Real Property Acquisitions and Development (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Real Property Investment Activity by Segment

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


	Year Ended December 31, 2022
	Seniors Housing Operating		Triple-net		Outpatient Medical		Total
Land and land improvements	$	206,618	$	7,536	$	68,379	$	282,533
Buildings and improvements	2,067,051		59,248		253,358		2,379,657
Acquired lease intangibles	129,429		—		35,316		164,745
Construction in progress	108,141		—		—		108,141

Right of use assets, net	169		—		3,852		4,021
Total net real estate assets	2,511,408		66,784		360,905		2,939,097
Receivables and other assets	14,406		—		501		14,907
Total assets acquired(1)	2,525,814		66,784		361,406		2,954,004
Secured debt	(279,788)		(39,574)		—		(319,362)
Lease liabilities	—		—		(3,852)		(3,852)
Accrued expenses and other liabilities	(112,962)		(1,428)		(1,414)		(115,804)
Total liabilities acquired	(392,750)		(41,002)		(5,266)		(439,018)
Noncontrolling interests(2)	(115,112)		(4)		(1,095)		(116,211)
Non-cash acquisition related activity(3)	(64,975)		(27,780)		—		(92,755)
Cash disbursed for acquisitions	1,952,977		(2,002)		355,045		2,306,020
Construction in progress additions	489,001		83,368		91,662		664,031
Less: Capitalized interest	(24,432)		(4,210)		(1,849)		(30,491)
Accruals(4)	(4,621)		—		2,818		(1,803)
Cash disbursed for construction in progress	459,948		79,158		92,631		631,737
Capital improvements to existing properties	352,099		48,052		75,865		476,016
Total cash invested in real property, net of cash acquired	$	2,765,024	$	125,208	$	523,541	$	3,413,773

(1) Excludes $6,563,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the year ended December 31, 2022, 1,227,000 OP Units were issued as a component of funding for certain transactions.

(3) Relates to the acquisition of assets previously financed as loans receivable and the acquisition of assets previously recognized as investments in unconsolidated entities.

(4) 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.


	Year Ended December 31, 2021
	Seniors Housing Operating		Triple-net		Outpatient Medical		Total
Land and land improvements	$	449,335	$	88,839	$	64,843	$	603,017
Buildings and improvements	2,347,609		809,328		313,864		3,470,801
Acquired lease intangibles	264,589		—		24,751		289,340


Right of use assets, net	77,455		—		—		77,455
Total net real estate assets	3,138,988		898,167		403,458		4,440,613
Receivables and other assets	6,096		411		3,534		10,041
Total assets acquired(1)	3,145,084		898,578		406,992		4,450,654

Lease liabilities	(138,126)		—		—		(138,126)
Accrued expenses and other liabilities	(191,454)		(8,703)		(266)		(200,423)
Total liabilities acquired	(329,580)		(8,703)		(266)		(338,549)
Noncontrolling interests(2)	(4,942)		(6,449)		(16,540)		(27,931)

Cash disbursed for acquisitions	2,810,562		883,426		390,186		4,084,174
Construction in progress additions	322,050		77,412		42,464		441,926
Less: Capitalized interest	(13,834)		(3,078)		(2,440)		(19,352)
Accruals (3)	35		—		(4,646)		(4,611)
Cash disbursed for construction in progress	308,251		74,334		35,378		417,963
Capital improvements to existing properties	197,829		37,345		47,414		282,588
Total cash invested in real property, net of cash acquired	$	3,316,642	$	995,105	$	472,978	$	4,784,725

(1) Excludes $4,201,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.

(3) 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.


	Year Ended December 31, 2020
	Seniors Housing Operating		Triple-net		Outpatient Medical		Total
Land and land improvements	$	55,000	$	16,876	$	45,590	$	117,466
Buildings and improvements	527,189		73,855		179,004		780,048
Acquired lease intangibles	28,668		—		24,718		53,386



Total net real estate assets	610,857		90,731		249,312		950,900
Receivables and other assets	746		—		268		1,014
Total assets acquired(1)	611,603		90,731		249,580		951,914


Accrued expenses and other liabilities	(1,650)		—		(962)		(2,612)
Total liabilities acquired	(1,650)		—		(962)		(2,612)
Noncontrolling interests(2)	(45,546)		—		—		(45,546)

Cash disbursed for acquisitions	564,407		90,731		248,618		903,756
Construction in progress additions	134,945		45,256		39,833		220,034
Less: Capitalized interest	(10,389)		(3,209)		(3,874)		(17,472)
Accruals(3)	(1,226)		—		—		(1,226)
Cash disbursed for construction in progress	123,330		42,047		35,959		201,336
Capital improvements to existing properties	107,379		76,625		60,985		244,989
Total cash invested in real property, net of cash acquired	$	795,116	$	209,403	$	345,562	$	1,350,081

(1) Excludes $580,000 of unrestricted and restricted cash acquired.

(2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests.

(3) 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.

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


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Development projects:
Seniors Housing Operating	$	227,796	$	117,386	$	93,188
Triple-net	—		22,990		75,149
Outpatient Medical	44,777		125,179		43,493
Total development projects	272,573		265,555		211,830
Expansion projects	18,280		5,292		48,600
Total construction in progress conversions	$	290,853	$	270,847	$	260,430