Real Estate and Other Activities (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Net Assets Acquired

For the years ended December 31, 2021, 2020, and 2019, we acquired or invested in the following net assets (in thousands):

	2021			2020			2019
Land and land improvements	$	642,312		$	365,281		$	400,539
Buildings		2,381,654			2,547,313			1,951,066
Intangible lease assets — subject to amortization    (weighted-average useful life of 34.5 years in 2021,    27.5 years in 2020, and 19.1 years in 2019)		262,385			642,699			227,468
Investment in financing leases		—			114,797			1,386,797
Equity investments		123,427			233,593			415,836
Mortgage loans		1,113,300			176,840			51,267
Other loans and assets		909,669			309,523			135,258
Liabilities assumed		(82,508	)		(140,866	)		(2,637	)
	$	5,350,239		$	4,249,180		$	4,565,594
Loans repaid(1)		(1,103,410	)		(834,743	)		—
Total net assets acquired	$	4,246,829		$	3,414,437		$	4,565,594

(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 approximately $740 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.

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, 2021		Estimated Rent Commencement Date
Ernest (Bakersfield, California)	$	47,929	$	42,132	1Q 2022
Ernest (Stockton, California)		47,700		31,197	2Q 2022
Steward (Texarkana, Texas)		169,408		28,110	2Q 2024
	$	265,037	$	101,439

Summary of Joint Venture Designated as Held for Sale

	As of December 31, 2021
Real estate held for sale	$	1,096,505
Straight-line rent receivables		120,268
Other assets, net		4,234
Total	$	1,221,007

Amortization Expense from Existing Lease Intangible Assets

We recorded amortization expense related to intangible lease assets of $56.0 million, $42.4 million, and $21.5 million in 2021, 2020, and 2019, respectively, and expect to recognize amortization expense from existing lease intangible assets as follows (amounts in thousands):

For the Year Ended December 31:
2022	$	57,433
2023		57,368
2024		57,334
2025		57,186
2026		56,917

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, 2021 (amounts in thousands):

	Total Under Operating Leases		Total Under Financing Leases		Total
2022	$	1,078,148	$	168,190	$	1,246,338
2023		1,099,027		171,553		1,270,580
2024		1,117,353		174,984		1,292,337
2025		1,135,695		178,484		1,314,179
2026		1,154,286		182,054		1,336,340
Thereafter		29,555,221		4,513,925		34,069,146
	$	35,139,730	$	5,389,190	$	40,528,920

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, 2021			As of December 31, 2020
Minimum lease payments receivable	$	1,183,855		$	1,228,966
Estimated residual values		203,818			203,818
Less: Unearned income and allowance for credit loss		(918,584	)		(969,061	)
Net investment in direct financing leases		469,089			463,723
Other financing leases (net of allowance for credit loss)		1,584,238			1,547,199
Total investment in financing leases	$	2,053,327		$	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) ($ amounts in thousands):

	As of December 31, 2021					As of December 31, 2020
	Balance		Weighted-Average Interest Rate			Balance		Weighted-Average Interest Rate
Mortgage loans	$	213,211		8.7	%	$	248,080		8.5	%
Acquisition loans		523,829		7.7	%		338,273		7.6	%
Other loans		804,824		6.2	%		520,095		5.8	%
	$	1,541,864				$	1,106,448