Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 30, 2014

As part of these acquisitions, we acquired the following assets during the first nine months:


	2014		2013
Assets Acquired
Land	$	13,058	$	16,220
Building		152,096		265,030
Intangible lease assets — subject to amortization (weighted average useful life 15 years)		12,828		—
Net investments in direct financing leases		—		85,000
Other loans		5,000		5,250

Total assets acquired	$	182,982	$	371,500

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
September 30,
2014

Estimated
Completion
Date

First Choice ER—Commerce City

Denver, CO

Acute Care Hospital

Adeptus Health

5,372

1,924

4Q 2014

UAB Medical West

Hoover, AL

Acute Care Hospital & Medical Office Building

Medical West, an affiliate of UAB

8,653

257

2Q 2015

First Choice ER—Summerwood

Houston, TX

Acute Care Hospital

Adeptus Health

6,015

1,535

2Q 2015

First Choice – Various

Various

Acute Care Hospital

Adeptus Health

143,985

—

Various

164,025

3,716

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 September 30, 2014			As of December 31, 2013
Minimum lease payments receivable	$	1,615,867		$	1,647,567
Estimated residual values		212,266			211,863
Less: Unearned income		(1,391,747	)		(1,428,406	)

Net investment in direct financing leases	$	436,386		$	431,024

Net Investment Under Monroe Facility

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


	As of September 30, 2014			As of December 31, 2013
Loans	$	35,443		$	31,341
Less: Loan impairment reserve		(32,943	)		(12,000	)

Loans, net		2,500			19,341
Interest, rent and other receivables		—			20,972

Net investment	$	2,500		$	40,313

Summary of Loans

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


	As of September 30, 2014		As of December 31, 2013
Mortgage loans	$	385,093	$	388,756
Acquisition loans		108,028		109,655
Working capital and other loans		36,038		47,983
Convertible loan		3,352		3,352

	$	532,511	$	549,746