Triple-net Activity



		Six Months Ended
(In thousands)		June 30, 2018			June 30, 2017
Land and land improvements		$	1,691		$	30,440
Buildings and improvements		—			188,569
	Total assets acquired	1,691			219,009
Accrued expenses and other liabilities		(6		)	(20,855		)
	Total liabilities assumed	(6		)	(20,855		)
Noncontrolling interests		—			(7,284		)
Non-cash acquisition related activity⁽¹⁾		—			(54,989		)
	Cash disbursed for acquisitions⁽²⁾	1,685			135,881
Construction in progress additions		38,238			76,245
Less:	Capitalized interest	(1,432		)	(3,215		)
	Foreign currency translation	132			(3,044		)
Cash disbursed for construction in progress		36,938			69,986
Capital improvements to existing properties		8,569			15,269
	Total cash invested in real property, net of cash acquired	$	47,192		$	221,136

⁽¹⁾ For the six months ended June 30, 2017, $54,989,000 is related to the acquisition of assets previously financed as a real estate loan receivable.

⁽²⁾ Primarily represents land acquired on an existing property during the six months ended June 30, 2018.

Seniors Housing Operating Activity



		Six Months Ended
(In thousands)		June 30, 2018			June 30, 2017
Land and land improvements		$	47,865		$	10,590
Building and improvements		535,921			69,056
Acquired lease intangibles		68,084			3,596
Receivables and other assets		1,255			296
	Total assets acquired⁽¹⁾	653,125			83,538
Secured debt		(89,973		)	—
Accrued expenses and other liabilities		(14,686		)	(8,606		)
	Total liabilities assumed	(104,659		)	(8,606		)
Noncontrolling interests		(9,818		)	(647		)
Non-cash acquisition related activity⁽²⁾		—			(31,546		)
	Cash disbursed for acquisitions	538,648			42,739
Construction in progress additions		20,704			42,787
Less:	Capitalized interest	(1,783		)	(3,804		)
	Foreign currency translation	1,176			3,060
Cash disbursed for construction in progress		20,097			42,043
Capital improvements to existing properties		76,237			60,129
	Total cash invested in real property, net of cash acquired	$	634,982		$	144,911

⁽¹⁾ Excludes $2,442,000 and $400,000 of unrestricted and restricted cash acquired during the six months ended June 30, 2018 and 2017, respectively.

⁽²⁾ Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable and $25,197,000 previously financed as an investment in an unconsolidated entity during the six months ended June 30, 2017.

Outpatient Medical Activity



		Six Months Ended
(In thousands)		June 30, 2018			June 30, 2017
Land and land improvements		$	7,369		$	25,060
Buildings and improvements		42,673			62,038
Acquired lease intangibles		5,852			8,397
Receivables and other assets		1			118
	Total assets acquired⁽¹⁾	55,895			95,613
Secured debt		—			(25,824		)
Accrued expenses and other liabilities		(632		)	(2,210		)
	Total liabilities assumed	(632		)	(28,034		)
Noncontrolling interests		—			(9,080		)
	Cash disbursed for acquisitions	55,263			58,499
Construction in progress additions		11,319			31,830
Less:	Capitalized interest	(1,221		)	(1,343		)
	Accruals⁽²⁾	(4,155		)	6,530
Cash disbursed for construction in progress		5,943			37,017
Capital improvements to existing properties		26,526			17,409
	Total cash invested in real property	$	87,732		$	112,925

⁽¹⁾ Excludes $1,950,000 and $0 of unrestricted and restricted cash acquired during the six months ended June 30, 2018 and 2017, respectively.

⁽²⁾ Represents non-cash accruals for amounts to be paid in future periods for properties that converted, off-set by amounts paid in the current period.

Construction Activity

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



	Six Months Ended
	June 30, 2018		June 30, 2017
Development projects:
Triple-net	$	59,188	266,650
Seniors housing operating	37,215		3,634
Outpatient medical	11,358		63,036
Total development projects	107,761		333,320
Expansion projects	—		2,798
Total construction in progress conversions	$	107,761	$	336,118