Real Estate and Lending Activities (Tables)

3 Months Ended

Mar. 31, 2017

Text Block [Abstract]

Assets Acquired

We acquired the following assets (in thousands):

	Three Months Ended March 31,
	2017		2016
Assets Acquired
Land	$	1,081	$	—
Building		7,050		—
Intangible		873		—
Total assets acquired	$	9,004	$	—

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, 2017		Estimated Completion Date
Adeptus Health	$	12,220	$	7,939		2Q 2017
Ernest		28,067		5,231		4Q 2017
Adeptus Health		7,804		1,771		1Q 2018
	$	48,091	$	14,941

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, 2017			As of December 31, 2016
Minimum lease payments receivable	$	2,192,020		$	2,207,625
Estimated residual values		407,647			407,647
Less: Unearned income		(1,949,279	)		(1,967,170	)
Net investment in direct financing leases	$	650,388		$	648,102

Summary of Loans

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

	As of March 31, 2017		As of December 31, 2016
Mortgage loans	$	1,060,397	$	1,060,400
Acquisition loans		120,766		121,464
Working capital and other loans		33,266		34,257
	$	1,214,429	$	1,216,121

Schedule of Revenue by Operator

Revenue by Operator

	For the Three Months Ended March 31,
	2017					2016
Operators	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Prime	$	31,511		20.1	%	$	28,897		21.4	%
Steward		26,584		17.0	%		—		—
MEDIAN		23,450		15.0	%		23,510		17.4	%
Ernest		17,520		11.2	%		16,406		12.2	%
RCCH		9,306		6.0	%		21,477		15.9	%
Other operators		48,026		30.7	%		44,709		33.1	%
Total	$	156,397		100.0	%	$	134,999		100.0	%

Schedule of Revenue from External Customers by Geographic Areas

Revenue by U.S. State and Country

	For the Three Months Ended March 31,
	2017					2016
U.S. States and Other Countries	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Massachusetts	$	26,584		17.0	%	$	—		—
Texas		24,737		15.8	%		24,472		18.1	%
California		16,565		10.6	%		16,597		12.3	%
New Jersey		10,943		7.0	%		8,612		6.4	%
Arizona		7,332		4.7	%		5,797		4.3	%
All other states		43,056		27.5	%		54,906		40.7	%
Total U.S.	$	129,217		82.6	%	$	110,384		81.8	%
Germany	$	26,190		16.7	%	$	23,510		17.4	%
United Kingdom, Italy, and Spain		990		0.7	%		1,105		0.8	%
Total International	$	27,180		17.4	%	$	24,615		18.2	%
Grand Total	$	156,397		100.0	%	$	134,999		100.0	%

Schedule of Gross Assets by Operator

Gross Assets by Operator

	As of March 31, 2017					As of December 31, 2016
Operators	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
Steward (1)	$	1,551,292		20.8	%	$	1,250,000		17.5	%
Prime		1,115,356		15.0	%		1,144,055		16.0	%
MEDIAN		1,006,432		13.5	%		993,677		13.9	%
Ernest		627,971		8.4	%		627,906		8.8	%
RCCH		506,265		6.8	%		566,600		7.9	%
Other operators		2,313,871		31.1	%		2,259,980		31.7	%
Other assets		324,635		4.4	%		300,903		4.2	%
Total	$	7,445,822		100.0	%	$	7,143,121		100.0	%

(1) Includes $600 million of mortgage loans.

Schedule of Gross Assets by Geographic Areas

Gross Assets by U.S. State and Country

	As of March 31, 2017					As of December 31, 2016
U.S. States and Other Countries	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
Massachusetts	$	1,250,000		16.8	%	$	1,250,000		17.5	%
Texas		893,749		12.0	%		947,443		13.3	%
California		542,886		7.3	%		542,889		7.6	%
New Jersey		416,490		5.6	%		447,436		6.3	%
Arizona		331,833		4.5	%		331,834		4.6	%
All other states		2,175,466		29.2	%		1,894,047		26.5	%
Other domestic assets		284,070		3.8	%		264,215		3.7	%
Total U.S.	$	5,894,494		79.2	%	$	5,677,864		79.5	%
Germany	$	1,320,487		17.7	%	$	1,281,649		17.9	%
United Kingdom, Italy, and Spain		190,276		2.5	%		146,920		2.1	%
Other international assets		40,565		0.6	%		36,688		0.5	%
Total International	$	1,551,328		20.8	%	$	1,465,257		20.5	%
Grand Total	$	7,445,822		100.0	%	$	7,143,121		100.0	%