Real Estate and Lending Activities (Tables)

6 Months Ended

Jun. 30, 2019

Real Estate [Abstract]

Assets Acquired

We acquired the following assets (in thousands):

	For the Six Months Ended June 30,
	2019		2018
Assets Acquired
Land and land improvements	$	242,682	$	16,121
Building		784,184		232,409
Intangible lease assets — subject to amortization (weighted average useful    life 18.5 years for 2019 and 20.0 years for 2018)		91,050		25,198
Equity investments		284,399		—
Total assets acquired	$	1,402,315	$	273,728
Loans repaid(1)		—		(259,378	)
Total net assets acquired	$	1,402,315	$	14,350

(1) Includes $259.4 million of loans advanced to Steward Health Care System LLC (“Steward”) in 2017 and repaid in 2018 as described more fully below.

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, 2019		Estimated Rent Commencement Date
Circle Health (Birmingham, England)	$	45,520	$	34,452	1Q 2020
Circle Health Rehabilitation (Birmingham, England)		20,520		15,564	1Q 2020
Surgery Partners (Idaho Falls, Idaho)		113,468		69,312	1Q 2020
	$	179,508	$	119,328

Summary of Future Minimum Lease Payments to be Received

The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under noncancelable leases as of June 30, 2019 (in thousands):

	Total Under Operating Leases		Total Under DFLs		Total
2019 (six months only)	$	240,424	$	30,427	$	270,851
2020		488,865		62,072		550,937
2021		497,542		63,313		560,855
2022		503,549		64,579		568,128
2023		512,114		65,871		577,985
Thereafter		10,776,966		1,400,026		12,176,992
	$	13,019,460	$	1,686,288	$	14,705,748

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, 2019			As of December 31, 2018
Minimum lease payments receivable	$	2,063,918		$	2,091,504
Estimated residual values		420,733			424,719
Less: Unearned income		(1,798,052	)		(1,832,170	)
Net investment in direct financing leases	$	686,599		$	684,053

Summary of Loans

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

	As of June 30, 2019		As of December 31, 2018
Mortgage loans	$	1,216,442	$	1,213,322
Other loans		370,631		373,198
Total	$	1,587,073	$	1,586,520