Real Estate and Lending Activities (Tables)

3 Months Ended

Mar. 31, 2014

With this transaction we acquired the following assets:


	2014
Assets Acquired
Land	$	8,515
Building		99,602
Intangible lease assets — subject to amortization (weighted average useful life 15 years)		6,883

Total assets acquired	$	115,000
Total liabilities assumed		—

Net assets acquired	$	115,000

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
March 31,
2014

Estimated
Completion
Date

Oakleaf Surgical Hospital

Altoona, WI

Acute Care Hospital

National Surgical Hospitals

33,500

22,780

3Q 2014

First Choice ER - Brodie

Austin, TX

Acute Care Hospital

First Choice ER, LLC

5,466

2,829

2Q 2014

First Choice ER - Briar Forest

Houston, TX

Acute Care Hospital

First Choice ER, LLC

5,844

1,595

3Q 2014

First Choice ER - Cedar Hill

Cedar Hill, TX

Acute Care Hospital

First Choice ER, LLC

5,769

1,710

3Q 2014

First Choice ER- Firestone

Firestone, CO

Acute Care Hospital

First Choice ER, LLC

5,173

1,699

3Q 2014

First Choice ER - Allen

Allen, TX

Acute Care Hospital

First Choice ER, LLC

6,187

2,042

3Q 2014

First Choice ER - Frisco

Frisco, TX

Acute Care Hospital

First Choice ER, LLC

5,893

2,060

3Q 2014

First Choice ER - Broomfield

Broomfield, CO

Acute Care Hospital

First Choice ER, LLC

5,238

1,118

3Q 2014

First Choice ER - Spring

Spring, TX

Acute Care Hospital

First Choice ER, LLC

5,804

1,804

3Q 2014

First Choice ER - North Gate

Colorado Springs, CO

Acute Care Hospital

First Choice ER, LLC

5,249

896

3Q 2014

First Choice ER - Fountain

Fountain, CO

Acute Care Hospital

First Choice ER, LLC

6,194

1,558

3Q 2014

First Choice ER - Missouri City (Sienna)

Houston, TX

Acute Care Hospital

First Choice ER, LLC

5,394

1,062

3Q 2014

First Choice ER - Pearland

Pearland, TX

Acute Care Hospital

First Choice ER, LLC

5,691

1,403

4Q 2014

First Choice ER - Thornton

Thornton, CO

Acute Care Hospital

First Choice ER, LLC

6,029

1,400

4Q 2014

First Choice - ER

Various

Acute Care Hospital

First Choice ER, LLC

10,615

—

118,046

43,956

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 March 31, 2014			As of December 31, 2013
Minimum lease payments receivable	$	1,637,092		$	1,647,567
Estimated residual values		211,888			211,863
Less: Unearned income		(1,416,323	)		(1,428,406	)

Net investment in direct financing leases	$	432,657		$	431,024

Net Investment Under Monroe Facility

As of March 31, 2014 and December 31, 2013, our net investment (exclusive of the related real estate) in Monroe was as follows:


	As of March 31, 2014			As of December 31, 2013
Loans	$	33,726		$	31,341
Less: Loan impairment reserve		(32,354	)		(12,000	)
Loans, net		1,372			19,341

Interest, rent and other receivables*		20,992			20,972

Net investment	$	22,364		$	40,313

Includes approximately $ 6 million of interest receivables that are significantly more than 90 days past due

Summary of Loans

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


	As of March 31, 2014		As of December 31, 2013
Mortgage loans	$	388,650	$	388,650
Acquisition loans		103,016		103,266
Working capital and other loans		35,184		54,372
Convertible loan		3,352		3,352

	$	530,202	$	549,640