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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2016
Summary of investments in owned properties | The following table summarizes our investments in owned properties at September 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 |  | $ | 681,365 |  | 52.7 | % | 103 |  | — |  | 5,607 |  | $ | 121.52 |
Skilled Nursing |  |  | 535,460 |  | 41.4 | % | 69 |  | 8,611 |  | — |  | $ | 62.18 |
Range of Care |  |  | 43,907 |  | 3.4 | % | 7 |  | 634 |  | 274 |  | $ | 48.36 |
Under Development(2) |  |  | 21,511 |  | 1.7 | % | — |  | — |  | — |  |  | — |
Other(3) |  |  | 10,216 |  | 0.8 | % | 1 |  | 118 |  | — |  |  | — |
Totals |  | $ | 1,292,459 |  | 100.0 | % | 180 |  | 9,363 |  | 5,881 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 27 different operators.
| (2) |  | Represents three development projects consisting of a 66-unit memory care community, a 108-unit independent living community and a 143-bed skilled nursing center.
| (3) |  | Includes 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 an investment of $78.39 per bed.
Summary of investments acquired | The following table summarizes our acquisitions for the nine months ended September 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 |  |  | 411 |  |  | 53,961 |  | 4 |  | 250
Land(4) |  |  | 5,425 |  |  | 63 |  |  | 5,488 |  | — |  | —
Totals |  | $ | 74,975 |  | $ | 519 |  | $ | 75,494 |  | 5 |  | 376
| (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.
| (4) |  | We acquired a parcel of land and improvements and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed skilled nursing center in Kentucky.
Subsequent to September 30, 2016, we purchased a parcel of land in Illinois and entered into a development commitment to construct a memory care community. The commitment totals approximately $14,500,000, including the land purchase. The following table summarizes our acquisitions for the nine months ended September 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
Assisted Living(2) |  |  | 156,097 |  | $ | 325 |  |  | 156,422 |  | 11 |  | 951
Land(3) |  |  | 13,533 |  |  | 97 |  |  | 13,630 |  | — |  | —
Totals |  | $ | 183,576 |  | $ | 422 |  | $ | 183,998 |  | 12 |  | 1,057
| (1) |  | We purchased and equipped the property by exercising our purchase option under a $10,600 mortgage and construction loan.
| (2) |  | We acquired a newly constructed 60-unit memory care property for $14,250 including a $2,000 working capital reserve. We also acquired a portfolio comprised of 10 independent, assisted living and memory care propertied for $142,000.
| (3) |  | We acquired parcels of land and entered into four development commitments in an amount not to exceed $55,529, including the land purchases, for the development of two 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 nine months ended September 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 |  |  | 11,776 |
Development |  | 1 |  | ALF |  | 66 |  | Illinois |  |  | 11,886 |
Development |  | 1 |  | ALF |  | 66 |  | California |  |  | 11,405 |
Development |  | 1 |  | ALF |  | 89 |  | South Carolina |  |  | 13,974 |
Improvement |  | 1 |  | SNF |  | 160 |  | Arizona |  |  | 4,672 |
|  | 6 |  |  |  | 503 |  |  |  | $ | 65,891 |
Schedule of commitments |
September 30, 2016, we had commitments as follows (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Total |  |  |  |
|  | Investment |  | 2016 |  | Commitment |  | Remaining |
|  | Commitment |  | Funding |  | Funded |  | Commitment |
Real estate properties (See Note 2) |  | $ | 67,924 | (1) | $ | 20,884 |  | $ | 28,103 |  | $ | 39,821 |
Accrued incentives and earn-out liabilities (2) |  |  | 16,600 |  |  | 1,130 |  |  | 1,130 |  |  | 15,470 |
Lease incentives |  |  | 5,652 |  |  | 1,591 |  |  | 2,046 |  |  | 3,606 |
Mortgage loans (See Note 2) |  |  | 51,490 | (1) |  | 2,833 |  |  | 4,126 |  |  | 47,364 |
Joint venture investments (See Note 3) |  |  | 25,650 |  |  | 481 |  |  | 20,624 |  |  | 5,026 |
Notes receivable (See Note 4) |  |  | 2,325 |  |  | 436 |  |  | 611 |  |  | 1,714 |
Totals |  | $ | 169,641 |  | $ | 27,355 |  | $ | 56,640 |  | $ | 113,001 |
| (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 nine months ended September 30, 2016, we recorded non‑cash interest expense of $538 related to these contingent liabilities and the fair value of our contingent payments was $12,514 at September 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 September 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 |  | $ | 222,030 |  | 93.8 | % | 12 |  | 28 |  | 3,644 |  | — |  | $ | 60.93 |
Assisted Living |  |  | 13,468 |  | 5.7 | % | 3 |  | 8 |  | — |  | 270 |  | $ | 49.88 |
Other(2) |  |  | 1,209 |  | 0.5 | % | 1 |  | — |  | — |  | — |  |  | — |
Totals |  | $ | 236,707 |  | 100.0 | % | 16 |  | 36 |  | 3,644 |  | 270 |  |  |  |
| (1) |  | We have investments in properties located in seven states that include mortgages to 10 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 activity for the nine months ended September 30, 2016 and 2015 (in thousands):
|  | 2016 |  | 2015 |
Origination/Funding (1) |  | $ | 19,113 |  | $ | 53,427 |
Pay-offs |  | $ | 746 |  | $ | 2,487 |
Scheduled principal payments received |  | $ | 1,371 |  | $ | 1,794 |
| (1) |  | Secured by skilled nursing centers
Development and Improvement Projects |
Schedule of commitments | The following table summarizes our investment in development and improvement projects for the nine months ended September 30, 2016 and 2015 (in thousands):
|  | Nine months ended September 30, 2016 |  | Nine months ended September 30, 2015
|  |  |  | Expansion, |  |  |  | Expansion,
|  |  |  | Renovation and |  |  |  | Renovation and
|  | Development |  | Improvements |  | Development |  | Improvements
Assisted Living Communities |  | $ | 35,623 |  | $ | 2,134 |  | $ | 12,630 |  | $ | 3,843
Skilled Nursing Centers |  |  | — |  |  | 3,432 |  |  | 1,830 |  |  | 2,349
|  | $ | 35,623 |  | $ | 5,566 |  | $ | 14,460 |  | $ | 6,192

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