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Real Estate and Lending Activities (Tables)
 6 Months Ended
Jun. 30, 2014
Leases [Abstract]  
Assets Acquired

As part of these acquisitions, we acquired the following assets:

 

     2014      2013  

Assets Acquired

      

Land

    $ 8,515       $ —     

Building

      99,602         —     

Intangible lease assets — subject to amortization (weighted average useful life 15 years)

      6,883         —     

Net investments in direct financing leases

      —           75,000   
  

 

 

     

 

 

  

Total assets acquired

    $ 115,000       $ 75,000   
  

 

 

     

 

 

  

 
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
June 30,
2014		     Estimated
Completion
Date		  

Oakleaf Surgical Hospital

   Altoona, WI   Acute Care Hospital     National Surgical
Hospitals		   $ 33,500      $ 28,669        3Q 2014   

First Choice ER - Allen

   Allen, TX   Acute Care Hospital   Adeptus Health     6,187        3,365        3Q 2014   

First Choice ER - Broomfield

   Broomfield, CO     Acute Care Hospital   Adeptus Health     5,238        2,515        3Q 2014   

First Choice ER - Spring

   Spring, TX   Acute Care Hospital   Adeptus Health     5,804        2,676        3Q 2014   

First Choice ER - Fountain

   Fountain, CO   Acute Care Hospital   Adeptus Health     6,194        3,380        3Q 2014   

First Choice ER - Missouri City (Sienna)

   Houston, TX   Acute Care Hospital   Adeptus Health     5,394        3,565        3Q 2014   

First Choice ER - Pearland

   Pearland, TX   Acute Care Hospital   Adeptus Health     5,691        2,331        4Q 2014   

First Choice ER - Thornton

   Thornton, CO   Acute Care Hospital   Adeptus Health     6,029        2,652        4Q 2014   

First Choice ER - Missouri City (Dulles)

   Houston, TX   Acute Care Hospital   Adeptus Health     5,693        2,516        4Q 2014   

First Choice ER - Commerce City

   Denver, CO   Acute Care Hospital   Adeptus Health     5,371        707        4Q 2014   
       

 

 

    

 

 

    
        $ 85,101      $ 52,376     
       

 

 

    

 

 

    

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 June 30,
2014		     As of December 31,
2013		  

Minimum lease payments receivable

    $ 1,626,490      $ 1,647,567   

Estimated residual values

      211,888        211,863   

Less: Unearned income

      (1,404,067 )     (1,428,406 )
  

 

 

    

 

 

  

Net investment in direct financing leases

    $ 434,311      $ 431,024   
  

 

 

    

 

 

  
Net Investment Under Monroe Facility

As of June 30, 2014 and December 31, 2013, our net investment (exclusive of the related real estate) in Monroe was as follows:

 

     As of June 30,
2014		     As of December 31,
2013		  

Loans

    $ 32,943      $ 31,341   

Less: Loan impairment reserve

      (32,943 )      (12,000 ) 

Loans, net

      —          19,341   

Interest, rent and other receivables

      —          20,972   
  

 

 

    

 

 

  

Net investment

    $ —        $ 40,313   

 
Summary of Loans

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

 

     As of
June 30,
2014		      As of
December 31,
2013		  

Mortgage loans

    $ 385,100       $ 388,756   

Acquisition loans

      108,772         109,655   

Working capital and other loans

      28,346         47,983   

Convertible loan

      3,352         3,352   
  

 

 

     

 

 

  
   $ 525,570       $ 549,746