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RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED) RECENT REAL ESTATE ACQUISITIONS (CONSOLIDATED)
During the six months ended June 30, 2024, the Company acquired one Senior Housing - Leased community. During the six months ended June 30, 2023, the Company acquired one Senior Housing - Leased community and one Senior Housing - Managed community that was part of the Company’s proprietary development pipeline and was previously reflected as a preferred equity investment which had a book value of $4.6 million at the time of acquisition. The consideration was allocated as follows (in thousands):
Six Months Ended June 30,
20242023
Land$1,193 $3,415 
Building and improvements34,122 45,333 
Tenant origination and absorption costs intangible assets607 2,706 
Tenant relationship intangible assets206 20 
Total consideration$36,128 $51,474 
The tenant origination and absorption costs intangible assets and tenant relationship intangible assets had amortization periods as of the date of acquisition of 15 years and 25 years, respectively, for the acquisition completed during the six months ended June 30, 2024. 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.
For each of the three and six months ended June 30, 2024, the Company recognized $0.8 million of total revenues and $0.6 million of net income from the facility acquired during the six months ended June 30, 2024. 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.
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.