Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024								September 30, 2023
	Seniors Housing Operating		Triple-net		Outpatient Medical		Totals		Seniors Housing Operating		Triple-net		Outpatient Medical		Totals
Land and land improvements	$	208,219	$	63,075	$	10,160	$	281,454	$	58,049	$	58,797	$	72,992	$	189,838
Buildings and improvements	1,446,475		621,378		34,481		2,102,334		411,273		430,041		314,892		1,156,206
Acquired lease intangibles	89,460		33,232		2,193		124,885		25,617		—		45,936		71,553
Construction in progress	45,983		—		—		45,983		165,934		—		—		165,934
Real property held for sale	—		297,000		—		297,000		—		—		—		—
Right of use assets, net	—		—		—		—		16,539		—		927		17,466
Total net real estate assets	1,790,137		1,014,685		46,834		2,851,656		677,412		488,838		434,747		1,600,997
Receivables and other assets	9,592		1,118		112		10,822		16,789		—		545		17,334
Total assets acquired(1)	1,799,729		1,015,803		46,946		2,862,478		694,201		488,838		435,292		1,618,331
Secured debt	(350,978)		(465,820)		—		(816,798)		(292,160)		—		(40,953)		(333,113)
Lease liabilities	—		—		—		—		(16,539)		—		(953)		(17,492)
Accrued expenses and other liabilities	(19,752)		(20,309)		(182)		(40,243)		(10,825)		—		(10,832)		(21,657)
Total liabilities acquired	(370,730)		(486,129)		(182)		(857,041)		(319,524)		—		(52,738)		(372,262)
Noncontrolling interests	(25,787)		—		—		(25,787)		—		—		(775)		(775)
Non-cash acquisition related activity(2)	(119,012)		(191,532)		—		(310,544)		(171,667)		—		—		(171,667)
Cash disbursed for acquisitions	1,284,200		338,142		46,764		1,669,106		203,010		488,838		381,779		1,073,627
Construction in progress additions	424,827		28		269,840		694,695		450,205		25,646		297,862		773,713
Less: Capitalized interest	(36,247)		—		(7,708)		(43,955)		(28,289)		(2,416)		(5,447)		(36,152)
Accruals(3)	1,217		126		(19,572)		(18,229)		3,447		(2,692)		(7,604)		(6,849)
Cash disbursed for construction in progress	389,797		154		242,560		632,511		425,363		20,538		284,811		730,712
Capital improvements to existing properties	448,144		19,870		70,738		538,752		261,935		17,933		54,222		334,090
Total cash invested in real property, net of cash acquired	$	2,122,141	$	358,166	$	360,062	$	2,840,369	$	890,308	$	527,309	$	720,812	$	2,138,429

(1) Excludes $33,577,000 and $6,431,000 of unrestricted and restricted cash acquired during the nine months ended September 30, 2024 and September 30, 2023, respectively.

(2) Primarily relates to the acquisition of assets previously financed as real estate loans receivable, the acquisition of assets previously recognized as investments in unconsolidated entities, the acquisition of assets for which consideration was only partially funded at close, and the $179,770,000 gain on acquisition of controlling interests described below.

(3) 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, 2024		September 30, 2023
Development projects:
Seniors Housing Operating	$	462,246	$	280,333
Triple-net	—		141,142
Outpatient Medical	162,699		30,071
Total development projects	624,945		451,546
Expansion projects	20,229		62,292
Total construction in progress conversions	$	645,174	$	513,838