Investment Activity

3 Months Ended

Mar. 31, 2020

During the three months ended March 31, 2020, the Company completed the acquisitions of two operating healthcare properties located in two states, for an aggregate investment of approximately $12.2 million. The Company also acquired one land parcel through conversion and satisfaction of a previously outstanding term loan. Additionally, the Company funded $6.6 million of previously committed construction loans resulting in total investment activity of approximately $19.0 million for the three months ended March 31, 2020.

Investment activity for the three months ended March 31, 2020 is summarized below:



Investment		Location	Acquisition Date	Investment Amount (in thousands)
El Paso, Texas Land	(1) (2)	El Paso, TX	January 17, 2020	$	215
Westerville MOB	(1)	Westerville, OH	February 28, 2020	10,683
TOPA Fort Worth	(1) (3)	Fort Worth, TX	March 16, 2020	1,500
Loan Investments		Various	Various	6,591
				$	18,989


(1)	The Company incurred an additional $0.4 million of capitalized costs on our investment activity for the three months ended March 31, 2020.


(2)	This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $1.3 million and additional cash consideration of $0.2 million.


(3)	This investment was funded through the conversion and satisfaction of a previously outstanding term loan of $47.0 million and additional cash consideration of $1.5 million.

The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands):



Land	$	2,527
Building and improvements	51,512
In-place lease intangibles	6,586
Above market in-place lease intangibles	118
Below market in-place lease intangibles	(669		)
Right-of-use asset	444
Prepaid expenses	(771		)
Receivables	316
Net assets acquired	$	60,063
Acquisition credits(1)	1,027
Aggregate purchase price	$	61,090

(1)

Acquisition credits consisted primarily of tenant improvements and capital expenditures received as credits at the time of acquisition.