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Real Estate Investments (Tables) | 3 Months Ended
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Mar. 31, 2016
Summary of investments in owned properties | The following table summarizes our investments in owned properties at March 31, 2016 (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 |
Assisted Living |  | $ | 582,362 |  | 47.4 | % | 96 |  | — |  | 5,205 |  | $ | 111.89 |
Skilled Nursing |  |  | 540,240 |  | 43.9 | % | 71 |  | 8,781 |  | — |  | $ | 61.52 |
Range of Care |  |  | 43,907 |  | 3.6 | % | 7 |  | 634 |  | 274 |  | $ | 48.36 |
Under Development(2) |  |  | 43,761 |  | 3.6 | % | — |  | — |  | — |  |  | — |
Other(3) |  |  | 19,486 |  | 1.5 | % | 2 |  | 118 |  | — |  |  | — |
Totals |  | $ | 1,229,756 |  | 100.0 | % | 176 |  | 9,533 |  | 5,479 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 29 different operators.
| (2) |  | Represents six development projects consisting of four MC communities with a total of 254 units, a 108-unit independent living community and an 89-unit combination ALF and MC community.
| (3) |  | Includes one school, three parcels of land held-for-use, and one behavioral health care hospital. The behavioral health care hospital has two skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.
Summary of investments acquired | The following table summarizes our investment for the three months ended March 31, 2016 (dollar amounts in thousands):
|  |  |  |  |  |  |  | Total |  | Number |  | Number
|  | Purchase |  | Transaction |  | Acquisition |  | of |  | of
Type of Property |  | Price |  | Costs(1) |  | Costs |  | Properties |  | Beds/Units
Skilled Nursing(2) |  | $ | 16,000 |  | $ | 40 |  | $ | 16,040 |  | 1 |  | 126
| (1) |  | Represents cost associated with our acquisition; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs in the table above may differ from the acquisition costs included in the general and administrative expenses line item in our consolidated statements of income ($90) due to the timing and recognition of costs associated with pending, completed and terminated transactions.
| (2) |  | We acquired a newly constructed 126-bed skilled nursing center in Texas. The property was added to an existing master lease agreement at an incremental rate of 8.5%.
Schedule of completed development, improvement and construction projects | The following table summarizes the development project completed during the three months ended March 31, 2016 and total amounts funded under the development project (dollar amounts in thousands):
|  | Number |  |  |  | Number |  |  |  |  |  |
|  | of |  | Type of |  | of |  |  |  |  |  |
Type of Project |  | Properties |  | Property |  | Beds/Units |  | State |  | Total Funding |
Development |  | 1 |  | ALF |  | 66 |  | Illinois |  | $ | 11,808 |
Schedule of commitments | At March 31, 2016, we had commitments as follows (in thousands):
|  |  |  |  |  |  |  | Total |  |  |  |
|  | Investment |  | 2016 |  | Commitment |  | Remaining |
|  | Commitment |  | Funding |  | Funded |  | Commitment |
Real estate properties (See Note 2) |  | $ | 98,402 | (1) | $ | 14,001 |  | $ | 47,124 |  | $ | 51,278 |
Accrued incentives and earn-out liabilities |  |  | 16,300 |  |  | 299 |  |  | 1,104 |  |  | 15,196 |
Lease incentives |  |  | 3,952 |  |  | 191 |  |  | 646 |  |  | 3,306 |
Mortgage loans (See Note 2) |  |  | 46,990 | (1) |  | 1,099 |  |  | 11,362 |  |  | 35,628 |
Joint venture investments (See Note 3) |  |  | 25,650 |  |  | — |  |  | 20,143 |  |  | 5,507 |
Notes receivable (See Note 4) |  |  | 2,600 |  |  | 93 |  |  | 376 |  |  | 2,224 |
Totals |  | $ | 193,894 |  | $ | 15,683 |  | $ | 80,755 |  | $ | 113,139 |
| (1) |  | Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties.
Schedule of development, redevelopment, renovation, and expansion activity | Our construction in progress (or CIP) activity during the three months ended March 31, 2016 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 |  | 12/31/2015 |  | Funded(1) |  | Interest |  | out of CIP |  | 3/31/2016 |
Skilled nursing |  | $ | 1,252 |  | $ | 2,117 |  | $ | — |  | $ | (13) |  | $ | 3,356 |
Assisted living |  |  | 30,713 |  |  | 13,409 |  |  | 686 |  |  | (10,352) |  |  | 34,456 |
Total |  | $ | 31,965 |  | $ | 15,526 |  | $ | 686 |  | $ | (10,365) |  | $ | 37,812 |
| (1) |  | Excludes $1,165 of funding directly capitalized into building.
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, 2016 (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(2) |  | Units(2) |  | Bed/Unit |
Skilled Nursing |  | $ | 210,423 |  | 93.4 | % | 13 |  | 28 |  | 3,676 |  | — |  | $ | 57.24 |
Assisted Living |  |  | 13,667 |  | 6.1 | % | 3 |  | 8 |  | — |  | 270 |  | $ | 50.62 |
Other(3) |  |  | 1,209 |  | 0.5 | % | 1 |  | — |  | — |  | — |  |  | — |
Totals |  | $ | 225,299 |  | 100.0 | % | 17 |  | 36 |  | 3,676 |  | 270 |  |  |  |
| (1) |  | We have investments in properties located in eight states that include mortgages to 11 different operators.
| (2) |  | See Item 2. Properties for discussion of bed/unit count.
| (3) |  | Includes a parcel of land secured under a short-term mortgage loan.
Schedule of additional loan commitments and amounts funded under the mortgage loans | A summary of our mortgage loan funding for the three months ended March 31, 2016 and 2015 is as follows (in thousands):
|  | Three months ended March 31, |
|  | 2016 Funding |  | 2015 Funding |
Skilled Nursing Centers |  | $ | 6,599 |  | $ | 11,358 |
Development and Improvement Projects |
Schedule of commitments | A summary of our funding for development and improvement projects for the three months ended March 31, 2016 and 2015 is as follows (in thousands):
|  | Three months ended March 31, 2016 |  | Three months ended March 31, 2015 |
|  |  |  | Expansion, |  |  |  | Expansion, |
|  |  |  | Renovation and |  |  |  | Renovation and |
|  | Development |  | Improvements |  | Development |  | Improvements |
Assisted Living Communities |  | $ | 13,439 |  | $ | 1,135 |  | $ | 3,278 |  | $ | 3,093 |
Skilled Nursing Centers |  |  | — |  |  | 2,118 |  |  | 1,763 |  |  | 1,835 |
|  | $ | 13,439 |  | $ | 3,253 |  | $ | 5,041 |  | $ | 4,928 |

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