Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 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 during the first nine months: (dollar amounts in thousands)

	2012		2011
Assets Acquired
Land	$	—	$	17,218
Building		—		178,535
Intangible lease assets — subject to amortization (weighted average useful life of 13.5 years in 2011)		—		15,351
Net investments in direct financing leases		310,000		—
Mortgage loans		200,000		—
Other loans		93,200		7,233
Equity investments		3,300		5,168
Total assets acquired	$	606,500	$	223,505
Total liabilities assumed		—		(14,592	)
Net assets acquired	$	606,500	$	208,913

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. Supplemental pro forma earnings were adjusted to exclude acquisition-related costs on consummated deals incurred in the three and nine months ended September 30, 2012 and 2011 (dollar amounts in thousands except per share/unit data).

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011
Total revenues	$	56,557	$	53,943	$	166,952	$	162,593
Net income		33,834		13,846		82,822		56,733
Net income per share/unit — diluted	$	0.25	$	0.10	$	0.61	$	0.42

Components of Net Investments in Direct Financing Lease

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

	As of September 30, 2012
Minimum lease payments receivable	$	1,279,818
Estimated residual values		200,000
Less unearned income		(1,167,768	)
Net investment in direct financing leases	$	312,050