Real Estate and Lending Activities (Tables)

3 Months Ended

Mar. 31, 2016

Text Block [Abstract]

Assets Acquired

We acquired the following assets (in thousands):

	Three Months Ended March 31,
	2016		2015
Assets Acquired
Land	$	—	$	14,844
Building		—		87,914
Intangible lease assets — subject to amortization (weighted average useful life 20 years)		—		7,242
Mortgage loans		—		40,000
Net investments in direct financing leases		—		10,700
Other loans		—		5,000
Total assets acquired	$	—	$	165,700

Summary of Status Update on Current Development Projects

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

Operator	Commitment		Costs Incurred as of March 31, 2016		Estimated Completion Date
Ernest	$	19,212	$	16,894	2Q 2016
Adeptus Health		12,639		8,734	2Q 2016
Adeptus Health		62,155		36,257	3Q 2016
Adeptus Health		61,997		8,745	2Q 2017
Adeptus Health		123,033		—	Various
	$	279,036	$	70,630

Components of Net Investment in Direct Financing Leases

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

	As of March 31, 2016			As of December 31, 2015
Minimum lease payments receivable	$	2,571,638		$	2,587,912
Estimated residual values		393,970			393,097
Less: Unearned income		(2,335,126	)		(2,354,013	)
Net investment in direct financing leases	$	630,482		$	626,996

Summary of Loans

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

	As of March 31, 2016		As of December 31, 2015
Mortgage loans	$	757,578	$	757,581
Acquisition loans		610,003		610,469
Working capital and other loans		53,256		54,353
	$	1,420,837	$	1,422,403

Schedule of Revenue by Operator

Revenue by Operator

	For the Three Months Ended March 31, 2016					For the Three Months Ended March 31, 2015
Operators	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Prime	$	28,897		21.4	%	$	24,021		25.0	%
MEDIAN		23,510		17.4	%		15,210		15.9	%
Capella		21,477		15.9	%		—		—
Ernest		16,406		12.2	%		14,700		15.3	%
Adeptus Health		7,676		5.7	%		3,405		3.6	%

Schedule of Revenue from External Customers by Geographic Areas

Revenue by U.S. State and Country

	For the Three Months Ended March 31, 2016					For the Three Months Ended March 31, 2015
U.S. States and Other Countries	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Texas	$	24,472		18.1	%	$	21,016		21.9	%
California		16,597		12.3	%		16,539		17.2	%
All other states		69,315		51.4	%		42,114		43.9	%
Total U.S.	$	110,384		81.8	%	$	79,669		83.0	%
Germany	$	23,510		17.4	%	$	15,210		15.9	%
United Kingdom, Italy, and Spain		1,105		0.8	%		1,082		1.1	%
Total International	$	24,615		18.2	%	$	16,292		17.0	%
Grand Total	$	134,999		100.0	%	$	95,961		100.0	%

Schedule of Gross Assets by Operator

Gross Assets by Operator

	As of March 31, 2016					As of December 31, 2015
Operators	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
	(A)					(A)
Prime	$	1,125,994		19.9	%	$	1,032,353		17.1	%
MEDIAN		1,080,381		19.1	%		1,031,039		17.1	%
Ernest		581,087		10.3	%		579,182		9.6	%
Capella		510,895		9.0	%		1,059,989		17.6	%
Adeptus Health		500,000		8.8	%		500,000		8.3	%

Schedule of Gross Assets by Geographic Areas

Gross Assets by U.S. State and Country

	As of March 31, 2016					As of December 31, 2015
U.S. States and Other Countries	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
	(A)					(A)
Texas	$	1,077,738		19.0	%	$	1,060,990		17.6	%
California		547,082		9.7	%		547,085		9.1	%
All other states		2,588,647		45.7	%		3,047,204		50.4	%
Other domestic assets		185,394		3.3	%		177,317		3.1	%
Total U.S.	$	4,398,861		77.7	%	$	4,832,596		80.2	%
Germany	$	1,080,381		19.1	%	$	1,031,039		17.1	%
United Kingdom, Italy, and Spain		161,880		2.9	%		161,317		2.7	%
Other international assets		21,708		0.3	%		10,970		—
Total International	$	1,263,969		22.3	%	$	1,203,326		19.8	%
Grand Total	$	5,662,830		100.0	%	$	6,035,922		100.0	%

(A) Gross Assets represents total assets plus accumulated depreciation/amortization assuming all real estate commitments as of the period end are fully funded and the completion of the subsequent Capella transaction.