Real Property Acquisitions and Development (Tables)

3 Months Ended

Mar. 31, 2014

Real property acquisitions and development [Line Items]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Seniors Housing Triple-net Activity

		Three Months Ended
(In thousands)		March 31, 2014(1)			March 31, 2013
Land and land improvements			$	2,750		$	8,533
Buildings and improvements				30,693			47,993
	Total assets acquired			33,443			56,526
Non-cash acquisition related activity				(657)			-
	Cash disbursed for acquisitions			32,786			56,526
Construction in progress additions				24,657			23,946
Less:	Capitalized interest			(1,170)			(1,227)
	Foreign currency translation			(14)			-
Cash disbursed for construction in progress				23,473			22,719
Capital improvements to existing properties				5,877			8,336
	Total cash invested in real property, net of cash acquired		$	62,136		$	87,581
(1) Includes acquisitions with an aggregate purchase price of $3,402,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

Seniors Housing Operating Activity

		Three Months Ended
(In thousands)		March 31, 2014			March 31, 2013
Land and land improvements			$	2,100		$	216,949
Building and improvements				19,069			2,074,770
Acquired lease intangibles				1,331			142,054
Restricted cash				-			22,863
Receivables and other assets				-			3,225
	Total assets acquired(1)			22,500			2,459,861
Secured debt				-			(138,259)
Accrued expenses and other liabilities				(245)			(31,302)
	Total liabilities assumed			(245)			(169,561)
Noncontrolling interests				-			(4,868)
Non-cash acquisition related activity(2)				-			(555,562)
	Cash disbursed for acquisitions			22,255			1,729,870
Construction in progress additions				1,026			235
Less:	Capitalized interest			(50)			(2)
Cash disbursed for construction in progress				976			233
Capital improvements to existing properties				13,998			10,604
	Total cash invested in real property, net of cash acquired		$	37,229		$	1,740,707
(1) Excludes $245,000 and $51,083,000 of cash acquired during the three months ended March 31, 2014 and 2013, respectively.
(2) Represents Sunrise loan and noncontrolling interests acquisitions.

Medical Facilities Activity

		Three Months Ended
(In thousands)		March 31, 2014			March 31, 2013
Construction in progress additions			$	38,237	$	35,139
Less:	Capitalized interest			(385)		(377)
	Accruals(1)			(9,584)		(17,661)
Cash disbursed for construction in progress				28,268		17,101
Capital improvements to existing properties				7,531		5,189
	Total cash invested in real property		$	35,799	$	22,290
(1) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.

Summary of construction projects placed into service and generating revenues

			Three Months Ended
			March 31, 2014			March 31, 2013
	Development projects:
		Seniors housing triple-net		$	8,481		$	67,317
		Medical facilities			42,799			60,536
		Total development projects			51,280			127,853
	Expansion projects				9,209			7,631
Total construction in progress conversions				$	60,489		$	135,484