Real Estate and Other Activities (Tables)

6 Months Ended

Jun. 30, 2021

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

	For the Six Months Ended June 30,
	2021			2020

Land and land improvements	$	345,039		$	265,991
Buildings		825,322			1,608,771
Intangible lease assets — subject to amortization (weighted-average useful life of 45.0 years for 2021 and 30.8 years for 2020)		96,455			231,774
Equity investments		108,710			—
Mortgage loans		1,090,400			47,641
Other loans and assets		736,936			206,328
Liabilities assumed		(65,411	)		(134,203	)
Total assets acquired		3,137,451			2,226,302
Loans repaid(1)		(1,090,400	)		—
Total net assets acquired	$	2,047,051		$	2,226,302

(1)

The 2021 column includes an £800 million mortgage loan advanced to the Priory Group (“Priory”) in the first quarter of 2021 and converted to fee simple ownership of 35 properties in the second quarter of 2021 as 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 June 30, 2021		Estimated Rent Commencement Date
Ernest (Bakersfield, California)	$	47,929	$	33,034	4Q 2021
Ernest (Stockton, California)		47,700		19,509	2Q 2022
	$	95,629	$	52,543

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, 2021			As of December 31, 2020
Minimum lease payments receivable	$	1,206,411		$	1,228,966
Estimated residual values		203,818			203,818
Less: Unearned income and allowance for credit loss		(943,865	)		(969,061	)
Net investment in direct financing leases		466,364			463,723
Other financing leases (net of allowance for credit loss)		1,565,817			1,547,199
Total investment in financing leases	$	2,032,181		$	2,010,922

Summary of Loans (Net of Allowance for Credit Loss)

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

	As of June 30, 2021		As of December 31, 2020
Mortgage loans	$	219,561	$	248,080
Acquisition loans		688,106		338,273
Other loans		823,740		520,095
Total	$	1,731,407	$	1,106,448