Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 30, 2019

Real Estate [Abstract]

Assets Acquired

We acquired the following assets (in thousands):

	For the Nine Months Ended September 30,
	2019		2018
Assets Acquired
Land and land improvements	$	375,721	$	57,452
Building		1,320,449		467,164
Intangible lease assets — subject to amortization (weighted average useful    life 18.7 years for 2019 and 27.8 years for 2018)		149,201		60,277
Investment in sale leaseback transactions		1,386,797		—
Equity investments		284,399		245,267
Mortgage loans		51,267		—
Other loans		135,258		336,458
Total assets acquired	$	3,703,092	$	1,166,618
Loans repaid		—		(525,426	)
Total net assets acquired	$	3,703,092	$	641,192

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 September 30, 2019		Estimated Rent Commencement Date
Circle Health (Birmingham, England)	$	44,061	$	35,108	2Q 2020
Circle Health Rehabilitation (Birmingham, England)		19,862		16,320	2Q 2020
Surgery Partners (Idaho Falls, Idaho)		113,468		82,651	1Q 2020
	$	177,391	$	134,079

Summary of Operations for Disposed Assets in 2018

The properties sold during 2018 did not meet the definition of discontinued operations. However, the following represents the operating results from these properties (excluding the St. Joseph sale in March 2018) for the periods presented (in thousands):

	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2018			2018
Revenues(1)	$	20,115		$	88,838
Real estate depreciation and amortization		(237	)		(15,849	)
Property-related expenses		(265	)		(531	)
Other(2)		692,362			715,246
Income from real estate dispositions, net	$	711,975		$	787,704

(1) Includes $2.5 million and $7.6 million of straight-line rent and other write-offs associated with the disposal transactions for the three and nine months ended September 30, 2018, respectively.

(2) Includes $695.2 million of gains on sale for the three months ended September 30, 2018 and $719.3 million for the nine months ended September 30, 2018.

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 September 30, 2019 (in thousands):

	Total Under Operating Leases		Total Under DFLs		Total
2019 (three months only)	$	129,235	$	15,214	$	144,449
2020		542,989		62,072		605,061
2021		557,352		63,313		620,665
2022		563,977		64,579		628,556
2023		573,798		65,871		639,669
Thereafter		12,247,074		1,400,026		13,647,100
	$	14,614,425	$	1,671,075	$	16,285,500

Components of Net Investment in Direct Financing Leases

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

	As of September 30, 2019			As of December 31, 2018
Minimum lease payments receivable	$	2,049,738		$	2,091,504
Estimated residual values		419,753			424,719
Less: Unearned income		(1,780,600	)		(1,832,170	)
Net investment in direct financing leases	$	688,891		$	684,053

Summary of Loans

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

	As of September 30, 2019		As of December 31, 2018
Mortgage loans	$	1,268,563	$	1,213,322
Investment in sale leaseback transactions		1,390,619		—
Other loans		521,398		373,198
Total	$	3,180,580	$	1,586,520