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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2016
Summary of investments in owned properties | The following table summarizes our investments in owned properties at June 30, 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 |  | $ | 649,818 |  | 50.3 | % | 101 |  | — |  | 5,511 |  | $ | 117.91 |
Skilled Nursing |  |  | 534,822 |  | 41.4 | % | 69 |  | 8,546 |  | — |  | $ | 62.58 |
Range of Care |  |  | 43,907 |  | 3.4 | % | 7 |  | 634 |  | 274 |  | $ | 48.36 |
Under Development(2) |  |  | 43,353 |  | 3.4 | % | — |  | — |  | — |  |  | — |
Other(3) |  |  | 19,486 |  | 1.5 | % | 2 |  | 118 |  | — |  |  | — |
Totals |  | $ | 1,291,386 |  | 100.0 | % | 179 |  | 9,298 |  | 5,785 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 28 different operators.
| (2) |  | Represents five development projects consisting of three memory care communities with a total of 198 units, a 108-unit independent living community and an 89-unit combination assisted living and memory care 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 licensed skilled nursing beds and 116 acute care hospital beds which represents a $78.39 investment per bed.
Summary of investments acquired | The following table summarizes our acquisitions for the six months ended June 30, 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 |  | $ | 45 |  | $ | 16,045 |  | 1 |  | 126
Assisted Living(3) |  |  | 53,550 |  |  | 346 |  |  | 53,896 |  | 4 |  | 270
Totals |  | $ | 69,550 |  | $ | 391 |  | $ | 69,941 |  | 5 |  | 396
| (1) |  | Represents cost associated with our acquisitions; 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 may include costs related to the prior year due to timing and terminated transactions.
| (2) |  | We acquired a newly constructed 126-bed skilled nursing center in Texas.
| (3) |  | We acquired a newly constructed memory care community in Kentucky for $14,250 including a $2,000 holdback, a newly constructed assisted living and memory care community in Georgia for $14,300 and two memory care communities in Kansas for an aggregate purchase price of $25,000.
The following table summarizes our acquisitions for the six months ended June 30, 2015 (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.
| (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 MC, an ILF and a combination ALF and MC. Additionally, we acquired land and existing improvements on a MC and entered a development commitment up to $12,182 to complete the development of the property.
Schedule of completed development, improvement and construction projects | The following table summarizes our completed projects during the six months ended June 30, 2016 (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 |  | $ | 12,178 |
Development |  | 1 |  | ALF |  | 56 |  | Texas |  |  | 12,712 |
|  | 2 |  |  |  | 122 |  |  |  | $ | 24,890 |
Schedule of commitments | At June 30, 2016, we had commitments as follows (in thousands):
|  |  |  |  |  |  |  | Total |  |  |  |
|  | Investment |  | 2016 |  | Commitment |  | Remaining |
|  | Commitment |  | Funding |  | Funded |  | Commitment |
Real estate properties (See Note 2) |  | $ | 99,152 | (1) | $ | 27,400 |  | $ | 60,523 |  | $ | 38,629 |
Accrued incentives and earn-out liabilities (2) |  |  | 18,600 |  |  | 1,434 |  |  | 2,239 |  |  | 16,361 |
Lease incentives |  |  | 6,202 |  |  | 593 |  |  | 1,048 |  |  | 5,154 |
Mortgage loans (See Note 2) |  |  | 63,490 | (1) |  | 3,879 |  |  | 14,142 |  |  | 49,348 |
Joint venture investments (See Note 3) |  |  | 25,650 |  |  | 480 |  |  | 20,623 |  |  | 5,027 |
Notes receivable (See Note 4) |  |  | 2,525 |  |  | 122 |  |  | 297 |  |  | 2,228 |
Totals |  | $ | 215,619 |  | $ | 33,908 |  | $ | 98,872 |  | $ | 116,747 |
| (1) |  | Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand seniors housing and health care properties.
| (2) |  | During the three and six months ended June 30, 2016, we recorded non‑cash interest expense of $315,000 related to these contingent liabilities and the fair value of our contingent payments was $13,717,000 at June 30, 2016.
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, 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 |  | Units |  | Bed/Unit |
Skilled Nursing |  | $ | 220,465 |  | 93.7 | % | 13 |  | 29 |  | 3,788 |  | — |  | $ | 58.20 |
Assisted Living |  |  | 13,569 |  | 5.8 | % | 3 |  | 8 |  | — |  | 270 |  | $ | 50.26 |
Other(2) |  |  | 1,209 |  | 0.5 | % | 1 |  | — |  | — |  | — |  |  | — |
Totals |  | $ | 235,243 |  | 100.0 | % | 17 |  | 37 |  | 3,788 |  | 270 |  |  |  |
| (1) |  | We have investments in properties located in seven states that include mortgages to 1 0 different operators.
| (2) |  | Includes a parcel of land secured under a short-term mortgage loan.
Schedule of additional loan commitments and amounts funded under the mortgage loans | The following table summarizes our mortgage loan origination and funding for the six months ended June 30, 2016 and 2015 (in thousands):
|  | Six months ended June 30, |
|  | 2016 |  | 2015 |
|  | Origination/Funding |  | Origination/Funding |
Skilled Nursing Centers |  | $ | 17,128 |  | $ | 52,847 |
Development and Improvement Projects |
Schedule of commitments | The following table summarizes our investment in development and improvement projects for the six months ended June 30, 2016 and 2015 (in thousands):
|  | Six months ended June 30, 2016 |  | Six months ended June 30, 2015
|  |  |  | Expansion, |  |  |  | Expansion,
|  |  |  | Renovation and |  |  |  | Renovation and
|  | Development |  | Improvements |  | Development |  | Improvements
Assisted Living Communities |  | $ | 26,331 |  | $ | 1,293 |  | $ | 5,976 |  | $ | 3,609
Skilled Nursing Centers |  |  | — |  |  | 2,794 |  |  | 1,830 |  |  | 2,340
|  | $ | 26,331 |  | $ | 4,087 |  | $ | 7,806 |  | $ | 5,949

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