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Real Estate Investments, Net (Tables) | 6 Months Ended
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Jun. 30, 2021
Real Estate [Abstract] |
Summary of Investment in Owned Properties | The following table summarizes the Company’s investment in owned properties as of June 30, 2021 and December 31, 2020 (dollars in thousands):
| June 30, 2021 |  | December 31, 2020
Land | $ | 244,740 |  |  | $ | 205,356 |
Buildings and improvements | 1,588,961 |  |  | 1,477,849 |
Integral equipment, furniture and fixtures | 101,441 |  |  | 97,836 |
Identified intangible assets | 2,658 |  |  | 2,352 |
Real estate investments | 1,937,800 |  |  | 1,783,393 |
Accumulated depreciation and amortization | (362,397) |  |  | (335,294) |
Real estate investments, net | $ | 1,575,403 |  |  | $ | 1,448,099 |
Schedule of Total Future Contractual Minimum Rental Income | As of June 30, 2021, the Company’s total future contractual minimum rental income for all of its tenants, excluding operating expense reimbursements, were (dollars in thousands):
Year | Amount
2021 (six months) | $ | 93,754 |
2022 | 188,644 |
2023 | 188,438 |
2024 | 187,091 |
2025 | 187,062 |
2026 | 187,166 |
Thereafter | 1,020,115 |
Total | $ | 2,052,270 |
Schedule Of Tenant Purchase Options | Certain of the Company’s operators hold purchase options allowing them to acquire properties they currently lease from the Company. A summary of these purchase options is presented below (dollars in thousands):
Asset Type | Properties | Lease Expiration | Next Option Open Date | Option Type(1) | Current Cash Rent(2)
ALF | 7 | October 2034 | 1/1/2022 | A | $ | 3,282 |
SNF | 11 | November 2030 | 1/1/2022 | C | 4,800 |
SNF | 1 | March 2029 | 4/1/2022 | B / C(3) | 779 |
SNF / Campus | 2 | October 2032 | 1/1/2023 | B | 959 |
SNF | 4 | November 2034 | 12/1/2024 | B | 3,789 |
ALF | 2 | October 2034 | 1/1/2026 | A | 1,559 |
(1) Option type includes: A - Fixed base price plus a specified share on any appreciation. B - Fixed base price. C - Fixed capitalization rate on lease revenue. (2) Based on annualized cash revenue for contracts in place as of June 30, 2021. (3) Purchase option reflects two option types.
Schedule of Rental Income | The following table summarizes components of the Company’s rental income (dollars in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Rental Income | 2021 |  | 2020 |  | 2021 |  | 2020
Contractual rent due(1) | $ | 47,736 |  |  | $ | 42,485 |  |  | $ | 92,907 |  |  | $ | 84,923 |
Straight-line rent | 8 |  |  | 22 |  |  | 20 |  |  | 48 |
Lease termination revenue(2) | — |  |  | — |  |  | 63 |  |  | — |
Total | $ | 47,744 |  |  | $ | 42,507 |  |  | $ | 92,990 |  |  | $ | 84,971 |
(1) Includes initial cash rent and tenant operating expense reimbursements, as adjusted for applicable rental escalators and rent increases due to capital expenditures funded by the Company. For tenants on a cash basis, this represents the lesser of the amount that would be recognized on a straight-line basis or cash that has been received. (2) During the six months ended June 30, 2021, in connection with the agreement to terminate its lease agreements with affiliates of Metron Integrated Health Systems (“Metron”) and to sell the facilities to a third-party, the Company received $0.1 million from Metron affiliates.
Schedule of Real Estate Acquisitions | The following table summarizes the Company’s acquisitions for the six months ended June 30, 2021 (dollars in thousands):
Type of Property | Purchase Price(1) |  | Initial Annual Cash Rent |  | Number of Properties |  | Number of Beds/Units(2)
Skilled nursing | $ | 25,457 |  |  | $ | 2,295 |  | (4) | 2 |  |  | 268 |
Multi-service campuses(3) | 125,708 |  |  | 8,604 |  |  | 4 |  |  | 640 |
Total | $ | 151,165 |  |  | $ | 10,899 |  |  | 6 |  |  | 908 |
(1) Purchase price includes capitalized acquisition costs. (2) The number of beds/units includes operating beds at the acquisition date. (3) Initial annual cash rent represents the first twelve months of rent upon commencement of the Company’s long-term net leases, which occurred during the three months ended June 30, 2021, upon the tenants’ receipt of licensing approval and increases to $9.4 million in the second year with CPI-based annual escalators thereafter. (4) Included within initial annual cash rent is approximately $0.8 million of initial rent which is subject to a fixed escalator in the first twelve months and increases to $0.9 million in the second year with CPI-based annual escalators thereafter.

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