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Real Property Acquisitions and Development (Tables) | 6 Months Ended
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Jun. 30, 2022
Real Estate [Abstract] |
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | The following is a summary of our real property investment activity by segment for the periods presented (in thousands):
| Six Months Ended
| June 30, 2022 |  | June 30, 2021
| Seniors Housing Operating |  | Triple-net |  | Outpatient Medical |  | Totals |  | Seniors Housing Operating |  | Triple-net |  | Outpatient Medical |  | Totals
Land and land improvements | $ | 130,282 |  |  | $ | — |  |  | $ | 26,714 |  |  | $ | 156,996 |  |  | $ | 25,636 |  |  | $ | 30,849 |  |  | $ | 29,735 |  |  | $ | 86,220 |
Buildings and improvements | 1,249,982 |  |  | 171 |  |  | 205,161 |  |  | 1,455,314 |  |  | 167,791 |  |  | 268,210 |  |  | 152,737 |  |  | 588,738 |
Acquired lease intangibles | 77,705 |  |  | — |  |  | 26,836 |  |  | 104,541 |  |  | 10,679 |  |  | — |  |  | 6,274 |  |  | 16,953 |
Construction in progress | 108,141 |  |  | — |  |  | — |  |  | 108,141 |  |  | — |  |  | — |  |  | — |  |  | — |
Right of use assets, net | 169 |  |  | — |  |  | 3,852 |  |  | 4,021 |  |  | — |  |  | — |  |  | — |  |  | — |
Total net real estate assets | 1,566,279 |  |  | 171 |  |  | 262,563 |  |  | 1,829,013 |  |  | 204,106 |  |  | 299,059 |  |  | 188,746 |  |  | 691,911 |
Receivables and other assets | 6,091 |  |  | — |  |  | 260 |  |  | 6,351 |  |  | 634 |  |  | — |  |  | 8 |  |  | 642 |
Total assets acquired (1) | 1,572,370 |  |  | 171 |  |  | 262,823 |  |  | 1,835,364 |  |  | 204,740 |  |  | 299,059 |  |  | 188,754 |  |  | 692,553 |
Secured debt | (219,067) |  |  | — |  |  | — |  |  | (219,067) |  |  | — |  |  | — |  |  | — |  |  | — |
Lease liabilities | — |  |  | — |  |  | (3,852) |  |  | (3,852) |  |  | — |  |  | — |  |  | — |  |  | — |
Accrued expenses and other liabilities | (11,937) |  |  | — |  |  | (393) |  |  | (12,330) |  |  | (2,923) |  |  | (8,703) |  |  | (266) |  |  | (11,892) |
Total liabilities acquired | (231,004) |  |  | — |  |  | (4,245) |  |  | (235,249) |  |  | (2,923) |  |  | (8,703) |  |  | (266) |  |  | (11,892) |
Noncontrolling interests (2) | (101,885) |  |  | (4) |  |  | (664) |  |  | (102,553) |  |  | (2,597) |  |  | (2,056) |  |  | (14,723) |  |  | (19,376) |
Non-cash acquisition related activity(3) | (25,795) |  |  | — |  |  | — |  |  | (25,795) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash disbursed for acquisitions | 1,213,686 |  |  | 167 |  |  | 257,914 |  |  | 1,471,767 |  |  | 199,220 |  |  | 288,300 |  |  | 173,765 |  |  | 661,285 |
Construction in progress additions | 229,044 |  |  | 45,939 |  |  | 24,336 |  |  | 299,319 |  |  | 93,108 |  |  | 46,904 |  |  | 13,371 |  |  | 153,383 |
Less: Capitalized interest | (9,305) |  |  | (2,031) |  |  | (530) |  |  | (11,866) |  |  | (6,014) |  |  | (1,238) |  |  | (2,106) |  |  | (9,358) |
Accruals (4) | (3,479) |  |  | — |  |  | 2,453 |  |  | (1,026) |  |  | 8 |  |  | — |  |  | 311 |  |  | 319 |
Cash disbursed for construction in progress | 216,260 |  |  | 43,908 |  |  | 26,259 |  |  | 286,427 |  |  | 87,102 |  |  | 45,666 |  |  | 11,576 |  |  | 144,344 |
Capital improvements to existing properties | 146,052 |  |  | 25,016 |  |  | 29,001 |  |  | 200,069 |  |  | 64,438 |  |  | 15,568 |  |  | 14,477 |  |  | 94,483 |
Total cash invested in real property, net of cash acquired | $ | 1,575,998 |  |  | $ | 69,091 |  |  | $ | 313,174 |  |  | $ | 1,958,263 |  |  | $ | 350,760 |  |  | $ | 349,534 |  |  | $ | 199,818 |  |  | $ | 900,112 |
(1) Excludes $5,491,000 and $301,000 of unrestricted and restricted cash acquired during the six months ended June 30, 2022 and June 30, 2021, respectively. (2) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. For the six months ended June 30, 2022, 1,145,000 Welltower OP units were issued as a component of funding for certain transactions. (3) Relates to the acquisition of assets recognized as investments in unconsolidated entities. (4) R epresents 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):
|  | Six Months Ended
|  | June 30, 2022 |  | June 30, 2021
Development projects: |  |  |  |
Seniors Housing Operating |  | $ | 134,562 |  |  | $ | 58,844 |
Triple-net |  | — |  |  | 22,990 |
Outpatient Medical |  | — |  |  | 101,867 |
Total construction in progress conversions |  | $ | 134,562 |  |  | $ | 183,701 |

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