Real Estate Activities (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Line Items]

Assets Acquired

For the years ended December 31, 2019, 2018, and 2017, we acquired the following assets:

	2019			2018			2017
	(in thousands)
Assets Acquired
Land	$	400,539		$	71,880		$	240,993
Building		1,951,066			686,739			985,219
Intangible lease assets — subject to amortization    (weighted-average useful life of 19.1 years in 2019,    27.9 years in 2018, and 27.7 years in 2017)		227,468			90,651			181,004
Investment in financing leases		1,386,797			—			40,450
Mortgage loans		51,267			—			700,000
Other loans		135,258			336,458			—
Equity investments and other assets		415,836			245,267			100,000
Liabilities assumed		(2,637	)		—			(878	)
Total assets acquired	$	4,565,594		$	1,430,995		$	2,246,788
Loans repaid(1)		—			(764,447	)		—
Total net assets acquired	$	4,565,594		$	666,548		$	2,246,788

(1) The 2018 column includes $0.8 billion of loans advanced to Steward in 2016 and repaid in 2018 as part of sale leaseback conversion described below.

Summary of Status on Current Development Projects

See table below for a status summary of our current development projects (in thousands):

Property	Commitment		Costs Incurred as of December 31, 2019		Estimated Rent Commencement Date
Circle (Birmingham, England)	$	47,532	$	41,920	2Q 2020
Circle Rehabilitation (Birmingham, England)		21,427		17,385	2Q 2020
Surgery Partners (Idaho Falls, Idaho)		113,468		96,639	1Q 2020
NeuroPsychiatric Hospitals (Houston, Texas)		27,500		12,268	4Q 2020
	$	209,927	$	168,212

Amortization Expense from Existing Lease Intangible Assets

We recorded amortization expense related to intangible lease assets of $21.5 million, $17.6 million, and $15.8 million in 2019, 2018, and 2017, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows (amounts in thousands):

For the Year Ended December 31:
2020	$	27,795
2021		27,781
2022		27,767
2023		27,702
2024		27,668

Summary of Total Future Minimum Lease Payments to be Received

The following table summarizes total future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under noncancelable leases as of December 31, 2019 (amounts in thousands):

	Total Under Operating Leases		Total Under Financing Leases		Total
2020	$	589,140	$	166,067	$	755,207
2021		604,653		169,388		774,041
2022		612,427		172,776		785,203
2023		623,590		176,231		799,821
2024		633,197		179,756		812,953
Thereafter		12,779,610		4,902,534		17,682,144
	$	15,842,617	$	5,766,752	$	21,609,369

Components of Total Investment in Financing Leases

The components of our total investment in financing leases consisted of the following (in thousands):

	As of December 31, 2019			As of December 31, 2018
Minimum lease payments receivable	$	1,884,921		$	2,091,504
Estimated residual values		394,195			424,719
Less unearned income		(1,618,252	)		(1,832,170	)
Net investment in direct financing leases	$	660,864		$	684,053
Other financing leases		1,399,438			—
Total investment in financing leases	$	2,060,302		$	684,053

Summary of Loans

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

	As of December 31, 2019					As of December 31, 2018
	Balance		Weighted-Average Interest Rate			Balance		Weighted-Average Interest Rate
Mortgage loans	$	1,275,022		9.0	%	$	1,213,322		8.8	%
Acquisition loans		123,893		7.7	%		3,454		10.8	%
Other loans		420,939		5.7	%		369,744		5.4	%
	$	1,819,854				$	1,586,520

2018 [Member]

Real Estate [Line Items]

Summary of Operations for Disposed Assets

The following represents the operating results (excluding the St. Joseph sale in March 2018) of the properties sold in 2018 for    the periods presented (in thousands):

	For the Year Ended
	2018			2017
Revenues	$	88,838		$	132,039
Real estate depreciation and amortization		(15,849	)		(31,870	)
Property-related expenses		(531	)		(404	)
Other(1)		709,717			(14,168	)
Income from real estate dispositions, net	$	782,175		$	85,597

(1) Includes approximately $720 million of gains on sale for the twelve months ended December 31, 2018.