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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2016
Real Estate Investments |
Summary of acquisitions | Acquisitions and Developments. The following table summarizes our acquisitions for the twelve months ended December 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 |  | $ | 45 |  | $ | 16,045 |  | 1 |  | 126
Assisted Living(3) |  |  | 53,550 |  |  | 423 |  |  | 53,973 |  | 4 |  | 250
Land(4) |  |  | 6,891 |  |  | 108 |  |  | 6,999 |  | — |  | —
Totals |  | $ | 76,441 |  | $ | 576 |  | $ | 77,017 |  | 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 our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to 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 which includes 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 improvement 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. Also, 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, including the land purchase.
The following table summarizes our acquisitions for the twelve months ended December 31, 2015 (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) |  | $ | 36,946 |  | $ | 87 |  | $ | 37,033 |  | 3 |  | 360
Assisted Living(3) |  |  | 156,097 |  |  | 590 |  |  | 156,687 |  | 11 |  | 951
Other(4) |  |  | 9,250 |  |  | 42 |  |  | 9,292 |  | 1 |  | 118
Land(5) |  |  | 16,333 |  |  | 352 |  |  | 16,685 |  | — |  | —
Totals |  | $ | 218,626 |  | $ | 1,071 |  | $ | 219,697 |  | 15 |  | 1,429
| (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 our construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and may include costs related to terminated transactions.
| (2) |  | We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000.
| (3) |  | Includes acquisition of a newly constructed 60-unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000.
| (4) |  | We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300.
| (5) |  | We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298, including the land purchases, for the development of three MC communities totaling 198 units, a 108-unit IL community and an 89-unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56-unit MC community and entered a development commitment up to a total of $13,524, including the land purchase, to complete the development of the MC community.
Schedule of investment in development and improvement projects | The following table summarizes our investment in development and improvement projects for the years ended December 31, 2016 and 2015 (in thousands):
|  | Year ended December 31, 2016 |  | Year ended December 31, 2015
|  | Development |  | Improvements |  | Development |  | Improvements
ALF/ILF/MC |  | $ | 41,859 |  | $ | 3,034 |  | $ | 24,099 |  | $ | 3,950
SNF |  |  | 483 |  |  | 3,758 |  |  | 1,830 |  |  | 3,584
|  | $ | 42,342 |  | $ | 6,792 |  | $ | 25,929 |  | $ | 7,534
Schedule of completed development, improvement and construction projects | During the twelve months ended December 31, 2016, we completed the following development and improvement projects (dollar amounts in thousands):
|  | Number |  |  |  | Number |  |  |  |  |  |  |  |  |
|  | of |  | Type of |  | of |  |  |  |  |  |  |  |  |
Type of Project |  | Properties |  | Property |  | Beds/Units |  | State |  | 2016 Funding |  | Total Funding |
Development |  | 1 |  | MC |  | 66 |  | Illinois |  | $ | 2,980 |  | $ | 12,248 |
Development |  | 1 |  | MC |  | 56 |  | Texas |  |  | 1,110 |  |  | 11,776 |
Development |  | 1 |  | MC |  | 66 |  | Illinois |  |  | 7,331 |  |  | 11,962 |
Development |  | 1 |  | MC |  | 66 |  | California |  |  | 7,716 |  |  | 12,400 |
Development |  | 1 |  | ALF/MC |  | 89 |  | South Carolina |  |  | 9,170 |  |  | 15,080 |
Development |  | 1 |  | ILF |  | 108 |  | Kansas |  |  | 11,235 |  |  | 13,423 |
Improvement |  | 1 |  | SNF |  | 160 |  | Arizona |  |  | 3,432 |  |  | 4,672 |
|  | 7 |  |  |  | 611 |  |  |  | $ | 42,974 |  | $ | 81,561 |
The following table summarizes our completed projects during the twelve months ended December 31, 2015 (dollar amounts in thousands):
|  | Number |  |  |  | Number |  |  |  |  |  |  |  |  |
|  | of |  | Type of |  | of |  |  |  |  |  |  |  |  |
Type of Project |  | Properties |  | Property |  | Beds/Units |  | State |  | 2015 Funding |  | Total Funding |
Development |  | 1 |  | MC |  | 60 |  | Colorado |  | $ | 1,522 |  | $ | 10,703 |
Improvements |  | 1 |  | SNF |  | 121 |  | California |  |  | 1,481 |  |  | 1,481 |
Improvements |  | 1 |  | SNF |  | 196 |  | Texas |  |  | 522 |  |  | 522 |
Improvements |  | 2 |  | SNF |  | 141 |  | Tennessee |  |  | 39 |  |  | 2,200 |
|  | 5 |  |  |  | 518 |  |  |  | $ | 3,564 |  | $ | 14,906 |
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows (in thousands):
|  | Annual Cash |
|  | Rent |
2017 |  | $ | 133,296 |
2018 |  |  | 133,873 |
2019 |  |  | 129,482 |
2020 |  |  | 131,377 |
2021 |  |  | 117,298 |
Thereafter |  |  | 797,716 |
Schedule of additional loan commitments and amounts funded under the mortgage loans | The following table summarizes our mortgage loan activity for the twelve months ended December 31, 2016 and 2015 (in thousands):
|  | Year ended December 31, |
|  | 2016 |  | 2015 |
Origination/Funding |  | $ | 20,685 |  | $ | 67,134 |
Pay-offs |  |  | 6,036 |  |  | 2,487 |
Scheduled principal payments received |  |  | 2,242 |  |  | 2,321 |
Scheduled of principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands):
|  | Scheduled |
|  | Principal |
2017 |  | $ | 7,674 |
2018 |  |  | 8,297 |
2019 |  |  | 5,092 |
2020 |  |  | 8,815 |
2021 |  |  | 1,065 |
Thereafter |  |  | 201,173 |
Total |  | $ | 232,116 |

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