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Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2013
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at March 31, 2013 (dollar amounts in thousands):

 

 

 

 

 

 

 

Number

 

Number of

 

 

 

Investment
per
Bed/Unit

 

Type of Property

 

Gross
Investments

 

Percentage of
Investments

 

of
Properties (1)

 

SNF
Beds

 

ALF
Units

 

 

 

Skilled Nursing

 

$448,010

 

49.4%

 

73

 

8,435

 

—

 

$53.11

 

Assisted Living

 

379,874

 

41.9%

 

96

 

—

 

4,502

 

$84.38

 

Range of Care

 

43,907

 

4.8%

 

8

 

634

 

274

 

$48.36

 

Under Development (2)

 

22,347

 

2.5%

 

—

 

—

 

—

 

—

 

Schools

 

12,444

 

1.4%

 

2

 

—

 

—

 

—

 

Totals

 

$906,582

 

100.0%

 

179

 

9,069

 

4,776

 

 

 

 

(1)          We have investments in 26 states leased to 35 different operators.

 

(2)          Includes a MC development with 60 units and two combination ALF and MC developments with a total of 158 units, a 143-bed SNF development and a 120-bed SNF redevelopment project.

 
Schedule of investment commitments

In addition, the following table summarizes our investment commitments as of March 31, 2013, excluding the $5,000,000 per year commitment, 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

 

2013
Funding (2)

 

Commitment
Funded

 

Remaining
Commitment

 

Number of
Properties

 

Number of
Beds/Units

 

Skilled Nursing

 

$36,644

 

$2,313

 

$11,418

 

$25,226

 

 6

 

  785

 

Assisted Living (1)

 

 40,927

 

 3,880

 

 12,122

 

 28,805

 

 7

 

  494

 

Totals

 

$77,571

 

   $6,193 (3)

 

$23,540

 

$54,031

 

13

 

1,279

 

 

(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 three assisted living properties for a total $14,600 and the renovation of a 140-unit independent living property for $125.

 

(2)          Excludes $117 of capital improvement on a completed project with no remaining commitments.

 

(3)          In April of 2013, we funded $1,398 under investment commitments.

 
Summary of investments in mortgage loans secured by first mortgages

The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2013 (dollar amounts in thousands):

 

 

 

 

 

Percentage

 

 

 

Number

 

Number of

 

Investment

 

Type of Property

 

Gross
Investments

 

of
Investments

 

Number 
of Loans

 

of
Properties(1)

 

SNF 
Beds

 

ALF
Units

 

per
Bed/Unit

 

Skilled Nursing (2)

 

$25,097

 

62.5%

 

15

 

17

 

1,861

 

—

 

$13.49

 

Assisted Living

 

12,245

 

30.5%

 

3

 

8

 

—

 

211

 

$58.03

 

Range of Care

 

2,800

 

7.0%

 

1

 

1

 

99

 

74

 

$16.18

 

Totals

 

$40,142

 

100.0%

 

19

 

26

 

1,960

 

285

 

 

 

 

(1)          We have investments in 8 states that include mortgages to 11 different operators.

 

(2)          Includes a mortgage and construction loan secured by a currently operating skilled nursing property and parcel of land upon which a 106-bed replacement facility will be constructed. The agreement gives us the right to purchase the replacement facility for $13,500 during an 18 month period beginning on the first anniversary of the issuance of the certificate of occupancy.