Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2014

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,
			2014⁽¹⁾		2013		2012
Land and land improvements		$	141,387	$	54,596	$	87,372
Buildings and improvements			1,365,638		360,594		1,000,278
Acquired lease intangibles			19,196		-		-
Restricted cash			-		189		-
Receivables and other assets			4,895		1,020		119
	Total assets acquired⁽²⁾		1,531,116		416,399		1,087,769
Secured debt			(130,638)		(9,810)		(89,881)
Senior unsecured notes			(48,567)		-		-
Accrued expenses and other liabilities			(9,067)		(540)		(3,542)
	Total liabilities assumed		(188,272)		(10,350)		(93,423)
Capital in excess of par			-		-		921
Noncontrolling interests			-		-		(17,215)
Non-cash acquisition related activity⁽³⁾			(3,453)		(12,207)		(616)
	Cash disbursed for acquisitions		1,339,391		393,842		977,436
Construction in progress additions			135,349		145,624		180,009
Less: Capitalized interest			(4,582)		(4,828)		(6,042)
Accruals	Foreign currency translation		421		-		-
	Non-cash related activity		(14,459)		-		-
Cash disbursed for construction in progress			116,729		140,796		173,967
Capital improvements to existing properties			18,901		35,912		67,026
	Total cash invested in real property, net of cash acquired	$	1,475,021	$	570,550	$	1,218,429


	(1) Includes acquisitions with an aggregate purchase price of $1,081,607,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
	(2) Excludes $1,382,000, $0, and $2,031,000 of cash acquired during the year ended December 31, 2014, 2013 and 2012, respectively.
	(3) For the year ended December 31, 2013, relates to an asset swap transaction. Please refer to Note 5 for additional information.

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


		Year Ended December 31,
			2014⁽¹⁾		2013		2012
Land and land improvements		$	57,534	$	445,152	$	146,332
Buildings and improvements			297,314		4,275,046		1,341,560
Acquired lease intangibles			12,983		396,444		118,077
Construction in progress			27,957		-		-
Restricted cash			804		44,427		1,296
Receivables and other assets			9,327		79,564		10,125
	Total assets acquired⁽²⁾		405,919		5,240,633		1,617,390
Secured debt			(19,834)		(1,275,245)		(124,190)
Accrued expenses and other liabilities			(17,802)		(96,709)		(17,347)
	Total liabilities assumed		(37,636)		(1,371,954)		(141,537)
Noncontrolling interests			(482)		(232,575)		(56,884)
Non-cash acquisition related activity⁽³⁾			-		(555,563)		-
Cash disbursed for acquisitions			367,801		3,080,541		1,418,969
Construction in progress additions			12,291		3,894		-
Less: Capitalized interest			(714)		(57)		-
Less: Foreign currency translation			(2,012)		-		-
Cash disbursed for construction in progress			9,565		3,837		-
Capital improvements to existing properties			86,803		72,258		21,751
	Total cash invested in real property, net of cash acquired	$	464,169	$	3,156,636	$	1,440,720


	(1) Includes an aggregate purchase price of $368,313,000 relating to acquisitions for which the allocation of the purchase price consideration is preliminary and subject to change.
	(2) Excludes $9,060,000, $92,148,000 and $20,691,000 of cash acquired during the years ended December 31, 2014, 2013 and 2012, 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,
			2014⁽¹⁾		2013		2012
Land and land improvements		$	63,129	$	14,515	$	68,489
Buildings and improvements			567,847		156,087		632,208
Acquired lease intangibles			46,661		9,432		115,233
Restricted cash			-		505		975
Receivables and other assets			-		344		4,469
	Total assets acquired		677,637		180,883		821,374
Secured debt			(66,113)		(55,884)		(267,527)
Accrued expenses and other liabilities			(22,293)		(1,041)		(25,928)
	Total liabilities assumed		(88,406)		(56,925)		(293,455)
Noncontrolling interests			(39,987)		(386)		(193)
Non-cash acquisition related activity⁽²⁾			(45,836)		-		(880)
Cash disbursed for acquisitions			503,408		123,572		526,846
Construction in progress additions			99,878		123,494		134,505
Less: Capitalized interest			(1,854)		(1,815)		(3,735)
Accruals⁽³⁾			(26,437)		(18,752)		(18,327)
Cash disbursed for construction in progress			71,587		102,927		112,443
Capital improvements to existing properties			27,076		27,662		46,673
	Total cash invested in real property, net of cash acquired	$	602,071	$	254,161	$	685,962


	(1) Includes acquisitions with an aggregate purchase price of $489,042,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
	(2) For the year ended December 31, 2014, relates to an acquisition of assets previously financed as real estate loans. Please refer to Note 6 for additional information.
	(3) Represents non-cash consideration 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

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, 2014		December 31, 2013		December 31, 2012
	Development projects:
		Seniors housing triple-net	$	71,569	$	133,181	$	146,913
		Medical facilities		127,290		127,363		189,135
		Total development projects		198,859		260,544		336,048
	Expansion projects			24,804		26,395		4,983
Total construction in progress conversions			$	223,663	$	286,939	$	341,031

Future minimum lease payments receivable under operating leases

At December 31, 2014, 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):


2015	$	1,283,484
2016		1,259,168
2017		1,250,683
2018		1,243,452
2019		1,209,371
Thereafter		9,576,144
Totals	$	15,822,302

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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