HEALTHCARE TRUST OF AMERICA, INC., 10-Q filed on 5/9/2022
Quarterly Report
v3.22.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2022
Apr. 29, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
Document Transition Report false  
Entity File Number 001-35568  
Entity Registrant Name HEALTHCARE TRUST OF AMERICA, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 20-4738467  
Entity Address, Address Line One 16435 N. Scottsdale Road, Suite 320,  
Entity Address, City or Town Scottsdale,  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85254  
City Area Code (480)  
Local Phone Number 998-3478  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol HTA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   229,075,890
Entity Central Index Key 0001360604  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Healthcare Trust of America Holdings, LP (HTALP)    
Entity Information [Line Items]    
Entity File Number 333-190916  
Entity Registrant Name HEALTHCARE TRUST OF AMERICA HOLDINGS, LP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-4738347  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001495491  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Real estate investments:    
Land $ 644,194 $ 640,382
Building and improvements 6,744,865 6,688,516
Lease intangibles 393,756 404,714
Construction in progress 15,673 32,685
Real estate investments, gross 7,798,488 7,766,297
Accumulated depreciation and amortization (1,650,257) (1,598,468)
Real estate investments, net 6,148,231 6,167,829
Assets held for sale, net 0 27,070
Investment in unconsolidated joint venture 62,454 62,834
Cash and cash equivalents 10,944 52,353
Restricted cash 4,478 4,716
Receivables and other assets, net 350,781 334,941
Right-of-use assets - operating leases, net 228,009 229,226
Other intangibles, net 10,011 10,720
Total assets 6,814,908 6,889,689
Liabilities:    
Debt 3,053,884 3,028,122
Accounts payable and accrued liabilities 159,659 198,078
Liabilities of assets held for sale 0 262
Derivative financial instruments - interest rate swaps 0 5,069
Security deposits, prepaid rent and other liabilities 78,771 86,225
Lease liabilities - operating leases 196,226 196,286
Intangible liabilities, net 30,001 31,331
Total liabilities 3,518,541 3,545,373
Commitments and contingencies
Equity/Partners' Capital:    
Preferred stock, $0.01 par value; 200,000,000 shares authorized; none issued and outstanding 0 0
Class A common stock, $0.01 par value; 1,000,000,000 shares authorized; 229,076,322 and 228,879,846 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 2,291 2,289
Additional paid-in capital 5,180,579 5,178,132
Accumulated other comprehensive income (loss) 1,727 (7,041)
Cumulative dividends in excess of earnings (1,971,904) (1,915,776)
Total stockholders’ equity 3,212,693 3,257,604
Non-controlling interests 83,674 86,712
Total equity 3,296,367 3,344,316
Partners’ Capital:    
Total liabilities and equity/partners' capital 6,814,908 6,889,689
Healthcare Trust of America Holdings, LP (HTALP)    
Real estate investments:    
Land 644,194 640,382
Building and improvements 6,744,865 6,688,516
Lease intangibles 393,756 404,714
Construction in progress 15,673 32,685
Real estate investments, gross 7,798,488 7,766,297
Accumulated depreciation and amortization (1,650,257) (1,598,468)
Real estate investments, net 6,148,231 6,167,829
Assets held for sale, net 0 27,070
Investment in unconsolidated joint venture 62,454 62,834
Cash and cash equivalents 10,944 52,353
Restricted cash 4,478 4,716
Receivables and other assets, net 350,781 334,941
Right-of-use assets - operating leases, net 228,009 229,226
Other intangibles, net 10,011 10,720
Total assets 6,814,908 6,889,689
Liabilities:    
Debt 3,053,884 3,028,122
Accounts payable and accrued liabilities 159,659 198,078
Liabilities of assets held for sale 0 262
Derivative financial instruments - interest rate swaps 0 5,069
Security deposits, prepaid rent and other liabilities 78,771 86,225
Lease liabilities - operating leases 196,226 196,286
Intangible liabilities, net 30,001 31,331
Total liabilities 3,518,541 3,545,373
Commitments and contingencies
Partners’ Capital:    
Limited partners’ capital, 4,050,493 and 4,142,408 OP Units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 83,404 86,442
General partners’ capital, 229,076,322 and 228,879,846 OP Units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively 3,212,963 3,257,874
Total partners’ capital 3,296,367 3,344,316
Total liabilities and equity/partners' capital $ 6,814,908 $ 6,889,689
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2022
Dec. 31, 2021
Equity:    
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 200,000,000 200,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 229,076,322 228,879,846
Common stock, shares outstanding (in shares) 229,076,322 228,879,846
Healthcare Trust of America Holdings, LP (HTALP)    
Partners’ Capital:    
Limited partner's capital, units issued (in shares) 4,050,493 4,142,408
Limited partner's capital, units outstanding (in shares) 4,050,493 4,142,408
General partner's capital, units issued (in shares) 229,076,322 228,879,846
General partner's capital, units outstanding (in shares) 229,076,322 228,879,846
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Rental income $ 200,243 $ 191,350
Interest and other operating income 1,759 143
Total revenues 202,002 191,493
Expenses:    
Rental 65,884 59,579
General and administrative 12,448 10,560
Merger-related costs 6,018 0
Transaction 144 96
Depreciation and amortization 75,386 76,274
Interest expense 23,940 22,986
Total expenses 183,820 169,495
Loss on sale of real estate, net (4) 0
Income from unconsolidated joint venture 400 392
Other income 88 3
Net income 18,666 22,393
Net income attributable to non-controlling interests (351) (363)
Net income attributable to common stockholders/unitholders $ 18,315 $ 22,030
Earnings per common share - basic    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Earnings per common share - diluted    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Weighted average common shares outstanding:    
Basic (in shares/units) 228,978 218,753
Diluted (in shares/units) 233,046 222,268
Healthcare Trust of America Holdings, LP (HTALP)    
Revenues:    
Rental income $ 200,243 $ 191,350
Interest and other operating income 1,759 143
Total revenues 202,002 191,493
Expenses:    
Rental 65,884 59,579
General and administrative 12,448 10,560
Merger-related costs 6,018 0
Transaction 144 96
Depreciation and amortization 75,386 76,274
Interest expense 23,940 22,986
Total expenses 183,820 169,495
Loss on sale of real estate, net (4) 0
Income from unconsolidated joint venture 400 392
Other income 88 3
Net income 18,666 22,393
Net income attributable to non-controlling interests 0 0
Net income attributable to common stockholders/unitholders $ 18,666 $ 22,393
Earnings per common share - basic    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Earnings per common share - diluted    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Weighted average common shares outstanding:    
Basic (in shares/units) 233,046 222,268
Diluted (in shares/units) 233,046 222,268
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net income $ 18,666 $ 22,393
Other comprehensive income    
Change in unrealized gains on cash flow hedges 8,817 2,792
Total other comprehensive income 8,817 2,792
Total comprehensive income 27,483 25,185
Comprehensive income attributable to non-controlling interests (400) (407)
Total comprehensive income (loss) attributable to common stockholders/unitholders 27,083 24,778
Healthcare Trust of America Holdings, LP (HTALP)    
Net income 18,666 22,393
Other comprehensive income    
Change in unrealized gains on cash flow hedges 8,817 2,792
Total other comprehensive income 8,817 2,792
Total comprehensive income 27,483 25,185
Comprehensive income attributable to non-controlling interests 0 0
Total comprehensive income (loss) attributable to common stockholders/unitholders $ 27,483 $ 25,185
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Cumulative Dividends in Excess of Earnings
Non-controlling Interests
Beginning balance at Dec. 31, 2020 $ 3,234,919 $ 3,174,239 $ 2,186 $ 4,916,784 $ (16,979) $ (1,727,752) $ 60,680
Beginning balance (in shares) at Dec. 31, 2020     218,578,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Share-based award transactions, net 3,337 3,337 $ 3 3,334      
Share-based award transactions, net (in shares)     354,000        
Repurchase and cancellation of common stock (3,248) (3,248) $ (1) (3,247)      
Repurchase and cancellation of common stock (in shares)     (119,000)        
Redemption of noncontrolling interest and other 0 255   255     (255)
Redemption of noncontrolling interest and other (in shares)     11,000        
Dividends declared (71,206) (70,023)       (70,023)  
Dividends declared             (1,183)
Net income 22,393 22,030       22,030 363
Other comprehensive income (loss) 2,792 2,748     2,748   44
Ending balance at Mar. 31, 2021 3,188,987 3,129,338 $ 2,188 4,917,126 (14,231) (1,775,745) 59,649
Ending balance (in shares) at Mar. 31, 2021     218,824,000        
Beginning balance at Dec. 31, 2021 $ 3,344,316 3,257,604 $ 2,289 5,178,132 (7,041) (1,915,776) 86,712
Beginning balance (in shares) at Dec. 31, 2021 228,879,846   228,880,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock, net $ 0 0 $ 0 0      
Issuance of common stock, net (in shares)     0        
Share-based award transactions, net 2,024 2,024 $ 1 2,023      
Share-based award transactions, net (in shares)     154,000        
Repurchase and cancellation of common stock (1,640) (1,640)   (1,640)      
Repurchase and cancellation of common stock (in shares)     (50,000)        
Redemption of noncontrolling interest and other 0 2,065 $ 1 2,064     (2,065)
Redemption of noncontrolling interest and other (in shares)     92,000        
Dividends declared (75,816) (74,443)       (74,443)  
Dividends declared             (1,373)
Net income 18,666 18,315       18,315 351
Other comprehensive income (loss) 8,817 8,768     8,768   49
Ending balance at Mar. 31, 2022 $ 3,296,367 $ 3,212,693 $ 2,291 $ 5,180,579 $ 1,727 $ (1,971,904) $ 83,674
Ending balance (in shares) at Mar. 31, 2022 229,076,322   229,076,000        
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.325 $ 0.320
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($)
shares in Thousands, $ in Thousands
Total
Healthcare Trust of America Holdings, LP (HTALP)
Healthcare Trust of America Holdings, LP (HTALP)
General Partners’ Capital
Healthcare Trust of America Holdings, LP (HTALP)
Limited Partners’ Capital
Balance as of beginning of period at Dec. 31, 2020   $ 3,234,919 $ 3,174,509 $ 60,410
Balance as of beginning of period (in shares) at Dec. 31, 2020     218,578 3,520
Increase (Decrease) in Partners' Capital [Roll Forward]        
Share-based award transactions, net   3,337 $ 3,337  
Share-based award transactions, net (in shares)     354  
Redemption and cancellation of general partner OP Units   (3,248) $ (3,248)  
Redemption and cancellation of general partner units (in shares)     (119)  
Redemption of limited partner OP Units and other   0 $ 255 $ (255)
Redemption of limited partner OP Units and other (in shares)     11 11
Distributions declared   (71,206) $ (70,023) $ (1,183)
Net income $ 22,030 22,393 22,030 363
Other comprehensive income 2,792 2,792 2,748 44
Balance as of end of period at Mar. 31, 2021   3,188,987 $ 3,129,608 $ 59,379
Balance as of end of period (in shares) at Mar. 31, 2021     218,824 3,509
Balance as of beginning of period at Dec. 31, 2021   3,344,316 $ 3,257,874 $ 86,442
Balance as of beginning of period (in shares) at Dec. 31, 2021     228,880 4,142
Increase (Decrease) in Partners' Capital [Roll Forward]        
Share-based award transactions, net   2,024 $ 2,024  
Share-based award transactions, net (in shares)     154  
Redemption and cancellation of general partner OP Units   (1,640) $ (1,640)  
Redemption and cancellation of general partner units (in shares)     (50)  
Redemption of limited partner OP Units and other   0 $ 2,065 $ (2,065)
Redemption of limited partner OP Units and other (in shares)     92 92
Distributions declared   (75,816) $ (74,443) $ (1,373)
Net income 18,315 18,666 18,315 351
Other comprehensive income $ 8,817 8,817 8,768 49
Balance as of end of period at Mar. 31, 2022   $ 3,296,367 $ 3,212,963 $ 83,404
Balance as of end of period (in shares) at Mar. 31, 2022     229,076 4,050
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dividends declared (in dollars per share) $ 0.325 $ 0.320
Healthcare Trust of America Holdings, LP (HTALP)    
Dividends declared (in dollars per share) $ 0.325 $ 0.320
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 18,666 $ 22,393
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,009 71,671
Share-based compensation expense 2,025 3,337
Income from unconsolidated joint venture (400) (392)
Distributions from unconsolidated joint venture 785 785
Loss on sale of real estate, net 4 0
Changes in operating assets and liabilities:    
Receivables and other assets, net (3,229) 2,275
Accounts payable and accrued liabilities (34,131) (27,613)
Security deposits, prepaid rent and other liabilities (5,421) (7,103)
Net cash provided by operating activities 49,308 65,353
Cash flows from investing activities:    
Investments in real estate (19,094) (30,472)
Development of real estate (10,372) (17,096)
Proceeds from the sale of real estate 26,791 0
Capital expenditures (28,560) (28,931)
Collection of real estate notes receivable 0 200
Loan origination fees 325 0
Advances on real estate notes receivable (2,270) 0
Net cash used in investing activities (33,180) (76,299)
Cash flows from financing activities:    
Borrowings on unsecured revolving credit facility 75,000 15,000
Payments on unsecured revolving credit facility (50,000) (15,000)
Deferred financing costs (5,355) 0
Repurchase and cancellation of common stock (1,641) (3,248)
Dividends paid (74,377) (70,000)
Distributions paid to non-controlling interest of limited partners (1,402) (1,485)
Net cash used in financing activities (57,775) (74,733)
Net change in cash, cash equivalents and restricted cash (41,647) (85,679)
Cash, cash equivalents and restricted cash - beginning of period 57,069 118,765
Cash, cash equivalents and restricted cash - end of period 15,422 33,086
Healthcare Trust of America Holdings, LP (HTALP)    
Cash flows from operating activities:    
Net income 18,666 22,393
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,009 71,671
Share-based compensation expense 2,025 3,337
Income from unconsolidated joint venture (400) (392)
Distributions from unconsolidated joint venture 785 785
Loss on sale of real estate, net 4 0
Changes in operating assets and liabilities:    
Receivables and other assets, net (3,229) 2,275
Accounts payable and accrued liabilities (34,131) (27,613)
Security deposits, prepaid rent and other liabilities (5,421) (7,103)
Net cash provided by operating activities 49,308 65,353
Cash flows from investing activities:    
Investments in real estate (19,094) (30,472)
Development of real estate (10,372) (17,096)
Proceeds from the sale of real estate 26,791 0
Capital expenditures (28,560) (28,931)
Collection of real estate notes receivable 0 200
Loan origination fees 325 0
Advances on real estate notes receivable (2,270) 0
Net cash used in investing activities (33,180) (76,299)
Cash flows from financing activities:    
Borrowings on unsecured revolving credit facility 75,000 15,000
Payments on unsecured revolving credit facility (50,000) (15,000)
Deferred financing costs (5,355) 0
Repurchase and cancellation of general partner units (1,641) (3,248)
Distributions paid to general partner (74,377) (70,000)
Distributions paid to limited partners and redeemable non-controlling interests (1,402) (1,485)
Net cash used in financing activities (57,775) (74,733)
Net change in cash, cash equivalents and restricted cash (41,647) (85,679)
Cash, cash equivalents and restricted cash - beginning of period 57,069 118,765
Cash, cash equivalents and restricted cash - end of period $ 15,422 $ 33,086
v3.22.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
HTA, a Maryland corporation, and HTALP, a Delaware limited partnership, were incorporated or formed, as applicable, on April 20, 2006. HTA operates as a REIT and is the general partner of HTALP, which is the operating partnership, in an umbrella partnership, or “UPREIT” structure. HTA has qualified and intends to continue to be taxed as a REIT for federal income tax purposes under the applicable sections of the Internal Revenue Code.
We own real estate primarily consisting of medical office buildings (“MOBs”) located on or adjacent to hospital campuses or in off-campus, community core outpatient locations across 32 states within the United States, and we lease space to tenants primarily consisting of health systems, research and academic institutions, and various sized physician practices.  Through our full-service operating platform, we provide leasing, asset management, acquisitions, development and other related services for our properties.
Our primary objective is to maximize stockholder value with growth through strategic investments that provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we: (i) seek internal growth through proactive asset management, leasing, building services and property management oversight; (ii) target accretive acquisitions and developments of MOBs in markets with attractive demographics that complement our existing portfolio; and (iii) actively manage our balance sheet to maintain flexibility with conservative leverage. Additionally, from time to time we consider, on an opportunistic basis, significant portfolio acquisitions that we believe fit our core business and we expect to enhance our existing portfolio.
Merger with Healthcare Realty Trust Incorporated
On February 28, 2022, Healthcare Trust of America, Inc. (the “Company”), a Maryland corporation, Healthcare Trust of America Holdings, LP, a Delaware limited partnership (the “Company OP”) of which the Company is the sole general partner, HR Acquisition 2, LLC, a Maryland limited liability company and a direct, wholly owned subsidiary of the Company (“Merger Sub”), and Healthcare Realty Trust Incorporated, a Maryland corporation (“HR”), entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”). Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into HR, with HR surviving the merger (the “Merger”).
Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time, each outstanding share of Common Stock, $0.01 par value per share, of HR (“HR Common Stock”) will be converted into the right to receive 1.0 (the “Exchange Ratio”) share of Class A Common Stock, $0.01 par value per share, of the Company (“Company Common Stock” and, such consideration, the “Merger Consideration”). Subject to the closing of the Merger and the other transactions contemplated therein, the holders of shares of Company Common Stock issued and outstanding on the last business day prior to the closing date of the Merger will receive a special distribution in the amount of $4.82 in cash per share of Company Common Stock held on such date (the “Special Distribution Payment”).
Once the conditions to close the Merger have been satisfied or waived, the Merger Agreement requires HR and the Company to exchange irrevocable certifications that all such closing conditions have been satisfied or waived. At such time, the Company OP will transfer or cause the transfer, on the business day before the effective time, to HR or its designees certain of the Company OP’s assets as specified by HR for a cash purchase price equal to the reasonably equivalent fair market value of the assets transferred. To the extent the net proceeds to the Company of the asset transfer or joint venture transactions relating to such assets are insufficient to pay the full amount of the Special Distribution Payment, the Merger Agreement requires the Company to utilize new financing to fund the balance of the Special Distribution Payment. The Company has obtained a commitment letter from JPMorgan Chase Bank, N.A. for a $1.7 billion bridge financing facility. HTA and HR have received letters of intent from, and are in advanced negotiations with, three institutional investors for a combination of joint ventures and asset sales totaling $1.7 billion at a weighted average cap rate of approximately 4.8%. Net proceeds from these transactions are expected to be approximately $1.6 billion. The transactions may occur in separate tranches, with the initial transactions targeted to close prior to the vote on the contemplated Merger by HR and HTA stockholders and the remainder to be completed on or around the closing date of the contemplated Merger. These transactions are subject to execution of definitive documentation and customary closing conditions. In addition, HTA and HR have secured initial commitments for amended and restated credit facilities, including the following: (i) a $1.5 billion revolving credit facility; (ii) $1.5 billion of term loans, including $650 million of new capacity; and (iii) a $1.1 billion asset sale term loan to replace the transaction bridge loan commitment and to backstop the $1.1 billion special dividend to HTA stockholders, if needed, depending on the timing of asset sales and joint ventures.
Additionally, on May 2, 2022, HTA and HR filed a Form S-4 Registration Statement with the SEC in connection with the contemplated Merger. Please review this Form S-4 for more information about the contemplated Merger.
The Merger Agreement contains customary representations, warranties and covenants by each party. The Merger is subject to certain conditions which are set forth in the Merger Agreement, including the approval of both companies’ stockholders. The boards of directors of the Company and HR have unanimously approved the Merger Agreement. The Merger is expected to close during the third quarter of 2022.
COVID-19 Pandemic
On March 11, 2020 the novel coronavirus disease (“COVID-19”) was declared a pandemic by the World Health Organization. As the virus continued to spread throughout the United States and other countries across the world, Federal, state and local governments took various actions including the issuance of “stay-at-home” orders, social distancing guidelines and ordering the temporary closure of non-essential businesses to limit the spread of COVID-19. While many businesses have reopened and vaccinations are becoming more widely available to the general population, the economic uncertainty created by the COVID-19 pandemic continue to present risks to the Company and the future results of our operations. Although we did not experience significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2022, should current and planned measures, including further development and delivery of vaccines and other measures intended to reduce or eliminate the spread of COVID-19, past and/or proposed economic stimulus, and other laws, acts and orders proposed or enacted by these various governmental agencies ultimately not be successful or limited in their efficacy, our business and the broader real estate industry may experience significant adverse consequences. These consequences include loss of revenues, increased expenses, increased costs of materials, difficulty in maintaining an active workforce, and constraints on our ability to secure capital or financing, among other factors.
v3.22.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
The summary of significant accounting policies presented below is designed to assist in understanding our condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles in the U.S. (“GAAP”) in all material respects and have been consistently applied in preparing our accompanying condensed consolidated financial statements.
Basis of Presentation
Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements.
Interim Unaudited Financial Data
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, our accompanying condensed consolidated financial statements (i) do not include all information and footnotes required by GAAP for complete financial statements, and (ii) reflect all adjustments, which are, in our opinion, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such results may be less favorable for the full year. Our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2021 Annual Report on Form 10-K.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of our subsidiaries and consolidated joint venture arrangements. The portions of the HTALP operating partnership not owned by us are presented as non-controlling interests on the accompanying condensed consolidated balance sheets and statements of operations, condensed consolidated statements of comprehensive income, and condensed consolidated statements of equity and changes in partners’ capital. Holders of OP Units are considered to be non-controlling interest holders in HTALP and their ownership interests are reflected as equity on the accompanying condensed consolidated balance sheets. Further, a portion of the earnings and losses of HTALP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of both March 31, 2022 and December 31, 2021, there were approximately 4.1 million of OP Units issued and outstanding held by non-controlling interest holders.
VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following: (i) the power to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb the expected losses of the entity; and (iii) the right to receive the expected returns of the entity. We consolidate our investment in VIEs when we determine that we are the primary beneficiary. A primary beneficiary is one that has both: (i) the power to direct the activities
of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The HTALP operating partnership and our other joint venture arrangements are VIEs because the limited partners in those partnerships, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Additionally, we determined that we are the primary beneficiary of our VIEs. Accordingly, we consolidate our interests in the HTALP operating partnership and in our other joint venture arrangements. However, because we hold what is deemed a majority voting interest in the HTALP operating partnership and our other joint venture arrangements, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs.
Use of Estimates
The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent asset and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in adverse ways, and those estimates could be different under different assumptions or conditions.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash is typically comprised of: (i) reserve accounts for property taxes, insurance, capital and tenant improvements; (ii) collateral accounts for debt and interest rate swaps; (iii) 1031 exchange funds; and (iv) deposits for future investments.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated balance sheets to the combined amounts shown on the accompanying condensed consolidated statements of cash flows (in thousands):
March 31,
20222021
Cash and cash equivalents$10,944 $29,990 
Restricted cash4,478 3,096 
Total cash, cash equivalents and restricted cash$15,422 $33,086 
Revenue Recognition
Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are recorded as straight-line rent receivables. Tenant reimbursements, which is comprised of additional amounts recoverable from tenants for real estate taxes, common area maintenance and other certain operating expenses are recognized as revenue on a gross basis in the period in which the related recoverable expenses are incurred.  We accrue revenue corresponding to these expenses on a quarterly basis to adjust recorded amounts to our best estimate of the final annual amounts to be billed. Subsequent to year-end, on a calendar year basis, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any differences between the estimated expenses we billed and the actual expenses that were incurred. We recognize lease termination fees when there is a signed termination letter agreement, all of the conditions of the agreement have been met, and the tenant is no longer occupying the property. Rental income is reported net of amortization of inducements.
The revenue recognition process is based on a five-step model to account for revenue arising from contracts with customers as outlined in Topic 606. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We have identified all of our revenue streams and we have concluded that rental income from leasing arrangements represents a substantial portion of our revenue and is governed and evaluated with the adoption of Topic 842.
Investments in Real Estate
Depreciation expense of buildings and improvements for the three months ended March 31, 2022 and 2021 was $62.3 million and $61.2 million, respectively.
Leases
As a lessor, we lease space in our MOBs primarily to medical enterprises for terms generally ranging from three to seven years in length. The assets underlying these leases consist of buildings and associated land which are included as real estate investments on our accompanying condensed consolidated balance sheets. All of our leases for which we are the lessor are classified as operating leases under Topic 842.
Leases, for which we are the lessee, are classified as separate components on our accompanying condensed consolidated balance sheets. Operating leases are included as right-of-use (“ROU”) assets - operating leases, net, with a corresponding lease liability. Financing lease assets are included in receivables and other assets, net, with a corresponding lease liability in security deposits, prepaid rent and other liabilities. A lease liability is recognized for our obligation related to the lease and an ROU asset represents our right to use the underlying asset over the lease term. Refer to Note 7 - Leases in the accompanying notes to the condensed consolidated financial statements for more detail relating to our leases.
Real Estate Held for Sale
We consider properties held for sale once management commits to a plan to sell the property and has determined that the sale is probable and expected to occur within one year. Upon classification as held for sale, we record the property at the lower of its carrying amount or fair value, less costs to sell, and cease depreciation and amortization. The fair value is generally based on a discounted cash flow analysis, which involves management's best estimate of market participants' holding periods, market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital requirements. As of March 31, 2022, the Company had no properties classified as held for sale. As of December 31, 2021, the Company had one property classified as held for sale.
Real Estate Notes Receivable
Real estate notes receivable consists of mezzanine and other real estate loans, which are generally collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner and/or corporate guarantees. Real estate notes receivable are intended to be held-to-maturity and are recorded at amortized cost, net of unamortized loan origination costs and fees and allowance for credit losses. As of March 31, 2022, real estate notes receivable, net totaled $72.7 million. During the three months ended March 31, 2022, we recognized interest income of $1.6 million related to real estate note receivable.
The following table summarizes real estate notes receivable as of March 31, 2022 (in thousands):
Stated Interest RateMaximum Loan CommitmentOutstanding Loan Amount
Origination DateMaturity DateMarch 31, 2022
Mezzanine Loans - Texas (1)
6/24/20216/24/20248 %$54,119 $52,662 
Mezzanine Loan - North Carolina12/22/202112/22/20248 %6,000 6,000 
Mortgage Loan - Texas6/30/20217/1/202210 %15,000 15,000 
73,662 
Accrued interest receivable159 
Unamortized fees and costs(762)
Unearned revenue(358)
$72,701 
(1) Interest on these mezzanine loans is accrued and funded utilizing interest reserves, which is included in the maximum loan commitment, and such accrued interest is added to the note receivable balance.
Pursuant to Topic 326 - Financial Instruments - Credit Losses, we adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under Topic 326. We utilize a probability of default method approach for estimating current expected credit losses and have determined that the current risk of credit loss is remote. Accordingly, we have recorded no reserve for credit loss as of March 31, 2022.
Unconsolidated Joint Ventures
We account for our investments in unconsolidated joint ventures using the equity method of accounting because we have the ability to exercise significant influence, but not control, over the financial and operational policy decisions of the investments. Using the equity method of accounting, the initial investment is recognized at cost and subsequently adjusted for our share of the net income and any distributions from the joint venture. As of March 31, 2022 and December 31, 2021, we had a 50% interest in one such investment with a carrying value and maximum exposure to risk of $62.5 million and $62.8 million, respectively, which is recorded in investment in unconsolidated joint venture on the accompanying condensed consolidated balance sheets. We record our share of net income in income from unconsolidated joint venture on the accompanying condensed consolidated statements of operations. For each of the three months ended March 31, 2022 and 2021, we recognized income of $0.4 million.
Recently Issued or Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments
In July 2021, the FASB issued ASU 2021-05, which amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. The update is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted ASU 2021-05 effective as of January 1, 2022. The adoption of this standard did not have a material impact on our financial statements.
Recently Issued Accounting Pronouncements
ASU 2021-01, Reference Rate Reform (Topic 848)
In January 2021, the FASB issued ASU 2021-01, which amends the scope of ASU 2020-04. The amendments of ASU 2021-01 clarify that certain optional expedients and exceptions to Topic 848 for contract modification and hedge accounting apply to derivatives that are affected by the discounting transition. For information related to the Company's current cash flow hedges, refer to Note 9 - Derivative Financial Instruments and Hedging Activities. The amendments are elective and effective immediately for contract modifications made through December 31, 2022. The Company is evaluating how the transition away from LIBOR will effect the Company and if the guidance with respect to this standard will be adopted, however, if adopted, we do not expect that this ASU will have a material impact on our financial statements.
v3.22.1
Investments in Real Estate
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Investments in Real Estate Investments in Real Estate
For the three months ended March 31, 2022, our investments had an aggregate purchase price of $19.1 million. As part of these investments, we incurred approximately $0.1 million of capitalized costs. The allocations for these investments, in which we own a controlling financial interest, are set forth below in the aggregate for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Land$3,812 $1,093 
Building and improvements13,189 26,819 
In place leases2,121 3,449 
Below market leases(28)(79)
Above market leases— 66 
ROU assets— (876)
Net real estate assets acquired19,094 30,472 
Other, net — 2,397 
Aggregate purchase price$19,094 $32,869 
The acquired intangible assets and liabilities referenced above had weighted average lives of the following terms for the three months ended March 31, 2022 and 2021, respectively (in years):
Three Months Ended March 31,
20222021
Acquired intangible assets4.46.4
Acquired intangible liabilities4.35.7
v3.22.1
Dispositions and Impairment
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions and Impairment Dispositions and Impairment
Dispositions
During the three months ended March 31, 2022, we closed the sale of a tenant purchase option on one of our MOBs located in Georgia for a gross sales price of $26.8 million, resulting in a net loss to us of approximately $4 thousand. During the three months ended March 31, 2021, we had no dispositions.
Impairment
During the three months ended March 31, 2022, and 2021, we recorded no impairment charges.
v3.22.1
Intangible Assets and Liabilities
 3 Months Ended
Mar. 31, 2022
Identified Intangibles, Net [Abstract]  
Intangible Assets and Liabilities Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands, except with respect to the weighted average remaining amortization terms):
March 31, 2022December 31, 2021
BalanceWeighted Average Remaining
Amortization in Years		BalanceWeighted Average Remaining
Amortization in Years
Assets:
In place leases
$341,978 9.3$349,863 9.3
Tenant relationships
51,778 10.954,851 10.8
Above market leases
20,824 6.821,537 6.9
414,580 426,251 
Accumulated amortization(211,034)(213,801)
Total$203,546 9.3$212,450 9.3
Liabilities:
Below market leases$54,040 14.5$55,073 14.3
Accumulated amortization(24,039)(23,742)
Total$30,001 14.5$31,331 14.3
The following is a summary of the net intangible amortization for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Amortization recorded against rental income related to above and (below) market leases
$(649)$(591)
Amortization expense related to in place leases and tenant relationships
10,315 11,886 
v3.22.1
Receivables and Other Assets
 3 Months Ended
Mar. 31, 2022
Receivables and Other Assets [Abstract]  
Receivables and Other Assets Receivables and Other Assets Receivables and other assets consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Tenant receivables, net
$3,009 $10,477 
Other receivables, net
7,402 6,098 
Deferred financing costs, net
11,057 7,055 
Deferred leasing costs, net
47,612 45,008 
Straight-line rent receivables, net146,378 142,604 
Prepaid expenses, deposits, equipment and other, net42,734 38,301 
Derivative financial instruments - interest rate swaps3,692 — 
Real estate notes receivable, net72,701 69,114 
Finance ROU asset, net16,196 16,284 
Total$350,781 $334,941 
The following is a summary of the amortization of deferred leasing costs and financing costs for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Amortization expense related to deferred leasing costs
$2,227 $2,223 
Interest expense related to deferred financing costs1,353 431 
v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
For the three months ended March 31, 2022, we added one new office lease that commences in April 2022.
Lessee - Maturity of Lease Liabilities
The following table summarizes the future minimum lease obligations of our operating and finance leases as of March 31, 2022 (in thousands):
YearOperating LeasesFinance Leases
2022$8,028 $473 
202310,846 635 
202410,370 640 
20259,857 645 
20269,860 656 
20279,845 668 
Thereafter590,018 36,856 
Total undiscounted lease payments$648,824 $40,573 
Less: Interest(452,598)(23,665)
Present value of lease liabilities$196,226 $16,908 
Lessor - Lease Revenues and Maturity of Future Minimum Rents
For the three months ended March 31, 2022 and 2021, we recognized $199.3 million and $190.4 million, respectively, of rental and other lease-related income related to our operating leases, of which $48.1 million and $45.1 million, respectively, were variable lease payments.
The following table summarizes the future minimum rent contractually due under operating leases, excluding tenant reimbursements of certain costs, as of March 31, 2022 (in thousands):
YearAmount
2022$432,329 
2023537,159 
2024479,252 
2025418,300 
2026369,927 
2027301,521 
Thereafter1,044,334 
Total$3,582,822 
v3.22.1
Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Unsecured revolving credit facility$25,000 $— 
Unsecured term loans500,000 500,000 
Unsecured senior notes2,550,000 2,550,000 
Fixed rate mortgages — — 
$3,075,000 $3,050,000 
Deferred financing costs, net(17,199)(17,975)
Discount, net(3,917)(3,903)
Total $3,053,884 $3,028,122 
Unsecured Credit Agreement
Unsecured Revolving Credit Facility due 2025
On October 6, 2021, we entered into a third amended and restated revolving credit and term loan agreement (the “Credit Agreement”), which includes an unsecured revolving credit facility in an aggregate maximum principal amount of $1.0 billion (the “Revolver”) and a term loan facility in an aggregate maximum principal amount of $300.0 million (the “Term Loan”). The Credit Agreement extended the maturities of the unsecured revolving credit facility and the unsecured term loan to October 31, 2025. The maximum principal amount of the Unsecured Credit Agreement may be increased by up to $750.0 million, subject to certain conditions, for a total principal amount of $2.05 billion. Borrowings under the Revolver bear interest at a per annum rate equal to LIBOR plus a margin ranging from 0.725% to 1.40% based on our credit rating. We are also required to pay a facility fee on the aggregate commitments under the Revolver at a per annum rate ranging from 0.125% to 0.30% based on our credit rating. We incurred financing costs of $6.2 million in relation to the credit facility, which are being amortized through the maturity date. As of March 31, 2022, we had $25.0 million outstanding under this unsecured revolving credit facility. The margin associated with our borrowings was 0.85% per annum and the facility fee was 0.20% per annum.
Unsecured Term Loan due 2025
Under the Unsecured Credit Agreement as noted above, we have a $300.0 million unsecured term loan, guaranteed by HTA, with a maturity date of October 31, 2025. Borrowings under this unsecured term loan bear interest at a per annum rate equal to LIBOR, plus a margin ranging from 0.80% to 1.60% per annum based on our credit rating. The margin associated with our borrowings as of March 31, 2022 was 0.95% per annum. We incurred financing costs of $1.8 million in relation to the unsecured term loan, which are being amortized through the maturity date. We have interest rate swaps hedging the floating interest rate, which resulted in a fixed rate of 2.37% per annum, based on our current credit rating. The current hedging arrangement matures on February 1, 2023. As of March 31, 2022, we had $300.0 million under this unsecured term loan outstanding.
$200.0 Million Unsecured Term Loan due 2024
In 2018, HTALP entered into a modification of our $200.0 million unsecured term loan previously due in 2023. The modification decreased pricing at our current credit rating by 65 basis points and extended the maturity date to January 15, 2024. The other material terms of the unsecured term loan prior to the modification remained substantially unchanged. Borrowings under the unsecured term loan accrue interest at a rate equal to LIBOR, plus a margin ranging from 0.75% to 1.65% per annum based on our credit rating. The margin associated with our borrowings as of March 31, 2022 was 1.00% per annum. HTALP had interest rate swaps on the balance, which resulted in a fixed interest rate at 2.32% per annum. As of March 31, 2022, we had $200.0 million under this unsecured term loan outstanding.
$600.0 Million Unsecured Senior Notes due 2026
In September 2019, in connection with the $650.0 million unsecured senior notes due 2030 referenced below, HTALP issued $250.0 million as additional unsecured senior notes to the $350.0 million aggregate principal of senior notes issued on July 12, 2016, all of which are guaranteed by HTA. These unsecured senior notes are registered under the Securities Act, and bear interest at 3.50% per annum which is payable semi-annually. Additionally, these unsecured senior notes were offered at 103.66% and 99.72%, respectively, of the principal amount thereof, with an effective yield to maturity of 2.89% and 3.53% per annum, respectively. As of March 31, 2022, we had $600.0 million of these unsecured senior notes outstanding that mature on August 1, 2026.
$500.0 Million Unsecured Senior Notes due 2027
In 2017, HTALP issued $500.0 million of unsecured senior notes that are guaranteed by HTA. These unsecured senior notes are registered under the Securities Act, and bear interest at 3.75% per annum which is payable semi-annually. Additionally, these unsecured senior notes were offered at 99.49% of the principal amount thereof, with an effective yield to maturity of 3.81% per annum. As of March 31, 2022, we had $500.0 million of these unsecured senior notes outstanding that mature on July 1, 2027.
$650.0 million Unsecured Senior Notes due 2030
In September 2019, in connection with the $250.0 million additional unsecured senior notes due 2026 referenced above, HTALP issued $650.0 million of unsecured senior notes that are guaranteed by HTA. These unsecured senior notes are registered under the Securities Act, and bear interest at 3.10% per annum which is payable semi-annually. Additionally, these unsecured senior notes were offered at 99.66% of the principal amount thereof, with an effective yield to maturity of 3.14% per annum. Proceeds from the issuance of $900.0 million of these notes were used, in part, to redeem a total of $700.0 million of unsecured senior notes. During the year ended December 31, 2019, the make-whole fees required per the terms of the indenture agreements upon our calling the notes totaling $18.3 million was recorded in loss on extinguishment of debt in the accompanying consolidated statements of operations. As of March 31, 2022, HTALP had $650.0 million of these unsecured senior notes outstanding that mature on February 15, 2030.
$800.0 million Unsecured Senior Notes due 2031
In September 2020, HTALP issued $800.0 million of unsecured senior notes that are guaranteed by HTA. These unsecured senior notes are registered under the Securities Act, and bear interest at 2.00% per annum which is payable semi-annually. Additionally, these unsecured senior notes were offered at 99.20% of the principal amount thereof, with an effective yield to maturity of 2.09% per annum. We incurred financing costs of $6.8 million in relation to this transaction, which are being amortized through the maturity date. Proceeds from the issuance of these unsecured notes were used, in part, to redeem $300.0 million of unsecured senior notes. During the year ended December 31, 2020, the make-whole fee that was required per the terms of the indenture agreement upon our calling the notes of $24.7 million was recorded in loss on extinguishment of debt in the accompanying consolidated statements of operations. As of March 31, 2022, we had $800.0 million of these unsecured senior notes outstanding that mature on March 15, 2031.
Future Debt Maturities
The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of March 31, 2022 (in thousands):
YearAmount
2022$— 
2023— 
2024200,000 
2025325,000 
2026600,000 
Thereafter1,950,000 
Total$3,075,000 
Deferred Financing Costs
As part of the $1.7 billion bridge financing commitment secured in connection with the pending Merger with HR as further described in Note 1 - Organization and Description of Business, we incurred commitment fees of approximately $5.4 million, which are being amortized through the commitment expiration date of September 2, 2022.
As of March 31, 2022, the future amortization of our deferred financing costs is as follows (in thousands):
YearAmount
2022$2,330 
20233,106 
20242,724 
20252,603 
20261,839 
Thereafter4,597 
Total$17,199 
Debt CovenantsWe are required by the terms of our applicable loan agreements to meet various affirmative and negative covenants that we believe are customary for these types of facilities, such as limitations on the incurrence of debt by us and our subsidiaries that own unencumbered assets, limitations on the nature of HTALP’s business, and limitations on distributions by HTALP and its subsidiaries that own unencumbered assets. Our loan agreements also impose various financial covenants on us, such as a maximum ratio of total indebtedness to total asset value, a minimum ratio of EBITDA to fixed charges, a minimum tangible net worth covenant, a maximum ratio of unsecured indebtedness to unencumbered asset value, rent coverage ratios and a minimum ratio of unencumbered Net Operating Income to unsecured interest expense. As of March 31, 2022, we believe that we were in compliance with all such financial covenants and reporting requirements. In addition, certain of our loan agreements include events of default provisions that we believe are customary for these types of facilities, including restricting us from making dividend distributions to our stockholders in the event we are in default thereunder, except to the extent necessary for us to maintain our REIT status. We have also concluded as of March 31, 2022, that we were not aware of non-compliance with any of our financial or non-financial covenants in light of the ongoing COVID-19 pandemic.
v3.22.1
Derivative Financial Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
Risk Management Objective of Using Derivative Financial Instruments
We may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. We do not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, we only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which we and our affiliates may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations. We record counterparty credit risk valuation adjustments on interest rate swap derivative assets in order to properly reflect the credit quality of the counterparty. In addition, the fair value of derivative financial instruments designated as cash flow hedges are adjusted to reflect the impact of our credit quality.
Cash Flow Hedges of Interest Rate Risk
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and treasury locks as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for us making fixed rate payments over the life of the agreements without an exchange of the underlying notional amount. A treasury lock is a synthetic forward sale of a U.S. treasury note, which is settled in cash based upon the difference between an agreed upon treasury rate and the prevailing treasury rate at settlement. Such treasury locks are entered into to effectively fix the treasury component of an upcoming debt issuance.
Amounts reported in accumulated other comprehensive income in the accompanying condensed consolidated balance sheets related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. During the next twelve months, we estimate that an additional $1.2 million will be reclassified from other comprehensive income in the accompanying condensed consolidated balance sheets as an increase to interest related to derivative financial instruments in the accompanying condensed consolidated statements of operations.
As of March 31, 2022, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments):
Interest Rate SwapsMarch 31, 2022
Number of instruments7 
Notional amount$500,000 
The table below presents the fair value of our derivative financial instruments designated as cash flow hedges as well as the classification in the accompanying condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively (in thousands):
 Asset DerivativesLiability Derivatives
  Fair Value at:Fair Value at:
Derivatives Designated as Hedging Instruments:Balance Sheet
Location		March 31, 2022December 31, 2021Balance Sheet
Location		March 31, 2022December 31, 2021
Interest rate swapsReceivables and other assets$3,692 $— Derivative financial instruments$— $5,069 
The table below presents the gain or loss recognized on our derivative financial instruments designated as cash flow hedges as well as the classification in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
Effect of Derivative InstrumentsLocation in Statement of Operations and Comprehensive Income (Loss)20222021
Gain (loss) recognized in OCIChange in unrealized losses on cash flow hedges$7,218 $1,163 
Gain (loss) reclassified from accumulated OCI into incomeInterest expense(1,599)(1,629)

Credit Risk Related Contingent Features
We have agreements with each of our derivative counterparties that contain a provision that if we default on any of our indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations.
We also have agreements with each of our derivative counterparties that incorporate provisions from our indebtedness with a lender affiliate of the derivative counterparty requiring it to maintain certain minimum financial covenant ratios on our indebtedness. Failure to comply with the covenant provisions would result in us being in default on any derivative instrument obligations covered by these agreements.
As of March 31, 2022, the fair value of derivatives in a net asset position, including accrued interest, but excluding any adjustment for nonperformance risk related to these agreements, was $3.6 million. As of March 31, 2022, we have not posted any collateral related to these agreements and we were not in breach of any of the provisions of these agreements. If we had breached any of the provisions of these agreements, we could have been required to settle our obligations, if any, under these agreements.
v3.22.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
On May 6, 2022, a purported stockholder of the Company filed a lawsuit in the United States District Court for the Southern District of New York against us and seven of our current directors, captioned Shiva Stein v. Healthcare Trust of America, Inc., et al., Case No. 1:22-cv-03703 (the “Complaint”).
The Complaint alleges that the preliminary proxy statement issued in connection with the Merger omits material information or contains misleading disclosures and that, as a result, (i) all of the defendants violated Section 14(a) of the Securities Exchange Act of 1934 (the Exchange Act) and (ii) our directors violated section 20(a) of the Exchange Act. The Complaint seeks, among other things, (i) injunctive relief preventing the consummation of the transactions contemplated by the Merger Agreement; (ii) rescission or rescissory damages to the extent the transactions contemplated by the Merger Agreement have been implemented; (iii) dissemination of a proxy statement that does not omit material information or contain any misleading disclosures; (iv) an accounting to plaintiff for all damages suffered as a result of the alleged wrongdoing; and (v) an award of plaintiff’s expenses, including attorneys’ and experts’ fees. We believe the claims asserted in the Complaint are without merit.
Additional lawsuits may be filed against us, our Board of Directors, and/or other parties to the Merger in connection with the transactions contemplated by the Merger Agreement.
In addition, we are, from time to time, also subject to claims and litigation arising in the ordinary course of business with respect to tenant litigation and threatened or asserted labor matters.
We do not believe liability from any reasonably foreseeable disposition of the aforementioned claims and litigation, individually or in the aggregate, would have a material effect on our consolidated financial position, results of operations or cash flows. 
Environmental Matters
We routinely monitor our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our condensed consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability at our properties that we believe would require additional disclosure or the recording of a loss contingency.
Other
Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business. In our opinion, these matters are not expected to have a material adverse effect on our condensed consolidated financial position, results of operations or cash flows.
v3.22.1
Stockholders' Equity and Partners' Capital
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Stockholders' Equity and Partners' Capital Stockholders’ Equity and Partners’ Capital
HTALP’s operating partnership agreement provides that it will distribute cash flow from operations and net sale proceeds to its partners in accordance with their overall ownership interests at such times and in such amounts as the general partner thereof determines. Dividend distributions are made such that a holder of one OP Unit in HTALP will receive distributions from HTALP in an amount equal to the dividend distributions paid to the holder of one share of our common stock. In addition, for each share of common stock issued or redeemed by HTA, HTALP issues or redeems a corresponding number of OP Units.
Common Stock Offerings
In March 2021, we entered into equity distribution agreements with various sales agents with respect to our at-the-market (“ATM”) offering program of common stock with an aggregate sales amount of up to $750.0 million, which replaced our prior ATM offering program that expired in February 2021. As of March 31, 2022, $750.0 million remained available for issuance by us under our current ATM.
Stock Repurchase Plan
In September 2020, our Board of Directors approved the reactivation of a stock repurchase plan authorizing us to purchase up to $300.0 million of our common stock from time to time prior to the expiration thereof on September 22, 2023. As of March 31, 2022, the remaining amount of common stock available for repurchase under our stock repurchase plan was $300.0 million.
Common Stock Dividends
See our accompanying condensed consolidated statements of equity and condensed statements of changes in partners’ capital for the dividends declared during the three months ended March 31, 2022 and 2021. As of March 31, 2022, declared, but unpaid, dividends totaling $75.8 million were included in accounts payable and accrued liabilities. On May 5, 2022, our Board of Directors announced a quarterly cash dividend of $0.325 per share of common stock and per OP Unit to be paid on July 15, 2022 to stockholders and unitholders of record on July 6, 2022.
Incentive Plan
Our Incentive Plan permits the grant of incentive awards to our employees, officers, non-employee directors and consultants as selected by our Board of Directors. This Plan authorizes us to grant awards in any of the following forms: options; stock appreciation rights; restricted stock; restricted or deferred stock units; performance awards; dividend equivalents; other stock-based awards, including units in HTALP; and cash-based awards. Subject to adjustment as provided in the Plan, the aggregate number of awards reserved and available for issuance under the Plan is 10,000,000 shares. As of March 31, 2022, there were 9,646,504 awards available for grant under the Plan.
Restricted Common Stock
We recognized compensation expense, equal to the fair market value of HTA’s stock on the grant date, over the service period which is generally three to four years. For the three months ended March 31, 2022 and 2021 we recognized compensation expense of $2.0 million and $3.3 million, respectively. Substantially all compensation expense was recorded in general and administrative expenses in the accompanying condensed consolidated statements of operations.
As of March 31, 2022, we had $7.9 million of unrecognized compensation expense, net of estimated forfeitures, which we will recognize over a remaining weighted average period of 1.9 years.
The following is a summary of our restricted common stock activity as of March 31, 2022 and 2021, respectively:
March 31, 2022March 31, 2021
Restricted Common StockWeighted
Average Grant
Date Fair Value		Restricted Common StockWeighted
Average Grant
Date Fair Value
Beginning balance529,862 $28.83 436,399 $28.27 
Granted158,543 30.81 354,288 26.20 
Vested(123,958)27.37 (258,000)27.50 
Forfeited(4,437)29.60 (333)30.07 
Ending balance560,010 $29.71 532,354 $27.45 
v3.22.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Financial Instruments Reported at Fair Value - Recurring
The table below presents the carrying amounts and fair values of our financial instruments on a recurring basis as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Level 2 - Assets:
Real estate notes receivable, net $72,701 $70,135 $69,114 $68,476 
Derivative financial instruments 3,692 3,692 — — 
Level 2 - Liabilities:
Derivative financial instruments $— $— $5,069 $5,069 
Debt 3,053,884 2,944,166 3,028,122 3,117,602 
The carrying amounts of cash and cash equivalents, tenant and other receivables, restricted cash, accounts payable, and accrued liabilities approximate fair value. There have been no transfers of assets or liabilities between levels. We will record any such transfers at the end of the reporting period in which a change of event occurs that results in a transfer. Although we have determined that the majority of the inputs used to value our cash flow hedges fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with these instruments utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our cash flow hedge positions and have determined that the credit valuation adjustments are not significant to their overall valuation. As a result, we have determined that our cash flow hedge valuations in their entirety are classified in Level 2 of the fair value hierarchy.  For further discussion of the assumptions considered, refer to Note 2 - Summary of Significant Accounting Policies.
Financial Instruments Reported at Fair Value - Non-Recurring
We also have assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. This category generally includes assets subject to impairment. We estimate fair value relating to impairment assessments based upon discounted cash flow and direct capitalization models that include all projected cash inflows and outflows over a specific holding period, or the contractual sales price, if applicable. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based on market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based on these inputs, we determined that our valuation of properties using a discounted cash flow or a direct capitalization model were classified within Level 3 of the fair value hierarchy. For assets for which the estimated fair value was based on contractual sales prices, we determined that our valuation was classified within Level 2 of the fair value hierarchy. As of March 31, 2022 we had no assets subject to impairment.
The table below presents our assets measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022December 31, 2021
Fair ValueFair Value
Level 2 - Assets:
Real estate investment$— $26,768 
Level 3 - Assets:
Real estate investments$— $4,970 
v3.22.1
Per Share Data of HTA
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Per Share Data of HTA Per Share Data of HTA
For the three months ended March 31, 2022 and 2021, all of our earnings were distributed and the calculated earnings per share amount would be the same for all classes.
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per share data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests(351)(363)
Net income attributable to common stockholders$18,315 $22,030 
Denominator:
Weighted average shares outstanding - basic228,978 218,753 
Dilutive shares - OP Units convertible into common stock 4,068 3,515 
Adjusted weighted average shares outstanding - diluted233,046 222,268 
Earnings per common share - basic
Net income attributable to common stockholders$0.08 $0.10 
Earnings per common share - diluted
Net income attributable to common stockholders$0.08 $0.10 
v3.22.1
Per Unit Data of HTALP
 3 Months Ended
Mar. 31, 2022
Earnings Per Share  
Per Unit Data of HTALP Per Share Data of HTA
For the three months ended March 31, 2022 and 2021, all of our earnings were distributed and the calculated earnings per share amount would be the same for all classes.
The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per share data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests(351)(363)
Net income attributable to common stockholders$18,315 $22,030 
Denominator:
Weighted average shares outstanding - basic228,978 218,753 
Dilutive shares - OP Units convertible into common stock 4,068 3,515 
Adjusted weighted average shares outstanding - diluted233,046 222,268 
Earnings per common share - basic
Net income attributable to common stockholders$0.08 $0.10 
Earnings per common share - diluted
Net income attributable to common stockholders$0.08 $0.10 
Healthcare Trust of America Holdings, LP (HTALP)  
Earnings Per Share  
Per Unit Data of HTALP Per Unit Data of HTALP The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per unit data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests— — 
Net income attributable to common unitholders$18,666 $22,393 
Denominator:
Weighted average OP Units outstanding - basic233,046 222,268 
Dilutive units - OP Units convertible into common units— — 
Adjusted weighted average units outstanding - diluted233,046 222,268 
Earnings per common unit - basic:
Net income attributable to common unitholders$0.08 $0.10 
Earnings per common unit - diluted:
Net income attributable to common unitholders$0.08 $0.10 
v3.22.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow InformationThe following is the supplemental cash flow information for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest$39,025 $38,605 
Cash paid for operating leases4,335 4,554 
Supplemental Disclosure of Noncash Investing and Financing Activities:
Accrued capital expenditures
$7,620 $19,013 
Dividend distributions declared, but not paid
75,766 71,146 
Redemption of non-controlling interest 2,065 255 
ROU assets obtained in exchange for lease obligations
— 3,995 
v3.22.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation Our accompanying condensed consolidated financial statements include our accounts and those of our subsidiaries and any consolidated variable interest entities (“VIEs”). All inter-company balances and transactions have been eliminated in the accompanying condensed consolidated financial statements.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of our subsidiaries and consolidated joint venture arrangements. The portions of the HTALP operating partnership not owned by us are presented as non-controlling interests on the accompanying condensed consolidated balance sheets and statements of operations, condensed consolidated statements of comprehensive income, and condensed consolidated statements of equity and changes in partners’ capital. Holders of OP Units are considered to be non-controlling interest holders in HTALP and their ownership interests are reflected as equity on the accompanying condensed consolidated balance sheets. Further, a portion of the earnings and losses of HTALP are allocated to non-controlling interest holders based on their respective ownership percentages. Upon conversion of OP Units to common stock, any difference between the fair value of the common stock issued and the carrying value of the OP Units converted to common stock is recorded as a component of equity. As of both March 31, 2022 and December 31, 2021, there were approximately 4.1 million of OP Units issued and outstanding held by non-controlling interest holders.
VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following: (i) the power to direct the activities that most significantly impact the entity’s economic performance; (ii) the obligation to absorb the expected losses of the entity; and (iii) the right to receive the expected returns of the entity. We consolidate our investment in VIEs when we determine that we are the primary beneficiary. A primary beneficiary is one that has both: (i) the power to direct the activities
of the VIE that most significantly impacts the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The HTALP operating partnership and our other joint venture arrangements are VIEs because the limited partners in those partnerships, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Additionally, we determined that we are the primary beneficiary of our VIEs. Accordingly, we consolidate our interests in the HTALP operating partnership and in our other joint venture arrangements. However, because we hold what is deemed a majority voting interest in the HTALP operating partnership and our other joint venture arrangements, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs.
Use of Estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent asset and liabilities. These estimates are made and evaluated on an ongoing basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in adverse ways, and those estimates could be different under different assumptions or conditions.
Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash is typically comprised of: (i) reserve accounts for property taxes, insurance, capital and tenant improvements; (ii) collateral accounts for debt and interest rate swaps; (iii) 1031 exchange funds; and (iv) deposits for future investments.
Revenue Recognition Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between rental income recognized and amounts contractually due under the lease agreements are recorded as straight-line rent receivables. Tenant reimbursements, which is comprised of additional amounts recoverable from tenants for real estate taxes, common area maintenance and other certain operating expenses are recognized as revenue on a gross basis in the period in which the related recoverable expenses are incurred.  We accrue revenue corresponding to these expenses on a quarterly basis to adjust recorded amounts to our best estimate of the final annual amounts to be billed. Subsequent to year-end, on a calendar year basis, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any differences between the estimated expenses we billed and the actual expenses that were incurred. We recognize lease termination fees when there is a signed termination letter agreement, all of the conditions of the agreement have been met, and the tenant is no longer occupying the property. Rental income is reported net of amortization of inducements. The revenue recognition process is based on a five-step model to account for revenue arising from contracts with customers as outlined in Topic 606. We recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We have identified all of our revenue streams and we have concluded that rental income from leasing arrangements represents a substantial portion of our revenue and is governed and evaluated with the adoption of Topic 842.
Leases As a lessor, we lease space in our MOBs primarily to medical enterprises for terms generally ranging from three to seven years in length. The assets underlying these leases consist of buildings and associated land which are included as real estate investments on our accompanying condensed consolidated balance sheets. All of our leases for which we are the lessor are classified as operating leases under Topic 842.
Leases Leases, for which we are the lessee, are classified as separate components on our accompanying condensed consolidated balance sheets. Operating leases are included as right-of-use (“ROU”) assets - operating leases, net, with a corresponding lease liability. Financing lease assets are included in receivables and other assets, net, with a corresponding lease liability in security deposits, prepaid rent and other liabilities. A lease liability is recognized for our obligation related to the lease and an ROU asset represents our right to use the underlying asset over the lease term. Refer to Note 7 - Leases in the accompanying notes to the condensed consolidated financial statements for more detail relating to our leases.
Real Estate Held for Sale We consider properties held for sale once management commits to a plan to sell the property and has determined that the sale is probable and expected to occur within one year. Upon classification as held for sale, we record the property at the lower of its carrying amount or fair value, less costs to sell, and cease depreciation and amortization. The fair value is generally based on a discounted cash flow analysis, which involves management's best estimate of market participants' holding periods, market comparables, future occupancy levels, rental rates, capitalization rates, lease-up periods and capital requirements.
Real Estate Notes Receivable
Real estate notes receivable consists of mezzanine and other real estate loans, which are generally collateralized by a pledge of the borrower’s ownership interest in the respective real estate owner and/or corporate guarantees. Real estate notes receivable are intended to be held-to-maturity and are recorded at amortized cost, net of unamortized loan origination costs and fees and allowance for credit losses. As of March 31, 2022, real estate notes receivable, net totaled $72.7 million. During the three months ended March 31, 2022, we recognized interest income of $1.6 million related to real estate note receivable.
The following table summarizes real estate notes receivable as of March 31, 2022 (in thousands):
Stated Interest RateMaximum Loan CommitmentOutstanding Loan Amount
Origination DateMaturity DateMarch 31, 2022
Mezzanine Loans - Texas (1)
6/24/20216/24/20248 %$54,119 $52,662 
Mezzanine Loan - North Carolina12/22/202112/22/20248 %6,000 6,000 
Mortgage Loan - Texas6/30/20217/1/202210 %15,000 15,000 
73,662 
Accrued interest receivable159 
Unamortized fees and costs(762)
Unearned revenue(358)
$72,701 
(1) Interest on these mezzanine loans is accrued and funded utilizing interest reserves, which is included in the maximum loan commitment, and such accrued interest is added to the note receivable balance.
Pursuant to Topic 326 - Financial Instruments - Credit Losses, we adopted a policy to evaluate current expected credit losses at the inception of loans qualifying for treatment under Topic 326.
Unconsolidated Joint Ventures We account for our investments in unconsolidated joint ventures using the equity method of accounting because we have the ability to exercise significant influence, but not control, over the financial and operational policy decisions of the investments. Using the equity method of accounting, the initial investment is recognized at cost and subsequently adjusted for our share of the net income and any distributions from the joint venture.
Recently Issued or Adopted Accounting Pronouncements
Recently Issued or Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments
In July 2021, the FASB issued ASU 2021-05, which amends the lease classification requirements for lessors when classifying and accounting for a lease with variable lease payments that do not depend on a reference index or a rate. The update provides criteria, that if met, the lease would be classified and accounted for as an operating lease. The update is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We adopted ASU 2021-05 effective as of January 1, 2022. The adoption of this standard did not have a material impact on our financial statements.
Recently Issued Accounting Pronouncements
ASU 2021-01, Reference Rate Reform (Topic 848)
In January 2021, the FASB issued ASU 2021-01, which amends the scope of ASU 2020-04. The amendments of ASU 2021-01 clarify that certain optional expedients and exceptions to Topic 848 for contract modification and hedge accounting apply to derivatives that are affected by the discounting transition. For information related to the Company's current cash flow hedges, refer to Note 9 - Derivative Financial Instruments and Hedging Activities. The amendments are elective and effective immediately for contract modifications made through December 31, 2022. The Company is evaluating how the transition away from LIBOR will effect the Company and if the guidance with respect to this standard will be adopted, however, if adopted, we do not expect that this ASU will have a material impact on our financial statements.
v3.22.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated balance sheets to the combined amounts shown on the accompanying condensed consolidated statements of cash flows (in thousands):
March 31,
20222021
Cash and cash equivalents$10,944 $29,990 
Restricted cash4,478 3,096 
Total cash, cash equivalents and restricted cash$15,422 $33,086 
Schedule of Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated balance sheets to the combined amounts shown on the accompanying condensed consolidated statements of cash flows (in thousands):
March 31,
20222021
Cash and cash equivalents$10,944 $29,990 
Restricted cash4,478 3,096 
Total cash, cash equivalents and restricted cash$15,422 $33,086 
Schedule of Real Estate Held For Sale
The following table summarizes real estate notes receivable as of March 31, 2022 (in thousands):
Stated Interest RateMaximum Loan CommitmentOutstanding Loan Amount
Origination DateMaturity DateMarch 31, 2022
Mezzanine Loans - Texas (1)
6/24/20216/24/20248 %$54,119 $52,662 
Mezzanine Loan - North Carolina12/22/202112/22/20248 %6,000 6,000 
Mortgage Loan - Texas6/30/20217/1/202210 %15,000 15,000 
73,662 
Accrued interest receivable159 
Unamortized fees and costs(762)
Unearned revenue(358)
$72,701 
(1) Interest on these mezzanine loans is accrued and funded utilizing interest reserves, which is included in the maximum loan commitment, and such accrued interest is added to the note receivable balance.
v3.22.1
Investments in Real Estate (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Schedule of Purchase Price Allocation The allocations for these investments, in which we own a controlling financial interest, are set forth below in the aggregate for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Land$3,812 $1,093 
Building and improvements13,189 26,819 
In place leases2,121 3,449 
Below market leases(28)(79)
Above market leases— 66 
ROU assets— (876)
Net real estate assets acquired19,094 30,472 
Other, net — 2,397 
Aggregate purchase price$19,094 $32,869 
Schedule of Weighted Average Lives of Acquired Intangible Assets and Liabilities The acquired intangible assets and liabilities referenced above had weighted average lives of the following terms for the three months ended March 31, 2022 and 2021, respectively (in years):
Three Months Ended March 31,
20222021
Acquired intangible assets4.46.4
Acquired intangible liabilities4.35.7
v3.22.1
Intangible Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2022
Identified Intangibles, Net [Abstract]  
Schedule of Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands, except with respect to the weighted average remaining amortization terms):
March 31, 2022December 31, 2021
BalanceWeighted Average Remaining
Amortization in Years		BalanceWeighted Average Remaining
Amortization in Years
Assets:
In place leases
$341,978 9.3$349,863 9.3
Tenant relationships
51,778 10.954,851 10.8
Above market leases
20,824 6.821,537 6.9
414,580 426,251 
Accumulated amortization(211,034)(213,801)
Total$203,546 9.3$212,450 9.3
Liabilities:
Below market leases$54,040 14.5$55,073 14.3
Accumulated amortization(24,039)(23,742)
Total$30,001 14.5$31,331 14.3
Summary of Net Intangible Amortization The following is a summary of the net intangible amortization for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Amortization recorded against rental income related to above and (below) market leases
$(649)$(591)
Amortization expense related to in place leases and tenant relationships
10,315 11,886 
v3.22.1
Receivables and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2022
Receivables and Other Assets [Abstract]  
Schedule of Receivables and Other Assets Receivables and other assets consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Tenant receivables, net
$3,009 $10,477 
Other receivables, net
7,402 6,098 
Deferred financing costs, net
11,057 7,055 
Deferred leasing costs, net
47,612 45,008 
Straight-line rent receivables, net146,378 142,604 
Prepaid expenses, deposits, equipment and other, net42,734 38,301 
Derivative financial instruments - interest rate swaps3,692 — 
Real estate notes receivable, net72,701 69,114 
Finance ROU asset, net16,196 16,284 
Total$350,781 $334,941 
Summary of Amortization of Deferred Leasing Costs and Deferred Financing Costs The following is a summary of the amortization of deferred leasing costs and financing costs for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Amortization expense related to deferred leasing costs
$2,227 $2,223 
Interest expense related to deferred financing costs1,353 431 
v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Summary of lease repayments of operating lease liabilities The following table summarizes the future minimum lease obligations of our operating and finance leases as of March 31, 2022 (in thousands):
YearOperating LeasesFinance Leases
2022$8,028 $473 
202310,846 635 
202410,370 640 
20259,857 645 
20269,860 656 
20279,845 668 
Thereafter590,018 36,856 
Total undiscounted lease payments$648,824 $40,573 
Less: Interest(452,598)(23,665)
Present value of lease liabilities$196,226 $16,908 
Schedule of undiscounted cash flows for future minimum rents The following table summarizes the future minimum rent contractually due under operating leases, excluding tenant reimbursements of certain costs, as of March 31, 2022 (in thousands):
YearAmount
2022$432,329 
2023537,159 
2024479,252 
2025418,300 
2026369,927 
2027301,521 
Thereafter1,044,334 
Total$3,582,822 
v3.22.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt Debt consisted of the following as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Unsecured revolving credit facility$25,000 $— 
Unsecured term loans500,000 500,000 
Unsecured senior notes2,550,000 2,550,000 
Fixed rate mortgages — — 
$3,075,000 $3,050,000 
Deferred financing costs, net(17,199)(17,975)
Discount, net(3,917)(3,903)
Total $3,053,884 $3,028,122 
Summary of Debt Maturities and Scheduled Principal Debt Repayments The following table summarizes the debt maturities and scheduled principal repayments of our indebtedness as of March 31, 2022 (in thousands):
YearAmount
2022$— 
2023— 
2024200,000 
2025325,000 
2026600,000 
Thereafter1,950,000 
Total$3,075,000 
Schedule of Amortization of Deferred Financing Costs As of March 31, 2022, the future amortization of our deferred financing costs is as follows (in thousands):
YearAmount
2022$2,330 
20233,106 
20242,724 
20252,603 
20261,839 
Thereafter4,597 
Total$17,199 
v3.22.1
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives As of March 31, 2022, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments):
Interest Rate SwapsMarch 31, 2022
Number of instruments7 
Notional amount$500,000 
The table below presents the fair value of our derivative financial instruments designated as cash flow hedges as well as the classification in the accompanying condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively (in thousands):
 Asset DerivativesLiability Derivatives
  Fair Value at:Fair Value at:
Derivatives Designated as Hedging Instruments:Balance Sheet
Location		March 31, 2022December 31, 2021Balance Sheet
Location		March 31, 2022December 31, 2021
Interest rate swapsReceivables and other assets$3,692 $— Derivative financial instruments$— $5,069 
The table below presents the gain or loss recognized on our derivative financial instruments designated as cash flow hedges as well as the classification in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
Effect of Derivative InstrumentsLocation in Statement of Operations and Comprehensive Income (Loss)20222021
Gain (loss) recognized in OCIChange in unrealized losses on cash flow hedges$7,218 $1,163 
Gain (loss) reclassified from accumulated OCI into incomeInterest expense(1,599)(1,629)
v3.22.1
Stockholders' Equity and Partners' Capital (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of Restricted Common Stock Activity The following is a summary of our restricted common stock activity as of March 31, 2022 and 2021, respectively:
March 31, 2022March 31, 2021
Restricted Common StockWeighted
Average Grant
Date Fair Value		Restricted Common StockWeighted
Average Grant
Date Fair Value
Beginning balance529,862 $28.83 436,399 $28.27 
Granted158,543 30.81 354,288 26.20 
Vested(123,958)27.37 (258,000)27.50 
Forfeited(4,437)29.60 (333)30.07 
Ending balance560,010 $29.71 532,354 $27.45 
v3.22.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The table below presents the carrying amounts and fair values of our financial instruments on a recurring basis as of March 31, 2022 and December 31, 2021, respectively (in thousands):
March 31, 2022December 31, 2021
Carrying AmountFair ValueCarrying AmountFair Value
Level 2 - Assets:
Real estate notes receivable, net $72,701 $70,135 $69,114 $68,476 
Derivative financial instruments 3,692 3,692 — — 
Level 2 - Liabilities:
Derivative financial instruments $— $— $5,069 $5,069 
Debt 3,053,884 2,944,166 3,028,122 3,117,602 
Fair Value Measurements, Nonrecurring The table below presents our assets measured at fair value on a non-recurring basis as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022December 31, 2021
Fair ValueFair Value
Level 2 - Assets:
Real estate investment$— $26,768 
Level 3 - Assets:
Real estate investments$— $4,970 
v3.22.1
Per Share Data of HTA (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per share data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests(351)(363)
Net income attributable to common stockholders$18,315 $22,030 
Denominator:
Weighted average shares outstanding - basic228,978 218,753 
Dilutive shares - OP Units convertible into common stock 4,068 3,515 
Adjusted weighted average shares outstanding - diluted233,046 222,268 
Earnings per common share - basic
Net income attributable to common stockholders$0.08 $0.10 
Earnings per common share - diluted
Net income attributable to common stockholders$0.08 $0.10 
v3.22.1
Per Unit Data of HTALP (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share  
Schedule of Earnings Per Unit, Basic and Diluted The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per share of HTA for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per share data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests(351)(363)
Net income attributable to common stockholders$18,315 $22,030 
Denominator:
Weighted average shares outstanding - basic228,978 218,753 
Dilutive shares - OP Units convertible into common stock 4,068 3,515 
Adjusted weighted average shares outstanding - diluted233,046 222,268 
Earnings per common share - basic
Net income attributable to common stockholders$0.08 $0.10 
Earnings per common share - diluted
Net income attributable to common stockholders$0.08 $0.10 
Healthcare Trust of America Holdings, LP (HTALP)  
Earnings Per Share  
Schedule of Earnings Per Unit, Basic and Diluted The following is the reconciliation of the numerator and denominator used in basic and diluted earnings per unit of HTALP for the three months ended March 31, 2022 and 2021, respectively (in thousands, except per unit data):
 Three Months Ended March 31,
 20222021
Numerator:
Net income $18,666 $22,393 
Net income attributable to non-controlling interests— — 
Net income attributable to common unitholders$18,666 $22,393 
Denominator:
Weighted average OP Units outstanding - basic233,046 222,268 
Dilutive units - OP Units convertible into common units— — 
Adjusted weighted average units outstanding - diluted233,046 222,268 
Earnings per common unit - basic:
Net income attributable to common unitholders$0.08 $0.10 
Earnings per common unit - diluted:
Net income attributable to common unitholders$0.08 $0.10 
v3.22.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information The following is the supplemental cash flow information for the three months ended March 31, 2022 and 2021, respectively (in thousands):
Three Months Ended March 31,
20222021
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest$39,025 $38,605 
Cash paid for operating leases4,335 4,554 
Supplemental Disclosure of Noncash Investing and Financing Activities:
Accrued capital expenditures
$7,620 $19,013 
Dividend distributions declared, but not paid
75,766 71,146 
Redemption of non-controlling interest 2,065 255 
ROU assets obtained in exchange for lease obligations
— 3,995 
v3.22.1
Organization and Description of Business (Details)
Feb. 28, 2022
USD ($)
investor
$ / shares
shares
Mar. 31, 2022
state
$ / shares
Dec. 31, 2021
$ / shares
Oct. 06, 2021
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of states in which the Company operates | state   32    
Business Acquisition [Line Items]        
Common stock, par value (in dollars per share) | $ / shares   $ 0.01 $ 0.01  
Line of Credit | Unsecured revolving credit facility        
Business Acquisition [Line Items]        
Line of credit facility, borrowing capacity       $ 1,000,000,000
Merger Agreement with Healthcare Realty Trust Incorporated        
Business Acquisition [Line Items]        
Common stock, par value (in dollars per share) | $ / shares $ 0.01      
Merger agreement conversion ratio | shares 1.0      
Special distribution payment (in dollars per share) | $ / shares $ 4.82      
Number of investors | investor 3      
Total asset sales $ 1,700,000,000      
Net proceeds from asset sales 1,600,000,000      
Amount of special dividends declared $ 1,100,000,000      
Merger Agreement with Healthcare Realty Trust Incorporated | Measurement Input, Cap Rate | Weighted Average        
Business Acquisition [Line Items]        
Measurement input 0.048      
Merger Agreement with Healthcare Realty Trust Incorporated | Line of Credit | Bridge Financing Facility        
Business Acquisition [Line Items]        
Line of credit facility, borrowing capacity $ 1,700,000,000      
Merger Agreement with Healthcare Realty Trust Incorporated | Line of Credit | Unsecured revolving credit facility        
Business Acquisition [Line Items]        
Line of credit facility, borrowing capacity 1,500,000,000      
Merger Agreement with Healthcare Realty Trust Incorporated | Term Loans        
Business Acquisition [Line Items]        
Debt instrument, face amount 1,500,000,000      
New capacity 650,000,000      
Merger Agreement with Healthcare Realty Trust Incorporated | Asset Sale Term Loan        
Business Acquisition [Line Items]        
Debt instrument, face amount $ 1,100,000,000      
Healthcare Realty Trust Incorporated | Merger Agreement with Healthcare Realty Trust Incorporated        
Business Acquisition [Line Items]        
Common stock, par value (in dollars per share) | $ / shares $ 0.01      
v3.22.1
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
property
shares
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
property
shares
Dec. 31, 2020
USD ($)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 10,944 $ 29,990 $ 52,353  
Restricted cash 4,478 3,096 4,716  
Total cash, cash equivalents and restricted cash 15,422 33,086 $ 57,069 $ 118,765
Leases [Abstract]        
Expected credit losses 0      
Real estate notes receivable, net 72,700      
Interest income $ 1,759 143    
Unconsolidated Joint Ventures [Abstract]        
Investment in unconsolidated joint ventures, ownership percentage 50.00%   50.00%  
Investment in unconsolidated joint venture $ 62,454   $ 62,834  
Income (loss) from unconsolidated joint venture 400 392    
Notes Receivable        
Leases [Abstract]        
Interest income $ 1,600      
Disposal Group, Held-for-sale        
Leases [Abstract]        
Number of properties in portfolio | property 0   1  
Minimum        
Leases [Abstract]        
Lessor, term of contract 3 years      
Maximum        
Leases [Abstract]        
Lessor, term of contract 7 years      
Building and Building Improvements        
Real estate investments [Abstract]        
Depreciation expense $ 62,300 61,200    
Healthcare Trust of America Holdings, LP (HTALP)        
Partners' Capital Notes [Abstract]        
Limited partner's capital, units issued (in shares) | shares 4,050,493   4,142,408  
Limited partner's capital, units outstanding (in shares) | shares 4,050,493   4,142,408  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 10,944   $ 52,353  
Restricted cash 4,478   4,716  
Total cash, cash equivalents and restricted cash 15,422 33,086 57,069 $ 118,765
Leases [Abstract]        
Interest income 1,759 143    
Unconsolidated Joint Ventures [Abstract]        
Investment in unconsolidated joint venture 62,454   $ 62,834  
Income (loss) from unconsolidated joint venture $ 400 $ 392    
v3.22.1
Summary of Significant Accounting Policies - Schedule of Notes Receivable (Details)
Mar. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Real estate notes receivable, net $ 72,700,000
Mezzanine Loans and Mortgage Loan Texas  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Outstanding Loan Amount 73,662,000
Accrued interest receivable 159,000
Unamortized fees and costs (762,000)
Unearned revenue (358,000)
Real estate notes receivable, net $ 72,701,000
Mezzanine Loans - Texas  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Stated Interest Rate 8.00%
Maximum Loan Commitment $ 54,119,000
Outstanding Loan Amount $ 52,662,000
Mezzanine Loan - North Carolina  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Stated Interest Rate 8.00%
Maximum Loan Commitment $ 6,000,000
Outstanding Loan Amount $ 6,000,000
Mortgage Loan - Texas  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Stated Interest Rate 10.00%
Maximum Loan Commitment $ 15,000,000
Outstanding Loan Amount $ 15,000,000
v3.22.1
Investments in Real Estate - Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Investments [Abstract]    
Aggregate purchase price $ 19,094 $ 32,869
Closing costs $ 100  
v3.22.1
Investments in Real Estate - Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Asset Acquisition    
Land $ 3,812 $ 1,093
Building and improvements 13,189 26,819
In place leases 2,121 3,449
Below market leases (28) (79)
Above market leases 0 66
ROU assets 0 (876)
Net real estate assets acquired 19,094 30,472
Other, net 0 2,397
Aggregate purchase price $ 19,094 $ 32,869
v3.22.1
Investments in Real Estate - Weighted Average Lives (Details)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Investments [Abstract]    
Acquired intangible assets (in years) 4 years 4 months 24 days 6 years 4 months 24 days
Acquired intangible liabilities (in years) 4 years 3 months 18 days 5 years 8 months 12 days
v3.22.1
Dispositions and Impairment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
property
Mar. 31, 2021
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of assets disposed | property 1 0
Loss on sale of real estate, net $ (4) $ 0
Impairment 0 $ 0
Property Portfolio in Tennessee, Virginia and Minnesota    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Proceeds from the sale of real estate 26,800  
Loss on sale of real estate, net $ 4  
v3.22.1
Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2022
Jun. 30, 2021
Dec. 31, 2021
Assets      
Gross $ 414,580   $ 426,251
Accumulated amortization (211,034)   (213,801)
Total $ 203,546   212,450
Weighted Average Remaining Amortization in Years 9 years 3 months 18 days 9 years 3 months 18 days  
Liabilities      
Accumulated amortization $ (24,039)   (23,742)
Total $ 30,001   31,331
Weighted Average Remaining Amortization in Years 14 years 6 months 14 years 3 months 18 days  
Below market leases      
Liabilities      
Gross $ 54,040   55,073
Weighted Average Remaining Amortization in Years 14 years 6 months 14 years 3 months 18 days  
In place leases      
Assets      
Gross $ 341,978   349,863
Weighted Average Remaining Amortization in Years 9 years 3 months 18 days 9 years 3 months 18 days  
Tenant relationships      
Assets      
Gross $ 51,778   54,851
Weighted Average Remaining Amortization in Years 10 years 10 months 24 days 10 years 9 months 18 days  
Above market leases      
Assets      
Gross $ 20,824   $ 21,537
Weighted Average Remaining Amortization in Years 6 years 9 months 18 days 6 years 10 months 24 days  
v3.22.1
Intangible Assets and Liabilities - Summary of Intangible Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Amortization recorded against rental income related to above and (below) market leases    
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities $ (649) $ (591)
Amortization expense related to in place leases and tenant relationships    
Schedule of Finite-Lived Intangible Assets and Liabilities [Line Items]    
Amortization of intangible assets and liabilities $ 10,315 $ 11,886
v3.22.1
Receivables and Other Assets - Schedule of Receivables and Other Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Receivables and Other Assets [Abstract]    
Tenant receivables, net $ 3,009 $ 10,477
Other receivables, net 7,402 6,098
Deferred financing costs, net 11,057 7,055
Deferred leasing costs, net 47,612 45,008
Straight-line rent receivables, net 146,378 142,604
Prepaid expenses, deposits, equipment and other, net 42,734 38,301
Derivative financial instruments - interest rate swaps 3,692 0
Real estate notes receivable, net 72,701 69,114
Finance ROU asset, net 16,196 16,284
Total $ 350,781 $ 334,941
v3.22.1
Receivables and Other Assets - Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Receivables and Other Assets [Abstract]    
Amortization expense related to deferred leasing costs $ 2,227 $ 2,223
Interest expense related to deferred financing costs $ 1,353 $ 431
v3.22.1
Leases - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
lease
Mar. 31, 2021
USD ($)
Leases [Abstract]    
Number of new ground leases commenced | lease 1  
Rental and other revenues from operating lease payments $ 199.3 $ 190.4
Variable lease payments $ 48.1 $ 45.1
v3.22.1
Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Operating Leases    
2022 $ 8,028  
2023 10,846  
2024 10,370  
2025 9,857  
2026 9,860  
2027 9,845  
Thereafter 590,018  
Total undiscounted lease payments 648,824  
Less: Interest (452,598)  
Present value of lease liabilities 196,226 $ 196,286
Finance Leases    
2022 473  
2023 635  
2024 640  
2025 645  
2026 656  
2027 668  
Thereafter 36,856  
Total undiscounted lease payments 40,573  
Less: Interest (23,665)  
Present value of lease liabilities $ 16,908  
v3.22.1
Leases - Lease Revenues and Maturity of Future Minimum Rents (Details)
$ in Thousands
Mar. 31, 2022
USD ($)
Leases [Abstract]  
2022 $ 432,329
2023 537,159
2024 479,252
2025 418,300
2026 369,927
2027 301,521
Thereafter 1,044,334
Total $ 3,582,822
v3.22.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument    
Total debt, gross $ 3,075,000 $ 3,050,000
Deferred financing costs, net (17,199) (17,975)
Discount, net (3,917) (3,903)
Total 3,053,884 3,028,122
Unsecured term loans    
Debt Instrument    
Total debt, gross 500,000 500,000
Unsecured senior notes    
Debt Instrument    
Total debt, gross 2,550,000 2,550,000
Fixed rate mortgages    
Debt Instrument    
Total debt, gross 0 0
Unsecured revolving credit facility    
Debt Instrument    
Unsecured revolving credit facility $ 25,000 $ 0
v3.22.1
Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2022
Oct. 06, 2021
Sep. 30, 2020
Sep. 30, 2019
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2021
Dec. 31, 2017
Jul. 12, 2016
Debt Instrument                        
Outstanding amount         $ 3,075,000,000         $ 3,050,000,000    
Deferred financing costs         5,355,000 $ 0            
Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Deferred financing costs         5,355,000 $ 0            
Unsecured term loans                        
Debt Instrument                        
Line of credit facility, borrowing capacity   $ 300,000,000                    
Outstanding amount         500,000,000         500,000,000    
Unsecured term loans | $300.0 Million Unsecured Term Loan due 2023                        
Debt Instrument                        
Outstanding amount         $ 300,000,000              
Basis spread on variable rate         0.95%              
Weighted average interest rate with interest rate swap impact         2.37%              
Debt Issuance Costs, Gross         $ 1,800,000              
Unsecured term loans | $300.0 Million Unsecured Term Loan due 2023 | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Outstanding amount         $ 300,000,000              
Unsecured term loans | $300.0 Million Unsecured Term Loan due 2023 | LIBOR | Minimum                        
Debt Instrument                        
Basis spread on variable rate         0.80%              
Unsecured term loans | $300.0 Million Unsecured Term Loan due 2023 | LIBOR | Maximum                        
Debt Instrument                        
Basis spread on variable rate         1.60%              
Unsecured term loans | $200.0 Million Unsecured Term Loan due 2024 | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Outstanding amount         $ 200,000,000              
Basis spread on variable rate         1.00%       65.00%      
Weighted average interest rate with interest rate swap impact         2.32%              
Debt instrument, face amount         $ 200,000,000.0       $ 200,000,000      
Unsecured term loans | $200.0 Million Unsecured Term Loan due 2024 | LIBOR | Minimum | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Basis spread on variable rate         0.75%              
Unsecured term loans | $200.0 Million Unsecured Term Loan due 2024 | LIBOR | Maximum | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Basis spread on variable rate         1.65%              
Unsecured senior notes                        
Debt Instrument                        
Outstanding amount         $ 2,550,000,000         2,550,000,000    
Extinguishment of Debt, Amount         700,000,000              
Loss on extinguishment of debt, net               $ 18,300,000        
Unsecured senior notes | $600.0 Million Unsecured Senior Notes due 2026 | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Outstanding amount         600,000,000              
Debt instrument, face amount         600,000,000.0              
Debt instrument, stated interest rate       3.50%                
Unsecured senior notes | $650.0 Million Unsecured Senior Notes | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Debt instrument, face amount       $ 650,000,000 650,000,000              
Debt instrument, stated interest rate       3.10%                
Debt instrument, percentage of principal amount received       99.66%                
Debt instrument, effective interest rate       3.14%                
Proceeds from Issuance of Debt         900,000,000              
Unsecured senior notes | $250.0 Million Unsecured Senior Notes | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Proceeds from unsecured senior notes       $ 250,000,000                
Debt instrument, percentage of principal amount received       99.72%                
Debt instrument, effective interest rate       3.53%                
Unsecured senior notes | $350.0 Million Unsecured Senior Notes | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Debt instrument, face amount                       $ 350,000,000
Debt instrument, percentage of principal amount received       103.66%                
Debt instrument, effective interest rate       2.89%                
Unsecured senior notes | $500.0 Million Unsecured Senior Notes due 2027 | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Outstanding amount         500,000,000              
Debt instrument, face amount                     $ 500,000,000.0  
Debt instrument, stated interest rate                     3.75%  
Debt instrument, percentage of principal amount received                     99.49%  
Debt instrument, effective interest rate                     3.81%  
Unsecured senior notes | $800.0 Million Unsecured Senior Notes due 2031 | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Debt instrument, face amount         800,000,000              
Proceeds from unsecured senior notes     $ 800,000,000                  
Debt instrument, stated interest rate     2.00%                  
Debt instrument, percentage of principal amount received     99.20%                  
Debt instrument, effective interest rate     2.09%                  
Extinguishment of Debt, Amount     $ 300,000,000                  
Loss on extinguishment of debt, net             $ 24,700,000          
Deferred financing costs     $ 6,800,000                  
Unsecured revolving credit facility                        
Debt Instrument                        
Unsecured revolving credit facility         25,000,000         $ 0    
Unsecured revolving credit facility | Healthcare Trust of America Holdings, LP (HTALP)                        
Debt Instrument                        
Conditional maximum borrowing capacity         $ 2,050,000,000.00              
Basis spread on variable rate         0.85%              
Line of credit facility, commitment fee         0.20%              
Unsecured revolving credit facility         $ 25,000,000              
Line Of Credit Facility, Maximum Borrowing Capacity, Conditional Increase         750,000,000              
Debt Issuance Costs, Gross         $ 6,200,000              
Unsecured revolving credit facility | Line of Credit                        
Debt Instrument                        
Line of credit facility, borrowing capacity   $ 1,000,000,000                    
Unsecured revolving credit facility | Line of Credit | Merger Agreement with Healthcare Realty Trust Incorporated                        
Debt Instrument                        
Line of credit facility, borrowing capacity $ 1,500,000,000                      
Unsecured revolving credit facility | Line of Credit | Minimum                        
Debt Instrument                        
Line of credit facility, commitment fee   0.125%                    
Unsecured revolving credit facility | Line of Credit | Maximum                        
Debt Instrument                        
Line of credit facility, commitment fee   0.30%                    
Unsecured revolving credit facility | Line of Credit | LIBOR | Minimum                        
Debt Instrument                        
Basis spread on variable rate   0.725%                    
Unsecured revolving credit facility | Line of Credit | LIBOR | Maximum                        
Debt Instrument                        
Basis spread on variable rate   1.40%                    
Bridge Financing Facility | Line of Credit | Merger Agreement with Healthcare Realty Trust Incorporated                        
Debt Instrument                        
Line of credit facility, borrowing capacity 1,700,000,000                      
Line of Credit Facility, Commitment Fee Amount $ 5,400,000                      
v3.22.1
Debt - Principal Maturity Schedule (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
2022 $ 0  
2023 0  
2024 200,000  
2025 325,000  
2026 600,000  
Thereafter 1,950,000  
Total $ 3,075,000 $ 3,050,000
v3.22.1
Debt - Amortization of Deferred Financing Costs (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
2022 $ 2,330  
2023 3,106  
2024 2,724  
2025 2,603  
2026 1,839  
Thereafter 4,597  
Total $ 17,199 $ 17,975
v3.22.1
Derivative Financial Instruments and Hedging Activities - Derivative Instruments Fair Value Table (Details)
 3 Months Ended
Mar. 31, 2022
USD ($)
derivative
Mar. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Derivatives, Fair Value      
Derivatives expected to be reclassified in the next 12 months $ 1,200,000    
Derivative financial instruments - interest rate swaps 3,692,000   $ 0
Liability Derivatives 0   5,069,000
Fair value of derivatives in net asset position, including accrued interest, excluding nonperformance risk adjustment $ 3,600,000    
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps      
Derivatives, Fair Value      
Number of instruments | derivative 7    
Notional amount $ 500,000,000    
Gain (loss) recognized in OCI 7,218,000 $ 1,163,000  
Gain (loss) reclassified from accumulated OCI into income (1,599,000) $ (1,629,000)  
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Receivables and other assets      
Derivatives, Fair Value      
Derivative financial instruments - interest rate swaps 3,692,000   0
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Derivative financial instruments      
Derivatives, Fair Value      
Liability Derivatives $ 0   $ 5,069,000
v3.22.1
Commitments and Contingencies (Details)
May 06, 2022
derivative
Subsequent Event | Shiva Stein v. Healthcare Trust of America, Inc., et al.  
Loss Contingencies [Line Items]  
Number of defendants 7
v3.22.1
Stockholders' Equity and Partners' Capital - Narrative (Details)
 3 Months Ended
May 05, 2022
$ / shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
$ / shares
Sep. 30, 2020
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Amount remaining available for issuance under the new ATM   $ 750,000,000    
Authorized amount stock repurchase plan       $ 300,000,000
Remaining amount of available for repurchase   300,000,000    
Dividend distributions declared, but not paid   $ 75,766,000 $ 71,146,000  
Dividends declared (in dollars per share) | $ / shares   $ 0.325 $ 0.320  
Subsequent Event        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Dividends declared (in dollars per share) | $ / shares $ 0.325      
Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Amount remaining available for issuance under the new ATM     $ 750,000,000  
Restricted Common Stock        
Incentive Plan        
Nonvested awards, total compensation cost not yet recognized   $ 7,900,000    
Period for recognition (in years)   1 year 10 months 24 days    
Restricted Common Stock | Minimum        
Incentive Plan        
Award vesting period   3 years    
Restricted Common Stock | Maximum        
Incentive Plan        
Award vesting period   4 years    
Restricted Common Stock | General and Administrative Expense        
Incentive Plan        
Compensation expense   $ 2,000,000 $ 3,300,000  
Amended and Restated 2006 Incentive Plan        
Incentive Plan        
Number of shares authorized (in shares) | shares   10,000,000    
Number of shares available for grant (in shares) | shares   9,646,504    
Healthcare Trust of America Holdings, LP (HTALP)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Dividend distribution ratio   1    
Dividends declared (in dollars per share) | $ / shares   $ 0.325 $ 0.320  
v3.22.1
Stockholders' Equity and Partners' Capital - Restricted Common Stock Activity (Details) - Restricted Common Stock - $ / shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Restricted Common Stock    
Balance as of beginning of period (in shares) 529,862 436,399
Granted (in shares) 158,543 354,288
Vested (in shares) (123,958) (258,000)
Forfeited (in shares) (4,437) (333)
Balance as of end of period (in shares) 560,010 532,354
Weighted Average Grant Date Fair Value    
Balance as of beginning of period (in dollars per share) $ 28.83 $ 28.27
Granted (in dollars per share) 30.81 26.20
Vested (in dollars per share) 27.37 27.50
Forfeited (in dollars per share) 29.60 30.07
Balance as of end of period (in dollars per share) $ 29.71 $ 27.45
v3.22.1
Fair Value of Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Assets:    
Real estate notes receivable, net $ 72,701 $ 69,114
Derivative financial instruments 3,692 0
Liabilities:    
Derivative financial instruments 0 5,069
Debt 3,053,884 3,028,122
Fair Value, Measurements, Recurring | Carrying Amount | Level 2    
Assets:    
Real estate notes receivable, net 72,701 69,114
Derivative financial instruments 3,692 0
Liabilities:    
Derivative financial instruments 0 5,069
Debt 3,053,884 3,028,122
Fair Value, Measurements, Recurring | Fair Value | Level 2    
Assets:    
Real estate notes receivable, net 70,135 68,476
Derivative financial instruments 3,692 0
Liabilities:    
Derivative financial instruments 0 5,069
Debt $ 2,944,166 $ 3,117,602
v3.22.1
Fair Value of Financial Instruments - Assets Measured on Non-Recurring Basis (Details) - Fair Value, Nonrecurring - Fair Value - MOB - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Level 2    
Assets:    
MOB $ 0 $ 26,768
Level 3    
Assets:    
MOB $ 0 $ 4,970
v3.22.1
Per Share Data of HTA (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Numerator:    
Net income $ 18,666 $ 22,393
Net income attributable to non-controlling interests (351) (363)
Net income attributable to common stockholders/unitholders $ 18,315 $ 22,030
Denominator:    
Weighted average shares/units outstanding - basic (in shares) 228,978 218,753
Dilutive shares - partnership units convertible into common stock (in shares) 4,068 3,515
Adjusted weighted average number of shares/units outstanding — diluted (in shares) 233,046 222,268
Earnings per common share - basic    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Earnings per common share - diluted    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
v3.22.1
Per Unit Data of HTALP (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Numerator:    
Net income $ 18,666 $ 22,393
Net income attributable to non-controlling interests (351) (363)
Net income attributable to common stockholders/unitholders $ 18,315 $ 22,030
Denominator:    
Weighted average shares/units outstanding - basic (in shares) 228,978 218,753
Dilutive shares - partnership units convertible into common stock (in shares) 4,068 3,515
Adjusted weighted average number of shares/units outstanding — diluted (in shares) 233,046 222,268
Earnings per common unit - basic:    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Earnings per common unit - diluted:    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Healthcare Trust of America Holdings, LP (HTALP)    
Numerator:    
Net income $ 18,666 $ 22,393
Net income attributable to non-controlling interests 0 0
Net income attributable to common stockholders/unitholders $ 18,666 $ 22,393
Denominator:    
Weighted average shares/units outstanding - basic (in shares) 233,046 222,268
Dilutive shares - partnership units convertible into common stock (in shares) 0 0
Adjusted weighted average number of shares/units outstanding — diluted (in shares) 233,046 222,268
Earnings per common unit - basic:    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
Earnings per common unit - diluted:    
Net income attributable to common stockholders/unitholders (in dollars per share) $ 0.08 $ 0.10
v3.22.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Supplemental Disclosure of Cash Flow Information:    
Interest paid, net of capitalized interest $ 39,025 $ 38,605
Cash paid for operating leases 4,335 4,554
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Accrued capital expenditures 7,620 19,013
Dividend distributions declared, but not paid 75,766 71,146
Redemption of non-controlling interest 2,065 255
ROU assets obtained in exchange for lease obligations $ 0 $ 3,995