RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

During the nine months ended September 30, 2022, the Company acquired three Senior Housing - Managed communities. Two of the investments were part of the Company’s proprietary development pipeline and were previously reflected as preferred equity investments which had an aggregate book value of $14.3 million at the time of acquisition. During the nine months ended September 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):


	Nine Months Ended September 30,
	2022		2021
Land	$	10,292	$	3,610
Building and improvements	83,118		55,971
Tenant origination and absorption costs intangible assets	4,887		2,525
Tenant relationship intangible assets	—		10
Total consideration	$	98,297	$	62,116

The tenant origination and absorption costs intangible assets had a weighted-average amortization period as of the date of acquisition of one year, for the acquisitions completed during the nine months ended September 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 nine months ended September 30, 2021.

For the three and nine months ended September 30, 2022, the Company recognized $3.9 million and $6.0 million of total revenues, respectively, and $0.3 million and $0.9 million of net loss, respectively, from the facilities acquired during the nine months ended September 30, 2022. For the three and nine months ended September 30, 2021, the Company recognized $2.8 million and $5.5 million of total revenues, respectively, and $42,000 and $0.3 million of net income, respectively, from the facilities acquired during the nine months ended September 30, 2021.