Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 30, 2018

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Assets Acquired

We acquired the following assets (in thousands):

	For the Nine Months Ended September 30,
	2018			2017
Assets Acquired
Land and land improvements	$	57,452		$	220,864
Building		467,164			928,687
Intangible lease assets — subject to amortization (weighted average useful    life 27.8 years for 2018 and 27.2 years for 2017)		60,277			162,946
Net investments in direct financing leases		-			40,450
Other loans		336,458			-
Mortgage loans		-			700,000
Equity investments		245,267			100,000
Liabilities assumed		-			(878	)
Total assets acquired	$	1,166,618		$	2,152,069
Loans repaid		(525,426	)		-
Total net assets acquired	$	641,192		$	2,152,069

Summary of Status Update on Current Development Projects

See table below for a status update on our current development projects (in thousands):

Property	Commitment		Costs Incurred as of September 30, 2018		Estimated Rent Commencement Date
Circle Health (Birmingham, England)	$	44,228	$	24,113	1Q 2019
Circle Health Rehabilitation (Birmingham, England)		21,973		5,304	3Q 2019
Surgery Partners (Idaho Falls, Idaho)		113,468		30,379	1Q 2020
	$	179,669	$	59,796

Summary of Operations for Disposed Assets in 2018

The properties sold during 2018do not meet the definition of discontinued operations.  However, the following represents the operating results from these properties (excluding the St. Joseph sale in March 2018) for the periods presented (in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Revenues(1)	$	20,115		$	35,846		$	88,838		$	95,320
Real estate depreciation and amortization(2)		(237	)		(8,786	)		(15,849	)		(23,092	)
Property-related expenses		(265	)		(388	)		(531	)		(394	)
Other(3)		692,362			(3,303	)		715,246			(11,211	)
Income from real estate dispositions, net	$	711,975		$	23,369		$	787,704		$	60,623

(1) Includes $2.5 million and $7.6 million of straight-line rent and other write-offs associated with the disposal transactions for the three and nine months ended September 30, 2018, respectively.

(2) Lower in 2018 as we stopped depreciation on properties once deemed held for sale, such as with the 71 properties on June 30, 2018.

(3) Includes $695.2 million of gains on sale for the three months ended September 30, 2018 and $719.4 million for the nine months ended September 30, 2018.

Components of Net Investment in Direct Financing Leases

The components of our net investment in DFLs consisted of the following (in thousands):

	As of September 30, 2018			As of December 31, 2017
Minimum lease payments receivable	$	2,190,840		$	2,294,081
Estimated residual values		434,769			448,339
Less: Unearned income		(1,934,712	)		(2,043,693	)
Net investment in direct financing leases	$	690,897		$	698,727

Summary of Loans

The following is a summary of our loans (in thousands):

	As of September 30, 2018		As of December 31, 2017
Mortgage loans	$	1,428,069	$	1,778,316
Acquisition loans		117,376		118,448
Working capital and other loans		365,077		31,761
	$	1,910,522	$	1,928,525