RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)

During the six months ended June 30, 2023, the Company acquired one Senior Housing - Leased community and one Senior Housing - Managed community. During the six months ended June 30, 2022, the Company acquired one Senior Housing - Managed community. The Senior Housing - Managed communities acquired during the six months ended June 30, 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):


	Six Months Ended June 30,
	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 weighted average amortization periods as of the respective dates of acquisition of one year and 22 years, respectively, for the acquisitions completed during the six months ended June 30, 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 six months ended June 30, 2022.

For the three and six months ended June 30, 2023, the Company recognized $2.5 million and $4.3 million of total revenues, respectively, and $0.1 million of net loss and $0.1 million of net income, respectively, from the facilities acquired during the six months ended June 30, 2023. 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.

During the three months ended June 30, 2023, the Company, in accordance with the terms of the agreements pursuant to which it purchased the facilities, paid $17.9 million in additional consideration related to two Senior Housing - Managed communities that achieved certain performance metrics. This amount is included in real estate investments, net of accumulated depreciation on the accompanying consolidated balance sheets.