Real Property Acquisitions and Development (Tables)

6 Months Ended

Jun. 30, 2014

Seniors Housing Triple-net Activity

		Six Months Ended
(In thousands)		June 30, 2014⁽¹⁾			June 30, 2013
Land and land improvements			$	18,530		$	8,533
Buildings and improvements				230,126			47,993
	Total assets acquired			248,656			56,526
Non-cash acquisition related activity				(1,839)			-
	Cash disbursed for acquisitions			246,817			56,526
Construction in progress additions				55,535			58,799
Less:	Capitalized interest			(2,332)			(2,208)
	Foreign currency translation			(116)			-
Cash disbursed for construction in progress				53,087			56,591
Capital improvements to existing properties				9,863			18,302
	Total cash invested in real property, net of cash acquired		$	309,767		$	131,419

(1) Includes acquisitions with an aggregate purchase price of $116,134,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

Seniors Housing Operating Activity


		Six Months Ended
(In thousands)		June 30, 2014⁽¹⁾			June 30, 2013
Land and land improvements			$	3,546		$	337,066
Building and improvements				37,274			3,069,192
Acquired lease intangibles				5,569			263,740
Restricted cash				-			22,863
Receivables and other assets				33			76,286
	Total assets acquired⁽²⁾			46,422			3,769,147
Secured debt				(12,846)			(556,413)
Accrued expenses and other liabilities				(853)			(51,356)
	Total liabilities assumed			(13,699)			(607,769)
Noncontrolling interests				-			(229,966)
Non-cash acquisition related activity⁽³⁾				-			(555,562)
	Cash disbursed for acquisitions			32,723			2,375,850
Construction in progress additions				2,348			472
Less:	Capitalized interest			(75)			(6)
Cash disbursed for construction in progress				2,273			466
Capital improvements to existing properties				32,171			21,474
	Total cash invested in real property, net of cash acquired		$	67,167		$	2,397,790

(1) Includes acquisitions with an aggregate purchase price of $23,922,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $245,000 and $60,590,000 of cash acquired during the six months ended June 30, 2014 and 2013, respectively.
(3) Represents Sunrise loan and noncontrolling interests acquisitions.

Medical Facilities Activity


		Six Months Ended
(In thousands)		June 30, 2014⁽¹⁾			June 30, 2013
Land and land improvements			$	1,655	$	-
Buildings and improvements				212,572		-
Acquired lease intangibles				1,525		-
Receivables and other assets				249		-
	Total assets acquired			216,001		-
Accrued expenses and other liabilities				(7,475)		-
	Total liabilities assumed			(7,475)		-
	Cash disbursed for acquisitions			208,526		-
Construction in progress additions				50,323		60,925
Less:	Capitalized interest			(898)		(778)
	Accruals⁽²⁾			(9,584)		2,129
Cash disbursed for construction in progress				39,841		62,276
Capital improvements to existing properties				12,654		8,704
	Total cash invested in real property		$	261,021	$	70,980

(1) Includes acquisitions with an aggregate purchase price of $200,295,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.


			Six Months Ended
			June 30, 2014			June 30, 2013
	Development projects:
		Seniors housing triple-net		$	71,570		$	67,317
		Medical facilities			42,799			70,227
		Total development projects			114,369			137,544
	Expansion projects				10,849			8,155
Total construction in progress conversions				$	125,218		$	145,699