REAL ESTATE ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate Properties [Line Items]

Schedule of Significant Acquisitions

The following table summarizes the significant asset acquisitions that occurred in 2021:

	Number of				Total Real Estate		Initial
	Facilities				Assets Acquired(1)		Annual
Period	SNF	ALF	Specialty	Country/State	(in millions)		Cash Yield(2)
Q1	—	17	7	AZ, CA, FL, IL, NJ, OR, PA, TN, TX, VA, WA	$	511.3	8.43	%
Q1	6	—	—	FL		83.1	9.25	%
Q3	—	2	—	U.K.		9.6	7.89	%
Total	6	19	7		$	604.0

(1) Excludes $10.6 million of land acquisitions, $58.6 million of non-cash acquisitions of facilities previously subject to mortgage loans with Omega in which principal amounts under the loan agreements were reduced or settled in exchange for title to the facilities (See Note 7 – Mortgage Notes Receivable), and $1.2 million of transaction costs incurred related to the non-cash acquisitions.

(2) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price.

The following table summarizes the significant asset acquisitions that occurred in 2020:

	Number of			Total Real Estate		Initial
	Facilities			Assets Acquired		Annual
Period	SNF	ALF	Country/State	(in millions)		Cash Yield(1)
Q1	—	2	U.K.	$	12.1	8.00	%
Q1	1	—	IN		7.0	9.50	%
Q2	1	—	OH		6.9	9.50	%
Q4	6	1	VA		78.4	9.50	%
Total	8	3		$	104.4

(1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price.    

The following table summarizes the significant transactions that occurred in 2019:

	Number of					Total Real Estate			Initial
	Facilities					Assets Acquired			Annual
Period	SNF	ALF	Specialty	MOB	Country/State	(in millions)			Cash Yield(1)
Q1	1	—	—	—	OH	$	11.9	(3)	12.00	%
Q2	20	1	11	1	CA, CT, IN, NV, SC, TN, TX		440.7	(2)	9.82	%
Q2	7	1	3	—	PA, VA		131.8	(3)	9.35	%
Q3	3	—	—	—	NC, VA		24.9		9.50	%
Q4	58	2	—	—	FL, ID, KY, LA, MS, MO, MT, NC		735.2		8.71	%
Total	89	4	14	1		$	1,344.5

(1) Initial annual cash yield reflects the initial annual contractual cash rent divided by the purchase price.    

(2) The acquisition was accounted for as a business combination. The other 2019 acquisitions were accounted for as asset acquisitions.  

(3) Acquired via a deed-in-lieu of foreclosure.

Schedule of pro forma information not indicative of future operations

	Pro Forma
	Year Ended December 31, 2019
	(in thousands, except per share amounts, unaudited)
Pro forma revenues	$	950,318
Pro forma net income	$	362,220
Earnings per share – diluted:
Net income – as reported	$	1.58
Net income – pro forma	$	1.60

Encore Portfolio [Member]

Real Estate Properties [Line Items]

Schedule of recognized identified assets acquired and liabilities assumed

	(in thousands)
Fair value of net assets acquired:
Real estate assets	$	735,182
Other investments		600
Contractual receivables		2,216
Cash		227
Other assets		28,173
Total investments		766,398
Secured borrowings		(388,627)
Accrued expenses and other liabilities		(8,978)
Fair value of net assets acquired	$	368,793

MedEquities

Real Estate Properties [Line Items]

Schedule of recognized identified assets acquired and liabilities assumed

	(in thousands)
Fair value of net assets acquired:
Real estate assets	$	440,690
Mortgage notes receivable		108,097
Other investments		19,192
Investment in unconsolidated joint venture		73,834
Cash		4,067
Contractual receivables		1,002
Other assets (1)		7,698
Total investments		654,580
Debt (2)		(285,100)
Accrued expenses and other liabilities (3)		(23,931)
Fair value of net assets acquired	$	345,549

(1) Includes approximately $2.5 million in above market lease assets.

(2) In connection with the MedEquities Merger on May 17, 2019, we assumed a $125.0 million term loan and outstanding borrowings of $160.1 million under MedEquities’ previous revolving credit facility. We repaid the total outstanding balance on both the term loan and the revolving credit facility and terminated the related agreements on May 17, 2019.

(3) Includes approximately $1.1 million in below market lease liabilities.