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Real Estate and Lending Activities (Tables)
6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Net Assets Acquired

We acquired or invested in the following net assets (in thousands):

 

 

 

For the Six Months

Ended June 30,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

Land and land improvements

 

$

265,991

 

 

$

242,682

 

Buildings

 

 

1,608,771

 

 

 

784,184

 

Intangible lease assets — subject to amortization (weighted average useful

   life 30.8 years for 2020 and 18.5 years for 2019)

 

 

231,774

 

 

 

91,050

 

Equity investments

 

 

 

 

 

284,399

 

Mortgage loans

 

 

47,641

 

 

 

 

Other assets

 

 

1,328

 

 

 

 

Other loans

 

 

205,000

 

 

 

 

Liabilities assumed

 

 

(134,203

)

 

 

 

Total

 

$

2,226,302

 

 

$

1,402,315

 

 

Summary of Status 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, 2020

 

 

Estimated

Rent

Commencement

Date

NeuroPsychiatric Hospitals (Houston, Texas)

 

$

27,500

 

 

$

16,586

 

 

4Q 2020

Ernest (Bakersfield, California)

 

 

47,929

 

 

 

11,088

 

 

4Q 2021

 

 

$

75,429

 

 

$

27,674

 

 

 

Components of Total Investment in Financing Leases The components of our total investment in financing leases consisted of the following (in thousands):

 

 

 

As of

June 30,

2020

 

 

As of

December 31,

2019

 

Minimum lease payments receivable

 

$

1,853,967

 

 

$

1,884,921

 

Estimated residual values

 

 

394,195

 

 

 

394,195

 

Less: Unearned income and allowance for credit loss

 

 

(1,584,334

)

 

 

(1,618,252

)

Net investment in direct financing leases

 

 

663,828

 

 

 

660,864

 

Other financing leases (net of allowance for credit loss)

 

 

1,414,381

 

 

 

1,399,438

 

Total investment in financing leases

 

$

2,078,209

 

 

$

2,060,302

 

 

Summary of Loans (Net of Allowance for Credit Loss)

The following is a summary of our loans (net of allowance for credit loss in 2020):

 

(in thousands)

 

As of

June 30,

2020

 

 

As of

December 31,

2019

 

Mortgage loans

 

$

1,339,258

 

 

$

1,275,022

 

Acquisition loans

 

 

330,792

 

 

 

123,893

 

Other loans

 

 

461,219

 

 

 

420,939

 

Total

 

$

2,131,269

 

 

$

1,819,854