Healthcare Trust Inc
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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Item 2. Properties
The following table presents certain additional information about the properties we owned as of December 31, 2023:
| Portfolio · Numberof Properties · Rentable Square Feet · Percent Leased (1) · Weighted Average Remaining Lease Term (2) · Gross Asset Value (3) | |||||||
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Medical Office and Other Healthcare Related Buildings | 156 | 5,153,419 | 90.6% | 4.7 | $1,468,401 | ||
| Seniors Housing — Operating Properties | 48 | (4) | 3,857,652 | 74.1% | (5) | N/A | 1,133,238 |
| Total Portfolio | 204 | 9,011,071 | $2,601,639 | ||||
(1)Inclusive of leases signed but not yet commenced as of December 31, 2023.
(2)Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2023.
(3)Gross asset value represents total real estate investments, at cost ($2.6 billion total as of December 31, 2023), net of gross market lease intangible liabilities ($23.5 million total as of December 31, 2023). Impairment charges are already reflected within gross asset value.
(4)Includes two parcels of land with a total gross asset value of $3.7 million.
(5)Weighted by unit count as of December 31, 2023. As of December 31, 2023, we had 4,164 rentable units in our SHOP segment.
N/A Not applicable.
The following table details the geographic distribution, by state, of our portfolio as of December 31, 2023:
| State | Number of Properties (1) | Annualized Rental Income (2) | Annualized Rental Income % | Rentable Square Feet | Rentable Square Feet % | Rentable Units in SHOP Segment |
|---|---|---|---|---|---|---|
| (In thousands) | ||||||
| Alabama | 1 | $176 | 0.1% | 5,564 | 0.1% | — |
| Arizona | 14 | 10,140 | 3.2% | 509,806 | 5.7% | — |
| Arkansas | 3 | 16,274 | 5.1% | 248,783 | 2.8% | 299 |
| California | 8 | 20,645 | 6.4% | 446,723 | 5.0% | 247 |
| Colorado | 3 | 1,754 | 0.5% | 67,016 | 0.7% | — |
| Florida | 23 | 63,883 | 19.9% | 1,099,729 | 12.2% | 812 |
| Georgia | 16 | 29,596 | 9.2% | 802,691 | 8.9% | 624 |
| Idaho | 1 | 3,480 | 1.1% | 55,846 | 0.6% | 95 |
| Illinois | 23 | 22,792 | 7.1% | 879,289 | 9.8% | 356 |
| Indiana | 8 | 4,672 | 1.5% | 208,672 | 2.3% | — |
| Iowa | 12 | 26,946 | 8.4% | 505,781 | 5.6% | 583 |
| Kansas | 1 | 4,695 | 1.5% | 49,360 | 0.5% | 71 |
| Louisiana | 1 | 656 | 0.2% | 17,830 | 0.2% | — |
| Maryland | 1 | 1,046 | 0.3% | 36,260 | 0.4% | — |
| Massachusetts | 3 | 846 | 0.3% | 36,563 | 0.4% | — |
| Michigan | 11 | 16,027 | 5.0% | 420,298 | 4.7% | 311 |
| Minnesota | 1 | 1,098 | 0.3% | 36,375 | 0.4% | — |
| Mississippi | 3 | 1,124 | 0.4% | 73,859 | 0.8% | — |
| Missouri | 2 | 8,594 | 2.7% | 96,016 | 1.1% | 146 |
| Nevada | 2 | 3,279 | 1.0% | 86,342 | 1.0% | — |
| New Jersey | 1 | 734 | 0.2% | 25,164 | 0.3% | — |
| New York | 5 | 2,881 | 0.9% | 136,982 | 1.5% | — |
| North Carolina | 3 | 1,656 | 0.5% | 90,650 | 1.0% | — |
| Ohio | 5 | 7,890 | 2.5% | 172,085 | 1.9% | — |
| Oklahoma | 2 | 1,094 | 0.3% | 47,407 | 0.5% | — |
| Oregon | 6 | 8,856 | 2.8% | 322,354 | 3.6% | 252 |
| Pennsylvania | 16 | 33,926 | 10.6% | 1,413,595 | 15.7% | 289 |
| South Carolina | 2 | 1,103 | 0.3% | 52,527 | 0.6% | — |
| Tennessee | 3 | 3,445 | 1.1% | 175,669 | 1.9% | — |
| Texas | 9 | 6,629 | 2.1% | 403,369 | 4.5% | — |
| Virginia | 1 | 1,633 | 0.3% | 62,165 | 0.7% | — |
| Washington | 1 | 2,031 | 0.6% | 52,900 | 0.6% | — |
| Wisconsin | 13 | 11,122 | 3.5% | 373,401 | 4.1% | 79 |
| Total | 204 | $320,723 | 100% | 9,011,071 | 100% | 4,164 |
(1)Includes two land parcels located in Florida and Iowa.
(2)Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2023, which includes tenant concessions such as free rent, as applicable, as well as annualized gross revenue from our SHOPs based off the fourth quarter of 2023.
Future Minimum Lease Payments
The following table presents future minimum base rental cash payments due to us (excluding our SHOP segment) over the next ten years and thereafter as of December 31, 2023. The SHOP segment is excluded as the leased units with residents are generally for annual periods or month-to-month. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.
| (In thousands) | Future MinimumBase Rent Payments |
|---|---|
| 2024 | $109,451 |
| 2025 | 100,230 |
| 2026 | 91,862 |
| 2027 | 72,815 |
| 2028 | 53,918 |
| 2029 | 43,422 |
| 2030 | 38,804 |
| 2031 | 33,371 |
| 2032 | 26,554 |
| 2033 | 15,722 |
| Thereafter | 36,460 |
| $622,609 |
Future Lease Expirations Table
The following is a summary of lease expirations for the next ten years at the properties we owned (excluding our SHOP segment) as of December 31, 2023:
| Year of Expiration | Number of Leases Expiring | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | Leased Rentable Square Feet | Percent of Portfolio Rentable Square Feet Expiring |
|---|---|---|---|---|---|
| (In thousands) | |||||
| 2024 | 99 | $8,842 | 8.0% | 393,361 | 8.4% |
| 2025 | 75 | 9,034 | 8.2% | 367,191 | 7.9% |
| 2026 | 98 | 18,659 | 16.9% | 1,042,517 | 22.3% |
| 2027 | 103 | 16,884 | 15.3% | 863,913 | 18.5% |
| 2028 | 64 | 13,349 | 12.1% | 502,452 | 10.8% |
| 2029 | 35 | 5,759 | 5.2% | 240,317 | 5.1% |
| 2030 | 28 | 4,896 | 4.4% | 198,068 | 4.2% |
| 2031 | 16 | 4,820 | 4.4% | 184,357 | 3.9% |
| 2032 | 30 | 13,336 | 12.0% | 449,248 | 9.6% |
| 2033 | 13 | 3,377 | 3.1% | 128,488 | 2.8% |
| Total | 561 | $98,956 | 89.6% | 4,369,912 | 93.5% |
(1)Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2023, which includes tenant concessions such as free rent, as applicable.
Tenant Concentration
As of December 31, 2023, we did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or more of total annualized rental income on a straight-line basis for our portfolio.
Significant Portfolio Properties
As of December 31, 2023, the rentable square feet or annualized rental income on a straight-line basis of one property represented 5% or more of our total portfolio’s rentable square feet or annualized rental income on a straight-line basis:
Wellington at Hershey’s Mill - West Chester, PA
In December 2014, we purchased Wellington at Hershey’s Mill, a seniors housing property located in West Chester, Pennsylvania. Wellington at Hershey’s Mill, which is leased to our TRS and operated and managed on our behalf by a third-party operator in our SHOP segment, contains 491,710 rentable square feet and consists of 289 rentable units (193 units dedicated to independent living patients, 64 units dedicated to assisted living patients and 32 units dedicated to memory care patients). As of December 31, 2023, this property represented 5.5% of our total rentable square feet and 5.4% of our total annualized rental income on a straight-line basis.
Property Financings
See Note 4 — Mortgage Notes Payable, Net and Note 5 — Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K for property financings as of December 31, 2023 and 2022.
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