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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2014
Real Estate Investments |
Summary of investments in owned properties | Owned Properties. The following table summarizes our investments in owned properties at September 30, 2014 (dollar amounts in thousands):
|  |  |  |  |  | Number |  | Number of |  | Average Investment
Type of Property |  | Gross Investments |  | Percentage of Investments |  | of Properties (1) |  | SNF Beds |  | ALF Units |  | per Bed/Unit
Skilled Nursing |  | $ 460,197 |  | 47.6% |  | 68 |  | 8,264 |  | — |  | $ 55.69
Assisted Living |  | 414,930 |  | 43.0% |  | 97 |  | — |  | 4,620 |  | $ 89.81
Range of Care |  | 43,906 |  | 4.6% |  | 8 |  | 634 |  | 274 |  | $ 48.35
Under Development (2) |  | 36,096 |  | 3.7% |  | — |  | — |  | — |  | —
Other (3) |  | 10,883 |  | 1.1% |  | 1 |  | — |  | — |  | —
Totals |  | $ 966,012 |  | 100.0% |  | 174 |  | 8,898 |  | 4,894 |  |
| (1) |  | We own properties in 26 states that are leased to 30 different operators.
| (2) |  | Includes two MC developments with a total of 108 units, a combination ALF and MC development with 80 units, and a SNF development with 143 beds.
| (3) |  | Includes one school property and five parcels of land held-for-use.
Schedule of investment commitments | Excluding the $5,000,000 per year commitment above, the following table summarizes our investment commitments as of September 30, 2014 and year-to-date funding on our open development, redevelopment, renovation, and expansion projects (excludes capitalized interest, dollar amounts in thousands):
Type of Property |  | Investment Commitment |  | 2014 Funding (2) |  | Commitment Funded |  | Remaining Commitment |  | Number of Properties |  | Number of Beds/Units |
Skilled Nursing |  | $ 26,200 |  | $ 6,727 |  | $ 18,056 |  | $ 8,144 |  | 4 |  | 404 |
Assisted Living (1) |  | 34,125 |  | 16,210 |  | 23,530 |  | 10,595 |  | 5 |  | 274 |
Totals |  | $ 60,325 |  | $22,937(3) |  | $41,586(4) |  | $18,739(3) |  | 9 |  | 678 |
| (1) |  | Includes the development of two MC properties for a total commitment of $20,325 and one ALF/MC property for a total commitment of $5,800. Also, includes two expired commitments for the expansion of two ALFs for a total of $8,000. We anticipate extending the maturities on these two expansion commitments.
| (2) |  | Excludes funding for completed developments of $869.
| (3) |  | In October 2014, we funded $4,485 under investment commitments. Accordingly, we have a remaining commitment of $14,254.
| (4) |  | Includes land purchase and completed projects with remaining commitment funding and excludes capitalized interest.
Schedule of development, redevelopment, renovation, and expansion activity | Our construction in progress (or CIP) activity during the nine months ended September 30, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):
Properties |  | Projects |  | CIP Balance at 12/31/13 |  | Funded(1) |  | Capitalized Interest |  | Conversions out of CIP |  | CIP Balance at 9/30/14 |
Development projects: |  |  |  |  |  |  |  |  |  |  |  |  |
Assisted living |  | 5 |  | $ 6,334 |  | $ 17,763 |  | $ 578 |  | $ (8,531) |  | $ 16,144 |
Skilled nursing |  | 1 |  | 5,893 |  | 5,608 |  | 438 |  | — |  | 11,939 |
Subtotal |  | 6 |  | 12,227 |  | 23,371 |  | 1,016 |  | (8,531) |  | 28,083 |
Redevelopment, renovation and expansion projects: |  |  |  |  |  |  |  |  |
Assisted living |  | 3 |  | 8 |  | 10,741 |  | 200 |  | (6,191) |  | 4,758 |
Skilled nursing |  | 5 |  | 2,433 |  | 1,124 |  | — |  | (1,433) |  | 2,124 |
Subtotal |  | 8 |  | 2,441 |  | 11,865 |  | 200 |  | (7,624) |  | 6,882 |
Total |  | 14 |  | $ 14,668 |  | $ 35,236 |  | $ 1,216 |  | $ (16,155) |  | $34,965(2) |
| (1) |  | Excludes $864 of capital improvement commitment funding on a completed project which was capitalized directly into building.
| (2) |  | Excludes completed projects.
Summary of investments in mortgage loans secured by first mortgages | Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2014 (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) |  | $ 155,672 |  | 90.0% |  | 16 |  | 33 |  | 3,919 |  | — |  | $ 39.72 |
Assisted Living |  | 14,992 |  | 8.6% |  | 4 |  | 9 |  | — |  | 311 |  | $ 48.21 |
Range of Care |  | 2,387 |  | 1.4% |  | 1 |  | 1 |  | 99 |  | 74 |  | $ 13.80 |
Totals |  | $ 173,051 |  | 100.0% |  | 21 |  | 43 |  | 4,018 |  | 385 |  |  |
| (1) |  | We have investments in properties located in 10 states that include mortgages to 13 different operators.
| (2) |  | Includes a mortgage and construction loan secured by a closed skilled nursing property and a newly constructed 106-bed replacement property. In October 2014, the closed skilled nursing property was sold by the borrower and released as collateral per the terms of the mortgage and construction loan.

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