−Removed: Since inception, we have invested $7.8 billion primarily in MOBs, development projects, land and other healthcare real estate assets that serve the healthcare industry through December 31, 2021.
−Removed: As of December 31, 2021, our portfolio consisted of approximately 26.1 million square feet of GLA, with a leased rate of 89.3% (includes leases which have been executed, but which have not yet commenced).
−Removed: Approximately 67% of our portfolio was located on the campuses of, or adjacent to, nationally and regionally recognized healthcare systems.
−Removed: Our portfolio is diversified geographically across 32 states, with no state having more than 21% of the total GLA as of December 31, 2021.
−Removed: All but two of our properties are 100% owned.
−Removed: As of December 31, 2021, we owned fee simple interests in properties representing 63% of our total GLA.
−Removed: We hold long-term leasehold interests in the remaining properties in our portfolio, representing 37% of our total GLA.
−Removed: As of December 31, 2021, these leasehold interests had an average remaining term of 46.5 years, excluding available extension options.
−Removed: The following information generally applies to our properties:
−Removed: • we believe all of our properties are adequately covered by insurance and are suitable for their intended purposes;
−Removed: • our properties are located in markets where we are subject to competition in attracting new tenants and retaining current tenants;
−Removed: • depreciation is provided on a straight-line basis over the estimated useful lives of the buildings, up to 39 years, and over the shorter of the lease term or useful lives of the tenant improvements.
−Removed: Tenant Lease Expirations
−Removed: The following table presents the sensitivity of our annualized base rent due to tenant lease expirations for existing leases for the next 10 years:
−Removed: Expiration (1)
−Removed: Leases Annualized Base Rent of Expiring Leases (2)(3)
−Removed: Percent of Total Annualized Base Rent Total GLA
−Removed: Percent of GLA of Expiring Leases
−Removed: Month-to-month 121 $ 6,915 1.2 % 245 1.0 %
−Removed: 2022 662 57,635 9.9 2,097 9.0
−Removed: 2023 592 61,494 10.5 2,564 11.0
−Removed: 2024 572 69,928 12.0 2,713 11.7
−Removed: 2025 426 55,980 9.6 2,239 9.6
−Removed: 2026 469 50,555 8.6 2,344 10.1
−Removed: 2027 309 68,387 11.7 2,597 11.2
−Removed: 2028 175 35,001 6.0 1,405 6.0
−Removed: 2029 236 44,570 7.6 1,816 7.8
−Removed: 2030 110 30,808 5.3 1,183 5.1
−Removed: 2031 68 23,265 4.0 1,112 4.8
−Removed: Thereafter 281 79,812 13.6 2,944 12.7
−Removed: Total 4,021 $ 584,350 100 % 23,259 100 %
−Removed: (1) Leases scheduled to expire on December 31 of a given year are included within that year in the table.
−Removed: (2) Amounts presented in thousands.
−Removed: (3) Annualized base rent is calculated by multiplying contractual base rent as of the end of the year by 12 (excluding the impact of abatements, concessions, and straight-line rent).
−Removed: Geographic Diversification/Concentration Table
−Removed: The following table lists the states in which our properties are located and provides certain information regarding our portfolio’s geographic diversification/concentration as of December 31, 2021:
−Removed: State GLA (1)
−Removed: Percent of GLA Annualized Base Rent (1)(2)
−Removed: Percent of Annualized Base Rent
−Removed: Texas 5,315 20.4 % $ 118,777 20.3 %
−Removed: Florida 3,093 11.9 76,638 13.1
−Removed: North Carolina 1,812 6.9 38,963 6.7
−Removed: Massachusetts 965 3.7 36,346 6.2
−Removed: Indiana 1,811 7.0 34,087 5.8
−Removed: Georgia 1,280 4.9 30,024 5.1
−Removed: New York 1,390 5.3 29,155 5.0
−Removed: Pennsylvania 1,454 5.6 29,072 5.0
−Removed: Arizona 1,529 5.9 28,932 5.0
−Removed: Connecticut 1,187 4.6 25,215 4.3
−Removed: California 992 3.8 23,334 4.0
−Removed: Ohio 932 3.6 16,757 2.9
−Removed: Colorado 708 2.7 14,892 2.5
−Removed: Illinois 454 1.7 13,706 2.3
−Removed: Missouri 355 1.4 9,694 1.7
−Removed: South Carolina 377 1.4 8,745 1.5
−Removed: Wisconsin 368 1.4 7,084 1.2
−Removed: Alabama 319 1.2 6,456 1.1
−Removed: Michigan 203 0.8 5,194 0.9
−Removed: Maryland 181 0.7 4,834 0.8
−Removed: Tennessee 176 0.7 4,578 0.8
−Removed: Hawaii 146 0.6 4,021 0.7
−Removed: Virginia 158 0.6 3,607 0.6
−Removed: Utah 159 0.6 2,911 0.5
−Removed: New Mexico 141 0.5 2,365 0.4
−Removed: Oklahoma 186 0.7 2,294 0.4
−Removed: New Jersey 57 0.2 1,819 0.3
−Removed: Mississippi 80 0.3 1,591 0.3
−Removed: Nevada 73 0.3 1,547 0.3
−Removed: Idaho 83 0.3 1,178 0.2
−Removed: Oregon 21 0.1 314 0.1
−Removed: Minnesota 50 0.2 220 —
−Removed: Total 26,055 100 % $ 584,350 100 %
−Removed: (1) Amounts presented in thousands.
−Removed: (2) Annualized base rent is calculated by multiplying contractual base rent as of the end of the year by 12 (excluding the impact of abatements, concessions, and straight-line rent).
+Added: In addition to the properties described in Item 1.
+Added: “Business,” in Note 3 to the Consolidated Financial Statements, and in Schedule III of Item 15 of this Annual Report on Form 10-K, the Company leases office space from unrelated third parties from time to time.
+Added: The Company owns its corporate headquarters located at 3310 West End Avenue in Nashville, Tennessee and a corporate office in Charleston, South Carolina.
+Added: Legal Proceedings
+Added: 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.
+Added: Mine Safety Disclosures
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.