HEALTHCARE REALTY TRUST INC, 10-Q filed on 11/9/2022
Quarterly Report
v3.22.2.2
Cover - shares
 9 Months Ended
Sep. 30, 2022
Nov. 04, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-35568  
Entity Registrant Name HEALTHCARE REALTY TRUST INCORPORATED  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 20-4738467  
Entity Address, Address Line One 3310 West End Avenue  
Entity Address, Address Line Two Suite 700  
Entity Address, City or Town Nashville  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37203  
City Area Code 615  
Local Phone Number 269-8175  
Title of 12(b) Security Class A Common Stock, $0.01 par value per share  
Trading Symbol HR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   380,572,290
Entity Central Index Key 0001360604  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Real estate properties    
Land $ 1,449,550 $ 387,918
Buildings and improvements 11,439,797 4,337,641
Lease intangibles 968,914 120,478
Personal property 11,680 11,761
Investment in financing receivable, net 118,919 186,745
Financing lease right-of-use assets 79,950 31,576
Construction in progress 43,148 3,974
Land held for development 73,321 24,849
Total real estate properties 14,185,279 5,104,942
Less accumulated depreciation and amortization (1,468,736) (1,338,743)
Total real estate properties, net 12,716,543 3,766,199
Cash and cash equivalents 57,583 13,175
Assets held for sale, net 185,074 57
Operating lease right-of-use assets 321,365 128,386
Investments in unconsolidated joint ventures 327,752 161,942
Goodwill 148,891 3,487
Other assets, net 438,235 185,673
Total assets 14,195,443 4,258,919
Liabilities    
Notes and bonds payable 5,570,139 1,801,325
Accounts payable and accrued liabilities 231,018 86,108
Liabilities of assets held for sale 10,644 294
Operating lease liabilities 268,840 96,138
Financing lease liabilities 72,378 22,551
Other liabilities 203,398 67,387
Total liabilities 6,356,417 2,073,803
Commitments and contingencies
Stockholders' equity    
Preferred stock, $.01 par value per share; 200,000 shares authorized; none issued and outstanding 0 0
Class A Common stock, $.01 par value per share; 1,000,000 shares authorized; 380,572 and 150,457 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 3,806 1,505
Additional paid-in capital 9,586,556 3,972,917
Accumulated other comprehensive income (loss) 5,524 (9,981)
Cumulative net income attributable to common stockholders 1,342,819 1,266,158
Cumulative dividends (3,211,492) (3,045,483)
Total stockholders' equity 7,727,213 2,185,116
Non-controlling interest 111,813 0
Total equity 7,839,026 2,185,116
Total liabilities and equity $ 14,195,443 $ 4,258,919
v3.22.2.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Preferred stock, par value (dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (shares) 200,000,000 200,000,000
Preferred stock, issued (shares) 0 0
Preferred stock, outstanding (shares) 0 0
Common stock, par value (dollars per share) $ 0.01 $ 0.01
Common stock, authorized (shares) 1,000,000,000 1,000,000,000
Common stock, issued (shares) 380,572,000 150,457,000
Common stock, outstanding (shares) 380,572,000 150,457,000
v3.22.2.2
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Rental income $ 298,931 $ 131,746 $ 578,052 $ 388,620
Interest income 3,366 1,917 7,253 2,426
Other operating 4,057 2,969 9,270 7,347
Revenues 306,354 136,632 594,575 398,393
Expenses        
Property operating 112,473 55,518 226,947 159,241
General and administrative 16,741 8,207 38,317 25,251
Acquisition and pursuit costs 482 974 3,137 2,388
Merger-related costs 79,402 0 92,603 0
Depreciation and amortization 158,117 50,999 267,889 150,904
Expenses 367,215 115,698 628,893 337,784
Other income (expense)        
Gain on sales of real estate properties 143,908 1,186 197,188 41,046
Interest expense (53,044) (13,334) (82,248) (39,857)
Loss on extinguishment of debt (1,091) 0 (2,520) 0
Impairment of real estate properties 0 (10,669) 25 (16,581)
Equity loss from unconsolidated joint ventures (124) (183) (776) (404)
Interest and other (expense) income, net (172) 0 (378) 239
Total other income (expense) 89,477 (23,000) 111,291 (15,557)
Net income (loss) 28,616 (2,066) 76,973 45,052
Net income attributable to non-controlling interests (312) 0 (312) 0
Net income (loss) attributable to common stockholders $ 28,304 $ (2,066) $ 76,661 $ 45,052
Basic earnings per common share (in dollars per share) $ 0.08 $ (0.02) $ 0.36 $ 0.31
Diluted earnings per common share (in dollars per share) $ 0.08 $ (0.02) $ 0.35 $ 0.31
Weighted average common shares outstanding - basic 328,805,255 143,817,619 209,806,810 141,521,193
Weighted average common shares outstanding - diluted 332,031,384 143,817,619 210,943,990 141,613,429
Revenue, Product and Service [Extensible List] Service [Member] Service [Member]    
v3.22.2.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net income (loss) $ 28,304 $ (2,066) $ 76,661 $ 45,052
Interest rate swaps        
Reclassification adjustments for losses included in net income (interest expense) 763 1,131 2,672 3,340
Gains arising during the period on interest rate swaps 6,083 36 12,905 2,079
Other comprehensive income 6,846 1,167 15,577 5,419
Comprehensive income (loss) 35,462 (899) 92,550 50,471
Less: comprehensive income attributable to non-controlling interests (384) 0 (384) 0
Comprehensive income (loss) attributable to common stockholders 35,078 (899) 92,166 50,471
Net income, including portion attributable to noncontrolling interest 28,616 (2,066) 76,973 45,052
Interest Rate Swaps        
Interest rate swaps        
Gains arising during the period on interest rate swaps $ 6,083 $ 36 $ 12,905 $ 2,079
v3.22.2.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Cumulative Net Income
Cumulative Dividends
Non-controlling Interests
Beginning balance at Dec. 31, 2020 $ 1,948,376   $ 1,395 $ 3,635,341 $ (17,832) $ 1,199,499 $ (2,870,027) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs 240,738   78 240,660        
Common stock redemptions (1,610)     (1,610)        
Share-based compensation 8,183   2 8,181        
Net income (loss) 45,052         45,052    
Net income attributable to non-controlling interests 0              
Net income, including portion attributable to noncontrolling interest 45,052              
Reclassification adjustments for losses included in net income (interest expense) 3,340       3,340      
Gains (Losses) arising during the period on interest rate swaps 2,079       2,079      
Dividends to common stockholders (in usd per share) (130,825)           (130,825)  
Ending balance at Sep. 30, 2021 2,115,333 $ 2,115,333 1,475 3,882,572 (12,413) 1,244,551 (3,000,852) 0
Beginning balance at Jun. 30, 2021 2,096,254 2,096,254 1,455 3,818,592 (13,580) 1,246,617 (2,956,830) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs 61,462 61,462 20 61,442        
Common stock redemptions 0 0   0        
Share-based compensation 2,538 2,538   2,538        
Net income (loss) (2,066) (2,066)       (2,066)    
Net income attributable to non-controlling interests 0              
Net income, including portion attributable to noncontrolling interest (2,066)              
Reclassification adjustments for losses included in net income (interest expense) 1,131 1,131     1,131      
Gains (Losses) arising during the period on interest rate swaps 36 36     36      
Dividends to common stockholders (in usd per share) (44,022) (44,022)         (44,022)  
Ending balance at Sep. 30, 2021 2,115,333 2,115,333 1,475 3,882,572 (12,413) 1,244,551 (3,000,852) 0
Beginning balance at Dec. 31, 2021 2,185,116 2,185,116 1,505 3,972,917 (9,981) 1,266,158 (3,045,483) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs 22,855 22,855 8 22,847        
Merger consideration transferred 5,687,165 5,576,463 2,289 5,574,174        
Merger consideration transferred, non controlling cost,               110,702
Non-controlling interests acquired 1,266             1,266
Common stock redemptions (248) (248)   (248)        
Share-based compensation 16,772 16,772 4 16,768        
Redemption of non-controlling interest 1 98   98       (97)
Net income (loss) 76,661 76,661       76,661    
Net income attributable to non-controlling interests 312             312
Net income, including portion attributable to noncontrolling interest 76,973              
Reclassification adjustments for losses included in net income (interest expense) 2,672 2,664     2,664     8
Gains (Losses) arising during the period on interest rate swaps 12,905 12,841     12,841     64
Dividends to common stockholders (in usd per share) (166,451) (166,009)         (166,009) (442)
Ending balance at Sep. 30, 2022 7,839,026 7,727,213 3,806 9,586,556 5,524 1,342,819 (3,211,492) 111,813
Beginning balance at Jun. 30, 2022 2,177,866 2,177,866 1,516 4,002,525 (1,250) 1,314,515 (3,139,440) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock, net of issuance costs 84 84 0 84        
Merger consideration transferred 5,687,165 5,576,463 2,289 5,574,174        
Merger consideration transferred, non controlling cost,               110,702
Non-controlling interests acquired 1,266             1,266
Common stock redemptions (41) (41)   (41)        
Share-based compensation 9,717 9,717 1 9,716        
Redemption of non-controlling interest 1 98   98       (97)
Net income (loss) 28,304 28,304       28,304    
Net income attributable to non-controlling interests 312             312
Net income, including portion attributable to noncontrolling interest 28,616              
Reclassification adjustments for losses included in net income (interest expense) 763 755     755     8
Gains (Losses) arising during the period on interest rate swaps 6,083 6,019     6,019     64
Dividends to common stockholders (in usd per share) (72,494) (72,052)         (72,052) (442)
Ending balance at Sep. 30, 2022 $ 7,839,026 $ 7,727,213 $ 3,806 $ 9,586,556 $ 5,524 $ 1,342,819 $ (3,211,492) $ 111,813
v3.22.2.2
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]        
Dividend per share to common Stockholders (in dollars per share) $ 0.31 $ 0.3025 $ 0.93 $ 0.9075
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 76,973 $ 45,052
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 267,889 150,904
Other amortization 11,875 2,721
Share-based compensation 16,772 8,183
Amortization of straight-line rent receivable (lessor) (12,267) (4,574)
Amortization of straight-line rent on operating leases (lessee) 2,016 1,115
Gain on sales of real estate properties (197,188) (41,046)
Loss on extinguishment of debt 2,520 0
Impairment of real estate properties (25) 16,581
Equity loss from unconsolidated joint ventures 776 404
Distributions from unconsolidated joint ventures 893 0
Non-cash interest from financing and notes receivable (1,901) (196)
Changes in operating assets and liabilities:    
Other assets, including right-of-use-assets (19,230) (9,947)
Accounts payable and accrued liabilities 35,769 215
Other liabilities (58,213) 843
Net cash provided by operating activities 126,659 170,255
INVESTING ACTIVITIES    
Acquisitions of real estate (376,924) (250,766)
Development of real estate (17,572) (2,020)
Additional long-lived assets (97,797) (69,647)
Funding of mortgages and notes receivable (3,441) 0
Investments in unconsolidated joint ventures (99,586) (49,612)
Investment in financing receivable 167  
Investment in financing receivable   (104,654)
Proceeds from sales of real estate properties and additional long-lived assets 870,806 112,029
Proceeds from notes receivable repayments 500 0
Cash assumed in Merger, including restricted cash for special dividend payment 1,149,681 0
Net cash provided by (used in) investing activities 1,425,834 (364,670)
FINANCING ACTIVITIES    
Net (repayments)/borrowings on unsecured credit facility (154,400) 90,500
Borrowings on term loans 666,500 0
Repayment on term loan (718,500) 0
Repayments of notes and bonds payable (18,880) (2,914)
Redemption of notes and bonds payable (2,184) 0
Dividends paid (165,735) (130,825)
Special dividend paid in relation to the Merger (1,123,648) 0
Net proceeds from issuance of common stock 22,851 240,779
Common stock redemptions (894) (2,014)
Distributions to non-controlling interest holders (442) 0
Debt issuance and assumption costs (12,753) (252)
Payments made on finance leases 0 (162)
Net cash (used in) provided by financing activities (1,508,085) 195,112
Increase in cash and cash equivalents 44,408 697
Cash and cash equivalents at beginning of period 13,175 15,303
Cash and cash equivalents at end of period 57,583 16,000
Supplemental Cash Flow Information    
Interest paid 83,382 40,653
Invoices accrued for construction, tenant improvements and other capitalized costs 52,840 11,663
Capitalized interest $ 848 $ 187
v3.22.2.2
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Business Overview
Healthcare Realty Trust Incorporated is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of September 30, 2022, the Company had gross investments of approximately $14.2 billion in 695 real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property. The Company's 695 real estate properties are located in 35 states and total approximately 40.7 million square feet. The Company provided leasing and property management services to approximately 38.9 million square feet nationwide. As of September 30, 2022, the Company had a weighted average ownership interest of approximately 49% in 33 real estate properties held in joint ventures. See Note 3 below for more details regarding the Company's unconsolidated joint ventures. Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to the Company's Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm’s review.
Basis of Presentation
For purposes of this Quarterly Report on Form 10-Q, references to the “Company” are to Legacy HR for periods prior to the closing of the Merger and thereafter to Legacy HR and Legacy HTA after giving effect to the Merger. The Merger is described in more detail in Note 2 to these Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein and specific disclosures incorporated as a result of the Merger, management believes there has been no material change in the information disclosed in the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. All material intercompany transactions and balances have been eliminated in consolidation.
This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2022 for many reasons including, but not limited to, the Merger (as discussed in more detail in Note 2 below), acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties.
Principles of Consolidation
The Company’s Condensed Consolidated Financial Statements include, as of September 30, 2022, the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. The interests not owned by the Company 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. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. As of September 30, 2022, the Company
identified three entities that qualified as VIE's because the limited partners in these partnerships, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Two of the entities are consolidated and one is unconsolidated.
Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying Condensed Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP 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 September 30, 2022, there were approximately 4.0 million, or 1.1%, of OP Units issued and outstanding held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates the interests in the OP. However, because the Company holds what is deemed to be significantly all of the OP, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs.
For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation.
As of September 30, 2022, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities. See Note 3 below for more details regarding the Company's unconsolidated joint ventures.
Use of Estimates in the Condensed Consolidated Financial Statements
Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates.
Reclassifications
Certain reclassifications have been made on the Company's prior year Condensed Consolidated Balance Sheet to conform to current year presentation. Previously, the Company's Lease intangibles were included in Building, improvements and lease intangibles and Goodwill was included with Other assets, net. These amounts are now classified as separate line items on the Company's Condensed Consolidated Balance Sheets.                                                     
Investments in Leases - Financing Receivables, Net
In accordance with Accounting Standards Codification ("ASC") 842, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred when the seller-lessee has a purchase option. As a result, the Company does not recognize the underlying real estate asset but instead recognizes a financial asset in accordance with ASC 310 “Receivables”.
During the first quarter of 2022, the Company reclassified the two medical office buildings in Nashville, Tennessee that were acquired in separate sale-leaseback transactions in the fourth quarter of 2021. The leases with the sellers commenced in the first quarter, which resulted in the allocation of the financing receivable totaling $73.9 million to land and building and improvements.
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, a mortgage or deed of trust, 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 September 30, 2022, real estate notes receivable, net totaled $79.0 million.
Interest Income
Income from Lease Financing Receivables
For the three and nine months ended September 30, 2022, the Company recognized the related income from two financing receivables totaling $2.0 million and $5.9 million, respectively, based on an imputed interest rate over the
terms of the applicable lease. As a result, the interest recognized from the financing receivable will not equal the cash payments from the lease agreement.
Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to Income from financing receivable, net over the life of the lease.
Income from Real Estate Notes Receivable
During the three and nine months ended September 30, 2022, the Company recognized interest income of $1.3 million related to real estate notes receivable. Unpaid interest is capitalized, with principal and any unpaid interest due on the maturity date.
Revenue from Contracts with Customers (Topic 606)
The Company recognizes certain revenue under the core principle of Topic 606. This topic requires an entity to 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. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five step model specified in the guidance.
Revenue that is accounted for under Topic 606 is segregated on the Company’s Condensed Consolidated Statements of Income in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income. Below is a detail of the amounts by category:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
in thousands2022202120222021
Type of Revenue
Parking income$2,428 $2,187 $6,100 $5,725 
Management fee income 1
1,426 723 2,864 1,381 
Miscellaneous203 59 306 241 
$4,057 $2,969 $9,270 $7,347 
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.

The Company’s major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time, and the Company recognizes revenue monthly based on this principle.
New Accounting Pronouncements
Accounting Standards Update No. 2020-04
On March 12, 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR and Term SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. Management continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
v3.22.2.2
Merger with HTA
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Merger with HTA Merger with HTA
On July 20, 2022 (the “Closing Date”), pursuant to the Agreement and Plan of Merger dated as of February 28, 2022 (the “Merger Agreement”), by and among Healthcare Realty Trust Incorporated, a Maryland corporation (now known as HRTI, LLC, a Maryland limited liability company) (“Legacy HR”), Healthcare Trust of America, Inc., a Maryland corporation (now known as Healthcare Realty Trust Incorporated) (“Legacy HTA”), Healthcare Trust of America Holdings, LP, a Delaware limited partnership (now known as Healthcare Realty Holdings, L.P.) (the “OP”), and HR Acquisition 2, LLC, a Maryland limited liability company (“Merger Sub”), Merger Sub merged with and into Legacy HR, with Legacy HR continuing as the surviving entity and a wholly-owned subsidiary of Legacy HTA (the “Merger”).
On the Closing Date, each outstanding share of Legacy HR common stock, $0.01 par value per share (the “Legacy HR Common Stock”), was cancelled and converted into the right to receive one share of Legacy HTA class A common stock at a fixed ratio of 1.00 to 1.00. Per the terms of the Merger Agreement, Legacy HTA declared a special dividend of $4.82 (the “Special Dividend”) for each outstanding share of Legacy HTA class A common stock, $0.01 par value per share ( the “Legacy HTA Common Stock”), and the OP declared a corresponding distribution to the holders of its partnership units, payable to Legacy HTA stockholders and OP unitholders of record on July 19, 2022.
Immediately following the Merger, Legacy HR converted to a Maryland limited liability company and changed its name to HRTI, LLC and Legacy HTA changed its name to “Healthcare Realty Trust Incorporated”. In addition, the equity interests of Legacy HR were contributed by Legacy HTA by means of a contribution and assignment agreement to the OP such that Legacy HR became a wholly-owned subsidiary of the OP. As a result, Legacy HR became a part of an umbrella partnership REIT (“UPREIT”) structure, which is intended to align the corporate structure of the combined company after giving effect to the Merger and UPREIT reorganization (the “Combined Company”). The combined company operates under the name “Healthcare Realty Trust Incorporated” and its shares of class A common stock, $0.01 par value per share, trade on the New York Stock Exchange (the “NYSE”) under the ticker symbol “HR”.
The primary reason for the Merger was to expand the Company’s size, scale, diversification, liquidity and access to capital, in order to further enhance its competitive advantages and accelerate its investment activities.
For accounting purposes, the Merger was treated as a “reverse acquisition” in which Legacy HTA was considered the legal acquirer and Legacy HR was considered the accounting acquirer based on various factors, including, but not limited to: (i) the composition of the board of directors of the Combined Company, (ii) the composition of senior management of the Combined Company, and (iii) the premium transferred to the Legacy HTA stockholders. As a result, the historical financial statements of the accounting acquirer, Legacy HR, became the historical financial statements of the Combined Company.
The acquisition was accounted for using the acquisition method of accounting in accordance with ASC 805, which requires, among other things, the assets acquired and the liabilities assumed to be recognized at their acquisition date fair value.
The consideration transferred on the Closing Date is as follows:
Dollars in thousands
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted(a)
228,520,990 
Exchange ratio1.00 
Implied shares of Legacy HR Common Stock issued228,520,990 
Adjusted closing price of Legacy HR Common Stock on July 20, 2022(b)
$24.37 
Value of implied Legacy HR Common Stock issued$5,569,057 
Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services(c)
7,406 
Consideration transferred$5,576,463 
(a) Includes 228,520,990 shares of Legacy HTA Common Stock as of July 20, 2022. The number of shares of HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 HTA fractional shares that were paid in cash less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares and units were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 per share of HTA Common Stock.
(b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022.
(c) Represents the fair value of Legacy HTA restricted shares which fully vested prior to the closing of the Merger or became fully vested as a result of the closing of the Merger and which are attributable to pre-combination services.

Preliminary Purchase Price Allocation
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the Closing Date:
Dollars in thousands
ASSETS
Real estate investments
Land $985,926 
Buildings and improvements6,960,418 
Lease intangible assets(a)
831,920 
Financing lease right-of-use assets9,874 
Construction in progress10,071 
Land held for development46,538 
Total real estate investments$8,844,747 
Assets held for sale, net 707,442 
Investments in unconsolidated joint ventures67,892 
Cash and cash equivalents26,034 
Restricted cash 1,123,647 
Operating lease right-of-use assets198,261 
Other assets, net (b) (c)
209,163 
Total assets acquired$11,177,186 
LIABILITIES
Notes and bonds payable $3,991,300 
Accounts payable and accrued liabilities 1,227,570 
Liabilities of assets held for sale28,677 
Operating lease liabilities 173,948 
Financing lease liabilities 10,720 
Other liabilities 203,210 
Total liabilities assumed$5,635,425 
Net identifiable assets acquired$5,541,761 
Non-controlling interest$110,702 
Goodwill$145,404 
(a) The weighted average amortization period for the acquired lease intangible assets is 5.5 years.
(b) Includes $34.6 million of gross contractual accounts receivable, which approximates fair value, of which the Company preliminarily did not expect $12.3 million to be collected as of Closing Date.
(c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date.
As of September 30, 2022, the Company had not finalized the determination of fair value of certain tangible and intangible assets acquired and liabilities assumed including, but not limited to real estate assets and liabilities, notes receivables and goodwill. As such, the assessment of fair value of assets acquired and liabilities assumed is preliminary and was based on information that was available at the time the Condensed Consolidated Financial Statements were prepared. The finalization of the purchase accounting assessment could result in material changes in the Company’s determination of the fair value of assets acquired and liabilities assumed, which will be recorded as measurement period adjustments in the period in which they are identified, up to one year from the Closing Date.
A preliminary estimate of approximately $145.4 million has been allocated to goodwill. Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and liabilities assumed. The recognized goodwill is attributable to expected synergies and benefits arising from the Merger, including anticipated general and administrative cost savings and potential economies of scale benefits in both tenant
and vendor relationships following the closing of the Merger. None of the goodwill recognized is expected to be deductible for tax purposes.
Merger related Costs
In conjunction with the Merger, the Company incurred Merger-related costs of $79.4 million during the three months ended September 30, 2022 and $92.6 million during the nine months ended September 30, 2022, which were included within Merger-related costs in results of operations. The Merger-related costs primarily consist of legal, consulting, banking services, and other Merger-related costs.
Unaudited Pro Forma Financial Information
The Condensed Consolidated Statements of Income for the three months ended September 30, 2022 include $157.4 million of revenues and $20.6 million of net loss and for the nine months ended September 30, 2022 include $157.4 million of revenues and $20.6 million of net loss associated with the results of operations of Legacy HTA from the Merger closing date to September 30, 2022.
The following unaudited pro forma information presents a summary of our Condensed Consolidated Statements of Income for the three months and nine months ended September 30, 2022 and 2021, as if the Merger had occurred on January 1, 2021. Adjustments in the pro forma financial information include but are not limited to the following:
(i) additional depreciation and amortization expense related to the acquired tangible and intangible assets,
(ii) additional interest expense on transaction-related borrowings, including assumed debt in connection with the Merger,
(iii) additional rental income related to the assumed above and below-market leases, and straight-line rent and
(iv) Merger-related costs and other one-time, non-recurring costs.
The pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of the Merger.
The following pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Total revenues$352,744 $332,465 $1,054,809 $982,192 
Net income$115,496 $(14,930)$160,120 $(79,754)
v3.22.2.2
Real Estate Investments
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Real Estate Investments Real Estate Investments
2022 Company Acquisitions
The following table details the Company's acquisitions for the nine months ended September 30, 2022:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICE
CASH
CONSIDERATION 1
REAL
ESTATE 2
OTHER 3
SQUARE FOOTAGE
Dallas, TX 2/11/22$8,175 $8,185 $8,202 $(17)18,000 
San Francisco, CA 4
3/7/22114,000 112,986 108,687 4,299 166,396 
Q1 2022 subtotal122,175 121,171 116,889 4,282 184,396 
Atlanta, GA4/7/226,912 7,054 7,178 (124)21,535 
Denver, CO4/13/226,320 5,254 5,269 (15)12,207 
Colorado Springs, CO 5
4/13/2213,680 13,686 13,701 (15)25,800 
Seattle, WA4/28/228,350 8,334 8,370 (36)13,256 
Houston, TX4/28/2236,250 36,299 36,816 (517)76,781 
Los Angeles, CA4/29/2235,000 35,242 25,400 9,842 34,282 
Oklahoma City, OK4/29/2211,100 11,259 11,334 (75)34,944 
Raleigh, NC 4
5/31/2227,500 26,710 27,127 (417)85,113 
Tampa, FL 5
6/9/2218,650 18,619 18,212 407 55,788 
Q2 2022 subtotal163,762 162,457 153,407 9,050 359,706 
Seattle, WA8/1/224,850 4,806 4,882 (76)10,593 
Raleigh, NC8/9/223,783 3,878 3,932 (54)11,345 
Jacksonville, FL8/9/2218,195 18,508 18,583 (75)34,133 
Atlanta, GA8/10/2211,800 11,525 12,038 (513)43,496 
Denver, CO8/11/2214,800 13,902 13,918 (16)34,785 
Raleigh, NC8/18/2211,375 10,670 10,547 123 31,318 
Nashville, TN9/15/2221,000 20,764 20,572 192 61,932 
Austin, TX9/29/225,450 5,449 5,572 (123)15,000 
Q3 2022 subtotal91,253 89,502 90,044 (542)242,602 
Total real estate acquisitions$377,190 $373,130 $360,340 $12,790 786,704 
1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
2Excludes financing right of use assets.
3Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.
4Includes three properties.
5Includes two properties.

Subsequent to September 30, 2022, the Company acquired the following property:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICESQUARE FOOTAGE
Jacksonville, FL10/12/22$3,600 6,200 
2022 Joint Venture Acquisitions
The following table details the joint venture acquisitions for the nine months ended September 30, 2022. These joint venture acquisitions are not consolidated for purposes of the Company's Condensed Consolidated Financial Statements.
Dollars in thousandsDATE ACQUIREDPURCHASE PRICE
CASH
CONSIDERATION 1
REAL
ESTATE
OTHER 2
SQUARE FOOTAGECOMPANY OWNERSHIP %
San Francisco, CA 3
3/7/22$67,175 $66,789 $65,179 $1,610 110,865 50 %
Los Angeles, CA 4
3/7/2233,800 32,384 32,390 (6)103,259 50 %
Total joint venture acquisitions$100,975 $99,173 $97,569 $1,604 214,124 

1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
2Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.
3Includes three properties.
4Includes two properties.

Unconsolidated Joint Ventures
The Company's investment in and loss recognized for the three and nine months ended September 30, 2022 and 2021 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Investments in unconsolidated joint ventures, beginning of period $210,781 $117,935 $161,942 $73,137 
New investments during the period 1
117,880 4,593 167,479 49,612 
Equity loss recognized during the period (124)(183)(776)(404)
Owner distributions(785)— (893)— 
Investments in unconsolidated joint ventures, end of period 1
$327,752 $122,345 $327,752 $122,345 

1Includes unconsolidated joint ventures acquired as part of the Merger, as well as investments in two joint ventures representing a 20% and 40% ownership interest in portfolios in Los Angeles, California and Dallas, Texas, respectively. Also, see 2022 Real Estate Asset Dispositions below for additional information.
2022 Real Estate Asset Dispositions
The following table details the Company's dispositions for the nine months ended September 30, 2022:
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSNET PROCEEDSNET REAL ESTATE INVESTMENT
OTHER (INCLUDING RECEIVABLES) 1
GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Loveland, CO 2
2/24/22$84,950 $(45)$84,905 $40,095 $4 $44,806 150,291 
San Antonio, TX 2
4/15/2225,500 (2,272)23,228 14,381 284 8,563 201,523 
GA, FL, PA 3, 8
7/29/22133,100 (8,109)124,991 124,991 — — 316,739 
GA, FL, TX 5, 8
8/4/22160,917 (5,893)155,024 151,819 3,205 — 343,545 
Los Angeles, CA 3, 6, 8
8/5/22134,845 (3,102)131,743 131,332 411 — 283,780 
Dallas, TX 5, 7, 8
8/30/22114,290 (682)113,608 113,608 — — 189,385 
Indianapolis, IN 4, 9
8/31/22238,845 (5,846)232,999 84,767 4,324 143,908 506,406 
Total dispositions$892,447 $(25,949)$866,498 $660,993 $8,228 $197,277 1,991,669 
1Includes straight-line rent receivables, leasing commissions and lease inducements.
2Includes two properties.
3Includes four properties.
4Includes five properties.
5Includes six properties.
6Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture that purchased these properties.
7Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture that purchased these properties.
8These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation.
9Two of the five properties included in this portfolio were acquired in the Merger and were included as assets held for sale in the purchase price allocation.


Subsequent to September 30, 2022, the Company disposed of the following properties:
Dollars in thousandsDATE DISPOSEDSALE PRICESQUARE FOOTAGE
Dallas, TX 1, 2
10/4/22$104,025 291,328 
Houston, TX 2
10/21/2232,000 134,910 
Total dispositions$136,025 426,238 
1Includes two properties.
2These properties were classified as assets held for sale as of September 30, 2022.
Assets Held for Sale
The Company had six properties classified as assets held for sale as of September 30, 2022 and no properties classified as assets held for sale as of December 31, 2021. The table below reflects the assets and liabilities of the properties classified as held for sale as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Balance Sheet data:
Land$10,594 $— 
Building and improvements199,821 — 
Lease intangibles11,389 — 
Personal property211 — 
Financing lease right-of-use assets307 — 
222,322 — 
Accumulated depreciation(47,051)— 
Real estate assets held for sale, net175,271 — 
Operating lease right-of-use assets1,193 — 
Other assets, net8,610 57 
Assets held for sale, net$185,074 $57 
Accounts payable and accrued liabilities$3,768 $169 
Operating lease liabilities$864 $— 
Financing lease liabilities$2,427 $— 
Other liabilities3,585 125 
Liabilities of assets held for sale$10,644 $294 
v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
Lessor Accounting
The Company’s properties generally were leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2040. Some leases provide for fixed rent renewal terms in addition to market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property.
The Company's leases typically have escalators that are either based on a stated percentage or an index such as the consumer price index ("CPI"). In addition, most of the Company's leases include nonlease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the three and nine months ended September 30, 2022 was $298.9 million and $578.1 million, respectively. Lease income for the Company's operating leases recognized for the three and nine months ended September 30, 2021 was $131.7 million and $388.6 million, respectively.
On March 30, 2022, the Company executed a lease as a ground lessor for a 1.9 acre parcel of land in Texas previously recorded in land held for development. The lease is classified as a sales-type lease under Topic 842 as the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset. The land value of $1.8 million was reclassified from Land held for development to Other assets.
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and the sale-type lease, as of September 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$243,946 
2023937,733 
2024816,000 
2025702,251 
2026605,417 
2027 and thereafter2,242,792 
$5,548,139 
Lessee Accounting
As of September 30, 2022, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of September 30, 2022, the Company had 243 properties totaling 17.8 million square feet that were held under ground leases. Some of the ground lease renewal terms are based on fixed rent renewal terms and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on CPI. The Company had 75 prepaid ground leases as of September 30, 2022. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.5 million and $0.1 million of the Company’s rental expense for the three months ended September 30, 2022 and 2021, respectively, and $0.8 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively.
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
The following table provides details of the Company's total lease expense for the three and nine months ended September 30, 2022 and 2021:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$4,204 $1,196 $6,613 $3,555 
Variable lease expense1,061 1,016 3,123 2,883 
Finance lease cost
Amortization of right-of-use assets381 90 884 267 
Interest on lease liabilities861 255 1,913 748 
Total lease expense$6,507 $2,557 $12,533 $7,453 
Other information
Operating cash flows outflows related to operating leases$3,847$1,424 $8,443 $5,855 
Operating cash flows outflows related to financing leases$476$151 $1,262 $678 
Financing cash flows outflows related to financing leases$3$6 $3 $162 
Right-of-use assets obtained in exchange for new finance lease liabilities$9,874$1,420 $50,463 $1,420 
Right-of-use assets obtained in exchange for new operating lease liabilities$198,261$8,298 $198,261 $8,298 
Weighted-average years remaining lease term (excluding renewal options) - operating leases50.247.8
Weighted-average years remaining lease term (excluding renewal options) - finance leases60.163.2
Weighted-average discount rate - operating leases5.7 %5.6 %
Weighted-average discount rate - finance leases5.0 %5.4 %
Leases Leases
Lessor Accounting
The Company’s properties generally were leased pursuant to non-cancelable, fixed-term operating leases with expiration dates through 2040. Some leases provide for fixed rent renewal terms in addition to market rent renewal terms. Some leases provide the lessee, during the term of the lease, with an option or right of first refusal to purchase the leased property. The Company’s single-tenant net leases generally require the lessee to pay minimum rent and all taxes (including property tax), insurance, maintenance and other operating costs associated with the leased property.
The Company's leases typically have escalators that are either based on a stated percentage or an index such as the consumer price index ("CPI"). In addition, most of the Company's leases include nonlease components, such as reimbursement of operating expenses as additional rent, or include the reimbursement of expected operating expenses as part of the lease payment. The Company adopted an accounting policy to combine lease and nonlease components. Rent escalators based on indices and reimbursements of operating expenses that are not included in the lease rate are considered variable lease payments. Variable payments are recognized in the period earned. Lease income for the Company's operating leases recognized for the three and nine months ended September 30, 2022 was $298.9 million and $578.1 million, respectively. Lease income for the Company's operating leases recognized for the three and nine months ended September 30, 2021 was $131.7 million and $388.6 million, respectively.
On March 30, 2022, the Company executed a lease as a ground lessor for a 1.9 acre parcel of land in Texas previously recorded in land held for development. The lease is classified as a sales-type lease under Topic 842 as the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset. The land value of $1.8 million was reclassified from Land held for development to Other assets.
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and the sale-type lease, as of September 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$243,946 
2023937,733 
2024816,000 
2025702,251 
2026605,417 
2027 and thereafter2,242,792 
$5,548,139 
Lessee Accounting
As of September 30, 2022, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of September 30, 2022, the Company had 243 properties totaling 17.8 million square feet that were held under ground leases. Some of the ground lease renewal terms are based on fixed rent renewal terms and others have market rent renewal terms. These ground leases typically have initial terms of 40 to 99 years with expiration dates through 2119. Any rental increases related to the Company’s ground leases are generally either stated or based on CPI. The Company had 75 prepaid ground leases as of September 30, 2022. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.5 million and $0.1 million of the Company’s rental expense for the three months ended September 30, 2022 and 2021, respectively, and $0.8 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively.
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
The following table provides details of the Company's total lease expense for the three and nine months ended September 30, 2022 and 2021:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$4,204 $1,196 $6,613 $3,555 
Variable lease expense1,061 1,016 3,123 2,883 
Finance lease cost
Amortization of right-of-use assets381 90 884 267 
Interest on lease liabilities861 255 1,913 748 
Total lease expense$6,507 $2,557 $12,533 $7,453 
Other information
Operating cash flows outflows related to operating leases$3,847$1,424 $8,443 $5,855 
Operating cash flows outflows related to financing leases$476$151 $1,262 $678 
Financing cash flows outflows related to financing leases$3$6 $3 $162 
Right-of-use assets obtained in exchange for new finance lease liabilities$9,874$1,420 $50,463 $1,420 
Right-of-use assets obtained in exchange for new operating lease liabilities$198,261$8,298 $198,261 $8,298 
Weighted-average years remaining lease term (excluding renewal options) - operating leases50.247.8
Weighted-average years remaining lease term (excluding renewal options) - finance leases60.163.2
Weighted-average discount rate - operating leases5.7 %5.6 %
Weighted-average discount rate - finance leases5.0 %5.4 %
v3.22.2.2
Other Assets and Liabilities
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Assets and Liabilities Other Assets and Liabilities
Other Assets
Other assets consist primarily of intangible assets, prepaid assets, real estate notes receivable, straight-line rent receivables, accounts receivable, additional long-lived assets and interest rate swaps. Items included in "Other assets, net" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are detailed in the table below:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Above-market intangible assets, net$86,410 $4,966 
Prepaid assets85,053 58,618 
Real estate notes receivable, net 1
79,036 — 
Straight-line rent receivables 78,038 70,784 
Accounts receivable, net36,103 14,072 
Additional long-lived assets, net21,722 20,048 
Interest rate swap assets16,136 — 
Ground lease modification, net8,170 8,511 
Other receivables, net7,258 — 
Debt issuance costs, net6,504 1,813 
Project costs4,001 5,129 
Net investment in lease1,828 — 
Customer relationship intangible assets, net1,134 1,174 
Other6,842 558 
$438,235 $185,673 
         1 In October 2022, an additional amount of $15.0 million was funded for a real estate loan transaction.
Accounts Payable and Accrued Liabilities
The following table provides details of the items included in "Accounts payable and accrued liabilities" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Accrued property taxes$86,192 $35,295 
Accounts payable and capital expenditures61,461 17,036 
Accrued interest24,959 12,060 
Accrued income and franchise taxes2,685 983 
Retainage accrued on construction invoices1,304 2,215 
Other operating accruals54,417 18,519 
$231,018 $86,108 
Other Liabilities
The following table provides details of the items included in "Other liabilities" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Below-market intangible liabilities, net$113,118 $4,931 
Deferred revenue60,675 45,130 
Security deposits28,299 11,116 
Interest rate swap liability— 5,917 
Other1,306 293 
$203,398 $67,387 
v3.22.2.2
Notes and Bonds Payable
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Notes and Bonds Payable Notes and Bonds Payable
The table below details the Company’s notes and bonds payable as of September 30, 2022 and December 31, 2021. 
 
MATURITY DATES 1
BALANCE 2 AS OF
EFFECTIVE INTEREST RATE
as of 9/30/2022
Dollars in thousands9/30/202212/31/2021
$1.5 billion Unsecured Credit Facility 3
10/27$190,600 $— 3.99 %
$700 million Unsecured Credit Facility 3
5/23— 210,000 — %
$1.125 billion Asset Sale Term Loan 4
7/24421,919 — 4.07 %
$350 million Unsecured Term Loan 3
7/25348,735 — 4.10 %
$200 million Unsecured Term Loan 4
5/26199,611 199,460 3.51 %
$300 million Unsecured Term Loan 4 5
10/26299,930 — 2.47 %
$150 million Unsecured Term Loan 5
5/26149,458 149,376 3.32 %
$200 million Unsecured Term Loan 4 5
7/27199,328 — 2.27 %
$300 million Unsecured Term Loan 3
1/28297,764 — 3.56 %
Senior Notes due 20255/25249,025 249,040 4.12 %
Senior Notes due 2026 4
8/26569,786 — 4.94 %
Senior Notes due 2027 4
7/27478,541 — 4.76 %
Senior Notes due 20281/28296,711 296,612 3.85 %
Senior Notes due 2030 4
2/30562,974 — 5.30 %
Senior Notes due 20303/30296,787 296,813 2.72 %
Senior Notes due 2031 4
3/31628,617 — 5.13 %
Senior Notes due 2031 3/31295,424 295,374 2.25 %
Mortgage notes payable8/23-12/2684,929 104,650 3.97 %
$5,570,139 $1,801,325 
1Includes extension options.
2Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
3On July 20, 2022, the Company entered into an amended and restated credit facility which included a $1.5 billion revolving credit facility, replacing Legacy HR's $700 million credit facility.
4Debt instruments assumed as part of the Merger with Legacy HTA on July 20, 2022. Amounts shown represent fair value adjustments.
5The effective interest rate includes the impact of interest rate swaps on $675.0 million at a weighted average rate of 1.57% (plus the applicable margin rate, currently 105 basis points).


Changes in Debt Structure
Mortgage payoffs
On February 18, 2022, the Company repaid in full a mortgage note payable bearing interest at a rate of 4.70% that encumbered a 56,762 square foot property in California. The aggregate payoff price of $12.6 million consisted of outstanding principal of $11.0 million and a "make-whole" amount of approximately $1.6 million. The unamortized premium of $0.8 million and the unamortized cost on this note of $0.1 million were written off upon payoff.
On February 24, 2022, the Company repaid in full a mortgage note payable bearing interest at a rate of 6.17% that encumbered a 80,153 square foot property in Colorado, in conjunction with the disposition of the property. The aggregate payoff price of $6.4 million consisted of outstanding principal of $5.8 million and a "make-whole" amount of approximately $0.6 million. The unamortized premium of $0.1 million was written off upon payoff.
Exchange Offer
In connection with the Merger, the OP offered to exchange all validly tendered and accepted notes of each series previously issued by Legacy HR (the “Old HR Notes”) for (i) up to $250,000,000 of 3.875% Senior Notes due 2025 (the “2025 Notes”), (ii) up to $300,000,000 of 3.625% Senior Notes due 2028 (the “2028 Notes”), (iii) up to $300,000,000 of 2.400% Senior Notes due 2030 (the “2030 Notes”) and (iv) up to $300,000,000 of 2.050% Senior Notes due 2031 to be issued by the OP (the “2031 Notes” and, collectively, the “New HR Notes”) and solicited consents from holders of the Old HR Notes to amend the indenture governing the Old HR Notes to eliminate substantially all of the restrictive covenants in such indenture (the “Exchange Offers”). The New HR Notes were issued pursuant to an indenture dated July 22, 2022, among the OP, Legacy HTA and U.S. Bank Trust Company, National Association, as trustee, as
supplemented by the first supplemental indenture, dated as of July 22, 2022, the second supplemental indenture, dated as of July 22, 2022, the third supplemental indenture, dated as of July 22, 2022 and the fourth supplemental indenture, dated as of July 22, 2022. Legacy HTA guaranteed the New HR Notes pursuant to (i) a guarantee of the 2025 Notes, (ii) a guarantee of the 2028 Notes, (iii) a guarantee of the 2030 Notes, and (iv) a guarantee of the 2031 Notes, each dated July 22, 2022. Legacy HTA and the OP filed a registration statement on Form S-4 (File No. 333-265593) relating to the issuance of the New HR Notes with the Securities and Exchange Commission (the “SEC”) on June 14, 2022, which was declared effective by the SEC on June 28, 2022. The following sets forth the results of the Exchange Offers:
Series of Old HR NotesTenders and Consents Received as of the Expiration DatePercentage of Total Outstanding Principal Amount of Such Series of Old HR Notes
3.875 %
Senior Notes due 2025
$235,016,00094.01 %
3.625 %
Senior Notes due 2028
$290,246,00096.75 %
2.400 %
Senior Notes due 2030
$297,507,00099.17 %
2.050 %
Senior Notes due 2031
$298,858,00099.62 %

Senior Notes Assumed with the Merger
In connection with the Merger, the Company assumed senior notes ("Legacy Senior Notes") that were originated on various dates prior to the date of the Merger by the OP (formerly, Healthcare Trust of America Holdings, LP). These notes are all fully and unconditionally guaranteed by the Company and have semi-annual payment requirements. In addition, the Legacy Senior Notes carry customary restrictive financial covenants, including limitations on our ability to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. In addition, the corresponding indentures provide for the ability to redeem the Legacy Senior Notes, subject to certain "make whole" call provisions. The Legacy Senior Notes assumed by the Company consist of the following:
 COUPONPRINCIPAL OUTSTANDING AS OF
Dollars in thousandsFACE VALUE9/30/202212/31/2021
Senior Notes due 20263.50%$600,000 $600,000 $— 
Senior Notes due 20273.75%500,000 500,000 — 
Senior Notes due 20303.10%650,000 650,000 — 
Senior Notes due 20312.00%800,000 800,000 — 
$2,550,000 $2,550,000 $— 
Credit Facilities
In connection with the effectiveness of the Merger, Legacy HR (in a limited capacity), Legacy HTA and the OP entered into the Fourth Amended and Restated Credit and Term Loan Agreement (the “Credit Facility”) with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., and Citibank, N.A., as Joint Book Runners; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., U.S. Bank National Association, Citibank, N.A., The Bank of Nova Scotia, Capital One, National Association, U.S. Bank National Association, and PNC Capital Markets LLC, as Joint Lead Arrangers; and the other lenders named therein. The Credit Facility restructured the parties’ existing bank facilities and added additional borrowing capacities for the Company following the Merger. The OP is the borrower under the Credit Facility (in such capacity, the “Borrower”).
•Legacy HR’s existing $700.0 million revolving credit facility under the Amended and Restated Credit Agreement, dated as of May 31, 2019 (as amended, restated, replaced, supplemented, or otherwise modified from time to time prior to July 20, 2022, the “Existing HR Revolving Credit Agreement”), by and among Legacy HR, the lenders party thereto from time to time and their assignees, as lenders, and Wells Fargo Bank, National Association, as the administrative agent (the “WF Administrative Agent”), was terminated, all outstanding obligations in respect thereof were deemed paid in full and all commitments thereunder were permanently reduced to zero and terminated.
•Legacy HR’s existing $200.0 million term loan facility and existing $150.0 million term loan facility under the Amended and Restated Term Loan Agreement, dated as of May 31, 2019 (as amended, restated, replaced, supplemented, or otherwise modified from time to time prior to July 20, 2022, the “Existing HR Term Loan Agreement”), by and among Legacy HR, the lenders party thereto from time to time and their assignees, as lenders, and the WF Administrative Agent, in each, case, were deemed continued and assumed by the Borrower under the Credit Facility, and the Existing HR Term Loan Agreement was terminated.
◦The existing $200.0 million term loan facility was amended to: (a) conform to the terms of the Borrower’s other term loan facilities under the Credit Facility; (b) include two one-year extension options, resulting in a latest final maturity in May 2026; and (c) reprice to align with the pricing for the Borrower’s other term loan facilities under the Credit Facility; and
◦The existing $150.0 million term loan facility was amended to conform to the terms of the Borrower’s other term loan facilities under the Credit Facility, and the existing maturity in June 2026 remains unchanged under the Credit Facility.
•Legacy HTA’s and the OP’s existing $1.0 billion revolving credit facility was upsized to $1.5 billion (the “Revolver”) pursuant to the Credit Facility. The Revolver currently matures in October 2025, and the Credit Facility adds an additional one-year extension option for the Revolver, for a total of two one-year extension options.
•Legacy HTA’s and the OP’s existing $300.0 million term loan facility was deemed continued pursuant to the Credit Facility and was amended to conform to the terms of the Borrower’s other term loan facilities under the Credit Facility. The existing maturity in October 2025 remains unchanged under the Credit Facility.
•Legacy HTA’s and the OP’s existing $200.0 million term loan facility was deemed continued pursuant to the Credit Facility and was amended to (a) conform to the terms of the Borrower’s other term loan facilities under the Credit Facility; (b) extend the maturity from January 2024 to July 20, 2027; and (c) reprice to align with the pricing for the Borrower’s other term loan facilities under the Credit Facility.
•The Credit Facility provides for a new $350.0 million delayed-draw term loan facility that is available to be drawn for 12 months after July 20, 2022 and has an initial maturity date of July 20, 2023, with two one-year extension options. As of September 30, 2022, the $350.0 million Credit Facility was drawn in full. The terms of any delayed draw term loans funded thereunder conform to the terms of the Borrower’s other term loan facilities under the Credit Facility, and the pricing for such delayed draw term loans aligns with the pricing for the Borrower’s other term loan facilities under the Credit Facility.
•The Credit Facility provides for a new $300.0 million term loan facility that was funded on July 20, 2022 and has a maturity date of January 20, 2028, with no extension options. The terms of such term loan facility conform to the terms of the Borrower’s other term loan facilities under the Credit Facility, and the pricing for such term loan facility aligns with the pricing for the Borrower’s other term loan facilities under the Credit Facility.
v3.22.2.2
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.
For derivatives designated, and that qualify, as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (Loss) ("AOCI") and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.
As of September 30, 2022, the Company had 15 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
EXPIRATION DATEAMOUNTWEIGHTED
AVERAGE RATE
December 16, 202275,000 2.37 %
January 31, 2023$300,000 1.42 %
January 15, 2024 1
200,000 1.21 %
May 1, 2026 1
100,000 2.15 %
$675,000 1.57 %
1 Derivatives hedge one-month term SOFR.

Subsequent to September 30, 2022, the Company entered into two additional interest rate swaps totaling $250.0 million with multiple counterparties, with both expiring in 2027. The Company designated these interest rate swaps as cash flow hedges of interest rate risk in the fourth quarter of 2022.
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheet as of September 30, 2022.
BALANCE AT SEPTEMBER 30, 2022
In thousandsBALANCE SHEET LOCATIONFAIR VALUE
Derivatives designated as hedging instruments
Interest rate swapsOther assets$16,136 
Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI during the three and nine months ended September 30, 2022 and 2021 related to the Company's outstanding interest rate swaps.
GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended September 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended September 30,
In thousands2022202120222021
Interest rate swaps$(6,083)$(36)Interest expense$614 $982 
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense42 42 
 $(6,083)$(36)Total interest expense$763 $1,131 
GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
nine months ended September 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
nine months ended September 30,
In thousands2022202120222021
Interest rate swaps$(12,905)$(2,079)Interest expense$2,226 $2,894 
Settled treasury hedges— — Interest expense320 320 
Settled interest rate swaps— — Interest expense126 126 
 $(12,905)$(2,079)Total interest expense$2,672 $3,340 
The Company estimates that $4.8 million related to active interest rate swaps will be reclassified from AOCI as a decrease to interest expense over the next 12 months, and that $0.6 million related to settled interest rate swaps will be amortized from AOCI as an increase to interest expense over the next 12 months.
Credit-risk-related Contingent Features
The Company's agreements with each of its derivative counterparties contain a cross-default provision under which the Company could be declared in default of its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.
As of September 30, 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 $16.5 million. As of September 30, 2022, the Company has not posted any collateral related to these agreements and was not in breach of any agreement.
v3.22.2.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Proceedings
The Company is, from time to time, involved in litigation arising in the ordinary course of business. The Company is not aware of any pending or threatened litigation that, if resolved against the Company, would have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
Development and Redevelopment Activity
During the third quarter of 2022, the Company continued the redevelopment of a 217,114 square foot medical office building in Dallas, Texas. As of September 30, 2022, the Company had funded approximately $11.1 million in project costs. The building continues to operate with in-place leases during construction. The first new tenant lease of the redevelopment commenced in the first quarter of 2022.
During the third quarter of 2022, the Company continued the redevelopment of a medical office building in Tacoma, Washington. As of September 30, 2022, the Company had funded approximately $10.3 million in project costs. The redevelopment includes interior and exterior improvements to the existing building, plus the addition of 23,000 square feet. The Company expects the 23,000 square foot tenant lease for the expansion space to commence in the fourth quarter of 2022.
The Company continued the development of a medical office building in Nashville, Tennessee. The Company is constructing a new 106,194 square foot medical office building with the initial tenant lease expected to commence in the third quarter of 2023. As of September 30, 2022, the Company had funded approximately $15.3 million in project costs. The redevelopment includes the demolition of an existing 81,000 square foot medical office building. The Company recognized an impairment charge of $5.0 million related to the existing building in 2021.
The Company is financing the construction of a two building medical office complex in Orlando, Florida. The 156,566 square foot development is expected to be complete in the second quarter of 2024. As of September 30, 2022, the Company had funded approximately $10.6 million towards the project costs.
The Company, through a joint venture partnership, continued the development of a medical office building in Raleigh, North Carolina. This joint venture expects to construct a new 120,694 square foot medical office building that is projected to be complete in the fourth quarter of 2024. As of September 30, 2022, the joint venture had funded approximately $15.3 million towards the project costs.
The Company is redeveloping three medical office buildings totaling 259,290 square feet in Washington, DC. The Company has approved a leasing plan with a capital outlay that is expected to be completed in the second quarter of
2024. As of September 30, 2022, the Company had funded $2.0 million in project costs
v3.22.2.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021:
NINE MONTHS ENDED SEPTEMBER 30, 2022TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period150,457,433 139,487,375 
Issuance of common stock229,615,152 10,899,301 
Non-vested share-based awards, net of withheld shares 499,705 70,757 
Balance, end of period380,572,290 150,457,433 
At-The-Market Equity Offering Program
The Company has equity distribution agreements with various sales agents with respect to the at-the-market (“ATM”) offering program of common stock with an aggregate sales amount of up to $750.0 million. As of September 30, 2022, $750.0 million remained available for issuance under our current ATM offering program.
Common Stock Dividends
During the nine months ended September 30, 2022, the Company declared and paid common stock dividends totaling $0.93 per share. On November 2, 2022, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on November 30, 2022 to stockholders of record on November 15, 2022.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
During the three and nine months ended September 30, 2022, the Company did not enter into any forward sale agreements to sell shares of common stock through the Company's ATM offering program.
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data2022202120222021
Weighted average common shares outstanding
Weighted average common shares outstanding330,788,997 145,594,127 211,740,767 143,305,737 
Non-vested shares(1,983,742)(1,776,508)(1,933,957)(1,784,544)
Weighted average common shares outstanding - basic328,805,255 143,817,619 209,806,810 141,521,193 
Weighted average common shares outstanding - basic328,805,255 143,817,619 209,806,810 141,521,193 
Dilutive effect of forward equity shares— — — 14,036 
Dilutive effect of OP Units3,167,668 — 1,067,493 — 
Dilutive effect of employee stock purchase plan58,461 — 69,687 78,200 
Weighted average common shares outstanding - diluted332,031,384 143,817,619 210,943,990 141,613,429 
Net Income (loss) attributable to common stockholders$28,304 $(2,066)$76,661 $45,052 
Dividends paid on nonvested share-based awards(610)(537)(1,817)(1,617)
Net income (loss) applicable to common stockholders- basic$27,694 $(2,603)$74,844 $43,435 
Net income attributable to OP units312 — 312 — 
Net income (loss) applicable to common stockholders - diluted$28,006 $(2,603)$75,156 $43,435 
Basic earnings per common share - net income$0.08 $(0.02)$0.36 $0.31 
Diluted earnings per common share - net income$0.08 $(0.02)$0.35 $0.31 
The effect of non-vested stock awards totaling 911,594 shares, options under the Company's Employee Stock Purchase Plan (the "ESPP") to purchase the Company's stock totaling 63,383 shares, and the dilutive impact of forward-equity contracts outstanding for 14,734 shares of common stock for the three months ended September 30, 2021 were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during that period.
Incentive Plans
Restricted Common Shares
During the nine months ended September 30, 2022, the Company made the following stock awards:
•During the first quarter of 2022, the Company granted non-vested stock awards to its named executive officers and other members of senior management and employees with a grant date fair value of $13.0 million, which consisted of an aggregate of 415,184 non-vested shares with vesting periods ranging from three to eight years.
•During the second quarter of 2022, the Company granted non-vested stock awards to eight of its directors with a grant date fair value of $0.8 million, which consisted of an aggregate of 26,840 non-vested shares, with a one-year vesting period.
•During the third quarter of 2022, the Company granted non-vested stock awards to its 12 non-employee directors with a grant date fair value of $1.8 million, which consisted of an aggregate of 70,816 non-vested shares, with vesting periods ranging from one to three years. The Company also granted non-vested stock awards to an employee, which consisted of 1,036 non-vested shares as a discretionary grant.
A summary of the activity under the Company's share-based incentive plans for the three and nine months ended September 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2022202120222021
Share-based awards, beginning of period1,941,709 1,778,308 1,562,028 1,766,061 
Granted71,852 — 513,876 203,701 
Vested(7,434)— (68,481)(191,454)
Forfeited(4,130)(2,957)(5,426)(2,957)
Share-based awards, end of period2,001,997 1,775,351 2,001,997 1,775,351 

During the nine months ended September 30, 2022 and 2021, the Company withheld 8,745 and 51,972 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
Restricted Stock Units
Prior to 2022, the Company granted long-term incentive awards, comprised of restricted stock, based on backward-looking performance measured at the end of the calendar year. The Company adopted a new incentive compensation structure effective January 2022, comprised of restricted stock and restricted stock units ("RSUs"). The RSUs are granted at the beginning of the year with three-year forward-looking performance targets.
On January 3, 2022, the Company granted RSUs to its named executive officers and certain other officers, with a grant date fair value of $9.7 million, which consisted of an aggregate 294,932 RSUs with a five-year vesting period.
Approximately 43% of the RSUs vest based on two market performance conditions. Relative and absolute total shareholder return ("TSR") awards containing these market performance conditions were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $30.56 for the absolute TSR component and $41.30 for the relative TSR component for the January 2022 grant using the following assumptions:
THREE MONTHS ENDED MARCH 31,
Volatility30.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate1.02 %
Stock price (per share)$31.68
The remaining 57% of the restricted stock units vest upon certain operating performance conditions. With respect to the operating performance conditions of the January grant, the grant date fair value was $31.68 based on the Company's share price on the date of grant. The combined weighted average grant date fair value of the January restricted stock units was $33.04 per share.
The following is a summary of the RSU activity during the three and nine months ended September 30, 2022:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 Restricted Stock UnitsWeighted Average Grant Date Fair ValueRestricted Stock UnitsWeighted Average Grant Date Fair Value
Non-vested, beginning of period294,932 — — — 
Granted— — 294,932 $33.04 
Vested— — — — 
Non-vested as of September 30, 2022294,932 294,932 

Employee Stock Purchase Plan
Legacy HR maintained an ESPP prior to the completion of the Merger. The outstanding options to purchase shares of the common stock of Legacy HR became options to purchase Class A Common Stock of the Company upon completion of the Merger. No new options will be granted under the ESPP. A summary of the activity under the ESPP for the three and nine months ended September 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2022202120222021
Outstanding and exercisable, beginning of period405,534 389,414 348,514 341,647 
Granted— — 255,960 253,200 
Exercised(4,576)(5,323)(17,094)(24,300)
Forfeited(37,628)(18,961)(83,417)(60,995)
Expired— — (140,633)(144,422)
Outstanding and exercisable, end of period363,330 365,130 363,330 365,130 
v3.22.2.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practical to estimate that value.
•Cash and cash equivalents - The carrying amount approximates fair value due to the short term maturity of these investments.
•Real estate notes receivable - Real estate notes receivable are recorded in other assets on the Company's Condensed Consolidated Balance Sheets. Fair value is estimated using cash flow analyses, based on current interest rates for similar types of arrangements.
•Borrowings under the Unsecured Credit Facility and the Term Loans Due 2024 and 2026 - The carrying amount approximates fair value because the borrowings are based on variable market interest rates.
•Senior Notes and Mortgage Notes payable - The fair value of notes and bonds payable is estimated using cash flow analyses, based on the Company’s current interest rates for similar types of borrowing arrangements.
•Interest rate swap agreements - Interest rate swap agreements are recorded in other liabilities on the Company's Condensed Consolidated Balance Sheets at fair value. Fair value is estimated by utilizing pricing models that consider forward yield curves and discount rates.
The table below details the fair values and carrying values for notes and bonds payable and real estate notes receivable at September 30, 2022 and December 31, 2021.
 September 30, 2022December 31, 2021
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1
$5,570.1 $5,321.0 $1,801.3 $1,797.4 
Real estate notes receivable 1
$79.0 $79.0 $— $— 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
v3.22.2.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Business overview Business OverviewHealthcare Realty Trust Incorporated is a real estate investment trust ("REIT") that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. As of September 30, 2022, the Company had gross investments of approximately $14.2 billion in 695 real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property. The Company's 695 real estate properties are located in 35 states and total approximately 40.7 million square feet. The Company provided leasing and property management services to approximately 38.9 million square feet nationwide. As of September 30, 2022, the Company had a weighted average ownership interest of approximately 49% in 33 real estate properties held in joint ventures. See Note 3 below for more details regarding the Company's unconsolidated joint ventures. Any references to square footage or occupancy percentage, and any amounts derived from these values in these notes to the Company's Condensed Consolidated Financial Statements, are outside the scope of our independent registered public accounting firm’s review.
Basis of presentation
Basis of Presentation
For purposes of this Quarterly Report on Form 10-Q, references to the “Company” are to Legacy HR for periods prior to the closing of the Merger and thereafter to Legacy HR and Legacy HTA after giving effect to the Merger. The Merger is described in more detail in Note 2 to these Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. However, except as disclosed herein and specific disclosures incorporated as a result of the Merger, management believes there has been no material change in the information disclosed in the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. All material intercompany transactions and balances have been eliminated in consolidation.
This interim financial information should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Management believes that all adjustments of a normal, recurring nature considered necessary for a fair presentation have been included. In addition, the interim financial information does not necessarily represent or indicate what the operating results will be for the year ending December 31, 2022 for many reasons including, but not limited to, the Merger (as discussed in more detail in Note 2 below), acquisitions, dispositions, capital financing transactions, changes in interest rates and the effects of other trends, risks and uncertainties.
Principles of consolidation Principles of ConsolidationThe Company’s Condensed Consolidated Financial Statements include, as of September 30, 2022, the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities.
Variable Interest Entities GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). Accounting Standards Codification 810 broadly defines a VIE as an entity in which either (i) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of such entity that most significantly impact such entity’s economic performance or (ii) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the entity. The Company consolidates its investment in a VIE when it determines that it is the VIE’s primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. As of September 30, 2022, the Company
identified three entities that qualified as VIE's because the limited partners in these partnerships, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Two of the entities are consolidated and one is unconsolidated.
Holders of operating partnership units (“OP Units”) are considered to be non-controlling interest holders in the OP and their ownership interests are reflected as equity on the accompanying Condensed Consolidated Balance Sheets. Further, a portion of the earnings and losses of the OP 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 September 30, 2022, there were approximately 4.0 million, or 1.1%, of OP Units issued and outstanding held by non-controlling interest holders. Additionally, the Company is the primary beneficiary of this VIE. Accordingly, the Company consolidates the interests in the OP. However, because the Company holds what is deemed to be significantly all of the OP, it qualifies for the exemption from providing certain disclosure requirements associated with investments in VIEs.
For property holding entities not determined to be VIEs, the Company consolidates such entities in which it owns 100% of the equity or has a controlling financial interest evidenced by ownership of a majority voting interest. All intercompany balances and transactions are eliminated in consolidation.
As of September 30, 2022, the Company's unconsolidated joint venture arrangements were accounted for using the equity method of accounting as the Company exercised significant influence over but did not control these entities.
Use of estimates in the condensed consolidated financial statements
Use of Estimates in the Condensed Consolidated Financial Statements
Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ from those estimates.
Reclassifications Reclassifications Certain reclassifications have been made on the Company's prior year Condensed Consolidated Balance Sheet to conform to current year presentation. Previously, the Company's Lease intangibles were included in Building, improvements and lease intangibles and Goodwill was included with Other assets, net. These amounts are now classified as separate line items on the Company's Condensed Consolidated Balance Sheets.
Investments in Leases - Financing Receivables, Net
Investments in Leases - Financing Receivables, Net
In accordance with Accounting Standards Codification ("ASC") 842, for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller (i.e., a sale leaseback transaction), control of the asset is not considered to have transferred when the seller-lessee has a purchase option. As a result, the Company does not recognize the underlying real estate asset but instead recognizes a financial asset in accordance with ASC 310 “Receivables”.
During the first quarter of 2022, the Company reclassified the two medical office buildings in Nashville, Tennessee that were acquired in separate sale-leaseback transactions in the fourth quarter of 2021. The leases with the sellers commenced in the first quarter, which resulted in the allocation of the financing receivable totaling $73.9 million to land and building and improvements.
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, a mortgage or deed of trust, 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 September 30, 2022, real estate notes receivable, net totaled $79.0 million.
Interest Income
Income from Lease Financing Receivables
For the three and nine months ended September 30, 2022, the Company recognized the related income from two financing receivables totaling $2.0 million and $5.9 million, respectively, based on an imputed interest rate over the
terms of the applicable lease. As a result, the interest recognized from the financing receivable will not equal the cash payments from the lease agreement.
Acquisition costs incurred in connection with entering into the financing receivable are treated as loan origination fees. These costs are classified with the financing receivable and are included in the balance of the net investment. Amortization of these amounts will be recognized as a reduction to Income from financing receivable, net over the life of the lease.
Income from Real Estate Notes Receivable
During the three and nine months ended September 30, 2022, the Company recognized interest income of $1.3 million related to real estate notes receivable. Unpaid interest is capitalized, with principal and any unpaid interest due on the maturity date.
Revenue from contract with customers (topic 606)
Revenue from Contracts with Customers (Topic 606)
The Company recognizes certain revenue under the core principle of Topic 606. This topic requires an entity to 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. Lease revenue is not within the scope of Topic 606. To achieve the core principle, the Company applies the five step model specified in the guidance.
Revenue that is accounted for under Topic 606 is segregated on the Company’s Condensed Consolidated Statements of Income in the Other operating line item. This line item includes parking income, management fee income and other miscellaneous income.The Company’s major types of revenue that are accounted for under Topic 606 that are listed above are all accounted for as the performance obligation is satisfied. The performance obligations that are identified for each of these items are satisfied over time, and the Company recognizes revenue monthly based on this principle.
New accounting pronouncements
New Accounting Pronouncements
Accounting Standards Update No. 2020-04
On March 12, 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR and Term SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. Management continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
v3.22.2.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Disaggregation of revenue Below is a detail of the amounts by category:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
in thousands2022202120222021
Type of Revenue
Parking income$2,428 $2,187 $6,100 $5,725 
Management fee income 1
1,426 723 2,864 1,381 
Miscellaneous203 59 306 241 
$4,057 $2,969 $9,270 $7,347 
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.
v3.22.2.2
Merger with HTA (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Consideration Transferred
The consideration transferred on the Closing Date is as follows:
Dollars in thousands
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted(a)
228,520,990 
Exchange ratio1.00 
Implied shares of Legacy HR Common Stock issued228,520,990 
Adjusted closing price of Legacy HR Common Stock on July 20, 2022(b)
$24.37 
Value of implied Legacy HR Common Stock issued$5,569,057 
Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services(c)
7,406 
Consideration transferred$5,576,463 
(a) Includes 228,520,990 shares of Legacy HTA Common Stock as of July 20, 2022. The number of shares of HTA Common Stock presented above was based on 228,857,717 total shares of Legacy HTA Common Stock outstanding as of the Closing Date, less 192 HTA fractional shares that were paid in cash less 336,535 shares of Legacy HTA restricted stock (net of 215,764 shares of Legacy HTA restricted stock withheld). For accounting purposes, these shares and units were converted to Legacy HR Common Stock, at an exchange ratio of 1.00 per share of HTA Common Stock.
(b) For accounting purposes, the fair value of Legacy HR Common Stock issued to former holders of Legacy HTA Common Stock was based on the per share closing price of Legacy HR Common Stock on July 20, 2022.
(c) Represents the fair value of Legacy HTA restricted shares which fully vested prior to the closing of the Merger or became fully vested as a result of the closing of the Merger and which are attributable to pre-combination services.
Schedule of Fair Values of the Assets Acquired And Liabilities Assumed
The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the Closing Date:
Dollars in thousands
ASSETS
Real estate investments
Land $985,926 
Buildings and improvements6,960,418 
Lease intangible assets(a)
831,920 
Financing lease right-of-use assets9,874 
Construction in progress10,071 
Land held for development46,538 
Total real estate investments$8,844,747 
Assets held for sale, net 707,442 
Investments in unconsolidated joint ventures67,892 
Cash and cash equivalents26,034 
Restricted cash 1,123,647 
Operating lease right-of-use assets198,261 
Other assets, net (b) (c)
209,163 
Total assets acquired$11,177,186 
LIABILITIES
Notes and bonds payable $3,991,300 
Accounts payable and accrued liabilities 1,227,570 
Liabilities of assets held for sale28,677 
Operating lease liabilities 173,948 
Financing lease liabilities 10,720 
Other liabilities 203,210 
Total liabilities assumed$5,635,425 
Net identifiable assets acquired$5,541,761 
Non-controlling interest$110,702 
Goodwill$145,404 
(a) The weighted average amortization period for the acquired lease intangible assets is 5.5 years.
(b) Includes $34.6 million of gross contractual accounts receivable, which approximates fair value, of which the Company preliminarily did not expect $12.3 million to be collected as of Closing Date.
(c) Includes $78.7 million of gross contractual real estate notes receivable, the fair value of which was $74.8 million, and the Company preliminarily expects to collect substantially all of the real estate notes receivable proceeds as of the Closing Date.
Schedule of Business Acquisition, Pro Forma Information
The following pro forma financial information is not necessarily indicative of the results of operations had the acquisition been effected on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses.
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Total revenues$352,744 $332,465 $1,054,809 $982,192 
Net income$115,496 $(14,930)$160,120 $(79,754)
v3.22.2.2
Real Estate Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Summary of Acquisitions
The following table details the Company's acquisitions for the nine months ended September 30, 2022:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICE
CASH
CONSIDERATION 1
REAL
ESTATE 2
OTHER 3
SQUARE FOOTAGE
Dallas, TX 2/11/22$8,175 $8,185 $8,202 $(17)18,000 
San Francisco, CA 4
3/7/22114,000 112,986 108,687 4,299 166,396 
Q1 2022 subtotal122,175 121,171 116,889 4,282 184,396 
Atlanta, GA4/7/226,912 7,054 7,178 (124)21,535 
Denver, CO4/13/226,320 5,254 5,269 (15)12,207 
Colorado Springs, CO 5
4/13/2213,680 13,686 13,701 (15)25,800 
Seattle, WA4/28/228,350 8,334 8,370 (36)13,256 
Houston, TX4/28/2236,250 36,299 36,816 (517)76,781 
Los Angeles, CA4/29/2235,000 35,242 25,400 9,842 34,282 
Oklahoma City, OK4/29/2211,100 11,259 11,334 (75)34,944 
Raleigh, NC 4
5/31/2227,500 26,710 27,127 (417)85,113 
Tampa, FL 5
6/9/2218,650 18,619 18,212 407 55,788 
Q2 2022 subtotal163,762 162,457 153,407 9,050 359,706 
Seattle, WA8/1/224,850 4,806 4,882 (76)10,593 
Raleigh, NC8/9/223,783 3,878 3,932 (54)11,345 
Jacksonville, FL8/9/2218,195 18,508 18,583 (75)34,133 
Atlanta, GA8/10/2211,800 11,525 12,038 (513)43,496 
Denver, CO8/11/2214,800 13,902 13,918 (16)34,785 
Raleigh, NC8/18/2211,375 10,670 10,547 123 31,318 
Nashville, TN9/15/2221,000 20,764 20,572 192 61,932 
Austin, TX9/29/225,450 5,449 5,572 (123)15,000 
Q3 2022 subtotal91,253 89,502 90,044 (542)242,602 
Total real estate acquisitions$377,190 $373,130 $360,340 $12,790 786,704 
1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
2Excludes financing right of use assets.
3Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.
4Includes three properties.
5Includes two properties.

Subsequent to September 30, 2022, the Company acquired the following property:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICESQUARE FOOTAGE
Jacksonville, FL10/12/22$3,600 6,200 
Schedule of joint venture transactions
The following table details the joint venture acquisitions for the nine months ended September 30, 2022. These joint venture acquisitions are not consolidated for purposes of the Company's Condensed Consolidated Financial Statements.
Dollars in thousandsDATE ACQUIREDPURCHASE PRICE
CASH
CONSIDERATION 1
REAL
ESTATE
OTHER 2
SQUARE FOOTAGECOMPANY OWNERSHIP %
San Francisco, CA 3
3/7/22$67,175 $66,789 $65,179 $1,610 110,865 50 %
Los Angeles, CA 4
3/7/2233,800 32,384 32,390 (6)103,259 50 %
Total joint venture acquisitions$100,975 $99,173 $97,569 $1,604 214,124 

1Cash consideration excludes prorations of revenue and expense due to/from seller at the time of the acquisition.
2Includes other assets acquired, liabilities assumed, and intangibles recognized at acquisition.
3Includes three properties.
4Includes two properties.
Schedule of equity method investments
The Company's investment in and loss recognized for the three and nine months ended September 30, 2022 and 2021 related to its unconsolidated joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Investments in unconsolidated joint ventures, beginning of period $210,781 $117,935 $161,942 $73,137 
New investments during the period 1
117,880 4,593 167,479 49,612 
Equity loss recognized during the period (124)(183)(776)(404)
Owner distributions(785)— (893)— 
Investments in unconsolidated joint ventures, end of period 1
$327,752 $122,345 $327,752 $122,345 

1Includes unconsolidated joint ventures acquired as part of the Merger, as well as investments in two joint ventures representing a 20% and 40% ownership interest in portfolios in Los Angeles, California and Dallas, Texas, respectively. Also, see 2022 Real Estate Asset Dispositions below for additional information.
Real estate dispositions
The following table details the Company's dispositions for the nine months ended September 30, 2022:
Dollars in thousandsDATE DISPOSEDSALE PRICECLOSING ADJUSTMENTSNET PROCEEDSNET REAL ESTATE INVESTMENT
OTHER (INCLUDING RECEIVABLES) 1
GAIN/(IMPAIRMENT)SQUARE FOOTAGE
Loveland, CO 2
2/24/22$84,950 $(45)$84,905 $40,095 $4 $44,806 150,291 
San Antonio, TX 2
4/15/2225,500 (2,272)23,228 14,381 284 8,563 201,523 
GA, FL, PA 3, 8
7/29/22133,100 (8,109)124,991 124,991 — — 316,739 
GA, FL, TX 5, 8
8/4/22160,917 (5,893)155,024 151,819 3,205 — 343,545 
Los Angeles, CA 3, 6, 8
8/5/22134,845 (3,102)131,743 131,332 411 — 283,780 
Dallas, TX 5, 7, 8
8/30/22114,290 (682)113,608 113,608 — — 189,385 
Indianapolis, IN 4, 9
8/31/22238,845 (5,846)232,999 84,767 4,324 143,908 506,406 
Total dispositions$892,447 $(25,949)$866,498 $660,993 $8,228 $197,277 1,991,669 
1Includes straight-line rent receivables, leasing commissions and lease inducements.
2Includes two properties.
3Includes four properties.
4Includes five properties.
5Includes six properties.
6Values and square feet are represented at 100%. The Company retained a 20% ownership interest in the joint venture that purchased these properties.
7Values and square feet are represented at 100%. The Company retained a 40% ownership interest in the joint venture that purchased these properties.
8These properties were acquired as part of the Merger and were included as assets held for sale in the purchase price allocation.
9Two of the five properties included in this portfolio were acquired in the Merger and were included as assets held for sale in the purchase price allocation.


Subsequent to September 30, 2022, the Company disposed of the following properties:
Dollars in thousandsDATE DISPOSEDSALE PRICESQUARE FOOTAGE
Dallas, TX 1, 2
10/4/22$104,025 291,328 
Houston, TX 2
10/21/2232,000 134,910 
Total dispositions$136,025 426,238 
1Includes two properties.
2These properties were classified as assets held for sale as of September 30, 2022.
Schedule of assets and liabilities held for sale The table below reflects the assets and liabilities of the properties classified as held for sale as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Balance Sheet data:
Land$10,594 $— 
Building and improvements199,821 — 
Lease intangibles11,389 — 
Personal property211 — 
Financing lease right-of-use assets307 — 
222,322 — 
Accumulated depreciation(47,051)— 
Real estate assets held for sale, net175,271 — 
Operating lease right-of-use assets1,193 — 
Other assets, net8,610 57 
Assets held for sale, net$185,074 $57 
Accounts payable and accrued liabilities$3,768 $169 
Operating lease liabilities$864 $— 
Financing lease liabilities$2,427 $— 
Other liabilities3,585 125 
Liabilities of assets held for sale$10,644 $294 
v3.22.2.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Future Minimum Operating Lease Payments Receivable
Future lease payments under the non-cancelable operating leases, excluding any reimbursements and the sale-type lease, as of September 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$243,946 
2023937,733 
2024816,000 
2025702,251 
2026605,417 
2027 and thereafter2,242,792 
$5,548,139 
Future Minimum Operating Lease Payments
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
Future Minimum Financing Lease Payments
The Company’s future lease payments (primarily for its 168 non-prepaid ground leases) as of September 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$3,665 $503 
202315,606 2,139 
202415,193 2,182 
202514,715 2,218 
202614,735 2,255 
2027 and thereafter894,018 398,092 
Total undiscounted lease payments957,932 407,389 
Discount(689,092)(335,011)
Lease liabilities$268,840 $72,378 
Lease Cost
The following table provides details of the Company's total lease expense for the three and nine months ended September 30, 2022 and 2021:
THREE MONTHS ENDED
September 30,		NINE MONTHS ENDED
September 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$4,204 $1,196 $6,613 $3,555 
Variable lease expense1,061 1,016 3,123 2,883 
Finance lease cost
Amortization of right-of-use assets381 90 884 267 
Interest on lease liabilities861 255 1,913 748 
Total lease expense$6,507 $2,557 $12,533 $7,453 
Other information
Operating cash flows outflows related to operating leases$3,847$1,424 $8,443 $5,855 
Operating cash flows outflows related to financing leases$476$151 $1,262 $678 
Financing cash flows outflows related to financing leases$3$6 $3 $162 
Right-of-use assets obtained in exchange for new finance lease liabilities$9,874$1,420 $50,463 $1,420 
Right-of-use assets obtained in exchange for new operating lease liabilities$198,261$8,298 $198,261 $8,298 
Weighted-average years remaining lease term (excluding renewal options) - operating leases50.247.8
Weighted-average years remaining lease term (excluding renewal options) - finance leases60.163.2
Weighted-average discount rate - operating leases5.7 %5.6 %
Weighted-average discount rate - finance leases5.0 %5.4 %
v3.22.2.2
Other Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets
Other assets consist primarily of intangible assets, prepaid assets, real estate notes receivable, straight-line rent receivables, accounts receivable, additional long-lived assets and interest rate swaps. Items included in "Other assets, net" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 are detailed in the table below:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Above-market intangible assets, net$86,410 $4,966 
Prepaid assets85,053 58,618 
Real estate notes receivable, net 1
79,036 — 
Straight-line rent receivables 78,038 70,784 
Accounts receivable, net36,103 14,072 
Additional long-lived assets, net21,722 20,048 
Interest rate swap assets16,136 — 
Ground lease modification, net8,170 8,511 
Other receivables, net7,258 — 
Debt issuance costs, net6,504 1,813 
Project costs4,001 5,129 
Net investment in lease1,828 — 
Customer relationship intangible assets, net1,134 1,174 
Other6,842 558 
$438,235 $185,673 
         1 In October 2022, an additional amount of $15.0 million was funded for a real estate loan transaction.
Schedule of Accounts Payable and Accrued Liabilities
The following table provides details of the items included in "Accounts payable and accrued liabilities" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Accrued property taxes$86,192 $35,295 
Accounts payable and capital expenditures61,461 17,036 
Accrued interest24,959 12,060 
Accrued income and franchise taxes2,685 983 
Retainage accrued on construction invoices1,304 2,215 
Other operating accruals54,417 18,519 
$231,018 $86,108 
Schedule of Other Liabilities
The following table provides details of the items included in "Other liabilities" on the Company's Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
Dollars in thousandsSeptember 30, 2022December 31, 2021
Below-market intangible liabilities, net$113,118 $4,931 
Deferred revenue60,675 45,130 
Security deposits28,299 11,116 
Interest rate swap liability— 5,917 
Other1,306 293 
$203,398 $67,387 
v3.22.2.2
Notes and Bonds Payable (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt
The table below details the Company’s notes and bonds payable as of September 30, 2022 and December 31, 2021. 
 
MATURITY DATES 1
BALANCE 2 AS OF
EFFECTIVE INTEREST RATE
as of 9/30/2022
Dollars in thousands9/30/202212/31/2021
$1.5 billion Unsecured Credit Facility 3
10/27$190,600 $— 3.99 %
$700 million Unsecured Credit Facility 3
5/23— 210,000 — %
$1.125 billion Asset Sale Term Loan 4
7/24421,919 — 4.07 %
$350 million Unsecured Term Loan 3
7/25348,735 — 4.10 %
$200 million Unsecured Term Loan 4
5/26199,611 199,460 3.51 %
$300 million Unsecured Term Loan 4 5
10/26299,930 — 2.47 %
$150 million Unsecured Term Loan 5
5/26149,458 149,376 3.32 %
$200 million Unsecured Term Loan 4 5
7/27199,328 — 2.27 %
$300 million Unsecured Term Loan 3
1/28297,764 — 3.56 %
Senior Notes due 20255/25249,025 249,040 4.12 %
Senior Notes due 2026 4
8/26569,786 — 4.94 %
Senior Notes due 2027 4
7/27478,541 — 4.76 %
Senior Notes due 20281/28296,711 296,612 3.85 %
Senior Notes due 2030 4
2/30562,974 — 5.30 %
Senior Notes due 20303/30296,787 296,813 2.72 %
Senior Notes due 2031 4
3/31628,617 — 5.13 %
Senior Notes due 2031 3/31295,424 295,374 2.25 %
Mortgage notes payable8/23-12/2684,929 104,650 3.97 %
$5,570,139 $1,801,325 
1Includes extension options.
2Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
3On July 20, 2022, the Company entered into an amended and restated credit facility which included a $1.5 billion revolving credit facility, replacing Legacy HR's $700 million credit facility.
4Debt instruments assumed as part of the Merger with Legacy HTA on July 20, 2022. Amounts shown represent fair value adjustments.
5The effective interest rate includes the impact of interest rate swaps on $675.0 million at a weighted average rate of 1.57% (plus the applicable margin rate, currently 105 basis points).
Schedule of Debt Exchange Offers The following sets forth the results of the Exchange Offers:
Series of Old HR NotesTenders and Consents Received as of the Expiration DatePercentage of Total Outstanding Principal Amount of Such Series of Old HR Notes
3.875 %
Senior Notes due 2025
$235,016,00094.01 %
3.625 %
Senior Notes due 2028
$290,246,00096.75 %
2.400 %
Senior Notes due 2030
$297,507,00099.17 %
2.050 %
Senior Notes due 2031
$298,858,00099.62 %
Schedule of Senior Notes Assumed with the Merger The Legacy Senior Notes assumed by the Company consist of the following:
 COUPONPRINCIPAL OUTSTANDING AS OF
Dollars in thousandsFACE VALUE9/30/202212/31/2021
Senior Notes due 20263.50%$600,000 $600,000 $— 
Senior Notes due 20273.75%500,000 500,000 — 
Senior Notes due 20303.10%650,000 650,000 — 
Senior Notes due 20312.00%800,000 800,000 — 
$2,550,000 $2,550,000 $— 
v3.22.2.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
As of September 30, 2022, the Company had 15 outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
EXPIRATION DATEAMOUNTWEIGHTED
AVERAGE RATE
December 16, 202275,000 2.37 %
January 31, 2023$300,000 1.42 %
January 15, 2024 1
200,000 1.21 %
May 1, 2026 1
100,000 2.15 %
$675,000 1.57 %
1 Derivatives hedge one-month term SOFR.
The table below presents the effect of cash flow hedge accounting on AOCI during the three and nine months ended September 30, 2022 and 2021 related to the Company's outstanding interest rate swaps.
GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended September 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended September 30,
In thousands2022202120222021
Interest rate swaps$(6,083)$(36)Interest expense$614 $982 
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense42 42 
 $(6,083)$(36)Total interest expense$763 $1,131 
GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
nine months ended September 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
nine months ended September 30,
In thousands2022202120222021
Interest rate swaps$(12,905)$(2,079)Interest expense$2,226 $2,894 
Settled treasury hedges— — Interest expense320 320 
Settled interest rate swaps— — Interest expense126 126 
 $(12,905)$(2,079)Total interest expense$2,672 $3,340 
Schedule of derivative instruments in statement of financial position, fair value The table below presents the fair value of the Company's derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheet as of September 30, 2022.
BALANCE AT SEPTEMBER 30, 2022
In thousandsBALANCE SHEET LOCATIONFAIR VALUE
Derivatives designated as hedging instruments
Interest rate swapsOther assets$16,136 
v3.22.2.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Reconciliation of common stock outstanding
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2022 and the twelve months ended December 31, 2021:
NINE MONTHS ENDED SEPTEMBER 30, 2022TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period150,457,433 139,487,375 
Issuance of common stock229,615,152 10,899,301 
Non-vested share-based awards, net of withheld shares 499,705 70,757 
Balance, end of period380,572,290 150,457,433 
Earnings (loss) per share
The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data2022202120222021
Weighted average common shares outstanding
Weighted average common shares outstanding330,788,997 145,594,127 211,740,767 143,305,737 
Non-vested shares(1,983,742)(1,776,508)(1,933,957)(1,784,544)
Weighted average common shares outstanding - basic328,805,255 143,817,619 209,806,810 141,521,193 
Weighted average common shares outstanding - basic328,805,255 143,817,619 209,806,810 141,521,193 
Dilutive effect of forward equity shares— — — 14,036 
Dilutive effect of OP Units3,167,668 — 1,067,493 — 
Dilutive effect of employee stock purchase plan58,461 — 69,687 78,200 
Weighted average common shares outstanding - diluted332,031,384 143,817,619 210,943,990 141,613,429 
Net Income (loss) attributable to common stockholders$28,304 $(2,066)$76,661 $45,052 
Dividends paid on nonvested share-based awards(610)(537)(1,817)(1,617)
Net income (loss) applicable to common stockholders- basic$27,694 $(2,603)$74,844 $43,435 
Net income attributable to OP units312 — 312 — 
Net income (loss) applicable to common stockholders - diluted$28,006 $(2,603)$75,156 $43,435 
Basic earnings per common share - net income$0.08 $(0.02)$0.36 $0.31 
Diluted earnings per common share - net income$0.08 $(0.02)$0.35 $0.31 
Summary of the activity under the incentive plan and restricted stock unit
A summary of the activity under the Company's share-based incentive plans for the three and nine months ended September 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2022202120222021
Share-based awards, beginning of period1,941,709 1,778,308 1,562,028 1,766,061 
Granted71,852 — 513,876 203,701 
Vested(7,434)— (68,481)(191,454)
Forfeited(4,130)(2,957)(5,426)(2,957)
Share-based awards, end of period2,001,997 1,775,351 2,001,997 1,775,351 
The following is a summary of the RSU activity during the three and nine months ended September 30, 2022:
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 Restricted Stock UnitsWeighted Average Grant Date Fair ValueRestricted Stock UnitsWeighted Average Grant Date Fair Value
Non-vested, beginning of period294,932 — — — 
Granted— — 294,932 $33.04 
Vested— — — — 
Non-vested as of September 30, 2022294,932 294,932 
Schedule of stock options, valuation assumptions
THREE MONTHS ENDED MARCH 31,
Volatility30.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate1.02 %
Stock price (per share)$31.68
Summary of employee stock purchase plan activity A summary of the activity under the ESPP for the three and nine months ended September 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED SEPTEMBER 30,NINE MONTHS ENDED SEPTEMBER 30,
 2022202120222021
Outstanding and exercisable, beginning of period405,534 389,414 348,514 341,647 
Granted— — 255,960 253,200 
Exercised(4,576)(5,323)(17,094)(24,300)
Forfeited(37,628)(18,961)(83,417)(60,995)
Expired— — (140,633)(144,422)
Outstanding and exercisable, end of period363,330 365,130 363,330 365,130 
v3.22.2.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value And Carrying Values For Notes And Bonds Payable, Real Estate Notes Receivable, And Notes Receivable
The table below details the fair values and carrying values for notes and bonds payable and real estate notes receivable at September 30, 2022 and December 31, 2021.
 September 30, 2022December 31, 2021
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1
$5,570.1 $5,321.0 $1,801.3 $1,797.4 
Real estate notes receivable 1
$79.0 $79.0 $— $— 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
v3.22.2.2
Summary of Significant Accounting Policies (Details)
$ in Thousands, shares in Millions, ft² in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
ft²
variable_interest_entity
property
building
state
financing_receivable
shares
Sep. 30, 2022
USD ($)
ft²
variable_interest_entity
property
building
state
financing_receivable
shares
Dec. 31, 2021
USD ($)
building
Business Overview:      
Gross investment amount, total $ 14,200,000 $ 14,200,000  
Number of real estate properties | property 695 695  
Number of states that the company owns real estate in, whole units | state 35 35  
Approximate square feet invested in by company | ft² 40.7 40.7  
Approximate square feet for which Nationwide property management services provided by company | ft² 38.9 38.9  
Number of buildings owned by joint venture with TIAA | building 33 33  
Number of variable interest entities | variable_interest_entity 3 3  
Number of consolidated variable interest entities | variable_interest_entity 2 2  
Number of unconsolidated variable interest entities | property 1 1  
Limited partner's capital, units issued (in shares) | shares 4.0 4.0  
Limited partner's capital, units outstanding (in shares) | shares 4.0 4.0  
OP Units, issued and outstanding, held by non-controlling interest holders (percent) 1.10% 1.10%  
Equity ownership for consolidation (percent) 100.00% 100.00%  
Leases [Abstract]      
Real estate notes receivable, net $ 79,036 $ 79,036 $ 0
Number of recognized lease financial receivables | financing_receivable 2 2  
Sales-type Lease, Interest Income, Lease Receivable $ 2,000 $ 5,900  
Real Estate Properties Held in Joint Ventures      
Business Overview:      
Joint venture ownership (percent) 49.00% 49.00%  
Notes Receivable      
Leases [Abstract]      
Interest income $ 1,300 $ 1,300  
Nashville, Tennessee | Medical office building      
Leases [Abstract]      
Number of buildings acquired in sale leaseback transactions | building     2
Buildings acquired in sale leaseback transactions $ 73,900 $ 73,900  
v3.22.2.2
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 4,057 $ 2,969 $ 9,270 $ 7,347
Parking income        
Disaggregation of Revenue [Line Items]        
Type of Revenue 2,428 2,187 6,100 5,725
Management fee income        
Disaggregation of Revenue [Line Items]        
Type of Revenue 1,426 723 2,864 1,381
Miscellaneous        
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 203 $ 59 $ 306 $ 241
v3.22.2.2
Merger with HTA - Narrative (Details) - USD ($)
 2 Months Ended 3 Months Ended 9 Months Ended
Jul. 20, 2022
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Business Acquisition [Line Items]              
Common stock, par value (dollars per share)   $ 0.01 $ 0.01   $ 0.01   $ 0.01
Goodwill $ 145,404,000 $ 148,891,000 $ 148,891,000   $ 148,891,000   $ 3,487,000
Goodwill expected to be tax deductible $ 0            
Merger-related costs     $ 79,402,000 $ 0 92,603,000 $ 0  
Revenues contributed from Legacy HTA   157,400,000     157,400,000    
Results of operations from Legacy HTA   $ 20,600,000     $ 20,600,000    
HealthCare Realty Trust Incorporated | Common Class A              
Business Acquisition [Line Items]              
Common stock, par value (dollars per share) $ 0.01            
HealthCare Realty Trust, Inc.              
Business Acquisition [Line Items]              
Common stock, par value (dollars per share) 0.01            
Healthcare Trust Of America, Inc              
Business Acquisition [Line Items]              
Common stock, par value (dollars per share) $ 0.01            
Conversion Ratio 1.00            
Dividends declared per common share, during the period (in dollars per share) $ 4.82            
v3.22.2.2
Merger with HTA (Details)
 9 Months Ended
Jul. 20, 2022
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
shares
Dec. 31, 2021
shares
Business Acquisition [Line Items]      
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) 228,857,717 380,572,000 150,457,000
Implied shares of Legacy HR Common Stock issued (in shares) 228,520,990    
Adjusted closing price of Legacy HR Common Stock on July 20, 2022 (in dollars per share) | $ / shares $ 24.37    
Value of implied Legacy HR Common Stock issued | $ $ 5,569,057,000    
Fair value of Legacy HTA restricted stock awards attributable to pre-Merger services | $   $ 7,406,000  
Consideration transferred | $   $ 5,576,463,000  
Healthcare Trust Of America, Inc      
Business Acquisition [Line Items]      
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) 228,520,990    
Exchange ratio 1.00    
Common Stock, fractional (in shares) 192    
Healthcare Trust Of America, Inc | Restricted stock      
Business Acquisition [Line Items]      
Shares of Legacy HTA Common Stock outstanding as of July 20, 2022 as adjusted (in shares) 336,535    
Common Stock, withheld (in shares) 215,764    
v3.22.2.2
Merger with HTA - Schedule of Fair Values of the Assets Acquired And Liabilities Assumed (Details) - USD ($)
$ in Thousands
Jul. 20, 2022
Sep. 30, 2022
Dec. 31, 2021
Real estate investments      
Land $ 985,926    
Buildings and improvements 6,960,418    
Lease intangible assets 831,920    
Financing lease right-of-use assets 9,874    
Construction in progress 10,071    
Land held for development 46,538    
Total real estate investments 8,844,747    
Assets held for sale, net 707,442    
Investments in unconsolidated joint ventures 67,892    
Cash and cash equivalents 26,034    
Restricted cash 1,123,647    
Operating lease right-of-use assets 198,261    
Other assets, net 209,163    
Total assets acquired 11,177,186    
LIABILITIES      
Notes and bonds payable 3,991,300    
Accounts payable and accrued liabilities 1,227,570    
Liabilities of assets held for sale 28,677    
Operating lease liabilities 173,948    
Financing lease liabilities 10,720    
Other liabilities 203,210    
Total liabilities assumed 5,635,425    
Net identifiable assets acquired 5,541,761    
Non-controlling interest 110,702    
Goodwill $ 145,404 $ 148,891 $ 3,487
Weighted average amortization period for the acquired lease intangible assets 5 years 6 months    
Gross contractual accounts receivable $ 34,600    
Gross contractual accounts receivable, not expected to be collectible 12,300    
Gross contractual real estate notes receivable 78,700    
Gross contractual real estate notes receivable at fair value $ 74,800    
v3.22.2.2
Merger with HTA - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]        
Total revenues $ 352,744 $ 332,465 $ 1,054,809 $ 982,192
Net income $ 115,496 $ (14,930) $ 160,120 $ (79,754)
v3.22.2.2
Real Estate Investments - Acquisitions (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 12, 2022
USD ($)
ft²
Oct. 04, 2022
property
Sep. 29, 2022
USD ($)
ft²
Sep. 15, 2022
USD ($)
ft²
Aug. 30, 2022
property
Aug. 18, 2022
USD ($)
ft²
Aug. 11, 2022
USD ($)
ft²
Aug. 10, 2022
USD ($)
ft²
Aug. 09, 2022
USD ($)
ft²
Aug. 05, 2022
property
Aug. 01, 2022
USD ($)
ft²
Jun. 09, 2022
USD ($)
ft²
property
May 31, 2022
USD ($)
ft²
property
Apr. 29, 2022
USD ($)
ft²
property
Apr. 28, 2022
USD ($)
ft²
Apr. 13, 2022
USD ($)
ft²
property
Apr. 07, 2022
USD ($)
ft²
Mar. 07, 2022
USD ($)
ft²
property
Feb. 11, 2022
USD ($)
ft²
Sep. 30, 2022
USD ($)
ft²
Jun. 30, 2022
USD ($)
ft²
Mar. 31, 2022
USD ($)
ft²
Sep. 30, 2022
USD ($)
ft²
Business Acquisition [Line Items]                                              
Purchase price                                             $ 5,576,463
Total real estate acquisitions                                              
Business Acquisition [Line Items]                                              
Purchase price                                       $ 91,253 $ 163,762 $ 122,175  
Cash assumed in Merger, including restricted cash for special dividend payment                                       89,502 162,457 121,171  
Real estate                                       90,044 153,407 116,889 90,044
Other                                       $ (542) $ 9,050 $ 4,282 $ (542)
Square footage | ft²                                       242,602 359,706 184,396 242,602
Real Estate Acquisitions - Year to Date                                              
Business Acquisition [Line Items]                                              
Purchase price                                             $ 377,190
Cash assumed in Merger, including restricted cash for special dividend payment                                             373,130
Real estate                                       $ 360,340     360,340
Other                                       $ 12,790     $ 12,790
Square footage | ft²                                       786,704     786,704
Dallas, TX                                              
Business Acquisition [Line Items]                                              
Purchase price                                     $ 8,175        
Cash assumed in Merger, including restricted cash for special dividend payment                                     8,185        
Real estate                                     8,202        
Other                                     $ (17)        
Square footage | ft²                                     18,000        
Number of properties acquired | property         6                                    
Dallas, TX | Subsequent event                                              
Business Acquisition [Line Items]                                              
Number of properties acquired | property   2                                          
San Francisco, CA                                              
Business Acquisition [Line Items]                                              
Purchase price                                   $ 114,000          
Cash assumed in Merger, including restricted cash for special dividend payment                                   112,986          
Real estate                                   108,687          
Other                                   $ 4,299          
Square footage | ft²                                   166,396          
Number of properties acquired | property                                   3          
Atlanta, GA                                              
Business Acquisition [Line Items]                                              
Purchase price               $ 11,800                 $ 6,912            
Cash assumed in Merger, including restricted cash for special dividend payment               11,525                 7,054            
Real estate               12,038                 7,178            
Other               $ (513)                 $ (124)            
Square footage | ft²               43,496                 21,535            
Denver, CO                                              
Business Acquisition [Line Items]                                              
Purchase price             $ 14,800                 $ 6,320              
Cash assumed in Merger, including restricted cash for special dividend payment             13,902                 5,254              
Real estate             13,918                 5,269              
Other             $ (16)                 $ (15)              
Square footage | ft²             34,785                 12,207              
Colorado Springs, CO                                              
Business Acquisition [Line Items]                                              
Purchase price                               $ 13,680              
Cash assumed in Merger, including restricted cash for special dividend payment                               13,686              
Real estate                               13,701              
Other                               $ (15)              
Square footage | ft²                               25,800              
Number of properties acquired | property                               2              
Seattle, WA                                              
Business Acquisition [Line Items]                                              
Purchase price                     $ 4,850       $ 8,350                
Cash assumed in Merger, including restricted cash for special dividend payment                     4,806       8,334                
Real estate                     4,882       8,370                
Other                     $ (76)       $ (36)                
Square footage | ft²                     10,593       13,256                
Houston, TX                                              
Business Acquisition [Line Items]                                              
Purchase price                             $ 36,250                
Cash assumed in Merger, including restricted cash for special dividend payment                             36,299                
Real estate                             36,816                
Other                             $ (517)                
Square footage | ft²                             76,781                
Los Angeles, CA                                              
Business Acquisition [Line Items]                                              
Purchase price                           $ 35,000                  
Cash assumed in Merger, including restricted cash for special dividend payment                           35,242                  
Real estate                           25,400                  
Other                           $ 9,842                  
Square footage | ft²                           34,282                  
Number of properties acquired | property                   4       2                  
Oklahoma City, OK                                              
Business Acquisition [Line Items]                                              
Purchase price                           $ 11,100                  
Cash assumed in Merger, including restricted cash for special dividend payment                           11,259                  
Real estate                           11,334                  
Other                           $ (75)                  
Square footage | ft²                           34,944                  
Raleigh, NC                                              
Business Acquisition [Line Items]                                              
Purchase price           $ 11,375     $ 3,783       $ 27,500                    
Cash assumed in Merger, including restricted cash for special dividend payment           10,670     3,878       26,710                    
Real estate           10,547     3,932       27,127                    
Other           $ 123     $ (54)       $ (417)                    
Square footage | ft²           31,318     11,345       85,113                    
Number of properties acquired | property                         3                    
Tampa, FL                                              
Business Acquisition [Line Items]                                              
Purchase price                       $ 18,650                      
Cash assumed in Merger, including restricted cash for special dividend payment                       18,619                      
Real estate                       18,212                      
Other                       $ 407                      
Square footage | ft²                       55,788                      
Number of properties acquired | property                       2                      
Jacksonville, FL                                              
Business Acquisition [Line Items]                                              
Purchase price                 $ 18,195                            
Cash assumed in Merger, including restricted cash for special dividend payment                 18,508                            
Real estate                 18,583                            
Other                 $ (75)                            
Square footage | ft²                 34,133                            
Jacksonville, FL | Subsequent event                                              
Business Acquisition [Line Items]                                              
Purchase price $ 3,600                                            
Square footage | ft² 6,200                                            
Nashville, TN                                              
Business Acquisition [Line Items]                                              
Purchase price       $ 21,000                                      
Cash assumed in Merger, including restricted cash for special dividend payment       20,764                                      
Real estate       20,572                                      
Other       $ 192                                      
Square footage | ft²       61,932                                      
Austin, TX                                              
Business Acquisition [Line Items]                                              
Purchase price     $ 5,450                                        
Cash assumed in Merger, including restricted cash for special dividend payment     5,449                                        
Real estate     5,572                                        
Other     $ (123)                                        
Square footage | ft²     15,000                                        
v3.22.2.2
Real Estate Investments - Unconsolidated Joint Venture Acquisitions (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 05, 2022
property
Apr. 29, 2022
property
Mar. 07, 2022
USD ($)
ft²
property
Sep. 30, 2022
USD ($)
ft²
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
ft²
property
Sep. 30, 2021
USD ($)
Equity Method Investments [Roll Forward]              
Investments in unconsolidated joint ventures, beginning of period           $ 161,942  
Equity loss recognized during the period       $ (124) $ (183) (776) $ (404)
Net LLC investments at the end of the period       327,752   327,752  
San Francisco, CA              
Real Estate [Line Items]              
Number of properties acquired | property     3        
Los Angeles, CA              
Real Estate [Line Items]              
Number of properties acquired | property 4 2          
Joint venture, ownership (in percentage) 20.00%            
Medical office building | Joint Venture Acquisitions              
Real Estate [Line Items]              
PURCHASE PRICE       100,975   100,975  
Cash Consideration           99,173  
REAL ESTATE       97,569   97,569  
Other       $ 1,604   $ 1,604  
SQUARE FOOTAGE | ft²       214,124   214,124  
Medical office building | San Francisco, CA              
Real Estate [Line Items]              
Number of properties acquired | property     3        
Medical office building | San Francisco, CA | Joint Venture Acquisitions              
Real Estate [Line Items]              
PURCHASE PRICE     $ 67,175        
Cash Consideration     66,789        
REAL ESTATE     65,179        
Other     $ 1,610        
SQUARE FOOTAGE | ft²     110,865        
Joint venture ownership (percent)     50.00%        
Medical office building | Los Angeles, CA              
Real Estate [Line Items]              
Number of properties acquired | property     2        
Medical office building | Los Angeles, CA | Joint Venture Acquisitions              
Real Estate [Line Items]              
PURCHASE PRICE     $ 33,800        
Cash Consideration     32,384        
REAL ESTATE     32,390        
Other     $ (6)        
SQUARE FOOTAGE | ft²     103,259        
Joint venture ownership (percent)     50.00%        
Parking Garages              
Equity Method Investments [Roll Forward]              
Investments in unconsolidated joint ventures, beginning of period       $ 210,781 117,935 $ 161,942 73,137
New investments during the period       117,880 4,593 167,479 49,612
Equity loss recognized during the period       (124) (183) (776) (404)
Owner distributions       (785) 0 (893) 0
Net LLC investments at the end of the period       $ 327,752 $ 122,345 $ 327,752 $ 122,345
Parking Garages | Los Angeles, CA              
Real Estate [Line Items]              
Number of joint ventures | property           2  
Parking Garages | Los Angeles, CA | Limited Liability Company One              
Real Estate [Line Items]              
Joint venture, ownership (in percentage)           20.00%  
Parking Garages | Los Angeles, CA | Limited Liability Company Two              
Real Estate [Line Items]              
Joint venture, ownership (in percentage)           40.00%  
v3.22.2.2
Real Estate Investments - Dispositions (Details)
$ in Thousands
 9 Months Ended
Oct. 04, 2022
USD ($)
ft²
property
Aug. 31, 2022
USD ($)
ft²
property
Aug. 30, 2022
USD ($)
ft²
property
Aug. 05, 2022
USD ($)
ft²
property
Aug. 04, 2022
USD ($)
ft²
property
Jul. 29, 2022
USD ($)
ft²
property
Apr. 29, 2022
property
Apr. 15, 2022
USD ($)
ft²
property
Feb. 24, 2022
USD ($)
ft²
property
Sep. 30, 2022
USD ($)
ft²
Nov. 09, 2022
USD ($)
ft²
Oct. 21, 2022
USD ($)
ft²
Real Estate Dispositions                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                   $ 892,447    
CLOSING ADJUSTMENTS                   (25,949)    
NET PROCEEDS                   866,498    
NET REAL ESTATE INVESTMENT                   660,993    
Other (including receivables)                   8,228    
GAIN/(IMPAIRMENT)                   $ 197,277    
SQUARE FOOTAGE | ft²                   1,991,669    
Real Estate Dispositions | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                     $ 136,025  
SQUARE FOOTAGE | ft²                     426,238  
Loveland, CO                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                 $ 84,950      
CLOSING ADJUSTMENTS                 (45)      
NET PROCEEDS                 84,905      
NET REAL ESTATE INVESTMENT                 40,095      
Other (including receivables)                 4      
GAIN/(IMPAIRMENT)                 $ 44,806      
SQUARE FOOTAGE | ft²                 150,291      
Number of properties acquired | property                 2      
San Antonio, TX                        
Real Estate Dispositions [Line Items]                        
SALE PRICE               $ 25,500        
CLOSING ADJUSTMENTS               (2,272)        
NET PROCEEDS               23,228        
NET REAL ESTATE INVESTMENT               14,381        
Other (including receivables)               284        
GAIN/(IMPAIRMENT)               $ 8,563        
SQUARE FOOTAGE | ft²               201,523        
Number of properties acquired | property               2        
GA, FL, PA                        
Real Estate Dispositions [Line Items]                        
SALE PRICE           $ 133,100            
CLOSING ADJUSTMENTS           (8,109)            
NET PROCEEDS           124,991            
NET REAL ESTATE INVESTMENT           124,991            
Other (including receivables)           0            
GAIN/(IMPAIRMENT)           $ 0            
SQUARE FOOTAGE | ft²           316,739            
Number of properties acquired | property           4            
GA, FL, TX                        
Real Estate Dispositions [Line Items]                        
SALE PRICE         $ 160,917              
CLOSING ADJUSTMENTS         (5,893)              
NET PROCEEDS         155,024              
NET REAL ESTATE INVESTMENT         151,819              
Other (including receivables)         3,205              
GAIN/(IMPAIRMENT)         $ 0              
SQUARE FOOTAGE | ft²         343,545              
Number of properties acquired | property         6              
Los Angeles, CA                        
Real Estate Dispositions [Line Items]                        
SALE PRICE       $ 134,845                
CLOSING ADJUSTMENTS       (3,102)                
NET PROCEEDS       131,743                
NET REAL ESTATE INVESTMENT       131,332                
Other (including receivables)       411                
GAIN/(IMPAIRMENT)       $ 0                
SQUARE FOOTAGE | ft²       283,780                
Number of properties acquired | property       4     2          
Values and square feet, represented percentage (in percent)       100.00%                
Joint venture, ownership (in percentage)       20.00%                
Dallas, TX                        
Real Estate Dispositions [Line Items]                        
SALE PRICE     $ 114,290                  
CLOSING ADJUSTMENTS     (682)                  
NET PROCEEDS     113,608                  
NET REAL ESTATE INVESTMENT     113,608                  
Other (including receivables)     0                  
GAIN/(IMPAIRMENT)     $ 0                  
SQUARE FOOTAGE | ft²     189,385                  
Number of properties acquired | property     6                  
Values and square feet, represented percentage (in percent)       100.00%                
Joint venture, ownership (in percentage)       40.00%                
Dallas, TX | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE $ 104,025                      
SQUARE FOOTAGE | ft² 291,328                      
Number of properties acquired | property 2                      
Indianapolis, IN                        
Real Estate Dispositions [Line Items]                        
SALE PRICE   $ 238,845                    
CLOSING ADJUSTMENTS   (5,846)                    
NET PROCEEDS   232,999                    
NET REAL ESTATE INVESTMENT   84,767                    
Other (including receivables)   4,324                    
GAIN/(IMPAIRMENT)   $ 143,908                    
SQUARE FOOTAGE | ft²   506,406                    
Number of properties acquired | property   5                    
Number of properties acquired in the merger | property   2                    
Houston, TX | Subsequent event                        
Real Estate Dispositions [Line Items]                        
SALE PRICE                       $ 32,000
SQUARE FOOTAGE | ft²                       134,910
v3.22.2.2
Real Estate Investments - Assets Held for Sale (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
property
Long Lived Assets Held-for-sale [Line Items]    
Land $ 1,449,550 $ 387,918
Building and improvements 11,439,797 4,337,641
Personal property 11,680 11,761
Real Estate Investment Property, at Cost 14,185,279 5,104,942
Accumulated depreciation (1,468,736) (1,338,743)
Real estate assets held for sale, net 12,716,543 3,766,199
Operating lease right-of-use assets 321,365 128,386
Assets held for sale, net 185,074 57
Operating lease liabilities 268,840 96,138
Financing lease liabilities 72,378 22,551
Liabilities of assets held for sale $ 10,644 $ 294
Disposal Group, Held-for-sale, Not Discontinued Operations    
Long Lived Assets Held-for-sale [Line Items]    
Number of properties held for sale | property 6 0
Land $ 10,594 $ 0
Building and improvements 199,821 0
Lease intangibles 11,389 0
Personal property 211 0
Financing lease right-of-use assets 307 0
Real Estate Investment Property, at Cost 222,322 0
Accumulated depreciation (47,051) 0
Real estate assets held for sale, net 175,271 0
Operating lease right-of-use assets 1,193 0
Other assets, net 8,610 57
Assets held for sale, net 185,074 57
Accounts payable and accrued liabilities 3,768 169
Operating lease liabilities 864 0
Financing lease liabilities 2,427 0
Other liabilities 3,585 125
Liabilities of assets held for sale $ 10,644 $ 294
v3.22.2.2
Leases - Lease Income (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Mar. 30, 2022
USD ($)
a
Lessee, Lease, Description [Line Items]          
Rental income $ 298,931 $ 131,746 $ 578,052 $ 388,620  
Land held for development to other assets         $ 1,800
Texas | Land Held For Devlopment          
Lessee, Lease, Description [Line Items]          
Joint venture, adjacent land parcel (acres) | a         1.9
v3.22.2.2
Leases - Lessor Accounting (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Future Operating Lease Payments Receivable [Abstract]  
2022 $ 243,946
2023 937,733
2024 816,000
2025 702,251
2026 605,417
2027 and thereafter 2,242,792
Total $ 5,548,139
v3.22.2.2
Leases - Ground Leases (Details)
ft² in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
property
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
ft²
property
Sep. 30, 2021
USD ($)
Lessee, Lease, Description [Line Items]        
Number of properties subject to ground leases 243   243  
Square feet subject to ground leases | ft²     17.8  
Number of prepaid ground leases     75  
Amortization of prepaid rent | $ $ 0.5 $ 0.1 $ 0.8 $ 0.4
Number of non-prepaid ground leases 168   168  
Minimum        
Lessee, Lease, Description [Line Items]        
Ground lease, initial term 40 years   40 years  
Maximum        
Lessee, Lease, Description [Line Items]        
Ground lease, initial term 99 years   99 years  
v3.22.2.2
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
OPERATING    
2022 $ 3,665  
2023 15,606  
2024 15,193  
2025 14,715  
2026 14,735  
2027 and thereafter 894,018  
Total undiscounted lease payments 957,932  
Discount (689,092)  
Lease liabilities 268,840 $ 96,138
FINANCING    
2022 503  
2023 2,139  
2024 2,182  
2025 2,218  
2026 2,255  
2027 and thereafter 398,092  
Total undiscounted lease payments 407,389  
Discount (335,011)  
Lease liabilities $ 72,378 $ 22,551
v3.22.2.2
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating lease cost        
Operating lease expense $ 4,204 $ 1,196 $ 6,613 $ 3,555
Variable lease expense 1,061 1,016 3,123 2,883
Finance lease cost        
Amortization of right-of-use assets 381 90 884 267
Interest on lease liabilities 861 255 1,913 748
Total lease expense 6,507 2,557 12,533 7,453
Other information        
Operating cash flows outflows related to operating leases 3,847 1,424 8,443 5,855
Operating cash flows outflows related to financing leases 476 151 1,262 678
Financing cash flows outflows related to financing leases 3 6 3 162
Right-of-use assets obtained in exchange for new finance lease liabilities 198,261 1,420   1,420
Right-of-use assets obtained in exchange for new operating lease liabilities $ 9,874 $ 8,298 $ 50,463 $ 8,298
Weighted-average years remaining lease term (excluding renewal options) - operating leases 50 years 2 months 12 days 47 years 9 months 18 days 50 years 2 months 12 days 47 years 9 months 18 days
Weighted-average years remaining lease term (excluding renewal options) - finance leases 60 years 1 month 6 days 63 years 2 months 12 days 60 years 1 month 6 days 63 years 2 months 12 days
Weighted-average discount rate - operating leases 5.70% 5.60% 5.70% 5.60%
Weighted-average discount rate - finance leases 5.00% 5.40% 5.00% 5.40%
v3.22.2.2
Other Assets and Liabilities - Other Assets (Details) - USD ($)
$ in Thousands
 1 Months Ended
Oct. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Other Assets and Liabilities [Line Items]      
Above-market intangible assets, net   $ 86,410 $ 4,966
Prepaid assets   85,053 58,618
Real estate notes receivable, net   79,036 0
Straight-line rent receivables   78,038 70,784
Accounts receivable, net   36,103 14,072
Additional long-lived assets, net   21,722 20,048
Interest rate swap assets   16,136 0
Ground lease modification, net   8,170 8,511
Other receivables, net   7,258 0
Debt issuance costs, net   6,504 1,813
Project costs   4,001 5,129
Net investment in lease   1,828 0
Customer relationship intangible assets, net   1,134 1,174
Other   6,842 558
Other Assets   $ 438,235 $ 185,673
Subsequent event      
Other Assets and Liabilities [Line Items]      
Real estate transaction $ 15,000    
v3.22.2.2
Other Assets and Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued property taxes $ 86,192 $ 35,295
Accounts payable and capital expenditures 61,461 17,036
Accrued interest 24,959 12,060
Accrued income and franchise taxes 2,685 983
Retainage accrued on construction invoices 1,304 2,215
Other operating accruals 54,417 18,519
Accounts payable and accrued liabilities $ 231,018 $ 86,108
v3.22.2.2
Other Assets and Liabilities - Other Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Below-market intangible liabilities, net $ 113,118 $ 4,931
Deferred revenue 60,675 45,130
Security deposits 28,299 11,116
Interest rate swap liability 0 5,917
Other 1,306 293
Other liabilities $ 203,398 $ 67,387
v3.22.2.2
Notes and Bonds Payable (Details) - USD ($)
 9 Months Ended
Sep. 30, 2022
Jul. 20, 2022
Feb. 24, 2022
Feb. 18, 2022
Dec. 31, 2021
Debt Instrument [Line Items]          
Notes and bonds payable $ 5,570,139,000       $ 1,801,325,000
Mortgages          
Debt Instrument [Line Items]          
Effective interest rate     6.17% 4.70%  
Line of credit | $1.5 billion Unsecured Credit Facility          
Debt Instrument [Line Items]          
Notes and bonds payable $ 190,600,000       0
Effective interest rate 3.99%        
Credit facility $ 1,500,000,000        
Line of credit | $700 million Unsecured Credit Facility          
Debt Instrument [Line Items]          
Notes and bonds payable $ 0       210,000,000
Effective interest rate 0.00%        
Credit facility $ 700,000,000 $ 700,000,000      
Line of credit | Revolving Credit Facility | $1.5 billion Unsecured Credit Facility          
Debt Instrument [Line Items]          
Credit facility   $ 1,500,000,000      
Medium-term notes | $1.125 billion Asset Sale Term Loan          
Debt Instrument [Line Items]          
Notes and bonds payable $ 421,919,000       0
Effective interest rate 4.07%        
FACE VALUE $ 1,125,000,000        
Medium-term notes | $350 million Unsecured Term Loan due 2023, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 348,735,000       0
Effective interest rate 4.10%        
FACE VALUE $ 350,000,000        
Medium-term notes | $200 million Unsecured Term Loan due 2024, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 199,611,000       199,460,000
Effective interest rate 3.51%        
FACE VALUE $ 200,000,000        
Medium-term notes | $300 million Unsecured Term Loan due 2025, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 299,930,000       0
Effective interest rate 2.47%        
FACE VALUE $ 300,000,000        
Medium-term notes | $150 million Unsecured Term Loan due 2026, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 149,458,000       149,376,000
Effective interest rate 3.32%        
FACE VALUE $ 150,000,000        
Medium-term notes | $200 million Unsecured Term Loan due 2027, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 199,328,000       0
Effective interest rate 2.27%        
FACE VALUE $ 200,000,000        
Medium-term notes | $300 million Unsecured Term Loan due 2028, net of issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 297,764,000       0
Effective interest rate 3.56%        
FACE VALUE $ 300,000,000        
Senior notes | Senior Notes due 2025, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 249,025,000       249,040,000
Effective interest rate 4.12%        
Senior notes | Senior Notes due 2026, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 569,786,000       0
Effective interest rate 4.94%        
Senior notes | Senior Notes due 2027, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 478,541,000       0
Effective interest rate 4.76%        
Senior notes | Senior Notes due 2028          
Debt Instrument [Line Items]          
Notes and bonds payable $ 296,711,000       296,612,000
Effective interest rate 3.85%        
Senior notes | Senior notes due 2030, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 562,974,000       0
Effective interest rate 5.30%        
Senior notes | Senior notes due 2030, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 296,787,000       296,813,000
Effective interest rate 2.72%        
Senior notes | Senior Notes due 2031, net of discount and issuance costs          
Debt Instrument [Line Items]          
Notes and bonds payable $ 628,617,000       0
Effective interest rate 5.13%        
Senior notes | Senior Notes due 2031          
Debt Instrument [Line Items]          
Notes and bonds payable $ 295,424,000       295,374,000
Effective interest rate 2.25%        
Mortgages | Mortgage notes payable          
Debt Instrument [Line Items]          
Notes and bonds payable $ 84,929,000       $ 104,650,000
Effective interest rate 3.97%        
Settled interest rate swaps | Medium-term notes | $200 million Unsecured Term Loan due 2024, net of issuance costs          
Debt Instrument [Line Items]          
AMOUNT $ 675,000,000        
Weighted average interest rate (percent) 1.57%        
Basis spread on variable rate 105.00%        
v3.22.2.2
Notes and Bonds Payable - Narrative (Details)
Jul. 20, 2022
USD ($)
extension_option
Feb. 24, 2022
USD ($)
ft²
Feb. 18, 2022
USD ($)
ft²
Sep. 30, 2022
USD ($)
Jul. 22, 2022
Amended and Restated Credit Agreement | Revolving Credit Facility          
Debt Instrument [Line Items]          
Outstanding principal repaid $ 700,000,000        
Term Loan Facility Due May 2026          
Debt Instrument [Line Items]          
Outstanding principal repaid 200,000,000        
Term Loan Facility Due June 2026          
Debt Instrument [Line Items]          
Outstanding principal repaid 150,000,000        
Amended Term Loan Facility Due May 2026          
Debt Instrument [Line Items]          
FACE VALUE $ 200,000,000        
Number of extension options | extension_option 2        
Extension option period 1 year        
Amended Term Loan Facility Due June 2026          
Debt Instrument [Line Items]          
FACE VALUE $ 150,000,000        
Credit Facility Maturing October 2025 | Revolving Credit Facility          
Debt Instrument [Line Items]          
Number of extension options | extension_option 2        
Credit facility $ 1,500,000,000     $ 1,000,000,000  
Term Loan Facility Due October 2025          
Debt Instrument [Line Items]          
Credit facility 300,000,000        
Term Loan Facility Due January 2024 - July 20, 2027          
Debt Instrument [Line Items]          
Credit facility $ 200,000,000        
Delayed Term Loan Facility due July 20, 2023          
Debt Instrument [Line Items]          
Number of extension options | extension_option 2        
Credit facility $ 350,000,000        
Delayed credit facility, period available for draws 12 months        
Term Loan Facility Due January 20, 2028          
Debt Instrument [Line Items]          
Credit facility $ 300,000,000        
Healthcare Trust Of America, Inc          
Debt Instrument [Line Items]          
FACE VALUE       2,550,000,000  
Healthcare Trust Of America, Inc | Senior Notes due 2025          
Debt Instrument [Line Items]          
Business combination, validly tendered and accepted notes, exchange amount       $ 250,000,000  
Fixed interest rate (percent)       3.875% 3.875%
Healthcare Trust Of America, Inc | Senior Notes due 2028          
Debt Instrument [Line Items]          
Business combination, validly tendered and accepted notes, exchange amount       $ 300,000,000  
Fixed interest rate (percent)       3.625% 3.625%
Healthcare Trust Of America, Inc | Senior Notes due 2030          
Debt Instrument [Line Items]          
Business combination, validly tendered and accepted notes, exchange amount       $ 300,000,000  
Fixed interest rate (percent)       2.40% 2.40%
Healthcare Trust Of America, Inc | Senior Notes due 2031          
Debt Instrument [Line Items]          
Business combination, validly tendered and accepted notes, exchange amount       $ 300,000,000  
Fixed interest rate (percent)       2.05% 2.05%
Mortgages          
Debt Disclosure [Abstract]          
Effective interest rate   6.17% 4.70%    
Debt Instrument [Line Items]          
Effective interest rate   6.17% 4.70%    
Redemption price   $ 6,400,000 $ 12,600,000    
Outstanding principal repaid   5,800,000 11,000,000    
Make whole amount     1,600,000    
Unamortized premium   600,000 800,000    
Write off upon payoff   $ 100,000 $ 100,000    
Mortgages | Los Angeles, CA          
Debt Instrument [Line Items]          
Encumbered square footage | ft²     56,762    
Mortgages | Colorado Springs, CO          
Debt Instrument [Line Items]          
Encumbered square footage | ft²   80,153      
v3.22.2.2
Notes and Bonds Payable - Schedule of Debt Exchange Offers (Details) - Healthcare Trust Of America, Inc - USD ($)
Sep. 30, 2022
Jul. 22, 2022
Senior Notes due 2025    
Debt Instrument [Line Items]    
Tenders and Consents Received as of the Expiration Date   $ 235,016,000
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes   94.01%
Fixed interest rate (percent) 3.875% 3.875%
Senior Notes due 2028    
Debt Instrument [Line Items]    
Tenders and Consents Received as of the Expiration Date   $ 290,246,000
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes   96.75%
Fixed interest rate (percent) 3.625% 3.625%
Senior Notes due 2030    
Debt Instrument [Line Items]    
Tenders and Consents Received as of the Expiration Date   $ 297,507,000
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes   99.17%
Fixed interest rate (percent) 2.40% 2.40%
Senior Notes due 2031    
Debt Instrument [Line Items]    
Tenders and Consents Received as of the Expiration Date   $ 298,858,000
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes   99.62%
Fixed interest rate (percent) 2.05% 2.05%
v3.22.2.2
Notes and Bonds Payable - Schedule of Senior Notes Assumed with the Merger (Details) - Healthcare Trust Of America, Inc - USD ($)
 9 Months Ended
Sep. 30, 2022
Jul. 22, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
FACE VALUE $ 2,550,000,000    
Debt instrument, debt default, amount $ 2,550,000,000   $ 0
Senior Notes due 2026      
Debt Instrument [Line Items]      
Debt instrument coupon interest rate (in percentage0 350.00%    
FACE VALUE   $ 600,000,000  
Debt instrument, debt default, amount $ 600,000,000   0
Senior Notes due 2027      
Debt Instrument [Line Items]      
Debt instrument coupon interest rate (in percentage0 375.00%    
FACE VALUE   500,000,000  
Debt instrument, debt default, amount $ 500,000,000   0
Senior Notes due 2030      
Debt Instrument [Line Items]      
Debt instrument coupon interest rate (in percentage0 310.00%    
FACE VALUE   650,000,000  
Debt instrument, debt default, amount $ 650,000,000   0
Senior Notes due 2031      
Debt Instrument [Line Items]      
Debt instrument coupon interest rate (in percentage0 200.00%    
FACE VALUE   $ 800,000,000  
Debt instrument, debt default, amount $ 800,000,000   $ 0
v3.22.2.2
Derivative Financial Instruments - Cash Flow Hedges of Interest Rate Risk (Details)
$ in Thousands
Nov. 09, 2022
USD ($)
swap_agreement
Sep. 30, 2022
USD ($)
swap_agreement
Interest Rate Swaps | Cash flow hedging | Designated as hedging instrument    
Derivative [Line Items]    
Number of instruments | swap_agreement   15
AMOUNT   $ 675,000
Weighted average interest rate (percent)   1.57%
Interest Rate Swaps | Cash flow hedging | Designated as hedging instrument | Subsequent event    
Derivative [Line Items]    
Number of instruments | swap_agreement 2  
Interest Rate Swap, Expiring December 16, 2022 | Cash flow hedging | Designated as hedging instrument    
Derivative [Line Items]    
AMOUNT   $ 75,000
Weighted average interest rate (percent)   2.37%
Interest Rate Swap, Expiring January 31, 2023 | Cash flow hedging | Designated as hedging instrument    
Derivative [Line Items]    
AMOUNT   $ 300,000
Weighted average interest rate (percent)   1.42%
Interest Rate Swap, Expiring January 15, 2024 | Cash flow hedging | Designated as hedging instrument    
Derivative [Line Items]    
AMOUNT   $ 200,000
Weighted average interest rate (percent)   1.21%
Interest Rate Swap, Expiring May 1, 2026 | Cash flow hedging | Designated as hedging instrument    
Derivative [Line Items]    
AMOUNT   $ 100,000
Weighted average interest rate (percent)   2.15%
Interest Rate Swap, Expiring Through 2027 | Subsequent event    
Derivative [Line Items]    
AMOUNT $ 250,000  
v3.22.2.2
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Other assets | Designated as hedging instrument | Interest rate swaps  
Derivative [Line Items]  
Liability derivatives $ 16,136
v3.22.2.2
Derivative Financial Instruments - Effect of Cash Flow Hedging on AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Derivative [Line Items]        
Loss recognized in AOCI on derivative $ (6,083) $ (36) $ (12,905) $ (2,079)
(Gain) loss reclassified from AOCI into income (763) (1,131) (2,672) (3,340)
Interest expense        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 763 1,131 2,672 3,340
Interest rate swaps        
Derivative [Line Items]        
Loss recognized in AOCI on derivative (6,083) (36) (12,905) (2,079)
Interest rate swaps | Interest expense        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 614 982 2,226 2,894
Settled treasury hedges        
Derivative [Line Items]        
Loss recognized in AOCI on derivative 0 0 0 0
Settled treasury hedges | Interest expense        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 107 107 320 320
Settled interest rate swaps        
Derivative [Line Items]        
Loss recognized in AOCI on derivative 0 0 0 0
Settled interest rate swaps | Interest expense        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income $ 42 $ 42 $ 126 $ 126
v3.22.2.2
Derivative Financial Instruments - Derivative Instruments Designated as Cash Flow Hedges (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Derivative [Line Items]  
Derivatives in net asset position $ 16.5
Active Interest Rate Swap  
Derivative [Line Items]  
Interest rate cash flow hedge gain (loss) to be reclassified to interest expense during the next 12 months 4.8
Settled Interest Rate Swaps  
Derivative [Line Items]  
Interest rate cash flow hedge gain (loss) to be reclassified to interest expense during the next 12 months $ 0.6
v3.22.2.2
Commitments and Contingencies - Construction Activity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2024
ft²
Jun. 30, 2024
ft²
Sep. 30, 2023
ft²
Sep. 30, 2022
USD ($)
ft²
property
Other Commitments [Line Items]          
Project costs $ 5,129       $ 4,001
Number of real estate properties | property         695
Medical office building | Dallas, TX          
Other Commitments [Line Items]          
Square footage of building under redevelopment | ft²         217,114
Project costs         $ 11,100
Medical office building | Tacoma, WA          
Other Commitments [Line Items]          
Project costs         $ 10,300
Approximate square feet | ft²         23,000
Medical office building | Nashville, TN          
Other Commitments [Line Items]          
Project costs         $ 15,300
Square footage of building to be demolished | ft²         81,000
Impairment charge $ 5,000        
Medical office building | Nashville, TN | Forecast          
Other Commitments [Line Items]          
Approximate square feet | ft²       106,194  
Medical office building | Miami, FL          
Other Commitments [Line Items]          
Project costs         $ 10,600
Number of real estate properties | property         2
Medical office building | Miami, FL | Forecast          
Other Commitments [Line Items]          
Square footage of building under redevelopment | ft²     156,566    
Medical office building | Raleigh, NC | Forecast          
Other Commitments [Line Items]          
Approximate square feet | ft²   120,694      
Medical office building | Washinton, DC          
Other Commitments [Line Items]          
Square footage of building under redevelopment | ft²         259,290
Number of real estate properties | property         3
Medical office building 2 | Raleigh, NC          
Other Commitments [Line Items]          
Project costs         $ 15,300
Medical office building 2 | Washinton, DC          
Other Commitments [Line Items]          
Project costs         $ 2,000
v3.22.2.2
Stockholders' Equity - Reconciliation of Beginning and Ending Common Stock Outstanding (Details) - shares
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Reconciliation of the beginning and ending common stock outstanding    
Balance, beginning of period (in shares) 150,457,000  
Balance, end of period (in shares) 380,572,000  
Common Stock    
Reconciliation of the beginning and ending common stock outstanding    
Balance, beginning of period (in shares) 150,457,433 139,487,375
Issuance of common stock (in shares) 229,615,152 10,899,301
Nonvested share-based awards, net of withheld shares (in shares) 499,705 70,757
Balance, end of period (in shares) 380,572,290  
v3.22.2.2
Stockholders' Equity (Stock Transactions - Narrative) (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Nov. 02, 2022
$ / shares
Jan. 03, 2022
USD ($)
shares
Jan. 31, 2022
$ / shares
Sep. 30, 2022
USD ($)
property
$ / shares
shares
Jun. 30, 2022
USD ($)
property
shares
Mar. 31, 2022
USD ($)
shares
Sep. 30, 2021
$ / shares
shares
Sep. 30, 2022
USD ($)
property
$ / shares
shares
Sep. 30, 2021
$ / shares
shares
Class of Stock [Line Items]                  
Dividends paid per common share, during the period (in dollars per share) | $ / shares       $ 0.31     $ 0.3025 $ 0.93 $ 0.9075
Award vesting period               3 years  
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 33.04            
At the market equity offering program                  
Class of Stock [Line Items]                  
Percentage of restricted stock units     43.00%            
Performance conditions                  
Class of Stock [Line Items]                  
Percentage of restricted stock units     57.00%            
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 31.68            
Absolute TSR Component                  
Class of Stock [Line Items]                  
Weighted average grant date fair value (in dollars per share) | $ / shares     30.56            
Relative TSR Component                  
Class of Stock [Line Items]                  
Weighted average grant date fair value (in dollars per share) | $ / shares     $ 41.30            
Restricted stock                  
Class of Stock [Line Items]                  
Granted (in shares)       0       294,932  
Award vesting period   5 years              
Executive Incentive Program | Non-vested Stock Award                  
Class of Stock [Line Items]                  
Granted (in dollars per share) | $           $ 13,000,000      
Granted (in shares)           415,184      
Executive Incentive Program | Non-vested Stock Award | Minimum                  
Class of Stock [Line Items]                  
Award vesting period           3 years      
Executive Incentive Program | Non-vested Stock Award | Maximum                  
Class of Stock [Line Items]                  
Award vesting period           8 years      
Executive Incentive Program | Restricted stock                  
Class of Stock [Line Items]                  
Granted (in dollars per share) | $   $ 9,700,000              
Granted (in shares)   294,932              
Stock incentive plan                  
Class of Stock [Line Items]                  
Granted (in shares)       71,852     0 513,876 203,701
Stock incentive plan | Restricted stock                  
Class of Stock [Line Items]                  
Shares withheld to pay estimated withholding taxes (in shares)               8,745 51,972
Stock incentive plan | Restricted stock | Directors                  
Class of Stock [Line Items]                  
Granted (in dollars per share) | $       $ 1,800,000 $ 800,000        
Granted (in shares)       1,036          
Award vesting period         1 year        
Number of directors | property       12 8     12  
Shares issued during the period (in shares)       70,816 26,840        
Stock incentive plan | Restricted stock | Minimum | Directors                  
Class of Stock [Line Items]                  
Award vesting period       1 year          
Stock incentive plan | Restricted stock | Maximum | Directors                  
Class of Stock [Line Items]                  
Award vesting period       3 years          
Share-based Payment Arrangement                  
Class of Stock [Line Items]                  
Weighted-average incremental shares of common stock excluded from the computation (in shares)                 911,594
Options under the Employee Stock Option Plan                  
Class of Stock [Line Items]                  
Weighted-average incremental shares of common stock excluded from the computation (in shares)                 63,383
Forward Contracts                  
Class of Stock [Line Items]                  
Weighted-average incremental shares of common stock excluded from the computation (in shares)                 14,734
Subsequent event                  
Class of Stock [Line Items]                  
Dividends declared per common share, during the period (in dollars per share) | $ / shares $ 0.31                
Common Stock                  
Class of Stock [Line Items]                  
Amount remaining available for issuance under the new ATM | $       $ 750,000,000       $ 750,000,000  
v3.22.2.2
Stockholders' Equity - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Weighted average Common Shares outstanding        
Weighted average common shares outstanding (in shares) 330,788,997 145,594,127 211,740,767 143,305,737
Non-vested shares (in shares) (1,983,742) (1,776,508) (1,933,957) (1,784,544)
Weighted average common shares outstanding - basic (in shares) 328,805,255 143,817,619 209,806,810 141,521,193
Dilutive effect of forward equity shares (in shares) 0 0 0 14,036
Dilutive effect of OP Units (in shares) 3,167,668 0 1,067,493 0
Dilutive effect of employee stock purchase plan (in shares) 58,461   69,687 78,200
Weighted average common shares outstanding - diluted (in shares) 332,031,384 143,817,619 210,943,990 141,613,429
Net income (loss) $ 28,304 $ (2,066) $ 76,661 $ 45,052
Dividends paid on nonvested share-based awards (610) (537) (1,817) (1,617)
Net income (loss) applicable to common stockholders- basic 27,694 (2,603) 74,844 43,435
Net income attributable to OP units 312 0 312 0
Net income (loss) applicable to common stockholders - diluted $ 28,006 $ (2,603) $ 75,156 $ 43,435
Basic earnings per common share - net income (in dollars per share) $ 0.08 $ (0.02) $ 0.36 $ 0.31
Diluted earnings per common share- net income (in dollars per share) $ 0.08 $ (0.02) $ 0.35 $ 0.31
v3.22.2.2
Stockholders' Equity - Summary of Activity under Stock-Based Incentive Plans and Restricted Stock Unit (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Restricted stock        
Summary of the activity under the incentive plans        
Share-based awards, beginning of period (in shares) 294,932   0  
Granted (in shares) 0   294,932  
Vested (in shares) 0   0  
Share-based awards, ending of period (in shares) 294,932   294,932  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]        
Share-based awards, beginning of period, Weighted average grant date fair value   $ 0   $ 0
Granted, Weighted average grant date fair value (in dollar per share)   0   33.04
Vested, Weighted average grant date fair value (in dollar per share)   $ 0   $ 0
Stock incentive plan        
Summary of the activity under the incentive plans        
Share-based awards, beginning of period (in shares) 1,941,709 1,778,308 1,562,028 1,766,061
Granted (in shares) 71,852 0 513,876 203,701
Vested (in shares) (7,434) 0 (68,481) (191,454)
Forfeited (in shares) (4,130) (2,957) (5,426) (2,957)
Share-based awards, ending of period (in shares) 2,001,997 1,775,351 2,001,997 1,775,351
v3.22.2.2
Stockholders' Equity - Schedule of Stock Options, Valuation Assumptions (Details)
 1 Months Ended
Jan. 31, 2022
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Volatility 30.00%
Expected term 3 years
Risk-free rate 1.02%
Stock price (in dollar per share) $ 31.68
v3.22.2.2
Stockholders' Equity - Summary of Activity under Employee Stock Purchase Plan (Details) - Employee stock purchase plan - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Summary of the Employee Stock Purchase Plan activity        
Outstanding and exercisable, beginning of period (in shares) 405,534 389,414 348,514 341,647
Granted (in shares) 0 0 255,960 253,200
Exercised (in shares) (4,576) (5,323) (17,094) (24,300)
Forfeited (in shares) (37,628) (18,961) (83,417) (60,995)
Expired (in shares) 0 0 (140,633) (144,422)
Outstanding and exercisable, end of period (in shares) 363,330 365,130 363,330 365,130
v3.22.2.2
Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
CARRYING VALUE    
Derivative [Line Items]    
Notes and bonds payable $ 5,570.1 $ 1,801.3
Real estate notes receivable 79.0 0.0
FAIR VALUE    
Derivative [Line Items]    
Notes and bonds payable 5,321.0 1,797.4
Real estate notes receivable $ 79.0 $ 0.0