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v3.23.1

Real Property Acquisitions and Development (Tables) | 3 Months Ended
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Mar. 31, 2023
Real Estate [Abstract] |
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):
| Three Months Ended
| March 31, 2023 |  | March 31, 2022
| Seniors Housing Operating |  | Triple-net |  | Outpatient Medical |  | Totals |  | Seniors Housing Operating |  | Triple-net |  | Outpatient Medical |  | Totals
Land and land improvements | $ | 2,517 |  |  | $ | 7,370 |  |  | $ | 60,527 |  |  | $ | 70,414 |  |  | $ | 43,897 |  |  | $ | — |  |  | $ | 240 |  |  | $ | 44,137 |
Buildings and improvements | 16,434 |  |  | 74,289 |  |  | 255,706 |  |  | 346,429 |  |  | 402,342 |  |  | 171 |  |  | 131,412 |  |  | 533,925 |
Acquired lease intangibles | 865 |  |  | — |  |  | 39,090 |  |  | 39,955 |  |  | 31,366 |  |  | — |  |  | 16,978 |  |  | 48,344 |
Right of use assets, net | — |  |  | — |  |  | 927 |  |  | 927 |  |  | — |  |  | — |  |  | 3,852 |  |  | 3,852 |
Total net real estate assets | 19,816 |  |  | 81,659 |  |  | 356,250 |  |  | 457,725 |  |  | 477,605 |  |  | 171 |  |  | 152,482 |  |  | 630,258 |
Receivables and other assets | 234 |  |  | — |  |  | 358 |  |  | 592 |  |  | 1,630 |  |  | — |  |  | — |  |  | 1,630 |
Total assets acquired | 20,050 |  |  | 81,659 |  |  | 356,608 |  |  | 458,317 |  |  | 479,235 |  |  | 171 |  |  | 152,482 |  |  | 631,888 |
Secured debt | (5,501) |  |  | — |  |  | (40,953) |  |  | (46,454) |  |  | — |  |  | — |  |  | — |  |  | — |
Lease liabilities | — |  |  | — |  |  | (953) |  |  | (953) |  |  | — |  |  | — |  |  | (3,852) |  |  | (3,852) |
Accrued expenses and other liabilities | (120) |  |  | — |  |  | (8,071) |  |  | (8,191) |  |  | (4,154) |  |  | — |  |  | — |  |  | (4,154) |
Total liabilities acquired | (5,621) |  |  | — |  |  | (49,977) |  |  | (55,598) |  |  | (4,154) |  |  | — |  |  | (3,852) |  |  | (8,006) |
Noncontrolling interests (1) | — |  |  | — |  |  | — |  |  | — |  |  | (20,348) |  |  | (4) |  |  | — |  |  | (20,352) |
Non-cash acquisition related activity(2) | — |  |  | — |  |  | — |  |  | — |  |  | (2,120) |  |  | — |  |  | — |  |  | (2,120) |
Cash disbursed for acquisitions | 14,429 |  |  | 81,659 |  |  | 306,631 |  |  | 402,719 |  |  | 452,613 |  |  | 167 |  |  | 148,630 |  |  | 601,410 |
Construction in progress additions | 131,944 |  |  | 4,995 |  |  | 101,609 |  |  | 238,548 |  |  | 113,407 |  |  | 20,756 |  |  | 9,642 |  |  | 143,805 |
Less: Capitalized interest | (7,950) |  |  | (1,248) |  |  | (1,137) |  |  | (10,335) |  |  | (4,179) |  |  | (1,089) |  |  | (211) |  |  | (5,479) |
Accruals (3) | 2,303 |  |  | — |  |  | (4,290) |  |  | (1,987) |  |  | (1,963) |  |  | — |  |  | 1,778 |  |  | (185) |
Cash disbursed for construction in progress | 126,297 |  |  | 3,747 |  |  | 96,182 |  |  | 226,226 |  |  | 107,265 |  |  | 19,667 |  |  | 11,209 |  |  | 138,141 |
Capital improvements to existing properties | 69,783 |  |  | 4,427 |  |  | 17,129 |  |  | 91,339 |  |  | 68,612 |  |  | 8,294 |  |  | 13,323 |  |  | 90,229 |
Total cash invested in real property, net of cash acquired | $ | 210,509 |  |  | $ | 89,833 |  |  | $ | 419,942 |  |  | $ | 720,284 |  |  | $ | 628,490 |  |  | $ | 28,128 |  |  | $ | 173,162 |  |  | $ | 829,780 |
(1) Includes amounts attributable to both redeemable noncontrolling interests and noncontrolling interests. (2) Relates to the acquisition of assets recognized as investments in unconsolidated entities. (3) R epresents non-cash accruals for amounts to be paid in future periods for properties that converted, offset 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):
|  | Three Months Ended
|  | March 31, 2023 |  | March 31, 2022
Development projects: |  |  |  |
Seniors Housing Operating |  | $ | 26,712 |  |  | $ | 73,458 |
Outpatient Medical |  | 9,351 |  |  | — |
Total development projects |  | 36,063 |  |  | 73,458 |
Expansion projects |  | 17,245 |  |  | — |
Total construction in progress conversions |  | $ | 53,308 |  |  | $ | 73,458 |

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