Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2012

Real Property Acquisitions and Development (Tables) [Abstract]

Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities

Seniors Housing Triple-net Activity

Thefollowing is our purchase price allocations and other seniors housing triple-net real property investment activity for the periodspresented (in thousands):

		Year Ended December 31,
			2012(1)		2011		2010
Land and land improvements		$	87,242	$	212,156	$	61,290
Buildings and improvements			984,077		3,108,508		967,239
Receivables and other assets			119		9,101		0
	Total assets acquired(2)		1,071,438		3,329,765		1,028,529
Secured debt			(89,881)		(93,431)		(84,086)
Accrued expenses and other liabilities			(3,542)		(91,290)		(26,345)
	Total liabilities assumed		(93,423)		(184,721)		(110,431)
Capital in excess of par			921		0		0
Noncontrolling interests			(17,215)		0		0
Non-cash acquisition related activity			(616)		(2,532)		(9,922)
	Cash disbursed for acquisitions		961,105		3,142,512		908,176
Construction in progress additions			179,684		182,626		85,993
Less: Capitalized interest			(6,041)		(5,752)		(6,396)
Cash disbursed for construction in progress			173,643		176,874		79,597
Capital improvements to existing properties			67,026		0		21,833
	Total cash invested in real property, net of cash acquired	$	1,201,774	$	3,319,386	$	1,009,606
(1) Includes acquisitions with an aggregate purchase price of $37,772,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $2,031,000 of cash acquired during the year ended December 31, 2012.

The following is a summary of our seniors housing operatingreal property investment activity for the periods presented (in thousands):

		Year Ended December 31,
			2012(1)		2011		2010
Land and land improvements		$	146,332	$	112,350	$	75,620
Buildings and improvements			1,341,560		1,512,764		676,623
Acquired lease intangibles			118,077		122,371		63,757
Restricted cash			1,296		20,699		-
Receivables and other assets			10,125		901		16,459
	Total assets acquired(2)		1,617,390		1,769,085		832,459
Secured debt			(124,190)		(796,272)		(305,167)
Accrued expenses and other liabilities			(17,347)		(44,483)		(6,849)
	Total liabilities assumed		(141,537)		(840,755)		(312,016)
Capital in excess of par			-		(6,017)		(43,641)
Noncontrolling interests			(56,884)		(69,984)		(101,091)
Cash disbursed for acquisitions			1,418,969		852,329		375,711
Capital improvements to existing properties			21,751		15,880		1,735
	Total cash invested in real property, net of cash acquired	$	1,440,720	$	868,209	$	377,446
(1) Includes acquisitions with an aggregate purchase price of $1,370,128,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $20,691,000, $38,952,000 and $8,532,000 of cash acquired during the years ended December 31, 2012, 2011 and 2010, respectively.

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

		Year Ended December 31,
			2012(1)		2011		2010
Land and land improvements		$	68,619	$	48,342	$	49,632
Buildings and improvements			648,409		520,976		513,152
Acquired lease intangibles			115,233		60,609		67,929
Restricted cash			975		100		0
Goodwill(2)			0		0		68,321
Receivables and other assets			4,469		3,053		0
	Total assets acquired(3)		837,705		633,080		699,034
Secured debt			(267,527)		(72,225)		(170,255)
Accrued expenses and other liabilities			(25,928)		(34,214)		(75,010)
	Total liabilities assumed		(293,455)		(106,439)		(245,265)
Capital in excess of par			0		0		(2,721)
Noncontrolling interests			(193)		(7,211)		(10,848)
Preferred stock			0		0		(16,667)
Non-cash acquisition related activity			(880)		0		0
Cash disbursed for acquisitions			543,177		519,430		423,533
Construction in progress additions			134,830		165,593		252,595
Less: Capitalized interest			(3,736)		(7,412)		(13,924)
Accruals			(18,327)		(33,451)		(11,435)
Cash disbursed for construction in progress			112,767		124,730		227,236
Capital improvements to existing properties			46,673		24,031		36,354
	Total cash invested in real property, net of cash acquired	$	702,617	$	668,191	$	687,123
(1) Includes acquisitions with an aggregate purchase price of $190,799,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Goodwill represents the estimated fair value of the future development pipeline expected to be generated. Cash flows from this future pipeline are expected to come from development activities and the ability to perform the management functions at the assets after the properties are developed.
(3) Excludes $2,154,000 of cash acquired during the year ended December 31, 2011.

Summary of construction projects placed into service and generating revenues

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

			Year Ended
			December 31, 2012		December 31, 2011		December 31, 2010
	Development projects:
		Seniors housing triple-net	$	146,913	$	114,161	$	273,034
		Medical facilities		189,135		355,935		162,376
		Total development projects		336,048		470,096		435,410
	Expansion projects			4,983		45,414		3,216
Total construction in progress conversions			$	341,031	$	515,510	$	438,626

Future minimum lease payments receivable under operating leases

At December 31, 2012, future minimum lease payments receivable under operating leases (excluding properties in our seniorshousing operating partnerships and excluding any operating expense reimbursements) are as follows (in thousands):

2013	$	1,039,427
2014		980,258
2015		952,029
2016		950,079
2017		929,224
Thereafter		7,579,800
Totals	$	12,430,817