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Real Property Acquisitions and Development (Tables)
 12 Months Ended
Dec. 31, 2013
Real Property Acquisitions and Development (Tables) [Abstract]  
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Seniors Housing Triple-net Activity

The following provides our purchase price allocations and other seniors housing triple-net real property investment activity for the periods presented (in thousands):

Year Ended December 31,
2013(1)20122011
Land and land improvements $ 54,596 $ 87,242$ 212,156
Buildings and improvements 265,390 984,077 3,108,508
Restricted cash 189 0 0
Receivables and other assets 1,020 119 9,101
Total assets acquired(2) 321,195 1,071,438 3,329,765
Secured debt (9,810) (89,881) (93,431)
Accrued expenses and other liabilities (540) (3,542) (91,290)
Total liabilities assumed (10,350) (93,423) (184,721)
Capital in excess of par 0 921 0
Noncontrolling interests 0 (17,215) 0
Non-cash acquisition related activity (151) (616) (2,532)
Cash disbursed for acquisitions 310,694 961,105 3,142,512
Construction in progress additions 141,129 179,684 182,626
Less: Capitalized interest (4,698) (6,041) (5,752)
Cash disbursed for construction in progress 136,431 173,643 176,874
Capital improvements to existing properties 34,926 67,026 49,336
Total cash invested in real property, net of cash acquired $ 482,051 $ 1,201,774$ 3,368,722
(1)Includes acquisitions with an aggregate purchase price of $212,043,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2)Excludes $2,031,000 of cash acquired during the year ended December 31, 2012.

The following is a summary of our seniors housing operating real property investment activity for the periods presented (in thousands):

Year Ended December 31,
2013(1)20122011
Land and land improvements $ 445,152 $ 146,332$ 112,350
Buildings and improvements 4,275,046 1,341,560 1,512,764
Acquired lease intangibles 396,444 118,077 122,371
Restricted cash 44,427 1,296 20,699
Receivables and other assets 79,564 10,125 901
Total assets acquired(2) 5,240,633 1,617,390 1,769,085
Secured debt (1,275,245) (124,190) (796,272)
Accrued expenses and other liabilities (96,709) (17,347) (44,483)
Total liabilities assumed (1,371,954) (141,537) (840,755)
Capital in excess of par - 0 (6,017)
Noncontrolling interests (232,575) (56,884) (69,984)
Non-cash acquisition related activity(3) (555,563) - -
Cash disbursed for acquisitions 3,080,541 1,418,969 852,329
Construction in progress additions 3,894 - -
Less: Capitalized interest (57) - -
Cash disbursed for construction in progress 3,837 - -
Capital improvements to existing properties 72,258 21,751 15,880
Total cash invested in real property, net of cash acquired $ 3,156,636 $ 1,440,720$ 868,209
(1)Includes an aggregate purchase price of $1,318,168,000 relating to the Revera Partnership for which the allocation of the purchase price consideration is preliminary and subject to change.
(2)Excludes $92,148,000, $20,691,000 and $38,952,000 of cash acquired during the years ended December 31, 2013, 2012 and 2011, respectively.
(3)Represents Sunrise loan and noncontrolling interest acquisitions during the first quarter of 2013.

The following is a summary of our medical facilities real property investment activity for the periods presented (in thousands):

Year Ended December 31,
2013(1)20122011
Land and land improvements $ 14,515 $ 68,619$ 48,342
Buildings and improvements 251,291 648,409 520,976
Acquired lease intangibles 9,432 115,233 60,609
Restricted cash 505 975 100
Receivables and other assets 344 4,469 3,053
Total assets acquired(2) 276,087 837,705 633,080
Secured debt (55,884) (267,527) (72,225)
Accrued expenses and other liabilities (1,041) (25,928) (34,214)
Total liabilities assumed (56,925) (293,455) (106,439)
Noncontrolling interests (386) (193) (7,211)
Non-cash acquisition related activity(3) (12,056) (880) 0
Cash disbursed for acquisitions 206,720 543,177 519,430
Construction in progress additions 127,989 134,830 165,593
Less: Capitalized interest (1,945) (3,736) (7,412)
Accruals (18,752) (18,327) (33,451)
Cash disbursed for construction in progress 107,292 112,767 124,730
Capital improvements to existing properties 28,648 46,673 24,031
Total cash invested in real property, net of cash acquired $ 342,660 $ 702,617$ 668,191
(1)Includes acquisitions with an aggregate purchase price of $222,147,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2)Excludes $2,154,000 of cash acquired during the year ended December 31, 2011.
(3)Represents non-cash consideration exchanged in an asset swap transaction during the year ended December 31, 2013.
Unaudited pro forma consolidated results of operations
Year Ended December 31,
20132012
Revenues$ 3,047,072$ 2,487,332
Income (loss) from continuing operations attributable to common stockholders$ 17,091$ (50,424)
Income (loss) from continuing operations attributable to common stockholders per share:
Basic$ 0.06$ (0.23)
Diluted$ 0.06$ (0.23)
Summary of construction projects placed into service and generating revenues

The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented

Year Ended
December 31, 2013December 31, 2012December 31, 2011
Development projects:
Seniors housing triple-net$ 133,181$ 146,913$ 114,161
Medical facilities 127,363 189,135 355,935
Total development projects 260,544 336,048 470,096
Expansion projects 26,395 4,983 45,414
Total construction in progress conversions$ 286,939$ 341,031$ 515,510
Future minimum lease payments receivable under operating leases

At December 31, 2013, future minimum lease payments receivable under operating leases (excluding properties in our seniors housing operating partnerships and excluding any operating expense reimbursements) are as follows (in thousands):

2014$ 293,766
2015 286,361
2016 273,716
2017 256,029
2018 235,245
Thereafter 1,330,688
Totals$ 2,675,805