Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2014

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.