ACQUISITIONS OF REAL ESTATE PROPERTY-DORMANT

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

ACQUISITIONS OF REAL ESTATE PROPERTY

NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY

We acquire and invest in seniors housing and healthcare properties primarily to achieve an expected yield on investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source.

LGM Acquisition

In September 2019, we acquired an 87% interest in 34 Canadian seniors housing communities (including five in-process developments) valued at $1.8 billion through an equity partnership (the “LGM Acquisition”) with Le Groupe Maurice (“LGM”).  The portfolio continues to be managed by LGM.  We also have rights to fund and own all additional developments under an exclusive pipeline agreement with LGM. We have accounted for the LGM Acquisition as an asset acquisition.

Other 2019 Acquisitions

During the nine months ended September 30, 2019, we also acquired two properties reported within our office operations reportable business segment (one research and innovation center and one MOB) and one vacant land parcel for an aggregate purchase price of $217.7 million. Each of our 2019 acquisitions was accounted for as an asset acquisition.