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Real Estate Property Investments | 6 Months Ended
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Jun. 30, 2014
Real Estate Property Investments |
Real Estate Property Investments | (3) Real Estate Property Investments On June 6, 2014, the Company acquired a portfolio of 20 care homes for $127 million (£75.8 million) subject to long-term triple-net leases. These facilities are located throughout the United Kingdom (“UK”) and are leased to Maria Mallaband Care Group. The triple-net leases have initial terms of 15 years, plus two 10-year extension options and provide for initial annual rent of $9.7 million (£5.8 million). The cross-defaulted contractual rents will increase annually based on the Retail Price Index (UK measure of inflation), subject to a floor of 2% and a ceiling of 4.5%. A summary of real estate acquisitions for the six months ended June 30, 2014 follows (in thousands):
|  | Consideration |  | Assets Acquired |
Segment |  | Cash Paid |  | Debt and Other Liabilities Assumed |  | Noncontrolling Interest |  | Real Estate |  | Net Intangibles |
Senior housing |  | $ | 215,381 | (1) | $ | 1 |  | $ | 6,321 | (2) | $ | 204,758 |  | $ | 16,945 |
Life science |  | 43,500 |  | 250 |  | — |  | 41,281 |  | 2,469 |
Medical office |  | 26,548 |  | 272 |  | — |  | 22,820 |  | 4,000 |
|  | $ | 285,429 |  | $ | 523 |  | $ | 6,321 |  | $ | 268,859 |  | $ | 23,414 |
(1) Includes £75.8 million translated into U.S. dollars. (2) Includes $5 million of non-managing member limited liability company units. During the six months ended June 30, 2013, the Company acquired four senior housing communities from a joint venture between Emeritus Corporation (“Emeritus”) and Blackstone Real Estate Partners VI for $38 million, acquired a senior housing facility for $18 million, exercised its purchase option for a senior housing facility it previously leased for $16 million and acquired 38 acres of land in the post-acute/skilled nursing segment for $408,000. During the six months ended June 30, 2014 and 2013, the Company funded an aggregate of $101 million and $76 million, respectively, for construction, tenant and other capital improvement projects, primarily in its senior housing, life science and medical office segments.

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- Definition Disclosure of all information related to any significant acquisition of properties. Disclosure may include methodology and assumptions, type of asset, asset classification, acquisition cost, method of acquisition and date of acquisition. + References No definition available. + Details
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- Details
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