Real Estate and Other Activities (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Net Assets Acquired

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

	For the Nine Months Ended September 30,
	2021			2020
Land and land improvements	$	562,742		$	330,941
Buildings		1,670,741			2,610,197
Intangible lease assets — subject to amortization (weighted-average useful    life of 36.1 years for 2021 and 27.6 years for 2020)		197,735			364,006
Equity investments		108,710			—
Mortgage loans		1,090,400			47,641
Other loans and assets		736,936			306,328
Liabilities assumed		(65,525	)		(134,203	)
Total assets acquired		4,301,739			3,524,910
Loans repaid(1)		(1,090,400	)		(737,242	)
Total net assets acquired	$	3,211,339		$	2,787,668

(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 in a portfolio of 35 properties in the second quarter of 2021 as described below. 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 summary of our current development projects (in thousands):

Property	Commitment		Costs Incurred as of September 30, 2021		Estimated Rent Commencement Date
Ernest (Bakersfield, California)	$	47,929	$	39,544	4Q 2021
Ernest (Stockton, California)		47,700		24,990	2Q 2022
	$	95,629	$	64,534

Summary of Joint Venture Designated as Held for Sale

The partnership plans to raise nonrecourse secured debt of up to 55% of asset value, and we expect to receive total proceeds, including proceeds from the expected secured debt, of approximately $1.3 billion. There is no certainty as to the amount or terms of expected secured debt financing, and the ultimate amount and terms may affect the transaction value, proceeds, and gain on real estate. At September 30, 2021, the eight facilities subject to the joint venture were designated as held for sale and included the following net assets (in thousands):

	As of September 30, 2021
Real estate held for sale	$	1,096,475
Straight-line rent receivables		113,923
Other assets, net		5,917
Total	$	1,216,315

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, 2021			As of December 31, 2020
Minimum lease payments receivable	$	1,195,133		$	1,228,966
Estimated residual values		203,818			203,818
Less: Unearned income and allowance for credit loss		(931,275	)		(969,061	)
Net investment in direct financing leases		467,676			463,723
Other financing leases (net of allowance for credit loss)		1,574,909			1,547,199
Total investment in financing leases	$	2,042,585		$	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 September 30, 2021		As of December 31, 2020
Mortgage loans	$	200,285	$	248,080
Acquisition loans		676,042		338,273
Other loans		826,635		520,095
Total	$	1,702,962	$	1,106,448