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Real Estate Properties (Tables)
 3 Months Ended
Mar. 31, 2013
Triple Net Senior Living Communities
  
Real Estate Properties  
Schedule of real estate property acquisition

 

Date

 

Location

 

Number
of
Properties

 

Units/
Beds

 

Purchase
Price (1)

 

Land

 

Buildings and
Improvements

 

FF&E

 

Intangible
Assets

 

Assumed
Debt

 

Premium
on Assumed
Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 2013 (2)

 

Redmond, WA

 

1

 

150

 

$

22,350

 

$

5,120

 

$

16,562

 

$

669

 

$

1,039

 

$

12,266

 

$

1,040

 

 

(1)                Purchase price includes the assumption of mortgage debt and excludes closing costs.  The allocation of the purchase price of our acquisition shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed.  Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed could change significantly from those used in these condensed consolidated financial statements.

(2)                We leased this property to a subsidiary of Stellar Senior Living, LLC for an initial term expiring in 2028 for initial rent of approximately $1,732 per year.  Percentage rent, based on an increase in gross revenues at this property, will commence in 2016.

 
MOB
  
Real Estate Properties  
Schedule of real estate property acquisition

 

Date

 

Location

 

Number
of
Properties

 

Square
Feet

 

Purchase
Price (1)

 

Land

 

Buildings and
Improvements

 

Acquired
Real Estate
Leases

 

Acquired
Real Estate
Lease
Obligations

 

February 2013

 

Bothell, WA

 

2

 

145

 

$

38,000

 

$

5,639

 

$

25,239

 

$

8,442

 

$

1,539

 

March 2013

 

Hattiesburg, MS

 

1

 

72

 

$

14,600

 

$

1,269

 

$

11,691

 

$

2,323

 

$

683

 

 

 

 

 

3

 

217

 

$

52,600

 

$

6,908

 

$

36,930

 

$

10,765

 

$

2,222

 

 

(1)             Purchase price excludes closing costs.  The allocation of the purchase price of our acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed.  Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed could change significantly from those used in these condensed consolidated financial statements.