| Schedule of acquisition of senior housing properties |
The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed in connection with the acquisition, in accordance with the acquisition method of accounting:
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Three months ended
March 31, 2014 Acquisitions
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Three months ended June 30, 2014 Acquisitions (A)
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Managed Properties
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Managed Properties
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Triple Net Lease Properties
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Total
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Allocation of Purchase Price
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Investments in Real Estate
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$
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20,630
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$
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13,785
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$
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167,828
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$
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202,243
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Resident Lease Intangibles
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2,370
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3,361
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16,828
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22,559
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Other Intangibles
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—
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4,847
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—
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4,847
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Other Liabilities, net of other Assets
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(200
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)
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(288
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(1,625
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(2,113
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)
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Total purchase price
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$
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22,800
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$
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21,705
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$
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183,031
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$
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227,536
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Mortgage Notes Payable (B)
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(17,250
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(15,607
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—
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(32,857
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Net assets acquired
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$
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5,550
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$
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6,098
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$
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183,031
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$
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194,679
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Total acquisition related costs (C)
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$
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368
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$
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573
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$
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792
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$
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1,733
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(A)
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The
values assigned above are not yet finalized as Newcastle is in the process of identifying all acquired intangibles and gathering market and other information with which to determine the fair values of the real estate property and intangible assets acquired. Therefore the purchase price allocations set forth above are preliminary and are subject to change. The final determination of fair values for these assets may result in different allocations among the various asset classes from those set forth above and any such differences could be material.
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(C)
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Acquisition-related costs are expensed as incurred and included within general and administrative expense on the consolidated statements of income.
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