Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 30, 2015

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Assets Acquired

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

	2015		2014
Assets Acquired
Land and land improvements	$	154,698	$	13,058
Building		748,854		152,096
Intangible lease assets — subject to amortization (weighted average useful life 15 years)		66,461		12,828
Mortgage loans		365,000		—
Net investments in direct financing leases		170,700		—
Other loans		514,484		5,000
Total net assets acquired	$	2,022,926	$	182,982

Schedule of Unaudited Supplemental Pro Forma Operating Data

The following unaudited supplemental pro forma operating data is presented for the three and nine months ended September 30, 2015 and 2014, as if each acquisition (including completed development projects) was completed on January 1, 2014. Supplemental pro forma earnings were adjusted to exclude acquisition-related costs on consummated deals. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transactions had been completed as set forth above, nor do they purport to represent our results of operations for future periods (in thousands, except per share/unit amounts).

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
Total revenues	$	134,776	$	135,734	$	414,632	$	404,760
Net income	$	54,332	$	64,303	$	193,413	$	157,910
Net income per share/unit — diluted	$	0.23	$	0.27	$	0.81	$	0.67

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 09/30/15		Estimated Completion Date
First Choice ER- Phoenix	Phoenix, AZ	Acute Care Hospital	Adeptus Health	$	5,261	$	3,076	4Q 2015
First Choice ER- Houston	Houston, TX	Acute Care Hospital	Adeptus Health		5,105		2,400	4Q 2015
First Choice ER- Denver	Denver, CO	Acute Care Hospital	Adeptus Health		6,868		3,109	4Q 2015
First Choice ER- DFW	Dallas, TX	Acute Care Hospital	Adeptus Health		5,124		2,632	1Q 2016
First Choice ER- Houston	Houston, TX	Acute Care Hospital	Adeptus Health		5,257		812	1Q 2016
First Choice ER- Denver	Denver, CO	Acute Care Hospital	Adeptus Health		5,300		208	2Q 2016
First Choice ER- Phoenix	Phoenix, AZ	Acute Care Hospital	Adeptus Health		6,728		1,865	2Q 2016
First Choice ER- San Antonio	San Antonio, TX	Acute Care Hospital	Adeptus Health		7,530		2,376	2Q 2016
Rehabilitation Hospital of Northwest Ohio	Toledo, OH	Inpatient Rehabilitation Hospital	Ernest Health		19,212		8,557	2Q 2016
First Choice ER- Houston	Houston, TX	Acute Care Hospital	Adeptus Health		45,961		14,167	3Q 2016
First Choice Emergency Rooms	Various	Acute Care Hospital	Adeptus Health		214,352		—	Various
				$	326,698	$	39,202

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, 2015			As of December 31, 2014
Minimum lease payments receivable	$	2,442,386		$	1,607,024
Estimated residual values		387,340			211,888
Less: Unearned income		(2,211,233	)		(1,379,396	)
Net investment in direct financing leases	$	618,493		$	439,516

Summary of Loans

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

	As of September 30, 2015		As of December 31, 2014
Mortgage loans	$	762,584	$	397,594
Acquisition loans		645,207		525,136
Working capital and other loans		64,869		48,031
	$	1,472,660	$	970,761