RECENT REAL ESTATE ACQUISITIONS

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

During the three months ended March 31, 2022, the Company acquired one Senior Housing - Managed community. The investment was part of the Company’s proprietary development pipeline and was previously reflected as a preferred equity investment which had a book value of $5.6 million at the time of acquisition. During the three months ended March 31, 2021, the Company acquired one behavioral health facility and one Senior Housing - Managed community. The consideration was allocated as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Land	$	3,691	$	917
Building and improvements	21,168		26,389
Tenant origination and absorption costs intangible assets	1,337		1,338
Tenant relationship intangible assets	—		10
Total consideration	$	26,196	$	28,654

The tenant origination and absorption costs intangible assets had an amortization period as of the date of acquisition of one year, for the acquisition completed during the three months ended March 31, 2022. The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had weighted-average amortization periods as of the respective dates of acquisition of two years and 26 years, respectively, for acquisitions completed during the three months ended March 31, 2021.

For the three months ended March 31, 2022, the Company recognized $0.9 million of total revenues and $0.1 million of net loss from the facility acquired during the three months ended March 31, 2022. For the three months ended March 31, 2021, the Company recognized $0.4 million of total revenues and $0.1 million of net income from the facilities acquired during the three months ended March 31, 2021.