presentation. Additionally, we presented $10.2 million of base rental revenues from non-related parties and $2.2 million of tenant reimbursements from non-related parties as a single component (“Lease revenue – Non-related parties”) in the condensed consolidated statements of income for the three months ended June 30, 2018, and $20.5 million of base rental revenues from non-related parties and $4.4 million of tenant reimbursements from non-related parties as a single component (“Lease revenue – Non-related parties”) in the condensed consolidated statements of income for the six months ended June 30, 2018 to conform to the 2019 new presentation. Minimum future lease revenue from base rents from non-cancelable leases related to properties included in our financial statements on a consolidated basis, excluding increases from changes in the consumer price index, bonus rents and the impact of straight line rent adjustments, are as follows (amounts in thousands):
(a.) Represents the remaining six months of 2019.
ASU 2016-02 requires that lessors expense certain initial direct costs, which were capitalizable under the previous leasing standard, as incurred. Upon adoption, only the incremental costs of signing a lease will be capitalizable, which was consistent to our historical practice.
As Lessee: We are the lessee with various third parties, including subsidiaries of UHS, in connection with ground leases for land at fourteen of our consolidated properties. Our right-of-use land assets represent our right to use the land for the lease term and our lease liabilities represent our obligation to make lease payments arising from the leases. Right-of-use assets and lease liabilities were recognized upon adoption of Topic 842 based on the present value of lease payments over the lease term. We utilized our estimated incremental borrowing rate, which was derived from information available as of January 1, 2019, in determining the present value of lease payments. A right-of-use asset and lease liability are not recognized for leases with an initial term of 12 months or less, as these short-term leases are accounted for similar to previous guidance for operating leases. We do not currently have any ground leases with an initial term of 12 months or less. As of June 30, 2019, our condensed consolidated balance sheet includes right-of-use land assets of approximately $8.9 million and ground lease liabilities of approximately $8.9 million.
The components of lease expense payments were as follows (in thousands):
During the three months ended June 30, 2019, the cash paid for amounts included in the measurement of lease liabilities related to our operating leases was approximately $120,000, which is included in other operating expenses within the condensed consolidated statements of income. During the six months ended June 30, 2019, the cash paid for amounts included in the measurement of lease liabilities related to our operating leases was approximately $238,000, which is included as an operating cash outflow within the condensed consolidated statement of cash flows and included in other operating expenses within the condensed consolidated statements of income. As of and during the six months ended June 30, 2019, we did not enter into any lease agreements set to commence in the future and there were no newly leased assets for which a right-of-use asset was recorded in exchange for a new lease liability.
Supplemental balance sheet information related to leases was as follows (in thousands):
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liabilities for our operating leases in which we are the lessee. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option. Maturities of lease liabilities were as follows (in thousands):
(a.) Represents the remaining six months of 2019.
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- References No definition available.
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Debt and Financial Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Financial Instruments |
(8) Debt and Financial Instruments Debt: Management routinely monitors and analyzes the Trust’s capital structure in an effort to maintain the targeted balance among capital resources including the level of borrowings pursuant to our $300 million revolving credit agreement, the level of borrowings pursuant to non-recourse mortgage debt secured by the real property of our properties and our level of equity including consideration of additional equity issuances. This ongoing analysis considers factors such as the current debt market and interest rate environment, the current/projected occupancy and financial performance of our properties, the current loan-to-value ratio of our properties, the Trust’s current stock price, the capital resources required for anticipated acquisitions and the expected capital to be generated by anticipated divestitures. This analysis, together with consideration of the Trust’s current balance of revolving credit agreement borrowings, non-recourse mortgage borrowings and equity, assists management in deciding which capital resource to utilize when events such as refinancing of specific debt components occur or additional funds are required to finance the Trust’s growth. On March 27, 2018, we entered into a revolving credit agreement (“Credit Agreement”) which, among other things, increased our borrowing capacity by $50 million to $300 million and extended the maturity date from our previously existing facility. The replacement Credit Agreement, which is scheduled to mature in March 2022, includes a $40 million sublimit for letters of credit and a $30 million sublimit for swingline/short-term loans. The Credit Agreement also provides for options to extend the maturity date for two additional six month periods. Additionally, the Credit Agreement includes an option to increase the total facility borrowing capacity up to an additional $50 million, subject to lender agreement. Borrowings under the Credit Agreement are guaranteed by certain subsidiaries of the Trust. In addition, borrowings under the Credit Agreement are secured by first priority security interests in and liens on all equity interests in certain of the Trust’s wholly-owned subsidiaries. Borrowings made pursuant to the Credit Agreement will bear interest, at our option, at one, two, three, or six month LIBOR plus an applicable margin ranging from 1.10% to 1.35% or at the Base Rate plus an applicable margin ranging from 0.10% to 0.35%. The Credit Agreement defines “Base Rate” as the greater of: (a) the administrative agent’s prime rate; (b) the federal funds effective rate plus 1/2 of 1%, and; (c) one month LIBOR plus 1%. A facility fee of 0.15% to 0.35% will be charged on the total commitment of the Credit Agreement. The margins over LIBOR, Base Rate and the facility fee are based upon our total leverage ratio. At June 30, 2019, the applicable margin over the LIBOR rate was 1.20%, the margin over the Base Rate was 0.20%, and the facility fee was 0.20%. At June 30, 2019, we had $191.6 million of outstanding borrowings under our Credit Agreement and $108.4 million of available borrowing capacity. At December 31, 2018, we had $196.4 million of outstanding borrowings outstanding against our revolving credit agreement and $103.6 million of available borrowing capacity. There are no compensating balance requirements. The Credit Agreement contains customary affirmative and negative covenants, including limitations on certain indebtedness, liens, acquisitions and other investments, fundamental changes, asset dispositions and dividends and other distributions. The Credit Agreement also contains restrictive covenants regarding the Trust’s ratio of total debt to total assets, the fixed charge coverage ratio, the ratio of total secured debt to total asset value, the ratio of total unsecured debt to total unencumbered asset value, and minimum tangible net worth, as well as customary events of default, the occurrence of which may trigger an acceleration of amounts outstanding under the Credit Agreement. We are in compliance with all of the covenants at June 30, 2019 and December 31, 2018. We also believe that we would remain in compliance if the full amount of our commitment was borrowed. The following table includes a summary of the required compliance ratios, giving effect to the covenants contained in the Credit Agreement (dollar amounts in thousands):
As indicated on the following table, we have various mortgages, all of which are non-recourse to us, included on our condensed consolidated balance sheet as of June 30, 2019 (amounts in thousands):
On April 2, 2019, a $2.5 million fixed rate mortgage loan on Vibra Hospital – Corpus Christi was fully repaid utilizing borrowings under our Credit Agreement. The lease on this hospital facility expired on June 1, 2019 and we are currently in the process of marking the property for lease to a new tenant. The mortgages are secured by the real property of the buildings as well as property leases and rents. The mortgages outstanding as of June 30, 2019 had a combined fair value of approximately $64.1 million. At December 31, 2018, we had various mortgages, all of which were non-recourse to us, included in our condensed consolidated balance sheet. The combined outstanding balance of these various mortgages was $65.3 million and had a combined fair value of approximately $64.9 million. The fair value of our debt was computed based upon quotes received from financial institutions. We consider these to be “level 2” in the fair value hierarchy as outlined in the authoritative guidance for disclosure in connection with debt instruments. Changes in market rates on our fixed rate debt impacts the fair value of debt, but it has no impact on interest incurred or cash flow. Financial Instruments: During the second quarter of 2016, we entered into an interest rate cap on the total notional amount of $30 million whereby we paid a premium of $115,000. In exchange for the premium payment, the counterparties agreed to pay us the difference between 1.50% and one-month LIBOR if one-month LIBOR rises above 1.50% during the term of the cap. This interest rate cap became effective in January, 2017 and expired in March 2019. From inception through the March, 2019 expiration, we received or accrued approximately $205,000 in payments made to us by the counterparties ($61,000 of which was received during the first three months of 2019 and $144,000 of which was received during 2018) pursuant to the terms of this cap. During the third quarter of 2016, we entered into an additional interest rate cap agreement on a total notional amount of $30 million whereby we paid a premium of $55,000. In exchange for the premium payment, the counterparties agreed to pay us the difference between 1.5% and one-month LIBOR if one-month LIBOR rises above 1.5% during the term of the cap. This interest rate cap became effective in October, 2016 and expired in March, 2019. From inception through the March, 2019 expiration, we received or accrued approximately $205,000 in payments made to us by the counterparties ($61,000 of which was received during the first three months of 2019 and $144,000 of which was received during 2018) pursuant to the terms of this cap. Although we can provide no assurance that we will ultimately do so, we are currently monitoring the interest rate environment and evaluating the terms of potential replacement interest rate cap and/or swap agreements that we may enter into for a large portion, or potentially all, of the $60 million total notional amount of interest rate caps that expired in March, 2019. |
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- Definition Debt and financial instruments disclosure. No definition available.
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- References No definition available.
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Segment Reporting |
6 Months Ended |
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Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting |
(9) Segment Reporting Our primary business is investing in and leasing healthcare and human service facilities through direct ownership or through joint ventures, which aggregate into a single reportable segment. We actively manage our portfolio of healthcare and human service facilities and may from time to time make decisions to sell lower performing properties not meeting our long-term investment objectives. The proceeds of sales are typically reinvested in new developments or acquisitions, which we believe will meet our planned rate of return. It is our intent that all healthcare and human service facilities will be owned or developed for investment purposes. Our revenue and net income are generated from the operation of our investment portfolio. Our portfolio is located throughout the United States, however, we do not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. We review operating and financial data for each property on an individual basis; therefore, we define an operating segment as our individual properties. Individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the facilities, tenants and operational processes, as well as long-term average financial performance. No individual property meets the requirements necessary to be considered its own segment. |
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Impact of Hurricane Harvey |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of Hurricane Harvey |
(10) Impact of Hurricane Harvey In late August 2017, five of our medical office buildings located in the Houston, Texas area incurred extensive water damage as a result of Hurricane Harvey. Until various times during the second quarter of 2018, these properties were temporarily closed and non-operational as we continued to reconstruct and restore them to operational condition. As of June 30, 2018, reconstruction on all of the occupied space in these properties had been completed and operations resumed.
During 2018, pursuant to the terms of a global settlement with our commercial property insurance carrier, we received $5.5 million of additional insurance recovery proceeds bringing the aggregate hurricane-related insurance recoveries to $12.5 million. The aggregate insurance recovery proceeds, which are net of applicable deductibles, covered substantially all of the costs incurred related to the remediation, repair and reconstruction of each of these properties, as well as business interruption recoveries for the lost income related to each of these properties during the period they were non-operational.
Included in our financial results for the three months ended June 30, 2018 are approximately $194,000 of business interruption insurance recovery proceeds. Included in our financial results for the six months ended June 30, 2018 are approximately $1.2 million of business interruption insurance recovery proceeds, covering the period of late August, 2017 through June, 2018, approximately $500,000 of which related to 2017. These business interruption insurance recovery proceeds are included in net cash provided by operating activities in our condensed consolidated statement of cash flows for the six-month period ended June 30, 2018. Additionally, the six months ended June 30, 2018 included approximately $4.5 million of hurricane insurance recoveries in excess of damaged property write-downs, which are included in net cash provided by investing activities in our condensed consolidated statement of cash flows for the six-month period ended June 30, 2018.
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- References No definition available.
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- Definition The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Recent Accounting Pronouncements (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements |
In February 2016, the FASB issued ASU No. 2016-02 - Leases (Topic 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The guidance amended the existing accounting standards, including the requirement that lessees recognize right-of-use assets and lease liabilities for leases with terms greater than twelve months on their condensed consolidated balance sheet. It also requires disclosures designed to give financial statement users information regarding amount, timing, and uncertainty of cash flows arising from leases. The FASB issued ASU 2018-11, "Leases (Topic 842) Targeted Improvements" in July 2018, which provides lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components, and, instead, to account for those components as a single lease component, if certain criteria are met.
We adopted Topic 842 on January 1, 2019, the date it became effective for public companies, and applied the new leasing standard to leases in place as of the effective date using the modified retrospective transition method. We applied Topic 842 to all leases as of January 1, 2019 with comparative periods continuing to be reported under Topic 840. We elected the package of practical expedients and were not required to reassess the following upon adoption: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether leasing costs previously capitalized as initial direct costs would continue to be amortized. This allowed us to continue to account for our existing ground and office space leases as operating leases. Upon adoption, we did not have an adjustment to the opening balance of retained earnings due to the election of these practical expedients. The package of practical expedients provided to lessors allowed us not to separate expenses reimbursed by our customers (“rental recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated rental recoveries are the same and, as our leases qualify as operating leases, we accounted for and presented rental revenue and rental recoveries (UHS facilities and Non-related parties) as a single component under Lease revenue in our condensed consolidated statements of income for the three and six months ended June 30, 2019 and 2018. Upon adoption, we recognized right-of-use assets and lease liabilities for ground leases in which we are the lessee with various third parties, including subsidiaries of UHS, at fourteen of our consolidated properties on the condensed consolidated balance sheet. See Note 7 for further disclosure around our adoption of the new lease standard. |
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- References No definition available.
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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Relationship with Universal Health Services, Inc. ("UHS") and Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Existing Lease Terms and Renewal Options for Each of UHS Hospital Facilities | The table below details the existing lease terms and renewal options for our three acute care hospitals operated by wholly-owned subsidiaries of UHS:
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- References No definition available.
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- Definition Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Summarized Financial Information of Equity Affiliates (Tables) |
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Equity Method Investments And Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited Liability Companies Accounted for Under Equity Method |
The following property table represents the four LLCs in which we own a noncontrolling interest and were accounted for under the equity method as of June 30, 2019:
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Condensed Combined Statements of Income (Unaudited) for LLCs/LPs Accounted Under Equity Method | Below are the condensed combined statements of income (unaudited) for the LLCs/LPs accounted for under the equity method during the three and six months ended June 30, 2019 and 2018.
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Condensed Combined Balance Sheets (Unaudited) for LLCs Accounted Under Equity Method |
Below are the condensed combined balance sheets (unaudited) for the four above-mentioned LLCs that were accounted for under the equity method as of June 30, 2019 and December 31, 2018:
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Aggregate Principal Amounts due on Mortgage and Construction Notes Payable by Unconsolidated LLC's Accounted Under Equity Method |
As of June 30, 2019, and December 31, 2018, aggregate principal amounts due on mortgage notes payable by unconsolidated LLCs, which are accounted for under the equity method and are non-recourse to us, are as follows (amounts in thousands):
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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Equity Method Investments Summarized Combined Balance Sheet Information. No definition available.
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- Definition Equity Method Investments Summarized Income Statement Information. No definition available.
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- References No definition available.
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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Lease Accounting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Minimum Future Base Rents from Non-Cancelable Leases |
Minimum future lease revenue from base rents from non-cancelable leases related to properties included in our financial statements on a consolidated basis, excluding increases from changes in the consumer price index, bonus rents and the impact of straight line rent adjustments, are as follows (amounts in thousands):
(a.) Represents the remaining six months of 2019. |
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Components of Lease Expense Payments |
The components of lease expense payments were as follows (in thousands):
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Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related to leases was as follows (in thousands):
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Schedule of Maturities of lease liabilities | Maturities of lease liabilities were as follows (in thousands):
(a.) Represents the remaining six months of 2019.
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- Definition Schedule of supplemental balance sheet information related to leases. No definition available.
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Debt and Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Required Compliance Ratios Giving Effect to New Covenants in Credit Agreement |
The following table includes a summary of the required compliance ratios, giving effect to the covenants contained in the Credit Agreement (dollar amounts in thousands):
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Outstanding Mortgages, Excluding Net Debt Premium |
As indicated on the following table, we have various mortgages, all of which are non-recourse to us, included on our condensed consolidated balance sheet as of June 30, 2019 (amounts in thousands):
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- Definition Schedule of Financial Covenants. No definition available.
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- References No definition available.
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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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General - Additional Information (Detail) |
Jun. 30, 2019
Property
|
---|---|
4 Unconsolidated Limited Liability Companies / Limited Partner | Minimum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Non-controlling equity interest, ownership percentage | 33.00% |
4 Unconsolidated Limited Liability Companies / Limited Partner | Maximum | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Non-controlling equity interest, ownership percentage | 95.00% |
Medical office buildings | Limited Liability Companies | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of real estate investments | 4 |
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- Definition Organization consolidation and presentation of financial statements. No definition available.
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- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The number of real estate properties owned as of the balance sheet date. No definition available.
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Relationship with Universal Health Services, Inc. ("UHS") and Related Party Transactions - Additional Information (Detail) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
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Aug. 31, 2019
USD ($)
Time
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Jun. 30, 2019
USD ($)
Property
Time
Lease
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Jun. 30, 2018
USD ($)
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Jun. 30, 2019
USD ($)
Property
Time
Lease
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Jun. 30, 2018
USD ($)
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Dec. 31, 2018
USD ($)
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Related Party Transaction [Line Items] | ||||||||
Remaining lease terms on ground leases | 58 years 9 months 18 days | 58 years 9 months 18 days | ||||||
Aggregate lease payments for 2019 | [1] | $ 238,000 | $ 238,000 | |||||
Aggregate lease payments for 2020 | 475,000 | 475,000 | $ 474,000 | |||||
Aggregate lease payments for 2021 | 475,000 | 475,000 | 474,000 | |||||
Aggregate lease payments for 2022 | 475,000 | 475,000 | 474,000 | |||||
Aggregate lease payments for 2023 | 475,000 | 475,000 | 474,000 | |||||
Aggregate lease payments for thereafter | $ 25,640,000 | $ 25,640,000 | $ 25,582,000 | |||||
Annual advisory fee as percentage of average invested real estate assets | 0.70% | 0.70% | 0.70% | 0.70% | ||||
Universal Health Services, Inc | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of term renewal options | Time | 6 | 6 | ||||||
Additional renewal terms | 5 years | |||||||
Number of medical office buildings and free standing emergency departments | Property | 17 | |||||||
Option to renew lease, notice period prior to termination date of current term | 90 days | |||||||
Period to purchase respective leased facilities at same price after lease terms | 180 days | |||||||
Renewal period of respective leased facilities at same price after lease terms | 180 days | |||||||
Number of renewal options at existing lease rates | Time | 3 | |||||||
Number of ground leases | Lease | 9 | 9 | ||||||
Aggregate lease payments for 2019 | $ 290,000 | $ 290,000 | ||||||
Aggregate lease payments for 2020 | 290,000 | 290,000 | ||||||
Aggregate lease payments for 2021 | 290,000 | 290,000 | ||||||
Aggregate lease payments for 2022 | 290,000 | 290,000 | ||||||
Aggregate lease payments for 2023 | 290,000 | 290,000 | ||||||
Aggregate lease payments for thereafter | $ 16,400,000 | $ 16,400,000 | ||||||
Percentage ownership of outstanding shares | 5.70% | 5.70% | 5.70% | |||||
Universal Health Services, Inc | Customer Concentration Risk | Revenues | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of revenues generated from leases and tenants | 21.00% | 20.00% | 22.00% | 21.00% | ||||
Universal Health Services, Inc | Customer Concentration Risk | Revenues | Tenants | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of revenues generated from leases and tenants | 30.00% | 28.00% | 31.00% | 30.00% | ||||
Universal Health Services, Inc | Hospital Facilities Leased | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of hospital facilities leased | Property | 3 | 3 | ||||||
Universal Health Services, Inc | Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial lease terms | 13 years | |||||||
Remaining lease terms on ground leases | 30 years | 30 years | ||||||
Universal Health Services, Inc | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial lease terms | 15 years | |||||||
Remaining lease terms on ground leases | 79 years | 79 years | ||||||
Universal Health Services, Inc and Catholic Health Initiatives | Scenario Forecast | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of term renewal options | Time | 5 | |||||||
Percentage of hospital preleased | 100.00% | |||||||
Triple net lease agreement period | 20 years | |||||||
Renewal option term | 10 years | |||||||
Project manager's aggregate fee | $ 750,000 | |||||||
Estimated approximate project cost | 37,500,000 | |||||||
Estimated initial annual rent | $ 2,700,000 | |||||||
Universal Health Services of Delaware Inc | ||||||||
Related Party Transaction [Line Items] | ||||||||
Annual incentive fee to Advisor as percentage of cash available for distribution | 20.00% | |||||||
Incentive fees | $ 0 | |||||||
Advisory fee | $ 982,000 | $ 948,000 | $ 2,000,000.0 | $ 1,900,000 | ||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | ||||
Average invested real estate assets | $ 561,000,000 | $ 542,000,000 | $ 558,000,000 | $ 529,000,000 | ||||
Universal Health Services of Delaware Inc | Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of equity to be exceeded for incentive distribution | 15.00% | |||||||
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- Definition Annual advisory fees as percentage of average invested real estate assets. No definition available.
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- Definition Average invested real estate assets. No definition available.
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- Definition Estimated approximate project cost. No definition available.
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- Definition Estimated initial annual rent. No definition available.
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- Definition Initial lease expiration period. No definition available.
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- Definition Lease renewal, notice period. No definition available.
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- Definition Number of ground leases. No definition available.
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- Definition Number of leased properties for medical office buildings and free standing emergency departments. No definition available.
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- Definition Number of renewal options. No definition available.
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- Definition Operating leases, number of renewal options at existing lease rates. No definition available.
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- Definition Percentage of cash available in excess of target distribution paid for incentive distributions. No definition available.
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- Definition Percentage of hospital preleased. No definition available.
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- Definition Percentage of ownership interest related parties. No definition available.
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- Definition Percentage of target distribution must be exceeded by for incentive distributions. No definition available.
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- Definition Period to purchase respective leased facilities after lease terms. No definition available.
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- Definition Renewal option terms additional period. No definition available.
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- Definition Renewal option terms maximum additional period. No definition available.
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- Definition Renewal options term. No definition available.
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- Definition Triple net lease agreement period. No definition available.
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- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for incentive rights held by the managing member or general partner, of limited liability company (LLC) or limited partnership (LP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due after fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fourth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease having an initial or remaining lease term in excess of one year due in remainder of fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The number of real estate properties owned as of the balance sheet date. No definition available.
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X | ||||||||||
- Definition Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of revenue derived from managing real estate properties. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Indicates type of cost from product sold and service rendered. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Existing Lease Terms and Renewal Options for Each of UHS Hospital Facilities (Detail) - Universal Health Services, Inc |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
| ||||||
McAllen Medical Center | ||||||
Operating Leased Assets [Line Items] | ||||||
Annual Minimum Rent | $ 5,485,000 | |||||
End of Lease Term | 2026-12 | |||||
Renewal Term (years) | 5 years | [1] | ||||
Wellington Regional Medical Center | ||||||
Operating Leased Assets [Line Items] | ||||||
Annual Minimum Rent | $ 3,030,000 | |||||
End of Lease Term | 2021-12 | |||||
Renewal Term (years) | 10 years | [2] | ||||
Southwest Healthcare System, Inland Valley Campus | ||||||
Operating Leased Assets [Line Items] | ||||||
Annual Minimum Rent | $ 2,648,000 | |||||
End of Lease Term | 2021-12 | |||||
Renewal Term (years) | 10 years | [2] | ||||
|
X | ||||||||||
- Definition Lease expiration, month and year. No definition available.
|
X | ||||||||||
- Definition Operating leases, annual future minimum payments receivable. No definition available.
|
X | ||||||||||
- Definition Term of lessor's operating lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Existing Lease Terms and Renewal Options for Each of UHS Hospital Facilities (Parenthetical) (Detail) - Universal Health Services, Inc |
6 Months Ended |
---|---|
Jun. 30, 2019
Time
RenewalOption
| |
Operating Leased Assets [Line Items] | |
Number of renewal option at existing lease rates | 3 |
McAllen Medical Center | |
Operating Leased Assets [Line Items] | |
Number of renewal option at existing lease rates | 1 |
Renewal option term at existing lease rates | 5 years |
Renewal option at existing lease rates expiration year | 2031 |
Wellington Regional Medical Center And Southwest Healthcare System | |
Operating Leased Assets [Line Items] | |
Number of renewal options at fair market value lease rates | RenewalOption | 2 |
Renewal options term at fair market value lease rates | 5 years |
Wellington Regional Medical Center And Southwest Healthcare System | Maximum | |
Operating Leased Assets [Line Items] | |
Renewal option at fair market value lease rates expiration year | 2031 |
Wellington Regional Medical Center And Southwest Healthcare System | Minimum | |
Operating Leased Assets [Line Items] | |
Renewal option at fair market value lease rates expiration year | 2022 |
X | ||||||||||
- Definition Operating leases, number of renewal options at existing lease rates. No definition available.
|
X | ||||||||||
- Definition Operating leases, number of renewal options at fair market value lease rates. No definition available.
|
X | ||||||||||
- Definition Operating leases, renewal options at existing lease rates, expiration year. No definition available.
|
X | ||||||||||
- Definition Operating leases, renewal options at fair market value lease rates, expiration year. No definition available.
|
X | ||||||||||
- Definition Operating leases, renewal options term at existing lease rates. No definition available.
|
X | ||||||||||
- Definition Operating leases, renewal options term at fair market value lease rates. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 02, 2019 |
Jul. 03, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Dividends and Equity Issuance [Line Items] | ||||||
Dividends declared | $ 9,354 | $ 9,209 | $ 18,633 | $ 18,343 | ||
Declared dividends, per share | $ 0.68 | $ 0.67 | $ 1.355 | $ 1.335 | ||
Dividends declared and paid | $ 9,200 | $ 9,279 | $ 9,187 | |||
Dividends payable, date to be paid | Jul. 02, 2019 | Jul. 03, 2018 | Jul. 02, 2019 | Jul. 03, 2018 | ||
Subsequent Event | ||||||
Dividends and Equity Issuance [Line Items] | ||||||
Dividends declared and paid | $ 9,400 |
X | ||||||||||
- Definition Dividends and equity issuance. No definition available.
|
X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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Acquisitions and Dispositions - Additional Information (Detail) $ in Millions |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2018
USD ($)
Time
|
Jun. 30, 2019
Acquisition
Disposition
|
Jun. 30, 2018
Time
Disposition
|
|
Business Acquisitions And Dispositions [Line Items] | |||
Number of acquisitions | Acquisition | 0 | ||
Number of dispositions | Disposition | 0 | 0 | |
Beaumont Medical Sleep Center Building | |||
Business Acquisitions And Dispositions [Line Items] | |||
Total purchase price | $ | $ 4.0 | ||
Percentage of building area leased | 100.00% | ||
Initial lease terms | 9 years 6 months | ||
Number of term renewal options | Time | 2 | 2 | |
Additional renewal terms | 5 years |
X | ||||||||||
- Definition Business acquisitions and dispositions. No definition available.
|
X | ||||||||||
- Definition Initial lease expiration period. No definition available.
|
X | ||||||||||
- Definition Number of businesses disposed. No definition available.
|
X | ||||||||||
- Definition Number of renewal options. No definition available.
|
X | ||||||||||
- Definition Percentage of building area leased. No definition available.
|
X | ||||||||||
- Definition Renewal option terms additional period. No definition available.
|
X | ||||||||||
- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of businesses acquired by the entity during the period. No definition available.
|
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|
Summarized Financial Information of Equity Affiliates - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2019
Property
| |
Limited Liability Companies | Medical office buildings | |
Schedule Of Equity Method Investments [Line Items] | |
Number of real estate investments | 4 |
Minimum | |
Schedule Of Equity Method Investments [Line Items] | |
Number of days for Non-Offering Member either to purchase or sell its entire ownership interest to or from Offering Member | 60 days |
Maximum | |
Schedule Of Equity Method Investments [Line Items] | |
Number of days for Non-Offering Member either to purchase or sell its entire ownership interest to or from Offering Member | 90 days |
4 Unconsolidated Limited Liability Companies / Limited Partner | Minimum | |
Schedule Of Equity Method Investments [Line Items] | |
Non-controlling equity interest, ownership percentage | 33.00% |
4 Unconsolidated Limited Liability Companies / Limited Partner | Maximum | |
Schedule Of Equity Method Investments [Line Items] | |
Non-controlling equity interest, ownership percentage | 95.00% |
X | ||||||||||
- Definition Number of trading period. No definition available.
|
X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of real estate properties owned as of the balance sheet date. No definition available.
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Limited Liability Companies Accounted for Under Equity Method (Detail) - Equity Method Investments |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||
Suburban Properties | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership | 33.00% | |||||||
Property Owned by LLC | St. Matthews Medical Plaza II | |||||||
Brunswick Associates | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership | 74.00% | [1] | ||||||
Property Owned by LLC | Mid Coast Hospital MOB | [1] | ||||||
Grayson Properties | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership | 95.00% | [2] | ||||||
Property Owned by LLC | Texoma Medical Plaza | [2] | ||||||
FTX MOB Phase II limited partnership | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ownership | 95.00% | [3] | ||||||
Property Owned by LLC | Forney Medical Plaza II | [3] | ||||||
|
X | ||||||||||
- Definition Property owned by limited liability or limited partner company. No definition available.
|
X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Limited Liability Companies Accounted for Under Equity Method (Parenthetical) (Detail) $ in Millions |
Jun. 30, 2019
USD ($)
|
---|---|
Brunswick Associates | |
Schedule Of Equity Method Investments [Line Items] | |
Third-party term loan | $ 8.2 |
Grayson Properties | |
Schedule Of Equity Method Investments [Line Items] | |
Third-party term loan | 13.8 |
FTX MOB Phase II limited partnership | |
Schedule Of Equity Method Investments [Line Items] | |
Third-party term loan | 5.0 |
Committed investment in equity and debt financing, funded | 2.5 |
Commitment to investment | $ 2.1 |
X | ||||||||||
- Definition Funded investment commitments. No definition available.
|
X | ||||||||||
- Definition Commitments to invest. No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of loans payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Condensed Combined Statement of Income for LLCs/LPs Accounted Under Equity Method (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Equity Method Investments And Joint Ventures [Abstract] | ||||
Revenues | $ 2,531 | $ 2,451 | $ 4,991 | $ 4,913 |
Operating expenses | 994 | 977 | 2,006 | 1,935 |
Depreciation and amortization | 485 | 438 | 883 | 895 |
Interest, net | 322 | 328 | 644 | 656 |
Net income | 730 | 708 | 1,458 | 1,427 |
Our share of net income | $ 454 | $ 425 | $ 884 | $ 854 |
X | ||||||||||
- Definition Equity method investment summarized financial information depreciation and amortization. No definition available.
|
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- Definition Equity method investment summarized financial information interest expense. No definition available.
|
X | ||||||||||
- Definition Equity method investment, summarized financial information, operating expenses. No definition available.
|
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- Definition The amount of net income (loss) reported by an equity method investment of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of revenue from sale of product and rendering of service reported by equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- References No definition available.
|
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Condensed Combined Balance Sheets for LLCs Accounted Under Equity Method (Detail) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Equity Method Investments And Joint Ventures [Abstract] | ||
Net property, including construction in progress | $ 31,154 | $ 31,818 |
Other assets | 6,911 | 3,251 |
Total assets | 38,065 | 35,069 |
Other liabilities | 5,947 | 2,717 |
Mortgage notes payable, non-recourse to us | 26,951 | 27,256 |
Equity | 5,167 | 5,096 |
Total liabilities and equity | 38,065 | 35,069 |
Investments in LLCs before amounts included in accrued expenses and other liabilities | 4,962 | 5,019 |
Amounts included in accrued expenses and other liabilities | (1,950) | (2,258) |
Our share of equity in LLCs, net | $ 3,012 | $ 2,761 |
X | ||||||||||
- Definition Equity method investment summarized financial information assets property plant and equipment net. No definition available.
|
X | ||||||||||
- Definition Equity Method Investment Summarized Financial Information Mortgage Notes Payable No definition available.
|
X | ||||||||||
- Definition Equity method investment summarized financial information other assets. No definition available.
|
X | ||||||||||
- Definition Equity Method Investment Summarized Financial Information Other Liabilities No definition available.
|
X | ||||||||||
- Definition Equity method investments accrued expenses and other liabilities. No definition available.
|
X | ||||||||||
- Definition The amount of assets reported by an equity method investment of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of equity, including noncontrolling interest, reported by an equity method investment of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The amount of liabilities and equity reported by an equity method investment of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- References No definition available.
|
X | ||||||||||
- Definition Value of the investment at close of period. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Aggregate Principal Amounts Due on Mortgage Notes Payable by Unconsolidated LLCs, Accounted Under Equity Method (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
||||
Schedule Of Equity Method Investments [Line Items] | |||||
Mortgage Loan Balance | $ 26,951 | $ 27,256 | |||
Equity Method Investments | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Mortgage Loan Balance | [1] | 26,951 | 27,256 | ||
Equity Method Investments | FTX MOB Phase II | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Mortgage Loan Balance | [1] | $ 4,996 | 5,067 | ||
Maturity Date | 2020-10 | ||||
Equity Method Investments | Grayson Properties | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Mortgage Loan Balance | [1] | $ 13,792 | 13,929 | ||
Maturity Date | 2021-09 | ||||
Equity Method Investments | Brunswick Associates | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Mortgage Loan Balance | [1] | $ 8,163 | $ 8,260 | ||
Maturity Date | 2024-12 | ||||
|
X | ||||||||||
- Definition Debt instrument, maturity, month and year. No definition available.
|
X | ||||||||||
- Definition Equity Method Investment Summarized Financial Information Mortgage Notes Payable No definition available.
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Aggregate Principal Amounts Due on Mortgage Notes Payable by Unconsolidated LLCs, Accounted Under Equity Method (Parenthetical) (Detail) |
Jun. 30, 2019 |
---|---|
5.00% Fixed Rate Mortgage Loan | FTX MOB Phase II | |
Schedule Of Equity Method Investments [Line Items] | |
Loan interest rate fixed percentage | 5.00% |
5.034% Fixed Rate Mortgage Loan | Grayson Properties | |
Schedule Of Equity Method Investments [Line Items] | |
Loan interest rate fixed percentage | 5.034% |
3.64% Fixed Rate Mortgage Loan | Brunswick Associates | |
Schedule Of Equity Method Investments [Line Items] | |
Loan interest rate fixed percentage | 3.64% |
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Recent Accounting Pronouncements - Additional Information (Detail) |
Jun. 30, 2019
Property
|
---|---|
Accounting Policies [Abstract] | |
Number of properties subject to ground leases | 14 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Number of separate real estate development properties located on land subject to ground leases. No definition available.
|
Lease Accounting - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
Land
|
Jun. 30, 2018
USD ($)
|
|
Leases Disclosure [Line Items] | ||||
Tenant reimbursement revenue | $ 2,200,000 | $ 4,400,000 | ||
Base rental revenue from non-related parties | 10,200,000 | 20,500,000 | ||
Lessee in connection with ground leases for land | Land | 14 | |||
Right-of-use land assets | $ 8,862,000 | $ 8,862,000 | ||
Ground lease liabilities | 8,862,000 | 8,862,000 | ||
Measurement of lease liabilities related to operating leases | 120,000 | 238,000 | ||
Topic 842 | ||||
Leases Disclosure [Line Items] | ||||
Right-of-use land assets | 8,900,000 | 8,900,000 | ||
Ground lease liabilities | $ 8,900,000 | $ 8,900,000 | ||
Universal Health Services, Inc | ||||
Leases Disclosure [Line Items] | ||||
Base rental revenue | 4,200,000 | 8,400,000 | ||
Bonus rental revenue | 1,200,000 | 2,500,000 | ||
Tenant reimbursement revenue | $ 228,000 | $ 461,000 |
X | ||||||||||
- Definition Leases Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Definition Number of ground leases for land. No definition available.
|
X | ||||||||||
- Definition Operating leases base rental revenue. No definition available.
|
X | ||||||||||
- Definition Operating leases base rental revenue from non related parties. No definition available.
|
X | ||||||||||
- Definition Operating leases bonus rental revenue. No definition available.
|
X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Minimum Future Base Rents from Non-cancelable Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
2019 | [1] | $ 29,055 | ||
2019 | $ 56,494 | |||
2020 | 53,229 | 50,291 | ||
2021 | 47,842 | 45,357 | ||
2022 | 32,459 | 30,089 | ||
2023 | 26,691 | 24,972 | ||
Thereafter | 71,569 | 67,288 | ||
Total minimum base rents | $ 260,845 | $ 274,491 | ||
|
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- References No definition available.
|
X | ||||||||||
- Definition Future minimum rental payments in aggregate as of the balance sheet date under operating leases. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
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- Definition Future rental payments receivable within one year of the balance sheet date under an operating lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
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- Definition Future rental payments receivable within the fifth year from the balance sheet date under an operating lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
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- Definition Future rental payments receivable within the fourth year from the balance sheet date under an operating lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
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- Definition Future rental payments receivable within the third year from the balance sheet date under an operating lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
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- Definition Future rental payments receivable within the second year from the balance sheet date under an operating lease. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments receivable in the remainder of the fiscal year following the latest fiscal year ended for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. No definition available.
|
X | ||||||||||
- Definition Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
Components of Lease Expense Payments (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Leases [Abstract] | ||
Operating lease cost | $ 120 | $ 238 |
Total lease cost | $ 120 | $ 238 |
X | ||||||||||
- Definition Amount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Operating Leases | |
Right-of-use land assets, net | $ 8,862 |
Ground lease liabilities, net | $ 8,862 |
Weighted Average remaining lease term, years | |
Operating leases | 58 years 9 months 18 days |
Weighted Average discount rate | |
Operating leases | 5.07% |
X | ||||||||||
- Definition Weighted average discount rate. No definition available.
|
X | ||||||||||
- Definition Weighted average remaining lease term. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Weighted average discount rate for operating lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Schedule of Maturities of lease liabilities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
2019 | [1] | $ 238 | ||
2019 | $ 474 | |||
2020 | 475 | 474 | ||
2021 | 475 | 474 | ||
2022 | 475 | 474 | ||
2023 | 475 | 474 | ||
Later years | 25,640 | 25,582 | ||
Total undiscounted lease payments | 27,778 | $ 27,952 | ||
Less imputed interest | 18,916 | |||
Ground lease liabilities, net | $ 8,862 | |||
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due after fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in next fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fourth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease having an initial or remaining lease term in excess of one year due in remainder of fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Debt and Financial Instruments - Additional Information (Detail) |
3 Months Ended | 6 Months Ended | 12 Months Ended | 33 Months Ended | 36 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|
Apr. 02, 2019
USD ($)
|
Mar. 27, 2018
USD ($)
Option
|
Mar. 31, 2019
USD ($)
|
Sep. 30, 2016
USD ($)
Derivative
|
Jun. 30, 2016
USD ($)
Derivative
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2019
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowings under revolving credit agreement | $ 191,550,000 | $ 196,400,000 | ||||||||
Available borrowing capacity | 108,400,000 | 103,600,000 | ||||||||
Repayments of mortgage loan | 3,351,000 | $ 22,585,000 | ||||||||
Interest Rate Cap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of interest rate cap agreements | Derivative | 1 | 1 | ||||||||
Notional amount | $ 30,000,000 | $ 30,000,000 | $ 60,000,000 | |||||||
Premium paid | $ 55,000 | $ 115,000 | ||||||||
Expiration date of interest rate cap | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2019 | |||||||
Derivative interest rate cap, payment received or accrued from counterparties | $ 61,000 | 144,000 | $ 205,000 | $ 205,000 | ||||||
Level 2 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mortgage loan fair value | $ 64,100,000 | 64,900,000 | ||||||||
Mortgage debt | $ 65,300,000 | |||||||||
Vibra Hospital-Corpus Christi Fixed Rate Mortgage Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of mortgage loan | $ 2,500,000 | |||||||||
Lease expiration date | Jun. 01, 2019 | |||||||||
LIBOR | Interest Rate Cap | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative instruments, LIBOR rate | 1.50% | 1.50% | ||||||||
Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowing | $ 300,000,000 | $ 300,000,000 | ||||||||
Increase in borrowing capacity | $ 50,000,000 | |||||||||
Unsecured revolving amended credit agreement terminated date | 2022-03 | |||||||||
Number of additional six month extension options | Option | 2 | |||||||||
Proceeds from Lines of Credit | $ 50,000,000 | |||||||||
Credit facility, Interest Rate Terms | one, two, three, or six month LIBOR plus an applicable margin ranging from 1.10% to 1.35% or at the Base Rate plus an applicable margin ranging from 0.10% to 0.35%. | |||||||||
Base rate description | the greater of: (a) the administrative agent’s prime rate; (b) the federal funds effective rate plus 1/2 of 1%, and; (c) one month LIBOR plus 1%. | |||||||||
Facility fee payable on commitment | 0.20% | |||||||||
Credit Agreement | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 1.20% | |||||||||
Credit Agreement | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 0.20% | |||||||||
Credit Agreement | Swingline/Short-Term Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowing | 30,000,000 | |||||||||
Credit Agreement | Letters of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowing | $ 40,000,000 | |||||||||
Credit Agreement | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility fee payable on commitment | 0.15% | |||||||||
Credit Agreement | Minimum | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 1.10% | |||||||||
Margin points added to the base rate | 1.00% | |||||||||
Credit Agreement | Minimum | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 0.10% | |||||||||
Credit Agreement | Minimum | Federal Funds Effective Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the base rate | 0.50% | |||||||||
Credit Agreement | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility fee payable on commitment | 0.35% | |||||||||
Credit Agreement | Maximum | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 1.35% | |||||||||
Credit Agreement | Maximum | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Margin points added to the reference rate | 0.35% |
X | ||||||||||
- Definition Derivative interest rate cap payment received or accrued from counter parties. No definition available.
|
X | ||||||||||
- Definition Line of credit facility expiration year and month. No definition available.
|
X | ||||||||||
- Definition Line of credit increase in borrowing capacity. No definition available.
|
X | ||||||||||
- Definition Margin on base rate. No definition available.
|
X | ||||||||||
- Definition Mortgage debt. No definition available.
|
X | ||||||||||
- Definition Number of extension options. No definition available.
|
X | ||||||||||
- Definition Premiums paid for derivatives. No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
X | ||||||||||
- Definition Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition The percentage points added to the reference rate to compute the variable rate on the interest rate derivative. No definition available.
|
X | ||||||||||
- Definition Date the derivative contract matures, in CCYY-MM-DD format. No definition available.
|
X | ||||||||||
- Definition Nominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The number of derivative instruments of a particular group held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Date which lease or group of leases is set to expire, in CCYY-MM-DD format. No definition available.
|
X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Summary of Required Compliance Ratios in Connection with Terms of Credit Agreement (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
Debt Instrument [Line Items] | ||
Covenant, Tangible net worth | $ 125,000 | |
Tangible net worth | $ 172,786 | $ 181,203 |
Total leverage | 40.30% | 41.30% |
Secured leverage | 9.40% | 9.80% |
Unencumbered leverage | 36.20% | 37.60% |
Fixed charge coverage | 4.00% | 4.30% |
Maximum | ||
Debt Instrument [Line Items] | ||
Covenant, Total leverage | 60.00% | |
Covenant, Secured leverage | 30.00% | |
Covenant, Unencumbered leverage | 60.00% | |
Minimum | ||
Debt Instrument [Line Items] | ||
Covenant, Fixed charge coverage | 1.50% |
X | ||||||||||
- Definition Debt instrument covenant compliance secured leverage ratio. No definition available.
|
X | ||||||||||
- Definition Debt instrument covenant fixed charge coverage ratio. No definition available.
|
X | ||||||||||
- Definition Debt instrument covenant leverage ratio. No definition available.
|
X | ||||||||||
- Definition Debt instrument covenant tangible net worth. No definition available.
|
X | ||||||||||
- Definition Debt instrument covenant unencumbered leverage ratio. No definition available.
|
X | ||||||||||
- Definition Fixed charge coverage ratio. No definition available.
|
X | ||||||||||
- Definition Leverage ratio. No definition available.
|
X | ||||||||||
- Definition Secured leverage ratio. No definition available.
|
X | ||||||||||
- Definition Tangible net worth. No definition available.
|
X | ||||||||||
- Definition Unencumbered leverage ratio. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Summary of Outstanding Mortgages, Excluding Net Debt Premium (Detail) - USD ($) $ in Thousands |
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 61,994 | ||||
Less net financing fees | [1] | (652) | ||||
Plus net debt premium | [1] | 220 | ||||
Total mortgages notes payable, non-recourse to us, net | 61,562 | [1] | $ 64,881 | |||
700 Shadow Lane and Goldring MOBs Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 5,759 | ||||
Debt Instrument Interest Rate Stated Percentage | 4.54% | |||||
Maturity Date | 2022-06 | |||||
BRB Medical Office Building Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 5,825 | ||||
Debt Instrument Interest Rate Stated Percentage | 4.27% | |||||
Maturity Date | 2022-12 | |||||
Desert Valley Medical Center Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 4,734 | ||||
Debt Instrument Interest Rate Stated Percentage | 3.62% | |||||
Maturity Date | 2023-01 | |||||
2704 North Tenaya Way Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 6,800 | ||||
Debt Instrument Interest Rate Stated Percentage | 4.95% | |||||
Maturity Date | 2023-11 | |||||
Summerlin Hospital Medical Office Building III Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 13,197 | ||||
Debt Instrument Interest Rate Stated Percentage | 4.03% | |||||
Maturity Date | 2024-04 | |||||
Tuscan Professional Building Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 3,759 | ||||
Debt Instrument Interest Rate Stated Percentage | 5.56% | |||||
Maturity Date | 2025-06 | |||||
Phoenix Children’s East Valley Care Center Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 9,079 | ||||
Debt Instrument Interest Rate Stated Percentage | 3.95% | |||||
Maturity Date | 2030-01 | |||||
Rosenberg Children's Medical Plaza Fixed Rate Mortgage Loan | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Balance | [1] | $ 12,841 | ||||
Debt Instrument Interest Rate Stated Percentage | 4.42% | |||||
Maturity Date | 2033-09 | |||||
|
X | ||||||||||
- Definition Debt instrument, maturity, month and year. No definition available.
|
X | ||||||||||
- Definition Financing fees net. No definition available.
|
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount, after accumulated amortization, of debt premium. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of debt for which creditor does not have general recourse to the debtor but rather has recourse only to the property used for collateral in the transaction or other specific property. No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Segment Reporting - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2019
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
X | ||||||||||
- References No definition available.
|
Impact of Hurricane Harvey - Additional Information (Detail) |
3 Months Ended | 4 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | |
---|---|---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Aug. 31, 2017
Building
|
|
Unusual Or Infrequent Item [Line Items] | ||||||
Hurricane related insurance recoveries | $ 194,000 | $ 1,162,000 | ||||
Hurricane insurance recoveries in excess of damaged property write-downs | 4,535,000 | |||||
Hurricane Harvey, Extensive Water Damage | Houston, Texas | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Number of medical office buildings | Building | 5 | |||||
Hurricane Harvey | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Additional insurance recovery proceeds | $ 5,500,000 | |||||
Hurricane related insurance recoveries | $ 12,500,000 | |||||
Hurricane insurance recoveries in excess of damaged property write-downs | $ 4,500,000 | |||||
Hurricane Harvey | Business Interruption | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Hurricane related insurance recoveries | $ 194,000 | $ 1,200,000 | ||||
Hurricane Harvey | 2017 business interruption | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Hurricane related insurance recoveries | $ 500,000 |
X | ||||||||||
- Definition Number of medical office buildings. No definition available.
|
X | ||||||||||
- Definition Unusual or infrequent item additional insurance proceeds. No definition available.
|
X | ||||||||||
- Definition The net amount (to the extent disclosed within this portion of the income statement) by which an insurance settlement exceeds incremental costs incurred from the event causing an interruption of business, plus the insurance award for earnings lost from the event, such as a natural catastrophe, explosion or fire. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of insurance proceeds for an event or transaction that is unusual in nature or infrequent in occurrence, or both. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Details
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- Details
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