XML 56 R34.htm IDEA: XBRL DOCUMENT v3.25.0.1
Real Property Acquisitions and Development (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
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):
Year Ended December 31, 2024
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements$388,090 $84,777 $10,160 $483,027 
Buildings and improvements2,718,141 710,361 34,501 3,463,003 
Acquired lease intangibles407,112 33,110 2,193 442,415 
Construction in progress115,294 — — 115,294 
Real property held for sale8,392 297,000 — 305,392 
Right of use assets, net905,723 1,244 — 906,967 
Total net real estate assets4,542,752 1,126,492 46,854 5,716,098 
Receivables and other assets152,495 1,118 112 153,725 
Total assets acquired(1)
4,695,247 1,127,610 46,966 5,869,823 
Secured debt(395,086)(465,820)— (860,906)
Lease liabilities(930,088)— — (930,088)
Accrued expenses and other liabilities(219,497)(22,722)(182)(242,401)
Total liabilities acquired(1,544,671)(488,542)(182)(2,033,395)
Noncontrolling interests(2)
(26,514)— — (26,514)
Non-cash acquisition related activity(3)
(92,933)(191,532)— (284,465)
 Cash disbursed for acquisitions3,031,129 447,536 46,784 3,525,449 
Construction in progress additions565,778 28 321,041 886,847 
Less: Capitalized interest(47,242)— (10,873)(58,115)
Accruals(4)
(205)264 (891)(832)
Cash disbursed for construction in progress518,331 292 309,277 827,900 
Capital improvements to existing properties725,271 32,833 99,442 857,546 
Total cash invested in real property, net of cash acquired 
$4,274,731 $480,661 $455,503 $5,210,895 
(1) Excludes $175,083,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. Approximately 208,000 OP Units were issued as a component of funding for certain transactions.
(3) Includes 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 $182,642,000 gain on acquisition of controlling interests described below.
(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.
Year Ended December 31, 2023
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements$251,507 $127,523 $79,506 $458,536 
Buildings and improvements2,006,021 969,481 343,252 3,318,754 
Acquired lease intangibles208,239 — 50,373 258,612 
Construction in progress165,934 — — 165,934 
Right of use assets, net24,212 — 927 25,139 
Total net real estate assets2,655,913 1,097,004 474,058 4,226,975 
Receivables and other assets21,999 — 1,632 23,631 
Total assets acquired(1)
2,677,912 1,097,004 475,690 4,250,606 
Secured debt(372,482)— (40,953)(413,435)
Lease liabilities(24,212)— (953)(25,165)
Accrued expenses and other liabilities(26,666)— (11,528)(38,194)
Total liabilities acquired(423,360)— (53,434)(476,794)
Noncontrolling interests(2)
(32,692)— (925)(33,617)
Non-cash acquisition related activity(3)
(181,929)— — (181,929)
Cash disbursed for acquisitions2,039,931 1,097,004 421,331 3,558,266 
Construction in progress additions646,466 25,646 422,103 1,094,215 
Less: Capitalized interest(39,799)(2,416)(8,484)(50,699)
Accruals (4)
(4,735)(1,358)(22,488)(28,581)
Cash disbursed for construction in progress601,932 21,872 391,131 1,014,935 
Capital improvements to existing properties399,130 33,592 84,960 517,682 
Total cash invested in real property, net of cash acquired$3,040,993 $1,152,468 $897,422 $5,090,883 
(1) Excludes $4,708,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.
(3) Relates to the acquisition of assets previously financed as loans receivable and the acquisition of assets previously recognized as investments in unconsolidated entities.
(4) 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.
Year Ended December 31, 2022
 Seniors Housing OperatingTriple-netOutpatient MedicalTotal
Land and land improvements$206,618 $7,536 $68,379 $282,533 
Buildings and improvements2,067,051 59,248 253,358 2,379,657 
Acquired lease intangibles129,429 — 35,316 164,745 
Construction in progress108,141 — — 108,141 
Right of use assets, net169 — 3,852 4,021 
Total net real estate assets2,511,408 66,784 360,905 2,939,097 
Receivables and other assets14,406 — 501 14,907 
Total assets acquired(1)
2,525,814 66,784 361,406 2,954,004 
Secured debt(279,788)(39,574)— (319,362)
Lease liabilities— — (3,852)(3,852)
Accrued expenses and other liabilities(112,962)(1,428)(1,414)(115,804)
Total liabilities acquired(392,750)(41,002)(5,266)(439,018)
Noncontrolling interests(2)
(115,112)(4)(1,095)(116,211)
Non-cash acquisition related activity (3)
(64,975)(27,780)— (92,755)
Cash disbursed for acquisitions1,952,977 (2,002)355,045 2,306,020 
Construction in progress additions489,001 83,368 91,662 664,031 
Less: Capitalized interest(24,432)(4,210)(1,849)(30,491)
Accruals(4)
(4,621)— 2,818 (1,803)
Cash disbursed for construction in progress459,948 79,158 92,631 631,737 
Capital improvements to existing properties352,099 48,052 75,865 476,016 
Total cash invested in real property, net of cash acquired$2,765,024 $125,208 $523,541 $3,413,773 
(1) Excludes $6,563,000 of unrestricted and restricted cash acquired.
(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. Approximately 1,227,000 OP Units were issued as a component of funding for certain transactions.
(3) Relates to the acquisition of assets previously financed as loans receivable and the acquisition of assets previously recognized as investments in unconsolidated entities.
(4) 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.
The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Development projects:
Seniors Housing Operating$778,834 $463,644 $227,796 
Triple-net— 141,142 — 
Outpatient Medical228,515 190,770 44,777 
Total development projects1,007,349 795,556 272,573 
Expansion projects20,229 71,250 18,280 
Total construction in progress conversions$1,027,578 $866,806 $290,853 
Summary of Net Tangible and Intangible Assets Acquired, Net of Liabilities Assumed
The following table summarizes our preliminary acquisition date fair value of the net tangible and intangible assets acquired, net of liabilities assumed (in thousands):
As of 10/1/2024
Land and land improvements$72,392 
Buildings and improvements491,592 
Acquired lease intangibles277,302 
Construction in progress66,011 
Real property held for sale8,392 
Right of use assets, net893,893 
Total net real estate assets1,809,582 
Receivables and other assets135,379 
Total assets acquired(1)
1,944,961 
Lease liabilities(918,258)
Accrued expenses and other liabilities(184,136)
Total liabilities acquired(1,102,394)
Total consideration$842,567 
(1) Excludes $134,745,000 of unrestricted and restricted cash acquired
Business Acquisition, Pro Forma Information The following unaudited pro forma information is not indicative of future operations (in thousands):
Year Ended
December 31, 2024December 31, 2023
Pro forma revenues$8,507,348 $7,199,339 
Pro forma net income attributable to common stockholders$946,050 $216,075 
Per share data (diluted)
Net income attributable to common stockholders (as reported)$1.57 $0.66 
Net income attributable to common stockholders (pro forma)$1.56 $0.42