Real Estate Assets (Tables)

9 Months Ended

Sep. 30, 2014

The Company had the following acquisitions during the nine months ended September 30, 2014 as described below:


Month Acquired	Property Type	Location	Purchase Price (in thousands)
January	SNF/ALF/ILF	MN	$	40,000
January	SNF	TX		15,920
March	SNF	IA		13,500
March	SNF	KY		35,000
April	SNF	FL		6,000
April	SNF	TX		53,700
May	SNF	TX		3,600
May	SNF	CA		13,350
June	SNF	KY		6,000
July	SNF	MO		16,200
July	ALF	MA		32,000
July	SNF/ALF	MA		50,000
September	SNF/ALF	WA/ID		83,600

				368,870
February	Land Held for Development	TX		2,110
July	Land Held for Development	MA		12,288

			$	383,268

Effect on Revenues and Net Income

The following table illustrates the effect on total revenues and net income as if the Company had consummated the acquisitions as of January 1, 2013 (in thousands, unaudited):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2014		2013		2014		2013
Total revenues	$	48,795	$	41,831	$	145,811	$	129,480
Net income		13,874		16,442		43,838		31,173

Net Purchase Price Paid

In accordance with ASC 805, the Company allocated the approximate net purchase price paid for these properties acquired in 2014 as follows (in thousands):


Land	$	33,390
Buildings and improvements		310,390
Furniture, fixtures and equipment		25,090
Construction in progress and land held for development		14,398

Borrowings and available cash	$	383,268

Construction in Progress

The following summarizes the Company’s construction in progress and land held for development during the nine months ended September 30, 2014 (in thousands):


	September 30, 2014
Beginning balance, January 1	$	23,292
Additions		31,170
Placed in service		(20,041	)

	$	34,421