RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

During the three months ended March 31, 2023, the Company acquired one Senior Housing - Leased community and one Senior Housing - Managed community. During the three months ended March 31, 2022, the Company acquired one Senior Housing - Managed community. The Senior Housing - Managed communities acquired during the three months ended March 31, 2023 and 2022 were part of the Company’s proprietary development pipeline and were previously reflected as preferred equity investments which had a book value of $4.6 million and $5.6 million, respectively, at the time of acquisition. The consideration was allocated as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Land	$	3,415	$	3,691
Building and improvements	45,333		21,168
Tenant origination and absorption costs intangible assets	2,706		1,337
Tenant relationship intangible assets	20		—
Total consideration	$	51,474	$	26,196

The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had a weighted average amortization periods as of the respective dates of acquisition of one year and 22 years, respectively, for the acquisitions completed during the three months ended March 31, 2023. 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.

For the three months ended March 31, 2023, the Company recognized $1.7 million of total revenues and $0.2 million of net income from the facilities acquired during the three months ended March 31, 2023. For the three months ended March 31, 2022, the Company recognized $0.9 million of total revenues and $0.1 million of net income from the facility acquired during the three months ended March 31, 2022.

The Company is required to pay additional consideration related to two Senior Housing - Managed communities if certain performance metrics are achieved, and as of March 31, 2023, based on the improved performance of these facilities, the aggregate additional consideration is estimated to be $17.4 million and is included in real estate investments, net of accumulated depreciation and accounts payable and accrued liabilities on the accompanying consolidated balance sheets.