Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2017

Real Property Acquisitions and Development (Tables) [Abstract]

Summary of real property investment activity

		Year Ended December 31,
			2017		2016		2015
Land and land improvements		$	33,416	$	104,754	$	95,835
Buildings and improvements			248,459		418,633		1,061,431
Acquired lease intangibles			-		2,876		4,408
Receivables and other assets			-		551		194
	Total assets acquired(1)		281,875		526,814		1,161,868
Secured debt			-		-		(47,741)
Accrued expenses and other liabilities			(21,236)		(3,384)		(2,905)
	Total liabilities assumed		(21,236)		(3,384)		(50,646)
Noncontrolling interests			(7,275)		(26,771)		(13,465)
Non-cash acquisition related activity(2)			(54,901)		(51,733)		(38,355)
	Cash disbursed for acquisitions		198,463		444,926		1,059,402
Construction in progress additions			120,797		181,084		143,140
Less: Capitalized interest			(4,713)		(8,729)		(5,699)
Accruals	Foreign currency translation		(610)		(3,665)		(167)
Cash disbursed for construction in progress			115,474		168,690		137,274
Capital improvements to existing properties			19,989		32,603		45,293
	Total cash invested in real property, net of cash acquired	$	333,926	$	646,219	$	1,241,969
	(1) Excludes $318,000, $682,000 and $16,578,000 of cash and restricted cash acquired during the years ended December 31, 2017, 2016 and 2015, respectively.
	(2) For the year ended December 31, 2017, $54,901,000 is related to the acquisition of assets previously financed as real estate loans receivable. For the year ended December 31, 2016, primarily relates to $45,044,000 for the acquisition of assets previously financed as real estate loans receivable and $6,630,000 previously financed as an equity investment. For the year ended December 31, 2015, primarily relates to $23,288,000 for the acquisition of assets previously financed as real estate loans receivable and $6,743,000 previously financed as equity investments.

		Year Ended December 31,
			2017		2016		2015
Land and land improvements		$	42,525	$	164,653	$	218,581
Buildings and improvements			428,777		1,518,472		2,367,486
Acquired lease intangibles			63,912		115,643		187,512
Receivables and other assets			3,959		2,462		29,501
	Total assets acquired(1)		539,173		1,801,230		2,803,080
Secured debt			-		(63,732)		(871,471)
Senior unsecured notes			-		-		(24,621)
Accrued expenses and other liabilities			(46,301)		(23,681)		(81,778)
	Total liabilities assumed		(46,301)		(87,413)		(977,870)
Noncontrolling interests			(4,701)		(6,007)		(183,854)
Non-cash acquisition related activity			(67,633)(2)		(47,065)(3)		-
Cash disbursed for acquisitions			420,538		1,660,745		1,641,356
Construction in progress additions			84,874		157,845		44,173
Less: Capitalized interest			(9,106)		(5,793)		(1,740)
Less: Foreign currency translation			(6,830)		(8,500)		(2,499)
Cash disbursed for construction in progress			68,938		143,552		39,934
Capital improvements to existing properties			185,473		138,673		104,308
	Total cash invested in real property, net of cash acquired	$	674,949	$	1,942,970	$	1,785,598
	(1) Excludes $6,273,000, $351,000 and $42,728,000 of cash and restricted cash acquired during the years ended December 31, 2017, 2016 and 2015, respectively.
	(2) Includes $59,665,000 related to the acquisition of assets previously financed as investments in unconsolidated entities, and $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable.
	(3) Includes $43,372,000 related to the acquisition of assets previously financed as investments in unconsolidated entities.

		Year Ended December 31,
			2017		2016		2015
Land and land improvements		$	40,565	$	5,738	$	223,708
Buildings and improvements			159,643		46,056		614,770
Acquired lease intangibles			24,014		4,592		45,226
Receivables and other assets			10		-		939
	Total assets acquired		224,232		56,386		884,643
Secured debt			(25,708)		-		(120,977)
Accrued expenses and other liabilities			(3,181)		(1,670)		(7,777)
	Total liabilities assumed		(28,889)		(1,670)		(128,754)
Noncontrolling interests			(9,080)		-		(76,535)
Non-cash acquisition related activity			-		(15,013)(2)		(27,025)(3)
Cash disbursed for acquisitions(1)			186,263		39,703		652,329
Construction in progress additions			37,094		113,933		70,560
Less: Capitalized interest			(2,406)		(3,723)		(1,286)
Accruals(4)			13,615		(19,321)		(1,921)
Cash disbursed for construction in progress			48,303		90,889		67,353
Capital improvements to existing properties			44,814		47,870		38,151
	Total cash invested in real property, net of cash acquired	$	279,380	$	178,462	$	757,833
	(1) Excludes $5,522,000 of cash acquired during the year ended December 31, 2015.
	(2) The non-cash activity relates to the acquisition of assets previously financed as real estate loans. Please refer to Note 6 for additional information.
	(3) The non-cash activity relates to the acquisition of a controlling interest in a portfolio of properties that was historically reported as an unconsolidated property investment.
	(4) Represents non-cash consideration accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

Summary of construction projects placed into service and generating revenues

			Year Ended
			December 31, 2017		December 31, 2016		December 31, 2015
	Development projects:
		Triple-net	$	283,472	$	46,094	$	104,844
		Seniors housing operating		3,634		18,979		19,869
		Outpatient medical		63,036		108,001		16,592
		Total development projects		350,142		173,074		141,305
	Expansion projects			10,336		11,363		38,808
Total construction in progress conversions			$	360,478	$	184,437	$	180,113

Future minimum lease payments receivable under operating leases

2018	$	1,098,987
2019		1,056,731
2020		1,034,583
2021		980,716
2022		944,028
Thereafter		7,771,145
Totals	$	12,886,190