Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 30, 2017

Real property acquisitions and development [Line Items]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Triple-net Activity

		Nine Months Ended
(In thousands)		September 30, 2017			September 30, 2016
Land and land improvements			$	31,948		$	21,713
Buildings and improvements				206,910			220,274
Acquired lease intangibles				-			2,876
	Total assets acquired			238,858			244,863
Accrued expenses and other liabilities				(21,236)			(2,145)
	Total liabilities assumed			(21,236)			(2,145)
Noncontrolling interests				(7,275)			(3,162)
Non-cash acquisition related activity(1)				(54,901)			(51,733)
	Cash disbursed for acquisitions			155,446			187,823
Construction in progress additions				106,186			133,611
Less:	Capitalized interest			(3,886)			(6,263)
	Foreign currency translation			(656)			(3,179)
Cash disbursed for construction in progress				101,644			124,169
Capital improvements to existing properties				17,873			21,447
	Total cash invested in real property, net of cash acquired		$	274,963		$	333,439
(1) For the nine months ended September 30, 2017, $54,901,000 is related to the acquisition of assets previously financed as real estate loans receivable. For the nine months ended September 30, 2016, $45,044,000 is related to the acquisition of assets previously financed as real estate loans receivable and $6,689,000 is related to the acquisition of assets previously financed as an investment in an unconsolidated entity.

Seniors Housing Operating Activity

		Nine Months Ended
(In thousands)		September 30, 2017			September 30, 2016
Land and land improvements			$	31,006		$	122,649
Building and improvements				384,522			1,108,195
Acquired lease intangibles				48,197			90,771
Restricted cash				1,692			137
Receivables and other assets				3,164			2,179
	Total assets acquired(1)			468,581			1,323,931
Secured debt				-			(49,381)
Accrued expenses and other liabilities				(43,364)			(12,328)
	Total liabilities assumed			(43,364)			(61,709)
Noncontrolling interests				(4,701)			(1,089)
Non-cash acquisition related activity(2)				(59,065)			(17,477)
	Cash disbursed for acquisitions			361,451			1,243,656
Construction in progress additions				65,282			139,160
Less:	Capitalized interest			(5,996)			(3,923)
	Foreign currency translation			(6,218)			(5,953)
Cash disbursed for construction in progress				53,068			129,284
Capital improvements to existing properties				110,372			84,444
	Total cash invested in real property, net of cash acquired		$	524,891		$	1,457,384
(1) Excludes $4,581,000and $135,000 of cash acquired during the nine months ended September 30, 2017 and 2016, respectively.
(2) Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable during the nine months ended September 30, 2017. Includes $51,097,000 and $17,477,000 for the nine months ended September 30, 2017 and 2016, respectively, related to the acquisition of assets previously financed as an investments in an unconsolidated entity.

Outpatient Medical Activity

		Nine Months Ended
(In thousands)		September 30, 2017			September 30, 2016
Land and land improvements			$	25,060	$	1,466
Buildings and improvements				62,336		27,272
Acquired lease intangibles				8,397		4,592
Receivables and other assets				3		-
	Total assets acquired			95,796		33,330
Secured debt				(25,709)		-
Accrued expenses and other liabilities				(2,210)		(1,670)
	Total liabilities assumed			(27,919)		(1,670)
Noncontrolling interests				(9,080)		-
Non-cash acquisition activity(1)				-		(15,013)
	Cash disbursed for acquisitions			58,797		16,647
Construction in progress additions				33,495		81,843
Less:	Capitalized interest			(1,847)		(2,588)
	Accruals(2)			11,708		(7,336)
Cash disbursed for construction in progress				43,356		71,919
Capital improvements to existing properties				30,897		35,309
	Total cash invested in real property		$	133,050	$	123,875
(1) Represents the acquisition of assets previously financed as real estate loans receivable.
(2) 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.

Construction Activity

			Nine Months Ended
			September 30, 2017			September 30, 2016
	Development projects:
		Triple-net		$	283,472		$	24,535
		Seniors housing operating			3,634			-
		Outpatient medical			63,036			44,113
	Total development projects				350,142			68,648
	Expansion projects				10,336			2,879
Total construction in progress conversions				$	360,478		$	71,527