Real Property Acquisitions and Development (Tables)

6 Months Ended

Jun. 30, 2016

Real property acquisitions and development [Line Items]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Triple-net Activity

		Six Months Ended
(In thousands)		June 30, 2016(1)			June 30, 2015
Land and land improvements			$	18,901		$	45,268
Buildings and improvements				160,209			447,229
Acquired lease intangibles				2,876			2,817
Restricted cash				-			6
Receivables and other assets				-			60
	Total assets acquired			181,986			495,380
Accrued expenses and other liabilities				(1,459)			(1,845)
	Total liabilities assumed			(1,459)			(1,845)
Non-cash acquisition related activity(2)				(37,703)			(936)
	Cash disbursed for acquisitions			142,824			492,599
Construction in progress additions				85,687			74,694
Less:	Capitalized interest			(3,771)			(3,303)
	Foreign currency translation			(2,712)			240
Cash disbursed for construction in progress				79,204			71,631
Capital improvements to existing properties				14,877			19,029
	Total cash invested in real property, net of cash acquired		$	236,905		$	583,259
(1) Includes acquisitions with an aggregate purchase price of $166,343,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) For the six months ended June 30, 2016, $31,014,000 relates to the acquisition of assets previously financed as real estate loans receivable and $6,630,000 previously financed as equity investments.

Seniors Housing Operating Activity

		Six Months Ended
(In thousands)		June 30, 2016(1)			June 30, 2015
Land and land improvements			$	5,617		$	94,294
Building and improvements				128,200			1,174,465
Acquired lease intangibles				6,334			71,089
Restricted cash				-			5,425
Receivables and other assets				894			23,645
	Total assets acquired(2)			141,045			1,368,918
Secured debt				-			(208,960)
Accrued expenses and other liabilities				(4,853)			(19,011)
	Total liabilities assumed			(4,853)			(227,971)
Noncontrolling interests				(549)			(86,842)
Non-cash acquisition related activity(3)				(7,659)			-
	Cash disbursed for acquisitions			127,984			1,054,105
Construction in progress additions				134,019			19,926
Less:	Capitalized interest			(2,011)			(715)
	Foreign currency translation			(5,344)			(40)
Cash disbursed for construction in progress				126,664			19,171
Capital improvements to existing properties				47,553			32,766
	Total cash invested in real property, net of cash acquired		$	302,201		$	1,106,042
(1) Includes acquisitions with an aggregate purchase price of $117,545,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $134,000 and $3,390,000 of cash acquired during the six months ended June 30, 2016 and 2015, respectively.
(3) Relates to the acquisition of assets previously financed as equity investments.

Outpatient Medical Activity

		Six Months Ended
(In thousands)		June 30, 2016 (1)			June 30, 2015
Land and land improvements			$	-	$	737
Buildings and improvements				32,650		426,130
Acquired lease intangibles				-		19,372
	Total assets acquired(2)			32,650		446,239
Secured debt				-		(112,000)
Accrued expenses and other liabilities				(990)		(2,743)
	Total liabilities assumed			(990)		(114,743)
Noncontrolling interests				-		(68,535)
Non-cash acquisition activity(3)				(15,013)		-
	Cash disbursed for acquisitions			16,647		262,961
Construction in progress additions				50,896		26,025
Less:	Capitalized interest			(1,561)		(428)
	Accruals(4)			(5,336)		(1,921)
Cash disbursed for construction in progress				43,999		23,676
Capital improvements to existing properties				25,099		15,291
	Total cash invested in real property		$	85,745	$	301,928
(1) Includes acquisitions with an aggregate purchase price of $32,650,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $0 and $4,372,000 of cash acquired during the six months ended June 30, 2016 and 2015, respectively.
(3) Relates to an acquisition of assets previously financed as a real estate loan. Refer to Note 6 for additional information.
(4) 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

			Six Months Ended
			June 30, 2016			June 30, 2015
	Development projects:
		Triple-net		$	-		$	72,775
		Seniors housing operating			-			19,869
		Outpatient medical			35,363			16,592
	Total development projects				35,363			109,236
	Expansion projects				2,879			38,808
Total construction in progress conversions				$	38,242		$	148,044