Real Property Acquisitions and Development (Tables)

3 Months Ended

Mar. 31, 2017

Real property acquisitions and development [Line Items]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Triple-net Activity

		Three Months Ended
(In thousands)		March 31, 2017			March 31, 2016
Land and land improvements			$	4,017		$	15,331
Buildings and improvements				37,241			114,235
Acquired lease intangibles				-			1,623
	Total assets acquired			41,258			131,189
Accrued expenses and other liabilities				-			(809)
	Total liabilities assumed			-			(809)
Non-cash acquisition related activity(1)				-			(28,621)
	Cash disbursed for acquisitions			41,258			101,759
Construction in progress additions				46,754			43,835
Less:	Capitalized interest			(2,028)			(1,684)
	Foreign currency translation			(164)			(583)
Cash disbursed for construction in progress				44,562			41,568
Capital improvements to existing properties				10,495			7,438
	Total cash invested in real property, net of cash acquired		$	96,315		$	150,765
(1) Includes $25,691,000 related to the acquisition of assets previously financed as real estate loans receivable and $2,871,000 related to the acquisition of assets previously financed as an investment in an unconsolidated entity.

Seniors Housing Operating Activity

		Three Months Ended
(In thousands)		March 31, 2017			March 31, 2016
Land and land improvements			$	4,304		$	3,440
Building and improvements				44,075			48,218
Acquired lease intangibles				1,741			1,942
Receivables and other assets				74			36
	Total assets acquired(1)			50,194			53,636
Accrued expenses and other liabilities				(2,755)			(11)
	Total liabilities assumed			(2,755)			(11)
Noncontrolling interests				(647)			(549)
Non-cash acquisition related activity(2)				(14,148)			-
	Cash disbursed for acquisitions			32,644			53,076
Construction in progress additions				8,062			4,033
Less:	Capitalized interest			(1,707)			(565)
	Foreign currency translation			691			(1,107)
Cash disbursed for construction in progress				7,046			2,361
Capital improvements to existing properties				24,254			16,808
	Total cash invested in real property, net of cash acquired		$	63,944		$	72,245
(1) Excludes $400,000 and $113,000 of cash acquired during the three months ended March 31, 2017 and 2016, respectively.
(2) Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable and $7,799,000 previously financed as an investment in an unconsolidated entity.

Outpatient Medical Activity

		Three Months Ended
(In thousands)		March 31, 2017			March 31, 2016
Land and land improvements			$	2,895	$	-
Buildings and improvements				23,310		17,637
Acquired lease intangibles				3,496		-
Receivables and other assets				3		-
	Total assets acquired			29,704		17,637
Accrued expenses and other liabilities				(1,250)		(990)
	Total liabilities assumed			(1,250)		(990)
	Cash disbursed for acquisitions			28,454		16,647
Construction in progress additions				14,921		28,934
Less:	Capitalized interest			(717)		(788)
	Accruals(1)			3,522		(5,336)
Cash disbursed for construction in progress				17,726		22,810
Capital improvements to existing properties				7,366		10,779
	Total cash invested in real property		$	53,546	$	50,236
(1) Represents the change in non-cash consideration accruals for amounts to be paid in periods other than the period in which the construction projects converted to operations.

Summary of construction projects placed into service and generating revenues

			Three Months Ended
			March 31, 2017			March 31, 2016
	Development projects:
		Triple-net		$	157,460		$	-
		Seniors housing operating			3,634			-
		Outpatient medical			25,910			35,363
	Total development projects				187,004			35,363
Total construction in progress conversions				$	187,004		$	35,363