Real Estate and Lending Activities (Tables)

3 Months Ended

Mar. 31, 2018

We acquired the following assets (in thousands):

	Three Months Ended March 31,
	2018		2017
Assets Acquired
Land	$	—	$	1,230
Building		—		6,901
Intangible lease assets — subject to amortization		—		873
Total assets acquired	$	—	$	9,004

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

Property	Commitment		Costs Incurred as of March 31, 2018		Estimated Completion Date
Circle Health (Birmingham, England)	$	45,211	$	18,369	1Q 2019
Surgery Partners (Idaho Falls, Idaho)		113,468		16,753	1Q 2020
	$	158,679	$	35,122

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

	As of March 31, 2018			As of December 31, 2017
Minimum lease payments receivable	$	2,223,869		$	2,294,081
Estimated residual values		434,769			448,339
Less: Unearned income		(1,972,614	)		(2,043,693	)
Net investment in direct financing leases	$	686,024		$	698,727

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

	As of March 31, 2018		As of December 31, 2017
Mortgage loans	$	1,927,393	$	1,778,316
Acquisition loans		117,627		118,448
Working capital and other loans		31,215		31,761
	$	2,076,235	$	1,928,525

Revenue by Operator

	For the Three Months Ended March 31,
	2018					2017
Operators	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Steward (1)	$	73,227		35.7	%	$	33,704		21.6	%
Prime		31,778		15.5	%		31,511		20.1	%
MEDIAN		29,088		14.2	%		23,450		15.0	%
Ernest		16,416		8.0	%		17,520		11.2	%
RCCH		9,537		4.7	%		9,306		6.0	%
Other operators		45,000		21.9	%		40,906		26.1	%
Total	$	205,046		100.0	%	$	156,397		100.0	%

(1) Includes revenue from IASIS prior to being acquired by Steward on September 29, 2017.

Revenue by U.S. State and Country

	For the Three Months Ended March 31,
	2018					2017
U.S. States and Other Countries	Total Revenue		Percentage of Total Revenue			Total Revenue		Percentage of Total Revenue
Texas	$	30,355		14.8	%	$	24,737		15.8	%
Massachusetts		26,940		13.1	%		26,584		17.0	%
Utah		20,871		10.2	%		2,534		1.6	%
California		16,666		8.1	%		16,565		10.6	%
Arizona		11,386		5.6	%		7,332		4.7	%
All other states		60,037		29.3	%		51,465		32.9	%
Total U.S.	$	166,255		81.1	%	$	129,217		82.6	%
Germany	$	37,665		18.4	%	$	26,190		16.7	%
United Kingdom, Italy, and Spain		1,126		0.5	%		990		0.7	%
Total International	$	38,791		18.9	%	$	27,180		17.4	%
Grand Total	$	205,046		100.0	%	$	156,397		100.0	%

Gross Assets by Operator

	As of March 31, 2018					As of December 31, 2017
Operators	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
Steward (1)	$	3,459,275		36.2	%	$	3,457,384		36.5	%
MEDIAN		1,261,991		13.2	%		1,229,325		13.0	%
Prime		1,120,737		11.7	%		1,119,484		11.8	%
Ernest		612,112		6.4	%		629,161		6.6	%
RCCH		506,265		5.3	%		506,265		5.3	%
Other operators		2,118,132		22.3	%		2,089,934		22.1	%
Other assets		466,095		4.9	%		444,659		4.7	%
Total	$	9,544,607		100.0	%	$	9,476,212		100.0	%

(1) Includes approximately $1.8 billion of triple net leased gross assets.

Gross Assets by U.S. State and Country

	As of March 31, 2018					As of December 31, 2017
U.S. States and Other Countries	Total Gross Assets		Percentage of Total Gross Assets			Total Gross Assets		Percentage of Total Gross Assets
Massachusetts	$	1,298,226		13.6	%	$	1,297,226		13.7	%
Texas		1,260,795		13.2	%		1,257,390		13.3	%
Utah		1,035,748		10.9	%		1,035,501		10.9	%
California		542,873		5.7	%		542,876		5.7	%
Arizona		489,185		5.1	%		491,284		5.2	%
All other states		2,616,686		27.4	%		2,618,536		27.6	%
Other domestic assets		402,841		4.2	%		387,050		4.1	%
Total U.S.	$	7,646,354		80.1	%	$	7,629,863		80.5	%
Germany	$	1,623,755		17.0	%	$	1,581,726		16.7	%
United Kingdom, Italy, and Spain		211,244		2.2	%		207,014		2.2	%
Other international assets		63,254		0.7	%		57,609		0.6	%
Total International	$	1,898,253		19.9	%	$	1,846,349		19.5	%
Grand Total	$	9,544,607		100.0	%	$	9,476,212		100.0	%