Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Real Property Investment Activity by Segment

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


	Nine Months Ended
	September 30, 2023								September 30, 2022
	Seniors Housing Operating		Triple-net		Outpatient Medical		Totals		Seniors Housing Operating		Triple-net		Outpatient Medical		Totals
Land and land improvements	$	58,049	$	58,797	$	72,992	$	189,838	$	199,892	$	—	$	65,688	$	265,580
Buildings and improvements	411,273		430,041		314,892		1,156,206		1,988,999		172		249,660		2,238,831
Acquired lease intangibles	25,617		—		45,936		71,553		109,049		—		33,978		143,027
Construction in progress	165,934		—		—		165,934		108,141		—		—		108,141

Right of use assets, net	16,539		—		927		17,466		169		—		3,852		4,021
Total net real estate assets	677,412		488,838		434,747		1,600,997		2,406,250		172		353,178		2,759,600
Receivables and other assets	16,789		—		545		17,334		10,410		—		460		10,870
Total assets acquired(1)	694,201		488,838		435,292		1,618,331		2,416,660		172		353,638		2,770,470
Secured debt	(292,160)		—		(40,953)		(333,113)		(219,067)		—		—		(219,067)
Lease liabilities	(16,539)		—		(953)		(17,492)		—		—		(3,852)		(3,852)
Accrued expenses and other liabilities	(10,825)		—		(10,832)		(21,657)		(111,373)		—		(1,294)		(112,667)
Total liabilities acquired	(319,524)		—		(52,738)		(372,262)		(330,440)		—		(5,146)		(335,586)
Noncontrolling interests (2)	—		—		(775)		(775)		(115,112)		(4)		(975)		(116,091)
Non-cash acquisition related activity(3)	(171,667)		—		—		(171,667)		(25,795)		—		—		(25,795)
Cash disbursed for acquisitions	203,010		488,838		381,779		1,073,627		1,945,313		168		347,517		2,292,998
Construction in progress additions	450,205		25,646		297,862		773,713		343,000		64,091		75,460		482,551
Less: Capitalized interest	(28,289)		(2,416)		(5,447)		(36,152)		(16,464)		(3,088)		(1,177)		(20,729)
Accruals (4)	3,447		(2,692)		(7,604)		(6,849)		(2,809)		—		4,452		1,643
Cash disbursed for construction in progress	425,363		20,538		284,811		730,712		323,727		61,003		78,735		463,465
Capital improvements to existing properties	261,935		17,933		54,222		334,090		232,618		39,526		43,691		315,835
Total cash invested in real property, net of cash acquired	$	890,308	$	527,309	$	720,812	$	2,138,429	$	2,501,658	$	100,697	$	469,943	$	3,072,298

(1) Excludes $6,431,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2022.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the nine months ended September 30, 2022, 1,227,000 OP Units were issued as a component of funding for certain transactions.

(3) Relates to the acquisition of assets recognized as investments in unconsolidated entities.

(4) Represents non-cash accruals for amounts to be paid in future periods for properties that converted, offset by amounts paid in the current period.

The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):


	Nine Months Ended
	September 30, 2023		September 30, 2022
Development projects:
Seniors Housing Operating	$	280,333	$	182,421
Triple-net	141,142		—
Outpatient Medical	30,071		—
Total development projects	451,546		182,421
Expansion projects	62,292		—
Total construction in progress conversions	$	513,838	$	182,421