Real Property Acquisitions and Development (Tables)

9 Months Ended

Sep. 30, 2014

Seniors Housing Triple-net Activity

		Nine Months Ended
(In thousands)		September 30, 2014⁽¹⁾			September 30, 2013
Land and land improvements			$	36,427		$	56,665
Buildings and improvements				303,273			211,903
	Total assets acquired			339,700			268,568
Non-cash acquisition related activity				(1,937)			-
	Cash disbursed for acquisitions			337,763			268,568
Construction in progress additions				79,668			103,951
Less:	Capitalized interest			(3,258)			(3,337)
	Foreign currency translation			116			-
Cash disbursed for construction in progress				76,526			100,614
Capital improvements to existing properties				13,481			27,819
	Total cash invested in real property, net of cash acquired		$	427,770		$	397,001

(1) Includes acquisitions with an aggregate purchase price of $83,615,000 for which the allocation of the purchase price consideration is preliminary and subject to change.

Seniors Housing Operating Activity


		Nine Months Ended
(In thousands)		September 30, 2014⁽¹⁾			September 30, 2013
Land and land improvements			$	40,764		$	437,046
Building and improvements				224,936			4,214,254
Acquired lease intangibles				10,021			377,929
Construction in progress				27,957			-
Restricted cash				-			41,524
Receivables and other assets				5,679			81,546
	Total assets acquired⁽²⁾			309,357			5,152,299
Secured debt				(12,846)			(1,261,093)
Accrued expenses and other liabilities				(17,011)			(86,412)
	Total liabilities assumed			(29,857)			(1,347,505)
Noncontrolling interests				-			(230,441)
Non-cash acquisition related activity⁽³⁾				-			(856,103)
	Cash disbursed for acquisitions			279,500			2,718,250
Construction in progress additions				6,984			1,521
Less:	Capitalized interest			(293)			(18)
	Foreign currency translation			(810)			-
Cash disbursed for construction in progress				5,881			1,503
Capital improvements to existing properties				52,177			36,813
	Total cash invested in real property, net of cash acquired		$	337,558		$	2,756,566

(1) Includes acquisitions with an aggregate purchase price of $262,935,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) Excludes $8,476,000 and $87,406,000 of cash acquired during the nine months ended September 30, 2014 and 2013, respectively.
(3) Represents Sunrise loan and noncontrolling interests acquisitions.

Medical Facilities Activity


		Nine Months Ended
(In thousands)		September 30, 2014⁽¹⁾			September 30, 2013
Land and land improvements			$	29,588	$	-
Buildings and improvements				471,410		144,708
Acquired lease intangibles				17,440		-
Restricted cash				-		505
Receivables and other assets				1,245		151
	Total assets acquired			519,683		145,364
Secured debt				(50,500)		(26,300)
Accrued expenses and other liabilities				(9,308)		(479)
	Total liabilities assumed			(59,808)		(26,779)
Non-controlling interests				(39,987)		-
Non-cash acquisition activity⁽²⁾				(45,836)		(12,056)
	Cash disbursed for acquisitions			374,052		106,529
Construction in progress additions				71,245		87,882
Less:	Capitalized interest			(1,533)		(1,343)
	Accruals⁽³⁾			(11,290)		(9,806)
Cash disbursed for construction in progress				58,422		76,733
Capital improvements to existing properties				20,666		17,887
	Total cash invested in real property		$	453,140	$	201,149

(1) Includes acquisitions with an aggregate purchase price of $500,177,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
(2) For the nine month period ended September 30, 2014, relates to an acquisition of assets previously financed as real estate loans. Please refer to Note 6 for additional information. For the nine month period ended September 30, 2013, relates to an asset swap transaction. Please refer to Note 5 for additional information.
(3) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.


			Nine Months Ended
			September 30, 2014			September 30, 2013
	Development projects:
		Seniors housing triple-net		$	71,569		$	105,265
		Medical facilities			56,807			78,839
		Total development projects			128,376			184,104
	Expansion projects				17,586			14,229
Total construction in progress conversions				$	145,962		$	198,333