Real Estate Activities (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Line Items]

Net Assets Acquired

For the years ended December 31, 2020, 2019, and 2018, we acquired or invested in the following net assets (in thousands):

	2020			2019			2018
Land and land improvements	$	365,281		$	400,539		$	71,880
Buildings		2,547,313			1,951,066			686,739
Intangible lease assets — subject to amortization    (weighted-average useful life of 27.5 years in 2020,    19.1 years in 2019, and 27.9 years in 2018)		642,699			227,468			90,651
Investment in financing leases		114,797			1,386,797			—
Equity investments		233,593			415,836			245,267
Mortgage loans		176,840			51,267			—
Other loans and assets		309,523			135,258			336,458
Liabilities assumed		(140,866	)		(2,637	)		—
Total assets acquired	$	4,249,180		$	4,565,594		$	1,430,995
Loans repaid(1)		(834,743	)		—			(764,447	)
Total net assets acquired	$	3,414,437		$	4,565,594		$	666,548

(1) The 2020 column includes approximately $750 million of loans advanced to Steward in 2017 and exchanged for the fee simple real estate of two hospitals as described below, as well as approximately $100 million of loans advanced to Ernest Health, Inc. (“Ernest”) in 2012 and exchanged for the fee simple real estate of four hospitals as described below. 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, 2020		Estimated Rent Commencement Date
Ernest (Bakersfield, California)	$	47,929	$	19,034	4Q 2021
Ernest (Stockton, California)		47,700		11,105	1Q 2022
	$	95,629	$	30,139

Amortization Expense from Existing Lease Intangible Assets

We recorded amortization expense related to intangible lease assets of $42.4 million, $21.5 million, and $17.6 million in 2020, 2019, and 2018, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows (amounts in thousands):

For the Year Ended December 31:
2021	$	44,286
2022		44,272
2023		44,206
2024		44,173
2025		44,025

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, 2020 (amounts in thousands):

	Total Under Operating Leases		Total Under Financing Leases		Total
2021	$	858,067	$	160,925	$	1,018,992
2022		875,350		164,144		1,039,494
2023		890,761		167,427		1,058,188
2024		905,176		170,775		1,075,951
2025		919,984		174,191		1,094,175
Thereafter		22,102,425		4,593,755		26,696,180
	$	26,551,763	$	5,431,217	$	31,982,980

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, 2020			As of December 31, 2019
Minimum lease payments receivable	$	1,228,966		$	1,884,921
Estimated residual values		203,818			394,195
Less: Unearned income and allowance for credit loss		(969,061	)		(1,618,252	)
Net investment in direct financing leases		463,723			660,864
Other financing leases (net of allowance for credit loss)		1,547,199			1,399,438
Total investment in financing leases	$	2,010,922		$	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) ($ amounts in thousands):

	As of December 31, 2020					As of December 31, 2019
	Balance		Weighted-Average Interest Rate			Balance		Weighted-Average Interest Rate
Mortgage loans	$	248,080		8.5	%	$	1,275,022		9.0	%
Acquisition loans		338,273		7.6	%		123,893		7.7	%
Other loans		520,095		5.8	%		420,939		5.7	%
	$	1,106,448				$	1,819,854

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
Revenues	$	88,838
Real estate depreciation and amortization		(15,849	)
Property-related expenses		(531	)
Other(1)		709,717
Income from real estate dispositions, net	$	782,175

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