| Real Estate and Other Activities | 3. Real Estate a nd Other Activities New Investments We acquired or invested in the following net assets (in thousands):
For the Six Months
2024 2023
Land and land improvements $ — $ 28,916
Buildings — 114,966
Intangible lease assets — subject to amortization (weighted-average useful 24.8 years for 2023) — 16,305
Investments in unconsolidated real estate joint ventures 107,908 —
Investments in unconsolidated operating entities — 50,000
Other loans — 25,000
Liabilities assumed ( 2,290 ) —
$ 105,618 $ 235,187
Loans repaid(1) — ( 22,900 )
Total net assets acquired $ 105,618 $ 212,287 (1) The 2023 column includes a $ 23 million mortgage loan that was converted to fee simple ownership of one property as described under Lifepoint Transaction below. 2024 Activity Utah Transaction On April 12, 2024, we sold our interests in five Utah hospitals for an aggregate agreed valuation of approximately $ 1.2 billion to a newly formed joint venture (the "Venture") with an institutional asset manager (the "Fund"), which we call the Utah Transaction, and we recognized a gain on real estate of approximately $ 380 million, partially offset by a $ 20 million write-off of unbilled straight-line rent receivables. We retained an approximately 25 % interest in the Venture valued initially at approximately $ 108 million, which is being accounted for on the equity method on a quarterly lag basis and included in the "Investments in unconsolidated real estate joint ventures" line of the condensed consolidated balance sheets. The Fund purchased an approximately 75 % interest for $ 886 million. In conjunction with this transaction closing, the Venture placed new non-recourse secured financing, providing $ 190 million of additional cash to us. In total, the Utah Transaction generated $ 1.1 billion of cash to us. The Utah lessee (an affiliate of CommonSpirit Health ("CommonSpirit")) may acquire the leased real estate at a price equal to the greater of fair market value and the approximate $ 1.2 billion lease base at the fifth or tenth anniversary of the 2023 master lease commencement. We granted the Fund certain limited and conditional preferences based on the possible execution of the purchase option, which we accounted for as a derivative liability with an initial value of approximately $ 2.3 million. 2023 Activity Prospect Transaction In August 2019, we invested in a portfolio of 14 acute care hospitals in three states (California, Pennsylvania, and Connecticut) operated by and master leased to or mortgaged by Prospect Medical Holdings, Inc. ("Prospect") for a combined investment of approximately $ 1.5 billion. In addition, we originated a $ 112.9 million term loan cross-defaulted to the master lease and mortgage loan agreements and further secured by a parent guaranty. In the 2022 second quarter, we funded an additional $ 100 million towards the existing mortgage loan that was secured by a first lien on a California hospital. Prospect's operations were negatively impacted by the coronavirus global pandemic commencing in early 2020, but Prospect remained current with respect to contractual rent and interest payments until the fourth quarter of 2022. Accordingly, and due further to the termination of certain refinancing negotiations between Prospect and certain third parties in early 2023 that would have recapitalized Prospect and provided for payment of unpaid rent and interest, we recorded an approximate $ 280 million impairment charge in the 2022 fourth quarter. As part of this charge, we reduced the carrying value of the underperforming Pennsylvania properties by approximately $ 170 million (to approximately $ 250 million) and reserved all unbilled rent accruals for a total of $ 112 million. However, Prospect continued to pursue a recapitalization plan, and, in late March 2023, Prospect received a binding commitment from several lenders to provide liquidity to pay down certain debt instruments. Along with these commitments from third-party lenders, we agreed to pursue certain transactions with Prospect as part of their recapitalization plan, including originating a $ 50 million convertible loan to PHP Holdings, the managed care business of Prospect, in the first quarter of 2023. On May 23, 2023, Prospect completed its recapitalization plan, which included receiving $ 375 million in new financing from several lenders. Along with this new debt capital from third-party lenders, we agreed to the following restructuring of our then $ 1.7 billion investment in Prospect including: a) maintaining the master lease covering six California hospitals without any changes in rental rates or escalator provisions, but with cash payments starting in September 2023 for a substantial portion of the contractual monthly rent due on these California properties, b) transitioning the Pennsylvania properties back to Prospect in return for a $ 150 million first lien mortgage on the facilities, c) providing up to $ 75 million in a loan secured by a first lien on Prospect's accounts receivable and certain other assets, of which we funded in full during 2023, d) continuing to pursue the sale of the three Connecticut properties to Yale New Haven ("Yale"), as more fully described in Note 9 to the condensed consolidated financial statements, and e) obtaining a non-controlling ownership interest in PHP Holdings of approximately $ 654 million consisting of an approximate $ 68 million equity investment and $ 586 million loan convertible into equity of PHP Holdings (collectively, the "Prospect Transaction"). This non-controlling ownership interest was received in exchange for unpaid rent and interest through December 2022, previously unrecorded rent and interest revenue in 2023 totaling approximately $ 82 million, our $ 151 million mortgage loan on a California property, our $ 112.9 million term loan, and other obligations at the time of such investment. Lifepoint Transaction On February 7, 2023, a subsidiary of Lifepoint Health, Inc. ("Lifepoint") acquired a majority interest in Springstone (now Lifepoint Behavioral Health, "Lifepoint Behavioral") (the "Lifepoint Transaction") based on an enterprise value of $ 250 million. As part of the transaction, we received approximately $ 205 million in full satisfaction of our initial acquisition loan, including accrued interest, and we retained our minority equity investment in the operations of Lifepoint Behavioral. Separately, we converted a mortgage loan (as part of our initial acquisition in 2021) into the fee simple ownership of a property in Washington, which is leased, along with other behavioral health hospitals, to Lifepoint Behavioral, under a master lease agreement. In connection with the Lifepoint Transaction, Lifepoint extended its lease on eight existing general acute care hospitals by five years to 2041 . In the first quarter of 2024, we sold our minority equity investment in Lifepoint Behavioral for approximately $ 12 million. Other Transactions In the second quarter of 2023, we acquired three inpatient rehabilitation facilities for a total of approximately € 70 million (approximately $ 77 million). These hospitals are leased to Median Kliniken S.á.r.l ("MEDIAN") pursuant to a long-term master lease with annual inflation-based escalators. On April 14, 2023, we acquired five behavioral health hospitals located in the United Kingdom for approximately £ 44 million (approximately $ 58 million). These hospitals are leased to Priory Group ("Priory") pursuant to five separate lease agreements with annual inflation-based escalators. Development Activities See table below for a status summary of our current development projects (in thousands):
Property Commitment Costs Estimated Rent
IMED Hospitales ("IMED") (Spain) $ 37,526 $ 25,688 4Q 2024
IMED (Spain) 51,440 19,514 1Q 2026
$ 88,966 $ 45,202 We have two other development projects ongoing in Texas (Wadley development) and Massachusetts (Norwood redevelopment). These are not highlighted above given the ongoing restructuring of Steward Health Care System ("Steward") as discussed further in this same Note 3 . However, on a combined basis, we have spent approximately $ 415 million through June 30, 2024. Separately, on the Norwood redevelopment, we have approximately $ 150 million, net of payments received to date, due to us from a combination of recovery receivables (included in "Other assets" in the condensed consolidated balance sheets) associated with the damage to the original facility in 2020 and a $ 50 million advance (reflected in "Other loans" in the condensed consolidated balance sheets) made to Steward in the first half of 2023 that is secured by, among other things, proceeds from Steward's business interruption insurance claims. 2024 Activity During the first quarter of 2024, we completed construction and began recording rental income on a $ 35.4 million behavioral health facility located in McKinney, Texas, that is leased to Lifepoint Behavioral. We also completed construction and began recording rental income on a € 46 million (approximately $ 49.0 million) general acute care facility located in Spain that is leased to IMED. 2023 Activity During the 2023 second quarter, we completed construction and began recording rental income on an inpatient rehabilitation facility located in Stockton, California. This facility commenced rent on May 1, 2023, and is leased to Ernest Health, Inc. ("Ernest") pursuant to an existing long-term master lease. Disposals 2024 Activity See Utah Transaction above for a discussion of the five Utah hospitals sold on April 12, 2024. On April 9, 2024, we sold five properties to Prime Healthcare Services, Inc. ("Prime") for total proceeds of approximately $ 250 million along with a $ 100 million interest-bearing mortgage loan due December 31, 2024. This transaction resulted in a gain on real estate of approximately $ 53 million, partially offset by a non-cash straight-line rent write-off of approximately $ 30 million. As part of this sale transaction, we extended the lease maturity of four other facilities with Prime to 2044. This amended lease has inflation-based escalators, collared between 2 % and 4 % and a purchase option on or prior to August 26, 2028 for a value of $ 238 million, which is greater than our net book value for these properties at June 30, 2024. After August 26, 2028, this option price reverts to $ 260 million (subject to annual escalations). During the first six months of 2024, we also completed the sale of three other facilities and two ancillary facilities for approximately $ 7 million, resulting in a loss on real estate of approximately $ 1.4 million. Summary of Operations for Disposed Assets in 2024 The following represents the operating results from the five properties sold as part of the Utah Transaction and the five Prime properties sold in April 2024 (in thousands):
For the Three Months For the Six Months
2024 2023 2024 2023
Revenues(1) $ 7,092 $ ( 55,765 ) $ 46,099 $ ( 12,567 )
Real estate depreciation and amortization(2) — ( 294,603 ) ( 6,381 ) ( 305,321 )
Property-related expenses ( 9 ) 98 ( 13 ) ( 22 )
Other income (expense)(3) 385,265 ( 25 ) 385,223 ( 46 )
Income (expense) from real estate dispositions, net $ 392,348 $ ( 350,295 ) $ 424,928 $ ( 317,956 ) (1) The 2023 columns include an approximate $ 95 million write-off of straight-line rent receivables related to the hospital operations of the five Utah facilities that were acquired by CommonSpirit on May 1, 2023. (2) The 2023 columns include approximately $ 286 million of lease intangible amortization acceleration related to the hospital operations of the five Utah facilities that were acquired by CommonSpirit on May 1, 2023. (3) The 2024 columns include approximately $ 360 million of gains (net of approximately $ 20 million write-off of straight-line rent receivables) related to the Utah Transaction and $ 23 million of gains (net of $ 30 million write-off of straight-line rent receivables) related to the sale of five Prime properties. 2023 Activity On March 30, 2023, we entered into a definitive agreement to sell our 11 general acute care facilities located in Australia and operated by Healthscope Ltd. ("Healthscope") (the "Australia Transaction") to affiliates of HMC Capital for cash proceeds of approximately A$ 1.2 billion. As a result, we designated the Australian portfolio as held for sale in the first quarter of 2023 and recorded approximately $ 79 million of net impairment charges at that time, which included $ 37.4 million of straight-line rent receivable write-offs and approximately $ 8 million in fees to sell the hospitals, partially offset by approximately $ 16 million of gains from our interest rate swap and foreign currency translation amounts in accumulated other comprehensive income that were reclassified to earnings in 2023 as part of the transaction. This transaction closed in two phases. The first phase closed on May 18, 2023, in which we sold seven of the 11 facilities for A$ 730 million, and the final phase closed on October 10, 2023, in which we sold the remaining four facilities for approximately A$ 470 million. On March 8, 2023, we received notice that Prime planned to exercise its right to repurchase from us the real estate associated with one master lease for approximately $ 100 million. As such, we recorded an approximate $ 11 million impairment charge in the first quarter of 2023 related to non-cash rent receivables on the three facilities that were sold on July 11, 2023. Leasing Operations (Lessor) We acquire and develop healthcare facilities and lease the facilities to healthcare operating companies. The initial fixed lease terms of these infrastructure-type assets are typically at least 15 years, and most include renewal options at the election of our tenants, generally in five year increments. Over 99 % of our leases provide annual rent escalations based on increases in the Consumer Price Index ("CPI") (or similar indices outside the U.S.) and/or fixed minimum annual rent escalations. Many of our domestic leases contain purchase options with pricing set at various terms but in no case less than our total initial investment. Our leases typically require the tenant to handle and bear most of the costs associated with our properties including repair/maintenance, property taxes, and insurance. For all of our properties subject to lease, we are the legal owner of the property and the tenant's right to use and possess such property is guided by the terms of a lease. At June 30, 2024 , we account for all of these leases as operating leases, except where GAAP requires alternative classification, including leases on 13 Ernest facilities that are accounted for as direct financing leases and leases on nine of our Prospect facilities and five of our Ernest facilities that are accounted for as a financing. The components of our total investment in financing leases consisted of the following (in thousands):
As of June 30, As of December 31,
Minimum lease payments receivable $ 601,406 $ 611,669
Estimated unguaranteed residual values 203,818 203,818
Less: Unearned income and allowance for credit loss ( 559,783 ) ( 571,059 )
Net investment in direct financing leases 245,441 244,428
Other financing leases (net of allowance for credit loss) 936,518 987,202
Total investment in financing leases $ 1,181,959 $ 1,231,630 Other Leasing Activities At June 30, 2024 , our vacant properties represent less than 0.3 % of total assets. We are in various stages of either re-leasing or selling these vacant properties. Our tenants’ financial performance and resulting ability to satisfy their lease and loan obligations to us are material to our financial results and our ability to service our debt and make distributions to our stockholders. Our tenants operate in the healthcare industry, which is highly regulated, and changes in regulation (or delays in enacting regulation) may temporarily impact our tenants’ operations until they are able to make the appropriate adjustments to their business. In addition, our tenants may experience operational challenges from time-to-time as a result of many factors, including those external to them, such as cybersecurity attacks or public health crises (like the COVID-19 pandemic), economic issues resulting in high inflation and spikes in labor costs, extreme or severe weather and climate-related events, and adverse market and political conditions. We monitor our tenants' operating results and the potential impact from these challenges. We may elect to provide support to our tenants from time-to-time in the form of short-term rent deferrals to be paid back in full (like as described below under Pipeline Health System), or in the form of temporary loans (like as described previously in the Prospect Transaction). See below for an update on some of our tenants: Steward Health Care System Due to the uncertainty concerning ongoing operational and liquidity challenges, the bankruptcy filing, the sale of Steward's managed care business, and the re-tenanting or selling of properties as more fully described in "Significant Tenant Update" under the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-Q, we recorded approximately $ 490 million and $ 960 million of impairment charges for the three and six months ended June 30, 2024, respectively. These charges fully reserved for our $ 410 million equity investment in the Macquarie partnership (as we recognized our share of losses realized by the partnership in the 2024 second quarter due to the impairment of the partnership's underlying real estate), fully reserved for the remaining value of our 9.9 % equity investment in Steward and the $ 362 million loan due from affiliates of Steward along with the accrual for property taxes and other obligations not paid by Steward under its master leases. The equity investment in the Macquarie partnership is included in "Investments in unconsolidated real estate joint ventures" and the equity investment and loan to Steward affiliates are included in “Investments in unconsolidated operating entities” on our condensed consolidated balance sheets and were adjusted for after comparing our carrying value of these investments to an updated fair value analysis of the underlying assets, with assistance from a third-party, independent valuation firm. In addition, during the 2024 second quarter and due to the ongoing Steward bankruptcy process, we changed the estimated useful life of the in-place lease intangibles associated with the Steward master leases, as we expect such leases will end before their contractual term. This change in estimate resulted in approximately $ 34 million of additional amortization expense in the 2024 second quarter and is reflected in the "Real estate depreciation and amortization" line of our condensed consolidated statements of net income. At June 30, 2024, we have approximately $ 430 million of non-real estate investments in Steward, consisting of the working capital loans and other secured loans advanced in 2024 (approximately $ 215 million). However, recovery of these amounts is partially dependent on Steward's collection of patient and government receivables and terms of any sale of its managed care and other businesses, neither of which is within our control. In addition, we have $ 2.3 billion of real estate assets to be transitioned away from Steward. We believe these investments are fully recoverable at this time. However, recoverability depends on the success of re-tenanting and selling these real estate assets, and no assurances can be given that we will not have any additional impairments in future periods. During 2024, we received and recorded rent and interest revenue of $ 19 million and $ 30 million for the three and six month periods, respectively. In addition, our Massachusetts partnership received and recorded rent of $ 28 million ($ 14 million representing our share) and $ 66 million ($ 33 million representing our share) for the three and six month periods, respectively. Prospect We lease real estate assets to Prospect in California, Connecticut, and Pennsylvania of approximately $ 1 billion, net of approximately $ 200 million of impairment charges taken to-date. Starting January 1, 2023, we began accounting for our leases and loans to Prospect on a cash basis versus our normal accrual method. In 2024, we recognized approximately $ 18 million and $ 25 million of revenue, for the three and six month periods, respectively, representing cash received for rents on our California properties. In addition, we received and recorded approximately $ 3.8 million of interest on the asset-backed loan in the three and six month periods. In regard to PHP Holdings, we account for our investment (both the equity investment and convertible loan) using the fair value option method. Prospect's investment bankers continue to work through the latest indications of interest from prospective bidders for PHP Holdings. Based on our consideration of information in the indications of interest and discussions with the investment bankers, along with consultations with our third party appraisers, we recorded an additional approximate $ 160 million unfavorable fair value adjustment in the second quarter of 2024 (total unfavorable fair value adjustment in 2024 of $ 360 million), resulting in a total investment in PHP Holdings of approximately $ 340 million at June 30, 2024. Each quarter, we mark such investment to fair value as more fully described in Note 7 to the condensed consolidated financial statements. Pipeline Health System On October 2, 2022, Pipeline Health System ("Pipeline") filed for reorganization relief under Chapter 11 protection of the United States Bankruptcy Code in the Southern District of Texas, while keeping its hospitals open to continue providing care to the communities served. On February 6, 2023, Pipeline emerged from bankruptcy. Per the bankruptcy settlement, Pipeline's lease of our California assets remained in place, and we were repaid on February 7, 2023, for all rent that was outstanding at December 31, 2022, along with what was due for the first quarter of 2023. As part of the settlement, we deferred approximately $ 6 million, or approximately 30 %, of rent in 2023 to be paid in 2024 with interest. As of June 30, 2024, Pipeline is current on their monthly base rent obligations per the terms of the lease, and we hold a rent deposit that more than covers all unpaid deferred rent. International Joint Venture As discussed in our Annual Report on Form 10-K for the year ending December 31, 2023, we placed our loan to the international joint venture on the cash basis of accounting, as we determined that it was no longer probable that the borrower would pay its future interest in full. This loan, accounted for under the fair value option method, was collateralized by the equity of Steward held by an investor in both Steward and the international joint venture. Consistent with the discussion above on non-real estate investments in Steward, we recorded a $ 225 million unfavorable fair value adjustment in the 2024 first quarter to fully reserve for the loan and related equity investment. These investments, which are included in “Investments in unconsolidated operating entities” on our condensed consolidated balance sheets, were adjusted for after comparing our carrying value to an updated fair value analysis of the underlying collateral, with assistance from a third-party, independent valuation firm. CommonSpirit On May 1, 2023, Catholic Health Initiatives Colorado ("CHIC"), a wholly owned subsidiary of CommonSpirit, acquired the Utah hospital operations of five general acute care facilities previously operated by Steward. As a result of this transaction, we received $ 100 million on May 1, 2023, of the $ 150 million loan made in the 2022 second quarter. The new lease, at the time, for these Utah assets had an initial fixed term of 15 years with annual escalation provisions. As part of this transaction, we severed these facilities from the master lease with Steward, and accordingly accelerated the amortization of the associated in-place lease intangibles (approximately $ 286 million) and wrote-off approximately $ 95 million of straight-line rent receivables. As described earlier, these five properties make up the Utah Transaction. Investments in Unconsolidated Entities Investments in Unconsolidated Real Estate Joint Ventures Our primary business strategy is to acquire real estate and lease to providers of healthcare services. Typically, we directly own 100 % of such investments. However, from time-to-time, we will co-invest with other investors that share a similar view that hospital real estate is a necessary infrastructure-type asset in communities. In these types of investments, we will own undivided interests of less than 100 % of the real estate and share control over the assets through unconsolidated real estate joint ventures. The underlying real estate and leases in these unconsolidated real estate joint ventures are generally structured similarly and carry a similar risk profile to the rest of our real estate portfolio. The following is a summary of our investments in unconsolidated real estate joint ventures by operator (amounts in thousands):
Operator Ownership Percentage As of June 30, As of December 31,
MEDIAN 50 % $ 461,662 $ 471,336
Swiss Medical Network 70 % 444,275 472,434
CommonSpirit (Utah partnership) 25 % 106,407 —
Policlinico di Monza 50 % 77,860 80,562
HM Hospitales 45 % 53,027 56,071
Steward (Macquarie partnership) 50 % — 394,052
Total $ 1,143,231 $ 1,474,455 The decrease since December 31, 2023, is primarily due to the impairment recorded to our Massachusetts-based partnership with Macquarie in the second quarter of 2024 as more fully described above in this same Note 3 . Investments in Unconsolidated Operating Entities Our investments in unconsolidated operating entities are noncontrolling investments that are typically made in conjunction with larger real estate transactions in which the operators are vetted as part of our overall underwriting process. In many cases, we would not be able to acquire the larger real estate portfolio without such investments in operators. These investments also offer the opportunity to enhance our overall return and provide for certain minority rights and protections. The following is a summary of our investments in unconsolidated operating entities (amounts in thousands):
Operator As of June 30, As of December 31,
PHP Holdings $ 335,708 $ 699,535
Swiss Medical Network 174,239 186,113
Aevis Victoria SA ("Aevis") 68,986 77,345
Priory 40,098 163,837
Aspris Children's Services ("Aspris") 15,968 15,986
Caremax 207 1,148
Steward (loan investment) — 361,591
International joint venture — 225,960
Steward (equity investment) — 35,696
Lifepoint Behavioral — 11,429
Total $ 635,206 $ 1,778,640 See "Leasing Operations (Lessor)" under this same Note 3 for details on the change in the first six months of 2024 related to Steward. For our other investments marked to fair value (including our investment in PHP Holdings and our investments in the international joint venture), we recorded approximately $ 595 million in unfavorable non-cash fair value adjustments during the first half of 2024; whereas, this was a $ 4.3 million unfavorable non-cash fair value adjustment for the same period of 2023. The amount recorded in 2024 includes an approximate $ 360 million unfavorable fair market value adjustment to our investment in PHP Holdings, as further described in the "Prospect" subheading of this Note 3 (included in the "Other (including fair value adjustments on securities)" line of the condensed consolidated statements of net income) and $ 225 million unfavorable fair value adjustment in the 2024 first quarter related to our international joint venture investments as described in Note 3 and included in the "Real estate and other impairment charges, net" line of the condensed consolidated statements of net income. In the first quarter of 2024, we sold our interest in the Priory syndicated term loan for £ 90 million (approximately $ 115 million), resulting in an approximate £ 6 million ($ 7.8 million) economic loss. In addition, we sold our remaining minority equity investment in Lifepoint Behavioral in the 2024 first quarter. Other Investment Activities In the first half of 2023, we received repayment of the CHF 60 million mortgage loan from Infracore SA ("Infracore") that was originally made in the fourth quarter of 2022. Credit Loss Reserves We apply a forward-looking "expected loss" model to all of our financing receivables, including financing leases and loans, based on historical credit losses of similar instruments. The following table summarizes the activity in our credit loss reserves (in thousands):
For the Three Months
2024 2023
Balance at beginning of the period $ 456,592 $ 121,972
Provision for credit loss, net 81,942 (1) 362
Expected credit loss reserve related to financial instruments — ( 35,229 )
Balance at end of the period $ 538,534 $ 87,105
For the Six Months
2024 2023
Balance at beginning of the year $ 96,001 $ 121,146
Provision for credit loss, net 442,533 (1)(2) 1,348
Expected credit loss reserve related to financial instruments — ( 35,389 )
Balance at end of the period $ 538,534 $ 87,105 (1) Reflects charges and reserves related to our investments in cash basis tenants recorded during the second quarter of 2024. (2) Reflects the charge related to the $ 362 million loan to Steward, as further described under "Steward Health Care System" subheading of this Note 3 . Concentrations of Credit Risk We monitor concentration risk in several ways due to the nature of our real estate assets that are vital to the communities in which they are located and given our ability to replace inefficient operators of our facilities, if needed, with more effective operators. See below for our concentration details (dollars in thousands): Total Assets by Operator
As of June 30, 2024 As of December 31, 2023
Operators Total Assets (1) Percentage of Total Assets (1) Percentage of
Steward $ 2,826,852 17.5 % $ 3,518,537 19.2 %
Circle Health Ltd ("Circle") 2,077,416 12.8 % 2,119,392 11.6 %
Priory 1,260,359 7.8 % 1,391,005 7.6 %
Prospect 1,040,792 6.4 % 1,092,974 6.0 %
Lifepoint Behavioral 814,133 5.0 % 813,527 4.4 %
Other operators 6,112,813 37.8 % 7,352,012 40.2 %
Other assets 2,062,378 (2) 12.7 % 2,017,397 11.0 %
Total $ 16,194,743 100.0 % $ 18,304,844 100.0 % (1) Total assets by operator are generally comprised of real estate assets, mortgage loans, investments in unconsolidated real estate joint ventures, investments in unconsolidated operating entities, and other loans. (2) Includes our investment in PHP Holdings of approximately $ 340 million as part of the Prospect Transaction and tenant update described previously in this same Note 3 . Total Assets by U.S. State and Country (1)
As of June 30, 2024 As of December 31, 2023
U.S. States and Other Countries Total Assets Percentage of Total Assets Percentage of
Texas $ 1,472,182 9.1 % $ 1,891,482 10.3 %
Florida 1,296,622 8.0 % 1,348,210 7.4 %
California 1,062,797 6.6 % 1,252,674 6.8 %
Arizona 515,086 3.2 % 547,789 3.0 %
Pennsylvania 464,689 2.8 % 470,562 2.6 %
All other states 3,090,580 19.1 % 4,264,392 23.3 %
Other domestic assets 1,252,417 7.7 % 1,397,170 7.6 %
Total U.S. $ 9,154,373 56.5 % $ 11,172,279 61.0 %
United Kingdom $ 4,075,748 25.2 % $ 4,261,944 23.3 %
Germany 713,744 4.4 % 734,630 4.0 %
Switzerland 687,500 4.2 % 735,891 4.0 %
Spain 252,389 1.6 % 252,529 1.4 %
All other countries 501,028 3.1 % 527,344 2.9 %
Other international assets 809,961 5.0 % 620,227 3.4 %
Total international $ 7,040,370 43.5 % $ 7,132,565 39.0 %
Grand total $ 16,194,743 100.0 % $ 18,304,844 100.0 % Total Assets by Facility Type (1)
As of June 30, 2024 As of December 31, 2023
Facility Types Total Assets Percentage of Total Assets Percentage of
General acute care hospitals $ 9,783,458 60.4 % $ 11,764,151 64.3 %
Behavioral health facilities 2,433,787 15.0 % 2,576,983 14.1 %
Post acute care facilities 1,689,844 10.5 % 1,716,248 9.4 %
Freestanding ER/urgent care facilities 225,276 1.4 % 230,065 1.2 %
Other assets 2,062,378 12.7 % 2,017,397 11.0 %
Total $ 16,194,743 100.0 % $ 18,304,844 100.0 % (1) For geographic and facility type concentration metrics in the tables above, we allocate our investments in operating entities pro rata based on the gross book value of the real estate. Such pro rata allocations are subject to change from period to period . On an individual property basis, our largest investment in any single pro |
