Real Property Acquisitions and Development (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018			March 31, 2017
Land and land improvements			$	1,691		$	4,017
Buildings and improvements				235			37,241
	Total assets acquired			1,926			41,258
Accrued expenses and other liabilities				(6)			-
	Total liabilities assumed			(6)			-
	Cash disbursed for acquisitions(1)			1,920			41,258
Construction in progress additions				15,850			46,754
Less:	Capitalized interest			(847)			(2,028)
	Foreign currency translation			-			(164)
Cash disbursed for construction in progress				15,003			44,562
Capital improvements to existing properties				2,351			10,495
	Total cash invested in real property, net of cash acquired		$	19,274		$	96,315
(1) Primarily reprsents land acquired on an existing property during the three months ended March 31, 2018.

Seniors Housing Operating Activity

		Three Months Ended
(In thousands)		March 31, 2018			March 31, 2017
Land and land improvements			$	35,193		$	4,304
Building and improvements				372,562			44,075
Acquired lease intangibles				48,805			1,741
Receivables and other assets				265			74
	Total assets acquired(1)			456,825			50,194
Secured debt				(89,973)			-
Accrued expenses and other liabilities				(12,808)			(2,755)
	Total liabilities assumed			(102,781)			(2,755)
Noncontrolling interests				(5,618)			(647)
Non-cash acquisition related activity(2)				-			(14,148)
	Cash disbursed for acquisitions			348,426			32,644
Construction in progress additions				10,562			8,062
Less:	Capitalized interest			(891)			(1,707)
	Foreign currency translation			(5,032)			691
Cash disbursed for construction in progress				4,639			7,046
Capital improvements to existing properties				31,325			24,254
	Total cash invested in real property, net of cash acquired		$	384,390		$	63,944
(1) Excludes $2,155,000 and $400,000 of unrestricted and restricted cash acquired during the three months ended March 31, 2018 and 2017, 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 during the three months ended March 31, 2017.

Outpatient Medical Activity

		Three Months Ended
(In thousands)		March 31, 2018			March 31, 2017
Land and land improvements			$	7,369	$	2,895
Buildings and improvements				42,673		23,310
Acquired lease intangibles				5,852		3,496
Receivables and other assets				1		3
	Total assets acquired(1)			55,895		29,704
Accrued expenses and other liabilities				(632)		(1,250)
	Total liabilities assumed			(632)		(1,250)
	Cash disbursed for acquisitions			55,263		28,454
Construction in progress additions				2,803		14,921
Less:	Capitalized interest			(598)		(717)
	Accruals(2)			888		3,522
Cash disbursed for construction in progress				3,093		17,726
Capital improvements to existing properties				12,871		7,366
	Total cash invested in real property		$	71,227	$	53,546
(1) Excludes $1,950,000 of unrestricted and restricted cash acquired during the three months ended March 31, 2018.
(2) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

Construction Activity

			Three Months Ended
			March 31, 2018			March 31, 2017
	Development projects:
		Triple-net		$	49,759		$	157,460
		Seniors housing operating			36,218			3,634
		Outpatient medical			-			25,910
	Total development projects				85,977			187,004
Total construction in progress conversions				$	85,977		$	187,004