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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2012
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investment in owned properties at December 31, 2012(dollar amounts in thousands):
|  |  |  |  |  |  |  | Number of |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  |  |  |  |  | Average Investment per Bed/Unit |
Type of Property |  | Gross Investments |  | Percentage of Investments |  | Number of Properties(1) |  | SNF Beds |  | ALF Units |
Skilled Nursing |  | $ | 438,388 |  |  | 48.7 | % |  | 71 |  |  | 8,211 |  |  | — |  | $ | 53.39 |
Assisted Living |  |  | 379,869 |  |  | 42.2 | % |  | 96 |  |  | — |  |  | 4,502 |  |  | 84.38 |
Range of Care |  |  | 52,870 |  |  | 5.9 | % |  | 10 |  |  | 814 |  |  | 318 |  |  | 46.70 |
Under Development |  |  | 16,642 |  |  | 1.8 | % |  | — |  |  | — |  |  | — |  |  | — |
School |  |  | 12,326 |  |  | 1.4 | % |  | 2 |  |  | — |  |  | — |  |  | — |
Totals |  | $ | 900,095 |  |  | 100.0 | % |  | 179 |  |  | 9,025 |  |  | 4,820 |  |  |  |
(1) We have investments in 26 states leased to 35 different operators.
Summary of acquisitions | The following table summarizes our acquisitions during 2012 (dollar amounts in thousands):
Type of Property |  | Purchase Price |  | Transaction Costs |  | Total Acquisition Costs |  | Number of Properties |  | Number of Beds/Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Skilled Nursing(1) |  | $ | 79,100 |  | $ | 275 |  | $ | 79,375 |  |  | 4 |  |  | 522 |
Assisted Living(2) |  |  | 81,987 |  |  | 285 |  |  | 82,272 |  |  | 5 |  |  | 266 |
Land(3) |  |  | 5,663 |  |  | 207 |  |  | 5,870 |  |  | — |  |  | — |
Totals |  | $ | 166,750 |  | $ | 767 |  | $ | 167,517 |  |  | 9 |  |  | 788 |
(1) Includes two skilled nursing properties with a total of 234 beds located in Texas and two skilled nursing properties with a total of 288 beds located in Ohio. The weighted average GAAP rent is 10.3%. (2) Includes two properties with a total of 100 units located in Colorado and three properties with a total of 166 units located in New Jersey. The weighted average GAAP rent is 8.1%. (3) We purchased four vacant parcels of land in the following states: Colorado, Kansas, Kentucky and Texas. Simultaneous with the purchase, we entered into lease agreements and development commitments in an amount not to exceed $49,702 to fund the construction of a memory care property with 60 units and two assisted living properties with a total of 158 units and one skilled nursing property with 143 beds. Rents due under the lease will begin upon the earlier of project completion or the improvement deadline specified in the lease. The weighted average initial rent rate is 9.2%. The following table summarizes our acquisitions during 2011 (dollar amounts in thousands):
Type of Property |  | Purchase Price |  | Transaction Costs |  | Total Acquisition Costs |  | Number of Properties |  | Number of Beds/Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Skilled Nursing(1)(2) |  | $ | 93,841 |  | $ | 330 |  | $ | 94,171 |  |  | 7 |  |  | 1,016 |
Range of Care(3) |  |  | 11,450 |  |  | 34 |  |  | 11,484 |  |  | 2 |  |  | 211 |
Land(4) |  |  | 844 |  |  | 11 |  |  | 855 |  |  | — |  |  | — |
Totals |  | $ | 106,135 |  | $ | 375 |  | $ | 106,510 |  |  | 9 |  |  | 1,227 |
(1) Includes two skilled nursing properties with a total of 336 beds located in Texas for $25,500 and a 156-bed skilled nursing property located in California for $17,500. (2) 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 totaling 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. See Note 11. Commitments and Contingencies for further discussion on the contingent earn-out. (3) 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. (4) We acquired a vacant parcel of land in Texas for the purpose of building a replacement skilled nursing property for a purchase price of $844. The following table summarizes our acquisitions during 2010 (dollar amounts in thousands):
Type of Property |  | Purchase Price |  | Transaction Costs |  | Total Acquisition Costs |  | Number of Properties |  | Number of Beds/Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Skilled Nursing |  | $ | 54,011 | (1) | $ | 140 | (2) | $ | 54,151 |  |  | 5 |  |  | 668 |
Assisted Living |  |  | 26,900 |  |  | 210 |  |  | 27,110 |  |  | 4 |  |  | 241 |
Range of Care |  |  | 13,339 |  |  | — | (3) |  | 13,339 |  |  | 1 |  |  | 230 |
Totals |  | $ | 94,250 |  | $ | 350 |  | $ | 94,600 |  |  | 10 |  |  | 1,139 |
(1) Includes three skilled nursing properties with a total of 458 beds located in Texas, a 120-bed skilled nursing property located in Florida, and a 90-bed skilled nursing property located in Virginia. (2) Includes a $125 lease inducement payment which is amortized as a yield adjustment over the life of the lease. (3) We purchased this range of care 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.
Schedule of pro forma consolidated results of operations | The following unaudited pro forma consolidated results of operations for the years ended December 31, 2012 and 2011 assume that the 2012 acquisitions of the above properties were completed as of January 1, 2011 as shown below (in thousands):
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
Revenues |  | $ | 104,342 |  | $ | 100,636 |
Net Income |  | $ | 59,100 |  | $ | 58,686 |
Schedule of investment commitments | The following table summarizes our investment commitments and year to date funding on our development, redevelopment, renovation and expansion projects (excludes capitalized interest, dollar amounts in thousands):
Type of Property |  | Investment Commitment |  | 2012 Funding(2) |  | Total Funded |  | Remaining Commitment |  | Number of Properties |  | Number of Beds/Units |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Skilled Nursing |  | $ | 36,094 |  | $ | 8,310 |  | $ | 9,204 |  | $ | 26,890 |  |  | 6 |  |  | 759 |
Assisted Living(1) |  |  | 40,927 |  |  | 8,242 |  |  | 8,242 |  |  | 32,685 |  |  | 6 |  |  | 458 |
Range of Care |  |  | 739 |  |  | 66 |  |  | 739 |  |  | — |  |  | 2 |  |  | 211 |
Totals |  | $ | 77,760 |  | $ | 16,618 | (3) | $ | 18,185 |  | $ | 59,575 |  |  | 14 |  |  | 1,428 |
(1) Includes the development of a 60-unit memory care property for $9,817 and two assisted living and memory care combination properties for a total of $16,385, the expansion of two assisted living properties for a total $14,600 and the renovation of a 140-unit independent living property for $125. (2) Includes acquired land of $5,663 and excludes $134 of capital improvement funding. (3) In January and February of 2013, we funded $2,484 and $488, respectively, under investment commitments.
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and extension options are as follows (in thousands):
|  | Annual Cash Rent |
--- | --- | --- | ---
2013 |  | $ | 95,425 |
2014 |  |  | 96,222 |
2015 |  |  | 83,163 |
2016 |  |  | 82,861 |
2017 |  |  | 82,529 |
Thereafter |  |  | 422,329 |
Schedule of components of the net loss from discontinued operations | Set forth in the table below are the components of the loss from discontinued operations (in thousands):
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Rental income |  | $ | — |  | $ | — |  | $ | 404 |
Interest and other income |  |  | — |  |  | — |  |  | — |
Total revenues |  |  | — |  |  | — |  |  | 404 |
Depreciation and amortization |  |  | — |  |  | (99 | ) |  | (256 | )
Provisions for doubtful accounts |  |  | — |  |  | — |  |  | — |
General and administrative expenses |  |  | — |  |  | — |  |  | — |
Total expenses |  |  | — |  |  | — |  |  | — |
(Loss) income from discontinued operations |  |  | — |  | $ | (99 | ) | $ | 148 |
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2012(dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  | 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 |
Skilled Nursing |  | $ | 24,931 |  |  | 62.2 | % |  | 16 |  |  | 17 |  |  | 1,861 |  |  | — |  | $ | 13.40 |
Assisted Living |  |  | 12,288 |  |  | 30.7 | % |  | 3 |  |  | 8 |  |  | — |  |  | 211 |  | $ | 58.24 |
Range of Care |  |  | 2,862 |  |  | 7.1 | % |  | 1 |  |  | 1 |  |  | 99 |  |  | 74 |  | $ | 16.54 |
Totals |  | $ | 40,081 |  |  | 100.0 | % |  | 20 |  |  | 26 |  |  | 1,960 |  |  | 285 |  |  |  |
(1) We have investments in 9 states that include mortgages to 12 different operators.
Scheduled of principal payments on mortgage loans | Scheduled principal payments on mortgage loans are as follows (in thousands):
|  | Scheduled Principal |
--- | --- | --- | ---
2013 |  | $ | 1,933 |
2014 |  |  | 14,244 |
2015 |  |  | 4,272 |
2016 |  |  | 2,195 |
2017 |  |  | 6,118 |
Thereafter |  |  | 11,319 |

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