NOTE 4. Real Estate Property Investments

2015 Acquisitions

A summary of real estate acquisitions for the three months ended March 31, 2015 follows (in thousands):


	Consideration						Assets Acquired
			Liabilities		Noncontrolling				Net
Segment	Cash Paid		Assumed		Interest		Real Estate		Intangibles
Senior housing	$	34,068	$	626	$	1,306	$	34,350	$	1,650
Medical office		180		—		—		180		—
	$	34,248	$	626	$	1,306	$	34,530	$	1,650

Subsequent Acquisitions. In April 2015, the Company converted £174 million of its HC-One Facility (see Note 7) to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”).

Pending Acquisitions. In March 2015, HCP and Brookdale entered into a definitive agreement to acquire from Chartwell Retirement Residences a portfolio of 35 private pay senior housing communities, including two leasehold interests, representing 5,025 units (the “Chartwell Portfolio”) for $849 million. The Chartwell Portfolio will be acquired in a RIDEA structure and Brookdale will acquire a 10% noncontrolling interest. Brookdale has operated these communities since 2011 after its acquisition of Horizon Bay, and will continue to manage the communities post-closing under a long-term management agreement, which is cancellable under certain conditions subject to a fee if terminated within the next seven years. The Company made a deposit of $37 million related to this pending acquisition, which is included in other assets, net. The closing of this acquisition is expected in the third quarter of 2015 and remains subject to regulatory approvals and other customary closing conditions.

In April 2015, the Company acquired a medical office building (“MOB”) for $161 million. The MOB is located in Philadelphia, Pennsylvania.

In April 2015, the Company exercised its purchase option right from a $41 million development loan to acquire a newly developed assisted living and memory care facility in Germantown, Tennessee for $72 million. The facility will be managed by Brookdale and placed in a RIDEA structure with Brookdale acquiring a 10% noncontrolling interest. The Company expects to close this acquisition in the second quarter of 2015, subject to customary closing conditions.

2014 Acquisitions

A summary of real estate acquisitions for the three months ended March 31, 2014 follows (in thousands):


	Consideration						Assets Acquired
			Liabilities		Noncontrolling
Segment	Cash Paid		Assumed		Interest		Real Estate
Senior housing	$	5,473	$	1	$	1,152	$	6,626

Completed Developments

During the three months ended March 31, 2014, the Company placed in service the following: (i) two life science facilities, (ii) a medical office building and (iii) a post-acute/skilled nursing facility. These completed developments represent $25 million of gross real estate on the Company’s consolidated balance sheets as of December 31, 2014. There were no completed developments during the three months ended March 31, 2015.

Construction, Tenant and Other Capital Improvements

A summary of the Company’s funding for construction, tenant and other capital improvements follows (in thousands):


	Three Months Ended March 31,
Segment	2015		2014
Senior housing	$	16,172	$	6,950
Post-acute/skilled nursing		1,960		2,381
Life science		27,391		26,762
Medical office		19,233		12,975
Hospital		37		—
	$	64,793	$	49,068