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Real Estate Investments (Tables) | 3 Months Ended
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Mar. 31, 2018
Real Estate Investments |
Summary of investments in owned properties | Owned Properties. The following table summarizes our investments in owned properties at March 31, 2018 (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 |  | $ | 784,229 |  | 56.0 | % | 105 |  | — |  | 5,962 |  | $ | 131.54 |
Skilled Nursing |  |  | 577,808 |  | 41.2 | % | 75 |  | 9,204 |  | 261 |  | $ | 61.05 |
Under Development(2) |  |  | 28,729 |  | 2.0 | % | — |  | — |  | — |  |  | — |
Other(3) |  |  | 10,740 |  | 0.8 | % | 1 |  | 118 |  | — |  |  | — |
Totals |  | $ | 1,401,506 |  | 100.0 | % | 181 |  | 9,322 |  | 6,223 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 29 different operators.
| (2) |  | Represents three development projects, consisting of a 66-unit MC located in Illinois, a 110-unit ILF/ALF/MC in Wisconsin and a 143-bed SNF in Kentucky.
| (3) |  | Includes three parcels of land held-for-use, and one behavioral health care hospital.
Schedule of investment in development and improvement projects | During the three months ended March 31, 2018 and 2017, we invested the following in development and improvement projects (in thousands):
|  | Three months ended March 31, 2018 |  | Three months ended March 31, 2017
|  | Developments |  | Improvements |  |  | Developments |  |  | Improvements |
Assisted Living Communities |  | $ | 6,803 |  | $ | 122 |  |  | $ | 2,941 |  | $ | 41 |
Skilled Nursing Centers |  |  | 1,788 |  |  | 279 |  |  |  | 502 |  |  | 701 |
Other |  |  | — |  |  | 133 |  |  |  | — |  |  | — |
Totals |  | $ | 8,591 |  | $ | 534 |  |  | $ | 3,443 |  | $ | 742 |
Summary of properties held-for-sale | The following summarizes our properties held-for-sale as of March 31, 2018 (dollar amounts in thousands):
|  |  |  | Number |  |  |  |  |  |  |  |
|  |  |  | of |  |  | Gross |  |  | Accumulated |  | Number of |
State |  | Type of Property |  | Properties |  |  | Investment |  |  | Depreciation |  | Beds/units |
Ohio (1) |  | ALF |  | 5 |  | $ | 29,332 |  | $ | 17,574 |  | 251 |
Pennsylvania (1) |  | ALF |  | 1 |  |  | 8,327 |  |  | 3,733 |  | 69 |
Texas |  | ALF |  | 1 |  |  | 5,746 |  |  | 1,916 |  | 140 |
Totals |  |  |  | 7 |  | $ | 43,405 |  | $ | 23,223 |  | 460 |
| (1) |  | Represents a portfolio of six assisted living communities that are leased under a master lease agreement expiring on April 30, 2018. Subsequent to March 31, 2018, we sold these properties for $67,500.
Schedule of mortgage loans secured by first mortgage | The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2018 (dollar amounts in thousands):
|  |  |  |  |  |  | Type |  | Percentage |  | Number of |  | Investment |
|  |  |  | Gross |  | of |  | of |  |  |  |  |  | SNF |  | per |
Interest Rate(1) |  | Maturity |  | Investments |  | Property |  | Investments |  | Loans(2) |  | Properties(3) |  | Beds |  | Bed/Unit |
9.2% |  | 2045 |  | $ | 25,196 |  | SNF |  | 10.7 | % | 1 |  | 3 |  | 375 |  | $ | 67.19 |
9.4% |  | 2020 |  |  | 9,429 |  | SNF |  | 4.0 | % | 1 |  | 2 |  | 205 |  | $ | 46.00 |
9.4% |  | 2045 |  |  | 13,306 |  | SNF |  | 5.6 | % | 1 |  | 1 |  | 157 |  | $ | 84.75 |
9.5% |  | 2043 |  |  | 186,705 |  | SNF |  | 79.2 | % | 1 |  | 15 |  | 2,043 |  | $ | 91.39 |
11.4% |  | 2019 |  |  | 1,098 |  | SNF |  | 0.5 | % | 1 |  | 1 |  | 84 |  | $ | 13.07 |
Totals |  |  |  | $ | 235,734 |  |  |  | 100.0 | % | 5 |  | 22 |  | 2,864 |  | $ | 82.31 |
| (1) |  | The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase by 2.25%.
| (2) |  | Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have 30-year amortization schedules.
| (3) |  | We have investments in properties located in two states that include mortgages to two operators.
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the three months ended March 31, 2018 and 2017 (in thousands):
|  | Three months ended March 31, |  |
|  | 2018 |  | 2017 |  |
Originations and funding under mortgage loans receivable |  | $ | 9,610 | (1) | $ | 4,384 |  |
Pay-offs received |  |  | — |  |  | (10,796) |  |
Scheduled principal payments received |  |  | (37) |  |  | (162) |  |
Net increase (decrease) in mortgage loans receivable |  | $ | 9,573 |  | $ | (6,574) |  |
During the first quarter of 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112-bed skilled nursing center in Michigan. The incremental funding bears interest at 8.7%, fixed for five years, and escalating by 2.25% thereafter.

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