Real Estate and Lending Activities (Tables)

6 Months Ended

Jun. 30, 2017

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Assets Acquired

We acquired the following assets (in thousands):

	Six Months Ended June 30,
	2017			2016
Assets Acquired
Land and land improvements	$	86,434		$	6,382
Building		420,731			36,455
Intangible lease assets — subject to amortization (weighted average useful life 28.4 years for 2017 and 25.8 years for 2016)		54,044			4,154
Net investments in direct financing leases		40,450			63,000
Liabilities assumed		(878	)		—
Total assets acquired	$	600,781		$	109,991

Summary of Status Update on Current Development Projects

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

Property	Commitment		Costs Incurred as of June 30, 2017		Estimated Completion Date
Ernest (Flagstaff)	$	28,067	$	11,351		1Q 2018
Circle (Birmingham)		42,017		7,088		4Q 2018
	$	70,084	$	18,439

Summary of Operations for Disposed Assets in 2016

The following represents the operating results (excluding gain on sale, transaction costs, and impairment or other non-cash charges) from the properties which sold during the first half of 2016 (excluding loans repaid in the Capella Transaction) for the periods presented (in thousands):

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2017		2016			2017		2016
Revenues	$	—	$	1,139		$	—	$	3,700
Real estate depreciation and amortization		—		(357	)		—		(857	)
Property-related expenses		—		(67	)		—		(106	)
Other income (expense)		—		(9	)		—		(68	)
Income from real estate dispositions, net	$	—	$	706		$	—	$	2,669

Components of Net Investment in Direct Financing Leases

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

	As of June 30, 2017			As of December 31, 2016
Minimum lease payments receivable	$	2,329,161		$	2,207,625
Estimated residual values		448,098			407,647
Less: Unearned income		(2,084,016	)		(1,967,170	)
Net investment in direct financing leases	$	693,243		$	648,102

Summary of Loans

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

	As of June 30, 2017		As of December 31, 2016
Mortgage loans	$	1,062,558	$	1,060,400
Acquisition loans		120,048		121,464
Working capital and other loans		32,920		34,257
	$	1,215,526	$	1,216,121

Schedule of Revenue by Operator

Revenue by Operator

	For the Six Months Ended June 30, 2017					For the Six Months Ended June 30, 2016
Operators	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Prime	$	63,059		19.5	%	$	58,859		22.5	%
Steward		58,278		18.0	%		—		—
MEDIAN		47,744		14.8	%		47,745		18.3	%
Ernest		35,269		10.9	%		33,322		12.8	%
Adeptus Health		26,137		8.1	%		16,205		6.2	%
RCCH		19,632		6.1	%		32,909		12.6	%
Other operators		73,085		22.6	%		72,259		27.6	%
Total	$	323,204		100.0	%	$	261,299		100.0	%

Schedule of Revenue from External Customers by Geographic Areas

Revenue by U.S. State and Country

	For the Six Months Ended June 30, 2017					For the Six Months Ended June 30, 2016
U.S. States and Other Countries	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Massachusetts	$	53,159		16.5	%	$	—		—
Texas		49,851		15.4	%		48,256		18.5	%
California		33,123		10.3	%		33,187		12.7	%
New Jersey		21,852		6.8	%		18,243		7.0	%
Arizona		15,542		4.8	%		11,722		4.5	%
All other states		93,080		28.7	%		99,931		38.2	%
Total U.S.	$	266,607		82.5	%	$	211,339		80.9	%
Germany	$	54,576		16.9	%	$	47,745		18.3	%
United Kingdom, Italy, and Spain		2,021		0.6	%		2,215		0.8	%
Total International	$	56,597		17.5	%	$	49,960		19.1	%
Grand Total	$	323,204		100.0	%	$	261,299		100.0	%

Schedule of Gross Assets by Operator

Gross Assets by Operator

	As of June 30, 2017					As of December 31, 2016
Operators	Total  Gross Assets		Percentage of Total  Gross Assets			Total  Gross Assets		Percentage of Total  Gross Assets
Steward	$	3,410,874		37.4	%	$	1,250,000		17.5	%
Prime		1,116,694		12.2	%		1,144,055		16.0	%
MEDIAN		1,086,109		11.9	%		993,677		13.9	%
Ernest		630,811		6.9	%		627,906		8.8	%
RCCH		506,265		5.5	%		566,600		7.9	%
Other operators		1,977,356		21.7	%		2,259,980		31.7	%
Other assets		401,669		4.4	%		300,903		4.2	%
Total	$	9,129,778		100.0	%	$	7,143,121		100.0	%

Schedule of Gross Assets by Geographic Areas

Gross Assets by U.S. State and Country

	As of June 30, 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	$	1,262,041		13.8	%	$	1,250,000		17.5	%
Texas		1,230,945		13.5	%		947,443		13.3	%
Utah		1,083,152		11.9	%		107,151		1.5	%
California		542,883		5.9	%		542,889		7.6	%
Arizona		486,547		5.3	%		331,834		4.6	%
All other states		2,502,791		27.4	%		2,234,332		31.3	%
Other domestic assets		352,748		3.9	%		264,215		3.7	%
Total U.S.	$	7,461,107		81.7	%	$	5,677,864		79.5	%
Germany	$	1,421,350		15.6	%	$	1,281,649		17.9	%
United Kingdom, Italy, and Spain		198,400		2.2	%		146,920		2.1	%
Other international assets		48,921		0.5	%		36,688		0.5	%
Total International	$	1,668,671		18.3	%	$	1,465,257		20.5	%
Grand Total	$	9,129,778		100.0	%	$	7,143,121		100.0	%