Real Estate and Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2013

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Assets Acquired

We acquired the following assets:

	2013		2012		2011
Assets Acquired		(in thousands)
Land	$	41,473	$	518	$	19,705
Building		439,030		8,942		220,769
Intangible lease assets — subject to amortization (weighted average useful life 21.0 years in 2013, 15.0 years in 2012 and 13.9 years in 2011)		38,589		1,040		20,630
Net investments in direct financing leases		110,580		310,000		—
Mortgage loans		20,000		200,000		—
Other loans		5,250		95,690		27,283
Equity investments		—		5,300		5,168
Total assets acquired	$	654,922	$	621,490	$	293,555
Total liabilities assumed		—		—		(14,592	)
Net assets acquired	$	654,922	$	621,490	$	278,963

Supplemental Pro Forma Earnings Adjusted to Exclude Acquisition-Related Costs

	2013		2012
	(Amounts in thousands except per share/unit amounts)
Total revenues	$	288,159	$	280,539
Net income		133,258		135,402
Net income per share/unit	$	0.82	$	0.85

Summary of Status Update on Current Development Projects

See table below for a status update on our current development projects (in thousands):

Property	Location	Property Type	Operator	Commitment		Costs Incurred as of 12/31/13		Estimated Completion Date
First Choice ER- Nacogdoches	San Antonio, TX	Acute Care Hospital	First Choice ER, LLC	$	5,100	$	2,681		1Q 2014
First Choice ER- Brodie	Austin, TX	Acute Care Hospital	First Choice ER, LLC		5,470		1,950		2Q 2014
First Choice ER- Alvin	Houston, TX	Acute Care Hospital	First Choice ER, LLC		5,240		1,328		2Q 2014
Northern Utah Rehabilitation Hospital	South Ogden, UT	Inpatient Rehabilitation Hospital	Ernest Health, Inc.		19,153		16,391		2Q 2014
First Choice ER- Briar Forest	Houston, TX	Acute Care Hospital	First Choice ER, LLC		5,833		1,386		3Q 2014
First Choice ER- Cedar Hill	Cedar Hill, TX	Acute Care Hospital	First Choice ER, LLC		5,768		1,167		3Q 2014
First Choice ER- Firestone	Firestone, CO	Acute Care Hospital	First Choice ER, LLC		5,172		544		3Q 2014
Oakleaf Surgical Hospital	Altoona, WI	Acute Care Hospital	National Surgical Hospitals		33,500		16,324		3Q 2014
First Choice Emergency Rooms	Various	Acute Care Hospital	First Choice		62,217		—		Various
				$	147,453	$	41,771

Amortization Expense from Lease Intangible Assets

 Amortization expense from existing lease intangible assets as follows: (amounts in thousands)

For the Year Ended December 31:
2014	$	5,086
2015		4,896
2016		4,855
2017		4,845
2018		4,784

Components of Net Investment in Direct Financing Leases

The components of our net investment in DFLs consisted of the following (dollars in thousands):

	As of December 31, 2013
Minimum lease payments receivable	$	1,647,567
Estimated residual values		211,863
Less unearned income		(1,428,406	)
Net investment in direct financing leases	$	431,024

Minimum Rental Payments Due under Operating Leases with Non-Cancelable Terms

Minimum rental payments due to us in future periods under operating leases and DFL, which have non-cancelable terms extending beyond one year at December 31, 2013, are as follows: (amounts in thousands)

	Total Under Operating Leases		Total Under DFLs		Total
2014	$	166,602	$	42,535	$	209,137
2015		164,754		43,386		208,140
2016		165,517		44,254		209,771
2017		165,418		45,139		210,557
2018		165,679		46,041		211,720
Thereafter		1,536,759		601,981		2,138,740
	$	2,364,729	$	823,336	$	3,188,065

Summary of Loans

The following is a summary of our loans ($ amounts in thousands):

	As of December 31, 2013					As of December 31, 2012
	Balance		Weighted Average Interest Rate			Balance		Weighted Average Interest Rate
Mortgage loans	$	388,650		10.2	%	$	368,650		10.0	%
Acquisition loans		103,266		14.5	%		98,433		14.7	%
Working capital and other loans		57,724		10.9	%		60,810		10.8	%
	$	549,640				$	527,893