Real Estate and Lending Activities (Tables)

9 Months Ended

Sep. 30, 2020

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

	For the Nine Months Ended September 30,
	2020			2019

Land and land improvements	$	330,941		$	375,721
Buildings		2,610,197			1,320,449
Intangible lease assets — subject to amortization (weighted average useful life 27.6 years for 2020 and 18.7 years for 2019)		364,006			149,201
Investment in financing leases		—			1,386,797
Equity investments		—			284,399
Mortgage loans		47,641			51,267
Other loans and assets		306,328			135,258
Liabilities assumed		(134,203	)		—
Total assets acquired	$	3,524,910		$	3,703,092
Loans repaid(1)		(737,242	)		—
Total net assets acquired	$	2,787,668		$	3,703,092

(1)

The 2020 column includes $737 million of loans advanced to Steward Health Care, Inc. (“Steward”) in 2017 and exchanged for the fee simple real estate of two hospitals as described below.

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 September 30, 2020		Estimated Rent Commencement Date
NeuroPsychiatric Hospitals (Houston, Texas)	$	27,500	$	20,241	2Q 2021
Ernest (Bakersfield, California)		47,929		16,010	4Q 2021
	$	75,429	$	36,251

Components of Total Investment in Financing Leases

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

	As of September 30, 2020			As of December 31, 2019
Minimum lease payments receivable	$	1,838,490		$	1,884,921
Estimated residual values		394,195			394,195
Less: Unearned income and allowance for credit loss		(1,566,655	)		(1,618,252	)
Net investment in direct financing leases		666,030			660,864
Other financing leases (net of allowance for credit loss)		1,423,189			1,399,438
Total investment in financing leases	$	2,089,219		$	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 September 30, 2020		As of December 31, 2019
Mortgage loans	$	602,479	$	1,275,022
Acquisition loans		334,281		123,893
Other loans		576,186		420,939
Total	$	1,512,946	$	1,819,854