RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

During the six months ended June 30, 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 six months ended June 30, 2021, the Company acquired two Senior Housing - Managed communities, one behavioral health facility and land to develop one skilled nursing/transitional care facility. The consideration was allocated as follows (in thousands):


	Six Months Ended June 30,
	2022		2021
Land	$	3,691	$	3,610
Building and improvements	21,168		55,962
Tenant origination and absorption costs intangible assets	1,337		2,525
Tenant relationship intangible assets	—		10
Total consideration	$	26,196	$	62,107

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 six months ended June 30, 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 six months ended June 30, 2021.

For the three and six months ended June 30, 2022, the Company recognized $1.3 million and $2.2 million of total revenues, respectively, and $0.4 million and $0.6 million of net loss, respectively, from the facility acquired during the six months ended June 30, 2022. For the three and six months ended June 30, 2021, the Company recognized $2.3 million and $2.7 million of total revenues, respectively, and $0.2 million and $0.3 million of net income, respectively, from the facilities acquired during the six months ended June 30, 2021.