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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2011
Real Estate Investments. |
Summary of investments in mortgage loans secured by first mortgages |
|  |  |  |  |  | (Unaudited) |
--- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  |  |  |  |  | Number of |  |  |
Type of Property |  | Gross Investments |  | Percentage of Investments |  | Number of Loans |  | Number of Properties(1) |  | SNF Beds |  | ALF Units |  | Investment per Bed/Unit |
Assisted Living |  | $ | 22,776 |  |  | 42.2 | % |  | 9 |  |  | 14 |  |  | — |  |  | 424 |  | $ | 53.72 |
Skilled Nursing |  |  | 28,132 |  |  | 52.1 | % |  | 20 |  |  | 21 |  |  | 2,326 |  |  | — |  | $ | 12.09 |
Other Senior Housing(2) |  |  | 3,094 |  |  | 5.7 | % |  | 1 |  |  | 1 |  |  | 99 |  |  | 74 |  | $ | 17.88 |
Totals |  | $ | 54,002 |  |  | 100.0 | % |  | 30 |  |  | 36 |  |  | 2,425 |  |  | 498 |  |  |  |
(1) We have investments in 12 states that include mortgages to 14 different operators. (2) Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services.
Summary of investment in owned properties |
|  |  |  |  |  |  |  | Number of |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Type of Property |  | Gross Investments |  | Percentage of Investments |  | Number of Properties(1) |  | SNF Beds |  | ALF Units |  | ILF Units |  | Investment per Bed/Unit |
Assisted Living |  | $ | 285,981 |  |  | 39.4 | % |  | 88 |  |  | — |  |  | 3,941 |  |  | — |  | $ | 72.57 |
Skilled Nursing |  |  | 361,326 |  |  | 49.9 | % |  | 68 |  |  | 8,021 |  |  | — |  |  | — |  | $ | 45.05 |
Other Senior Housing(2) |  |  | 64,638 |  |  | 8.9 | % |  | 13 |  |  | 814 |  |  | 256 |  |  | 423 |  | $ | 43.29 |
Schools |  |  | 12,192 |  |  | 1.7 | % |  | 2 |  |  | — |  |  | — |  |  | — |  |  | N/A |
Under Development(3) |  |  | 894 |  |  | 0.1 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | N/A |
Totals |  | $ | 725,031 |  |  | 100.0 | % |  | 171 |  |  | 8,835 |  |  | 4,197 |  |  | 423 |  |  |  |
(1) We have investments in 25 states leased to 30 different operators. (2) Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services. (3) During 2011, we acquired a vacant parcel of land in Texas and entered into a commitment to fund the construction of a skilled nursing property with 120 beds which will replace an existing 90-bed skilled nursing property.
Summary of acquisitions |
The following table summarizes our acquisitions during 2011 (dollar amounts in thousands):
|  |  |  |  |  |  |  | (Unaudited) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  |  |  |  |  | Number of |
Type of Property |  | Purchase Price |  | Transaction Costs |  | Total Acquisition Costs |  | Number of Properties |  | SNF Beds |  | ALF Units |  | ILF Units |
Skilled Nursing(2)(3)(4)(5) |  | $ | 93,841 |  | $ | 330 |  | $ | 94,171 |  |  | 7 |  |  | 1,016 |  |  | — |  |  | — |
Other Senior Housing(1)(6) |  |  | 11,450 |  |  | 34 |  |  | 11,484 |  |  | 2 |  |  | 118 |  |  | 40 |  |  | 53 |
Land(2) |  |  | 844 |  |  | 11 |  |  | 855 |  |  | — |  |  | — |  |  | — |  |  | — |
Totals |  | $ | 106,135 |  | $ | 375 |  | $ | 106,510 |  |  | 9 |  |  | 1,134 |  |  | 40 |  |  | 53 |
(1) Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services. (2) We acquired a 196-bed skilled nursing property and a vacant parcel of land in Texas for a purchase price of $15,500 and $844, respectively. Simultaneous with the purchases, we entered into a commitment, in an amount not to exceed $8,250, to fund the construction of a 120-bed skilled nursing property on the acquired parcel of land which will replace a 90-bed skilled nursing property in our existing portfolio. Upon completion of the construction, the lessee intends to relocate the residents to the newly constructed property. These properties are leased to an operator within our existing portfolio pursuant to a 10-year master lease agreement at a GAAP yield of 11.0%. The master lease contains annual escalations of 2.5% and has two 5-year renewal options. (3) We purchased a 140-bed skilled nursing property located in Texas for an aggregate purchase price of $10,000. Simultaneous with the purchase, we added the property to an existing master lease with a third party operator at an incremental GAAP yield of 10.5%. (4) We purchased four skilled nursing properties with 524-beds in Texas for $50,841 which consists of $41,000 in cash at closing with the remainder in the form of contingent earn-out payments. The contingent earn-out payment arrangements require us to pay two earn-out payments totalling up to $11,000 upon the properties achieving a sustainable stipulated rent coverage ratio. During 2011, we paid $4,000 related to the first contingent earn-out payment. We estimated the fair value of the contingent earn-out payments using a discounted cash flow analysis. (5) We purchased a 156-bed skilled nursing property located in California for $17,500 and entered into a 12-year lease with an unrelated third party. The lease has a GAAP yield of 10.3%, contains annual escalations of 2.0% and has two 10-year renewal options. (6) We purchased two senior housing properties located in South Carolina with 118 skilled nursing beds, 40 assisted living units and 53 independent living units for $11,450. The lease has a GAAP yield of 10.1%, contains annual escalations of 2.5% and has three 5-year renewal options. The following table summarizes our acquisitions during 2010 (dollar amounts in thousands):
|  |  |  |  |  |  |  | (Unaudited) |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  |  |  |  |  | Number of |
Type of Property |  | Purchase Price |  | Transaction Costs |  | Total Acquisition Costs |  | Number of Properties |  | SNF Beds |  | ALF Units |  | ILF Units |
Assisted Living |  | $ | 26,900 |  | $ | 210 | (3) | $ | 27,110 |  |  | 4 |  |  | — |  |  | 241 |  |  | — |
Skilled Nursing |  |  | 54,011 | (2) |  | 140 |  |  | 54,151 |  |  | 5 |  |  | 668 |  |  | — |  |  | — |
Other Senior Housing(1) |  |  | 13,339 |  |  | — | (4) |  | 13,339 |  |  | 1 |  |  | 137 |  |  | 46 |  |  | 47 |
Totals |  | $ | 94,250 |  | $ | 350 |  | $ | 94,600 |  |  | 10 |  |  | 805 |  |  | 287 |  |  | 47 |
(1) Other senior housing properties consist of independent living properties and properties providing any combination of skilled nursing, assisted living and/or independent living services. (2) We purchased a 166-skilled nursing property in Texas and leased the property to a third party operator, who previously operated the property under a lease with the seller. We paid this operator $125 as a lease inducement which is amortized as a yield adjustment over the life of the lease. (3) We purchased four assisted living properties with a total of 241 units for $26,900 and incurred $210 in transaction costs. Included in the transaction costs is a $106 charge which represents half of the seller's prepayment penalty on its loan (4) We purchased the other senior housing property along with a 90-bed skilled nursing property for $22,000 and incurred $7 in transaction costs. The transaction costs for this acquisition are included in the skilled nursing property transaction costs above. These properties were leased to a third party operator under a 12-year master lease with two 10-year renewal options and the annualized rental income is $2,420 (unaudited) which is included in the annualized rental income for skilled nursing properties above. We do not allocate rental income among properties in a master lease.
Schedule of pro forma consolidated results of operations |
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Revenues |  | $ | 91,916 |  | $ | 86,257 |
Net Income |  | $ | 53,636 |  | $ | 52,590 |
Schedule of components of the net income from discontinued operations |
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Rental income |  | $ | — |  | $ | 1,005 |  | $ | 1,097 |
Interest and other income |  |  | 5 |  |  | 5 |  |  | 3 |
Total revenues |  |  | 5 |  |  | 1,010 |  |  | 1,100 |
Depreciation and amortization |  |  | (108 | ) |  | (392 | ) |  | (502 | )
Provisions for doubtful accounts |  |  | — |  |  | (601 | ) |  | (579 | )
Operating and other expenses |  |  | (127 | ) |  | (134 | ) |  | (132 | )
Total expenses |  |  | (235 | ) |  | (1,127 | ) |  | (1,213 | )
Loss from discontinued operations |  | $ | (230 | ) | $ | (117 | ) | $ | (113 | )

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