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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2015
Summary of investments in owned properties | The following table summarizes our investments in owned properties at June 30, 2015 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  |  |  |  | Percentage |  | Number |  | Number of |  | Investment |
|  | Gross |  | of |  | of |  | SNF |  | ALF |  | per |
Type of Property |  | Investments |  | Investments |  | Properties(1) |  | Beds |  | Units |  | Bed/Unit |
Skilled Nursing |  | $ | 500,152 |  | 50.6 | % | 69 |  | 8,513 |  | — |  | $ | 58.75 |
Assisted Living |  |  | 416,817 |  | 42.1 | % | 85 |  | — |  | 4,236 |  | $ | 98.40 |
Range of Care |  |  | 43,907 |  | 4.4 | % | 7 |  | 634 |  | 274 |  | $ | 48.36 |
Under Development(2) |  |  | 17,404 |  | 1.8 | % | — |  | — |  | — |  |  | — |
Other(3) |  |  | 10,883 |  | 1.1 | % | 1 |  | — |  | — |  |  | — |
Totals |  | $ | 989,163 |  | 100.0 | % | 162 |  | 9,147 |  | 4,510 |  |  |  |
| (1) |  | We own properties in 27 states that are leased to 29 different operators.
| (2) |  | Represents five development projects consisting of three MC properties with a total of 188 units, a 108-unit independent living property and an 89-unit combination ALF and MC property.
Represents one school property and five parcels of land held-for-use.
Summary of investments acquired | During the six months ended June 30, 2015, we acquired the following investments (dollar amounts in thousands):
|  |  |  |  |  |  |  | Total |  | Number |  | Number
|  | Purchase |  | Transaction |  | Acquisition |  | of |  | of
Type of Property |  | Price |  | Costs |  | Costs |  | Properties |  | Beds/Units
Skilled Nursing(1) |  | $ | 13,946 |  | $ | — |  | $ | 13,946 |  | 1 |  | 106
Land(2) |  |  | 11,011 |  |  | 78 |  |  | 11,089 |  | — |  | —
Totals |  | $ | 24,957 |  | $ | 78 |  | $ | 25,035 |  | 1 |  | 106
| (1) |  | We purchased and equipped the property by exercising our purchase option under a $10,600 mortgage and construction loan. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054 lease inducement which will be amortized as a yield adjustment over the life of the lease term. See Mortgage Loans below for further discussion of the loan agreement.
| (2) |  | We acquired parcels of land and entered into three development commitments in an amount not to exceed $42,922, including the land purchases, for the development of a 66-unit MC property, a 108-unit IL property and an 89-unit combination AL and MC property. Additionally, we acquired land and existing improvements on a 56-unit MC property and entered a development commitment up to $12,182 to complete the development of the MC property.
Schedule of commitments | At June 30, 2015, we had additional commitments as follows (in thousands):
|  | Investment |  | 2015 |  | Commitment |  | Remaining |
|  | Commitment |  | Funding |  | Funded |  | Commitment |
Real estate properties (See Note 2) |  | $ | 78,152 | (1) | $ | 15,698 |  | $ | 17,785 |  | $ | 60,367 |
Mortgage loans (See Note 2) |  |  | 33,990 | (1) |  | 3,347 |  |  | 6,685 |  |  | 27,305 |
Notes receivable (See Note 4) |  |  | 3,288 | (2) |  | 367 |  |  | 1,255 |  |  | 2,033 |
Totals |  | $ | 115,430 |  | $ | 19,412 |  | $ | 25,725 |  | $ | 89,705 |
| (1) |  | Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and long term care properties.
Represents loan and line of credit commitments.
Schedule of development, redevelopment, renovation, and expansion activity | Our construction in progress (or CIP) activity during the six months ended June 30, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):
|  | CIP |  |  |  |  |  |  |  |  |  |  | CIP |
|  | Balance at |  |  |  |  | Capitalized |  | Conversions |  | Balance at |
Type of Property |  | 12/31/2014 |  | Funded(1) |  | Interest |  | out of CIP |  | 6/30/2015 |
Skilled nursing |  | $ | — |  | $ | 404 |  | $ | — |  | $ | (397) |  | $ | 7 |
Assisted living |  |  | 8,671 |  |  | 12,075 |  |  | 297 |  |  | (9,503) |  |  | 11,540 |
Total |  | $ | 8,671 |  | $ | 12,479 |  | $ | 297 |  | $ | (9,900) |  | $ | 11,547 |
Excludes $7,907 of funding directly capitalized into building and includes the previously discussed acquisition of the existing improvements of the 56-unit MC property for $6,315 and a reclass of a $316 pre-development loan.
Schedule of additional loan commitments and amounts funded under the mortgage loans | The following table summarizes our additional loan commitments as of June 30, 2015, and amounts funded under these mortgage loans (dollar amounts in thousands):
|  | Additional |  |  |  |  |  |  |  |  |  |  | Number |  | Number |
|  | Loan |  | 2015 |  | Commitment |  | Remaining |  | of |  | of |
Type of Property |  | Commitment |  | Funding |  | Funded |  | Commitment |  | Properties |  | Beds/Units |
Skilled Nursing |  | $ | 33,500 |  | $ | 3,117 |  | $ | 6,455 |  | $ | 27,045 |  | 16 |  | 2,215 |
Assisted Living |  |  | 490 |  |  | 230 |  |  | 230 |  |  | 260 |  | 1 |  | 100 |
Totals |  | $ | 33,990 |  | $ | 3,347 |  | $ | 6,685 |  | $ | 27,305 |  | 17 |  | 2,315 |
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at June 30, 2015 (dollar amounts in thousands):
|  |  |  |  | Percentage |  | Number |  | Number |  | Number of |  | Investment |
|  | Gross |  | of |  | of |  | of |  | SNF |  | ALF |  | per |
Type of Property |  | Investments |  | Investments |  | Loans |  | Properties(1) |  | Beds |  | Units |  | Bed/Unit |
Skilled Nursing |  | $ | 191,983 |  | 93.2 | % | 14 |  | 28 |  | 3,621 |  | — |  | $ | 53.02 |
Assisted Living |  |  | 14,109 |  | 6.8 | % | 3 |  | 8 |  | — |  | 270 |  | $ | 52.26 |
Totals |  | $ | 206,092 |  | 100.0 | % | 17 |  | 36 |  | 3,621 |  | 270 |  |  |  |
We have investments in properties located in 7 states that include mortgages to 10 different operators.
Real Estate Properties Commitments [Member] |
Schedule of commitments | The following table summarizes our on-going investment commitments as of June 30, 2015, and amounts funded exclusively under these projects (excludes capitalized interest, dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  | Number |  | Number |
|  | Investment |  | 2015 |  | Commitment |  | Remaining |  | of |  | of |
Type of Property |  | Commitment |  | Funding(3) |  | Funded |  | Commitment |  | Properties |  | Beds/Units |
Skilled Nursing(1) |  | $ | 6,000 |  | $ | 7 |  | $ | 7 |  | $ | 5,993 |  | 2 |  | 314 |
Assisted Living(2) |  |  | 72,152 |  |  | 15,691 |  |  | 17,778 |  |  | 54,374 |  | 29 |  | 1,414 |
Totals |  | $ | 78,152 |  | $ | 15,698 |  | $ | 17,785 |  | $ | 60,367 |  | 31 |  | 1,728 |
| (1) |  | Includes two commitments for renovation projects.
| (2) |  | Includes the development for an IL property for $14,500, three MC properties for a total commitment of $36,316 and one ALF/MC property for a total commitment of $16,536. Also, includes three commitments for renovation projects on 24 ALFs totaling $4,800.
| (3) |  | Includes $11,011 from the acquisition of land and improvements, as previously discussed, and a reclass of a $316 pre-development loan. See Note 7. Notes Receivable for further discussion of the pre-development loan. Excludes $9,384 of funding on completed development and improvement projects.

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