Real Estate and Lending Activities (Tables)

6 Months Ended

Jun. 30, 2012

List of Assets Purchased and Invested as Part of Acquisitions

As part of these acquisitions, we purchased and invested in the following assets: (dollar amounts in thousands)

	2012		2011
Assets Acquired
Land	$	—	$	16,151
Building		—		157,834
Intangible lease assets — subject to amortization (weighted average useful life of 13.3 years in 2011)		—		14,093
Net investments in direct financing leases		200,000		—
Mortgage loans		100,000		—
Other loans		93,200		5,233
Equity investments		3,300		1,268
Total assets acquired	$	396,500	$	194,579
Total liabilities assumed		—		(14,592	)
Net assets acquired	$	396,500	$	179,987

Unaudited Pro Forma Consolidated Financial Data

The following table sets forth certain unaudited pro forma consolidated financial data for 2012 and 2011, as if each acquisition in 2012 and 2011 were consummated on the same terms at the beginning of 2011 and 2010, respectively. Supplemental pro forma earnings were adjusted to exclude acquisition-related costs on consummated deals incurred in the three and six months ended June 30, 2012 and 2011 (dollar amounts in thousands except per share/unit data).

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
Total revenues	$	51,070	$	48,671	$	101,287	$	98,250
Net income		19,672		10,825		39,401		32,133
Net income per share/unit — diluted	$	0.14	$	0.08	$	0.29	$	0.23

Components of Net Investments in Direct Financing Lease

We are accounting for the master lease of 12 facilities to Ernest as a DFL. The components of our net investment in DFL consisted of the following (dollars in thousands):

	As of June 30, 2012
Minimum lease payments receivable	$	896,900
Estimated residual values		200,000
Less unearned income		(895,744	)
Net investment in direct financing leases	$	201,156