HEALTHCARE REALTY TRUST INC, 10-Q filed on 8/9/2022
Quarterly Report
v3.22.2
Cover - shares
 6 Months Ended
Jun. 30, 2022
Aug. 05, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 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 Common stock, $0.01 par value per share  
Trading Symbol HR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   380,549,204
Entity Central Index Key 0001360604  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Former Address    
Entity Information [Line Items]    
Entity Address, Address Line One 16435 N. Scottsdale Road  
Entity Address, Address Line Two Suite 320  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85254  
v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Real estate properties    
Land $ 456,306 $ 387,918
Buildings, improvements and lease intangibles 4,673,026 4,458,119
Personal property 11,799 11,761
Investment in financing receivable, net 118,446 186,745
Financing lease right-of-use assets 71,632 31,576
Construction in progress 16,728 3,974
Land held for development 22,952 24,849
Total real estate properties 5,370,889 5,104,942
Less accumulated depreciation and amortization (1,402,509) (1,338,743)
Total real estate properties, net 3,968,380 3,766,199
Cash and cash equivalents 34,312 13,175
Assets held for sale, net 0 57
Operating lease right-of-use assets 126,204 128,386
Investments in unconsolidated joint ventures 210,781 161,942
Other assets, net 209,200 189,160
Total assets 4,548,877 4,258,919
Liabilities    
Notes and bonds payable 2,063,755 1,801,325
Accounts payable and accrued liabilities 84,210 86,108
Liabilities of assets held for sale 0 294
Operating lease liabilities 94,748 96,138
Financing lease liabilities 62,195 22,551
Other liabilities 66,102 67,387
Total liabilities 2,371,010 2,073,803
Commitments and contingencies
Stockholders' equity    
Preferred stock, $.01 par value per share; 50,000 shares authorized; none issued and outstanding 0 0
Common stock, $.01 par value per share; 300,000 shares authorized; 151,637 and 150,457 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 1,516 1,505
Additional paid-in capital 4,002,526 3,972,917
Accumulated other comprehensive loss (1,250) (9,981)
Cumulative net income attributable to common stockholders 1,314,515 1,266,158
Cumulative dividends (3,139,440) (3,045,483)
Total stockholders' equity 2,177,867 2,185,116
Total liabilities and stockholders' equity $ 4,548,877 $ 4,258,919
v3.22.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 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) 50,000,000 50,000,000
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) 300,000,000 300,000,000
Common stock, issued (shares) 151,637,000 150,457,000
Common stock, outstanding (shares) 151,637,000 150,457,000
v3.22.2
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Rental income $ 140,632 $ 128,486 $ 279,121 $ 256,874
Interest from financing receivable, net 1,957 510 3,887 510
Other operating 2,738 2,427 5,213 4,378
Revenues 145,327 131,423 288,221 261,762
Expenses        
Property operating 57,010 51,509 114,474 103,724
General and administrative 10,540 8,545 21,576 17,044
Acquisition and pursuit costs 1,352 670 2,655 1,414
Merger-related costs 7,085 0 13,201 0
Depreciation and amortization 55,731 49,826 109,772 99,905
Expenses 131,718 110,550 261,678 222,087
Other income (expense)        
Gain on sales of real estate properties 8,496 20,970 53,280 39,860
Interest expense (15,543) (13,261) (29,204) (26,523)
Loss on extinguishment of debt 0 0 (1,429) 0
Impairment of real estate properties 0 (5,078) 25 (5,912)
Equity loss from unconsolidated joint ventures (307) (146) (652) (220)
Interest and other (expense) income, net (125) (262) (206) 238
Total other income (expense) (7,479) 2,223 21,814 7,443
Net income $ 6,130 $ 23,096 $ 48,357 $ 47,118
Basic earnings per common share (in dollars per share) $ 0.04 $ 0.16 $ 0.32 $ 0.33
Diluted earnings per common share (in dollars per share) $ 0.04 $ 0.16 $ 0.32 $ 0.33
Weighted average common shares outstanding - basic 149,675,855 141,917,213 149,321,412 140,354,167
Weighted average common shares outstanding - diluted 149,738,549 142,048,988 149,396,806 140,467,777
Revenue, Product and Service [Extensible List] Service [Member] Service [Member]    
v3.22.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net income $ 6,130 $ 23,096 $ 48,357 $ 47,118
Interest rate swaps        
Reclassification adjustments for losses included in net income (interest expense) 823 1,114 1,909 2,209
Gains (losses) arising during the period on interest rate swaps 1,663 (807) 6,822 2,043
Other comprehensive income 2,486 307 8,731 4,252
Comprehensive income 8,616 23,403 57,088 51,370
Interest Rate Swaps        
Interest rate swaps        
Gains (losses) arising during the period on interest rate swaps $ 1,663 $ (807) $ 6,822 $ 2,043
v3.22.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Cumulative Net Income
Cumulative Dividends
Beginning balance at Dec. 31, 2020 $ 1,948,376 $ 1,395 $ 3,635,341 $ (17,832) $ 1,199,499 $ (2,870,027)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net of issuance costs 179,275 59 179,216      
Common stock redemptions (1,611) (1) (1,610)      
Share-based compensation 5,647 2 5,645      
Net income 47,118       47,118  
Reclassification adjustments for losses included in net income (interest expense) 2,209     2,209    
Gains (Losses) arising during the period on interest rate swaps 2,043     2,043    
Dividends to common stockholders (in usd per share) (86,803)         (86,803)
Ending balance at Jun. 30, 2021 2,096,254 1,455 3,818,592 (13,580) 1,246,617 (2,956,830)
Beginning balance at Mar. 31, 2021 1,998,109 1,417 3,699,867 (13,887) 1,223,521 (2,912,809)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net of issuance costs 116,191 38 116,153      
Common stock redemptions (55)   (55)      
Share-based compensation 2,627   2,627      
Net income 23,096       23,096  
Reclassification adjustments for losses included in net income (interest expense) 1,114     1,114    
Gains (Losses) arising during the period on interest rate swaps (807)     (807)    
Dividends to common stockholders (in usd per share) (44,021)         (44,021)
Ending balance at Jun. 30, 2021 2,096,254 1,455 3,818,592 (13,580) 1,246,617 (2,956,830)
Beginning balance at Dec. 31, 2021 2,185,116 1,505 3,972,917 (9,981) 1,266,158 (3,045,483)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net of issuance costs 22,771 7 22,764      
Common stock redemptions (206)   (206)      
Share-based compensation 7,055 4 7,051      
Net income 48,357       48,357  
Reclassification adjustments for losses included in net income (interest expense) 1,909     1,909    
Gains (Losses) arising during the period on interest rate swaps 6,822     6,822    
Dividends to common stockholders (in usd per share) (93,957)         (93,957)
Ending balance at Jun. 30, 2022 2,177,867 1,516 4,002,526 (1,250) 1,314,515 (3,139,440)
Beginning balance at Mar. 31, 2022 2,212,882 1,516 3,999,060 (3,736) 1,308,385 (3,092,343)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net of issuance costs 110   110      
Share-based compensation 3,356   3,356      
Net income 6,130       6,130  
Reclassification adjustments for losses included in net income (interest expense) 823     823    
Gains (Losses) arising during the period on interest rate swaps 1,663     1,663    
Dividends to common stockholders (in usd per share) (47,097)         (47,097)
Ending balance at Jun. 30, 2022 $ 2,177,867 $ 1,516 $ 4,002,526 $ (1,250) $ 1,314,515 $ (3,139,440)
v3.22.2
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]        
Dividend per share to common Stockholders (in dollars per share) $ 0.31 $ 0.3025 $ 0.62 $ 0.6050
v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
OPERATING ACTIVITIES          
Net income $ 6,130 $ 23,096 $ 48,357 $ 47,118  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization     109,772 99,905  
Other amortization     2,680 1,728  
Share-based compensation     7,055 5,647  
Amortization of straight-line rent receivable (lessor)     (3,292) (3,024)  
Amortization of straight-line rent on operating leases (lessee)     756 735  
Gain on sales of real estate properties     (53,280) (39,860)  
Loss on extinguishment of debt 0 0 1,429 0  
Impairment of real estate properties     (25) 5,912  
Equity loss from unconsolidated joint ventures 307 146 652 220  
Distributions from unconsolidated joint ventures     108 0  
Non-cash interest from financing receivable     (388) 0  
Changes in operating assets and liabilities:          
Other assets, including right-of-use-assets     540 (4,746)  
Accounts payable and accrued liabilities     (3,166) (10,418)  
Other liabilities     2,923 2,412  
Net cash provided by operating activities     114,121 105,629  
INVESTING ACTIVITIES          
Acquisitions of real estate     (287,004) (100,121)  
Development of real estate     (7,475) (1,415)  
Additional long-lived assets     (45,631) (41,839)  
Investments in unconsolidated joint ventures     (49,599) (45,018)  
Investment in financing receivable     498    
Investment in financing receivable       (104,648)  
Proceeds from sales of real estate properties     108,044 90,144  
Net cash used in investing activities     (281,167) (202,897)  
FINANCING ACTIVITIES          
Net borrowings on unsecured credit facility     280,500 13,000  
Repayments of notes and bonds payable     (18,224) (1,925)  
Redemption of notes and bonds payable     (2,184) 0  
Dividends paid     (93,774) (86,803)  
Net proceeds from issuance of common stock     22,768 179,381  
Common stock redemptions     (852) (2,014)  
Debt issuance and assumption costs     0 (252)  
Payments made on finance leases     (51) (683)  
Net cash provided by financing activities     188,183 100,704  
Increase in cash and cash equivalents     21,137 3,436  
Cash and cash equivalents at beginning of period     13,175 15,303 $ 15,303
Cash and cash equivalents at end of period $ 34,312 $ 18,739 34,312 18,739 $ 13,175
Supplemental Cash Flow Information          
Interest paid     26,641 24,659  
Invoices accrued for construction, tenant improvements and other capitalized costs     18,874 19,506  
Capitalized interest     $ 145 $ 154  
v3.22.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 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. References to the Company in these Notes to the Condensed Consolidated Financial Statements are to Legacy HR as the "accounting acquiror" in the Merger defined and described in more detail in Note 9 to these Condensed Consolidated Financial Statements. As of June 30, 2022, the Company had gross investments of approximately $5.4 billion in 255 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 255 real estate properties are located in 23 states and total approximately 17.2 million square feet. The Company provided leasing and property management services to approximately 15.4 million square feet nationwide. The Company owns 50% of an unconsolidated joint venture with Teachers Insurance and Annuity Association (the "TIAA Joint Venture") and earns certain fees as the managing member. As of June 30, 2022, the TIAA Joint Venture owned 21 real estate properties. See Note 2 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
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, 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 9 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 June 30, 2022, the accounts of the Company, its wholly owned subsidiaries, and joint ventures and partnerships where the Company controls the operating activities. 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.
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. For any entity in which the Company owns
less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements.
As of June 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 2 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.
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.
Income from Lease Financing Receivables
The Company recognizes the related income from the financing receivable 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.
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
June 30,		SIX MONTHS ENDED
June 30,
in thousands2022202120222021
Type of Revenue
Parking income$1,919 $1,880 $3,672 $3,538 
Management fee income 1
783 419 1,438 658 
Miscellaneous36 128 103 182 
$2,738 $2,427 $5,213 $4,378 
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-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
Real Estate Investments
 6 Months Ended
Jun. 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 six months ended June 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 
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 
Total real estate acquisitions$285,937 $283,628 $270,296 $13,332 544,102 
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 June 30, 2022 and unrelated to the Merger, the Company acquired the following property:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICESQUARE FOOTAGE
Seattle, WA8/1/22$4,850 10,593 
2022 TIAA Joint Venture Acquisitions
The TIAA Joint Venture is not consolidated for purposes of the Company's Condensed Consolidated Financial Statements. The following table details the TIAA Joint Venture acquisitions for the six months ended June 30, 2022:
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 real estate 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 six months ended June 30, 2022 and 2021 related to its joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2022202120222021
Investments in unconsolidated joint ventures, beginning of period 1
$211,195 $83,943 $161,942 $73,137 
New investments during the period— 34,138 49,599 45,018 
Equity loss recognized during the period 1
(307)(146)(652)(220)
Owner Distributions(107)— (108)— 
Investments in unconsolidated joint ventures, end of period 1
$210,781 $117,935 $210,781 $117,935 
1In addition to the TIAA Joint Venture, the Company also has a 55% and 27% ownership interest, respectively, in two limited liability companies that each own a parking garage in Atlanta, Georgia.

2022 Real Estate Asset Dispositions
The following table details the Company's dispositions for the six months ended June 30, 2022:
Dollars in millionsDATE 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 
Total dispositions$110,450 $(2,317)$108,133 $54,476 $288 $53,369 351,814 
1Includes straight-line rent receivables, leasing commissions and lease inducements.
2Includes two properties.
Assets Held for Sale
The Company did not have any properties classified as assets held for sale as of June 30, 2022 and December 31, 2021. The table below reflects the assets and liabilities of the properties classified as held for sale as of June 30, 2022 and December 31, 2021:
Dollars in thousandsJune 30, 2022December 31, 2021
Other assets, net$— $57 
Assets held for sale, net$— $57 
Accounts payable and accrued liabilities$— $169 
Other liabilities— 125 
Liabilities of assets held for sale$— $294 
v3.22.2
Leases
 6 Months Ended
Jun. 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 six months ended June 30, 2022 was $140.6 million and $279.1 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 June 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$214,083 
2023398,689 
2024326,597 
2025269,308 
2026217,068 
2027 and thereafter566,038 
$1,991,783 
Lessee Accounting
As of June 30, 2022, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of June 30, 2022, the Company had 108 properties totaling 8.9 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 41 prepaid ground leases as of June 30, 2022. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.1
million and $0.2 million of the Company’s rental expense for the three months ended June 30, 2022 and 2021, respectively, and $0.3 million for the six months ended June 30, 2022 and 2021, respectively.
The Company’s future lease payments (primarily for its 67 non-prepaid ground leases) as of June 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$2,118 $735 
20235,071 1,654 
20245,130 1,692 
20255,174 1,723 
20265,201 1,749 
2027 and thereafter306,956 368,730 
Total undiscounted lease payments329,650 376,283 
Discount(234,902)(314,088)
Lease liabilities$94,748 $62,195 
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2022 and 2021:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$1,194 $1,182 $2,409 $2,360 
Variable lease expense1,038 972 2,062 1,868 
Finance lease cost
Amortization of right-of-use assets331 88 503 176 
Interest on lease liabilities765 247 1,052 493 
Total lease expense$3,328 $2,489 $6,026 $4,897 
Other information
Operating cash flows outflows related to operating leases$1,799$2,587 $4,596 $4,431 
Operating cash flows outflows related to financing leases$509$— $767 $— 
Financing cash flows outflows related to financing leases$—$321 $51 $683 
Right-of-use assets obtained in exchange for new finance lease liabilities$—$— $40,589 $— 
Weighted-average remaining lease term (excluding renewal options) - operating leases47.448.1
Weighted-average remaining lease term (excluding renewal options) - finance leases61.764.5
Weighted-average discount rate - operating leases5.6 %5.7 %
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 six months ended June 30, 2022 was $140.6 million and $279.1 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 June 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$214,083 
2023398,689 
2024326,597 
2025269,308 
2026217,068 
2027 and thereafter566,038 
$1,991,783 
Lessee Accounting
As of June 30, 2022, the Company was obligated, as the lessee, under operating lease agreements consisting primarily of the Company’s ground leases. As of June 30, 2022, the Company had 108 properties totaling 8.9 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 41 prepaid ground leases as of June 30, 2022. The amortization of the prepaid rent, included in the operating lease right-of-use asset, represented approximately $0.1
million and $0.2 million of the Company’s rental expense for the three months ended June 30, 2022 and 2021, respectively, and $0.3 million for the six months ended June 30, 2022 and 2021, respectively.
The Company’s future lease payments (primarily for its 67 non-prepaid ground leases) as of June 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$2,118 $735 
20235,071 1,654 
20245,130 1,692 
20255,174 1,723 
20265,201 1,749 
2027 and thereafter306,956 368,730 
Total undiscounted lease payments329,650 376,283 
Discount(234,902)(314,088)
Lease liabilities$94,748 $62,195 
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2022 and 2021:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$1,194 $1,182 $2,409 $2,360 
Variable lease expense1,038 972 2,062 1,868 
Finance lease cost
Amortization of right-of-use assets331 88 503 176 
Interest on lease liabilities765 247 1,052 493 
Total lease expense$3,328 $2,489 $6,026 $4,897 
Other information
Operating cash flows outflows related to operating leases$1,799$2,587 $4,596 $4,431 
Operating cash flows outflows related to financing leases$509$— $767 $— 
Financing cash flows outflows related to financing leases$—$321 $51 $683 
Right-of-use assets obtained in exchange for new finance lease liabilities$—$— $40,589 $— 
Weighted-average remaining lease term (excluding renewal options) - operating leases47.448.1
Weighted-average remaining lease term (excluding renewal options) - finance leases61.764.5
Weighted-average discount rate - operating leases5.6 %5.7 %
Weighted-average discount rate - finance leases5.0 %5.4 %
v3.22.2
Notes and Bonds Payable
 6 Months Ended
Jun. 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 June 30, 2022 and 2021. 
 MATURITY DATESBALANCE AS OFEFFECTIVE INTEREST RATE
as of 6/30/2022
Dollars in thousands6/30/202212/31/2021
$700 million Unsecured Credit Facility
5/23$490,500 $210,000 2.69 %
$200 million Unsecured Term Loan due 2024, net of issuance costs 1
5/24199,572 199,460 2.55 %
$150 million Unsecured Term Loan due 2026, net of issuance costs 2
6/26149,447 149,376 2.79 %
Senior Notes due 2025, net of discount and issuance costs 3
5/25249,176 249,040 4.08 %
Senior Notes due 2028, net of discount and issuance costs1/28296,864 296,612 3.84 %
Senior Notes due 2030, net of discount and issuance costs 4
3/30296,989 296,813 2.71 %
Senior Notes due 2031, net of discount and issuance costs 3/31295,601 295,374 2.24 %
Mortgage notes payable, net of discounts and issuance costs and including premiums8/23-12/2685,606 104,650 3.97 %
$2,063,755 $1,801,325 
1The effective interest rate includes the impact of interest rate swaps on $75.0 million at a weighted average rate of 2.37% (plus the applicable margin rate, currently 100 basis points).
2The effective interest rate includes the impact of interest rate swaps on $100.0 million at a weighted average rate of 2.23% (plus the applicable margin rate, currently 95 basis points).
3The effective interest rate includes the impact of the $1.7 million settlement of forward-starting interest rate swaps that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.
4The effective interest rate includes the impact of the $4.3 million settlement of forward interest rate hedges that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.

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.
v3.22.2
Derivative Financial Instruments
 6 Months Ended
Jun. 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 June 30, 2022, the Company had eight outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
DERIVATIVE INSTRUMENTNUMBER OF INSTRUMENTSNOTIONAL AMOUNT
in millions
Interest rate swaps8 $175.0

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 June 30, 2022.
BALANCE AT JUNE 30, 2022
In thousandsBALANCE SHEET LOCATIONFAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps 2017, 2018, and 2019Other assets$2,516 
Tabular Disclosure of the Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss)
The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2022 and 2021 related to the Company's outstanding interest rate swaps.
(GAIN) LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended June 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended June 30,
In thousands2022202120222021
Interest rate swaps$(1,663)$807 Interest expense$674 $965 
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense42 42 
 $(1,663)$807 Total interest expense$823 $1,114 

GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
six months ended June 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
six months ended June 30,
In thousands2022202120222021
Interest rate swaps$(6,822)$(2,043)Interest expense$1,612 $1,912 
Settled treasury hedges— — Interest expense213 213 
Settled interest rate swaps— — Interest expense84 84 
 $(6,822)$(2,043)Total interest expense$1,909 $2,209 
The Company estimates that $1.0 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 June 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 $2.4 million. As of June 30, 2022, the Company has not posted any collateral related to these agreements and was not in breach of any agreement.
v3.22.2
Commitments and Contingencies
 6 Months Ended
Jun. 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.
Redevelopment Activity
During the second quarter of 2022, the Company continued the redevelopment of a 217,114 square foot medical office building in Dallas, Texas. As of June 30, 2022, the Company had funded approximately $10.2 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 second quarter of 2022, the Company continued the redevelopment of a medical office building in Tacoma, Washington. As of June 30, 2022, the Company had funded approximately $9.5 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.
During the second quarter of 2022, the Company continued the development of a medical office building in Nashville, Tennessee. The Company began construction of a 106,194 square foot medical office building with the initial tenant lease expected to commence in the third quarter of 2023. As of June 30, 2022, the Company had funded approximately $7.4 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.
During the second quarter of 2022, the Company continued redevelopment projects related to the following:
•Two medical office buildings totaling 158,338 square feet in Washington, DC. The Company has approved a leasing plan with a capital outlay that is expected to be completed in the first quarter of 2024. As of June 30, 2022, the Company has funded $0.1 million in project costs.
•A medical office building totaling 145,365 square feet in Dallas, Texas. The Company has approved a capital and leasing plan that is expected to be completed in the first quarter of 2024. As of June 30, 2022, the Company has funded $0.6 million in project costs.
•A medical office building totaling 93,992 square feet in Denver, Colorado that is expected to be a part of a larger redevelopment plan that was initiated in the first quarter of 2022.
v3.22.2
Stockholders' Equity
 6 Months Ended
Jun. 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 six months ended June 30, 2022 and the twelve months ended December 31, 2021:
SIX MONTHS ENDED JUNE 30, 2022TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period150,457,433 139,487,375 
Issuance of common stock745,483 10,899,301 
Non-vested share-based awards, net of withheld shares 434,001 70,757 
Balance, end of period151,636,917 150,457,433 
At-The-Market Equity Offering Program
On August 6, 2021 and November 5, 2021, the Company entered into equity distribution agreements with 12 investment banks to allow for issuance and sale under its at-the-market equity offering program of up to an aggregate of $750.0 million of common stock. These agreements are no longer in effect following the closing of the Merger on July 20, 2022. The following table details the Company's forward at-the-market activity:
WEIGHTED AVERAGE SALE PRICE
per share		FORWARD SHARE CONTRACTSSHARES SETTLEDSHARES REMAINING TO BE SETTLEDNET PROCEEDS
in millions
Balance at December 31, 2021
$— — — 727,400 $— 
1Q 2022
$31.73 — 727,400 — $22.3 
2Q 2022
$— — — — $— 
Common Stock Dividends
During the six months ended June 30, 2022, the Company declared and paid common stock dividends totaling $0.62 per share. On July 1, 2022, the Company declared a prorated quarterly common stock dividend in the amount of $0.2010 per share payable on July 19, 2022 to stockholders of record on July 14, 2022. The remaining quarterly common stock dividend portion of $0.1090 per share was declared August 2, 2022 and is payable on August 30, 2022 to stockholders of record on August 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 six months ended June 30, 2022, the Company did not enter into any forward sale agreements to sell shares of common stock through the Company's at-the market equity offering program.
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2022202120222021
Weighted average common shares outstanding
Weighted average common shares outstanding151,620,897 143,700,491 151,230,064 142,142,577 
Non-vested shares(1,945,042)(1,783,278)(1,908,652)(1,788,410)
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Dilutive effect of forward equity shares— 61,064 — 27,896 
Dilutive effect of employee stock purchase plan62,694 70,711 75,394 85,714 
Weighted average common shares outstanding - diluted149,738,549 142,048,988 149,396,806 140,467,777 
Net Income$6,130 $23,096 $48,357 $47,118 
Dividends paid on nonvested share-based awards(601)(539)(1,207)(1,080)
Net income applicable to common stockholders$5,529 $22,557 $47,150 $46,038 
Basic earnings per common share - net income$0.04 $0.16 $0.32 $0.33 
Diluted earnings per common share - net income$0.04 $0.16 $0.32 $0.33 

Incentive Plans
Restricted Common Shares
During the six months ended June 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 its eight 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.
A summary of the activity under the Company's share-based incentive plans for the three and six months ended June 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2022202120222021
Share-based awards, beginning of period1,951,551 1,786,371 1,562,028 1,766,061 
Granted26,840 37,978 442,024 203,701 
Vested(36,682)(46,041)(61,047)(191,454)
Forfeited— — (1,296)— 
Share-based awards, end of period1,941,709 1,778,308 1,941,709 1,778,308 

During the six months ended June 30, 2022 and 2021, the Company withheld 6,727 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 restricted stock units to its named executive officers and certain other members of senior management and 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 in years3 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 six months ended June 30, 2022:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 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 June 30, 2022294,932 — 294,932 
Employee Stock Purchase Plan
In addition to the share-based incentive plans, the Company maintains the Employee Stock Purchase Plan. A summary of the activity under the Purchase Plan for the three and six months ended June 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2022202120222021
Outstanding and exercisable, beginning of period427,802 415,299 348,514 341,647 
Granted— — 255,960 253,200 
Exercised(1,965)(3,012)(12,518)(18,977)
Forfeited(20,303)(22,873)(45,789)(42,034)
Expired— — (140,633)(144,422)
Outstanding and exercisable, end of period405,534 389,414 405,534 389,414 
v3.22.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 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.
•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 at June 30, 2022 and December 31, 2021.
 June 30, 2022December 31, 2021
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1
$2,063.8 $1,955.6 $1,801.3 $1,797.4 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
v3.22.2
Subsequent Events
 6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events    On July 20, 2022, pursuant to that certain 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” or the "Company"), 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”). Pursuant to the Merger Agreement, on the Closing Date, 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”). 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 the UPREIT reorganization (the “Combined Company”) and to provide a platform for the Combined Company to more efficiently acquire properties in a tax-deferred manner. 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”.
Executive Officers and Directors
The executive officers of the Company immediately preceding the Merger serve as the executive officers of the Combined Company. The board of directors of the Combined Company is comprised of all nine directors from the Company's board and four directors from HTA’s board.
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 %
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 restructures the parties’ existing bank facilities and adds additional borrowing capacities for the Combined 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. 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 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.
Special Dividend
On May 13, 2022, Legacy HTA entered into a new $1.125 billion term loan agreement to fund the special dividend pursuant to the terms of the Merger Agreement. Prior to the Merger, Legacy HTA drew against the term loan to fund the special dividend of $4.82 that was declared on July 6, 2022 for shareholders of record on July 19, 2022. The special dividend was paid to all Legacy HTA shareholders on July 27, 2022. The Company plans to repay the term loan with proceeds from asset sales and joint ventures. As of the date of this report, the Company has closed on $433 million in joint ventures and asset sales. The remainder is expected to close in the third quarter of 2022.
v3.22.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 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. References to the Company in these Notes to the Condensed Consolidated Financial Statements are to Legacy HR as the "accounting acquiror" in the Merger defined and described in more detail in Note 9 to these Condensed Consolidated Financial Statements. As of June 30, 2022, the Company had gross investments of approximately $5.4 billion in 255 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 255 real estate properties are located in 23 states and total approximately 17.2 million square feet. The Company provided leasing and property management services to approximately 15.4 million square feet nationwide. The Company owns 50% of an unconsolidated joint venture with Teachers Insurance and Annuity Association (the "TIAA Joint Venture") and earns certain fees as the managing member. As of June 30, 2022, the TIAA Joint Venture owned 21 real estate properties. See Note 2 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
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, 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 9 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 June 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.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. For any entity in which the Company owns less than 100% of the equity interest, the Company consolidates the entity if it has the direct or indirect ability to control the entities’ activities based upon the terms of the respective entities’ ownership agreements. As of June 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.
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.
Income from Lease Financing Receivables
The Company recognizes the related income from the financing receivable 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.
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-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
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Disaggregation of revenue Below is a detail of the amounts by category:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
in thousands2022202120222021
Type of Revenue
Parking income$1,919 $1,880 $3,672 $3,538 
Management fee income 1
783 419 1,438 658 
Miscellaneous36 128 103 182 
$2,738 $2,427 $5,213 $4,378 
1 Includes the recovery of certain expenses under the financing receivable as outlined in the management agreement.
v3.22.2
Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Summary of Acquisitions
The following table details the Company's acquisitions for the six months ended June 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 
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 
Total real estate acquisitions$285,937 $283,628 $270,296 $13,332 544,102 
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 June 30, 2022 and unrelated to the Merger, the Company acquired the following property:
Dollars in thousandsDATE ACQUIREDPURCHASE PRICESQUARE FOOTAGE
Seattle, WA8/1/22$4,850 10,593 
Schedule of joint venture transactions The following table details the TIAA Joint Venture acquisitions for the six months ended June 30, 2022:
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 real estate 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 six months ended June 30, 2022 and 2021 related to its joint ventures accounted for under the equity method are shown in the table below:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2022202120222021
Investments in unconsolidated joint ventures, beginning of period 1
$211,195 $83,943 $161,942 $73,137 
New investments during the period— 34,138 49,599 45,018 
Equity loss recognized during the period 1
(307)(146)(652)(220)
Owner Distributions(107)— (108)— 
Investments in unconsolidated joint ventures, end of period 1
$210,781 $117,935 $210,781 $117,935 
1In addition to the TIAA Joint Venture, the Company also has a 55% and 27% ownership interest, respectively, in two limited liability companies that each own a parking garage in Atlanta, Georgia.
Real estate dispositions
The following table details the Company's dispositions for the six months ended June 30, 2022:
Dollars in millionsDATE 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 
Total dispositions$110,450 $(2,317)$108,133 $54,476 $288 $53,369 351,814 
1Includes straight-line rent receivables, leasing commissions and lease inducements.
2Includes two properties.
Schedule of assets and liabilities held for sale The table below reflects the assets and liabilities of the properties classified as held for sale as of June 30, 2022 and December 31, 2021:
Dollars in thousandsJune 30, 2022December 31, 2021
Other assets, net$— $57 
Assets held for sale, net$— $57 
Accounts payable and accrued liabilities$— $169 
Other liabilities— 125 
Liabilities of assets held for sale$— $294 
v3.22.2
Leases (Tables)
 6 Months Ended
Jun. 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 June 30, 2022 were as follows:
Dollars in thousandsOPERATING
2022$214,083 
2023398,689 
2024326,597 
2025269,308 
2026217,068 
2027 and thereafter566,038 
$1,991,783 
Future Minimum Operating Lease Payments
The Company’s future lease payments (primarily for its 67 non-prepaid ground leases) as of June 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$2,118 $735 
20235,071 1,654 
20245,130 1,692 
20255,174 1,723 
20265,201 1,749 
2027 and thereafter306,956 368,730 
Total undiscounted lease payments329,650 376,283 
Discount(234,902)(314,088)
Lease liabilities$94,748 $62,195 
Future Minimum Financing Lease Payments
The Company’s future lease payments (primarily for its 67 non-prepaid ground leases) as of June 30, 2022 were as follows:
Dollars in thousandsOPERATINGFINANCING
2022$2,118 $735 
20235,071 1,654 
20245,130 1,692 
20255,174 1,723 
20265,201 1,749 
2027 and thereafter306,956 368,730 
Total undiscounted lease payments329,650 376,283 
Discount(234,902)(314,088)
Lease liabilities$94,748 $62,195 
Lease Cost
The following table provides details of the Company's total lease expense for the three and six months ended June 30, 2022 and 2021:
THREE MONTHS ENDED
June 30,		SIX MONTHS ENDED
June 30,
Dollars in thousands2022202120222021
Operating lease cost
Operating lease expense$1,194 $1,182 $2,409 $2,360 
Variable lease expense1,038 972 2,062 1,868 
Finance lease cost
Amortization of right-of-use assets331 88 503 176 
Interest on lease liabilities765 247 1,052 493 
Total lease expense$3,328 $2,489 $6,026 $4,897 
Other information
Operating cash flows outflows related to operating leases$1,799$2,587 $4,596 $4,431 
Operating cash flows outflows related to financing leases$509$— $767 $— 
Financing cash flows outflows related to financing leases$—$321 $51 $683 
Right-of-use assets obtained in exchange for new finance lease liabilities$—$— $40,589 $— 
Weighted-average remaining lease term (excluding renewal options) - operating leases47.448.1
Weighted-average remaining lease term (excluding renewal options) - finance leases61.764.5
Weighted-average discount rate - operating leases5.6 %5.7 %
Weighted-average discount rate - finance leases5.0 %5.4 %
v3.22.2
Notes and Bonds Payable (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt
The table below details the Company’s notes and bonds payable as of June 30, 2022 and 2021. 
 MATURITY DATESBALANCE AS OFEFFECTIVE INTEREST RATE
as of 6/30/2022
Dollars in thousands6/30/202212/31/2021
$700 million Unsecured Credit Facility
5/23$490,500 $210,000 2.69 %
$200 million Unsecured Term Loan due 2024, net of issuance costs 1
5/24199,572 199,460 2.55 %
$150 million Unsecured Term Loan due 2026, net of issuance costs 2
6/26149,447 149,376 2.79 %
Senior Notes due 2025, net of discount and issuance costs 3
5/25249,176 249,040 4.08 %
Senior Notes due 2028, net of discount and issuance costs1/28296,864 296,612 3.84 %
Senior Notes due 2030, net of discount and issuance costs 4
3/30296,989 296,813 2.71 %
Senior Notes due 2031, net of discount and issuance costs 3/31295,601 295,374 2.24 %
Mortgage notes payable, net of discounts and issuance costs and including premiums8/23-12/2685,606 104,650 3.97 %
$2,063,755 $1,801,325 
1The effective interest rate includes the impact of interest rate swaps on $75.0 million at a weighted average rate of 2.37% (plus the applicable margin rate, currently 100 basis points).
2The effective interest rate includes the impact of interest rate swaps on $100.0 million at a weighted average rate of 2.23% (plus the applicable margin rate, currently 95 basis points).
3The effective interest rate includes the impact of the $1.7 million settlement of forward-starting interest rate swaps that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.
4The effective interest rate includes the impact of the $4.3 million settlement of forward interest rate hedges that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.
v3.22.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
As of June 30, 2022, the Company had eight outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
DERIVATIVE INSTRUMENTNUMBER OF INSTRUMENTSNOTIONAL AMOUNT
in millions
Interest rate swaps8 $175.0
The table below presents the effect of cash flow hedge accounting on AOCI during the three and six months ended June 30, 2022 and 2021 related to the Company's outstanding interest rate swaps.
(GAIN) LOSS RECOGNIZED IN
AOCI ON DERIVATIVE
three months ended June 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
three months ended June 30,
In thousands2022202120222021
Interest rate swaps$(1,663)$807 Interest expense$674 $965 
Settled treasury hedges— — Interest expense107 107 
Settled interest rate swaps— — Interest expense42 42 
 $(1,663)$807 Total interest expense$823 $1,114 

GAIN RECOGNIZED IN
AOCI ON DERIVATIVE
six months ended June 30,		LOSS RECLASSIFIED FROM
AOCI INTO INCOME
six months ended June 30,
In thousands2022202120222021
Interest rate swaps$(6,822)$(2,043)Interest expense$1,612 $1,912 
Settled treasury hedges— — Interest expense213 213 
Settled interest rate swaps— — Interest expense84 84 
 $(6,822)$(2,043)Total interest expense$1,909 $2,209 
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 June 30, 2022.
BALANCE AT JUNE 30, 2022
In thousandsBALANCE SHEET LOCATIONFAIR VALUE
Derivatives designated as hedging instruments
Interest rate swaps 2017, 2018, and 2019Other assets$2,516 
v3.22.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 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 six months ended June 30, 2022 and the twelve months ended December 31, 2021:
SIX MONTHS ENDED JUNE 30, 2022TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period150,457,433 139,487,375 
Issuance of common stock745,483 10,899,301 
Non-vested share-based awards, net of withheld shares 434,001 70,757 
Balance, end of period151,636,917 150,457,433 
At-the-market activity The following table details the Company's forward at-the-market activity:
WEIGHTED AVERAGE SALE PRICE
per share		FORWARD SHARE CONTRACTSSHARES SETTLEDSHARES REMAINING TO BE SETTLEDNET PROCEEDS
in millions
Balance at December 31, 2021
$— — — 727,400 $— 
1Q 2022
$31.73 — 727,400 — $22.3 
2Q 2022
$— — — — $— 
Earnings (loss) per share
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2022202120222021
Weighted average common shares outstanding
Weighted average common shares outstanding151,620,897 143,700,491 151,230,064 142,142,577 
Non-vested shares(1,945,042)(1,783,278)(1,908,652)(1,788,410)
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Dilutive effect of forward equity shares— 61,064 — 27,896 
Dilutive effect of employee stock purchase plan62,694 70,711 75,394 85,714 
Weighted average common shares outstanding - diluted149,738,549 142,048,988 149,396,806 140,467,777 
Net Income$6,130 $23,096 $48,357 $47,118 
Dividends paid on nonvested share-based awards(601)(539)(1,207)(1,080)
Net income applicable to common stockholders$5,529 $22,557 $47,150 $46,038 
Basic earnings per common share - net income$0.04 $0.16 $0.32 $0.33 
Diluted earnings per common share - net income$0.04 $0.16 $0.32 $0.33 
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 six months ended June 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2022202120222021
Share-based awards, beginning of period1,951,551 1,786,371 1,562,028 1,766,061 
Granted26,840 37,978 442,024 203,701 
Vested(36,682)(46,041)(61,047)(191,454)
Forfeited— — (1,296)— 
Share-based awards, end of period1,941,709 1,778,308 1,941,709 1,778,308 
The following is a summary of the RSU activity during the three and six months ended June 30, 2022:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 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 June 30, 2022294,932 — 294,932 
Schedule of stock options, valuation assumptions
THREE MONTHS ENDED MARCH 31,
Volatility30.0 %
Dividend assumptionAccrued
Expected term in years3 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 Purchase Plan for the three and six months ended June 30, 2022 and 2021 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2022202120222021
Outstanding and exercisable, beginning of period427,802 415,299 348,514 341,647 
Granted— — 255,960 253,200 
Exercised(1,965)(3,012)(12,518)(18,977)
Forfeited(20,303)(22,873)(45,789)(42,034)
Expired— — (140,633)(144,422)
Outstanding and exercisable, end of period405,534 389,414 405,534 389,414 
v3.22.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair value and carrying values for notes and bonds payable, mortgage notes receivable, and notes receivable
The table below details the fair values and carrying values for notes and bonds payable at June 30, 2022 and December 31, 2021.
 June 30, 2022December 31, 2021
Dollars in millionsCARRYING VALUEFAIR VALUECARRYING VALUEFAIR VALUE
Notes and bonds payable 1
$2,063.8 $1,955.6 $1,801.3 $1,797.4 
1Level 2 – model-derived valuations in which significant inputs and significant value drivers are observable in active markets.
v3.22.2
Subsequent Events (Tables)
 6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
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 %
v3.22.2
Summary of Significant Accounting Policies (Details)
ft² in Millions, $ in Millions
Jun. 30, 2022
USD ($)
ft²
property
building
state
Dec. 31, 2021
building
Business Overview:    
Gross investment amount, total | $ $ 5,400.0  
Number of real estate properties | property 255  
Number of states that the company owns real estate in, whole units | state 23  
Approximate square feet invested in by company | ft² 17.2  
Approximate square feet for which Nationwide property management services provided by company | ft² 15.4  
Joint venture ownership (percent) 50.00%  
Number of buildings owned by joint venture with TIAA | building 21  
Equity ownership for consolidation (percent) 100.00%  
Nashville, Tennessee | Medical office building    
Leases [Abstract]    
Number of buildings acquired in sale leaseback transactions | building   2
Buildings acquired in sale leaseback transactions | $ $ 73.9  
v3.22.2
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 2,738 $ 2,427 $ 5,213 $ 4,378
Parking income        
Disaggregation of Revenue [Line Items]        
Type of Revenue 1,919 1,880 3,672 3,538
Management fee income        
Disaggregation of Revenue [Line Items]        
Type of Revenue 783 419 1,438 658
Miscellaneous        
Disaggregation of Revenue [Line Items]        
Type of Revenue $ 36 $ 128 $ 103 $ 182
v3.22.2
Real Estate Investments - Acquisitions (Details)
$ in Thousands
 6 Months Ended
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 ($)
ft²
Jun. 30, 2022
USD ($)
ft²
Total real estate acquisitions                    
Business Acquisition [Line Items]                    
Purchase price                   $ 285,937
Cash consideration                   283,628
Real estate                   270,296
Other                   $ 13,332
Square footage | ft²                   544,102
Dallas, TX                    
Business Acquisition [Line Items]                    
Purchase price                 $ 8,175  
Cash consideration                 8,185  
Real estate                 8,202  
Other                 $ (17)  
Square footage | ft²                 18,000  
San Francisco, CA                    
Business Acquisition [Line Items]                    
Purchase price               $ 114,000    
Cash consideration               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             $ 6,912      
Cash consideration             7,054      
Real estate             7,178      
Other             $ (124)      
Square footage | ft²             21,535      
Denver, CO                    
Business Acquisition [Line Items]                    
Purchase price           $ 6,320        
Cash consideration           5,254        
Real estate           5,269        
Other           $ (15)        
Square footage | ft²           12,207        
Colorado Springs, CO                    
Business Acquisition [Line Items]                    
Purchase price           $ 13,680        
Cash consideration           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         $ 8,350          
Cash consideration         8,334          
Real estate         8,370          
Other         $ (36)          
Square footage | ft²         13,256          
Seattle, WA | Subsequent event                    
Business Acquisition [Line Items]                    
Purchase price $ 4,850                  
Square footage | ft² 10,593                  
Houston, TX                    
Business Acquisition [Line Items]                    
Purchase price         $ 36,250          
Cash consideration         36,299          
Real estate         36,816          
Other         $ (517)          
Square footage | ft²         76,781          
Los Angeles, California                    
Business Acquisition [Line Items]                    
Purchase price       $ 35,000            
Cash consideration       35,242            
Real estate       25,400            
Other       $ 9,842            
Square footage | ft²       34,282            
Number of properties acquired | property       2            
Oklahoma City, OK                    
Business Acquisition [Line Items]                    
Purchase price       $ 11,100            
Cash consideration       11,259            
Real estate       11,334            
Other       $ (75)            
Square footage | ft²       34,944            
Raleigh, NC                    
Business Acquisition [Line Items]                    
Purchase price     $ 27,500              
Cash consideration     26,710              
Real estate     27,127              
Other     $ (417)              
Square footage | ft²     85,113              
Number of properties acquired | property     3              
Tampa, FL                    
Business Acquisition [Line Items]                    
Purchase price   $ 18,650                
Cash consideration   18,619                
Real estate   18,212                
Other   $ 407                
Square footage | ft²   55,788                
Number of properties acquired | property   2                
v3.22.2
Real Estate Investments - Unconsolidated Joint Venture Acquisitions (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Apr. 29, 2022
property
Mar. 07, 2022
USD ($)
ft²
property
Jun. 30, 2022
USD ($)
ft²
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
ft²
property
Jun. 30, 2021
USD ($)
Real Estate [Line Items]            
Joint venture ownership (percent)     50.00%   50.00%  
Equity Method Investments [Roll Forward]            
Investments in unconsolidated joint ventures, beginning of period         $ 161,942  
Equity loss recognized during the period     $ (307) $ (146) (652) $ (220)
Net LLC investments at the end of the period     210,781   210,781  
San Francisco, CA            
Real Estate [Line Items]            
Number of properties acquired | property   3        
Los Angeles, California            
Real Estate [Line Items]            
Number of properties acquired | property 2          
Medical office building            
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]            
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%        
Number of properties acquired | property   3        
Medical office building | Los Angeles, California            
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%        
Number of properties acquired | property   2        
Parking Garages            
Equity Method Investments [Roll Forward]            
Investments in unconsolidated joint ventures, beginning of period     $ 211,195 83,943 $ 161,942 73,137
New investments during the period     0 34,138 49,599 45,018
Equity loss recognized during the period     (307) (146) (652) (220)
Owner Distributions     (107) 0 (108) 0
Net LLC investments at the end of the period     $ 210,781 $ 117,935 $ 210,781 $ 117,935
Parking Garages | Atlanta, GA            
Real Estate [Line Items]            
Number of limited liability companies | property         2  
Parking Garages | Atlanta, GA | Limited Liability Company One            
Real Estate [Line Items]            
Ownership interest in LLC (percent)         55.00%  
Parking Garages | Atlanta, GA | Limited Liability Company Two            
Real Estate [Line Items]            
Ownership interest in LLC (percent)         27.00%  
v3.22.2
Real Estate Investments - Dispositions (Details)
$ in Thousands
 6 Months Ended
Apr. 15, 2022
USD ($)
ft²
property
Feb. 24, 2022
USD ($)
ft²
property
Jun. 30, 2022
USD ($)
ft²
Real Estate Dispositions      
Real Estate Dispositions [Line Items]      
SALE PRICE     $ 110,450
CLOSING ADJUSTMENTS     (2,317)
NET PROCEEDS     108,133
NET REAL ESTATE INVESTMENT     54,476
Other (including receivables)     288
GAIN/(IMPAIRMENT)     $ 53,369
SQUARE FOOTAGE | ft²     351,814
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    
v3.22.2
Real Estate Investments - Assets Held for Sale (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]    
Assets held for sale, net $ 0 $ 57
Liabilities of assets held for sale 0 294
Disposal Group, Held-for-sale, Not Discontinued Operations    
Long Lived Assets Held-for-sale [Line Items]    
Other assets, net 0 57
Assets held for sale, net 0 57
Accounts payable and accrued liabilities 0 169
Other liabilities 0 125
Liabilities of assets held for sale $ 0 $ 294
v3.22.2
Leases - Lease Income (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Mar. 30, 2022
USD ($)
a
Lessee, Lease, Description [Line Items]          
Rental income $ 140,632 $ 128,486 $ 279,121 $ 256,874  
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
Leases - Lessor Accounting (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Future Operating Lease Payments Receivable [Abstract]  
2022 $ 214,083
2023 398,689
2024 326,597
2025 269,308
2026 217,068
2027 and thereafter 566,038
Total $ 1,991,783
v3.22.2
Leases - Ground Leases (Details)
ft² in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
property
lease
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
ft²
property
lease
Jun. 30, 2021
USD ($)
Lessee, Lease, Description [Line Items]        
Number of properties subject to ground leases | property 108   108  
Square feet subject to ground leases | ft²     8.9  
Number of prepaid ground leases     41  
Amortization of prepaid rent | $ $ 0.1 $ 0.2 $ 0.3 $ 0.3
Number of non-prepaid ground leases 67   67  
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
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
OPERATING    
2022 $ 2,118  
2023 5,071  
2024 5,130  
2025 5,174  
2026 5,201  
2027 and thereafter 306,956  
Total undiscounted lease payments 329,650  
Discount (234,902)  
Lease liabilities 94,748 $ 96,138
FINANCING    
2022 735  
2023 1,654  
2024 1,692  
2025 1,723  
2026 1,749  
2027 and thereafter 368,730  
Total undiscounted lease payments 376,283  
Discount (314,088)  
Lease liabilities $ 62,195 $ 22,551
v3.22.2
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating lease cost        
Operating lease expense $ 1,194 $ 1,182 $ 2,409 $ 2,360
Variable lease expense 1,038 972 2,062 1,868
Finance lease cost        
Amortization of right-of-use assets 331 88 503 176
Interest on lease liabilities 765 247 1,052 493
Total lease expense 3,328 2,489 6,026 4,897
Other information        
Operating cash flows outflows related to operating leases 1,799 2,587 4,596 4,431
Operating cash flows outflows related to financing leases 509 0 767 0
Financing cash flows outflows related to financing leases 0 321 51 683
Right-of-use assets obtained in exchange for new finance lease liabilities $ 0 $ 0 $ 40,589 $ 0
Weighted-average remaining lease term (excluding renewal options) - operating leases 47 years 4 months 24 days 48 years 1 month 6 days 47 years 4 months 24 days 48 years 1 month 6 days
Weighted-average remaining lease term (excluding renewal options) - finance leases 61 years 8 months 12 days 64 years 6 months 61 years 8 months 12 days 64 years 6 months
Weighted-average discount rate - operating leases 5.60% 5.70% 5.60% 5.70%
Weighted-average discount rate - finance leases 5.00% 5.40% 5.00% 5.40%
v3.22.2
Notes and Bonds Payable (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Feb. 24, 2022
Feb. 18, 2022
Dec. 31, 2021
Debt Instrument [Line Items]              
Notes and bonds payable $ 2,063,755,000   $ 2,063,755,000       $ 1,801,325,000
Impact of settlement of forward-starting interest rate swap (1,663,000) $ 807,000 (6,822,000) $ (2,043,000)      
Mortgages              
Debt Instrument [Line Items]              
Effective interest rate         6.17% 4.70%  
Line of credit | $700 million Unsecured Credit Facility              
Debt Instrument [Line Items]              
Notes and bonds payable $ 490,500,000   $ 490,500,000       210,000,000
Effective interest rate 2.69%   2.69%        
Credit facility $ 700,000,000   $ 700,000,000        
Medium-term notes | $200 million Unsecured Term Loan due 2024, net of issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 199,572,000   $ 199,572,000       199,460,000
Effective interest rate 2.55%   2.55%        
Term-loan facility $ 200,000,000   $ 200,000,000        
Medium-term notes | $150 million Unsecured Term Loan due 2026, net of issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 149,447,000   $ 149,447,000       149,376,000
Effective interest rate 2.79%   2.79%        
Term-loan facility $ 150,000,000   $ 150,000,000        
Senior notes | Senior Notes due 2025, net of discount and issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 249,176,000   $ 249,176,000       249,040,000
Effective interest rate 4.08%   4.08%        
Senior notes | Senior Notes due 2028, net of discount and issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 296,864,000   $ 296,864,000       296,612,000
Effective interest rate 3.84%   3.84%        
Senior notes | Senior notes due 2030, net of discount and issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 296,989,000   $ 296,989,000       296,813,000
Effective interest rate 2.71%   2.71%        
Senior notes | Senior Notes due 2031, net of discount and issuance costs              
Debt Instrument [Line Items]              
Notes and bonds payable $ 295,601,000   $ 295,601,000       295,374,000
Effective interest rate 2.24%   2.24%        
Mortgages | Mortgage notes payable, net of discounts and issuance costs and including premiums              
Debt Instrument [Line Items]              
Notes and bonds payable $ 85,606,000   $ 85,606,000       $ 104,650,000
Effective interest rate 3.97%   3.97%        
Settled interest rate swaps              
Debt Instrument [Line Items]              
Impact of settlement of forward-starting interest rate swap $ (1,663,000) $ 807,000 $ (6,822,000) $ (2,043,000)      
Settled interest rate swaps | Medium-term notes | $200 million Unsecured Term Loan due 2024, net of issuance costs              
Debt Instrument [Line Items]              
Notional amount $ 75,000,000   $ 75,000,000        
Weighted average interest rate (percent) 2.37%   2.37%        
Basis spread on variable rate     100.00%        
Settled interest rate swaps | Medium-term notes | $150 million Unsecured Term Loan due 2026, net of issuance costs              
Debt Instrument [Line Items]              
Notional amount $ 100,000,000   $ 100,000,000        
Weighted average interest rate (percent) 2.23%   2.23%        
Basis spread on variable rate     95.00%        
Settled interest rate swaps | Senior notes | Senior Notes due 2025, net of discount and issuance costs              
Debt Instrument [Line Items]              
Impact of settlement of forward-starting interest rate swap     $ 1,700,000        
Treasury lock | Senior notes | Senior Notes due 2025, net of discount and issuance costs              
Debt Instrument [Line Items]              
Impact of settlement of forward-starting interest rate swap     $ 4,300,000        
v3.22.2
Notes and Bonds Payable - Narrative (Details) - Mortgages
$ in Millions
Feb. 24, 2022
USD ($)
ft²
Feb. 18, 2022
USD ($)
ft²
Debt Disclosure [Abstract]    
Effective interest rate 6.17% 4.70%
Debt Instrument [Line Items]    
Effective interest rate 6.17% 4.70%
redemption price $ 6.4 $ 12.6
Outstanding principal repaid 5.8 11.0
Make whole amount   1.6
Unamortized premium 0.6 0.8
Write off upon payoff $ 0.1 $ 0.1
Los Angeles, CA    
Debt Instrument [Line Items]    
Encumbered square footage | ft²   56,762
Colorado Springs, CO    
Debt Instrument [Line Items]    
Encumbered square footage | ft² 80,153  
v3.22.2
Derivative Financial Instruments - Derivative Instruments Designated as Cash Flow Hedges (Details)
$ in Millions
Jun. 30, 2022
USD ($)
swap_agreement
Derivative [Line Items]  
Derivatives in net asset position $ 2.4
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 1.0
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
Cash flow hedging | Designated as hedging instrument | Settled interest rate swaps  
Derivative [Line Items]  
Number of instruments | swap_agreement 8
Notional amount $ 175.0
v3.22.2
Derivative Financial Instruments - Fair Value of Derivative Instruments on the Balance Sheet (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Other assets | Designated as hedging instrument | Interest rate swaps 2017, 2018, and 2019  
Derivative [Line Items]  
Liability derivatives $ 2,516
v3.22.2
Derivative Financial Instruments - Effect of Cash Flow Hedging on AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Derivative [Line Items]        
Loss recognized in AOCI on derivative $ (1,663) $ 807 $ (6,822) $ (2,043)
(Gain) loss reclassified from AOCI into income (823) (1,114) (1,909) (2,209)
Interest rate swaps        
Derivative [Line Items]        
Loss recognized in AOCI on derivative (1,663) 807 (6,822) (2,043)
Settled treasury hedges        
Derivative [Line Items]        
Loss recognized in AOCI on derivative 0 0 0 0
Settled interest rate swaps        
Derivative [Line Items]        
Loss recognized in AOCI on derivative 0 0 0 0
Interest expense        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 823 1,114 1,909 2,209
Interest expense | Interest rate swaps        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 674 965 1,612 1,912
Interest expense | Settled treasury hedges        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income 107 107 213 213
Interest expense | Settled interest rate swaps        
Derivative [Line Items]        
(Gain) loss reclassified from AOCI into income $ 42 $ 42 $ 84 $ 84
v3.22.2
Commitments and Contingencies - Construction Activity (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Sep. 30, 2023
ft²
Jun. 30, 2022
USD ($)
ft²
property
Other Commitments [Line Items]      
Number of real estate properties | property     255
Medical office building | Dallas, TX      
Other Commitments [Line Items]      
Square footage of building under redevelopment     217,114
Construction activity, total funding to date | $     $ 10.2
Medical office building | Tacoma, WA      
Other Commitments [Line Items]      
Construction activity, total funding to date | $     $ 9.5
Approximate square feet     23,000
Medical office building | Nashville, TN      
Other Commitments [Line Items]      
Construction activity, total funding to date | $     $ 7.4
Square footage of building to be demolished     81,000
Impairment charge | $ $ 5.0    
Medical office building | Nashville, TN | Forecast      
Other Commitments [Line Items]      
Approximate square feet   106,194  
Medical office building | Washinton, DC      
Other Commitments [Line Items]      
Square footage of building under redevelopment     158,338
Number of real estate properties | property     2
Medical office building | Denver, CO      
Other Commitments [Line Items]      
Square footage of building under redevelopment     93,992
Medical office building 2 | Dallas, TX      
Other Commitments [Line Items]      
Square footage of building under redevelopment     145,365
Construction activity, total funding to date | $     $ 0.6
Medical office building 2 | Washinton, DC      
Other Commitments [Line Items]      
Construction activity, total funding to date | $     $ 0.1
v3.22.2
Stockholders' Equity - Reconciliation of Beginning and Ending Common Stock Outstanding (Details) - shares
 6 Months Ended
Jun. 30, 2022
Jun. 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) 151,637,000  
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) 745,483 10,899,301
Nonvested share-based awards, net of withheld shares (in shares) 434,001 70,757
Balance, end of period (in shares) 151,636,917  
v3.22.2
Stockholders' Equity - Equity Offering Programs Earnings Per Share (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
$ / shares
shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Jun. 30, 2022
USD ($)
shares
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
$ / shares
shares
Nov. 05, 2021
property
Aug. 06, 2021
USD ($)
property
Class of Stock [Line Items]              
Net proceeds from issuance of common stock | $     $ 22,768,000 $ 179,381,000      
At the Market Equity $750 Million Program              
Class of Stock [Line Items]              
Number of investment banks included in the program | property           12 12
At-the-market equity offering program, authorized amount | $             $ 750,000,000
At the market equity offering program              
Class of Stock [Line Items]              
Shares issued during period, price per share (in dollars per share) | $ / shares $ 0 $ 31.73     $ 0    
Priced shares sold on a forward basis (in shares) | shares 0 0     0    
Settlement of shares sold on a forward basis (in shares) | shares 0 727,400     0    
Shares sold on a forward basis remaining to be settled (in shares) | shares 0 0 0   727,400    
Net proceeds from issuance of common stock | $ $ 0 $ 22,300,000     $ 0    
v3.22.2
Stockholders' Equity (Stock Transactions - Narrative) (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 02, 2022
$ / shares
Jul. 06, 2022
$ / shares
Jul. 01, 2022
$ / shares
Jan. 03, 2022
USD ($)
shares
Jan. 31, 2022
$ / shares
Jun. 30, 2022
USD ($)
property
$ / shares
shares
Mar. 31, 2022
USD ($)
shares
Jun. 30, 2021
$ / shares
shares
Jun. 30, 2022
property
$ / shares
shares
Jun. 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 $ 0.62 $ 0.6050
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) | 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) | $             $ 13.0      
Granted (in shares) | 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) | $       $ 9.7            
Granted (in shares) | shares       294,932            
Stock incentive plan                    
Class of Stock [Line Items]                    
Granted (in shares) | shares           26,840   37,978 442,024 203,701
Stock incentive plan | Restricted stock                    
Class of Stock [Line Items]                    
Shares withheld to pay estimated withholding taxes (in shares) | shares                 6,727 51,972
Stock incentive plan | Restricted stock | Directors                    
Class of Stock [Line Items]                    
Granted (in dollars per share) | $           $ 0.8        
Award vesting period           1 year        
Number of directors | property           8     8  
Shares issued during the period (in shares) | shares           26,840        
Subsequent event                    
Class of Stock [Line Items]                    
Dividends declared per common share, during the period (in dollars per share) | $ / shares $ 0.1090 $ 4.82 $ 0.2010              
v3.22.2
Stockholders' Equity - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Weighted average Common Shares outstanding        
Weighted average common shares outstanding (in shares) 151,620,897 143,700,491 151,230,064 142,142,577
Non-vested shares (in shares) (1,945,042) (1,783,278) (1,908,652) (1,788,410)
Weighted average common shares outstanding - basic (in shares) 149,675,855 141,917,213 149,321,412 140,354,167
Dilutive effect of forward equity shares (in shares) 0 61,064 0 27,896
Dilutive effect of employee stock purchase plan (in shares) 62,694 70,711 75,394 85,714
Weighted average common shares outstanding - diluted (in shares) 149,738,549 142,048,988 149,396,806 140,467,777
Net Income $ 6,130 $ 23,096 $ 48,357 $ 47,118
Dividends paid on nonvested share-based awards (601) (539) (1,207) (1,080)
Net income applicable to common stockholders $ 5,529 $ 22,557 $ 47,150 $ 46,038
Basic earnings per common share - net income (in dollars per share) $ 0.04 $ 0.16 $ 0.32 $ 0.33
Diluted earnings per common share- net income (in dollars per share) $ 0.04 $ 0.16 $ 0.32 $ 0.33
v3.22.2
Stockholders' Equity - Summary of Activity under Stock-Based Incentive Plans and Restricted Stock Unit (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Restricted stock          
Summary of the activity under the incentive plans          
Share-based awards, beginning of period (in shares) 294,932 0   0  
Granted (in shares) 0     294,932  
Vested (in shares) 0     0  
Share-based awards, ending of period (in shares) 294,932 294,932   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
Share-based awards, ending of period, Weighted average grant date fair value     $ 0   $ 0
Stock incentive plan          
Summary of the activity under the incentive plans          
Share-based awards, beginning of period (in shares) 1,951,551 1,562,028 1,786,371 1,562,028 1,766,061
Granted (in shares) 26,840   37,978 442,024 203,701
Vested (in shares) (36,682)   (46,041) (61,047) (191,454)
Forfeited (in shares) 0   0 (1,296) 0
Share-based awards, ending of period (in shares) 1,941,709 1,951,551 1,778,308 1,941,709 1,778,308
v3.22.2
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 in years 3 years
Risk-free rate 1.02%
Stock price (in dollar per share) $ 31.68
v3.22.2
Stockholders' Equity - Summary of Activity under Employee Stock Purchase Plan (Details) - Employee stock purchase plan - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Summary of the Employee Stock Purchase Plan activity        
Outstanding and exercisable, beginning of period (in shares) 427,802 415,299 348,514 341,647
Granted (in shares) 0 0 255,960 253,200
Exercised (in shares) (1,965) (3,012) (12,518) (18,977)
Forfeited (in shares) (20,303) (22,873) (45,789) (42,034)
Expired (in shares) 0 0 (140,633) (144,422)
Outstanding and exercisable, end of period (in shares) 405,534 389,414 405,534 389,414
v3.22.2
Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2022
Dec. 31, 2021
CARRYING VALUE    
Derivative [Line Items]    
Notes and bonds payable $ 2,063.8 $ 1,801.3
FAIR VALUE    
Derivative [Line Items]    
Notes and bonds payable $ 1,955.6 $ 1,797.4
v3.22.2
Subsequent Events - Narrative (Details)
Aug. 02, 2022
$ / shares
Jul. 20, 2022
USD ($)
extension_option
Jul. 06, 2022
$ / shares
Jul. 01, 2022
$ / shares
Aug. 09, 2022
USD ($)
Jul. 22, 2022
Jun. 30, 2022
USD ($)
$ / shares
May 13, 2022
USD ($)
Feb. 28, 2022
director
Dec. 31, 2021
$ / shares
Business Acquisition [Line Items]                    
Common stock, par value (dollars per share) | $ / shares             $ 0.01     $ 0.01
Number of board directors | director                 9  
Subsequent event                    
Business Acquisition [Line Items]                    
Dividends declared per common share, during the period (in dollars per share) | $ / shares $ 0.1090   $ 4.82 $ 0.2010            
Subsequent event | Disposed of by Sale | Closed Joint Ventures and Asset Sales                    
Business Acquisition [Line Items]                    
Joint ventures and assets sold         $ 433,000,000          
Amended and Restated Credit Agreement | Revolving Credit Facility | Subsequent event                    
Business Acquisition [Line Items]                    
Debt extinguished amount   $ 700,000,000                
Term Loan Facility Due May 2026 | Subsequent event                    
Business Acquisition [Line Items]                    
Debt extinguished amount   200,000,000                
Amended Term Loan Facility Due May 2026 | Subsequent event                    
Business Acquisition [Line Items]                    
Term-loan facility   $ 200,000,000                
Number of extension options | extension_option   2                
Extension option period   1 year                
Term Loan Facility Due June 2026 | Subsequent event                    
Business Acquisition [Line Items]                    
Debt extinguished amount   $ 150,000,000                
Amended Term Loan Facility Due June 2026 | Subsequent event                    
Business Acquisition [Line Items]                    
Term-loan facility   $ 150,000,000                
Credit Facility Maturing October 2025 | Revolving Credit Facility                    
Business Acquisition [Line Items]                    
Credit facility             $ 1,000,000,000      
Credit Facility Maturing October 2025 | Revolving Credit Facility | Subsequent event                    
Business Acquisition [Line Items]                    
Number of extension options | extension_option   2                
Credit facility   $ 1,500,000,000                
Term Loan Facility Due October 2025 | Subsequent event                    
Business Acquisition [Line Items]                    
Credit facility   300,000,000                
Term Loan Facility Due January 2024 - July 20, 2027 | Subsequent event                    
Business Acquisition [Line Items]                    
Credit facility   $ 200,000,000                
Delayed Term Loan Facility due July 20, 2023 | Subsequent event                    
Business Acquisition [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 | Subsequent event                    
Business Acquisition [Line Items]                    
Credit facility   $ 300,000,000                
Term Loan Agreement to Fund Special Dividend                    
Business Acquisition [Line Items]                    
Term-loan facility               $ 1,125,000,000    
Healthcare Trust Of America, Inc                    
Business Acquisition [Line Items]                    
Common stock, par value (dollars per share) | $ / shares             $ 0.01      
Number of board directors | director                 4  
Healthcare Trust Of America, Inc | Senior Notes due 2025                    
Business Acquisition [Line Items]                    
Business combination, validly tendered and accepted notes, exchange amount             $ 250,000,000      
Fixed interest rate (percent)             3.875%      
Healthcare Trust Of America, Inc | Senior Notes due 2025 | Subsequent event                    
Business Acquisition [Line Items]                    
Fixed interest rate (percent)           3.875%        
Healthcare Trust Of America, Inc | Senior Notes due 2028                    
Business Acquisition [Line Items]                    
Business combination, validly tendered and accepted notes, exchange amount             $ 300,000,000      
Fixed interest rate (percent)             3.625%      
Healthcare Trust Of America, Inc | Senior Notes due 2028 | Subsequent event                    
Business Acquisition [Line Items]                    
Fixed interest rate (percent)           3.625%        
Healthcare Trust Of America, Inc | Senior Notes due 2030                    
Business Acquisition [Line Items]                    
Business combination, validly tendered and accepted notes, exchange amount             $ 300,000,000      
Fixed interest rate (percent)             2.40%      
Healthcare Trust Of America, Inc | Senior Notes due 2030 | Subsequent event                    
Business Acquisition [Line Items]                    
Fixed interest rate (percent)           2.40%        
Healthcare Trust Of America, Inc | Senior Notes due 2031                    
Business Acquisition [Line Items]                    
Business combination, validly tendered and accepted notes, exchange amount             $ 300,000,000      
Fixed interest rate (percent)             2.05%      
Healthcare Trust Of America, Inc | Senior Notes due 2031 | Subsequent event                    
Business Acquisition [Line Items]                    
Fixed interest rate (percent)           2.05%        
v3.22.2
Subsequent Events - Summary of Debt (Details) - Healthcare Trust Of America, Inc - USD ($)
Jul. 22, 2022
Jun. 30, 2022
Senior Notes due 2025    
Business Acquisition [Line Items]    
Fixed interest rate (percent)   3.875%
Senior Notes due 2025 | Subsequent event    
Business Acquisition [Line Items]    
Tenders and Consents Received as of the Expiration Date $ 235,016,000  
Fixed interest rate (percent) 3.875%  
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes 94.01%  
Senior Notes due 2028    
Business Acquisition [Line Items]    
Fixed interest rate (percent)   3.625%
Senior Notes due 2028 | Subsequent event    
Business Acquisition [Line Items]    
Tenders and Consents Received as of the Expiration Date $ 290,246,000  
Fixed interest rate (percent) 3.625%  
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes 96.75%  
Senior Notes due 2030    
Business Acquisition [Line Items]    
Fixed interest rate (percent)   2.40%
Senior Notes due 2030 | Subsequent event    
Business Acquisition [Line Items]    
Tenders and Consents Received as of the Expiration Date $ 297,507,000  
Fixed interest rate (percent) 2.40%  
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes 99.17%  
Senior Notes due 2031    
Business Acquisition [Line Items]    
Fixed interest rate (percent)   2.05%
Senior Notes due 2031 | Subsequent event    
Business Acquisition [Line Items]    
Tenders and Consents Received as of the Expiration Date $ 298,858,000  
Fixed interest rate (percent) 2.05%  
Percentage of Total Outstanding Principal Amount of Such Series of Old HR Notes 99.62%